TCRAP_Public/031017.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

            Friday, October 17, 2003, Vol. 6, No. 206

                         Headlines

A U S T R A L I A

AMP LIMITED: Seeks Trading Halt in Securities
CAIRNS MANAGEMENT: Receivers Appointed to Assets, Properties
MURRAY RIVER: ASIC Commences Proceedings Against Ex Directors
PAN PHARMACEUTICALS: Sells Business, Assets Opportunity
SSH MEDICAL: Takeovers Panel Publishes Reasons

TRANZ RAIL: Toll Posts Further Acceptances Notice


C H I N A   &   H O N G  K O N G

AURASOUND SPEAKERS: Winding Up Sought by Best Consultants
KEI LEE: Hearing of Winding Up Petition Set
MASSIVE RESOURCES: Proposes Reorganize Via Scheme of Arrangement
SAN HING: Winding Up Hearing Scheduled in November
SEAPOWER RESOURCES: Seeks Circular Dispatch Time Extension

TRUZTEX APPAREL: Petition to Wind Up Pending
YANION INT'L: Widens 2003 Net Loss to HK$31.859M
ZHU KUAN: Liquidators Uncover More Assets, Debt


I N D O N E S I A

ARUTMIN INDONESIA: PEFINDO Rates US$300M Bonds `idBBB+'


J A P A N

DAIEI INC.: Suffers 9% Sales Drop
SUMITOMO TRUST: Rating Unaffected by Public Fund Repayment Plan
TAYASU SHOJI: Gasoline Firm Enters Rehabilitation


K O R E A

HANARO TELECOM: Carlyle, LG Forms Alliance to Invest US$1.34B
HYUNDAI MOTOR: September Sales Up 13.8%
KIA MOTORS: Sales Up 6% in September
SK GLOBAL: Court Okays Uniform Interim Compensation Protocol


M A L A Y S I A

EMICO HOLDINGS: Discloses Rights Entitlement Notice
KILANG PAPAN: Submits Winding-Up Petition Stay Order to Court
L&M CORPORATION: Changes Registrar's Details
NCK CORPORATION: Summons in Chambers Meeting Set on Nov 12
PANGLOBAL BERHAD: Discloses Sept Mining Production Figures

PARIT PERAK: Audit Committee Member Nuruddin Resigns
PROJEK PENYELENGGARAAN: Election Offer Notice Dispatched
PWE INDUSTRIES: Submits Revised Proposals Application to SC
SRI HARTAMAS: Unit's Liquidator Disposes of Land for RM6.800M
TAI WAH: KLSE Sanctions Proposed Restructuring Scheme

TAP RESOURCES: KLSE Grants Conversion Listing Today
TONGKAH HOLDINGS: Sells Quoted Securities
WIDETECH (MALAYSIA): Posts Renounceable Rights Important Dates


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Files Joint Petition for Rehabilitation
MANILA ELECTRIC: Files for Revised Rate Schedules
MANILA ELECTRIC: Perez Takes Up Refund Scheme With Biz Groups
PHILIPPINE TELEGRAPH: Stockholders Meeting Set November 28
VICTORIAS MILLING: Starts Interest Payments Ahead of Schedule


S I N G A P O R E

ASIA PULP: Debt Plan Needs Approval
BESCUBE MARKETING: Issues Dividend Notice
CAM INTERNATIONAL: Posts Notice of Shareholder's Interest
CAM INTERNATIONAL: Relisted on SGX After Six-Year Suspension
CAPITALAND LIMITED: Dissolves Subsidiary

LKN-PRIMEFIELD: Issues Notice of Director's Interest
N.T. SINGAPORE: Creditors Must Submit Claims by November 12
TSIT WING: Dissolves Canadian Unit


T H A I L A N D

EASTERN PRINTING: Issues Business Rehabilitation Plan Update
EMC PUBLIC: Posts Rehabilitation Plan Update
NAKORNTHAI STRIP: Provides Reorganization Progress Report
SAHAMITR PRESSURE: Releases Add'l Rehabilitation Progress Info
SIAM SYNTECH: Reports Business Reorganization Progress

SRIVARA REAL: Mortgage Assets Transferred Amounts Bt1.6B
THAI NAM: Discloses Acceleration Program Report

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Seeks Trading Halt in Securities
---------------------------------------------
AMP Limited announced that it planned to request a trading halt
in its securities from the Australian Stock Exchange (ASX) and
New Zealand Stock Exchange (NZX) on Thursday 16 October 2003.

AMP's Explanatory Memorandum (EM) is currently being reviewed by
the Federal Court of Australia to enable the calling of the
Extraordinary General Meeting to approve the demerger.

At the hearing on Thursday before Justice Emmett, a number of
matters were discussed including potentially market sensitive
information.

AMP Chief Executive Officer Andrew Mohl said that given the
discussion of this information before the Court, AMP believed it
was in the best interests of all its shareholders to request a
trading halt until the court makes its orders.

AMP hopes to be in a position to release the EM. To assist
investors AMP will be lodging three separate statements covering
AMP Limited, the new AMP and HHG.

AMP will ask the ASX and the NZSE to reinstate trading in its
shares following lodgment of these documents.


CAIRNS MANAGEMENT: Receivers Appointed to Assets, Properties
------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
on Wednesday obtained orders in the Supreme Court of Queensland
in Cairns appointing Mr Ian David Jessup, of Jessup & Partners,
over the property and assets of Cairns Management Accountants
Pty Ltd, CMA Investments Qld. Pty Ltd, D.G.M.G.E. Pty Ltd and
the personal assets of its sole director, Ms Elizabeth Heather
Parry, until further order.

Ms Parry is the former principal of Cairns-based Parry & More
Accountants.

ASIC alleges that Ms Parry, and the above companies have
operated an unregistered managed investment scheme. ASIC
commenced proceedings following complaints from the public that
they had paid money to Ms Parry for investments

ASIC has also obtained interim injunctions restraining Ms Parry,
Cairns Management Accountants, CMA Investments Qld. Pty Ltd and
D.G.M.G.E. Pty Ltd from operating an allegedly unregistered
managed investment scheme, or disposing or dealing with property
in relation to the scheme. Ms Parry was also required to
surrender her passport. Ms Parry consented to the orders sought
by ASIC.

The matter is due to return to the Supreme Court of Queensland
in Cairns on a date to be fixed.

In separate criminal proceedings, Ms Parry was arrested
Wednesday and charged by Queensland Police with 27 counts of
misappropriation, forgery and dishonestly obtaining property to
the value of over $4.7 million.

The charges were brought against Ms Parry following a joint
investigation by ASIC and Queensland Police.

Ms Parry was bailed to appear before the Cairns Magistrates
Court on 23 November 2003.

Mr Jessup can be contacted on 07 4033 1349.


MURRAY RIVER: ASIC Commences Proceedings Against Ex Directors
-------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
commenced proceedings in the Supreme Court of New South Wales
against Mr Malcolm Edwards and Mr Leonard Jones, two of the
former directors of the failed company, Murray River Limited (In
Liquidation) (Murray River).

ASIC is seeking orders that Mr Edwards and Mr Jones be
disqualified from managing corporations.

Murray River was set up to facilitate a joint venture between
the Mulwala and District Services Club Limited and Essington
Asia Pacific Pty Ltd. The aim of the joint venture was to
construct a resort in Mulwala, New South Wales.

Construction commenced in February 1999 and ceased in June 1999.
Murray River went into liquidation on 14 November 2000, with
debts of in excess of $7.5 million.

The matter is scheduled to be heard in the Supreme Court on 13
November 2003.


PAN PHARMACEUTICALS: Sells Business, Assets Opportunity
-------------------------------------------------------
A Therapeutic Goods Administration audit has confirmed that Pan
Pharmaceuticals Limited exhibits a satisfactory level of
compliance with Good Manufacturing Practice requirements for the
production of soft gel capsule products. Accordingly, the
Liquidators have now applied for re-licensing in respect of the
soft gel capsule manufacturing business.

Accordingly, the Liquidators of Pan are pleased to invite offers
for the business and assets of the companies as a licensed soft
gel manufacturing facility. To register interest in purchasing
the business, or the land, buildings and equipment at the
Moorebank site, please contact Michael Newbold on +61 2 9455
9066, email mnewbold@kpmg.com.au, or Michael Dunnett on +61 2
9335 7369, email mdunnett@kpmg.com.au. Interested parties will
be provided with a due diligence pack upon signing of a
confidentiality agreement.

Offers should be lodged as soon as possible and no later than by
close of business Friday 24 October 2003. The Liquidators
reserve their rights to deal with interested parties prior to
this date.

The advertisement can be viewed at
http://bankrupt.com/misc/TCRAP_Pan1017a.pdf.


SSH MEDICAL: Takeovers Panel Publishes Reasons
----------------------------------------------
The Takeovers Panel has published the reasons for its decision
in the SSH Medical Limited (SSH) proceedings. The proceedings
arose from an application made on 1 September 2003 (Application)
by SSH alleging unacceptable circumstances in relation to an
off-market scrip bid by Analytica Limited (Analytica) for all
the shares in SSH (Bid).

Ultimately the Panel was not required to decide whether
unacceptable circumstances existed in relation to the affairs of
SSH. Shortly after it decided to commence proceedings, Analytica
announced that it would not make offers under its Bid. Following
Analytica's announcement SSH applied to the Panel seeking leave
to withdraw the Application.

The Panel had concerns with various issues arising under the
Bid, such as the inclusion in the Bidder's Statement of
conditions of which the market was not informed when the Bid was
announced. The Panel was also concerned with Analytica's
subsequent decision not to proceed with the Bid. The
announcement of a bid may lead to a false market in shares in
the target (and perhaps of the bidder) if a bid is not made as
announced.

However, continuation of the proceedings could not have remedied
these concerns, as the Application concerned the alleged
defective nature of the Bid.

In the absence of any submissions objecting to the withdrawal,
on 22 September 2003 the Panel consented to the withdrawal of
the Application on the basis that:

   *  the circumstances leading to SSH's request for consent to
withdraw the Application arose as a result of the parties' good
faith attempts to resolve their dispute; and

   *  there was no reason to believe that the unacceptable
circumstances complained of in the Application would continue.

