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

                   A S I A   P A C I F I C

         Monday, November 17, 2003, Vol. 6, No. 227

                         Headlines

A U S T R A L I A

AMP LIMITED: Former Agent Moses Jailed
AUSTRALIAN GAS: Strikes a Balance With Greenhouse
ONE.TEL LIMITED: Asset Transfer Agreement Terminated
TOWER LTD: Panel Reviewing Underwriters Class Exemption Notice
VILLAGE ROADSHOW: Court to Hand Down Scheme Judgment


C H I N A  &  H O N G K O N G

FORKID TOYS: Hearing of Winding Up Petition Set
NAM FONG: Acknowledges Exceptional Price Movement
NE ELECTRIC: No Apparent Reason for Shares Volume Increase
RICH WAVE: Winding Up Sought by Megaprint
SEAPOWER RESOURCES: Consolidates, Subdivides Shares

SURGE RECREATION: Winding Up Petition Hearing Set


I N D O N E S I A

* IBRA Completes PPAP 4 Batch 3


J A P A N

ASHIKAGA FINANCIAL: FSA May Inject Public Funds
DAIEI INC.: Maps Out Fukuoka Rehabilitation
MARUBENI CORP.: New Stock Offer Won't Immediately Affect Ratings
NISSHO IWAI-NICHIMEN: Posts Y17.5B Net Loss
TOMEN CORPORATION: S&P Upgrades Rating to 'CCC'


K O R E A

DOOSAN HEAVY: Posts 3Q03 Y6.2B Net Loss
HANARO TELECOM: LG Plans to Sell Stake
SK GLOBAL: Discloses Statement of Financial Affairs


M A L A Y S I A

FACB RESORTS: Participates in SHB Proposed Scheme of Arrangement
GOLD BRIDGE: Served Statutory Debt Demand Notice
IDRIS HYDRAULIC: Postpones Proposed Disposal Application  
JUPITER SECURITIES: Receives RM5.320M Financing From OIB
KSU HOLDINGS: Posts Receiver, Manager Appointment Details

LONG HUAT: Winding Up Petition Hearing Adjourned to Feb 11
MBF HOLDINGS: Non-Executive Director Chin Shoong Resigns
MECHMAR CORPORATION: Disposing of Shareholdings in Subsidiaries
NCK CORPORATION: Writ of Summons Hearing Moved to Jan 26
PROMET BERHAD: Proposes Disposals to Set-Off Debts  

RASHID HUSSAIN: December 8 16th AGM Scheduled
SILVERSTONE CORPORATION: 25th AGM Scheduled in December
TECHNO ASIA: Pilecon Shares Set-Off, Transfer Completed
TIMBERMASTER INDUSTRIES: SC OKs Offering Circular Issuance
TONGKAH HOLDINGS: Bondholders Approved Special Resolutions


P H I L I P P I N E S

BANK OF MARILAO: Issues Notice to Creditors
BENPRES HOLDINGS: Clarifies Maynilad Arbitration Ruling Report
EASYCALL PHILIPPINES: Owners Approve Capital Restructuring
KUOK PHILIPPINES: Clarifies SEC Revocation Report


S I N G A P O R E

ATLAS OIL: Releases Dividend Notice
CHARTERED SEMICONDUCTOR: Unveils Financial Results
CHARTERED SEMICONDUCTOR: Unveils Principal Sources of Liquidity
MULTI-CHEM LIMITED: Posts Changes in Shareholder's Interest
NEPTUNE ORIENT: CSFB Expects US$7M Loss After Share Placement

NEPTUNE ORIENT: Post Changes in Shareholder's Interest
RED SEA: Issues Debt Claim Notice to Creditors
SINGAPORE TELECOMMUNICATIONS: Unit Appoints liquidator
SSANGYONG CEMENT: Narrows Q303 Net Loss
UNITED OVERSEAS: Dissolves Subsidiary


T H A I L A N D

BANGKOK RUBBER: SET Posts SP, NP Signs
EASTERN PRINTING: Incurs Q303 Profit of Bt20.85M
EMC PUBLIC: Explains Why Auditor Disclaims F/S Opinion
NATURAL PARK: Provides Q303 Operation Results Details
RATTANA REAL: Auditor Unable to Express F/S Opinion   

RATTANA REAL: Clarifies Q103 Operations Result

     -  -  -  -  -  -  -  -   

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


AMP LIMITED: Former Agent Moses Jailed
--------------------------------------
Mr David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), noted Thursday's sentencing of Mr
Harold Frederick Moses, a former AMP Superannuation agent, in
the Sydney District Court.

Mr Moses was sentenced to two years and 10 months imprisonment,
with a non-parole period of 15 months, in relation to charges
brought by the Australian Securities and Investments Commission
(ASIC).

Mr Moses, 37 years old of Vaucluse, Sydney, had previously
pleaded guilty to two charges of cheating and defrauding two of
his former clients. The charges were laid under the NSW Crimes
Act.

Mr Moses operated a superannuation intermediary business through
his company Baxters Holdings Pty Ltd. An administrator was
appointed to Baxters Holdings in January 1998.

An ASIC investigation found that between 1993 and 1997, Mr Moses
accepted compulsory employer superannuation contributions from
two of his former clients but failed to remit $339,526 to the
relevant superannuation funds, including AMP, Mercantile Mutual
and Host-Plus. Mr Moses resigned as an AMP agent in June 1994
but continued to receive the superannuation contributions.

Mr Moses also told his clients he had opened superannuation
funds for them with Host-Plus but failed to do so.

Instead, Mr Moses used the funds largely in the form of payments
to others for his personal benefit.

AMP and Mercantile Mutual have subsequently compensated Mr
Moses' clients for the losses suffered.

In sentencing on Friday, Mr Justice Stewart said Mr Moses abused
his position of trust by using his clients money as his own.

"The public places great trust in superannuation agents who deal
with their retirement income, and should be able to rely on them
to act honestly. ASIC will take action to ensure dishonest
agents, who fail in their duties to clients, are appropriately
dealt with through the Courts. In this case, the employing
entities acted responsibly in making good, losses caused by Mr
Moses' dishonesty", Mr Knott said.

Mr Moses will be eligible for parole on 12 February 2005.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.


AUSTRALIAN GAS: Strikes a Balance With Greenhouse
-------------------------------------------------
The Australian Gas Light Company on Thursday launched 'AGL Green
BalanceT making it cheaper and easier for people to power their
homes and businesses with greenhouse friendly energy.

In launching AGL Green Balance, AGL Managing Director Mr Greg
Martin, said the company would lead by example by using the new
product to offset carbon dioxide emissions from its electricity
consumption in office buildings across Australia.

"As Australia's largest energy company, AGL has a responsibility
to ensure that customers have the opportunity to make better
choices about how they use energy," AGL Managing Director Greg
Martin said.

"With AGL Green Balance, customers can be confident that they
are contributing to a cleaner future through the reduction of
greenhouse gas emissions."

Traditional electricity generation causes the release of
greenhouse gas emissions to the atmosphere. But by choosing to
purchase AGL Green Balance, customers are able to offset these
emissions by contributing to greenhouse gas abatement projects,
such as land-fill flaring projects that prevent emissions from
reaching the atmosphere.

By using AGL Green Balance in its offices around Australia, AGL
expects to achieve a reduction in greenhouse gas emissions
equivalent to permanently removing 1,620 standard vehicles from
the road.

"There isn't one solution to reducing greenhouse gas emissions,
but we can make a difference. There are things we can all do,
starting at home and in the office, that can combine to have a
positive impact on the environment over time," Mr Martin added.

AGL Green Balance is the first product of its kind to be
certified 'Greenhouse Friendly' by the Australian Greenhouse
Office (AGO). As part of this certification, the product will be
periodically scrutinized through independent audits by the AGO.

Greenhouse Friendly is a Commonwealth initiative that aims to
minimize the impact of consumer goods and services on global
warming by encouraging government, the private sector and the
community to all work toward improving the environment.

"Securing certification from the Australian Greenhouse Office
for AGL Green Balance electricity, also certifies AGL's
commitment to responsible energy management," Mr Martin
concluded.

AGL customers signing up for AGL Green Balance can elect to
offset either 50 or 100 per cent of the greenhouse gases
associated with their electricity usage. By paying an extra
$1.40 per week to purchase 100 per cent AGL Green Balance, the
average household can achieve greenhouse emissions equivalent to
removing two standard vehicles off the road per year.*2

Alternatively, by paying an extra 70c a week for the 50 per cent
greenhouse option, the average household can achieve reductions
equivalent to removing one standard vehicle from the road per
year.

Australian households generate around 20 per cent of Australia's
total greenhouse gas emissions, with the average household
emitting more than eight tonnes of greenhouse gas per year
through electricity use.

For further information on AGL Green Balance and AGL's other
Green Energy products visit the AGL web site:
http://www.agl.com.au/or call 1300 556 245

For further information about the Federal Government's
Greenhouse Friendly program visit:
www.greenhouse.gov.au/greenhousefriendly.

CONTACT INFORMATION: Contact: Jane Counsel
        Media Relations Manager
        Direct: (02) 9921 2352
        Mobile: 0416 275 27


ONE.TEL LIMITED: Asset Transfer Agreement Terminated
----------------------------------------------------
Mr David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), welcomed Thursday's announcement
by Mr Jodee Rich and Mrs Maxine Rich that they have terminated
the asset transfer agreement which was the subject of recent
proceedings by ASIC in the Family Court.

"We will examine the details of Thursday's decision to ensure
that the interests of One.Tel Limited creditors are adequately
protected and to determine whether it will still be necessary
for ASIC to pursue proceedings to have the transaction set
aside", Mr Knott said.

"In the meantime, we are pursuing our discussions with the
Federal Government to ensure that in the future, the Family
Court has the necessary jurisdiction to consider the validity of
asset transfers of this type", Mr Knott said.


TOWER LTD: Panel Reviewing Underwriters Class Exemption Notice
--------------------------------------------------------------
Code Word, the newsletter of the New Zealand Takeovers Panel,
published this article regarding the underwriting agreement
between Tower Limited and Guinness Peat Group Plc:

In July 2003 Tower Limited (Tower), a Code company, was
undertaking a recapitalisation through making a large pro rata
rights offer to existing shareholders. Guinness Peat Group plc
(GPG), already Tower's largest single shareholder, entered into
an agreement with Tower to underwrite the offer. GPG and Tower
also agreed, in part to comply with decisions of the NZX's
Market Surveillance Panel, to appoint a panel of sub-
underwriters.

