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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

         Wednesday, October 29, 2003, Vol. 6, No. 214

                            Headlines

A U S T R A L I A

AMP LIMITED: 1,300 U.K. Jobs to go After Demerger
COLES MYER: Proposes Additional 1.5 Million Options for CEO
NEWCREST MINING: Temporarily Halts Indonesian Operations


C H I N A  & H O N G K O N G

C.A. PACIFIC: Claimants Have Until Oct. 28 to Repay Regulator
CHINA COMMUNICATIONS: Court Sets Winding up Hearing Nov. 12
CHINA INFORM: Mandarin Production Files Winding up Petition
EAST WEAL: Bank of China Initiates Winding up Proceedings
FAME PACIFIC: Creditors Have Until November 14 to Prove Claims

RICH GLOBAL: Winding up Hearing Set November 19
SHANGHAI LAND: Cuts Net Asset Value after Posting Huge FY Loss


I N D O N E S I A

GT TYRE: Sells Former Gajah Tunggal Unit for IDR1 Trillion


J A P A N

NEC CORPORATION: Unveils 1H03 Financial Results
NEC CORPORATION: Issues Dividend Payment Notice
NISSHO IWAI: Unit Revises Earning Forecast
NISSHO IWAI: Issues Convertible Bonds
SAGAMI RAILWAY: JCR Downgrades Rating to BBB

TOSHIBA CORP.: Develops Environmental Monitoring System


K O R E A

DAEWOO MOTOR: U.S. Unit Confirms Reorganization Plan
HANARO TELECOM: 51 Executives Submit Resignation
SK CORPORATION: Moody's Confirms Ba2 Rating; Outlook Negative
SK GROUP: Signs Restructuring Pact With Creditors


M A L A Y S I A

DATAPREP HOLDINGS: Enters Winding Up Petition
HONG LEONG: Unveils 79th AGM Results
IDRIS HYDRAULIC: Issues Restructuring Update
NCK CORPORATION: Clarifies KLSE Query
NYLEX (MALAYSIA): AGM Set For November 19

PARK MAY: Unit Enters Asset Sale Agreement
PLANTATION & DEVELOPMENT: Fountain Issues Prospectus Oct. 27
TONGKAH HOLDINGS: Issues Restructuring Scheme Update


P H I L I P P I N E S

MANILA ELECTRIC: Sees Better Third Quarter Results
NATIONAL POWER: Needs US$2B for Debt Service, IPP Payments


S I N G A P O R E

ASIA PULP: Signs US6.7B Debt Agreement With Creditors
BEST MOBILE: Issues Winding Up Order Notice
CAPITALAND LTD: Issues Interest on Convertible Bonds Due 2007
CARPE DIEM: Winding Up Hearing Slated For November 7
DIGILAND INTERNATIONAL: Unit Enters Liquidation

FLOORING & TIMBER: Releases Winding Up Order Notice
NIGCOM HOLDING: Petition to Wind Up Pending
T4 CONSTRUCTION: Court Sets Winding Up Hearing Nov. 7
TOKUHON LIMITED: Winding Up Hearing Set October 31


T H A I L A N D

NAKORNTHAI STRIP: 17 Underwriters to Manage Public Offer
NAKORNTHAI STRIP: Siam City Bank Grants Interim Working Cash
SIAM UNITED: Raises Over THB274 Million in New Capital

     -  -  -  -  -  -  -  -

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


AMP LIMITED: 1,300 U.K. Jobs to go After Demerger
-------------------------------------------------
Along with the demerger of the U.K. business of AMP Limited
will be the axing of about 1,300 British workers by June next
year, The Scotsman said yesterday.

The British operations, which will be renamed and listed as
HHG following the AU$10 billion- demerger, employs 3,400
workers.  The subsidiaries that will be split from the main
Australian operations of AMP include Henderson Global
Investors and the life funds Pearl, NPI and London Life.  CEO
Andrew Mohl recently said he is open to a takeover of the U.K.
group.

"We recognize there is more potential for a takeover of either
company as a result of the demerger," Mr. Mohl said.
"Ultimately, that is another reason why shareholders would
benefit from the proposal."

AMP's 989,000 retail shareholders -- including 55,000 in
Britain -- will vote on the proposal at a meeting on December
9, The Scotsman said.

Meanwhile, Henderson lost a valued client last week in Witan
Investment Trust, which withdrew its GBP1.3 billion from the
fund manager.  Witan said its investments had lost 33% during
the three years it had been under Henderson's management.  
Henderson manages about GBP69 million in funds.


COLES MYER: Proposes Additional 1.5 Million Options for CEO
-----------------------------------------------------------
Coles Myer's board announced Monday it is inclined to grant
CEO John Fletcher another 1.5 million share options pegged on
certain performance benchmarks, Dow Jones said.

The options are in addition to the 2.5 million shares granted
Mr. Fletcher after assuming his post in 2001.  The board
proposes that the 1.5 million options be granted in three
tranches of 500,000 beginning September 2004 and onwards until
2006.  

The board says the options carry "rigorous performance
hurdles," and will take Mr. Fletcher's remuneration to a
"market competitive level" during the remaining three years of
his contract.  The exercise price would be the weighted
average price of Coles Myer shares on the five business days
prior to its annual meeting this year.  

The proposal will be presented to shareholders during the 2003
annual meeting.


NEWCREST MINING: Temporarily Halts Indonesian Operations
--------------------------------------------------------
Newcrest Mining Ltd., Australia's largest gold producer,
announced Monday it had temporarily stopped pre-strip
activities in Indonesia.  The company cited "unauthorized
mining by local people."

Although the unauthorized mining is small-scale, the company
said it had to wait until the site can be cleared as a safety
and security precaution.

"Newcrest has in place a plan which it is implementing to
ensure that the mine, personnel and associated facilities are
protected and will liaise with government agencies to enable
mining operations to recommence as soon as possible," a
Newcrest statement reads.


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


C.A. PACIFIC: Claimants Have Until Oct. 28 to Repay Regulator
-------------------------------------------------------------
The Securities and Futures Commission of Hong Kong issued
yesterday a legal and general notice reminding the claimants
of C.A. Pacific Securities Limited (In Liquidation) of the
deadline of 28 October 2003 by which the claimants should
indicate if they will repay compensation to the SFC to get all
their allocated shares in the winding up of the company.  If
the claimants take no action by then, the Liquidators of the
company will sell the allocated shares of these claimants
according to earlier Orders of the Court.

Up to date, about 2,450 claimants, out of about 3,660
claimants who are entitled to allocated shares, have yet to
indicate to the Liquidators whether they will repay to the
SFC.

The notice will be published in one English and one Chinese
newspaper in tomorrow's edition.

Notes:

The notice is attached for your reference.

Legal and General Notice

Reminder to Claimants of C.A. Pacific Securities Limited
(CAPS) (In Liquidation) of the 28 October 2003 Deadline for
Responding to the CAPS Liquidators

When the Securities and Futures Commission (SFC) makes a
payment from the Unified Exchange Compensation Fund (Fund) to
a CAPS claimant, the SFC on behalf of the Fund is subrogated
to the claimant's rights and remedies against CAPS in the same
amount as the compensation payment made. The SFC has made
payments to 3,922 claimants against CAPS. About 73% of the
3,922 claimants were allowed in an amount below $150,000 and
hence were fully compensated based on share values at the time
of default in January 1998. Among the 3,922 compensated
claimants, about 3,660 claimants were entitled to allocated
shares. Under the CAPS share distribution plan ordered by the
Court in the CAPS winding up, the CAPS Liquidators have
allocated shares to the SFC proportional to the SFC's
subrogated rights. For examples: where the SFC has paid a
claimant in full, all the claimant's shares are allocated to
the SFC; where the SFC has paid only half of a claimant's
loss, the shares are allocated equally between SFC and the
claimant. Amounts recovered under the SFC's subrogated rights
will be used to replenish the Fund.

The CAPS Liquidators wrote to claimants on 30 June 2003
informing them of the share distribution plan ordered by the
Court and of the claimants' and SFC's allocations of shares by
the CAPS Liquidators. This mailing included a letter from the
SFC informing claimants of an option to repay voluntarily the
amount of compensation made to them, which would remove the
SFC's rights to allocated shares. On 29 August 2003, the CAPS
Liquidators reminded claimants of the distribution plan by
press and by letter.

Up to date, about 280 claimants have elected to repay to the
SFC the compensation amount made to them in order to get all
the allocated shares. The SFC has received a total amount of
about $30 million from them. Approximately 930 claimants have
indicated to the CAPS Liquidators that they do not wish to
repay the compensation to the SFC. The CAPS Liquidators will
split the allocated shares between the SFC and these claimants
according to the corresponding subrogation ratios. However,
about 2,450 claimants have not indicated to the Liquidators
whether they will repay to the SFC. If no response is received
from the claimants by 28 October 2003, the Liquidators will
sell the allocated shares of these claimants under Orders from
the Court.

The SFC now reminds claimants that the deadline for responding
to the CAPS Liquidators is 28 October 2003.

23 October 2003

Securities and Futures Commission
8th Floor, Chater House
8 Connaught Road Central
Hong Kong


CHINA COMMUNICATIONS: Court Sets Winding up Hearing Nov. 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 China
Communications Publication Limited.

Mandarin Production Limited of Room 1303, Eastern Centre, 1065
King's Road, Hong Kong filed the petition on September 17,
2003.  Paul T.S. Lam & Co. represents the petitioner.

Creditors and other interested parties are encouraged to
attend the hearing.  They only need to notify in writing Paul
T.S. Lam & Co., which holds office at Room 202-3, Tung Ming
Building 40-42 Des Voeux Road Central Hong Kong.


CHINA INFORM: Mandarin Production Files Winding up Petition
-----------------------------------------------------------
The High Court of Hong Kong will hear on November 12, 2003 at
10:00 a.m. the petition seeking the winding up of China Inform
Communication (Overseas) Limited.

Mandarin Production Limited of Room 1303, Eastern Centre, 1065
King's Road, Hong Kong filed the petition on September 17,
2003.  Paul T.S. Lam & Co. represents the petitioner.

Creditors and other interested parties are encouraged to
attend the hearing.  They only need to notify in writing Paul
T.S. Lam & Co., which holds office at Mandarin Production
Limited whose registered office is situate at Room 1303,
Eastern Centre, 1065 King's Road, Hong Kong.


EAST WEAL: Bank of China Initiates Winding up Proceedings
---------------------------------------------------------
The High Court of Hong Kong will hear on November 19, 2003 at
10:00 a.m. the petition seeking the winding up East Weal
International Limited.

Bank of China (Hong Kong) Limited 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.


FAME PACIFIC: Creditors Have Until November 14 to Prove Claims
--------------------------------------------------------------
Notice is hereby given that the Creditors of Fame Pacific
Limited (in members' voluntary liquidation), whose debts or
claims have not already been admitted, are required on or
before the 14th day of November, 2003 to prove by affidavit
their debts or claims by sending in their names, addresses and
descriptions and full particulars of their debts or claims in
accordance with Form 63A of the Companies (Winding-up) Rules,
and the names and addresses of their Solicitors (if any) to
the undersigned Liquidators of the said Company, and, if so
required by notice in writing from the said Liquidators, are
personally or by their Solicitors or duly authorized
Representative, to come and prove their said debts or claims
and to establish any title they may have to priority at such
time and place as shall be specified in such notice.  In
default of complying with this Notice, such creditors will be
excluded from the benefit of any distribution made before such
debts or claims are proved and/or from objecting to any
distribution made before such priorities are established.