The sitting Panel comprised Braddon Jolley (sitting President),
Elizabeth Alexander (deputy President) and Irene Lee.

The reasons are available on the Panel's website at:
http://www.takeovers.gov.au/Content/Decisions/decisions.asp

CONTACT INFORMATION: George Durbridge,
        Director, Takeovers Panel
        Level 47 Nauru House,
        80 Collins Street, Melbourne VIC 3000
        Ph: +61 3 9655 3553 Fax: +61 3 9655 3511
        george.durbridge@takeovers.gov.au


TRANZ RAIL: Toll Posts Further Acceptances Notice
-------------------------------------------------
Toll Holdings has provided notice of further acceptances under
Takeover Offer for Tranz Rail Holdings Limited. A substantial
security holder notice was filed (notice number 20692) was filed
on 15/10/2003 showing total current acceptances of 83.46 percent
being an increase from the last notice given at 82.67 percent.


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


AURASOUND SPEAKERS: Winding Up Sought by Best Consultants
---------------------------------------------------------
Best Consultants Limited is seeking the winding up of Aurasound
Speakers Limited. The petition was filed on September 11, 2003,
and will be heard before the High Court of Hong Kong on November
5, 2003 at 10:00 in the morning.

Best Consultants holds its registered office at Room 912, 9th
Floor, Austin Tower, 22-26 Austin Avenue, Tsimshatsui, Kowloon,
Hong Kong.


KEI LEE: Hearing of Winding Up Petition Set
-------------------------------------------
The petition to wind up Kei Lee Construction Company Limited is
scheduled for hearing before the High Court of Hong Kong on
November 26, 2003 at 9:30 in the morning,

The petition was filed with the court on September 24, 2003 by
Tung Tat Engineering Limited whose registered office is situated
at Flat E, 7/F., Lung Cheung Building, 184-190 Ki Lung Street,
Kowloon, Hong Kong.


MASSIVE RESOURCES: Proposes Reorganize Via Scheme of Arrangement
----------------------------------------------------------------
The Directors would like to announce that the Massive Resources
International Corporation Limited intends to reorganize the
structure of the Group involving a change of domicile of the
Company by means of the Scheme, pursuant to which the
Shareholders will receive one Newco Share for every Share held
at the Record Time. Pursuant to the Scheme, Newco will become
the new holding company of the Group and the Shareholders will
become shareholders of Newco. The proportionate shareholding
interests of the Shareholders in the Group will not be affected
by the Scheme. Upon the Scheme becoming effective, the listing
of the Shares on the Stock Exchange will be withdrawn and the
Newco Shares will be listed on the Stock Exchange by way of
introduction.

The Convertible Notes Proposal will also be put forward to
holders of Existing Convertible Notes and an appropriate
announcement in respect thereof will be made accordingly.
Furthermore, in view of the proposed delisting of the Shares,
the Directors propose, subject to the Scheme becoming effective,
to terminate the Existing Share Option Scheme and to adopt the
Newco Share Option Scheme. As at the date hereof, the Company
had no outstanding options granted under the Existing Share
Option Scheme.

The Company will file an advance booking form in respect of the
application for the new listing of the Newco Shares on the Stock
Exchange. Pursuant to Rule 8.05 of the Listing Rules, a new
applicant must have an adequate trading record under
substantially the same management as required under such Rule.
Newco will apply for a waiver from strict compliance with Rule
8.05 of the Listing Rules from the Stock Exchange. The listing
application for Newco Shares and the waiver application in
relation to Rule 8.05 of the Listing Rules are subject to the
approval of the Listing Committee of the Stock Exchange.

The principal activities of the Group include the manufacturing
and trading of electrical equipment, the provision of electrical
engineering and contracting services, securities trading and
investment in the PRC.

The Company was incorporated in November 1972 in Hong Kong and
its shares have been listed on the Stock Exchange since February
1973. Currently, more than 50 per cent. of the companies listed
on the Stock Exchange are incorporated in offshore
jurisdictions, which are in line with the current practice
adopted by companies, which are listed on other international
stock exchanges, such as the New York Stock Exchange, Nasdaq or
the London Stock Exchange. At present, the Group's turnover is
generated from Hong Kong and the PRC. However, the Group has
extensive business dealings with suppliers in various European
countries. As such, the Directors believe that it is in the
interests of the Group and the Shareholders that the ultimate
holding company of the Group be incorporated in an offshore
jurisdiction familiar to international investors, so as to
attract interests from and enhance the Group's reputation among
these investors.

Accordingly, the Directors believe that the reorganization by
means of the Scheme will give the Group greater flexibility in
formulating its future expansion plan and corporate strategies
although no specific plan or strategies has been devised at
present. Bermuda has been chosen as the place of incorporation
of the Group's intended holding company in view of its political
stability, common law legal system and growing importance as an
international center.

Besides, given the subsidiaries of the Group being located in
different jurisdictions, such as Hong Kong, the British Virgin
Islands and the PRC, the Directors believe Bermuda's neutral and
efficient tax position would further enhance management of the
Group.

The Scheme is conditional on, among other things,

   (i) approvals by the Shareholders;

   (ii) the Scheme being sanctioned by the High Court of Hong
Kong;

   (iii) the approval of the Listing Committee of the Stock
Exchange for the listing of, and permission to deal in, the
Newco Shares on the Stock Exchange and the granting of waiver
from strict compliance with Rule 8.05 of the Listing Rules by
the Stock Exchange; and

   (iv) the approval of the Bermuda Monetary Authority for the
permission to allot and issue Newco Shares.

The expenses in relation to the Scheme are estimated to be
approximately HK$1.6 million, which would be financed by
internal resources of the Group.

The Company will issue further announcement(s) if and when
required by the Listing Rules informing the Shareholders about
the development of the Scheme. A scheme document will be
dispatched to the Shareholders in due course setting out, among
other things, details of the Scheme and the Convertible Notes
Proposal, the timetable of the Scheme, the arrangement for the
exchange of certificates for Newco Shares and the notices of the
relevant court meeting and extraordinary general meeting of the
Company, together with the forms of proxy for use at the court
meeting and extraordinary general meeting of the Company.

The Scheme is also subject to Rule 2.10 of the Takeovers Code,
which imposes additional voting requirements above those imposed
by law. The Company will apply for a waiver from the Executive
from strict compliance with the requirements under Rule 2.10 of
the Takeovers Code, on the basis that the economic interests of
all Shareholders will not be affected.

Shareholders should note that the Scheme is subject to a number
of conditions and may or may not proceed. Shareholders should
exercise caution when dealing in the Shares.

DEFINITIONS

"Business Day" any day (other than Saturday) on which licensed
banks in Hong Kong are generally open for business throughout
their normal business hours

"Company" Massive Resources International Corporation Limited, a
company incorporated in Hong Kong with limited liability
and the issued Shares of which are listed on the Stock
Exchange

"Convertible Notes Proposal" the proposal to holders of the
Existing Convertible Notes whereby such holders will give up
their rights thereunder in exchange for the Newco Convertible
Notes of equal amount

"Court" the Court of First Instance of the High Court of Hong
Kong

"Directors" the directors of the Company

"Effective Date" the date upon which the Scheme, if approved by
the Court, becomes effective

"Executive" the Executive Director of the Corporate Finance
Division of the SFC and any delegate of the Executive Director

"Existing Convertible Notes" the convertible notes due 2004
issued by the Company in an aggregate principal amount of
HK$15,000,000 issued to a total of 9 independent third parties
who have the right to convert all or part of the outstanding
amount into Shares

"Existing Share Option Scheme" the existing share option scheme
of the Company adopted on 30th November, 2000

"Group" the Company and its subsidiaries and, upon the Scheme
becoming effective, Newco and its subsidiaries, which will
include the Company and its subsidiaries

"Hong Kong" the Hong Kong Special Administrative Region of the
PRC

"Listing Rules" the Rules Governing the Listing of Securities on
the Stock Exchange

"Newco" a company to be incorporated in Bermuda with limited
liability under the Companies Act 1981 (as amended and
revised) of Bermuda and the shares of which are proposed to
be listed on the Stock Exchange by way of introduction

"Newco Convertible Notes" the new convertible notes of Newco in
an aggregate principal amount of HK$15,000,000 to be issued to a
total of 9 independent third parties who are holders of the
Existing Convertible Notes

"Newco Share(s)" ordinary share(s) of HK$0.02 each in the share
capital of Newco

"Newco Share Option Scheme" the share option scheme proposed to
be adopted by Newco on a conditional basis prior to the
Effective Date

"PRC" the People's Republic of China

"Record Time" 4:00 p.m. Hong Kong time on the Business Day
immediately preceding the date on which the Scheme becomes
effective

"Scheme" the proposed scheme of arrangement under section 166 of
the Companies Ordinance (Chapter 32 of the Laws of Hong
Kong)

"SFC" the Securities and Futures Commission of Hong Kong

"Share(s)" ordinary share(s) of HK$0.02 each in the share
capital of the Company

"Shareholders" holders of the Shares

"Stock Exchange" The Stock Exchange of Hong Kong Limited

"Takeovers Code" the Hong Kong Code on Takeovers and Mergers


SAN HING: Winding Up Hearing Scheduled in November
--------------------------------------------------
The High Court of Hong Kong will hear on November 5, 2003 at
10:00 in the morning the petition seeking the winding up of San
Hing Enterprise Limited.

Wong Yiu Sum of Room 406, Yan Lan House, Yan Ming Court, Tseung
Kwan O, Hong Kong filed the petition on September 10, 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.


SEAPOWER RESOURCES: Seeks Circular Dispatch Time Extension
----------------------------------------------------------
Reference is made to the announcements jointly issued by
Seapower Resources International Limited (Provisional
Liquidators Appointed) and Many Returns Limited (Investor) dated
2 September 2003, 3 October 2003, and 10 October 2003 in
relation to the delay in dispatch of the circular (Circular)
regarding the Restructuring Proposal (Announcements).

As stated in the joint announcement dated 10 October 2003, the
Company and the Investor applied to the Executive for a further
extension of the time for the dispatch of the Circular from 10
October 2003 to on or before 15 October 2003. As additional time
is needed to finalize certain information including, (a) details
of the remaining businesses/assets of the Group post Completion,
and (b) comfort letters for the 12 months immediately after
Completion relating to the cash flow projections of the Group
for inclusion into the Circular, an application has been made to
the Executive for a further extension of the time for the
dispatch of the Circular from 15 October 2003 to on or before 17
October 2003.

