TCRAP_Public/031114.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Friday, November 14, 2003, Vol. 6, No. 226

                         Headlines

A U S T R A L I A

ACE FUNDING: S&P Cuts Series 2001-1 Rating to 'BBB-'
ANACONDA NICKEL: In Third Party Ore Supply Discussions
BREAKFREE LIMITED: Panel Releases Proceedings Conclusion
DESIGN STEEL: Issues Case Profile
ERG GROUP: To Supply Ticketing System in Lisbon


C H I N A  &  H O N G K O N G

C.P. POKPHAND: Disposes of Shares to Reduce Debt
CALTON LIMITED: Hearing of Winding Up Petition Set
CRYSTAL DEVELOPMENT: Winding Up Hearing Scheduled in December
GUO XIN: Operations Loss Swells to HK$24.162M
JAZZ PHOTO: Winding Up Sought by Fuji Photo

SEAPOWER RESOURCES: Investors' Appeal Hearing Set in January


I N D O N E S I A

BANK SYARIAH: PEFINDO Assigns Rp200B Bonds "idBBB" Rating


J A P A N

MARUBENI CORPORATION: Issues Y70B in Preferred Shares
MARUBENI CORPORATION: Pricing Blunder to Cost Y270M
MITSUBISHI MOTORS: Eyes North American Strategy
MITSUBISHI MOTORS: JCR Downgrades Rating to BB+/BB/J-3


K O R E A

HYUNDAI HEAVY: KFTC Orders W32B Payment to Five Chaebols
HYUNDAI MERCHANT: Swings Back to Profit
SK GLOBAL: Unveils Schedule of Assets & Debts
SK NETWORKS: FSC Levies W485.2M Fine

* KFTC Imposes CDO to Iron Bar Manufacturers


M A L A Y S I A

AKTIF LIFESTYLE: Tiong Replaces Kim as Secretary
AMSTEEL CORPORATION: 28th AGM Scheduled for December 4
BERJAYA SPORTS: KLSE Grants Conversion Listing
DENKO INDUSTRIAL: Messrs Horwath Releases Investigative Audit
FORESWOOD GROUP: Claims Minimal Writ of Summons Impact

KAI PENG: Discloses Dealings in Shares Within Closed-Period
L&M CORPORATION: Seeks Application for Time Extension
LION CORPORATION: 13th AGM Scheduled in December
SASHIP HOLDINGS: KLSE Rejects Time Extension Application
SIN HENG: Obtains MITI's Nod on Proposed Revised Scheme

SRI HARTAMAS: KLSE Grants Scheme Time Extension Requests
TALAM CORP.: Posts Renounceable Rights Trading Relevant Date
TANJONG PUBLIC: Posts Principal Officer's Open Period Dealings
TECHNO ASIA: 3.70M Pilecon Shares Set-Off, Transfer Completed


P H I L I P P I N E S

ABS-CBN BROADCASTING: Defer Notes Issuance
MANILA ELECTRIC: Resumes Talks With First Gas Power
NATIONAL STEEL: Rehabilitation May Start March Next Year
PHILIPPINE TELEGRAPH: ASM Set November 28
TG BANK: Issues Notice to Creditors


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Post Changes in Director's Interest
FORD REALTY: Petition to Wind Up Pending
GIVING TREE: Issues Dividend Notice
HUA KOK: Schedules AGM on November 28
MARITIME HOLDINGS: Issues Debt Claim Notice to Creditors

MARITIME (PRIVATE): Creditors Must Submit Claims by December 8
NEPTUNE ORIENT: SGX-ST OKs Listing of Shares
OCEANIC FATS: Issues Winding Up Order Notice
PARKWAY HOLDINGS: Dissolves UK Subsidiaries
TELEGLOBE SINGAPORE: Releases Dividend Notice


T H A I L A N D

CIVILIZE MANSION: Files Business Reorganization Petition
KRISADA MAHANAKORN: Discloses BOD Meeting No. 8/2003 Resolutions
KRISDA MAHANAKORN Clarifies Q303 Net Profit Increase
NAKORNTHAI STRIP: Analysts Meeting Set Today

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


ACE FUNDING: S&P Cuts Series 2001-1 Rating to 'BBB-'
----------------------------------------------------
Standard & Poor's Rating Services said Thursday that it has
lowered the rating on the A$100 million ABS issued by ACE
Funding Ltd. - Series 2001-1 to 'BBB-' from 'BBB', and
removed it from CreditWatch, where it was placed on Oct. 22,
2003. This rating action follows the lowering of the credit
ratings on Ford Motor Co. (Ford) and all of its related
entities, including Ford Motor Credit Co. (Ford Credit), to
'BBB-/Stable/A-3' from 'BBB/Watch Neg/A-2'on Nov. 12, 2003, and
reflects the role of Ford Credit as a rating dependent in this
transaction.

The rating actions on Ford and all of its related entities
reflect Ford's continuing poor cash flow and profitability, and
Standard & Poor's view that only a limited improvement will be
achievable over the next few years.


ANACONDA NICKEL: In Third Party Ore Supply Discussions
------------------------------------------------------
Anaconda Nickel Limited advises that it has held preliminary
discussions with a number of companies holding nickel laterite
resources, and that these discussions have led to speculation
that some of these companies may be close to entering commercial
agreements with Anaconda to supply ore to the Murrin Murrin
nickel cobalt operation.

In the discussions Anaconda has advised that it will only
contemplate entering into an agreement to take ore from third
parties where the third party has fully defined its resources to
a Measured status (as defined under the JORC code), where the
ore meets the particular feed characteristics of the Murrin
Murrin plant and, most importantly, where there is a clear net
economic benefit to Anaconda and its shareholders.

Inferred or indicated resources are not considered a suitable
basis for commercial negotiations.

As previously announced Murrin Murrin's current ore reserves are
145 million tonnes @ 1.07% nickel and 0.085% cobalt, and total
resources are 327 million tonnes @ 0.99% nickel and 0.063%
cobalt. This represents sufficient mining ore reserves for more
than 30 years of operations, and there is no requirement for the
Company to purchase any additional ore from third parties unless
there is compelling value for Anaconda shareholders.


BREAKFREE LIMITED: Panel Releases Proceedings Conclusion
--------------------------------------------------------
In Takeovers Panel Media Release 106 (the Media Release) dated
27 October 2003, the Panel announced that it had made a
declaration of unacceptable circumstances (the Declaration) in
the BreakFree 04 proceedings in relation to an announcement (the
Announcement) by S8 Limited (S8) on 8 October that it would not
proceed to make offers under its scrip takeover bid (the Scrip
Proposal) for BreakFree Limited (BreakFree) which was announced
on 11 July 2003. The resolution of the question of what orders
should be made in BreakFree 04 was left to be determined in
light of the resolution of the BreakFree 03 proceedings.

The Panel has now received, and reviewed, submissions from the
parties concerning the resolution of the outstanding issues in
BreakFree 03 and the question of what orders should be made in
BreakFree 04.

The relationship between the proceedings

The Panel is of the view that its decisions concerning the
BreakFree 03 and outstanding aspects of the BreakFree 04
proceedings are closely related. Consequently, this media
release discusses the Panel's resolution of both proceedings.

The BreakFree 03 proceedings

The BreakFree 03 proceedings concerned the adequacy of the
disclosure contained in the bidder's statement for the Scrip
Proposal (the Scrip Bidder's Statement). The first Scrip
Bidder's Statement was provided to ASIC, BreakFree and the
Australian Stock Exchange (ASX) on 19 August, and a consolidated
amended statement was provided on 2 September. Although copies
of the Scrip Bidder's Statement are available on the ASX
website, the Panel understands that it has not been sent to
BreakFree shareholders.

Both BreakFree and ASIC submitted to the Panel that there were
material deficiencies in the Scrip Bidder's Statement which
meant that it could be misleading, and therefore should not be
dispatched to BreakFree shareholders without correction. In
previous media releases, the Panel has advised the market that,
principally because of S8's decision to proceed with a cash bid
instead, it has not received complete submissions from all of
the parties in relation to a single version of the Scrip
Bidder's Statement (although the Panel has received various
submissions from S8, BreakFree and ASIC over the course of the
proceedings).

The Panel has decided to conclude the BreakFree 03 proceedings
at this time (without finalizing the submission process)
because:

   (a) the issues outstanding in those proceedings have been
overtaken by the events the subject of the BreakFree 04
proceedings. In particular, the Announcement stated that S8
would not be proceeding to make offers under the Scrip Proposal,
but would instead proceed with a cash takeover bid. S8 has
confirmed to the Panel that this remains its intention; and

   (b) as offers will not be made under the Scrip Proposal, no
useful purpose within the Panel's jurisdiction would be served
by continuing the proceedings.

As the process of receiving evidence and submissions in
BreakFree 03 was suspended before completion, the Panel does not
express any concluded views on the issues raised by BreakFree
and ASIC. However, the Panel is of the view that those issues
would have warranted further consideration by the Panel had it
not been for the S8's decision not to proceed with the Scrip
Proposal.

As the Panel in the BreakFree 03 proceedings made no declaration
of unacceptable circumstances, no orders (including any orders
for costs) were made in those proceedings.

The BreakFree 04 proceedings

The Panel has decided not to order S8 to dispatch the Scrip
Bidder's Statement. For various reasons (including the
unresolved allegations made by BreakFree and ASIC in the
BreakFree 03 proceedings, and the fact that the most recent
version of the Scrip Bidder's Statement is now more than 6 weeks
old) the Panel does not believe that it could ensure the
reliability and accuracy of any document that it could order S8
to dispatch in relation to the Scrip Proposal.

The Panel decided that no cost orders should be made in the
BreakFree 04 proceedings.

The BreakFree 03 and BreakFree 04 Panels

The sitting Panel in each of the BreakFree 03 and BreakFree 04
proceedings was Kathleen Farrell (sitting President), Peter
Cameron (deputy President) and Meredith Hellicar.

The Panel will post its full reasons for this decision on its
website at
http://www.takeovers.gov.au/Content/Decisions/decisions.aspwhen
they have been settled.

CONTACT INFORMATION: George Durbridge
        Director, Takeovers Panel
        Level 47 Nauru House
        80 Collins Street
        Melbourne VIC 3000,
        Ph: +61 3 9655 3553
        george.durbridge@takeovers.gov.au


DESIGN STEEL: Issues Case Profile
---------------------------------
Pricewaterhousecoopers posted the case profile of Design Steel
(Aust) Pty Ltd:

Territory   :  Australia
Company Name:  Design Steel (Aust) Pty Ltd
Lead Partner:  Geoff Totterdell
Case Manager:  Ian Richardson
Date of Appointment:  11 June 2003
Normal Contact     :  Ray Webb
Contact Phone No   :  08 9238 3592

PRICEWATERHOUSECOOPERS OFFICE

Location:  Perth
PO Box  :  GPO Box D198
Street Address:  Level 19, QV1 250 St George's Terrace
City    :  PERTH
State   :  WA
Postcode:  6000
DX      :  DX 77 Perth
Phone   :  (08) 9238 3000
Fax     :  (08) 9238 5299
Appointor:  Amtel Pty Ltd
Registered Office of company:  Unit 3 9 Archibald Street
           Willagee WA 6156
Company No / ACN   :  081 153 264
Type of Appointment:  Administrator
Lead Partner - Full Name  :  Geoffrey Frank Totterdell
Second Partner - Full Name:  Philip Patrick Carter

CASE INFORMATION (LAST UPDATED 07/11/2003)

First Creditors' Meeting

Date   :  17 June 2003
Time   :  10:30 AM
Address:  Level 19, 250 St George's Terrace, Perth
Proxy return date:  Monday 16 June 2003
Return time      :  12:00 PM

Second Creditors' Meeting (or adjournment)
Date:  To be advised

Other Key Information

Report as to Affairs received from directors:
A Report as to Affairs has not been received as yet

Dates of trading by insolvency practitioner:
11 June 2003- to a date to be advised
Business sold/ceased trading :
Not applicable as yet
Job closure:
Not applicable

BACKGROUND INFORMATION

Geoff Totterdell and Philip Carter of PricewaterhouseCoopers
were appointed joint and several Administrators of Design Steel
(Aust) Pty Ltd (Design Steel) on 11 June 2003 by a secured
creditor.

