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

                   A S I A   P A C I F I C

            Monday, October 20, 2003, Vol. 6, No. 207

                         Headlines

A U S T R A L I A

ALOE LIMITED: Financiers Restrained From Seeking Demands
AMP LIMITED: Explanatory Memorandum Receives Court Approval
AMP LIMITED: Outlines Future Direction and Structure
AUSTRALIAN MAGNESIUM: 21st AGM Scheduled on Nov 24
DRAGON MINING: Placement to Raise $5M Ends

JACOBSEN ENTERTAINMENT: Releases Administrators' Report
QANTAS AIRWAYS: Launching Low-Cost Airline


C H I N A   &   H O N G  K O N G

HARBOUR DRAGON: Winding Up Hearing Scheduled on Oct 29
SEAPOWER RESOURCES: AGM to be Held on Nov 10
SOUTH HORIZON: Winding Up Petition Pending
TAI TUNG: Faces Winding Up Petition
WELL OCEAN: Winding Up Sought by Lam Kuok Wai


I N D O N E S I A

BANK LIPPO: Bidders Improve Consortia Structure
INDONESIAN SATELLITE: S&P Assigns 'B+' Rating; Outlook Stable


J A P A N

DAIEI INC.: First Half Net Profit Dives
DAIEI INC: Reveals 1H03 Group Results
DAIEI INC.: Selling Hotel, Stadium to Colony in November
MATSUSHITA ELECTRIC: Executes Own Share Repurchase
RESONA HOLDINGS: R&I Affirms BBB- Rating

RESONA HOLDINGS: Unveils Revitalization Goal


K O R E A

HANARO TELECOM: Hopes to Get AIG-led Consortium Offer
HANARO TELECOM: ISS Reaffirms Support Plan Over LG Proposal
KOOKMIN BANK: Shares Tumble as Takeover is Finalized
SK GLOBAL: Wants Removal Period Extended Until December 19, 2003


M A L A Y S I A

AVENUE ASSETS: Nov 3 EGM Scheduled
BERJAYA GROUP: EGM Fixed on Nov 10
BERJAYA GROUP: Proposes Articles of Association Amendment
C.I. HOLDINGS: Replies KLSE's Unusual Market Activity Query
DENKO INDUSTRIAL: Disposal Approval Period Extended to Dec 23

DENKO INDUSTRIAL: Extends Acquisition Cut-Off Date to Dec 31
GENERAL SOIL: KLSE Grants Two-Week RA Extension
HIAP AIK: ICULS Default Status Remains Unchanged
HIAP AIK: SC Grants Mandatory Offer Exemption Request
IDRIS HYDRAULIC: Restructuring Exercise Completion Extended

KELANAMAS INDUS.: Creditors OK Proposed Scheme of Arrangement
L&M CORPORATION: High Court Winds Up Subsidiary
OMEGA HOLDINGS: Court Grants Meeting Extension
PLANTATION & DEVELOPMENT: Discloses Book Closure Notice
TAI WAH: CCM OKs AGM to Convene Nov 30

SRI HARTAMAS: SC Rejects Mandatory Offer Appeal
UNITED ENGINEERS: Intria's Proposed Acquisition of UEC Completed
PARAMOUNT CORPORATION: Shuts Down Unit to Cut Losses
YE CHIU: RAM Downgrades RM60M Bond Rating to BBB1


P H I L I P P I N E S

BALABAC RESOURCES: SEC Exempts P1.2B Share Issuance
MANILA ELECTRIC: Files For Rate Relief Petition
NATIONAL POWER: Waives US$250-M Bond Issuance This Year


S I N G A P O R E

ASTI HOLDINGS: Post Changes in Shareholder's Interest
HOTEL EQUATORIAL: Releases Dividend Notice
JESS PALATE: Issues a Notice of Intended Preferential Payment
NATSTEEL LTD: Completes Disposal of Interest in Unit
SINGAPORE ITALIAN: Issues First & Final Dividend Notice

THAKRAL CORPORATION: Posts Changes in Shareholder's Interest


T H A I L A N D

ASIA HOTEL: Asia Airport Undertakes Debt Restructuring
NATIONAL FERTILIZER: Rehabilitation Plan Workout Underway
THAI CANE: SET Allows Listed Securities
THAI WAH: Reports Plan Implementation Progress
WONGPAITOON GROUP: Provides Rehabilitation Plan Status Update

     -  -  -  -  -  -  -  -

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


ALOE LIMITED: Financiers Restrained From Seeking Demands
--------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
commenced proceedings in the Supreme Court of Queensland to
restrain Export Growth Finance Pty Ltd (EGF) from pursuing
demands issued to investors who invested in the Australian Aloe
Ltd Project.

In May 1998, Australian Aloe Limited (AAL) issued a prospectus
for the purpose of raising funds for the Australian Aloe Ltd
Project. The prospectus included an offer of a finance package
by EGF, part of which included the option of an indemnity in
favor of investors who took up loans. A substantial number of
investors accepted the indemnity and met the preconditions
(relevant investors).

AAL went into liquidation on 3 June 2003. EGF subsequently
issued demands to investors for the outstanding balance of their
loans.

ASIC alleges that EGF breached various provisions of the
Corporations Act, the ASIC Act and the Trade Practices Act
relating to the representations made to relevant investors, in
both the AAL prospectus and in other documentation provided to
them.

   * Justice Mullins of the Supreme Court on Friday made orders:
restraining EGF from demanding the repayment of loans made to
the relevant investors;

   * prohibiting EGF from disposing of or dealing with money
already received from the relevant investors in repayment of
their loans; and

   * requiring EGF to pay any money paid to it by the relevant
investors on account of the payment of their loans into a
separate bank account.

The orders remain place until 4.00 pm on 7 November 2003, or
earlier order:

ASIC's proceedings will return to Court on 7 November 2003.

Relevant investors can contact the ASIC Infoline on 1300 300 630
if further information is required.


AMP LIMITED: Explanatory Memorandum Receives Court Approval
-----------------------------------------------------------
AMP Limited has publicly released the Explanatory Memorandum
(EM) for its planned demerger, following Federal Court approval
on Friday for the demerger meetings to be held later this year.

AMP Chairman Peter Willcox said Directors were unanimously
recommending that shareholders support the demerger, which will
create two regionally-based entities: AMP in Australasia and HHG
in the United Kingdom. "Your Board believes that the proposal to
demerge will help unlock the underlying value of AMP and HHG for
shareholders and that this value is more likely to be reflected
in the share prices of the two companies than it will be if the
AMP Group remains whole," Mr Willcox tells shareholders in the
Letter from the Chairman accompanying in the EM.

"Your Directors and I believe that the benefits of this proposal
outweigh the disadvantages and risks. This is confirmed by an
Independent Expert's report. This report concludes that the
demerger is in the best interests of AMP shareholders on the
basis that no offer to acquire the United Kingdom businesses has
been made on preferable terms."

In the EM, Mr Willcox also tells shareholders that there were no
easy solutions to AMP's problems, and that the Board was
determined to find long-term solutions that would draw on the
strengths in the company and prevent a recurrence of past
problems. "We have worked to create two separate companies that
we expect will be strong and successful, with simpler and more
transparent structures. We believe that this should unlock the
underlying value of AMP and HHG and provide existing AMP
shareholders with more choice in their investments, as well as
broadening the investor base by attracting new shareholders to
both companies," he says in the EM.

The EM has been divided into 16 sections to make it easier for
shareholders to navigate, including key elements of the proposal
to demerge (Section 1), benefits, disadvantages and risks
(Section 2), AMP after the demerger (Section 4) and HHG after
the demerger (Section 6). The EM also contains a number of
external reports including the Independent Expert's report by
Rothschild (Section 12), an Independent Accountant's report by
Ernst & Young (Section 13) and the Consulting Actuary's report
by Tillinghast- Towers Perrin (Section 14).

Benefits of the demerger outlined in the report include:

   o the demerger will create separate regional businesses. Both
AMP and HHG will be primarily focused on their home markets and
will pursue an independent strategy that is consistent with
their strengths and capabilities;

   o the demerger will simplify the corporate structures of the
two entities, making them easier to understand and evaluate;

   o AMP and HHG will have separate listings, separate trading
values and direct access to capital markets and this will
provide more flexibility for each company to participate in
industry consolidation; and

   o more investors will be attracted to invest in either AMP or
HHG, while existing AMP shareholders will be able to choose
whether to continue to invest in AMP, or HHG, or both.

The disadvantages of the proposal to demerge outlined in the
report include the cost of the demerger at approximately A$214
million before tax (A$193 million after tax). The bulk of these
costs are for financial advisory, legal, accounting and other
advisory and experts' fees in respect of the demerger and the
London Stock Exchange listing of HHG as part of the demerger
(A$99 million); establishing AMP and HHG as separate entities
(A$46 million); shareholder and policyholder communication costs
(A$35 million); and the cost of printing and distributing the EM
(A$14 million). Other costs will also be incurred, including
rights offer costs and business restructuring costs. About 50
per cent of the demerger costs will have been incurred, or
committed, by the time of the meetings to approve the demerger.

Mr Willcox said the costs of the demerger reflected the
extremely complex nature of the transaction, and the fact that
it covered multiple jurisdictions. The Independent Expert,
Rothschild, also identifies a number of benefits in the demerger
proposal including:

   o the removal of risk of further brand damage to the
Australasian franchise;

   o the removal of structural impediments to a takeover of AMP;

   o the insulation of AMP from any continuing demands for
capital from HHG; and

   o better alignment of shareholder and employee interests.

The costs and consequences identified by the Independent Expert
include the impact on the capital structure, the costs of
raising new equity capital and ongoing links between AMP and
HHG. Mr Willcox said that since announcing the proposal to
demerge, AMP has been approached by several parties interested
in acquiring the United Kingdom businesses. "These approaches
have led to conditional proposals being submitted in respect of
these businesses. These proposals are not attractive relative to
the proposal to demerge as they presently fail to fully reflect
the intrinsic value of the businesses and involve continuing
exposure through warranties and indemnities," he says in the EM.

"While the proposal to demerge remains the preferred option, it
is possible that these proposals could, with the improvement in
equity markets and valuations, result in a firm offer being made
for the United Kingdom businesses, which the Directors may
consider to be a better outcome than the demerger." The
Independent Expert has indicated that if an offer for the UK
businesses is received on terms that could be considered
preferable to the demerger proposal, it reserves the right to
reconsider its opinion. "Furthermore, if the Directors receive
any offers in respect of the Australasian businesses, they will
consider them and act in the best interests of AMP
shareholders," Mr Willcox says in the EM letter to shareholders.

The EM will be sent to shareholders in about two to three weeks,
with printing due to start early next week. Shareholders will
receive a number of documents including an EM of around 600
pages, a letter from the Chairman, a proxy form to vote and a
reply paid envelope. Mr Willcox said that while a number of AMP
shareholders had indicated they did not want to receive the
demerger documentation, the company is legally obliged to
distribute the information to all shareholders. However, he said
AMP was pleased the Court would allow AMP to distribute the
document electronically. Around 42,000 AMP shareholders have
registered to receive the document electronically - almost
30,000 on CD Rom and the balance via email. This includes about
35,000 in Australia, 2,600 in New Zealand and the rest primarily
in the UK. For the demerger to proceed, shareholders will be
asked to approve three resolutions.

