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

                     A S I A   P A C I F I C

            Monday, October 27, 2003, Vol. 6, No. 212

                            Headlines

A U S T R A L I A

AIR NEW: Failed Qantas Tie-up to Cost Taxpayers NZ$150 Million
AIR NEW: Considers Transforming Carrier into Low-cost Operator
CENTAUR MINING: Launches Probe into Alleged Insolvent Trading
POLLOCK GROUP: Business Partner Buys Garden Unit from Receivers
QANTAS AIRWAYS: Calls NZ Regulators Ignorant of Market Trends


C H I N A  &  H O N G  K O N G

BOTH KING: High Court Urged to Wind up Firm
DATANG TELECOM: Third Quarter Losses up 500% from Last Year
UNITED FINANCE: Bank of China Files Winding up Petition
UNITY KING: Court Sets Winding up Hearing December 3
UNI-ZONE HOLDINGS: Hearing on Winding up Petition November 19

WELLNESS ASIA: Winding up Hearing Set November 12


I N D O N E S I A

BANK LIPPO: IBRA Cancels Sale of Controlling Stake
INDONESIAN SATELLITE: To Price US$200 Million Bonds this Week


J A P A N

DAIEI INC.: Gives Up IRCJ Aid in Reviving Fukuoka Business
FUJITSU LIMITED: Clarifies Fujitsu-Sun Integration Report
NIPPON TELEGRAPH: Delays NTT Service Link to IP Phones
NISSAN DIESEL: Gets 14.55 Million of its Own Shares From Renault
MITSUBISHI CORPORATION: Thailand Unit Enters Liquidation

MITSUBISHI CORP.: Proposes Transferring Pension Fund to Govt


K O R E A

DAEHAN CITY: FTC Hits W780M Fine for Unfair Activities
HANARO TELECOM: Unveils October 21 EGM Resolutions
HANARO TELECOM: Representative Director In-Haeng Lee Resigns
KOOKMIN BANK: Expects 3Q03 W373B Net Loss
KOOKMIN BANK: 3Q03 Earnings Conference October 24

SK NETWORKS: SK Corp. Finalizes Debt-Equity Swap


M A L A Y S I A

BERJAYA CAPITAL: Unveils October 23 AGM Resolutions
COUNTRY HEIGHTS: Issues Corporate Exercise Proposal
EPE POWER: SC OKs Waiver Proposal
IDRIS HYDRAULIC: Issues Restructuring Update
KEMAYAN CORPORATION: 38th AGM Set For November 18

LAND & GENERAL: Voluntarily Winding Up Unit
LAND & GENERAL: Delists Dormant Unit
MERCES HOLDINGS: Withdraws Winding Up Petition
OCEAN CAPITAL: Winding Up Units
PARIT PERAK: Extends Investigative Audit on February 9

TONGKAH HOLDINGS: Unveils Disposal of Securities


P H I L I P P I N E S

MANILA ELECTRIC: Clarifies ERC Investigation Report
MANILA ELECTRIC: Investor's Briefing on October 28
NATIONAL BANK: Second Public Auction Nets Php30M
NATIONAL POWER: PSALM OKs Power Plant Sale
PHILIPPINE LONG: US$2.6B Outstanding Debt as of Dec. 31, 2002

PHILIPPINE LONG: Credit Ratings May Affect Financing Costs
PHILIPPPINE LONG: Discloses 2002 Financing Activities


S I N G A P O R E

ASPIC BDS: Issues Dividend Notice
BIZGRO MARKETING: Releases Winding Up Order Notice
CEMENTAHI MACHINERY: Issues Debt Claim Notice to Creditors
CHARTERED SEMICONDUCTOR: Unveils 4Q03 Business Outlook
HONG LAI: Issues Judicial Manager's Meeting of Creditors

SIGMA FOOD: Winding Up Hearing Set October 31
THAI HIN: Petition to Wind Up Pending
UNITED MOTOR: Creditors Must Submit Claims by November 24


T H A I L A N D

KRUNG THAI: Eyes Stake in Thailand Post to Expand Credit Biz
THAI MILITARY: Investment in Siam Steel Syndicate Co., Ltd.
THAI PETROCHEMICAL: Posts Latest Update on Rehabilitation

     -  -  -  -  -  -  -  -

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


AIR NEW: Failed Qantas Tie-up to Cost Taxpayers NZ$150 Million
--------------------------------------------------------------
The decision of New Zealand's anti-trust watchdog to bar a tie-
up between Qantas Airways and Air New Zealand to protect
consumers and safeguard competition will cost taxpayers another
NZ$150 million, Dow Jones said last week.

Absent an alliance, which is actually backed by the governments
of Australia and New Zealand, the New Zealanders will have to
shell out money to help their flag carrier reduce debts and
upgrade its long-haul international flights.

Bailed out by the government in 2001, the restructuring of Air
New Zealand has now cost taxpayers NZ$885 million, according to
Dow Jones.  Had regulators approved the alliance, Qantas would
have brought in NZ$550 million into the carrier in exchange for
a 22.5% stake.

"In the absence of the alliance, Air New Zealand would have to
raise about NZ$200 million through a rights issue to reduce debt
and finance the upgrading of its long-haul international fleet,"
Dow Jones said.


AIR NEW: Considers Transforming Carrier into Low-cost Operator
--------------------------------------------------------------
Both Qantas and Air New Zealand are still uncertain whether to
appeal the decision of NZ Commerce Competition or simply drop
their planned alliance, The Age said Friday.

This is in contrast to their move to appeal the decision of the
Australian Competition and Consumer Commission, which similarly
rejected the alliance last month.  The decision, labeled by the
Qantas camp as "at odds with what is occurring around the
world," so badly affected the shares of Air New Zealand, which
dropped to a five-month low of 42 cents last Thursday.  This
even if the adverse ruling was widely anticipated, The Age said.

In its decision, the NZ Commerce Commission said lack of
competition from the alliance would lead to an average air fare
rise of 19 percent and the loss of 133,414 foreign tourists
visiting NZ each year.

"In all, the NZCC said the benefits of the deal such as cost
savings and schedule improvements were far outweighed by the
negatives, which it said would result in net detriment to the
public of NZ$154.5 million in the third year of the deal," The
Age said.

"Although Virgin Blue's entry on Tasman and New Zealand main
routes, and the presence of other international airlines on the
Tasman route, have some impact on the relevant markets, the
competition provided by these carriers is not sufficient to
allay all of the commission's concerns," NZCC acting chairwoman,
Paula Rebstock, was quoted by The Age as saying last week.

Meanwhile, after months of dismissing queries whether his
airline had a Plan B, Air New Zealand CEO Ralph Norris finally
told The Age the carrier would be transformed into a low-cost
airline if the tie-up with Qantas won't materialize.

"We've been working on Plan B for 18 months... we are aware of
the strategic issues that we have with a large competitor like
Qantas," he said.

He said the company is assessing whether to seek a NZ$150
million fund-raising.  Two weeks ago, the carrier launched a
four-year plan to slash its cost base by NZ$245 million a year
by 2007 and cut its 10,000 workforce by 15 percent.


CENTAUR MINING: Launches Probe into Alleged Insolvent Trading
-------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC)
announced last week it has closed its investigation into Centaur
Mining and Exploration Limited (Centaur Mining) and Centaur
Nickel Pty Ltd (Centaur Nickel). ASIC has decided not to take
any further action in respect of this matter.

On 2 August 2002, ASIC announced that it had commenced an
investigation into possible insolvent trading offences relating
to Centaur Mining and Centaur Nickel. As part of the
investigation, ASIC:

(a) Secured and analyzed approximately 800 boxes of books and
    records;

(b) Assessed evidence from numerous witnesses including former
    company employees and creditors;

(c) Examined under oath several relevant persons;

(d) Obtained expert advice from leading insolvency
    practitioners; and

(e) Retained senior counsel to advise on a number of legal
    issues.

ASIC's decision followed a thorough review of its material and
consultation with the Commonwealth Director of Public
Prosecutions.

ASIC has informed Stephen Hawke and Robyn McKern of KPMG, the
liquidators of Centaur Mining and Centaur Nickel, of its
decision. Subject to confidentiality obligations, ASIC will also
discuss with them additional assistance that ASIC may be able to
provide them.


POLLOCK GROUP: Business Partner Buys Garden Unit from Receivers
---------------------------------------------------------------
A close associate of Kevin Pollock bought out of administration
the garden center operations of what used to be an AU$100
million empire, The West Australian said last week.

Joanne de Hollander, a registered director of several companies
in the failed Pollock group, acquired the Soils Ain't Soils
garden centers under administration by receivers appointed by
the National Australia Bank.  Owed about AU$56 million by the
group, the bank appointed receivers on the garden center
operation company, Pasadena Holdings Pty Ltd in April as part of
a crackdown on 14 companies linked to Mr. Pollock.

Of the group's obligation to the bank, the West Australian says
Pasadena Holdings is responsible for the AU$6 million.  The
group's debt is estimated to be over AU$100 million, the paper
said.

