TCRAP_Public/031119.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Wednesday, November 19, 2003, Vol. 6, No. 229

                         Headlines

A U S T R A L I A

ARISTOCRAT LEISURE: Appoints Distributor; Revises Agreements
ARISTOCRAT LEISURE: Provides Trading Status Update
GRAND HOTEL: Takeover Panel Publishes Reasons Over Decision
MARRIOTT PROPERTIES: Orehek Banned, Green Named Liquidator
QANTAS AIRWAYD: Accepts Director Kennedy's Resignation

UECOMM LIMITED: Announces International Data Connectivity


C H I N A  &  H O N G K O N G

APP (HONG KONG): Faces Winding Up Petition
CHASE WIN: Winding Up Sought by Taikoo Place
JIN DAIKO: Winding Up Hearing Scheduled in December
PCCW LIMITED: 2003 European Call Warrants Listing Withdrawn
TECHCAP HOLDINGS: Clarifies Newspaper Articles

TECHCAP HOLDINGS: Swiss Fund Becomes Single Largest Shareholder


I N D O N E S I A

BANK BNI: PEFINDO Places Ratings on CreditWatch Negative


J A P A N

HITACHI LIMITED: Enters Alliance With Diebold
NEC CORPORATION: Holds C&C User Forum in Japan

*Japan's Failing Businesses During April-September 2003


K O R E A

CHOHUNG BANK: Shinhan May Increase Capital to US$170.6M
HANBO IRON: AK Capital to Meet Payment Deadline
HYUNDAI ENGINEERING: Expects Iraq Rebuilding Orders
HYUNDAI GROUP: Government May Inject W600B to Cover Expenses
KUMGANG KOREA: S&P Places 'BBB' Rating on CreditWatch Negative


M A L A Y S I A

AUTOINDUSTRIES VENTURES: Posts Dealing During Closed Period
FORESWOOD GROUP: Seeks Regularization Plan Time Extension
GADANG HOLDINGS: Scheme, Conversion Listing Granted
GANAD CORP.: Receives Potential Interested Party Invitation
KIARA EMAS: De-listed; MTEAM Admitted to Official List

MWE HOLDINGS: Unit Gives RM4M Advance for Bank Repayment
OCEAN CAPITAL: Narrows Pre-tax Loss to RM12.6M
PAN MALAYSIAN: Updates Takeover Offer Status
PANCARAN IKRAB: Incurs RM1.607M Q303 Unaudited Loss
PLANTATION & DEVT.: Proposed Restructuring Scheme Completed

PROMET BERHAD: Serves Writ of Summon, Statement of Claim
SETEGAP BERHAD: Receives Writ of Summons Over Unpaid Debt
TIME ENGINEERING: KLSE Grants Conversion Listing


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Posts Third Quarter Results
BENPRES HOLDINGS: Widens 3Q03 Net Loss to US$21.7M
DIGITAL TELECOMMUNICATIONS: Posts 9-Month Net Loss of Php722.8M
EASYCALL COMMUNICATIONS: Posts Q303 Php20.06M Net Loss
MAYNILAD WATER: Arbitration Panel Rules on MWSS-Maynilad Dispute

MAYNILAD WATER: Files Petition For Rehabilitation
NATIONAL STEEL: LNM to Improve Purchase Offer
PHILIPPINE LONG: Settles Rate Dispute With MCI


S I N G A P O R E

ARTIST BEARS: Issues Notice of Final Meeting
FLEXTRONICS INT'L: Hosts Mid-Quarter Conference Call
GOLDENLITE INVESTMENT: Petition to Wind Up Pending
HARLEY INVESTMENTS: Creditors Meeting Set November 19
IT CAPITAL: Winding Up Hearing Set November 28

NEPTUNE ORIENT: Post Changes in Shareholder's Interest
NIGCOM HOLDING: Releases Winding Up Order Notice
POPULAR LOGISTICS: Court Grants Winding Up Petition
YONGNAM HOLDINGS: Unveils Scheme of Arrangement With Creditors


T H A I L A N D

ASIA HOTEL: Trims Q303 Net Loss to Bt48.53M
JASMINE INTERNATIONAL: Widens Q303 Net Profit to Bt3.7B
NATIONAL FERTILIZER: Cuts Q303 Net Loss to Bt1.42B
SIAM STEEL: Meets Interest, Principal Payments to FIC
THAI-GERMAN PRODUCTS: Books Bt481M Q303 Loss

THAI PETROCHEMICAL: Clarifies Net Change in Q303 Profit
THAI WAH: Explains Q303 F/S Profit Variance
TUNTEX (THAILAND): Submits Business Rehabilitation Petition

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ARISTOCRAT LEISURE: Appoints Distributor; Revises Agreements
------------------------------------------------------------
Aristocrat Leisure Limited has appointed Australis Corporation
SAC (an affiliate of Corporacion Meier SAC) as its exclusive
distributor in Peru. Australis Corporation has also been
appointed a non-exclusive distributor for Chile and, subject to
regulatory considerations, Ecuador.

"Corporacion Meier is a key existing customer and this
represents an important step in implementing Aristocrat's new
distributor-based business structure in South America," said
Aristocrat Technologies Inc President, Gavin Isaacs.

Aristocrat has also clarified its own and Corporacion Meier's
rights and obligations under prior contractual arrangements,
including entering into a revised arrangement for an existing
transaction with Corporacion Meier. In addition, a further
supply arrangement has been entered into which provides for
Corporacion Meier to purchase up to 3,000 additional rebuild
units on specified terms and conditions. These include a 30% up-
front cash deposit, with the balance to be paid over 12 months
(provided that the aggregate amount outstanding is not in excess
of US$1 million), or over 24 months (provided it is secured by
an irrevocable standby letter of credit). Sales of the
additional units are expected to commence in 2004 and are
expected to continue for up to 2 years. In accordance with the
Company's revenue recognition guidelines, sales under this
facility will be recognized as cash is received.

The Company has determined that it is appropriate to apply its
revised revenue recognition guidelines to the revised
agreements. Accordingly, US$11.5 million (A$16.4 million) of
previously recognized revenue has been transferred to deferred
revenue. One-off costs incurred in concluding the revised
agreements total US$5.4 million (A$8.1 million), approximately
one third of which was included in one-off items announced
during the first half.

"We believe this is a prudent and appropriate step to take and
brings these contractual arrangements in line with our revised
revenue recognition guidelines," said Simon Kelly, Chief
Financial Officer.

Consistent with prior announcements, Aristocrat will primarily
focus on its core North American markets, but will continue to
take advantage of opportunities in South America where such
opportunities present themselves. Aristocrat believes this
allows for further development of existing key customer
relationships within strict terms and conditions that
provide a defined level of exposure under each agreement at all
times.


ARISTOCRAT LEISURE: Provides Trading Status Update
--------------------------------------------------
The Directors of Aristocrat Leisure Limited would like to
provide an update to the second half trading outlook (segment
contribution profit) provided as part of the Company's Half-Year
results presentation.

  * Australia - continues to perform in line with guidance of a
steady result relative to the first half, but down on the
previous corresponding period.

   * New Zealand - a Government moratorium on sales imposed in
September during transition to new licensing arrangements will
result in a second half result below that of the first half.

   * Japan - improvement evidenced during the previous two
halves has continued as a consequence of continued sales of
Kyojin-no-hoshi and better than expected sales of Mahha go-go-
go, and the result is now likely to be better than the first
half and the previous corresponding period.

   * North America -solid platform sales and growth in
participation units will be offset by a weaker performance in
the systems business. Remedial measures underway are expected to
be competed in early 2004. As a result, overall segment
contribution profit will now be down on the previous
corresponding period.

   * Europe, South Africa and Asia - all continuing to perform
in line with guidance of improved results relative to the first
half and the previous corresponding period.

The above trading outlook reflects underlying business
performance before the impact of any one -off items. A full
review of all assets and liabilities has commenced. Any
adjustments resulting from this review, together with ongoing
restructuring costs, will be booked as one-off items in the
second half.


GRAND HOTEL: Takeover Panel Publishes Reasons Over Decision
-----------------------------------------------------------
The Takeovers Panel has published the reasons for its decision
in relation to an application (Application) by the Grand Hotel
Group (GHG) dated 30 September 2003 in relation to its own
affairs.

The Application concerned various alleged deficiencies in
relation to, first, several substantial shareholder notices
(Notices) provided in relation to GHG and, secondly, information
(Notice of Meeting) provided to security holders of the Grand
Hotel Trust (GHT) for the purposes of a general meeting on 22
October 2003 at which holders were required to decide whether to
replace the current responsible entity of the GHT.

The Panel declined to commence proceedings on the Notice of
Meeting issue. It considered that in the circumstances, the
Notice of Meeting (and more generally the meeting to which it
related) did not relate to a control transaction for the
purposes of Chapter 6 of the Corporations Act. Chapter 6 is not
designed to prevent members from using their votes to replace
the management of companies and trusts, unless in doing so they
contravene section 606 (the 20% threshold) or other provisions
of Chapter 6. The Application did not allege that the meeting of
GHT members involved either a change in the voting power of any
holder, or the acquisition of relevant interests in securities.

The Panel was initially inclined to commence proceedings in
relation to the Notices. However, after the Application was made
the parties who had filed the Notices, Hotel Capital Partners
Ltd and Touraust Corporation Pty Ltd, provided additional
information to GHG which adequately supplemented the information
provided in the Notices, which GHG released to the Australian
Stock Exchange. Accordingly, there were no further issues for
the Panel to address, and the Panel dismissed the Application
without conducting proceedings on Monday, 13 October 2003.

The sitting Panel comprised Peter Scott (sitting President), Ian
Ramsay (deputy President) and Scott Reid.

The reasons are available on the Panel's website at:
http://www.takeovers.gov.au/Content/Decisions/decisions.asp

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


MARRIOTT PROPERTIES: Orehek Banned, Green Named Liquidator
----------------------------------------------------------
The Supreme Court of New South Wales has made orders banning Mr
Robert John Orehek from managing corporations for a period of
eight years, and appointing Mr Martin Green as the liquidator of
Marriott Properties Pty Ltd and Platinum Finance Group Pty Ltd,
following an application by the Australian Securities and
Investments Commission (ASIC).

Mr Orehek consented to the orders.

These orders follow ASIC's ongoing investigation into the
involvement of Mr Orehek, and several companies of which he was
a director, referred to in the Court proceedings as the Orehek
group of companies, in a fundraising scheme for residential
property development.

ASIC's investigation found that the scheme raised approximately
$10 to 15 million from investors in the Sydney area, however,
most of the investors did not receive any returns on their
investment. Both Marriott Properties Pty Ltd and Platinum
Finance Group Pty Ltd were insolvent.

Mr Green was appointed as liquidator of Marriott Properties and
Platinum Finance Group, following his appointment as
administrator or liquidator to the remaining companies in the
Orehek group of companies.

"ASIC has acted to protect the interests of investors by winding
up two insolvent companies, and by banning Mr Orekek from a
management role," ASIC Director of Enforcement, Mr Allen Turton.

ASIC previously obtained orders from the Supreme Court of New
South Wales restraining Marriott Properties and Platinum Finance
Group from dealing with any of their assets or incurring any new
debts other than for professional advice.

ASIC's investigation is continuing.


QANTAS AIRWAYD: Accepts Director Kennedy's Resignation
------------------------------------------------------
The Chairman of Qantas Airways Limited, Margaret Jackson, on
Tuesday said that she had accepted the resignation of Trevor
Kennedy as a Director of Qantas Airways Limited.

"Trevor has been a Director of Qantas since 1994 and he has also
served as a Director of Qantas Superannuation Limited," Ms
Jackson said.

"He has always been an excellent Director of Qantas who has made
a major contribution over nearly a decade."