GPG had the potential, albeit reasonably remote, to obtain in
excess of 20% of the voting rights in Tower as a consequence of
its underwriting of Tower's rights issue. If this occurred, GPG
intended to rely on the class exemption for underwriters set out
in clause 19 of the Takeovers Code (Class Exemptions) Notice (No
2) 2001(the underwriter's class exemption). That exemption
provides that:

   (1)Every person who is, or is an upstream party of, an
underwriter is exempted from rule 6(1) of the Code in respect of
any increase in the person's voting control.

   (2) The exemption is subject to the condition that:

     (a) the increase in the person's voting control results
only from the allotment or transfer to the underwriter of voting
securities in a Code company under a bona fide underwriting or
subunderwriting contract entered into in the underwriter's
ordinary course of business; and

     (b) the control percentage of the person is decreased
within 6 months after the increase in the person's voting
control to, or below, either:

       (i) the control percentage of the person immediately
before the increase in the person's voting control; or

       (ii) if:
      
         (A).; or

         (B) the aggregate of the control percentages of the
person and the person's associates immediately before the
increase was less than 20%, 20% less the aggregate of the
control percentages of the person's associates at the time of
the decrease; and

     (c) the additional voting rights of the person are not
exercised before the decrease.

An underwriter is defined in the exemption as:

a person whose ordinary business includes entering into bona
fide underwriting or subunderwriting contracts with respect to
offers of securities.

The Panel's preliminary view was that GPG would be unable to
rely on that class exemption because GPG's ordinary business did
not include "entering into bona fide underwriting or sub-
underwriting contracts with respect to offers of equity
securities". GPG did not accept that it was unable to rely on
the class exemption.

As an alternative to purporting to rely on the class exemption
GPG, at the invitation of the Panel, applied for a specific
exemption from the fundamental rule to enable the underwriting
agreement to proceed.

The exemption was granted subject to the conditions that:

* the aggregate control percentage of GPG and Ithaca (its
subsidiary) was decreased to, or below, 20% within the period
that ended with the earlier of:

   (i) the day that was 30 days from the date on which GPG and
Ithaca increase their voting control under the agreement; and

   (ii) the day that Tower held its next general meeting; and

the voting rights attached to the voting securities that must be
disposed of are not exercised by GPG or Ithaca.

These conditions were tighter than those contained in the
underwriter's class exemption and were intended to ensure that
GPG, which had demonstrated its desire to increase its control
in Tower, had a relatively brief period in which to dispose of
any shares it obtained above the 20% Code threshold.

GPG notified the NZX that, after having fulfilled its
underwriting obligations, it had acquired only 17.1% of the
total voting securities of Tower. Consequently the exemption was
not required and was revoked.

The policy behind the underwriters class exemption was to
provide professional underwriters with a reasonably generous
period in which to sell down shareholdings in excess of 20%
obtained through fulfillment of their underwriting obligations.
It was not intended to extend the benefit of the underwriters
class exemption to parties who used underwriting arrangements as
a means of increasing their control of target companies.

The Panel is reviewing its underwriters class exemption notice
to ensure the wording of the exemption reflects the Panel's
policy intentions.


VILLAGE ROADSHOW: Court to Hand Down Scheme Judgment
----------------------------------------------------
Village Roadshow Limited announced on 10 November 2003 that at
the hearing of the Court to approve the Scheme held on Friday 7
November 2003, the Court reserved its judgment.  The General
Meeting of the Company held on 3 November 2003 was adjourned
until 12:00 noon Melbourne time on Monday, 17 November 2003.

The Company has been informed that the Court was expected to
hand down its judgment on Friday 14 November 2003. A further
announcement will be made when the ruling is given.


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


FORKID TOYS: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Forkid Toys Limited is set for hearing
before the High Court of Hong Kong on November 19, 2003 at 10:00
in the morning.

The petition was filed with the court on August 29, 2003 by
Action Motor Manufactory Limited whose registered office is
situated at Flat D, 14th Floor, Tak Wing Industrial Building, 3
Chun Wan Road, Tuen Mun, New Territories, Hong Kong.


NAM FONG: Acknowledges Exceptional Price Movement
-------------------------------------------------
Nam Fong International Holdings Limited has noted the recent
increase in the price of the shares of the Company and stated
that it is aware of any reasons for such increase save as
disclosed below.

Save as the announcement made by the Company on 3rd November
2003 regarding the development of winding-up petition against
the Company, the Company also confirmed that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.


NE ELECTRIC: No Apparent Reason for Shares Volume Increase
----------------------------------------------------------
Northeast Electric Development Company Limited has noted the
recent increase in the trading volume of the shares of the
Company and stated that it is not aware of any reasons for
such increase.

Save and except the announcement made by the Company dated 10
November 2003 regarding the outcome of litigation, the Company
confirmed that there are no negotiations or agreements relating
to intended acquisitions or realizations which are discloseable
under paragraph 3 of the Listing Agreement, neither is the Board
aware of any matter discloseable under the general obligations
imposed by paragraph 2 of the Listing Agreement, which is or may
be of a price sensitive nature.

Last year, the Troubled Company Reporter - Asia Pacific reported
that Northeast Electrical had already repaid US$18 million to
overseas banks as part of a debt restructuring deal reached in
May last year.


RICH WAVE: Winding Up Sought by Megaprint
-----------------------------------------
Sugarmann Investments Limited is seeking the winding up of Rich
Wave Industrial Limited. The petition was filed on October 7,
2003, and ill be heard before the High Court of Hong Kong on
November 26, 2003.

Sugarmann Investments holds its registered office at Room 1001,
Admiralty Center, Tower II, 18 Harcourt Road, Hong Kong.


SEAPOWER RESOURCES: Consolidates, Subdivides Shares
---------------------------------------------------
Market participants are requested to note that the ordinary
shares of HK$0.05 each (Old Shares) in the existing capital of
Seapower Resources International Limited (Provisional
Liquidators Appointed) (SEAPOWER RES I) will be reduced from
HK$0.05 to HK$0.0006 each.  

After the reduction, every 100 shares of HK$0.0006 each will be
consolidated into 1 share of HK$0.06.  Each reduced and
consolidated share of HK$0.06 each will be subdivided into 6
shares of HK$0.01 each (New Shares) subject to the completion of
the capital restructuring.  Upon the proposal becoming
effective, a temporary counter under stock code 2978 and stock
short name "SEAPOWER RES I" will be established for trading in
board lots of 300 New Shares each to replace the present counter
(stock code: 269) for trading in board lots of 5,000 Old Shares
each effective from Monday, 17/11/2003.


SURGE RECREATION: Winding Up Petition Hearing Set
-------------------------------------------------
The petition to wind up Surge Recreation Holdings Limited is
scheduled for hearing before the High Court of Hong Kong on
December 17, 2003 at 9:30 in the morning.

The petition was filed with the court on October 25, 2003 by
Elegance Finance Printing Services Limited whose registered
office is situated at 6th Floor, Zung Fu Industrial Building,
1067 King's Road, Quarry Bay, Hong Kong.


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


* IBRA Completes PPAP 4 Batch 3
-------------------------------
In this fasting month, Indonesia Bank Restructuring Agency
(IBRA) has completed a 4th Property Asset Sale Program Batch 3
or PPAP 4 Batch 3 on November 13, 2003. In this batch, IBRA has
sold 256 property assets out of 1426 assets offered, with an
average recovery rate of 114.87%.

Total registration number (NIP) issued in this Batch 3 is 559
NIP. Total Jakarta is 436 NIP, followed by Semarang 42 NIP,
Surabaya 29 NIP, and Medan 24 NIP, Bandung 13 NIP, Makasar 7
NIP, Lampung 6 NIP, and Denpasar 2 NIP. Total bidders who re-
submit the NIP is 506 bidders.

IBRA will launch a 4th batch of the similar PPAP4 program in the
next 2 weeks. This 4th batch of PPAP4 is expected to be the last
of IBRA massive property assets sales program, held since 2002.
Potential bidders can check the list of assets of Property Asset
Sale Program 4 Batch 4 (PPAP 4 Batch 4) at printed public media
or IBRA's website: www.bppn.go.id, and can be checked at BPPN
head office or at BPPN Center in: Center Medan, Lampung,
Bandung, Semarang, Surabaya, Denpasar dan Makassar.


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


ASHIKAGA FINANCIAL: FSA May Inject Public Funds
-----------------------------------------------
The Financial Services Agency (FSA) is considering injecting an
unspecified amount of public funds into Ashikaga Financial Group
Inc., Kyodo News reported in its Thursday edition. The move is
intended to signal the Japanese government to revive the ailing
financial system.

The Group's principal activities are the provision of banking
and other financial services. Operations are carried out through
the following divisions: BANKING (deposits, loans,
domestic/foreign exchanges); LEASING (leasing of equipment);
OTHER OPERATIONS (other financing, credit cards, software
development, credit guarantee, real estate management). At 31-
Mar-2003 the Group consisted of the parent company, which is a
pure holding company established in March 2002 by now its wholly
owned subsidiary Ashikaga Bank Ltd, and 13 domestic consolidated
subsidiaries.


DAIEI INC.: Maps Out Fukuoka Rehabilitation
-------------------------------------------
The six main creditor banks, including UFJ Bank, of Daiei Inc.'s
Fukuoka-based businesses are considering as part of a
rehabilitation plan to waive 24 billion yen of the 120 billion
yen debts held by the retailer's ballpark and hotel businesses
in the city, according to Yomiuri Shimbun reports.

Another 35 billion yen or so of the debts will be disposed of
through asset sales or other means. U.S. investment fund Colony
Capital LLC, which will acquire the two businesses--the Fukuoka
Dome stadium used by the Fukuoka Daiei Hawks and the adjacent
Sea Hawk Hotel and Resort--will take over 60.5 billion yen worth
of interest-bearing debts.


MARUBENI CORP.: New Stock Offer Won't Immediately Affect Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that a new
preferred stock offering announced by general trader Marubeni
Corp. (B+/Stable/--) would have a positive impact on the
Company's creditworthiness, although it will not immediately
affect the rating on the Company.

On Nov. 12, 2003, Marubeni announced that it plans to raise
Y75.5 billion through the offering of preferred shares to major
financial institutions and business counterparts in December
2003. The preferred shares have an option to be converted to
common shares from September 2006. All preferred shares would be
mandatory converted to common shares by December 2013, which
increases the equity-like nature of the preferred shares.