Receiver Michael Ryan told the West Australian Ms. de
Hollander's Soiland Pty Ltd had bid substantially more than
anyone for the garden centers after Pasadena's assets were
extensively advertised.

"You have to get fair market value," said Mr. Ryan, who refused
to say how much Soiland had paid.  He said Soiland had bought
the company-owned garden centers, some land, trademarks and
business names and goodwill.  This resolves a Supreme Court
dispute between the receivers and Soiland over the brand name,
the paper said.

It is believed Ms. de Hollander is planning to propose a deed of
company arrangement to Pasadena creditors.  Administrator Brian
McMaster will release a report by the end of the month, the
report said.


QANTAS AIRWAYS: Calls NZ Regulators Ignorant of Market Trends
-------------------------------------------------------------
Qantas Airways accused the competition regulator of New Zealand
of gross ignorance of developments in world aviation for barring
its proposed tie-up with Air New Zealand.

Agence France Presse recently quoted Qantas CEO Geoff Dixon
saying, air alliances in other regions are so prevalent and all
of them have benefited consumers.

"We still believe an alliance between Qantas and Air NZ is in
the best interests of aviation in this region and would deliver
significant benefits to travelers and tourism," he said, adding
the regulators were "at odds with what is occurring around the
world."

"There are simply too many airlines in the world today and it is
inevitable that there will be further pressures towards
consolidation and some very large and powerful groups could
emerge," he said.

Under the proposal, Qantas would take a 22.5 percent stake in
Air NZ for NZ$550 million (US$328 million). It has appealed
against the rejection by Australia's competition watchdog.


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


BOTH KING: High Court Urged to Wind up Firm
-------------------------------------------
The High Court of Hong Kong will hear on November 12, 2003 at
10:00 a.m. the petition seeking the winding up of Both King
Investment Limited.

Lau chi Kong of Room 1928, 19/F., Tai Wo House, Wo Che Estate,
Who Che Road, Shatin, New Territories, Hong Kong filed the
petition on September 19, 2003.  Tam Lee Po Lin, Nina represents
the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 34th Floor, Hopewell
Centre, 183 Queen's Road East, Wanchai Hong Kong.


DATANG TELECOM: Third Quarter Losses up 500% from Last Year
-----------------------------------------------------------
The net loss of Datang Telecom Technology Co. Ltd. widened in
the third quarter, according to AFX Asia, which noted a 500%
increase from a year ago.

Net loss for the quarter rose to CNY69.29 million from only
CNY12.36 million last year.  Core revenue dropped to CNY418.68
million for the July-to-September period from CNY553.18 million
a year earlier.  So far, total net loss for the year to
September has reached CNY89.15 million from only CNY28.24
million for the same period a year ago.

Datang Telecom did not give any reason for the third quarter
loss; neither did it give any forecast for the year.  It said
the firm would adopt an aggressive marketing strategy to promote
sales of its traditional products and boost market share for its
newly developed products.  It would also strengthen internal
management and control production costs.


UNITED FINANCE: Bank of China Files Winding up Petition
-------------------------------------------------------
The High Court of Hong Kong will hear on November 26, 2003 at
10:00 a.m. the petition seeking the winding up of United Finance
International Limited.

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong on October 2, 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.


UNITY KING: Court Sets Winding up Hearing December 3
----------------------------------------------------
The High Court of Hong Kong will hear on December 3, 2003 at
9:30 a.m. the petition seeking the winding up of Unity King
Trading Limited.

Cheng Siu Tao, Julian and Wong Kin Kwok of Flat A, 6th Floor,
Block 9, Island Harbourview, Kowloon, Hong Kong filed the
petition on October 8, 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.


UNI-ZONE HOLDINGS: Hearing on Winding up Petition 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 Uni-Zone
Holdings Limited.

Cheng Wai Man of Room 408, Tung Ma House, Fu Tung Estate, Tung
Chung, New Territories, Hong Kong filed the petition on
September 24, 2003.  Tam Lee Po Lin, Nina represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 34th Floor, Hopewell
Centre, 183 Queen's Road East, Wanchai Hong Kong.


WELLNESS ASIA: Winding up Hearing Set November 12
-------------------------------------------------
The High Court of Hong Kong will hear on November 12, 2003 at
10:00 a.m. the petition seeking the winding up of Wellness Asia
(Holdings) Limited.

Fort Crown Investments Limited of Top Floor, Chinachem Golden
Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong filed
the petition on September 22, 2003.  Ford, Kwan & Company
represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Ford, Kwan &
Company, which holds office Rooms 1202-1206, Wheelock House, 20
Pedder Street, Central Hong Kong.


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


BANK LIPPO: IBRA Cancels Sale of Controlling Stake
--------------------------------------------------
The Indonesian Bank Restructuring Agency has again scrapped the
sale of a majority stake in PT Bank Lippo, sharply reversing
last week's decision to finalize the sale.

According to Dow Jones, allegations that the Riady family is
involved in the bidding prompted the decision.  This is the
second time for this transaction to be suspended.  Earlier this
month, IBRA required the three qualified bidders to look for
foreign partners in order for the sale to push through.

IBRA Chief Syafruddin Temenggung, in defending the decision,
said the bidders were "not credible."  In addition, he said
their bids were below the agency's IDR519 million floor price.
The government will revive the sale next year.

The Riady family managed to retain a minority stake after the
agency took over the bank at the height of the Asian financial
crisis.  Despite this, the family continues to hold considerable
influence in the board, which the agency wants to reverse via
the sale of a 52% stake.

Dow Jones says many believe only the bid of Exports & Industry
Bank can be remotely traced to the Riady family, which partly
owns the Philippine bank via Hong Kong-listed Lippo China
Resources Ltd.  The other two bidders are Hong Kong's Platinum
Securities and Swissfirst AG, an independent financial group
listed in Switzerland.


INDONESIAN SATELLITE: To Price US$200 Million Bonds this Week
-------------------------------------------------------------
PT Indonesian Satellite Corp Tbk will price its US$200 million,
seven-year bonds this week, according to Reuters.  Last week,
the company said the notes, which have a call option after five
years, would yield 7.75-8.25%.  Lead managed by Barclays
Capital, Goldman Sachs and ING, the notes have so far attracted
US$500 million of orders, the report said.


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


DAIEI INC.: Gives Up IRCJ Aid in Reviving Fukuoka Business
----------------------------------------------------------
Daiei Inc. has withdrawn their request for assistance from the
Industrial Revitalization Corporation of Japan (IRCJ) in the
rehabilitation of the struggling retailer's real estate, hotel
and baseball businesses in Fukuoka, Kyodo News reports.

Their decision reflects a disagreement between the IRCJ and the
Daiei side over how to run the Fukuoka Daiei Hawks professional
baseball club. The Fukuoka businesses comprising the hotel,
stadium and baseball club have combined debts of 120 billion yen
to some 40 creditors.


FUJITSU LIMITED: Clarifies Fujitsu-Sun Integration Report
---------------------------------------------------------
Fujitsu Limited issued a statement regarding Thursday's Nikkei
report on Fujitsu-Sun Integration of High-Performance Servers
Operations as follows:

Throughout the years, Fujitsu has enjoyed a close partnership
with Sun Microsystems and the two companies have had a number of
discussions about the benefits of working together to deliver
the best solutions to our customers. Those discussions are
continuing. At the present time, however, nothing has been
decided with respect to expanding the scope of our current
relationship with Sun.

Standard & Poor's Ratings Services recently lowered its rating
on Fujitsu Limited to 'BB+pi' from 'BBB-pi', reflecting the
Company's weak financial profile and the relatively slow
recovery of its earnings and cash flow despite several years of
business reforms. Like other electronics companies, Fujitsu
continues to face difficulty in securing profits in the platform
business-which includes computer hardware and communication
equipment-amid strong pricing pressures. The business
environment is expected to remain difficult, especially in the
North American telecommunications market, on which the Company
still has a relatively high dependence compared with its
domestic peers.


NIPPON TELEGRAPH: Delays NTT Service Link to IP Phones
------------------------------------------------------
Two regional carriers under Nippon Telegraph and Telephone Corp.
(NTT) postponed a plan to enable users of their fixed-line
phones and pay phones to make calls to Internet protocol (IP)
phones due to a delay in work to connect telephone networks,
according to Kyodo News. NTT East Corporation and NTT West
Corporation will launch the service Thursday as scheduled, but
some IP phone subscribers will not be able to receive the new
service through NTT Communications Corp.'s network that day due
to the delay.

IP phone numbers affected by the delay are those starting with
050-5000, 050-5001, 050-5002, 050-5003 and 050-7000, the two
companies said. Other numbers will be able to receive calls from
fixed-line phones and pay phones Thursday as per the original
plan.


NISSAN DIESEL: Gets 14.55 Million of its Own Shares From Renault
----------------------------------------------------------------
Nissan Diesel Motor Co. will receive 14.55 million of its own
shares from Renault of France, Dow Jones reports. The move is
the result of a deal with Renault for a free-of-charge transfer
of the Company's shares from the French automaker to bolster the
Nissan's financial health. Nissan Diesel's own shares would be
transferred from Renault on November 27.

