TCRAP_Public/031023.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, October 23, 2003, Vol. 6, No. 210

                           Headlines

A U S T R A L I A

AMP LIMITED: Regulator Censures NAB's Cicutto
AUSTRIM NYLEX: AU$100 Million Capital Hike Oversubscribed
DJF PTY: Ex-director Pleads Guilty to Fraud Charges
MAYNE GROUP: Hospitals Sale A Dress Rehearsal, Say Analysts
QANTAS AIRWAYS: New Zealand's Final Ruling on Alliance Out Today

TRANSAUSTRALIAN AIR: Sold to National Jet Systems for AU$26M


C H I N A  & H O N G K O N G

GOLD CLEVER: Bank of China Files Winding up Petition
GOLD LIGHT: Court Sets Winding up Hearing November 19
GREENWALLS BIOENGINEERING: Silver Ben Seeks Firm's Wind up
OSAKA ELECTRONICS: Hearing on Winding up Petition November 19
UNION EMPIRE: Winding up Hearing Set November 19


I N D O N E S I A

GARUDA INDONESIA: Govt to Convince Creditors to Grant More Loans
INDONESIAN SATELLITE: US$200 Million Notes Assigned 'B2'
INDONESIAN SATELLITE: Stock Continues to Rise


J A P A N

MITSUBISHI MOTORS: S&P Downgrades Rating to 'B+pi'
NIPPON TELEGRAPH: Teams Up With Motorola
NISSHO IWAI: S&P Assigns 'B' Rating
NISSHO IWAI: Issues Convertible Bonds
SOGO CO.: Ex-Hiroshima Head Gets Suspended Term


K O R E A

ASIAN AIRLINES: Opens Incheon-Auckland Route
HANARO TELECOM: AIG-Newbridge Capital Offer Wins Bid
HYUNDAI GROUP: Ends Corporate Restructuring Office
SK GROUP: Units Fined US$25M for Unfair Trading Practices
SK GROUP: Don-woong Takes US$8.5M From Slush Fund

SK NETWORKS: SK Corp. Set to Finalize Bailout


M A L A Y S I A

CONSTRUCTION AND SUPPLIES: KLSE Delists Securities
EPE POWER: KLSE Sets Petition Hearing December 4
RHB SAKURA: SC Extends Proposal Deadline to April 9
SASHIP HOLDINGS: KLSE Delists Securities
SURIA CAPITAL: Issues Litigation Update

TA ENTERPRISE: Unit Executes RSLS


P H I L I P P I N E S

ABS-CBN BROADCASTING: Clarifies Php1B Revenue Report
ABS-CBN BROADCASTING: Plans to Issue US$150M in Senior Notes
MANILA ELECTRIC: ERC Probes Firm, 13 Other Utilities
NATIONAL BANK: NPL Ratio 50% as of September 19
NATIONAL BANK: Swings to P127M Profit in January-September

NATIONAL POWER: ERC Grants Revised Generation Rates Proposal
NATIONAL STEEL: Rejects Bid Offers From Two Foreign Firms


S I N G A P O R E

ASTI HOLDINGS: Issues Notice of Director's Interest
ASTRO CONSTRUCTION: Issues Dividend Notice
CONTECH REALTY: Creditors Must Submit Claims by November 17
DATELINE FORWARDING: Releases Winding Up Order Notice
ITALIAN FASHION: Releases October 13 AGM Resolutions

LIAN CHEONG: Petition to Wind Up Pending
NEWTON ENGINEERING: Issues Winding Up Order Notice
POPULAR HOLDINGS: Creditors Wind Up Inactive Unit
WINEDGE ELECTRONICS: Issues Debt Claim Notice to Creditors


T H A I L A N D

ASIA HOTEL: Posts Update on Debt Restructuring
THAI PETROCHEMICAL: Creditors Offer US$160 Million Credit Line


    -  -  -  -  -  -  -  -

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


AMP LIMITED: Regulator Censures NAB's Cicutto
---------------------------------------------
National Australia Bank CEO Frank Cicutto was ordered Tuesday to
explain to the Australian Competition and Consumer Commission
why he had told analysts the regulator will not interfere with
the bank's plan to takeover AMP Limited.

The order came after the regulator issued a brief statement to
the stock exchange Monday denying it had assured the bank of
non-interference should it push through with the takeover.  In
an interview with analysts recently, Mr. Cicutto made it appear
that he had been in close contact with the regulator, who had
ostensibly guaranteed approval of its plans.

"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 quoted
by several reports as saying.  But ACCC Chairman Graeme Samuel
denied meeting with Mr. Cicutto over the matter.

"It is believed Mr. Cicutto had talked to Mr. Samuel earlier and
said he understood that any deal on AMP required ACCC clearance
on competition issues," The Age said.

In a statement, Mr. Samuel said: "Should an acquisition proposal
be brought forward, it would be dealt with in the normal
manner."


AUSTRIM NYLEX: AU$100 Million Capital Hike Oversubscribed
---------------------------------------------------------
A wide range of Australian institutions, professional investors
and existing shareholders supported Austrim Nylex's AU$100
million capital raising, which was formally closed yesterday.

Citing the company's disclosure to the Australian Stock Exchange
Wednesday, Asia Pulse said about 5,000 shareholders participated
in the share purchase plan and total applications received were
marginally above AU$20 million (US$13.97 million).  The company
said it will accept around AU$400,000 (US$279,400) in over-
subscriptions.

"Directors are pleased that the Share Purchase Plan reached our
expected target of AU$20 million (US$13.97 million) and that
shareholders will not be scaled back in their purchases of
shares as a result," Chairman Dick Nitto said in a statement.

"Both the placement and the Share Purchase Plan are significant
steps in Austrim Nylex's strategic plan to return the group to a
very positive financial position, which with further assets
sales, will see our net debt levels fall to an expected AU$196
million (US$136.91 million) by the end of the 2003 calendar
year, allowing us to finalize new banking facilities on more
favorable terms," Mr. Nitto added.

The company said it will use AU$75 million of the proceeds to
pay down debt, with the remainder to go towards working capital
and costs.


DJF PTY: Ex-director Pleads Guilty to Fraud Charges
---------------------------------------------------
Mark Anthony Johnstone, 46, of Tamworth New South Wales, today
pleaded guilty in the Supreme Court of Tasmania to six counts of
being knowingly involved in fraudulent conduct.

The charges were laid following an investigation by the
Australian Securities and Investments Commission (ASIC) into the
failure of DJF Pty Ltd, which traded as MI Machinery at
Youngtown in Launceston, Tasmania.

DJF Pty Ltd was involved in the sale of farm and earth-moving
equipment and went into liquidation on 4 May 1999 with debts of
more than $2.5 million.

ASIC alleged that Mr. Johnstone, while a director of DJF,
knowingly assisted DJF in fraudulently obtaining the financing
of more than $769,000 from several banks and finance companies.
The companies defrauded included National Mutual, Esanda,
BankWest and Trust Bank.

Mr. Johnstone was remanded in custody until 29 October 2003 for
sentencing.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


MAYNE GROUP: Hospitals Sale A Dress Rehearsal, Say Analysts
-----------------------------------------------------------
Some analysts believe the sale of Mayne's hospitals business is
a prelude to an eventual sale of the entire group, Asia Pulse
said Wednesday.

In an interview with the news agency, Tolhurst Noall's Marcus
Padley cited the previous work of Managing Director Stuart James
at Colonial, the wealth management group he sold to Commonwealth
Bank of Australia Ltd.  Incidentally, Mr. Stuart partnered with
former Mayne CEO Peter Smedley to make that deal possible.