Julian Kai Wo Chow
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong

Natalia Seng  
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong


RICH GLOBAL: 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 Rich Global
Engineering Limited.

Marvel Harvest Limited of Unit A1, 14/F., Chaiwan Industrial
Centre, 20 Lee Chung Street, Chaiwan, Hong Kong filed the
petition on September 24, 2003.  Messrs. Huen & Partners
represents the petitioner.

Creditors and other interested parties are encouraged to
attend the hearing.  They only need to notify in writing
Messrs. Huen & Partners, which holds office at Units 3309-
3311, 33rd Floor West Tower, Shun Tak Centre, 168-200
Connaught Road Central Hong Kong.


SHANGHAI LAND: Cuts Net Asset Value after Posting Huge FY Loss
--------------------------------------------------------------
Shanghai Land Holdings, the property development group now
under receivership, reported a HK$261.3 million full-year loss
yesterday, a huge jump from last year's HK$46.3 million loss.

Reuters says the company also revalued its assets to HK$2.1
billion due to the revaluation of investment and hotel
properties and impairment losses from property under
development.  Company auditors would not vouch for the
accuracy of the financial information.

Owned by Zhou Zhengyi, one of China's richest businessmen who
is currently under police custody, Shanghai Land went into
receivership on June 7.  Mr. Zhou was arrested earlier this
year for his involvement in several questionable loans.

Company receivers said they are considering all feasible
options to maximize the value of the company but could not
determine when the receivership would end, Reuters said.


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


GT TYRE: Sells Former Gajah Tunggal Unit for IDR1 Trillion
----------------------------------------------------------
Indonesian Bank Restructuring Agency received IDR1.79 trillion
from sale of GT Tyre and GT Petrochem, two assets pledged by
businessman Sjamsul Nursalim to settle his debts with the
government.

Dow Jones says Singapore's Garibaldi Century now owns the two
properties, which until the 1997-98 financial crisis formed
part of Mr. Nursalim's empire called the Gajah Tunggal Group.  
By the time the crisis tapered off, the business tycoon had
owed the government IDR28 trillion.

Aside from the two assets, the agency also property company PT
Kota Bukit Indah, a former Salim Group company, to PT Mahadika
Kapita for IDR351 billion.  Two former property companies of
the Danamon Group were also sold to local investors for a
total of IDR538 billion.  A catering company formerly owned by
Mohamad Hasan raised IDR235 billion, it added.


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


NEC CORPORATION: Unveils 1H03 Financial Results
-----------------------------------------------
NEC Corporation announced its business results and financial
condition as follows:

Business Results & Financial Condition

1. Business Results


<1> Overview of the first half of the fiscal year ending March
31, 2004, and outlook for the full fiscal year ending March
31, 2004

Since hitting bottom at the outbreak of the war on Iraq, the
stock market in Japan has been making gradual improvement, and
business confidence has returned somewhat during the current
interim period. However, as price competition continued to
intensify in the hardware sector and prices continued to drop
in the software services sector as well, business condition of
NEC remained severe.

In this business environment, NEC achieved consolidated net
sales of 2,283.0 billion yen for the first half of the fiscal
year ending March 31, 2004 as a result of increased earnings
from mobile handsets etc., an increase of 5 percent as
compared with the corresponding period of the previous fiscal
year. In addition to increased sales, the promotion of
structural reforms and cost reductions helped NEC achieve
operating income of 58.0 billion yen (an increase of 31.3
billion yen as compared with the corresponding period of the
previous fiscal year). NEC recorded an interim net income
before income taxes of 77.7 billion yen (an increase of 57.4
billion yen as compared with the corresponding period of the
previous fiscal year). The main reason for such an increase in
interim net income before income taxes was that NEC recorded a
considerable amount of gain from stock issuances as a result
of the listings of NEC Electronics Corporation and NEC System
Technologies, Ltd. Interim net income for the six months ended
September 30, 2003 was 15.4 billion yen, an increase of 14.4
billion yen as compared with the corresponding period of the
previous fiscal year.

For the full fiscal year ending March 31, 2004, the mobile
communications business is expected to expand even further.
Although systems integration (SI) services and network
infrastructure remain under difficult business conditions,
both are anticipated to grow steadily, and net sales are
expected to exceed the forecast for the full fiscal year
announced in April, 2003. NEC also expects to achieve its
operating income forecast.

Consolidated income before income taxes and consolidated net
income are both expected to exceed the forecast for the fiscal
year ending March 31, 2004 that was announced in April 2003,
mainly due to gains recorded from the stock issuance by NEC
Electronics Corporation, a subsidiary of NEC Corporation.

The following table presents our revised financial results
forecast for the full fiscal year ending March 31, 2004:

Consolidated       Revised forecast on     Comparison with the
               October 23, 2003     forecast on April 24, 2003

                   In billions of yen        In billions of
yen

Net Sales                4,850.0                     +50.0
  Operating income       180.0                        -
  Income before income   160.0                       +40.0
  taxes
  Net income              40.0                       +10.0
                                 
Non-consolidated    Revised forecast on     Comparison with
the
                    October 23, 2003     forecast on April 24,
2003

                    In billions of yen        In billions of
yen

Net Sales             2,400.0                         -
  Ordinary income     35.0                            -
  Net income          25.0                           +10.0


<2> Results by business segments (including inter-segment
transactions and profit/loss figures)

Sales and segment profits of NEC's main segments were as
follows (figures in brackets denote increases or decreases as
compared with the corresponding period of the previous fiscal
year):

FINANCIAL CONDITION

Net cash provided by operating activities for the first half
of the fiscal year ending March 31, 2004 was 107.0 billion
yen, an increase of 56.4 billion yen as compared with the
corresponding period of the previous fiscal year. This was a
result of the Company's profits in interim net income, and a
reduction in inventories as NEC reduced its materials costs.

Net cash used in investing activities totaled 8.8 billion yen,
an improvement of 1.6 billion yen as compared with the
corresponding period of the previous fiscal year. As a result,
free cash flows (the total of cash flows from operating
activities and cash flows from investing activities) were cash
inflows of 98.2 billion yen, an improvement of 58.0 billion
yen as compared with the corresponding period of the previous
fiscal year.

Net cash provided by financing activities was 5.6 billion yen.
This money was brought in through proactively decreasing
interest-bearing debts, and proceeds from the listing of
subsidiaries. As a result, cash and cash equivalents amounted
to 448.3 billion yen, an increase of 103.9 billion as compared
with the end of the previous fiscal year that ended March 31,
2003.

The balance of interest-bearing debt amounted to 1,382.8
billion yen, a decrease of 104.2 billion yen as compared with
the end of the previous fiscal year, mainly due to the fact
that free cash flows were improved. Debt equity ratio was 3.54
(an improvement of 0.61 points as compared with the end of the
previous fiscal year).

The balance of interest bearing debt (net), obtained by
offsetting the balance of interest bearing debt with the
balance of cash equivalents, amounted to 934.5 billion yen, a
decrease of 208.2 billion yen as compared with the end of the
previous fiscal year, and the debt equity ratio was 2.39 (an
improvement of 0.80 points as compared with the end of the
previous fiscal year).

Contact: Diane Foley
Corporate Communications Division
NEC Corporation
+81-3-3798-6511


NEC CORPORATION: Issues Dividend Payment Notice
-----------------------------------------------
Shareholder's are hereby notified that at the Board of
Directors of NEC Corporation (the Company) held on October 23,
2003 decided that interim dividends for the 166th Business
Period (from April 1, 2003 to March 31, 2004) shall be paid as
follows pursuant to Article 31 of the Company's Articles of
Incorporation.

   (1) Amount of Dividend        3.00 yen per share

   (2) Record Date               September 30, 2003

   (3) Ex-dividend Date of the Tokyo Stock Exchange
                                      September 25, 2003

   (4) Payment Date              December 10, 2003

The shareholders (Inclusive of Beneficial Shareholders) and
registered pledgees recorded as of the close of business on
September 30, 2003 in the register of shareholders shall be
paid an interim dividend of 3 yen per share payable from
December 10, 2003.


A receipt form to be presented by you to a post office for
payment of your interim dividends will be mailed to you at the
registered address on December 9, 2003.

Hajime Sasaki
Chairman of the Board
NEC Corporation
7-1, Shiba 5-chome
Minato-ku, Tokyo


NISSHO IWAI: Unit Revises Earning Forecast
------------------------------------------
Nissho Iwai-Nichimen Holdings Corporation (NNH) announced
that, Nakau Co., Ltd. (Nakau), a subsidiary of NNH, revised
its earnings forecasts for the first half and full year of the
fiscal year ending March 31, 2004 (April 1, 2003 to March 31,
2004), which were originally announced on May 12, 2003.

This revision will have little impact on NNH's consolidated
earnings forecast.

Notice on Revisions in the Outlook of Performance for the
Fiscal Year ending March 31, 2004 Nakau Co., Ltd. has revised
the financial outlooks for the interim period ended September
30, 2003 and the year ending March 31, 2004 respectively,
which were announced on May 12, 2003 together with the
financial results for the previous fiscal year.

1. Revision in the outlook for the interim period ended
September 30, 2003 (April 1, 2003 to September 30, 2003)

                                    Millions of Yen

                           Net Sales Recurring Profit Net
Income

Outlook previously
announced (A)                 9,200           290             
80
Revised outlook (B)           8,608           212             
72
Change (B-A)                   -592           -78             
-8
Change in percentage           -6.4 percent          -26.9
percent          -10.0 percent

Reference:

Result for the previous interim 7,655         281            
43
period ended September 30, 2002

2. Revision in the outlook for the year ending March 31, 2004
April 1, 2003 to March 31, 2004

                                              Millions of Yen

                              Net Sales Recurring Profit Net
Income

Outlook previously
announced (A)                  19,700          800         314
Revised outlook (B)            18,500          600         250
Change (B-A)                   -1,200         -200        -64
Change in percentage           -6.1 percent          -25.0
percent      -20.4 percent

Reference:

Result for the previous fiscal year
ended March 31, 2003           15,492         430          87


3. Reasons for revision

(1) Performance for the interim period ended September 30,
2003
Sales of seasonal noodle foods such as "Sudachi Oroshi Udon"
and "Gomadare Udon" during the interim period ended September
30, 2003 were satisfactory; however, the number of customers
showed little increase affected by the prolonging slump in the
Japanese economy and the unseasonable weather conditions all
through the summer.

As a result, net sales is expected to exceed the previous
interim period by 12.4 percent, although the performance will
be lower than the originally-announced outlook by 6.4 percent.
Recurring profit will fall by 26.9 percent and 24.7 percent
respectively, compared with the initial outlook and the
performance in the previous interim period. Regarding net
income, the decline compared with the initial outlook will be
only 10.0 percent and 67.0 percent rise over the previous
corresponding period is expected, due to good controls in
redecoration of existing restaurants and extraordinary loss.