The total number of shares to be transferred represents roughly
5.625 percent of its outstanding shares. After the transfer,
Renault will hold 43.66 million shares in Nissan Diesel, or
around 16.87 percent, of the automaker's outstanding shares.


MITSUBISHI CORPORATION: Thailand Unit Enters Liquidation
--------------------------------------------------------
At the executive committee meeting held October 7, 2003,
Mitsubishi Corporation reached the decision to liquidate MC
Automobile (Thailand) Company Limited, a wholly owned subsidiary
established in Thailand in 1998. Details of the decision are as
follows.

1.Outline of the Subsidiary

(1) Company name: MC Automobile (Thailand) Company Limited

(2) President & CEO: Goro Shintani

(3) Head office: 1088 Vibhavadi Rangsit Rd., Ladyao, Chatuchak,
Bangkok, 10900, Thailand

(4) Date established: October 26, 1998

(5) Main business activities: Investment activities in Thailand

(6) Fiscal year-end: December 31

(7) Number of employees: None

(8) Primary place of business: Bangkok

(9) Capital: 6,000,000,000 Bahts

(10) Number of shares issued and outstanding: 6,000,000 shares

(11) Most recent operating results:

(Upper-row figures: millions of baht; lower-row figures in
parentheses: millions of yen, calculated at a rate of 1 baht to
2.78 yen)



             Year ended December 2002 Year ended December 2001

Net sales                     0                0
Gross profit                  0                0
Operating income              0                0
Ordinary income               104 (289)        0
Net income                    104 (289)        0
Total assets                  6,136 (17,058)   6,032 (16,769)
Total Shareholders' equity    6,136 (17,058)   6,032 (16,769)
Dividend per share (yen)      0                0

2.Reason for Liquidation

MC Automobile (Thailand) Company Limited was established during
the Asian currency crisis to provide liquidity to Mitsubishi
Corporation automobile subsidiaries and affiliates operating in
Thailand. A recovery in earnings and financial stability at
these companies means MC Automobile (Thailand) has now served
its intended purpose, resulting in the decision to liquidate the
company.

3.Method of liquidation

MC Automobile (Thailand) will be liquidated in fiscal 2004,
ending March 31, 2004, after the recovery of all remaining loans
and investments.

4.Effect on Earnings for Fiscal Year Ending March 31, 2004

The liquidation of MC Automobile (Thailand) will have no impact
on earnings forecasts announced on May 14, 2003 for the year
ending March 31, 2004.


MITSUBISHI CORP.: Proposes Transferring Pension Fund to Govt
------------------------------------------------------------
Mitsubishi Corporation announced that on October 1, 2003 it
applied for permission to be exempted from future benefit
obligations of the welfare pension plan, a Company statement
said. This follows a resolution passed by the Representative
Committee of the Pension Fund of Mitsubishi Corporation on
September 18 to transfer the substitutional portion of the fund
to the Japanese government.

Furthermore, Mitsubishi Corporation plans to seek approval to
transfer the substitutional portion relating to past benefit
obligations, which is possible from September 1, 2003, after
being exempted from future obligations for the substitutional
portion.

Based on calculations at March 31, 2003, Mitsubishi Corporation
estimates that as a result of the return of the substitutional
portion, severance liabilities of 527.8 billion yen will be
reduced to 90.0 billion yen. The company also estimates that
plan assets of 309.5 billion yen will be reduced to 45.0 billion
yen. The effect of the return of the substitutional portion on
Mitsubishi Corporation's earnings is not clear at this stage, as
the amount is not fixed yet.


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


DAEHAN CITY: FTC Hits W780M Fine for Unfair Activities
------------------------------------------------------
The Fair Trade Commission (FTC) has ordered Daehan City Gas to
pay 780 million won (US$661,400) for unfair business activities,
Asia Pulse reports. Daehan, an SK Group subsidiary that provides
community gas services and manufactures natural gas buses, was
penalized for using its main provider status to pressure
subcontractors into taking responsibility for and collecting
overdue gas payments.

The subcontractors were sometimes forced to bear some of the
losses themselves. In addition to the fine, FTC has ordered
Daehan to take out an advertisement admitting its offense and a
pledge to take immediate steps to cease such practices.


HANARO TELECOM: Unveils October 21 EGM Resolutions
--------------------------------------------------
Hanaro Telecom Inc. issued a corporate disclosure on the
resolutions of the Extraordinary General Meeting (EGM) of the
shareholders of the Company on October 21, 2003 approving, among
other things, the issuance of new shares to an investor group
led by Newbridge and AIG by way of a private placement, filed
with the Korea Securities Dealers Association Automated
Quotation Market (KOSDAQ) and the Financial Supervisory
Commission of Korea on October 21, 2003;


1. Date of the Resolutions   October 21, 2003

2. Agenda and Major Issues   Item 1. Approval of per share price
                             of new share issuance below par
                             value

                             Item 2. Approval of new share
                             issuance

                             Item 3. Approval of amendment of
                             the
                             Articles of Incorporation

                             Item 4. Appointment of non standing
                             Directors

                             - Candidates: Wilfried Kafenberger,
                                           David Yeung

                            Item 5. Appointment of outside
                            directors

                            - Candidates : Paul Chen,
                                            Byung Moo Park,
                                            Kyung-Joon Choi,
                                            Sung Kyu Park,
                                            Sun Woo Kim

3. Details of Resolution    - Approved as proposed

- The appointment of non-standing
                            directors and outside directors is
conditional upon a successful closing (expected on October 31,
                            2003) of the investment pursuant to
the Investment Agreement signed between Hanaro Telecom and the
Investors on September 9,
                            2003.

4. Others                   - Items 1, 2 and 3 were presented
                            together.

- Items 4 and 5 were presented
together.



HANARO TELECOM: Representative Director In-Haeng Lee Resigns
------------------------------------------------------------
Hanaro Telecom Inc. announced the resignation of In-Haeng Lee
from his position as a Representative Director of the Company,
conditional upon the successful closing of the investment
pursuant to the Investment Agreement dated September 9, 2003
between the Company and an investor group led by Newbridge and
AIG, filed with the Korea Securities Dealers Association
Automated Quotation Market (KOSDAQ) on October 21, 2003.

Classification: Representative Director

Change   Before   Representative Director & CEO : Chang-Bun Yoon
                  Representative Director & Senior Executive
                  Vice President : In Haeng Lee
                  (Independent Representative)

         After    Representative Director & CEO : Chang-Bun Yoon

Ground for change In Haeng Lee's resignation from his position
                  as Representative Director due to personal
                  reasons.

Date of shareholders' resolution:  October 21, 2003

The resignation hereof is conditional upon a successful closing
(expected on October 31, 2003) of the investment pursuant to the
Investment Agrement signed between Hanaro Telecom and the
Investors on September 9, 2003.


KOOKMIN BANK: Expects 3Q03 W373B Net Loss
-----------------------------------------
Kookmin Bank, which posted a net loss of 47 billion won in the
first half, is expected to record an estimated net loss of 373
billion won in the third quarter, the Korea Times reports. The
bank scheduled to release the Company's third-quarter results on
October 23.


KOOKMIN BANK: 3Q03 Earnings Conference October 24
-------------------------------------------------
Kookmin Bank announced its 2003 third Quarter Earnings
Conference on Friday, October 24, 2003.

The conference was webcasted live throughout the world on the
Company's IR website at www.kbstar.com.Investors could
participate by telephone during the Q&A session following the
presentation.

Date: October 24, 2003 (Friday)

Time: 16:00 Seoul / 08:00 London / 03:00 New York / 15:00 Hong
Kong & Singapore Venue: International Conference Room, Ground
Floor, KSE, Youido, Seoul, Korea

Language: Korean and English.  Simultaneous translation will be
available for the English-speaking participants. Web Casting
will be in Korean and English at www.kbstar.com.

Agenda: 3rd Quarter Earnings Results and Q&A.

For 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-
Pass code: 0501
Q&A code:  6412
           14

Recording Service for Telephonic Conference Call

Listening Order

1.  From overseas:  82-31-500-0401
    From Korea:  031-500-0401

2.  Press listening code:  5633#

Press Button Instructions

1 min. F.F.     1
5 mins. F.F.    7
1 min. REW      3
5 mins. REW     9
Pause           5
To Cancel Pause 5


SK NETWORKS: SK Corp. Finalizes Debt-Equity Swap
------------------------------------------------
SK Corporation scheduled a board meeting on October 19 at its
head office to finalize a large debt-equity swap for SK
Networks, according to Asia Pulse. SK Corp. is the virtual
holding Company of SK Group, the country's third-largest
conglomerate, while SK Networks is the group's troubled trading
arm.

In line with a rescue package proposed by SK Networks'
creditors, SK Corp.'s board temporarily decided in mid-June to
convert 850 billion won (US$716.55 million) in receivables from
the trading Company into equity.