"He will be fully versed on how to do the same with Mayne. The
sale of the hospitals is all part of grooming Mayne for a
takeover - brokers have takeover valuations over AU$4.00," Mr.
Padley told Asia Pulse.

Another analysts who talked to Asia Pulse, Citigroup Smith
Barney's Andrew Goodsall, agreed there might be some substance
in the takeover rumors:  "From here on in, that's going to be
the question in the stock - do we have a break-up story?"

Mayne, which wrote down the value of its hospital business by
AU$341 million in August, will be left with its pharmaceutical
and medical diagnostics businesses after the sale, the report
said.

Ratings agency Moody's lowered Mayne's senior unsecured ratings
to Baa3 from Baa2 and short term rating to Prime-3 from Prime-2
after the announcement of the sale.  It also maintained all
ratings on review for further possible downgrade.


QANTAS AIRWAYS: New Zealand's Final Ruling on Alliance Out Today
----------------------------------------------------------------
The final verdict of New Zealand's competition watchdog on the
proposed alliance of Qantas Airways and Air New Zealand will be
released today, according to Dow Jones.

Originally expected Friday, the decision will be released a day
earlier, said the report without citing any reason.  The
proposed alliance would see Qantas take a 22.5% stake in Air New
Zealand.

Earlier this year, the Australian competition regulator rejected
the alliance, while the New Zealand body similarly junked it in
a draft ruling.  The report to be released today will be the
latter's final decision on the matter.  The Australian ruling is
on appeal.


TRANSAUSTRALIAN AIR: Sold to National Jet Systems for AU$26M
------------------------------------------------------------
National Jet Systems bought out of administration the Melbourne-
based TransAustralian Air, as part of its ambition to double
freight operations, The Advertiser said yesterday.

Under the AU$26.5 million deal, the Adelaide-based buyer
acquired six Boeing 727s, which will be used to service a three-
year contract with Australian air Express (AaE) worth US$100
million.  In addition, it also acquired about 100 staff and jet-
based operations at Tullamarine Airport.  National Jet already
operates three Boeing 146s for AaE -- the Qantas-Australia Post
joint venture for mail and commercial airfreight, according to
The Advertiser.

National Jet Managing Director Daniela Marsilli expects the deal
to more than double its freight operations.  She said the deal
adds more than 59 million kilograms a year to its overnight
freight delivery capacity across Australia.

National Jet is Australia's third-largest high-capacity aircraft
operator with more than 1,000 staff in Australia and Papua New
Guinea, The Advertiser said.


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


GOLD CLEVER: Bank of China Files Winding up Petition
----------------------------------------------------
The High Court of Hong Kong will hear on November 19, 2003 at
10:00 a.m. the petition seeking the winding up of Gold Clever
Trading 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 25, 2003.  Chow, Griffiths & Chan represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Chow,
Griffiths & Chan, which holds office at Room 1902-04, 19th
Floor, Hang Seng Bldg., 77 Des Voeux Road Central Hong Kong.


GOLD LIGHT: Court Sets Winding up Hearing November 19
-----------------------------------------------------
The High Court of Hong Kong will hear on November 19, 2003 at
10:00 a.m. the petition seeking the winding up of Gold Light
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 25, 2003.  Chow, Griffiths & Chan represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Chow,
Griffiths & Chan, which holds office at Room 1902-04, 19th
Floor, Hang Seng Bldg., 77 Des Voeux Road Central Hong Kong.


GREENWALLS BIOENGINEERING: Silver Ben Seeks Firm's Wind up
----------------------------------------------------------
The High Court of Hong Kong will hear on November 12, 2003 at
9:30 a.m. the petition seeking the winding up of Greenwalls
Bioengineering Limited.

Silver Ben Development Limited of Room 704, Unicorn Trade
Centre, 127-11 Des Voeux Road Central, Hong Kong filed the
petition on September 17, 2003.  K.Y. Lo & Co. represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing K.Y. Lo & Co.,
which holds office at Room 704, Unicorn Trade Centre, 127-131
Des Voeux Road Central Hong Kong.


OSAKA ELECTRONICS: Hearing on Winding up Petition November 19
-------------------------------------------------------------
The High Court of Hong Kong will hear on November 19, 2003 at
9:30 a.m. the petition seeking the winding up of Osaka
Electronic Equipment Company 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 23, 2003.  Messrs. Wat & Co. represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs. Wat &
Co., which holds office on the 12th Floor, Chuang's Tower, 30-32
Connaught Road Central Hong Kong.


UNION EMPIRE: Winding up Hearing Set November 19
------------------------------------------------
The High Court of Hong Kong will hear on November 19, 2003 at
10:00 a.m. the petition seeking the winding up of Union Empire
Enterprises 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.


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


GARUDA INDONESIA: Govt to Convince Creditors to Grant More Loans
----------------------------------------------------------------
The government itself will spearhead the restructuring of flag
carrier, Garuda Indonesia, Asia Times learned recently.

Ferdinand Nainggolan, a deputy at the office of the state
minister for state enterprises, in an interview recently told
Asia Times the government will ask creditors to open a new
credit facility for the troubled airline.  He did not say
whether or not the government will guarantee the loan.

The carrier currently owes creditors US$1.01 billion.


INDONESIAN SATELLITE: US$200 Million Notes Assigned 'B2'
--------------------------------------------------------
The proposed US$200 million 144A and Reg S issue of Indosat
Finance Company B.V., a wholly owned subsidiary of Indosat has
been assigned a provisional foreign currency issuer rating of
(P)B2, Jakarta Post said Tuesday.

This rating is similar to that of parent, PT Indonesian
Satellite Corporation Tbk, whose outlook is stable, the report
said, citing a statement of Moody's Investors Service.  The
agency said the rating is based on the unconditional and
irrevocable guarantee to be provided to the securities by
Indosat, PT Satelit Palapa Indonesia (Satelindo) and PT Indosat
Multimedia Mobile (IM3) on a joint- and several-basis.  The
provisional rating is based on a review of documentations as of
October 16, 2003.

The paper said the securities will be sold in a privately
negotiated transaction without registration under the Securities
Act of 1933 under circumstances reasonably designed to preclude
a distribution thereof in violation of the Act. The issuance
will be designed to permit resale under Rule 144A.

Moody's is expected to assign a B2 definitive rating upon review
of the final documentation and a successful draw down of the
dollar bonds, rupiah bonds and rupiah bank loans.


INDONESIAN SATELLITE: Stock Continues to Rise
---------------------------------------------
PT Indonesian Satellite Corp. continued to edge higher on the
stock market, which is positively viewing the planned merger of
its three cellular units, and the units' debt refinancing
program, AFX-Asia said.

Yesterday, Indosat stocks gained 350 rupiah, pushing its value
to 11,650 rupiah.  This despite the composite index dropping
0.716 points at 646.255.

BNI Securities Analyst Adrian Rusmana told AFX-Asia the strong
interest in Indosat indicates investors are still looking at the
positive sides of the merger and refinancing plans.  He believes
Indosat could go as high as 12,000 rupiah if the broader market
sentiment remains positive.

"Investors are still bullish on the stock. They have yet to
question Indosat's ability to service its debt in the future
after the refinancing program," he told AFX-Asia.