(2) Performance for the year ending March 31, 2004

The Company has revised the yearly outlook for net sales
downward for the second half of the current fiscal year in
view of the difficult market condition, which is expected to
continue with the decrease in the number of customers
unchanged.

Regarding the yearly outlook for recurring profit and net
income, food cost is expected to rise due to the soaring
prices of beef influenced by the BSE case found in Canada and
rice by the unseasonable weather during the summer. Therefore,
the Company has revised the yearly outlook of recurring profit
and net income downward.

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.


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.

ISSUANCE OF YEN DENOMINATED CONVERTIBLE BONDS

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

Issue Amount: 5 billion yen
Maturity: 2 years
Coupon: 0 percent
Conversion Feature: Convertible into NNH common stock
Initial Conversion Price: 740 yen

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

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.

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.


SAGAMI RAILWAY: JCR Downgrades Rating to BBB
--------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the ratings on
the bonds of Sagami Railway Co., Ltd. from BBB+ to BBB.

Issues / Amount (bn) / Issue Date / Due Date / Coupon
Bonds no.1 / Y10 / Dec. 22, 1997 / Dec. 22, 2004 / 2.300
percent

Convertible

Bonds no.11 / Y15 / Apr. 22, 1996 / Sept. 30, 2005 / 0.550
percent
Bonds no.6 / Y10 / May 25, 1999 / May 25, 2006 / 2.050 percent
Bonds no.4 / Y10 / May 26, 1998 / May 26, 2006 / 2.425 percent
Bonds no.2 / Y10 / Dec. 22, 1997 / Dec. 21, 2007 / 2.750
percent
Bonds no.5 / Y10 / Sept. 18, 1998 / Sept. 18, 2008 / 2.600
percent
Bonds no.7 / Y10 / May 26, 1999 / May 25, 2009 / 2.450 percent
Bonds no.8 / Y10 / Apr. 26, 2000 / Apr. 26, 2010 / 2.525
percent

RATIONALE:

Sagami Railway announced in August this year that it would
change its corporate structure into a holding Company
structure. It revised the earnings forecast downward for
fiscal 2002 at that time. Sagami Railway is expected to incur
a net loss of 20.2 billion yen due to write-downs of real
estate. The loss will impair the shareholders' equity sharply.
The difference in land prices between the book and revalued
value recorded in the equity amounting to 14.7 billion yen was
reduced in the value. The financial strength has been
weakening. Sagami Railway aims to increase the pretax profit
before extraordinary items to 12.3 billion yen for fiscal
2006. Increase in earnings through cost reductions will be
made as estimated. However, there is uncertainty over an
increase in earnings from the retail, given the severe
business environment.

JCR downgraded the rating for Sagami Railway, considering that
it would take time to raise the impaired equity even with
improvement in the earnings in prospect in the future. The
earnings power of Sagami Railway has been improving gradually
with loss from Yokohama Bay Sheraton Hotel and Towers
shrinking. The restructuring under the holding Company
structure will be more effective than before because the human
resources and assets are to be transferred to each of the
operating companies. Sagami Railway needs to improve the
weakened financial strength by implementing measures to
improve earnings power early.


TOSHIBA CORP.: Develops Environmental Monitoring System
-------------------------------------------------------  
Toshiba Corporation announced that it would provide technical
coordination to an international consortium of academic
institutions and companies working to develop the Advanced
Environmental Monitoring System (AEMS), a total solution for
continuous, automated monitoring of groundwater pollutants.
Toshiba will support development of AEMS with the provision of
"biosensor", the Company's patent-pending technology for
detecting diverse hazardous substances in groundwater,
including pesticides and ions of heavy metals.

The official announcement of the AEMS project will be made by
its member organizations on October 28, 2003, at the Photonics
East symposium to be held in Providence, Rhode Island, U.S.A.

The newly formed multi-national AEMS project team seeks to
bring the know-how of its member organizations to the
development and commercialization of a system providing
enhanced monitoring and identification of pollutants in the
groundwater and subsoil below manufacturing facilities,
including pharmaceutical, chemical and food-processing
facilities. The project currently brings together 17
organizations in Canada, the U.S., Japan and Australia,
including universities, private corporations and government-
sponsored research laboratories, and aims for
commercialization of AEMS in 2007.

Toshiba will provide the project team with technical
coordination and its biosensor as a core component. AEMS is
expected to detect and identify leaks of contaminants at
source and in real time, in order to support the very earliest
deployment of measures to clean up polluted groundwater and
soil. The present system of laboratory analysis of samples is
both time consuming and accompanied by a high risk of the
spread of groundwater contamination.

In practical applications, AEMS will comprise an array of on-
site biosensor systems installed near deep wells drilled
around a monitored production facility. These wells feed
groundwater samples to the systems and provide the means for
continuous monitoring of groundwater contamination around the
designated area.

The biosensor is bio-mimetic and consists of two layers of
artificial lipid membranes that are used to evaluate the
toxicity of chemicals in the groundwater. The membranes
generate specific responses to different types of organic
compounds in pollutants, allowing identification of hazardous
substances. Toshiba has improved the sensitivity of the
biosensor to the point where it is now capable of detecting
hazardous substances, such as trichloroethylene and
nonylphenol, in concentrations as low as one part per billion
(10-9 or 0.001mg per liter).

The AEMS initiative was originally developed in Japan as part
of IMS (Intelligent Manufacturing Systems) program, promoted
by Japanese Ministry of Economy, Trade and Industry. Toshiba,
Shimizu Corporation, Japan Advanced Institute of Science &
Technology, Toyama Prefecture University, Able Corporation,
and Toshiba E&I Control Systems Inc have been participating in
the program.

ABOUT TOSHIBA CORPORATION

Toshiba Corporation (TSE: 6502) (US: TOSBF) (FTSE: TOS) is a
leader in the development and manufacture of electronic
devices and components, information and communication systems,
consumer products and power systems. The Company's ability to
integrate wide-ranging capabilities, from hardware to software
and innovative services, assure its position as an innovator
in diverse fields and many businesses. In semiconductors,
Toshiba continues to promote its leadership in the fast
growing system-on-chip market and to build on its world-class
position in NAND flash memories, analog devices and discrete
devices. Toshiba has approximately 166,000 employees worldwide
and annual sales of over US$47 billion. For further
information, please visit the Toshiba Corporation home page
at: www.toshiba.co.jp/index.htm

Meanwhile, Channel News Asia reported that Toshiba Corporation
said its consolidated net loss grew to 32.18 billion yen (291
million dollars) in the six months to September from 26.4
billion yen a year earlier due to lower sales of personal
computers and television sets. The maker of notebook PCs and
semiconductor chips also attributed the poor result to rises
in corporate tax and the weaker-than-expected performance of
some affiliates.

The group pre-tax loss shrank to 17.60 billion yen in the
half-year period from 43.81 billion yen a year earlier,
however, while sales fell to 2,61 trillion yen from 2.64
trillion yen, Toshiba said.

Contact:
Toshiba Corporation
Midori Suzuki
midori.suzuki@toshiba.co.jp
03-3457-2105


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


DAEWOO MOTOR: U.S. Unit Confirms Reorganization Plan
----------------------------------------------------
Daewoo Motor America, Inc. (DMA) has confirmed its plan of
reorganization (Plan), which becomes effective on October 16,
2003. DMA filed for protection under Chapter 11 of the
Bankruptcy Code on May 16, 2002. The Honorable Judge Sheri
Bluebond of the U.S. Bankruptcy Court for the Central District
of California, Los Angeles Division, presided over the
bankruptcy proceedings.

The order confirming the Plan was entered after more than a
year of negotiations with creditors, dealers and other parties
in interest and after a comprehensive, two (2) day
confirmation hearing in which the Plan was confirmed over the
objection of DMA's parent company, Daewoo Motor Company, Ltd.
(DWMC).

"We are emerging as a vital enterprise focused on supplying
parts and providing warranty administration to approximately
180,000 Daewoo owners and approximately 450 Daewoo dealers
nationwide," stated Y.S. Hong, DMA's President and CFO.

The Compton, California based company is the only automobile
distributor to file for bankruptcy protection in recent
memory. DMA was forced to do so in May 2002 after General
Motors Corporation (GM) purchased certain assets of DWMC in
Korea, but excluded DMA from the acquisition. Although DMA's
exclusion from GM's acquisition prevented DMA from
distributing Daewoo vehicles, DMA's management has been fully
committed to supplying Daewoo parts and to providing warranty
administration to approximately 180,000 Daewoo owners through
its nationwide, independent dealership network. This effort
and commitment resulted in DMA entering into long-term
agreements with General Motors Daewoo Auto & Technology
(GMDAT), preserving DMA's exclusive rights to continue
providing Daewoo parts and warranty administration to the U.S.
market. Now, Daewoo owners can be assured that an ongoing
supply of parts will be provided along with services to
support each of the vehicle warranties described in the
Warranty & Maintenance Information Booklet provided with every
Daewoo vehicle. "Those owners who are in need of parts or
warranty service should contact their nearest Daewoo Dealer,"
advised Ben Rainwater, Vice President - National Parts &
Service Division. Rainwater added, "DMA's web site,
www.daewoous.com, continues to provide a current Daewoo Dealer
locator. Additionally, customers can contact DMA via their
toll free telephone number at (877) 362-1234 (select option 6)
for assistance."

DMA's management is optimistic about the future of the
reorganized company, which will focus on the support of Daewoo
vehicle owners and which is anticipated to involve a variety
of new business opportunities.
  
CONTACT:

Daewoo Motor America, Inc.
Ben Rainwater, 310-884-3332


HANARO TELECOM: 51 Executives Submit Resignation
------------------------------------------------
Fifty-one executives of Hanaro Telecom Inc. and its affiliates
submitted resignations to support the Company's reorganization
efforts, Dow Jones reports. However, Hanaro's Chief Executive
Chang-Bun Yoon was not among them.

The move comes after the Company's shareholders last Tuesday
approved a plan to issue new shares worth US$500 million to
American International Group Inc. and Newbridge Capital Inc.
of the United States. The approval from shareholders allows
AIG and Newbridge to take on a 39.6 percent stake in the
Internet access provider to replace LG Group as Hanaro's
largest shareholder. LG Group holds an 18 percent stake in the
cash-strapped company.


SK CORPORATION: Moody's Confirms Ba2 Rating; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has confirmed the Ba2 long-term
ratings of SK Corporation and the guaranteed debt of Momenta
(Cayman). The confirmation considers the recent decision by SK
Corp's board of directors to participate in a proposed workout
plan to normalize operations at SK Networks (formerly SK
Global Co; unrated). The rating outlook is negative. This
concludes the review, which commenced on March 18, 2003.

Moody's says the Ba2 rating confirmation follows SK Corp's
position as South Korea's largest oil refiner and improving,
albeit still volatile, refining and petrochemical margins. The
rating also recognizes the supportive regulatory environment
prevailing in the refining sector. Moody's believes that the
strategic importance of the oil sector to South Korea as well
as SK Corp's leading share of the refining and marketing
sectors will likely translate into government assistance,
given the importance of maintaining stability in the domestic
oil market.