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


BERJAYA CAPITAL: Unveils October 23 AGM Resolutions
---------------------------------------------------
The Board of Directors of Berjaya Capital Berhad announced that
all the following resolutions proposed its 10th Annual General
Meeting (AGM) held on Thursday, 23 October 2003 have been duly
passed:

Ordinary Resolution 1
Adoption of the audited financial statements of the Company for
the year ended 30 April 2003.

Ordinary Resolution 2
Approval of Directors' Fees.

Ordinary Resolution 3
Re-election of Haji Mansor Bin Salleh as a Director of the
Company.

Ordinary Resolution 4
Re-election of Kuok Wee Kiat as a Director of the Company.

Ordinary Resolution 5
Re-appointment of Dato' Seri Sulaiman Bin Mohd Amin as a
Director of the Company.

Ordinary Resolution 6
Re-appointment of Messrs Ernst & Young as Auditors of the
Company.

Ordinary Resolution 7
Authority to allot and issue shares pursuant to Section 132D of
the Companies Act, 1965.

Ordinary Resolution 8
Shareholders' Mandate for Recurrent Related Party Transactions
of a Revenue or Trading Nature.

Special Resolution 9
Amendment of the Company's Articles of Association.


COUNTRY HEIGHTS: Issues Corporate Exercise Proposal
---------------------------------------------------
On 30 July 2003 Country Heights Holdings Berhad (CHHB) announced
that it was desirous to unlock the value of assets within the
Group and it was with this intention that the Company set out to
develop a total business plan with its advisers.

The plan focuses on an asset divestment program involving
certain investment property assets of the Group to realize their
values. Nevertheless, outright sale of some of its investment
properties have proven to be challenging due to the size of the
required investments by potential acquirors.

2. New Special Purpose Vehicle (SPV)

To mitigate the above, CHHB is proposing to establish a new
investment holding SPV within the Group (Newco). This investment
vehicle will acquire three assets of the Group namely the Mines
Shopping Fair (MSF), the Mines International Exhibition &
Convention Centre (MIECC) and the Mines Business Park Phase 1
(MBP)(collectively known as the "Identified Assets). These
identified assets have an indicative market value in excess of
RM650 million.

It is the intention of the Group to invite suitable investors to
take up investment stakes in Newco. These investments are
proposed to be in the form of interest yielding instruments with
convertibility/redemption features. The Newco structure has been
proposed to attract investors who want a direct exposure to
property investment activities as offered by such an investment
in the Identified Assets.

It is also the intention of the Company to invite existing
lenders that have funded the development of these assets to
participate in this investment.

On 25 October 2000, a subsidiary of the Company, Timbang Makmur
Sdn Bhd issued 333,436,000 cumulative redeemable preference
shares of RM0.10 each (CRPS II) to certain lenders in its
acquisition of the Identified Assets at an issue price of RM1.00
each. These CRPS II are redeemable on or before 25 October 2005.

In the event that the Company is successful in attracting the
investors and/or existing lenders to participate in investing in
Newco, these CRPS II may thereafter be extinguished.

3. Asset based settlement

The second prong of the above overall plan is to extinguish
liabilities in the form of 5 sen cumulative redeemable
preference shares of RM0.10 each in CHHB (CRPS I) issued at
RM1.00 each. These CRPS I are also redeemable on or before 25
October 2005.

CHHB, as at the date of this announcement, has in issue
190,478,000 CRPS I. It is the intention of CHHB to offer to the
holders of CRPS I certain assets of the Group as settlement of
these liabilities. With the above, the abovementioned
liabilities would also be extinguished from the Group's balance
sheet.

The Company is in the midst of identifying the assets to be
offered as settlement for the CRPS I liability.

4. Effects on liabilities of the Group

With the successful completion of the above, the CHHB Group's
total liability exposure would be reduced by RM190,478,000.

The formation of Newco would also, inter-alia, realign a large
portion of the existing liabilities of the Group directly with
the Identified Assets. The Identified Assets would secure the
new securities to be issued and be the source for servicing and
redemption of the same.
5. Detailed announcement

Details of the aforesaid proposals will be announced, pursuant
to the Kuala Lumpur Stock Exchange Listing Requirements, when
the details of the proposals are finalized.


EPE POWER: SC OKs Waiver Proposal
---------------------------------
On behalf of Epe Power Corporation Berhad (EPE), Commerce
International Merchant Bankers Berhad announced that the
Securities Commission (SC) has, via its letter dated 21 October
2003, approved the following:

(i) Application for a waiver for EPE from undertaking a
mandatory general offer for the remaining shares in Powertron
Resources Sdn Bhd pursuant to Practice Note 2.9.6 of the
Malaysian Code on Take-Overs and Mergers 1998 (exemption if
remaining holders of voting shares of a Company have given
written undertakings not to accept an offer); and

(ii) Application for a waiver for Ranhill Berhad from
undertaking a mandatory general offer for the remaining shares
in EPE pursuant to Practice Note 2.9.3 of the Malaysian Code on
Take-Overs and Mergers 1998 (exemption if rescue operation).

The proposed EPE restructuring scheme entails the following:

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


IDRIS HYDRAULIC: Issues Restructuring Update
--------------------------------------------
On behalf of Idaman Unggul Berhad (formely known as Idaman
Unggul Sdn Bhd), Idris Hydraulic (Malaysia) Berhad (IHMB)
announced that Idaman Unggul had on 23 October 2003 issued the
following securities pursuant to the Restructuring Exercise of
IHMB:

(a) 18,421,550 new ordinary shares of RM1.00 each in Idaman
Unggul (Idaman Unggul Shares) (Yield Shares) and RM134,442,000
nominal value three (3) years zero-coupon irredeemable
convertible unsecured loan stocks-A (ICULS-A) to the Scheme
Creditors of IHMB; and

(b) 150,000,000 new Idaman Unggul Shares (Subscription Shares)
to Dato' Che Mohd Annuar bin Che Mohd Senawi, the Investor.


KEMAYAN CORPORATION: 38th AGM Set For November 18
-------------------------------------------------
Notice is hereby given that the thirty-eighth Annual General
Meeting (AGM) of Kemayan Corporation Berhad will be held at
Mutiara Hotel Johor Bahru, Dewan Johor, 2nd Floor, Jalan Dato'
sulaiman, Taman Century, 80250 Johor Bahru on Tuesday, 18th
November 2003 at 9.00 in the morning for the following purposes:

AGENDA:

1. To receive and consider the financial statements for the
financial year ended 31 May 2003 together with the Reports of
the Directors and Auditors thereon. Resolution 1

2. To re-elect Dato' Tang Yong Kiat, Rickie who retires
pursuant to Article 97 of the Articles of Association of the
Company, and being eligible offer himself for re-election.
Resolution 2

3. To re-elect Encik Mohd Sharif Bin Hj Yusof who retires
pursuant to Article 103 of the Articles of Association of the
Company, and being eligible offer himself for re-election.
Resolution 3

4. To re-elect Mr Koh Boon Chin who retires pursuant to
Article 103 of the Articles of Association of the Company, and
being eligible offer himself for re-election. Resolution 4

5. To re-elect Puan Faridah Begum Bt K A Abdul Kader who
retires pursuant to Article 103 of the Articles of Association
of the Company, and being eligible offer herself for re-
election. Resolution 5

6. To appoint Messrs Shamsir Jasani Grant Thornton as
auditors of the Company in place of the retiring auditors,
Messrs PricewaterhouseCoopers for the ensuing year and to
authorize the Directors to fix their remuneration. Resolution
6

7. Special Business: Directors'  feesTHAT the payment of
Director's fees of RM96,000 for the financial year ended 31 May
2003 be and is hereby approved. Resolution 7

ROLAND CHOONG SHIN CHEONG (MIA 998)
SEET CHENG HOE (MACS 01109)
CHAN YOON MUN (MAICSA 0927219)
Secretaries

Johor Bahru
Date: 27th October 2003
KEMAYAN CORPORATION BERHAD
(Company. No. 6327-D)
(Incorporated in Malaysia)

Notes:

1. The right of Foreigners to vote in respect of their
deposited securities is subject to Section 41(1)(e) and Section
41(2) of the Security Industry (Central Depositories) Act, 1991
and the Security Industry (Central Depositories) (Foreign
Ownership) Regulations, 1996. The position of such Depositors in
this regard will be determined based on the General Meeting
Record of Depositors. Such Depositors whose shares exceed the
Company's foreign shareholding limit of 49 percent as at the
date of the General Meeting Record of Depositors may attend the
above meeting but are not entitled to vote. Consequently, a
proxy appointed by such Depositor who is not entitled to vote
will also not be entitled to vote at the above meeting.

2. A member entitled to attend and vote at this meeting is
entitled to appoint a proxy and vote in his/her stead. A proxy
shall be member of the Company and if the proxy is not a member
of the Company, the proxy shall be an advocate or an approved
Company auditor or a person approved by the Companies Commission
of Malaysia.

3. The form of proxy of a corporation shall be given under
its Common seal.

4. The instrument appointing a proxy shall be deposited at
the Registered Office of the Company at 167, Jalan Glasiar,
Taman Tasek, 80200 Johor Bahru not less than 48 hours before the
time set for this meeting or at any adjournment thereof.