UECOMM LIMITED: Announces International Data Connectivity
---------------------------------------------------------
Uecomm Limited announced Monday that it has extended its
delivery capability to include international connectivity for
its high-speed data customers.

"Connecting geographically dispersed offices are essential for
our customer base of large corporations. We make it easy for
companies to extend their Ethernet local area network (LAN) to a
wide area Ethernet network via our Ethernet VLAN (Virtual LAN)
service and our customers are extremely receptive to this
solution for their multi-point connectivity needs," said Brendan
Park, Uecomm's product and marketing director.

"We are now able to provide Australian-based enterprises with
international data connections to multiple locations outside of
Australia," Park said.

Uecomm has already signed Sony Australia and commercial law
firm, Phillips Fox, to the service.

Phillips Fox has a number of offices located throughout
Australia, New Zealand and Vietnam. Uecomm provides connectivity
for their national wide area network (WAN), which includes a
connection to their office in Auckland.

"We have just moved our NZ offices across to our central
Practice Management System based in Sydney, and network
performance was critical to the success of this project," said
John Duckett, IT Manager, Phillips Fox.  "I am pleased to say
that the performance from the Tasman link has exceeded our
expectations, and our NZ users have commented positively on the
responsiveness of the new system.  We are extremely pleased with
the simplicity of the network, the ease of managing it, and the
possibilities it provides for implementing other services."

Uecomm has selected Sprint to provide the international service.

David Eagle, Managing Director, Sprint Australia said "The
combined Uecomm and Sprint service presents Australian-based
corporations with a solid value proposition and a true choice in
locally based telecommunication suppliers. We're delighted that
Sprint has been chosen to support Uecomm in expanding their
offering to corporate customers."

Through Sprint, Uecomm's International service coverage is
available throughout Asia Pacific, Europe and America.
International customer connections will initially be offered at
speeds from 2Mbps.

Wrights Investors' Service reports that at the end of 2002,
Uecomm Limited had negative working capital, as current
liabilities were A$17.50 million while total current assets were
only A$13.88 million. The company has paid no dividends during
the last 12 months and has not paid any dividends during the
previous 4 fiscal years.


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C H I N A  &  H O N G K O N G
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APP (HONG KONG): Faces Winding Up Petition
------------------------------------------
The petition to wind up APP (Hong Kong) Limited is set for
hearing before the High Court of Hong Kong on December 3, 2003
at 9:30 in the morning.

American Home Assurance Company, which registered office is
situated at AIG Building, 22 Martin Road, Singapore 239058,
filed the petition with the court on October 8, 2003.


CHASE WIN: Winding Up Sought by Taikoo Place
--------------------------------------------
Taikoo Place Holdings Limited is seeking the winding up of Chase
Win Investment Limited. The petition was filed on October 22,
2003, and will be heard before the High Court of Hong Kong on
December 10, 2003 at 10:00 in the morning.

Taikoo Place holds its registered office at 35th Floor, Two
Pacific Place, 88 Queensway, Hong Kong.


JIN DAIKO: Winding Up Hearing Scheduled in December
---------------------------------------------------
The High Court of Hong Kong will hear on December 17, 2003 at
9:30 in the morning the petition seeking the winding up of Jin
Daiko Japanese Restaurant Limited.

Kong Hing Hung Henry of Room 521, Kam Shek House, Ping Shek
Estate, Kowloon, Hong Kong filed the petition on October 27,
2003.  Tam Lee Po Lin, Nina represents the petitioner.

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


PCCW LIMITED: 2003 European Call Warrants Listing Withdrawn
-----------------------------------------------------------
Market participants are requested to note that listing of the
2003 European Style (Cash Settled) Call Warrants relating to
existing issued ordinary shares of HK$0.25 each of PCCW Limited
issued by Credit Suisse First Boston (stock code: 9637) was
withdrawn after the close of business on Tuesday (18/11/2003).

The Company announced that that dealings in the 2004 European
Style (Cash Settled) Call Spread Warrants relating to existing
issued ordinary shares of HK$0.25 each in PCCW Limited issued by
Credit Lyonnais Financial Products (Guernsey) Limited will
commence at 9:30 a.m. on Thursday, 20/11/2003 under the
following particulars:

Stock Code      Stock Short Name        Board Lot
----------      ----------------        ---------
9306            CL-PCCWL@XC0405         1,000 units


TECHCAP HOLDINGS: Clarifies Newspaper Articles
----------------------------------------------
The Directors of TechCap Holdings Limited would like to make the
following clarifications in response to the articles published
on 13 November 2003, following a routine public relations
exercise of the Company in which Mr. Lee and Dr. Aimin NI, the
Chief Executive Officer and Chief Operating Officer of the
Company, respectively, were interviewed by a group of
journalists. Mr. Lee shared his personal vision regarding the
Company's business strategies in that function. Some of the
information provided by Mr. Lee to the journalists were not
representative of the Company's view and some were
misinterpreted or misquoted.

It was mentioned in the articles that

   (i) the Company will change its business scope from
manufacturing, sourcing and distribution of electronic parts and
investment holding of unlisted securities (the Existing
Business) to providing value-added services of clinical trials;

   (ii) the Company will further procure other strategic
investors;

   (iii) swissfirst Structured Bonds and swissfirst Bank were
the largest shareholder of the Company, holding 22.73% issued
capital of the Company pursuant to the conversion of the bonds
last week;

   (iv) existing management will cease from operating the
Company subsequent to the change of shareholding structure of
the Company;

   (v) the Company is in negotiations and developing infectious
medicine and cancer treatment projects with over 4% profit
margin; and

   (vi) management fees and revenue of USD100 million could be
generated from the aforementioned business.

The Directors wish to inform the public that:

   (i) the Company confirms that its principal business
including (a) manufacturing, sourcing and distribution of
electronic parts; and (b) investment holding of unlisted
securities of several other companies in which the Group only
has passive equity interest and are not accounted for by the
Company as its subsidiaries, remain unchanged and the Company
intends to make possible investments in the medical,
pharmaceutical and healthcare sectors as disclosed in the
circular of the Company dated 5 November 2003. However, no
definitive projects have been identified at present;

   (ii) the Company may procure other strategic investors that
would bring strategic values to the Company in developing its
business but no commitments or agreements have been made.
Should this happen, the Company will make further
announcement(s), if appropriate, in accordance with the Listing
Rules;

   (iii) the statement regarding the shareholdings of swissfirst
Structured Bonds AG and swissfirst Bank AG was misquoted. They
are independent parties and their shareholdings pursuant to the
conversion of the bonds, prior to the notifications of 6
November 2003 were 9.08% and 7.26%, respectively, as set out in
the announcement of the Company dated 7 November 2003;

   (iv) the statement that the existing management will cease
from operating the Company subsequent to the change of
shareholding structure of the Company was misquoted, Mr. Lee
will work closely with the existing management of the Company in
developing the business and managing the daily operations of the
Company. However, Dr. Zhong Yuan LI, the Chairman of the Board,
is considering to become less involved in the daily management
of the Company;

   (v) the Company has recently been engaged in preliminary
discussions with some international corporations for exploring
business cooperation opportunities of clinical trials in the
PRC, which includes anti-infectious medicine, cancer treatment
and life style medicine, but no definitive profit margin has
been discussed and the Company is not aware of the source of the
4% profit margin set out in the articles. Should the Company
enter into any such agreement, the Company will make further
announcement in accordance with the Listing Rules; and

   (vi) management fees and revenue of USD100 million
(equivalent to approximately HK$780 million) to be generated
from the new business in three to five years' time are based
solely on the personal vision and target of Mr. Lee, the newly
appointed CEO of the Company, without any financial modeling
projected basis. The Company acknowledges that although this is
not a projection or profit forecast, this may have caused
confusion to the general public. Accordingly, the Company will
exercise extra caution in dealing with similar situations in the
future. Mr. Lee also undertakes to discuss with the Board in the
future before releasing any figures or personal plans regarding
the Company to the general public.

The Directors confirm that, other than the new appointment of
Mr. Jong-Dae LEE, there is no change to the Company's principal
business, the control of the Board, senior management and staff
in general of the Company.


TECHCAP HOLDINGS: Swiss Fund Becomes Single Largest Shareholder
---------------------------------------------------------------
TechCap Holdings Limited was notified by swissfirst (Lie)
Opportunities Anlagegesellschaft AG, Segment Six: Greater Asia
Opportunities (Swiss Fund) on Thursday, afternoon of 6 November
2003 that Swiss Fund had acquired 30,000,000 Shares of the
Company, representing approximately 18.16% of the Company's
existing issued share capital and, as a result, has become the
single largest shareholder of the Company. Thereafter, the
Company filed the corporate substantial shareholder notice
regarding the interest of Swiss Fund in the securities of the
Company with the Stock Exchange in accordance with Part XV of
the Securities and Futures Ordinance (Cap.571). The  Directors
confirm that they have no knowledge of the source of those
shares but were notified on the same day that swissfirst
Structured Bonds AG and swissfirst Bank AG had disposed of
10,000,000 and 12,000,000 Shares, respectively, after conversion
of the existing convertible bonds of the Company they held.

Swiss Fund was established in October 2003, which has assets
over CHF1 billion (equivalent to approximately HK$5.8 billion)
under management. The ultimate beneficial owners of Swiss
Fund are long-term Swiss and European investors. The principal
business of Swiss Fund is investment management. Swiss Fund is
an integrated fund, with objective to invest in stocks on a
global basis for long-term appreciation in value.

Swiss Fund is an independent third party not connected with the
Company, its subsidiaries, its Directors and their respective
associates.

Prior to the notification made by Swiss Fund on 6 November 2003,
the Company had held a series of discussions since late October
2003 with Swiss Fund regarding the Company's strategies,
business prospects and management resources. According to the
fund manager of Swiss Fund, the fund was impressed by the future
prospects of the Group that may arise from the Company's
strategic relationship with Guo Kang set out in the press
announcement of the Company dated 15 October 2003 and decided to
acquire shares of the Company. On 6 November 2003, upon Swiss
Fund becoming the single largest shareholder of the Company, the
Company appointed Mr. Jong-Dae LEE, who was recommended by Swiss
Fund, as the Chief Executive Officer (but not a Director) of the
Company in order to strengthen the management of the Group.

However, the appointment of Mr. Lee is not a pre-condition for
Swiss Fund to become a substantial and the single largest
shareholder of the Company. Mr. Lee has never held any position
in Swiss Fund. He will be based in Hong Kong and is responsible
for formulating business strategies and developing relationships
with international institutional and strategic investors of the
Company. Mr. Lee, an experienced international lawyer and
investment banker, received his undergraduate degree in
economics from Haverford College, Pennsylvania, and later
obtained his Doctor in Jurisprudence from Georgetown University,
Washington, D.C. He began his practice in Washington, D.C. where
he specialized in international trade matters, and moved to Hong
Kong in 1988 to join Coudert Brothers, an international law firm
that was the first firm to open offices in China. Mr. Lee worked
closely with the Company when he worked at Coudert Brothers
hitch was the Company's legal advisor. As a partner of Coudert
Brothers, he practiced in the corporate and finance areas
focusing on regional cross border transactions, often involving
China. He left full time law practice in 1997 to become a senior
investment banker and advisor for Rabobank International,
Citigroup and certain other institutions, with broad
responsibilities for complex cross-border transactions. In
view of his background, qualification, experience and statue,
the Directors believe that the appointment of Mr. Lee as the CEO
will be in the best interest of the Company and its
Shareholders as a whole.

Swiss Fund as a financial and passive investor has no intention
to be involved in the daily management and operations of the
Group. Apart from recommending Mr. Jong-Dae LEE as the CEO of
the Company, it may or may not further recommend a Director to
the Company in the future. Swiss Fund has indicated to the
Company that it has no intention to control the Board.