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

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


TRUZTEX APPAREL: Petition to Wind Up Pending
--------------------------------------------
The petition to wind up Truztex Apparel Limited is scheduled to
be heard before the High Court of Hong Kong on November 12, 2003
at 9:30 in the morning.

The petition was filed with the court on September 16, 2003 by
Resona Bank, Limited (formerly known as The Daiwa Bank, Ltd.) a
corporation duly incorporated and validly existing under the
Laws of Japan and having its principal office at 2-2-1 Bingo-
Machi, Chuo-Ku, Osaka City, Osaka, Japan and having a
representative office in Hong Kong at 1103A, 11th Floor, Far
East Finance Center, 16 Harcourt Road, Hong Kong.


YANION INT'L: Widens 2003 Net Loss to HK$31.859M
------------------------------------------------
Yanion International Holdings Limited posted this financial
announcement summary for the year ending December 31, 2003:

Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                                 (Unaudited)
                              (Unaudited)        Last
                              Current            Corresponding
                              Period             Period
                              from 01/01/2003    from 01/01/2002
                              to 30/06/2003      to 30/06/2002
                              Note  ('000)       ('000)
Turnover                           : 84,316             62,494
Profit/(Loss) from Operations      : (30,631)           (25,784)
Finance cost                       : (380)              (771)
Share of Profit/(Loss) of
  Associates                       : 0                  0
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (31,859)           (26,645)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.056)            (0.051)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (31,859)           (26,645)
Interim Dividend                   : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Interim Dividend                 : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1. ANALYSIS OF TURNOVER AND PROFIT/(LOSS)

All turnover and profit/(loss) were arising from continuing
operations.

2. LOSS PER SHARE

The calculation of basic loss per share is based on the net loss
from ordinary activities attributable to shareholders for the
period of HK$31,859,000 (Six months ended 30 June 2002:
HK$26,645,000) and the weighted average of 571,650,673 (30 June
2002: 524,386,387) ordinary shares in issue during the period.

Diluted loss per share for the six months ended 30 June 2002 and
30 June 2003 have not been shown as the share options
outstanding during that period had an anti-dilutive effect on
the basic loss per share for the period.

3. PROFIT/(LOSS) AFTER TAXATION & MI

The loss after taxation and MI is arrived at after charging:

   -  amortization of goodwill of HK$5,141,000 (Six months ended
30 June 2002: 3,393,000)

   -  amortization of intangible assets of HK$1,994,000 (Six
months ended 30 June 2002: 583,000)

   -  provision for impairment of fixed assets of HK$8,188,000
(Six months ended 30 June 2002: Nil)


ZHU KUAN: Liquidators Uncover More Assets, Debt
-----------------------------------------------
The liquidators of Zhu Kuan Group's have discovered additional
assets with a book value of HK$1.5 billion ($192 million) and
debt of HK$2.5 billion ($321 million), DebtTraders reports. The
group had assets with a book value of about HK$9.9 billion ($1.3
billion) and debt of HK$5 billion ($641 million), where HK$9
billion ($1.2 billion) of the assets is related to the group's
interests in land in Zhuhai and receivables from entities in the
same region.

A piece of land in Hengqin valued at 320 million yuan ($39
million) has been transferred to the Zhuhai government because
of zoning regulations. However, the piece of land in Henggin is
located on one of the possible landing spots for the Hong Kong-
Zhuhai bridge. Zhu Kuan (Hong Kong) has also allegedly
transferred HK$37 million ($5 million) to Zhuhai government's
controlled entities earlier this year.

The group also has a questionable pledge of a 42% stake in its
listing arm Zhu Kuan Development in Hong Kong, which is subject
to a foreclose on winding-up petitions by creditors. The hearing
was adjourned until November 17.


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ARUTMIN INDONESIA: PEFINDO Rates US$300M Bonds `idBBB+'
-------------------------------------------------------
PT Pemeringkat Efek Indonesia (PEFINDO) assigned "idBBB+"
ratings for PT Arutmin Indonesia (ARTI) and its proposed US$300
million bonds. The ratings reflect ARTI's favorable cost
position, solid operating management and moderate cash flow, but
mitigated by aggressive financial policy and relatively
sensitive financial performance to coal price fluctuation.

ARTI is the third largest coal producer in Indonesia with mine
sites located in South Kalimantan. Currently, it has three
active mine sites namely Satui, Senakin and Mulia. As to date,
ARTI's shareholders consist of PT Bumi Resources Tbk. (BUMI, 80%
ownership), a resource based sub-holding company of Bakrie Group
and PT Ekakarsa Yasakarya (20%), a consortium of ex-Bakrie
Group's credit ors following the Group's debt restructuring in
2001.


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


DAIEI INC.: Suffers 9% Sales Drop
---------------------------------
Struggling retailer Daiei Inc. suffered a nine percent year-on-
year dip in same-store sales in September as unusually hot
weather during the month has weakened demand for autumn
clothing. Daiei is expecting its group net profit for the year
to fall 87 percent to 18 billion yen ($164.4 million), due to
painful restructuring and expected weak sales, which it says
will fall 10 percent to 1.98 trillion yen.


SUMITOMO TRUST: Rating Unaffected by Public Fund Repayment Plan
---------------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that Sumitomo
Trust & Banking Co. Ltd.'s (BBB/Stable/A-2) plan to repay by the
end of fiscal 2003 (ending March 31, 2004) the 200 billion yen
of the public funds it received from the Japanese government
would not affect its ratings on the bank.

Sumitomo Trust will redeem 100 billion yen of subordinated bonds
and ask the government to sell its 100 billion yen of preferred
stock to the corporate sector to accomplish the plan, which
should improve management independence and market confidence in
the bank. If held by private companies, the preferred stock is
more likely to be converted into common stock, which would be a
positive factor for the bank's capital quality.

However, by itself, this is not enough to lead to a ratings
upgrade, given the small amount of public funds relative to its
total capital. The impact of the sale on the progress of the
bank's measures to improve profitability and its unwinding of
cross shareholdings will be considered.

Sumitomo Trust & Banking Co. incurred a group net loss of 72.97
billion yen in the year ended March 31, versus the previous
year's loss of 42.48 billion yen, TCR-AP reported recently. The
widened net loss was caused by hefty appraisal losses on
shareholdings as a result of lower stock prices and bad-loan
disposals.


TAYASU SHOJI: Gasoline Firm Enters Rehabilitation
-------------------------------------------------
Tayasu Shoji Co. Ltd., which has total liabilities of 15.3
billion yen against a capital of 320 million yen, has applied
for civil rehabilitation proceedings, according to Tokyo Shoko
Research. The gasoline service station is located in Chiyoda-ku,
Tokyo, Japan.


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


HANARO TELECOM: Carlyle, LG Forms Alliance to Invest US$1.34B
-------------------------------------------------------------
The Carlyle Group (Carlyle) and LG Corporation (LG) announced
Wednesday their formation of a consortium (Consortium) to
contribute US$634 million in new equity funding for Hanaro
Telecom, Inc. (Hanaro) at a share price of KRW3,400 per new
share, the Carlyle Group reports.  Citigroup is acting as
financial advisor on this transaction, including the arrangement
for the Company of a US$700 million long-term debt package from
the international markets in connection with the Consortium's
investment.  Proceeds will be used to refinance existing debt
obligations and establish the leading fixed wireline and
broadband operator in Korea.

The proposed transaction calls for the issuance of new shares by
Hanaro for an equity contribution of KRW736 billion by the
Consortium.  The subscription price of KRW3,400 per share
represents a 6.3 percent premium to the KRW3,200 offer proposed
by Newbridge/AIG and currently contemplated by the Company.
Carlyle and LG will acquire the shares through a private
placement.  These new shares, combined with LG's existing stake
in Hanaro, would result in the Consortium owning 51 percent of
the Company.  LG will also take responsibility for any short-
term liquidity funding requirements that Hanaro may incur until
the equity injection has been completed.  As part of the
transaction, LG would contribute its entire 30.3 percent stake
in Dacom to Hanaro at the market price.  As a result, Dacom
would become a 30.3 percent subsidiary of Hanaro and would
remain a separate Company operating on an arms-length basis with
respect to Hanaro.  The Consortium will not merge the two
companies.  Dacom will continue to be the major shareholder of
Powercomm with a 45.5 percent stake.

Michael ByungJu Kim, Managing Director of Carlyle Asia, said,
"We strongly believe the proposed transaction creates the most
desirable outcome for Hanaro, its employees and shareholders and
for the Korean telecommunications industry.  The transaction
addresses the Company's near-term funding requirements, but,
more importantly, creates an industrial group with all the
elements needed to become the leading telecommunications service
provider in Korea.  The Consortium believes that the creation of
a strategic partnership among Hanaro, Dacom and Powercomm will
result in synergies, maximizing Hanaro shareholder and corporate
value.  Carlyle is pleased to make this investment in
partnership with LG, a proven leader in cross-border joint
ventures.  We will jointly manage the Company with a sharp focus
on transparency and shareholder value."

President Hongshik Jung of LG Corp. said, "Our alliance creates
an ideal combination of a strong local strategic owner and a
leading global financial investor.  We believe this deal creates
an industry structure that eliminates duplicative use of
national resources and strengthens Korea's role as the global
leader in advanced telecommunications services.  The Consortium
is firmly committed to the shareholders and employees of Hanaro
and asks for their support.  We expect Hanaro, Dacom and
Powercomm to generate significant revenue and cost synergies
while remaining separate and distinct companies that are managed
to maximize value for their respective shareholders."

The transaction is subject to approval by Hanaro's board of
directors and shareholders and receipt of regulatory clearances.
Carlyle and LG intend to close the transaction by the end of
2003.

About LG Corp.