CURRENT STATUS OF ASSIGNMENT AND ACTIONS REQUIRED BY CREDITORS

The business of Design Steel will continue whilst creditors
review alternatives for the future of the company. In this
regard creditors are referred to the notice of appointment and
instructions on continuing supplies.

NEXT MILESTONE AND ESTIMATED TIMETABLE

The first meeting of creditors was held in Perth on Tuesday 17
June 2003

LIKELY OUTCOME FOR CREDITORS AND TIMETABLE

Creditors will vote on any proposed deed of company arrangement
at a second meeting of creditors, which is yet to be convened.
(www.pwcrecovery.com)


ERG GROUP: To Supply Ticketing System in Lisbon
-----------------------------------------------
ERG Group announced Thursday that it has been awarded a contract
to supply an automated fare collection system for the public
transport network of Lisbon, Portugal. The contract is worth
approximately euro2.6 million (A$4.2 million) to ERG over its
two-year term.

ERG's partner in the project, Novabase/Octal, is negotiating
directly with the transport operator, Carris, and will be
responsible for project management, full installation,
maintenance, the supply of point-of-sale equipment and ticket
vending machines, and software development. ERG will provide the
on-bus equipment, consisting of contactless smart card
validators, as well as the central computer system and the data
communication system to ensure data transfer between buses and
the depot via Wireless LAN. The system will use the same smart
paper ticket as is currently used in the city of Porto.

The system is expected to be operational by January 2004 with
500,000 smart tickets on issue.

This successful cooperation between ERG and Novabase/Octal
follows a previous contract win for the metro transit system of
Porto, which was the first ticketing system in Europe to use
smart paper tickets with an embedded contactless smart chip.
This system was implemented in mid-2002.

Norbert Schwer, Managing Director ERG France, said: "In
Portugal, we have previously installed ticketing systems in
Sintra, Aveiro and Evora. This is an important contract win as
it reinforces ERG's position in Southern Europe. Furthermore,
this cooperation with Novabase/Octal may lead to new
opportunities."


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


C.P. POKPHAND: Disposes of Shares to Reduce Debt
------------------------------------------------
The board of Directors of C.P. Pokphand Co. Ltd. announces that
on 12th November, 2003, CPD, CPF Investment and the Company
entered into the Share Purchase and Sale Agreement whereby CPD
agreed to dispose of an approximate 84.49% shareholding in CP
Standart to CPF Investment, representing the Group's entire
shareholding interests in CP Standart, for an aggregate
consideration of US$22,000,000 (approximately HK$171,600,000).

The Group is principally engaged in the trading of agricultural
products, feedmill and poultry operations, the production and
sale of motorcycles and accessories for automotives and property
and investment holding.

As previously disclosed in the announcements issued by the
Company in connection with the Group's debt restructuring
arrangements, the Group is required to make scheduled
distributions to its creditors to reduce its indebtedness and
such distributions are to be funded by various means including
cashflows from operations and proceeds from asset disposals. The
Disposal will form part of the overall asset disposal program
contemplated under the Group's debt restructuring arrangements.
In addition, the Group has been focusing on its agri-business in
the PRC. As such, the Directors are of the view that the
business operations of CP Standart in Turkey falls outside the
current and future business focus of the Group.

The net proceeds of the Disposal is approximately US$21.8
million (approximately HK$170 million) will be used for reducing
the Group's debts. The total debt of the Group as at 30th June,
2003 was approximately US$235.64 million.

As at the date of this announcement, nine Directors of the
Company together own aggregate shareholding interests of 57.51%
in CPG. CPG and its associates own an approximate 49.26%
shareholding interest in CP Foods. CP Foods is a company listed
on the Stock Exchange of Thailand and CPF Investment is a
wholly-owned subsidiary of CP Foods. Because of the 57.51%
aggregate shareholding interests of the nine Directors in CPG
and CPG's shareholding interests in CP Foods, CPF Investment is
an associate of the nine Directors and is accordingly a
connected person of the Company for the purposes of the Listing
Rules. The balance of an approximate 15.51% shareholding in CP
Standart is beneficially owned by a company in which eight
Directors hold an aggregate 65.27% shareholding, and is
accordingly a connected person of the Company for the purposes
of the Listing Rules. Accordingly, the Disposal constitutes a
connected transaction of the Company and requires approval by
the Independent Shareholders at a Special General Meeting of the
Company under Rule 14.26 of the Listing Rules. The Disposal also
constitutes a discloseable transaction of the Company under Rule
14.12 of the Listing Rules.

A circular containing particulars of the Share Purchase and Sale
Agreement, a letter from the Independent Board Committee to the
Independent Shareholders, an opinion of the independent
financial adviser, together with a notice to convene the Special
General Meeting to approve the Share Purchase and Sale Agreement
and the transactions contemplated thereunder, will be issued to
the Shareholders as soon as practicable.


CALTON LIMITED: Hearing of Winding Up Petition Set
--------------------------------------------------
The petition to wind up Calton Limited is set for hearing before
the High Court of Hong Kong on December 3, 2003 at 9:30 in the
morning.

The petition was filed with the court on October 13, 2003 by Man
Shuk Ching Amy of Room 232, Pak Suet House, Choi Hung Estate,
Wong Tai Sin, Kowloon.


CRYSTAL DEVELOPMENT: Winding Up Hearing Scheduled in December
------------------------------------------------------------
The High Court of Hong Kong will hear on December 10, 2003 at
9:30 in the morning the petition seeking the winding up of
Crystal Development Limited.

Chang Wai Bo Stanley of Room 2211, 22/F., King Man House, Ho Man
Tin Estate, Kowloon filed the petition on October 20, 2002.  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


GUO XIN: Operations Loss Swells to HK$24.162M
---------------------------------------------
Guo Xin Group Limited disclosed its financial statement summary
for the year ended June 30, 2003:

(stock code: 01215 )
Year-end date: 30/6/2003
Currency: HKD
Auditors' Report: Unqualified
                                                  (Audited)
                               (Audited)          Last
                               Current            Corresponding
                               Period             Period
                               from 1/7/2002      from 1/7/2001
                               to 30/6/2003       to 30/6/2002
                               Note  ('000)       ('000)
Turnover                           : 3,993              19,937
Profit/(Loss) from Operations      : (24,162)           (13,865)
Finance cost                       : (4)                N/A
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (24,129)           125,032
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0074)           0.0952
         -Diluted (in dollars)     : (0.0074)           0.0952
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (24,129)           125,032
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1. The turnover is derived from continuing operations.

2. Loss from operations is derived from continuing operations.

3.

                                        2003            2002
                                        HK$'000         HK$'000

Loss from operations                    (24,162)        (13,865)
Finance costs                           (4)             -
Gain arising from waiver of the creditors'
  indebtedness                          -               138,897
                                        -----------     --------
(Loss) Profit before taxation           (24,166)        125,032
                                        -----------     --------
4.

The calculation of the basic (loss) earnings per share is based
on the net loss for the year of approximately HK$24,129,000
(2002: profit of approximately HK$125,032,000) and weighted
average number of 3,264,495,000 (2002: 1,313,580,000) shares in
issue during the year.

The weighted average number of shares for the year ended 30 June
2002 for the purpose of calculating the basic earnings per share
has been adjusted for the effect of share consolidation approved
on 22 November 2002.

5.

The weighted average number of shares for the year ended 30 June
2002 for the purpose of calculating the basic earnings per share
has been adjusted for the effect of share consolidation approved
on 22 November 2002.  As a result, the EPS (basic and diluted)
have been changed from HK 0.95 cents to HK 9.52 cents.


JAZZ PHOTO: Winding Up Sought by Fuji Photo
-------------------------------------------
Fuji Photo Film Co., Ltd is seeking the winding up of Jazz Photo
(Hong Kong) Limited. The petition was filed on October 22, 2003,
and will be heard before the High Court of Hong Kong on December
10, 2003 at 10:00 in the morning.

Fuji Photo holds its registered office at 26-30 Nishiazabu 2-
chome, Minato-ku, Tokyo 106-8620, Japan.


SEAPOWER RESOURCES: Investors' Appeal Hearing Set in January
------------------------------------------------------------
Reference is made to the circular jointly issued by Seapower
Resources International Limited (Provisional Liquidators
Appointed) and the Investor dated 21 October 2003 (Circular).

As stated in the Circular, on 2 October 2003, the HK Court
dismissed the application of the Former Investors, refusing them
leave to commence proceedings against the Company. The Former
Investors filed a notice of appeal on 14 October 2003 (Notice)
in respect of the order made by the HK Court dismissing their
application. The appeal has been scheduled for hearing in the
Court of Appeal on 30 January 2004. The legal advisers to the
Provisional Liquidators and Counsel instructed by them have
reviewed the Notice and have confirmed their earlier advice that
the Provisional Liquidators were entitled to terminate the
Former Restructuring Agreement and have advised that the Former
Investors have no grounds upon which they could successfully
appeal against the order made by the HK Court. Shareholders and
potential investors should note that the hearing has not taken
place and the outcome of the hearing can not be predicted.
Further announcements in this regard will be issued as and
when appropriate.

The Stock Exchange informed the Company on 7 March 2003 that the
Company had been placed into the second stage of the delisting
procedures in accordance with Practice Note 17 of the Listing
Rules.

The release of this announcement does not necessarily indicate
that the Restructuring Proposal will be successfully implemented
and completed as the conditions precedent to the Restructuring
Agreement may not be fulfilled or otherwise waived. Trading in
the Shares of the Company has been suspended since 2:30 p.m. on
28 December 2001 and will remain suspended until Completion and
a sufficient public float has been restored. Further
announcements will be issued as and when appropriate.


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


BANK SYARIAH: PEFINDO Assigns Rp200B Bonds "idBBB" Rating
---------------------------------------------------------
PT Pemeringkat Efek Indonesia (PEFINDO) assigned a "idBBB"
rating to PT Bank Syariah Mandiri (BSRM) and a "idBBB-(sy)"
rating to its proposed Rp200 billion Subordinated Syariah Bonds
I/2003. The rating actions are supported by BSRM's strong
capitalization and favorable financial flexibility. The bank's
financing concentration and competition pressures within the
shariah banking industry are, however, mitigating the above
ratings.

PT Bank Syariah Mandiri was initially established from a
conventional bank under the name of PT Bank Susila Bakti (BSB).
PT Bank Mandiri Tbk acquired BSB in 1999 and renamed it to PT
Bank Syariah Sakinah, which was subsequently changed into PT
Bank Syariah Mandiri. At the end of April'03, BSRM's total
assets stood at Rp1.97 trillion, representing a significant
market share of around 48% of Sharia banking's total assets,
although it is still very small market share of around 0.1% of
national banking system's total assets.

BSRM offers several sharia products ranging from wadiah (demand
deposits and saving), mudharabah (time deposit and saving), as
well as financing with varieties of products including
murabahah, hiwalah, istishna, salam, mudharabah, and musyarakah.
As of April'03, BSRM's shareholders are PT Bank Mandiri Tbk.
(99.999999%) and PT Mandiri Sekuritas (0.000001%). To support
its operation, BSRM has already had 34 branche s, 5 sub-
branches, and 16 cash offices with 1,738 ATMs, which consist of
19 BSRM's owned ATMs and 1,719 Mandiri's ATMs.



