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

                   A S I A   P A C I F I C

         Thursday, November 20, 2003, Vol. 6, No. 230

                         Headlines

A U S T R A L I A

AMP LIMITED: Discloses CEO's Address to Brisbane Securities
COMMSOFT GROUP: Releases Half-Year Results
GREEN COMMUNICATIONS: PwC Issues Case Profile
NATIONAL CAN: Review Panel Confirms Initial Panel Decision
ROWECOM AUSTRALIA: Discloses Notice to Creditors

VILLAGE ROADSHOW: Requests for Trading Halt


C H I N A  &  H O N G K O N G

G-PROP (HOLDINGS): Books HK$21.8M Q303 Loss
G-PROP (HOLDINGS): Court Orders Winding Up Petition Dismissal
GOLDEN DAO: Winding Up Petition Pending
HA WING: Winding Up Petition Set for Hearing
OCEANIC POWER: Dec 3 Winding Up Hearing Scheduled


I N D O N E S I A

INDONESIAN SATELLITE: Moody's Assigns B2 Rating; Outlook Stable


J A P A N

ALL NIPPON: Develops CJIA as Next Short-haul International Hub
MATSUSHITA ELECTRIC: Recalls 9l,044 Faulty Gas Ovens
RESONA HOLDINGS: Schedules Midterm Financial Report November 25


K O R E A

HANARO TELECOM: Achieves Net Income; Secures Foreign Investment
HANARO TELECOM: Completes US$500 Million Share Sale
HANARO TELECOM: Enters Organizational Restructuring
HANARO TELECOM: Unveils November 13 Shareholder's Agreement
HYNIX SEMICONDUCTOR: Files Suit Against EU On Tariff Ruling

HYUNDAI GROUP: KCC on CreditWatch Negative on HEC Ownership
KOHAP CORPORATION: SK Keris Acquires Indonesian Plant
LG CARD: Creditors Inject US$1.69B


M A L A Y S I A

ANCOM BERHAD: Amends Share Sale Agreements Terms
AOKAM PERDANA: Court Grants 90-Day Restraining Order Extension
AOKAM PERDANA: Discloses October Production Figures
BESCORP INDUSTRIES: Seeks Corp Proposals Completion Extension
CHG INDUSTRIES: Court Confirms Proposed Capital Reduction

EASTERN & ORIENTAL: Inks Fourth Supplemental Agreement
FABER GROUP: Formulating Proposed Restructuring Scheme
FABER GROUP: Obtains Fixed Assets Valuation
INTAN UTILITIES: KLSE Grants Public Spread Time Extension
LONG HUAT: Winding Up Petition Hearing Date Adjourned to Feb 11

MOL.COM BERHAD: Provides Proposed Listing Status
MWE ADVANCED: Parent Grants RM3.5M for Working Capital
PICA (M) CORP.: Restraining Order Period Extended Until Dec 9
PROMET BERHAD: Clarifies Proposed Disposal
QUALITY CONCRETE: Disposes Quoted Shares

SASHIP HOLDINGS: Securities Removal From KLSE Pending
TAJO BERHAD: KLSE Shortens Rights Issue Opening Period
TAJO BERHAD: SC Grants Investigative Audit Time Extension
TIMBERMASTER INDUSTRIES: Posts Notices of Books Closure
WOO HING: Proposed Revisions Ready for Implementation


P H I L I P P I N E S

BENPRES HOLDINGS: Shares Down After Net Loss Report
MAYNILAD WATER: Unveils Arbitration Panel Decision
MUSIC CORPORATION: Plans to Eliminate Capital Deficiency
PICOP RESOURCES: Narrows Nine-month Loss to PhP241.78M


S I N G A P O R E

AMERITEK (SINGAPORE): Issues Winding Up Order Notice
ETAT ENTERPRISE: Petition to Wind Up Pending
GLOBAL LOYALTY: Creditors Must Submit Claims by December 15
HILL & SPRING: Winding Up Hearing Set November 28
IVORY INVESTMENTS: Unveils Agenda of Creditors Meeting

LKN-PRIMEFIELD: Paid-up Capital to Xinhua Remains 70%
MACLLOYD INDUSTRIAL: Issues Judicial Management Order Notice
NEPTUNE ORIENT: Posts Changes in Shareholder's Interest
OVERSEA-CHINESE: Voluntary Winding Up of Unit
SEATOWN CORPORATION: Court OKs Scheme of Arrangement


T H A I L A N D

BANGKOK STEEL: Cuts Q303 Net Loss to Bt110.98M
CHRISTIANI & NIELSEN: Clarifies Auditor's F/S Opinion Disclaimer
CHRISTIANI & NIELSEN: Explains More Than 20% Results Variance
SIKARIN PUBLIC: Increases Q303 Profit to Bt32.06M
THAI WAH: Gains Bt69M from Debt Restructuring

TPI POLENE: Issues Auditor's Q303 F/S Disclaimer Explanation

* Suspended Due to Auditors' Inability to Reach Conclusion

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AMP LIMITED: Discloses CEO's Address to Brisbane Securities
-----------------------------------------------------------
AMP Limited has provided the CEO Andrew Mohl's address to
Brisbane Securities Institute Lunch on 19 November 2003 about
The Future of AMP:

"On October 7 last year, I accepted the challenge and the honor
of being CEO of AMP.

"And, frankly, while I'd been at AMP for almost 6 years, in
hindsight, I didn't know what I was really letting myself in
for. No-one could have predicted the events of these past 13
months. They have been extraordinary and they have tested AMP in
a way that few organizations are likely to be tested. But today
I can stand here and say with confidence that we have come
through it and are on the way back. Every day, the outlook is
better for AMP, our shareholders, our customers, our planners
and our staff. The demerger is the simplest and best answer for
AMP and everyone with a stake in our future. I'm now well
through a domestic and international roadshow, talking to our
key stakeholders about what we're doing. I've been speaking to
major investors, employees, planners, analysts, private client
advisers, institutional sales teams and the media in Sydney,
Melbourne and now Brisbane.

"I've also been to New York, Boston and London to talk to key
investors there, and I will be off to Auckland early next month.
Response across the board has been generally positive, with
people impressed that we have met what in anyone's terms was a
challenging timetable and strong investor interest in the two
proposed companies - AMP and HHG - both in strategic and
valuation terms. There's a growing understanding that the
demerger will unlock the underlying value of the company. And
will free the company to meet the challenges it faces head on.
Our plans to demerge the company into two separate, regional
businesses are spelt out in detail in our explanatory
memorandum. It's a large and complex document, because AMP is
indeed a large and complex company. By now, just about all our
almost 1 million shareholders should have received their copy.

"We want to separate AMP into two regional companies - AMP in
Australia and New Zealand, and HHG in the UK - and thereby give
our shareholders separate, equal investments in both. So that if
you hold 100 AMP shares before the demerger, you'll hold 100 AMP
shares and 100 HHG shares after the demerger. The reason we want
to do this is because it's the best way for AMP to face the
future. We go into a lot of detail in our EM about why we think
this. It boils down to three core reasons. First, we believe two
companies will be better than one. There is no long-term benefit
in managing the Australian and UK businesses together within one
group any more - if there ever was. In fact, we are certain that
hanging on to the past will hinder the future of both companies.
And that's our second core reason. We know that by separating
the two businesses, each will be free to grow and develop in
their own markets. And both have solid growth potential. As
separate businesses, they will have greater clarity of purpose,
greater transparency and a greater ability to meet customers'
needs, whether in Australian wealth management or European
investment management. And third, there's no doubt that the
precise proposal we've come up with hits the 'sweet spot' for
everyone with a stake in AMP's future.

"Let me explain these reasons in a little more detail. First,
why two companies are better than one. This goes to the heart of
our decision to demerge and why it's a sound, long-term
strategic move. Essentially, there's no good reason to keep the
Australian and UK businesses together and lots of good reasons
to separate them. When we looked at where we were earlier this
year and the challenges we had to manage, it quickly became
clear that many of our issues were structural. Housing the
Australian and UK businesses within the one corporate group was
not benefiting either business and was, in fact, harming both. 2
UK market issues were impacting the Australian business, and
that in turn was feeding uncertainty about our commitment to the
UK back into our businesses there.

"The Board examined a range of options before settling on the
demerger proposal. All were measured against 3 key criteria: ?
maximizing shareholder value

   - addressing our key challenges ? and having certainty of
execution. The only alternative that rated almost as well as the
demerger was a trade sale of the UK businesses. The decision to
push ahead with the demerger was made on the basis that - the
market environment in May for a trade sale was very poor

   - a demerger was likely to deliver better value to
shareholders than a trade sale

   - a demerger was within our control whereas a trade sale was
not

   - and finally, the demerger option did not preclude a sale
along the way. The proposal to demerge is supported by the
Independent Expert, Rothschild, in its report in the EM. Our
second core reason to separate the Australian and UK businesses
is really the positive flip side of our first reason. If there
was no benefit in staying together, there were a slew of
positive benefits in separation - notably the fact by separating
them, we could really unlock the growth potential in both
businesses. Take the AMP business in Australia and New Zealand
first. This is the pre-eminent wealth management business in the
market. And it's extraordinarily resilient. The financial
results this business delivered in the first half of this year,
against the backdrop of appalling industry and corporate
conditions, were very promising.

"AMP Financial Services recorded a 15% return on invested
capital while AMP Capital Investors recorded a 28% return on
invested capital. In part, the demerger announcement itself
helped us to shore up the Australian business as it was
extremely well received by our key stakeholders, particularly
planners and customers. There has been much discussion about the
impact of the problems of AMP on its brand and Australian
business.

"We are pleased that the worst is over and our customer and
brand tracking is showing strong underlying improvement over the
past few months, from lows earlier this year. The key
planner/customer relationship is now back at its traditionally
very strong levels. And that is being matched by an improvement
in funds flow, as demonstrated by the latest industry data.
Indeed, in the calendar year to date, AMP has outperformed all
but one of its four major competitors in funds flows,
notwithstanding all of the issues we have had to deal with, a
remarkable result in the circumstances For AMP, the demerger is
essentially about returning to our roots. We've spent more than
150 years helping people manage their financial well being. And
the demerger will let us do this even better than we've been
able to do it before. The new AMP will be a wealth management
powerhouse with strong competitive positioning in:

   - advice-based distribution
   - product manufacturing
   - investments.

"We will be a focused regional group seeking to deliver
outstanding products and services to our clients. While we have
been working through the demerger process, our AMP Financial
Services business has undergone substantial changes this year to
make what was already a good business an even better business. A
new operating structure has created a much sharper focus on the
profitability of our five product and five distribution lines
which are now run as stand-alone businesses with targets for
operating earnings and return on invested capital. We intend to
pursue cost leadership in product manufacturing to drive down
unit costs, notwithstanding a market-leading 40% cost to income
ratio in the first half of 2003. And we intend to continue to
build and diversify our advice-based distribution, widely
recognized as the "jewel in AMP's crown", to partner with our
planners to deliver the quality products and services our
customers want. In simple terms, higher productivity and planner
numbers will drive top line growth while the focus in product
manufacturing will lower unit costs.

"Yesterday we provided a major briefing on AMP Financial
Services that included estimated embedded value and value of new
business figures for calendar 2003. These estimates show the
embedded value - the value of the enforce book - is likely to be
around $6.5 billion at end year, before transfers, while the
value of new business in 2003 is likely to be around $230
million. Both figures are up strongly on the first half results
and reflect the impact of the business changes I've just
discussed as well as the improvement in market conditions over
the course of the year. In our AMP Capital Investors business,
where the key driver is investment performance, we are also
seeing very encouraging trends. We are now generating above
benchmark returns across all listed asset classes managed by AMP
Capital Investors and the main AMP Life fund has had an
outstanding year with well above benchmark returns achieved for
policyholders. With our new regional focus, we will be seeking
to make AMP Capital Investors the investment powerhouse of the
Asia Pacific region. Overall, the international roadshow
conducted last week showed me that we have the basis at AMP to
become and be recognized as a truly world class wealth
management company. ]

"AMP is an icon company. A great Australian company that has
come through a severe and prolonged crisis, and come through
strongly. Our competitors should be under no illusion about what
lies ahead when they compete against AMP - life is going to be
tougher than ever!. In contrast to the AMP story that just about
everyone knows and where they can readily understand its
strengths and appeal, the HHG story is not as intuitively easy
to understand, at least for an Australian audience. Yet there is
great potential in HHG. At its core is the strong Henderson
investment management franchise. This will be the growth engine
and long-term focus for the HHG group. Post demerger, Henderson
will be a top 10 UK based investment manager with assets under
management of almost œ70bn. The business is well-diversified by
client type and across asset class - and is growing organically.
Investment performance is strong - with some 71% of listed
assets under management meeting or exceeding benchmark in the
first half of 2003.

