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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, November 5, 2003, Vol. 6, No. 219

                         Headlines

A U S T R A L I A

ANALYTICA LIMITED: AGM Scheduled on Nov 28
AUSTAR UNITED: Discloses EGM Outcome
AUSTAR UNITED: Staff Incentive Plans Approved
AUSTRALIAN MAGNESIUM: Magnesia Sales Down 20.7% to 40,186 Tonnes
ONE.TEL LIMITED: Court Sets Aside Director's Financial Agreement


C H I N A  &  H O N G K O N G

AS TIME: Nov 12 Winding Up Hearing Scheduled
CIL HOLDINGS: Incurs HK$164M 2002 Liabilities
GAIN GROWTH: Faces Winding Up Petition
FANCYWELL LIMITED: Winding Up Sought by Milla Holdings
MANSION HOUSE: Requests Trading Suspension

PAK MEI: Winding Up Petition Slated for Hearing Today
SHANGHAI ZHENHUA: Xinhua Downgrades Credit Rating to BBB (pi)
SUCCESS PROPERTY: Winding Up Sought by Chan Yuk Kuen
SUN'S GROUP: Books 2002 Loss of HK$19.9M


I N D O N E S I A

ASIA PULP: IBRA Preparing Asset Disposal Options
ASTRA INT'L: Reduces US$203M Debts Via Debt Buy Back


J A P A N

ALL NIPPON: Unveils Financial Results Ending September 30
FUJITSU LIMITED: Sets Up Semiconductor Unit in China
MARUSHI KOGYO: Enters Special Liquidation Proceedings
MITSUBISHI MOTORS: U.S. Unit Discloses October Sales
NEC CORPORATION: Provides Mobile Phone Project in Iraq


K O R E A

HYNIX SEMICONDUCTOR: Shares Up 3.85% Tuesday
KOOKMIN BANK: Government Delays Stake Sale
SK GLOBAL: Court Fixes November 24 as Claims Bar Date
SK GLOBAL: First Motion to Extend Action Removal Deadlines Filed


M A L A Y S I A

CHG INDUSTRIES: Nov 17 Capital Reduction Petition Hearing Set
CONSTRUCTION AND SUPPLIES: KLSE De-lists Securities Trading
GENERAL SOIL: GSESB Winding Up Petition Set in January
JOHAN HOLDINGS: Loan Facility Status Remains Unchanged
KELANAMAS INDUSTRIES: Posts Restructuring Scheme Status Update

KEMAYAN CORP.: SC's Proposed Scheme Waiver Decision Pending
KIARA EMAS: Restricted Issue Tentative Allotment Friday
KRETAM HOLDINGS: Discloses Regularization Plan Status
LONG HUAT: Solicitor Seeks Winding-Up Order
NCK CORPORATION: Alliance Advisory Appointment Terminated

NCK CORPORATION: October Defaulted Payment Widens to RM174.826M
OMEGA HOLDINGS: Explanatory Statement Finalization Underway
PANCARAN IKRAB: RESA Seeks Approved Court Order Termination
PARK MAY: Financial Regularization Status Remains Unchanged
PICA (M) CORP.: Nov 7 Court Convene Creditors Meeting Scheduled

SASHIP HOLDINGS: Inks Proposals MOU With Remcorp
SATERAS RESOURCES: Court Extends Restraining Order to Jan 29
SIN HENG: Restructuring Scheme Status Remains Unchanged
TAI WAH: Updates Restructuring Exercise Status
TECHNO ASIA: Administrators Post Books Closure Notice


P H I L I P P I N E S

ABS-CBN BROADCASTING: Delays Bond Issue
LASGOW CREDIT: SEC Orders P10M Fine by 2004
MANILA ELECTRIC: Defers 2003 Cash Dividend Payment
NATIONAL POWER: Eyes US$1.2B-US$1.4B Borrowing in 2004
PHILIPPINE LONG: Considers Management Changes in Next Six Months

PHILIPPINE REALTY: Expects to Cut Debt This Year
PILIPINO TELEPHONE: COO Augusto Macuja Resigns
PILIPINO TELEPHONE: Narrows Net Loss to US$24M


S I N G A P O R E

ASIA PULP: IBRA Sells Debt After Restructuring
CHUAN SENG: Issues Dividend Notice
EI-NETS LTD: Withdraws Winding Up Petition
MELANDAS CASA: Petition to Wind Up Pending
MESSER SINGAPORE: Creditors Must Submit Claims by November 30

MESSER SINGAPORE: Unveils October 28 EGM Resolutions
POPULAR LOGISTICS: Winding Up Hearing Set November 14
SEAWIDE INTERNATIONAL: Winding Up Hearing Set November 14
SINCEM HOLDINGS: Final General Meeting Set December 1
ST ASSEMBLY: Expands Manufacturing Space in Singapore Facility

ST ASSEMBLY: Offers US$115M Notes Due 2008


T H A I L A N D

BANGCHAK PETROLEUM: Explains 20% Profit, Loss Variation
MODERN HOME: Posts Additional Capital Increase Results
PREECHA GROUP: Discloses Financial, Performance Report
SIAM UNITED: Reports Share Offering Results

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANALYTICA LIMITED: AGM Scheduled on Nov 28
------------------------------------------
The Annual General Meeting of Analytica Limited will be held at
10:00 in the morning on Friday, 28 November 2003 in the
Gloucester Room at Quay West Suites, 98 Gloucester Street, The
Rocks, Sydney, NSW 2000 Australia.

To see the Notice of the AGM as well as the Explanatory
Memorandum, go to http://bankrupt.com/misc/ALT1105.pdf.


AUSTAR UNITED: Discloses EGM Outcome
------------------------------------
Austar United Communications Limited posted the resolutions
passed at the Extraordinary General Meeting of Shareholders held
on Tuesday 4 November 2003, 11:30 am, National Customer
Operations Centre, 35 Robina Town Centre Drive, Robina,
Queensland 4226.

1 Canceling Executive Options

"That approval be given:

   (a) to the cancellation of any and all Executive Options in
return for payment by AUSTAR of consideration to the holders of
the cancelled Executive Options for purposes of Listing Rule
6.23.2 of the ASX Listing Rules;

   (b) to AUSTAR entering into agreements for cancellation of
Executive Options, and to providing financial benefits under
such agreements, to Directors and to related parties connected
with those Directors, who hold Executive Options for the purpose
of section 208 of the Corporations Act;

   (c) to AUSTAR financially assisting holders of Executive
Options who agree to cancellation of their Executive Options to
acquire Shares under the Share Schemes for the purpose of
section 260B(1) of the Corporations Act; and

   (d) the cancellation of any and all Executive Options in
return for payment by AUSTAR of consideration to the holders of
the cancelled Executive Options for all other purposes."

2 Approval of Share Schemes

"That:

   (a) the Constitution be modified:

     (1) to insert in rule 1.1(a), before the definition of
`ASX', a definition of A Class Share in the form tabled at the
meeting and signed by the chairman for identification, with
effect from the resolution being passed;

     (2) to insert in rule 1.1(a), after the definition of
`ASX', a definition of B Class Share in the form tabled at the
meeting and signed by the chairman for identification, with
effect from the resolution being passed; and

     (3) to insert after rule 2.2, rules 2.2A and 2.2B in the
form tabled at the meeting and signed by the chairman for
identification, with effect from the resolution being passed;
and

   (b) approval be given:

     (1) to each of the Share Schemes for the purpose of the
definition of `employee share scheme buy-back' in section 9 of
the Corporations Act; Austar United Communication Limited Locked
Bag A3940, Sydney South, NSW, 1235 t. 02 9251 6999 f. 02 9295
0134 ABN 88 087 695 707

     (2) to AUSTAR entering into the contracts contemplated by
the Senior Management Share Scheme with, and to providing
financial benefits under the Senior Management Share Scheme to,
John Clinton Porter for the purpose of section 208 of the
Corporations Act;

     (3) to each of the Share Schemes, and to AUSTAR taking
security over Shares under the Share Schemes, for the purpose of
section 259B(2) of the Corporations Act;

     (4) to each of the Share Schemes, and to the provision of
financial assistance under the Share Schemes, for the purpose of
section 260C(4) of the Corporations Act;

     (5) to each of the Share Schemes, and to the issue of
Shares under the Share Schemes, for the purpose of Exception 9
of Listing Rule 7.2 of the ASX Listing Rules;

     (6) to John Clinton Porter acquiring up to a maximum of
3,750,000 A Class Shares and 20,471,923 B Class Shares under the
Senior Management Share Scheme for the purpose of Listing Rule
10.14 of the ASX Listing Rules;

     (7) to AUSTAR providing termination benefits to John
Clinton Porter under the Senior Management Share Scheme for the
purpose of Listing Rule 10.19 of the ASX Listing Rules; and
(8) to each of the Share Schemes, and to the transactions
contemplated by the Share Schemes, for all other purposes."

3 Increasing directors' fees

"That approval be given for the purpose of ASX Listing Rule
10.17, and for all other purposes, to AUSTAR increasing the
total amount of directors' fees payable to non-executive
Directors by $276,000 per annum up to a maximum aggregate amount
of $576,000 per annum (including superannuation) for the
financial year ending 30 June 2004 and each subsequent financial
year."

4 Issuing bonus Shares to independent Directors

"That approval be given:

(a) to AUSTAR issuing 136,986 Ordinary Shares each to Timothy
David Downing and Justin Herbert Gardener for the purpose of ASX
Listing Rule 10.11, for the purpose of section 208 of the
Corporations Act and for all other purposes; and

(b) to the maximum aggregate remuneration of non-executive
Directors of AUSTAR for the financial year ending 30 June 2004
only being fixed at $576,000 plus the value of the Ordinary
Shares issued as contemplated by resolution 4(a), if resolution
3 is passed, and $300,000 plus the value of the Ordinary Shares
issued as contemplated by resolution 4(a), if resolution 3 is
not passed for purposes of rule 8.3 of the Constitution."


AUSTAR UNITED: Staff Incentive Plans Approved
---------------------------------------------
Austar United Communications (AUSTAR) on Tuesday received
shareholder approval to wind up its current executive share
option plan, introduce share based staff incentive plans that
require cash investment from all participants, and introduce
changes to director remuneration.

AUSTAR Chairman Mr Bill Ferris said, "The Board is pleased that
shareholders have approved the proposal to introduce new staff
incentive plans and to cancel the existing option scheme. We
believe that these new plans, in which all participants will
make cash contributions up front, are the best way to align the
interests of AUSTAR's employees and executives with those of all
shareholders."

The share plans have also received the necessary approvals from
AUSTAR's Bank Syndicate and the Foreign Investment Review Board.
The offer to employees to participate in the share plans opens
today, 5 November 2003, and applications must be received by 21
November 2003. Shares under the Senior Management and Management
Group Share Plans will be issued on 1 December 2003. The first
tranche of shares under the General Share Plan will be issued in
March 2004. Separately, the offers to existing participants in
the Executive Share Option Scheme to cancel their options must
be received by 7 November 2003.

The notice outlining the outcome of resolutions put to AUSTAR's
Extraordinary General Meeting was lodged with the Australian
Stock Exchange on Tuesday.

CONTACT INFORMATION: Deanne Weir
        Group Director
        Corporate Development and Legal Affairs
        Tel: 0402 865 300
        E-mail: dweir@austar.com.au


AUSTRALIAN MAGNESIUM: Magnesia Sales Down 20.7% to 40,186 Tonnes
----------------------------------------------------------------
Australian Magnesium Corporation Ltd released its Quarterly
Activities and Cashflow Report for the 3 months ended 30
September 2003.

Overview

Queensland Magnesia Operations

   *  One lost time injury was recorded at QMAG.
   *  Magnesite production of 105,666 tonnes, down 2.2% on
      previous quarter.
   *  Record magnesia production of 49,977 tonnes, up 10.9% on
      previous quarter.
   *  Magnesia sales down 20.7% to 40,186 tonnes due mainly to a
      delayed shipment of deadburned magnesia.

Magnesium Primary Production

   *  Stanwell plant site placed on care and maintenance.
   *  All contracts for the Stanwell project have been, or are
      close to, being finalized.
   *  Joint venture with Leighton established to determine the
      disposition and value of Stanwell assets.
   *  Work is proceeding to investigate alternative development
      opportunities.

Advanced Magnesium Technologies

   *  AMC has retained exclusive rights to a range of patented
      products and technologies.
   *  Close alliance being maintained with the Ford Motor
      Company.
   *  Successful completion of 4 years R & D and commercial
      trialling of a new magnesium-casting cover gas system, AM-
      cover.

Corporate and Finance

   *  Cash balance of $60.5 million ($36.9 million in escrow) at
      30 September 2003.
   *  Newmont paid A$5 million into the escrow account following
      the finalization of the Ford contract.
   *  AGM to be held from 10:30 am Monday, 24 November 2003,
      Brisbane Convention Center.
   *  The next 3.2 cent distribution on the DES is to be paid on
      24 November 2003.

Click http://bankrupt.com/misc/AGM1105.pdfto see complete copy
of the Quarterly Activities and Cashflow Report.

CONTACT INFORMATION: Joel Forwood
        Manager - Investor Relations
        Telephone: +61 7 3837 3400
        Facsimile: +61 7 3837 3423


ONE.TEL LIMITED: Court Sets Aside Director's Financial Agreement
----------------------------------------------------------------
On 15 October 2003 the Family Court of Australia dismissed an
application brought by the Australian Securities and Investments
Commission (ASIC) to set aside the Financial Agreement entered
into by Jodee Rich and his wife Maxine under the provisions of
the Family Law Act on 31 May 2001 (the Agreement).

Background

Mr Rich was a joint managing director of One.Tel Limited until
his resignation from that position on 17 May 2001. One.Tel
Limited was placed into administration on 29 May 2001.

Two days later Mr Rich entered into the Agreement under the
provisions of the Family Law Act whereby he transferred
approximately $5 million in assets to his wife. These assets
include Mr Rich's interest in the family home at 2 Queens
Avenue, Vaucluse and Mr Rich's share of the sale proceeds of
`Craigend' at Darling Point.

ASIC commenced proceedings against Mr and Mrs Rich in the Family
Court of Australia in August 2002 seeking an order setting aside
the Agreement. In their responses to the application commenced
by ASIC in the Family Court, Mr and Mrs Rich each sought to have
the application dismissed. Mr Rich contended that the Family
Court did not have jurisdiction to hear ASIC's application.