The first, the capital adjustment resolution, will restructure
AMP's capital to ensure shareholders hold the same number of
shares in each of AMP and HHG after the demerger, as the number
of AMP shares held before the demerger. The second is the RPS
Preference share cancellation resolution. Cancellation of the
RPS Preference shares is being sought due to the proposed
redemption of the RPS. The third resolution is the demerger
resolution, which will approve the demerger. Both the first and
third resolutions need to be approved for the demerger to
proceed and both must approve the demerger resolution:

   - a majority in number of AMP's almost 1 million shareholders
who decide to vote; and

   - at least 75 per cent of the votes cast on the resolution.
If shareholders approve the demerger, a further court order
approving the scheme of arrangement needs to be made. It is
expected that the end of 2003 will trade AMP and HHG shares
traded separately. AMP shares will be traded on the Australian
and New Zealand stock exchanges. HHG intends to list its shares
on the London Stock Exchange while in Australia, CHESS
Depositary Interests (CDIs) will be traded. CDIs are a form of
security commonly used to allow trading on the ASX of shares of
companies that are incorporated in foreign countries. HHG CDIs
or shares will not be listed on the New Zealand Stock Exchange.

The general meeting and scheme meeting of shareholders to
approve the demerger will be held on 9 December 2003 at the
Hordern Pavilion at Fox Studios in Sydney, commencing at 9am.
Shareholders can vote by either attending the meeting or
returning their proxy form. "On behalf of the Directors, I
encourage you to vote on the proposal to demerge and have your
say on the future of AMP," Mr Willcox says in the EM.


AMP LIMITED: Outlines Future Direction and Structure
----------------------------------------------------
The Australasian-based operation of AMP Limited on Friday
outlined key post-demerger details such as pro-forma forecast
financial information, strategy, structure and remuneration.
This follows the review of the Explanatory Memorandum (EM) by
the Federal Court to enable shareholder meetings to approve the
proposed demerger to proceed. AMP Chief Executive Officer Andrew
Mohl said a wealth of information about the new AMP was
contained in the EM, providing tangible evidence of the strength
and value in the business. "The demerger will bring AMP back to
its roots and allow us to totally focus on our 2.3 million
customers in Australia and New Zealand," Mr Mohl said.

AMP will have the largest financial planning network in
Australia, be the largest superannuation provider and remain one
of the country's largest investment managers. "We encourage all
our shareholders to read the EM so they understand the post-
demerger AMP and our vision for the company - to help people
manage their financial well-being to enjoy the future they
want." Mr Mohl said the post-demerger AMP would include the core
business units of AMP Financial Services (AFS) and AMP Capital
Investors, as well as Cobalt/Gordian (which remains under
review). Key sections on AMP in the EM include:

   * Pro-forma forecast financial information for year to 31
December 2003.
   * Pro-forma financial results (Section 5 of the EM) for new
AMP for the year to 31 December 2003 have been estimated in a
range, based on investment return assumptions.
   * Net profit after tax forecasts range from a low of A$362
million to a high of A$495 million. Based on current market
levels, the result is likely to be closer to the top end of the
forecast range.

Forecast operating margins in 2003 for AFS range from A$347
million to A$383 million and for AMP Capital Investors, from
A$63 million to A$65 million. In 2002, AFS pro forma operating
margins were A$329 million and AMP Capital Investors were A$95
million. Mr Mohl said the results demonstrated the continued
underlying improvement in AFS. "Overall, the 2003 result for AFS
looks likely to be significantly stronger than the previous
year, notwithstanding a difficult business and market
environment, demonstrating the resilience and potential of AFS,"
he said.

Mr Mohl noted that for the year to 31 December 2003, the results
of AMP Limited would differ from the pro-forma forecasts
provided. This is because in addition to the uncertainties of
forecasts, the final results will include other elements such as
HHG PLC results from 1 January 2003 until the effective demerger
date; restructure and transaction costs; and the potential
reduction in the carrying value of the UK operations based on
the market value of HHG.

AMP outlook & strategy. Post demerger, AMP intends to grow the
profitability of its businesses by implementing its corporate
strategic objectives (Section 4.1.5), which are to:

   - regain investor and wider market support as a listed
company;
   - build trust in AMP's brand;
   - improve productivity and deliver unit cost reductions;
   - maximize integration synergies; and
   - develop a high performance culture within AMP.

As the EM outlines in Sections 4 & 5, AFS is well positioned in
the Australian wealth management business and will continue its
focus on advice-based distribution, leveraging its strong market
position to further reduce unit costs. The EM outlines that the
AFS cost base, excluding AMP Banking, is expected to decrease by
at least 15 per cent compared with 2002. The 2003 cost base is
expected to be less than A$520 million, compared with the A$560
million target announced in December 2002. The cost base has
been further reduced despite increasing spending on brand, one-
off adviser incentive payments and discretionary projects.

AMP Banking has undergone a significant restructuring program in
the last year to focus on mortgages and retail deposits in
Australia. This restructuring is resulting in a significant
improvement in 2003 profit margins, which are expected to be
around A$7 million, compared with a loss of A$8 million in 2002.
More broadly, persistency levels are expected to decrease
marginally in 2003 due to weak investment markets, but with no
long term impact. In terms of AMP Capital Investors, the
operating margin is expected to be 33 per cent lower in 2003
than the previous year. This reduction is due to a return to
normal tax levels following payments received for tax losses in
2002 and the loss of income from listed property trusts in the
second half of the year. Costs in the second half of 2003 remain
comparable to the first half, excluding expenses related to
listed property trusts.

In terms of the longer term outlook for new AMP, the EM notes
that market conditions have continued to be challenging for
AMP's businesses throughout 2003. Market conditions are expected
to improve but will remain uncertain going into 2004.

"Nevertheless, the Board believes that the underlying
fundamentals of AMP's businesses, together with the emergence of
long term benefits expected to be derived from the demerger,
will result in AMP being well positioned to take advantage of
expected improvements in the Australian wealth management market
and for it to achieve its strategic objectives," the EM says.

"The Board is confident of AMP's prospects for sustained growth
in the future. Subject to investment market conditions, the
Board expects profit after income tax to increase in 2004. This
will be driven by higher operating margins in AFS and lower
corporate office costs, offset in part by lower earnings in AMP
Capital Investors due to the loss of the listed property trusts
in 2003." The Directors' intended dividend policy for AMP is to
distribute approximately 60 per cent of the available operating
profit after tax in the form of dividends. The payment of
dividends will be subject to approval by APRA while consolidated
retained earnings are negative.

Consulting Actuary's Report. The final versions of the
Consulting Actuary's report are contained in the EM (see Section
14), including information on sensitivities. As AMP said last
week when the draft information was released, it believes the
new methodology shows higher valuations compared with
traditional results using a 5 per cent risk discount margin for
both embedded values and, in particular, value of six months'
sales (Australian business). This is even after allowing for
some agency costs.

AMP Board and senior management. The AMP post-demerger Board of
Directors is outlined in Section 4.6.1 of the EM. It will
comprise a non-executive Chairman (Peter Willcox), five
nonexecutive Directors (Richard Grellman, Pat Handley, Meredith
Hellicar, Peter Mason and Nora Scheinkestel) and one executive
Director (Andrew Mohl). Current UK-based AMP Directors, Lord
Killearn and Roger Yates, will step down from the Board on or
before the demerger date. Pat Handley and Andrew Mohl will also
be on the HHG Board.

AMP Directors considered it appropriate that Mr Handley and Mr
Mohl hold both directorships. The AMP Board will continue to
have three standing committees, comprised only of independent
non-executive Directors. These are the Board Audit & Compliance
Committee, the Board Nomination Committee and the Board
Remuneration Committee. AMP's Australian-based Senior Management
Team (see Section 4.6.2) will be unchanged following the
demerger with the exception of the General Manager, Strategy &
Development, Marc de Cure, who will leave AMP in the first
quarter of 2004.

"Marc stayed on at AMP at my request to oversee a new strategic
direction for AMP which culminated in the proposal to demerge.
He has been a valuable contributor to AMP and with the demerger
drawing to a close, he is looking forward to his next
challenge," Mr Mohl said. Following this departure, the Strategy
& Development team will report to Peter Hodgett (who will also
continue as General Manager, Human Resources).

Staffing. As a result of the demerger, AMP will become a
smaller, regionally-focused organization. There will be a
reduction of around 100 positions following the demerger,
primarily in AMP's Corporate office (see Section 4.6.3). AMP
Capital Investors' employee numbers will reduce by the end of
2003, due primarily to changes to its listed property trust
business. By the end of the first quarter of next year, AMP will
have approximately 4,100 employees.

Remuneration. New remuneration arrangements apply to the Board
of Directors, Chief Executive Officer and Senior Management Team
as part of the demerger process (see Sections 10.10-10.16). Due
to the reduction in size and scope of AMP's operations after the
demerger, the remuneration of the Directors and senior
management has been reduced.

Board of Directors. If the demerger proceeds, the Directors'
10 per cent, and the Chairman's fees will reduce fees by 23 per
cent. The Board also proposes to put to the 2004 Annual General
Meeting a resolution to reduce the maximum fee pool for
Directors. A 40 per cent reduction from the current maximum
aggregate sum of fees payable to nonexecutive Directors of A$2.5
million to A$1.5 million (plus statutory superannuation) is
expected.

Chief Executive Officer

The Board has agreed with CEO Andrew Mohl on a variation in
terms of his current contract if the demerger proceeds. His
current contract, which commenced 7 October 2002, is for an
unlimited period. This has been amended to a five year fixed
term, from the commencement of his role as CEO through to 7
October 2007. Mr Mohl's revised terms of annual remuneration
include three elements:

   1. Base salary - a reduction of 10 per cent to A$1.35
million;

   2. Short term incentives - a reduction of 31 per cent in the
maximum amount payable. This payment is dependent on performance
and can now range from zero to a maximum of A$2.7 million. This
amount will be payable in cash only;

   3. Long term incentives - a reduction of 33 per cent in the
maximum amount payable. This payment will be made in rights to
shares, which are subject to performance hurdles. This payment
will range from zero to A$2.025 million. Mr Mohl's total
potential remuneration in a year under his revised contract will
range from A$1.36 million to A$6.09 million. Under the current
contract, Mr Mohl's total potential remuneration could range
from A$1.51 million to A$8.41 million. The reduction in maximum
potential remuneration is 28 per cent. Mr Mohl's termination
payments have also been reduced from October 2005 under the
revised contract. Further details on Mr Mohl's current and
revised contract are in Attachment One.

Senior Management Team: The base pay of direct reports to the
CEO will also be reduced by 10 per cent and their maximum
potential remuneration by 19 per cent.

Restructure and retention payments to effect the demerger. The
Board of Directors recognizes that the demerger will mean
significant changes to the roles of many employees in AMP.
Recognizing this, the Board has put in place a one-off
restructure and retention program to cover key employees who are
either critical to the demerger proposal, or to those parts of
the business significantly impacted by the demerger. The maximum
potential cost of this programmed to AMP's business is
approximately A$12.7 million before tax, which represents
approximately 3 per cent of total Australian employment expenses
per annum. This includes payments to 58 employees in 'new' AMP.