"Like all investment managers, Henderson has been affected by
the adverse market cycle, but we believe it is very well placed
to benefit from economic and market recovery. HHG will also be
focusing on unlocking the inherent value in the existing life
businesses that are part of its portfolio which the Consulting
Actuary in the EM indicates has an embedded value of around œ900
million. While AMP has suffered enormously from the folly of
what Chairman Peter Willcox succinctly described to shareholders
at the AGM in May as having "too much of your money in the wrong
business, at the wrong time, in the wrong place" - we are
confident that the worst is over for the UK life companies. With
the risks now reduced and the life companies closed to new
business, the value has been more effectively secured. On a more
positive note still, there is also scope for significant
efficiency and cost gains, which can further build value.

"HHG is like a good bottle of red. It will need time to breathe
and prove itself - but it has real promise. It would be a
tragedy if Australian shareholders, not fully appreciating this
potential, sell their shares too early and miss out on the
upside HHG has to offer. One of the questions I now get
occasionally asked is" if HHG has such potential, why would we
still go ahead with the demerger?" After all, we've
substantially reduced the equity market risks in our life
services business, closed it to new business, and have Henderson
well positioned to benefit from the cyclical market upturn. And
that's all true. But HHG gets no benefit being owned by and
being the UK branch of an Australian parent. This comes back to
our fundamental reason for the demerger. It's simply better for
HHG as a UK-based business - and so better for our customers and
our shareholders - if HHG is separated and able to develop its
own strengths as a UK-listed company. HHG will have its own
identity, culture, and Board - and will have access to capital
in a market that understands far better than here its intrinsic
value and potential.

"That's why we're demerging. It's better for everyone, including
our shareholders. And so to our third key reason for the
separation. The final proposal we've come up with - and detailed
in our EM - is a proposal that is win:win for everyone with a
stake in AMP. That's the sweet spot I talked about earlier. It
took us more than 5 months - from May 1 until October 16 - to
develop. And it took a ton of patience and diplomacy in
negotiating with a range of stakeholders. The result of all this
work and negotiations is a proposal that:

   - satisfied our internal Boards and Management in both
companies

   - secures and protects the interests of our policyholders in
the UK and Australia;

   - met the requirements of regulators in both jurisdictions

   - and provides real value potential for our shareholders
Finding this "sweet spot" involved a number of 'firsts'. We are
the first company in the UK to publicly provide capital adequacy
information according to new regulatory guidelines - that aren't
even mandated yet. We are the first company in Australia to
publicly release sophisticated new measures of value for our
insurance books in Australia and the UK. And we are the first
company in Australia to offer post-demerger shares before the
demerger takes place - structured in a way that protects the
interests of all our shareholders, whether they participate in
the offer or not. None of this was easy. But all of it was
necessary to get to where we are today and give our shareholders
a strong, viable proposal for the future. The challenges and the
problems AMP has been dealing with have their roots in actions
and decisions taken over a run of years. The current Board and
senior management has so far had just over a year to resolve
them. It's been a rough journey for everyone, especially our
shareholders.

"We have been determined to face up to the problem and deal with
it and thereby turn the situation around. And we believe the
demerger proposal is the best way of doing this. If you're one
of our shareholders, I have a very simple message. Read the EM.
And vote on the proposal. This is a critical time in AMP's
history and we want you to have your say. Your directors are
unanimous in their recommendation: the demerger is the best way
forward for the company and all its stakeholders."


COMMSOFT GROUP: Releases Half-Year Results
------------------------------------------
Commsoft Group Limited has provided its 31/12/2002 half-year
results in the Australian Stock Exchange (ASSX) Appendix 4b
format. The full year 30/06/2003 results will be released in 4e
format and as an annual report by 28/11/2003.

CSG will remain suspended on the New Zealand Stock Exchange
until they have complied with the ASX Listing Rules.

Go to http://bankrupt.com/misc/CSG1120to see copies of the Half
Year Results.


GREEN COMMUNICATIONS: PwC Issues Case Profile
---------------------------------------------
PricewaterhouseCoopers (PwC) issued this case profile:

Territory   :  Australia
Company Name:  Green Communications Ltd
Lead Partner:  Phil Carter
Case Manager:  Mike Sim
Date of Appointment:  20 February 2003
Normal Contact     :  Thomas Agnew
Contact Phone No   :  (02) 8266 7193

PRICEWATERHOUSECOOPERS OFFICE

Location :  Sydney
PO Box   :  GPO Box 2650
Street Address:  201 Sussex St
City     :  SYDNEY
State    :  NSW
Postcode :  1171
DX       :  DX 77 Sydney
Phone    :  (02) 8266 0000
Fax      :  (02) 8266 5820
Appointor: Optus Networks Pty Ltd
Registered Office of company:  Level 4, 10 Help St, Chatswood
           NSW 2067
Company No / ACN          :  088 460 744
Type of Appointment       :  Deed Administrator
Lead Partner - Full Name  :  Philip Patrick Carter
Second Partner - Full Name:  Gregory Winfield Hall

CASE INFORMATION (LAST UPDATED 07/10/2003)

First Creditors' Meeting

Date   :  27 February 2003
Time   :  3:00 PM
Address:  Level 10, 201 Sussex Street SYDNEY
Proxy return date:  26 February 2003
Return time      :  5:00 PM

Other Key Information

Report as to Affairs received from directors:
Not at this stage

BACKGROUND INFORMATION

On 20 February 2003 Phil Carter and Greg Hall were appointed
voluntary Administrators of Green Communications Limited. Optus
Networks Pty Limited made the appointment, pursuant to their
fixed and floating charge over the Company. Green Communications
Limited is a provider of international, national and mobile
calling cards. The calling cards are pre-paid and provide for
low cost calls to a variety of locations.
Following the appointment by Optus, the directors of two of the
subsidiaries of Green Communications Limited appointed Phil
Carter and Greg Hall on 21 February 2003. The subsidiaries are
iGreen Telecommunications Pty Limited and iGreen Broadband Pty
Limited. these companies operate internet dial-up, national and
international fixed line pre-select, broadband and internet
voice businesses.

The Administrators are continuing trading the businesses and
seeking expressions of interest for their purchase. based on the
level of inquiry, the Administrators are hopeful that all of the
businesses can be sold.

CURRENT STATUS OF ASSIGNMENT AND ACTIONS REQUIRED BY CREDITORS

The Administrators are continuing to operate the businesses of
the Group whilst assessing all opportunities to maximize the
return to creditors.

NEXT MILESTONE AND ESTIMATED TIMETABLE

The first meeting of creditors for all of the Companies was held
on Thursday 27 February 2003 at 3:00pm. The location of the
meeting was level 10, 201 Sussex Street, Sydney. The meeting
elected a Committee of Creditors. (www.pwcrecovery.com)


NATIONAL CAN: Review Panel Confirms Initial Panel Decision
----------------------------------------------------------
The Takeovers Panel advises that the National Can Industries
01(R) Review Panel (Review Panel) has confirmed the decision of
the National Can Industries 01 Panel (Initial Panel) in relation
to the affairs of National Can Industries Limited (NCI).

Visy Industrial Packaging Holdings Pty Ltd (VIPH), a substantial
shareholder in NCI, alleged that unacceptable circumstances
arose from an implementation agreement under which ESK Holdings
Pty Ltd (ESK) would acquire control of NCI through a scheme of
arrangement. It sought among other things, a declaration of
unacceptable circumstances and orders for cancellation of the
implementation agreement, repayment of a break fee (First Break
Fee), cancellation of an agreement to pay a further break fee
(Second Break Fee) and variation of a modification provided by
ASIC.

ESK is a company controlled by Michael Tyrrell, the managing
director of NCI, and is associated with Tyrrell family members
and companies (Tyrrell Interests) which together have a
controlling interest in NCI.

On 17 October 2003, the Initial Panel declined to make any
orders and agreed to accept undertakings from ESK
(Undertakings):

   * to increase the consideration offered under the scheme of
arrangement by 1.5 cents per NCI share so that the total offer
price is $1.565 per NCI share;

   * to repay the First Break Fee to NCI if, before the scheme
proposal is considered by shareholders, another person announces
a bid for NCI with a cash value in excess of $1.565 per NCI
share which subsequently leads to a change in control of NCI;
and

   * not to enforce its right to receive or accept payment from
NCI, of the Second Break Fee;

   * and an undertaking from NCI, subject to ESK's undertaking
as set out in (c) above, not to pay all or any part of the
Second Break Fee to ESK.

The Initial Panel found the agreement to pay the First Break Fee
unacceptable because of the circumstances in which it was
entered into, despite the immateriality of the amount. However,
the Initial Panel found that the Undertakings overcame the
adverse effects of the payment of the First Break Fee on
competition and efficiency in the market for shares in NCI and
generally.

On 20 October 2003, VIPH sought a review of the decision of the
Initial Panel, to accept the Undertakings. VIPH sought an order
either:

   * setting aside the decision and substituting a new decision
to impose orders so that:

   * ESK was required to repay the First Break Fee immediately;
and

   * ESK would only receive payment of the First Break Fee if
NCI shareholders who were not associated with the Tyrrell
Interests approved the payment of the First Break Fee (by way of
ordinary resolution); or

   * setting aside the decision and substituting a new decision
to impose appropriate orders that will remedy the unacceptable
circumstances which were found to exist by the Initial Panel.
VIPH's review application asserted that the Undertakings did not
remedy the effects caused of the payment of the First Break Fee
as described by the Initial Panel. Specifically, it asserted
that the Undertakings enable unacceptable circumstances to
continue by not allowing the non-associated shareholders of NCI
to vote to consider whether the First Break Fee should have been
paid.

National Can Industries 01(R) Decision

The Review Panel took into account that ESK is part of the
Tyrrell Interests, which together have a controlling
shareholding in NCI, and that the acquisition proposal was
initiated by ESK to take NCI private under ESK's control. In
those circumstances, the agreement of ESK and the directors of
NCI to pay the First Break Fee would have been unacceptable in
the absence of the Undertakings, where the First Break Fee:

   * was payable in circumstances other than rejection of the
acquisition proposal by shareholders; and,

   * in particular, could become payable upon withdrawal of the
recommendation of the acquisition proposal by any non-associated
director, without reference to shareholders.

However, the Review Panel concluded that this unacceptability
was sufficiently addressed by the Undertakings so that no
declaration of unacceptable circumstances or orders should be
made. In forming this conclusion, the Review Panel took into
account the potential unfairness to ESK of requiring repayment
of the First Break Fee after it had increased its offer by 1.5
cents per NCI share on the basis that the fee would not be
repayable except in accordance with the Undertakings.

Justice Robert Austin, (sitting President), John King and Alice
McCleary are the Review Panel.

The Panel will post its reasons for this decision on its website
(http://www.takeovers.gov.au/)when they have been settled.

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


ROWECOM AUSTRALIA: Discloses Notice to Creditors
------------------------------------------------
A.C.N. 009 872 217 Pty Ltd (In Liquidation), formerly Rowecom
Australia Pty Ltd, disclosed this Notice to Creditor or person
claiming to be a creditor, of Intention to Declare a First and
Final Dividend:

"A first and final dividend is to be declared on 12 January 2004
in respect of the Company. You are required formally to prove
your debt or claim on or before 8 December 2003. If you do not,
we will exclude your claim from participation, and we will
proceed to make a final dividend without having regard to it."

