TCRAP_Public/031022.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Wednesday, October 22, 2003, Vol. 6, No. 209

                         Headlines

A U S T R A L I A

AMP LIMITED: Competition Commission Cautions NAB on Takeover
MAYNE GROUP: Sells Hospitals Business for AU$813 Million
MAYNE GROUP: No Bonus for Shareholders Following Hospital Sale
MAYNE GROUP: Moody's Unimpressed with Sale, Cuts Ratings to Baa3
NEWCREST MINING: Receives Positive Marks from Analysts

QANTAS AIRWAYS: Air New Zealand Merger Dead, Says Ex-regulator


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

NEW STAR: High Court Sets Winding up Hearing November 5
VITAL LIMITED: Bank of China Seeks Firm's Wind up
WELLSTAR GROUP: High Court to Hear Wind up Petition November 26


I N D O N E S I A

BANK LIPPO: IBRA Revives Stake Sale After Getting Modified Bids


J A P A N

ACADEMIA HILLS: Golf Course Enters Rehabilitation
DAIEI INC.: Best Denki Opens 20 More Outlets
NIKKO CORDIAL: Pays Y73.4B to Buy Back Bonds
SUMITOMO METAL: Selling Y20B Bonds to Repay Debt


K O R E A

HANARO TELECOM: Daewoo Securities Backs Consortium in Vote
HANARO TELECOM: 87.7% Shareholders Vote on AIG-Newbridge Deal
HYUNDAI GROUP: KDIC Probes Two Units
KOOKMIN BANK: Third Quarter Earnings Conference Set October 24
SK NETWORKS: Signs Compromise with Creditors


M A L A Y S I A

BERJAYA SPORTS: KLSE Grants "ICULS" Conversion Listing
EMICO HOLDINGS: Execute Rights Issue on Restructuring
KSU HOLDINGS: Appoints Rabin & Associates as Receiver
RNC CORPORATION: Seeks Restructuring Proposal Extension
TONGKAH HOLDINGS: Hearing Petition Set October 28

UNITED CHEMICAL: Defaults on Loan Payments


P H I L I P P I N E S

BALABAC RESOURCES: Offers New Stock Certificates
BALABAC RESOURCES: Elects New Board Members
BAYAN TELECOMMUNICATIONS: Aims to Pursue Restructuring Scheme
FRANCISCO MOTORS: Receiver Sees Good Prospects For Rehab
NATIONAL POWER: Sets New Pre-bid Session for Pinamucan Project

NATIONAL POWER: Expects P11B in Additional Revenues in 2004


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Expects 3Q03 US$78.3M Net Loss
CSC HOLDINGS: Unveil Rights Issue Results
DE FENG: Petition to Wind Up Pending
GLOBAL TIMES: Creditors Must Submit Claims by October 31
GWNNET PTE: Issues Winding Up Order Notice

ICON MEDIALAB: Issues Dividend Notice
JASNAT ENGINEERING: Releases First & Final Dividend Notice
PANPAC MEDIA: Settles Legal Proceeding With CCC
SANTANDER INVESTMENT: Releases Final Notice to Creditors
TAMPINES ASSETS: Issues S$108M 5.6% Senior Bonds Due 2006

TINCEL LIMITED: Issues S$689M 5% Senior Bonds Due 2011


T H A I L A N D

COUNTRY (THAILAND): Posts Update on Debt-to-equity Conversion
MODERN HOME: Repays All Outstanding Debt; Finds New Investors
PAE (THAILAND): New Investor Pledges THB210 Million Cash Boost
THAI MILITARY: Sour Debts Drop to 12% of Total Loan Portfolio
TPI POLENE: Consumer Protection Board Allows Use of Logo on Bags

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Competition Commission Cautions NAB on Takeover
------------------------------------------------------------
The Australian Competition and Consumer Commission says it will
interfere with the rumored acquisition of AMP Limited by
National Australia Bank should it push through, Dow Jones said
Tuesday.

In a four-sentence statement sent to the stock exchange
recently, the competition regulator contradicted earlier
pronouncements of NAB CEO Frank Cicutto, who told investment
bank Credit Suisse First Boston recently that he does not expect
the commission to stand in the way.

"We believe that the ACCC requirements will not be a key issue,
and we certainly wouldn't be going ahead if we thought it would
be a material impediment to the process," Mr. Cicutto was
earlier quoted as saying.

Citing Section 50 of the Trade Practices Act, the Commission
said it is bound to scrutinize any NAB proposal.  The section
prohibits mergers and acquisitions that will substantially
reduce competition in a major market for goods and services.

"One of the chief attractions for any suitor of AMP is its
unrivaled network of financial planners, and NAB has previously
indicated it wants to leverage this network across the bank's
MLC operation," Dow Jones said.

Credit Suisse, for its part, agrees that based on retail inflow
market shares, it is unlikely the ACCC guidelines will be a
significant impediment to a takeover.

"We consider it possible, however, that life insurance (not
superannuation or savings) could be a potential issue, but we
believe this is not what a potential NAB-AMP deal is about,"
CSFB was quoted by Dow Jones as saying.  "The combined NAB-AMP
funds under administration share would be greater than share of
inflows, but we believe this should not create an issue, in
theory, as new business is more widely spread."

Mr. Cicutto, according to Dow Jones, has indicated that NAB's
interest in AMP is firmly focused on the company's retail
financial services and pension, or superannuation, funds
operations.

"In both these areas, AMP is number one and they are our major
competitor," Mr. Cicutto said in comments recorded in a question
and answer session with Credit Suisse First Boston dated Friday,
according to Dow Jones.  He described the bank's stake in AMP as
defensive and likened it to the blocking stake it took in St.
George Bank Ltd. (SGB.AU), the news agency added.

"It is consistent with our broad group focus on retail financial
services and wealth management. It is also consistent with our
focus on distribution within wealth management," Mr. Cicutto
said during the interview.  "We need a meaningful position in
wealth management and it is an integral part of our financial
services strategy."


MAYNE GROUP: Sells Hospitals Business for AU$813 Million
--------------------------------------------------------
Consortium comprising of Ironbridge Capital Pty Ltd, CVC Asia
Pacific Ltd, GIC Special Investments Pte Ltd and Mayne's
hospital management bought the hospitals unit of Mayne Group
Limited for AU$813 million.

"The total sale price for the hospitals portfolio is AU$813
million," Mayne said Tuesday.  "Overall this is expected to
result in net proceeds to Mayne, after transaction costs, at or
around the 30 June 2003 Net Asset Value for the hospitals
business of AU$789 million."

The deal includes Mayne's entire hospitals portfolio in
Australia and Indonesia, according to Asia Pulse.  The sale
price also topped previous estimates of AU$750 million for the
53 hospitals. Until recently, Mayne placed a book value of
AU$1.1 billion on the portfolio.