At the same time, the rating reflects SK Corp's increased
financial leverage - due to the write-offs and provisions
raised with respect to SK Networks -- and reduced financial
flexibility resulting from its constrained access to bank
credit facilities in recent months.

The Ba2 rating is based on Moody's expectation that the
workout plan will be implemented in its current form. The plan
involves SK Corp converting into equity KRW 850 billion of the
KRW 1.5 trillion in outstanding accounts receivables held by
SK Networks. The majority of the remaining KRW 650 billion
will be written off. The creditor banks for SK Networks will
also write off part of their debt and convert the rest into
equity and other forms of long-term debt.

Moody's says the negative outlook reflects SK Corp's continued
liquidity challenges and the ongoing execution risk associated
with the workout plan's implementation, the failure of which
could materially impact the Company's operations.

The outlook further reflects the uncertainty related to the
accounting irregularities uncovered at SK Shipping Co Ltd (SK
Shipping; unrated) and the impact they could exert on SK Corp.
SK Shipping carries crude oil imports and refined product
exports for SK Corp, which has a 48 percent stake in it. In
addition, SK Corp has provided KRW 310 billion of performance
guarantee in relation to SK Shipping's syndicated ship-
financing facilities.

SK Corp's liquidity profile is characterized by a significant
reliance on external financing and large short-term debt
maturities, estimated at KRW 1.5 trillion as at June 2003. A
substantial amount of debt matures over the next 12 months.
Moody's expects SK Corp to maintain a high degree of reliance
on usance facilities from its banks to support its crude
purchases. Moody's expects access to these facilities to be
more assured if the workout proceeds in its current form.

Moody's notes that SK Corp maintains a substantial equity
stake of around 20 percent in SK Telecom (SKT; rated Baa1)
which is listed on Seoul's stock exchange. The equity stake
has a current market value of around KRW 3.5 trillion
(1US$=KRW1,180), and could potentially be monetised to reduce
debt and/or provide liquidity for SK Corp. The Company,
however, has made no commitment to extract this value and
reduce debt.

SK Corp's ratings were originally downgraded on March 18, 2003
and had remained on review for further downgrade following
revelations of accounting fraud at SK Networks Ltd and
reflecting SK Corp's consequent higher balance sheet leverage,
reduced financial flexibility and higher liquidity risk
profile.

SK Corporation is Korea's largest oil refining and marketing
Company. Based in Seoul, its other activities include
petrochemicals, lubricants and other businesses. The Company
generated sales revenue of KRW 13.39 trillion for FYE 12/2002.


SK GROUP: Signs Restructuring Pact With Creditors
-------------------------------------------------  
SK Group on Monday signed a pact with main creditors to
establish a restructuring taskforce within a month and improve
its managerial structure, the Maeil Business Newspaper
reports. The move will help accelerate the group's
restructuring efforts including sales of subsidiaries. At the
signing ceremony, Kim Seung Yoo, head of Hana Bank, and Chey
Tae-won, owner of the group, joined.

The taskforce team to be established will make efforts to
lower debt ratio at a high due to the group's exposure to SK
Networks.

The team will seek methods to sell off SK Securities, SK Life
Insurance and SK Investment & Trust Management.


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


DATAPREP HOLDINGS: Enters Winding Up Petition
---------------------------------------------
Dataprep Holdings Bhd refers to the advertisement placed in
the Star dated 27th October 2003 and our earlier announcements
made on 21st March 2003 and 24th March 2003 explaining the
Company's decision not to set aside the winding-up petition.
Accordingly The Company informed the following:

1. The date of winding up petition was served on the Company.

Dataprep Distribution Sdn Bhd (DDSB), a dormant subsidiary of
Dataprep Holdings Bhd (DHB) received a winding-up petition on
27th October 2003.

2. The particulars of the claim under the petition, including
the amount claimed for under the petition and the interest
rate.

Summary judgement against DDSB was entered into by FSBM
Holdings Bhd (formerly known as Fujitsu Systems Business (M)
Bhd) (FSBM). The amount claimed under the petition is
RM3,214,004.00 (principal sum) and overdue interest of
RM210,606.51 until 5th November 1996 and interest of 1.5
percent of the principal sum a month from 1st January 1997
until full settlement including cost of RM350.00.

3. Details of default or circumstances leading to the filing
of the winding-up petition against the Company.

FSBM obtained summary judgment against DDSB on 23 September
1997. FSBM claimed that it has supplied computer hardware at
the selling price of RM3,214,004.00 to DDSB. However, DDSB
disputed the claim by FSBM.

4. Total cost of investment by DHB in DDSB.

The total cost of investment by DHB in DDSB is RM907,000. This
amount has since been written-off in full from the accounts of
DHB.

5. The financial and operational impact of the aforesaid
petition on the DHB Group (the Group).

There is no adverse financial impact or operational impact of
the aforesaid petition on the Group as DDSB is a dormant
Company.

6. The expected losses, if any, arising from the winding-up
proceedings.

There are no expected losses arising from the winding-up
proceedings.

7. The steps taken and proposed to be taken by the Company in
respect of the winding-up proceedings:-

The Company is not considering to set aside the winding-up
petition and as mentioned in our earlier announcements dated
21st March 2003 and 24th March 2003.


HONG LEONG: Unveils 79th AGM Results
------------------------------------
At the 79th Annual General Meeting (AGM) of Hong Leong
Properties Bhd held on 27 October 2003, the shareholders of
the Company had approved all the ordinary and special
businesses as set out in the notice of AGM.

2. Extraordinary General Meeting (EGM)

The ordinary resolutions pertaining to the following matters
were approved by the shareholders of the Company at the EGM
convened immediately after the conclusion of the 79th AGM:

(a) purchase of own shares by the Company;

(b) shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with Hong Leong
Company (Malaysia) Berhad (HLCM) and persons connected with
HLCM;

(c) shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with YBhg Tan Sri
Quek Leng Chan, Mr Kwek Leng Seng and Mr Tan Ming Huat and
persons connected with them; and

(d) shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with Directors and
major shareholders of the Hong Leong Group and persons
connected with them.


IDRIS HYDRAULIC: Issues Restructuring Update
--------------------------------------------
Idris Hydraulic (Malaysia) Berhad (IHMB) announced that some
of its subsidiaries, Idaman Unggul Berhad (IUB) and Lambang
Pertama Sdn. Bhd. (SPV), being a wholly owned subsidiary of
IUB, have on 23 October 2003, inter alia, entered into various
documents and security arrangements in connection with the
issuance of irredeemable convertible unsecured loan stocks-A
(ICULS-A) and irredeemable convertible unsecured loan stocks-B
(ICULS-B) by IUB and the redeemable secured loan stocks (RSLS)
by SPV pursuant to the Restructuring Exercise of IHMB.

Details of the Restructuring Exercise as well as the ICULS-A,
ICULS-B and the RSLS can be found in the Explanatory Statement
and Circular of IHMB dated 6 June 2003.


NCK CORPORATION: Clarifies KLSE Query
-------------------------------------
Reference is made to the announcement on 14 October 2003 and
KLSE's query letter dated 22 October 2003.

Alliance Merchant Bank Berhad (Alliance), on behalf of NCK
Corporation Berhad (NCK) (Special Administrators Appointed)
clarifies to the Kuala Lumpur Stock Exchange's query as
follows:

1. The details of the events leading to the filing of the Writ
of Summons, Statement of Claim and Summons in Chambers dated 1
October 2003 in the High Court of Malaya at Kuala Lumpur
(Action) filed by Encik Megat Abdul Munir bin Megat Abdullah
(Encik Megat or Plaintiff) against both APB Resources Berhad
(formerly known as Lamquest Holdings Berhad and previously
known as Kekal Sepakat Berhad) (APB or Defendant) and Alliance
(Second Defendant) (collectively known as Defendants), being
the white knight and the adviser respectively in respect of
the Proposed Restructuring Scheme

The Ministry of International Trade and Industry (MITI) had on
28 February 2003, 1 August 2003 and 25 August 2003 allocated
the 16,200,000 APB special issue shares to the potential
Bumiputera allottees and sent the Surat Akuterima directly to
the potential Bumiputera allottees for their further
execution. On 27 August 2003, Alliance had written to Encik
Megat, being one of the potential Bumiputera allottees
identified by MITI, to send him the Information Memorandum and
to request for payment in respect of the allocated special
issue shares amounting to 1,000,000 APB shares at an issue
price of RM1.00 each based on the MITI's letter dated 25
August 2003. The Information Memorandum and the request for
payment of the special issue shares is a conditional offer and
subject to the approval of APB and the Exchange.

On 2 September 2003, Alliance received a letter from APB
informing us of their intention to make a revision to the
Proposed Restructuring Scheme, which may affect the special
issue and the restructuring scheme of NCK. On the same day,
Alliance wrote to the MITI informing MITI on the same.

Subsequent to APB's letter on 2 September 2003, Alliance had
by its letters dated 4 September 2003 and 11 September 2003
respectively, written to Encik Megat informing him of APB's
intention to revise the existing Proposed Restructuring
Scheme. By its letter dated 4 September 2003, Alliance had
originally informed Encik Megat that the 'Surat Akuterima'
would consequently be cancelled; however, by a letter dated 11
September 2003 to Encik Megat, Alliance clarified that the
"Surat Akuterima" would actually be held in abeyance. Alliance
had since received letters from Encik Megat vide its letters
dated 4 September 2003 and 10 September 2003 and also through
his solicitor filed a Writ of Summons, Statement of Claim and
Summons in Chambers dated 1 October 2003 in the High Court of
Malaya at Kuala Lumpur against both APB and Alliance. Briefly,
the orders sought in the Summons in Chambers dated 1 October
2003 are as follows:

(a) an injunction to restrain both APB and Alliance from
terminating and/or reducing the quantum of the special issue;
and

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

The Defendants, through their respective solicitors, have
filed an application to strike out the abovementioned
Bumipuitera allottee's suit.

2. The duration of the injunction sought

The Plaintiff is seeking an injunction to restrain the
Defendants from terminating and/or reducing the quantum of the
alleged agreement (entered into between the Plaintiff and the
Defendants wherein the Defendants purportedly agreed to allot
1,000,000 shares in the First Defendant to the Plaintiff)
until the disposal of the action or until further Order and an
injunction to restrain the Defendants from continuing and/or
executing by amending the restructuring scheme of NCK until
disposal of the action herein or until further Order from the
Court.

The Plaintiff's application for an injunction is fixed for
hearing on 12 November 2003. The Court could either dismiss
the Plaintiff's application or allow the application. In the
case of the former, there will be no injunction in force.

3. The effect of the Action on the Proposed Restructuring
Scheme of NCK and the steps taken and/or proposed to be taken
by NCK in respect of the same, if any.

The Action shall not affect the Proposed Restructuring Scheme
of NCK due to the fact that there will be no changes to the
Proposed Restructuring Scheme. On behalf of NCK, Alliance
wishes to clarify that the special issue shall be maintained
at 16.2 million shares in the Proposed Restructuring Scheme.