Furthermore, according to bye-laws 86.(2) of the Company that
"the Directors have the power from time to time and at any time
to appoint any person as a Director," therefore, the appointment
of the candidate(s) recommended by Swiss Fund as a Director will
be subjected to the approval of the board of directors of the
Company (the "Board"), which currently comprise six Directors.
Further announcement(s) will be made by the Company to inform
the Shareholders should new appointment(s) of Director(s) take
place in the future. The memorandum of association and bye-laws
of the Company do not automatically allow any shareholders of
the Company to appoint Directors to the Board of the Company.


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BANK BNI: PEFINDO Places Ratings on CreditWatch Negative
--------------------------------------------------------
PT Pemeringkat Efek Indonesia (PEFINDO) placed its ratings on PT
Bank BNI Tbk (BBNI) and its Bonds I/2003 (IDR1.0tn) as well as
subordinated debt of US$100 million on CreditWatch with negative
implications following the alleged fraud case on letters of
credit (L/C) issued by the bank amounting to Rp1.7 trillion.
Currently, the bank's corporate and long-term credit ratings are
at "idA-"/stable, while the bank's subordinated debt rating is
at "idBBB+"/stable.

The bank's financial performance would be negatively affected
should the bank has to absorb a sizeable potential loss around
Rp1.2 trillion. This indicates that the bank's internal control
and risk management are still weak. PEFINDO will take a rating
action in the near term after it has detail information and
clarification from the bank's management.


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J A P A N
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HITACHI LIMITED: Enters Alliance With Diebold
---------------------------------------------
Diebold, Incorporated, a global leader in self-service solutions
and systems, announced that it is working with Hitachi Limited,
a global technology leader of self-service cash recycling
modules, to develop new and advanced cash recycling technology
for the financial industry to conform to global disability
standards and offer all of the advantages currently available on
Diebold's new Opteva(TM) automated teller machines (ATMs).

"We're eager to collaborate with Diebold to manufacture a unique
and robust technology that adapts to the specific and often
unpredictable needs of their customer's customers," said Kazuya
Hori, general manager of the Mechatronics Systems Division for
Hitachi, Ltd.  "Based on Diebold's innovative advancements with
its new Opteva family, the possibilities for a highly advanced
cash recycler are endless."

This innovative effort will incorporate a level of
sophistication that integrates deposit automation, automatic
sorting and banknote recycling tasks.

Some of the advantages will include increased safety, improved
availability and immediate crediting of customer accounts.

This alliance will result in a sophisticated combination of
integrated, advanced technology from Diebold and Hitachi
designed to handle a wide range of self-service functions other
than dispensing cash.

"Our relationship with Hitachi leverages the many technological
synergies between our respective companies," said Danny O'Brien,
senior Vice President of Global Product Marketing for Diebold.
"We're excited about working with a technology leader like
Hitachi to create an entirely new cash recycling platform with
advanced technology."

Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading
global electronics Company, with approximately 340,000 employees
worldwide.

Fiscal 2002 (ended March 31, 2003) consolidated sales totaled
8,191.7 billion yen ($68.3 billion). The Company offers a wide
range of systems, products and services in market sectors,
including information systems, electronic devices, power and
industrial systems, consumer products, materials and financial
services. For more information on Hitachi, please visit the
Company's Web site at http://www.hitachi.com.

Diebold, Incorporated is a global leader in providing integrated
self-service delivery systems, security and services.  Diebold
employs more than 13,000 associates with representation in more
than 88 countries worldwide and is headquartered in North
Canton, Ohio, USA.  Diebold reported revenue of $1.9 billion in
2002 and is publicly traded on the New York Stock Exchange under
the symbol 'DBD.'  For more information, visit the Company's Web
site at http://www.diebold.com.

Hitachi Limited will end a traditional seniority-based annual
pay raise system in favor of a merit-based system starting in
April 2004, in a move to boost motivation and business as the
nation's economy continues to struggle, TCR-AP reported
recently.

The Hitachi Group is pushing ahead with the restructuring of its
business portfolio based on its medium-term management plan, the
"i.e. Hitachi Plan II", a three-year plan ending in fiscal 2005
aimed at pushing through major reforms of its operating
framework and focusing on highly profitable businesses, TCR-AP
reported recently. Hitachi, Ltd. is realigning its business
portfolio by exiting and restructuring certain businesses and
expanding targeted business domains.


NEC CORPORATION: Holds C&C User Forum in Japan
----------------------------------------------
NEC Corporation announced Monday that it will hold C&C
(Computers & Communications) User Forum & iEXPO2003 (exhibition)
to display and discuss the NEC group and its partners' advanced
solutions which are the core of corporate competitive power and
cutting-edge technology. The event will take place from December
3rd to 5th, 2003 at Tokyo Big Sight Exhibition Center, Japan.

The theme of this event is "Dynamic Collaboration". "Dynamic
Collaboration" is a business message introducing a business
style to dynamically respond to a continually evolving
commercial environment by flexibly collaborating with partners
while refining its own core competence.

The goal of C&C User Forum is to share corporate strategies, IT
strategies, and management tips on cutting-edge solutions, and
case studies to overcome ever-intensifying competition. In
iEXPO2003, the NEC Group and over 100 of its business partners
showcase advanced solutions and cutting-edge technology that
enable the integration of IT and network technology.

Details of this event are as follows:

C&C User Forum

1.   Date: December 3rd to 5th, 2003

2.   Time: 10:00-17:20

3.   Venue: Tokyo Big Sight Exhibition Center, Conference Halls
1,6,7,8

4.   Host: NEC C&C Systems User's Association (NUA), NEC

5.   Main lectures:

Keynote Address

- Fujio Cho, President, Toyota Motor Corporation
  Spreading The Toyota Way in the World
- Keiji Tachikawa, President & CEO, NTT DoCoMo, Inc.
  Ubiquitous Network Society to be Realized with FOMA
- Akinobu Kanasugi, President, NEC Corporation
  Managerial Reforms in Ubiquitous Age Developed through

Integration of IT and Networks

Special lectures: Company executives and industry experts will
talk about management strategies, society and individuals.

iEXPO2003

1.  Date: December 3rd to 5th, 2003

2.  Time: 10:00-17:30

3.  Venue: Tokyo Big Sight, East Exhibition Wing, Halls 4 & 5

4.  Host: Nikkei BP, NEC

5.  Main details: NEC Group and over 100 of its business
partners showcase advanced solutions and cutting-edge technology
that enable the integration of IT and network technology.

Reception Desks

Press badges will be prepared for journalists at reception desks
located at the Conference Hall on the 1st floor and the East
Exhibition Wing, at the entrance to Hall 5. Journalists may
participate in both events free of charge.

Pressroom

Journalists may use the pressroom located at the East Exhibition
Wing 2F East-4, Room-1.

About NEC Corporation

NEC Corporation is one of the world's leading providers of
Internet, broadband network and enterprise business solutions
dedicated to meeting the specialized needs of its diverse and
global base of customers. Ranked as one of the world's top
patent-producing companies, NEC delivers tailored solutions in
the key fields of computer, networking and electron devices, by
integrating its technical strengths in IT and Networks, and by
providing advanced semiconductor solutions through NEC
Electronics Corporation. The NEC Group employs more than 140,000
people worldwide and had net sales of approximately $40 billion
in the fiscal year ended March 2003. For further information,
please visit the NEC Corporation home page at: www.nec.com

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

Contact:
NEC Corporation
Diane Foley
d-foley@ax.jp.nec.com
+81-3-3798-6511


*Japan's Failing Businesses During April-September 2003
-------------------------------------------------------
The Teikoku Databank Limited unveiled the cases of Japan
corporate bankruptcies and amount of liabilities during the
period of April 2003 to September 2003 as follows:

CASES OF BANKRUPTCIES AND AMOUNT OF LIABILITIES
(Liabilities: in Million yen)

Bankruptcies:  8,337

(down 10.2% below 9,286 during Oct. '02 to Mar. '03)
(down 13.5% below 9,642 during Apr. to Sept. 2002)

Liabilities: Y5,523,008

(down 22.9% below \ 7,165,059 during Oct. '02 to Mar. '03)
(down 10.1% below \ 6,144,934 during Apr. to Sept. 2002)

HIGHLIGHT AND OUTSTANDING FEATURE

The number of bankruptcies in Japan dropped by 10.2 percent
below the last half term and by 13.5 percent below the same time
last year to 8,337 cases, falling below 9,000 cases for the
first time in four years on a first half-term basis, according
to Teikoku Databank Limited. The number represents the 13th
worst first half term and the 27th worst half-term records in
the postwar period. Moreover, the number of bankruptcies each
month fell below that of respective month in the last year.
These results clearly show the declining trend of bankruptcies.
Small and medium sized firms are averting to be gotten into
default by changing profit structure through restructuring
efforts, reducing credit transaction, and avoiding risk-taking
strategies. In addition, public assistance such as refinancing
guaranty and special financing temporarily helps keep the number
of bankruptcies from rising.

Total liabilities decreased by 22.9 percent below the last half
term and by 10.1 percent below the same time last year to
5,523,008 million yen, which is the seventh worst first half-
term record in the postwar period. Although there were many
large-scale bankruptcies in the golf and resort industries,
there were no very-large bankruptcies with liabilities over 500
billion yen during the term. This implies that dealing with the
large-sized corporations with problems has not been finished.

By industry, decline in the number of bankruptcies stands out in
the manufacturing industry (424 cases: down 24.5 percent year-
on-year) and by region, Kanto (467 cases: down 14.2 percent
year-on-year). By the size of the company, the number of
bankruptcies in small and medium sized firms with liabilities
below 1 billion yen and capital below 50 million yen have shown
significant decline.

On a first-half term basis, liquidation-type bankruptcies has
renewed the worst first-half term record (2,773 cases), while
voluntary liquidation fell short of 5,000 cases for the first
time in 12 years (4,975 cases). This clearly represents the
declining trend of bankruptcies caused by dishonor and the
increasing trend of legal liquidation.

Bankruptcies of listed companies numbered 12 cases, which was
the second-worst first-half term record after 13 cases in the
same time last year.

Recession-induced bankruptcies totaled 6,477 cases or 77.7
percent of total bankruptcies, which was the worst record on a
half-term basis.


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


CHOHUNG BANK: Shinhan May Increase Capital to US$170.6M
-------------------------------------------------------
Shinhan Financial Group is expected to carry out a capital
increase of up to 200 billion won (US$170.6 million) for Chohung
Bank next month, Asia Pulse reports. Shinhan Financial Group
acquired Chohung in late June and aims to merge the lender with
its flagship Shinhan Bank in three years.

The group will schedule a board meeting by the end of this month
to decide on the capital increase, and if so, how it should be
done and how much funds are necessary. Industry experts estimate
Chohung needs at least 500 billion won to make its capital base
healthier.


HANBO IRON: AK Capital to Meet Payment Deadline
-----------------------------------------------
Local consortium AK Capital will be able to meet Tuesday's
payment deadline for Hanbo Iron & Steel Co., according to Yonhap
News on Tuesday. AK Capital signed a 452.4 billion won
(US$382.27 million) deal in February to acquire Hanbo but
deferred full payment until Tuesday due to a shortfall of 64.4
billion won in July and August.


HYUNDAI ENGINEERING: Expects Iraq Rebuilding Orders
---------------------------------------------------
Hyundai Engineering & Construction Co. expects to win US$400
million worth of orders for renovating or repairing aging power
facilities in Iraq, according to Asian Times. The Company will
sign a joint deal with an unnamed Japanese Company to renovate
or repair a 1,200 megawatt power plant and a 400 KV transformer
it itself built before the outbreak of the 1991 Gulf War.

The latest audit done in August indicated the company doesn't
need an additional debt-for-equity swap or lower interest on
debts to survive, TCR-AP reported recently.  However, it needs
to lower its capital to avoid being placed under the supervision
of the Korea Stock Exchange.