LG Corp. (www.lg.co.kr) is a global business group with
activities focused on the four key areas of Chemicals & Energy,
Electronics & Telecommunications, Finance and Services.  As the
second largest Company in Korea, LG comprises 47 companies, 15
of these are listed on either the Korea Stock Exchange or the
KOSDAQ.  With revenues of US$94 billion in 2002, LG operates in
165 countries and employs 140,000 people worldwide. In March
2003, LG completed a major corporate restructuring and
transformed itself into a holding Company structure to improve
corporate governance, transparency and shareholder value.

For a copy of the press release, go to
http://www.thecarlylegroup.com/eng/news/l5-news2665.html


HYUNDAI MOTOR: September Sales Up 13.8%
---------------------------------------
Following sluggish August performance, Hyundai Motor Co.'s
September sales jumped 13.8 percent to reach 170,996 units.
Exports accounted for 122,455 units, improving 17.5 percent
month-on-month while domestic sales edged up by 5.4 percent to
reach 48,541 units.

Domestic passenger car sales improved by 7.9 percent to reach
22,702 units led by Sonata and Avante / Elantra which ruled as
the country's first and second best-selling models. Despite
strong demand for Santa Fe, sales of SUVs and other lifestyle
vehicles were down by 2 percent month-on-month to reach 10,555
units.

Domestic commercial vehicle sales also edged up to reach 15,284
units, a gain of 7.2 percent.

Export growth was in large part driven by strong demand for
Santa Fe in North America and for the Getz supermini in Europe.
Exports for the first three quarters of 2003 reached 911,935
units, a gain of 18.9 percent year-on-year.

As a result of the domestic economic slowdown this year,
cumulative domestic sales for the first nine months were down 18
percent year-on-year to 477,733 units.

Combined domestic and export sales for the first three quarters
reached 1,389,435 units, putting Hyundai 3 percent ahead of the
same period last year.

Established in 1967, Hyundai Motor Co. has grown into the
Hyundai Automotive Group, which includes Kia Motors Corp. and
over two dozen auto-related subsidiaries and affiliates.
Employing nearly 50,000 people worldwide, Hyundai Motor posted
US$21.94 billion in sales in 2002. Hyundai vehicles are sold in
166 countries through 4,504 dealerships and showrooms. Further
information about Hyundai Motor Co. and its motor vehicles is
available on the Internet at http://www.hyundai-motor.com.


KIA MOTORS: Sales Up 6% in September
------------------------------------
Kia Motors announced monthly sales of 19,269 units for
September, up 6 percent versus last year. Year-to-date sales for
Kia totaled 187,542 units, up 0.8 percent versus last year.

"In the face of shrinking inventories we've still managed to
close out another month with a sales increase," said Peter M.
Butterfield, Kia's president and chief executive officer. "As we
replenish our inventory in the next few weeks, we head into the
fourth quarter with fresh, updated 04 models and look forward to
the launch of the all-new Amanti sedan."

Several Kia models are enjoying healthy year-to-date sales
increases. The Optima midsize sedan is up 12 percent and the
popular Sedona minivan is up 27 percent versus last year.

MONTH OF SEPTEMBER YEAR-TO-DATE

Model        2003    2002    2003     2002
Optima       3,232   1,311   25,303   22,532
Rio          3,794   4,991   29,948   40,395
Sedona       3,607   2,854   40,375   31,740
Spectra      5,071   4,581   55,119   59,479
Sportage     59      4,201   5,536    31,632
Sorento      3,506   241     31,266   241
Total        19,269  18,179  187,542  186,019

Labor union leaders at Kia Motors Corporation recently entered a
tentative agreement with management on a wage increase and other
benefits, opening the way for an end to three weeks of strikes,
according to TCR-AP. Union members are currently voting on
whether to approve the deal. The carmaker has lost 1.3 trillion
won due to the strikes.


SK GLOBAL: Court Okays Uniform Interim Compensation Protocol
------------------------------------------------------------
The Bankruptcy Court approved SK Global America Inc.'s proposed
uniform procedures for compensating and reimbursing Court-
approved professionals on a monthly basis. The proposed
compensation procedures will enable all parties to closely
monitor administration costs and assist the Debtor in
implementing efficient cash management procedures. The Company
is a unit of South Korea's SK Networks Co.

The monthly and quarterly compensation and reimbursement of
expenses of the professionals to be structured as:

A. Monthly Professional Fee Statements

(a) No later than the 25th day of each month after the month for
which compensation is sought, each professional will file with
the Court, a monthly fee statement, and provide notice of the
Statement to:

-- SK Global America, Inc.
100 Parker Plaza
400 Kelby Street
Fort Lee, New Jersey 07024
Attn: Mr. Richard Kim;

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

-- Counsel for the official statutory committee unsecured
creditors appointed in the Debtor's Chapter 11 case and in the
event the Committee has not been appointed, the Debtor's 20
largest unsecured creditors;

-- McDermott, Will & Emery
50 Rockefeller Plaza
New York, New York 10020-1605
Counsel for Cho Hung Bank
Attn: Stephen Selbst, Esq.;

-- Nixon Peabody LLP
101 Federal Street
Boston, Massachusetts 02110
Counsel for Korea Exchange Bank
Attn: Mark Berman, Esq.;

-- White & Case
1155 Avenue Of The Americas
New York, New York 10036-2700
Counsel for the Foreign Bank Steering Committee
Attn: Evan Hollander, Esq.; and

-- The United States Trustee
33 Whitehall Street, 21st Floor
New York, New York 10004
Attn: Greg Zipes, Esq.;

(b) Each Monthly Statement must contain a list of the
individuals, and their titles, who provided services during the
period covered by the Monthly Statement, their billing rates,
the aggregate hours spent by each individual, a reasonably
detailed breakdown of the disbursements incurred, and
contemporaneously maintained time entries for each individual in
increments of tenths of an hour.

No professional should seek reimbursement of an expense that
would otherwise not be allowed pursuant to the Court's
Administrative Orders dated June 24, 1991 and April 21, 1995, or
the United States Trustee Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under
Section 330 of the Bankruptcy Code dated January 30, 1996;

(c) Each Monthly Fee Statement and any notice of it will clearly
and conspicuously display the deadline to timely file an
objection, set 20 days after the Monthly Fee Statement is filed;

(d) If any party objects to the Monthly Fee Statement, the
objecting party must timely and properly file with the
Court, on or before the monthly objection deadline, a written
statement of its objection that sets forth the precise nature of
the objection and the specific amount of objectionable fees or
expenses at issue, and serve the Objection on the affected
professional and the Notice Parties;

(e) If an Objection is filed, the Affected Professional may file
a reply to the Objection. The Objecting Party and the Affected
Professional will then proceed to make good faith attempts to
resolve the Objection on a consensual basis. If the parties are
unable to resolve the Objection in good faith within 15 days
after the Objection is filed with the Court, the Affected
Professional may request for the Court to set a hearing to
consider the Objection;

(f) If no Objection to a Monthly Fee Statement has been filed
prior to the relevant Objection Deadline, the Debtor will be
authorized to pay each Professional an amount equal to 80
percent of the fees and 100 percent of the expenses requested in
the Monthly Fee Statement. To the extent that there is an
Objection to a portion of the Monthly Fee Statement, the
Affected Professional will file with the Court and serve on the
Debtor and its counsel, a certification indicating that there
has been an Objection only to a portion of the Application and
stating the total fees and expenses in the Statement not subject
to an Objection. After the filing, the Debtor will be authorized
to pay the Affected
Professional an amount equal to 80 percent of the fees and 100
percent of the expenses not subject to an Objection; and

(g) A pending objection to a Monthly Fee Statement will not
disqualify a Professional from the future payment of
compensation or reimbursement of expenses that are requested in
accordance with the Compensation Procedures.

B. Quarterly Professional Fee Applications

(a) Beginning with the Petition Date through October 31, 2003,
and every 120 days thereafter, each Professional will file with
the Court, within 45 days of the end of the Quarterly Fee
Period, a quarterly fee application for interim court approval
and allowance of 100 percent of the compensation and expense
reimbursement sought in the Monthly Fee Statements filed during
the Quarterly Fee Period. Each Professional will
contemporaneously provide notice of the Quarterly Fee
Application to the Notice Parties;

(b) Any Professional that fails to file a Quarterly Fee
Application when due will be ineligible to receive payments of
any fees or expenses under these Compensation Procedures until
the Professional has complied;

(c) Each Professional is required to serve a copy of each
interim or final fee application only on:

-- the Debtor;

-- the Debtor's counsel;

-- counsel to the Committee and the Debtor's 20 largest
unsecured creditors, to the extent a Committee is not appointed;

-- the United States Trustee; and

-- those parties having filed a notice of appearance in this
case and request for service of pleadings; and

(d) A pending objection to a Quarterly Fee Application will not
disqualify a Professional from the future payment of
compensation or reimbursement of expenses that are requested in
accordance with the Compensation Procedures.

C. Reimbursement of Committee Members' Expenses

Each member, excluding ex officio members, of any Official
Committee will submit statements of expenses and supporting
vouchers to the Committee's counsel. Counsel to each Committee
will then separately identify their Committee members' request
for reimbursement in the Committee's Monthly Fee Statements and
Quarterly Fee Applications to be filed in accordance with these
Compensation Procedures. The expenses of the Committee members
will be approved in accordance with the Compensation Procedures.

D. Monthly Operating Reports

The Debtor will list and itemize all payments to Professionals
and members of any Committee in their monthly operating reports.

In addition, the Debtor sought and obtained the Court's
permission to limit the notice of hearings to consider interim
applications to:

(a) their counsel;

(b) counsel to the Committee and, in the event a Committee is
not appointed, the Debtor's 20 largest unsecured creditors;

(c) the United States Trustee; and

(d) all parties who have filed a notice of appearance with the
Clerk of the Court and requested the notice. (SK Global
Bankruptcy News, Issue No. 6; Bankruptcy Creditors'
Service, Inc., 609/392-0900)


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


EMICO HOLDINGS: Discloses Rights Entitlement Notice
---------------------------------------------------
Reference is made to the Renounceable Two-Call Rights Issue of
22,260,000 new ordinary shares of RM1.00 each (Rights Shares)
together with 11,130,000 free detachable warrants (Warrants) of
which the first call of RM0.45 per Rights Share shall be payable
in cash upon acceptance whilst the second call of RM0.55 per
Rights Share shall be paid from share premium account on the
basis of two (2) Rights Shares together with one (1) Warrant for
every two (2) existing ordinary shares of RM1.00 each held.