5. Explanatory Note to Special Business
Directors' fees --The directors' fees of RM96,000 is for
services rendered by the  Director concerned to the Company for
the financial year ended 31 May 2003.


LAND & GENERAL: Voluntarily Winding Up Unit
-------------------------------------------
Land & General Berhad (L&G) announced that Cipta Ria Sdn Bhd
(Cipta Ria), a wholly-owned subsidiary of Key Century Sdn Bhd,
which in turn is a wholly-owned subsidiary of L&G, has been
placed under Member's Voluntary Winding-Up pursuant to Section
254(1)(b) of the Companies Act, 1965. Mr Tay Chong Chim of 27B,
Jalan Bukit Desa, 58100 Kuala Lumpur has been appointed as
Liquidator of Cipta Ria by the shareholder of Cipta Ria at the
Extraordinary General Meeting held on 23 October 2003.

Cipta Ria has been dormant and there is no future plan to
activate the Company.

The Company's total cost of investment in Cipta Ria is
RM33,644,416.87.

L&G does not expect any loss to arise from the voluntary
winding-up of Cipta Ria for the year ending 31 December 2003 as
the cost of investment and inter-Company advances have been
fully provided for by the Company in prior years.

The voluntary winding-up of Cipta Ria is not expected to have
any material impact on the net tangible assets and earnings per
share of the L&G Group for the financial year ending 31 December
2003.


LAND & GENERAL: Delists Dormant Unit
------------------------------------
Land & General Berhad  (L&G) announced that Odin Mining
(Australia) Pty Ltd (OMA), a wholly-owned subsidiary of Overseas
& General Limited (OGL), which in turn is a 51 percent
subsidiary of L&G, has been de-registered in accordance with the
Corporations Act 2001, Australia. Hence, OMA has ceased to be a
subsidiary of OGL.

OMA has been dormant with a paid-up share capital of A$12 only
and OGL has no future plan to activate OMA.


MERCES HOLDINGS: Withdraws Winding Up Petition
----------------------------------------------
Further to the announcement made on 24 September 2003, the Board
of Directors of Merces Holdings Berhad (MHB) announced that the
Petitioner, Concrete Engineering Products Berhad has on 21
October 2003 withdrawn the winding up petition filed against MHB
on 29 July 2003.


OCEAN CAPITAL: Winding Up Units
--------------------------------
The Ocean Capital Berhad announced that a winding-up petition
had been served on Pasaraya Ocean (Klang Utara) Sdn. Bhd. and
Pasaraya Ocean (Selayang) Sdn. Bhd. (collectively known as Ocean
Subsidiaries) on 23 October 2003, for claim of RM18,954.61 and
RM38,835.36 respectively. The winding-up petition on the Ocean
Subsidiaries was presented at the Shah Alam High Court on 5
September 2003 and the sealed winding-up petition was served on
23 October 2003.

(a) The details of default or circumstances leading to the
filing of the winding-up petition against Ocean Subsidiaries:

Messrs Low & Lee, the solicitors for Pan Creative Sdn. Bhd.
against Ocean Subsidiaries, filed the petition. The claim by Pan
Creative Sdn. Bhd. is for the debt due from Ocean Subsidiaries
for the purchase of merchandise stocks. The claimed amount does
not include any interest costs. The petitioner had demanded the
outstanding debt be paid immediately and as the Ocean
Subsidiaries were not able to meet the immediate payment had
instead proposed a monthly payment of 3 percent on the
outstanding debt. This arrangement was not agreeable to the
petitioner.

(b) The total cost of investment in the Ocean Subsidiaries is as
follows:

(i) Pasaraya Ocean (Klang Utara) Sdn. Bhd. - RM1.0 million
(ii) Pasaraya Ocean (Selayang) Sdn. Bhd. - RM1.0 million

(c) The financial and operational impact on the Group:

There is no financial and operational impact on the Group.

(d) The expected losses:

At this point in time, the Ocean Subsidiaries are expected to
incur legal fees of approximately RM25,000.00.

(e) The date of hearing of the winding-up petition: 6 January
2004.

(f) The steps taken and proposed to be taken by Ocean
Subsidiaries in respect of the winding-up proceedings:

(i) To file an application to stay the winding-up proceeding and
to refrain the petitioner from advertising and gazetting the
winding-up petition; and

(ii) To oppose the winding-up petition


PARIT PERAK: Extends Investigative Audit on February 9
------------------------------------------------------
On 18 November 2002, Alliance Merchant Bank Berhad (Alliance)
had, on behalf of PPHB, announced that PPHB had formulated a
plan to regularize its financial condition, as it is an
"affected listed issuer" under Practice Note No. 4/2001 issued
by the Kuala Lumpur Stock Exchange (KLSE) (PN4). The
regularization plan (hereinafter referred to as "the Proposals)
have since been approved by the Securities Commission (SC) vide
its letters dated 10 March 2003, 14 April 2003, 22 April 2003
and 5 September 2003, the Foreign Investment Committee vide its
letter dated 30 December 2002 and Pengurusan Danaharta Nasional
Berhad vide its letter dated 14 April 2003.

One of the conditions stipulated by the SC in its letter dated
10 March 2003 for its approval of the Proposals is for PPHB to
appoint an independent audit firm (which is experienced in
investigative audit and must not be the current auditors of
PPHB) within two months from the date of the letter of approval
from the SC to conduct an investigative audit on PPHB's previous
losses. PPHB is also required to take necessary/relevant steps
to recover the said losses, which have been suffered by PPHB.
Based on the findings of the investigative audit, PPHB is to
report to the relevant authorities if there are any breaches of
any laws, rules, guidelines and/or memorandum and articles of
the Company involving members of the Board of Directors of the
Company and/or any other party that has caused the said losses
of PPHB. The investigative audit is to be completed within six
(6) months from the date of appointment of the independent audit
firm. Two copies of the said investigative audit report must be
made available to the SC after the completion of the
investigative audit.

As PPHB had appointed KPMG as its investigative auditor on 9 May
2003, the deadline to complete the investigative audit as
stipulated under the SC's conditions is 9 November 2003.

Alliance now wishes to announce that it had on 23 October 2003,
on behalf of PPHB, sought the approval of the SC for an
extension of time of three (3) months from 9 November 2003 to 9
February 2004 for the investigative audit to be completed.

Collectively referred to as "the proposals" are:

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


TONGKAH HOLDINGS: Unveils Disposal of Securities
------------------------------------------------
Tongkah Holdings Berhad announced that on 22 October 2003, the
Company has been notified by PB Trustee Services Berhad (the
trustee in respect of the Company's RM186,558,296 Nominal Value
of 5 year 1 percent-2 percent Redeemable Secured Convertible
Bonds A 1999/2004 and RM275,980,363 Nominal Value of 5 year 1
percent-2 percent Redeemable Secured Convertible Bonds B
1999/2004 (collectively Bonds)) that they have on 9 October
2003, disposed of some of the Company's securities held in
public listed companies, which are pledged with them in relation
to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds.

Please refer below for information on the securities disposed.

BONDS A

DATE OF DISPOSAL   UNIT DISPOSED  PRICE PER UNIT (RM) TOTAL
                                          AMOUNT RECEIVED (RM)

9/10/2003                 32          0.73        0.36


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


MANILA ELECTRIC: Clarifies ERC Investigation Report
---------------------------------------------------
The Manila Electric Co. clarified the news article entitled
"Manila Electric: ERC Probes firm, 13 other Utilities" published
by Bloomberg on October 24, 2003, which reported that "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 Manual Sanchez."

Manila Electric Company (Meralco), in its letter dated October
24, 2003, informed the Exchange that:

"The Energy Regulatory Commission (ERC) is regularly conducting
inspection of our electric capital projects, specifically, our
distribution facilities to see if the addition, modification,
upgrading or uprating of facilities pass the approval of the
ERC. We have had experienced certain failures of our Company to
secure prior ERC approval due to the urgency of the needs. The
Company have taken steps to address this and ensure that,
henceforth, Meralco will be compliant with the requirements."

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3402_MER.pdf


MANILA ELECTRIC: Investor's Briefing on October 28
--------------------------------------------------
In connection with Manila Electric Company (Meralco)'s release
of its Third Quarter 2003 results on Monday, October 27, 2003,
Meralco will be conducting an Investors Briefing on Tuesday,
October 28, 2003, 2:30 PM. This will be held at the:

Basement Mini Theater
Lopez Building, Meralco Center
Ortigas Avenue, Pasig City

Meralco has also arranged for a conference call with senior
management at 4:30PM. Details for the Conference call are as
follows:

Conference Call Number: +852 212 1333
Passcode: Meralco

Those who wish to attend are requested to fill up the
appropriate form at
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3384_MER.pdf
and send through fax at + 632 6315591.


NATIONAL BANK: Second Public Auction Nets Php30M
------------------------------------------------
Philippine National Bank (PNB) sold 50 foreclosed properties
worth 30 million pesos after conducting its second public
auction in Metro Manila on October 23, Business World reports.
The total value of properties offered was estimated at 98
million pesos.