CONTACT INFORMATION: Lachlan McIntosh & Ginette Muller
        Joint & Several Liquidators
        KordaMentha (Qld)
        Level 1, 307 Queen Street
        Brisbane Q 4000
        Telephone: (07) 3225 4900
        Facsimile: (07) 3225 4999


VILLAGE ROADSHOW: Requests for Trading Halt
-------------------------------------------
Village Roadshow Limited requests an immediate trading halt on
its securities following the decision of the Supreme Court of
Victoria on Tuesday to reject the Company's submissions in
relation to the Preference Share Scheme of Arrangement. The
Company submitted that the currently adjourned General Meeting
of shareholders be held on 8 December 2003 to enable the Company
to re-conduct a poll on the Buy-Back Resolution in accordance
with the shareholder voting entitlements as determined by the
Court.

The Company is now considering alternative courses of action and
will issue an announcement to the market as soon as practicable,
following which the trading halt can be lifted.

The Company is not aware of any reason why the trading halt
should not be granted.


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


G-PROP (HOLDINGS): Books HK$21.8M Q303 Loss
-------------------------------------------
The Board of Directors of G-Prop (Holdings) Limited submitted
the unaudited condensed results of the Company and its
subsidiaries for the six months ended 30th September, 2003,
together with the comparative figures. Below is the Company's
business review:

The Group reported a loss of HK$21.8 million for the period
ended 30th September, 2003. The loss for the period was mainly
due to a provision of HK$11.1 million made for investment
properties and restructuring expenses of HK$2.5 million. The
Group's turnover for the period was HK$2.1 million, decreased by
57.2% from the previous period. The decrease in turnover was
principally due to decrease in sales of energy saving machine.

   (1) Property Investment

The Group's gross rental income from investment properties
increased to HK$1.5 million for the period, which was
mainly derived from various industrial floors located at Chung
Kiu Godown Building, Kwai Chung and various shop units
located at Golden Hall Building, Yuen Long.

   (2) Energy Saving Machine

The sales of the energy saving machine was approximately
HK$291,000 in the period. The energy saving machine business
has been suspended since April 2003 as it has been loss making
for a number of years.

For full copy of the results, go to
http://bankrupt.com/misc/Gprop1120.pdf.


G-PROP (HOLDINGS): Court Orders Winding Up Petition Dismissal
-------------------------------------------------------------
The petition (Petition) for winding up G-Prop (Holdings) Limited
filed by Mr Lee Swe Zong, William and Mr Sam Zuchowski
(Petitioners) was heard by the High Court of Hong Kong on
November 12 and 17 2003, respectively. Order was made by the
Court of Hong Kong to dismiss the Petition. Save for the
Preferential Claims which will be settled by the Company outside
the Scheme, the claims of the Petitioners will be comprised
pursuant to the Scheme.

The Restructuring Agreement remains conditional upon, amongst
others, the following conditions:

   (a) the Capital Reorganization having become effective;

   (b) the Listing Committee of the Stock Exchange having
approved and granted listing and permission to deal in the New
Shares arising from the Capital Reorganization and to be issued
under the Subscription, the Schemes and the Settlement Deed; and

   (c) the resumption of trading of shares in G-Prop on the
Stock Exchange upon the distribution of the New Shares to the
Non-Preferential Creditors under the Scheme.

Trading in the shares in the Company on the Stock Exchange has
been suspended at the request of the Company since February 19,
2003. Trading of the shares will continue to be suspended
pending implementation of the Restructuring Proposal.


GOLDEN DAO: Winding Up Petition Pending
---------------------------------------
Golden Dao Heung Restaurant Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on December 10, 2003 at 9:30 in the morning.

Wong Hoi Ming of Flat D, 15/F., Yau Wo Building, 134 Fa Yuen
Street, Kowloon, Hong Kong, filed the petition on October 17,
2003.


HA WING: Winding Up Petition Set for Hearing
--------------------------------------------
The petition to wind up Ha Wing Kee Trading Limited is scheduled
for hearing before the High Court of Hong Kong on December 10,
2003 at 10:00 in the morning.

The petition was filed with the court on October 22, 2003 by
Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.


OCEANIC POWER: Dec 3 Winding Up Hearing Scheduled
-------------------------------------------------
The High Court of Hong Kong will hear on December 3, 2003 at
9:30 in the morning the petition seeking the winding up of
Oceanic Power Investment Limited.

Wong Ping Fung of Room 1108, Chi Yat House, Yat Tung Estate,
Tung Chung, New Territories, Hong Kong filed the petition on
October 8, 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.


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


INDONESIAN SATELLITE: Moody's Assigns B2 Rating; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service on Tuesday assigned to PT Indonesian
Satellite Corporation Tbk (Indosat) a definitive foreign
currency issuer rating of B2 and a definitive foreign currency
long-term debt rating of B2 to the US$300 Million bonds, 7.75%
Guaranteed Notes due 2010, which were recently issued by Indosat
Finance Company B.V., a wholly-owned subsidiary of Indosat. The
outlook for the ratings is stable.

The B2 debt rating is based on the unconditional and irrevocable
guarantee provided to the bonds on a joint and several basis by
Indosat, PT Satelit Palapa Indonesia (Satelindo) and PT Indosat
Multimedia Mobile (IM3). Moody's understands that the USD bonds
and the Rupiah bonds have been drawn and that while the Rupiah
bank loan has not been drawn yet, it is expected to be drawn
before December 15 2003.


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


ALL NIPPON: Develops CJIA as Next Short-haul International Hub
--------------------------------------------------------------
All Nippon Airways Co. (ANA)'s President and CEO, Yoji Ohashi,
on Tuesday visited the President of Central Japan International
Airport Ltd (CJIA) to discuss ANA's plans to develop Central
Japan International Airport, Nagoya, as an international hub for
its short-haul Asian routes from the airport's planned opening
in February 2005.

As its name implies, Central Japan International Airport will be
conveniently located close to the industrial and technological
heart of Japan. With Nagoya as its center, it is an area in
which robust demand for air transport is forecast, and also has
an extremely well-developed transport infrastructure.

ANA is intending to operate a daily scheduled service to both
Seoul (Incheon) and Shanghai from the opening of the new
airport. The exact flight schedule, and type of aircraft that
will be used to serve these destinations, will be announced in
the winter of 2004.

ANA is also considering opening routes to other parts of Asia,
especially, China from Central Japan International Airport, from
fiscal 2005 (April 01, 2005 - March 31, 2006).

All Nippon Airways Co. Ltd. (ANA) plans to cut employees'
salaries across the board to reduce costs, TCR-AP reported
recently. ANA submitted a plan to its labor union, which
included an average of a 5.0 percent reduction in all employees,
hoping to cut costs by about 20 billion yen by the end of this
year to March 2006. The airline's international operations have
been hit by the outbreak of Severe Acute Respiratory Syndrome
(SARS) and the Iraqi war.

Contact:  Rob Henderson, Public Relations, r.henderson@ana.co.jp


MATSUSHITA ELECTRIC: Recalls 9l,044 Faulty Gas Ovens
----------------------------------------------------
Matsushita Electric Industrial Co. will recall a total of 9,044
built-in gas ovens for free repairs of defective connecting
pipes, which may result in a fire caused by gas leakage, Japan
Times reports.

Subject to the recall are models manufactured between May 2000
and April 2001, including those sold under the brand names of
Matsushita Electric Works Ltd. and Tokyo Gas Co. The three firms
have offered to check the ovens and repair any defective parts
for free.

The ovens sold under the brand name of Matsushita Electric
Industrial are NE-B701, NE-B701S, NE-B702, NE-B702S, NE-B601 and
GE-B401. Those sold under the Matsushita Electric Works brand
are SUE31EE1, QG31EE1, SUE31EES1, SUS31EE1, SUS31EES1 and
SUE33EE1. Those sold under the Tokyo Gas brand are MA860L and
MA660L.

In a recent disclosure to the U.S. Securities and Exchange
Commission, the restructuring of Matsushita Electric Industrial
Co.'s businesses may not bring the improved efficiency, cost
reductions and growth that the Company aims for Under the Value
Creation 21 plan. Matsushita implemented various management
innovations and restructuring initiatives, such as: closing or
integrating its manufacturing bases in Japan and overseas;
reforming its consumer sales and distribution structure in
Japan; innovating manufacturing and R&DD (R&D and design); and
implementing employment restructuring initiatives.


RESONA HOLDINGS: Schedules Midterm Financial Report November 25
---------------------------------------------------------------
Resona Holdings Inc. will release its midterm financial report
on November 25, 2003, the Yomiuri Shimbun reports. The bank will
place its loans into two accounts--a new one comprising loans
extended to sound corporate borrowers, and a revival account
that includes loans extended to troubled corporate borrowers
before the bank received 1.96 trillion yen in state funds for
rehabilitation earlier this year.

Financial institutions that have received public funds under
Article 102 of the Deposit Insurance Law must set up these
revival accounts. Non-performing loans that were generated
before the public support measure and other financial assets
that have become unnecessary under new management of the
financial institutions are to be transferred to this account.

The separation of loans to sound borrowers from non-performing
loans is expected to make it easier to see whether financial an
institution receiving state assistance has improved its
financial situation.


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


HANARO TELECOM: Achieves Net Income; Secures Foreign Investment
---------------------------------------------------------------
Hanaro Telecom, Inc. announced the results of its operations for
the third quarter ended September 30, 2003. The results are un-
audited, unconsolidated, and prepared in accordance with
generally accepted accounting principles in Korea.

THIRD QUARTER 2003 HIGHLIGHTS

- Net income was recorded for the first time of KRW 5.7 billion
(US$ 5.0 million).

- EBITDA increased 23.5 percent in 3Q03 to KRW 151.3 billion
(US$ 131.5 million) from KRW 122.5 billion in 2Q03, recording a
significant EBITDA margin of 42.9 percent.

- Revenues increased 2.4 percent to KRW 352.6 billion (US$ 306.6
million) in 3Q03 from KRW 344.4 billion in 2Q03.

- Operating costs decreased by 4.9 percent to KRW 310.4 billion
(US$ 269.9 million) in 3Q03 from KRW 326.4 billion in 2Q03.

* Income Statement figures have been converted for reader
convenience at the exchange rate of US$ 1 = KRW 1,150.2, which
is the "Korea Exchange Bank closing standard rate" on September
30, 2003.

Hanaro's Vice President Young Wan Cho commented, "This has been
a very noteworthy quarter within Hanaro's history. We are
thrilled to provide our shareholders with a net income result,
having steadily moved towards this goal through a resolute
approach of balancing creative revenue generating activities
while remaining focused on costs-control measures. In addition
to reaching operational profitability within a challenging
market environment, we have also overcome our immediate cash
requirement issues by securing significant foreign investment.
The record results achieved this quarter, together with the
recent strategic and restructuring initiatives, give Hanaro's
management further confidence in the Company's compelling
offering and ability to provide shareholder value."

OPERATIONAL REVIEW

RECORD RESULTS

Hanaro outperformed this quarter by recording its first net
income result of KRW 5.7 billion and operating profit of KRW
42.2 billion. EBITDA jumped to a record high of KRW 151.3
billion with an EBITDA margin of 42.9 percent. Such outstanding
records are largely due to overall cost reduction of 4.9 percent
quarter-on-quarter, mainly resulting from a substantial drop in
marketing costs.

SUBSCRIBER GROWTH

The total broadband subscriber base at the end of 3Q03 was
2,975,338, representing a slight increase of 0.4 percent from
2,963,514 at the end of 2Q03, reflecting the discontinuation of
promotional initiatives.

In 3Q03, the proportion of subscribers for products such as
VDSL, Pro, Mid and Lite were 4.8 percent, 16.2 percent, 4.1
percent, and 74.9 percent, respectively.

Contacts: Hanaro Telecom, Inc.
Kyu June Hwang, Investor Relations
822-6266-2380
kyujune@hanaro.com
- or -
Taylor Rafferty, New York
Brian Rafferty
1-212-889-4350
Taylor Rafferty, London
Noah Schwartz
44-20-7936-0400
hanaro@taylor-rafferty.com


HANARO TELECOM: Completes US$500 Million Share Sale
---------------------------------------------------
Hanaro Telecom Inc. has completed the sell of its controlling
stake to a group of foreign investors led by American
International Group Inc. and Newbridge Capital Ltd. for US$500
million, reports the Yonhap News. The foreign consortium
acquired a total of about 182.8 million new shares, or a 39.56
percent stake, in Hanaro.