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


MARUBENI CORPORATION: Issues Y70B in Preferred Shares
-----------------------------------------------------
At its November 12, 2003 Board meeting, the Directors of
Marubeni Corporation approved a resolution for the issue of 75.5
billion yen worth of preferred shares with common share
conversion rights, to be completed through a third-party
allocation.

The capital enhancement based on this issue of preferred shares
will be part of the Company's previously announced "100 billion
yen capital enhancement policy," and is included in the "V"
PLAN, the new medium-term management plan the Company is
currently implementing.

The management objective of the "V" PLAN is to reinforce
Marubeni's earnings base and improve the Company's financial
structure. As demonstrated clearly by its previously announced
financial results for the first half of fiscal year 2003, the
Company is achieving a steady recovery in earnings capability.
Although the Company has made progress in reducing net interest-
bearing debt faster than its initial plan, to further increase
shareholders' equity the Company has decided to issue preferred
shares in order to accelerate the improvement of its financial
structure, strengthen its creditworthiness and increase
corporate value.

The decision to issue the preferred shares at this time was
based on management's assessments of the effect on the Company's
stock price from the large-scale dilution that would result from
an issue of common stock and on considerations of future
dividend policy. Because the preferred shares will be issued in
a form that is unfamiliar to individuals and other ordinary
investors, the shares will be issued using a third-party
allocation procedure rather than a public offering. The
subscribers for the preferred shares will be financial
institutional and major customers.

The Company plans to use the issue proceeds to invest in major
operating sectors such as food products distribution, natural
resource development and overseas IPP, and partially to repay
loans related to these areas that the Company borrowed in the
past.

SUMMARY OF THE PREFERRED SHARES

Class of stock: Class I Preferred Shares (preferred shares with
common share conversion rights)

Number of newly issued shares: 75.5 million shares

Issue Price: 1,000 yen per share

Aggregate issue Price: 75.5 billion yen

Issue method: The Company will allocate the shares to financial
institutions and customers through a third-party allocation.

Issued Date: December 16, 2003

Preferred Dividend: 20 yen per share per annum

Conversion Period Start Date: 2 years and 9 months after issue
(Form September 1, 2006)

Initial Conversion Price: Market price on the Conversion Period
Start Date (However, not less than 50 yen)

Conversion Price Reset Provision: Downward revisions only

Conversion Price Reset Floor Price: The higher of 70 percent of
the Initial Conversion Price or 50 yen

Final Mandatory Conversion Date: After 10 years (December 13,
2013)

Final Mandatory Conversion Price: Market price on the Final
Mandatory Conversion Date

Final Mandatory Conversion Floor Price: The higher 70 percent of
the initial Conversion Price or 50 yen

Use of proceeds: The Company plans to tuse the issue proceeds to
invest in major operating sectors such as food products
distribution, natural resource development and overseas IPP, and
partially to repay loans related to these sectors that the
Company borrowed in the past.

For more information, go to
http://www.marubeni.co.jp/english/news/nl/nl031112.pdf


MARUBENI CORPORATION: Pricing Blunder to Cost Y270M
---------------------------------------------------
Marubeni Corporation has decided to sell some 1,500 personal
computers at a 90 percent discount after it posted the wrong
price on its online shopping site, Dow Jones reports. The
trading Company listed a new PC on the site on October 31 for
only 19,800 yen instead of the intended price of 198,000 yen.

As a result of the blunder, major trading house Marubeni
Corporation, whose affiliate Marubeni Direct Co. runs the Web
site, is expected to suffer a loss of some 270 million yen.


MITSUBISHI MOTORS: Eyes North American Strategy
-----------------------------------------------
Mitsubishi Motors Corporation (MMC) plans to release a new
business plan early next year focusing on a strategic review of
its North American operations, which weigh heavily on the
automaker's earnings, Kyodo News reports.

The plan comes after Mitsubishi Motors incurred a group net loss
of 80.22 billion yen for the fiscal half year ended September 30
under the weight of massive charges against loan defaults in
North America as the Company's aggressive sales drive there
included high credit-risk customers.


MITSUBISHI MOTORS: JCR Downgrades Rating to BB+/BB/J-3
------------------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the ratings on
senior debts, shelf registration, Euro Medium Term Note
Programme and CP program of Mitsubishi Motors from BBB-,
preliminary BBB-, BBB- and J-2 to BB+, preliminary BB+, BB and
J-3, respectively.

Senior Debts

Shelf Registration:

Maximum: Y250 billion
Valid: two years from May 22, 2002

CP:

Maximum: Y250 billion
Backup Line: 0 percent

Euro Medium Term Note Programme:

Issuers: Mitsubishi Motors Corporation, Mitsubishi Motors Credit
of America, Inc. and MMC International Finance (Netherlands)
B.V.

Maximum: equivalent of US$4 billion
Maturities: 1 month - 30 years
Note: Keep Well Agreement has been entered into between each of
the subsidiaries and the parent Company.

RATIONALE:

Mitsubishi Motors Corporation (MMC) announced Wednesday the
downward revision of forecasts of performance for fiscal 2003
due primarily to deterioration in earnings from operations in
North America. JCR pointed out before in July this year when MMC
announced the downward revision of the earnings forecasts for
fiscal 2003 that MMC would have to tackle difficult job of
trade-off between the cutback on auto loans business and the
sustaining of sales volume in quantity in North America and that
it was uncertain that MMC could restore the earnings rapidly in
the 2nd half of the fiscal year as planned.

MMC planned to turn the domestic passenger car business
profitable in North America under the Turnaround restructuring
plan. Although MMC reduced costs earlier than planned, business
in North America is expected to incur an operating loss even
without taking into account the temporary costs for additional
loan loss reserves for auto loans business. The plan for turning
the domestic business profitable has been postponed to fiscal
2006. JCR downgraded the ratings for MMC, given the sharp drop
in the earnings power. Credit Monitor remains to examine how MMC
can rehabilitate the business in Japan and North America. The
Euro Medium Term Note Program rating reflects the recovery risk.


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


HYUNDAI HEAVY: KFTC Orders W32B Payment to Five Chaebols
--------------------------------------------------------
On October 7, 2003, the Korean Fair Trade Commission (KFTC)
announced that it had imposed cease and desist orders (CDO) and
administrative fines of 32 billion won on 20 subsidiaries of
five big Chaebols, Samsung, LG, SK, Hyundai Motor and Hyundai
Heavy Industry, for their unfair inter-affiliate business
practices, a Company statement said.  The unfair business
practices used and the names of the companies are as follows:

1) Undue direct financial support: unreasonably provided funds
or other financial support, such as promissory notes or loans,
to affiliated companies at substantially low rates or free of
charge (LG Security, SK Telecom, SK Global, SKC, Kia Motors, INI
Steel)

2) Undue indirect financial support: unreasonably provided
financial support in ways such as passing along the burden for
advertising expenses, paying in advance of the due date (or when
not required), or buying resort facility membership at inflated
prices for affiliated companies (SK Telecom, Samsung Card,
Hyundai Motors, Kia Motors INI Steel)

In addition, KFTC imposed administrative fines of 1 billion won
on SK Maritime Transportation and SK Construction for their
violation of the disclosure obligation of inter-subsidiary
transactions of Chaebols.

KFTC also ruled that SM Data, which SK Group had not reported to
KFTC as a subsidiary, was in fact one of its subsidiaries, and
that SM Data should be included in SK Group.


HYUNDAI MERCHANT: Swings Back to Profit
---------------------------------------
Hyundai Merchant Marine Co. (HMM), the shipping arm of Hyundai
Group, incurred a net profit of 12.9 billion won (US$10.9
million) in the first three quarters of the year, up from a
deficit of 441 billion won last year due to successful
restructuring efforts, Yonhap News reports.

In March 2003, South Korea's Securities and Futures Commission
(SFC) penalized Hyundai Merchant Marine Co. for failing to
provide information about the possible omission of some 300
billion won of interest-bearing debt in its 2000 financial
statements, TCR-AP reports. The Financial Supervisory Service
(FSS) said the commission has decided the Company won't be able
to offer securities to the public for six months. The FSS will
ask prosecutors to investigate Hyundai Merchant Marine and its
executives for failing to comply with requests for additional
information on its books.


SK GLOBAL: Unveils Schedule of Assets & Debts
---------------------------------------------
SK Global America Corporation, a unit of South Korea's SK
Networks Co. Ltd., issued a notice of schedule of assets and
debts as follows:

A.   Real Property                                      $10,447

B.   Personal Property
B.1    Cash on Hand                                       5,519
B.2    Bank Accounts
         Checking Account
          Bank One                                     3,073,485
          Other Checking Accounts                        123,736
         Investment Accounts                          75,463,200
         Loan Accounts
          Societe General Singapore Branch               116,579
          Other Loan Accounts                             10,220
         Payroll Accounts
          Fleet Boston Financial                       7,266,671
          Other Payroll Accounts                           7,596
         Foreign Currency Accounts
          Bank One Int'l. NY                             200,452
          Other Foreign Currency Account                  16,181
         Margin Deposit
          Rand Financial Services Firm                   164,964
          ABN AMRO                                       168,300
          Other Margin Deposit                            56,172
B.3    Security Deposits
         Security Deposit for Parker Plaza Office        167,400
         Other Security Deposits                         209,760
B.12   Stock interests
          Atlantis Cyberspace, Inc.                      200,000
          Manystreams                                    215,000
          KnowledgePlanet.com., Inc.                     440,000
          Ecoban Limited                                 975,000
          17106 South Avalon Blvd. Corp.               1,500,000
B.13   Interests in Partnerships
         DHM Arcadia Partners LP                         391,330
         Tucker Anthony Private Equity                   390,075
B.15   Accounts receivable
         InterCompany
          SK Corp.                                       343,384
          SK Energy Asia Pte. Ltd.                   128,385,531
          SK Global Ltd.                              68,613,774
          SK Global Hong Kong                            416,733
          SK USA                                         473,640
          Tibolie Latin America                        1,000,000
          Others                                          91,146
         Third Party Receivable
          Aluma Shield Industries                        854,084
          Anvil Int'l. Inc.                              838,712
          B&B Surplus Inc.                               197,174
          Blair Corp.                                    115,532
          C.H.I. Overheard Doors Inc.                  1,682,292
          Carole Wren Inc.                               217,876
          CCC Steel Inc.                                 106,344
          Cobra Electronics                              249,725
          Commodity Credit                               488,056
          Dfas-Co-Bvdfk                                  867,935
          Distributor Metal                              100,156
          Evans Industries Inc.                        1,040,123
          Harlingen Cattle Co.                         2,554,199
          Hart & Cooley                                  508,016
          Hokin-Katz Metals                              201,760
          Jeffery Craig                                  126,871
          Kabat Textile Corp.                            165,389
          La-Textile                                     771,164
          Leader Apparel                                 438,136
          Metal Building Co.                           1,162,176
          Mid-American Door                              134,750
          Pacur                                          220,954
          Pentel of America                              116,931
          Potomac Supply Co.                             108,864
          Pressman Gutman Co., Inc.                      145,299
          Rolled Steel Products Corp.                    187,406
          San Miguel Industrial                          161,000
          Sheffield Plastic                            1,011,279
          Spartech Plastics                              173,149
          Sunbelt Trading                                199,171
          Te Chen International Corp.                  1,457,054
          Thamco International S.A.                      641,589
          Totten Tubes Inc.                              159,858
          TPC Metals Inc.                                129,512
          United Pipe & Supply Co.                       128,926
          USA Grain                                    2,428,924
          U.S.A. Meat & Grain Co., Inc.               17,063,782
          Valley Iron Co., Inc.                          132,524
          Virgo Commodities                            9,870,354
          Wisehill Corp.                                 529,812
          Other Third Party Receivables                1,222,449
         Interest Receivable
          SK Securities                                  234,614
          Other Interest Receivable                       67,857
         Commission Receivable                             1,752
         Other Receivable
          Blue Apparel                                   141,552
          Pacific Insurance & Maritime                   256,464
          Others                                         217,052
         Employee Receivable                             113,377
         General Allowance for Doubtful Accounts
(2,032,722)
B.17   Other liquidated debts owed                       16,607
B.23   Automobiles                                       79,138
B.26   Office equipment and supplies
         Furniture & Fixtures                            284,107
         Office Equipment                                610,667
B.28   Inventory
         Single Density Frame                            852,533
         Textile                                       1,859,484
         Film                                            103,067
         Steel                                         5,398,209
         Pipe                                          5,225,871
         PT-Resin                                      1,928,048
         Grain                                         2,972,710
         Other Inventory                                  43,458
B.33   Other personal property
         Prepaid Expenses
          Insurance                                      623,013
          Other                                          529,323
         Leasehold Improvements                        1,276,341
         Anti-Dumping US Customs Receivable              303,555
         Advances
          Ecoban Finance                              15,000,000
          Pemopro                                     62,500,000
          SK Securities                                2,167,994
          SKMA, Inc.                                   4,786,601
          Other Advances                                  35,954
         Payment in Advance
          Debruce Grain                                2,221,246
          Fal Energy Co. Ltd.                            132,375
          Bushra Kaleem's Trading                        110,396
          Segye Corporation                              275,198
          Other Payment in Advance                       239,016
         Suspense Payment
          Automatic Data Processing                      233,769
          Banca Commerciale Italiana                     534,800
          Togut, Segal & Segal, LLP                      769,257
          Other Suspense Payment                         547,320