Emico Holdings Berhad advised of the following:

1) The Rights commence of trading : [21 October 2003]

2) The Date of Dispatch of the Prospectus and Provisional
Allotment Letter of Offer : [17 October 2003]

3) The last day and time for Acceptance, Renunciation and
Payment : [14 November 2003 @ 5:00pm]

4) The Rights cease quotation : [4 November 2003]

The Stock Short Name, Number and ISIN Code [EMICO-OR, 9091OR and
MYL9091OR002], respectively.

Last week, the Troubled Company Reporter - Asia Pacific reported
that the Securities Commission (SC) had, via their letter dated
25 September 2003 which was received on 6 October 2003, approved
Emico's application for a revision to the terms of its Debt
Restructuring Agreement dated 8 August 2001 (DRA).


KILANG PAPAN: Submits Winding-Up Petition Stay Order to Court
-------------------------------------------------------------
Further to the announcement to the Kuala Lumpur Stock Exchange
on 22 February 2003 in relation to the Winding-Up Order on Padas
Hevea Wood Products Sdn Bhd.

The Company has received notification from its solicitors on
Wednesday that an application for a Stay Order of the winding-up
petition has been submitted to the High Court in Sabah and
Sarawak at Kota Kinabalu. The date of the hearing has not been
fixed yet.


L&M CORPORATION: Changes Registrar's Details
--------------------------------------------
L&M Corporation (M) Bhd posted this notice:

Old registrar : TENAGA KOPERAT SDN BHD
New registrar : SIGNET SHARE REGISTRATION SERVICES SDN BHD
Address : 11th Floor, Tower Block,
          Kompleks Antarabangsa,
          Jalan Sultan Ismail,
           50250 Kuala Lumpur
Telephone No : 03-2145 4337
Facsimile No : 03-2142 1353
Effective date : 14/10/2003

The Troubled Company Reporter - Asia Pacific reported last week
that the SC has approved the waivers sought in respect of
certain conditions imposed by the SC in its approval letter
dated 23 May 2003 for the Proposed CDRS.


NCK CORPORATION: Summons in Chambers Meeting Set on Nov 12
----------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed) refers
to the announcement on 19 November 2002 in relation to the
Proposed Restructuring Scheme.

On 3 October 2003, Encik Megat Abdul Munir bin Megat Abdullah,
one of the potential Bumiputera investors in relation to the
special issue which forms part of the Proposed Restructuring
Scheme, filed a Writ of Summons, Statement of Claim and Summons
in Chambers dated 1 October 2003 in the High Court of Malaya at
Kuala Lumpur against both APB Resources Berhad (formerly known
as Lamquest Holdings Berhad and previously known as Kekal
Sepakat Berhad) (APB) and Alliance Merchant Bank Berhad
(Alliance), being the white knight and the Adviser respectively
in respect of the Proposed Restructuring Scheme of NCK. Briefly,
the orders sought in the Summons in Chambers dated 1 October
2003 are as follows:

   1. an injunction to restrain both APB and Alliance from
terminating and/or reducing the quantum of the special issue;
and

   2. an injunction to restrain both APB and/or Alliance from
continuing to and/or implementing by amending the Proposed
Restructuring Scheme of NCK.

The High Court has fixed 12 November 2003 for the hearing of the
Summons in Chambers dated 1 October 2003.


PANGLOBAL BERHAD: Discloses Sept Mining Production Figures
----------------------------------------------------------
PanGlobal Berhad wishes to announce that the production volume
of coal of its wholly-owned subsidiary, Global Minerals
(Sarawak) Sdn Bhd for the month of September 2003 was
60,123.52mt.

COMPANY PROFILE

The Group's principal activities include general insurance
business, extraction of logs, sawmilling and manufacturing of
veneer, coal mining, property investment and development, rental
of office and commercial premises and operation of hotel
apartments.

The Company was originally a housing developer. In 1966, the
Company disposed of these activities and entered into the towel
and yarn manufacturing business. Over the years, the Company
diversified its activities into property development, computers
and insurance. The Company maintains its insurance operations
through PanGlobal Insurance Bhd, with head office in Kuala
Lumpur and branches in 12 states. It transferred its towel
manufacturing operations to one of its subsidiaries in 1987,
thus becoming a purely investment holding company. Subsequently,
the Company, in 1994, disposed of its property development
division and computer division and, in 1995, its textile
operations.

Following this, the Company became involved in timber extraction
and related activities and operation of a coal mine. Both
activities are carried out in Sarawak.

An affected listed issuer under Practice Note 4/2001 of KLSE's
Listing Requirements, the Company has submitted a proposed
composite scheme of debt arrangement to the SC and the relevant
authorities. The proposals are awaiting approval from SC, the
High Court of Malaya and shareholders. A Restraining Order under
Section 176 of the Companies Act, 1965, granted to PanGlobal
together with four of its subsidiaries (PanGlobal Properties Sdn
Bhd, Menara PanGlobal Sdn Bhd, Global Minerals (Sarawak) Sdn Bhd
and Limbang Trading (Limbang) Sdn Bhd) has been extended to 15
November 2002. This Restraining Order affects only banking
creditors.

CONTACT INFORMATION: Level 27, Menara IMC
                     8 Jalan Sultan Ismail
                     50250 Kuala Lumpur
                     Tel : 03-2019199
                     Fax : 03-2023977


PARIT PERAK: Audit Committee Member Nuruddin Resigns
----------------------------------------------------
Parit Perak Holdings Berhad posted this Change in Audit
Committee notice:

Date of change : 14/10/2003
Type of change : Resignation
Designation    : Member of Audit Committee
Directorate    : Independent & Non Executive
Name           : Dr Regina Noran Binti Nuruddin
Age            : 49
Nationality    : Malaysian
Qualifications :
B.MEDSC Faculty of Medicine, University of Tasmania, Hobart,
Australia;
MBBS Faculty of Medicine, University of Tasmania;
DMRD The Royal College of Radiologists, London;
FRCR The Royal College of Radiologist, London; and
M.Sc (Nuclear Medicine) University of London.

Working experience and occupation  : She was in private practice
from 1990-1998 and she was an Associate Professor at University
Malaya, Kuala Lumpur.

Directorship of public companies (if any) : Ekran Berhad
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

Composition of Audit Committee (Name and Directorate of members
after change) : Dato' Zakaria Bin Bakar (Chairman - Independent
Non-Executive Director)
Chee Yon Long (Member - Independent Non-Executive Director)

Yesterday, the Troubled Company Reporter - Asia Pacific reported
that the Promoters and the Creditors' Agent had 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.


PROJEK PENYELENGGARAAN: Election Offer Notice Dispatched
--------------------------------------------------------
Reference is made to Projek Penyelenggaraan Lebuhraya Bhd
(PROPEL)'s previous announcement dated 27 September 2003 in
relation to the sanction of the Scheme of Arrangement (SOA) by
the High Court of Kuala Lumpur and the circular to the
shareholders of PROPEL dated 27 September (the Circular) which
was duly dispatched on 29 September 2003 in relation to:

   * Notice of Books Closure Date
   * Recalling and cancellation of the existing issued and paid-
     up share capital of PROPEL held by the shareholders of
     PROPEL
   * Notice of the Effective Date
   * Suspension of Trading of the Existing PROPEL Shares

Further to the same, the Board of Directors of PROPEL is pleased
to inform that the Effective Date of the SOA was Wednesday, 15
October 2003 with the advertisement of the order of the Court
sanctioning the SOA and lodgment of a copy of the order of the
Court with the Companies Commission of Malaysia for registration
having been duly made. Accordingly, all existing PROPEL Shares
held by the shareholders of PROPEL as at the Effective Date
shall be subject to the SOA as detailed in Circular.

Further, PROPEL shall forthwith proceed to take all relevant
steps for the cancellation of all PROPEL Shares deposited in the
respective CDS accounts of the shareholders of PROPEL as at the
Effective Date and for the issue of 70,000,000 new PROPEL Shares
to Intria Berhad (Intria) credited as fully paid-up resulting in
PROPEL becoming a wholly-owned subsidiary of Intria as envisaged
under the SOA.

The Election Offer Notice will be dispatched to the Other PROPEL
Shareholders today, Friday, 17 October 2003 and those who elect
Settlement Option 2 are required to return the Election Notice
to the Share Registrar of PROPEL no later than on Friday, 31
October 2003. Notification of the settlement to the Other PROPEL
Shareholders will be made in due course at the close of the
Election Period.


PWE INDUSTRIES: Submits Revised Proposals Application to SC
-----------------------------------------------------------
PWE Industries Berhad refers to the announcements of PWE dated
16 July 2003, 15 September 2003 and 10 October 2003 regarding
the Proposed Corporate Restructuring of PWE.

On behalf of PWE, PM Securities Sdn Bhd is pleased to announce
that the Company had on 15 October 2003 submitted to the
Securities Commission the relevant applications in respect of
the Proposals after taking into account the Revised Proposals.


SRI HARTAMAS: Unit's Liquidator Disposes of Land for RM6.800M
-------------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB) wish to
announce 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
Triple-H Auto Parts Sdn Bhd (Purchaser), for the sale of two (2)
parcels of freehold land for a total cash consideration of
RM6,800,000.00.

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 two (2) parcels of freehold land held under G.M.
55 Lot No. 4753 of Mukim Batu, Tempat Segambut and G.M. 56 Lot
No. 450 of Mukim Batu, Tempat 4 Mile RLY Line Kepong, both in
Daerah Wilayah Persekutuan (Land) with a total provisional land
title area of approximately 42,895 square meters for a total
cash consideration of RM6,800,000.00.

Other than the land acquisitions and the declaration of intended
land acquisition for a total land area of approximately 3,232
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 RM630,000.00 to the Vendor;

   c) The balance of the purchase price amounting to
RM6,120,000.00 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.

CONDITIONS PRECEDENT

Based on the terms of the S&P, the sale of the Land is
conditional upon and subject to the followings:

   (i) the removal and/or withdrawal of the registrar's caveats
and the private caveats on the Land; and

   (ii) 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 six (6) months
from the date of the S&P.