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


MITSUBISHI MOTORS: S&P Downgrades Rating to 'B+pi'
--------------------------------------------------
Standard & Poor's Ratings Services downgraded its corporate
credit rating on Mitsubishi Motors Corporation to 'B+pi' from
'BB-pi', reflecting credit losses and deteriorating sales
performance in North America. The rating action also takes into
account the Company's reduced financial flexibility, stemming
from its weaker access to the ABS market and the challenges
facing Chrysler Corporation, the U.S. operations of
DaimlerChrysler--the largest shareholder in Mitsubishi Motors.

The rating could be lowered further if the credit-loss situation
worsens or deterioration in Mitsubishi Motors' performance in
the U.S. accelerates significantly in the near term.

Mitsubishi Motors has lowered its full-year net-income
projections for fiscal 2003 (ending March 31, 2004) to 10
billion yen from 40 billion yen due to the challenges in North
America, including soaring credit losses at its U.S. captive
finance operations stemming from high-risk loans underwritten in
recent years. The Company expects to record extraordinary
provisions totaling about 50 billion yen, based on a
reassessment of its outstanding loan portfolio. The Company has
also implemented stricter underwriting policies and reduced
origination of such high-risk loans.

Given an expected further deterioration in Mitsubishi Motors'
profitability and cash flow, coupled with relatively high
capital investment requirements over the next two to three
years, the Company's capital structure is likely to weaken, with
total debt to capital climbing back to above 80 percent over the
next few years. Mitsubishi Motors' cash flow protection measures
are likely to remain weak, with funds from operations to total
debt below 10 percent. The Company's access to the ABS market
has also come under pressure since a number of ABS transactions
issued by its U.S. captive finance subsidiary have shown poor
performance.

Mitsubishi Motors has benefited from an alliance with
DaimlerChrysler  (BBB+/Negative/A-2), its largest shareholder,
with a 37 percent stake. DaimlerChrysler has sent a team of
managers to lead the Japanese automakers' turnaround efforts,
and Mitsubishi Motors is also expected to enjoy cost reductions
from using common platforms and components. However, given
Chrysler's increasing losses and declining market share in North
America, Standard & Poor's believes that Mitsubishi Motors
cannot rely on additional support from DaimlerChrysler in the
near term.


NIPPON TELEGRAPH: Teams Up With Motorola
----------------------------------------
Motorola and Nippon Telegraph & Telephone (NTT) on Monday
jointly launched new Internet Protocol technology and router
software for next-generation broadband services. The product
technology, called multicast multi-protocol label switching,
enables high-quality multicast streaming and interactive
multimedia communication services.

NTT said that multicast MPLS would allow ISPs to offer video
communication services with much higher reliability via current
IP multicasting technology.

The Company said it would demonstrate the multicast MPLS at the
"MPLS2003" international conference in Washington, D.C., Oct.
26-28. Motorola will make a formal announcement in the U.S.
about the technology on Oct. 27, NTT said. NTT is also
considering adapting the technology to different networks,
including a next-generation fiber-optic network.


NISSHO IWAI: S&P Assigns 'B' Rating
-----------------------------------
Standard & Poor's Ratings Services assigned Tuesday its 'B'
long-term issuer rating to Nissho Iwai Corporation and its 'BB-'
issue ratings to the Company's outstanding straight bonds. The
outlook on the issuer rating is stable. At the same time,
Standard & Poor's withdrew its 'Bpi' rating based on public
information on the Company.

In April 2003, Nissho Iwai and Nichimen Corp. jointly
established a holding Company, Nissho Iwai-Nichimen Holdings
Corp., under which the companies are now operating as 100
percent subsidiaries. Since the two companies are likely to
share risks and advantages within the holding Company structure,
the credit quality of Nissho Iwai will be linked to the
consolidated creditworthiness of Nissho Iwai-Nichimen Holdings.

"The current rating takes into account the possibility of some
deterioration in the group's financial profile in the medium to
long term," said Standard & Poor's credit analyst Yuri Yoshida.
"However, if additional asset restructuring triggers massive
losses that threaten to erode capitalization, there could be a
revision of the outlook or a downgrade," she added.

The holding Company raised 273 billion yen in capital in May
2003, mainly by issuing preferred stock. Although this
contributed to the enhancement of the group's capital base to a
certain extent, the group's capitalization is not sufficiently
sound, given the risks associated with its investment and loan
assets and deferred tax assets. Although Nichimen and Nissho
Iwai have been disposing of problem assets, further asset
restructuring may also lead to the emergence of additional
losses. Amid a difficult business environment, the holding
Company may be unable to achieve its target of 100 billion in
recurring profits in fiscal 2005.

Liquidity support from the UFJ Group, Nissho Iwai-Nichimen
group's main bank, will be maintained. However, given the
group's high dependence on short-term borrowing, a key credit
factor will be whether UFJ and other major creditor banks will
maintain their current lending policy to the Nissho Iwai-
Nichimen group.

The issue ratings on Nissho Iwai's straight bonds are higher
than the issuer rating by two notches, reflecting expected
support from UFJ Bank if Nissho Iwai has trouble repaying the
debt. In such a case, it is likely that only some creditors,
including lender banks, would incur losses and that outstanding
bonds would be unlikely to default.


NISSHO IWAI: Issues Convertible Bonds
-------------------------------------
Nissho Iwai-Nichimen Holdings Corporation (NNH) has resolved to
issue convertible bonds denominated in Japanese yen, at the
meeting of its Board of Directors held on October 17, 2003.

Through the 50 billion yen capital-raising commitment facility
established with Lehman Brothers' group Company in April 2003,
NNH will issue convertible bonds in the amount of 5 billion yen.

Yen Denominated Bonds with Stock Acquisition Rights due November
7, 2005

Issue Amount Y5 billion
Maturity 2 years
Coupon 0 percent
Conversion Feature Convertible into NNH common stock

Initial Conversion Price Y740

Conversion Price Reset: Conversion price will be revised on a
monthly basis, on the trading day following the first Friday of
every calendar month commencing with December 2003, to the lower
of:

- Prevailing conversion price

- 5-day average of closing prices (Floor: 75 percent of
prevailing conversion price)

Floor: Initial conversion price x30 percent

130 percent Soft Call: 130 percent soft call at par after 6
months, 20 business day trigger Hard Call: 102 percent after 6
months at the option of NNH

1. Use of Proceeds:

The proceeds from the issue of the Yen Denominated Bonds with
Stock Acquisition Rights will form loans to Nichimen Corporation
and Nissho Iwai Corporation, which are wholly-owned subsidiaries
of NNH.

2. Information on the Purchaser:

Purchaser: Lehman Brothers Commercial Corporation Asia Limited

Address: Level 38, One Pacific Place, 88 Queensway, Hong Kong

Capital: Capital USD2, Additional Paid-in-capital USD39,650,000
Business Description: Diversified financial services

Relationship with NNH: Together with its affiliate Company, the
Purchaser holds a total of 1,500,000 shares of 1st series Class
III Preferred Stock issued by NNH.

On April 1, Nissho Iwai and trading house Nichimen Corporation
integrated their management under a holding Company Nissho Iwai-
Nichimen Holdings Corporation in a bid to rebuild the struggling
businesses, TCR-AP reported recently. Nissho Iwai has begun
restructuring efforts and has decided to cut the salaries of its
management staff by about 20 percent.


SOGO CO.: Ex-Hiroshima Head Gets Suspended Term
-----------------------------------------------
Yoshimi Waseda, former President of Hiroshima Sogo, a local
outlet of failed department store operator Sogo Co., was
sentenced Tuesday to 30 months in prison, suspended for four
years, for causing the Company to incur 320 million yen in
losses by making it buy leftover inventory, according to Kyodo
News. The Hiroshima District Court handed down the sentence
Waseda for aggravated breach of trust.