Marubeni has a highly leveraged financial structure, with total
equity of about Y300 billion and net debt to equity at 7.1x as
of September 2003. The proposed share offering could help
Marubeni enhance its cushion against potential credit risks on
its assets, and help reduce its debt leverage.

A key credit factor will be the progress of Marubeni's capital
enhancement plan, and its implications for the Company's access
to bank borrowings and other sources of funding. Also of
importance will be the progress the Company makes in improving
profitability and asset quality in its core businesses.


NISSHO IWAI-NICHIMEN: Posts Y17.5B Net Loss
-------------------------------------------
Nissho Iwai-Nichimen Holdings Corporation posted a group net
loss of 17.51 billion yen for the half year ended September 30
while generating a pretax profit of 19.07 billion yen on revenue
of 3 trillion yen, Kyodo News reports.

The holding Company launched in April by trading houses Nissho
Iwai Corporation and Nichimen Corporation, cited expenses
deriving from the integration as the primary factor for the net
loss. It said the revenue and pretax profit figures beat its
expectations.


TOMEN CORPORATION: S&P Upgrades Rating to 'CCC'
-----------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on general trading Company Tomen
Corporation to 'CCC' from 'SD', reflecting an improvement in the
Company's financial profile following a series of financial
support packages extended by creditor banks. The profitability
of the Company is also improving and the possibility of
additional support being needed is unlikely in the short-term.
The outlook on the rating is stable.

Tomen has deepened its business ties with Toyota Tsusho Corp.
(A-/Stable/--), a leading shareholder, aiming toward future
business integration. The Company posted a net profit of Y6.3
billion in September 2003, compared with a net loss of Y88.7
billion one year earlier, evidence that the series of financial
support packages has effectively prepared the foundation for
restructuring.

However, whether the Company can achieve its mid-term management
plans, such as a total debt to capital of 9.1x and return on
equity of 18.5 percent by fiscal 2005, remains uncertain given
the still difficult operating environment. Further financial
support could be required to complete its business integration
with Toyota Tsusho if the bank fails to improve its financial
profile as planned. The rating and outlook on the Company could
face downward pressure if the likelihood of additional support
being required increases or the Company posts higher than
expected losses from asset restructuring.

Tomen received financial support from its creditor banks in the
form of debt forgiveness and subscription to a preferred shares
issue in March 2003, along with a Y10 billion capital increase
from the Toyota group in September 2003. However, the financial
profile of the Company remains weak. Tomen's capital quality is
low, with preferred stock, intangible fixed assets, and deferred
taxes, which Standard & Poor's regards as low-quality capital,
comprising the majority of its capital. Although the Company has
aggressively disposed of problem assets, the proportion of risk
assets, including investment securities, and fixed assets to
capital remains high.


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


DOOSAN HEAVY: Posts 3Q03 Y6.2B Net Loss
---------------------------------------
Doosan Heavy Industries & Construction Co. posted a net loss of
6.2 billion won (US$5.25 million) in the third quarter, Asia
Pulse reports. Sales and operating profit in the July-September
period fell 36.7 percent and 87 percent year-on-year
respectively, to 477.8 billion won and 10.4 billion won.

The Company intends to lay off about 1,000 employees, including
hundreds of blue-collar workers with less than five years at the
firm, as part of its early retirement scheme, TCR-AP reported
recently. Company payments for the early retirement plan
included the equivalent of two year's salary and full schooling
expenses for the children of retiring workers, adding that the
children of retirees would be favored for hiring at the firm.


HANARO TELECOM: LG Plans to Sell Stake
--------------------------------------
The LG group has decided to sell off its entire 4 percent stake
or 11.17 million shares in Internet service provider Hanaro
Telecom, Digital Chosun reports. The LG group had made a failed
attempt to acquire Hanaro earlier this year. Dacom and LG
Telecom, the other two units of the group, hold a 7.1 percent
and 2 percent stake, respectively, in Hanaro, but they both plan
to sell off their stakes.

LG, however, said that the group does not plan to completely
withdraw from the telecommunications market. It would pursue
opportunities for a strategic alliance with Hanaro on one hand
and press ahead with a new fusion of services in their fields of
broadcasting and communication, using its three
telecommunications arms: Dacom, Powercomm and LG Telecom.


SK GLOBAL: Discloses Statement of Financial Affairs
---------------------------------------------------
SK Global America Inc., a unit of South Korea's SK Networks Co.,
generated income from its business operations:

       Amount               Period
       ------               ------
     $1,249,611,008         01/01/03 - 07/21/03
      2,667,364,525         01/01/02 - 12/31/02
      2,620,157,336         01/01/01 - 12/31/01

Moon Ho Kim, Treasurer of SK Global America, relates that
the Debtor also earned income from other sources:

       Amount               Period
       ------               ------
     $12,459,023            11/01/02 - 07/21/03
      23,782,275            11/01/01 - 10/31/02

Within 90 days immediately preceding the Petition Date, SK
Global paid $154,630,628 to creditors on loans, installment
purchases of goods or services, and other debts.

For the past year since the Petition Date, SK Global paid
$3,891,251,146 to creditors who are or were Company insiders.

Furthermore, SK Global is party to 10 suits within the year
immediately preceding the Petition Date:

    (a) Citibank, N.A., Hong Kong Branch vs. SK Global Co. Ltd.
        filed with the Supreme Court of the State of New York,
        County of New York, which is a collection suit in
respect of a $20,000,000 credit facility;

    (b) Kookmin Bank, New York Branch vs. SK Global America,
Inc. and SK Global Co. Ltd., filed with the Supreme
Court of the State of New York, County of New York,
which is a collection suit in respect of a $20,000,000
credit facility;

    (c) Union Bank of California vs. SK Global America, Inc.
filed with the Supreme Court of the State of New York,
County of New York, which is a collection suit in
respect of a $26,500,000 credit facility;

    (d) Korea Exchange Bank vs. SK Global America, Inc. filed
with Supreme Court of the State of New York, County of
New York, which is a collection suit in respect of a
certain loan;

    (e) Magnetic Audiotape Antitrust Litigation filed with the
        U.S. District Court for the Southern District of New
York;

    (f) Reliance National Insurance Company a/s/o Future Foam,
        Inc. vs. SK Global America, Inc. filed with the Supreme
        Court of the State of New York, County of New York, for
        alleged product liability;

    (g) Torys vs. SK Global America, Inc. and Oldham Holdings,
        Inc. filed with the Supreme Court of the State of New
        York, County of New York, relating to a claim for legal
        fees;

    (h) Jose Joaquin Lopez Montes Y Diaz vs. SK Global America,
        Inc. and Ecoban Finance filed with the Mexican Federal
        Conciliation and Arbitration Board, Special Board No.
14, Mexico City for severance and other employment-
related benefit claims;

    (i) Eun J. Yang vs. SKMA, Inc. et al., including SK Global
America, Inc. filed with the Superior Court of
California, County of Los Angeles, which is a complaint
for alleged wrongful termination of employment; and

    (j) Cho Hung Bank vs. SK Global America, Inc. filed with the
        Supreme Court of the State of New York, County of New
        York, which is a collection action filed on July 15,
2003.

Within one year immediately preceding the Petition Date, certain
properties of the Debtor have been attached, garnished or seized
per order of the Supreme Court of the State of New York, County
of New York based on judgment against the Debtor for breach of
contract, specifically a default under a loan agreement:

   Party For Whose Benefit
   Property Was Seized          Property Value   Date
   -----------------------      --------------   ----
   Kookmin Bank, NY Branch      $20,000,000      10/20/03

   Citibank N.A. Hong Kong      $74,924          06/16/03
   Branch

   Korea Exchange Bank          $50,000,000      05/21/03

   Bank of China - NY Branch    $25,600          04/17/03

SK Global made various charitable contributions and gifts
totaling $4,476 within the year preceding the Petition Date.
However, this does not include the usual gifts to family members
aggregating less than $200 in value per individual family
members and charitable contributions aggregating less than $100
per recipient.

With respect to payments made or property transferred by or on
behalf of the Debtor or any persons, including attorneys, for
consultation concerning debt consolidation, relief under the
bankruptcy law or preparation of the petition in bankruptcy
within one year immediately preceding the Petition Date, SK
Global paid:

    Payee                     Date of Payment         Amount
    -----                     ---------------         ------
    KPMG LLP                     07/16/03             $100,000

    Togut, Segal & Segal LLP     05/07/03              125,000
                                 06/09/03              750,000
                                 07/18/03              155,000

Set-offs made by creditors, including banks, against the
Debtor's debt or deposit within 90 days preceding the Petition
Date include:

    Creditor                  Set-Off Date            Amount
    --------                  ------------            ------
    Korea Exchange Bank NY      04/25/03              $22,396
    Korea Exchange Bank LA      04/30/03                9,402
    Shin Han Bank NY            06/18/03              443,421
    Union Bank of California    04/23/03              312,840
    Shin Han Bank NY            04/30/03               34,444
    SK Energy Asia PTE, Ltd.    06/06/03          128,362,045

Within the six years immediately preceding the Petition Date,
the Debtor owned 5 percent or more of the voting or equity
securities in these businesses:

  Name                   Period               Nature of Business
  ----                   ------               ------------------
110 East 55th Street   03/24/99 - 08/31/02  Real Estate/Office
Building, LLC                               Building

888 Holdings Company   05/02/01 - 12/31/02  Investment Holding

17106 South Avalon     10/98 - present      Warehouse
Blvd. Corp.

Ecoban LTD.            10/98 - 11/01        Inactive

YIM & YIF, LLC         02/00 - 11/01        Dissolved

Advancework, Inc.      01/01 - present      English Training
                                             Solution Provider

Solvos Corporation     08/00 - present      eMarketPlace -- B2B
                                             Internet Solution
                                             Developer

Solvos Asia Limited    07/01 - present      eMarketPlace -- B2B
                                             Internet Solution
                                             Developer

Hot Lens Asia          10/00 - present      Internet
                                             Technology
                                             Developer

On the other hand, these companies directly or indirectly own,
control, or hold 5 percent or more of the voting or equity
securities of the Debtor:

    Name                    Nature & Percentage of Stock Owned
    ----                    ----------------------------------
    SKG Holdings, Inc.      Common Stockholder, 85 percent
    300 Delaware Ave.
    9th floor
    Wilmington, DE 19801

    SK Corporation          Common Stockholder, 15 percent
    Seorindong 99
    SK Building
    Jongno-gu, Seoul

Withdrawals or distributions credited or given to an insider,
including compensation in any form, bonuses, loans, stock
redemptions, options exercises and any other prerequisite during
one year immediately preceding the Petition Date are:

      Name                       Amount
      ----                       ------
      Hae Jeong Lee              $189,522
      Choong Sup Park              72,932
      Yoon Taek Park              134,852
      Moon Ho Kim                 126,918
      Ram Malin                   233,565
                               ----------
      TOTAL                    $1,473,233
                               ==========

(SK Global Bankruptcy News, Issue No. 6; October 20, 2003)


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


FACB RESORTS: Participates in SHB Proposed Scheme of Arrangement
----------------------------------------------------------------
Further to the announcement dated 8 April 2003 and on behalf of
FACB Resorts Berhad, Commerce International Merchant Bankers
Berhad is pleased to announce that the Kuala Lumpur Stock
Exchange had, 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 required 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.