If the above conditions precedent is not fulfilled within 6
months from the date of the S&P, the period will be extended for
another 6 months. In the event the Vendor does not fulfill the
conditions 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 latest valuation by M/S CH Williams Talhar & Wong dated 6
June 2003 values the Land at RM4,900,000 and RM3,920,000 based
on open market value and forced sale value respectively using
the comparison/residual methods.

DESCRIPTION OF THE LAND

The Vendor is the registered owner of the Land. The Vendor
acquired the Land on 6 December 1993 at the cost of investment
of approximately RM2,842,000. The net book value of the Land as
at 30 June 2002 amounted to approximately RM4,900,000.

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 25 September 2002.

The Purchaser's present authorized share capital is RM100,000
divided into 100,000 ordinary shares of RM1.00 each of which 4
ordinary shares of RM1.00 each have been issued and fully-paid.

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% 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 a.m. to 5:00 p.m. up to 27 October 2003.


TAI WAH: KLSE Sanctions Proposed Restructuring Scheme
-----------------------------------------------------
Further to the earlier announcements dated 18 August 2003 and 5
September 2003 in relation to the Kuala Lumpur High Court
Petition No: D1-26-58-2003.

The Board of Directors of Tai Wah Garments Manufacturing Berhad
wishes to announce that the Kuala Lumpur High Court has via an
order made in Open Court on 15 October 2003 pursuant to Section
176 of the Companies Act, 1965 sanctioned the Company's Proposed
Restructuring Scheme with its shareholders and scheme creditors.


TAP RESOURCES: KLSE Grants Conversion Listing Today
---------------------------------------------------
Reference is made to the Conversion of Rm408,000 Nominal Value
of 2% 3 Year Irredeemable Convertible Unsecured Loan Stocks
2003/2006 (ICULS) into 408,000 New Ordinary Shares and
Conversion of Rm200,000 Nominal Value Of 2% 3 Year Redeemable
Convertible Secured Loan Stocks (RCSLS) into 200,000 New
Ordinary Shares (collectively referred to as "Conversions").

Kindly be advised that TAP Resources Berhad's additional 608,000
new ordinary shares of RM1.00 each issued pursuant to the
Conversions will be granted listing and quotation with effect
from 9:00 a.m., Friday, 17 October 2003.


TONGKAH HOLDINGS: Sells Quoted Securities
-----------------------------------------
Tongkah Holdings Berhad had on 14 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 9 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. Please click
http://bankrupt.com/misc/TCRAP_Tongkah1017.docto the summary
attached for information on the securities disposed.


WIDETECH (MALAYSIA): Posts Renounceable Rights Important Dates
--------------------------------------------------------------
Widetech (Malaysia) Berhad posted the important relevant dates
of the Renounceable Rights Issue of up to 22,500,000 New
Ordinary Shares of RM1.00 each in Widetech (Rights Shares)
together with up to 18,000,000 Free New Detachable Warrants
(Warrants) At an issue of RM1.00 per Rights Share on the Basis
of five) Rights Shares together with four Free New Warrants for
every four Existing Ordinary Shares of RM1.00 each in Widetech
held at 5:00 P.M. on 13 October 2003 (Rights Issue):

Dispatch Date : 20/10/2003

Last date and time for:

   Sale of provisional allotment of rights: 03/11/2003 at
                                            05:00:00 PM
   Transfer of provisional allotment of rights : 06/11/2003 at
                                                 04:00:00 PM
   Acceptance and payment : 14/11/2003 at 05:00:00 PM
   Excess share application and payment: 14/11/2003 at 05:00:00
                                         PM
   Commencement Date : 22/10/2003
   Cessation Date : 04/11/2003

On August, the Troubled Company Reporter - Asia Pacific
reported that Widetech (Malaysia) Audited Accounts for the
financial year ended 31 March 2003 recorded a Group Loss After
Taxation and Minority Interest (Audited Results) of RM1,611,000.
This represents an increase of RM674,000 or 72% as compared with
the Unaudited Group Loss After Taxation and Minority Interest
(Unaudited Results) of RM937,000, which was announced to the
Exchange on 28 May 2003.


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


BACNOTAN CONSOLIDATED: Files Joint Petition for Rehabilitation
--------------------------------------------------------------
Bacnotan Consolidated Industries, Inc. (BCII) had joined the
other creditors of Bacnotan Steel Industries, Inc. (BSII) owing
to its unpaid payables to BCII amounting to 67 million pesos as
of December 31, 2001 to file a Joint Petition for the Corporate
Rehabilitation of said corporation at the Makati Regional Trial
Court on October 14, 2003.

The Joint Petition also requested the Court for issuance of a
Stay Order and the appointment of a Rehabilitation Receiver.

For more information, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3309_BCI.pdf


MANILA ELECTRIC: Files for Revised Rate Schedules
-------------------------------------------------
Before the close of office hours on Friday, October 10, 2003,
Manila Electric Company filed an application for approval of
revised rate schedules and appraisal of properties with prayer
for provisional authority, pursuant to paragraph (e), Section 4,
Rule 3 of the Implementing Rules and Regulations of R.A. 9136.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3265_MER.pdf


MANILA ELECTRIC: Perez Takes Up Refund Scheme With Biz Groups
-------------------------------------------------------------
Philippines Department of Energy (DOE) Secretary Vincent S.
Perez has started a series of meetings with various business
groups to resolve the issue of the huge refund for industrial
and commercial customers of Manila Electric Co. (Meralco), the
Philippine Star reported on Thursday. Perez had met with the
Philippine Chamber of Commerce and Industries (PCCI) and will
also be getting the side of the Employers Confederation of
Philippines (ECOP), the Makati Business Club, and other business
groups. Any decision that will be agreed upon by Meralco and the
business groups still needs approval by the Energy Regulatory
Commission (ERC).

Phase IV of the refund will require some P18.6 billion in
funding with about 130,000 customers, mostly in the industrial
and commercial sector. Phase III, on the other hand, will
involve 800,000 big residential and general services with P4
billion worth of refund. The Philippine Supreme Court recently
ordered Meralco to refund customers for overcharging since 1994.
Meralco earlier estimated the refund to cost it 30.5 billion
pesos.


PHILIPPINE TELEGRAPH: Stockholders Meeting Set November 28
----------------------------------------------------------
The Management of Philippine Telegraph and Telephone Corporation
(PT&T) announced the holding of the Annual Meeting of
Stockholders to be held on Friday 28th day of November 2003 at 3
o'clock in the afternoon. The venue of the meeting will be at
the Amorsola Grand Ballroom of Holiday Inn Manila Galleria
located at Ortigas Center, Pasig City.

The record date for determining the stockholders entitled to
notice of the meeting and to vote is the close of business hours
of October 24, 2003.

PT&T incurred a net loss of about 960 million pesos in 2001,
according to the Troubled Company Reporter-Asia Pacific.  The
Company signed a master restructuring agreement with 12
creditors representing more than 75 percent of its 8.8 billion
pesos total debt.

For a copy of the disclosure, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3268_PTT.pdf


VICTORIAS MILLING: Starts Interest Payments Ahead of Schedule
-------------------------------------------------------------
Sugar producer Victorias Milling Corporation expects to make
interest payments on its 6.9 billion pesos debt ahead of
schedule, the Business World reports, citing Victorias President
and Chief Executive Arthur Aguilar. Total interests on the
Company's loans are estimated to be between 550 million pesos
and 600 million pesos every year.

In a report filed with the Securities and Exchange Commission
(SEC) on September 25, Victorias compliance officer Eva
Vicencio-Rodriguez said the Company was supposed to start
signing restructuring agreements on September 8. She said
October 1, 2003 was supposed to be the start of the payment of
interest.

This was part of the original schedule under an alternative
rehabilitation plan approved by the corporate regulator on
November 29, 2000. However, Mr. Aguilar said the Company has not
yet made any interest payments to any of its creditors.

Nearing collapse, Victorias filed for a debt payment moratorium
with the SEC in 1997 and was then subjected to a supervised
rehabilitation program. Some 3.4 billion pesos of its debt was
restructured, extending payment within a 12- to 15-year period.


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


ASIA PULP: Debt Plan Needs Approval
-----------------------------------
Asia Pulp and Paper's (APP) debt plan needs a final approval
from eight European countries and Japan after the Indonesian
Bank Restructuring Agency (IBRA) approved the plan on October
13, 2003, DebtTraders reports. The export credit agencies plan
to sign the final legally binding agreement on October 24. The
agreement will involve less than half of the $14 billion debt.
Bondholders did not agree with the plan. Debttraders believe the
next challenge is the voting on APP China's debt-equity swap
proposal on October 31, which needs the approval of 75 percent
of the creditors.


BESCUBE MARKETING: Issues Dividend Notice
-----------------------------------------
Bescube Marketing Pte Ltd. issued a notice of intended dividend
as follows:

Address of Registered Office: Formerly of 25A Neil Road
Singapore 088816.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 13 of 1995.

Last Day for Receiving Proofs: 17th day of 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.


CAM INTERNATIONAL: Posts Notice of Shareholder's Interest
---------------------------------------------------------
Following is a notice of substantial shareholder's interests
filed by CAM International Holdings Ltd. with the Singapore
Exchange:

Name of substantial shareholder: UOB Kay Hian Private Limited
Date of notice to Company: 15 Oct 2003
Date of change of interest: 15 Oct 2003
Name of registered holder: UOB Kay Hian Private Limited
Circumstance(s) giving rise to the interest: Others
Please specify details: Sale through private placement contracts
Information relating to shares held in the name of the
registered holder:

No. of shares, which are the subject of the transaction:
130,000,000
% of issued share capital: 18.79
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.0875
No. of shares held before the transaction: 130,000,000
% of issued share capital: 18.79
No. of shares held after the transaction: 0
% of issued share capital: 0
Holdings of Substantial Shareholder including direct and deemed
interest
                          Deemed   Direct
Shares held before:       0   130,000,000
% of issued share Capital:0         18.79
Shares held after:        0             0
% of issued share Capital:0             0
Total Shares:             0             0

Amount of consideration is denominated in Singapore dollars
unless otherwise noted.