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


ASIAN AIRLINES: Opens Incheon-Auckland Route
--------------------------------------------
Asiana Airlines Inc. will launch a new air route Monday linking
Incheon directly with Auckland, New Zealand, according to Yonhap
News. The air carrier will operate a B777-200 passenger jet on
the new route four times a week: Monday, Wednesday, Friday and
Sunday.

The airline plans to sell its assets for 258.3 billion won
(US$219.8 million), as a part of the group's restructuring
plans, TCR-AP reported recently. The airline also plans to scale
back unprofitable international routes. Kumho, which holds
interests in airline carrier, tire maker, building and insurance
firms, has been under financial stress due to its heavy debt
load following its expansionary drive.


HANARO TELECOM: AIG-Newbridge Capital Offer Wins Bid
----------------------------------------------------
American International Group (AIG) and Newbridge Capital on
Tuesday won a bidding war to buy a 39.8 percent stake in Hanaro
Telecom for 500 million dollars, Channel News Asia reports. The
defeat deprives LG Group of its status as the largest
shareholder, with the entry of the AIG-Newbridge companies set
to reduce LG's stake from 18 percent to around 10 percent.

The deal received about 64 percent of the votes at a
shareholders meeting Tuesday, while a rival bid by South Korea's
LG Group and Carlyle Group of the United States obtained some 20
percent.

LG Group and Carlyle had proposed they would jointly invest 640
million dollars to acquire a 50 percent stake in Hanaro. Most of
the Company's small shareholders cast their votes for the offer
from the AIG-Newbridge consortium, which was also backed by the
Hanaro management.


HYUNDAI GROUP: Ends Corporate Restructuring Office
--------------------------------------------------
The Hyundai Group plans to dismantle its corporate restructuring
office in the wake of the inauguration of Hyun Jeong-eun, the
wife of the late Hyundai Group Chairman Chung Mong-hun, as de
facto group chairwoman on Tuesday, Asia Pulse reports. As soon
as the procedures for wealth transfer from the late Chung to his
bereaved family are finished, the group's corporate
restructuring office will be closed.

Hyun took office as chairwoman of Hyundai Elevator, the de facto
holding company for the group, inheriting the group chairmanship
from her deceased husband, who committed suicide in August.
Under Hyun's leadership, Hyundai Group will be restructured into
five major affiliates -- Hyundai Elevator, Hyundai Merchant
Marine, Hyundai Logistics, Hyundai Asan and Hyundai Securities.

Hyundai Elevator is the largest shareholder in Hyundai Merchant
Marine, with a 15.16 percent stake in the firm. Hyundai Merchant
and Hyundai Elevator are the two main pillars of the group.


SK GROUP: Units Fined US$25M for Unfair Trading Practices
----------------------------------------------------------
The Fair Trade Commission ordered SK Group affiliates to pay 29
billion won or $25,000,000 for unfair trading practices.

According to Bloomberg News, the Commission was investigating
six industrial groups for unfair trading prac4tices like
"propping up loss-making units with the profits of successful
arms, fraudulent bookkeeping, corruption, and share-price
manipulation."

Approximately 32 billion won in fines were imposed on five of
the six industrial groups. SK Group affiliates garnered the lion
share of the fines. They plan to appeal the Commission's ruling.
(SK Global Bankruptcy News, Issue No. 6; Bankruptcy Creditors'
Service, Inc., 609/392-0900)


SK GROUP: Don-woong Takes US$8.5M From Slush Fund
-------------------------------------------------
Grand National Party lawmaker Choi Don-woong confessed that he
accepted 10 billion won (US$8.5 million) from SK Group before
the Presidential election on December 2002, according to Yonhap
News. Prosecutors said they are now trying to find out the exact
use of the 10 billion won that Choi, Chief Financier of the
Presidential election campaign headquarters for then-GNP
candidate Lee Hoi-chang, illegally raised from the conglomerate.


SK NETWORKS: SK Corp. Set to Finalize Bailout
---------------------------------------------
SK Corporation will finalize this week its US$722 million rescue
package for its debt-ridden trading affiliate, SK Networks Co.
Ltd., according to Reuters. SK Corporation initially agreed in
June to convert 850 billion won (US$722.2 million) in debt owed
by SK Networks into equity as part of a creditor-led bailout
package.

SK Networks, the trading arm of South Korea's fourth-biggest
conglomerate, SK Group, plans to issue 2.7 trillion won worth of
common and preferred shares on October 27, kick starting the
creditor-led restructuring program. SK Networks markets oil
products for SK Corporation and cell phones for SK Telecom Co.
Ltd, the country's top mobile phone carrier.


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


CONSTRUCTION AND SUPPLIES: KLSE Delists Securities
--------------------------------------------------
The Kuala Lumpur Stock Exchange (KLSE) in exercise of its powers
under Paragraph 16.17 of the Exchange's Listing Requirements,
has decided to de-list the securities of the Company from the
Official List of the Exchange as the Company does not have an
adequate level of financial condition to warrant continued
listing on the Official List of the Exchange.

Accordingly, please be informed that the securities of the above
Company will be removed from the Official List of the Exchange
at 9.00 am on Tuesday, 4 November 2003.

With respect to the securities of the Company which are
deposited with the Malaysian Central Depository Sdn Bhd (MCD),
please be informed that the securities of the Company may remain
deposited with the MCD notwithstanding the de-listing of the
securities of the Company from the Official List of the
Exchange. It is not mandatory for the securities of the Company
to be withdrawn from MCD.

Shareholders of the Company who intend to hold their securities
in the form of physical certificate can withdraw these
securities from their CDS accounts with MCD, at anytime after
the securities of the Company are de-listed from the Official
List of the Exchange by submitting the application form for
withdrawal in accordance with the procedures prescribed by MCD.

Shareholders of the Company can contact any Member Company of
the Exchange and/or MCD's helpline at 03-20717711 or 03-20717723
for information on the withdrawal procedures.


EPE POWER: KLSE Sets Petition Hearing December 4
------------------------------------------------
On behalf of EPE Power Corporation Berhad (EPE), Commerce
International Merchant Bankers Berhad announced that EPE had, at
the hearing of the Summons for Direction held on 15 October
2003, obtained the Kuala Lumpur High Court's directions in
respect of EPE's petition filed on 22 September 2003 to the
Kuala Lumpur High Court for the proposed capital reduction by
EPE involving the cancellation of RM0.50 of the par value of
each existing ordinary share of RM1.00 each and thereafter, the
consolidation of every two (2) resultant ordinary shares of
RM0.50 each into one (1) ordinary share of RM1.00 each. The
Kuala Lumpur High Court had fixed the hearing for the said
petition on 4 December 2003.