Family Court Decision 15 October 2003

On 15 October 2003, Justice O'Ryan held that the Family Court
did not have jurisdiction to make the orders sought by ASIC. The
primary reason was that no part of the definition of
`matrimonial cause' authorized the Court to consider the issue
on behalf of a third party creditor independent of existing
proceedings before the Court.

In his judgment Justice O'Ryan said: "In my view there is prima
facie evidence that the husband and wife entered into the
agreement in order to reduce the extent and value of the
husband's assets. . Prime facie the evidence supports the
contention by Senior Counsel for ASIC that the agreement was
entered into because of a concern about claims on the husband's
property by third parties as a result of the collapse of One.Tel
Limited. It was therefore entered into to defeat the interests
of third parties."

In the course of the judgment he added that consideration should
be given to conferring jurisdiction on the Family Court to deal
with an application to set aside a binding financial agreement
by a third party whose interests may be adversely affected by
the terms of the agreement.

What ASIC is now doing

ASIC intends to commence proceedings in the Supreme Court of New
South Wales to challenge the validity of the Agreement under the
voidable disposition provisions of the Conveyancing Act (section
37A).

In order to succeed in this action ASIC will need to prove that
the transfer of property was made with the intent to defraud
creditors. If ASIC is successful in obtaining a compensation
order against Mr Rich in its civil penalty proceedings (see
below), then the compensation will be payable to the liquidators
of One.Tel Limited and a costs order will be made in ASIC's
favor. ASIC therefore alleges that it has standing as a creditor
to bring this action.

ASIC Chairman Mr David Knott commented:

"It is of great concern to ASIC that company directors such as
Mr Rich may be using the provisions of the Family Law Act to
shield themselves from the legitimate claims of creditors.

"The comments of Justice O'Ryan indicate that the Court shares
these concerns and would welcome jurisdiction to deal with such
transactions. ASIC will discuss this issue with the Attorney-
General for consideration of appropriate amendments to the
Family Law Act.

"In the meantime, ASIC will contest the validity of the property
transfer under relevant New South Wales law," he said.

Separate proceedings

ASIC commenced proceedings against Mr and Mrs Rich and other
former One.Tel directors and their companies in mid-2001
following the collapse of One.Tel seeking orders preserving
their assets ("the asset preservations proceedings").
Undertakings have been given by each of them agreeing to notify
ASIC in the event of any intention to transfer the assets
outside of Australia.

In December 2001 ASIC, commenced separate proceedings in the
Supreme Court of New South Wales seeking a compensation order of
up to $93 million against Mr Rich for the benefit of the
creditors of One.Tel Limited (the civil penalty proceedings).
ASIC claims that Mr Rich is jointly and severally liable for
this compensation with former Joint Managing Director Bradley
Keeling, former Finance Director Mark Silbermann and former
Chairman John Greaves. (The claim against Mr Keeling was
finalized on 21 March 2003 when Justice Bryson made orders
giving effect to a settlement of ASIC's claim against him.)

The issue of this media release follows an order of the Family
Court on Tuesday that reports of the proceedings may be
published.


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C H I N A  &  H O N G K O N G
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AS TIME: Nov 12 Winding Up Hearing Scheduled
--------------------------------------------
The High Court of Hong Kong will hear on November 12, 2003 at
9:30 in the morning the petition seeking the winding up of AS
Time Limited.

Wong Suet Ming of Flat C1402, 14/F., On Wah House, Lok Wah South
Estate, Ngau Tau Kok, Kowloon, Hong Kong filed the petition on
September 17, 2003.  Tam Lee Po Lin, Nina represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


CIL HOLDINGS: Incurs HK$164M 2002 Liabilities
---------------------------------------------
The Board of Directors of CIL Holdings Limited released its
unaudited consolidated results of the Company and its
subsidiaries (the Group) for the six months ended 31 December
2002. Below is an excerpt on liquidity and financial resources:

The Group had net current liabilities of HK$164 million as at 31
December 2002. Since there was a negative equity at the balance
sheet date, calculation of gearing ratio is not applicable. A
creditors' scheme of arrangement (the Scheme) under Section 166
of the Companies Ordinance of Hong Kong and under Section 99 of
the Companies Act 1981 of Bermuda was completed on 16 May 2003
to restructure the Group's total indebtedness and net proceeds
of HK$30 million were raised from subscription of new shares of
the Company for this purpose.

Total admitted indebtedness was approximately HK$206 million, of
which approximately HK$15 million was paid out from the
proceeds. Indebtedness of approximately HK$170 million was
waived and credited to income statement of the company. The
remaining indebtedness of approximately HK$106 million was
settled by issue of ordinary shares at HK$0.01 each. These
financial implications will be reflected in the final results
for the year ended 30 June 2003.

To see complete copy of the report, go to
http://bankrupt.com/misc/CIL1105.pdf.


GAIN GROWTH: Faces Winding Up Petition
--------------------------------------
The petition to wind up Gain Growth Limited was heard before the
High Court of Hong Kong on October 29, 2003 at 10:00 in the
morning.

The petition was filed with the court on September 8, 2003 by
Kwong Wai Man of Flat B, 1/F., Block C, 370-372 Lai Chi Kok
Road, Sham Shui Po, Kowloon, Hong Kong.


FANCYWELL LIMITED: Winding Up Sought by Milla Holdings
------------------------------------------------------
Milla Holdings Limited is seeking the winding up of Fancywell
Limited. The petition was filed on September 29, 2003, and will
be heard before the High Court of Hong Kong on November 26,
2003.

Milla Holdings holds its registered office at 33rd Floor, Paul
Y. Centre, 51 Hung To Road, Kwun Tong, Kowloon, Hong Kong.


MANSION HOUSE: Requests Trading Suspension
------------------------------------------
At the request of Mansion House Group Limited, trading in its
shares has been suspended with effect from 10:45 a.m. on Tuesday
(04/11/2003) pending the release of an announcement in relation
to the top-up placement of shares of the Company.


PAK MEI: Winding Up Petition Slated for Hearing Today
-----------------------------------------------------
The petition to wind up Pak Mei Kai Seafood Restaurant, Limited
is set for hearing before the High Court of Hong Kong today,
November 5, 2003 at 9:30 in the morning.

The petition was filed with the court on September 3, 2003 by
Lee Fook Chun of Flat A, 3/F., Kuk Fung Building, No. 46-60A
Catchick Street, Sai Wan, Hong Kong.


SHANGHAI ZHENHUA: Xinhua Downgrades Credit Rating to BBB (pi)
-------------------------------------------------------------
Xinhua Far East China Credit Ratings (Xinhua Far East) on
October 30, 2003 downgraded the A- (pi) long-term credit rating
of Shanghai Zhenhua Port Machinery (Group) Co Ltd to BBB (pi).
The rating outlook remains stable.

Xinhua Far East has noticed that although the Company's
operating scale has expanded, its profit margin has declined due
to price competition arising from intensified competition among
global port machinery manufacturers and price rises in raw
materials, such as steel and oil. Moreover, Zhenhua's accounts
receivable have been high, resulting in a mediocre cashflow.
Debt has been increasing as sluggish operations have not
effectively generated cash flow, and construction of the
production base still requires large investment. As a result,
the Company has been in an operation mode with high debt, thus
largely increasing Zhenhua's financial risk.

The rating outlook for Zhenhua remains stable. While Zhenhua is
currently under funding pressure, the growth of the Company's
core business is expected to be stable due to Zhenhua's
leadership in its core business, promising prospects of the
industry and the continued support from its parent company.

Zhenhua manufactures port machinery, including quayside
container cranes, rubber-tired gantry cranes (RTGs), bulk-
materials ship unloaders and loaders, bucket wheel stackers,
portal cranes, multi-purpose portal cranes, engineering vessels
and large bridge structures. Quayside container cranes and RTGs
are the Company's core products, with an annual production
capacity of 50 sets and 70 sets respectively. The turnover of
quayside container cranes and RTGs account for 95.5% of the
Company's total at present. Currently, the Company has four
production and assembly bases located in Zhangjiang, Changzhou,
Jiangyin and Changxing Island.

The Company is a large cap company ranking the 192nd and the
10th in the Xinhua/FTSE China A 200 Index and Xinhua/FTSE China
B 35 Index respectively. As of October 29, 2003, it's total
market cap reached RMB 2.99 billion yuan (USD 369 million) for
the A-Share and RMB 1.8 billion yuan (USD 222 million) for the
B-Share. The investible market cap for the A-share and B-Share
accounted for RMB 896 million yuan (USD 110.6 million) and RMB
1.35 billion yuan (USD 167 million) respectively.


SUCCESS PROPERTY: Winding Up Sought by Chan Yuk Kuen
----------------------------------------------------
Chan Yuk Kuen is seeking the winding up of Success Property
Company Limited. The petition was filed on September 17, 2003,
and will be heard before the High Court of Hong Kong on November
12, 2003 at 9:30 in the morning.

Chan Yuk Kuen holds its registered address at Room 1109, Heng
Tsui House, Fu Heng Estate, Tai Po, New Territories, Hong Kong.


SUN'S GROUP: Books 2002 Loss of HK$19.9M
----------------------------------------
The Sun's Group Limited refers to the Previous Announcements
regarding, amongst other things, the delay in the release of the
unaudited annual results of the Group for the year ended 31
December 2002.

The Board announces that for the year ended 31 December 2002,
the Group recorded unaudited turnover of approximately HK$19.9
million and loss attributable to shareholders of approximately
HK$800.3 million. The loss attributable to shareholders is
principally attributable to provisions made for diminution in
value of the Group's investment and development properties of
approximately HK$757 million. The Group under the control of
former directors of the Company, including Mr. Wong Kwan, who
disposed of his majority, acquired such properties
interest in the Company and resigned as Director on 29 January
2002.

As stated in the announcement of the Company dated 17 October
2003, the Company will release the audited annual results of the
Group for the year ended 31 December 2002 on or before 21
November 2003 and the annual report of the Company for the year
ended 31 December 2002 will be dispatched thereafter as soon as
possible. The audit committee of the Company has reviewed
the unaudited annual results prior to its publication in this
announcement. Shareholders and investors should note that there
might be significant differences between the unaudited annual
results set out in this announcement and the audited annual
results, which will be released soon. In the event that the
audited annual results differ materially from the unaudited
annual results set out in this announcement, full particulars
of, and the reasons for, the differences will be set out in the
announcement of the audited annual results. Particularly, full
disclosure will be made regarding (i) any necessary amendments
to bring audited annual results for the year ended 31 December
2002 in compliance with Appendix 16 of the Listing Rules; and
(ii) disagreements, if any, raised by the auditors of the
Company regarding the accounting treatment which had been
adopted or the particulars published in accordance with sub-
paragraph 11(3)(i) of the Listing Agreement.

The Directors have spent considerable time and effort in
investigating the previous transactions undertaken by the former
management of the Company in order to prepare proper records and
the management accounts of the Group. As such, the Company
cannot release the unaudited and audited annual results for the
Group for the year ended 31 December 2002 in time as required
under the Listing Rules. The Directors acknowledge that the
delay in the publication of the unaudited annual results and
audited annual results of the Company, the dispatch of the
annual report of the Company for the year ended 31 December
2002, and the publication of the interim results and the
dispatch of the interim report for the six months ended 30 June
2003 constitute breaches of paragraphs 11(1), 8(1), 11(6) and
10(1), of the Listing Agreement of the Company. The Stock
Exchange reserves its rights to take appropriate actions against
the Company and/or its Directors in respect of such breaches.

At the request of the Company, trading in the shares of the
Company has been suspended since 24 April 2003 pending for
further announcement regarding the latest development of the
Group and will remain suspended until further notice.

Click http://bankrupt.com/misc/SUN1105.pdffor further details
of the unaudited annual results of the Group for the year ended
31 December 2002.


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ASIA PULP: IBRA Preparing Asset Disposal Options
------------------------------------------------
Indonesia Bank Restructuring Agency (IBRA) is going to prepare
two options to dispose of the assets of Indonesian Asia Pulp and
Paper (APP) in anticipation of the agency's end of services in
February 2004, Bisnis Indonesia reports, quoting IBRA Deputy
Chairman for Credit Asset Management, Mohammad Syahrial.

The two options are sales through the fifth Credit Assets Sales
Program (PPAK V) and the transfer of the ownership to a holding
company that would be established later.

"To be sure, we initially dispose the assets through PPAK V that
has been running," Syahrial, who is also the lead negotiator of
APP's debt restructuring, said. He added that the transfer of
sales of Sinar Mas Group's assets (SMG) and APP's principal
Indonesia operating companies, namely PT Indah Kiat, PT Tjiwi
Kimia, PT Pindo Deli, and PT Lontar Papyrus, would be done after
the effective date or after creditors signing the MRA reaching
75%.

Last week, IBRA said Indonesian APP's restructuring had finished
but only 40% creditors signing the Master Restructuring
Agreement (MRA).

"IBRA can start the offering process in PPAK V. But, the most
important thing is that the transfer, cessie, and signing of SPA
are conducted after the effective date of MRA, and it is
investors who should bear the interest rate," Syahrial
explained, adding that if the signers of APP's MRA had not
reached 75% until IBRA was disbanded, the signing might be
transferred to the holding company that would be established
later.

"If the holding company can manage the problem, that's a good
thing. But, if the issue should be settled in the end of
February, we will dare investors to take it with the ineffective
loan. Concerning the price, it is still negotiable."


ASTRA INT'L: Reduces US$203M Debts Via Debt Buy Back
----------------------------------------------------
PT Astra International Tbk booked a consolidated net income of
Rp3.7T for first nine months of 2003. The increase in operating
profit is mainly derived from strong performance result of 4W
(particularly Toyota) financial services, and agribusiness.
Astra Honda Motor mostly drives higher equity income.

In the first nine months, the company was able to reduce its
debt by US$203 million through debt buy back & regular payment,
and it brings down the debt to US$595 million. Meanwhile, Astra
hold cash & cash equivalent around US$413 million (including
US$226 Million, ex. Toyota proceed). Net Debt to Equity declined
from 1.21x (Sep'02) to 0.14x (Sep'03).

In 9M03, market grew by 11.7% y.o.y, while Astra sales increased
by 8.6%, hence Astra m/ share decreased from 43.1% to 41.9% due
to drop in Isuzu market share. But, Isuzu gained more sales
recently from avg. sales is 1,292 u /month in 1H'03 to 1,887
u/month in 3Q03. Toyota gained m/share from 26.5% to 28.5%.
Successful Vios launching in May 2003. Market expectation in
2003 is 340,000 units.