CAM INTERNATIONAL: Relisted on SGX After Six-Year Suspension
------------------------------------------------------------
CAM International is re-listed on the Singapore Stock Exchange
(SGX), after a six-year suspension, Channel News Asia said on
Wednesday. It was a six-year slumber for CAM International after
its shares were suspended because of accounting fraud.

Shares of the Company were suspended back in April 1997 at 62.5
cents after accounting irregularities and questionable
transactions in the Company's financial statements. Ex-Chairman
Raymond Chew and several others were subsequently jailed for
fraud.


CAPITALAND LIMITED: Dissolves Subsidiary
----------------------------------------
Further to the announcement made on 27 December 2002, the Board
of Directors of Capitaland Limited announced that its indirect
wholly-owned subsidiary, Zhongten Investment & Development Pte
Ltd (Zhongten), which had been placed under members' voluntary
liquidation, has been dissolved on 15 October 2003.


The dissolution of Zhongten is not expected to have any material
impact on the net tangible assets or earnings per share of the
CapitaLand Group for the financial year ending 31 December 2003.


LKN-PRIMEFIELD: Issues Notice of Director's Interest
----------------------------------------------------
Following is a notice of changes in director's shareholding
filed by LKN-Primefield Ltd. with the Singapore Exchange:

Name of director: Chew Tiong Sim
Date of notice to Company: 15 Oct 2003
Date of change of shareholding: 08 Oct 2003
Name of registered holder: Chew Tiong Sim
Circumstance(s) giving rise to the interest: Others
Please specify details: Transfer of 3,000,000 shares to his son,
Chew Ken Wee by way of gift
Information relating to shares held in the name of the
registered holder:

No. of shares, which are the subject of the transaction:
3,000,000
% of issued share capital: 1.48
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: 0
No. of shares held before the transaction: 8,413,450
% of issued share capital: 4.16
No. of shares held after the transaction: 5,413,450
% of issued share capital: 2.68
Holdings of Director including direct and deemed interest
                              Deemed      Direct
Shares held before:       23,796,650   8,413,450
% of issued share Capital:     11.76        4.16
Shares held after:        23,796,650   5,413,450
% of issued share Capital:     11.76        2.68
Total Shares:             23,796,650   5,413,450

Amount of consideration is denominated in Singapore dollars
unless otherwise noted.


N.T. SINGAPORE: Creditors Must Submit Claims by November 12
-----------------------------------------------------------
The creditors of N.T. Singapore 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.

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


TSIT WING: Dissolves Canadian Unit
----------------------------------
The Board of Directors of Tsit Wing International Holdings
Limited announced that its wholly owned unit Tsit Wing Coffee
Company (Canada) Ltd has been dissolved under the Canada
Business Corporations Act.

The dissolution of the above subsidiary will have neither impact
on the business or affairs of the Company nor any significant
effect on the consolidated net tangible assets per share and the
consolidated earnings per share of the Company and its
subsidiaries for the year ending 31 December 2003.


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


EASTERN PRINTING: Issues Business Rehabilitation Plan Update
------------------------------------------------------------
In reference to the Stock Exchange of Thailand's Letter No.
314/2546 dated April 20, 2003, EPCO Management Co., Ltd., the
Plan Administrator of Eastern Printing Public Company Limited,
reported the progress of business rehabilitation plan as
follows:

1. Financial Institutions with collaterals.

   1.1  The Company  has been  meeting all  its  rental payments
regularly on time.

   1.2  The Company has purchased some machines back from the
Creditors on September 3, 2003 totaling Bt9.40 million.

2. Trade Creditors

For Debt occurred before year 2001, the Company has been meeting
all its payments to Trade Creditors regularly on time.

3. Tax Creditor

The Company has been meeting all its payments to Revenue Dept.
monthly on time

In summary, the Company has fulfilled all its obligations in
accordance with the Rehabilitation Plan.

For the first six months of 2003, Sales has increased by Bt47.02
million and operating & profit has increased by 38 million over
same period of the previous year.


EMC PUBLIC: Posts Rehabilitation Plan Update
--------------------------------------------
EMC Power Co., Ltd. as the Plan Administrator of EMC Public
Company Limited (EMC), reported on the result of the
rehabilitation plan during May 1, 2003 to September 30, 2003, as
follows:

1.Creditors of Group 1

The creditors have a guarantee for receiving the principal of
repayment in the amount of Bt15,000,000.

EMC has already settled debt as the principal of Bt5,553,481.46,
interest of Bt2,016.564.49, totaling Bt7,570,045.95, the
principal of repayment is still remaining Bt9,446,518.54.

2. Creditors of Group 2 - Creditors of Financial Institutes:

The total amount of debt is Bt40,379,833.87.

EMC has settled debt as the principal of Bt4,128,487.56,
interest of Bt3,284,424.58, totaling Bt7,412,912.14, the
principal of repayment is still remaining Bt36,251,346.31.

3. Creditors of Group 3 - Collateral Creditors of Subsidiary
Companies

EMC has already converted the debt into equity amounting to
Bt91,882,262.31, therefore there is no repayment for these
creditors.

4.Creditors of Group 4 - Creditors guarantee other person

The total amount of debt is Bt284,484,638.79. EMC has already
converted the debt into equity to the creditors amounting to
Bt284,484,638.79, therefore there is no more repayment for these
creditors.

5.Creditors of Group 5 - Account Payable Creditors

The total amount of debt is Bt3,452,020.04. EMC has settled the
debt as the principle of Bt2,157,512.40, the repayment is still
remaining Bt1,294,507.64.

6.Creditors of Group 6 - Government Agency Creditor

EMC has no debt for these creditors.

7.Creditors of Group 7 - Loans of Subsidiary Company

EMC has converted debt into equity to the creditors, therefore
there is no more repayment for these creditors.

8.Creditors of Group 8

The creditors who have issued a letter of guarantee.

After the court has ordered EMC to process the rehabilitation
plan, during this time if any debt of any creditor is due for
repayment, or there is some claim has to be settled as a
guarantee of any creditor, such creditor is entitled to receive
repayment, the criteria and conditions is the same as Creditors
of Group 2. At present, there is no repayment for any creditor.

9.Creditors of Group 9 - The creditors who have dispute on
availability of debt.

There is no creditor in this group.

10. The creditors for working capital in the amount of
Bt150,000,000:

EMC has settled debts to creditors as follows:

   10.1 The total amount of debt is Bt100,000,000

   Repayment is made to the creditors as the principal amounting
to Bt13,089,481.44, interest of Bt8,005,261.97, totaling
Bt21,094,743.41.

    10.2 Convertible bonds in the amount of Bt50,000,000

   There is no any request from the creditors for conversion of
bonds, and EMC has already paid the interest of convertible
bonds amounting to Bt849.315.07.


NAKORNTHAI STRIP: Provides Reorganization Progress Report
---------------------------------------------------------
Maharaj Planner Company Limited, in its capacity as Plan
Administrator Nakornthai Strip Mill Public Company Limited,
informed the progress in regards to financial condition and
business reorganization up to October 10, 2003 for the
consideration by the Committee of the Stock Exchange of
Thailand, as follows:

1. The Creditors Committee has approved the Plan Implementation
Documents as follows:

   1.1  On September 25, 2003, the Creditors Committee Meeting
No.1/2546 unanimously approved the draft Master Restructuring
Agreement.

   1.2  On August 8, 2003, the Creditors Committee Meeting
No.2/2546 unanimously approved the draft Shareholders' Agreement
and the Term and Conditions of the Warrant to be offered to the
Existing Shareholders.

2. On August 8, 2003, the Creditors Committee Meeting No.2/2546
has unanimously approved extending the period for achieving the
Effective Date until October 11, 2003. The company would like to
further inform that the Creditors Committee Meeting unanimously
approved another extension for achieving the Effective Date
until December 31, 2003.

3. On August 22, 2003, the Company submitted a normal
application for offering of ordinary shares and warrants to the
public, warrants to the existing shareholders and a registration
statement to the Securities Exchange Commissions (the SEC). On
September 30, 2003 the SEC granted the approval to the Company
to offer its newly issued shares to the public and its existing
shareholders.

4.  On September 26, 2003, the Central Bankruptcy Court granted
approval to the Plan Administrator to proceed with the
registration of decrease and increase of the Company's capital
with the Ministry of Commerce to be in accordance with the debt
restructuring set forth in the Plan. The Plan Administrators
reported this to the SET on October 6, 2003.

5. On October 9, 2003, the Company registered the decrease of
unpaid capital from Bt8,600,000,000 to Bt7,186,398,640, and on
October 10, 2003, registered the increase of registered capital
from Bt7,186,398,640 to Bt128,157,480,290 as required
in the Plan.

6. At present, the Company is waiting for the registration
statement and the draft of prospectus to become effective.
However, the registration statement and the draft of prospectus
with respect to the warrants for offering to the existing
shareholders of the Company has become effective on October 10,
2003.

The Company will inform the SET of any further progress in the
said matter in accordance with the period as required by the
SET.


SAHAMITR PRESSURE: Releases Add'l Rehabilitation Progress Info
--------------------------------------------------------------
Sahamitr Pressure Container Public Company Limited releases
additional information on the progress of improvements of the
company's operation. The rehabilitation debts and contingent
liability as of September 30, 2003 are as follows:

                     SMPC's debts   Contingent     Liability
Beginning Balance  (June 29, 2001)  505,194,000  1,350,525,000
Less Repayment                      165,920,704     27,790,578
Ending Balance (September 30, 2003) 339,273,296  1,322,734,422


SIAM SYNTECH: Reports Business Reorganization Progress
------------------------------------------------------
Siam Syntech Planner Co., Ltd., the Planner of Siam Syntech
Construction Public Company Limited, reported on the Progression
of Syntec's Business Reorganization Plan, presenting company's
operation for October 15, 2003 as follows:

a. Reducing, Increasing and Restructuring the Capital Structure

   *  The Company's Plan Administrator proceeded to decrease its
20,294,305 unpaid-up share capital with par value of Bt10 per
share and reduced paid-up capital by the ratio of 100 original
shares to 1 paid-up share, from 39,705,695 of issued and paid-up
shares to 397,057 shares.  The decreased share capital was
deducted from deficit.  Consequently, after capital reduction,
the Company had Bt3,970,570 registered capital consisting of
397,057 common shares, Bt10 par value.  The Company registered
that capital reduction with the Ministry of Commerce on June 8,
2001.