Collectively known as "the Proposed EPE Restructuring Scheme"
are as follows:

- Proposed Capital Reduction
- Proposed Acquisitions
- Proposed Debt Restructuring
- Proposed Rights Issue
- Proposed Increase In Authorized Share Capital


RHB SAKURA: SC Extends Proposal Deadline to April 9
---------------------------------------------------
The Boards of Directors of Lion Corporation Berhad (LCB), Lion
Industries Corporation Berhad (LICB) and Amsteel Corporation
Berhad (ACB) jointly announce that following an application by
LCB, LICB and ACB, the Securities Commission has given an
approval to LCB, LICB and ACB to extend the deadline to complete
the following proposals contemplated under the GWRS (details of
which are particularized in the respective Company's Circular to
Shareholders dated 9 January 2003 to 9 April 2004:

a) For LCB, the renounceable restricted offer for sale of up to
approximately 67.61 million shares in ACB by LCB to the eligible
shareholders of ACB;

b) For LICB, the corporate proposal by Amsteel Mills Sdn Bhd
(AMSB) to offer the AMSB's scheme creditors the opportunity to
tender their debts for cancellation by the AMSB's scheme
companies in consideration for shares in ACB and Lion
Diversified Holdings Berhad (formerly known as Chocolate
Products (Malaysia) Berhad); and

c) For ACB, the renounceable restricted offer for sale of up to
approximately 226.85 million shares in LCB by the ACB group of
companies to eligible shareholders of LCB and the issue of
approximately 251.92 million new 4 1/2 years warrants to
shareholders of ACB.


SASHIP HOLDINGS: KLSE Delists Securities
----------------------------------------
The Special Administrators of Saship Holdings Berhad on 21
October 2003 received a letter by fax, from the Kuala Lumpur
Stock Exchange (KLSE) informing the Company that KLSE, after
having considered all the facts and circumstances of the matter
including the written and oral representations of the Company
and upon consultation with the Securities Commission, KLSE in
the exercise of its powers under paragraph 16.17 of KLSE's
Listing Requirements (LR) has decided to de-list the securities
of the Company from the Official List of KLSE as the Company
does not have an adequate level of financial condition to
warrant continued listing on the Official List of KLSE unless
the followings conditions are met:

a. SHB makes the Requisite Announcement on its regularization
plans on or before 31 October 2003 (the deadline) as requested
by the Special Administrators; and

b. SHB submits its regularization plans to the relevant
authorities for approval within fourteen (14) days from the date
of the Requisite Announcement.

KLSE further decided that in the event SHB fails to obtain any
of the authorities' approval necessary for the implementation of
its regularization plans within the time frames stipulated by
the relevant authorities, the securities of SHB will be de-
listed from the Official List of the KLSE.

KLSE also decided that in the event any one of the circumstances
set out below occurs, the de-listing of the securities of SHB
from the Official List of the KLSE will be effected without
further representations from SHB and without any further
consideration of the matter by KLSE and the securities of SHB
shall be removed from the Official List of the KLSE upon the
expiry of fourteen (14) days from the date of occurrence of any
one of the circumstances set out below:-

a. SHB fails to make the Requisite Announcement on or before the
Deadline;

b. SHB fails to submit its regularization plans to the relevant
authorities for approval within fourteen (14) days from the date
of the Requisite Announcement;

c. SHB fails to obtain the relevant authorities' approval of its
regularization plans;

d. SHB has obtained the relevant authorities' approval but fails
to implement its regularization plans within the time frames
prescribed by the relevant authorities.

In arriving at this decision, KLSE relied, amongst others, upon
the following factors:

a The Special Administrators were appointed pursuant to the
Pengurusan Danaharta Nasional Berhad Act 1998 only on 28 April
2003 and had less than 2 months from the date of their
appointment ie. Until 18 June 2003 to implement the
regularization plans as approved by the Securities Commission;

b Upon their appointment, the Special Administrators are
required by Section 31 of the Pengurusan Danaharta Nasional
Berhad Act 1998 to make into custody or control all assets to
which SHB is or appears to be entitled and further Section 44 of
the Danaharta Nasional Berhad Act 1998 requires the Special
Administrators to prepare a workout proposal setting out the
plan with respect to SHB. Due regard was given to the complexity
and specialized nature of the business of the Company which
involves cross border transactions, 39 material litigation
cases, renegotiation of the contract sum of the contract with
Bintulu Port Berhad which is the lifeline of the Company and
certain special assets like the power generators which had to be
valued by specialists require considerable time by the Special
Administrators to assess the viability of the operations and
business of the Company prior to the preparation of the workout
proposal to regularize the financial condition of SHB.

c Nevertheless, SHB had failed to implement its regulation plans
within the final extension of time granted by the Securities
Commission ie. Until 18 June 2003;

d SHB's announcement on 26 June 2003 that SHB would not proceed
with the implementations of its regularization plans as the
Securities Commission's approval for its regularization plans
via its letter dated 19 September 2000 has lapsed;

e As at 18 June 2003 ie. The final extension of time granted by
the Securities Commission for implementation, SHB has had a
total of 33 months to implement its regularization plans since
the Securities Commission's approval of SHB's regularization
plans via its letter dated 19 September 2000;

f As at 8 September 2003, SHB has had a total of 30 months to
regularize its financial condition since SHB's first
announcement on 26 February 2001;

g. All Practice Note 4/2001 (PN4) companies are required to
regularize their financial condition within the prescribed time
frames stipulated by the Exchange pursuant to paragraph 8.14 of
the Listing Requirement and PN4 and the time frame granted by
the Securities Commission for implementation of their
regularization plans;

h. In the opinion of the KLSE, adequate time and opportunity has
been accorded to SHB to regularize its financial condition but
the circumstances are such as to warrant one last opportunity to
regularize its financial conditions subject to the
abovementioned conditions. These final conditions represent the
final opportunity that is to be granted to the Company; and

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


SURIA CAPITAL: Issues Litigation Update
---------------------------------------
Suria Capital Holdings Berhad announced that on 17th October
2003, the Company (as the Fourth Defendant) was served with Shah
Alam High Court Originating Summon No. MT4-24-1150-2003 by
Southern Finance Bhd (formerly known as United Merchant Finance
Bhd) (Plaintiff) through their KL based solicitors Messrs. Sothi
& Ang.

The First, Second and Third Defendants are Soo Suah Hoon, Soh
Guat Cheng and Soo Sheo Bee respectively whereas the Fifth
Defendant is Hong Leong Housing Sdn. Bhd.

The Originating Summon, which was filed in the High Court of
Shah Alam as Originating Summon No.: MT4-24-1150-2003 is an
application by the Plaintiff for a declaration as follows:

a) The Loan Agreement and the Deed of Assignment made between
the Plaintiff and the First, Second and Third defendant on or
around the month of June 1997 to assign the rights and interest
of the First, Second and the Third defendant under the Sale and
Purchase Agreement between the First, Second and Third defendant
and the Suria Capital Holdings Berhad and Hong Leong Housing
Sdn. Bhd. dated 6th June, 1996 is revoked.

b) The Power of Attorney granted by the First, Second and Third
defendant to the Plaintiff for the purpose of carrying out all
and every rights of the First, Second and Third defendant under
the Sale and Purchase Agreement entered into between the First,
Second and Third defendant and Suria Capital Holdings Berhad and
Hong Leong Housing Sdn. Bhd. dated 6th June 1996 has and hereby
revoked;

c) The Plaintiff has no right and/or interest in the Sale and
Purchase Agreement entered into between the First, Second and
Third defendant and Suria Capital Holdings Berhad and Hong Leong
Housing Sdn. Bhd. dated 6th June, 1996 and also over the
Property known as Parcel No. Block 53 within the Housing
Development Project known as Sri Angkasa Phase 4B and 4 on the
land held under H. S. (D) 444096 P. T. No. 499 Mukim Damansara
District of Petaling State of Selangor.

d) The rights and interest under the Sale and Purchase
Agreement dated 6th June, 1996 entered into between the First,
Second and Third defendant and Suria Capital Holdings Berhad and
Hong Leong Housing Sdn. Bhd. is hereby reassigned to the First,
Second and Third defendant;

e) Any other relief deems fit and proper;

f) The cost of this application is borne by the Plaintiff.