Mr Mohl is eligible for a one-off payment as part of this
programmed of A$2.25 million. Payment arrangements vary from
employee to employee. All payments are conditional on factors
such as the achievement of performance targets. A sub-committee
of the Board Remuneration Committee has the discretion to
determine the details of the payments and when these payments
will be made, however, it is intended that these payments will
be spread over a six month period commencing on completion of
the demerger. Employees who resign will forfeit any unpaid
amounts.

AMP Chairman Peter Willcox said the programmed recognized the
fact that a number of employees critical to the demerger process
were likely to lose their jobs, or have their roles
significantly restructured, post demerger. "We were particularly
worried about 'key person' risk during this process, which in
some instances could have had a significant impact on the
progress of the demerger. Some investors and clients also wanted
reassurance that we would retain key staff throughout this
process," Mr Willcox said. "Ultimately, the Board's decision is
vindicated by the fact that AMP and HHG have retained 98 per
cent of the employees covered by the programmed who have worked
under extraordinary circumstances to achieve the demerger
timetable to this point."

Conclusion. Mr Mohl said the EM provided a comprehensive
overview of AMP's business and outlook for shareholders to
review ahead of their vote on the demerger. "There is no doubt
that the demerger process has been difficult but we are now in
the final stages. We are confident that AMP is in great shape to
meet the challenges of 2004," Mr Mohl said. "We particularly
look forward to being able to focus totally on the business and
enhancing AMP's already strong position in the Australian wealth
management industry."


AUSTRALIAN MAGNESIUM: 21st AGM Scheduled on Nov 24
--------------------------------------------------
The Twenty-First Annual General Meeting of Australian Magnesium
Corporation Limited will be held in Great Halls 1 and 2, The
Brisbane Convention Center, Merivale Street (Cnr Glenelg
Street), South Brisbane on Monday, 24 November 2003 at 10.30am,
Brisbane time.

A copy of the Notice of AGM can be found at
http://bankrupt.com/misc/TCRAP_AMC1020.pdf.


DRAGON MINING: Placement to Raise $5M Ends
------------------------------------------
Dragon Mining NL concluded on Friday arrangements to place 27.8
million shares at an issue price of $0.18 per share to raise $5
million.

The shares were issued to institutional clients of Macquarie
Equity Capital Markets and Royal Bank of Canada.

Dragon's CEO, Dr James Searle, stated that "the funds would be
used for working capital and acquisition expenses related to the
purchase of the Outokumpu precious metals mining assets located
mainly in Finland".

Dr Searle advised that "this placement was a further important
step in Dragon's progression to becoming a focused European gold
producer".


JACOBSEN ENTERTAINMENT: Releases Administrators' Report
-------------------------------------------------------
Mark F Mentha of KordaMentha, Joint Administrator of Jacobsen
Entertainment Limited (Administrators Appointed) released its
report after the First Creditors' Meeting, which was held on
October 7, 2003.

The Administrators are required to convene a second meeting of
creditors of the Company to vote on the options available to
them, as to whether:

    the Company should execute a Deed of Company Arrangement
("DOCA"), or

    the Administration should end, or

    the Company should be wound up.

The second meeting of creditors of the Company will be held on
Friday the 24th day of October 2003 in Marble Room 1 at the
Radisson Plaza Hotel, 27 O'Connell St, Sydney, NSW. Registration
for all creditors and employees will open at 10:30 am with the
meeting commencing at 11:00am.

For the full copy of the Administrators Report as well as the
Notice of the Second Meeting of Creditors, go to
http://bankrupt.com/misc/TCRAP_JEL1020.pdf.


QANTAS AIRWAYS: Launching Low-Cost Airline
------------------------------------------
Qantas Airways Limited said Friday it would launch a new low
cost domestic airline in May 2004.

The Qantas Board approved the establishment of the new airline
at a meeting in Adelaide on Thursday.

The Chief Executive Officer and Managing Director of Qantas,
Geoff Dixon, said the new airline would be a separate business
with its own brand.

He said it would be established using the operation of the
former low cost carrier, Impulse, which was acquired by Qantas
in May 2001 or by using a new "greenfields" company. A decision
on which option would be used would be made within six weeks.

"This will be a true low cost carrier - lean, highly competitive
and with the standards of safety and reliability associated with
Qantas," Mr Dixon said.

He said it would further enhance the flying services operated by
the Qantas Group, namely:

   * the main Qantas domestic and international airline;
   * QantasLink, the regional airline operations; and
   * Australian Airlines, Qantas' international leisure carrier.

"Together, these airlines will offer a comprehensive range of
services for travelers and see Qantas boost its role as a major
supporter of the Australian tourism industry," Mr Dixon said.

"Negotiations are underway with Boeing, Airbus and aircraft
lessors for the acquisition of 737-800 or A320 aircraft that
will see the new low cost carrier have a minimum of 23 aircraft
by mid-2005."

Mr Dixon said the current Qantas domestic operation would
continue as now, but with an even greater focus on delivering
quality service, particularly to the business community.

"Our network offering will be enhanced and additional investment
made in both in-flight and on-ground product," he said.

Mr Dixon said that Alan Joyce, 37, had been appointed Executive
General Manager of the low cost carrier.

"Alan joined Qantas in 2001 and he has an extensive airline
industry background, having worked with both Aer Lingus and
Ansett," he said.

"His experience is principally in fleet and network planning and
business improvement and he was actively involved in Aer Lingus'
low cost strategy."

Mr Dixon said a small team, including a number of former senior
executives from the very successful European low cost carrier
Ryanair, would assist Alan to establish the new airline.

He said the new airline would select the location of its
headquarters, which would not be in Sydney, within the next six
weeks.

Melbourne advertising agency, Dewey and Horten, had been engaged
to work with the new airline's executives on naming, branding
and advertising.


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


HARBOUR DRAGON: Winding Up Hearing Scheduled on Oct 29
------------------------------------------------------
The High Court of Hong Kong will hear on October 29, 2003 at
9:30 in the morning the petition seeking the winding up of
Harbour Dragon Swimming Pool Management Co. Limited.

Chan Kai Yin of Flat C, 4/F., Kam Po Mansion, 37-41 North
Street, Kennedy Town, Hong Kong filed the petition on September
3, 2002.  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: AGM to be Held on Nov 10
--------------------------------------------
Notice is hereby given that the Annual General Meeting of
shareholders of Seapower Resources International Limited
(Provisional Liquidators Appointed) will be held at 8/F Allied
Kajima Building, 138 Gloucester Road, Wanchai Hong Kong at 9:00
a.m. on Monday, 10 November 2003 to transact the following
ordinary businesses:

   1. To receive, consider and adopt the audited financial
statements and reports of the Provisional Liquidators of the
Company and the auditors for the year ended 31 March
2002.

   2. To receive, consider and adopt the audited financial
statements and reports of the Provisional Liquidators of the
Company and the auditors for the year ended 31 March
2003.

No special business is to be conducted at this meeting.
For and on behalf of


SOUTH HORIZON: Winding Up Petition Pending
------------------------------------------
South Horizon Investment Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on October 29, 2003 at 9:30 in the morning.

The petition was filed on August 28, 2003 by Bank of China (Hong
Kong) Limited (the successor corporation to The China and South
Sea Bank Limited pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong.


TAI TUNG: Faces Winding Up Petition
-----------------------------------
The petition to wind up Tai Tung Electric Material Supplies Co.
Limited is set for hearing before the High Court of Hong Kong on
October 29, 2003 at 10:00 in the morning.

The petition was filed with the court on September 8, 2003 by
Chan Fung Yee of Flat F, 10/F., Kwong Ning Building, 2-6 Wang
Pok Street, Shatin, New Territories, Hong Kong.


WELL OCEAN: Winding Up Sought by Lam Kuok Wai
---------------------------------------------
Lam Kuok Wai is seeking the winding up of Well Ocean Development
Limited. The petition was filed on September 8, 2003, and will
be heard before the High Court of Hong Kong on October 29, 2003
at 10:00 in the morning.

Lam Kuok Wai holds its registered address at Room 3114, Hin Wan
House, Hin Keng Estate, Shatin, New Territories, Hong Kong.


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


BANK LIPPO: Bidders Improve Consortia Structure
-----------------------------------------------
Eurocapital Peregrine Securities and Triton Advisory Pte Ltd,
the two consortia that bid for PT Bank Lippo Tbk, have improved
its structure, Bisnis Indonesia reports, quoting IBRA Deputy
Chairman for Banking Restructuring I Nyoman Sender.

"One of the members of Triton consortium and Eurocapital
consortium sent letters to IBRA informing of the structural
change," Sender said, adding that the two consortia added two
banks. However, he declined to reveal the name of the new banks.
"I cannot reveal the right now, but one of them is one of the
biggest bank in Switzerland."

Platinum Securities Co Ltd. has not improved its structure yet.
IBRA is giving it until October 23, 2003 for structure
improvement.

According to the plan, the submittal of the final bid document
and the announcement of the preferred bidder will be held by the
third week of October 2003.

IBRA had asked bidders for Bank Lippo to improve their
structures and add banks comparable with the divested bank.
Moreover, IBRA stated banks joining in the consortia should have
at least 10% of the 52.05% divested shares of Bank Lippo.


INDONESIAN SATELLITE: S&P Assigns 'B+' Rating; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services on Friday assigned its 'B+'
rating to P.T. Indonesian Satellite Corp. Tbk. (Indosat). The
outlook is stable. At the same time, Standard & Poor's assigned
its 'B+' rating to Indosat's proposed seven-year US$200 million
senior unsecured notes due in 2010 issued by 100% subsidiary,
Indosat Finance Company B.V., and guaranteed by Indosat, and its
subsidiaries, P.T. Satelit Palapa Indonesia and P.T. Indosat
Multimedia Mobile.

The rating reflects material country risks, growing competition
in the wireless and international markets, regulatory
uncertainties, and the risk of further rupiah depreciation.
However, these factors are offset by a degree of insulation from
sovereign debt risks, Indosat's position as one of the leading
telecom operators in Indonesia, and robust domestic wireless
growth prospects.

"Cellular operators are now facing new competition from the
fixed wireless services, which have similar mobility and
features as local cellular services, but are offered at local
call rates," said Standard & Poor's credit analyst Greg Pau,
director in the Corporate and Infrastructure Ratings Group.
"Although the rollout of fixed wireless service remains limited,
Standard & Poor's is concerned about the potential degree of
cannibalization, given its low tariffs," Mr. Pau added.

As well as competition in wireless, the international dialing
arena is in transition as it is open for limited competition
between Indosat and state-owned incumbent P.T. Telekomunikasi
Indonesia (Telkom; B+/Stable/--) following early termination of
their exclusivity rights to operate in each other's segments
(international long distance for Indosat, local and domestic
long distance for Telkom). Indosat is facing increasing
competitive pressure with the entry of Telkom into its
international direct dialing market expected by the end of 2003
or early 2004. Standard & Poor's expects pricing competition to
be more intense as both incumbents attempt to grab market share.

Although the direction of telecommunications policy in Indonesia
is largely positive, there are key regulatory issues to be
resolved, particularly in interconnection agreements and tariff-
setting mechanisms.

In addition, regulation on the range of use and service pricing
in fixed wireless will be the key issues determining the
service's future expansion and the competitive landscape of the
cellular market.