Creditors, which started managing the firm in 2001 after pooling
together a multi-trillion-won bailout package, which included a
debt-for-equity swap of KRW2.9 trillion, will finalize the size
of the capital reduction by the end of this year, Korea Exchange
told Dow Jones.


HYUNDAI GROUP: Government May Inject W600B to Cover Expenses
------------------------------------------------------------
The South Korean government will set aside about 600 billion won
to cover any contingent costs arising from the ongoing legal
cases over Daewoo Group, the Korea Herald reports, citing the
Ministry of Finance and Economy.

The ministry added that the government has prepared another 400
billion won for similar cases with other financial institutions,
which brought the total public funds allotted for legal defeats
to 1 trillion won.


KUMGANG KOREA: S&P Places 'BBB' Rating on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services on Tuesday placed its 'BBB'
long-term credit ratings on Kumgang Korea Chemical Co. Ltd.
(KCC) on CreditWatch with negative implications, following the
announcement on Nov. 14, 2003, that the KCC group and its
honorary chairman will take a controlling 31.25% stake in
Hyundai Elevator Co. Ltd.

The extent of KCC's ownership and control has yet to be
finalized, as Hyundai Elevator's management is currently
planning countermeasures to dilute the level of KCC ownership.
Once the level of ownership is confirmed, Standard & Poor's will
reassess the business and financial profiles of KCC to reflect
those of the companies in the Hyundai group (Hyundai Elevator,
Hyundai Merchant Marine Co. Ltd., Hyundai Securities Co. Ltd,
Hyundai Investment & Securities Co. Ltd., Hyundai Asan Corp.,
and Hyundai Logistics Co. Ltd.).

"The CreditWatch placement reflects the move by KCC management
to exercise greater control over the Hyundai group, putting its
own interests ahead of its creditors and shareholders," said
Standard & Poor's credit analyst Eun Jin Kim. "It is clear that
KCC management's interests in the Hyundai group exceed that of
pure investment, exposing KCC to considerable business and
financial risks beyond the current credit profile of the
company," Ms. Kim added.

Despite KCC's stable and predictable earnings from its core
paint and building materials business, the company's financial
profile will likely deteriorate significantly with the inclusion
of Hyundai group debt. Using the most recent consolidated
figures for the year ended Dec. 31, 2002, the total consolidated
debt of Hyundai Elevator and Hyundai Merchant Marine is over 3x
that of KCC's.

The CreditWatch status will be resolved after Standard & Poor's
completes its examination of the credit quality of the Hyundai
group companies and assesses the extent to which KCC is willing
to provide support to these weaker companies. One or more
notches as a result of this review could lower the rating.


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


AUTOINDUSTRIES VENTURES: Posts Dealing During Closed Period
-----------------------------------------------------------
Further to the announcement of 10 November 2003 on the Trading
in Securities of Autoindustries Ventures Berhad during the
closed period, the Company informed that, pursuant to paragraph
14.08(c) of the Listing Requirements of Kuala Lumpur Stock
Exchange, Syed Ahmad Badiuzaman Bin Syed Noordin, the Non-
Independent Executive Director/Chief Executive Officer of the
Company has informed AIV that he has disposed the ordinary
shares of AIV as follows:

   Date of dealing: 14 November 2003 14 November 2003
   Consideration of dealing: RM3.9000 RM5.2072
   Number of shares disposed: 2,000,000 48,500
   Percentage of issued share capital of AIV: 5.00% 0.12%

BACKGROUND

The core business of the Group is the manufacture and supply of
automotive and related components for the Proton, Produa and the
local OEM market. To complement its core business, in 1998 the
Group moved into businesses involved in metal forming, plastic
and rubber molding, engineering services and industrial
automation. Its activities have also expanded into the design
and manufacture of special purpose vehicles. In 2000 and 2001,
the Group's subsidiaries in Australia, which operated in the
automotive parts and accessories industry, were placed under
voluntary liquidation and deconsolidated. Following a restricted
share issue exercise in 2002 the company has since improved its
financial position

CONTACT INFORMATION: Lot 22225
        Batu 7 Jalan Bukit Kemuning
        42450 Kelang Selangor
        Tel : 03-5121 2329


FORESWOOD GROUP: Seeks Regularization Plan Time Extension
---------------------------------------------------------
In accordance with Paragraph 5.1 (b) of Practice Note No.
4/2001of the Listing Requirement of the Kuala Lumpur Stock
Exchange, Foreswood Group Berhad wishes to announce that FGB had
applied to The Exchange on 14 November 2003 for a further
extension of an additional two (2) months up to 21 January 2004,
to enable FGB to submit its regularization plan to the relevant
authorities for approval.


GADANG HOLDINGS: Scheme, Conversion Listing Granted
---------------------------------------------------
Kindly be advised that Gadang Holdings Limited's additional
49,300 new ordinary shares of RM1.00 each issued as follows:

   (i) 2,300 new ordinary shares arising from the Conversion of
RM2,300 Irredeemable Convertible Unsecured Loan Stocks into
2,300 New Ordinary Shares Conversion; and

   (ii) 47,000 new ordinary shares issued pursuant to the
Employees' Share Option Scheme

will be granted listing and quotation with effect from 9:00
a.m., Wednesday, 19 November 2003.

Wrights Investors' Service reports that as of May 2002, the
company's long-term debt was RM33.39 million and total
liabilities were Rm176.16 million. The long-term debt to equity
ratio of the company is 1.08. It also reported that Company
booked losses during the previous 12 months and has not paid any
dividend during the previous three fiscal years.


GANAD CORP.: Receives Potential Interested Party Invitation
-----------------------------------------------------------
Ganad Corporation Bhd (Ganad) refers to the announcement made on
17 June 2003 pursuant to the approval obtained from the
Securities Commission (SC) in relation to the Proposals via its
letter dated 12 June 2003. The Proposals involves the following:

    Proposed Scheme of Arrangement
    Proposed Ganad Disposal
    Proposed Acquisitions
    Proposed Bumiputera Issue
    Proposed Placement
    Proposed Exemption
    Proposed Listing Transfer

In the SC's letter dated 12 June 2003, the SC has imposed a
condition that the entire equity interest in Ganad comprising
19,000,000 ordinary shares of RM1.00 each is required to be
disposed of via an open tender exercise by Axis Diversity Sdn
Bhd (Axis) (Proposed Ganad Disposal).

The Company informed that on 15 November 2003, Ganad has
received the letter of notification from the Board of Axis dated
15 November 2003 that an invitation to potential interested
party for the Proposed Ganad Disposal will be made via press
release dated 17 November 2003, a copy of which is attached at
http://bankrupt.com/misc/Ganad1119.pdffor reference.


KIARA EMAS: De-listed; MTEAM Admitted to Official List
------------------------------------------------------
Kiara Emas Asia Industries Berhad refers to the announcements in
relation to the Restructuring Scheme, comprising:

(a) Scheme of arrangement between KIARA, its shareholders and
MTEAM under Section 176 of the Companies Act, 1965 whereby the
shareholders of KIARA will exchange five (5) Shares in KIARA for
one (1) new Share to be issued by MTEAM (Shareholders' Scheme);

(b) Scheme of arrangement between KIARA, and the creditors of
KIARA (Scheme Creditors) and MTEAM involving the issuance of up
to RM18,000,000 5 year redeemable convertible unsecured loan
stocks by MTEAM to the Scheme Creditors (Creditors' Scheme)

(c) Disposal of all of the existing subsidiaries of KIARA for a
total cash consideration of RMl.00 only (Disposal);

(d) Acquisition by MTEAM of 90.91% of the issued and paid-up
capital of Stone World Sdn. Bhd. (Stone World), comprising
50,192,602 Shares, from Excellent Avenue (M) Sdn. Bhd.
(Excellent Avenue) for a total consideration of RM50,000,000 to
be satisfied by the issuance of 50,000,000 new Shares in MTEAM
at an issue price of RM1.00 per Share (Acquisition);

(e) Special issue of 13,000,000 new Shares by MTEAM, preferably
to Bumiputra investors, at an issue price of RM1.00 per Share
(Special Issue);

(f) Renounceable restricted issue of 7,999,999 new Shares by
MTEAM to the existing shareholders of KIARA on the basis of one
(1) new Share for each Share held upon the completion of the
Shareholders' Scheme, at an issue price of RMl.00 per Share
(Restricted Issue);

(g) Unconditional mandatory offer by MTEAM to the two (2)
remaining shareholders of Stone World to acquire from them the
remaining 5,021,541 Shares in Stone World (Offer Shares),
representing 9.09% of the issued and paid-up capital of Stone
World, not owned by MTEAM upon the completion of the Acquisition
(Mandatory Offer);

(h) Transfer of the listing status of KIARA on the Second Board
of the KLSE to MTEAM (Transfer of Listing Status); and

(i) Exemption to Excellent Avenue, Ample Potential Sdn. Bhd. and
Mr. Wong Thiam Loy from the obligation to undertake a mandatory
offer for the remaining Shares in MTEAM not held by them upon
the completion of the Proposals (Exemption).

Following the implementation of the Company's Restructuring
Scheme, KIARA has regularized its financial condition, and has
achieved an adequate level of operations. Therefore, it no
longer triggers any of the criteria under Paragraph 2.0 of
Practice Note 4/2001 and Practice Note 10/2001.

In view of the above, KIARA will be removed from the Official
List of KLSE and MTEAM will be admitted in place of KIARA with
effect from 9:00 a.m., Wednesday, 19 November 2003.

MTEAM's entire issued and paid-up share capital of RM84,002,460
comprising 84,002,460 ordinary shares of RM1.00 each issued as
follows:

   (i)  2 existing MTEAM Shares
   (ii) 7,999,999 MTEAM Shares arising from the Shareholders'
        Scheme;
   (iii) 50,000,000 MTEAM Shares arising from the Acquisition;
   (iv) 13,000,000 MTEAM shares arising from the Special Issue;
   (v)  7,999,999 MTEAM Shares arising from the Restricted
        Issue; and
   (vi) 5,002,460 MTEAM Shares arising from the Mandatory Offer;

will be admitted to the Official List of the Exchange in place
of KIARA, and the listing and quotation of the MTEAM ordinary
shares on the Second Board under the "Industrial Products"
sector, will be granted with effect from 9:00 a.m., Wednesday,
19 November 2003, on a "Ready" basis pursuant to the Rules of
the Exchange.

The Stock Short Name, ISIN Code and Stock Number of the MTEAM
ordinary shares are "MTEAM", "MYL7781OO007" and "7781"
respectively.

The reference price for MTEAM's ordinary shares is RM1.00 and
the trading limit will be 500%.

Kindly be advised that the MTEAM ordinary shares are prescribed
securities. Dealings in the aforesaid shares shall be carried
out in accordance with Securities Industry (Central
Depositories) Act, 1991 and the Rules of Malaysian Central
Depository Sdn Bhd.

Also remember that only "free securities" can be utilized for
settlement of trades involving the aforesaid ordinary shares.


MWE HOLDINGS: Unit Gives RM4M Advance for Bank Repayment
--------------------------------------------------------
Pursuant to paragraph 10.08 of Part E, Chapter 10 of the Kuala
Lumpur Stock Exchange Listing Requirements, the Board of
Directors of MWE Holdings Berhad wishes to announce that the
Company has entered into the following related party
transaction.

DETAILS OF THE TRANSACTION

MWE had on 17 November 2003 accepted an advance of RM4.0 million
extended by Davex Holdings Berhad (DHB), a subsidiary of MWE,
for the purpose of repayment of MWE's bank borrowings (the
Transaction).

As at 31 October 2003, the total amount owing by MWE to DHB is
RM558,766.06.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

MWE is a substantial shareholder of DHB. Mr Tang King Hua, the
Managing Director of the Company, is a director and also a
shareholder of DHB. Datuk Surin Upatkoon and Mr Lawerence Lim
Swee Lin are directors of DHB.