4. The claims/relief sought in the Writ/Statement of Claim

Based on the Statement of Claim, the Plaintiff is seeking
specific performance of an alleged agreement between the
Plaintiff and the Defendants wherein the Defendants
purportedly agreed to allot 1,000,000 shares in APB to the
Plaintiff or alternatively, for damages to be assessed. The
Plaintiff also seeks costs on an indemnity basis and other
relief's deemed fit to be granted by the Court.

In respect of the Summons in Chambers dated 1 October 2003,
the Plaintiff is seeking an injunction to restrain the
Defendants from terminating and/or reducing the quantum of the
alleged agreement (entered into between the Plaintiff and the
Defendants wherein the Defendants purportedly agreed to allot
1,000,000 shares in the First Defendant to the Plaintiff)
until the disposal of the action or until further Order and an
injunction to restrain the Defendants from continuing and/or
executing by amending the restructuring scheme of NCK until
disposal of the action herein or until further Order from the
Court. The Plaintiff has also asked for an early trial date to
be fixed, costs and other relief's deemed fit by the Court.

The Defendants, through their respective solicitors, have
filed an application to strike out the abovementioned
Writ/Statement of Claim.

QUERY LETTER CONTENT:

We refer to your announcement dated 14 October 2003 in respect
of the aforesaid matter.

In this connection, please furnish the Exchange with the
following additional information for public release:-

1. The details of the events leading to the filing of the
Action.

2. The duration of the injunction sought.

3. The effect of the Action on the proposed restructuring
scheme of NCK and the steps taken and/or proposed to be taken
by NCK in respect of the same, if any.

4. The claims/relief's sought in the Writ/Statement of Claim.
Please furnish the Exchange with your reply within two (2)
market day from the date hereof.

Yours faithfully

LISA LAM
Sector Head
Issues & Listing
LL/KLL/WSW/GTH


NYLEX (MALAYSIA): AGM Set For November 19
-----------------------------------------
Nylex (Malaysia) Berhad announced that the 33rd Annual General
Meeting (AGM) of the Company will be held on Wednesday, 19
November 2003 at 9.30 in the morning at Kristal Ballroom, 1st
Floor, Hilton Petaling Jaya, No. 2 Jalan Barat, 46200 Petaling
Jaya, Selangor Darul Ehsan.

Attached herewith is the Notice scheduled for publication in
The New Straits Times on Tuesday, 28 October 2003.


PARK MAY: Unit Enters Asset Sale Agreement
------------------------------------------
On behalf of Park May Berhad, AmMerchant Bank Berhad
(AmMerchant Bank), announced that Cityliner, an indirect
wholly-owned subsidiary of Park May, and Len Chee, an indirect
85.4 percent-owned subsidiary of Park May, (collectively to be
referred to as Vendors) have on 27 October 2003 entered into a
conditional asset sale and purchase agreement (Conditional
ASA) for the proposed disposal of 321 buses and 43 buses owned
by Cityliner and Len Chee respectively (Assets) to SPNB, a
wholly-owned subsidiary of MOF Inc., for a total cash
consideration of RM14,841,012 (Sale Price).

At the request of SPNB, Park May, as the holding Company of
the Vendors, has agreed to issue a corporate guarantee,
undertaking and indemnity (Corporate Guarantee) to SPNB, the
salient terms of which are set out in Section 3 of this
announcement. However, the Corporate Guarantee is subject to
the approval of the shareholders of the Company.

2. DETAILS OF THE PROPOSED DISPOSAL

2.1 Background Information On Cityliner

Cityliner was incorporated in Malaysia under the Companies
Act, 1965 (Act) as a private limited Company on 30 August
1994. Its authorized share capital is RM100,000 comprising
100,000 ordinary shares of RM1.00 each (Shares), of which
100,000 Shares have been issued and fully paid-up. Cityliner
is principally involved in the operation of public bus
transport services.

2.2 Background Information On Len Chee

Len Chee was incorporated in Malaysia under the Act as a
private limited Company on 29 December 1937. Its authorized
share capital is RM50,000 comprising 500 Shares of RM100 each,
of which 100 Shares have been issued and fully paid-up. Len
Chee is principally involved in the operation of public bus
transport services.

2.3 Background Information On SPNB

SPNB was incorporated in Malaysia under the Act as a public
limited Company on 11 August 1998. Its authorized share
capital is RM3,000,000,000 comprising 3,000,000,000 Shares, of
which 2,278,552,634 Shares have been issued and fully paid-up.
SPNB's principal activity is to facilitate, coordinate,
undertake and expedite the implementation of infrastructure
projects approved by the Government of Malaysia.

SPNB is currently the operator of Starline and Putraline LRTs.
2.4 Background Information On the Assets

The Assets represent the entire fleet of buses currently owned
by the Vendors for the purposes of their operations.

The Assets are secured through a debenture dated 30 May 2002
against a RM120.0 million Commercial Paper / Medium Term Notes
(CP/MTN) Programme entered into between Park May and Affin
Discount Berhad on 23 January 2002. Malaysian Trustees Berhad
(MTB) acts as trustee for the CP/MTN. The amount of CP/MTN
outstanding under the programme based on the audited financial
statements of Park May for the financial year ended 31
December 2002 is RM115.0 million.

2.5 Salient Terms Of The Conditional ASA

The salient terms of the Conditional ASA are as follows:

(a) Subject to the terms and conditions of the Conditional
ASA, SPNB agrees to acquire the Assets from the Vendors with
full title guarantee and free from all encumbrances, with all
rights, title and entitlements attaching thereto and upon the
terms therein, such sale is to be effected on Completion Date
(as defined in the Conditional ASA);

(b) The parties mutually agree that on Completion Date, full
legal title and beneficial ownership of the Assets shall pass
to and vest in SPNB free from encumbrances whatsoever
including without limitation any interest or equity of any
person (including any right to acquire, option or right to
pre-emption), or any mortgage, charge, pledge, lien,
assignment, hypothecation, security interest (including any
created by law), title retention, rental, hire purchase,
credit sale or other agreement for payment on deferred terms,
right of set-off or any other security interest, agreement or
arrangement whatsoever, howsoever created or arising;

(c) the Sale Price is to be satisfied by SPNB as follows:

(i) within 5 business days after the date of the Conditional
ASA, SPNB shall pay a refundable deposit of RM1,484,101
equivalent to ten percent (10 percent) of the Sale Price
(Deposit) to the Vendors in the proportions set out in Table 1
of the Appendix of this announcement; and

(ii) the balance of the Sale Price of RM13,356,911 (Balance
Purchase Price) shall be paid by SPNB on Completion Date to
Messrs. Nik Saghir & Ismail (Escrow Agent) appointed to act as
the stakeholder for the Balance Purchase Price and to deal
with the Balance Purchase Price in accordance with the terms
of the Conditional ASA. The Balance Purchase Price is subject
to adjustment arising from the physical stock count to
determine whether the Assets actually comprise 364 buses
(Final Verification) and warranty claims;

(d) the Deposit shall be refunded (Refund) by the Vendors
where the Conditional ASA is terminated due to non-fulfillment
of the conditions precedent as set out in item (e) hereunder,
termination of the Conditional ASA by written consent of all
parties or termination of the Conditional ASA by a party due
to a default or breach by another party. The Refund shall be
made either in cash or in kind by transferring to SPNB or its
nominee(s) such number of buses which equal in value the
Deposit based on the following principles:

(i) the value of a bus is based on the purchase price as set
out in the list of assets of the relevant Vendor as at the
date of the Conditional ASA; and

(ii) SPNB has the right to select which bus is to be
transferred to SPNB or its nominee(s).

The Refund shall remain a debt due and owing by the Vendors to
SPNB until such time as it is fully paid.

(e) the Proposed Disposal is subject to and conditional upon
the fulfillment and/or procurement of the following on or
before the date falling on the expiry of three (3) months
after the date of the Conditional ASA which shall be
automatically extended for a further three (3) months or such
other later date as may be mutually agreed upon in writing
between the parties if any of the approvals are still pending
(Compliance Date):

(i) the approvals as set out in Section 6 of this
announcement;

(ii) the issue of an approval letter in favor of SPNB from
MTB;

(iii) the issue of the Corporate Guarantee;

(iv) the written acceptance by the Escrow Agent of the letter
of instructions from the Vendors and SPNB to formalize the
terms and conditions of the appointment and duties of the
Escrow Agent;

(v) SPNB submitting the report on the physical inspection and
technical assessment of the Assets for the purposes of
determining whether each bus is in road going condition (as
defined in the Conditional ASA) (Road Going Condition) to the
Vendors in accordance with the terms of the Conditional ASA;

(vi) the signing of the agreement to be entered into between
the Vendors, or any one of the Vendors, and SPNB for the
operations and maintenance of the Assets by the Vendors, or
any one of the Vendors, on terms and conditions to be mutually
negotiated and agreed upon in accordance with the terms of the
Conditional ASA provided that such condition may at any time
be waived by SPNB at its discretion; and

(vii) written confirmation by SPNB's solicitors that the
conditions precedents set out in items (i) to (vi) above have
been duly fulfilled.

Where all conditions precedent except for item (vi) have been
fulfilled, the Compliance Date shall be automatically extended
until such date as the agreement to be entered into between
SPNB and such person identified by SPNB to undertake the
operations and maintenance of the Assets comes into effect;

(f) Based on the report issued pursuant to the Final
Verification, if more than 35 percent of the Assets are
subject to Downtime Maintenance i.e. not operational and/or is
stationary at the Company's workshop for purposes of service,
repair and maintenance works necessary to ensure that such bus
is in a Road Going Condition (Unsatisfactory Buses), SPNB will
have the following options:

(i) terminate the Conditional ASA; or

(ii) proceed to completion subject to the following :-

(1) SPNB will pay the Balance Purchase Price to the Escrow
Agent subject to deducting and withholding therefore an amount
(Retention Sum) which will act as security for the Vendors'
obligation to undertake all action necessary to ensure that
the Unsatisfactory Buses are in a Road Going Condition and not
subject to Downtime Maintenance (Final Repairs);

(2) The Retention Sum will be equal to the corresponding unit
price for the Unsatisfactory Buses, adjusted such that the
value to be applied is not the unit price for the actual
number of Unsatisfactory Buses but the highest unit price for
a corresponding number of buses, which are subject to Downtime
Maintenance.