HANARO TELECOM: Enters Organizational Restructuring
---------------------------------------------------
Hanaro Telecom Inc. announced its organizational restructuring
filed with the Korea Securities Dealers Association Automated
Quotation Market (KOSDAQ) on November 10, 2003.

Hanaro Telecom, Inc. announced its new organizational structure,
in efforts to initiate the second phase of Hanaro's history. The
new structure, with continuous restructuring efforts going
forward, pursues customer satisfaction and growth of enterprise
value. It also attempts to provide a mid-to-long term vision for
the Company, which maximizes shareholder value. To increase
operational efficiency, the Company reduced the number of
organizational parts from 3 Divisions, 24 Units, and 108 Teams
to 4 Divisions, 22 Units and 67 Teams.

Since March this year, when the former CEO, Mr. Yun-Sik Shin,
resigned at the Company's Annual Shareholders' Meeting, Hanaro,
without adequate leadership, had faced a great deal of conflicts
of interests among its major shareholders, which almost
threatened the Company's survival. Fortunately, however, the
Company appointed a new CEO, Mr. Chang-Bun Yoon, at the August 5
Shareholders' Meeting and successfully obtained a shareholders'
approval on the AIG-Newbridge-led foreign investment project
worth US$1.1 billion. Having such positive initiatives for
changes, Hanaro has undertaken initiative for internal changes
like reorganization of divisions and shutting down of
unprofitable businesses.

The key focus of such organizational restructuring include: 1)
result-oriented, voluntary operational system, 2) strategic
concentration on core businesses to strengthen industrial
competitiveness, 3) customer satisfaction, and 4) operational
and financial transparency.

What distinguishes this organizational change from the previous
attempts is the Chief Officer System. Each Officer is
responsible for the operation of its designated division. Such
system clarifies previously overlapped responsibilities and
decentralizes decision-making authority, which was previously
concentrated at the CEO level. The Chief Officer is supposed to,
with full control over the division under its supervision, focus
on results and profits.

There are four Chief Officers: a CSO (Chief Strategy Officer), a
CFO (Chief Financial Officer), a COO (Chief Operating Officer)
and a CTO (Chief Technology Officer). The Company newly
established a Monitoring Body, in a direct chain of command of
the CEO, for systematical monitoring of such restructuring
efforts going forward.

Hanaro appointed Mr. Jong Myung Rhee, Senior Executive Vice
President, as Chief Strategy Officer. For the three other posts,
the Company is currently discussing with the foreign investors
to bring in highly qualified professionals.

The CSO (Chief Strategy Officer) supervises the New Business
Incubation Unit, which is responsible for planning new
businesses as well as the Business Strategy Unit responsible for
the Company's business strategy and long-term vision with a
focus on profitability. Under the CSO's supervision, there is
also the Corporate Relations Unit, which shall facilitate
communication with the outside - media, investors, and the
government.

The COO (Chief Operating Officer) is in charge of broadband
Internet access services and local telephony services. There are
four units under the COO's control - Marketing, Corporate Sales,
Customer Services and Seoul Office. Marketing is for sales and
customer retention of residential subscribers whereas Corporate
Sales is for corporate clients. Seoul Office is a central sales
unit, which combined previously separate offices in Seoul. Some
remote regional offices were reorganized and combined for
operational efficiency and profitability. As a result, the
number of offices reduced from 10 regional offices to 1 Unit and
6 offices. To strengthen customer care services, the previous
Customer Satisfaction team grew into Customer Services Unit to
serve both residential and corporate customers.
The CTO (Chief Technology Officer) supervises Network
Technology, Network Operation, Technical Support and R&D.
Network Technology looks after backbone network, last-mile
network and 2.3Ghz wireless broadband access technology. Network
Operation manages the operation of the network and controls
service quality. The main function of this technology division
is to maintain technological competitiveness and network
stability. By putting network related units under direct control
of a single officer, the Company attempts to maximize
synergistic effects through effective coordination of workloads.

The Company also strengthened the function of Internal Audit to
specifically monitor efficiency and profitability of each
divisional performance. A 'Clean Company' campaign will be
undertaken continuously to increase the Company's operational
and financial transparency.

Hanaro personnel commented, "The key idea of the organizational
restructuring is to strengthen divisional roles and functions
thereby increasing professionalism and result-oriented corporate
culture. We attempt to improve our HR system and
evaluation/compensation scheme by developing in-house management
evaluation index and performance rating index."


HANARO TELECOM: Unveils November 13 Shareholder's Agreement
-----------------------------------------------------------
In a disclosure to the Securities and Exchange Commission (SEC),
Hanaro Telecom Inc. announced the following:

In connection with the Investment Agreement, the Sponsors and
the other Investors entered into a Shareholders' Agreement dated
as of November 13, 2003 (the Shareholders Agreement). Under the
Shareholders' Agreement, each of the Investors (other than the
Sponsors and certain Investors controlled by one or more of the
Sponsors) has (i) granted to the Sponsors an irrevocable proxy
to attend all meetings of the shareholders of the Company and to
vote all of the Common Shares constituting Investment Securities
(as defined in the Shareholders' Agreement) now or hereafter
owned by such Investor and (ii) pledged all Investment
Securities owned by it to secure its obligations under the
Shareholders' Agreement and irrevocable proxy.

The Shareholders' Agreement also sets forth certain agreements
regarding the management of the Company and places certain
restrictions on and provides for the orderly disposition of
Investment Securities now or hereafter held by any of them.
Unless expressly permitted under the Shareholders' Agreement,
the Investors will not be permitted to dispose of their
Investment Securities. Under the Shareholders' Agreement, the
Investors have co-sale rights in certain situations in which an
Investor disposes of its Investment Securities and the Sponsors
have drag-along rights in certain situations in which one or
both of the Sponsors dispose of their Investment Securities.
Under the Shareholders' Agreement the Sponsors have also granted
to each other a right of first refusal with respect to certain
significant dispositions of their Investment Securities.


HYNIX SEMICONDUCTOR: Files Suit Against EU On Tariff Ruling
-----------------------------------------------------------
Hynix Semiconductor Inc. has filed a petition with the Court of
First Instance (CFI), protesting punitive tariffs imposed on its
chips by the European Union (EU), Dow Jones reported on
Wednesday. The chipmaker believes that it will be able to prove
the EU's claims that the South Korean government had subsidized
the semiconductor Company are groundless.

In August, the EU imposed a 34.8 percent tariff on imports from
Hynix Semiconductor after determining that the South Korean
government had subsidized the chipmaker in violation of WTO
rules. The CFI is a EU court for arbitrating disputes between
companies or governments.


HYUNDAI GROUP: KCC on CreditWatch Negative on HEC Ownership
-----------------------------------------------------------
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 November 14, 2003, that the KCC group and its
honorary Chairman will take a controlling 31.25 percent stake in
Hyundai Elevator Co. Ltd. (HEC).

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.


KOHAP CORPORATION: SK Keris Acquires Indonesian Plant
-----------------------------------------------------
SK Keris has acquired troubled Kohap Corp.'s Indonesian plant
Kohap Indonesia for US$18 million, the Maeil Business Newspaper
said on Tuesday, citing Woori Bank. With the sell-off, Kohap now
operates three plants, which are also put up for sale, in Korea.

PT SK Keris is Joint Venture Company between SK Group of Korea
and Keris Group Indonesia, producing high quality polyester
filament yarn and PET resin for bottle. Its business also ranges
from general trading in world wide, polyester film, magnetic
tapes and disc, engineering and construction, bulk shipping,
finance and telecommunication.


LG CARD: Creditors Inject US$1.69B
----------------------------------
Creditor banks of LG Card will provide two trillion won (US$1.69
billion) to the troubled credit card to help ease a looming
liquidity crunch, according to Yonhap News.

The eight credit banks, led by Woori Bank, have agreed to set
aside the amount of financial aid by each bank and ink a deal
with the besieged credit card firm soon on the provision of
collateral and repayment of funds.


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


ANCOM BERHAD: Amends Share Sale Agreements Terms
------------------------------------------------
Ancom Berhad refers to the announcement made on 9 July 2003 in
relation to the Proposed Reorganization of the Logistic &
Transportation Companies.

On behalf of the Board of Directors of Ancom, Aseambankers
Malaysia Berhad is pleased to announce that the respective
parties of all the share sale agreements as mentioned in the
announcement on 9 July 2003 have agreed to amend certain terms
of the share sale agreements dated 8 July 2003 via supplementary
agreements signed on Tuesday. The amendments are as follows: -

(i) Clause 1.1 - Definition of Cut-Off Date

   - The number and words `4 months' in the definition of `Cut-
Off Date' in Clause 1.1 is amended to `6 months'.

(ii) Clause 4.2(a)

   - The clause is deleted and replaced with the following:
`As soon as practicable after the date of this agreement'.


AOKAM PERDANA: Court Grants 90-Day Restraining Order Extension
--------------------------------------------------------------
Aokam Perdana Berhad released its Quarterly report for the
financial period ended 30 September 2003. Below is an excerpt
from the report:

On 19 September 2003, the Company announced that it had entered
into a supplemental agreement with the vendors of Key Heights
Sdn Bhd (KHSB), namely Amalan Menang Sdn Bhd (AMSB), Ong Sok
Hean and Samudera Sentosa Sdn Bhd (Samudera), to revise some of
the terms of the Proposed Rescue Scheme, which was formulated
after taking into consideration, inter-alia, the approved
valuation of the Securities Commission on the contractual timber
rights to be injected into the Company.

On 14 October 2003, the Company announced further revision to
the Proposed Rescue Scheme (Proposed Revised Scheme) with
regards to the purchase consideration of KHSB.

On 15 October 2003, the Company submitted the Proposed Revised
Scheme to the Securities Commission (SC) and the relevant
authorities.  Approval from the SC is still pending.

The High Court of Malaya granted leave on 3 November 2003 to the
relevant petitioners to extend the time to convene the
creditors' meeting and restraining order by another 90 days from
3 November 2003.

To see full Quarterly Report, check
http://bankrupt.com/misc/Aokam1120.xlsand
http://bankrupt.com/misc/Aokam1120.pdf.


AOKAM PERDANA: Discloses October Production Figures
---------------------------------------------------
Aokam Perdana Bhd announced that its production for the month of
October 2003 were 136,649.53 m2 of veneer and 104.37 m3 of
moldings.

COMPANY PROFILE

Originally a mining company with activities centered in
Thailand, the Company was, in its early days, associated with
Thai company Aokam Thai Ltd (ATL) that was formed to purchase
all its mining assets. Along the way, the Company diversified
into the food, financial, gaming and manufacturing sectors in
the late 1980s. There followed a shift in investment strategy in
1990 when the Company disposed of its entire interests in the
above investments to focus on the wood-based industry. The
Company's wood-based interests are undertaken mainly by
subsidiary Pembangunan Papan Lapis (Sabah) Sdn Bhd (PPL), which
operates sawmills in Sabah. PPL also produces moldings, which
are marketed internationally. Subsidiaries Aokam Industries Sdn
Bhd produces veneer and plywood and Pacific Wood Products Sdn
Bhd, sliced veneer and veneer products. The base of operations
is the Aokam Perdana Timber Complex in Keningau, Sabah. The
Company is currently in the process of proposing a corporate
exercise.

CONTACT INFORMATION: No. 35 Jalan Hussein
        30250 Ipoh, Perak
        Tel : 05-24156333
        Fax : 05-2415578


BESCORP INDUSTRIES: Seeks Corp Proposals Completion Extension
-------------------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
refers to the announcements made on behalf of the Company by
Commerce International Merchant Bankers Berhad (CIMB) on 13
December 2002, 27 December 2002, 20 May 2003, 22 May 2003 and 15
August 2003 in relation to the Corporate Proposals, comprising:

   ú Proposed Share Split;
   ú Proposed Share Exchange;
   ú Proposed Cash Payment;
   ú Proposed Capitalization;
   ú Proposed Conversion of Advances;
   ú Proposed Offer For Sale;
   ú Proposed Transfer of Listing;
   ú Proposed Exemption; and
   ú Proposed Liquidation.