        TOTAL SCHEDULED ASSETS                      $450,065,607
        ========================================================

C.   Property Claimed as Exempt                  Not Applicable

D.   Secured Claims
       Cho Hung Bank                                 $88,993,909
       Korea Exchange Bank                            44,675,860

E.   Unsecured Priority Claims                           88,141

F.   Unsecured Non-Priority Claims
       Australia and New Zealand Bank                    752,719
       Automatic Data Processing                         197,292
       Cho Hung Bank, London Branch                    3,000,000
       Cigna                                             164,567
       Citibank N.A., Hong Kong Branch                20,000,000
       Credit Lyonnais, Seoul Branch                   8,000,000
       Hana Bank, NY Agency                           11,000,000
       I and C Bank of China, Seoul                    8,000,000
       I and C Bank of China, Tokyo                    5,000,000
       Intesabci Spa, NY                                 534,800
       Joaquin Lopez Montes Y Marcos Ocejoy Sierra     1,400,000
       KDB Asia Limited                                5,000,000
       Keep On Trucking                                   23,815
       KEXIM Bank Limited-London                       5,000,000
       Kookmin Bank, NY Branch                        35,000,000
       Koram Bank                                     50,000,000
       Koram Bank, London Branch                      15,000,000
       Korea Exchange Bank, IR                         3,000,000
       Korea Exchange Bank, Chicago                   10,000,000
       Korea Exchange Bank, L.A.                      15,990,598
       Mizuho Corporate Bank, Ltd.                    19,996,940
       Nat Exis Banques Popularies                    10,000,000
       Sheffield Plastics, Ltd.                          252,105
       Sinhan Bank, NY Branch                         51,522,135
       SK Belgium                                     46,088,696
       SK Corp -  London Branch                       71,387,254
       SK Corporation                                178,413,959
       SK Corporation                                  3,593,535
       SK Energy Asia Pte., Ltd.                     310,822,730
       SK Global Asia-Pacific PTE Ltd.                12,014,789
       SK Global Asia-Pacific PTE Ltd.                44,042,285
       SK Global Co., Ltd.                            72,721,739
       SK Global Co., Ltd.                           743,944,588
       SK Global Co., Ltd.                           500,000,000
       SK Group Japan Co., Ltd.                       96,659,491
       SK Group Japan Co., Ltd.                      332,853,797
       SK Hong Kong                                   40,133,395
       Societe Generale - NY                          22,000,000
       The Bank of New York                           40,000,000
       The Export-Import Bank of Korea                15,000,000
       The Korea Development Bank, NY                 15,000,000
       U.S. Customs Service                            1,787,762
       Union Bank of California                       26,187,160
       Woori Bank, Hong Kong Branch                    5,000,000
       Woori Bank, L.A. Agency                         5,000,000
       Woori Bank, London Branch                       2,000,000
       Woori Bank, NY Agency                          29,000,000
       Other Unsecured Non-Priority Claims               385,944

TOTAL SCHEDULED LIABILITIES                       $3,026,606,190

(SK Global Bankruptcy News, Issue No. 6; October 10, 2003)


SK NETWORKS: FSC Levies W485.2M Fine
------------------------------------
The Financial Supervisory Commission (FSC) has ordered SK
Corporation and SK Networks Co. Ltd. to pay 485.2 million won
(US$411,200) and 68 million won worth of fines for violating
disclosure rules on real estate trading between themselves, the
Korea Times reports.

SK Networks sold 285 gas stations, worth 214.5 billion won,
nationwide to SK Corporation on March 5. Both of them made
public the internal trading on April 2.

``But they had to make disclosures on the trading by March 6
under rules obliging listed companies to report any kind of
stake-selling within 24 hours,'' the Financial Supervisory
Commission (FSC) said on Wednesday.


* KFTC Imposes CDO to Iron Bar Manufacturers
--------------------------------------------
On September 30, 2003, the Korea Fair Trade Commission (KFTC)
announced that it had imposed cease and desist orders (CDO) and
administrative fines of 75 billion won on nine manufacturers of
iron bar for their price fixing and bid rigging cartels. Seven
steel companies, INI Steel, Dongkuk Steep, Hankuk Steel, Honbo
Steel, Hanbo, Hwan Yong Steel and Daehan Steel, were alleged to
have agreed on price increases of iron bar five times from
February 2002 to April 2003.

It was also alleged that, in 2001 and 2002, those seven
companies and two other steel companies, Jeil Steel and Sewon
Steel, had conspired on several occasions to boycott the Office
of Supply's bidding on the purchase of iron-bar, with an aim to
increase the striking price.   In later biddings, those nine
companies conspired to submit their bids according to the agreed
price and quantity.

KFTC also filed complaints relating to criminal sentences with
the Prosecutor General against all the steel companies but Sewon
Steel.


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


AKTIF LIFESTYLE: Tiong Replaces Kim as Secretary
------------------------------------------------
Aktif Lifestyle Corporation Bhd posted Change of Company
Secretary notices:

Reference No AL-031112-39270
Date Announced : 12/11/2003
Date of change : 10/11/2003
Type of change : Resignation
Designation    : Secretary
License no.    : MIA 7849
Name           : Koo Lai Kim
Working experience and occupation during past 5 years :
Remarks : c.c. Securities Commission

Reference No AL-031112-3C328
Date of change : 10/11/2003
Type of change : Appointment
Designation       : Secretary
License no.    : MIA 18463
Name                     : Chua Chee Tiong
Working experience and occupation during past 5 years :
Remarks : c.c. Securities Commission

The Troubled Company Reporter - Asia Pacific reported last month
that the Company had on 31 October 2003, entered into a
conditional sale and purchase of shares agreement (SPSA) with CP
Properties Sdn Bhd (CP), a wholly-owned subsidiary of Lion
Diversified Holdings Berhad, to dispose of its entire issued and
paid-up share capital in ALS comprising 31,000,000 ordinary
shares of RM1.00 each in ALS (ALS Shares) to CP for a nominal
cash consideration of RM1.00. The disposal is an initial step to
restore the financial strength of Aktif and will result in the
Aktif Group's negative net tangible asset position being
restored to a positive net tangible asset position.


AMSTEEL CORPORATION: 28th AGM Scheduled for December 4
------------------------------------------------------
Notice is hereby given that the Twenty-Eighth Annual General
Meeting of Amsteel Corporation Berhad will be held at the
Meeting Hall, Level 48, Menara Citibank, 165 Jalan Ampang, 50450
Kuala Lumpur on 4 December 2003 at 11:00 am for the following
purposes:

AGENDA

1. To receive and adopt the Directors' Report and Audited
Financial Statements for the financial year ended 30 June 2003.
Resolution 1

2. To approve the payment of Directors' fees amounting to
RM202,000 (2002 : RM176,500). Resolution 2

3. To re-elect Directors:

In accordance with Article 98 of the Company's Articles of
Association, the following Directors retire by rotation and,
being eligible, offer themselves for re-election:

   Y. Bhg. Tan Sri William H.J. Cheng     Resolution 3
   Mr Tan Siak Tee                        Resolution 4

4. To consider and if thought fit, pass the following resolution
pursuant to Section 129(6) of the Companies Act, 1965 as an
ordinary resolution:

"THAT Y. Bhg. Jen (B) Tan Sri Dato' Zain Mahmud Hashim who
retires pursuant to Section 129(2) of the Companies Act, 1965 be
and is hereby re-appointed a Director of the Company to hold
office until the next annual general meeting." Resolution 5

5. To re-appoint Auditors to hold office until the conclusion of
the next annual general meeting and to authorize the Directors
to fix their remuneration.    Resolution 6

6. Special Business

To consider and if thought fit, pass the following resolutions
as ordinary resolutions:

6.1 Authority to Directors to issue shares

"THAT pursuant to Section 132D of the Companies Act, 1965 and
subject to the approval of all relevant authorities being
obtained, the Directors be and are hereby empowered to issue
shares in the Company at any time and upon such terms and
conditions and for such purposes as the Directors may, in their
absolute discretion deem fit, provided that the aggregate number
of shares issued pursuant to this resolution does not exceed 10%
of the issued capital of the Company for the time being and that
such authority shall continue in force until the conclusion of
the next annual general meeting of the Company." Resolution 7

6.2 Proposed Shareholders' Mandate for Recurrent Related Party
Transactions

"THAT approval be given for the Company and its subsidiary
companies to enter into the recurrent related party transactions
of a revenue or trading nature which are necessary for its day-
to-day operations as detailed in paragraph 3.3 (Recurrent
Transactions) and with those related parties as detailed in
paragraph 3.2 of the Circular to Shareholders of the Company
dated 12 November 2003 subject to the following:

   i) the transactions are in the ordinary course of business
and are on terms not more favorable to the related party than
those generally available to the public and are not to the
detriment of the minority shareholders of the Company; and

   ii) disclosure is made in the annual report of the breakdown
of the aggregate value of transactions conducted pursuant to the
shareholders' mandate during the financial year, amongst others,
based on the following information:

     a) the type of Recurrent Transactions made; and

     b) the names of the related parties involved in each type
of Recurrent Transactions made and their relationship with the
Company;

AND THAT authority conferred by this Ordinary Resolution shall
continue to be in force until:

   i) the conclusion of the next annual general meeting of the
Company at which time it will lapse, unless by a resolution
passed at the meeting, the authority is renewed;

   ii) the expiration of the period within which the next annual
general meeting after that date is required to be held pursuant
to Section 143(1) of the Companies Act, 1965 (but shall not
extend to such extension as may be allowed pursuant to Section
143(2) of the Companies Act, 1965); or

   iii) revoked or varied by resolution passed by the
shareholders in general meeting;

whichever is the earlier,

AND THAT the Directors be and are hereby authorized to complete
and do all such acts and things (including executing such
documents as may be required) to give effect to the transactions
contemplated and/or authorized by this Ordinary Resolution."
Resolution 8

7. To transact any other business for which due notice shall
have been given.


BERJAYA SPORTS: KLSE Grants Conversion Listing
----------------------------------------------
Kindly be advised that Berjaya Sports Toto Berhad's additional
6,449,800 new ordinary shares of RM1.00 each arising from the
Conversion of RM6,449,800 Nominal Amount of 8% Irredeemable
Convertible Unsecured Loan Stocks 2002/2012 into 6,449,800 New
Ordinary Shares will be granted listing and quotation with
effect from 9:00 a.m., Friday, 14 November 2003.