(g) SPNB will accept delivery and transfer of any
Unsatisfactory Bus in respect of which the Final Repairs are
completed within 30 days after the Completion Date (Final
Deadline). After which, SPNB will release the Retention Sum to
the Vendors in respect of the corresponding Unsatisfactory
Bus;

(h) Where the Final Repairs in respect of any Unsatisfactory
Bus are not completed by the Final Deadline, the Vendors will
retain the title to that Unsatisfactory Bus and the Retention
Sum corresponding to that Unsatisfactory Bus will be forfeited
by the Vendors and retained by SPNB as agreed liquidated
damages for breach of contract in respect of the
Unsatisfactory Buses only;

(i) In respect of those buses which cannot be produced by
Cityliner or Len Chee for the Final Verification because such
bus is lost or has been stolen, has been damaged by fire or
accident and/or is beyond economic repair, as determined by
SPNB (Rejected Buses), the corresponding unit price for that
bus shall be deducted from the Balance Purchase Price prior to
payment by SPNB;

(j) On Completion Date, the Vendors warrant that:

(a) the total cost of repair and maintenance works required to
ensure that all the buses which are subject to Downtime
Maintenance (less the Unsatisfactory Buses and Rejected Buses)
will be in a Road Going condition (Catch-Up R&M Costs) will
not exceed RM2,080,000; and

(b) the percentage of buses under Downtime Maintenance will
not exceed 35 percent of the Assets.

(Items (a) and (b) to be collectively referred to as
"Completion Warranties)

(k) The amount that SPNB may claim from the Vendors in respect
of any breach of the Completion Warranties is limited to the
Catch-Up R&M Costs which are in excess of RM2,080,000 (Excess
Amount). The Excess Amount will be released by the Escrow
Agent to SPNB before releasing the remainder of the Balance
Purchase Price to the Vendors;

(l) Amongst others, SPNB is entitled to either terminate the
Conditional ASA or proceed with completion, subject to a
revision of the Sale Price based upon the Final Verification,
where there is material and adverse change in the nature of or
circumstances surrounding the Assets that results in the
acquisition being no longer feasible economically,
notwithstanding that the Conditional ASA has become
unconditional or in the event it becomes apparent to SPNB that
either Cityliner or Len Chee is in breach of any of the
warranties or any other term of the Conditional ASA on or
before the Completion Date; and

(m) The Vendors shall procure Park May to issue the Corporate
Guarantee, the salient terms of which are set out in Section 3
of this announcement.

2.6 Original Cost Of Investment

Cityliner's original cost of investment in respect of the 321
buses owned is approximately RM73,680,770 which was incurred
between 1992 to 1998.

Len Chee's original cost of investment in respect of the 43
buses owned is approximately RM9,071,259 which was incurred
between 1993 to 1996.

Based on the audited financial statements of the Park May
Group for the financial year ended 31 December 2002, the
audited net book value (NBV) of the Assets is approximately
RM30.89 million. However, based on the latest management
accounts of the Park May Group as at 31 August 2003, the NBV
of the Assets is approximately RM25.2 million.

2.7 Proposed Utilization Of Proceeds

As Cityliner is a wholly-owned subsidiary and Len Chee is a
85.4 percent-owned subsidiary of Park May, RM14,676,649 out of
the total proceeds of RM14,841,012 will accrue to Park May
which is expected to be utilized in the manner set out in
Table 2 of the Appendix of this announcement.

2.8 Basis Of Arriving At The Sale Price

The Sale Price was arrived at on a willing buyer-willing
seller basis after taking into consideration the NBV of the
Assets, the historical and current financial position of the
Vendors, and also the physical state of condition of the
Assets.

The Sale Price represents a discount of approximately RM16.05
million or 51.95 percent to the audited NBV of the Assets as
at 31 December 2002. The Sale Price represents a discount of
approximately RM10.36 million or 41.11 percent to the NBV of
the Assets as at 31 August 2003.

2.9 Liabilities To Be Assumed

SPNB shall not assume or have any liability or obligation in
respect of the Assets, which is not specifically assumed by
SPNB under the Conditional ASA. Accordingly, the Vendors agree
to indemnify SPNB and hold SPNB harmless against any
obligation or liability of the Vendors in respect of the
Assets not specifically assumed by SPNB under the Conditional
ASA.

3. SALIENT TERMS OF THE CORPORATE GUARANTEE

The salient terms of the Corporate Guarantee are as follows :-

(a) Park May irrevocably and unconditionally guarantee to
SPNB, as the principal obligor and debtor and not merely as
surety, on demand, the due, prompt and punctual payment by the
Vendors of any sums of monies which may at any time after the
date of the Corporate Guarantee become due, owing or otherwise
payable under the terms and conditions of the Conditional ASA
to SPNB, and Park May further irrevocably and unconditionally
guarantees to SPNB the due, prompt and punctual performance
and observance of all contractual obligations of the Vendors
under the Conditional ASA;

(b) Park May further undertakes to indemnify SPNB and keep
SPNB indemnified and hold SPNB harmless from and against all
losses, liabilities, obligations, damages, judgments,
deficiencies, claims, demands, suits, proceedings,
arbitration, assessments, costs and expenses incurred or
suffered by SPNB directly or indirectly as a result or arising
out or as a consequence of any breach by the Vendors of any
provision of the Conditional ASA, including but not limited to
failure to make any payment or to observe any of its
obligations under the Conditional ASA;

(c) the liability of Park May under the Corporate Guarantee
shall subsist whether or not SPNB has availed itself of its
legal remedies against the Vendors;

(d) any amount not paid by the Vendors to SPNB and not
recoverable from Park May on the basis of a guarantee shall
nevertheless be recoverable from Park May on the basis of an
indemnity;

(e) the Corporate Guarantee shall remain in force and effect
until all obligations of the Vendors have been discharged in
full;

(f) a default by Park May in adhering to its obligations under
the Corporate Guarantee shall render it liable to legal
proceedings being commenced against it by SPNB for the
recovery of all amounts due and owing by the Vendors;

(g) no claim shall be brought by SPNB against Park May in
respect of any breach of the warranties stipulated under the
Conditional ASA unless notice in writing of such claim has
been given to Park May not later than the expiry of a period
of 1 year after the Completion Date. Any such claim shall be
deemed to have been withdrawn at the expiry of 2 years after
the Completion Date unless litigation proceedings in respect
of it have commenced against Park May; and

(h) save for the Refund and any breach of the Completion
Warranties, Park May shall only be liable in respect of all
and any claims brought by SPNB if the amount of all such
claims exceeds in RM50,000 whereby Park May shall be liable
for excess only. In any event, the total liability of Park May
to SPNB arising pursuant to the provisions of the Corporate
Guarantee shall not exceed 50 percent of the Sale Price and
the liability of Park May to SPNB in respect of Cityliner or
Len Chee shall not exceed 50 percent of the Sale Price payable
to either Cityliner or Len Chee.


4. RATIONALE FOR THE PROPOSED DISPOSAL

The Company is currently an affected listed issuer under
Practice Note No. 4/2001 of the Listing Requirements of the
Kuala Lumpur Stock Exchange (KLSE). As at 31 December 2002,
the Park May group of companies (Park May Group" or "Group)
has a negative shareholders' funds of approximately RM25.4
million with total borrowings of the Group amounting to
approximately RM116 million. In mitigating the Group's
decelerating performance under the prevailing difficult
environment, the Group has to-date undertaken cost containment
measures including divestment of non-core assets.

The stage bus operation in the Klang Valley has always been
the mainstay of the Group and is the largest contributor to
the Group in terms of revenue. However, it is also the main
reason behind the significant losses incurred by the Group to-
date. The Company's stage bus operation in the Klang Valley is
not expected to turn around in the immediate term due to
difficult operating conditions, namely price regulation,
increasing costs of repairs and declining number of
passengers. As such, it may not be commercially viable for the
Company to continue with the stage bus operation based on the
current organizational set-up.

It is expected that upon completion of the Proposed Disposal,
Park May will focus on its express buses operation which is
still a viable business, reduce the Group's debts to a more
manageable level and more importantly, the Proposed Disposal
together with the proposed disposals of the Company's non-core
assets announced to-date, will assist the Park May Group in
formulating a restructuring scheme which will help turnaround
and place the restructured Group on a stronger financial
footing.

The Proposed Disposal will enable Park May to raise cash
expeditiously to further reduce its borrowings, which will
result in annual interest savings of approximately RM0.807
million based on an average interest rate of 6.0 percent per
annum.

5. EFFECTS OF THE PROPOSED DISPOSAL
5.1 Share Capital

The Proposed Disposal will not have any effect on the issued
and paid-up share capital of Park May.
5.2 Earnings

Based on the audited NBV of the Assets as at 31 December 2002,
the Proposed Disposal is expected to give rise to a net loss
on disposal of approximately RM17.43 million at Group level
after deducting minority interests of approximately RM0.164
million and estimated incidental expenses relating to the
Proposed Disposal of RM1.22 million.

As already mentioned in Section 2.7 of this announcement,
approximately RM13.46 million will be utilized to partly
redeem the outstanding CP/MTN. This is expected to result in
annual interest savings of approximately RM0.807 million based
on an average interest rate of 6.0 percent per annum.

5.3 Net Tangible Liabilities (NTL)

Based on the audited balance sheets of the Park May Group as
at 31 December 2002 and on the assumption that the Proposed
Disposal had been effected on that date, the proforma effects
of the Proposed Disposal on the Group's NTL are set out in
Table 3 of the Appendix of this announcement.

5.4 Substantial Shareholders' Shareholdings

The Proposed Disposal will not have any effect on the
substantial shareholders' shareholdings.


6. APPROVALS REQUIRED FOR THE PROPOSED DISPOSAL

The Proposed Disposal is subject to, inter-alia, the following
approvals being obtained:

(a) the Securities Commission (SC), if required;

(b) the shareholders of Park May at an extraordinary general
meeting (EGM) to be convened (including the approval for the
Corporate Guarantee);

(c) the shareholders of the Vendors; and

(d) all other approvals necessary.


7. DEPARTURE FROM SC'S POLICIES AND GUIDELINES ON THE ISSUE /
OFFER OF SECURITIES (SC GUIDELINES)

To the best knowledge of the Board of Directors, the Proposed
Disposal does not depart from the SC Guidelines.


8. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

(i) Substantial Shareholders' Interests

Renong Berhad (Renong) is a substantial shareholder of Park
May. Renong is a 48.7 percent associated Company of United
Engineers (Malaysia) Berhad which in turn is wholly-owned by
Syarikat Danasaham Sdn Bhd which in turn is wholly-owned by
Khazanah Nasional Berhad (Khazanah) and ultimately, wholly-
owned by MOF Inc.. By virtue of this, Renong is deemed a
person connected with MOF Inc. and as such, Renong is deemed
interested in the Proposed Disposal. Accordingly, Renong will
abstain from voting on the Proposed Disposal in respect of its
direct and / or indirect shareholdings in Park May, if any, on
the resolution pertaining to the Proposed Disposal at an EGM
to be convened.

(ii) Directors' Interests

Adnan Mohammad, YBhg. Dato' Mohd Nor Idrus and Mr Chong Yoon
Fatt, the current Managing Director and Directors of Park May
respectively, are nominee Directors of Renong. Mr Yeo Keng Un,
a Director of Park May, is a nominee Director of Khazanah. As
such, these Directors are deemed interested in the Proposed
Disposal (Interested Directors). The Interested Directors have
abstained and will continue to abstain from deliberating and
voting on the Proposed Disposal at the Board meetings of the
Company and will abstain from voting in respect of their
direct and / or indirect shareholdings in Park May, if any, on
the resolution pertaining to the Proposed Disposal at an EGM
to be convened.