In accordance with the Policies and Guidelines on Issue/Offer of
Securities issued by the Securities Commission (SC), the Company
has until 8 November 2003 to complete the implementation of the
Corporate Proposals, which was approved by the SC on 9 May 2003
and 19 May 2003, subject to the fulfillment of certain
conditions.

The updated applications to the relevant authorities in relation
to the Corporate Proposals as announced on 15 August 2003 are
pending approval. In this connection, on behalf of the Company,
CIMB wishes to announce that an application for an extension of
time of six (6) months up to 8 May 2004, was submitted to the SC
on 23 October 2003 by CIMB on behalf of the Company, for the
Company to complete the implementation of the Corporate
Proposals.

An announcement on the outcome of the application to the SC for
an extension of time to complete the implementation of the
Corporate Proposals will be made upon receipt of the same.


CHG INDUSTRIES: Court Confirms Proposed Capital Reduction
---------------------------------------------------------
CHG Industries Berhad refers to the announcements dated 27
August 2002, 29 August 2002, 4 October 2002, 25 November 2002,
27 November 2002, 27 December 2002, 9 July 2003, 25 August 2003,
25 September 2003 and 7 October 2003 in relation to the
Proposals, involving:

   ú The Proposed Capital Reduction;
   ú The Proposed Rights Issue;
   ú The Proposed Debts Restructuring; and
   ú The Proposed Capital Increase

Commerce International Merchant Bankers Berhad, on behalf of the
Company, wishes to announce that the High Court of Malaya had on
17 November 2003, granted a Court Order confirming the Proposed
Capital Reduction under Petition No. D4-26-66-2003 in accordance
with Section 64 of the Companies Act, 1965.


EASTERN & ORIENTAL: Inks Fourth Supplemental Agreement
------------------------------------------------------
Further to Eastern & Oriental Berhad's announcements dated 28
May 2002, 29 May 2002, 2 September 2002, 29 November 2002, 3
April 2003 and 30 September 2003, Alliance Merchant Bank Berhad
on behalf of EOB, wishes to announce that the Company, True
Vitality Sdn Bhd (TVSB) and E & O Property Development Berhad
(formerly known as Kamunting Corporation Berhad) (EOPD) had on
17 November 2003 entered into a further supplemental agreement
(Fourth Supplemental Agreement).

Pursuant to the share sale agreement between EOPD and the
Company dated 28 May 2002 (Regal Alliance Sdn Bhd (RASB) Share
Sale Agreement) as amended by a supplemental share sale
agreement dated 2 September 2002 (Supplemental RASB Agreement)
and the third supplemental agreement dated 3 April 2003 (Third
Supplemental RASB Agreement), EOB agreed to dispose, inter alia,
the entire issued and paid up share capital of RASB to EOPD. The
RASB Share Sale Agreement and the Supplemental RASB Agreement
and the Third Supplemental RASB Agreement shall hereinafter be
referred to, collectively as the RASB Principal Agreements.

Pursuant to the RASB Principal Agreements, EOPD shall pay to EOB
the balance of the purchase consideration less retention sum and
the inter-company debt owing by EOB to RASB.

When the RASB Share Sale Agreement was entered into, it was
envisaged that the completion date would be in December 2002 and
at the time the completion inter-company debt would amount to
approximately RM18,000,000. As a result of the unexpected
deferment of the completion date, the completion inter-company
debt owing by EOB to RASB has increased to approximately
RM35,000,000 (Completion Inter-company Debt).

As EOB requires the balance of the purchase consideration to
redeem certain charges over the properties to be transferred to
EOPD, before the completion date, EOB has requested and EOPD has
agreed to extend the repayment date of the Completion Inter-
company Debt (Repayment Date) based on the terms and subject to
the conditions set out in the Fourth Supplemental Agreement.

EOB, EOPD and TVSB have also agreed to extend the cut-off date
to satisfy and fulfill the conditions precedent as set out in
the relevant share sale agreements and sale and purchase
agreement (for TVSB Land) in connection with the Proposals (Cut
Off Date)

SALIENT TERMS OF THE FOURTH SUPPLEMENTAL AGREEMENT

Extension of Repayment Date

In consideration of EOB agreeing to pay the interest as set out
in the ensuing paragraph, EOPD hereby agrees to allow EOB to
repay the Completion Inter-company Debt on or before 31st March
2004 and in the event such date shall not be as business day,
the next succeeding business day. EOB undertakes to repay the
Completion Inter-company Debt on the earlier of:

   (a) 31 March 2004; or

   (b) date of receipt by EOB of the proceeds after full
placement of their Proposed Shares Placement of 116,236,000 EOPD
Shares (as announced by EOB on 8 August 2003) if such proceeds
are received by EOB before 31 March 2004.

EOB shall pay to EOPD for the account of RASB, interest at the
rate stipulated by Malayan Banking Berhad as its Base Lending
Rate (BLR) plus 2% (Prescribed Rate) on the Completion Inter-
Company Debt or the reduced balance of the Completion Inter-
Company Debt calculated from the completion date until the date
of full repayment of the Completion Inter-Company Debt.

Extension of Cut-Off Date

EOB, TVSB and EOPD have mutually agreed to extend the Cut-Off
Date for a further period three (3) months from the 23 November
2003 to 22 February 2004 or to such other later date as EOB and
EOPD may mutually agree.

FINANCIAL EFFECTS

Share Capital and Shareholding Structure

There is no effect on the share capital and shareholding
structure of EOB pursuant to the Fourth Supplemental Agreement.

Earnings

The deferment of the repayment date pursuant to the Fourth
Supplemental Agreement will not have any material impact on the
earnings of EOB for the financial year ending 31 March 2004.

Net tangible assets (NTA)

The Fourth Supplemental Agreement will not have any material
impact on the proforma consolidated NTA of EOB as at 31 March
2003.

RATIONALE FOR THE FOURTH SUPPLEMENTAL AGREEMENT

The Fourth Supplemental Agreement is to facilitate the
completion of the Proposals, comprising:

   ú Proposed Disposals;
   ú Proposed Debt Disposal;
   ú Proposed Debt Settlement;
   ú Proposed Shares Placement; and
   ú Proposed Renounceable Restricted Offers for Sale.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

Dato' Tham Ka Hon (TKH), Dato' Siew Ka Wei (SKW) and Encik Kamil
Ahmad Merican (KAM) are Directors of EOB and EOPD and are deemed
interested in the Proposals.

In addition, Terra Realty Sdn Bhd (Terra) and Ancom Berhad
(Ancom) are major shareholders of EOB. TKH is a major
stockholder of EOB by virtue of his substantial shareholding in
Terra. Terra and Chua Cheng Boon (CCB), the other shareholder of
Terra and the wife of TKH, are persons connected to TKH.
Further, SKW is a major stockholder of EOB by virtue of his
substantial shareholding in Ancom Berhad (Ancom). As such,
Terra, Ancom, TKH, CCB and SKW are major stockholders of EOB
deemed interested in the Proposals (Interested Major
Stockholders).

Accordingly, the above interested Directors and Interested Major
Stockholders have abstained and will continue to abstain from
all deliberations and voting in the Board meetings of EOB in
respect of the Proposals.

DIRECTORS RECOMMENDATION

Having considered the rationale and all relevant aspects
including the terms of the Fourth Supplemental Agreement, the
Board of EOB is of the opinion that the Fourth Supplemental
Agreement is in the best interest of the Company.

DOCUMENTS AVAILABLE FOR INSPECTION

The Fourth Supplemental Agreement is available for inspection at
the registered office of the Company at 13th Floor, Wisma
Damansara, Jalan Semantan, 50490 Kuala Lumpur during normal
business hours from Monday to Fridays (except for public
holidays) for a period of three (3) months from the date of this
announcement.


FABER GROUP: Formulating Proposed Restructuring Scheme
------------------------------------------------------
In accordance to Paragraph 4.1 (a) of Practice Note No. 4/2001
(PN4/2001) which sets out the criteria and obligations pursuant
to paragraph 8.14 of the Listing Requirements (the LR) of Kuala
Lumpur Stock Exchange (KLSE), the Board of Directors of Faber
Group Berhad hereby announce that based on the unaudited
quarterly result of FGB and its subsidiary companies (the FGB
Group) for the financial period ended 30 September 2003 and
taking into consideration the following, there is a deficit in
the adjusted shareholders' equity of FGB on consolidated basis:

   (i) impairment losses on the hotel properties amounting to
RM405,358,572 arising from the valuation by Jones Lang Wootton
and Knight Frank Malaysia pursuant to the FGB Group's policy to
appraise the hotel properties every 3 years. The last valuation
done on the hotel properties was in August 2000.

The impairment losses amounting to RM5,117,426 is charged to
equity as it reverses a previous revaluation and the balance of
RM400,241,146 is charged to income statement.

   (ii) write down of the value of inventories and certain land
held under development properties to its net realizable value
amounting to RM12,198,095.

OBLIGATIONS OF FGB PURSUANT TO PN 4/2001

Pursuant to the PN4/2001, FGB, as an affected listed issuer, is
required to comply with the following:

   (i) announce the status of its plan to regularize its
financial condition on a monthly basis until further notice from
KLSE,

   (ii) announce its compliance or failure to comply with a
particular obligation imposed pursuant to PN 4/2001, as and when
such obligation becomes due,

   (iii) submit monthly reports (the Monthly Reports)
accompanied by statutory declaration duly executed by its Board
of Directors or 2 Directors authorized by the Board of Directors
in the prescribed format to KLSE within 10 market days from end
of the month reported upon and must continue to be submitted
until further notice from KLSE,

   (iv) make an announcement (the Requisite Announcement) to the
KLSE of a plan to regularize its financial condition within six
(6) months from the date of the First Announcement,

   (v) submit its plan to regularize its financial condition to
the relevant authorities for approval, including the Securities
Commission (where applicable), within two (2) months from the
date of the Requisite Announcement or the date of the First
Announcement (whichever is applicable), and

   (vi) obtain all approvals necessary for the implementation of
its plan to regularize its financial condition within four (4)
months from the date of submission of such plan for approval.

CONSEQUENCE OF NON-COMPLIANCE WITH THE OBLIGATIONS

In the event FGB fails to comply with any of the obligations
imposed on it by KLSE under PN4/2001, FGB may be regarded as a
company whose financial condition does not warrant continued
trading and/or listing. In this regard, the trading of FGB
shares on KLSE may be suspended and/or FGB may be de-listed from
the Official List of KLSE.

APPOINTMENT OF MONITORING ACCOUNTANT

FGB is not required to appoint a monitoring accountant as FGB
does not satisfy the criteria set out in paragraph 6.1 of
PN4/2001.

STATUS OF PLAN TO REGULARIZE FINANCIAL CONDITION

FGB has formulated a Proposed Restructuring Scheme to
restructure its financial condition and will be dispatching an
Information Memorandum detailing the Proposed Restructuring
Scheme to All the Bondholders of the Redeemable Convertible
Secured Zero Coupon 2000/2005 Bonds. A separate announcement on
the same will be released immediately following this
announcement.


FABER GROUP: Obtains Fixed Assets Valuation
-------------------------------------------
Faber Group Berhad announced that FGB had on 18 November 2003
obtained the valuations (the Valuations) on several of its
hotels properties, namely, Sheraton Subang Hotel and Towers,
Sheraton Perdana Resort, Sheraton Imperial Kuala Lumpur,
Sheraton Penang, Sheraton Labuan, Sheraton Kuantan, Merlin Inn
Resort Cameron Highlands, Merlin Inn Johor Bahru and Mersing
Merlin Inn (collectively referred to hereafter as "the Hotel
Properties").

PURPOSE OF VALUATION

The Valuations were carried out in tandem with the FGB Group's
accounting policy to appraise the Hotel Properties once in every
three years, by an independent professional valuers based an
open market value. The last valuation done on the Hotel
Properties was in August 2000. The Valuations are not subject to
the approval of the Securities Commission of Malaysia (the
Commission). However, the Valuations will be used for the
purpose of the Proposed Restructuring Scheme of FGB of which the
same would be subject to the approval of the Commission in view
of the Hotel Properties will be transferred to a special purpose
vehicle.