The bank sold 51 million pesos in foreclosed properties during
its first auction. The properties sold represent 33 properties
or 55 percent of the total auction inventory of 60 properties in
Bulacan and Metro Manila.

PNB aims to sell an estimated 2.5 billion pesos in real and
other properties owned or acquired (ROPOA) this year. The bank
has some 75 billion pesos worth of idle assets, which consist of
30 billion pesos in ROPOA and PhP45 billion in non-performing
loans.


NATIONAL POWER: PSALM OKs Power Plant Sale
------------------------------------------
The Power Sector Assets and Liabilities Management Corp. (PSALM)
have approved the sale of the first batch of National Power
Corporation (Napocor) assets, consisting of the 210-megawatt
(MW) Navotas 1-3 and four-MW Talomo plant, the Philippine Star
reports. PSALM is mandated to handle the privatization of the
assets of Napocor.

PSALM President Edgardo del Fonso said they would be issuing a
formal invitation to bid by November, with the actual bidding
set on December 19. Before the scheduled bidding, he said
interested parties can review the information memorandum and
conduct their respective due diligence.


PHILIPPINE LONG: US$2.6B Outstanding Debt as of Dec. 31, 2002
-------------------------------------------------------------
Philippine Long Distance and Telephone Co. (PLDT) obtains credit
from a variety of sources, including bank loans and capital
markets issuances. As of December 31, 2002, PLDT on a non-
consolidated basis had US$2,650 million aggregate principal
amount of outstanding indebtedness (including short-term debt).
Approximately 97 percent of PLDT's non-consolidated outstanding
indebtedness is denominated in currencies other than Philippine
pesos, predominately U.S. dollars, and 28 percent accrues
interest at a floating rate. US$1,296 million of this debt is
scheduled to mature through 2006.

In a disclosure to the Securities and Exchange Commission (SEC),
PLDT's aggregate outstanding indebtedness (including short-term
debt) on a non-consolidated basis as of December 31, 2002 and
their respective maturities are shown below:

Maturity                                     Aggregate
Outstanding
                                               Indebtedness

2003 (January 1 through December 31, 2003)  US$238  Php12,682
2004                                           284     15,109
2005                                           395     21,029
2006                                           379     20,200
2007 and onwards                             1,354     72,087

In 2002, PLDT pursued a number of liability management
initiatives with the objectives of further improving the balance
between its cash flows and debt service requirements and
reducing its overall indebtedness.

As part of these initiatives, PLDT was successful in raising
external financing to fund a significant portion of its
projected operating, investing and debt service requirements. On
January 25, 2002, PLDT signed two loan agreements with KfW that
provided PLDT with a refinancing facility of US$149 million. On
May 2, 2002, PLDT completed a global offering of notes in the
aggregate amount of US$350 million with a simultaneous tender
offer for PLDT's 8.5 percent Notes due 2003 and 10.625 percent
Notes due 2004, which closed on May 15, 2002. On July 26, 2002,
PLDT signed a loan agreement with JBIC in the total amount of
JP¯9,760 million under JBIC's overseas investment loan program.
On September 4, 2002, PLDT signed a US$145million syndicated
multi currency term loan facility, the first tranche of which
was drawn in June 18, 2003 to refinance a portion of a Japanese
yen syndicated term loan which matured on the same date, and the
second tranche to be drawn in December 2003 to refinance a
portion of a U.S. dollar term loan falling due in December 2003.


PHILIPPINE LONG: Credit Ratings May Affect Financing Costs
----------------------------------------------------------
Philippine Long Distance and Telephone Co. (PLDT)'s credit
ratings may significantly affect the terms of the Company's
prospective financings, particularly financing costs, a Company
statement said. On July 29, 2003, Moody's Investors Service
changed its outlook on PLDT to positive and affirmed its credit
rating of "Ba3" and preferred stock rating of "B2". On May 30,
2003, Fitch Ratings changed its outlook on PLDT to stable and
affirmed its credit rating of "BB-". On April 22, 2003, Standard
& Poor's Ratings Group, or S&P, affirmed its "BB" rating and
stable outlook on PLDT. However, none of our existing
indebtedness contains provisions under which credit rating
downgrades would trigger a default, changes in applicable
interest rates or other similar terms and conditions.

On October 29, 2002, Philippine Ratings Services Corporation, or
PhilRatings, a credit rating agency in the Philippines,
announced its "PRS 1" rating for PLDT's Php2,000 million One-
Year Peso Notes for which the registration was rendered
effective by the Philippine SEC on April 9, 2003. PRS 1 is the
highest rating possible on PhilRatings' scale for short-term
securities and is based on the issuer's "strongest capability
for timely payment of debt on both principal and interest."

A credit rating is not a recommendation to purchase, hold or
sell securities as much as such rating does not comment as to
market price or suitability for a particular investor. In
addition, a credit rating is subject to revision or withdrawal
at any time by the credit rating assigning organization. We
cannot assure you that the credit ratings will remain in effect
for any given period or that the ratings will not be revised,
downwards or upwards, by the rating agency in the future.


PHILIPPPINE LONG: Discloses 2002 Financing Activities
-----------------------------------------------------
On a consolidated basis, Philippine Long Distance and Telephone
Co. (PLDT) used net cash of 16,009 million pesos for financing
activities in 2002 as against net cash provided from financing
activities of 3,786 million pesos and 5,511 million pesos for
the years 2001 and 2000, respectively. The net cash used in
financing activities in 2002 as against net cash provided by
financing activities in 2001 was mainly due to PLDT's debt
payments in line with its liability management program. The net
cash provided by financing activities was lower in 2001 than in
2000 primarily due to proceeds from the issuance of PLDT's
common shares to NTT Communications Capital (UK) Limited, or
NTTC-UK, a wholly-owned subsidiary of our strategic partner NTT
Communications, amounting to Php13,878 million in 2000. On a
stand-alone basis, Smart's financing activities in 2002 used net
cash of Php11,764 million, specifically for debt payments in
excess of loan drawdowns. Conversely, Smart's financing
activities in 2001 and 2000 provided net cash of Php11,798
million and Php7,618 million, respectively, representing
drawings from various credit facilities.

DEBT FINANCING

Additions to our consolidated long-term debt in 2002 totaled
Php36,011 million, consisting of (1) proceeds from PLDT's
issuance of notes amounting to an aggregate of Php17,625 million
(US$350 million) and drawings totaling Php8,746 million,
primarily from PLDT's loan facilities extended and/or guaranteed
by various export credit agencies; (2) Smart's drawings of
Php6,074 million, principally from its Phase 5 GSM loan
facilities; and (3) ePLDT's drawing of Php141 million from a
three-year term loan facility.

Our consolidated indebtedness as of December 31, 2002 was
Php191,710 million, lower by Php4,851 million, or 2 percent,
compared to Php196,561 million as of December 31, 2001 due
mainly to the reductions of Php2,379 million and Php3,310
million in PLDT's and Smart's indebtedness, respectively. PLDT's
non-consolidated indebtedness decreased by 2 percent, from
Php143,486 million as of December 31, 2001 to Php141,107 million
as of December 31, 2002, due to debt payments in line with our
thrust to reduce PLDT's overall indebtedness. Smart's
indebtedness as of December 31, 2002 stood at Php22,891 million,
a decrease of 13 percent from Php26,201 million as of December
31, 2001.

As of December 31, 2002, PLDT had undrawn committed dollar-
denominated long-term credit facilities of US$273 million,
inclusive of the US$99 million undrawn portion of the US$149
million KfW refinancing facility and the undrawn US$145 million
multicurrency refinancing facility. Smart also had undrawn
committed dollar-denominated long-term credit facilities of
US$108 million, as of December 31, 2002. In addition, Smart
still has available facilities under its ?50 million Framework
Agreement with HypoVereinsbank up to a maximum aggregate amount
of ?43 million.

After giving effect to the anticipated application of existing
refinancing facilities, the scheduled maturities of our
outstanding long-term debt as of December 31, 2002 are as
follows:


Consolidated

         Maturity         (in millions)

           2003             Php19,627

           2004              22,438

           2005              28,332

           2006              25,941

           2007 and onwards  94,612

Approximately Php70,397 million principal amount of our
consolidated outstanding long-term debt as of December 31, 2002
is scheduled to mature over the period 2003 to 2005. Of this
amount, approximately Php48,100 million is attributable to PLDT,
Php18,349 million to Smart, and the remainder to Mabuhay
Satellite, MaraTel, ePLDT and Piltel.

On January 25, 2002, PLDT signed two loan agreements with KfW
that provided PLDT with a new US$149 million facility to
refinance in part the repayment installments under its existing
loans from KfW due from January 2002 to December 2004. The
facility is a nine-year loan, inclusive of a three-year
disbursement period and a two-year grace period during which no
principal is payable. It partly enjoys the guarantee of HERMES,
the export credit agency of the Federal Republic of Germany.
Disbursements under this facility, which are made as the KfW
loans to be repaid fall due, are currently available. As of
December 31, 2002, drawings under this facility totaled US$50
million (Php2,644 million).