"We believe that this agreement will facilitate a more rapid and
certain return to shareholders than the returns Mayne would have
generated from continuing to operate the business," Mayne
Managing Director Stuart James said in a statement.  "We had no
necessity to sell this business, however given the level of
interest and the value of the offers received it became the most
attractive proposition for the future of Mayne."

He said the move would allow company management to focus on
developing its specialty pharmaceuticals and diagnostics
businesses.


MAYNE GROUP: No Bonus for Shareholders Following Hospital Sale
--------------------------------------------------------------
Despite getting a windfall from the sale of its hospitals
business, Mayne Group is not going to reward shareholders with a
special dividend, Dow Jones said Tuesday.  Instead, the company
will use the money to buy back shares and plough back the money
into acquisitions, especially in the pharmaceutical industry.

At conference call recently, CEO Stuart James said Mayne has no
franking credits and will come to a decision on a buyback in the
next few months, as it continues to evaluate "a number" of
acquisition opportunities.   He said the company isn't keen on
selling its medical centers because they provide strong support
and referrals to their pathology and diagnostic imaging
businesses.


MAYNE GROUP: Moody's Unimpressed with Sale, Cuts Ratings to Baa3
----------------------------------------------------------------
Despite getting AU$813 million from the sale of its troubled
hospitals operations, Moody's placed Mayne Group Ltd. on review
for possible downgrade.  It also lowered Mayne's unsecured
ratings to Baa3 from Baa2 and short-term rating to Prime-3 from
Prime-2, according to Reuters.

The rating action, Reuters says, was prompted by the
announcement that Mayne has signed an agreement with a
consortium of buyers, including CVC Asia Pacific Limited, to
sell its hospital assets for AU$813 million.

While Moody's agrees the sale will result in a significant
narrowing of Mayne's business risk profile, the effects on cash
flow remains to be seen.  The ratings said this is where it will
focus its review.

"A key focus for the review will be capital management
initiatives, principally the level of planned returns to
shareholders, together with the prospective debt profile," said
Moody's, which added the review will likely be completed before
the year's end.

Headquartered in Melbourne, Australia, Mayne Group Limited is a
diversified health services provider.


NEWCREST MINING: Receives Positive Marks from Analysts
------------------------------------------------------
Rave reviews by analysts brought by Newcrest Mining to visit the
Telfer gold mine last week may lead management to commission the
site ahead of schedule, Shaw Online said yesterday.

Most of the 40 analysts and fund managers who visited the site,
according to the report, were impressed by the gold mine, which
is set to become Australia's biggest when it reaches full speed
in 2005.  Among those who left with a "warm and fuzzy feeling
about Telfer," are the analysts of Goldman Sachs JB Were, UBS
and Paterson Ord Minnett.

"Current indications are that the commissioning date of October
2004 could be extremely conservative and, in our view,
commissioning could start as early as the end of fiscal 2004 if
the current rate of progress is maintained," the man from
Goldman Sachs JB Were was quoted by Shaw Online as saying.

The broker described Telfer as "essentially a Cadia/Ridgeway
look-alike" in terms of mining and processing, the Shaw Online
said.

Newcrest has assembled a competent technical team and there is
"limited risk" that the mine will not be delivered on budget and
on schedule, Goldman Sachs added.

Another brokerage, UBS, also predicts that the mine will start
operations three months earlier than current forecasts, Shaw
Online said.

"We believe that this alleviates remnant market concerns of
delays or possible (cost) over-runs that are often typical of
projects of this scale," it said, adding the underground
drilling has discovered "significant new areas of copper-gold
mineralization."

"We believe this could prompt a reserve upgrade within the next
six months," UBS said.

"It all looked pretty reasonable," agreed Hayden Bairstow, an
analyst at Paterson Ord Minnett. "It won't be late and they'll
meet their grade targets," he told MiningNews.net, according to
Shaw Online.


QANTAS AIRWAYS: Air New Zealand Merger Dead, Says Ex-regulator
--------------------------------------------------------------
Kate Brown, a former commissioner of New Zealand's competition
watchdog, believes any hopes the proposed alliance of Qantas
Airways and Air New Zealand will be approved is wishful
thinking.

In an interview with Dominion Post, which Dow Jones cited in is
report, Ms. Brown said she would be "astounded if the commission
actually said yes."  She said the anticompetitive costs of the
alliance far outweigh the benefits.

Ms. Brown stepped down from the commission in 2000.  The
commission's final decision on the proposal is expected Friday.


===========================
C H I N A & H O N G K O N G
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NEW STAR: High Court Sets Winding up Hearing November 5
-------------------------------------------------------
The High Court of Hong Kong will hear on November 5, 2003 at
9:30 a.m. the petition seeking the winding up of New Star
Development Limited.

Bank of China (Hong Kong) Limited of 14/F., Bank of China Tower,
No. 1 Garden Road, Central, Hong Kong filed the petition on
September 10, 2003.  Gallant Y.T. Ho & Co. represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Gallant Y.T.
Ho & Co., which holds office on the 4th Floor, Jardine House,
No. 1 Connaught Place, Central Hong Kong.


VITAL LIMITED: Bank of China Seeks Firm's Wind up
-------------------------------------------------
The High Court of Hong Kong will hear on November 19, 2003 at
10:00 a.m. the petition seeking the winding up of Vital Limited.

Bank of China (Hong Kong) Limited (the successor corporation to
Hua Chiao Commercial 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
filed the petition on September 24, 2003.  Koo and Partners
represents the petitioner.

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


WELLSTAR GROUP: High Court to Hear Wind up Petition November 26
---------------------------------------------------------------
The High Court of Hong Kong will hear on November 26, 2003 at
9:30 a.m. the petition seeking the winding up of Wellstar Group
Company Limited.

So Chiu Wah of Ground Floor, 82F, Yuen Lane Chuen, Tai Po, New
Territories, Hong Kong filed the petition on September 29, 2003.
Tang and Lee represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tang and Lee,
which holds office at Room 603, 6th Floor, Li Po Chun Chambers,
189 Des Voeux Road Central Hong Kong.


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


BANK LIPPO: IBRA Revives Stake Sale After Getting Modified Bids
---------------------------------------------------------------
Indonesian Bank Restructuring Agency has revived its plan to
auction 52% of Bank Lippo after suspending it earlier this month
on concerns that the short-listed consortia are not serious with
their bids.

IBRA Chairman Syafruddin Temenggung told Dow Jones the three
bidders have since modified their offers; two of them have
partnered with foreign banks.

"The short-listed bidders have improved the structure of their
bids," he said, adding the agency will now meet with the
government to decide whether to go ahead with the auction.

Bidders for the stake include the Philippines' Exports &
Industry Bank, Hong Kong's Platinum Securities and Swissfirst
Bank.  Earlier, rumors surfaced that Bank Lippo's former owner,
the Riady family, is involved in the bid.  The family currently
holds a small stake in the bank, which was rescued by the agency
at the height of the Asian financial crisis in the late 1990s.