2W market rose by 21.5% y.o.y while Astra gained 52.6% m/share
compare to 56.8% (9M02). Honda share declined due to competition
from low end cub type from Suzuki and Yamaha. To strengthen
those segment, in Oct'03, Astra Honda Motor has launched a new
model named "Honda Supra Fit" with price around Rp9.7 mio/unit.
Unit sales of Astra Honda Sales operation decreased due to low
demand in Central Java & Bali. Market expectation in 2003 is
2,800,000 u.

CONTACT INFORMATION: Lukas Iwan Setiadi / Gidion Hasan
        PT Astra International Investor Relations
        Ph: (62) (021) 652 2555 ext 3761 / 3747 or 6530 4960
        Fax: (62) (021) 6530 4953


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


ALL NIPPON: Unveils Financial Results Ending September 30
---------------------------------------------------------
All Nippon Airways Co Ltd. (ANA) announced its consolidated
financial results for the interim of fiscal year 2003.

1. Consolidated financial highlights for the period ended
September 30, 2003

(1) Summary of consolidated operating results      Yen
(Millions)


                   Interim FY03 YOY  Interim FY02 YOY (%)  FY02

Operating revenues  608,341    (2.2)  622,134   (2.6) 1,215,909

Operating income
(loss)              14,460      (3.1) 14,928    (66.2)  (2,597)

Recurring profit
(loss)              14,310      138.0  6,012    (81.2) (17,236)

Net income
(loss)              20,570       -     (8,105)    -    (28,256)

Net income
(loss) per         13.42yen            (5.28yen)      (18.42yen)
share

Diluted net
income per         12.59yen      -          -
share

Gain (loss) on
equity             (64)                 (105)               364

Average number of
shares of
outstanding
during the period  1,532,814,664    1,534,237,705  1,533,940,445

* (YOY) Year on year

Note: Changes in the accounting policy during the period: none

(2) Summary of consolidated financial positions        Yen
(Millions)


Total Assets  Interim FY03      Interim FY02        FY02

      (As of Sep 30, 2003) (As of Sep 30, 2003)(As of March 31,
                                                      2003)
Shareholders
equity        1,491,138       1,455,578                 1,442,

Shareholders
Equity Ratio  144,510          141,624                  121,954

Shareholders
equity per share 9.7%          9.7%                      8.5%


Number of shares
of outstanding
at balance sheet
date (consolidated)1,533,325,206  1,533,981,551    1,532,694,609


(3) Summary of consolidated cash flows          Yen (Millions)


                Interim FY03    Interim FY02     FY02

Cash flows
from operating
activities           34,144         66,109      85,952

Cash flows from
investing activities (37,990)       13,996      (52,478)

Cash flows from
financing activities  17,374         (70,006)    (63,364)

Cash and cash
equivalents at
the end of the period 171,468         197,300     158,121

4) Scope of consolidation and application of the equity method

Number of consolidated subsidiaries: 103

Number of non-consolidated subsidiaries accounted for by the
equity method: 6

Number of affiliates accounted for by the equity method: 19

(5) Change of scope of consolidation and application of the
equity method

                            Consolidation    Equity method

       Newly added                -               1

       Excluded                    6              -

Forecast of consolidated operating results for the period ending
March 31, 2004 Yen (Millions)


Operating revenues          1,218,000

Recurring profit (loss)        14,000

Net income (loss)              17,500

Note: Forecast of net income per share: 11.41yen

This forecast is made based on (1) the information available to
ANA as of the date of publication of this material and (2)
assumptions as of the same date with respect to the various
factors which might have impact on the future financial result
of ANA.


FUJITSU LIMITED: Sets Up Semiconductor Unit in China
----------------------------------------------------
Fujitsu Limited announced the establishment of a new subsidiary
in Shanghai, Fujitsu Microelectronics (Shanghai) Co., Ltd., as
part of the Company's ongoing strategy to strengthen its profile
in China's semiconductor market. The new subsidiary, which will
serve as a center for the design, development, and sales of
semiconductors in the region, began operations on October 30.

Since 1986, Fujitsu has been engaged in the design, development,
and sales of semiconductors for the market in China through two
wholly owned subsidiaries: Fujitsu Microelectronics Asia Pte.
Ltd., based in Singapore, and Fujitsu Microelectronics Pacific
Asia Limited, based in Hong Kong. The establishment of the new
subsidiary will facilitate chip development through close
collaboration with Fujitsu Microelectronics Pacific Asia
Limited's Hong Kong Design Center, where devices such as ASICs
and microcontrollers are already being designed for the Chinese
market.

As for production, Fujitsu Microelectronics (Shanghai) plans to
outsource front-end wafer fabrication to a Chinese foundry,
while transferring back-end chip assembly and testing to Nantong
Fujitsu Microelectronics Co., Ltd. In addition, two Fujitsu
companies, the local subsidiaries of Fujitsu Media Devices
Limited and Fujitsu Components Limited, will be relocated to the
same site as Fujitsu Microelectronics (Shanghai), consolidating
all operations in one location.

"By unifying all aspects of our semiconductor operations, from
chip design, development and fabrication to sales and marketing
functions, the new firm will have established a comprehensive
business framework in the country," said Mr. Nobutake Matsumura,
Corporate Vice President of Fujitsu Limited and Fujitsu
Microelectronics (Shanghai) Chairman. "We are confident that the
subsidiary will forge synergies with its other China affiliates
and help expand the market of Fujitsu's electronic devices
products throughout China."

Company Facts

Name: Fujitsu Microelectronics (Shanghai) Co., Ltd

Representatives: Nobutake Matsumura, Chairman
               (Corporate Vice President and Group President of
                Market and Sales Group, Electronic Devices,
                Fujitsu Limited)
                Michael F. Y. Shih, President

Capitalization: US$400,000

Ownership: 100 percent owned by Fujitsu (China) Co., Ltd.

Revenues: US$223 million (FY2004 forecast)

Staff: Approximately 80 (FY2004 forecast)

Headquarters: 1 Floor (Part B), No.48 Warehouse, 11 Debao Rd.,
Wai Gao Qiao Free Trade Zone, Shanghai

Sales Office: Rm 3102, Bund Center, No.222 Yan An Road (E),
Shanghai

Main lines of business: Design, development, and sales of ASICs,
MCUs, MPUs, system memory, and ASSPs; Sales of displays

As part of Fujitsu Ltd.'s effort to enhance its financial
stability, such as its ongoing reduction of interest-bearing
liabilities, it has decided to sell a portion of its
shareholdings in Fanuc Ltd. (FANUC) through a secondary offering
(the Offering), TCR-AP reported recently.

ABOUT FUJITSU

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
telecommunications platforms, and a worldwide corps of systems
and services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.6 trillion yen
(US$38 billion) for the fiscal year ended March 31, 2003. For
more information, please see : http://www.fujitsu.com/.

PRESS CONTACT

Fujitsu Limited
Public & Investor Relations
Inquiries: http://pr.fujitsu.com/en/news/contacts.html


MARUSHI KOGYO: Enters Special Liquidation Proceedings
-----------------------------------------------------
The Tokyo Shoko Research announced that Marushi Kogyo K.K. has
filed an application for commencement of special liquidation
proceedings. The real estate firm, which is located in Koto-ku,
Tokyo, Japan has total liabilities of 11 billion yen against a
capital of 260 million yen.


MITSUBISHI MOTORS: U.S. Unit Discloses October Sales
----------------------------------------------------
Mitsubishi Motors North America, Inc. (MMNA) reported October
2003 sales of 16,282 units. Sales were supported by a record
month for the Mitsubishi Endeavor crossover S.U.V., which
continued gathering momentum by posting its highest monthly
total ever at 4,176 units. Total sales in October 2003 represent
a slight increase over sales in September and a 30.5 percent
decline compared to October sales in 2002.

"The completely redesigned 2004 Mitsubishi Galant is just now
arriving in showrooms and giving Mitsubishi dealers our most
competitive product ever in the industry's highest-volume
segment," said Greg O'Neill, President and COO, Sales Division,
MMNA. "Dealers are also excited by the arrival of a factory-
tuned Lancer Ralliart sedan and Lancer Sportback sport wagon.
Mitsubishi's family of compact sedans is now one of the most
competitive in the industry."

Starting under $18,000, Galant has been redesigned from the
ground up, with an edgy new look, more interior space and the
biggest V6 engine in its class. Along with several other new and
refreshed models, Galant is shipping to dealers now and goes on
sale this month.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States, Canada, Mexico and Puerto Rico. Mitsubishi
Motors sells coupes, convertibles, sedans and sport utility
vehicles through a network of nearly 700 dealers throughout
North America. For more information, contact the Mitsubishi
Motors News Bureau at (888) 560-6672 or visit
media.mitsubishicars.com .

Mitsubishi Motors Corp. (MMC) will suspend plans to expand
production capacity at a U.S. plant until demand recovers in
North America, TCR-AP reported recently. The automaker initially
planned to invest US$200 million to boost annual production
capacity by 25 percent at its plant in Normal, Illinois.

Last week Standard and Poor's downgraded its corporate credit
rating on Mitsubishi Motors to 'B-plus pi' from 'BB-minus pi'
due to the Company's poor sales in North America.


NEC CORPORATION: Provides Mobile Phone Project in Iraq
------------------------------------------------------
NEC Corporation and Sumitomo Corporation have obtained orders to
provide some communications equipment for a mobile phone project
in Iraq, Kyodo News reports. The two firms are believed to be
the first to obtain orders for an infrastructure project in Iraq
after major military campaigns of the U.S.-led war in Iraq ended
earlier this year.

NEC Corporation aims to cut its debt-to-equity ratio to one from
a current 3.54, in an effort to shore up a badly weakened
balance sheet, according to TCR-AP. The Company's equity-to-
asset ratio remains below 10 percent, compared with nearly 20
percent a decade ago, due in part to the lingering effects of
record losses in 2001/2002 and an under funded pension plan.


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


HYNIX SEMICONDUCTOR: Shares Up 3.85% Tuesday
--------------------------------------------
Hynix Semiconductor Inc. shares increased 3.85 percent on
Tuesday on reports that the United Kingdom dropped the Company
from its list of firms subject to punitive tariffs, according to
the Korea Herald. Industry watchers forecast that business
conditions in the European market would improve greatly for
Hynix, which exports semiconductor modules to Europe via Britain
and Germany.


KOOKMIN BANK: Government Delays Stake Sale
------------------------------------------
The South Korean government has delayed the sale of its stake in
Kookmin Bank until next year due to the bank's weak stock price,
Asia Pulse reports. In order to finance its budget spending, the
government was originally scheduled to sell off its 9.33 percent
interest in Kookmin within this year.

According to the South Korean Ministry of Finance and Economy,
the government may not dispose of the stake this year unless
Kookmin's stock price reaches its target of around 54,000 won
(US$45.47). The current stock price of 44,000 won is too low.

However, the ministry stressed that the government's position is
to sell its stake in Kookmin as soon as possible.


SK GLOBAL: Court Fixes November 24 as Claims Bar Date
-----------------------------------------------------
U.S. Bankruptcy Court Judge Blackshear has further ordered that:

-- November 24, 2003, 5:00 P.M., is the last day by which all
entities, including individuals, partnerships, corporations,
estates and trusts, holding prepetition claims against SK Global
America, Inc. are permitted to file proofs of claim against the
Debtor;

-- Governmental Units have until January 19, 2004 to file proofs
of claim;

-- holders (i) of claims which are listed on the Debtor's
Schedules, in an amount and manner of classification with which
the holder agrees and are not described as disputed, contingent,
or unliquidated, or (ii) that have already filed a proof of
claim or interest with the Court, may, but are not required to,
file a proof of claim;

-- each proof of claim, must be properly filed and:

(a) made in substantial conformity with Official Form 10 in
accordance with Rule 9009 of the Federal Rules of Bankruptcy
Procedure; and

(b) actually received on or before the Bar Date by:

If sent by mail:

The United States Bankruptcy Court Southern District of New York
Re: SK Global America, Inc.
Claims Processing
P.O. Box 5183, Bowling Green Station
New York, New York 10274-5183

If sent by hand delivery or overnight courier:

Clerk of the Bankruptcy Court
Southern District of New York
Re: SK Global America, Inc.
Claims Processing
One Bowling Green, Room 534
New York, New York 10004-1408;

-- if the Debtor amends or supplements the Schedules subsequent
to October 17, 2003, the Debtor will give notice of any
amendment or supplement to the affected claimholders, and the
holders will have 30 days from the date of the notice to file
proofs of claim or be barred from doing so, and will be given
notice of the deadline; and

-- any entity that is required to file a proof of claim but
fails to do so on or before the Bar Date will not, for the
claim, be treated as creditor for purposes of voting or
receiving any distribution under any Chapter 11 plan, and will
be forever barred from voting and asserting the claim against
the Debtor or its estate and property. (SK Global Bankruptcy
News, Issue No. 7; Bankruptcy Creditors' Service, Inc., 609/392-
0900)


SK GLOBAL: First Motion to Extend Action Removal Deadlines Filed
----------------------------------------------------------------
SK Global America, Inc., a unit of South Korea's SK Networks
Co., is a party to several prepetition civil actions pending
before various courts across the United States.

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

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

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

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

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

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

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

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

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

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

As its case is in its initial stages, Mr. Ratner says, the
Debtor has not had an opportunity to review its records and
determine whether it needs or should remove any claims or civil
causes of action pending in the state or federal court. (SK
GLOBAL BANKRUPTCY NEWS; Issue Number 6, October 10, 2003)


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


CHG INDUSTRIES: Nov 17 Capital Reduction Petition Hearing Set
-------------------------------------------------------------
Pursuant to paragraph 8.14 of the Kuala Lumpur Stock Exchange's
(KLSE) Listing Requirements and paragraph 4.1 (b) of Practice
Note No. 4/2001 of the KLSE Listing Requirements (PN4), CHG
Industries Berhad is required to announce the status of its plan
to regularize its financial condition on a monthly basis until
further notice from the KLSE.

The Company wishes to inform that the Petition for confirmation
of the capital reduction has been fixed for hearing on 17
November 2003.


CONSTRUCTION AND SUPPLIES: KLSE De-lists Securities Trading
-----------------------------------------------------------
After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission, the
Kuala Lumpur Stock Exchange has decided that the securities of
the Company be de-listed from the Official List of the Exchange
as the Company does not have an adequate level of financial
condition to warrant continued listing on the Official List of
the KLSE.

Accordingly, please be informed that the securities of
Construction and Supplies House Berhad were removed from the
Official List of the Exchange at 9:00 am on Tuesday, 4 November
2003.