GOLD BRIDGE: Served Statutory Debt Demand Notice
------------------------------------------------
The Board of Directors of Gold Bridge Engineering & Construction
Berhad informed that the Company has been served a Statutory
Notice of Demand pursuant to Section 218 of the Companies Act,
1965 by Mr. Sri Ram Sarma a/l M.S. Sarma (I/C No. 4702289) of
No. 65, Medan Burhanuddin Helmi, Taman Tun Dr. Ismail, 60000
Kuala Lumpur (the Plaintiff). The details are as follows:

1. The Statutory Notice of Demand pursuant to Section 218 of the
Companies Act, 1965 was served on the Company on 10 November
2003.

2. Particulars of the demand.

The Plaintiff has demanded a sum of One Million One Hundred
Seventy Two Thousand, Three Hundred Fifty Six and cents Eighty
Seven (RM1,172,356-87) only which was indebted by the Company to
the Plaintiff by reason of the Judgment obtained in the Kuala
Lumpur High Court on 30 October 2003. The said sum is calculated
as follows:

   a) Judgment sum as at 5/3/2001 RM1,140,000-00
   b) Interest on Judgment sum at 4% per annum
      (6/3/2003 to 30/10/2003) 239 days RM 29,858-27
   c) Interest on Judgment sum at 8% per annum
      (31/10/2003 to 9/11/2003) 10 days RM 2,498-60
      Total claim RM1,172,356-87

3. Circumstances leading to the winding up petition.

The aforesaid claim of the amount of RM1,140,000-00 together
with interests thereon is made by the Plaintiff against the
corporate guarantee issued by the Company for Emerald Interest
Sdn Bhd for the purchase consideration of 49% shareholdings in
the Plaintiff's company, Ticket Express Sdn Bhd.

4. The financial and operational impact of the winding up
proceedings on the Group.

The Company is of the opinion that this matter will not have any
material operation and financial impact on the Group.

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

If the Company failed to success in its appeal, the expected
loss for the Company is RM1,140,000.00 together with interest
thereon until full settlement.

6. Proposed steps to be taken by the Company.

The Company has instructed its solicitors, Messrs Ranjit Ooi &
Robert Low to file an Appeal and also apply for stay of
Execution on the said notice of demand dated 10 November 2003.


IDRIS HYDRAULIC: Postpones Proposed Disposal Application  
--------------------------------------------------------
Further to the announcements dated 18 August 2003 in relation to
the Proposed Disposal of 9,600,000 Ordinary Shares of RM1.00
each Representing the Entire Equity Interest in Advanced
Electronics (M) Sdn. Bhd. for a Total Sale Consideration of
RM3,000,000 (Proposed Disposal).

Aseambankers Malaysia Berhad, on behalf of the Board of
Directors of Idris Hydraulics (Malaysia) Bhd (110930-U) wishes
to announce that the application to the relevant authorities
including the Securities Commission (SC) in respect of the
Proposed Disposal shall be postponed.

The Company had initially intended to submit the application to
the relevant authorities within three (3) months after the
release of the abovesaid announcement. For the past several
months, in view of the tight deadline given by IHMB's
Restructuring Scheme creditors to complete the restructuring
exercise by 30 November 2003, the Management of IHMB has been
fully focused on the restructuring exercise. Given the limited
resources available, IHMB has no other alternative but to
postpone the application to the relevant authorities.

In view of the above and barring any unforeseen circumstances,
the application to the relevant authorities shall be made within
the next three (3) months from the date of this announcement.


JUPITER SECURITIES: Receives RM5.320M Financing From OIB
--------------------------------------------------------
Further to the announcements made on 11 October 1999 on the
execution of the Shareholders' Subscription Agreement with
Messrs Ooi Woon Chee and Gan Ah Tee, Special Administrators (the
SA) for and on behalf of Jupiter Securities Sdn Bhd (JSSB) and
approval from the shareholders of Olympia Industries Berhad at
the extraordinary general meeting held on 30 October 2003
involving, amongst others, the Proposed Subscription/Proposed
Advance in respect of JSSB.

The Board of Olympia Industries Berhad now wishes to announce
that in pursuance thereof, the Company had on 10 November 2003
entered into a Supplementary Subscription Agreement with the SA
for the release of earnest deposit amounting to RM5,320,000 by
the Trustee namely HSBC (Malaysia) Trustee Berhad to JSSB as a
shareholder advance for the purpose of financing the general
working capital of JSSB. The agreement, which was stamped by the
SA's solicitors, was delivered to the Company on the evening of
12 November 2003.

The Supplementary Subscription Agreement is available for
inspection at the registered office of OIB at Level 23, Menara
Olympia, No. 8 Jalan Raja Chulan, 50200 Kuala Lumpur during
normal business hours from Mondays to Fridays (except public
holidays) for a period of three (3) months from the date of this
announcement.


KSU HOLDINGS: Posts Receiver, Manager Appointment Details
---------------------------------------------------------
KSU Holdings Berhad refers to the announcement on 7 November
2003 and wishes to inform that an amendment is required to be
made to the announcement in relation to the appointment of
Receiver and Manager pursuant to the High Court of Malaya at
Kuala Lumpur High Court Suit No: D2-22-1592-03.

The High Court of Malaya at Kuala Lumpur has granted an ad
interim order which is valid until 18 November 2003 appointing
Mr Rabindra Singh a/l Kaher Singh with the powers as set out in
the order dated 6 November 2003 and not as set out in the
earlier order dated 15 October 2003.

For clarification, the statutory powers of Mr Rabindra Singh a/l
Kaher Singh as a court appointed Receiver and Manager as set out
in the order dated 6 November 2003 are as follows:

   1. the power to collect the debts of the Company and the
other monies of the Company;

   2. the power to bring or defend any action or other legal
proceeding in the name and on behalf of the Company;

   3. the power to inspect all books, accounts, registers,
documents and papers of the Company wherever they may be kept
and whoever they may be kept by;

   4. the power to inspect the audit files of the auditors of
the Company;

   5. the power to do all acts and execute in the name and on
behalf of the Company all deeds, receipts and other documents
and for that purpose use when necessary the Company's seal;

   6. the power to appoint counsel and other professionals if
necessary for the discharge of the duties of the Receiver and
Manager;

   7. the power to do all that is necessary to run the
operations and business of the Company but not to incur new
liabilities for the Company and its subsidiary exceeding Ringgit
Malaysia Thirty Thousand (RM30,000.00);

   8. the power to do all that is necessary to preserve the
assets of the Company; and

   9. the power to seek the directions of the Court, and where
necessary to seek an extension of powers from the Court.


LONG HUAT: Winding Up Petition Hearing Adjourned to Feb 11
----------------------------------------------------------
Long Huat Group Berhad refers to the Winding Up Petition filed
by Public Bank Berhad, which was fixed for hearing on 12
November 2003.

The solicitors, Messrs Kadir, Andri Aidham & Partners, had
informed the Company that the hearing date has been adjourned to
11 February 2004.


MBF HOLDINGS: Non-Executive Director Chin Shoong Resigns
--------------------------------------------------------
MBF Holdings Berhad posted this Change in Boardroom Notice:

Date of change : 13/11/2003  
Type of change : Resignation
Designation    : Non-Executive Director
Directorate    : Non Independent & Non Executive
Name           : Tan Sri Chong Chin Shoong
Age            : 65
Nationality    : Malaysian
Qualifications : Graduated from Chung Ling High School (N.T),  
                 Senior Middle III
Working experience and occupation :

Tan Sri Chong Chin Shoong has more than 30 years of experiences
in the mining operations and Magnum 4-Digits operations. In
addition, he has more than 10 years experiences in the
properties and construction business. Apart from his involvement
in the corporate sector, he is also involved in the business
community and charitable associations. These include the
Federation of Chinese Assembly Halls of Malaysia, Perak Chinese
Assembly Hall, Perak Chinese Chamber of Commerce, Perak Turf
Club and as a Honorable Patron of the Ipoh City & Country Club.

Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Tan Sri Chong Chin Shoong is the father-
in-law of Dato' Loy Teik Ngan, who is the Chief Executive
Officer & Managing Director of the Company.  

Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil
   
The Troubled Company Reporter - Asia Pacific reported that on 9
October 2003, MBf-H had executed the deed of settlement with NBF
Asset Management Bank (NBF) (Deed-B) for the settlement of
amount owing by MBf-H to NBF of F$6,973,183.60 (equivalent to
RM12,704,443 based on the agreed exchange rate of Fiji Dollar 1
= RM1.8219) (PDRS B).


MECHMAR CORPORATION: Disposing of Shareholdings in Subsidiaries
---------------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad proposes the disposal of
100% shareholdings in Handi-Mart (Malaysia) Sdn Bhd and Handi-
Mart (Usj) Sdn Bhd, the wholly owned subsidiaries of the
Company.

1. Details of Disposal

Handi-Mart (Malaysia) Sdn Bhd (HMM) has an authorized capital of
RM10,000,000 divided into 10,000,000 ordinary shares of RM1.00
each and a paid-up capital of RM6,500,000 divided into 6,500,000
ordinary shares of RM1.00 each.

Handi-Mart (USJ) Sdn Bhd (HMUSJ) has an authorized and paid-up
capital of RM1,000,000 divided into 1,000,000 ordinary shares of
RM1.00 each.