Dow Jones said the Riady family may be involved in the bid of
Exports & Industry Bank, which is partly owned by Lippo China
Resources.  The latter is the Hong Kong-listed unit of the
Riady-owned Lippo Group.


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


ACADEMIA HILLS: Golf Course Enters Rehabilitation
-------------------------------------------------
Academia Hills, K.K., which has total liabilities of 22.3
billion yen against a capital of 320 million yen, has applied
for civil rehabilitation proceedings, according to Tokyo Shoko
Research. The golf course is located in Minato-ku, Tokyo, Japan.


DAIEI INC.: Best Denki Opens 20 More Outlets
--------------------------------------------
Electronics store operator Best Denki Co. will open 20 more
Daiei Inc. store outlets in its 2004 business year, Kyodo News
reports. The Company, which already operates out of 19 Daiei
stores, decided on the increase because this method costs less
than opening independent stores. The locations have not yet been
determined. Best Denki started to open outlets in struggling
Daiei stores in March and plans to open the 20th in Numazu,
Shizuoka Prefecture, in November.

Struggling retailer Daiei Inc. plans to open 50 new outlets in
the next three years by using a fund set up last year to help
rehabilitate the firm, TCR-AP reported recently. Daiei, once the
nation's largest supermarket operator, closed many outlets
during the past few years as part of its restructuring program.


NIKKO CORDIAL: Pays Y73.4B to Buy Back Bonds
--------------------------------------------
Nikko Cordial Corporation will pay 73.4 billion yen to buy back
convertible bonds it sold in 1998 to its largest shareholder,
Citigroup Inc., according to Japan Times. The convertible bonds
have a face value of 47.6 billion yen. It is a good time to buy
the bonds back as its profitability has recovered to give the
firm sufficient cash flow. The buyback will also prevent the
Company's stock value from being diluted, as Citigroup had
planned to sell the converted shares on the market, which would
increase the number of Nikko Cordial's outstanding shares and
thus lower the Company's per-share profit.

Moody's Investors Service recently revised to stable from
negative the rating outlook of Nikko Cordial Securities' (NCS)
Baa2 senior unsecured debt rating and Prime-2 commercial paper
rating and Nikko Cordial Corporation's (NCC) Baa3 senior
unsecured debt rating and issuer rating.

The revision of NCS' rating outlook reflects Moody's view that
the pace of deterioration in its core earnings has begun to
stabilize. While NCS may face medium-term earnings pressure from
the ongoing weak state of retail money inflows into the capital
market, Moody's expects the Company to achieve decent earnings
through its introduction of a flexible compensation structure in
an effective and timely manner. In fact, NCS has implemented
substantial reduction in personnel costs in FYE3/03.


SUMITOMO METAL: Selling Y20B Bonds to Repay Debt
------------------------------------------------
Sumitomo Metal Industries Ltd. plans to sell 20 billion yen
(US$182 million) of bonds by April 2004 to raise cash to help
repay debt, according to Bloomberg on Tuesday. The steel maker
will sell the bonds in two parts, according to Sumitomo Metal's
CFO Nobusato Suzuki. Suzuki added that the bonds would mature in
5 years or more.

The Company sold 25 billion yen of securities in May and June,
its first sales since July 2001, as yields on its bonds dropped
after the Company slashed debt. Sumitomo Metal has cut its debt
by almost a quarter to 1.77 trillion yen as of March 31 from the
same period two years ago.


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K O R E A
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HANARO TELECOM: Daewoo Securities Backs Consortium in Vote
----------------------------------------------------------
Daewoo Securities, which owns 4.3 percent in Hanaro Telecom, has
decided to support the Company's bid to sell its controlling
stake to a U.S. consortium led by Newbridge Capital Ltd. and
American International Group, reports the Yonhap News. The
announcement from Daewoo came prior to a crucial vote on the
fate of the nation's second-largest broadband service provider
at its shareholder meeting.


HANARO TELECOM: 87.7% Shareholders Vote on AIG-Newbridge Deal
-------------------------------------------------------------
About 87.7 percent of Hanaro Telecom Inc. shareholders voted on
Tuesday on a US$1.1 billion financing package offered by
American International Group Inc. (AIG) and Newbridge Capital
Ltd., Yonhap News reports, citing the Company's preliminary
tally. LG Group, Hanaro's stop shareholder, has long wanted to
acquire the Company. Last week it LG launched a counter bid
worth US$1.36 billion with the Carlyle Group, a Washington-based
private equity fund, to block the AIG-Newbridge deal.


HYUNDAI GROUP: KDIC Probes Two Units
------------------------------------
The Korea Deposit Insurance Corporation (KDIC) has been
investigating the former and current subsidiaries of the Hyundai
business group, including Hynix Semiconductor and Korea
Development Corporation, to find those responsible for the huge
losses the firms have incurred, Digital Chosun reported on
Monday. The KDIC dispatched 10 members of its probe team to both
the Hyundai units earlier this month, and that the investigation
would take about two months.


KOOKMIN BANK: Third Quarter Earnings Conference Set October 24
--------------------------------------------------------------
Kookmin Bank is inviting investors to attend the Company's 2003
Third Quarter Earnings Conference on Friday, October 24, 2003 as
follows:

The Investor Relations Conference will be webcasted live
throughout the world on our IR website at www.kbstar.com.
Investors are encouraged to participate by telephone during the
Q&A session following the presentation.

- Date: October 24, 2003 (Friday)

- Time: 16:00(Seoul) / 15:00(Hong Kong, Singapore) / 08:00
(London) / 03:00 (New York)

- Venue: International Conference Room, Ground Floor, Korea
Stock Exchange, Youido-dong, Youngdeungpo-ku, Seoul, Korea

- Procedures: Presentation and Q&A session

- Q&A via telephone

- From overseas: 82-31-500-0501 or 82-2-6677-2256 - From Korea:
1566-2256 or 02-6677-2256 or 031-500-0501 - Pass code: 6412 -
Q&A code: 14

- Recording service for the telephone conference Listening order

1. Dialing

- From overseas: 82-31-500-0401 - From Korea: 031-500-0401
2. Press listening code: 5633#

Press Button Instruction

- 1 min. F.F: 1
- 5 min. F.F: 7 - 1 min. REW: 3 - 5 min. REW: 9 - Pause: 5 - To
cancel pause: 5

The Conference will be webcasted in Korean and English at
www.kbstar.com. The presentation material will be available at
the time of conference at the Company's website.


SK NETWORKS: Signs Compromise with Creditors
--------------------------------------------
SK Networks Co. finally signed a compromise with creditors on
October 2, 2003, wherein creditors will reorganize debt and swap
some loans into shares of SK Networks, according to Bloomberg
News.