In the near term, the company does not face significant
refinancing risk as its liquidity is adequately supported by
cash holdings of Indonesian rupiah (Rp) 2.5 trillion (US$296
million) against short-term debts of Rp1.3 trillion. The company
has secured Rp3.2 trillion in a committed credit facility. A
significant portion of that is intended to remain undrawn, and
is available only until Dec. 15, 2003. The company intends to
raise the equivalent of almost Rp7 trillion (including the new
credit facility), in new borrowing, primarily to refinance
existing debt. The refinancing plan, which is crucial for its
expansion plans, is intended to improve its debt maturity
profile, reduce its interest rate, and foreign exchange
exposures, as well as release certain restrictive covenants.

Indosat's leverage is moderate, with net debt to net capital of
33% and net debt to annualized EBITDA of 1.3x in the first half
of 2003. These levels are expected to rise to more than 40% and
about 2x, respectively, in the near-to-medium term in light of
its major expansion program. "Given the increasingly competitive
environment, continued cellular subscribers growth and cost
control measures are key to its successful operation and
stable cash flow generation," Mr. Pau added.

Indosat is one of only two incumbents authorized to provide full
telecommunications services in the country. The company is the
second-largest cellular operator in Indonesia, with a market
share of about 30%. It is the dominant provider of international
telephone service in the country, controlling about 80% of the
market.


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


DAIEI INC.: First Half Net Profit Dives
---------------------------------------
Struggling retailer Daiei Inc. posted a better-than-expected
first half group net profit of 2.3 billion yen (US$20.94
million), but continues to face difficulty in boosting sales as
it tries to restructure its operations, according to Reuters.
The Company, burdened with a huge debt load, received a US$4
billion bailout from creditors last year.


DAIEI INC: Reveals 1H03 Group Results
-------------------------------------
The consolidated financial highlights of Daiei Inc. are as
follows:

(in billions of yen unless specified)

       6-mos. ended  Full year to  6-mos. ended  Full year ended

    Aug 31, 2003    Feb 29, 2004    Aug 31, 2002    Feb 28, 2003

    LATEST          COMPANY         YEAR-AGO        YEAR-AGO

   H1 RESULTS      FORECAST        H1 RESULTS      RESULTS
Revenues  992.08   1.98 trillion   1.16 trillion   2.20 trln

        (-14.8 pct)
Operating 22.70                     20.55

         (+10.5 pct)
Recurring 12.52     30.00            5.72           12.79

               (+118.9 pct)
Net                    2.30           18.00          140.49
135.39

                (-98.4 pct)
EPS                Y2.96              Y23.13         Y417.54
Y290.94
Diluted            Y1.48                             Y352.00
EPS
Cash flow          23.08                           61.44
from operations

NOTE - Daiei Inc. is a major supermarket chain operator.


DAIEI INC.: Selling Hotel, Stadium to Colony in November
--------------------------------------------------------
Daiei Inc. will likely sell its baseball stadium and hotel to
U.S. investment firm Colony Capital LLC in early November,
Reuters said on Thursday. The deal is expected to feature a
possible 100-billion-yen (US$913 million) investment by Colony
in Daiei's Fukuoka operations, which U.S. investment fund
Ripplewood Holdings LLC and investment bank Lehman Brothers had
also reportedly been looking to buy.

The report said Colony was the only firm in talks with Daiei
since winning a formal right to begin negotiations on September
28.


MATSUSHITA ELECTRIC: Executes Own Share Repurchase
--------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known for its
"Panasonic" brand products, recently announced that it has
purchased a portion of its own shares from the market in
conformity with provisions of Article 210 of the Japanese
Commercial Code.

Details of the share repurchase are as follows:

1. Class of shares: Common stock

2. Period of purchase: Between October 1, 2003 and October 10,
2003

3. Aggregate purchase amount: 9,999,869,000 yen

4. Aggregate number of shares purchased: 7,061,000 shares

5. Method of purchase: Shares were purchased on the Tokyo Stock
Exchange

(Reference 1)

1) The following are the resolutions that were approved at the
ordinary general meeting of shareholders held on June 27, 2003:

    --  Class of shares: Common stock
    --  Aggregate number of shares to be purchased: Up to 200
million shares
    --  Aggregate purchase amount: Up to 200 billion yen

2) Cumulative total of shares repurchased through October 10,
2003:

    --  Aggregate purchase amount: 39,998,437,000 yen

    --  Aggregate number of shares purchased: 27,329,000 shares

    (Reference 2)

    1) Total number of shares issued as of March 31, 2003:


    --  Total number of shares issued:
        2,447,923,088 shares

    --  Total number of shares issued (excluding treasury
stock): 2,359,316,711 shares

CONTACT:   Panasonic Finance (America), Inc.
           Akihiro Takei, (212) 698-1365


RESONA HOLDINGS: R&I Affirms BBB- Rating
----------------------------------------
Rating and Investment Information, Inc. (R&I), has affirmed the
following ratings of Resona Bank Ltd. as follows:

Senior Long-term Credit Rating: BBB- (Affirmed)
Short-term Credit Rating: a-2 (Affirmed)
ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 1 Sep 12, 2000 Sep 12, 2005 Yen 50,000
Unsec. Str. Bonds No. 2 Dec 19, 2000 Dec 19, 2005 Yen 50,000

RATIONALE:

On October 10, Resona Holdings, Inc. announced a consolidated
net loss of more than 1.7 trillion yen for the first half of
fiscal 2003 (from April 2003 to September 2003). Major factors
accounting for the loss were the posting of enormous credit
related costs for banks under its umbrella, including Resona
Bank, Ltd., and the reduction of deferred tax assets. The
disposal, which this time consists mainly of a reassessment of
assets, is within the scope of R&I's estimate and R&I has
therefore affirmed the bank's rating. The stance of the new
management team in taking aggressive steps in attempts to
dispose of inherited debt burden including closely related
borrowers and non-bank affiliates, which have been a drain on
the business can be commended.

R&I previously indicated that while the financial base of Resona
Bank was fragile, with government support, the likelihood of
depositors and creditors suffering losses is minimized.
Consequently, R&I maintained the Senior Long-term Credit Rating
of BBB- and Short-term Credit Rating of a-2. The government is
in fact extending support to the bank through an injection of
public funds, which the bank has allocated as capital for
inherited debts. What is of vital importance for the Company now
is to reconstruct the group business base and financial base on
an independent, stand-alone basis.

After reexamining Resona Bank's risk, R&I will confirm the
bank's new business plan and the progress in its implementation
and will incorporate these factors into the rating. For the
group to raise its rating, it is vital for each of the group's
companies, including Resona Bank, to post stable profits that
will enable a positive outlook for the recovery in its depleted
equity capital.


RESONA HOLDINGS: Unveils Revitalization Goal
--------------------------------------------
Resona Holdings Inc. announced its revitalization plans:

1. The goal for Revitalization of Resona is the maximization of
corporate value. To achieve this goal, Resona will instill
profit-focused mindset and heighten cost consciousness within
the firm.

2. Swift elimination of the bad legacy assets is an absolute
necessity for the survival of Resona. Resona will strictly
review and assess our assets, strengthen loan loss reserves and
execute off balancing.

3. Resona will be free from the past constraints and
aggressively strive for business innovation and construction of
a new business model to create customer value. In order to
achieve this, Resona will provide opportunities for our young
and talented employees to promote revitalization and recruit
talented people from outside the group when necessary.

4. In a time when customers choose banks, Resona aim to be "the
people's most favorite bank". Resona always base its judgment on
customers, and strive to evolve into a true "financial service
business" with competitiveness in product quality, services,
cost and speed.

5. The success of the Revitalization of Resona will be
ultimately judged by the market. Resona will brake away from
self-centered, closed-minded management style of the past.
Resona will become more open to customers and shareholders, and
will act with a sense of speed. Basic Management Policy (Five
Guiding Principles)

For more info on Merrill Lynch "The 5th Global Financial
Conference" Path to Revitalization of Resona, go to
http://www.resona-hd.co.jp/e-ir/pdf/i_02a/ir_031009.pdf


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


HANARO TELECOM: Hopes to Get AIG-led Consortium Offer
-----------------------------------------------------
Financially troubled Hanaro Telecom Inc. said Thursday that it
may go bankrupt unless a US$500 million equity investment offer
by two U.S. firms is accepted by its shareholders, Asia Pulse
reported on Thursday. Hanaro is pushing to get the investment
offer by a consortium of American Investment Group (AIG) and New
Bridge Capital to be approved at its shareholders' meeting on
October 21.

As of end of June, Hanaro had a total of 1.8 trillion won in
debts. The Company hasn't made a profit since 1998. Hanaro had a
2.97 million broadband Internet subscribers as of end of
September, with some 1 million local fixed-line telephone
customers.


HANARO TELECOM: ISS Reaffirms Support Plan Over LG Proposal
-----------------------------------------------------------
Hanaro Telecom Inc. announced that Institutional Shareholder
Services (ISS), after considering the recent proposal from the
LG Group, has again recommended that its clients vote FOR all
proposals on the October 21, 2003 Extraordinary General Meeting
(EGM) agenda, including the issuance of shares to the Newbridge-
AIG consortium. ISS is the world's leading independent provider
of proxy voting advice and corporate governance services for
institutional investors, mutual funds and other fiduciaries.

In making its new recommendation, ISS expressed several concerns
regarding the LG proposal, including the role of Dacom and the
proposed time frame. ISS stated, "ISS is concerned that turning
the heavily indebted Dacom into a de facto subsidiary of Hanaro
would increase Hanaro's risk of default." ISS also noted the
defeat of LG's previous proposal by Hanaro shareholders and
warned "there is no guarantee that LG would obtain the necessary
approvals the next time around, especially considering the
likely continued opposition of Samsung Electronics and SK
Telecom."

ISS concluded, "Because we believe that a rapid and
comprehensive resolution of Hanaro's debt situation is in the
best interest of shareholders, and because we are unconvinced
that LG's proposed strategic alliance of telecom companies will
result in the benefits claimed by LG, ISS continues to support
the issuance of new shares to the Newbridge-AIG consortium; and
accordingly our vote recommendations remain unchanged."

The CEO of Hanaro, Dr. Chang Bun Yoon, stated, "We are gratified
that ISS, after considering the LG proposal, continues to
recognize the superior value of Hanaro's current proposed
foreign capital infusion. Since the EGM proposals require the
approval of 2/3rd's of the shares voting and present, every vote
is important. We strongly urge Hanaro shareholders to support
the EGM proposals by voting immediately, if they have not
already done so, and ensure that they are represented at the
meeting on October 21st."

Hanaro Telecom, Inc., is the second largest broadband internet
access provider and local telephony provider in Korea. As of
June 30, 2003, Hanaro served nearly 3 million internet access
customers and more than 1 million local telephony subscribers
through its state of the art network. The Company forms a vital
part of the Korean telecommunications and information industry
and infrastructure.