NAME OF VALUERS
Messrs Jones Lang Wootton (JLW) and Messrs Knight Frank Malaysia
(Knight Frank) carried out the Valuations.

VALUES PLACED ON THE HOTEL PROPERTIES BY THE VALUERS

The values placed on the Hotel Properties as per the Valuations
are as follows:

Name of Properties                               Valuer             Value
(RM '000)

Sheraton Subang Hotel and Towers    JLW                    170,000
Sheraton Perdana Resort                        JLW
75,000
Sheraton Imperial Kuala Lumpur     Knight Frank   225,000
Sheraton Penang                                         JLW
55,000
Sheraton Labuan                                         JLW
45,000
Sheraton Kuantan                                       JLW
35,000
Merlin Inn Resort Cameron Highlands JLW                      11,800
Merlin Inn Johor Bahru                           JLW
15,000
Mersing Merlin Inn                                   JLW
1,500

DATE OF VALUATIONS

The Valuations are dated 18 November 2003.

EFFECTS OF THE VALUATIONS

The Valuations will bring about impairment losses on the Hotel
Properties amounting to RM405.358 million. In accordance to the
provision under the Malaysian Accounting Standards Board - 23
Impairment of Assets, out of the sum of RM405.358 million, RM5.1
million is charged to equity as it reverses a previous
revaluation and the balance of RM400.241 million is charged to
the income statement.

The net effect of the impairment losses of RM400.241 million
will result with negative Net Tangible Assets of RM419.74
million, based on the un-audited financial statements of FGB as
at 30 September 2003.


INTAN UTILITIES: KLSE Grants Public Spread Time Extension
---------------------------------------------------------
The Board of Directors of Intan Utilities Berhad wishes to
inform that the Kuala Lumpur Stock Exchange (KLSE) has via its
letter dated 17 November 2003 granted an extension of time to 16
May 2004 (6 months from 17 November 2003) to comply with the
public shareholding spread requirement (Public Spread) pursuant
to Paragraph 8.15(1) of the Listing Requirements.

The Public Spread of Intan as at 6 October 2003 comprises 27.31%
of the issued and paid-up share capital of the Company held by
684 public shareholders (a shortfall of 316 public shareholders
from the minimum public shareholding requirement of 1,000
shareholders under the KLSE Listing Requirements).

On 16 January 2003 and 18 March 2003, Intan, via AmMerchant Bank
Berhad, has announced several corporate proposals (Proposals)
including a proposed acquisition of a new core business,
proposed bonus issue and a proposed non-renounceable restricted
offer for sale of existing Intan shares by a substantial
shareholder to the shareholders of Intan and eligible Directors
and employees of the Intan Group. The Proposals are currently
pending the approvals of the relevant authorities and the
shareholders of Intan and Berjaya Group Berhad at their
respective extraordinary general meetings.

The implementation of the Proposals may help to address the
Public Spread to comply with paragraph 8.15(1) of the KLSE
Listing Requirements. No tentative timeline for the
implementation of the Proposals is available, as the Company has
not received all the relevant approvals for the Proposals.
However, barring any unforeseen circumstance, the Company hopes
to implement the Proposals before 16 May 2004.


LONG HUAT: Winding Up Petition Hearing Date Adjourned to Feb 11
---------------------------------------------------------------
Long Huat Group Berhad refers to the previous announcement dated
23 July 2003 on the Winding-up Petitions filed by Export-Import
Bank Malaysia Berhad (Exim Bank).

The Company's solicitor, Messrs Kadir, Andri Aidham & Partners,
had informed that the hearing date for the above matter which
was fixed on 10 December 2003, has been adjourned to 11 February
2004.


MOL.COM BERHAD: Provides Proposed Listing Status
------------------------------------------------
Reference is made to the announcement dated 17 October 2003 in
relation to the Proposed Listing of Mol Accessportal Berhad
(Molaccess), a subsidiary of Mol.Com Berhad, on the Mesdaq
Market of Kuala Lumpur Stock Exchange (Proposed Listing).

AmMerchant Bank Berhad (AmMerchant Bank), on behalf of the Board
of Directors (Board) of MOL, wishes to announce that the ratio
for the restricted public issue of 4,000,000 ordinary shares of
RM0.10 each (Shares) in MOL AccessPortal Berhad (MOLAccess) to
the public shareholders of MOL on a non-renounceable rights
basis has been determined at one (1) MOLAccess Share for every
seven (7) MOL shares held as at the Entitlement Date on 6
November 2003.

The Prospectus together with the application form will be
dispatched to the entitled public shareholders of MOL in due
course.

COMPANY PROFILE

Originally involved in lighting apparatus, wires and cables, the
Group began to invest in Internet companies in 2000, with the
objective to become a major Internet incubator.

In line with the Group's on-going internal restructuring
exercise, embarked upon in 2001, certain subsidiaries have
either ceased operations, or were divested, or both.
Accordingly, since the third quarter of 2002, the Group has
regrouped its main business segments as follows: electrical
products, IT and Internet-related business, and investments.

Due to losses incurred by the Group up to 31 December 2001, the
Company is undertaking a rights issue of two for one at par
which would result in the issue of approx. 150,674,600 shares
and would raise funds amounting to RM150.674m.

The major controlling shareholder of the Company, Tan Sri Dato'
Tan Chee Yioun (TSVT), had advanced RM125.05m to the Group,
indicating that the whole of these advances would be applied
towards subscription of his entitlement to the rights issue.
TSVT intends to subscribe for any remaining rights shares that
are not taken up by other shareholders.

Subsequent to this, the Board of Directors have announced that
the Company's financial condition has been regularized with the
completion of its plan in relation to the proposed rights issue
on 28 April 2003.

CONTACT INFORMATION: 11th Floor Menara Berjaya, KL Plaza
        179 Jalan Bukit Bintang
        55100 Kuala Lumpur
        Tel. No.: 03-29358888
        Fax. No.:03-29358043
        e-mail address: cosec@berjaya.com.my


MWE ADVANCED: Parent Grants RM3.5M for Working Capital
------------------------------------------------------
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 18 November 2003 agree to grant an advance of RM3.5
million to MWE Advanced Structure Sdn Bhd (MWEAS), a 90% owned
subsidiary of MWE, for its working capital requirement (the
Transaction).

As at 31 October 2003, the total amount owing by MWEAS to MWE is
RM1,533,635.58

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

MWE is a substantial shareholder of MWEAS. Datuk Surin Upatkoon
and Mr Tang King Hua are directors of MWE and are also the
directors of MWEAS.

Save as disclosed above and to the best knowledge of the Board
of Directors, none of the Directors or 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 MWE, 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 shareholder of MWEAS has approved the Transaction.

Save as disclosed above, the Transaction is not subject to the
approval of shareholders of neither MWE nor any other relevant
authorities.


PICA (M) CORP.: Restraining Order Period Extended Until Dec 9
-------------------------------------------------------------
Further to the announcement made on behalf of Pica (M)
Corporation Berhad by Commerce International Merchant Bankers
Berhad (CIMB) on 20 August 2003 in relation to the Proposal,
entailing:

   * Proposed Capital Reconstruction
   * Proposed Rights Issue
   * Proposed Composite Scheme
   * Proposed Special Bumiputera Issue
   * Proposed Employee Share Option Scheme
   * Proposed Increase in Authorized Share Capital.

CIMB wishes to announce that the High Court of Malaya at Kuala
Lumpur has extended the restraining order granted to Pica and
Pica First Credit Sdn Bhd under Section 176 of the Companies
Act, 1965 to 9 December 2003.


PROMET BERHAD: Clarifies Proposed Disposal
------------------------------------------
Promet Berhad refers to the announcement dated 4 November 2003
in relation to the Proposed disposal of three (3) pieces of land
by Pertama Emas Tourist Corporation Sdn Bhd, a wholly-owned
subsidiary of Promet, to Damai Pasti Sdn Bhd for a total cash
consideration of RM14,500,000 (Proposed Disposal).

On behalf of the Board of Directors of Promet, Southern
Investment Bank Berhad wishes to clarify the following:

1. The consideration is to be paid in the following manner:

   -  Damai Pasti Sdn Bhd (DPSB) will pay to TA First Credit Sdn
Bhd (TA) for the account of Pertama Emas Tourist Corporation Sdn
Bhd (PETC) an amount of RM1,160,000 less costs of RM98,286* as
payment for the balance of the deposit (Balance Sum) upon
execution of the conditional sale and purchase agreement
(Agreement); and

    - The remaining amount of RM13,050,000 less costs of
RM72,500* is to be paid to PETC's solicitors' as stakeholders
within six (6) months from the date of the Agreement, being the
completion date as set out in the Agreement.

An earnest sum of RM290,000 (Earnest Sum) has been paid by DPSB
to TA prior to the execution of the Agreement. The Earnest Sum
and Balance Sum are collectively referred to as the Deposit
forming 10% of the total cash consideration.

Note:

* Costs and expenses in respect of the Agreement.

2. The annual rent for the properties is based on the total land
area as opposed to on a per square feet basis:

   -  MLO 2240: RM75.00
   -  MLO 2239: RM73.00
   -  1720: RM786.50


QUALITY CONCRETE: Disposes Quoted Shares
----------------------------------------
The Board of Directors wishes to announce that Quality Concrete
Holdings Berhad has entered into the following disposals and
acquisitions of its quoted securities, on various dates as
listed below, and for diverse considerations.

1. Particulars of quoted shares acquired or disposed off
Please refer to Appendix I at
http://bankrupt.com/misc/Quality1120.xls.

2. Aggregate value of consideration - RM97,076.08
This value represents the aggregate of actual sales and purchase
proceeds received and paid respectively.

3. Effect of transaction on Company

NTA per share as at 31 January 2003 RM2.1183
NTA per share after the transactions RM2.1244
Profit per share RM0.0001

The Company has on 17th November, 2003 disposed off 20,000
ordinary shares of RM1.00 each in ZECON.

The Board will continue to monitor market conditions on the KLSE
and will make appropriate disclosures from time to time in
compliance with the KLSE Listing Requirements.


SASHIP HOLDINGS: Securities Removal From KLSE Pending
-----------------------------------------------------
Saship Holdings Berhad (Special Administrators Appointed) refers
to the announcement dated 12 November 2003 on the Decision in
respect of the De-Listing Procedures commenced against the
Company.

AmMerchant Bank Berhad had on behalf of the Special
Administrators of the Company submitted its appeal via letters
dated 13 November 2003 and 14 November 2003 (hereinafter
collectively referred to as "the Appeal") against the KLSE
decision to de-list from the Official List of the KLSE.

The Special Administrators announced that the KLSE has via its
letter dated 17 November 2003 informed that the KLSE Committee
shall defer the removal of the securities of SASHIP from the
Official List of the Exchange pending the decision on the
Appeal.


TAJO BERHAD: KLSE Shortens Rights Issue Opening Period
------------------------------------------------------
Tajo Berhad refers to the announcements dated 10 June 2002, 9
August 2002, 31 December 2002, 23 January 2003 and 6 March 2003
in relation to the Proposed Restructuring Exercise.

Public Merchant Bank Berhad (PMBB), on behalf of Tajo, is
pleased to announce that the Kuala Lumpur Stock Exchange (KLSE)
had, via its letter dated 14 November 2003, granted its approval
to Tajo, for the following:

   (i) To shorten the period of notice of books closing date in
respect of the Share Exchange, Warrant Exchange and Rights Issue
from not less than 12 market days to 3 clear market days; and

   (ii) To shorten the opening period for the receipt of
applications for the Rights Issue from 22 market days after the
books closing date to 10 clear market days after the books
closing date.

The KLSE's approval on (ii) above is subject to the condition
that Tajo must ensure that the provisional allotment letters for
the Rights Issue are received by the shareholders at least 4
clear market days prior to the closing date of the Rights Issue.


TAJO BERHAD: SC Grants Investigative Audit Time Extension
---------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of Tajo Berhad,
wishes to announce that the Securities Commission, via its
letter dated 13 November 2003, which was received on 17 November
2003, approved the extension of time from 31 October 2003 to 30
November 2003 for Anuarul Azizan Chew & Co. to complete the
investigative audit on Tajo.