GENERAL SOIL: GSESB Winding Up Petition Set in January
------------------------------------------------------
The Board of Directors wishes to inform that General Soil
Engineering Sdn Bhd (GSESB), a wholly owned subsidiary of
General Soil Engineering Sdn Bhd, has been served a winding up
petition by Indah Water Konsortium Sdn Bhd (Indah Water). The
details are as follows:

1. The winding up petition was served on GSESB on 31 October
2003.

2. Particulars of claim under petition.

Indah Water has claimed for a sum of RM100,300.41 being the
judgment sum dated 27 August 2002 obtained in the Kuala Lumpur
Session Court, the interest on judgment sum at the rate of 8%
p.a. and costs.

3. Circumstances leading to the winding up petition.

GSESB has been blamed for damaging a public sewer line at Jalan
Jati, Off Jalan Imbi, Kuala Lumpur. On 28 June 2001, Indah Water
has taken the matter to Kuala Lumpur Session Court to recover
the repair cost of RM85,093.45. On 27 August 2002, the judgment
by the session court is in favor of Indah Water. Subsequently, a
notice pursuant to Section 218 of the Companies Act, 1965 was
served by Indah Water to GSESB on 27 June 2003.

4. Cost of the investment in GSESB

Based on the unaudited accounts of the Company as at 30
September 2003, the total cost of investment in GSESB is RM14.3
million. However, full provision of the diminution in value of
the investment has been made in the accounts of the Company.

5. The financial and operational impact of the winding up
proceedings.

The Group's finance and operations will be severely affected by
the winding up proceedings.

Based on the unaudited accounts of the Company as at 30
September 2003, the total cost of investment in GSESB is RM14.3
million. However, full provision of the diminution in value of
the investment has been made in the accounts of the Company.

6. Proposed steps to be taken by the Company.

The Company is in the midst of implementing a restructuring plan
with the objective to strengthen its financial position. The
Company had announced that it has entered into a Restructuring
Agreement with KTI Vendors and DJM Vendors. The restructuring
scheme includes amongst others the settlement of creditors.

The Board will be initiating discussion with Indah Water
representative and hoping to settle the matter amicably.

7. The hearing date of the winding up petition is fixed on 30
January 2004.


JOHAN HOLDINGS: Loan Facility Status Remains Unchanged
------------------------------------------------------
With the completion of the Debt Restructuring of Johan Holdings
Berhad (JHB), Prestige Ceramics Sdn Bhd (PCSB) and Johan
Equities Sdn Bhd (JESB) on 30 October 2003, the various loan
facilities of JHB and PCSB have been restructured into new
facilities lines whilst the various loan facilities of JESB were
considered as fully repaid and discharged.

As such, JHB, PCSB and JESB have ceased with immediate effect to
be in default position in respect of their loan facilities.

There is no change in respect of default in payment for a term
loan facility of Mustika Resort Sdn Bhd. The status of default
in payment of loan facilities of Johan International Limited and
Abacus Pacific N.V. remain unchanged pending finalization of
Restructuring Agreement with the various Lenders.


KELANAMAS INDUSTRIES: Posts Restructuring Scheme Status Update
--------------------------------------------------------------
On 26 November 2001, Kelanamas Industries Berhad entered into a
Memorandum of Understanding (MOU) with MP Technology Resources
Berhad (MPTR), Tai Seng Plastic Industries Sdn Bhd (Tai Seng)
and other companies, in relation to a proposed scheme to
regularize its financial condition.

Subsequently on 28 February 2002, KIB had entered into a
Restructuring Scheme Agreement (RSA) with MP Technology
Resources Berhad (MPTR), which involves the injection of the
following companies into MPTR.

   a) Tai Seng Plastic Industries Sdn Bhd (Tai Seng)
   b) Eng Zan Machinery & Trading Sdn Bhd (Eng Zan)
   c) Highlight Plastic Machinery Sdn Bhd (HL)
   d) VCM Precision Sdn Bhd (VCM)
   e) Tralvest (M) Sdn Bhd (Tralvest)
   f) MP Plastic Industries Sdn Bhd (MPPI)

(Collectively referred to herein as "New Business")

The New Business is a group of companies involved in the
manufacturing of plastic related products. Pursuant to the
Proposed Restructuring, MPTR would assume the listing status of
KIB. Under the RSA, KIB and the New Business agreed to undertake
and implement a restructuring scheme, which is subject to
approval from the authorities, and consist of the following
exercises:

   (a) Proposed Acquisition of KIB;
   (b) Proposed Acquisition of SBM Food Industries Sdn Bhd;
   (c) Proposed Scheme of Arrangement;
   (d) Proposed Acquisition of New Business;
   (e) Proposed Special Issue;
   (f) Proposed Offer for Sale;
   (g) Proposed Acquisition of MPR;
   (h) Proposed Acquisition of Plastronic;
   (i) Proposed Transfer of Listing Status;
   (j) Proposed Disposal/Liquidation; and
   (k) Proposed General Offer Waiver (GO Waiver)

(Collectively referred to herein as "Proposed Restructuring")

The transactions contemplated above are inter-conditional to
each other save for the Proposed Acquisition of MPR, Plastronic
and Disposal/Liquidation. The Proposed Acquisition of MPR,
Plastronic and Disposal/Liquidation are conditional upon the
completion of the other proposals under the Proposed
Restructuring but not vice versa.

On 3 May 2002, AmMerchant Bank Berhad (AmMerchant) made an
announcement on behalf of the Board of Directors of KIB to seek
the approval of Kuala Lumpur Stock Exchange (KLSE) for an
extension of time of three (3) months, from 3 May 2002 to 3
August 2002 for KIB to make the submission of its proposal to
the authorities.

On 18 June 2002, AmMerchant announced on behalf of the Board of
Directors of KIB that KLSE has, vide its letter dated 17 June
2002, approved the Company's application for an extension of
time to make the required submission to the authorities. The
extension of time is effective from 3 May 2002 to 3 August 2002.

On 30 August 2002, KIB has submitted the Proposed Restructuring
to the Securities Commission. For further details, kindly refer
to the announcements made by AmMerchant on behalf of KIB on 2
August 2002 and 30 August 2002.

Kuala Lumpur Stock Exchange has, via its letter dated 9
September 2002, approved the Company's application for an
extension of time from 3 August 2002 to 30 August 2002 to make
the required submission to the authorities. As previously
announced, the submission had been made to the relevant
authorities on 30 August 2002.

The Foreign Investment Committee (FIC) has via its letter dated
21 November 2002, approved the Proposed Restructuring Scheme
subject to MPTR, the vehicle to assume the listing status of
KIB, maintaining at least 30% bumiputra equity interest at the
point of listing. For further details, kindly refer to the
announcement made by AmMerchant on behalf of KIB dated 2
December 2002.

The Securities Commission via its letter dated 31 December 2002,
approved the Proposed Restructuring Scheme subject to conditions
as stated in the letter. For further details, kindly refer to
the announcement made by AmMerchant on behalf of KIB dated 2
January 2003.

On 14 January 2003, AmMerchant announced on behalf of the Board
of Directors of KIB that via a letter dated 14 January 2003, an
appeal was made against the FIC's condition such that MPTR, the
company to assume the listing status of KIB, be granted a period
of three (3) years from the date of quotation of MPTR's shares
on the Main Board of the KLSE to achieve the 30% bumiputra
equity interest instead of upon listing of MPTR's shares as
contained in FIC's approval letter dated 21 November 2002.

On 20 January 2003, AmMerchant had announced on behalf of the
Board of Directors of KIB that the Ministry of International
Trade and Industry ('MITI') through a letter dated 15 January
2003 approved the Proposed Restructuring Scheme subject to
conditions. For further details, kindly refer to the
announcement dated 20 January 2003.

Further to the announcement dated 14 January 2003, AmMerchant
has on behalf of the Board of Directors of KIB announced on 12
March 2003, that the FIC, via a letter dated 6 March 2003,
granted MPTR a period of three (3) years (from the date of
quotation of MPTR's shares on the Main Board of the KLSE) to
increase its bumiputra shareholding interest to 30%.

On 22 April 2003, KIB obtained a Court Order in term of the
Application under Section 176(1) of the Companies Act, 1965.

On behalf of the Board of Directors of the Company, AmMerchant
Bank Berhad announced that MPTR, the vehicle to assume the
listing status of the Company, on 29 July 2003 entered into the
Supplemental Agreement with the vendors. For further details,
refer to announcement made by AmMerchant on 31 July 2003.

The scheme creditors in the Court Convened Creditors Meeting
approved the Proposed Restructuring Scheme on 16 October 2003
and by the Shareholders in the Court Convened Shareholders
Meeting and Extraordinary General Meeting on 17 October 2003.


KEMAYAN CORP.: SC's Proposed Scheme Waiver Decision Pending
-----------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of Kemayan
Corporation Berhad, announced that the Board of Directors of the
Company is still awaiting the decision from the Securities
Commission (SC) for the appeal for a waiver on certain
conditions imposed by the SC in respect of the Proposed
Restructuring Scheme.

In addition, on 23 October 2003, PMBB on behalf of KCB,
announced that Bank Negara Malaysia, via its letter dated 17
October 2003, approved the proposed acceptance and holdings of
securities for up to five (5) years, via the Proposed
Restructuring Scheme to certain financial institution creditors
as announced.

Further developments in relation to the Proposed Restructuring
Scheme will be made to the Exchange in due course.


KIARA EMAS: Restricted Issue Tentative Allotment Friday
-------------------------------------------------------
Kiara Emas Asia Industries Berhad wishes to announce that,
pursuant to the Supplementary Prospectus dated 10 October 2003,
applications for the Special Issue and the Restricted Issue had
closed at 5:00 p.m. on 31 October 2003, being the extended
closing date.

The results of the applications will be separately announced.
The tentative date of allotment is 7 November 2003.


KRETAM HOLDINGS: Discloses Regularization Plan Status
-----------------------------------------------------
On 4 March 2002, Kretam Holdings Berhad announced that it is
considered an "affected listed issuer" pursuant to paragraph 4.1
of PN4 of the Listing Requirements of the KLSE. Further to the
said announcement, the Company wishes to announce the status of
its plan to regularize its financial condition.

The Abridged Prospectus was dispatched to the shareholders of
KHB on 22 October 2003 in relation to:

I. Renounceable Rights Issue of 26,313,375 new ordinary shares
of RM1.00 each in KHB (KHB Shares) (Rights Shares) with
26,313,375 free detachable 5-year Warrants 2003/2008 (Warrants)
at an issue price of RM1.00 per Rights Share, payable in full
upon acceptance, on the basis of one (1) Rights Share with one
(1) free Warrant for every two (2) existing KHB Shares held at
5:00 p.m on 15 October 2003; and

II. Renounceable Offer for Sale by certain Lenders of KHB to the
shareholders of KHB:

   * Up to RM33,541,000 nominal value of 7-year 1% Irredeemable
Convertible Unsecured Loan Stocks 2003 / 2010 ('ICULS"), payable
in full upon acceptance, on the basis of RM1.00 nominal value of
ICULS for every two (2) existing KHB Shares held at 5.00 p.m. on
15 October 2003 at an offer price of RM1.00 per RM1.00 nominal
value of ICULS

   * Up to 31,305,000 Warrants, payable in full upon acceptance,
on the basis of one (1) Warrant for every two (2) existing KHB
Shares held at 5:00 p.m. on 15 October 2003 at an offer price of
20 sen per Warrant

The key relevant dates are as follows:

* Last date and time for splitting: 31 October 2003 at 5:00 p.m.
* Last date and time for acceptance and payment: 18 November
  2003 at 5.00 p.m.
* Last date and time for renunciation and payment: 18 November
  2003 at 5:00 p.m.
* Last date and time for excess application and payment: 18
  November 2003 at 5.00 p.m.


LONG HUAT: Solicitor Seeks Winding-Up Order
-------------------------------------------
Long Huat Group Berhad (Lhuat) refers to the advertisement on
The Malay Mail newspaper dated 31 October 2003 in relation to
the Notice of Winding-up Order served on Long Huat Development
Sdn Bhd (LHDSB) by Sim Huat Timber & Hardware Sdn Bhd (Sim Huat)
and LTT Veneer (Singapore) Pte Ltd (LTT Veneer).

Subsequently, LHuat instructed its solicitor to obtain the
details on the winding-up order from the petitioners' solicitor,
Messrs William Leong, and accordingly a detailed announcement to
the Exchange will be made upon obtaining the same.


NCK CORPORATION: Alliance Advisory Appointment Terminated
---------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed) refers
to the announcement dated 14 October 2003 in relation to the
Proposed Restructuring Scheme.

In light of the existing legal proceeding commenced by Encik
Megat Abdul Munir bin Megat Abdullah Rafaie by the Kuala Lumpur
High Court Suit No.; D7-22-1628-2003 against both APB Resources
Berhad (formerly known as Lamquest Holdings Berhad and
previously known as Kekal Sepakat Berhad) (APB) and Alliance
Merchant Bank Berhad (Alliance) pertaining to the special issue
which forms part of the Proposed Restructuring Scheme, Alliance
is no longer in a position to continue to offer its services as
the advising merchant banker to NCK in respect of the Proposed
Restructuring Scheme.

In the above regard, on 31 October 2003, Alliance gave notice to
the Special Administrators of NCK of withdrawal of its services
to NCK and consequently, of termination of its appointment as
the advising merchant banker to NCK for the Proposed
Restructuring Scheme, with immediate effect.


NCK CORPORATION: October Defaulted Payment Widens to RM174.826M
---------------------------------------------------------------
In compliance with Practice Note 1/2001, NCK Corporation Berhad
(Special Administrators Appointed) wishes to announce the
following with regards to the status of credit facilities on
which the NCK Group has defaulted in payment since the Company's
previous announcement dated 1 October 2003.

Total borrowings on which the NCK Group has defaulted in payment
stood at RM174,826,986 as at 31 October 2003 compared to
RM173,355,908 as at 30 September 2003, representing an increase
of RM1,471,078 due to interest accrued for the month of October
2003.


OMEGA HOLDINGS: Explanatory Statement Finalization Underway
-----------------------------------------------------------
On behalf of the Board of Directors of Omega Holding Berhad,
Affin Merchant Bank Berhad wishes to announce that there has
been no significant development in respect of the Proposed
Restructuring Scheme.

Omega is still in the process of finalizing the Explanatory
Statement/Circular in relation to the Proposed Restructuring
Scheme as approved by the Securities Commission. The Explanatory
Statement/Circular will be dispatched to shareholders in due
course.