As announced to KLSE on 24 February 2003, both HMM and HMUSJ
have disposed off their entire stocks and fixed assets to an
unrelated third party . After the disposal, both HMM and HMUSJ
have not been in operations since February 2003 and the Group do
not envisage to continue this business. The Company proposes to
sell its entire shareholdings in HMM and HMUSJ to Starworld
Ventures Sdn Bhd (the Purchaser) on 13 November 2003 for a cash
consideration of RM2,500 each. The consideration was arrived,
based on a willing buyer willing seller basis.

2. Details of Purchaser

The Purchaser is a private limited company incorporated on 26
April 2003 and having its registered address at Suite 405, 4th
Floor, Magnum Plaza, 128, Jalan Pudu, 55100 Kuala Lumpur. Its
present issued and paid-up capital is RM2 comprising 2 shares of
RM1.00 each. The Purchaser is operating the business of
investment holding.

The directors and shareholders of the Purchaser as at to date
are Raja Noorbaini Bt Raja Azam and Visvanathan A/L Suppiah.

To the best of knowledge, the Purchaser has no connection with
any of the directors of HMM, HMUSJ or the Company and it does
not own any shares in the Company.

3. Financial Effect of the Disposal

The said disposal is expected to increase the Group's net
tangible assets and earnings per share by RM0.01 respectively
for the financial year ending 31 December 2003.

4. Approvals Required

No approvals are required for the disposal.

5. Directors' and Substantial Shareholders' Interest

None of the directors and/or substantial shareholders and/or
persons connected to directors and/or substantial shareholders
of the Company have any interest, either direct or indirect in
the disposal of the shareholdings in HMM and HMUSJ.

6. Directors' Recommendation

The Board of Directors is of the opinion that the said disposal
is in the best interest of the Company.


NCK CORPORATION: Writ of Summons Hearing Moved to Jan 26
--------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed) refers
to the announcement made on 14 October 2003 pertaining to the
Proposed Restructuring Scheme (Proposed Scheme).

The Special Administrators of NCK wish to announce that the
hearing for the Writ of Summons no. D7-22-1628-2003 (En. Megat
Abdul Munir bin Megat Abdullah vs. APB Resources Berhad
(formerly known as Lamquest Holdings Berhad and previously known
as Kekal Sepakat Berhad) and Alliance Merchant Bank Berhad), has
been adjourned from the earlier date fixed on 12 November 2003
to 26 January 2004.


PROMET BERHAD: Proposes Disposals to Set-Off Debts  
--------------------------------------------------
On behalf of the Board of Directors of Promet Board, Southern
Investment Bank Berhad wishes to announce that Promet
International Limited (PIL), a wholly-owned subsidiary of Promet
had on 9 November 2003, entered into a conditional sale of
shares agreement (Agreement) with Locifan Trust to dispose of
its entire 70% equity interest in Fairoak Investment Holdings
(Pvt) Limited (Fairoak) for a cash consideration of SAR1,000,000
together with the assumption by Locifan Trust of part of the
liabilities of PIL to PIL's creditor, Export-Import Bank of
Malaysia Berhad (Exim Bank) amounting to SAR39,000,000.

Proposed Disposal

Background information

The Proposed Disposal involves the proposed disposal of PIL's
entire 70% equity interest in Fairoak for a cash consideration
of SAR1,000,000 (or RM545,000 based on the exchange rate of
SAR100: RM54.5 as at the 30 April 2003, (Source: Malayan Banking
Berhad), being the date of the financial statements of Promet)
and the assumption by Locifan Trust of SAR39,000,000 debts of
PIL due to Exim Bank.

Information on Fairoak

Fairoak is a company incorporated in South Africa and has an
authorized share capital of SAR1,000 comprising 1,000 ordinary
shares of SAR1.00 each, all of which have been issued and fully
paid-up. The company is principally involved in property
development via converting and sub-dividing lands for sale in a
security-gated community project situated in Hendrik Potgieter
Road, Krugersdorp District approximately 25 km northwest of
Johannesburg known as Featherbrooke Estate. The Company as at 30
April 2003 has a balance of 580,908 square meters of land.
Based on the latest audited financial statements of Fairoak for
the financial year ended 30 April 2003, the company recorded a
revenue of SAR39,381,470 and a loss after taxation of
SAR2,927,262. As at 30 April 2003, the net tangible liabilities,
total borrowings and deficit shareholders' funds totaled
SAR6,189,633, SAR52,174,278 and SAR6,189,633 respectively.

Basis of arriving at the sale consideration

The consideration of SAR1,000,000 was arrived at on a willing
buyer-willing seller basis after taking into consideration PIL's
70% interest in Locifan Trust based on the following:

    * Adjusted net tangible liabilities of Fairoak, based on its
audited financial statements for the financial year ended 30
April 2003 of SAR6,189,633 or RM3,373,3501 after taking into
consideration the open market valuation of SAR39,873,873 or
RM21,731,2611 for the Featherbrooke Estate Township project
(Featherbrooke) (further elaborated in Appendix 1 at
http://bankrupt.com/misc/Promet1117.doc)held under Fairoak; and

    * The assumption and settlement by Locifan Trust of the
debts of PIL amounting to SAR39,000,000 owing by PIL to its
creditor, Exim Bank.

Note:

1 Based on the exchange rate of SAR100: RM54.5 as at the 30
April 2003, (Source: Malayan Banking Berhad), being the date of
the financial statements of Promet.

Salient terms and conditions of the Agreement

The salient terms of the Agreement are as follows:

(i) Locifan Trust undertakes and agrees to purchase the issued
and allotted shares held by PIL in Fairoak (Shares) for a total
consideration of SAR1,000,000 (Purchase Price). The purchase
price shall be paid to a nominated stakeholder with instructions
to remit the same to Exim Bank upon the execution of the
Agreement. Locifan shall also acquire the debt due from Fairoak
to PIL amounting to SAR42,087,249 as at 30 April 2003.

(ii) Locifan Trust shall in addition to the purchase
consideration of SAR1,000,000 in (i) above, assume SAR39,000,000
of debts owing by PIL to Exim Bank.

(iii) Locifan Trust shall undertake to settle the amount of
SAR39,000,000 to Exim Bank in point (ii) above in the following
manner:

   * To cause Stephanus Petrus Hartzer (SPH) to issue a Bank
Guarantee in favor of Exim Bank from a reputable bank in the
form that is acceptable to Exim Bank for a sum equivalent to
SAR19,000,000 within thirty (30) days of the execution of the
Agreement which Bank Guarantee shall be capable of being
encashed upon the fulfillment of the conditions in the
Agreement; and

   * To pay the balance sum of SAR20,000,000 to Exim Bank within
one hundred and eighty (180) days of the fulfillment of the
conditions in the Agreement. This payment is to be secured by a
Bank Guarantee to be given either by rolling over the initial
Bank Guarantee (if not encashed) or a fresh Bank Guarantee.

(iv) Completion of the sale and purchase of the Shares shall
take place upon the payment of the full Purchase Price and upon
the payment of sums due to Exim Bank.

Information on Locifan Trust

Locifan Trust is a duly incorporated trust corporation
established in the Republic of South Africa (Trust No. 5772/95).

SPH, Anna Locia Hartzer (spouse of SPH) and Petrus Zeelie
(unrelated to the other two (2) trustees) are acting as trustees
for the beneficiaries.

Proposed Assumption and Settlement

Locifan Trust is proposing to assume and settle the debt due and
owing by PIL to PIL's creditor, Exim Bank amounting to
SAR39,000,000.

Rationale for the Proposed Disposal

On 23 February 2001, Promet had announced to Kuala Lumpur Stock
Exchange (KLSE) that it is an affected listed issuer pursuant to
Practice Note No. 4/2001 issued by the KLSE pursuant to the
requirements under paragraph 8.14 of the Listing Requirements of
KLSE (PN4/2001) and is required to regularize its financial
condition within the time frame stipulated in the practice note,
failing which, the Company may be suspended and/or de-listed
from the Official List of KLSE. In this respect, trading in
Promet Shares has been suspended since 28 July 1998.

Given the high level of debts, there is an urgent need for
Promet to address its financial position and undertake adequate
measures to regularize its financial condition.

The proceeds arising from the Proposed Disposal and the Proposed
Assumption and Settlement of debts will reduce the amount owing
by Promet's subsidiary, PIL to its creditor, Exim Bank as part-
settlement of PIL's indebtedness to Exim Bank.

In view of the PN4/2001 status of Promet, the Board is of the
view that the Proposed Disposal and the Proposed Settlement are
consistent with the overall objective of Promet to regularize
its financial conditions and address its debts pursuant to the
requirements under PN4/2001, which are intended to reduce the
debt position of the Promet group.

Utilization of proceeds from the Proposed Disposal

The proceeds arising from the Proposed Disposal is to set-off
the amounts due and owing by Promet's subsidiary, PIL to its
creditor, Exim Bank as part-settlement of PIL's indebtedness to
Exim Bank in addition to the Proposed Assumption and Settlement.

Effects of the Proposals

Share capital

The Proposals will not have any effect on the issued and paid-up
share capital of Promet.

Earnings

The Proposals will result in a loss on disposal of approximately
RM7.6 million to the Promet group for the financial year ending
30 April 2004, computed based on the audited financial
statements of Promet group for the financial year ended 30 April
2003 and an exchange rate of SAR100: RM54.5 as at the 30 April
2003, (Source: Malayan Banking Berhad), being the date of the
financial statements of Promet.

Net tangible assets (NTA)

The proforma effects of the Proposals on the consolidated NTA of
Promet based on the consolidated financial statements of Promet
as at 30 April 2003, assuming the Proposals were implemented.

Major shareholders' shareholdings

The Proposals will not have any effect on the major
shareholders' shareholding in Promet.

Approvals required

The following approvals are to be obtained in respect of the
Proposals:

   (i) the approval of the Board of Directors of PIL for the
sale of the Shares;

   (ii) the approval of the Board of Directors of Fairoak for
the transfer of the Shares to Locifan Trust;

   (iii) the Kuala Lumpur Stock Exchange (KLSE) , if required,
for a waiver pursuant to Chapter 10 of the Listing Requirements
of KLSE; and

   (iv) the Securities Commission (SC), if required, for a
waiver in respect of the Proposed Disposal.