As a defendant, SURIA is required to appear at hearing of the
Originating Summons, which is fixed on 5th January, 2004.

SURIA will be instructing its Kuala Lumpur-based Solicitors to
appear on its behalf and not to object the application.

The Originating Summon does not have any adverse material impact
on the earning and Net Tangible Assets of SURIA.

Announcement Authorized by:
DATUK ISMAIL AWANG BESAR
Managing Director


TA ENTERPRISE: Unit Executes RSLS
---------------------------------
TA Enterprise announced that TA First Credit Sdn Bhd (TAFC), a
wholly owned subsidiary of TA Enterprise Berhad, executed the
following documents pertaining to the Redeemable Secured Loan
Stock (RSLS) that will be issued pursuant to Idris'
restructuring scheme:

1. Sharing Agreement

2. Subscription Agreement for ICULS-A

3. Subscription Agreement for RSLS

4. Guarantee Agreement

According to TCR-AP, TA Enterprise Berhad announced that TA
First Credit Sdn Bhd (TAFC), a wholly owned subsidiary of the
Company, has agreed to dispense with the condition that the cash
amount due to TAFC from the Proposed Share Subscription by Dato'
Che Mohd Annuar bin Che Mohd Senawi, amounting to RM37.7 million
be paid on or before 30 September 2003.

Meanwhile, the date the scheme liabilities are expected to be
fully addressed shall remain on 30 November 2003 (Extended Debt
Conversion Date). The balance of RM4.3 million cash proceeds due
to TAFC shall also be paid on or before the Extended Debt
Conversion Date


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


ABS-CBN BROADCASTING: Clarifies Php1B Revenue Report
----------------------------------------------------
ABS-CBN Broadcasting Corporation clarifies the news article
entitled "ABS-CBN reaches P1-B revenue mark in September"
published in the September 30, 2003 issue of the BusinessWorld.

The article reported that "Media giant ABS-CBN Broadcasting
Corp. reached the P1 B mark in revenues for September, an
industry source said. This is the fifth consecutive month the
Lopez-led broadcasting firm reached 1 billion pesos in revenues.
'We hit a B again. From May to September, the monthly average is
at P 1 B,' the sources said.

ABS-CBN Broadcasting Corporation ("ABS"), in its letter dated
September 30, 2003, disclosed that:

"The Company would like to inform the Philippine Stock Exchange
(PSE) that ABS-CBN Broadcasting Corporation has not released any
information on its September results. Airtime revenues and other
financial information will be disclosed when we submit the SEC
Form 17-Q for the third quarter 2003."


ABS-CBN BROADCASTING: Plans to Issue US$150M in Senior Notes
------------------------------------------------------------
ABS-CBN Broadcasting Corporation plans to issue US$150 million
worth of senior secured notes to fund debt payments, additional
investment in cable television operations and capital
expenditure, according to Business World. Real property,
equipment and other assets will secure the notes. It would also
be guaranteed by some of its subsidiaries.

Standard & Poor's recently gave a "B+" rating to the Company's
notes issue. "A key constraining factor in ABS-CBN's rating is
the financially distressed situation of its owner Benpres
Holdings Corp, which controls 85 percent of shareholders' voting
rights in ABS-CBN," Standard & Poor's said. ABS-CBN last month
retired a debt with Standard Chartered Bank, which matured in
August 2002. It is seeking creditors willing to provide PhP70
million.


MANILA ELECTRIC: ERC Probes Firm, 13 Other Utilities
----------------------------------------------------
The Energy Regulatory Commission (ERC) is investigating the
Manila Electric Co. (Meralco), and 13 other utilities for
possible unauthorized capital expenditures, reports the Inquirer
News Service, citing ERC Chairperson Manuel Sanchez. If found
guilty these companies will be fined between 50,000 pesos and 50
million pesos each if found guilty of violating the regulation
on capital expenditures.

"Utilities are required to seek the ERC's approval for any
electric capital expenditure projects," Sanchez said, citing
Commonwealth Act 146, which requires electric distribution
utilities to seek the approval of regulators before building,
operating or maintaining new facilities or services, or
extending existing facilities.

The other utilities under probe, according to ERC records, are
Angeles Electric Co., Cabanatuan Electric Corp., Cotabato Light
and Power Co., Cagayan Electric Power & Light Co., Dagupan
Electric Corp., Ibaan Electric and Engineering Corp., Iligan
Light Power Inc., La Union Electric Co., Manson's Corp., Mactan
Electric Co., Panay Electric Co., San Fernando Electric Light
and Power Co., and Tarlac Electric Co. Inc.


NATIONAL BANK: NPL Ratio 50% as of September 19
-----------------------------------------------
Philippine National Bank (PNB) said its non-performing loans
(NPL) of 48.06 billion pesos accounted for 50 percent of total
loan portfolio as of September 19 compared with 49 percent as of
June 19, according to AFX Asia. The bank set aside 16.43 billion
pesos as specific provisions for loan losses as of September 19,
while general provisions totaled 1.54 billion pesos. Return on
equity stood at 0.9 percent.


NATIONAL BANK: Swings to P127M Profit in January-September
----------------------------------------------------------
The Philippine National Bank (PNB) continues to gain momentum in
its thrust to improve profitability and overall performance
entering its second year of a rehabilitation program forged
between major owners, the Philippine Government and the Lucio
Tan Group, a Company statement said. After years of successive
losses, the Bank posted a net income of 127 million pesos for
the first nine months of 2003, a big reversal from the 1.52
billion pesos net loss it recorded during the same period last
year.

According to PNB President & CEO Lorenzo V. Tan, "The positive
results of operations were due to substantial improvements in
net interest margin, higher fee-based income and reduction in
operating expenses. The much-improved performance has likewise
enabled the Bank to boost its reserve coverage for probable
losses. "

President Tan adds that the performance is worth taking note
specially since PNB has stayed on track since the beginning of
the year, posting net profits monthly since January 2003.

Net Interest Margin of P1.17 billion is a recovery from last
year's negative P19 million. Interest Income amounted to P5.42
billion, higher than last year's P4.72 billion while Interest
Expense this year declined to P4.24 billion from last year's
P4.74 billion. Improving cost of funds due to a more favorable
deposit mixes and better pricing of loans and deposits were
mainly responsible for the positive margin during the first nine
months of 2003. Introduction of Priority One checking account
targeted at high net worth clients, the launching of a yearlong
promo to encourage OFWs and their beneficiaries to increase
their deposit balances, and a successful deposit campaign among
employees to solicit new deposit accounts contributed in
accelerating the growth of low-cost deposits. At end-September
2003, low-cost CA/SA deposits comprised 43 percent of total
deposits, comparing favorably to its year-ago ratio of 40
percent. Meanwhile, total deposits grew by P11.86 billion or 9
percent from the end-2002 level to reach P149 billion at end-
September 2003.

Fee-based and Other Income expanded by 17 percent to P3.76
billion from last year's P3.22 billion. The surge in income was
due mainly to the adjustment in the pricing of products and
services to align these with market, such as those on
remittances and deposit products. Other income was further
buoyed by recoveries on foreclosed assets. Total ROPOA sales
booked for the first nine months of 2003 amounted to P1.8
billion.

Tighter controls in Administrative and Other Operating Expenses
further boosted the bottom line as total Other Expenses declined
by 8 percent to P4.04 billion in the first three quarters of
2003 from P4.4 billion during the same period last year.
Provisions for Probable Losses of P447 million have been set
aside for the first nine months of 2003 as compared to the P60
million provisions for the same period in 2002.