This serves as the monthly status announcement pursuant to
Practice Note No. 4/2001 in relation to the Listing Requirements
of the KLSE.


PANCARAN IKRAB: RESA Seeks Approved Court Order Termination
-----------------------------------------------------------
The Securities Commission had via its letter dated 1st April
2003 (SC Letter) which was received on 3rd April 2003, approved
the Proposed Restructuring Scheme (Scheme) as proposed save for
the purchase consideration for the proposed acquisition of a
piece of 99 years leasehold land measuring 95.927 square meters
(the Land) by Dceil International Bhd (DCIB) (formerly know as
Capital Abound Sdn Bhd) is at RM5,500,000 to be satisfied by way
of issuance of 5,500,000 new ordinary shares of RM1.00 each in
DCIB instead of RM8,000,000 as proposed. The SC's approval for
the scheme is subject to certain conditions as announced
earlier.

On 30th April 2003, Public Merchant Bank Bhd (PMBB) on behalf of
Pancaran Ikrab Bhd, DCIB and the Vendor of the Land had
submitted an appeal against the SC's decision on the valuation
of the Land of RM5,500,000.

The Company through PMBB is also seeking the SC's consideration
on certain revisions in relation to the Scheme to satisfy
certain conditions of the SC Letter.

The Securities Commission had via its letter dated 12th August
2003, which was received on 15th August 2003, approved the
revisions in relation to the Scheme to satisfy certain
conditions of the SC Letter but rejected the appeal against the
decision of the SC on the valuation of the Land of RM5,500,000.

On 26th August 2003, PMBB on behalf of the Company and DCIB
announced that they have written to the Vendor of the Land to
terminate the Sale and Purchase Agreement dated 30th October
2002.

On 18th September 2003, the Company's solicitors, Messrs. Raja
Elena, Siew & Ang (RESA) have filed the Section 176 application
to the Court for the court convened meetings, together with the
Certificate of Urgency.

On 19th September 2003, PMBB furnished a copy of the Draft
Explanatory Statement (ES) and Circular to Shareholders to the
KLSE for vetting.

On 8th October 2003, PMBB received a reply from the KLSE
incorporating their comments on the Draft ES and Circular and
requesting for the amended draft to be furnished to them
subsequently.

On 9th October 2003, the Company, DCIB and the Vendors entered
into Supplemental Agreements:

   1. to amend and vary certain terms and conditions set out in
the original Share Sale Agreements dated 15th October 2002 and
30th October 2002 pursuant to the proposed acquisitions of
Dceil, Imex and Bueno;

   2. to extend the completion of the Scheme for another 9
months from 15th July 2003 to 15th April 2004; and

   3. that the cumulative profit guarantee to be provided by the
Vendors for the 3 financial years ended/ending 30th June 2003 to
2005 of RM36 million shall now be secured by RM36 million
nominal value of RCULS instead of RM18 million nominal value of
RCULS.

Meanwhile, further to the hearing of the Section 176 application
before the Judge in Chambers on 3rd October 2003, the Judge has
granted the Order in terms of the application. The sealed copy
of the Court Order has been extracted by RESA accordingly.

However, due to a technical error, the solicitors, RESA has
filed for a discontinuance of the earlier approved Court Order
and re-filed a fresh Section 176 application to the Court.

An appropriate announcement will be made accordingly in due
course.


PARK MAY: Financial Regularization Status Remains Unchanged
-----------------------------------------------------------
In line with PN4 of the KLSE Listing Requirements which requires
an announcement on the status of an affected listed issuer's
plan to regularize its financial condition to be made on the
first market day of each month, AmMerchant Bank Berhad, on
behalf of Park May Berhad, wishes to announce that there has
been no significant development in respect of the plan to
regularize the Park May group of companies' financial position.

The Company will keep shareholders informed of further
developments as and when events are finalized.


PICA (M) CORP.: Nov 7 Court Convene Creditors Meeting Scheduled
---------------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad wishes to
make the following announcement for public release:

Further to the Company's announcement on Practice Note 4, the
Company wishes to inform that the Company through its Merchant
Bank CIMB has forwarded the Explanatory Statement to all its
Scheme Creditors. The Company further informed that the court
convened creditors meeting shall be held on 7th November 2003 at
10:00 in the morning for Scheme Creditors A and at 10:30 in the
morning for Scheme Creditors B in Level 25, Menara HLA, No. 3
Jalan Kia Peng, 50450 Kuala Lumpur.


SASHIP HOLDINGS: Inks Proposals MOU With Remcorp
------------------------------------------------
On 28 April 2003, SHB announced that Mr Lim Tian Huat, Mr Chew
Cheng Leong and Encik Raja Ali bin Raja Othman of Messrs. Ernst
& Young have been appointed as the Special Administrators (SA)
of Saship Holdings Berhad (Special Administrators Appointed)
and its subsidiary, Sabah Saship Sdn Bhd (SSSB) pursuant to
Section 24 of the Pengurusan Danaharta Nasional Berhad Act, 1998
(Danaharta Act).

AmMerchant Bank Berhad (AmMerchant Bank), on behalf of the
Company, wishes to announce that the Company has on 31 October
2003 entered into a Memorandum of Understanding (MOU) with
Ramunia Energy & Marine Corporation Sdn Bhd (Remcorp) to set out
the principal terms of the tender proposal submitted by Remcorp
and accepted by the SA pending execution of the definitive
agreements which reflect and give effect to the terms of the
proposed transactions.

The proposed transactions will involve the following:

(a) Proposed incorporation or acquisition of a new company
(Newco);

(b) Proposed capital reduction of RM0.96 for each existing
ordinary shares of RM1.00 each in SHB from 233,101,000
comprising 233,101,00 ordinary shares of RM1.00 each to
233,101,000 ordinary shares of RM0.04 each representing a
capital reduction of RM0.96 for every existing ordinary share of
RM1.00 each. Thereafter, twenty-five (25) ordinary shares of
RM0.04 each will be consolidated into one(1) ordinary share of
RM1.00 each (Consolidated Share) (Proposed Capital
Reconstruction);

(c) Proposed acquisition of the entire issued and paid-up share
capital of SHB after the Proposed Capital Reconstruction of
9,324,040 ordinary share of RM1.00 each by Newco to be satisfied
by the issuance of 9,324,040 new ordinary shares of RM1.00 each
in Newco (Shares), on the basis of one(1) new Share for every
one(1) Consolidated Share held (Proposed Share Swap);

(d) Proposed issuance of 24,175,960 Shares at the issue price of
RM1.00 each to SHB's Creditors (Creditors) in the manner or
proportion to be determined by the SA (Proposed Debt
Settlement);

(e) Proposed acquisition of Teluk Ramunia Fabrication Yard (TR
Yard), a purpose-built steel fabrication facility catering
mainly to the construction and engineering of offshore oil and
gas facilities located in Johor, for a total purchase
consideration of RM170,000,000 to be satisfied by the issuance
of 85,000,000 new Shares at the issue price of RM1.00 per share
and the balance of RM85,000,000 via the issuance of 100,000,000
Iredeemable Convertible Unsecured Loan Stocks (ICULS) at the
issue price of RM0.85 each (Proposed Acquisition of TR Yard);

(f) Proposed acquisition of the entire issued and paid-up share
capital of Ramunia Fabricators Sdn Bhd (RFSB) comprising
5,000,000 ordinary shares of RM1.00 each (RFSB Shares) for a
total purchase consideration of RM50,000,000 to be satisfied by
the issuance of 25,000,000 new Shares and the balance of
RM50,000,000 via the issuance of 29,411,765 ICULS at the issue
price of RM0.85 each (Proposed Acquisition of RFSB);

(g) Proposed acquisition of 80% of issued and paid-up share
capital of Maritime Industrial Services Co. Ltd. Inc. (MIS)
comprising 5,280 ordinary shares of USD1,000 each (MIS Shares)
for a total purchase consideration of RM303,000,000 to be
satisfied by the issuance of 151,500,000 new Shares and the
balance of RM151,500,000 via the issuance of 178,235,294 ICULS
at the issue price of RM0.85 each (Proposed Acquisition of MIS);

(The Proposed Acquisition of TR Yard, Proposed Acquisition of
RFSB and Proposed Acquisition of MIS are collectively referred
to as "Proposed Acquisitions", whilst TR Yard, RFSB Shares and
MIS Shares are collectively referred to as the "Assets")

(h) Proposed restricted offer for sale as follows:

   * Proposed restricted offer for sale of 24,175,960 Shares and
13,120,200 Shares ("ROS Shares") by the Creditors and Remcorp
respectively to the existing shareholders of SHB at the
indicative offer price of RM1.00 per ROS Share (Proposed ROS
Shares); and

   * Proposed restricted offer for sale of 74,592,320 ICULS (ROS
ICULS) by Remcorp to the existing shareholders of SHB at the
indicative offer price of RM0.85 per ROS ICULS (Proposed ROS
ICULS). (Collectively referred to as "Proposed ROS")

(i) Proposed private placement of 27,129,800 Shares issued to
Remcorp pursuant to the Proposed Acquisitions to ensure that the
public shareholding spread requirement of the KLSE Listing
Requirements of 25% is met (Proposed Placement).

(j) Proposed disposal by Newco of the entire issued and paid-up
share capital of SHB to a special purpose vehicle nominated by
the SA for a nominal consideration of RM1.00 (Proposed Disposal
of SHB Shares).

(k) Proposed transfer of listing status from SHB to Newco on the
Main Board of the KLSE (Proposed Transfer of Listing Status)

(The above items (a) to (k) are collectively referred to as
"Proposals").

As a result of the Proposed Acquisitions, Remcorp will hold
261,500,000 Shares representing approximately 75% of the
enlarged share capital of Newco. Accordingly, Remcorp and
parties acting in concert with them, if any, will seek a waiver
from the obligation to extend a mandatory take-over offer for
all the remaining Shares in Newco not already owned by them
(Proposed Waiver).

SALIENT TERMS OF THE MOU

Conditions Precedent

The Proposals shall be conditional upon the following:

(a) the results of the due diligence review (as referred to in
Section 2.2 hereunder) being to the satisfaction of the SA;

(b) the negotiation and execution of the share sale, placement
and other agreements including any amending or supplemental
agreement and/or ancillary documents to be entered into by SHB
and the Vendor to bring into effect and implement the Proposals
in form and substance satisfactory to the SA (Definitive
Agreements);

(c) the approval of Pengurusan Danaharta Nasional Berhad
(Danaharta) in accordance with the Danaharta Act;

(d) the approval of the Creditors in accordance with the
Danaharta Act;

(e) the approvals, waiver or exemptions of the relevant
authorities (including a waiver or exemption from the Securities
Commission (SC) for the Proposed Waiver) being obtained provided
that the approval is obtained one hundred and eighty (180) days
from the date of this MOU or such other period as may be agreed
by the SA at their absolute discretion; and

(f) such other approvals as may be required under any applicable
law, regulations, requirements, rules or guidelines.

Due Diligence

The SA shall be entitled to carry out a technical (if
necessary), legal and financial due diligence review on the
Assets and Remcorp shall provide and/or cause to be provided to
the SA and/or their agents or representatives all information
and documents as may be requested by them to carry out the
aforesaid due diligence review.

Term

The term of the MOU shall commence on the date of the MOU and
terminate on the earlier of the following (Expiry Date):

(a) the expiry of the fourteen(14) days period commencing on the
date of the MOU or such other period as may be agreed by the SA
at their absolute discretion; or

(b) the execution of the Definitive Agreements in respect of the
Proposals.

DETAILS OF THE PROPOSALS

Proposed Capital Reconstruction

Pursuant to the Proposed Capital Reconstruction, SHB will
undertake a capital reduction of RM0.96 for each existing
ordinary shares of RM1.00 each in SHB from 233,101,000
comprising 233,101,00 ordinary shares of RM1.00 each to
233,101,000 ordinary shares of RM0.04 each representing a
capital reduction of RM0.96 for every existing ordinary share of
RM1.00 each. Thereafter, twenty-five (25) ordinary shares of
RM0.04 each will be consolidated into one(1) ordinary share of
RM1.00 each. The issued and paid-up share capital of SHB after
the Proposed Capital Reconstruction will be RM9,324,040
comprising 9,323,040 ordinary shares of RM1.00 each.

Proposed Share Swap

Under the Proposed Share Swap, all the existing issued and paid-
up share capital of the Company will be exchanged for new Shares
on the basis of one (1) new Share for every one (1) Consolidated
Share held.

Upon completion of the Proposed Share Swap, the Company will
become a wholly owned subsidiary of Newco. It is the intention
of the Newco to acquire and hold the Company exclusively for the
implementation of the Proposals with a view of its subsequent
disposal to a special purpose vehicle as further explained in
Section 3.7 of this announcement.

The new Shares shall upon allotment and issue, rank pari passu
in all respect with the existing issued Shares except that they
will not be entitled for any dividends, rights, allotments
and/or distributions, the entitlement date of which is prior to
the allotment of the new Shares.

Proposed Debt Settlement

Simultaneously with the implementation of the Proposed Share
Swap, it is proposed that Newco shall issue to the Creditors,
either through the SA or to trustees/agents of the creditors
(Creditors' Agent), 24,175,960 Shares in the manner and
proportion to be determined by the SA. The Creditors or the
Creditors' Agent will then offer for sale the said Shares
pursuant to the Proposed ROS and the proceeds arising will be
utilized for settlement to the Creditors.

Proposed Acquisitions

Proposed Acquisition of TR Yard

It is proposed for Newco to acquire TR Yard for a total purchase
consideration of RM170,000,000 to be satisfied by the issuance
of 85,000,000 new Shares at the issue price of RM1.00 each and
the balance of RM85,000,000 via the issuance of 100,000,000
ICULS at the issue price of RM0.85 each.

The purchase consideration was arrived at on a willing buyer
wiling seller basis after taking into consideration the
following:

(a) replacement cost required of a purpose-built steel
fabrication facility similar to that of TR Yard;

(b) the time required to replace/build a yard similar to TR Yard
and the corresponding opportunity costs;

(c) high investment costs required to build a yard similar to
that of TR Yard; and

(d) TR Yard is one of the niche player in the industry.