For additional information, please visit Hanaro Telecom's
Investor Relations website: http://ir.hanaro.com/eng

Corporate Headquarters

10/F Ilsan Information Center, 726 Janghang-2dong, Ilsan-ku,
Koyang-shi, Kyunggi-do, Korea, 411-837

CONTACT:          Hanaro Telecom
                  Kyujune Hwang, +822-6266-2380
                  or
                  Innisfree M&A Incorporated
                  Alan Miller, 212-750-5833


KOOKMIN BANK: Shares Tumble as Takeover is Finalized
----------------------------------------------------
Shares in Kookmin Bank fell on Thursday after it announced the
completion of a share issue to buy out minority shareholders in
its loss-ridden affiliate Kookmin Credit Card, according to
Reuters. The bank issued 8.12 million new shares or 2.42 percent
of total shares with a par value of 40.6 billion won (US$34.40
million) to minority shareholders in Kookmin Credit Card. The
shares have a current market value of about 330.5 billion won
(US$281.5 million). The issue was part of an already announced
share swap to complete the deal.

Shares in Kookmin closed down 3.2 percent at 40,700 won after
skidding as low as 6.5 percent in early trade, compared with a
rise of 1.67 percent in the wider market.


SK GLOBAL: Wants Removal Period Extended Until December 19, 2003
----------------------------------------------------------------
SK Global America, Inc., a unit of South Korea's SK Networks
Co., is a party to several prepetition civil actions pending
before various courts across the United States.

Since the Petition Date, the Debtor and its personnel and
professionals have been working diligently to administer the
Chapter 11 case and to address a vast number of administrative
and business issues. The Debtor has expended substantial time
and resources on issues relating to its orderly transition to
operating in a Chapter 11 context. In addition to operating its
business, the Debtor's personnel and professionals have been
consumed since the Petition Date with many issues that are
complex and time intensive, including, but not limited to:

(a) continuing negotiations with representatives of the
Foreign Creditors;

(b) addressing the issues and concerns raised by the Debtor's
lenders regarding the impact of the Chapter 11 case on their
alleged security interests and claims; and

(c) responding to information requests of the U.S. Trustee and
other parties-in-interest, including lenders, utilities and
landlords.

Scott E. Ratner, Esq., at Togut, Segal & Segal LLP, in New York,
asserts that the right to remove civil actions is a valuable
right that the Debtor does not want to lose inadvertently.
Therefore, in light of the recent status of its case, the Debtor
seeks to preserve that right by requesting a 60-day extension of
the deadline to file notices of removal for those civil actions.

Specifically, the Debtor asks Judge Blackshear to extend its
deadline to remove actions to December 19, 2003, pursuant to
Section 105(a) of the Bankruptcy Code and Rule 9006(b) of the
Federal Rules of Bankruptcy Procedure.

Bankruptcy Rule 9006(b) provides that, subject to certain
exceptions:

"Except as provided in paragraphs (2) and (3) of this
subdivision, when an act is required or allowed to be done at or
within a specified period by these rules or by a notice given
thereunder or by order of the court, the court for cause shown
may at any time in its discretion (1) with or without motion or
notice order the period enlarged if the request therefor is made
before the expiration of the period originally prescribed or as
extended by a previous order or (2) on motion made after the
expiration of the specified period permit the act to be done
where the failure to act was the result of excusable neglect."

Section 105(a) of the Bankruptcy Code provides, in pertinent
part, that "the court may issue any order, process, or judgment
that is necessary or appropriate to carry out the provisions of
this title."

The period of time under Bankruptcy Rule 9027 within which a
debtor may remove civil actions to the Bankruptcy Court is not
prohibited or limited by Bankruptcy Rule 9006(b)(2) or (3).
Therefore, pursuant to Section 105(a) and Bankruptcy Rule
9006(b), the Court has the authority to extend the Debtor's
deadline to file notices of removal.

As its case is in its initial stages, Mr. Ratner says, the
Debtor has not had an opportunity to review its records and
determine whether it needs or should remove any claims or civil
causes of action pending in the state or federal court. (SK
Global Bankruptcy News, Issue No. 6; Bankruptcy Creditors'
Service, Inc., 609/392-0900)


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


AVENUE ASSETS: Nov 3 EGM Scheduled
----------------------------------
The Board of Directors of Avenue Assets Berhad wishes to
announce that an Extraordinary General Meeting (EGM) of the
Company will be held at the Conference Room, THB Satu (West
Wing), Level 2, No. 8, Jalan Damansara Endah, Damansara Heights,
50490 Kuala Lumpur on Monday, 3rd November 2003 at 11:00 a.m. or
immediately following the conclusion or adjournment (as the case
may be) of the EGM of the Company on the Proposed Change of
Company Name, which will be held at the same venue and on the
same day at 10:30 a.m., whichever is later, for the purpose of
considering and if thought fit, to pass the ordinary resolution
on the Proposed Shareholders' Mandate on Recurrent Related Party
Transactions of a Revenue or Trading Nature.

The full text of the Notice of EGM can be viewed at
http://bankrupt.com/misc/TCRAP_Avenue1020.doc.


BERJAYA GROUP: EGM Fixed on Nov 10
----------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of Berjaya Group Berhad will be held at Perdana Ballroom,
Bukit Jalil Golf & Country Resort, Jalan 3/155B, Bukit Jalil,
57000 Kuala Lumpur on Monday, 10th November 2003 at 11:45 a.m.
or immediately after the conclusion or adjournment of the Annual
General Meeting of the Company, whichever is the later.

The full text of the Notice of the EGM can be seen at
http://bankrupt.com/misc/TCRAP_BJGroup1020.doc.


BERJAYA GROUP: Proposes Articles of Association Amendment
---------------------------------------------------------
The Board of Directors of Berjaya Group Berhad wishes to
announce that the Company proposes to amend its Articles of
Association to allow the conduct of meetings of Directors via
telephone conferencing and/or video-conferencing or any other
interactive means of audio or audio-visual communications
(Proposed Amendment).

The shareholders' approval on the Proposed Amendment will be
sought at the Company's forthcoming 35th Annual General Meeting
(AGM) to be held at Perdana Ballroom, Bukit Jalil Golf & Country
Resort, Jalan 3/155B, Bukit Jalil, 57000 Kuala Lumpur on Monday,
10th November 2003.

The details of the Proposed Amendment will be dispatched
together with the Notice of AGM.


C.I. HOLDINGS: Replies KLSE's Unusual Market Activity Query
-----------------------------------------------------------
C.I. Holdings Berhad, in reply to the Kuala Lumpur Stock
Exchange's Query Letter reference ID: ZB-031016-43446 dated 16th
October 2003 in respect of the unusual market activity of
shares, confirmed that, to the best of their knowledge, the
Company is not aware of any of the following:

   1. any material development in the Company's business and
affair not previously disclosed to the Exchange;

   2. any impending change in the major shareholders; and

   3. any other reasons to account for the unusual market
activity.

Query Letter content:

We draw your attention to the sharp increase in price in your
Company's shares today.

In accordance with paragraph 9.11 of the Exchange's Corporate
Disclosure Policy on Response To Unusual Market Activity, you
are requested to furnish the Exchange with an announcement for
public release after a due enquiry seeking the cause of the
unusual market activity in the Company's securities. When
considering your response and when making the required
announcement, your attention is particularly drawn to the
continuing disclosure requirements set out in Chapter 9 of the
KLSE's Listing Requirements.

The announcement is to reach the Exchange immediately today via
KLSE Listing Information Network (KLSE Link).

Yours faithfully,
CH'NG BOON HUAT
Development & Sector Head
Listing Compliance


DENKO INDUSTRIAL: Disposal Approval Period Extended to Dec 23
-------------------------------------------------------------
Denko Industrial Corporation Berhad refers to the announcement
on 26 December 2002 on the Proposed Disposal of Teknik Datasaab
Sdn. Bhd., a 51% owned subsidiary of Denko (Proposed Disposal).

Pursuant to the terms of the sale and purchase agreement (SPA)
dated 24 December 2002 entered into between Denko and Flagate
Ventures Sdn Bhd ("FVSB") the purchaser of Teknik Datasaab Sdn
Bhd, the Proposed Disposal is subject to the relevant approvals
and necessary conditions being obtained and fulfilled within a
period of six months from the date of the SPA, i.e. by 23 June
2003 (herein referred to as "the Approval Period").

In relation thereto, Denko wishes to announce that the Company
and FVSB, had on 15 October 2003 entered into a supplemental
agreement to extend the Approval Period to 23 December 2003.


DENKO INDUSTRIAL: Extends Acquisition Cut-Off Date to Dec 31
------------------------------------------------------------
Denko Industrial Corporation Berhad refers to the announcements
dated 5 June 2002, 30 August 2002, 30 December 2002, 22 January
2003 and 4 April 2003 in relation to the Proposed Corporate And
Debt Restructuring Scheme.

Pursuant to the terms of the sale and purchase agreements (SPAs)
dated 4 June 2002 (as amended by the first and second
supplemental SPAs) entered into between Denko and the vendors of
Winsheng Plastic Industry Sdn Bhd, Aliran Mujarab Sdn Bhd, Lean
Teik Soon Sdn Bhd and Eromax Industries Sdn Bhd (collectively
referred to as "Acquiree Companies"), the proposed acquisition
of the Acquiree Companies is subject to the relevant approvals
and necessary conditions being obtained and fulfilled within a
period of six months from the date of the SPAs, i.e. by 4
September 2003 (herein referred to as Cut-Off Date).

In relation thereto, Denko wishes to announce that the Company
and the vendors of the Acquiree Companies had on 29 September
2003 entered into various third supplemental SPAs to extend the
Cut-Off Date to 31 December 2003.


GENERAL SOIL: KLSE Grants Two-Week RA Extension
-----------------------------------------------
Further to General Soil Engineering Holdings Berhad's
announcements dated 30 September 2003 and 14 October 2003,
Avenue Securities Sdn Bhd on behalf of the Company wishes to
announce that the KLSE, via its letter dated 16 October 2003,
noted that Gensoil had announced the Requisite Announcement on
14 October 2003.

In this connection, the KLSE had approved the Company's
application for an extension of time of two (2) weeks from 1
October 2003 to 14 October 2003 to release its Requisite
Announcement to the public.


HIAP AIK: ICULS Default Status Remains Unchanged
------------------------------------------------
Further to the announcement made on 15 September 2003 pertaining
to the default in payment in relation to Practice Note No.
1/2001.

Hiap Aik Construction Berhad (Special Administrators Appointed)
announced that there is no change to the status in respect of
the default in payment in registered holders of 8% Irredeemable
Convertible Unsecured Loan Stocks 2001/2006.


HIAP AIK: SC Grants Mandatory Offer Exemption Request
-----------------------------------------------------
Hiap Aik Construction Berhad (Special Administrators Appointed)
refers to the announcement made on 14 August 2003 by AmMerchant
Bank Berhad (AmMerchant Bank) on behalf of the Company with
regards to the approval obtained for the Proposed Restructuring
Scheme from the Securities Commission (SC) vide its letter dated
7 August 2003.

AmMerchant Bank, on behalf of the Company, wishes to announce
that further to the above, the Securities Commission (SC), via
its letter dated 9 October 2003, approved the proposed exemption
from the obligation to extend an unconditional mandatory general
offer for the remaining shares in Lebar Daun Berhad (formerly
known as Angkasa Ganda Berhad) not held by Dato' Noor Azman @
Noor Hizam bin Mohd Nurdin (Dato Noor Azman) and Datin Norhayati
Bt Abd Malik and persons acting in concert with them.