On May 2, 2002, PLDT issued 10.625 percent Notes due 2007 in the
aggregate principal amount of US$100 million and 11.375 percent
Notes due 2012 in the aggregate principal amount of US$250
million. The net proceeds from this debt issue were used mainly
(1) to repurchase US$63 million principal amount of 8.5 percent
Notes due 2003 and US$117 million principal amount of 10.625
percent Notes due 2004 through our tender offer, and US$6
million principal amount of 10.625 percent Notes due 2004 and
US$6 million principal amount of 9.875 percent Notes due 2005
from the open market and (2) to prepay or repay various loans in
the aggregate amount of US$121 million, of which US$53 million
(JPY6,260 million) pertained to the Japanese yen term loan which
matured on June 18, 2003 and US$52 million pertained to the
US$150 million term loan maturing in December 2003.

On July 26, 2002, PLDT signed a loan agreement with JBIC for a
JPY9,760 million credit facility under JBIC's Overseas
Investment Loan program. This fully drawn facility will amortize
beginning March 21, 2005 and will mature on March 21, 2008.

On September 4, 2002, PLDT signed an agreement with a syndicate
of banks for a US$145 million multicurrency term loan facility
consisting of Japanese yen and U.S. dollar commitments of
JPY10,914 million and US$53 million, respectively. This facility
has been split into two tranches: Tranche A was drawn on June
18, 2003 in the amount of JPY7,723 million and US$34 million to
refinance a portion of a Japanese yen syndicated term loan which
matured on the same date; and Tranche B, which amounts to
JPY3,191 million and US$19 million, and which is to be drawn in
December 2003 and is intended to refinance a portion of the
US$52 million principal amount outstanding under the U.S. dollar
term loan falling due in December 2003. This new syndicated
facility will amortize semi-annually beginning June 2004 and
will mature in December 2006.

On November 28, 2002, Smart signed a US$100 million five-year
term loan facility supported by Nippon Export and Investment
Insurance of Japan. This facility will be used to finance
equipment and services related to the Phase 6 of Smart's GSM
network expansion.

On May 29, 2003 PLDT obtained a US$12 million term loan facility
from DEG-Deutsche Investitions-und Entwicklungsgesellschaft mbH.
On June 11, 2003, PLDT also signed a JPY5,615 million syndicated
term loan facility supported by Nippon Export and Investment
Insurance of Japan. As of June 30, 2003, we have not made any
draw downs under these two facilities.


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


ASPIC BDS: Issues Dividend Notice
---------------------------------
Aspic Bds (S) Pte Ltd. issued a notice of first and final
dividend as follows:

Address of Registered Office: Formerly of 123 Bukit Merah Lane 1
#04-96 Singapore 150123.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 144 of 1993.

Amount Per Centum: 2.136 percent.

First and Final or otherwise: First & Final Dividend.

When Payable: 15th October 2003.

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

Dated: 23rd October 2003.
CHAN WANG HO
Assistant Official Receiver.


BIZGRO MARKETING: Releases Winding Up Order Notice
--------------------------------------------------
Bizgro Marketing 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 45 Maxwell
Road #05-11/#06-11 The URA Centre (East Wing) Singapore 069118.

Messrs TAN KOK QUAN PARTNERSHIP
Solicitors for the Petitioners.


CEMENTAHI MACHINERY: Issues Debt Claim Notice to Creditors
----------------------------------------------------------
The creditors of Cementhai Machinery (Singapore) Pte Ltd (In
Members' Voluntary Liquidation), which is being wound up
voluntarily, are required on or before 19th November 2003 to
send in their names and addresses, with particulars of their
debts or claims and the names and addresses of their solicitors
(if any) to the undersigned, the Liquidator of the said Company,
and, if so required by notice in writing by the said Liquidator
or, 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.

Dated this 22nd day of October 2003.

ZALINAH SAMADE
Liquidator.
c/o IP Consultants Pte Ltd
135 Cecil Street
#10-04 LKN Building
Singapore 069536.


CHARTERED SEMICONDUCTOR: Unveils 4Q03 Business Outlook
------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. announced its
business review and outlook for the fourth quarter of this year
as follows:

"Based on the current demand levels from our customers,
Chartered Semiconductor Manufacturing Ltd. expects the fourth
quarter to be a strong one for the Company, particularly in the
computer and consumer sectors of our business," says George
Thomas.

George Thomas, Vice President & CFO of Chartered. "Beyond the
current quarter, visibility remains limited in the industry,
with the strength of holiday sales always difficult to predict
at this time of the year.

"In the fourth quarter, Chartered revenue growth should once
again be aided by the gains we are making in advanced
technology. We expect the revenue contribution from 0.18-micron
and below products to be in the low 40s, and 0.13-micron
revenues to be up sequentially in both dollar terms and as a
percent of total.

"In modeling Chartered's business, based on the current
structure, we estimate that the quarterly revenue range required
to break-even at the net income level is approximately $250-$270
million, depending on mix and average selling price assumptions.
Revenues in this model include our share of SMP, and net income
excludes the impact of the CSP accounting treatment related to
its negative net worth," Thomas said.

The outlook for the fourth quarter 2003 is as follows:

                       3Q 2003         4Q 2003 Guidance
                       Actual   Midpoint and range    Sequential
change

Revenues               $137.7M  $171.0M,   $3M     Up 22 percent
to 26 percent

Revenues including
Chartered's share
of SMP                 $185.3M  $221.0M,   $4M     Up 17 percent
to 21 percent

ASP                    $896     $906,      $20     Down 1
percent to up 3 percent

ASP including
Chartered's share
of SMP                 $1,002   $1,005,    $25     Down 2
percent to up 3 percent

Utilization            59 percent      66 percent,       2
percent points        -

Gross loss             $21.7M   $0M,       $4M              -

Net loss (a)           $75.9M   $50.0M,    $5M              -

Loss per ADS           $0.30    $0.20,     $0.02            -

Net loss without
unusual items (a)      $72.6M    $47.0M,   $5M              -

(a) Includes loss impact due to CSP accounting treatment of
$23.8M in 3Q 2003 and $17.0M in 4Q 2003.

The fourth quarter forecast includes a projected capacity
increase of 19.1 thousand eight-inch equivalent wafers.

WEBCAST CONFERENCE

Chartered scheduled its third quarter 2003 results and fourth
quarter 2003 outlook on a conference call on October 23, 2003,
at 8:30 a.m. Singapore time (US time 5:30 p.m. PT/8:30 p.m. ET,
October 22, 2003). A webcast of the conference call is available
on Chartered's Web site at www.charteredsemi.com, under Investor
Relations, or at http://ir.charteredsemi.com.

MID-QUARTER GUIDANCE

The Company provides a guidance update midway through each
quarter. For fourth quarter 2003, the Company anticipates
issuing its mid-quarter guidance update, via news release, on
Tuesday, December 2, 2003, Singapore time.

INVESTOR CONTACTS:

Suresh Kumar                    Clarence Fu
(1) 408.941.1110                (65) 6360.4060
sureshk@charteredsemi.com       cfu@charteredsemi.com


MEDIA CONTACTS:

Chartered U.S.:                 Chartered Singapore:
Tiffany Sparks                  Maggie Tan
(1) 408.941.1185                (65) 6360.4705
tiffanys@charteredsemi.com      tanmaggie@charteredsemi.com


HONG LAI: Issues Judicial Manager's Meeting of Creditors
--------------------------------------------------------
Under the order for judicial management of Hong Lai Huat
Construction Pte Ltd dated the 27th day of June 2003, take
notice that a meeting of creditors will be held at Margaux Room,
3rd Floor, Le Meridien Singapore, 100 Orchard Road, Singapore
238840 on Thursday 30th October 2003 at 2 in the afternoon.

AGENDA

1. Confirmation of minutes and revision to JM Proposal dated 6th
October 2003.

2. To answer all penitent questions raised in the 1st creditors
meeting on 6th October 2003.

3. To consider and approve the judicial manager's proposal.

4. Any other matters.

Forms of general and special proxies are enclosed herewith.
Proxies to be used at the meeting must be lodged with me not
later than 5 p.m. on 29th October 2003.

Dated this 23rd day of October 2003.

BOB LOW SIEW SIE
Judicial Manager.
Address: c/o Bob Low & Co
10 Anson Road #39-15
International Plaza
Singapore 079903.


SIGMA FOOD: Winding Up Hearing Set October 31
---------------------------------------------
The petition to wind up Sigma Food Products 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. Bank of China, a
creditor, whose address is situated at 4 Battery Road, Bank of
China Building, Singapore 049908, filed the petition with the
court on September 10, 2003.

The petitioners' solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs RAJAH & TANN 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).


THAI HIN: Petition to Wind Up Pending
-------------------------------------
The petition to wind up Thai Hin Long Group (Singapore) 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. Bank
of China, a creditor, whose address is situated at 4 Battery
Road, Bank of China Building, Singapore 049908, filed the
petition with the court on September 10, 2003.

The petitioners' solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs RAJAH & TANN 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).