As SK Networks' stock resumed trading, shares surged by their
daily limit. Bloomberg reports that the shares jumped 15 percent
to 1,590 won at 9:15 a.m. in Seoul on October 2. The Company
"plans to write off most of its shares by mid-November before
creditors swap debt for equity."

Pursuant to the compromise, the Company also promised to sell
1.1 trillion won of assets by 2007. For starters, SK Networks
Co. will sell 10,000,000 shares of parent SK Corp. this October,
according to Maeil Business Newspaper.

Bloomberg reports that the stake held by SK Networks is worth
166 billion won or $144,000,000 based on the October 2, 2003's
closing stock price for SK Corp.

Maeil Business Newspaper further discloses that SK Group may
also sell SK Securities Co. and two other finance units. As part
of the compromise, SK Group reportedly agreed to "focus its
resources on its energy and chemicals and information and
telecommunications businesses."

Maeil Business Newspaper reports that SK Network will continue
to function as a distribution channel of SK Group. (SK Global
Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service,
Inc., 609/392-0900)


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


BERJAYA SPORTS: KLSE Grants "ICULS" Conversion Listing
------------------------------------------------------
Berjaya Sports Toto Berhad (BJTOTO) announced the conversion of
RM 803,350 nominal amount of 8 percent irredeemable convertible
unsecured loan stock (ICULS) 2002/2012 into 798,350 new ordinary
shares (conversion).

The Company's additional 798,350 new ordinary shares of RM1.00
each arising from the aforesaid Conversion will be granted
listing and quotation with effect from 9.00 in the morning,
Wednesday, 22 October 2003.

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


EMICO HOLDINGS: Execute Rights Issue on Restructuring
-----------------------------------------------------
With effect from 9:00 in the morning Tuesday, 21 October 2003,
the trade restriction in the form of full payment before
purchase on the securities of Emico Holdings Berhad (EMICO) will
be uplifted as the Company is currently implementing a rights
issue pursuant to its restructuring scheme to regularize its
financial condition in accordance with Practice Note No.4/2001.


KSU HOLDINGS: Appoints Rabin & Associates as Receiver
-----------------------------------------------------
KSU Holdings Berhad announced the appointment of receiver and
manager pursuant to high court of Malaya at Kuala Lumpur Suit
NO: D2-22-1592-03

The Company announced that it had on 16 October 2003 been served
an Order dated 15 October 2003 obtained from the High Court of
Malaya at Kuala Lumpur (Commercial Division) (the Court) Suit
No.D2-22-1592-03.

Pursuant to the Order, Mr Rabindra Singh a/l Kaher Singh of
Messrs Rabin & Associates was appointed as Receiver and Manager
over the Company upon the powers conferred to him by the Order.

The Receiver and Manager were appointed only in respect of KSU
Holding Berhad (the Company). Hence, only the Company is under
receivership and it does not involve any of its subsidiaries or
major associated companies.

The Order also restrained and an injunction was granted
restraining the Defendants named in the Suit from selling,
charging or in any way whatsoever dealing with the land held
under Grant No: 5343 situated at Lot 39, Mukim Beranang,
District of Ulu Langat Selangor. The application for injunction
is fixed for inters parties hearing on 5 November 2003.

The Company was placed in receivership following an ex-parte
application at the High Court of Malaya at Kuala Lumpur by one
of the shareholders namely Mr Low Kah Khuen on behalf of himself
and all other shareholders of the Company save for the
shareholders who are named as Defendants.

Based on the Company's management balance sheet as at 30
September 2003, the Company has assets with a net book value of
RM 194,220.383.69.

Pursuant to the appointment, all financial and operational
powers of the Board of Directors are now suspended. These powers
are now vested in the Receiver and Manager. Specific powers of
the Receiver and Manager are spelled out in the Court Order.

The Receiver and Manager are unable at this juncture to quantify
the effects, if any on the financial affairs of the Company. The
Receiver and Manager will endeavor to keep the operations at its
present level.

The Receiver and Manager will continue to manage the affairs of
the Company until the affairs of the Company are being sorted
out as per the Court Order.

A complete set of the Court Order and the Receiver and Manager
will forward the powers of the Receiver and Manager to the Kuala
Lumpur Stock Exchange in printed copy.


RNC CORPORATION: Seeks Restructuring Proposal Extension
-------------------------------------------------------
RNC Corporation Berhad refers to the earlier announcements dated
18 April 2003, 16 May 2003, 22 May 2003, 13 June 2003, 7 July
2003, 11 July 2003, 4 August 2003, 10 September 2003 and 3
October 2003 in relation to the Proposed Corporate and Debt
Restructuring Scheme.

On behalf of the Special Administrators of RNC, announced that
the deadline of 16 October 2003 for the implementation of the
Proposed Scheme has since lapsed. OSK Securities Berhad (OSK),
on behalf of the Special Administrators of RNC, has already
submitted an application to the Securities Commission (SC) on 25
September 2003 for a further extension of time for the
implementation of the Scheme to 16 April 2004, and is awaiting
the SC's approval.


TONGKAH HOLDINGS: Hearing Petition Set October 28
-------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Tongkah
Holdings Berhad (THB), announced that the Company had on 18
September 2003 filed a petition to the High Court of Malaya
(Court) to obtain the Court's sanction for the Proposed Share
Exchange and Proposed Debt Restructuring (collectively known as
the Proposed Scheme of Arrangement). Further thereto, on 17
October 2003, the Company was informed that the Court had fixed
28 October 2003 as the hearing date for THB's petition for the
sanction of its Proposed Scheme of Arrangement.


UNITED CHEMICAL: Defaults on Loan Payments
-----------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) announced that there are no new significant developments
in relation to the various defaults in payment further to the
announcement on 16 September 2003.

The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note 1/2001.

Details are as follows:

LIST OF OUTSTANDING LOANS DEFAULTED

Bank/Facilities/Company/As At/Amount/Amount/Amount/ Purpose/
Security
                            (RM)     (RM)   (RM)
                    (Interest & Others)(Principal) (Total)

RHB BANK BERHAD

Term Loan  UCI 30-Sep-
03/925,469.55/3,777,198.34/4,702,667.89/
Working Capital/Unsecured

BANK INDUSTRI MALAYSIA BERHAD

Term Loan UCI 30-Sep-03/208,911.68/892,830.46/1,101,742.14
Purchase of Machines/Secured by Debenture on assets
               of the Company

                UCI 30-Sep-
03/530,349.81/1,458,471.18/1,988,820.99/Working Capital

AMOUNT RM TOTAL: 3,090,563.13

For more information, go to
http://announcements.klse.com.my/linkwebmainpage.nsf/lca.htm


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


BALABAC RESOURCES: Offers New Stock Certificates
------------------------------------------------
Following the approval by the Securities and Exchange Commission
(SEC) of its capital restructuring, Balabac Resources & Holdings
Co. Inc. (BAL) has advised the Philippine Stock Exchange (PSE)
that stock certificates reflecting the change in authorized
capital are now available from its stock transfer agent, Allied
Bank Trust Services, BPI Securities reports. Trading of old
certificates shall be subject to adjustment in the number of
shares to reflect the new authorized capital.