COMPANY PROFILE

The Company's core business has evolved from the manufacture of
light fittings in the 70s to trading in construction materials
and property development in the 80s. Today, the Company is one
of the key players in the gaming business, operating Toto
betting through its principal subsidiary, Sports Toto Malaysia
Sdn Bhd.

On the international scene, the Group supplies and maintains a
computerized on-line lottery system in the Luzon Region,
Philippines. It is also the consultant cum project manager to
restructure and improve the operation and administration of the
Department of National Lotteries in Ghana. The Company's
Philippines operation is held through its 51.5% owned
subsidiary, Berjaya Lottery Management (HK) Ltd (BLHK). BLHK
holds 71.4% in International Lottery and Totalistic Systems,
Inc, and 68.5% in Prime Gaming Philippines, Inc, a company
listed on the Philippine Stock Exchange.

In December 2000, the Company proposed a special cash dividend
of 170%, rights issue of ICULS and increase in authorized share
capital to RM2b. The ICULS issue forms part of a repayment
scheme between the Company and its immediate holding company,
Berjaya Land Bhd (B-Land), to settle inter-company advances of
the latter via liquidation of the ICULS in the open market or
redemption of the ICULS. B-Land has committed to resolve the
inter-company advances within three years from the ICULS issue
date. The proposals are still pending shareholders' approval.

CONTACT INFORMATION: 11th Floor
        Menara Berjaya, KL Plaza,
        179 Jalan Bukit Bintang,
        55100 Kuala Lumpur
        Tel : 03-2935888
        Fax : 03-2935 8043


DENKO INDUSTRIAL: Messrs Horwath Releases Investigative Audit
-------------------------------------------------------------
Denko Industrial Corporation Berhad refers to the announcement
dated 23 December 2002 whereby Denko had obtained the approval
of the Securities Commission (SC) for its Proposed Corporate and
Debt Restructuring Scheme (PCDRS). One of the conditions imposed
by the SC in its approval for the PCDRS was that Denko is
required to appoint an independent audit firm to conduct a
investigative audit on the past losses of Denko and its
subsidiary companies (Group). On 13 February 2003, the Company
appointed Messrs Horwath (Horwath) to carry out the
investigative audit as announced in the monthly announcement
dated 3 March 2003. The investigative audit on the Group which
covered the financial years from 31 March 1998 to 31 March 2002
(Relevant Period) submitted to the SC on 12 November 2003.

The Board of Directors of Denko hereby announces a summary of
the findings of the investigative audit as extracted from the
Executive Summary prepared by Horwath. Details can be seen at
http://bankrupt.com/misc/Denko1114.doc.


FORESWOOD GROUP: Claims Minimal Writ of Summons Impact
------------------------------------------------------
Foreswood Group Berhad, in reply to the Query Letter by KLSE
reference ID : NS-031111-35538 on the Writ Of Summons, wishes to
forward this additional information for public release:

1. As the Company is already under Receivership the financial
and operational impact is minimal.

KLSE's Query Letter content:

We refer to your Company's announcement dated 7 November 2003 in
respect of the aforesaid matter. In this connection, kindly
furnish the Exchange immediately with the following
additional information for public release:

1. The financial and operational impact of the summons on your
Group.

Please furnish the Exchange with your reply within two (2)
market days from the date hereof.

Yours faithfully,
TAN YEW ENG
Sector Head, Issues & Listing
TYE/NZ
copy to: Securities Commission (via fax)


KAI PENG: Discloses Dealings in Shares Within Closed-Period
-----------------------------------------------------------
Kai Peng Berhad has received a notification from Mr Chew See
Yow, a Director of Kai Peng, of his intention to deal in the
shares of Kai Peng during the closed period and his current
interest in Kai Peng, as tabled below:

Interest          No. of shares          % of Issued Capital
Direct               12,877,000                  14.34
Indirect                119,000                   0.13


The Troubled Company Reporter - Asia Pacific reported that the
Securities Commission has granted its approval for a further
extension of time for 6 months up to 11 March 2004 for KPB to
complete the Corporate Exercises.


L&M CORPORATION: Seeks Application for Time Extension
------------------------------------------------------
The Special Administrators of L&M Corporation (M) Bhd wish to
announce that on 7 November 2003 RHB Sakura Merchant Bankers
Berhad submitted on behalf of the Company, an application for
extension of time to the Securities Commission, for another two
(2) months to 23 January 2004, to complete the Proposed
Corporate and Debt Restructuring Scheme.

Last month, the Troubled Company Reporter - Asia Pacific
reported that the Company's total default payments to financial
institutions, in respect of various credit facilities granted to
its subsidiary Company, L&M Geotechnic Sdn Bhd, based on the
latest available information provided by financial institutions
as at 30 September 2003 was RM61,231,252.74.


LION CORPORATION: 13th AGM Scheduled in December
------------------------------------------------
Notice is hereby given that the Thirtieth Annual General Meeting
of Lion Corporation Berhad will be held at the Meeting Hall,
Level 48, Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur
on 4 December 2003 at 2:00 pm for the following purposes:

AGENDA

1. To receive and adopt the Directors' Report and Audited
Financial Statements for the financial year ended 30 June 2003.

2. To approve the payment of Directors' fees amounting to
RM132,500 (2002 : RM109,000).

3. To re-elect Directors:

In accordance with Article 98 of the Company's Articles of
Association, Mr M Chareon Sae Tang @ Tan Whye Aun retires by
rotation and, being eligible, offers himself for re-election.

In accordance with Article 99 of the Company's Articles of
Association, Y. Bhg. Datuk Emam Mohd Haniff bin Emam Mohd
Hussain, who was appointed during the financial year retires
and, being eligible, offers himself for re-election.

4. To consider and if thought fit, pass the following
resolutions pursuant to Section 129(6) of the Companies Act,
1965 as ordinary resolutions:

"THAT Y.M. Raja Zainal Abidin bin Raja Haji Tachik who retires
pursuant to Section 129(2) of the Companies Act, 1965 be and is
hereby re-appointed a Director of the Company to hold office
until the next annual general meeting."

"THAT Mr Folk Fong Shing @ Kok Fong Hing who retires pursuant to
Section 129(2) of the Companies Act, 1965 be and is hereby re-
appointed a Director of the Company to hold office until the
next annual general meeting."

5. To re-appoint Auditors to hold office until the conclusion of
the next annual general meeting and to authorize the Directors
to fix their remuneration.

6. Special Business

To consider and if thought fit, pass the following resolutions
as ordinary resolutions:

6.1 Authority to Directors to issue shares

"THAT pursuant to Section 132D of the Companies Act, 1965 and
subject to the approval of all relevant authorities being
obtained, the Directors be and are hereby empowered to issue
shares in the Company at any time and upon such terms and
conditions and for such purposes as the Directors may, in their
absolute discretion deem fit, provided that the aggregate number
of shares issued pursuant to this resolution does not exceed 10%
of the issued capital of the Company for the time being and that
such authority shall continue in force until the conclusion of
the next annual general meeting of the Company."

6.2 Proposed Shareholders' Mandate for Recurrent Related Party
Transactions

"THAT approval be given for the Company and its subsidiary
companies to enter into the recurrent related party transactions
of a revenue or trading nature which are necessary for its day-
to-day operations as detailed in paragraph 3.3 (Recurrent
Transactions) and with those related parties as detailed in
paragraph 3.2 of the Circular to Shareholders of the Company
dated 12 November 2003 subject to the following:

   i) the transactions are in the ordinary course of business
and are on terms not more favorable to the related parties than
those generally available to the public and are not to the
detriment of the minority shareholders of the Company; and

   ii) disclosure is made in the annual report of the breakdown
of the aggregate value of transactions conducted pursuant to the
shareholders' mandate during the financial year, amongst others,
based on the following information:

     a) the type of Recurrent Transactions made; and

     b) the names of the related parties involved in each type
of Recurrent Transactions made and their relationship with the
Company;

AND THAT authority conferred by this Ordinary Resolution shall
continue to be in force until:

     i) the conclusion of the next annual general meeting of the
Company at which time it will lapse, unless by a resolution
passed at the meeting, the authority is renewed;

    ii) the expiration of the period within which the next
annual general meeting after that date is required to be held
pursuant to Section 143(1) of the Companies Act, 1965
(but shall not extend to such extension as may be allowed
pursuant to Section 143(2) of the Companies Act, 1965); or

   iii) revoked or varied by resolution passed by the
shareholders in general meeting;

whichever is the earlier,

AND THAT the Directors be and are hereby authorized to complete
and do all such acts and things (including executing such
documents as may be required) to give effect to the transactions
contemplated and/or authorized by this Ordinary Resolution."

7. To transact any other business for which due notice shall
have been given.


SASHIP HOLDINGS: KLSE Rejects Time Extension Application
--------------------------------------------------------
Saship Holdings Berhad (Special Administrators Appointed) refers
to the announcement dated 21October 2003 in relation to the De-
Listing Procedures commenced against the Company.

The Special Administrators of Saship wish to announce that the
Kuala Lumpur Stock Exchange, on 11 November 2003, rejected the
Company's application for an extension of time of two months
until 31 December 2003 to submit the proposed regularization
plans to the relevant authorities for approval. The Special
Administrators intend to appeal the Exchange's decision.


SIN HENG: Obtains MITI's Nod on Proposed Revised Scheme
-------------------------------------------------------
Sin Heng Chan (Malaya) Berhad (Special Administrators Appointed)
refers to the announcement made on behalf of the Special
Administrators of SHCM (SA) on 8 October 2003 in relation to the
Proposed Revised Scheme.

On behalf of the SA, Southern Investment Bank Berhad is pleased
to announce that the Ministry of International Trade and
Industry (MITI), via its letter dated 11 November 2003, informed
that it has noted and has no objection to the Proposed Revised
Scheme.

The Proposed Revised Scheme is still subject to, inter-alia, the
following approvals being obtained from:

   (i) the Securities Commission; and
   (ii) the Foreign Investment Committee.

The condition imposed by MITI by its earlier letter dated 19
November 2002 remains unchanged.

SHCM is also required to inform the MITI after the completion of
the Proposed Revised Scheme.


SRI HARTAMAS: KLSE Grants Scheme Time Extension Requests
--------------------------------------------------------
Further to the announcement dated 8 April 2003 and on behalf of
Sri Hartamas Berhad (Special Administrators Appointed), Commerce
International Merchant Bankers Berhad (CIMB) is pleased to
announce that the Kuala Lumpur Stock Exchange (KLSE), via its
letter dated 7 November 2003, granted its approval to Hartamas
Group Berhad (HGB), for:

   (i) Shortening of the period of notice for the book closing
date in respect of the proposed restricted renounceable rights
issue by HGB from not less than twelve (12) market days as
required under Paragraph 6.18 of the Listing Requirements of
KLSE to five (5) market days;

   (ii) Shortening of the period of notice for the book closing
date in respect of the proposed capital reduction by SHB from
not less than twelve (12) market days as required under
Paragraph 9.19(1) of the Listing Requirements of KLSE to five
(5) market days;

   (iii) Exemption from the trading of the provisional allotment
letter arising from the proposed restricted renounceable rights
issue by HGB on the KLSE as stipulated in Appendix 6E of Chapter
6 of the Listing Requirements of KLSE;

   (iv) Shortening of the period between the book closing date
and the closing date for receipt of application for and
acceptance of new securities in respect of the proposed
restricted renounceable rights issue by HGB from not less than
twenty two (22) market days as required under Paragraph 6.20 of
the Listing Requirements of KLSE to fourteen (14) market days;
and

   (v) Extension of time of six (6) months from the date of
listing of HGB on the KLSE for HGB to comply with the 25% public
shareholding spread requirement pursuant to Paragraph 3.05(1) of
the Listing Requirements of KLSE (Extension of Time).
The application for the recognition of the ordinary shares of
RM1.00 each in HGB (HGB Shares) held by the shareholders of HGB
holding less than 100 HGB Shares as shares held by the public
and be included in the computation of the public shareholding
spread of HGB was not approved by the KLSE.