Save as disclosed above and to the best knowledge of the Board
of Directors, none of the Directors nor substantial shareholders
of MWE and persons connected to the directors or substantial
shareholders has any interest, direct or indirect in the
Transaction.

DIRECTORS' OPINION

The Board of Directors of the Company, having taking into
consideration all aspects of the Transaction, is of the opinion
that the Transaction is in the best interest of MWE Group.

APPROVAL REQUIRED

The minority shareholders of DHB have approved the Transaction.

Save as disclosed above, the Transaction is not subject to the
approval of shareholders of MWE nor any other relevant
authorities.


OCEAN CAPITAL: Narrows Pre-tax Loss to RM12.6M
----------------------------------------------
Ocean Capital Berhad released its quarterly report for the
unaudited financial period ended 30 September 2003. Below is a
review of performance excerpt:

Group revenue for the financial period under review was RM80.9
million as compared to RM182.0 million in the previous
corresponding period of last year, a decrease of 56%.  This was
mainly due to the Group had on 22 April 2003 leased its entire
business operation to PHK as part of the proposed CRE as
mentioned in Note A10.

The Group, however has recorded a pre-tax loss of RM12.6 million
as compared to a pre-tax loss of RM17.1 million of last year.
The lower loss is as a result of lower operation costs with the
leasing of its entire business operations to PHK.

To see full copy of the quarterly report, which includes Income
Statement, Balance Sheet, Condensed Consolidated Cashflow and
Condensed Consolidated Statement of Changes in Equity, go to
http://bankrupt.com/misc/Ocean1119.pdfand
http://bankrupt.com/misc/Ocean1119.xls.


PAN MALAYSIAN: Updates Takeover Offer Status
--------------------------------------------
Pan Malaysian Industries Berhad refers to the Take-Over Offer by
PM Securities Sdn Bhd (PM Securities) on behalf of PMI to
acquire all the Remaining Ordinary Shares of RM1.00 each in
Metrojaya Berhad (MJB).

In accordance with Rule 32 of the Malaysian Code on Take-Overs
and Mergers, 1998, PM Securities, on behalf of PMI, hereby
informs of the transactions carried out by Excelton Sdn. Bhd., a
wholly-owned subsidiary of PMI, the details of which are as
follows:

  Date of       Securities   Units   Nature of   Transacted Price
Transaction      Dealt in           Transaction    per Share RM

17 November 2003  MJB Shares  42,000   Purchase     1.20
17 November 2003  MJB Shares   5,000   Purchase     1.21
17 November 2003  MJB Shares  17,000   Purchase        1.22

COMPANY PROFILE

The PMI Group is involved in a wide range of activities in
Malaysia and overseas through its subsidiaries and associates.
Group operations are located in Malaysia, Singapore, Hong Kong,
China, Australia, the UK, Europe, India and North America.

Among the PMI Group is 46.13% owned listed company Malayan
United Industries (MUI), and 61.84% owned Metrojaya, also
listed. MUI has interests ranging from, among others, retailing,
hotels, food and confectionery, property, financial services,
manufacturing and trading, travel and tourism and educational
services. MUI owns 42.88% of Laura Ashley Holdings plc, a
company listed on the London Stock Exchange. Metrojaya operates
departmental stores, specialty stores and a hypermarket.

The Group, including its associated company, MUI, is continuing
its efforts to consolidate and rationalize its operations to
strengthen its financial position and improve its earnings.

CONTACT INFORMATION: 21st Floor, MUI Plaza
        Jalan P.Ramlee
        50250 Kuala Lumpur
        Tel :03-21441470
        Fax : 03-21447789


PANCARAN IKRAB: Incurs RM1.607M Q303 Unaudited Loss
---------------------------------------------------
Pancaran Ikrab Berhad recorded an unaudited loss before tax of
RM1.607 million for the third quarter ended 30 September 2003
compared to a loss before tax of RM1.491 million in the
preceding quarter, mainly due to materially lower turnover from
the construction arm as no new contract was undertaken and also
lower revenue from its trading arm.

The Directors' are of the opinion that the group's prospects and
performance for the current financial year are not likely to
improve as the Company strives to complete and implement its
restructuring scheme to regularize its financial condition.

Click http://bankrupt.com/misc/Pancaran1119.xlsand
http://bankrupt.com/misc/Pancaran1119.pdfto see complete copy
of the Company's Quarterly Report for the Financial Period Ended
30 September 2003.


PLANTATION & DEVT.: Proposed Restructuring Scheme Completed
-----------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Plantation & Development
(Malaysia) Berhad, is pleased to announce that save for the
admission of the ordinary shares of RM1.00 each (Shares) and
irredeemable convertible unsecured loan stocks (ICULS) in
Fountain View Development Berhad (Fountain View) to the Official
List of the Kuala Lumpur Stock Exchange (KLSE), implementation
of the Proposed Restructuring Scheme of P&D has been completed.

P&D would be removed from the Official List of the KLSE, and
Fountain View would be admitted in place of P&D with effect from
9:00 a.m., Tuesday, 18 November 2003.


PROMET BERHAD: Serves Writ of Summon, Statement of Claim
--------------------------------------------------------
On November 14, 2003, Promet Berhad (Promet) has been served
with a Writ of Summons and Statement of Claim, as first
defendant by OSK Securities Berhad (OSK). The second and third
defendants are Dato' Soh Chee Wen and Dato' Ho Seng Chuan, the
previous directors of Promet, respectively.

OSK Securities Berhad (Plaintiff) is claiming from Promet, Dato'
Soh Chee Wen and Dato' Ho Seng Chuan (Defendants) for the
following:

Part A

   (i) The sum of RM9,480,954.72;

   (ii) Interest on the sum of RM9,480,954.72 at the rate of 18%
p.a. on daily rest basis from 23.8.2003 till date of full
settlement or in the alternative, interest on such sums, at such
rate and for such duration as the Court deems fit and proper;

   (iii) Additional default interest as provided for under the
Facility on the sum of RM9,480,954.72 at the rate of 20% p.a. on
daily rest basis from 23.8.2003 till date of full settlement or
in the alternative, additional interest on such sums, at such
rate and for such duration as this Honorable Court deems fit and
proper;

Part B

In the alternative to Part A, the Plaintiff claims against the
Defendants:

   (i) The sum of RM3,197,381.86;

   (ii) Interest on the sum of RM3,197,381.86 at the rate of 18%
p.a. on daily rest basis from 1.4.1998 to the date of full
settlement or alternatively, interest at such rate upon such
amounts and for such period as the Court deems fit;

   (iii) Additional default interest as provided for under the
Facility at the rate of 20% p.a. from 1.4.1998 on the sum of
RM3,197,38l.86 to the date of full settlement or alternatively,
interest at such rate for such amounts and for such period as
the Court deems fit;

Part C

In addition to Part A or Part B, the Plaintiff claims against
the Defendants:

   (iv) Costs; and

   (v) Any other orders that the Court deems fit and beneficial.

Promet Berhad had breached the terms and conditions of the Share
Margin Financing Facility maintained with the Plaintiff and had
failed to maintain the required security margin.

There is no material financial impact on the Group arising from
the legal suit.

The Company will seek legal advice from its Solicitors on the
next course of action.


SETEGAP BERHAD: Receives Writ of Summons Over Unpaid Debt
---------------------------------------------------------
Setegap Berhad like to furnish the following information in
relation to the Writ of Summons for immediate public release:

1. The date of presentation of the Writ of Summons (the Writ)

The Plaintiff, Caltex Oil Malaysia Limited via Messrs. Syarikat
Kam Woon Wah has filed a suit with the Kuala Lumpur Sessions
Court, summon no. 6-52-23438-2003 on 23rd October 2003 and the
Writ was served on the Company on 17th November 2003 at
approximately 4:00 p.m..

2. The particular of claims under the Writ

The claim was for:

   i) the amount of RM70,110.29;
   ii) interest thereon at the rate of 8% per annum from the
       date of the Summons till full and final payment;
   iii) cost; and
   iv) any relief and/or order deemed fit and just by the Court.

3. The details of the circumstances leading to filing of the
claim

The plaintiff has alleged that the Company has failed to settled
the amount of RM70,110.29 being goods sold and delivered from
September 2000 till June 2001.

4. The financial and operational impact of the claim on the
Company

The claim will not have any immediate effect on the operational
and financial position of the Company.

5. Steps taken and proposed to be taken

The Company is currently in the midst of engaging its solicitors
to attend to this matter and at the same time will have further
discussion with the plaintiff to resolve this matter.


TIME ENGINEERING: KLSE Grants Conversion Listing
------------------------------------------------
Kindly be advised that Time Engineering Berhad's additional
15,344 new ordinary shares of RM1.00 each arising from the
Conversion of RM45,880 Irredeemable Convertible Unsecured Loan
Stocks 2000/2005 Into 15,344 New Ordinary Shares will be granted
listing and quotation with effect from 9:00 a.m., Wednesday, 19
November 2003.

COMPANY PROFILE

The TIME Group's activities are classified into four strategic
business units: telecommunications, IT, power, engineering and
manufacturing.

The Group operates Malaysia's biggest fiber optic cable network
that runs 4,000 km along the length of the North-South
Expressway and a 1,600 km submarine festoon, fiber optic line
along the coast. TIME is also a full service telecommunications
provider, one of two in the country, and is licensed to provide
Internet services. It is a leading public payphone provider and
operator of ADAM cellular services.

The Group's IT business includes developing, managing and
marketing inter-organization business solutions based on the
application of electronic data interchange and electronic
commerce concepts. It also undertakes software development,
consultancy services and sale of computer hardware. Some of the
projects include the Port Klang Community system and KLIA's Free
Zone Declaration system.

The companies under the power division manufacture, supply and
maintain electrical switchgears, switchboards, and distribution
transformers, and undertake design, engineering and construction
of power transmission and distribution infrastructure. The
division also operates an open cycle gas-fired power station in
Sabah. The Group is currently one of the largest medium voltage
switchgear manufacturers in the country.

Part of the Renong Berhad (RB) Group, TIME and nine of its
subsidiaries are currently undergoing a proposed Scheme of
Arrangement pursuant to Section 176 of the Companies Act 1965,
with the assistance of the Corporate Debt Restructuring
Committee (CDRC). The restructuring proposal entails the
restructure of the Group's external debts amounting to RM4.792b
as at 31 December 1999 via conversion of debts owing to secured
creditors into redeemable secured bonds with warrants,
conversion of debts owing to unsecured creditors into ICULS and
conversion of debts owing to all the creditors of TIME telcos
into 1.25b shares of then subsidiary, TIME dotCom Bhd (TdB).

On 25 April 2000, TIME announced the proposed listing of TdB
involving the grouping of TIME's telco business under TdB. The
proposal entailed the issue of 923,706m TdB shares to acquire
these telcos and a composite scheme of arrangement including an
issue of approx. RM3,990.28m nominal value of TIME redeemable
promissory notes pursuant to the assumption of RM4,336.84m debt
owed by TdB and the telcos. In return, TdB would issue 1,445.61m
shares to TIME on the basis 1 TdB share for every RM3.00 of
debt. TIME also proposed a rights issue, issue of replacement
warrants to partly redeem the outstanding bonds issue and issue
of 30m free warrants to TIME's US$ bondholders.

Subsequently, on 8 July 2000, TIME and Khazanah Nasional Bhd
entered into negotiations for the proposed acquisition by
Khazanah of 30% in TdB.

In conjunction with the issue of free warrants to its secured
creditors, and US$ bondholders, TIME had on 15 August 2000
agreed to restructure the scheme amounts by reducing the US$250m
principal outstanding of redeemable secured zero-coupon bonds
via disposing of 29.89m RB warrants; extending the tenure of the
bonds up to 5 December 2001; varying the bond's existing terms
and conditions; and giving 20m RB warrants, free of charge to
the bondholders.