Proposed Acquisition of RFSB

It is proposed for Newco to acquire the RFSB Shares for a total
purchase consideration of RM50,000,000 to be satisfied by the
issuance of 25,000,000 new Shares at the issue price of RM1.00
per share and the balance of RM25,000,000 via the issuance of
29,411,765 ICULS at the issue price of RM0.85 each. The purchase
consideration was arrived at on a willing buyer wiling seller
basis after taking into consideration the following:

(a) earnings potential of RFSB; and

(b) growth prospect and industry outlook of the offshore oil and
gas engineering/fabricator sector.

Proposed Acquisition of MIS

It is proposed for Newco to acquire the MIS Shares for a total
purchase consideration of RM303,000,000 to be satisfied by the
issuance of 151,500,000 new Shares at the issue price of RM1.00
each and the balance of RM151,500,000 via the issuance of
178,235,294 ICULS at the issue price of RM0.85 each. The
purchase consideration was arrived at on a willing buyer wiling
seller basis after taking into consideration the following:

(a) earnings potential of MIS; and

(b) growth prospect and industry outlook of the offshore oil and
gas engineering/fabricator sector.

Shares Acquired Free From Encumbrances

RFSB Shares and MIS Shares shall be acquired free from all
liens, pledges, charges and other encumbrances whatsoever and
with all rights now or hereafter attaching thereto or accruing
from completion of the Proposed Acquisitions.

Basis Of Determining the Issue Price of the new Shares and ICULS
and the conversion price of the ICULS

The issue price of RM1.00 for the new Shares is based on the par
value of the Shares.

The issue price of the ICULS at 15% discount to the nominal
value of RM1.00 was arrived at after taking into consideration
the yield to maturity of 5.57%.

The conversion price of the ICULS of RM1.10 is based on a
premium of 10% to the par value of the Shares.

The principal terms of the ICULS are set out in Table 1.

Ranking Of The New Shares

The new Shares shall, upon allotment and issue, rank pari passu
in all respects with the Shares then in issue except that they
shall not be entitled to any dividends, rights, allotments
and/or other distributions the entitlement date of which
precedes the date of allotment of the said Shares.

Details of the Vendors of the Assets

Remcorp is the vendor for the TR Yard and the RFSB Shares and
had on 28 August 2003 entered into a Memorandum of Understanding
with the shareholders of MIS to acquire the MIS Shares.

Remcorp was incorporated in under the Companies Act, 1965 (Act)
as a private limited company on 8 June 2001. As at 30 April
2003, the authorized share capital of Remcorp is RM2,000,000
comprising 2,000,000 ordinary shares of RM1.00 each, of which
2,000,000 shares have been issued and fully paid-up.

Remcorp is principally an investment holding company.

As at the date of this announcement, the directors of Remcorp
are Dato' Azizul Rahman Abdul Samad and Encik Azmi bin Mohamad.
Dato' Azizul Rahman Abdul Samad is also a substantial
shareholder of Remcorp.

Original Cost Of Investment

The original cost of investment of Remcorp in RFSB is
RM5,000,000 incurred in 2002.

Liabilities To Be Assumed

Save for the liabilities of RFSB and MIS, Newco will not assume
any other liabilities pursuant to the Proposed Acquisitions.

Moratorium On Shares

Pursuant to Chapter 12 of the Policies and Guidelines on
Issue/Offer of Securities (SC Guidelines), for acquisitions
resulting in a change in dominant shareholders/board of
directors, a moratorium on disposal will be imposed on 50% of
the consideration securities to be received by Remcorp of the
assets to be injected (Moratorium Shares). Accordingly, upon
such a condition being imposed by the SC on Remcorp, it will not
be allowed to sell, transfer or assign the Moratorium Shares for
one (1) year from the date of the Moratorium Shares are listed
on the KLSE.

Proposed ROS

The Proposed ROS will be undertaken in the following manner:

   * Proposed restricted offer for sale of 24,175,960 Shares and
13,120,200 Shares by the Creditors or Creditors' Agent and
Remcorp respectively to the existing shareholders of SHB at an
indicative offer price of RM1.00 per ROS Share; and

   * Proposed restricted offer for sale of 74,592,320 ICULS by
Remcorp to the existing shareholders of SHB at an indicative
offer price of RM0.85 per ROS ICULS.

Subscription to the ROS Shares by any existing shareholders is
conditional upon him subscribing to the ROS ICULS and vice
versa. Accordingly, the Proposed ROS Shares and Proposed ROS
ICULS will be undertaken on a combined basis.

Basis of Pricing of the ROS Shares and ROS ICULS

The indicative offer price of RM1.00 per ROS Share is based on
the issue price of the Shares.

The indicative offer price of RM0.85 per ROS ICULS is based on
the issue price of the ICULS.

Ranking of the new Shares upon Conversion of the ICULS

The new Shares to be issued pursuant to the conversion of the
ICULS shall, upon allotment and issue, rank pari passu in all
respects with the Shares then in issue except that they shall
not be entitled to any dividends, rights, allotments and/or
other distributions the entitlement date of which precedes the
date of allotment of the new Shares.

Proposed Disposal of SHB Shares

Upon completion of the aforementioned proposals, Newco shall
dispose the entire issued and paid-up share capital of SHB to a
special purpose vehicle nominated by the SA for a nominal sum of
RM1.00. SHB will not be a subsidiary of Newco upon completion of
the Proposals.

Proposed Transfer of Listing Status

Upon the completion of the Proposed ROS, SHB will be delisted
from the Main Board of the KLSE and Newco will be admitted to
the Official List of the KLSE with the listing of and quotation
of its entire enlarged issued and paid-up share capital on the
Main Board of the KLSE.

Proposed Waiver

Upon completion of the Proposed Acquisition, Remcorp will hold
261,500,000 Shares representing 75% of the enlarged share
capital of Newco. Accordingly, pursuant to Part II Section 6 of
the Malaysian Code on Take-Overs & Mergers, 1998, Remcorp and
parties acting in concert with them, if any, will be required to
extend an unconditional mandatory take-over offer for all the
remaining Shares not already owned by them upon completion of
the Proposed Acquisitions. Remcorp will seek a waiver from the
SC from this obligation pursuant to Practice Note 2.9.3 of the
Code (exemption under rescue operation).

INFORMATION ON THE ASSETS

Background Information On TR Yard

TR Yard

TR Yard is a purpose-built steel fabrication facility catering
mainly to the construction and engineering of offshore oil and
gas facility and other related steel fabrication and engineering
activities. It is located on reclaimed land measuring a total of
36.422 hectares, strategically located at Teluk Ramunia in the
state of Johor Darul Takzim, approximately 125 kilometers by
road east of Johor Bahru.

RFSB

RFSB was incorporated in Malaysia under the Act as a private
limited company on 17 January 2001. As at 30 April 2002, the
authorized share capital of RFSB is RM5,000,000 comprising
5,000,000 ordinary shares of RM1.00 each, of which 5,000,000
shares have been issued and fully paid-up.

RFSB is principally involved in the fabrication of offshore oil
and gas structures, which carries out its operations at TR Yard.
RFSB's audited results since commencement of operations is set
out in Table 2.

MIS

MIS was incorporated in Panama as a private limited company on
11 May 1989. As at 31 December 2002, the authorized share
capital of MIS is USD6,600,000 comprising 6,600 ordinary shares
of USD 1,000 each, of which 24,222,000 shares have been issued
and fully paid-up.

MIS was established in 1979 as a partnership in Dubai and United
Arab Emirates (UAE). MIS is now a private Panamanian company
with a four-member Board of Directors.

MIS provides structural, marine, and process fabrication
services from base facilities in the UAE, Kuwait and the Kingdom
of Saudi Arabia and offers maintenance and field construction
services throughout the Middle East. It also provides oilfield
and industrial safety services, including equipment rental,
sales, and training throughout the Middle East and Caspian Sea
regions from base facilities in Dubai, UAE and Aksai in
Kazakhstan. Further, MIS supplies fabrication and a diverse
range of technical services such as engineering, procurement,
skilled manpower services and equipment rentals to companies
operating in the Middle East, West African and Caspian markets.

MIS' audited results for the past five (5) financial years ended
31 December 2002 are set out in Table 3.

Prospects of the Assets

TR Yard and RFSB

RFSB is known for its experienced management team and its
ability to provide prompt and efficient services to its clients.
It is evidenced by its successful completion and delivery of the
longest jacket to date fabricated in Malaysia. The jacket was
part of a major fabrication contract, namely the fabrication of
jacket, topside and compression module.

It is envisaged that the oil and gas petrochemical industries
will continue with a steady growth for the next five(5) years
and will require the services of engineering consultants,
fabricators, suppliers and other services to support and execute
the relevant projects. RFSB being in the position to participate
actively with the available resources in terms of sizeable
fabrication yard facilities, strategic location, and an
experienced project management and implementation team will
ensure that the opportunities available will be fully optimized.

MIS

Having operated in the Middle East since 1979 and consistently
producing a steady stream of cash flow through strong customer
relationships and quality performance, the Company is
strategically and competitively positioned for serving markets
in the Arabian Peninsula, Indian sub-continent, Syria, Jordan,
Lebanon, Iraq, Iran, West Africa, the Caspian Sea and other
world markets.

The MIS' future development is optimistic due to the following
reasons:

(a) Upsurge of projects in the UAE, Oman, Kingdom of Saudi
Arabia, Iran, Caspian Sea region and West Africa in the
traditional lines of oil and gas facilities which are driven by
oil price, increasing population and world demand;

(b) Shortage of drilling rigs and jack-up service vessels in the
Middle East area;

(c) MIS' successful entry into the market for larger size
fabrication, construction and marine repair projects;

(d) Increase in volume of projects booked by major fabricators;

(e) Concurrent rise in demand and activity of shipyards and
fabrication yards in Southeast Asia and the Far East; and so
forth.

Risk Factors of the Assets

The risk factors relating to the Assets include, inter-alia,
dependence on key management and skilled workforce, barriers of
entry and exit, capability to diversify, sensitivity to economic
risks, projects completion risks and political considerations.

RATIONALE FOR THE PROPOSALS

The SHB Group has been unable to repay its debts due to its poor
financial position and loss-making businesses. As at 31 December
2002, the Group's accumulated losses stood at RM1,081 million.
The shareholders' funds of the Group was in deficit of
approximately RM641 million whilst its total borrowings amounted
to approximately RM448 million. As a result, Danaharta, being a
creditor of the Group, has appointed the SA to administer the
assets of the Group and to formulate a workout proposal to
turnaround the Group into a viable business concern and to offer
its creditors with a better alternative to recover their debts
than to proceed with the liquidation of the Group.

The Proposed Share Swap will enable the existing shareholders of
SHB to recover part of their investment and participate in the
future profitability of Newco upon injection of the Assets.
Similarly, the Proposed Debt Settlement and Proposed ROS will
enable a total distribution of RM24,175,960 cash to the
Creditors.

In order to isolate the Assets from any known and unknown
liabilities of SHB Group, a new company, i.e. Newco will be
incorporated as a new holding company and will subsequently
assume the listing status of SHB. The Proposed Acquisitions will
allow the Assets, with proven track record and better prospects
to generate sufficient income and cashflows to sustain the
Newco's viability as a going concern.

The Proposed ROS Shares will provide a further opportunity for
the existing shareholders of SHB to participate in the future
growth of the Newco upon completion of the Proposals. Further,
it will enable Newco to meet the public shareholding spread
requirement.

The Proposed Disposal of SHB Shares is to enable Newco to
dispose SHB and all of its subsidiaries in order to facilitate
the restructuring process and also for the Newco to focus on its
new business without the burden of SHB Group's remaining debt.

The Proposed Waiver will relieve Remcorp and parties acting in
concert with them, if any, from the obligation to undertake a
mandatory take-over offer for the remaining Shares not already
owned by them after the completion of the Proposed Acquisitions.

CONDITIONS TO THE PROPOSALS

The Proposals are conditional upon, inter-alia, the following:

(i) the approval of the SC including for the listing and
quotation of the Shares to be issued pursuant to the Proposed
Share Swap and Proposed Acquisitions, the ICULS to be issued
pursuant to the Proposed Acquisitions and the new Shares to be
issued upon conversion of the ICULS;

(ii) the approval of the Danaharta for the workout proposal;

(iii) the approval of the secured creditors (if any) for the
workout proposal pursuant to Section 46 of the Danaharta Act;
(iv) the approval-in-principle of the KLSE for the admission to
the Official List and the listing and quotation of the entire
issued and paid-up share capital of Newco on the Main Board of
the KLSE, the listing and quotation of the ICULS to be issued
pursuant to the Proposed Acquisitions and the new Shares to be
issued upon conversion of the ICULS;

(v) the approval-in-principle of the KLSE for the removal of SHB
from the official list of the KLSE, and the de-listing of the
entire issued and paid-up share capital of SHB therefrom;

(vi) the approval of the Foreign Investment Committee for the
Proposed Share Swap and Proposed Acquisitions;

(vii) the waiver by the SC for the Proposed Waiver;

(viii) the approval of any other relevant authorities or
parties, if required.

The completions of the proposals are inter-conditional upon each
other.

EFFECTS OF THE PROPOSALS

The effects of the Proposals are as follows:

Share Capital

The changes to the issued and paid-up share capital of Newco as
a result of the Proposals are set out in Table 6 of the Appendix
to this announcement.

Net Tangible Asset (NTA) and Gearing

The proforma effects of the Proposals on the NTA and gearing of
Newco as at 31 December 2002 are set out in Table 7.

Earnings

The Proposals are not expected to have any material effect on
the earnings of the Group for the financial year ending 31
December 2003 as the Proposals are only expected to be completed
in the financial year ending 31 December 2004. The Proposals are
expected to contribute positively to the earnings of the Newco
in the future years.

Substantial Shareholders' Shareholdings

The proforma effects of the Proposals on the substantial
shareholders' shareholdings in Newco are set out in Table 8.

Dividends

In view of the timing of the completion of the Proposals, which
is expected to be in the financial year ending 31 December 2004,
SHB will not be declaring any dividend in respect of the current
financial year ending 31 December 2003.

Group Structure

The diagrams depicting the existing structure of SHB Group and
the structure of the Group after the completion of the Proposals
are set out in Table 9.

Tables 1 to 9 can be seen at
http://bankrupt.com/misc/Saship1105.doc.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

To the best knowledge and believe of the SA, none of the
directors and/major shareholders, or persons connected to them
has any direct and/or indirect interest in the Proposals beyond
their entitlements under the Proposed Share Swap and Proposed
ROS, which all existing shareholders of SHB are entitled to.

RECOMMENDATION BY THE SA

The SA, having considered all aspects of the Proposals, is of
the opinion that the Proposals are in the best interests of SHB.