TIMBERMASTER INDUSTRIES: Posts Notices of Books Closure
-------------------------------------------------------
On behalf of Timbermaster Industries Berhad (Special
Administrators Appointed) (TMIB), Aseambankers Malaysia Berhad
wishes to announce the books closure date in relation to the
following:

   (i) cancellation of RM0.95 of the par value of the existing
issued and paid-up capital of TMIB from RM65,842,272 comprising
65,842,272 ordinary shares of RM1.00 each to RM3,292,114
comprising 65,842,272 ordinary shares of RM0.05 each and
subsequent consolidation of 65,842,272 ordinary shares of RM0.05
each into 3,292,114 ordinary shares of RM1.00 each (Capital
Reconstruction

   (ii) exchange of shares between the existing shareholders of
TMIB and Leweko Resources Berhad (LRB) pursuant to which the
existing shareholders of TMIB will exchange 3,292,114 ordinary
shares of RM1.00 each in TMIB (after the Capital Reconstruction)
for 2,992,830 new ordinary shares of RM1.00 each in LRB at an
issue price of RM1.10 per share (Exchange of Shares); and

   (iii) renounceable offer for sale by Encik Abd Aziz bin
Jantan (Offeror) of 5,925,805 ordinary shares of RM1.00 each in
LRB (Offer Shares) at an offer price of RM1.10 per share payable
in full on application on the basis of nine (9) ordinary shares
of RM1.00 each in LRB for every five (5) ordinary shares of
RM1.00 each (after the Capital Reconstruction) held in TMIB
(Offer for Sale).

NOTICE OF BOOKS CLOSURE FOR SHARES RECALL

NOTICE IS HEREBY GIVEN THAT the Record of Depositors of TMIB
maintained by Malaysian Central Depository Sdn. Bhd., will be
closed at 5:00 p.m. on 28 November 2003 (Books Closure Date) for
the following purposes:

   (i) Cancellation of RM0.95 of the par value of the existing
issued and paid-up capital of TMIB from RM65,842,272 comprising
65,842,272 ordinary shares of RM1.00 each to RM3,292,114
comprising 65,842,272 ordinary shares of RM0.05 each;

   (ii) Consolidation of 65,842,272 ordinary shares of RM0.05
each into 3,292,114 ordinary shares of RM1.00 each; and

   (iii) Exchange of shares between the existing shareholders of
TMIB and LRB pursuant to which the existing shareholders of TMIB
will exchange 3,292,114 ordinary shares of RM1.00 each in TMIB
(after the Capital Reconstruction) for 2,992,830 new ordinary
shares of RM1.00 each in LRB at an issue price of RM1.10 per
share.

FURTHER NOTICE IS HEREBY GIVEN THAT a depositor's existing
shares in TMIB registered in the Record of Depositors of TMIB as
at 28 November 2003 will be subject to cancellation in respect
of:

   (i) Those shares deposited into the depositor's securities
account before 12:30 p.m. on 21 November 2003 (in respect of
shares which are exempted from mandatory deposit);

   (ii) Those shares transferred into the depositor's securities
account before 4:00 p.m. on 28 November 2003 in respect of
ordinary transfer; and

   (iii) Those shares bought on the Kuala Lumpur Stock Exchange
(KLSE) on a cum entitlement basis according to the Rules of the
KLSE.

For further information concerning the above, please refer to
the TMIB's Circular to Shareholders which will be issued on 19
November 2003.

NOTICE OF BOOKS CLOSURE FOR OFFER FOR SALE

NOTICE IS HEREBY GIVEN THAT, the shareholders of TMIB registered
in the Record of Depositors of TMIB as at the close of business
at 5:00 p.m. on the Books Closure Date, as well as those
shareholders of TMIB whose shares in TMIB are exempted from
mandatory deposit, are hereby advised that their TMIB shares
(after the Capital Reconstruction) shall be entitled for the
Offer for Sale.

In determining the shareholders' entitlements to the Offer for
Sale, fractional entitlements of a LRB share will be
disregarded. Offer Shares representing fractional entitlements
or which are not taken up or allotted for any reason shall be
dealt with in such manner as the Board of Directors of LRB or
the Offeror at their absolute discretion deem fit.

An Offer Circular in relation to the Offer for Sale will be
issued by LRB to the entitled shareholders in due course.


WOO HING: Proposed Revisions Ready for Implementation
-----------------------------------------------------
Woo Hing Brothers (Malaya) Berhad (Special Administrators
Appointed) refers to the announcement dated 16 September 2003 in
relation to the Proposed Revisions to the Kamdar Proposals.

Further to the above, Commerce International Merchant Bankers
Berhad (CIMB), on behalf of the Special Administrators of WHB,
wishes to announce that Messrs. Horwath, the Independent Adviser
appointed in relation to the Kamdar Proposals, has via its
letter dated 14 November 2003 (which was received by CIMB on 18
November 2003) opined that the proposed revisions to the Kamdar
Proposals are reasonable. Accordingly, Messrs. Horwath are of
the view that it will not be necessary to convene any meeting of
the secured creditors to consider the proposed revisions.

As such, pursuant to Section 48(7) of the Pengurusan Danaharta
Nasional Berhad Act, 1998, the Special Administrators may
implement the proposed revisions without the approval of
Danaharta or the secured creditors.


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


BENPRES HOLDINGS: Shares Down After Net Loss Report
---------------------------------------------------
Benpres Holdings was down Php0.02 at Php0.47 on the volume of
7.86 million shares on Tuesday, after it reported a widened net
loss of 1.14 billion pesos for the nine months to September,
ABS-CBN reports. The Company's third quarter net loss widened to
1.19 billion pesos from 370 million pesos a year earlier, due to
higher financing costs and expenses.

Also undermining sentiment on the stock was the ruling by the
International Arbitration Court ordering Benpres unit Maynilad
Water Services Inc. to pay the government P6.77 billion in
concession fees, and to maintain a 25-year water concession
agreement, from which it had wanted to withdraw.


MAYNILAD WATER: Unveils Arbitration Panel Decision
--------------------------------------------------
In connection with the dispute submitted to international
arbitration by Maynilad Water Services, Inc. (MWSI) and Metro
Manila Water and Sewerage System (MWSS) relating to the
termination of the concession for water and sewerage services
over the West Service Area, MWSI received on November 7, 2003 a
decision from the arbitration panel declaring that there is
neither an MWSI or an MWSS Event of Termination.

The arbitration panel said that the concession agreement shall
continue in force and the parties shall perform their respective
obligations there under. The panel further concluded that the
parties undoubtedly have problems in their internal relations
but they have to find extra-judicial solutions to them. The
panel further declared that the past due Concession Fees which
amount to P6.77 billion as of September 15, 2003 are payable
within 15 days after receipt by the parties of the award and
that MWSS may draw on the US$ 120 million performance bond of
MWSI. The performance bond is guaranteed by Benpres to the
extent of 60 percent and by Suez/Ondeo to the extent of 40
percent.

The Benpres guarantee of the performance bond is already
included in the US$553 million obligations currently being
restructured under its Balance Sheet Management Plan.

For a copy of the disclosure, go to
http://www.benpres-holdings.com/pdf/BHC_SEC_06_12_2003.pdf


MUSIC CORPORATION: Plans to Eliminate Capital Deficiency
--------------------------------------------------------
Music Corporation aims to eliminate its capital deficiency by
raising its capital between 60 million pesos to 90 million pesos
through issuance of new shares by mid-2004, in a move to avoid
being delisted from the Philippine Stock Exchange, AFX Asia
reports.

The Company will hold a shareholders' meeting on December 17 to
seek approval for its plan to change its corporate name to Music
Semiconductors Corporation and redirect its primary purpose to a
semiconductor-operating firm from a holding Company.


PICOP RESOURCES: Narrows Nine-month Loss to PhP241.78M
------------------------------------------------------
Logging and paper manufacturing firm Picop Resources Inc. posted
a net loss of 241.78 million pesos in the year ended September
30, versus a net loss of 323.71 million pesos a year earlier,
Business World reports.

In a report to the Securities and Exchange Commission, the firm
said the improvement was attributed mainly to the resumption of
its logging operations this year.


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


AMERITEK (SINGAPORE): Issues Winding Up Order Notice
----------------------------------------------------
Ameritek (Singapore) Pte Ltd issued a winding up order notice
made on 31st October 2003.

Name and address of Liquidator: The Official Receiver of 45
Maxwell Road, #06-11, The URA Center, East Wing, Singapore
069118.

Messrs LEGALWORKS LAW CORPORATION
Solicitors for the Petitioner.


ETAT ENTERPRISE: Petition to Wind Up Pending
--------------------------------------------
The petition to wind up Etat Enterprise 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 Lee Bon Leong & Co. of 79
Anson Road #11-01/02, Singapore 079906. Any person who intends
to appear on the hearing of the petition must serve on or send
by post to Messrs Lee Bon Leong & Co. 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).


GLOBAL LOYALTY: Creditors Must Submit Claims by December 15
-----------------------------------------------------------
Notice is hereby given that the creditors of Global Loyalty
Systems International Pte Ltd (In Members' Voluntary
Liquidation), which is being wound up voluntarily are required
on or before the 15th day of December 2003 to send in their
names and addresses and particulars of their debts or claims,
and the names and addresses of their solicitors (if any) to the
undersigned, the Liquidators of the said Company and, if so
required by notice in writing by the said Liquidators are, by
their solicitors or personally, to come in and prove their debts
or claims at such time and place as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

Dated this 14th day of November 2003.

CHEE YOH CHUANG
LEOW QUEK SHIONG
Liquidators.
18 Cross Street
#08-01 Marsh & McLennan Center
Singapore 048423.


HILL & SPRING: Winding Up Hearing Set November 28
-------------------------------------------------
The petition to wind up Hill & Spring Private Limited is set for
hearing before the High Court of the Republic of Singapore on
November 28, 2003 at 10 o'clock in the morning. SP Services Ltd,
a creditor, whose address is situated at 111 Somerset Road, #06-
01 Singapore Power Building, Singapore 238164, a creditor, filed
the petition with the court on November 4, 2003.

The petitioners' solicitors are Messrs Kelvin Chia Partnership
of 6 Temasek Boulevard, 29th Floor, Suntec Tower Four, Singapore
038986. Any person who intends to appear on the hearing of the
petition must serve on or send by post to Messrs Kelvin Chia
Partnership 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).


IVORY INVESTMENTS: Unveils Agenda of Creditors Meeting
------------------------------------------------------
Notice is hereby given that a meeting of the creditors of Ivory
Investments Pte Ltd. will be held at 141 Market Street, Level 5,
Room Queen 1, AEC Center, International Factors Building,
Singapore 048944 on the 19th day of November 2003 at 2:30 P.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.


LKN-PRIMEFIELD: Paid-up Capital to Xinhua Remains 70%
-----------------------------------------------------
LKN-Primefield Limited (LKNP) announced Tuesday that Primefield
Company Pte Ltd (Primefield), a wholly-owned subsidiary of LKNP
has increased its contribution to the paid-up capital of its
subsidiary, Beijing Xinhua-Primefield Technology Co., Ltd
(Xinhua-Primefield) by US$64,250 from US$40,750 to US$105,000
(Transaction). The percentage contribution by Primefield to the
paid-up capital of Xinhua-Primefield remains unchanged at 70
percent.

The Transaction is not expected to have any material impact on
LKNP Group's earnings per share and net tangible assets per
share. No director or controlling shareholder has any interest,
direct or indirect, in the Transaction.


MACLLOYD INDUSTRIAL: Issues Judicial Management Order Notice
------------------------------------------------------------
Notice is hereby given that a petition for placing Maclloyd
Industrial Pte Ltd (formerly known as M & E Timber (Pte) Ltd)
under the judicial management of a judicial manger by the High
Court was, on the 3rd day of November 2003 presented by the
Company's director, Tan Swee Kiam (NRIC No. S1750445B) (pursuant
to a Resolution of the board of directors), and that the said
petition is directed to be heard before the Court at 10 A.M. on
the 28th day of November 2003, and Timothy James Reid of Messrs
Ferrier Hodgson of 50 Raffles Place, #44-05 Singapore Land
Tower, Singapore 048623 has been nominated as the judicial
manager; and any person who intends to oppose the making of an
order under section 227B (5) (b) or the nomination of a judicial
manager under section 227B (3) (c) may appear at the time of
hearing by himself or his counsel for that purpose; and a copy
of the petition will be furnished to any creditor or member of
the Company requiring it by the undersigned on payment of the
regulated charge.