The corporate restructuring proposals announced in January and
April, and shareholders approved the proposed Khazanah
transactions on 13 September 2000.

On 18 October 2000, TIME received a conditional offer from Tan
Sri Halim Saad, to acquire TIME's entire 21.56% interest in RB
for approx. RM875m cash. The Company's disposal is part of the
TIME Group's contingency plan to partially redeem the US$250m
bonds under its scheme of arrangement.

On 8 March 2001, the Company announced that the share sale
agreement entered into between the Company and Khazanah in
connection with the Khazanah Transactions was completed. With
the completion, TIME dotCom ceased to be a subsidiary of the
Company and became an associate company. Subsequently,
TIMEdotCom was listed on the Main Board of KLSE on 12 March
2001.

TIME has in August 2001, failed to redeem the second tranche of
the US$ Bonds of US$82.275m (RM312.645m) due on 5 August 2001.
Nevertheless, the Company made a partial redemption of US$5.0m
of the second tranche on 10 August 2001 and paid interest
totaling US$4.1m on 5 December 2001. Subsequently, the Company
restructured the outstanding amount of bonds, which included a
revocation of the event of default declared earlier by the
bondholders on 11 December 2001. The bondholders, BNM and the SC
approved the bonds' restructuring on 18 June 2002, 26 September
2002 and 20 September 2002 respectively.


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


BACNOTAN CONSOLIDATED: Posts Third Quarter Results
--------------------------------------------------
Bacnotan Consolidated Industries Inc. posted its third quarter
results ended September 30 as follows:

All figures are in pesos (PHP).

                         2003            2002
Revenue           PHP2.64 bln     PHP2.47 bln
Cost of sales        2.39 bln        2.45 bln
Gross profit        251.9 mln        12.2 mln
Operating expenses  200.7 mln       253.9 mln
Operating income     51.1 mln       241.8 mln
Other expenses      536.7 mln       549.4 mln
Net profit         (282.0 mln)     (284.0 mln)
Preferred share div  4.09 mln        6.49 mln
Earnings per share   (1.72)         (1.71)

9 months ended Sept. 30.

                         2003            2002
Revenue           PHP8.47 Bln     PHP9.24 Bln
Cost of sales        7.66 Bln        7.66 Bln
Gross profit        809.2 Mln        1.58 Bln
Operating expenses  557.4 Mln       699.9 Mln
Operating income    251.9 Mln       877.2 Mln
Other expenses       1.09 Bln       373.2 Mln
Net profit         (550.8 Mln)       30.8 Mln
Preferred share div  18.9 Mln        32.6 Mln
Earnings per share   (3.36)         (0.01)
US$1=PHP55.34

Figures in parentheses are losses.

Results are based on Philippine accounting standards and are un-
audited.

Bacnotan Consolidated Industries, Inc. (BCII) had joined the
other creditors of Bacnotan Steel Industries, Inc. (BSII) owing
to its unpaid payables to BCII amounting to 67 million pesos as
of December 31, 2001 to file a Joint Petition for the Corporate
Rehabilitation of said corporation at the Makati Regional Trial
Court on October 14, 2003, TCR-AP reported recently. The Joint
Petition also requested the Court for issuance of a Stay Order
and the appointment of a Rehabilitation Receiver.


BENPRES HOLDINGS: Widens 3Q03 Net Loss to US$21.7M
---------------------------------------------------
Benpres Holdings Corporation incurred a third quarter net loss
of 1.2 billion pesos (US$21.7 million) versus a net loss of 370
million pesos a year earlier, hit by its ailing water
concessionaire, according to Reuters. Benpres said the inclusion
of its money-losing water unit Maynilad Water Services Inc.'s
accounts had sharply raised its general and administrative costs
to 1.866 billion pesos from 214 million pesos.

Benpres's other key units include ABS-CBN Broadcasting and First
Philippine Holdings Corporation, which is the parent firm of
Manila Electric Company.


DIGITAL TELECOMMUNICATIONS: Posts 9-Month Net Loss of Php722.8M
---------------------------------------------------------------
Digital Telecommunications Philippines Inc. (Digitel) incurred a
net loss of 722.8 million pesos in the nine months to September,
according to Reuters. It did not provide comparative figures,
but reported nine-month net income of 18.9 million pesos in the
year-ago period.

In the first quarter, Digitel posted a consolidated net loss of
173.6 million pesos (US$3.3 million), compared to a net income
of 44.9 million pesos in the same period last year, TCR-AP
reported recently. Digitel's wireless service Sun Cellular
registered an operating loss of 122 million pesos during the
first quarter. Mr. Gokongwei said Digitel has invested $300
million in its wireless business. Sun Cellular started
commercial operations on March 29.


EASYCALL COMMUNICATIONS: Posts Q303 Php20.06M Net Loss
------------------------------------------------------
Easycall Communications Philippines Inc. posted its third
quarter to September results as follows:

     Sales and service income - 10.46 mln pesos vs 15.92 mln
     Costs of sales and services - 12.3 mln pesos vs 22.3 mln
     Gross loss - 1.84 mln pesos vs loss 6.38 mln
     Operating expenses - 10.99 mln pesos vs 15.86 mln
     Operating loss - 12.83 mln pesos vs 22.25 mln
     Other charges - 7.24 mln pesos vs income 1.06 mln
     Net loss - 20.06 mln pesos vs loss 21.19 mln
     Loss per share - 0.13 pesos vs loss 0.14

After closing its paging business, Easycall moved into the
Internet business.

According to the Troubled Company Reporter-Asia Pacific,
EasyCall International Limited had for the year ended 30 June
2002 slashed its net loss after tax to A$1.7 million (S$1.6
million) from the high of A$45.1 million (S$43.4 million)
recorded a year ago. The Group restructured its operations last
year to weed out loss making operations, taking one-time charges
totaling A$39.4 million (S$37.9 million).


MAYNILAD WATER: Arbitration Panel Rules on MWSS-Maynilad Dispute
----------------------------------------------------------------
On November 7, 2003, the arbitration panel, consisting of Mr.
Alan Philip, a known arbitrator from Copenhagen, Justice
Bernardo P. Pardo, a retired Supreme Court justice, and Atty.
Antonio Picazo, a renowned corporate lawyer in the Philippines,
issued a decision on the arbitration proceedings between
Metropolitan Waterworks and Sewerage Systems (MWSS) and Maynilad
Water Services, Inc. (Maynilad), according to Benpres Holdings
Inc.

MWSS commenced the arbitration proceedings on January 7, 2003,
when it filed a Dispute Notice to question Maynilad's Notice of
Early Termination of the Concession. MWSS insisted that Maynilad
had no right to terminate the Concession Agreement dated
February 21, 1997 (Concession Agreement), and instead, it is
MWSS that had the right to terminate the Concession Agreement.
To support its claim, MWSS maintained that Maynilad stopped
paying concession fees, failed to reduce non-revenue water, and
breached the Concession Agreement when it failed to maintain
BNAQ-5 Aqueduct, construct BNAQ-6 Aqueduct and infuse $80
Million in equity.

In its defense and counterclaim, Maynilad denied that it was
obligated to reduce non-revenue water and to infuse $80 Million
by way of equity. It claimed that it had in fact, performed its
obligation to maintain and repair BNAQ-5 and that it had no
obligation to construct BNAQ-6 since the need for the
construction of the said aqueduct was the poor construction of
BNAQ-5, a responsibility that fell on the shoulders of MWSS.
Maynilad admitted that it had not been paying the concession
fees but that such payment has been postponed to the extent of
MWSS' delay in the performance of its undertakings under the
Amendment No.1. Maynilad countered that MWSS breached the
Concession Agreement, which prevented Maynilad from performing
its obligations under the Concession Agreement, resulting in an
MWSS Event of Termination. Maynilad alleged that MWSS failed to
conduct a fair and objective rate rebasing exercise when it did
not consider the viability of the Concession, among others, that
the failure to reach an agreement with Maynilad regarding
service targets and lenders' concerns was attributable to MWSS's
failures.

The arbitration panel decided that neither MWSS nor Maynilad can
terminate the Concession Agreement. The panel ruled that
Maynilad could not be held to be in breach of its obligations
with respect to BNAQ5, that Maynilad is not in breach of its
obligation to provide US$80 Million in funding support, and that
Maynilad's NRW can hardly be characterized as mismanagement or
breach of the Concession. It ruled against MWSS on three out of
the four issues it invoked against Maynilad, but ordered
Maynilad to pay the concession fees which Maynilad admitted to
be payable subject to its defenses. With regard to Maynilad's
claims, the arbitration panel held that since it had no basis
for criticizing the negotiation process that took place between
the parties, it could not decide in favor of Maynilad with
regard to the issues on the service target adjustments and the
concerns of Maynilad's lenders. As to the rate rebasing process,
the arbitration panel 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 arbitration panel concluded that there is neither a
Concessionaire nor an MWSS Event of Termination. The panel
stated that the parties undoubtedly have problems in their
internal relations but they have to find extrajudicial solutions
to them.


MAYNILAD WATER: Files Petition For Rehabilitation
-------------------------------------------------
The Maynilad Water Services, Inc. filed on November 13, 2003, a
petition for corporate rehabilitation before the Regional Trial
Court of Quezon City, a Company statement said. The case was
assigned to Branch 90 under Judge Daway.

Maynilad filed a petition for corporate rehabilitation because
it now foresees the difficulty of meeting its debts when they
fall due as a result of the international arbitration panel's
decision to allow MWSS to draw on the performance bond. This
course of action will enable Maynilad to ensure continuous
delivery of water services to its consumers.

Furthermore, Maynilad is seeking clarification from the
arbitration panel regarding issues relating to its dispute with
MWSS. The panel recently ruled that neither Maynilad nor MWSS
has grounds to terminate the concession and ordered both parties
to continue from where they left off prior to the arbitration.

Maynilad is seeking clarification on the terms and conditions of
the continuation, which in their view fails to take into account
the financial impact of such a decision. In particular, Maynilad
is seeking the arbitration panel's guidance on the rate rebasing
exercise conducted by the MWSS-Regulatory Office that has a
negative effect on the economic viability of the concession.
Furthermore, Maynilad is also asking the arbitration panel to
consider the impact of authorizing MWSS to draw on the
performance bond in the light of the recommendation of the
arbitration panel for the parties to continue to seek extra-
judicial solutions.

For a copy of the disclosure, go to
http://www.benpres-holdings.com/pdf/BHC-SEC_11_14_2003.pdf


NATIONAL STEEL: LNM to Improve Purchase Offer
---------------------------------------------
LNM Holdings N.V. is willing to improve its offer and match the
bid submitted by Global Infrastructure Holdings Ltd. (GIHL) of
the Ispat Group of India, for National Steel Corporation (NSC),
Asia Pulse said on Monday.

LNM's offer includes an upfront cash of P3 billion (US$54.2
million) and $70 million capital infusion on the first year of
operation or a total of P7 billion. According to LNM general
manager for marketing Eric D. Tierie, their track record would
attest their ability of having turnaround losing steel plants in
just one year.

At present, however, the creditor banks led by the Philippine
National Bank have granted a 90-day exclusivity period for its
negotiation with GIHL, which offered P13 billion for a lease to
buy bid over a ten-year period. If they are chosen over GIHL by
December, Tierie said they would be able to operate NSC in three
months time or by March next year.


PHILIPPINE LONG: Settles Rate Dispute With MCI
----------------------------------------------
Following is a press release from Philippine Long Distance
Telephone Company.

Philippine Long Distance Telephone Co. (PLDT) and MCI
International of the U.S. have recently arrived at an interim
agreement regarding termination rates and are now accepting
calls for termination from each other's networks.