BALABAC RESOURCES: Elects New Board Members
-------------------------------------------
Balabac Resources & Holdings Co. Inc. announced that in
connection with requirements of the Securities and Exchange
Commission (SEC) for independent directors, Messrs. Pompoyo S.
Tiu and Regnar C. Rivera have been elected to the Board to take
the place of Mr. Victor Yu.

For more information, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3354_BAL.pdf


BAYAN TELECOMMUNICATIONS: Aims to Pursue Restructuring Scheme
-------------------------------------------------------------
Bayan Telecommunications Inc. (Bayantel), the telecommunications
arm of the Lopez group, has up to 18 months to resolve its row
with bondholders and pursue its debt-restructuring program, the
Manila Times reports. BayanTel Chief Consultant Tunde Fafunwa
said that the bondholders' suit would reset the target for the
Company's debt restructuring program.

BayanTel bondholders have earlier filed a case for corporate
rehabilitation, participating in a US$200-million offering in
1999. He added that in bondholders' filing, bondholders
"emphasized that they wanted to ensure the efficient and
successful running of the Company."

Early this year, the Pasig Regional Trial Court appointed
Cynthia L. Manabat as the Company's rehabilitation receiver.
Manabat is currently the Chairman of C.L. Manabat and Company,
an audit and finance firm.


FRANCISCO MOTORS: Receiver Sees Good Prospects For Rehab
--------------------------------------------------------
Carlito de Jesus, the rehabilitation receiver of Francisco
Motors Corporation, says the Company has good prospects of being
rehabilitated, the Malaya Newspaper reports. He said that FMC's
jeepney export contract to Sierra Leone plus its contract with
Isuzu Philippines Corporation can make it again profitable.

The Company, under receivership for failing to pay over 1
billion pesos in debts, has a pending case with Ford and Mazda
companies. De Jesus and FMC's legal counsel, Perfecto Yasay,
however claim that the Company has better chances if Ford keeps
its Ranger model out of the market and Ford/Mazda honors the
US$60 million it promised to pay it.


NATIONAL POWER: Sets New Pre-bid Session for Pinamucan Project
--------------------------------------------------------------
The National Power Corporation (Napocor) is set to conduct
another pre-bid conference for the 535 million pesos contract to
transfer the 110-megawatt (MW) Pinamucan diesel power plant from
Batangas to Dingle in Panay Island, the Philippine Star said on
Monday.

Napocor have already conducted a pre-bid conference on October
14 but there are still some remaining concerns that the
potential bidders have raised. According to Napocor Vice
President Danilo Sedilla, two consortia and a Lopez-owned firm
have expressed interest in the pre-bid conference.

Data from the Napocor's bids and contracts services department
indicated that of the original 12 prospective bidders for the
Pinamucan transfer, only three were pre-qualified. These are the
consortium of EEI Corp., EEI Realty Corp., EEI Construction &
Marine Inc., and Equipment Engineers Inc.; Dingle II consortium
made up of DM Consunji Inc., Home Construction Inc., Bendimil
Construction & Development Corp., and Alsons Power Holdings
Corp.; and First Philippine Balfour Beatty Inc. of the Lopez
group of companies.


NATIONAL POWER: Expects P11B in Additional Revenues in 2004
-----------------------------------------------------------
The National Power Corporation (Napocor) expects 11 billion
pesos in additional revenues for the remaining months of the
year until 2004 due to the new rates approved by the Energy
Regulatory Commission (ERC) under the long-run avoidable cost
(LRAC) structure, the Philippine Star reports.

Power Sector Assets and Liabilities Management Corp. (PSALM)
President Edgardo del Fonso said that despite these additional
revenues, Napocor is still expected to post 70 billion pesos in
losses this year. The ERC is set to hear on November 10 the
application of Napocor and PSALM to revise the unbundled
generation rates to replace the current generation rates
approved by the commission. Napocor and PSALM with the ERC filed
the application on May 19.


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


CHARTERED SEMICONDUCTOR: Expects 3Q03 US$78.3M Net Loss
-------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. expects a net loss of
US$78.3 million for the three months ending in September,
Channel News Asia reports, citing five unnamed analysts. The
chipmaker is enjoying robust orders, thanks to the rebound in
the semiconductor industry, which is emerging from a record
three-year slump. Loss estimates ranged from $76 million to $80
million.

Last month, Chartered upgraded its third-quarter guidance,
saying it saw sales of $134 million to $138 million, up five to
eight percent from the second quarter. It expected its net loss
to be between $75 million and $83 million, better than its
earlier forecast of $$78 million to $88 million.

Analysts expect Chartered to post a net loss of S$555.5 million
($319.3 million) for the full year. This compares with a $417.1
million loss in 2002. Most analysts do not expect Chartered to
return to the black until 2005.


CSC HOLDINGS: Unveil Rights Issue Results
-----------------------------------------
CSC Holdings Limited announced the following:

(I) Non-underwritten renounceable rights issue (the Rights
Issue) by CSC Holdings Limited of 444, 956, 780 new ordinary
shares of $0.01 each in the capital of the company (rights
shares) at an issue price of $0.02 for every rights share on the
basis of one (1) rights share for every one (1) ordinary share
of $0.01 each in the capital of the company (after the capital
reduction exercise) (the shares) held as at 18 September 2003:

(ii) Issue of additional warrants to subscribe for new shares in
the capital of the company to holders of existing warrants (the
warrant holders) as at 18 September 2003 pursuant to adjustments
to be made to the warrants (the warrant adjustments) as a result
of the rights issue:

1. RESULTS OF THE RIGHTS ISSUE

1.1 Level of Subscription. The Board of Directors of the Company
announced that, as at the close of the Rights Issue on 7 October
2003, valid acceptances and excess applications for a total of
694,743,917 Rights Shares were received, representing
approximately 156.1 percent of the total number of 444,956,780
Rights Shares available under the Rights Issue. This includes
valid acceptances received from Toh Ho and Chionh Holdings Pte
Ltd, Tat Hong Holdings Limited and Ng Chwee Cheng of 110,930,000
Rights Shares, 103,667,000 Rights Shares and 27,104,000 Rights
Shares pursuant to their Undertakings, respectively. In
addition, Tat Hong Holdings had applied for 25,000,000 excess
Rights Shares.

Details of the valid acceptances and excess applications for the
Rights Shares received are as follows:

(a) valid acceptances were received for a total of 402,905,148
Rights Shares, representing approximately 90.5 per cent. of the
total number of Rights Shares under the Rights Issue; and

(b) valid excess applications were received for a total of
291,838,769 Rights Shares, representing approximately 65.6 per
cent. of the total number of Rights Shares under the Rights
Issue (the "Excess Application).