The following conditions must be met in respect of the Extension
of Time:

   (i) SHB/HGB must make an immediate announcement of the grant
of the extension of time disclosing:

     (a) That an extension of time for compliance has been
granted;

     (b) The duration of the extension (including when it will
begin and when it will lapse);

     (c) Its plans to comply with the 25% public spread
requirement within six (6) months from the date of listing of
HGB including:

      * An explanation of the approvals required (if any) and
whether such approvals have been obtained; and

      * If the approvals have not been obtained, an explanation
of the tentative timeline for obtaining the approvals; and

     (d) Any conditions that have been imposed by the KLSE;

   (ii) HGB must make follow-up announcements on a bi-monthly
basis and no later than 14 days from the expiry of the two (2)-
month period. The announcements must state:

     (a) The status of its plan to meet the 25% public spread.
In this respect, HGB must explain the progress it has made
within the last two (2) months in relation to its plan to comply
with the 25% public spread;

     (b) If no, an explanation of the reason as to the lack of
progress; and

     (c) An explanation of any steps HGB has taken in respect of
its lack of progress; and

   (iii) HGB procures an irrevocable undertaking letter from
FACB Resorts Berhad (FACB) that FACB will place out the
appropriate quantum of HGB Shares to rectify the shortfall in
the public shareholding spread within six (6) months from the
date of listing of HGB Shares on the KLSE.

The details of the requirements of an announcement as stated in
paragraph (i) above are set out herein.

The duration of the extension of time for HGB to comply with the
25% public shareholding spread requirement as approved by the
KLSE on 7 November 2003 and the Securities Commission (SC) on 3
April 2003, will be for a period of six (6) months from the date
of listing and quotation for the HGB Shares on the KLSE, the
exact date will only be determined at a later date. FACB will
give an irrevocable undertaking to HGB that it will place out or
dispose off such required number of HGB Shares held by it to
rectify the shortfall in the 25% public shareholding spread
within six (6) months from the date of listing of and quotation
for the HGB Shares on the KLSE. To achieve the above objective,
FACB is currently finalizing the terms of the appointment of a
placement agent who will together with FACB procure to place out
the required number of HGB Shares to public investors. The
placement plans to place out or dispose off the HGB Shares are
currently being finalized. Other than the approvals of the SC
and KLSE, which have been received, the extension of time to
comply with the 25% public shareholding spread requirement does
not require the approvals of other authorities.

Notwithstanding the above, SHB, FACB and HGB are currently in
the midst of finalizing the necessary arrangements in order to
enable SHB and HGB to implement the Proposed Scheme of
Arrangement.


TALAM CORP.: Posts Renounceable Rights Trading Relevant Date
--------------------------------------------------------
Talam Corporation Berhad posted the Important Relevant Dates for
Trading of Renounceable Offer for Sale (Offer for Sale) of the
Rights to Allotment (RTA) of 591,867,978 Five (5)-Year 5%
Irredeemable Convertible Preference Shares of RM0.10 each in
Talam Corporation Berhad (Talam ICPS) by Kumpulan Europlus
Berhad (KEB) to the Shareholders of KEB at an Offer Price of
RM0.10 per Talam ICPS, payable in full upon acceptance, on the
basis of 125 Talam ICPS for every 100 KEB shares held pursuant
to the Rationalization of the Businesses of Talam and Europlus
Berhad, including the Merger of their Property Related
Businesses.

Dispatch Date : 17/11/2003

Last date and time for:           Date                  Time
Sale of provisional allotment
of rights                        02/12/2003 at 05:00:00 PM
Transfer of provisional
allotment of rights              05/12/2003 at 04:00:00 PM
Acceptance and payment :         15/12/2003 at 05:00:00 PM
Excess share application and
payment :                        15/12/2003 at 05:00:00 PM
Commencement Date :              19/11/2003
Cessation Date :                 03/12/2003

Remarks:

Barring unforeseen circumstances, the important relevant dates
pertaining to the Offer for Sale are as stated above or such
later day and time as the KEB Board may, in their absolute
discretion, decide subject to the approval of the Kuala Lumpur
Stock Exchange (KLSE), which will be duly announced on the KLSE.

RTA of Talam ICPS not taken up will first be allotted to
applicants applying for excess RTA of Talam ICPS and
subsequently to Commerce International Merchant Bankers Berhad,
as underwriter, if the RTA of Talam ICPS are not fully taken up
by such applicants.


TANJONG PUBLIC: Posts Principal Officer's Open Period Dealings
--------------------------------------------------------------
Tanjong Public Limited Company wishes to announce that the
Company has been notified of the following dealings by a
Principal Officer of the Company pursuant to Paragraph 14.09 (a)
of the KLSE Listing Requirements:

1. Notification on 11 November 2003 by Yin Yee Yuen:

   a. (i) That he has disposed in the open market of the KLSE
2,000 shares of 7.5 pence each in Tanjong representing 0.001% of
the issued share capital of Tanjong as at the date of the
transaction;

      (ii) Date of transaction - 10 November 2003;

      (iii) Transaction price - RM10.90 per share of 7.5 pence

   b. (i) That he has disposed in the open market of the KLSE
3,000 shares of 7.5 pence each in Tanjong representing 0.001% of
the issued share capital of Tanjong as at the date of the
transaction;

      (ii) Date of transaction - 10 November 2003;

      (iii) Transaction price - RM11.00 per share of 7.5 pence

COMPANY PROFILE

The principal activity of Tanjong is investment holding whilst
the principal activities of its subsidiaries consist of the
numbers forecast and racing totalizator businesses in Malaysia,
power generation and property investment and the import,
bottling, sale and distribution of liquefied petroleum gas in
the People's Republic of China. The Group has a JV in a film
exhibition business and an associate which leases facilities for
online lottery operation. Tanjong's subsidiary, Powertek Bhd,
which is involved in power generation, is also listed on KLSE.

The Group's property investment business comprises a tenancy
agreement with reputable clients at Menara Maxis.

Currently the owner and operator of two power plants in Teluk
Gong and Tanjong Kling, Malacca, the Company was granted the
approval from Malaysia's Economic Planning Unit in July 2000 to
construct a third plant located adjacent to its Teluk Gong
plant. Completion is expected by March 2002. This will increase
the total generating capacity of Powertek to 1,490 MW.

On 17 July 2001 the SC approved a proposed redeemable bonds
issue by Powertek of up to RM350m nominal value of bonds and a
commercial papers (CP)/medium term notes (MTN) programmed of up
to RM250m nominal value. Bonds amounting to RM350m nominal value
have been issued at par on 30 August 2001 whilst the CP/MTN
programmed remains un-issued. Proceeds of RM350m from the bonds
have been advanced to Powertek's wholly-owned subsidiary,
Panglima Power Sdn Bhd, to part finance construction and
development of the third (720 MW) combined cycle power plant.

CONTACT INFORMATION: Principal Office in Malaysia
        Level 30, Menara Maxis
        Kuala Lumpur City Center
        50088 Kuala Lumpur
        Tel : 03-23813388
        Fax : 03-23813399


TECHNO ASIA: 3.70M Pilecon Shares Set-Off, Transfer Completed
-------------------------------------------------------------
Techno Asia Holdings Berhad (Special Administrators (SA)
Appointed) refers to the announcement on 18 August 2003 in
relation to the Set-Off and Transfer of 3.70 million Pilecon
Engineering Berhad (Pilecon) Shares owned by TAHB to the Secured
Creditor, namely CMS Mezzanine Sdn Bhd, at a Transfer Value of
approximately RM1.3 million (Set-Off and Transfer of 3.70
million Pilecon Shares).

AmMerchant Bank Berhad, on behalf of TAHB, wishes to announce
that the Set-Off and Transfer of 3.70 million Pilecon Shares has
been completed on 7 November 2003, as confirmed by the
transaction lawyer on 12 November 2003.


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


ABS-CBN BROADCASTING: Defer Notes Issuance
------------------------------------------
ABS-CBN Broadcasting Corporation will defer its planned offering
of senior secured notes due to poor market conditions, according
to Reuters.

ABS-CBN, a unit of conglomerate Benpres Holdings Corporation,
said last month it hoped to raise US$150 million from the deal
to repay existing debts and finance more investment in cable
television operations. The Company's long-term debt as of end
September was 3.856 billion pesos while bank loans were at 228
million pesos.


MANILA ELECTRIC: Resumes Talks With First Gas Power
---------------------------------------------------
The Manila Electric Co. (Meralco) will continue negotiations
with sister Company First Gas Power Corporation to resolve
amendments to power contracts, Business World reports. First
Gas, is controlled by the Lopezes, the same group which controls
Meralco. The group has not budged in similar negotiations with
Meralco. First Gas is a unit of First Gas Holding Corp., a joint
venture between British Gas, First Philippine Holdings and the
Meralco Pension Fund.


NATIONAL STEEL: Rehabilitation May Start March Next Year
--------------------------------------------------------
The rehabilitation of the National Steel Corporation (NSC) could
possibly start by March 2004, if negotiations with Global
Infrastructure Holdings Ltd. (GIHL) push through, the Philippine
Star reported on Thursday, citing Trade and Industry Secretary
Manuel Roxas II.

GIHL has offered to lease - with option to purchase - the steel
firm in Iligan City, Davao. The creditor bank group led by the
Philippine National Bank aims to provide a 90-day period during
which they would negotiate with GIHL and discuss the terms of
the sale.


PHILIPPINE TELEGRAPH: ASM Set November 28
-----------------------------------------
Further to Circular for Brokers No. 3401-2003 dated October 24,
2003, Philippine Telegraph and Telephone Corporation (PTT)
furnished the Philippine Stock Exchange a copy of its SEC Form
17-IS (Definitive Information Statement) in connection with its
Annual Stockholders' Meeting which will be held on November 28,
2003, at 3 P.M. at the 4th Floor, Amorsolo Grand Ballroom,
Holiday Inn Galleria Manila, Ortigas Center, Pasig City.

As previously announced, "for the purposes of the meeting, the
close of business on 24 October 2003 has been fixed as the
record date for the determination of the stockholders entitled
to notice and to vote thereat."

For a copy of the Agenda for the said meeting, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3596_PTT.pdf


TG BANK: Issues Notice to Creditors
-----------------------------------
Starting October 24, 2003, the Philippine Deposit Insurance
Corporation (PDIC) thru its duly authorized representatives
shall receive claims for insured deposits maintained with the
closed TG Bank (Rural Bank of San Pablo City, Inc.).

Depositors are requested to proceed directly to the premises of
the said closed bank from October 24 to November 18, 2003, to
file claims for insured deposits.

PDIC representatives are stationed at the premises of the closed
bank on the above-cited dates to accept claims and entertain
queries of depositors during office hours, Monday to Friday.