Directors' and major shareholders' interests

Save as disclosed below, none of the Directors and/or major
shareholders of Promet and/or persons connected to them have any
interest, direct or indirect, in the Proposals.

SPH and Anna Locia Hartzer (spouse of SPH) are acting as
trustees for the beneficiaries of Locifan Trust. The
beneficiaries of Locifan Trust are the children of SPH and Anna
Locia Hartzer, and are deemed to be persons connected to them.

Locifan Trust is a substantial shareholder holding 30% direct
interest in Fairoak, which is an indirect 70% subsidiary of
Promet. In this respect, SPH is the appointed representative of
Locifan Trust to be a director on the Fairoak Board.

The Proposed Disposal involves Promet disposing (through PIL)
its 70% interest in Fairoak to Locifan Trust, a 30% shareholder
of Fairoak. However, SPH is not a director or major shareholder
of PIL/Promet nor is he a person connected to any director or
major shareholder of PIL/Promet. Neither is Locifan Trust and
the beneficiaries the major shareholders of PIL/Promet or
persons connected to any director or major shareholders of
PIL/Promet.

SPH is purely a director of Fairoak representing the interest of
Locifan Trust as opposed to the interest of Promet and its
subsidiary, PIL, and is not on the Boards of PIL or Promet. The
Proposals are being transacted between PIL and Locifan Trust,
both of which are independent of one another, and Fairoak is not
a party to the negotiations between PIL and Locifan Trust.

Accordingly, SPH and Locifan Trust does not have an interest in
the subject being transacted, namely the 70% interest in
Fairoak.

Directors' recommendation

The Promet Board, having considered all aspects of the
Proposals, is of the opinion that the Proposals are in the best
interest of the Company.

Estimated time frame

Barring any unforeseen circumstances, the Proposals are
estimated to be completed in the second quarter of 2004.

11. Departure from the SC's Policies and Guidelines on
Issue/Offer of Securities (SC Guidelines)

To the best knowledge of the Promet Board, there are no
departures from the SC Guidelines in undertaking the Proposals.

12. Documents for inspection

The Agreement will be available for inspection at the registered
office of Promet on the 3rd Floor, Plaza Kelanamas, 19 Lorong
Dungun, Damansara Heights, 50490 Kuala Lumpur, Malaysia from
Monday to Friday (except public holidays) during business hours
for a period of two (2) weeks from the date of this
announcement.


RASHID HUSSAIN: December 8 16th AGM Scheduled
--------------------------------------------
Rashid Hussain Berhad wishes to announce that the Sixteenth
Annual General Meeting (16th AGM) of the Company will be held at
Sapphire Room, 1st Floor, Mandarin Oriental Kuala Lumpur, Kuala
Lumpur City Center, 50088 Kuala Lumpur on Monday, 8 December
2003 at 11:30 a.m.

The Notice of the 16th AGM, which was advertised in Utusan
Malaysia and The Star respectively on 14 November 2003, can be
seen at http://bankrupt.com/misc/Rashid1117.pdf.


SILVERSTONE CORPORATION: 25th AGM Scheduled in December
------------------------------------------------------
Notice is hereby given that the Twenty-Fifth Annual General
Meeting of Silverstone Corporation Berhad will be held at the
Meeting Hall, Level 48, Menara Citibank, 165 Jalan Ampang, 50450
Kuala Lumpur on 4 December 2003 at 9:30 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.

2. To approve the payment of Directors' fees amounting to
RM123,000 (2002 : RM100,000).

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
   Mr Eow Kwan Hoong

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. Tan Sri Dato' Jaffar bin Abdul 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 3.4 ("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.


TECHNO ASIA: Pilecon Shares Set-Off, Transfer Completed
--------------------------------------------------------
Further to the announcement on 18 August 2003 in relation to the
Set-Off and Transfer of 5.56 million Pilecon Shares Owned by
Techno Asia Venture Capital Sdn Bhd (Tavcsb) to the Secured
Creditor, namely Malpac Capital Sdn Bhd, at a Transfer Value of
Approximately RM1.9 million (Set-Off and Transfer of 5.56
Million Pilecon Shares).

AmMerchant Bank Berhad, on behalf of Techno Asia Holdings Berhad
Special Administrators (SA) Appointed, wishes to announce that
the Set-Off and Transfer of 5.56 million Pilecon Shares has been
completed on 12 November 2003, as confirmed by the transaction
lawyer on 13 November 2003.


TIMBERMASTER INDUSTRIES: SC OKs Offering Circular Issuance
----------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed) refers to the announcement dated 10 December 2002 in
relation to the Proposed Restructuring Scheme.

Aseambankers Malaysia Berhad, on behalf of the Company, is
pleased to announce that the Securities Commission, via its
letter dated 11 November 2003 approved TMIB's proposal to issue
an Offering Circular instead of an Abridged Prospectus for the
Proposed Renounceable Offer for Sale by Encik Abd Aziz bin
Jantan of 5,925,805 Leweko Resources Berhad ordinary shares of
RM1.00 each to the existing shareholders of TMIB.


TONGKAH HOLDINGS: Bondholders Approved Special Resolutions
----------------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Tongkah
Holdings Berhad, wishes to announce that due to certain
modifications that are proposed to be made to the Proposed Debt
Restructuring by the Board of THB as announced on 10 October
2003, the Adjourned ICULS Holders Meeting held on 13 November
2003 was adjourned sine dine.

Further, PMBB, on behalf of the Board is pleased to announce
that at the fresh ICULS Holders Meeting, Bond A Holders Meeting
and Bond B Holders Meeting held on 13 November 2003, the ICULS
Holders, Bond A Holders and Bond B Holders, as the case may be,
had approved the special resolutions tabled at the respective
Meetings.


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


BANK OF MARILAO: Issues Notice to Creditors
-------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) issued a
notice on October 10, 2003, that the Honorable Court, Regional
Trial Court of Malolos, Bulacan, Branch 19, approved the Partial
Project of Distribution of Assets of Rural Bank of Marilao
(Bulacan), Inc. Liquidating Dividends will be distributed at the
6th Floor, SSS Building, Ayala Avenue, Makati City, starting
December 08, 2003 until 60 days thereafter between 9 A.M. to 4
P.M.


BENPRES HOLDINGS: Clarifies Maynilad Arbitration Ruling Report
--------------------------------------------------------------
This is reference to the news article entitled "Maynilad
arbitration ruling may lead to higher rates" published in the
November 13, 2003 issue of the Business World (Internet
Edition). The article reported that: "The decision of the
arbitration panel in the dispute between Maynilad Water
Services, Inc. and the Metropolitan Waterworks and Sewerage
System (MWSS) may result in an increase in water rates, an
official of Benpres Holdings Corporation said. Angel Ong, chief
operating officer of Benpres which owns the majority stake in
Maynilad, also said calls for the firm to refund customers do
not have bases. 'There is no basis for a refund to Maynilad
customers. In fact the panel's decision on the rate rebasing
process of MWSS for Maynilad, a source said.

During the arbitration proceedings, Maynilad alleged that MWSS
failed to conduct a fair and objective rate rebasing exercise
when it did not consider the viability of the west zone water
concession, which Maynilad runs. Maynilad said it was not able
to meet its service targets because of MWSS' "failures." The
arbitration panel, in its decision, agreed with Maynilad that
there was a mistake in MWSS' interpretation of the phrase "cash
flows" which led to an erroneous disallowance of a substantial
amount that Maynilad should have been allowed to recover the
firm said. Mr. Ong also said Maynilad believes that the decision
of the arbitration panel is not yet final."

Benpres Holdings Corporation (BPC), in its letter dated November
14, 2003, stated that:

"The Company wishes to confirm that the opinions expressed in
the said article were made by the Chief Operating Officer, Mr.
Angel S. Ong. However, the decision, its effects and actions to
be taken are still being studied by Maynilad Water Services,
Inc.'s counsel."

For a copy of the disclosure, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3673_BPC.pdf


EASYCALL PHILIPPINES: Owners Approve Capital Restructuring
----------------------------------------------------------
EasyCall Communications Philippines Inc. said stockholders
approved the Company's complex capital restructuring plan to
address its capital deficiency, Dow Jones reports. The initial
phase of the capital restructuring involves a stock
consolidation to reduce its shares to 60 million from 300
million. The shares par value will rise to 5 pesos each, from 1
peso.

The Company said the second phase of the restructuring involves
raising the capital again to 300 million shares with a par value
of 1 peso. Global e-Business Solutions Inc., which owns 32.6
percent of the Company, committed to infuse at least 60 million
pesos to bankroll the capital increase.

EasyCall shareholders will be allowed to participate in the
capital increase in proportion to their shareholdings.


KUOK PHILIPPINES: Clarifies SEC Revocation Report
-------------------------------------------------
This is in reference to the news article entitled "SEC threatens
to revoke licenses of 2 companies" published in the November 10,
2003 issue of The Philippine Star (Internet Edition). The
article reported that "(t)he Securities and Exchange Commission
has threatened to revoke the secondary licenses of publicly-
listed firms Kuok Philippine Properties Inc. and Edsa Properties
Holdings, Inc. for non-submission of reportorial requirements in
violation of the Securities Regulation Code. SEC chair Lilia R.
Bautista said KPPI and EPHI have failed to file quarterly
reports despite repeated demands from the Commission.

If the two firms continue to evade the agency's reportorial
requirements, the SEC will be constrained to cancel their
licenses to sell securities to the public.

A basic fine of P100,000 imposed on all SEC-registered
corporations that fail to submit annual reports, tender offer
reports, proxy statement, and information sheets on time. The
SEC for everyday of delay will levy a 100 pesos penalty. The
move to revoke the certificates of registration of these firms
was spurred by their failure to appear before the SEC's Company
Registration and Monitoring Department (CRMD) on the scheduled
hearings. The hearings were called to give the errant firms the
opportunity to explain their side and justify why their
certificate of registration should not be revoked for non-
submission of reports.

Kuok Philippine Properties, Inc. (KPP), in a letter to the
Exchange dated November 10, 2003, clarified that:

The Company has filed quarterly reports with the Securities and
Exchange Commission (SEC) in compliance with the Securities
Regulation Code. Kuok have original copies of said reports
acknowledged received by SEC. It shall check with SEC the
veracity of the reports that was published in the newspapers,
which you brought to the Company's attention. It shall keep the
public abreast of developments."