UNITED MOTOR: Creditors Must Submit Claims by November 24
---------------------------------------------------------
Notice is hereby given that the creditors of United Motor Works
Pte Ltd (In Members' Voluntary Liquidation), which is being
wound up voluntarily, are required on or before 24th November
2003 to 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 under mentioned liquidator at c/o 6
Battery Road #33-02, Singapore 049909 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 benefit of any distribution
made before such debts are proved.

Dated this 24th day of October 2003.
NICKY TAN NG KUANG
HONG PIAN TEE
DAN YOCK HIAN
Liquidators.


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


KRUNG THAI: Eyes Stake in Thailand Post to Expand Credit Biz
------------------------------------------------------------
Responding to strong clamor from investors to pursue its plan to
offer financial services via Thailand Post, Krung Thai Bank said
last week it will submit a proposal to buy a major stake in the
courier.

Bank President, Viroj Nualkhair, told Bangkok Post Krungthai
Card and the bank will buy a stake in the courier along with a
strategic partner, possibly an overseas postal service company.
He said the group will submit its proposals to the Information
and Communications Technology Ministry next month.

"From our roadshows earlier this month during KTB's own share
offering, many investors have expressed interest in this
business concept," Mr. Viroj said.  "We've presented plans to
offer financial services through Thailand Post, and many have
expressed interest in joining us in the deal."

Set up in August following the 'corporatization' of the
Communications Authority of Thailand, Thailand Post has a
registered capital of THB750 million and staff of 14,070.  It is
in charge of postal services nationwide.

KTB has named ING as a financial adviser to study details of the
deal, Bangkok Post said.  Mr. Viroj said the bank will probably
propose a three-part plan to the ICT for the deal.

"The first phase would be to allow KTB to become a major
shareholder in Thailand Post with authority to set company
policy," Bangkok said, citing the bank's plan.

"If approved, phase two would involve the setting of a share
prices and the actual investment transaction.  Phase three would
focus on drafting a strategic plan for Thailand Post to raise
its competitiveness and expand into financial services, with the
overall project expected to be completed within two years," the
paper explained.

"KTB wants to take advantage of Thailand Post's more than 1,000
offices nationwide. This represents a huge base to expand retail
credit in the future," Mr. Viroj told Bangkok Post, adding
surveys show some 70% of the population currently lacked ready
access to financial services from the banking system.


THAI MILITARY: Investment in Siam Steel Syndicate Co., Ltd.
-----------------------------------------------------------
Subject: Investment in Siam Steel Syndicate Co., Ltd.

To     : Director and Manager, The Stock Exchange of Thailand


We, Thai Military Bank Public Company Limited, would like to
report the investment in Siam Steel Syndicate Co., Ltd. as
follows:

Invested Company                :       Siam Steel Syndicate
Co., Ltd.

Type of business                :       Manufacturing

Registered and Paid-up Capital  :       472,381,200 Baht divided
                                        into Ordinary Share
                                        10,000,000 shares and
                                        Preferred Share
                                        37,238,120 shares

Par value                       :       10 Baht/Share

Number of Shares Invest         :       5,398,006 shares

Percentage of share holding     :       11.43 %

Investment Objective            :       Part of Rehabilitation
                                        Plan

Source of fund                  :       Debt conversion into
                                        equity

Transaction Size                :       This transaction is not
                                        regarded as transaction
                                        of acquisition or
                                        disposal according to
                                        the regulation of The
                                        Stock Exchange of
                                        Thailand

Kindly be informed accordingly.

Best regards,

Subhak Siwaraksa
First Executive Vice President
Acting President


THAI PETROCHEMICAL: Posts Latest Update on Rehabilitation
---------------------------------------------------------
To: President, Stock Exchange of Thailand

Re: Progress Report of Thai Petrochemical Industry PCL's
    Business Reorganization During 16 July - 15 October 2003


On July 11, 2003, the Central Bankruptcy Court issued an order
appointing the Ministry of Finance as the new Plan Administrator
of the Thai Petrochemical Industry Public Company Limited (the
Company). The Ministry of Finance appointed a body of persons as
a representative of the Ministry of Finance which comprises of
General Mongkon Ampornpisit, Mr. Pala Sookawesh, Mr. Pakorn
Malakul Na Ayudhya, Mr. Aree Wongsearaya, and Mr. Thanong Bidaya
to undertake the rehabilitation of the company in compliance
with the laws and Business Reorganization Plan.

On behalf of the Company, the Plan Administrator would like to
submit a progress report of the undertaking of Business
Reorganization Plan  as follows:

A. Mission and Key Policies

The Plan Administrator received the Company's assets, seals, and
a set of books and accounts of the company  from the Official
Receiver and the temporary Plan Administrator on July 16, 2003
which was regarded as the first day of the undertaking of the
Company's business and operations by the Plan Administrator.
In exercising such roles, the Plan Administrator has adopted the
guidelines and the objectives to carry out and amend the
Company's Business Reorganization Plan as soon as possible.

To achieve such objectives, the Plan Administrator has defined
the 4 key policies as follows:

(1) To ensure the continuity of the company's business,

(2) To ensure the creditors that debts'' repayment will be made
in due course,

(3) To ensure that debtors will be treated fairly, and

(4) To assure the job security of all staff and employees.

The Plan Administrator has prescribed key measures and
operational steps to ensure that the Business Reorganization
Plan will be effectively carried out in due course. For the
effectiveness of the measures set forth, the Plan Administration
has set up the Office of the Plan Administrator at the Company's
Head Office.

Key measures and operational steps as abovementioned can be
identified as follows:

(1) Appointing Independent Accountants of the Plan Administrator
to control and monitor the financial and accounting operations,

(2) Appointing Legal Advisors who are neutral and knowledgeable
in the field of Bankruptcy Act and business reorganization, and

(3) Appointing: (a) qualified Financial Advisors, who have
experience in financial restructuring and business
reorganization, to advise to the Plan Administrator in amending
the Company's Business Reorganization Plan and (b) Technical
Advisors to give advice on the production plan.  These advisors
must closely cooperate in order to complete the amendment of the
Company's Business Reorganization Plan in due course.

B. Work Performance of the Plan Administrator

(1) Production

The Plan Administrator viewed the optimum petroleum refining
level as a key to maximizing the Company's financial return.
Thus, a committee set up by the Plan Administrator has
undertaken sensitivity analysis encompassing several factors
e.g. petrochemical and oil price, raw material cost, overhead,
gross margin and EBITDA. Consequently, under current situation,
the average refining level at 150,000 barrels per day is
considered to be the most appropriate level, which would provide
the highest yield to the company

(2) Finance

2.1 Working Capital Requirement - to ensure the continuity of
the Company's business, the Plan Administrator has contacted
several financial institutions for additional working capital of
around US$170-200 million for raw material procurement.  During
the course of negotiation with concerned financial institutions,
the Plan Administrator mainly focused on the Company's benefit
and aimed at the most appropriate terms and conditions of the
credit facilities.  Currently, the negotiation is in progress.

2.2 Unpaid interest and current interest - prior to the
management of the present Plan Administration, the accrued
interest under Business Reorganization Plan for the period of
April, May, and June 2003 was overdue. To enable the company to
service the overdue interest and current interest incurred
during the period of the Business Reorganization Plan amendment,
the Plan Administrator has committed that the terms and
conditions under the current Business Reorganization Plan be
complied.

Nevertheless, the Company's financial capability is of a great
concern. Thus, the Plan Administrator has submitted an interest
rate deduction proposal to the Committee of Creditors so that
the rate will be more in line with the current market rate and
the Company's financial capability.  In addition, to rectify the
Company's financial liquidity, the Plan Administrator has
proposed the revised schedule for the unpaid interest payment.
Such proposals are currently under the consideration of the
Company's creditors.

C. Coordination with the Company's Creditors

The Plan Administrator has coordinated with the creditors and
attended weekly meetings with the Committee of Creditors.  The
Plan Administrator also regularly submits the operation reports
to the Committee of Creditors, which bring about the mutual
understanding with the creditors.

Apparently, on 22 September 2003, the Participating Scheme
Creditors did not cast their vote to take action on the "Event
of Default" due to the unpaid interest as stated in 2.2.

D. Pending Litigations

In assuming the role as the Company's Plan Administrator, the
Plan Administrator has to deal with 42 pending litigation cases
incurred during the temporary Plan Administrator on April 20 -
July 10, 2003, which were litigated and can be classified as
follows:

(1) Litigations under the report of the Official Receiver - 13
cases,

(2) Litigations of labor disputes of the Company - 20 cases,

(3) Litigations of labor disputes of the TPI Oil Co., Ltd. - 2
cases,

(4) Litigations of labor disputes of the Thai ABS Co., Ltd. - 3
cases,

(5) Litigations of labor disputes of the TPI Polyol Co., Ltd. -
1 case, and

(6) Litigations of criminal cases of the Company - 3 cases.

At present, the Plan Administrator is taking appropriate legal
action for all aforementioned cases.


                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Lyndsey Resnick, Mavy Nineza-Merlin, Ma. Cristina
Pernites-Lao, Editors.

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

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