After these dates, all depositors can file their claims
personally at the PDIC Office from Monday to Friday, 8 A.M. to 5
P.M., or by mail, addressed to:

The Manager
Claims Processing Department
Philippine Deposit Insurance Corporation
2228 Chino Roces Avenue
1231 Makati City

Depositors are advised to present the following requirements to
the PDIC representatives when filing their claims:

a.      Original evidence of deposit such as Savings Passbook
and/or Bank Statement and/or Certificate of Time Deposits.

b.      Latest identification documents (ID) bearing the
depositor's signature.

Other documents maybe required by the PDIC representatives in
the course of their processing of claims filed.

4.   Pursuant to the provision of R.A. 3591, as amended, the
prescriptive date (last day) for filing of claims for insured
deposits in the closed TG Bank (Rural Bank of San Pablo City,
Inc.) is on March 26, 2005.  After March 26, 2005, PDIC as
insurer, shall no longer accept any claim for insured deposits
maintained with the said closed bank.


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


CHARTERED SEMICONDUCTOR: Post Changes in Director's Interest
------------------------------------------------------------
Following is a notice of changes in Director's Shareholding
filed by Chartered Semiconductor Manufacturing Ltd. with the
Singapore Stock Exchange:

Name of director: Andre Borrel
Date of notice to Company: 12 Nov 2003
Date of change of interest: 11 Nov 2003
Name of registered holder: Andre Borrel
Circumstance(s) giving rise to the interest: Exercise of share
options/convertibles

Information relating to shares held in the name of the
registered holder:

No. of shares which are the subject of the transaction: 16,748
% of issued share capital: 0.00067
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.86
No. of shares held before the transaction: 19,312
% of issued share capital: 0.00077
No. of shares held after the transaction: 36,060
% of issued share capital: 0.0014
Holdings of Director including direct and deemed interest
                          Deemed   Direct
Shares held before:       0        19,312
% of issued share Capital:0       0.00077
Shares held after:        0        36,060
% of issued share Capital:0        0.0014
Total Shares:             0        36,060

Amount of consideration is denominated in Singapore dollars
unless otherwise noted.


FORD REALTY: Petition to Wind Up Pending
----------------------------------------
The petition to wind up Ford Realty Private Limited is set for
hearing before the High Court of the Republic of Singapore on
November 21, 2003 at 10 o'clock in the morning. P.T. Bank Negara
Indonesia, a creditor, whose address is situated at No. 158
Cecil Street, #03-00 Dapenso Building, Singapore 069545, filed
the petition with the court on October 29, 2003.

The petitioners' solicitors are Messrs Tan Rajah & Cheah of
Straits Trading Building, 9 Battery Road #15-00, and Singapore
049910. Any person who intends to appear on the hearing of the
petition must serve on or send by post to Messrs Tan Rajah &
Chea a notice in writing not later than twelve o'clock noon of
the 20th day of November 2003 (the day before the day appointed
for the hearing of the Petition).


GIVING TREE: Issues Dividend Notice
-----------------------------------
The Giving Tree Pte Ltd. (In Creditors' Voluntary Liquidation)
issued a notice of intended preferential dividend as follows:

Address of former registered office: 10 Anson Road
#21-02 International Plaza Singapore 079903.

Last day for receiving proofs: 22nd November 2003.

Name of liquidators: Chee Yoh Chuang & Lim Lee Meng.

Address of liquidators: c/o 18 Cross Street #08-01 Marsh &
McLennan Centre Singapore 048423.

Dated this 7th day of November 2003.
CHEE YOH CHUANG
LIM LEE MENG
Liquidators.


HUA KOK: Schedules AGM on November 28
-------------------------------------
Notice is hereby given that the Fifth Annual General Meeting
(AGM) of Hua Kok International Ltd will be held at 32 Sungei
Kadut Way, Singapore 728787 on Friday, the 28th day of November
2003 at 3 P.M. for the following purposes:

As Ordinary Business

1. To receive and adopt the Directors' Report and Audited
Accounts for the financial year ended 30 June 2003, together
with the Auditors' Report thereon. (Resolution 1)

2(i) To re-elect Mr Tan Teck Gee, a Director retiring under
Article 91 of the Articles of Association.
(Resolution 2)

2(ii) To re-elect Mr Lin Yin Mew @ Paul, a Director retiring
under Article 97 of the Articles of Association. (Resolution 3)

2(iii) To re-elect Mr Lim Hui Min John, a Director retiring
under Article 97 of the Articles of Association.

Note: Mr Lim Hui Min John, an independent director, when re-
elected, will remain as a member of the Audit Committee.
(Resolution 4)

2(iv) To re-elect Mr Lin Sin Hoe, a Director retiring under
Article 97 of the Articles of Association.

Note: Mr Lin Sin Hoe, an independent director, when re-elected,
will remain as a member of the Audit Committee. (Resolution 5)

2(v) To re-elect Mr Tham Wai Mun Raphael, a Director retiring
under Article 97 of the Articles of Association. (Resolution 6)

2(vi) To re-elect Mr Seah Chin Yew, a Director retiring under
Article 97 of the Articles of Association. (Resolution 7)

2(vii) To re-elect Dr Teh Ban Lian, a Director retiring under
Article 97 of the Articles of Association.

Note: Dr Teh Ban Lian, an independent director, when re-elected,
will remain as a member of the Audit Committee. (Resolution 8)

3. To approve the payment of Directors' fees of S$37,500 for the
financial year ended 30 June 2003. (Resolution 9)

4. To re-appoint Messrs Ernst & Young as auditors of the Company
and to authorize the Directors to fix their remuneration.
(Resolution 10)

5. To transact any other business that may be transacted at an
Annual General Meeting.

As Special Business

6. To consider and if thought fit, to pass with or without
amendment, the following resolutions as Ordinary Resolution:

That pursuant to Section 161 of the Companies Act, Chapter 50
and the Listing Manual of the Singapore Exchange Securities
Trading Limited (SGX-ST), authority be and is hereby given to
the Directors to: I)

i) issue shares in the capital of the Company (shares) (whether
by way of rights, bonus or otherwise); and/or

ii) (that subject to and contingent upon the passing of a
Special Resolution (referred to in the Circular dated on or
about 5 November 2003 in relation to, inter alia, the proposed
alterations to the Articles of Association of the Company) at an
extraordinary general meeting of the Company to be held on
Friday, 28 November 2003), make or grant offers, agreements or
options (collectively, "Instruments") that might or would
require shares to be issued, including but not limited to the
creation and issue of warrants, debentures or other instruments
convertible or exchangeable into shares, at any time and upon
such terms and conditions and for such purposes and to such
persons as the Directors may in their absolute discretion deem
fit; and II) (notwithstanding the authority conferred by this
Resolution may have ceased to be in force) issue shares in
pursuance of any Instrument made or granted by the Directors
while this Resolution was in force, provided that :

1) the aggregate number of shares to be issued pursuant to this
Resolution (including shares to be issued in pursuance of
Instruments made or granted pursuant to this Resolution but
excluding shares which may be issued pursuant to any adjustments
effected under any relevant Instrument), does not exceed 50 per
cent. of the issued share capital of the Company (as calculated
in accordance with sub-paragraph

2) below), of which the aggregate number of shares to be issued
other than on a pro rata basis to shareholders of the Company
(including shares to be issued in pursuance of Instruments made
or granted pursuant to this Resolution but excluding shares
which may be issued pursuant to any adjustments effected under
any relevant Instrument) does not exceed 20 per cent. of the
issued share capital of the Company (as calculated in accordance
with sub-paragraph 2) below); 2) for the purpose of determining
the aggregate number of shares that may be issued under sub-
paragraph 1) above:

i) the percentage of issued share capital shall be calculated
based on the issued share capital of the Company as at the date
of the passing of this Resolution after adjusting for:

(aa) new shares arising from the conversion or exercise of any
convertible securities and share options that have been issued
pursuant to any previous shareholder approval and which are
outstanding as at the date of the passing of this Resolution;
and

(bb) any subsequent consolidation or subdivision of shares; and

ii) in relation to an Instrument, the number of shares shall be
taken to be that number as would have been issued had the rights
therein been fully exercised or effected on the date of the
making or granting of the Instrument;

3) in exercising the power to make or grant Instruments
(including the making of any adjustments under any relevant
Instrument), the Company shall comply with the provisions of the
Listing Manual of the SGX-ST for the time being in force (unless
such compliance has been waived by the SGX-ST) and the Articles
of Association for the time being of the Company; and

4) (unless revoked or varied by the Company in General Meeting)
the authority conferred by this Resolution shall continue in
force until the conclusion of the next Annual General Meeting of
the Company or the date by which the next Annual General Meeting
of the Company is required by law to be held, whichever is the
earlier. [See Explanatory Note]
(Resolution 11)

Explanatory Notes:

Resolution 11, if passed, will empower the Directors to issue
shares in the capital of the Company and/or Instruments (as
defined above). The aggregate number of shares to be issued
pursuant to this Resolution (including shares to be issued in
pursuance of Instruments made or granted pursuant to this
Resolution but excluding shares which may be issued pursuant to
any adjustments effected under any relevant Instrument) shall
not exceed 50 per cent. of the issued share capital of the
Company, with a sub-limit of 20 per cent. for shares issued
other than on a pro rata basis (including shares to be issued in
pursuance of Instruments made or granted pursuant to this
Resolution but excluding shares which may be issued pursuant to
any adjustments effected under any relevant Instrument) to
shareholders. For the purpose of determining the aggregate
number of shares that may be issued, the percentage of issued
share capital will be calculated based on the issued share
capital of the Company as at the date of the passing of this
Resolution after adjusting for:

a) new shares arising from the conversion or exercise of
convertible securities and share options that have been issued
pursuant to any previous shareholder approval and which are
outstanding as at the date of the passing of this Resolution;
and

b) any subsequent consolidation or subdivision of shares.

This calculation is in accordance with Rule 806(3) of the
Listing Manual of the Singapore Exchange Securities Trading
Limited. The authority will continue in force until the next
Annual General Meeting of the Company or the date by which the
next Annual General Meeting of the Company is required by law to
be held, whichever is the earlier, unless previously revoked or
varied at a general meeting.

Notes:

1. A Member entitled to attend and vote at the Annual General
Meeting (AGM) is entitled to appoint one or two proxies to
attend and vote instead of him/her/it. A proxy need not be a
Member of the Company.

2. If the appointer is a corporation, the instrument appointing
a proxy or proxies must be executed under seal or the hand of
its duly authorized officer or attorney.

3. The instrument appointing a proxy or proxies must be
deposited at the Registered Office of the Company at 32 Sungei
Kadut Way, Singapore 728787 not less than 48 hours before the
time for holding the AGM.

Hua Kok International Limited posted a net loss of S$12.97 in
the year ending June 30, versus a loss of S$12.51 a year
earlier, TCR-AP reported recently.


MARITIME HOLDINGS: Issues Debt Claim Notice to Creditors
--------------------------------------------------------
Notice is hereby given that the creditors of Maritime Holdings
Limited (In Members' Voluntary Liquidation), which is being
wound up voluntarily, are required on or before the 8th day of
December 2003 to send in their names and addresses, with
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to the undersigned, the Liquidator
of the said Company, and, if so required by notice in writing
from the said Liquidator, are by their solicitors, or
personally, to come in and prove their said debts or claims at
such time and place as shall be specified in such notice or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.
Dated this 7th day of November 2003.

RAMASAMY SUBRAMANIAM IYER
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.


MARITIME (PRIVATE): Creditors Must Submit Claims by December 8
--------------------------------------------------------------
Notice is hereby given that the creditors of Maritime (PRIVATE)
LTD (In Members' Voluntary Liquidation), which is being wound up
voluntarily, are required on or before the 8th day of December
2003 to send in their names and addresses, with particulars of
their debts or claims and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidator of the
said Company, and, if so required by notice in writing from the
said Liquidator, are by their solicitors, or personally, to come
in and prove their said debts or claims at such time and place
as shall be specified in such notice or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

Dated this 7th day of November 2003.
RAMASAMY SUBRAMANIAM IYER
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.