IDRIS HYDRAULIC: Restructuring Exercise Completion Extended
-----------------------------------------------------------
Idris Hydraulic (Malaysia) Bhd refers to the announcement dated
1 October 2002 in relation to the Restructuring Exercise, which
involves the following:

   * Capital Reconstruction;
   * Corporate Restructuring; and
   * Debt Reconstruction

On behalf of the Company, Commerce International Merchant
Bankers Berhad (CIMB) wishes to announce that the Securities
Commission (SC) had, via its letter dated 15 October 2003,
approved:

   (a) an extension of time to 27 March 2004 for the Company to
complete the Restructuring Exercise;

   (b) the exemption to CIMB from being the managing underwriter
for the irredeemable convertible unsecured loan stock-B (ICULS-
B) (Exemption); and

   (c) the Wisma KFC Rescission to be implemented concurrently
with the other components of the Restructuring Exercise.

The approval for the Exemption is subject to the condition that
Dato' Che Mohd Annuar Bin Che Mohd Senawi (the Investor)
furnishing a written confirmation to the SC that he has the
financial capability to fully subscribe for the Rights Issue of
ICULS-B. In this respect, CIMB is required to provide
verification on the financial capability of the Investor to
subscribe for the Rights Issue of ICULS-B.


KELANAMAS INDUS.: Creditors OK Proposed Scheme of Arrangement
-------------------------------------------------------------
On behalf of the Board of Directors of Kelanamas Industries
Berhad, AmMerchant Bank Berhad is pleased to announce that the
Proposed Scheme of Arrangement has been approved by the Scheme
Creditors of KIB at the Court Convened Creditors' Meeting held
on 16 October 2003.


L&M CORPORATION: High Court Winds Up Subsidiary
-----------------------------------------------
Reference is made to the announcement in relation to the Court's
Winding Up Order on L & M Ceotechnic Sdn Bhd, a wholly owned
subsidiary company of L & M Corporation (M) Bhd (Special
Administrators Appointed).

The Special Administrators of L&M hereby announce that on 15
October 2003, the High Court of Malaya at Kuala Lumpur wound up
L & M Geotechnic Sdn Bhd, under the provisions of the Companies
Act, 1965.


OMEGA HOLDINGS: Court Grants Meeting Extension
----------------------------------------------
Omega Holdings Berhad refers to the announcements dated 31
December 2002 and 3 September 2003 in relation to the Proposed
Restructuring Scheme, comprising:

   (i)   Proposed Acquisition of Omega by Newco;
   (ii)  Proposed Scheme of Arrangement;
   (iii) Proposed Transfer of Business;
   (iv)  Proposed Acquisition of Milan Auto Corporation Sdn Bhd,
         a wholly-owned subsidiary of Milan Auto Sdn Bhd (MA)
         by Newco;
   (v)   Proposed Waiver from the Mandatory Offer Requirement ;
   (vi)  Proposed Special Issue of Shares;
   (vii) Proposed Offer for Sale of Settlement Shares by
         Creditors;
   (viii) Proposed Offer for Sale of Shares by MA;
   (ix)   Proposed Listing Transfer; and
   (xi)   Proposed Disposal of Omega Group.

Further to the announcements, Affin Merchant Bank Berhad, on
behalf of the Company, would like to announce that the Company
had on 13 October 2003 obtained an order from the High Court of
Malaya granting the Company leave pursuant to Section 176(1) of
the Companies Act, 1965, to convene a meeting (Court Convened
Meeting) of its shareholders and its creditors for the purpose
of considering and if thought fit, to approve with or without
modifications, the Proposed Scheme of Arrangement.

By that order, the Company is required to hold the Court
Convened Meeting of its shareholders and creditors within 150
days and 90 days respectively from 13 October 2003.


PLANTATION & DEVELOPMENT: Discloses Book Closure Notice
-------------------------------------------------------
Notice is hereby given that the Record of Depositors and
Register of Members of Plantation & Development (Malaysia)
Berhad will be closed at 5:00 p.m. on 6 November 2003 for the
following purposes:

   a) reduction of the existing issued and paid-up shares
capital of Plantation & Development (Malaysia) Berhad (P&D) from
RM159,828,000 comprising 159,828,000 ordinary shares of RM1-00
each (Shares) to RM7,991,400 comprising 159,828,000 ordinary
shares of RM0.05 each, by canceling RM0.95 of the par value of
every existing shares and subsequent consolidation of every 20
ordinary shares of RM0.05 each into one (1) Share (Consolidated
Share) resulting in 7,991,400 Shares ; and

   b) swapping of P&D Shares with Shares of Fountain View
Development Berhad (Fountain View), between the existing
shareholders of P&D and Fountain View, on the basis of one (1)
Consolidated Shares in P&D for one (1) Fountain View Share.

FURTHER NOTICE IS HEREBY GIVEN that the entitlement of the
Shareholders of P&D to the Consolidated Shares in P&D and
consequently the Fountain View Shares arising from the Capital
Reduction and Consolidation and Share Swap shall be in respect
of Shares transferred into the depositors' securities account
before 4:00 p.m. on 6 November 2003.


TAI WAH: CCM OKs AGM to Convene Nov 30
--------------------------------------
The Board of Directors of Tai Wah Garments Manufacturing Berhad
wishes to announce that the Companies Commission of Malaysia
(CCM), via its letter dated 15 October 2003, approved the
Company's application for extension of time for holding the
Annual General Meeting for 2003 and to present the accounts
thereat pursuant to Sections 143(2) and 169(2) of the Companies
Act, 1965 respectively to 30 November 2003.


SRI HARTAMAS: SC Rejects Mandatory Offer Appeal
-----------------------------------------------
Pursuant to the Proposed Waivers under Practice Note 2.9.3 of
the Malaysian Code on Take-Overs and Mergers, 1998 (Code) for
FACB Resorts Berhad (FACB), certain subsidiaries of FACB,
Lipkland Holdings Sdn Bhd, Tan Sri Dr. Chen Lip Keong, Puan Sri
Lee Chou Sarn and Parties Acting in Concert (Concert Parties)
individually and/or collectively as a Group and/or Sub-Group
from the obligation to undertake a mandatory offer to purchase
the remaining ordinary shares of RM1.00 each in Hartamas Group
Berhad (HGB) (HGB Shares) not already owned by the concert
parties (Mandatory Offer) pursuant to the Proposed Scheme of
Arrangement involving Sri Hartamas Berhad (Special
Administrators Appointed) (Proposed Waiver).

Sri Hartamas Berhad (Special Administrators Appointed) refers to
the announcement dated 3 June 2003 (Approval Letter) in respect
of the Securities Commission's (SC) approval on the Proposed
Waiver for the Concert Parties from having to undertake the
Mandatory Offer under Practice Note 2.9.3 of the Code.

Notwithstanding the above, as announced earlier, the Approval
Letter states that the Proposed Waiver for the Proposals /
Exercises which represent future obligation of the Concert
Parties, namely the exercise of the warrants of HGB (HGB
Warrants) by the Concert Parties and/or the exercise of the put
option (Put Option) by the creditors of SHB (SHB Creditors) to
sell the HGB Shares to the Concert Parties, (collectively
referred to as "Future Obligation") would only be considered by
the SC when the Concert Parties have obtained the approval from
the non-interested shareholders of HGB in accordance with the
white-wash procedures under Practice Note 2.9.1 of the Code. The
SC had also set out certain conditions, which the Concert
Parties had to comply with in securing the waiver from the SC
for the Future Obligations (Conditions Imposed).

In connection with the above, Commerce International Merchant
Bankers Berhad (CIMB), on behalf of the Concert Parties, had
made an appeal to the SC on 26 June 2003 to consider approving
the waiver from the mandatory offer to purchase the remaining
HGB Shares not already owned by them in respect of the Future
Obligation without the need to carry out the white-wash
procedures under Practice Note 2.9.1 of the Code (Appeal).

On behalf of SHB, CIMB wishes to announce that the SC has, via
its letter dated 10 October 2003, which was received on 13
October 2003, rejected the Appeal. The reasons cited by the SC
were, amongst others, that the waiver without the white-wash
procedure is not in line with the SC's policy towards waivers on
events, which involve future obligations that may trigger the
Mandatory Offer.

In this regard, the Conditions Imposed, as set out in the
Approval Letter, which were announced on 3 June 2003, continues
to be applicable.

The Board of FACB, after giving due consideration, has accepted
the decision of the SC on the Appeal. In view of the above,
where necessary, the Concert Parties shall make the application
to the SC for the waiver for the Mandatory Offer under Practice
Note 2.9.1 of the Code when the need arises.


UNITED ENGINEERS: Intria's Proposed Acquisition of UEC Completed
----------------------------------------------------------------
Reference is made to announcements dated 30 April 2003, 22 July
2003, 15 August 2003, 19 September 2003 and 27 September 2003 in
relation to:

   (I) the Proposed Scheme of Arrangement between Intria Berhad,
United Engineers (Malaysia) Berhad (UEM), Projek Penyelenggaraan
Lebuhraya Berhad (Propel) and the Shareholders of Propel under
Section 176 of the Companies Act, 1965 to take Propel Private
(Proposed Propel Scheme);

   (ii) the Proposed Acquisition of UE Construction Sdn Bhd
(UEC) by Intria (Proposed Acquisition of UEC);

   (iii) the Proposed Renaming of Intria to UEm Builders Berhad
or such other name as may be determined by Intria; and

   (iv) the Proposed Exemption for UEM and Parties acting in
concert from the obligation to make a mandatory take-over offer
for the remaining shares in Intria not already owned by them
upon completion of the abovementioned Proposals (i) and (ii)
(Proposed Exemption).

AmMerchant Bank Berhad, on behalf of Intria, is pleased to
announce the completion of the Proposed Acquisition of UEC.

The purchase consideration for the Proposed Acquisition of UEC
is RM156.3 million. The part consideration for the Proposed
Acquisition of UEC of 45,600,000 new ordinary shares in Intria
of RM1.00 each have been issued and allotted to UEM, the vendor
of UEC, on 16 October 2003. Intria of the inter-company debt
owing by UEM to Propel will satisfy the balance consideration
for the Proposed Acquisition of UEC of RM110.7 million through
the assumption.

Further to the above, pursuant to the Proposed Propel Scheme,
Propel has cancelled the entire issued and paid-up share capital
of Propel comprising 70,000,000 ordinary shares of RM1.00 each
and has issued 70,000,000 new ordinary shares of RM1.00 each in
Propel to Intria on 16 October 2003 as well.

With the above, UEC and Propel have become wholly owned
subsidiaries of Intria.


PARAMOUNT CORPORATION: Shuts Down Unit to Cut Losses
----------------------------------------------------
The Board of Directors of Paramount Corporation Berhad wishes to
announce that KDU College (Sibu) Sdn Bhd, a 61% owned subsidiary
of KDU College Sdn Bhd, which is in turn a 85% owned subsidiary
of the Company, has ceased its college operation at Lot 61,
Lorong Ubah, Jalan Lanang, 96000 Sibu, Sarawak on 30 September
2003.

The closure is a result of the group having to rationalize its
educational business operations and the need to cut this loss
incurring operation.