Save as disclosed above and as far as the Company is aware,
none of the Directors and substantial shareholders of the Park
May Group as well as persons connected with them have any
interest, direct and/or indirect, in the Proposed Disposal.

9. DIRECTORS' RECOMMENDATION

Having considered the weak financial position of the Park May
Group, the rationale and effects of the Proposed Disposal, and
after careful deliberation, the Board of Directors is of the
opinion that the Proposed Disposal is in the long-term
interest of the Park May Group.

10. ADVISER

AmMerchant Bank has been appointed as Adviser to Park May for
the Proposed Disposal.

In view of the interests of the Interested Directors and
substantial shareholder as mentioned in Section 8 of this
announcement and in compliance with Chapter 10 of the Listing
Requirements of the KLSE, PM Securities Sdn Bhd has been
appointed to act as the Independent Adviser to the independent
directors and minority shareholders of Park May.

11. ESTIMATED TIME FRAME FOR APPLICATION TO RELEVANT
AUTHORITIES AND COMPLETION

Pursuant to paragraph 12.05(a)(iii) of Chapter 12 of the SC
Guidelines, the Proposed Disposal would give rise to a
significant change in the business direction of the Park May
Group and accordingly, the SC's approval is required for the
Proposed Disposal. However, the Company will seek a waiver
from having to seek the SC's approval for the Proposed
Disposal pursuant to paragraph 8 of Guidance Note 12 of the SC
Guidelines.

The Proposed Disposal is expected to be completed in the first
quarter of 2004.

12. DOCUMENTS AVAILABLE FOR INSPECTION

The Conditional ASA and Corporate Guarantee will be made
available for inspection at the registered office of Park May
at Lot 18115, Batu 5, Jalan Kelang Lama, 58100 Kuala Lumpur
during normal business hours from Mondays to Fridays (except
public holidays) for a period of three (3) months from the
date of this announcement.


PLANTATION & DEVELOPMENT: Fountain Issues Prospectus Oct. 27
------------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Plantation & Development
(Malaysia) Berhad (P&D), announced to the Kuala Lumpur Stock
Exchange (KLSE) that Fountain View Development Berhad
(Fountain View) has issued a Prospectus on 27 October 2003 in
respect of the following issuance and disbursement of
irredeemable convertible unsecured loan stocks (ICULS) of
Fountain View:-

(i) issuance of RM169,121,000 nominal value of 3.5 percent
ICULS 2003/2006 at 100 percent of the nominal value of RM1.00
each by Fountain View to the scheme creditors of P&D,
shareholders of Everange Sdn Bhd (Everange) and certain
creditors of the Everange Group; and

(ii) disbursement for free of RM100,000 nominal value of 3.5
percent ICULS 2003/2006 at 100 percent of the nominal value of
RM1.00 each by Mujur Zaman Properties Sdn Bhd to 100 selected
persons. P&D had identified the 100 selected persons as the
top 100 shareholders of P&D, excluding the directors of P&D
and persons related to the directors of P&D, as at 30 June
2003.

The issuance and disbursement of Fountain View ICULS are
integral parts of the following proposals forming the Proposed
Restructuring Scheme of P&D:

(i) Proposed Debt Compromise;

(ii) Proposed Acquisition Of Everange;

(iii) Proposed Settlements Of Debts To Creditors Of The
Everange Group; and

(iv) Proposed Offer For Sale Of Fountain View Shares And
ICULS.

Proposals (ii) to (iv) would be completed upon the issuance
and disbursement of Fountain View ICULS, which are scheduled
to be on 5 November 2003 and 10 November 2003 respectively, or
such later date as the directors of Fountain View may decide.
The Proposed Debt Compromise would be completed upon the
issuance of Fountain View ICULS, and the issuance of
redeemable convertible secured loan stocks (RCSLS) of Fountain
View expected to be on 5 November 2003. Based on cut-off dates
of 31 December 1999 and 28 February 2003, Fountain View would
issue RM92,777,477 and RM17,425,000 nominal value of Fountain
View RCSLS and ICULS respectively to the scheme creditors of
P&D.

The purpose of the Prospectus is to provide the first holders
of the Fountain View ICULS and the aforesaid 100 selected
persons, with salient information relevant to the Fountain
View ICULS. No action is required on their part.

There are no other material developments in the Proposed
Restructuring Scheme of P&D subsequent to the announcements
dated 1 October 2003, 8 October 2003 and 16 October 2003.


TONGKAH HOLDINGS: Issues Restructuring Scheme Update
----------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Tongkah
Holdings Berhad (THB), announced that at the Adjourned
Extraordinary General Meeting (EGM) held on 27 October 2003,
the shareholders of THB have duly passed the ordinary
resolutions for the Proposed Restructuring Scheme, Proposed
Share Exchange and Proposed Scheme of Arrangement with the
Scheme Creditors as set out in the Notice dated 11 October
2003 convening the meeting.


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


MANILA ELECTRIC: Sees Better Third Quarter Results
--------------------------------------------------
Manila Electric Company (Meralco) is expected to announce
better third quarter results after raising rates by 8.4
percent in June, DebtTraders reports. It may report a
quarterly net income of 450 million pesos ($8.1 million) from
282 million pesos ($5 million) a year ago. DebtTraders believe
the first financial results after the rate hike in June is
important because the figures will help determine the
Company's leverage and sustainable debt in the future. If
DebtTraders assume cost remain constant, 2003 EBITDA will be
above 9,000 million pesos ($164 million). DebtTraders estimate
the Company has total debt of approximately 60 billion pesos
($1.1 billion). As such, total debt-to-EBITDA will improve to
6-7 times from an estimated multiple of 9 times currently.


NATIONAL POWER: Needs US$2B for Debt Service, IPP Payments
----------------------------------------------------------
National Power Corporation (Napocor) will need at least US$1
billion for debt service and another US$1 billion as payments
for the amortization of the capacity fees to its independent
power producers (IPPs) next year, the Philippine Star said on
Tuesday.


For 2003, Napocor have maturing obligations amounting to close
to US$500 million. Some of these maturing debts are bonds,
which were issued by the power firm during the past years. As
of end-June 2003, Napocor has approximately US$7 billion worth
of debts, US$800 million more than US$6.2 billion incurred in
end-2001 but slightly lower than the US$7.2 billion (P376.32
billion) recorded in end-2002.

The sale of Napocor assets will generate some US$5 billion in
proceeds. The privatization of Napocor's transmission assets
is expected to fetch some US$2 to US$2.5 billion while it can
raise another US$2.5 billion from the sale of the generation
assets.


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


ASIA PULP: Signs US6.7B Debt Agreement With Creditors
-----------------------------------------------------
Asia Pulp & Paper Co. (APP) will sign a US$6.7 billion debt
agreement with major creditors Thursday, a first step to
working out group's total US$13.9 billion debt, according to
Dow Jones. Many creditors not involved in deal have claimed
repayment terms are too lenient on APP, while some have
launched separate legal action in the United States.

The debt restructuring of Asia Pulp & Paper might be delayed
anew after a New York court upheld the claims of GE Capital
Corp., Oaktree Capital Management LLC, and Gramercy Advisors
against the company, TCR-AP reported recently.

According to the report, the ruling by the New York State
Supreme Court could pave the way for legal efforts in
Indonesia to foreclose some of APP's assets to secure the
debts owed to the three creditors or seize payments APP might
make to other creditors.  The three are owed US$250 million in
principal and unpaid interest on promissory notes issued by PT
Indah Kiat Pulp & Paper and PT Lontar Papyrus Pulp & Paper,
and guaranteed by APP.


BEST MOBILE: Issues Winding Up Order Notice
-------------------------------------------
Best Mobile Technology Pte Ltd issued a notice of winding up
order made on the 17th day of October 2003.

Names and address of Liquidators: Lim Lee Meng (NRIC No.
S1178427/E) and Chee Yoh Chuang (NRIC No. S1204330/I), both of
Messrs Chio Lim & Associates of 18 Cross Street, #08-01 Marsh
& McLennan Centre, Singapore 048423.

ALLEN & GLEDHILL
Solicitors for the Petitioner.


CAPITALAND LTD: Issues Interest on Convertible Bonds Due 2007
-------------------------------------------------------------
The Board of Directors of Capitaland Limited (CapitaLand)
announced that the third interest payment (the Interest
Payment) on the S$380,000,000 principal amount of convertible
bonds due 2007 (Convertible Bonds), convertible into new
ordinary shares of S$1.00 each in the capital of Capitaland,
shall be made on 3 November 2003 (Actual Payment Date).

Under the terms and conditions of the Convertible Bonds, the
Convertible Bonds bear interest at the rate of 0.625 percent
per annum, payable semi-annually in arrear on 3 May and 3
November in each year (each an "Interest Payment Date),
commencing 3 November 2002. Each Convertible Bond will cease
to bear interest, inter alia, from and including the Interest
Payment Date last preceding its conversion date.

Interest will be paid to the holder shown on the Register at
the close of business on the 15th day before the due date for
the payment of interest.

Payment will be made by transfer to the registered account of
the bondholder or by Singapore dollar cheque drawn on a bank
in Singapore mailed to the registered address of the
bondholder, if the bondholder does not have a registered
account. Where payment is to be made by transfer to a
registered account, payment instructions (for value on the
Actual Payment Date) will be initiated on the Actual Payment
Date.

Where payment is to be made by check, the check will be mailed
on the Actual Payment Date. Bondholders shall not be entitled
to any interest or other payment for any delay in receiving
the Interest
Payment.

By Order of the Board
Tan Wah Nam
Company Secretary
Singapore
27 October 2003


CARPE DIEM: Winding Up Hearing Slated For November 7
----------------------------------------------------
The petition to wind up Carpe Diem Publications Pte Ltd. is
set for hearing before the High Court of the Republic of
Singapore on November 7, 2003 at 10 o'clock in the morning.
Pamela Neo Management Services Pte Ltd., a creditor, whose
address is situated at 10 Anson Road, #13-08 International
Plaza, Singapore 079903, filed the petition with the court on
October 15, 2003.

The petitioners' solicitors are Messrs AZIZ TAYABALI &
ASSOCIATES of 9 Battery Road, #05-08 Straits Trading Building,
Singapore 049910. Any person who intends to appear on the
hearing of the petition must serve on or send by post to
Messrs AZIZ TAYABALI & ASSOCIATES a notice in writing not
later than twelve o'clock noon of the 6th day of November 2003
(the day before the day appointed for the hearing of the
Petition).


DIGILAND INTERNATIONAL: Unit Enters Liquidation
-----------------------------------------------
The Board of Directors of Digiland International Limited
announced the following:

1. The Company has liquidated its wholly owned subsidiary,
Custom Print Co Ltd, held by its subsidiary Digiland
(Thailand) Co. Ltd.

2. The Company has also initiated voluntary liquidation of its
30 percent-owned associate, e-station Pte Ltd, held by its
subsidiary Infonet Systems and Services Pte Ltd.