NEPTUNE ORIENT: SGX-ST OKs Listing of Shares
--------------------------------------------
Further to the announcements of 10 and 11 November 2003 on the
above, and in connection with the proposed issue and allotment
(the Subscription) of 236 million new ordinary shares of S$1.00
par value each (the Subscription Shares) in the capital of
Neptune Orient Lines Limited, the Company announced that the
Singapore Exchange Securities Trading Limited (the SGX-ST) has
granted approval in-principle for the listing and quotation of
the Subscription Shares subject to the following conditions:

1) Confirmation by the Company and Credit Suisse First Boston
(the Placement Agent) that the 236 million ordinary shares of
the Company borrowed from Temasek Holdings (Private) Limited
will not be placed to any persons prohibited under Rule 812(1);

2) Undertaking from the Company to announce the borrowing fee
payable to Temasek Holdings (Private) Limited, including the
basis of arriving at the fee payable, as soon as practicable;
and

3) Undertaking from the Company to:

(a) Make periodic announcements on the utilization of the
placement proceeds as and when the fund from the placement are
materially disbursed; and

(b) Provide status report on the use of the placement proceeds
in the annual report.

The SGX-ST's in-principle approval is not an indication of the
merits of the Subscription, the Company or the Subscription
Shares.


OCEANIC FATS: Issues Winding Up Order Notice
--------------------------------------------
Oceanic Fats & Oils (S) Pte Ltd issued a notice of winding up
order made on the 31st day of October 2003.

Name and address of Liquidator: Mr Yin Kum Choy
Messrs K C Yin & Co
100 Tras Street
#16-01 Amara Corporate Tower
Singapore 079027.

Messrs MOK & TAN
Solicitors for the Petitioners.


PARKWAY HOLDINGS: Dissolves UK Subsidiaries
-------------------------------------------
The Board of Directors of Parkway Holdings Limited announced
that the following companies:

Subsidiaries

1. Nutpine Properties Limited
2. Saltplains Limited

Associated Companies
1. Blendkirk Limited
2. Validhill Limited
3. Avidcrown Limited
4. Fifteen Upper Grosvenor Street Limited

All incorporated in the United Kingdom, have completed their
divestments of all their assets and properties this year. As
such, the Associated Companies have been dissolved. The
subsidiaries will be dissolved by early next year.


TELEGLOBE SINGAPORE: Releases Dividend Notice
---------------------------------------------
Teleglobe Singapore Pte Ltd (In Creditors' Voluntary
Liquidation) issued a notice of intention to declare dividend as
follows:

Address of Registered Office: c/o Tay Swee Sze & Associates
30 Robinson Road #04-01 Robinson Towers Singapore 048546.

Last day for Receiving Proofs: 24th November 2003.

Names of Liquidators: Tay Swee Sze.

Addresses of Liquidators: c/o Tay Swee Sze & Associates
30 Robinson Road #04-01 Robinson Towers Singapore 048546.

Dated this 7th day of November 2003.
TAY SWEE SZE
Liquidator.


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


CIVILIZE MANSION: Files Business Reorganization Petition
--------------------------------------------------------
The Petition for Business Reorganization of Civilize Mansion
Company Limited (DEBTOR), engaged in real estate, was filed to
the Central Bankruptcy Court:

    Black Case Number 100/2546

    Red Case Number 372/2546

Petitioner: SYP SUPPLIES COMPANY LIMITED No.1
            YSP CON COMPANY LIMITED No.2

Debts Owed to the Petitioning Creditor: Bt165,075,383.86

Date of Court Acceptance of the Petition: January 21, 2003

Date of Examining the Petition: March 17, 2003 at 9.30 A.M.

Court Order for Business Reorganization and Appointment Debtor's
Company to be Temporary Administrator on March 17, 2003
Appointment date for the Meeting of Creditors to elect a Planner
on June 2, 2003, at 9:30 am. ,at Convention Room 1103 ,at
Bangkok-Insurance Building, 11th floor, South Sathorn Road

The Meeting of Creditors hadn't nominated the planner, Official
Receiver reported to court and waiting for the court order
Court had issued an Order Cancelled the Order for Business
Reorganization since July 28, 2003

Announcement of Court Order Cancelled the Order for Business
Reorganization : in Matichon Public Company Limited and Siam
Rath Company Limited: August 25, 2003

Announcement of Court Order Cancelled the Order for Business
Reorganization in Government Gazette: September 18, 2003

Contact: Mrs. Umaporn Tel, 6792525 ext 142


KRISADA MAHANAKORN: Discloses BOD Meeting No. 8/2003 Resolutions
----------------------------------------------------------------
Krisda Mahanakorn Public Company Limited reported the
resolutions of the Board of Directors No. 8/2003, held on
November 11, 2003 in respect to a capital increase and share
allotment as follows:

1. Capital Increase

The meeting of the Board of Directors passed a resolution
approving the increase of a registered capital of the Company
from Bt8,315,569,580to Bt12,119,116,080by means of the issuance
of 380,354,650new ordinary shares with a par value of Bt10 each,
totaling Bt3,803,546,500.

2. Allotment of new shares

   2.1  The meeting of the Board of Directors passed a
resolution approving the allotment of 380,354,650ordinary shares
with a par value of Bt10 each.

   2.2  The Company's plan in case where there is a fraction of
shares remaining           -None-

   2.3 The number of shares remaining from the allotment is
            -None-

3. Schedule for shareholders meeting to approve the capital
increase/allotment

The Extraordinary General Meeting of Shareholders No.1/2004 is
schedule to be held on January 6, 2004 at10.00 Am at placement
later. The share register will be closed for share transfer in
order to determine the right to attend this meeting from
December 16, 2003 at 12.00 hours, until the meeting has been
duly convened and the book closing date for share and warrants
subscription shall be on January 14, 2004 at 12.00 hours.

4.  Approval of the capital increase/share allotment by relevant
governmental agency and condition thereto (if any)

The allotment of warrants to existing shareholders require the
submission of application for approval of an offer of newly
issued warrants and newly issued shares reserved for the
exercise of warrants, the filing and draft prospectus to the
Office of the Securities and Exchange Commission (the SEC) after
the Extraordinary General Meeting of Shareholders No1/2004
approves the issuance and offering of warrants. Thus, the
offering of warrants will be carried out after the Company
obtains the approval from the SEC and the filing and draft
prospectus become effective.

5.  Objectives of the capital increase and plans for utilizing
proceeds received from the capital increase

To be used as working capital.

6. Benefits which the Company will receive from the capital
increase/share allotment

The Company will have enough capital to invest in new projects
and to enhance its capability to increase future revenues.

7.  Benefits which the shareholders will receive from the
capital increase/share allotment

   7.1 The Company has a policy to pay dividends at 50% of the
net profit after taxes, or as it may deem appropriate, except in
cases where there are other necessities and such payments would
significantly affect the normal operations of the Company.

   7.2 The warrant holders who exercise their right to purchase
the Company's shares will be entitled to receive dividend from
the year that the exercise occurred.

8. Other details necessary for shareholders to approve the
capital increase/share allotment    -None-

9. Schedule of action where the Board of Directors of the
Company passed a resolution approving the capital increase or
allotment of new shares

        Process Date

    1. The closing date of the share register  December 16, 2003
       book for determining the right to
       attend the Extraordinary General
       Meeting of Shareholders No. 1/2004.



    2. The Extraordinary General Meeting of    January 6, 2004
       Shareholders No. 1/2004 to approve
       the capital increase, share allotment
       and the issuance of warrants.

    3. The closing date of the share          January 14, 2004
       register book for determining the
       right of the and the book closing date
       for share and warrants subscription


KRISDA MAHANAKORN Clarifies Q303 Net Profit Increase
--------------------------------------------------------
Krisda Mahanakorn Public Co., Ltd. clarified the operations for
the period ended September 30, 2003 which presented net profit
amounted to Bt112 million, compared with the operation for the
prior period which presented net loss amounted to Bt59 million.

The increased net profit amount of more than 20% resulted from
the increasing KMC's revenue from sale of property and
construction.

The Company's reviewed quarterly financial statements:

Ending  September 30,          (In thousands)
Quarter 3                  For 9 Months

Year         2003          2002            2003            2002

Net profit (loss)  111,795   (58,754)     777,939     (140,418)
EPS (baht)         0.45      (0.33)       3.19        (0.83)


NAKORNTHAI STRIP: Analysts Meeting Set Today
--------------------------------------------
Pursuant to the approval of trading resumption of Nakornthai
Strip Mill Public Company Limited (NSM) shares along with Public
Offering share on November 18, 2003.

Maharaj Planner Company Limited, in the capacity of the Plan
Administrator of NSM, invited all analysts to attend a meeting
on November 14, 2003 at 9:30 am., Room No. 303, 3rd Floor, The
Stock Exchange of Thailand Building.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                        Total
                                        Shareholders   Total
                                        Equity         Assets
Company                       Ticker    ($MM)          ($MM)
-------                       ------    ------------   -------

CHINA & HONG KONG
-----------------

Guangdong Sunrise Holdings
Co., Ltd.                      000030     (184.24)     23.04
Jinan Qingi Motorcyle
Co., Ltd.                      600698     (193.08)    113.96
Shenzhen China Bicycles
Co., Ltd.                      000017     (239.91)     60.39
Shenzhen Great Ocean
Shipping Co., Ltd.               200057      (10.87)     11.27
Shenzhen Petrochemical
Industry Group Co., Ltd.       000013     (243.36)     89.48


INDONESIA
---------

PT Lippo Securities  Tbk        LPPS        (3.62)      14.26
PT Mulia Industrindo Tbk        MLIA      (118.23)     479.02
Smart Tbk                       SMAR       (37.38)     398.89


MALAYSIA
--------

CSM Corporation Bhd             CSMB        (8.40)      41.55
Faber Group Bhd                 FBMS        (7.16)     504.98
Kemayan Corp Bhd                KOPS      (289.67)     114.38
MBf Corp Bhd                    MBFS      (516.81)     189.99
Panglobal Bhd                   PGL0       (41.07)     187.79
Promet Bhd                      PMPT      (174.45)      50.49
Saship Holdings Bhd             SASH      (168.88)     136.30
Sri Hartamas Bhd                SRIH      (118.91)      99.76
Tongkah Holdings Bhd            TKHS       (78.01)     112.62
Uniphoenix Corporation Bhd      UNI       (145.25)      33.34


PHILIPPINES
-----------

Pilipino Telephone Co          PNOTF     (356.17)      122.97


SINGAPORE
---------

Pacific Century Regional
Developments Ltd                PCEN      (931.65)     7369.85


THAILAND
--------

Datamat PCL                     DTM         (9.53)       13.66
Krisda Mahanakorn PCL           KMC        (64.17)      266.88
National Fertilizer PCL         NFC        (30.82)      297.40
Siam Agro-Industry Pineapple
And Others PCL                  SAIC       (13.88)       14.02
Thai Nam Plastic PCL            TNPC        (2.00)       24.33
Tuntex (Thailand) PCL           TUN        (26.82)      381.43


Each Friday edition of the Troubled Company Reporter - Asia
Pacific contains a list of companies with insolvent balance
sheets based on the latest publicly available balance sheet
available to our editors at the time of publication.  At first
glance, this list may look like the definitive compilation of
stocks that are ideal to sell short.  Don't be fooled.  Assets,
for example, reported at historical cost net of depreciation may
understate the true value of a firm's assets.  A company may
establish reserves on its balance sheet for liabilities that may
never materialize.  The prices at which equity securities trade
in public market are determined by more than a balance sheet
solvency test.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***