1.2 Allocation of Rights Shares for Excess Application. The
balance of 42,051,632 Rights Shares not accepted by Entitled
Depositors pursuant to the Rights Issue will be allocated to
satisfy excess applications of Entitled Depositors for
291,838,769 Rights Shares. None of the Directors or substantial
shareholders of the Company will be allocated excess Rights
Shares.

1.3 Provisional allotment of Rights Shares to Foreign

Shareholders. The entire provisional allotment of 735,000 Rights
Shares, which would otherwise have been provisionally allotted
to Foreign Shareholders, were sold "nil paid" on the SGX-ST. The
net proceeds from the sale, after deduction of all expenses
there from, will be pooled and thereafter distributed to Foreign
Shareholders in proportion to their respective shareholdings or,
as the case may be, the number of Shares entered against their
names in the Depository Register as at the Books Closure Date on
18 September 2003 and sent to them by ordinary post at their own
risk, provided that where the amount of net proceeds to be
distributed to any single Foreign Shareholder is less than $10,
the Company shall be entitled to retain or deal with such net
proceeds as the Directors may in their absolute discretion deem
fit for the sole benefit of the Company and no Foreign
Shareholder shall have any claim whatsoever against the Company,
the Manager or CDP in connection therewith.

2. INVALID OR UNSUCCESSFUL ACCEPTANCES AND EXCESS APPLICATION

Where any acceptance for the Rights Shares and/or Excess
Application is unsuccessful or invalid, the amount paid on
acceptance and/or application will be refunded to such
applicants and/or their renouncees and/or purchasers, without
interest or any share of the revenue or other benefit arising
there from, within 14 days after the close of the Rights Issue
on 7 October 2003 by ordinary post and at their own risk (if the
acceptance and/or application was through The Central Depository
(Pte) Limited or the Company's Share Registrar) or by crediting
the relevant accounts of such applicants at their own risk (if
acceptance and/or application was through the authorized trading
centers or by way of electronic application through an automated
teller machine of a Particular Bank).

3. WARRANT ADJUSTMENTS

On 20 April 2003, the Company executed a trust deed constituting
S$24,846,734 nominal amount of 6.5 percent secured loan stock
due on 2005 (the "Loan Stock). In connection thereto, the
Company issued for free to the subscribers of the Loan Stock
29,846,734 warrants, each carrying the right to subscribe for
one new Share at an exercise price of S$0.23 expiring on 27
April 2005.

Under the terms and conditions of the Warrants set out in the
Deed Poll, adjustments to the exercise price of the Warrants
payable for each new Share and the number of Warrants held by
Warrant holders shall be made as a result of the Rights Issue.
Hence, taking into consideration the opinion of HL Bank, which
has been furnished to the Board, the Warrants will be adjusted
as follows:

(a) Adjusted Exercise Price $0.17 for each new Share, taking
into account the full subscription of the Rights Issue.

(b) Additional Warrants to be issued

11,461,104 Additional Warrants, taking into account the full
subscription of the Rights Issue. The number of Warrants held by
each Warrant holder will be increased by a factor of 38.4
percent, fractions of an additional warrant to be disregarded.
By way of illustration, a Warrant holder holding 1,000 warrants
as at the Books Closure Date on 18 September 2003 will be
entitled to 384 Additional Warrants.

The Additional Warrants to be issued pursuant to the Warrant
Adjustments will rank pari passu with the existing Warrants and
will become part of the same series as the existing Warrants
subject to the terms and conditions of the Deed Poll. As such,
the Additional Warrants will expire on 27 April 2005.
The effective date of the Warrant Adjustments will be on 13
October 2003.

As announced by the Company on 6 October 2003, the SGX-ST had
granted its in-principle approval for the listing and quotation
of the Additional Warrants, such additional new Shares as may be
issued on the exercise of the Warrants and the adjusted Exercise
Price of the Warrants, subject to the opinion by the Auditors of
the Company that the adjustments are made in accordance with the
terms and conditions of the Deed Poll. KPMG, being the Auditors
of the Company, has opined that the Warrant Adjustments are in
accordance with the terms and conditions of the Deed Poll.

A signed copy of HL Bank's opinion, a signed copy of the opinion
by the Auditors and a signed certificate by a Director setting
forth, inter alia, brief particulars of the Rights Issue, the
Warrant Adjustments and the effective date of the Warrant
Adjustments are available for inspection during normal business
hours at the registered office of the Company and shall, on
request and at the expense of the Warrant holder, be sent to the
Warrant holder.


DE FENG: Petition to Wind Up Pending
------------------------------------
The petition to wind up De Feng Construction Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
October 31, 2003 at 10 o'clock in the morning. Kenstar
Engineering Pte Ltd., a creditor, whose address is situated at
26 Ayer Rajah Crescent #02-04, Singapore 139944, filed the
petition with the court on October 6, 2003.

The petitioners' solicitors are Messrs Arthur Loke Bernard Rada
& Lee of 9 Temasek Boulevard, #23-01 Suntec Tower Two, Singapore
038989. Any person who intends to appear on the hearing of the
petition must serve on or send by post to Messrs Arthur Loke
Bernard Rada & Lee a notice in writing not later than twelve
o'clock noon of the 30th day of October 2003 (the day before the
day appointed for the hearing of the Petition).


GLOBAL TIMES: Creditors Must Submit Claims by October 31
--------------------------------------------------------
The creditors of Global Times Venture (ASIA) Pte Ltd. (Members'
Voluntary Liquidation) which is being wound up voluntarily, are
required on or before 31st October 2003 to send their names and
addresses and the particulars of their debts or claims, and the
names and addresses of their solicitors (if any), to the
undersigned Liquidator of the said Company, and if so required
by notice in writing from the said Liquidator are by their
solicitors or personally to come in and prove their said debts
or claims at such time and place as shall be specified in such
notice or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

SOON CHOO HOCK
Liquidator.
c/o 4 Battery Road #26-01
Bank of China Building
Singapore 049908.
Dated this: 17th October 2003.


GWNNET PTE: Issues Winding Up Order Notice
------------------------------------------
Gwnnet Pte Ltd. issued a notice of winding up order made on the
10th day of October 2003.

Name and address of Liquidators: Mr Ramasamy Subramaniam Iyer @
Rajendran, Mr Chan Ket Teck and Mr Goh Thien Phong all of Messrs
PricewaterhouseCoopers 8 Cross Street #17-00 PWC Building
Singapore 048424.

HIN TAT AUGUSTINE & PARTNERS
Solicitors for the Petitioner.


ICON MEDIALAB: Issues Dividend Notice
-------------------------------------
Icon Medialab Asia Pte Ltd (In Creditors' Voluntary Liquidation)
issued a notice of dividend as follows:

Address of Registered Office: 11 Collyer Quay #10-04 The Arcade
Singapore 049317.