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


ATLAS OIL: Releases Dividend Notice
-----------------------------------
Atlas Oil Trading Pte Ltd (In Compulsory Liquidation) issued a
notice of third and final dividend as follows:

Address of Registered Office: c/o 8 Cross Street #17-00 PWC
Building Singapore 048424.

Court: High Court of Republic of Singapore.

Number of Matter: Companies Winding Up No. 41 of 1994.

Amount per centum: 2.3 cents to a dollar.

First and final or otherwise: Third and Final dividend.

When payable: 12th November 2003.

Address: 8 Cross Street
#17-00 PWC Building
Singapore 048424.
Dated this 7th day of November 2003.


CHARTERED SEMICONDUCTOR: Unveils Financial Results
--------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. (CSM) and its
subsidiaries un-audited condensed consolidated balance sheets.

(In thousands of US Dollars)

                                             US GAAP
                                              As of
                                    --------------------------
                                     December 31, September 30,
                                          2002      2003
                                    ------------ -------------

ASSETS

Cash and cash equivalents ............ $1,210,925 $ 913,171
Accounts receivable, net   ............ 95,764      146,946
Inventories ........................... 21,275       41,003
Prepaid expenses ....................... 4,081        6,806
                                       ---------- ----------
Total current assets ................... 1,332,045    1,107,926
Investment in SMP ..................... 33,764        46,362
Other investments ..................... 15,000        78,828
Technology license agreements ......... 16,540        79,869
Other non-current assets .............. 79,320        29,629
Property, plant and equipment, net .... 1,861,231     1,636,860
                                        ---------- ----------
Total assets......................... $3,337,900     $2,979,474
          
LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable .................... $ 134,750      $54,602
Current installments of long-term debt   64,001       196,324
Accrued operating expenses ............ 141,016       121,543
Other current liabilities ............. 50,219        62,619
                                       ---------- ----------
Total current liabilities ............ 389,986       435,088

Long-term debt, excluding current installments 1,115,930 938,133
Other non-current liabilities ......... 38,885       69,116
                                        ---------- ----------
Total liabilities ..................... 1,544,801    1,442,337
Minority interest ......................7,640        -
Shareholders' equity ....................1,785,459   1,537,137
                                         ---------- ----------
Total liabilities and shareholders' equity $3,337,900 $2,979,474
                                         ---------- ----------

The accompanying notes are an integral part of these condensed
consolidated financial statements.


CHARTERED SEMICONDUCTOR: Unveils Principal Sources of Liquidity
---------------------------------------------------------------
As of September 30, 2003, Chartered Semiconductor Manufacturing
Ltd.'s principal sources of liquidity included $913.2 million in
cash and cash equivalents and $469.7 million of unutilized
banking and credit facilities consisting of short and long-term
advances and bank guarantees, a Company statement said.

Net cash used in operating activities totaled $23.3 million for
the nine months ended September 30, 2002. Net cash provided by
operating activities totaled $18.2 million for the nine months
ended September 30, 2003. The improvement in operating cash
flows was primarily due to the lower net loss incurred for the
nine months ended September 30, 2003, compared with the
corresponding period in 2002, after taking into account the
effect of non-cash adjustments and working capital changes. The
lower net loss incurred for the nine months ended September 30,
2003 compared to the same period in 2002 was primarily due to
higher revenues, improved share of equity in income of SMP and a
gain associated with the conclusion of the Company's employee
bonus award plan, partially offset by lower loss of CSP
attributed to minority interests.

The non-cash adjustments in the nine months ended September 30,
2002 include non-cash charges of $340.8 million of depreciation
and amortization and $34.0 million of equity in loss of SMP,
offset by $38.0 million of minority interest in loss of CSP. The
unfavorable working capital change for the nine months ended
September 30, 2002 was primarily due to an increase in accounts
receivable mainly due to a higher sales level in third quarter
2002, decreases in amounts owing to SMP and in accrued operating
expenses, an increase in work-in-process inventory, partly
offset by an increase in trade accounts payable.

The non-cash adjustments in the nine months ended September 30,
2003 include non-cash charges of $331.0 million of depreciation
and amortization, offset by $8.5 million of equity in income of
SMP, $9.5 million of minority interest in loss of CSP and $27.5
million of cancellation of employee bonus award plan. The
unfavorable working capital change for the nine months ended
September 30, 2003 was primarily due to an increase in accounts
receivable mainly due to a higher sales level in third quarter
2003 and an increase in work-in-process inventory, partly offset
by an increase in accrued operating expenses and other current
liabilities.

Net cash used in investing activities totaled $280.2 million for
the nine months ended September 30, 2002 and $290.2 million for
the nine months ended September 30, 2003. Investing activities
consisted primarily of capital expenditures totaling $293.3
million for the nine months ended September 30, 2002 and $188.6
million for the nine months ended September 30, 2003. Capital
expenditures for the nine months ended September 30, 2003 were
mainly related to capacity additions at leading-edge
technologies. Investing activities for the nine months ended
September 30, 2003 also included payments for technology license
fees, payment for a credit-linked deposit and placement of a
deposit to secure wafer capacity. Further details of the credit-
linked deposit are disclosed in Note 8 of the condensed
consolidated financial statements.

Net cash used in financing activities totaled $2.6 million for
the nine months ended September 30, 2002 and was primarily due
to the repayment of loans and refund of customer deposits partly
offset by long-term borrowings incurred to finance the capital
expenditures. Net cash used in financing activities totaled
$25.4 million for the nine months ended September 30, 2003 and
was primarily due to the repayment of loans and repayment of
deposits to secure wafer capacity, partly offset by long-term
borrowings to finance capital expenditures.

INVESTMENT IN SMP

Our investment in SMP as of December 31, 2002 and September 30,
2003 is shown below:

                                                As of
                                    ----------------------------
                                      December 31, September 30,
                                         2002        2003
                                      ------------ -------------
                                    (In thousands of US Dollars)

Cost ...........................             $120,959   $120,959
Share of retained post-formation loss ..      (77,924)  (69,412)
Share of accumulated other comprehensive loss .(9,271)  (5,185)
                                              -------- --------
                                              $33,764  $46,362
                                              ======== ========

The Company accounts for its 49 percent investment in SMP using
the equity method. Under the strategic alliance agreement with
the majority joint venture partner of SMP, the parties do not
share SMP's net results in the same ratio as the equity holding.

Instead, each party is entitled to the gross profits from sales
to the customers that it directs to SMP, after deducting its
share of the overhead costs of SMP. Accordingly, we account for
the Company's share of SMP's net results based on the gross
profits from sales to the customers that we direct to SMP, after
deducting the Company's share of the overhead costs.

Under the assured supply and demand agreement that both the
joint venture partners signed with SMP, the joint venture
partners are billed for allocated wafer capacity if the wafers
started for them are less than their allocated capacity. The
allocated wafer capacity billed and billable to the Company was
$9.3 million and zero for the third quarters in 2002 and 2003,
respectively, and $39.3 million and zero for the nine months
ended September 30, 2002 and September 30, 2003 respectively.


MULTI-CHEM LIMITED: Posts Changes in Shareholder's Interest
-----------------------------------------------------------
Multi-Chem Limited issued a notice of changes in
Director/substantial shareholder Han Huat Hoon's interests:

Date of notice to Company: 12 Nov 2003
Date of change of interest: 12 Nov 2003
Name of registered holder: Foo Suan Sai
Circumstance(s) giving rise to the interest: Others
Please specify details: Warrants

Information relating to shares held in the name of the
registered holder:  
No. of warrants which are the subject of the transaction:
166,000
% of issued share capital:  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: 0.10608
No. of warrants held before the transaction: 13,244,000
% of issued share capital:  
No. of warrants held after the transaction: 13,410,000
% of issued share capital:  

Holdings of Director including direct and deemed interest

                                             Deemed      Direct

No. of warrants held before the transaction: 13,244,000
11,481,000
% of issued share capital:   
No. of warrants held after the transaction:  13,410,000
11,481,000
% of issued share capital:   

Total shares:                                13,410,000
11,481,000

No. of Warrants
No. of Options
No. of Rights
No. of Indirect Interest


NEPTUNE ORIENT: CSFB Expects US$7M Loss After Share Placement
-------------------------------------------------------------
Credit Suisse First Boston (CSFB) expects a loss of up to S$12.5
million (US$7.2 million) after a poor investor response this
week to a S$548 million share placement it underwrote for
Neptune Orient Lines (NOL), the Singapore state-affiliated
shipping group, the Financial Times reports.

The investment bank declined to comment but market insiders said
it had been forced to sell the shares at a discount to the price
it paid for them. In the NOL deal, it is understood that CSFB
paid S$2.32, a 5 per cent discount, for 236m NOL shares, which
it then used to make the placement. When trading in NOL shares
resumed on Tuesday after Monday's rights issue, the stock fell
15 percent to S$2.08. NOL shares on Thursday recovered slightly
to close 2.4 percent higher at S$2.13.


NEPTUNE ORIENT: Post Changes in Shareholder's Interest
------------------------------------------------------
Neptune Orient Lines Limited (NOL) issued a notice of changes in
substantial shareholder Credit Suisse First Boston
(International) Holding AG's interests:

Date of change of deemed interest: 10 Nov 2003
Name of registered holder: Not applicable for Credit Suisse
First Boston (International) Holding AG.

Circumstance(s) giving rise to the interest: Others

Please specify details:

Pursuant to the share borrowing agreement (the "Share Borrowing
Agreement) dated 10 November 2003 between Temasek Holdings
(Private) Limited (Temasek) and Credit Suisse First Boston
(Singapore) Limited (an affiliate of Credit Suisse First Boston
(International) Holding AG) (the "Placement Agent), Temasek has
lent and transferred 236 million shares in the Company to the
Placement Agent to facilitate early delivery and settlement of
shares to placees procured by the Placement Agent for the
purpose of the placement agreement dated 10 November 2003
between the Company and the Placement Agent.

Under the Share Borrowing Agreement, the Placement Agent has the
right to require Temasek to transfer all its right, title and
interest in the 236 million shares. By virtue of Section 7 of
the Companies Act, Chapter 50, of Singapore, the Placement Agent
is deemed to have acquired an interest in the 236 million shares
on 10 November 2003.

Under the Share Borrowing Agreement, Temasek has a right to have
the 236 million shares redelivered to it by the Placement Agent
subject to certain conditions.