Alfredo S. Panlilio, PLDT Senior Vice President and Head of
International and Carrier Business Group, said this was in
keeping with the desire of the National Telecommunications
Commission for the speedy resolution of the rates dispute
between local and US carriers.

"We are indeed making significant progress regarding
negotiations with our US counterparts. It was in the spirit of
cooperation, compromise and moving forward that PLDT and MCI
agreed on the termination rates, and now we accept traffic for
termination to each other's network," he said.

On October 17, the NTC ordered all local phone companies "to
immediately accept terminating traffic via direct circuits from
US facilities based carriers on mutually acceptable final or
interim termination rates, on terms and conditions agreed upon
by the parties." PLDT's acceptance of traffic from MCI is in
compliance with this NTC order.

Under the agreement, PLDT will accept traffic from MCI's
network, while MCI will settle all outstanding amounts and pay
the termination fees to PLDT once the Federal Communications
Commission of the US lifts its stop-payment order between MCI
and PLDT.

Early this year, local carriers reached an impasse regarding
termination rates with their US counterparts. Local carriers, as
a result of rapidly declining revenues from long distance
services, wanted to increase termination rates charged to US
carriers to a level still lower than the US FCC benchmark rate.

However, the US carriers opposed this and requested the FCC to
authorize US facility-based carriers to stop making settlement
payments to Philippine carriers. The NTC then mediated between
the two parties through the US FCC.

In September 2003, NTC Commissioner Armi Jane Borje met with US
FCC Chairman Michael K. Powell in Washington D.C. and agreed to
allow US and Philippine carriers to freely negotiate mutually
acceptable termination rates and to provide the atmosphere for
these commercial negotiations to prosper. With the continuing
negotiations of the carriers and the openness to reach mutually
agreeable termination rates, it is expected that PLDT and other
local carriers will soon fully restore normal business relations
with US carriers.

"Like the NTC, we also want to resolve this long-standing issue
on termination rates and move on to growing our business. PLDT's
agreement and exchange of traffic with MCI is one big step
towards this objective. We are confident that this would soon
come into fruition with the other US carriers," said Panlilio.


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


ARTIST BEARS: Issues Notice of Final Meeting
--------------------------------------------
Notice is hereby given pursuant to Section 308 (2) of the
Companies Act, Cap. 50, that a Final Meeting of the Members of
Artist Bears Pte Ltd (In Members' Voluntary Liquidation) will be
held at 1 Scotts Road, #21-07/08/09 Shaw Centre, Singapore
228208 on 15 December 2003 at 10 A.M. for the purposes as stated
in Section 308 of the Companies Act, Cap. 50.

MADAM CHIA LAY BENG
MR LOK LAI CHENG
Liquidators.
Dated 14th day of November 2003.

Note: A member entitled to attend and vote at the General
Meeting is entitled to appoint a Proxy to attend and vote on his
behalf and such Proxy need not be a member of the Company. The
Form of Proxy must be deposited at the Liquidators' Office not
less than 48 hours before the time appointed for holding the
Meeting or adjourned Meeting.


FLEXTRONICS INT'L: Hosts Mid-Quarter Conference Call
----------------------------------------------------
Flextronics International Ltd. announced Monday that it will
host its regular mid-quarter conference call on Tuesday,
December 2. The conference call, hosted by Flextronics' senior
management, will be held at 1:30 P.M. PST and will provide a
general update on the Company and its future outlook. This call
will be broadcast via the Internet and may be accessed by
logging on to the Company's Web site at www.flextronics.com. A
replay of the broadcast will remain available on the Company's
Web site after the call.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010815/FLEXLOGO)

Minimum requirements to listen to the broadcast are Microsoft
Windows Media Player software (free download at
http://www.microsoft.com/windows/windowsmedia/download/default.a
sp) and at least a 28.8 Kbps bandwidth connection to the
Internet.

ABOUT FLEXTRONICS

Headquartered in Singapore, Flextronics is the leading
Electronics Manufacturing Services (EMS) provider focused on
delivering supply chain services to technology companies.
Flextronics provides design, engineering, manufacturing, and
logistics operations in 29 countries and five continents. This
global presence allows for supply chain excellence through a
network of facilities situated in key markets and geographies
that provide customers with the resources, technology, and
capacity to optimize their operations. Flextronics' ability to
provide end-to-end services that include innovative product
design, test solutions, manufacturing, IT expertise, network
services, and logistics has established the Company as the
leading EMS provider with revenues of $13.4 billion in its
fiscal year ended March 31, 2003. For more information, please
visit www.flextronics.com.

CONTACT:

Thomas J. Smach, Senior Vice President of Finance,
+1-408-576-7722, or investor_relations@flextronics.com, or Renee
Brotherton, Director of Marketing, +1-408-576-7189, or
renee.brotherton@flextronics.com, both of Flextronics


GOLDENLITE INVESTMENT: Petition to Wind Up Pending
--------------------------------------------------
The petition to wind up Goldenlite Investment Pte Ltd. is set
for hearing before the High Court of the Republic of Singapore
on November 28, 2003 at 10 o'clock in the morning. Bank of
China, a creditor, whose address is situated at 4 Battery Road,
Bank of China Building, Singapore 049908, filed the petition
with the court on November 5, 2003.

The petitioners' solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs RAJAH & TANN a notice in
writing not later than twelve o'clock noon of the 27th day of
November 2003 (the day before the day appointed for the hearing
of the Petition).


HARLEY INVESTMENTS: Creditors Meeting Set November 19
-----------------------------------------------------
Notice is hereby given that a meeting of the creditors of Harley
Investments Pte Ltd will be held at 141 Market Street, Level 5,
Room Queen 1, AEC Centre, International Factors Building,
Singapore 048944 on the 19th day of November 2003 at 10 A.M. for
the following purposes:

AGENDA

1. To receive a full statement of the Company's affairs together
with a List of Creditors and the estimated amount of their
claims.

2. To nominate Liquidator(s) or confirm members' nomination of
Liquidator.

3. To consider and if thought fit, appoint a Committee of
Inspection for the purpose of winding up the Company.

Dated this 6th day of November 2003.
By Order of the Board
Director/Secretary.

Notes

Particulars of the claims of any creditors wishing to attend and
vote at this meeting shall be lodged at the office of Messrs Tay
Swee Sze & Associates at 30 Robinson Road, #04-01 Robinson
Towers, Singapore 048546 before 4 P.M. on the day before the
meeting.

For the purpose of voting at the meeting, secured creditors
(unless they surrender their security) must lodge at the above
office before the meeting the particulars of their security, the
date it was received and its value.

A creditor may appoint a proxy to attend and vote instead of him
and that proxy needs not himself be a creditor. Forms of General
and Special Proxy are enclosed which, if intended to be used,
must be duly completed and lodged at the above office before 4
P.M. on the day before the meeting.


IT CAPITAL: Winding Up Hearing Set November 28
----------------------------------------------
The petition to wind up IT Capital Management Services Pte Ltd.
is set for hearing before the High Court of the Republic of
Singapore on November 28, 2003 at 10 o'clock in the morning.
Hitachi Credit Singapore Pte Ltd., a creditor, whose address is
situated at 268 Orchard Road #11-01, Singapore 238856, filed the
petition with the court on November 7, 2003.

The petitioners' solicitor is Ascentsia Law Corporation of 4
Shenton Way #17-06 SGX Centre 2, Singapore 068807. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Ascentsia Law Corporation a notice in
writing not later than twelve o'clock noon of the 27th day of
November 2003 (the day before the day appointed for the hearing
of the Petition).


NEPTUNE ORIENT: Post Changes in Shareholder's Interest
------------------------------------------------------
Neptune Orient Lines Limited (NOL) posted changes in substantial
shareholder Credit Suisse Group's interests:

Date of notice to Company: 17 Nov 2003
Date of change of interest: 14 Nov 2003
Name of registered holder: Not applicable for Credit Suisse
Group.

Circumstance(s) giving rise to the interest: Others
Please specify details: Please refer to separate disclosure by
Credit Suisse First Boston (International) Holding AG pursuant
to its notice to the Company on 17 November 2003.

Information relating to shares held in the name of the
registered holder: -
No. of shares which are the subject of the transaction: (1)
% 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: 251,325,812 0
% of issued share capital:                 17.65       0
No. of shares held after the transaction:  101,946,812 0
% of issued share capital:                 7.16        0
Total shares:                              101,946,812 0

(1) Not applicable for Credit Suisse Group.

Note: Pursuant to the placement agreement (the "Placement
Agreement) dated 10 November 2003 between the Company and Credit
Suisse First Boston (Singapore) Limited (the "Placement Agent),
the Placement Agent has subscribed for 236,000,000 new shares.
On Friday 14 November 2003 these shares were allotted and issued
by the Company directly to Temasek Holdings (Private) Limited,
and have been applied in settlement of the Placement Agent's
obligation for re-delivery of securities.

Based on NOL's paid up capital of 1,423,963,359 as of November
17, 2003.


NIGCOM HOLDING: Releases Winding Up Order Notice
------------------------------------------------
Nigcom Holding Pte Ltd issued a notice of winding up order made
on the 7th day of November 2003.

Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office 45 Maxwell Road #05-11/#06-
11 The URA Centre (East Wing) Singapore 069118.

Dated the 10th day of November 2003.
Messrs RAJAH & TANN
Solicitors for the Petitioners.


POPULAR LOGISTICS: Court Grants Winding Up Petition
---------------------------------------------------
With reference to Popular Holdings Ltd's announcement released
on 21 October 2003, the Board of Directors of the Company
announced that at the hearing of the winding up petition of
Popular Logistics Pte Ltd (Plog) on 14 November 2003, the Court
granted the petition and ordered Plog to be wound up.
Consequently, the Official Receiver was appointed the liquidator
of Plog.


YONGNAM HOLDINGS: Unveils Scheme of Arrangement With Creditors
--------------------------------------------------------------
The scheme of Arrangement between Yongnam Holdings Limited,
Yongnam Engineering & Construction (Private) Limited (YNEC) and
the unsecured creditors of YNEC - scheme shares have been
allotted and issued.

Capitalized terms not otherwise defined in this announcement
shall have the same meanings as described to them in the
announcements dated 18 June 2003, 17 July 2003 26 August 2003,
and 3 September 2003.

Further to the announcements of 18 June 2003, 17 July 2003, 26
August 2003 and 3 September 2003 by Yongnam Holdings Limited,
the Company announced that the Scheme Administrator has
completed his adjudication of all claims filed under the Scheme.

The Company has allotted and issued a total of 250,179,570
ordinary shares at an issue price of S$0.10 per share (the
Scheme Shares) to The Central Depository (Pte) Limited (CDP) for
crediting in the account of UOB Kay Hian Pte Ltd (UOB Kay Hian).

Upon receipt of the Scheme Shares, UOB Kay Hian shall transfer
the Scheme Shares in the respective amounts as adjudicated by
the Scheme Administrator to the respective CDP accounts of
participating creditors.

Barring unforeseen circumstances, trading for the Scheme Shares
will commence at 9 am on 19 November 2003.

Shareholders should note that a further amount of 4,719,650
Scheme Shares (the Remaining Scheme Shares) have yet to be
issued to certain participating creditors who have yet to
furnish the Company with their CDP account numbers. The
Remaining Scheme Shares will be allotted and issued to such
participating creditors upon receipt of their CDP account
numbers.

The Directors shall release a further announcement in respect of
the issue and allotment of the Remaining Scheme Shares in due
course.

Taking into account the 250,179,570 Scheme Shares that were
allotted and issued, the Company now has an issued and paid up
capital of S$4,317,413.27 comprising 431,741,327 ordinary shares
of par value S$0.01 each.