3. The Company's subsidiary, Digiland Distribution (M) Sdn
Bhd, has acquired:

(a) an additional 70 percent equity interest in its 30 percent
owned associate, Khidmat Komputer Perdana Sdn Bhd (KKP) for a
cash consideration of 2 Malaysian Ringgit (RM), making it a
100 percent owned subsidiary; and

(b) the entire RM2 share capital of an affiliated Company,
Infonet System and Services (M) Sdn Bhd (ISSM) for a cash
consideration of RM2, making it a 100 percent owned
subsidiary,

(each a Transaction).

The considerations for both transactions were arrived at on a
willing seller willing buyer basis.

As at the date of acquisitions, the net tangible liabilities
of KKP and ISSM were RM11,753 and RM302,139 respectively.
These were due mainly to amount owing to the Company's group
of subsidiaries.

4. The Company has incorporated a wholly owned subsidiary
known as Digiland Japan Co Ltd (Digiland Japan). The issued
and paid up capital of Digiland Japan is Japanese Yen 10
million. The internal resources of the Company fund this.
Digiland Japan is engaged in the import and export, sales, and
maintenance of computers and computer peripherals and
providing consulting services to the computer and related
industry.

None of the above is expected to have any material impact on
the consolidated net tangible assets per share and earnings
per share of the Company for the current financial year.

The Transaction is a non-discloseable transaction for the
purposes of Chapter 10 of the Listing Manual of the Singapore
Exchange Securities Trading Limited.

None of the Directors or controlling shareholders of the
Company has any interest, direct or indirect, in the
Transaction.


FLOORING & TIMBER: Releases Winding Up Order Notice
---------------------------------------------------
Flooring & Timber Products Pte Ltd (formerly known as
Sparklewood Corporation Pte Ltd) (formerly known as
Sparklewood Products Pte Ltd) (RC No. 198804111k) issued a
notice of winding up order made on the 17th October 2003.

Name and address of the Liquidator: Official Receiver The URA
Centre (East Wing) 45 Maxwell Road #05-11/#06-11 Singapore
069118.

RODYK & DAVIDSON
Solicitors for the Petitioners.


NIGCOM HOLDING: Petition to Wind Up Pending
-------------------------------------------
The petition to wind up Nigcom Holding Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
November 7, 2003 at 10 o'clock in the morning. Nigcom Holding
Pte Ltd., a creditor, whose address is situated at 4 Battery
Road, Bank of China Building, Singapore 049908, filed the
petition with the court on October 15, 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
6th day of November 2003 (the day before the day appointed for
the hearing of the Petition).


T4 CONSTRUCTION: Court Sets Winding Up Hearing Nov. 7
-----------------------------------------------------
The petition to wind up T4 Construction Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
November 7, 2003 at 10 o'clock in the morning. Don Ho Mun-
Tuke, a creditor, whose address is situated at Equity Plaza,
20 Cecil Street #12-02/03, Singapore 049705, filed the
petition with the court on October 15, 2003.

The petitioners' solicitors are Messrs RAYMOND LAM & LIM
PARTNERSHIP of 39A Duxton Road, Singapore 089503. Any person
who intends to appear on the hearing of the petition must
serve on or send by post to Messrs RAYMOND LAM & LIM
PARTNERSHIP a notice in writing not later than twelve o'clock
noon of the 6th day of November 2003 (the day before the day
appointed for the hearing of the Petition).


TOKUHON LIMITED: Winding Up Hearing Set October 31
--------------------------------------------------
The petition to wind up Tokuhon (Private) Limited is set for
hearing before the High Court of the Republic of Singapore on
October 31, 2003 at 10 o'clock in the morning. SEOW KANG HONG
and Wong Kah Joo, creditors, whose address is situated at of
81 Toh Tuck Place Singapore 596841 and GAMMA 2000 (S) PTE LTD
(RC No. 200001010G) of 102F Pasir Panjang Road, #02-04
CitiLink Warehouse Complex, Singapore 118530, filed the
petition with the court on April 2, 2003.

The petitioners' solicitors are Messrs Drew & Napier LLC of 20
Raffles Place, #17-00 Ocean Towers, Singapore 048620. Any
person who intends to appear on the hearing of the petition
must serve on or send by post to Messrs Drew & Napier LLC 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).


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


NAKORNTHAI STRIP: 17 Underwriters to Manage Public Offer
--------------------------------------------------------
Nakornthai Strip Mill Public Company Limited (NSM) signed Firm
Underwriting Agreements with its seventeen underwriters lead
by Seamico Securities Plc., as the Lead Underwriter. The other
co-underwriters include ABN AMRO Asia Securities Plc., Ayudhya
Securities Co., Ltd., BFIT Securities Co., Ltd., Bualuang
Securities Co., Ltd., Capital Nomura Securities Plc., Far East
Securities Co., Ltd., Finansa Securities Ltd., I.B. Securities
Co., Ltd., Intel Vision Securities Co., Ltd., KGI Securities
(Thailand) Plc., Kiatnakin Securities Co., Ltd., Sicco
Securities Plc., Syrus Securities Co., Ltd., TISCO Securities
Co., Ltd., Trinity Securities Co., Ltd., and United Securities
Plc. The Company will also sign separate agreements with
selling agents, including HSBC Securities (Thailand) Co., Ltd.
and Kim Eng Securities (Thailand) Plc.

The PO Price was confirmed at THB2.20 per share to raise total
funds of THB3.96 billion from the issue.

The Chairman of NSM, Khun Sawasdi Horrungruang said, "We are
delighted with the underwriting syndicate and the enthusiasm
they have shown for the issue. As we reach the end to NSM's
restructuring process and the beginning of NSM's return into
the market, I believe that the eventual success of this issue
will be important to everyone."

Note:

-- The above information has been extracted from the Company's
Registration statement/Prospectus to the Securities and
Exchange Commission. Further information is available from the
SEC's office or on the Internet at http://www.sec.or.th.

-- In considering this investment, investors must use their
own discretion in considering the information in respect to
the Issuer and related securities, including the
appropriateness of the investment and the associated risks.

-- This press release is not an invitation to purchase
securities. The offer of securities will only be conducted
together with the distribution of the Prospectus to investors.

For more information, contact:

Nakornthai Strip Mill Plc.
Khun Sawasdi Horrungruang, Chairman
19th Floor, U.M. Tower 9 Ramkhamhaeng Road, SuanluangBangkok
10250, Thailand
Phone: +66 (0) 2719-9830
Fax: +66 (0) 2719-9828

Nakornthai Strip Mill Plc.
Mr. Abinash MajhiVice, President - Finance & Accounting
19th Floor, U.M. Tower 9 Ramkhamhaeng Road, SuanluangBangkok
10250, Thailand
Phone: +66 (0) 2719-9830
Fax: +66 (0) 2719-9828

Seamico Securities Plc.
Khun Vicha Tomana, Senior Vice President
16th Floor, Liberty Square 287 Silom Road, Bangrak Bangkok
10500
Phone: +66 (0) 2695-5174
Fax: +66 (0) 2631-1708


NAKORNTHAI STRIP: Siam City Bank Grants Interim Working Cash
------------------------------------------------------------
Nakornthai Strip Mill Public Company Limited (NSM) obtained
from Siam City Bank Public Company (SCIB) a source of interim
working capital facility.  SCIB has already given approval of
the interim working capital facility in a sufficient amount to
NSM to expedite the startup and re-commissioning plan for
NSM's plant until the funding from the public offering is
available to the Company. This facility was announced
concurrently with the signing ceremony of the underwriting
syndicate where a total confirmed amount of THB3.96 billion
will be raised from the public offering.

The Chairman of NSM, Khun Sawasdi Horrungruang said, "We
believe that this interim working capital facility will be
very important in getting the plant up and running as quickly
as possible. It will allow NSM to be more flexible during the
re-startup process of the plant, the additional liquidity will
be very beneficial indeed as we wait for the funding from the
public offering."

The PO offer period will be from 27 October to 29 October
2003, and is composed of THB1,800 million shares at an
offering price of THB2.20 per share. The prospectus and share
subscription forms are available at the offices of each of the
underwriters and on the Web site of Seamico at
http://www.seamico.com.Minimum subscription amounts are 1,000  
shares.

The Company expects its stock to be traded on the SET around
the middle of November 2003.  Seamico Securities Plc is Lead
Underwriter to the Issue.

Nakornthai Strip Mill Plc.
Khun Sawasdi Horrungruang
Chairman
19th Floor, U.M. Tower9
Ramkhamhaeng Road,
Suanluang Bangkok 10250,
Thailand
Phone: +66 (0) 2719-9830
Fax: +66 (0) 2719-9828

Nakornthai Strip Mill Plc.
Mr. Abinash Majhi
Vice President
Finance & Accounting
19th Floor, U.M. Tower9
Ramkhamhaeng Road,
Suanluang Bangkok 10250,
Thailand
Phone: +66 (0) 2719-9830
Fax: +66 (0) 2719-9828 Seamico Securities Plc.

Seamico Securities Plc.
Khun Vicha Tomana
Senior Vice President
16th Floor, Liberty Square
287 Silom Road, Bangrak
Bangkok 10500
Phone: +66 (0) 2695-5174
Fax: +66 (0) 2631-1708


SIAM UNITED: Raises Over THB274 Million in New Capital
------------------------------------------------------
Siam United Services Public Company Limited (SUSCO or the
Company) announced that, at Board Meeting held on 22 October
2003, it had successfully placed 200 million new ordinary
shares by means of a Private Placement, raising THB274 million
in new equity.  The proceeds will be used to repay outstanding
debt, working capital and further expansion.  The new
investors will greatly enhance the company's access to new
capital, widen its shareholder base, strengthen its
shareholding structure, and increase the liquidity of its
share trading liquidity. Forty per cent of the issue was
placed to overseas investors. A further 300 million shares are
expected to be placed in the near future at THB2 per share by
means of Private Placement, raising another THB600 million for
the Company.

Mr. Mongkol Simoroj, Susco's Chairman, commented, "Susco plays
a role in attracting the cluster of Thailand's major
industries -- including the key automotive and petrochemical
sectors -- through its energy business. The Company has oil
depots in Bangkok, Suratthani and Songkhla and owns 151 gas
stations nationwide. The success of the capital raising
through private placement announced today will enhance the
liquidity of Susco's listed securities and will improve their
attractiveness as a way for investors to participate in the
growth of these sectors."

SUSCO is one of Thailand's larger distributors of petroleum
products. Its shares are listed on the Stock Exchange of
Thailand and on Wednesday they closed at Baht 1.81 per share.

Further details in regard to the Company may be obtained from
the Company's Web site at http://www.susco.co.th

Seamico Securities Plc was the Placement Agent of the issue.

For more information, contact:

Siam United Services Plc
Mr. Marvee Simaroj
Director Business Development
Office 30 Rat Burana Road,
Moo 1 Rat Burana,
Bangkok 10140
Tel: +66 (0) 2428-0029
Fax: +66 (0) 2427-6270

Seamico Securities Plc.
Khun Lalida Rojanavasee
Senior Vice President
16th Floor, Liberty Square,
287 Silom Road,
Bangrak,Bangkok 10500, Thailand
Tel: +66 (0) 2695-5000
Fax: +66 (0) 2631-1708
Email: lalidar@seamico.co.th


                            *********


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

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