DEPARTURE FROM SC GUIDELINES

The Proposals do not depart from the SC Guidelines.

TIMING FOR THE PROPOSALS

Barring unforeseen circumstances, the Proposals are expected to
be completed by the second half of 2004.

DOCUMENTS FOR INSPECTION

The MOU will be available for inspection at the office of SHB
(SA Appointed) c/o Ernst & Young at 4th Floor, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250, Kuala Lumpur during
normal office hours from Mondays to Fridays (except public
holidays) from the date of this announcement to the date the
approvals of all relevant authorities are obtained.


SATERAS RESOURCES: Court Extends Restraining Order to Jan 29
------------------------------------------------------------
The Board of Directors of Sateras Resources (Malaysia) Berhad
wishes to announce that the High Court of Malaya at Kuala Lumpur
has on 3 November 2003 extended the Order dated 29 July 2003
which inter alia granted a Restraining Order in favor of the
Company and Leave to convene Scheme Meetings pursuant to Section
176 of the Companies Act 1965 for a further period of three
months from 29 October 2003.

The extended Restraining Order is essential to avoid legal suits
and to facilitate an orderly implementation of the Proposed
Scheme as contained in the announcement made to the Kuala Lumpur
Stock Exchange by Public Merchant Bank Berhad on 12 May 2003.

Sateras does not expect the extended Restraining Order to have
any material financial and/or operational impact on the Sateras
group of companies.


SIN HENG: Restructuring Scheme Status Remains Unchanged
-------------------------------------------------------
Sin Heng Chan (Malaya) Berhad wishes to announce that there is
no change in the status of the Company's plan to regularize its
financial condition since it's last announcement on 8th October
2003. Submission has been made to all the relevant authorities
namely Securities Commission (SC), Foreign Investment Committee
(FIC) and Ministry of International Trade and Industry (MITI).

Any further developments to the Restructuring Scheme will be
announced in due course.


TAI WAH: Updates Restructuring Exercise Status
----------------------------------------------
In compliance with KLSE PN4, Tai Wah Garments Manufacturing
Berhad wishes to update the status of its proposed restructuring
exercise to regularize its financial condition for the month
ended October 2003.

Alliance Merchant Bank Berhad had on 6 October 2003 on behalf of
the Board of Directors of TWGB announced that TWGB had on 2
October 2003 obtained approval from the Kuala Lumpur Stock
Exchange (KLSE) for the following (full details of the
announcement have been made on 6 October 2003):

(1) Extension of time of up to six (6) months from the date of
listing of the entire issued and paid-up capital of Versatile
Creative Berhad (VCB) on the Main Board of the KLSE to comply
with paragraph 8.15(1) of the Listing Requirements (LR);

(2) Shortening of notice of book closure (BCD) for the offer for
sale and recall of TWGB shares, from not less than twelve (12)
market days as required under paragraph 9.19 of the LR to five
(5) market days;

(3) Non-trading of rights to the offer for sale as stipulated in
Appendix 6E of Chapter 6 of the LR; and

(4) Shortening of the acceptance period for the rights to the
offer for sale from twenty two (22) market days to fourteen (14)
market days as required under paragraph 6.20 of the LR.

The Board of Directors of TWGB had on 15 October 2003 announced
that the Kuala Lumpur High Court had vide an order made in open
court on 15 October 2003 pursuant to Section 176 of the
Companies Act. 1965 sanctioned the Company's Proposed
Restructuring Scheme with its shareholders and scheme creditors.

On 16 October 2003, the Board also announced that the Company's
application for extension of time for holding the Annual General
Meeting for 2003 and to present the accounts thereat pursuant to
Sections 143(2) and 169(2) of the Companies Act, 1965
respectively had been approved by the Companies Commission of
Malaysia to 30 November 2003 vide its letter dated 15 October
2003.

In relation to the Restructuring Exercise of TWGB, TWGB
announced on 28 October 2003 that the acquisition of Versatile
Paper Boxes Sdn Bhd (Versatile) by Versatile Creative Berhad
(VCB) had been successfully completed on 23 October 2003
pursuant to the sale agreement dated 14 July 2003 entered into
between vendors of Versatile and VCB.

Alliance Merchant Bank Berhad had on 30 October 2003 announced
on behalf of the Company that the Record of Depositors of TWGB
will be closed at 5:00 p.m. on 7 November 2003 for the purpose
of determining the entitlement of shareholders of TWGB to the
following:

(i) The share exchange between Versatile Cresative Berhad (VCB)
and the existing shareholders of TWGB in respect on the issuance
of 5,300,000 new shares of RM1.00 each in VCB (VCB shares) at an
issue price of RM1.00 each to the shareholders of TWGB, on the
basis of one (1) new VCB share for every twenty (20) shares of
RM1.00 each in TWGB (TWGB shares) held (Share Exchange); and

(ii) Renounceable offer for sale of 10,600,000 VCB shares, at
the offer price of RM1.00 per VCB Share to the former
shareholders of TWGB, offered on the basis of two (2) VCB shares
for every one (1) VCB Share held after Share Exchange.

The circular to shareholders in relation to the Share Exchange
was dispatched to TWGB's shareholders on 31 October 2003 and an
advertisement on the books closure was advertised in the New
Straits Times on 31 October 2003 as well.


TECHNO ASIA: Administrators Post Books Closure Notice
-----------------------------------------------------
AmMerchant Bank Berhad on behalf of Techno Asia Holdings Bhd. -
Special Administrators Appointed, releases this announcement.

NOTICE IS HEREBY GIVEN that the Record of Depositors and the
Register of Members of Techno Asia Holdings Bhd. - Special
Administrators Appointed (TAHB or Company) will be closed at
5:00 p.m. on 7 November 2003 for:

1. The reduction of the existing issued and paid-up share
capital of TAHB from RM207,597,589 comprising 207,597,589
ordinary shares of RM1.00 each (TAHB Shares) to RM5,189,940
comprising 207,597,589 ordinary shares of RM0.025 each
representing a capital reduction of RM0.975 for every existing
ordinary share of RM1.00 each. Thereafter, forty (40) ordinary
shares of RM0.025 each will be consolidated into one (1)
ordinary share of RM1.00 each (Consolidated Shares) totaling
5,189,940 Consolidated Shares in TAHB (Capital Reduction and
Consolidation); and

2. The exchange of all the 5,189,940 Consolidated Shares in TAHB
for 5,189,940 new ordinary shares of RM1.00 each in Yu Neh Huat
Bhd (YNHB) on the basis of one (1) ordinary share of RM1.00 each
in YNHB for every one (1) Consolidated Share held in TAHB
pursuant to a workout proposal under Pengurusan Danaharta
Nasional Berhad Act, 1998 as amended from time to time, in
conjunction with the Restructuring Scheme of TAHB (Share
Exchange).

FURTHER NOTICE IS HEREBY GIVEN that the following persons shall
be subject to the above Capital Reduction and Consolidation and
Share Exchange:

a) shares deposited into the depositor's securities account
before 12:30 p.m. on 5 November 2003, (in respect of shares
which are exempted from mandatory deposit);

b) shares transferred into the depositor's securities account
before 4:00 p.m. on 7 November 2003 in respect of ordinary
transfer; and

c) shareholders whose names appear in the Record of Depositors
of TAHB as at the close of business at 5:00 p.m. on 7 November
2003.


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


ABS-CBN BROADCASTING: Delays Bond Issue
---------------------------------------
The US$150 million senior international bonds due to be issued
by ABS-CBN Broadcasting Corporation (ABS.PH) will not be priced
Monday due to poor market conditions, Dow Jones reported on
Monday. ABS-CBN, the largest broadcasting network in the
Philippines, was expected to price the five-year issue Friday.
At that time, talk was of a coupon of between 9 percent and 9.25
percent.

ABS-CBN has said it would use the proceeds of the offering to
refinance existing debt. The Company has around 6 billion pesos
($1=PHP55.44) in outstanding debt. Around a third of that comes
due in 2004 with a large portion maturing in March.


GLASGOW CREDIT: SEC Orders P10M Fine by 2004
--------------------------------------------
The Securities and Exchange Commission (SEC) wants pseudo-
investment firm Glasgow Credit Services and Collection, Inc. to
settle a 10 million pesos penalty by 2004, Business World
reports. SEC Associate Commissioner Fe Eloisa Gloria said the
SEC en banc is not likely to accept Glasgow's offer to settle
the fine over the next seven years.

Jose Tomas Syquia, Compliance and Enforcement Department
Director, said Glasgow had agreed to pay the fine. Glasgow was
found to have been selling securities without a license. Despite
the agreement, Mr. Syquia noted Glasgow wanted to pay only PhP3
million up front, and the rest to be paid in tranches of PhP1
million annually.


MANILA ELECTRIC: Defers 2003 Cash Dividend Payment
--------------------------------------------------
At the regular meeting of Manila Electric Company (Meralco) held
on October 27, 2003, the Board of Directors approved the
deferment of payment of the third quarter 2003 cash dividends on
preferred shares due to lack of unrestricted retained earnings.

For more information, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3509_MER.pdf


NATIONAL POWER: Eyes US$1.2B-US$1.4B Borrowing in 2004
------------------------------------------------------
National Power Corporation (Napocor) will borrow US$1.2 billion-
US$1.4 billion next year to support its funding requirements,
BusinessWorld reports, citing its Napocor President Rogelio
Murga.

As to how Napocor will raise the amount, Finance Secretary Jose
Isidro Camacho said the Company has yet to work this out with
the departments of finance, and budget and management, the
National Economic and Development Authority, and Power Sector
Assets & Liabilities Management Corp., or PSALM, the government
Company in charge of Napocor's privatization.


PHILIPPINE LONG: Considers Management Changes in Next Six Months
----------------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) may consider
possible management changes within the next six months, the
Business World newspaper reports. PLDT Chairman Antonio
Cojuangco may tender his resignation from the PLDT board in
favor of PLDT President and Chief Executive Officer Manuel
Pangilinan.

The report speculated that the current positions held by
Pangilinan may be given to Napoleon Nazareno, President and
Chief Executive Officer of Smart Communications Inc., PLDT's
main source of earnings. The report added that any changes in
PLDT management would not have anything to do with the firm's
finances.


PHILIPPINE REALTY: Expects to Cut Debt This Year
------------------------------------------------
Property developer Philippine Realty Corporation (PhilRealty)
plans to cut debts to 1 billion pesos from 2.7 billion pesos
through dacion en pago arrangements, or payment in kind, with
creditors before the end of the year, Business World reports.

PhilRealty has been under court rehabilitation since December
2002 due to accumulated debts resulting from the slump in the
property sector after the 1997 Asian crisis. PhilRealty's debt
stood at PhP2.24 billion in December 2002 when the court granted
its application for corporate rehabilitation.

The Company's creditors are Land Bank of the Philippines,
Metropolitan Bank and Trust Co., Equitable PCI Bank, Prudential
Bank, and Export and Industry Bank.


PILIPINO TELEPHONE: COO Augusto Macuja Resigns
----------------------------------------------
Pilipino Telephone Corp (Piltel) said its board of directors has
accepted the resignation of Augusto Macuja as Chief Operating
Officer (COO), effective September 30, 2003. Piltel said
Macuja's resignation would not have a material impact on its
current or future operations or on its financial position or
results of operation.

For a copy of Macuja's resignation letter, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3508_PLTL.pdf


PILIPINO TELEPHONE: Narrows Net Loss to US$24M
----------------------------------------------
Pilipino Telephone Corporation reported better nine-month
results on Tuesday, DebtTraders reports. During the nine-month
of 2003, Pilitel's net loss fell by 55 percent to 1,330 million
pesos (US$24 million) from 2,933 million pesos (US$53 million)
from a year ago on a 28 percent growth in GSM revenues.
Operating revenues grew by 35 percent to 3,128 million pesos
(US$57 million) from 2,313 million (US$42 million). EBITDA was
749 million pesos (US$14 million). As of September 30, 2003,
total debt was 23,086 million pesos (US$420 million).


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


ASIA PULP: IBRA Sells Debt After Restructuring
----------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) will sell its
approximately $675.5 million and IDR1,748.6 billion ($205.7
million) debt on Asia Pulp & Paper (APP)'s four operating
companies in Indonesia, namely, Indah Kiat ($278.8 million and
IDR995,7 billion), Lontar ($80 million and IDR94.7 billion),
Pindo Deli ($177.1 million and IDR270 billion), and Tjiwi Kimia
($139.6 and IDR388.2 billion), DebtTraders reports.

The disposal will be included in the upcoming credit asset sales
program (batch V) on condition that the restructuring agreement
is agreed by 90 percent of total debt. Bids will be on November
5, 2003. IBRA, Export Credit Agencies, and Rupiah bondholders
signed the master of restructuring agreement on October 30
although only less than approximately two-fifths of affected
creditors agreed to the debt plan.

Out of an estimated total debt of $6.7 billion, Tranche A of
$1.2 billion is identified as sustainable debt and repaid in 10
years with interest. Tranche B of $3 billion will be repaid in
13 years with interest. Tranche C of approximately $2.5 billion
is regarded as unsustainable and will be repaid in between 18
and 22 years. U.S. dollar bondholders, certain secured
bondholders and the U.S. Exim Bank have not yet signed the debt
restructuring plan because they believe the plan is too lenient.


CHUAN SENG: Issues Dividend Notice
----------------------------------
Chuan Seng Kim Development (In Liquidation) issued a first and
final dividend notice as follows:

Address of Registered Office: Office of the Liquidator.

Amount Per Centum: 0.33 percent.

First & Final or Otherwise: First & Final Dividend.

When Payable: 6th November 2003.

Where Payable: Office of the Liquidator
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705.

Tel: 6532 0320 (8 lines).

Fax: 6532 0331.

Name of Liquidator: Mr Don M Ho, CPA.

Dated this 29th day of October 2003.


EI-NETS LTD: Withdraws Winding Up Petition
------------------------------------------
Further to the announcement made by ei-Nets Ltd on 14 July 2003
relating to a winding up petition (the Petition) being served on
the Company by Yeo Nai Meng on 12 July 2003, the Board announced
that it has made payment of the Judgment Sum awarded on 9 May
2003 against the Company. As such, the Petition was withdrawn
against the Company on 30 September 2003.

The Company announced that an appeal in respect of the above
Judgment awarded in favor of Yeo Nai Meng against the Company
was heard on 23 September 2003 and that judgment, has been
reserved by the Court of Appeal. The Company will make further
announcements as and when appropriate.