Amount per centum: 0.43328 percent.

First and final or otherwise: Final.

When payable: 10th October 2003.

Where payable: c/o 11 Collyer Quay #10-02 The Arcade Singapore
049317.


JASNAT ENGINEERING: Releases First & Final Dividend Notice
----------------------------------------------------------
Jasnat Engineering Pte Ltd. issued a notice of first and final
preferential dividend as follows:

Address of Registered Office: Formerly of 10 Anson Road
#27-18 International Plaza Singapore 079903.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 75 of 2000.

Amount Per Centum: 56.65 percent.

First and Final or otherwise: First & Final Preferential
Dividend.

When Payable: 30th September 2003.

Where Payable: The Official Receiver

The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore
069118.

KAMALA PONNAMPALAM
Assistant Official Receiver.


PANPAC MEDIA: Settles Legal Proceeding With CCC
-----------------------------------------------
Reference is made to announcement on 30 October 2002 made by
Panpac Media Group Limited that the Company had instituted legal
proceedings against China.com Corporation Ltd (CCC) in respect
of CCC's breach of obligations under an Equity Exchange and
Option Agreement (the Agreement) dated 9 December 1999 entered
between the Company and CCC.

The Company and CCC had on 8 October 2003 entered into a
settlement in respect of the matter. Pursuant to the settlement,
the Company has on 16 October 2003 discontinued the proceedings
against CCC. The parties have agreed that the terms of the
settlement be kept confidential.


SANTANDER INVESTMENT: Releases Final Notice to Creditors
--------------------------------------------------------
Final notice is hereby given that the creditors of and/or
persons entitled to any property in the possession of Santander
Investment Securities Singapore Pte Ltd, which has been placed
under members voluntary liquidation on 6th June 2000, are
required within 2 months from the date of publication of this
Final Notice to prove and send in their names and addresses and
the particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the undersigned, the
Liquidator of the said Company, and if so required by notice in
writing from the said Liquidator, should by their solicitors or
personally to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof, they will be excluded from the benefit of any
distribution made before such debts or claims are proved.

Please note that the Liquidator intend to dissolve the Company
after the expiration of 2 months from the date of publication of
this Final Notice.

Dated this 17th day of October 2003.
LAI SENG KWOON

The Liquidator of Santander Investment Securities Singapore Pte
Ltd C/o 10 Collyer Quay #21-01 Ocean Building Singapore 049315.


TAMPINES ASSETS: Issues S$108M 5.6% Senior Bonds Due 2006
---------------------------------------------------------
Tampines Assets Limited issues S$108,000,000 5.625 percent
Senior Secured Bonds due 2006 and S$72,000,000 6 percent Junior
Secured Bonds Due 2006 (collectively known as the Bonds).

Tampines Assets Limited refers to the Trust Deed dated 7
December 1999 between Dexia Trust Services Singapore Limited,
Tampines Properties Pte Ltd and the Company on the above issue.

Pursuant to Clause 19(A)(p) of the Trust Deed, the Company
hereby states that for the quarterly period 1 July 2003 to 30
September 2003:-

(i) the Company has not exceeded the limitations on the amount
that it may borrow as provided in the Trust Deed;

(ii) the Company has observed and performed all the covenants
and obligations binding on it by or pursuant to the Trust Deed;

(iii) no event has happened which has caused or could cause the
Bonds to become immediately repayable or the security created by
the Trust Deed or the security documents to become enforceable;

(iv) no material trading or capital loss has been sustained by
the Company;

(v) no material circumstances affecting the Company have
occurred which adversely affect the Bonds;

(vi) no contingent liability has been incurred by the Company
which materially affect the Company in its ability to repay the
Bonds;

(vii) there has been no change in any accounting method or
methods of valuation of assets or liabilities of the Company;

(viii) no circumstances have arisen which render adherence to
the existing method of valuation of assets or liabilities of the
Company misleading or inappropriate;

(ix) no substantial change has taken place in the nature of the
business of the Company or its subsidiary since the date of the
Trust Deed;

(x) the Company has not deposited money with or lent money to or
assumed any liability of a corporation which pursuant to Section
6 of the Companies Act, Chapter 50 is deemed to be related to
the Company; and

(xi) no circumstances affecting the Company or its subsidiary
have occurred which materially affect any security or charge
included in or created by the Bonds or in the Trust Deed.


TINCEL LIMITED: Issues S$689M 5% Senior Bonds Due 2011
------------------------------------------------------
Tincel Limited issued S$689,000,000 5 percent Senior Secured
Bonds Due 2011 & S$295,500,000 7.4 percent Junior Secured Bonds
Due 2011 (collectively known as the Bonds)

Tincel Limited refers to the Trust Deed dated 13 June 2001
between Dexia Trust Services Singapore Limited and Tincel
Limited on the above issue.

Pursuant to Clause 19(A)(p) of the Trust Deed, the Company
hereby states that for the quarterly period 1 July 2003 to 30
September 2003:

(i) the Company has not exceeded the limitations on the amount
that it may borrow as provided in the Trust Deed;

(ii) the Company and the guarantor Company have observed and
performed all the covenants and obligations binding on them
respectively by or pursuant to the Trust Deed;

(iii) no event has happened which has caused or could cause the
Bonds to become immediately repayable or the security created by
the Trust Deed or the security documents to become enforceable;

(iv) no material trading or capital loss has been sustained by
the Company or the guarantor Company;

(v) no material circumstances affecting the Company or the
guarantor Company have occurred which adversely affect the
Bonds;

(vi) no contingent liabilities have been incurred by the Company
or the guarantor Company which materially affect the Company or
the guarantor Company in its ability to repay the Bonds;

(vii) there has been no change in any accounting method or
methods of valuation of assets or liabilities of the Company or
the guarantor Company;

(viii) no circumstances have arisen which render adherence to
the existing method of valuation of assets or liabilities of the
Company or the guarantor Company misleading or inappropriate;

(ix) no substantial change has taken place in the nature of the
business of the Company, its subsidiary or the guarantor Company
since the date of the Trust Deed;

(x) the Company has not deposited money with or lent money to or
assumed any liability of a corporation which pursuant to Section
6 of the Companies Act, Chapter 50 is deemed to be related to
the Company; and

(xi) no circumstances affecting the Company, its subsidiary or
the guarantor Company have occurred which materially affect any
security or charge included in or created by the Bonds or in the
Trust Deed.



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


COUNTRY (THAILAND): Posts Update on Debt-to-equity Conversion
-------------------------------------------------------------
Re:  Additional Explanation of the conversion of debt to equity

To:  Directors and Managers, The Stock Exchange of Thailand

Country (Thailand) Public Company Limited has increased the
capital in the amount of 645,109,726 shares, of which the
allotment has been made to the creditors in accordance with the
rehabilitation plan for conversion of debt to equity.