   * The Company proceeded to increase its registered capital
from Bt3,970,570 to Bt400,000,000 by issuing 39,602,943 new
common shares with par value of Bt10 per share, totaling
Bt396,029,430 to reserve for new investors and the conversion of
debts into equity.  The Company registered that capital increase
with the Ministry of Commerce on June 11, 2001.

  * On November 16, 19 and 20, 2001, the Company received from
Richee Ventures Holding Company Limited the amount of Bt300
million for increasing the share capital of 30 million shares
with Bt10 per share. The Company registered the change in the
paid-up capital with the Ministry of Commerce on December 26,
2001.

   * Reducing debts and converting debt into the Company'' share
capital

    1. On November 21, 2001, the Plan Administrator of the
Company adjusted the reducing principal, accrued interest
including normal interest, default interest and compound
interest and other related expenses, which have been incurred
since the date the creditors had the rights to call for their
debts until the date the Court ordered the plan's approval.  The
total of principal, accrued interest and expenses amounted to
Bt13,089.12 million (the outstanding debts denominated in
foreign currencies were converted into Baht using the foreign
exchange rates as determined by the Plan Administrator. These
rates are Bt42 per US$, Bt0.37305 per Yen, Bt19.1475 per DM,
Bt22.7329 per SGD and Bt10.3769 per RM, as same as foreign
exchange rate to be used for translating the outstanding debts
under the plan).

    2. On December 26, 2001 and January 28, 2002, the Company's
Plan Administrator converted the debts into share capital under
the rehabilitation plan for group 6, 7 and 9 creditors amounting
to Bt46.42 million of 4,642,339 shares in the proportion of 1:1
at the price of Bt10 per share (the outstanding debts under the
Plan are determined in the amount of Bt96.03 million).  The
foreign exchange rate used to calculate the number of shares for
conversion as at May 29, 2001.  On December 26, 2001 and January
28, 2002, the Plan Administrator registered the change of fully
paid share capital as aforementioned with the Ministry of
Commerce.

   * From November 21, 2001 to June 30, 2002, the Company's Plan
Administrator repaid to all groups of creditors under the
rehabilitation totaling Bt65.82 million and USD 2.55 million.
For the Year Ended June 30, 2003

   * From July 1, 2002 to present, the Company's Plan
Administrator made payments to all groups of creditors under the
rehabilitation totaling Bt50.73 million and USD 1.16 million.

   * On May 16, 2003, the Company's Plan Administrator converted
principal on debts and liabilities on guarantee of group 6 and
part of group 9 creditors amounting to Bt11.22 million into the
Company's shares of 11,220,001 common shares in the proportion
of 1:1 at Bt1 per share, and the Plan Administrator registered
the change of issued and fully paid-up share capital with the
Ministry of Commerce on May 16, 2003.

   * On October 2, 2003, the Company's Plan Administrator
converted principal on debts and liabilities on guarantee of
group 9 creditors amounting to 3,257,270 shares and 35,128,769
shares in the name of the Plan Administrator to reserve for the
remaining creditor at par value of Bt1, and the Plan
Administrator registered the change of issued and fully paid-up
share capital with the Ministry of Commerce on May 16, 2003.

b. Assets Restructuring

On April 4, 2003, Siam Syntech Planners Limited as the Plan
Administrator of the Company entered into 5 agreements of share
selling with the other company (buyer). Buyer requested to
purchase the shares from seller in the lump sum amount of
Bt50,000 as follows:

   1. Syntech Limited ;
   2. Siam Syntech Trading Company Limited ;
   3. Federal Engineering Company Limited ;
   4. Siam Syntech Reality Company Limited ;
   5. Syntech Genysis Company Limited.

The above purchasing and selling share agreement contains the
significant term of condition and details, for instance, the
buyer commits to pay cost of share to the seller within 60 days
from the agreement date and the seller committed to be
uninvolved in the business and throughout the further rights
existing of aforementioned sold companies.

c. The Completion of the Plan

On April 28, 2003, the Central Bankruptcy Court considered the
petition, submitted by the Plan Administrator, on the report of
cancellation of the rehabilitation by the official receiver and
testimony of the Plan Administrator Company's director.  After
the Court's order to approve the Company's Plan, the Plan
Administrator successfully implemented under item No. 11.8 of
the rehabilitation plan Subject: Success of implementation
pursuant to the rehabilitation plan without any objection on
termination of the rehabilitation by the committee of creditors
and official receiver.  The rehabilitation, which was petitioned
by the debtor had been successfully implemented pursuant to the
plan under the first paragraph in Section 90/70 of the
Bankruptcy Act B.E. 2483, therefore, the Court ordered to cancel
the Company's rehabilitation as requested by the debtor.
Therefore, the responsibility for managing the business
operations and assets of the debtor shall again devolve to the
debtor's management.  The debtor's shareholders shall again
enjoy their legal right since stated in the Government
Gazette on July 1, 2003 onwards.

d. Creditors under the Rehabilitation Plan

Creditors under the rehabilitation plan as at June 30, 2003 and
2002 consisted of:
                                                       Baht
                                                Consolidated and
                                               the Company Only
                                           2003            2002
Creditors under the rehabilitation plan 236,117,296   92,099,187
Creditors in the process of converting
debt to share capital                    38,386,039   49,606,040
                                        274,503,335  341,705,227
Less Current portion of creditors under
  the rehabilitation plan shown under
  current liabilities                  (30,360,448) (20,351,528)
Total                                  244,142,887  321,353,699


SRIVARA REAL: Mortgage Assets Transferred Amounts Bt1.6B
--------------------------------------------------------
Srivara Real Estate Group Public Company Limited by Asset
Recovery Company Limited, the Plan Administrator, summarized the
Company's progressive report from the period of April 1,2003 to
September 30,2003, as follows:

   * The Company transferred mortgage assets to one of the group
2 creditors totaling Bt24.40 million. At the present, the total
value of transferred mortgage assets to group 1 and group 2
creditors totals Bt1,653.95 million, comparing to the total
value of mortgage assets of Bt1,661.95 million. The Company has
not yet transferred mortgage assets to one remaining creditor in
group 2, since it is in the process of getting transferred right
in mortgage assets from the previous creditor.


THAI NAM: Discloses Acceleration Program Report
-----------------------------------------------
Following the Stock Exchange of Thailand (SET) regulation
requiring listed companies under the Rehabco sector to report on
their progress in problem solving of financial status and
operational performance every 6 months as per the referred
documents, Thai Nam Plastic Public Company Limited made a
progress report from recent various development programs as
below :

1. To develop human resource by setting up the supportable
Marketing and Sales Teams for artificial leather products used
in automotive industry, shoes and sport ball industries; i.e.
volley ball, football and basketball, which are in a tendency of
expansion as to the increasing market demand.

2. To support R & D work for both the existing and new product
range using from PVC and Non-PVC materials in order to create
more variety of products and value added products.

3. To modify the existing machineries and equipments to a high
efficiency including the acquisition of some machineries serving
for changeable technology to a high concentration of
environmental friendly products especially those from Non-PVC;
i.e. TPU, PU and TPO applied in automotive, shoes and furniture
industries.

4. To update all existing valuable assets especially machineries
and equipments of which are kept in a good maintenance system
and continuous acquisition.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                        Total
                                        Shareholders   Total
                                        Equity         Assets
Company                       Ticker    ($MM)          ($MM)
-------                       ------    ------------   -------

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

Guangdong Sunrise Holdings
Co., Ltd.                      000030     (184.24)     23.04
Jinan Qingi Motorcyle
Co., Ltd.                      600698     (193.08)    113.96
Shenzhen China Bicycles
Co., Ltd.                      000017     (239.91)     60.39
Shenzhen Great Ocean
Shipping Co., Ltd.             200057      (10.87)     11.27
Shenzhen Petrochemical
Industry Group Co., Ltd.       000013     (243.36)     89.48


INDONESIA
---------

PT Lippo Securities  Tbk        LPPS        (3.62)      14.26
PT Mulia Industrindo Tbk        MLIA      (118.23)     479.02
Smart Tbk                       SMAR       (37.38)     398.89


MALAYSIA
--------

CSM Corporation Bhd             CSMB        (8.92)      45.11
Faber Group Bhd                 FBMS        (7.16)     504.98
Hotline Furniture Bhd           HOTF       (19.68)      11.80
Kemayan Corp Bhd                KOPS      (289.67)     114.38
Kuala Lumpur Industries Bhd     KLIS      (107.69)     116.92
MBf Corp Bhd                    MBFS      (516.81)     189.99
Panglobal Bhd                   PGL0       (35.72)     191.12
Promet Bhd                      PMPT      (148.71)      65.25
Saship Holdings                 SASH      (168.68)     136.00
Sistem Televisyen Malaysia Bhd  STVM       (93.20)     128.16
Sri Hartamas Bhd                SRIH      (118.91)      99.76
Tongkah Holdings Bhd            TKHS       (78.01)     112.62
Uniphoenix Corporation Bhd      UNI       (145.25)      33.34


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

Pilipino Telephone Co          PNOTF     (356.17)      122.97


SINGAPORE
---------

Pacific Century Regional
Developments Ltd                PCEN      (931.65)     7369.85


THAILAND
--------

National Fertilizer PCL         NFC        (30.82)      297.40
Siam Agro-Industry Pineapple
And Others PCL                  SAIC       (13.88)       14.02
Thai Nam Plastic PCL            TNPC        (2.00)       24.33
Tuntex (Thailand) PCL           TUN        (26.82)      381.43


Each Friday edition of the Troubled Company Reporter - Asia
Pacific contains a list of companies with insolvent balance
sheets based on the latest publicly available balance sheet
available to our editors at the time of publication.  At first
glance, this list may look like the definitive compilation of
stocks that are ideal to sell short.  Don't be fooled.  Assets,
for example, reported at historical cost net of depreciation may
understate the true value of a firm's assets.  A company may
establish reserves on its balance sheet for liabilities that may
never materialize.  The prices at which equity securities trade
in public market are determined by more than a balance sheet
solvency test.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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                 *** End of Transmission ***