The positive results are expected to be sustained as the
institutional strengthening initiatives and restructuring
efforts under the "Good Bank - Bad Bank" strategy are pursued at
a more vigorous clip.

Low-cost deposits are expected to get a big boost from the
recent launching of new as well as re-packaged deposit products
for individual as well as corporate depositors. More focused
approach in the branches delineating roles separately for sales
and service has already started to reap positive results as more
and more branches improve their individual profitability
performance while at the same time significantly improving
levels of customer service.

Remittance volumes and fees will continue to benefit from the
tie-ups forged recently with overseas institutions 7-Eleven and
Bank Mandiri in Hong Kong. The tie-up with 7-Eleven allows OFWs
to enjoy the convenience of remitting through any of the 480 7-
Eleven stores in Hong Kong 24 hours a day, 7 days a week.
Meanwhile, PNB offices in Hong Kong now accept remittances of
Indonesian workers in the former Crown Colony, which are then
paid out to the workers' beneficiaries in Indonesia using Bank
Mandiri's network of branches. Similar tie-ups in other parts of
the world are being explored to expand PNB's market and
servicing reach. The opening of new remittance centers and
offices abroad is also in the pipeline. Recent openings include
the sub-branch in Nagoya, Japan and remittance branches in
Moreno Valley in California and Scarborough in Ontario, Canada.

Meanwhile, the "Bad Bank" has focused its efforts at resolving
the P75 billion portfolio of non-performing assets through
earnest collection efforts, workouts and restructurings, as well
as creative and focused asset management strategies. The asset
management program includes sale of properties via monthly
public auctions by the appointed auction manager CB Richard
Ellis, tie-up with broker organizations to tap into their
nationwide broker network coverage for retail and commercial
sales, adoption of measures to add value to the properties
including leasing, caretaker and maintenance arrangements, and
the signing up of Ernst & Young as financial advisor for
wholesale strategies for the disposition and resolution of
ROPOAs as well as NPLs.


NATIONAL POWER: ERC Grants Revised Generation Rates Proposal
------------------------------------------------------------
The Energy Regulatory Commission (ERC) recently granted the
National Power Corporation (NPC) and Power Sector Assets and
Liabilities Management Corporation (PSALM) a provisional
authority to implement the revised generation charges using the
Long-Run Avoidable Cost (LRAC) methodology for the Luzon,
Visayas and Panay/Bohol Grids.

For the Luzon Grid, the approved Annual LRAC Average Rate is
PhP2.4717/kWh. For the Visayas and Panay/Bohol Grids, the LRAC
shall be applied on a staggered basis in order to cushion the
impact on the consumers. The LRAC Rates for the following
billing cycle are as follows: September 26 to December 25, 2003:
PhP2.5752/kWh (Visayas), PhP2.6125/kWh (Panay/Bohol); December
26, 2003 to March 25, 2004: PhP2.6587/kWh (Visayas),
PhP2.7332/kWh (Panay/Bohol); March 26 to June 25, 2004:
PhP2.7421/kWh (Visayas), PhP2.8539/kWh (Panay/Bohol); June 26 to
September 25, 2004: PhP2.8255/kWh (Visayas), PhP2.9745/kWh
(Panay/Bohol).

In addition to the LRAC rates, NPC was also authorized to
collect PhP0.0245 in Luzon and PhP0.0177 in Visayas and
Panay/Bohol for the Franchise and Benefits to Host Communities
pursuant to ERC Order dated September 20, 2002. Moreover, NPC
was authorized to recover in full the remaining net Fuel and
Power Cost Adjustment (FPCA) for the Visayas and provinces of
Panay and Bohol within thirty-four (34) months equivalent to an
estimated amount of PhP0.05/kWh.

Upon the effectivity of the approved rates based on LRAC
methodology, the implementation of NPC's Generation Rate
Adjustment Mechanism (GRAM) and FOREX in the Luzon, Visayas and
Panay/Bohol Grids is considered terminated. However, NPC is
directed to file its last GRAM and Incremental Currency Exchange
Rate Adjustment (ICERA) petition to recover the deferred
generation charge and FOREX for the test periods February 2003
to September 2003.

In the Mindanao Grid, NPC and PSALM were directed to continue
charging their existing rates, including the GRAM and ICERA.

LRAC refers to the total operating cost of an efficient new
plant in the Philippines. It promotes efficiencies in capital
cost management while ensuring that the electricity industry
remains viable for the longer term.

In the formulation of the LRAC, the following components were
considered: a) Weighted Average Cost of Capital (WACC); b)
Capital costs associated with the construction of a plant; c)
Fixed operating and maintenance costs; d) Variable operating and
maintenance costs; e) Fuel costs; f) Insurance; and g) Peso-
Dollar exchange rate.

The application of NPC and PSALM on the revised unbundled
generation rate and methodology for the determination of
generation rates is scheduled for initial hearing on November
10, 2003 at nine o'clock (9:00 A.M.) in the morning at the ERC
Hearing Room, 15th Floor, Pacific Center building, San Miguel
Avenue, Ortigas Center Pasig City. All interested parties who
may wish to comment on or oppose the said application should
file their comments and/or oppositions on or before the date of
hearing. Copies of the application and its attachments shall be
made available to interested parties upon request.


NATIONAL STEEL: Rejects Bid Offers From Two Foreign Firms
---------------------------------------------------------
Creditors of National Steel Corporation (NSC) rejected a
takeover bid from two foreign firms namely Global Infrastructure
Holdings Ltd. and LMN Group, NSC liquidator Danilo Concepcion
told the Philippine Daily Inquirer. The foreign firms are
affiliated with the Mittal family of India.

The banks were now left with two options: to call for another
round of bidding or to negotiate with interested parties,
including the existing bidders. The decision to declare a failed
bidding is expected to make it difficult for the government to
reopen the NSC mill in Iligan City by February as planned. The
creditor-banks are bidding out a lease of NSC assets but are
willing to selling the assets.


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


ASTI HOLDINGS: Issues Notice of Director's Interest
---------------------------------------------------
Asti Holdings Limited issued a notice of changes in Director Han
Chin Fong's interests:

Date of notice to Company: 17 Oct 2003
Date of change of interest: Please see notes below
Name of registered holder: Han Chin Fong
Circumstance(s) giving rise to the interest: Sales in open
market at own discretion

Information relating to shares held in the name of the
registered holder:
No. of shares which are the subject of the transaction: 600,000
% of issued share capital: 0.22
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: Please see notes below
No. of shares held before the transaction: 1,608,467
% of issued share capital: 0.59
No. of shares held after the transaction: 1,008,467
% of issued share capital: 0.37

Holdings of Director of Subsidiary including direct and deemed
interest
                                           Deemed Direct
No. of shares held before the transaction: 0      1,608,467
% of issued share capital:                 0      0.59
No. of shares held after the transaction:  0      1,008,467
% of issued share capital:                 0      0.37
Total shares:                              0      1,008,467

Date of Sale No. of Shares Consideration per share
15/10/2003 500,000 $0.5415
17/10/2003 100,000 $0.537

No. of Warrants - 99,058


ASTRO CONSTRUCTION: Issues Dividend Notice
------------------------------------------
Astro Construction & Engineering Pte Ltd. issued a notice of
intended dividend as follows:

Address of Registered Office: Formerly of 10 Jln Besar
#10-02 Sim Lim Tower Singapore 208787.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 51 of 1993.

Last Day for Receiving Proofs: 31st October 2003.