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

No. of shares which are the subject of the transaction:  
% of issued share capital:  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:  
No. of shares held before the transaction:  
% of issued share capital:  
No. of shares held after the transaction:  
% of issued share capital:  

Holdings of Substantial Shareholder including direct and deemed
interest
                                             Deemed Direct
No. of shares held before the transaction:   549,812     0
% of issued share capital:                   0.05        0
No. of shares held after the transaction:    236,549,812 0
% of issued share capital:                   19.93       0

Total shares:                                236,549,812 0

Note: Under "No. of shares which are the subject of the
transaction": Not applicable for Credit Suisse First Boston
(International) Holding AG.

The above does not include various other stock borrowing
transactions entered into by affiliates of Credit Suisse First
Boston (International) Holding AG. Pursuant to these
transactions, which were entered into on 10 November 2003, third
parties lent 33,673,400 shares (2.84 percent of the issued share
capital of the Company). These stock borrowing transactions were
subsequently cancelled, prior to delivery of the shares, and
accordingly the shares relating to these transactions have not
been included in the details above.

Based on NOL's paid up capital of 1,187,184,876 as at November
10, 2003.


RED SEA: Issues Debt Claim Notice to Creditors
----------------------------------------------
Notice is hereby given that the creditors of Red Sea Maritime
Pte 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 Company, and, if so required by notice in writing from
the Liquidator, are by their solicitors, or personally, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

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


SINGAPORE TELECOMMUNICATIONS: Unit Appoints liquidator
------------------------------------------------------
Singapore Telecommunications Limited (SingTel) announced that
SingTel Japan Co., Ltd. (SingTel Japan), a wholly owned
subsidiary of SingTel, is in voluntary liquidation as a result
of rationalization, and has appointed Mr Lim Kian Soon as its
liquidator.

SingTel's business activities in Japan are currently operating
and will continue to operate under Singapore Telecom Japan Co.,
Ltd. (Singapore Telecom Japan), another wholly owned subsidiary
of SingTel.

Singapore Telecom Japan was incorporated on 6 November 1995 to
provide service based telecommunications and related services,
while SingTel Japan was incorporated on 1 April 1999 to provide
facilities based telecommunications and related services.
Pursuant to a relaxation of the telecommunications regulations
in Japan, SingTel Japan's business was consolidated under
Singapore Telecom Japan on 31 July 2002. Since then, SingTel
Japan has been dormant.


SSANGYONG CEMENT: Narrows Q303 Net Loss
---------------------------------------
Ssangyong Cement posted a net loss of S$0.96 million in the
three months ended September 30, versus a net loss of S$1.66
million a year earlier, according to Reuters.

Three months to September 30, 2003
(in millions of S$ unless stated)

Operating profit/(loss)       (0.96)   vs     (1.66)
Pre-tax profit/(loss)         (4.54)   vs     (6.19)
Net profit/(loss)             (4.46)   vs     (6.21)
Group shr (cents)             (5.78)   vs     (8.03)
Turnover                      10.53    vs     10.19
Foreign exchange gain/(loss)  (0.99)   vs      0.25
Dividend (pct)                 nil     vs      nil

Ssangyong Cement (Singapore) Limited manufactures and sells
cement and building materials.


UNITED OVERSEAS: Dissolves Subsidiary
-------------------------------------
United Overseas Bank Limited (UOB) announced that its wholly
owned subsidiary, United Overseas Bank (Canada) was dissolved on
31 October 2003 after transferring all its business to UOB
Vancouver branch and satisfying all Canadian regulatory
requirements. The dissolution was part of the ongoing
rationalization of the operations of the UOB group of companies.


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


BANGKOK RUBBER: SET Posts SP, NP Signs
--------------------------------------
Bangkok Rubber Public Company Limited (BRC) has submitted to
the SET its reviewed financial statements for the period ending
30 September 2003. As the company's auditor was unable to reach
any conclusion on the financial statements, it can be considered
that the numbers, which represent the company's financial status
and operating outcome as presented in its financial statements,
failed to adequately and/or properly reflect the actual position
of the Company.

Due to these discrepancies, the Securities and Exchange
Commission (SEC)  is considering requiring that the Company
amend its financial statements on the issues raised by its
auditor.

Therefore, the SET has posted an "SP" (Suspension) sign to
suspend trading on the securities of BRC on 14 November 2003 to
enable shareholders and general investors to have sufficient
time to scrutinize an auditor's report on the review of its
financial statements.

However, the SET will post an "NP" (Notice Pending) sign
effective from the first trading session of 17 November 2003
until the Company has the opportunity to submit its amended
financial statements or the SEC concludes that it will not be
necessary to amend its financial statements.

    
EASTERN PRINTING: Incurs Q303 Profit of Bt20.85M
------------------------------------------------
EPCO Management Co., Ltd., as the Plan Administrator of Eastern
Printing Public Company Limited, informed that the performance
of the company for the third Quarter (July 1st - September 30,
2003) showed an increase in profit of Bt18.81 million compared
with the Quarter 3 of last year.          

This year, the company has an operating profit of Bt20.85
million, an increase of Bt18.57 million, by increasing revenue
(Sale & Services) by Bt43.48 million and by controlling cost
thus resulted in the better operating performance.          


EMC PUBLIC: Explains Why Auditor Disclaims F/S Opinion
------------------------------------------------------
EMC Public Company Limited, in reference to the consolidated
financial statements for the second quarter for the year 2003
which has been submitted to the SET on November 5, 2003 and for
the fact that the auditor has no opinion on these financial
statements, explained the following reasons:

1. The auditor has no opinion on the company's financial
statements concerning its the abilities to continue their
business with the auditing standard because the company and
subsidiaries have the debts more than the assets. The
shareholder equity is less than zero and the company and
subsidiaries are currently proceeding in the rehabilitation plan
period.

However, they are able to comply with the plan and pay off
debts. In the year 2003, the company's operations income
increased relatively to the first and second quarter over the
same quarter of the year 2002. At present, the business of
property development is growing. The company expects an increase
in market share, which enable it to achieve income in the amount
of Bt386.4 million as stated in the rehabilitation plan.
Therefore, the company is able to continue its business.

2. The auditor has no opinion in the second paragraph concerning
the consequent uncertainty as to the balances of subsidiaries'
paid-up capital, because some creditors of subsidiaries did not
come to take the share's certificate, which the subsidiary
companies have issued because of their responsibility of VAT.


NATURAL PARK: Provides Q303 Operation Results Details
-----------------------------------------------------
According to the reviewed financial statements for the nine
months period ended 30 September 2003, the stated consolidated
net earnings of Natural Park Public Company Limited is Bt413
million. The company provided these details:

1. Gain on disposal of subsidiary in amount of Bt250.2 million

2. Gain on sale of leasehold right of land and building in
amount of 63.0 million

3. Gain on early settlement the rehabilitation plan debt in
amount of 89.6 million

4. Share of gain accounted for under equity method in amount of
Bt 40.5 million

5. Interest Expense in amount of Bt 11.8 million


RATTANA REAL: Auditor Unable to Express F/S Opinion   
---------------------------------------------------
Rattana Real Estate Public Company limited would like to clarify
that the company auditor was unable to express an opinion on its
reviewed financial statements of for 1st quarter of 2003 and 2nd
quarter of 2003 because of the uncertainty regarding the going
concern of the Company, which was due to the consistently
suffered operating losses, and a significant capital deficit.


RATTANA REAL: Clarifies Q103 Operations Result
---------------------------------------------
Rattana Real Estate Public Company Limited, in reference to the
Reviewed Financial Statements for 1st quarter ending 31st March
2003 and 2nd quarter ending 30th June 2003, clarified the
operational result as follows:

"Net profit of the first quarter of 2003 was Bt75 million
compared to net loss of Bt298 million for the same quarter last
year. The increase in profit was due to:


   1. The revenue for the first quarter of 2003 was Bt178
million compared to Bt1 million in the same quarter last year,
the increase by Bt177 million was due to:  

     - In the first quarter of 2003, the Company terminated a
lease agreement with a lessor and, as the Company was not
obliged to pay any compensation or outstanding interest to the
lessor upon termination of the lease, the Company therefore
reversed the amount payable and related accrued interest it had
accrued in its accounts, totaling Bt111 million, to other income
in the earnings statement.

     - In the first quarter of 2003, the Company recorded the
disposal of "Leasehold rights and construction in progress". Its
book value net of provision for impairment loss was Bt1,434  
million. In this regard, the Company recorded "Remuneration
receivable under reciprocal agreement" of Bt1,500 million in the  
balance sheet and reversed provision of Bt66 million for
impairment of leasehold rights and construction in progress to
revenue in the earnings statement.

   2. Total expenses for the first quarter of 2003 was Bt35
million, which decreased by 32 million or 48%, compared to Bt67
million for the same quarter last year.  The decrease was due to
the decrease of selling and administrative expense by Bt14
million and a record of provision for impairment loss in
inventory of Bt35 million in the same period of 2002.

   3. Interest expenses for the first quarter of 2003 of Bt69
million decreased by 164 million or 70% compared to Bt233
million in the same period of 2002. The decrease was due to the
adjustment of interest expense of the year 2001 and 2000, which
has been recorded in the first quarter of 2002. Net profit for
the three-months period ending 30th June 2003 was Bt518 million
compared to net loss of Bt69 million for the same quarter last
year. The increase in operating result was due to repayment of
loan under debt restructuring agreement in the second quarter of
2003. Gain from debt restructuring totaling bt535 million has
been recorded and presented as a part of an extraordinary item
in the earnings statement.

The Company's loss from ordinary activities for the second
quarter of 2003 was Bt17 million which decreased by Bt51 million
or 75% compared to the loss of Bt68 million for the same quarter
last year. The decrease was due mainly to:

   1. The revenue for the second quarter of 2003 amounted to
Bt31 million compared to Bt1 million of the same quarter last
year, the increase by Bt 30 million was due to:

     - In the second quarter of 2003, the company sold land with
a net book value of approximately Bt28 million at a price of
Bt45 million. The Company recorded the consequent gain by
reversing Bt17 million of the provision for impairment of the
land to income in the earnings statement.

The Company recorded gain on the sale of assets of Bt13 million.

2. Interest expenses for the second quarter of 2003 of Bt42
million decreased by Bt25 million or 37% compared to Bt67
million of the same period of 2002. The decrease was due to
repayment of loan under debt restructuring agreement in the
second quarter of 2003 which causing the indebtedness totaling  
Bt671 million to be reduced.


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

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