The impact of the closure on the group's results for the current
financial year is expected to be a loss of RM1.97 million
comprising losses incurred for the financial period todate and
cost of staff retrenchment and fixed assets to be written off.


YE CHIU: RAM Downgrades RM60M Bond Rating to BBB1
-------------------------------------------------
Ratings Agency Malaysia Berahd (RAM) has lifted the Rating Watch
(with a negative outlook) on Ye Chiu Metal Smelting Berhad's (Ye
Chiu) RM60 million Redeemable Unsecured Bonds (Bonds), and
simultaneously downgraded its rating from A3 to BBB1.

The downgrade is a consequence of Ye Chiu's changed business
strategy by virtue of its entry into the trading arena. Although
its trading activities have been robust, they have also
propelled Ye Chiu's debts from RM99.09 million as at FYE 31 Dec
2002 (FY 2002) to RM156.58 million as at end-1H FY 2003. Ye Chiu
had taken on more debt to fund the additional inventory holding
of its aluminium alloys. As such, the Group has had to rely on a
higher level of trade financing to support its trading
activities.

The Group's elevated debt level is of concern as this has
weakened its balance sheet. Ye Chiu's net gearing ratio
deteriorated from 0.91 times as at end-FY 2002 to 1.48 times as
at end-1H FY 2003. While we concede that its debt level will
fluctuate according to its working capital requirements, it is
not likely to reduce significantly anytime soon. Apart from
that, Ye Chiu's profit margins have been generally narrow and
tend to be volatile. The Group's venture into trading has
trimmed its margins even further.

Meanwhile, Ye Chiu's aggressive expansion plans in China reflect
the magnitude of its management's risk appetite. Although the
planned operations in China had been made known to RAM last
year, the pace of expansion has turned out much faster than
anticipated. As such, we do not foresee any repatriation of
funds to home shores in the near future.

On the other hand, the above factors are partially mitigated by
the versatility of aluminium alloys, which helps minimize Ye
Chiu's dependence on any particular sector. In times of need, Ye
Chiu would still be able to offload its alloys on the London
Metal Exchange should it require cash. The flip side, however,
is that it may incur losses if it were to resort to such a
measure.

CONTACT INFORMATION: Gan Wee Herng
        RAM Analyst
        Phone: 03-7628 1788
        E-mail: gan@ram.com.my


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


BALABAC RESOURCES: SEC Exempts P1.2B Share Issuance
---------------------------------------------------
The Philippines Securities and Exchange Commission (SEC) has
exempted from registration requirements the 1.23 billion shares
to be issued by investment holding firm Balabac Resources &
Holdings Inc. to Saturn Holdings Inc., Dow Jones reports. The
shares to be issued represent the increase in Balabac's
authorized capital to 5 billion pesos from 73.79 million pesos.

For a copy of the Company's SEC filing, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3313_BAL.pdf


MANILA ELECTRIC: Files For Rate Relief Petition
-----------------------------------------------
Manila Electric Co. (Meralco) filed on Friday, October 10, a
petition to update its tariffs to more recent cost levels
through a 13.58 centavos adjustment of its charges with the
Energy Regulatory Commission (ERC), a Company statement said.

This represents an increase of only 2.3 percent over the present
overall average rate of P5.9893 per kilowatthour. "While
Meralco's current unbundled tariffs were implemented only
starting June 2003, these were based on 1998 assets appraised in
1999.

Further, the Company's revenue requirement was determined using
year 2000 financial statements," said Meralco's Legal Counsel,
former Senator Wigberto "Bobby" Tanada.

Section 43f of RA 9136 or the EPIRA law allows regulated
electric utilities such as Meralco to revalue its assets once
every three years.

Meralco will ask the ERC to "provisionally approve" its petition
as the need for an adjustment is urgent, says Tanada.

At present, Meralco's financial condition, particularly its cash
flow constraints, remains critical due to the combined need to
operate and maintain its electric system undertake planned
electric capital projects, service maturing loans, on top of the
refund being implemented presently by the Company.

Standard & Poor's has downgraded Meralco's credit rating at
least four times in the last 12 months. It currently stands at
'CC'. "Our return on rate base (RORB) for 2003 is projected to
reach only 7.9 percent, even with the June 2003 unbundled
tariffs. By 2004, our RORB would fall further to 7.1 percent,
unless Meralco is allowed to update its rates," added Meralco's
Utility Economics Head Ivanna dela Pena.

Meralco has been in breach of its loan covenants relating to
creditor ratios and it continues to be in technical default with
the Asian Development Bank and the World Bank.

The June 2003 rate adjustment of P0.0865 per kWh came more than
nine years after a previous adjustment in 1994, which was
provisionally approved at P0.184 per kWh but effectively reduced
to P0.017 per kWh because of the Nov. 15, 2002 Supreme Court
decision.

Ms. dela Pena said the adjustment would be reflected as
increases in the "Distribution Charge," "Supply Charge" and
"Metering Charge" components of the unbundled bill. "Small
residential customers using 100 kWh or less will continue to
receive substantial lifeline discounts.

Even with the proposed adjustment, they will be paying less than
what they were paying in May 2003, before tariffs were
unbundled," dela Pena said. These lifeline customers number
approximately 1.4 million, representing more than one-third of
Meralco's customer base of 4 million.


NATIONAL POWER: Waives US$250-M Bond Issuance This Year
-------------------------------------------------------
National Power Corporation (Napocor) will no longer issue this
year the US$250 million worth of bonds backed by the Asian
Development Bank (ADB), Business World reports, citing Power
Sector Assets and Liabilities Management Corporation (PSALM)
President Edgardo M. Del Fonso. Napocor is foregoing the bond
issue because the government is yet to meet the bank's stringent
requirements.


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


ASTI HOLDINGS: Post Changes in Shareholder's Interest
-----------------------------------------------------
ASTI Holdings Limited posted a notice of changes in substantial
shareholder Flextech Holdings Ltd's interest:

Date of notice to Company: 16 Oct 2003
Date of change of interest: 25 Sep 2003
Name of registered holder: Flextech Holdings Limited
Circumstance(s) giving rise to the interest: Others
Please specify details: Sale of warrants in a married deal

Information relating to shares held in the name of the
registered holder:
No. of warrants, which are the subject of the transaction:
17,911,518
% of issued share capital:
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: $0.16 per warrant
No. of warrants held before the transaction: 17,911,518
% of issued share capital:
No. of warrants held after the transaction: 0
% of issued share capital:

Holdings of Substantial Shareholder including direct and deemed
interest
                                            Deemed  Direct
No. of warrants held before the transaction: 0      17,911,518
% of issued share capital:                   0
No. of warrants held after the transaction:  0       0
% of issued share capital:                   0
Total shares:                                0       0

No. of Shares: 104,292,145


HOTEL EQUATORIAL: Releases Dividend Notice
------------------------------------------
Hotel Equatorial Pte Ltd (In Creditors' Voluntary Liquidation)
issued a notice of second and final dividend as follows:

Registered Office: 30 Prinsep Street
#11-00 LKN-Prinsep House
Singapore 188647.

Amount per centum: 7.0 cents to a dollar.

First and final or otherwise: Second and Final.

When payable: 16th October 2003.

Where payable: Ernst & Young
c/o 10 Collyer Quay
#23-05 Ocean Building
Singapore 049315.


JESS PALATE: Issues a Notice of Intended Preferential Payment
-------------------------------------------------------------
Jess Palate (In Creditors' Voluntary Liquidation) issued a
notice of intended preferential payment as follows:

Address of Registered Office: c/o The Liquidator's Office.

Last day for receiving Proofs: 20th October 2003.

Name of Liquidator: Mr Lim Yeong Seng, CPA.

Address: c/o Kong, Lim & Partners
Certified Public Accountants
98A Amoy Street
Singapore 069918.
Tel: 6227 4180.
Fax: 6324 0213.


NATSTEEL LTD: Completes Disposal of Interest in Unit
----------------------------------------------------
On 25 August 2003, NatSteel Ltd (NatSteel) announced that its
wholly-owned subsidiary, NatSteel Technology Investments Pte Ltd
(NatSteel Technology), had entered into a sale and purchase
agreement to dispose its entire 85.8 percent equity stake in
Engineering Computer Services (S) Pte Ltd (ECSS) (the
"Disposal), the completion of which was conditional upon the
waiver of pre-emption rights over the sale shares by both M-Way
International Pte Ltd and Hewlett Packard Singapore (Sales) Pte
Ltd (the "Waivers).

NatSteel wishes to inform that the Waivers had been obtained and
NatSteel had accordingly completed the Disposal. Following the
Disposal, ECSS ceases to be a subsidiary of NatSteel.

This Disposal is not expected to have any material impact on the
net tangible assets or earnings per share of the NatSteel Group.

None of the Directors or substantial shareholders of NatSteel
has any interest, direct or indirect, in the above transaction.


SINGAPORE ITALIAN: Issues First & Final Dividend Notice
-------------------------------------------------------
Singapore Italian Traditional Producs Pte Ltd. issued a notice
of first and final dividend as follows:

Address of Registered Office: Formerly of 30 Toh Guan Road
#06-00 Osim Distribution Centre Singapore 608840.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 24 of 1999.

Amount Per Centum: 39.25 percent.

First and Final or otherwise: First & Final Dividend.

When Payable: 4th October 2003.

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

CHAN WANG HO
Assistant Official Receiver.


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

Date of notice to Company: 15 Oct 2003
Date of change of deemed interest: 14 Oct 2003
Name of registered holder: G K Goh Stockbrokers Pte Ltd
Circumstance(s) giving rise to the interest: Others
Please specify details: Sale initiated by a financial
institution to meet obligation of Thakral Investments Limited.

Information relating to shares held in the name of the
registered holder:
No. Of Shares, Which Are The Subject Of The Transaction: 561,138
% Of Issued Share Capital: 0.037
Amount Of Consideration (Excluding Brokerage And Stamp Duties)
Per Share Paid Or Received: S$0.155
No. Of Shares Held Before The Transaction: 1,501,000
% Of Issued Share Capital: 0.1
No. Of Shares Held After The Transaction: 939,862
% Of Issued Share Capital: 0.063

Holdings of Substantial Shareholder/Director including direct
and deemed interest
                                           Deemed      Direct
No. of shares held before the transaction: 288,632,792 0
% of issued share capital:                 19.294      0
No. of shares held after the transaction:  288,071,654 0
% of issued share capital:                 19.257      0

Total shares:                              288,071,654 0

No. of Warrants - Nil
No. of Options - Nil
No. of Rights - Nil
No. of Indirect Interest - Nil


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


ASIA HOTEL: Asia Airport Undertakes Debt Restructuring
------------------------------------------------------
Asia Hotel Public Company Limited reports its progress in
corporate recovering and rehabilitation which its strategy, debt
restructuring involves in good financial performance.

In the beginning of this year, ASIA realized its subsidiary's
profit gain from debt restructuring accomplishment of Asia
Pattaya Hotel Co., Ltd.

Asia Airport Hotel Co., Ltd., subsidiary company, is now on
process of debt restructuring.