MELANDAS CASA: Petition to Wind Up Pending
------------------------------------------
The petition to wind up Melandas Casa Mobili Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
November 14, 2003 at 10 o'clock in the morning. RHB Bank Berhad,
a creditor, whose address is situated at 90 Cecil Street #03-00,
Singapore 069531, filed the petition with the court on October
23, 2003.

The petitioners' solicitors are Shook Lin & Bok of 1 Robinson
Road #18-00, AIA Tower, Singapore 048542. Any person who intends
to appear on the hearing of the petition must serve on or send
by post to Messrs Shook Lin & Bok a notice in writing not later
than twelve o'clock noon of the 13th day of November 2003 (the
day before the day appointed for the hearing of the Petition).


MESSER SINGAPORE: Creditors Must Submit Claims by November 30
-------------------------------------------------------------
The creditors of Messer Singapore Pte Ltd (In Member's Voluntary
Liquidation), which is being wound up voluntarily, are required
on or before 30th November 2003 to send in their names and
addresses with particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the
Liquidators at 1 Scotts Road #21-07/08/09 Shaw Centre Singapore
228208 and, if so required by notice in writing from the
Liquidators are, by their solicitors or personally, to come in
and prove their debts or claims at such time and place as shall
be specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

Mdm CHIA LAY BENG
Mdm GOH WEI LING
(Liquidators).


MESSER SINGAPORE: Unveils October 28 EGM Resolutions
----------------------------------------------------
At an Extraordinary General Meeting (EGM) of Messer Singapore
Pte Ltd (In Member's Voluntary Liquidation) deemed to have been
duly convened and held on 28 October 2003, the following Special
Resolutions were passed pursuant to Section 179 (6) of the
Companies Act, Cap. 50:

1. That the Company be wound up voluntarily pursuant to Section
290 (1) (b) of the Companies Act, Cap 50 and that Mdm Chia Lay
Beng and Mdm Goh Wei Ling, both of 1 Scotts Road, #21-07/08/09
Shaw Centre, Singapore 228208, be and are hereby appointed
Liquidators for the purpose of such winding up.

2. That the Liquidators be indemnified by the Company against
all costs, charges, losses, expenses and liabilities incurred or
sustained by them in the execution and discharge of their duties
in relation thereto.

Dated this 31 October 2003.

BRIAN JOHN HORWOOD
Corporate Representative of
Messer Griesheim Singapore Holding Gmbh.


POPULAR LOGISTICS: Winding Up Hearing Set November 14
-----------------------------------------------------
The petition to wind up Popular Logistics Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
November 14, 2003 at 10 o'clock in the morning. Epilogue
Catering Pte Ltd., a creditor, whose address is situated at 51
Anson Road, #13-51 Anson Centre, Singapore 079904, filed the
petition with the court on October 17, 2003.

The petitioners' solicitors are Messrs Tan Peng Chin LLC of 9
Battery Road, #18-08 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 Tan Peng Chin LLC a
notice in writing not later than twelve o'clock noon of the 13th
day of November 2003 (the day before the day appointed for the
hearing of the Petition).


SEAWIDE INTERNATIONAL: Winding Up Hearing Set November 14
---------------------------------------------------------
The petition to wind up Seawide International Pte Ltd. is set
for hearing before the High Court of the Republic of Singapore
on November 14, 2003 at 10 o'clock in the morning. RHB Bank
Berhad, a creditor, whose address is situated at 90 Cecil Street
#03-00, Singapore 069531, filed the petition with the court on
October 17, 2003.

The petitioners' solicitors are Messrs Rajah & Tann of No. 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 13th day of
November 2003 (the day before the day appointed for the hearing
of the Petition).


SINCEM HOLDINGS: Final General Meeting Set December 1
-----------------------------------------------------
Notice is hereby given that the Final General Meeting of the
member of Sincem Holdings Pte Ltd (In Members' Voluntary
Liquidation) will be held at 2F, 96 Chung Shan N.Road, Sec 2,
Taipei 104, Taiwan, Republic of China on 1st December 2003 at
10.00 am for the following purposes:

1. To receive an account from the Liquidators showing the manner
in which the winding up has been conducted and the property of
the Company disposed of, and to hear any explanations that may
be given by the Liquidators.

2. To determine by resolution the manner in which the books,
accounts and documents of the Company, shall be disposed of.

KON YIN TONG
WONG KIAN KOK
WILLIAM CAVEN HUTCHISON
Joint Liquidators.

Note: A member entitled to attend and vote at the General
Meeting is entitled to appoint a proxy to attend and vote in his
stead. All proxies should be deposited at the Liquidators'
Office not less than forty-eight hours before the time for
holding the meeting or any adjournment thereof. A proxy need not
be a member of the Company.


ST ASSEMBLY: Expands Manufacturing Space in Singapore Facility
--------------------------------------------------------------
ST Assembly Test Services Ltd. (STATS), a leading independent
semiconductor test and advanced packaging service provider, is
moving its Singapore corporate office to a new location, making
way for additional manufacturing capacity at its current
facility.

Effective November 3, 2003, the move will involve close to 200
general administrative and support staff, including sales &
marketing, information technology, finance and human resources.
STATS' customer service, assembly and test operations will
continue to be housed at its current manufacturing facility at 5
Yishun Street 23.

STATS' 580,000-sq.ft. facility in Yishun comprises 300,000
sq.ft. of operational space, state-of-the-art manufacturing
equipment and a class 10K clean room environment. With the move
of its corporate office to a new location, STATS will convert an
estimated 45,000 sq.ft. of vacated space for operations
purposes.

Dov Oshri, STATS Chief Financial Officer, said, ''As we
announced at our third quarter earnings, additional production
equipment is scheduled to be brought in to support the immediate
needs of our customers. We're in a state of readiness to quickly
ramp up in response to business demand for test and assembly
services. With the completion of facilitization works, the
equipment can be installed in a relatively short time in step
with customer orders and further business growth.''

Effective November 3, 2003, STATS' corporate office will be
located at:

    10 Ang Mo Kio Street 65,
    Techpoint #05-17/20
    Singapore 569059
    Main telephone: +65-6824-7777
    Main fax: +65-6824-7776

About ST Assembly Test Services Ltd. (STATS)

ST Assembly Test Services Ltd. (STATS) (Nasdaq: STTS) (SGX: ST
Assembly), is a leading semiconductor test and assembly service
provider to fabless companies, integrated device manufacturers
and wafer foundries. With its principal operations in Singapore
and global operations in the United States, United Kingdom,
Japan, China and Taiwan, STATS offers full back-end turnkey
solutions to customers worldwide. STATS' expertise is in testing
mixed-signal semiconductors, which are extensively used in fast
growing communications applications such as data networking,
broadband and mobile communications. STATS also offers advanced
assembly services and has developed a wide array of traditional
and advanced leadframe and laminate based products, including
various ball grid array packages to serve some of the world's
technological leaders. STATS was listed on the Nasdaq National
Market and The Singapore Exchange in January 2000 and is in the
Morgan Stanley Capital International (MSCI) Index and the
Straits Times Industrial Index. Further information is available
at www.stts.com .

CONTACT:  In Singapore, Elaine Ang, Manager -- Investor
Relations

Corporate Communications, +65-6824-7705, or fax, +65-6720-7828,
or angelaine@stats.st.com.sg, Khor Hwee Eng, Senior
Communications Executive, +65-6824-7718, or fax, +65-6720-7828,
khorhweeeng@stats.st.com.sg; In U.S., Drew Davies, Director --
Investor Relations, +1-408-586-0608, or fax, +1-408-586-0652,
daviesd@statsus.com, Lisa Lavin, Marcom Manager, +1-208-939-
3104, or fax, +1-208-939-4817, lavinl@statsus.com, all of ST
Assembly Test Services Ltd.


ST ASSEMBLY: Offers US$115M Notes Due 2008
------------------------------------------
Further to the corporate releases by ST Assembly Test Services
Ltd on 29 October 2003 in relation to its offer of
US$115,000,000 principal amount of convertible notes due 2008
(the Convertible Notes) and 83,389,375 new ordinary shares of
S$0.25 each (Placing Shares) in the capital of the Company, the
Company is pleased to announce that the Singapore Exchange
Securities Trading Limited (the SGX-ST) has on Monday given its
in-principle approval for the listing and quotation on the SGX-
ST of:

(i) the Convertible Notes;

(ii) the new ordinary shares to be issued pursuant to the
conversion of the Convertible Notes; and

(iii) the Placing Shares.

Such approval of the SGX-ST is not to be taken as an indication
of the merits of the offerings.

By Order of the Board
Linda Nai
Director, Legal
Singapore
3 November 2003


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


BANGCHAK PETROLEUM: Explains 20% Profit, Loss Variation
-------------------------------------------------------
Bangchak Petroleum Public Company Limited (BCP), in reference to
its unreviewed and unaudited financial statements for quarter 3
ended September 30, 2003, explained the reasons for the
variation in business operations in accordance with the profit
and loss account more than 20 percent from that of the same
period of 2002.

Regarding to the 3rd quarter's business operations in 2003, the
Company's total revenues were Bt15,103 million and it reported
the net profit of Bt119 million higher than that of the same
quarter in 2002 by Bt305 million (the 2002 third quarter's net
loss was Bt187 million). Such profit resulted from the following
factors:

1. Gross refining margin, excluding the effects of changes of
oil prices and foreign exchange rate fluctuations in the 3rd
quarter 2003, increased by 0.26 $/BBL from 1.00 $/BBL to 1.26
$/BBL.

2. Marketing margin in the 3rd quarter 2003 was nearly to that
in the same quarter of last year, however, the Company's retail
sales through service station and industrial markets increased
by 44 million liters or 11.1% and 8 million liters or 5.2%
respectively.

3. During July - August 2003, the prices of crude oil and
finished products in the world market decreased by 2 $/BBL on
average, due to the intense situation in Iraq. On the contrary,
Thai Baht continually appreciated by Bt1.2 against a US dollar.
These affected to the higher Company's profit of Bt230 million,
however, it was lower than that of the same quarter in 2002 by
Bt150 million.

4. Since the Company made a prepayment of World Bank loan in the
3rd quarter 2002, it incurred the prepayment fee by Bt92
million. However, this had enabled the Company to reduce its
interest expenses by approximately BHT. 85 million per annum.

5. The Company posted a gain from the foreign exchange
fluctuations by Bt191 million in the 3rd quarter 2003, it
increased by Bt358 million comparing to that in the same quarter
of last year, which posted a foreign exchange loss of Bt167
million.


MODERN HOME: Posts Additional Capital Increase Results
------------------------------------------------------
Modern Home Planner Company Limited, as the Plan Administrator
of Modern Home Development Public Company Limited, would like to
report the additional information of the capital increase's
result of M-Home:

1. Name of the new investors

Group of the new investors of the Company comprised of the
followings:

   1. Ngamachariyakul Family:
      number of acquired shares = 18,053,053 shares, equivalent
             to 53.14% of the total issued shares

   2. Dejvorapat Family:
      number of the acquired shares = 2,625,006 shares,
             equivalent to 7.73% of the total issued shares

   3. Others:
      number of the acquired shares = 4,795,013 shares,
             equivalent to 14.13% of the total issued shares

Total number of shares sold:  25,473,072 shares, equivalent to
      74.99% of the total issued shares

2. Details of the appraisal value of the assets, which have been
transferred to M-Home.

As presented in the previous report, the transfer value of the
assets, which have been transferred to M-Home, are based on the
appraisal value of two appraisers namely Simon Lim and Partners
and BCA Appraiser. Details of the appraisals are presented
below:

   - Simon Lim and Partners: Appraisal date: August 13, 2003,
the appraisal vale was based on the value of the existing assets
equivalent to Bt335.26 million

   - BCA Appraisal: Appraisal date: July 11, 2003, the appraisal
value was based on the market price of the existing assets
equivalent to Bt339.219 million

Nonetheless, some of appraised assets have been sold during the
period of after the appraisal date and prior to the assets
transfer date to M-Home. Thus, value of the transferred assets
to M-Home is slightly lower than the average price of the
appraisal value of the two appraisers.


PREECHA GROUP: Discloses Financial, Performance Report
------------------------------------------------------
Preecha Group Public Company Limited disclosed the progress
report of the company financial and performance on May 30, 2003,
as the Stock Exchange Thailand had requested disclosure every 6
months, as follows:

1.  Preecha Group and Sub-company are arranging business
planning with financial consultancy.

2.  We are negotiating with any creditors that would like to
inform you the progress of debt restructuring on June 30,2003 as
below: (Total Debt : Bt1,689 million)

   2.1 Preecha Group had signed debt-restructuring contact with
KTB of Bt515 million since August 21, 2000.  And signed the
first additional memo of debt restructuring to extend the term
of credit until August 31, 2007.

   2.2 Preecha Group had signed debt restructuring contact with
BAY of Bt336 million since March 17 and 31, 2000. And signed the
first additional memo of debt restructuring to extend the term
of credit until April 18, 2003.

   2.3 Sub-company had signed debt-restructuring contact with
AMC of Bt221 million since October 2, 2001.  And signed the
first additional memo of debt restructuring to extend the term
of credit until April 2, 2003.

   2.4 Preecha Group having a sign contacts to transfer
collaterals for TAMC, which is, deduct a debt Bt240 million.

   2.5 Preecha Group had gotten admission from TFFS to extend
period of debt repayment 6 months since October 14,2003.

   2.6 Preecha Group had signed a debt restructuring contact to
extend for debt repayment until December 31, 2004.

   2.7 Preecha Group was dealing with NFS for debt
restructuring.


SIAM UNITED: Reports Share Offering Results
-------------------------------------------
Siam United Services Public Company Limited posted the Report
the Result of A Share Offering (F53-5) on October 31, 2003:

1. Information relating to the Share Offering

    Type of Share :  Common Shares
    Number of Shares Offered : 200 million shares
    Offered to    :  Allocation of new common shares by private
                     placement
    Price per share :  Baht 1.37
    Subscription and payment period : October 22-24, 2003

2. Result of the sale of shares : Totally sold out

3. Details of the sale :

              Thai Investors           Foreign Investors   Total
          Juristic     Person      Juristic   Person
Number (s)  -         11            1            -   12
Number of shares subscribed
            -       120 million    80 million    - 200 million
Percentage of total  shares offered for  sale
            -         60            40           - 100

4. Amount of money received from the sale of shares

               Amount            Bt274,000,000
               Less Expenses     Bt34,000,000
               Net Received      Bt240,000,000

The Company hereby certifies that the information contained in
this report is accurate and complete in all respects.


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

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