The company would like to inform you of additional information
concerning the conversion of debt to equity as follows. The
company has filed a partition for permission to register and
distribute new capital (form 35-1) with the Securities and
Exchange Commission (SEC).  Later, the SEC has approved the
partition with the condition that the company has to submit a
Filing document (form 69-1) and make a payment for the Filing
fee to the SEC within 30 days prior to the day that the
securities of the company are allowed to trade on the SET.  If
there is any other progression on this case, the company will
inform you as soon as possible.

Please be informed accordingly.

Sincerely yours,

Mr. Khumsup Lochaya
Director

Property Planner Co., Ltd.
Plan Administrator for Country (Thailand) Public Co., Ltd.


MODERN HOME: Repays All Outstanding Debt; Finds New Investors
-------------------------------------------------------------
Re:     Progress report on the Rehabilitation Process of Modern
        Home Development Company Limited

To:     President, The Stock Exchange of Thailand

We, the plan administrator of Modern Home Development Company
Limited, would like to report the progress of the company's
rehabilitation process as follows:

(1) Debt repayment

M-Home has already paid its remaining debt to all creditors
completely. Last repayment has been made to Bank Thai Plc, and
TAMC by assets transfer and the cash repayment paid to M-Home
Planner Company Limited in last September.

(2) Capital increase

M-Home has issued the new issued shares to KC Group, the new
investor of M-Home, presented as follows are details of the
capital increase transaction.

Date of capital increase:                   October 10, 2003
Number of newly issued shares sold to KC:   25,473,072 shares
Purchase Price:                             13.74 Baht per share
Total investment amount:                    Baht 350,000,000
Payment of the capital
increase ate divided
into two portions:
   Cash Payment:                            Baht 23,549,099
   Payment by assets transfer:              Baht 326,450,901
   Registered capital:                      Baht 339,707,980

Value of assets, which have been transferred were the average
appraisal value determined by two assets appraisers namely Simon
Lim and Partners and BCA Appraisal.

Presented below is the list of the new shareholders:

Number Name                    Number of shares    Percentage
Mr. Apisit Ngamachariyakul       7,000,020           20.60%
Mr. Chai Ngamachariyakul         5,978,021           17.60%
Mr. Somsak Ngamachariyakul       2,625,007            7.72%
Ms. Kwanchit Udomsuknirund       1,575,004            4.64%
Mr. Pinate Ngamachariyakul         875,002            2.58%
Ms. Thanawun Ngamachariyakul       875,002            2.58%
Ms. Sasithorn Ngamachariyakul      875,002            2.58%
Ms. Jidapa Ngamachariyakul         875,002            2.58%
Ms. Aranya Udomsuknirund           875,002            2.58%
Mr. Ekasit Dejvorapat              875,002            2.58%
Mr. Ekachai Dejvorapat             875,002            2.58%
Ms. Piengjai Sae-ngow              875,002            2.58%
Ms. Ekmanee Dejvorapat             875,002            2.58%
Ms. Sarinya Vanavit                210,001            0.62%
Mr. Yuthana Vanavit                210,001            0.62%
        Total                   25,473,072           75.00%

In addition, on October 16, 2003 the board of directors or
Modern Home Planner Company Limited has been changed to KC
Group's persons as follows:

Mr. Apisit Ngamachariyakul
Mr. Somchai Vanavit
Ms. Peangjai Sae-ngow
Mr. Thanakrit Ngamachariyakul  and
Mr. Somsak Ngamachariyakul

Authorized signature is Mr. Apisit Ngamachariyakul with a
company's seal or two out of three persons as follows with a
company's seal: Mr. Somchai Vanavit, Ms. Peangjai Sae-Ngow, Mr.
Thanakrit Ngamatchariyakul.

The name of M-Home is going to be changed to KC Property Public
Company Limited within November 2003 and currently is under the
process of the amendment of the rehabilitation plan, by
extending the rehabilitation period to September 30,
2003. (You may view M-Home's Capital Increase plan through this
link http://bankrupt.com/misc/modern_home.htm)


Sincerely Yours,

Mr. Damrong Ratanasaengsakulthai
Mr. Phillip Alexander
Authorized Directors


PAE (THAILAND): New Investor Pledges THB210 Million Cash Boost
--------------------------------------------------------------
Re: Progress report on rehabilitation

To: Kittirat Na-Ranong, President, The Stock Exchange of
    Thailand

Dear Sir,

We refer to your letter Bor Jor 302/2003 dated 21 April 2003 and
our letter dated 30 April, 2003 with regard to the update of the
development of PAE Thailand Public Company Limited.

We confirm that pursuant to the Amended Plan approved by the
Central Bankruptcy Court of 15 November 2002, Freeinternet Co
Ltd. (Freeinternet) was to reject the capital fund of THB210
million.  The injection was further documented in a Memorandum
of Understanding (MOU) made between the Plan Administrator (PA)
and Freeinternet.  Both the Amended Plan and the MOU set out a
timeframe for the capital injection.  This timeframe has not
been adhered to.

On 30 April 2003, Freeinternet appointed the PA to exercise its
right to nominate the new investor.  On the basis of the amended
MOU, the PA signed a Letter of Intent with a new investor (new
investor) during August 2003 to inject THB210 million capital
into PAE.  On 15 September 2003, the PA issued notice of
termination upon Freeinternet due to its failure to comply with
the conditions of the MOU.  The PA is presently filing a further
amendment to the Amended Plan to enable the transaction with the
new investor to be completed.

New investor consists of a financial and strategic investor,
which will develop the ongoing and future business of PAE. It is
also the intention of new investor to keep the current status of
PAE as a public and listed company.

Yours faithfully,

Ian Pascoe
Director

GTT PLANNERS CO., LTD.
Plan Administrator


THAI MILITARY: Sour Debts Drop to 12% of Total Loan Portfolio
-------------------------------------------------------------
The non-performing loans of Thai Military Bank PCL are down to
THB38.14 billion or 12.5% of its total loans as of September 30,
Dow Jones said yesterday.

This figure is an improvement from the level at the end of June,
which saw the bank dragging THB42.23 billion bad loans.  At the
end of September, Dow Jones said, the bank's total assets stood
at THB381.24 billion versus THB383.15 billion at end-June, while
its total liabilities were THB358.78 billion, compared with
THB367.04 billion at the end of the previous quarter.


TPI POLENE: Consumer Protection Board Allows Use of Logo on Bags
----------------------------------------------------------------
The Office of the Consumer Protection Board has allowed TPI
Polene Plc to use its logo on the latter's products, making the
company the first cement maker in Thailand to be endorsed by the
agency.

According to Business Day, TPI Polene treats the endorsement as
a confirmation of its determination to produce quality products
to meet customer needs.

"All types of TPIPL's cement products have been endorsed by TIST
for quality," TPI Polene senior official, Pratchaya Jandrathip,
told Business Day.




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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