Progress report on rehabilitation of Fertilizer PLC


NATIONAL FERTILIZER: Rehabilitation Plan Workout Underway
---------------------------------------------------------
C. J. Morgan Company Limited, the Planner of National Fertilize
PCL, informed that the Company has submitted the request for
rehabilitation since 14th August 2003 and the Central Bankruptcy
Court has an order (Case No. Red 158/2546) on 8th September 2003
granting the rehabilitative right to the Company and then
appointed C. J. Morgan Company Limited to prepare a
rehabilitation plan of the Company.

By this law, the Planner has to finish the plan preparation
within 3 months but cannot exceed 5 months commencing from the
date of publishing in the Royal Gazette.

Therefore, the present position is pending for the process of
publishing in the Royal Gazette and the Planner is now preparing
such rehabilitation plan, which will follow to the consideration
of the Central Bankruptcy Court.  In this respect, when the plan
is finished the Company will follow process of submitting it to
the Securities Exchange of Thailand.


THAI CANE: SET Allows Listed Securities
---------------------------------------
Starting from October 20, 2003, the Stock Exchange of Thailand
(SET) allows the securities of Thai Cane Paper Industry Public
Company Limited (TCP) to be traded on the SET after finishing
capital increase procedures.

     Name      : TCP
     Issued and Paid up Capital
        Old    : Bt2,513,498,770 (251,349,877 common shares)
        New    : Bt2,526,633,520 (252,663,352 common shares)
     Par Value : Bt10/share
     Allocate to: Financial institution creditors
                  1,313,475 units exercise to subscribe
                  1,313,475 common shares
     Exercise Ratio: 1 warrant to 1 common share
     Exercise Price: Bt10/share
     Exercise date: September 30, 2003


THAI WAH: Reports Plan Implementation Progress
----------------------------------------------
Thai Wah Group Planner Company Limited, as the Plan
Administrator of Thai Wah Public Company Limited, posted the
progress report on the financial status and performance as well
as the implementation of Business Reorganization Plan of the
Company for a period from the end of March to the end of
September 2003, as follows:

1. Progress Report on Financial Status and Performance of the
Company

   1.1 Starch Operations

The starch operations of TWC, being the core business of the
Company, consist of the manufacture and sale of tapioca flour
and other related products.  Fresh cassava roots are purchased
and processed into tapioca flour of which a small portion is
then used in the manufacture of downstream products such as
tapioca pearls, modified starch and pulp. Revenue generated from
the sale of tapioca flour on average contribute about 85% of
the Company's total revenue.

As explained in the next section, the Company's starch
operations continue to be profitable and this is expected to
continue provided that the Company has sufficient working
capital to maintain an appropriate level of production and
sales.  On average, the Company requires approximately Bt500
million in working capital in a combination of cash, inventory
and accounts receivable.

On several occasions in the past few years, the Company's
working capital was adversely affected by high interest expense
and principal payments under the old business reorganization
plan, which caused the Company to operate at below its normal
capacity.

The Company's creditors now recognize this problem and under the
revised business reorganization plan, interest and principle
payment obligations to be paid from operations have been
reduced.  Additionally, the Creditors have also set up an escrow
bank account with funds for the Company to meet increased
working capital requirements during high production periods.

   1.2 Performance of Starch Operations in 2003 (First Half
Year)

Sales revenue in the first half of 2003 amounted to Bt527
million, which is about 12% higher than the same period in 2002.
Sales volume increased 26% to approximately 65,000 tons whilst
the average unit selling price declined 10%, to Bt7,400 per ton1
in 2003.

Tapioca starch only

Gross operating profit generated by starch operations in the
period under review increased by 4%, or Bt4 million over the
same period last year to Bt98 million at the profit margin of
19%.  Net profit before interest expenses, however, declined by
5% to Bt 38 million for the 6 months ending June 30, 2003.

2. Progress on Plan Implementation

   2.1 The Second Amendment to the Business Reorganization Plan

After the Creditors Meeting held on April 3, 2003 passed a
special resolution to adopt the motion to amend the Business
Reorganization Plan, Class B directors of the Plan Administrator
filed additional motions to amend the Business Reorganization
Plan on June 2 and 19, 2003 respectively.  The Creditors Meeting
held on June 23, 2003 passed a special resolution to adopt
the said additional motions to amend the Business Reorganization
Plan.  Subsequently, on June 30, 2003, the Central Bankruptcy
Court approved the Amended Business Reorganization Plan as
adopted by the special resolution at the Creditors Meeting
(Plan).  A summary of the Plan can be found in the Company's
notification to the Stock Exchange of Thailand on July 1, 2003.

   2.2 Payment to the Creditors

The Company by the Plan Administrator paid principal and
interest due on June 30, 2003 and September 30, 2003 to the
creditors amounting to US$ 3.68 million and Bt48.80 million The
payments are in line with the Amended and Restated Debt
Restructuring Agreement which forms an integral part of the
Plan.

   2.3 Sale of Non-Core Asset

On May 29, 2003, the Company by the Plan Administrator sold
199,999 shares in Laguna Beach Club Company Limited, which is a
non-core asset of the Company but is not listed as an asset for
sale under the Plan.  The Central Bankruptcy Court and the sale
proceeds amounting to Bt85,000,000 was deposited into an escrow
account controlled by Class B directors of the Plan
Administrator approved this transaction.  Funds in the escrow
account may be utilized for working capital of the Company or
for implementation of the Plan.

   2.4 Capital Increase

On August 18, 2003, the Company duly registered with the
Ministry of Commerce an increase of its registered capital from
Bt525,000,000 to Bt787,500,000. The increase of Bt262,500,000 is
divided into 26,250,000 new ordinary shares at a par value of
Bt10 per share to be allotted to the creditors as per terms and
conditions in accordance with the Plan.

   2.5 Debt to Equity Conversion

On September 26 and 29, 2003, the Company allotted the new
ordinary shares by means of converting debt (Class 1 and Class 2
creditors of the Company) to equity as well as set aside shares
for debt to equity conversion for Class 5 creditors at such time
when Class 5 creditors are reclassified as Class 1 or Class 2
creditors.  Payment for the new ordinary shares was made by
means of converting Transche E Converted Debt to equity of the
Company at a price of Bt7.62 per share as specified under the
Plan.   Such allotment was made in proportion to all debts in
Transche E Converted Debt owed to such creditors under the plan.
A summary of debt to equity conversion can be found in the
Company's notification to the Stock Exchange of Thailand on
October 1, 2003

   2.6 Execution of the revised security documents

The majority creditors granted a consent to extend the execution
of the revised security documents to November 27, 2003.


WONGPAITOON GROUP: Provides Rehabilitation Plan Status Update
-------------------------------------------------------------
Wongpaitoon Group Public Company Limited provided status update
on its Business Rehabilitation:

1. Entered into the Debt Restructuring Agreement and others
Involving Agreement (Due Date Jan 6, 2001, Completed date Jan 5,
2001)

2. Entered into new working capital loan agreement Bt578 million
(Due Date Jan 6, 2001, Completed date Jan 5, 2001)

3. Paid off frees payable and accrued expenses amount
Bt247,789.93 (BAY, Morgan) (Due Date Mar 31, 2001, Completed
date Mar 31, 2001)

4. The Company is to reduce the register capital belonging to
its existing shareholders by Bt280 million to be zero (Due Date
Dec 22, 2001, Completed date Oct 25, 2001)

5. Increase register capital, make a tender offer to creditor,
convert debt to capital (Due Date Dec 22, 2001, Completed date
Dec 24, 2002)

6. Issue warrant to creditors (Due Date Dec 22, 2001, Completed
date 22 Dec 22, 2001)

7. Changing interest rate, which subjected to rehabilitation
plan (Due Date Jan 5,2003, Completed date Jan 5, 2003)

    - Group II  From 2% to 4%
    - Group III From 4% to 5%

8. Paid off temporary W/C amount Bt35 million to SCB (Due Date
Jan 5, 2003, Completed date Jan 5, 2003)

Remark:  Siam Commercial Bank PCL. (SCB) cancelled the exposure
after repayment on Jan 6, 2003

9. Entered into mortgaged land and construction, machinery
agreement (Completed date Jan 5, 2001)

10. New working capital Bt578 million draw down (Due Date Jan 5,
2001, Completed date Jan 9, 2001)

Remark:  Enter Jan 5, 2001 and draw down. Jan 9, 2001

11. The Company has mortgaged its land and construction thereon
as collateral for loan under rehabilitation plan (Due Date Mar
6, 2001)

   11.1 priority land title deed #2011 to SCB in amount of Bt440
million  (Due Date Mar 6, 2001, Completed date Jan 9, 2001)

   Remark:  Transfer the rights from SCB to Bank of Ayudhya PCL.
(BAY) on May 13, 2003

   11.2 priority land title deed #2011 to new loan (Bt376.2
million) to other creditors (expect SCB) (Due Date: Mar 6, 2001,
Completed date Jan 9, 2001)

   11.3  priority land title deed #2011 to SCB in amount of
Bt201.8 million. (Due Date Mar 6, 2001, Completed date Jan 9,
2001)

   Remark: Transfer the rights from SCB to BAY on May 19, 2003

   11.4  priority land title deed #2011 to other creditors in
amount of Bt1,432,477,770 (Due Date Mar 6, 2001, Completed date
Oct 24, 2002)

12.  The Company has mortgaged its machinery as collateral for
loan under rehabilitation plan (Due Date Jan 5, 2002)

   12.1 priority mortgaged 713 machines to SCB in amount of
Bt110 million (Due Date Jan 5, 2002, Completed date Jan 8, 2001)

Remark: Transfer the rights from SCB to BAY on May 19, 2003

   12.2 priority mortgaged 713  machines to new loan (Bt376.2
million) to other creditors (Due Date Jan 5, 2001  Completed
date Jan 8, 2001)

   12.3 priority mortgaged 713  machines to SCB in amount of
Bt201.8 million  (Due Date Jan 5, 2001, Completed date Jan 19,
2001)

   Remark:   Transfer the rights from SCB to BAY on May 19, 2003

   12.4 priority mortgaged 713 machines to other creditors in
amount of Bt1,762,477,770 (Due Date Jan 5, 2001, Completed date
Apr 18, 2002)

13.  Sent the yearly appraisal report to the creditors with
revalued by an independent appraisal

Remark:   Sent the report within 90 days after audited

14. Sent to the Stock Exchange

   14.1  Sent progress report under rehabilitation plan

   14.2  Sent the yearly report and consolidated financial
statements
   Remark:   Every 6 months

15. Sent the progress report under rehabilitation plan and debt
restructuring agreement to official receiver

Remark:   Every 3 months

16. According to SCB transferred its debt to BAY and resigned
from Security Agent & Facility Agent, as a result the creditors
appointed BAY to be Security Agent & Facility Agent instead

Remark:   Dated May 19, 2003

17. Entered into the debt restructuring agreement (Amendment No.
1) change Bank Saving and Current Account

Remark:   Dated May 16, 2003

18.  Entered into the debt restructuring agreement (Amendment
No. 2), detail are shown as follows:

   -  Extend the repayment plan
   - Approved for the lease of factory and machinery from Siam
Unisole Company Limited.

The lease agreement period is not less than 10 years, whereby
the Company is to pay rental at a rate of Bt3,077,000 per month
(not  included  vat)

Remark: Dated June 30, 2003

19. Entered into the 1st amendment of new working capital loan
agreement Bt578,000,000

Remark:   Dated June 30, 2003


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

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

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