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

Dated: 17th October 2003.
KAREN LOH PEI HSIEN
Assistant Official Receiver.


CONTECH REALTY: Creditors Must Submit Claims by November 17
-----------------------------------------------------------
The creditors of Contech Realty Pte Ltd (Members' Voluntary
Winding Up), which is being wound up voluntarily, are required
on or before 17th November 2003 send in their names and
addresses and the particulars of their debts or claims, and the
names and addresses of their solicitors (if any), to the
liquidators, c/o 47 Hill Street, #05-01 Chinese Chamber of
Commerce & Industry Building, Singapore 179365, and if so
required are to come in and prove their debts or claims as shall
be specified or in default will be excluded from the benefits of
any distribution made before such proof.

KON YIN TONG
WONG KIAN KOK
WILLIAM CAVEN HUTCHISON
Joint Liquidators.
Date: 17th October 2003.


DATELINE FORWARDING: Releases Winding Up Order Notice
-----------------------------------------------------
Dateline Forwarding Services Pte Ltd issued a notice of winding
up order made on the 3rd day of October 2003.

Name and address of liquidator: The Official Receiver
The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore
069118.

Messrs NG ONG & CHEE
Solicitors for the Petitioner.

Note:

(a) All creditors of the Company should file their proof of debt
with the liquidator who will be administering all affairs of the
Company.

(b) All debts due to the Company should be forwarded to the
liquidator.


ITALIAN FASHION: Releases October 13 AGM Resolutions
----------------------------------------------------
At a General Meeting of Italian Fashion Fabrics Pte Ltd. duly
convened and held at Viale Sarca 223, 20126, Milano, Italy on 13
October 2003, the following resolutions set out below were duly
passed:

SPECIAL RESOLUTIONS:

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

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

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

ORDINARY RESOLUTION:

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

MASSIMO MOSIELLO
Director.
Dated this 17 October 2003.


LIAN CHEONG: Petition to Wind Up Pending
----------------------------------------
The petition to wind up Lian Cheong Timer Merchant is set for
hearing before the High Court of the Republic of Singapore on
October 31, 2003 at 10 o'clock in the morning. Chia Han Chow
trading as Hua Qin Furniture Construction, a creditor, whose
address is situated at 23 Defu Lane 4, Singapore 539421, filed
the petition with the court on September 30, 2003.

The petitioners' solicitors are Messrs Christopher Yap & Co. of
151 Chin Swee Road, #07-15 Manhattan House, Singapore 169876.
Any person who intends to appear on the hearing of the petition
must serve on or send by post to Messrs Christopher Yap & Co. 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).


NEWTON ENGINEERING: Issues Winding Up Order Notice
--------------------------------------------------
Newton Engineering & Manufacturing (Pte) Ltd. issued a winding
up order notice made on October 10, 2003.

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

RAJAH & TANN
Solicitors for the Petitioner, Singapore.

Note:

(a) All creditors of the Company should file their proof of debt
with the Liquidator who will be administering all affairs of the
Company.

(b) All debts due to the Company should be forwarded to the
liquidator.


POPULAR HOLDINGS: Creditors Wind Up Inactive Unit
-------------------------------------------------
The Board of Directors of Popular Holdings Limited (PHL)
announced that a petition for the winding up of an inactive
subsidiary, Popular Logistics Pte Ltd (PLog) has been presented
by Epilogue Catering Pte Ltd on 17 October 2003, and is
scheduled for hearing on 14 November 2003. The Official Receiver
will be appointed the liquidator of PLog.

PLog is engaged in the business of providing logistics services
to external parties, which is not one of PHL's core businesses.
PHL will not contest the winding up petition.

The winding up of PLog is not expected to have any material
impact on the earnings per share and net tangible assets per
share of the Group for the financial year ending 30 April 2004.


WINEDGE ELECTRONICS: Issues Debt Claim Notice to Creditors
----------------------------------------------------------
Notice is hereby given that the creditors of Winedge Electronics
(S) Pte Ltd (In Members' Voluntary Liquidation), which is being
wound up voluntarily are required on or before the 17th day of
November 2003 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the undersigned, the
Liquidators of the said Company and, if so required by notice in
writing by the said Liquidators are, by their solicitors or
personally, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

Dated this 17th day of October 2003.
CHEE YOH CHUANG
LEOW QUEK SHIONG
Liquidators.
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.


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


ASIA HOTEL: Posts Update on Debt Restructuring
----------------------------------------------
Subject  :      Details of Restructuring
Attn     :      The President, Stock Exchange of Thailand
Ref.     :      ASIA's letter dated 15 October 2003 [subject:
                Progress Report on Rehabilitation Plan]
                ASIA's letter dated 30 April 2003 [subject:
                Progress Report on Rehabilitation Plan]

Asia Hotel Public Company Limited would like to post more
details on outstanding principals from banks and financial
institutions of Company and its subsidiaries as of 30 June 2003:

                   (Million Baht)
ASIA                    1,626.13     The principal of
                                     THB1,461.13 million as of
                                     30 June 2003 was taken
                                     in 1999 which creditor
                                     agreed to decrease interest
                                     rate of accrued interests
                                     and extend repayment period
                                     ASIA will repay this from
                                     operating cash flow


Asia Airport Hotel
Co., Ltd.(Subsidiary)     662.66     The principal of THB633.36
                                     million as of 30 June 2003
                                     was taken during the debt
                                     restructuring in 2000 which
                                     creditor agreed to extend
                                     repayment period and
                                     decrease remaining accrued
                                     interests if repaid amount
                                     prescribed under debt-
                                     restricting agreements.

                                     This is a subject of a 2nd
                                     debt-restructuring.

Zeer Property
Co., Ltd.(Subsidiary)     176.53     This is part of the
                                     THB151.53 million loan
                                     taken in 2000.

Asia Pattaya Hotel
Co., Ltd.(Subsidiary)     300.00     This was fully paid on 16
                                     January 2003 through a loan
                                     from a bank.

Total                   2,765.32

According to such debt restructuring, Asia realized gain in full
amount. Moreover, increasing sales by adjusting marketing plan
of Hotel Business and Rental Area Business are the another
strategy to recover the negative shareholders' equity.
Consequently, ASIA is on process of seeking an independent
financial advisor, which shall be after finishing all debt
restructuring.

This information is provided for notification to the SET and for
disclosure to investors.

Best regards,

Mr. Kumpol Techaruvichit
Chairman and Managing Director


THAI PETROCHEMICAL: Creditors Offer US$160 Million Credit Line
--------------------------------------------------------------
Four creditors have agreed to grant Thai Petrochemical Industry
Plc up to US$160 million in loans, a member of the company's
rehabilitation committee said Monday.

"The US$120-160 million loan agreement is now being drafted and
the loan agreement signing session is expected soon," Siri
Jirapongphan, a member of the new debt planning team told
Business Day in an interview.

According to the report, this amount is significantly larger
than the loan agreement of US$80 million previously scrapped by
creditors.  The Finance Ministry, which is leading the company's
restructuring efforts, refused to identify the four creditors.

Business Day says TPI's major creditors include Bangkok Bank Plc
(BBL), Bank of Ayudhya Plc (BAY), City Bank (Bangkok Branch),
the US Export and Import Bank, International Finance Corporation
(IFC) which is an affiliate firm of the World Bank, and the
German development bank, KfW.

Mr. Siri clarifies, however, that the loan the company might
eventually take may not amount to US$160 million.  He said TPI
will only take the loan that will offer it the best terms and
conditions.  The company currently owes creditors US$3.8
billion.


                            *********


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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