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


ASIA HOTEL: Trims Q303 Net Loss to Bt48.53M
-------------------------------------------
Asia Hotel Public Company Limited, in reference to its reviewed
third quarterly financial statements ended 30 September 2003,
reported a corporate net loss of Bt5.26 million and a
consolidated loss of Bt45.01 million. The difference in amount
is due to the company's inability to recognize loss in excess of
investment in subsidiaries to other liabilities, which it was
sufficient for subsidiaries recovery.

Asia shows an improvement (a lower loss) of Bt48.53 million or
equivalent to 90.22% mainly due to no allowance for doubtful
account in this period.

Below is ASIA's reviewed quarterly financial statement:

Reviewed                  Ending September 30,
(In thousands)              For 9 Months

Year                2003        2002          2003        2002
Net profit (loss)  (5,262)    (53,785)       168,642   (127,834)
EPS (baht)         (0.19)      (1.92)          6.02      (4.57)


JASMINE INTERNATIONAL: Widens Q303 Net Profit to Bt3.7B
-------------------------------------------------------
Chaengwatana Planner Co., Ltd., Plan Administrator of
Jasmine International Public Company Limited, in relation to its
reviewed financial statements for the third quarter of 2003,
ending September 30, 2003, announced that the company and its
subsidiaries incurred net profit of Bt3,704 million from
operation increasing Bt4,233 million or 800% compared with the
same period last year that incurred net loss Bt529 million.  The
reasons for such increase are as follows:

1. The company and its subsidiaries had total sales in this
quarter at the amount of Bt1,366 million increasing Bt348
million or 34% from the same quarter last year caused by the
increase revenues received partly from design, supply and
installation the Signaling and Telecommunications Double
Track Railway Project Package ST1 of the State Railway of
Thailand and the Equipment for the Communication Authority of
Thailand SDH System in Bangkok and vicinity area project Phase
II.

2. The company and its subsidiaries incurred net profit (loss)
of Bt735 million from operations. Breakdown of profit (loss)
from operation is as follows:

   2.1 Acumen Co., Ltd. and its subsidiaries       Bt114 million
   2.2 Jasmine Submarine Telecommunications Co.,
       Ltd. and its subsidiaries                   Bt166 million
   2.3 Jasmine Telecom Systems Co., Ltd.           Bt17 million
   2.4 Jasmine International Public Company Ltd.   Bt158 million
   2.5 Jasmine International Overseas Co., Ltd.
       and its subsidiaries                                      Bt305
million
   2.6 Others
                                                  Bt(25) million
   Total                                          Bt735 million

3. The company and its subsidiaries incurred net profit of Bt353
million from the foreign exchange rate as a result of the Baht
appreciation against the US Dollar.

4. The company realized profit from its associated companies at
the amount of Bt239 million which partly from TT&T Public
Company Limited.

5. The company and its subsidiaries incurred profit from debt
restructuring at the amount of Bt2,377 million.


NATIONAL FERTILIZER: Cuts Q303 Net Loss to Bt1.42B
--------------------------------------------------
National Fertilizer Public Company Limited is a listed company
in the Securities Exchange of Thailand (SET) and according to
its regulation, the Company shall submit its quarterly financial
statement within 45 days from the closing date. In this
conformity, C.J. Morgan Company Limited, in behalf of National
Fertilizer Public Co., Ltd., submitted the Company's financial
statements for the third quarter ended 30th September 2003, and
would like to explain the operating results, as follows:

1. Operating results for the Company

The results of operation for 9 months period ended 30th
September 2003, the Company has a net loss of Bt1,420 million
compared to the same period of 2002 a net loss of 1,487 million,
at a decrease loss of Bt67 million.

   1.1 The results of sale operation

The Company's total revenues for the period January-September
2003, equal to Bt2,140 million increased from the same period of
previous year 2002amounting Bt2049 million as an increase of
Bt91 million. The total revenues are comprised:

   A. Revenues from sales of fertilizer

The Company has a fertilizer sales for the period 9 months
amounting Bt1,936 million with a total weight of fertilizer
287,793  tonnes, compared to the same period of 2002 the Company
has a sales of Bt1,994 million with a total weight sales 319,057
tonnes. The decrease of revenues from sales is an effect of the
Company has not received any financial credit supported from
financial institution thus the Company has to run down its
production and sales volume as along to its availed working
capital.

   B. Revenues from sales of intermediate products

The Company has a revenues from sale of intermediate products,\
e.g. Phospho-Gypsum, Ammonia and Sulfuric Acid, for the first 9
months of 2003 amounting Bt138 million, increases from the same
period of 2002 at Bt21 million, an increase of Bt117 million.

   1.2 Cost of Goods Sold

The Company has a total cost of goods sold of fertilizer and
intermediate products for the first 9 months of 2003 amount
Bt2,431 million compared from the same period of 2002 at Bt2,284
million, an increase of Bt147 million. This was an effect of
increase sales volume intermediate products and raw material
prices were higher than the same period of 2002.

   1.3 Selling and administrative expenses

For the first 9 months of 2003, the Company reduced its selling
and administrative expenses are totaling Bt193 million, compared
to the same period of the year 2002 at Bt361 million, accounted
a decrease of Bt168 million.

   1.4  Interest expenses

The Company has a total interest expense Bt920 million for the
first 9 months of 2003, which is higher than the same period of
2002 at Bt872 million, an increase of Bt48 million. This is an
effect of applying default rates in computation.

2. The financial restructuring by business rehabilitation
through the Central Bankruptcy Court

The Company signed a memorandum of understanding with a group of
new investors as well as to the financial institution creditors,
under which it was agreed to carry out the financial
restructuring by business rehabilitation through the Central
Bankruptcy Court. The Company submitted such request for which
the Central Bankruptcy Court has issued an order granting its
request, and appointed a planner in this process. Presently the
Company is under process a validity plan for the business
rehabilitation.


SIAM STEEL: Meets Interest, Principal Payments to FIC
-----------------------------------------------------
Deloitte Touche Tohmatsu Planners Co., Ltd. and Siam Steel
Planner Co., Ltd., as the First and Second Plan Administrator
of Siam Steel International Public Company Limited respectively,
announced that according to the Terms of the Rehabilitation
Plan, the fourteenth interest payment and the thirteenth
repayment of principal to Financial Institution Creditors (FIC)
was made on September 30, 2003 for the period June 30, 2003 to
September 29, 2003.

The interest payments amounting to Bt10.09 million and the
repayment of principal was Bt20 million, respectively, totals
Bt30.09 million.

The total amount paid to FIC during the terms of plan to date is
as detailed below:

    Tier 1 Interest       : Bt219.74 million
    Tier 1 Principal           : Bt260.00 million
    Tier 2 Debt Repayment : Bt99.20 million


THAI-GERMAN PRODUCTS: Books Bt481M Q303 Loss
--------------------------------------------
PLV & Associate Company Limited, as the Business Reorganization
Plan Administrator of Thai-German Products Public Company
Limited, in relation to the Reviewed Consolidated Financial
Statements and Financial Statements as of September 30, 2003,
had recorded loss on impairment of fixed assets amounting to
Bt481 million, thus the calculated depreciation was decreased by
Bt52 million when compared with the same quarter of the year
2002.

The Planner also announced that the auditor had disclaimed the
financial statements because of uncertainty on the
implementation of TGPRO Re-organization Plan as well as
uncertainty from many legal issues of subsidiary company.

1. TGPRO had followed all specification in the organization plan
since May 18, 2000.  The organization plan, however, specified
cash flow from operation in the future that TGPRO had tried to
generate cash flow based on the organization plan.

2. TGPRO's subsidiary company has been sued by a number of
financial institution creditors seeking to enforce repayment of
debts. Nevertheless, the subsidiary company is on debt
restructuring process plan.


THAI PETROCHEMICAL: Clarifies Net Change in Q303 Profit
-------------------------------------------------------
Reference is made to the reviewed financial statements of the
third quarter ended September 30, 2003 of Thai Petrochemical
Industry Public Company Limited and its subsidiaries, which
showed a net profit of Bt2,725.34 million, increasing by
Bt6,859.63 million or 166% compared to the consolidated the
Bt4,134.29 million net loss for the same period of the prior
year.

Suwit Nivartvong, the Plan Administrator of Thai Petrochemical
Industry Public Company Limited, provided the following reasons
for the net change in profit:

1. Sales revenue and Cost of Sales

The sales revenue of the company and its subsidiaries for the
third quarter ended September 30, 2003 was Bt25,624.86 million,
while the same period of the prior year was Bt20,261.23 million.
The increase of Bt5,363.63 million or 26% was reflected from the
increases of sales quantities and selling price, which increased
at  higher rate than the increase of cost of sales of Bt3,812.63
million or 22%.

2. Foreign exchange gains

Gaining on foreign exchange of the company and its subsidiaries
was Bt2,997.78 million for the third quarter of 2003, while the
loss on foreign exchange for the same period  in 2002 was
Bt2,758.20 million.  The increase of Bt5,755.98 million or 209%
was the result of movements of the value of the Thai Baht
against the US Dollar during the relevant periods.

3. Selling and Administrative Expenses

Selling and Administrative Expenses for this third quarter
increased by Bath 639.41 million or 26% comparing to the same
period of the prior year resulting from the incremental of
excise tax for increasing sales volume of oil products.


THAI WAH: Explains Q303 F/S Profit Variance
-------------------------------------------
Thai Wah Group Planner Co., Ltd., as the Plan Administrator of
Thai Wah Public Co., Ltd., provided the following explanation
for the increase in profit of Bt639 million for the three-month
period ended September 30, 2003 as compared to the same period
of 2002.

1. Increase in foreign exchange gains of Bt562 million resulting
from a Bt291 million gain in the translation of US$ loans as
compared to a loss of Bt271 million in the same period in 2002.

2. A Bt36 million reduction in interest expenses as no real
interest expense was recorded in the income statement in
accordance with Thai Accounting Standard No. 34, "Troubled Debt
Restructuring", resulting from the amendment of the business
rehabilitation plan accepted by the Central Bankruptcy Court on
30 June 2003.

3. A Bt33 million gain on debt restructuring mainly resulting
from a gain from compliance with the incentive payment condition
in accordance with the amendment of the debt restructuring
agreement which is the part of the amendment of the business
rehabilitation plan accepted by the Central Bankruptcy Court on
30 June 2003.

4. Gross profit is Bt45 million higher as compared to the same
period in 2002 due mainly to increase in gross profit of tapioca
flour of Bt37 million. Sales volume increased 42% resulting in a
Bt6 million higher gross profit.   Although the average selling
price weakened as compared to the same period last year (export
and local selling prices decreased 15% and 14% respectively),
this was offset by a 29% decrease in unit cost of sale thus
increasing the gross profit by another Bt31 million.  The
decrease in cost of sales is mainly due to a 29% decrease in
tapioca root prices, which is the company's primary raw
material.

5. A Bt22 million reduction in share of profit of associated
companies in equity method resulting from transferring two
associated companies accounted for under the equity method to
long-term available-for-sale investments, since the plan
administrator intends to dispose of those investments in the
future.


TUNTEX (THAILAND): Submits Business Rehabilitation Petition
-----------------------------------------------------------
The Board of Directors' meeting of Tuntex (Thailand) Public
Company Limited No. 12/2003 held on 15 November 2003 has
unanimously resolved to submit the Business Rehabilitation
Petition to the Central Bankruptcy Court in order to proceed and
rehabilitate the business of the Company under the Bankruptcy
Act B.E. 2483 (the Bankruptcy Act) since the Company's cash flow
is not consistent with the repayment schedules.  Thus, it is
necessary for the Company to restructure the debt amount in
corresponding with the incomes of the Company.

In this regard, the board of directors' meeting has resolved to
nominate Tuntex (Thailand) Public Company Limited as the Interim
Management, the Planner and the Plan Administrator in the
business rehabilitation of the Company under the Bankruptcy Act.


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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