The Petitioner's address is at: 31 Sungei Kadut Street 2 Sungei
Kadut Industrial Estate Singapore 729243.

The Petitioner's solicitors are: M RAJARAM/ RATANESH K BAL of
Messrs Straits Law Practice LLC 133 New Bridge Road #16-01
Chinatown Point Singapore 059413.

Dated this 12th day of November 2003.

Solicitors for the Petitioner.
Messrs STRAITS LAW PRACTICE LLC

Note: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to Messrs Straits
Law Practice LLC of 133 New Bridge Road, #16-01 Chinatown Point,
Singapore 059413, 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: Posts Changes in Shareholder's Interest
-------------------------------------------------------
Neptune Orient Lines Limited (NOL) posted a notice of changes in
substantial shareholder Temasek Holdings (Private) Ltd.'s
interest:

Date of notice to Company: 18 Nov 2003
Date of change of interest: 17 Nov 2003
Name of registered holder: CDP: Temasek Holdings (Private)
Limited

Circumstance(s) giving rise to the interest: Others
Please specify details: On 17 November 2003, 236,000,000
ordinary shares of par value S$1.00 each [Shares] in the capital
of Neptune Orient Lines Limited [NOL] were redelivered by Credit
Suisse First Boston (Singapore) Limited [CSFB] pursuant to a
Share Borrowing Agreement [SBA] dated 10 November 2003 and
entered into between Temasek Holdings (Private) Limited
[Temasek] and CSFB. As referred to in Note (1) below, an
equivalent number of Shares had been lent pursuant to the SBA by
Temasek to CSFB on 14 November 2003 in connection with, inter
alia, the placement by NOL of 236,000,000 Shares to independent
initial purchasers through CSFB. Please see Note (2) below.

Information relating to shares held in the name of the
registered holder: -
No. of shares which are the subject of the transaction:
236,000,000
% of issued share capital: 16.57
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: 2,826,000 383,465,362
% of issued share capital:                 0.2       26.93
No. of shares held after the transaction:  2,826,000 383,465,362
% of issued share capital:                 0.2       26.93
Total shares:                              2,826,000 383,465,362

Note (1): On 14 November 2003, Temasek lent 236,000,000 Shares
in the capital of NOL to CSFB pursuant to the SBA dated 10
November 2003 entered into between Temasek and CSFB in
connection with, inter alia, the placement by NOL of 236,000,000
Shares to independent initial purchasers through CSFB. Please
see Note (2) below.

Note (2): In this notification, a reference to Shares "held" is
a reference to an "interest" in such Shares, as determined in
accordance with Section 7 of the Companies Act.

Pursuant to the terms of the SBA, an aggregate of 236,000,000
Shares (the Loaned Shares) had been transferred by Temasek to
CSFB on 14 November 2003. However, as Temasek had a contractual
right under the SBA to recall the Loaned Shares, by virtue of
Section 7 of the Companies Act, it had a deemed interest in the
Loaned Shares. Accordingly, as at 14 November 2003, there had
been no change in the aggregate number of Shares in which
Temasek had a direct and deemed interest.

The redelivery of 236,000,000 Share by CSFB to Temasek on 17
November 2003 pursuant to the terms of the SBA also does not
result in a change in the aggregate number of Shares in which
Temasek has a direct and deemed interest.

Further, as Temasek had a contractual right under the SBA to
recall the Loaned Shares by giving advance notice of 7 days to
CSFB at any time during the period of the loan of the Loaned
Shares, for the purposes of Rule 14 of The Singapore Code on
Take-overs and Mergers, Temasek would not have been deemed to
have disposed of the voting rights attached to the Loaned Shares
when they are loaned out. Similarly, Temasek will not be deemed
to have acquired the voting rights attached to the Loaned Shares
upon their return by CSFB pursuant to the terms of the SBA.

Temasek had received borrowing fees from CSFB pursuant to the
terms of the SBA, details of which had been announced by NOL in
an announcement dated 14 November 2003.

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


OVERSEA-CHINESE: Voluntary Winding Up of Unit
---------------------------------------------
At an Extraordinary General Meeting (EGM) on Tuesday 18 November
2003, the shareholder of BOSA Limited passed a special
resolution for the members' voluntary winding-up of the Company.
The Company is a wholly owned subsidiary of Oversea-Chinese
Banking Corporation Limited.

The Statutory Declaration of Solvency of the Company executed by
the Board of Directors, in compliance with the Corporations Act
2001, was lodged with the Australian Securities & Investments
Commission on 30 October 2003.

The shareholder of the Company has decided to proceed with the
winding-up of the Company as it has ceased operations and is
currently a dormant Company.

The issued and paid-up capital of the Company is A$5,000,000.


SEATOWN CORPORATION: Court OKs Scheme of Arrangement
----------------------------------------------------
The Directors of Seatown Corporation Limited refers to the
announcement released by the Company on 29 October 2003
regarding its 70 percent-owned subsidiary, Fermold Pte Ltd
(Fermold). The Directors informed that the High Court of
Singapore has approved the Scheme after ordering that paragraph
5 of the Scheme be deleted.

A full copy of the Scheme can be accessed at
http://bankrupt.com/misc/Fermold_Scheme102903.pdf


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


BANGKOK STEEL: Cuts Q303 Net Loss to Bt110.98M
----------------------------------------------
Bangkok Steel Industry Public Company Limited submitted the
financial statement of the company and its subsidiaries as at
September 30, 2003 to the Stock Exchange of Thailand.

For the operational performance of the company in the quarter
3/2003, it had net loss of Bt110.98 million compared with net
loss of Bt303.02 million in the prior year, decreased by
Bt192.04 million due to the company had gain on foreign exchange
for Bt242.48 million.


CHRISTIANI & NIELSEN: Clarifies Auditor's F/S Opinion Disclaimer
----------------------------------------------------------------
CN Advisory Company Limited, as the Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited, in relation
to the disclaimer of opinion made on November 6, 2003 by the
Auditor on the consolidated financial statements for the nine-
month period ended 30 September 2003 of Christiani & Nielsen
(Thai) Public Company Limited and its subsidiaries, provided the
following information:

"Regarding the business of Christiani & Nielsen (Thai) Public
Company Limited as a going concern, the Company is currently in
the process of implementing the Rehabilitation Plan agreed by
the Central Bankruptcy Court on 2 May 2003. The Capital
Restructuring and most of Group Restructuring parts of the Plan
have already been completed. The current financial position of
the Company has a capital deficit of approximately Bt394 million
and current liabilities exceed current assets by approximately
Bt292 million.

However, when the Company subsequently implements the remaining
Restructuring part of the Plan, the Company considers that there
will not be any significant effect on the Financial Statements
for the 3rd quarter 2003. After implementation of the
Rehabilitation Plan, the Company's financial status and
operating results are expected to improve and allow the Company
to continue its business in the normal manner."


CHRISTIANI & NIELSEN: Explains More Than 20% Results Variance
-------------------------------------------------------------
CN Advisory Company Limited, as the Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited, in relation
to the third quarter's operating result, which has varied by 20%
over or under that of the preceding year, explained the reasons
for such variance:

1) There is a reversal of provision for loss from diminution in
value of investment and assets of Bt263 million;

2) There is a gain from debt restructuring of Bt132 million; and

3) The Company and subsidiary companies have set up the
provision for doubtful debt of Bt125 million.


SIKARIN PUBLIC: Increases Q303 Profit to Bt32.06M
-------------------------------------------------
Sikarin Public Co., Ltd. incurred net profit for third quarter
ending on September 30, 2003 amounting Bt32.06 millions compare
with net profit for third quarter ending on September 30, 2002.
The reason for the increased net profit amounting Bt11.17
millions or 53.46 % are as follow:

1. Company's revenue increased Bt11.33 millions compared with
same quarter of last year or 5.98%.  As company has improved
building for supporting the increasing patient, as well as
improving the patient orient service, concentrated in quality of
treatment with reasonable price, resulting the increasing
customers continuingly.

2. Company's other revenue increased Bt4.43 millions compared
with same quarter of last year or 259.33 % as the result of:

   - Company has improved legal' expenses of a law firm into
other's expenses because of it has not overdue confirming on
September 30, 2003.  So the Company adjusted expenses into
other's income Bt1 million.

   - Company has adjusted account of creditor correctly
according to document on September 30, 2003.  As previously, the
Company had over adjusted, so reduce creditor account into
other's expenses Bt1.7 millions.

3.  Equity in undistributed net gain of associated companies as
Surgitec Co., Ltd. and Sikarin Hadyai Hospital co., Ltd. amount
Bt7.09 million.

4.  Company has interest decreased Bt0.897 million for same
quarter of last year or 20.47%.  As company can discussed with
all debt restructuring which the Company dispended as follow a
new debt restructuring regularly, so reducing the principle.
Including with, on third quarter the Company cut dispend of a
bank and a financial institute.


THAI WAH: Gains Bt69M from Debt Restructuring
---------------------------------------------
Thai Wah Public Co., Ltd., as the Plan Administrator of Thai Wah
Group Planner Co., Ltd., offered the following explanation for
the increase in profit of Bt729 million for the nine-month
period ended September 30, 2003 as compared to the same period
of 2002.

1. Increase in foreign exchange gains of Bt327 million resulting
from a Bt465 million gain in the translation of US dollar loans
as compared to a gain of Bt138 million in the same period in
2002.

2. A Bt136 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. Gain on sale of investment in a related company of Bt68
million.

4. Dividend income of Bt89 million received from the long-term
available-for-sale securities of two companies.

5. A Bt69 million gain on debt restructuring resulting from the
amendment of the business rehabilitation plan accepted by the
Central Bankruptcy Court on 30 June 2003. The gain mainly
comprised a gain resulted from compliance with Thai Accounting
Standard No. 34, "Troubled Debt Restructuring" amounting to Bt35
million and 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 amounting to Bt39 million.

6. Gross profit is Bt79 million higher as compared to the same
period in 2002 due mainly to increase in gross profit of tapioca
flour of Bt63 million. Sales volume increased 31% resulting in a
Bt20 million higher gross profit. Although the average selling
price weakened as compared to the same period last year (export
and local selling prices decreased 10% and 11% respectively),
this was offset by a 18% decrease in unit cost of sale thus
increasing the gross profit by another Bt43 million.  The
decrease in cost of sales is mainly due to a 23% decrease in
tapioca root prices, which is the company's primary raw
material.

7. A Bt33 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.


TPI POLENE: Issues Auditor's Q303 F/S Disclaimer Explanation
------------------------------------------------------------
Reference is made to the submission of TPI Polene Public Company
Limited (TPIPL)'s financial statements for Q3/2003 as reviewed
by TPIPL's statutory auditor without expression of its opinion.

TPIPL would like to inform the SET that the reason which the
statutory auditor did not express its opinion to TPIPL's
financial statements for Q3/2003 is related to the issue
of the uncertainty of TPIPL to continue as a going concern.

At present, TPIPL is in the process of resolving this issue by
offering 300 million newly issued common shares through the
public offering. In addition, TPIPL is in the mediation process
with the Creditor's Committee, under the supervision of the
Central Bankruptcy Court. In the event that TPIPL is able to
successfully implement and complete its equity funds raising as
mentioned above, TPIPL is confident that the statutory auditor
will be able to express its opinion to TPIPL's financial
statements.


* Suspended Due to Auditors' Inability to Reach Conclusion
----------------------------------------------------------
The following listed companies have submitted to the Stock
Exchange of Thailand their reviewed financial statements for the
period ending 30 September 2003. As the companies'' auditors
were unable to reach any conclusion on the financial statements,
it can be considered that the numbers, which represent the
companies' financial status and operating outcome as presented
in their financial statements, failed to adequately and/or
properly reflect the actual position of the Companies. Due to
these discrepancies, the Securities and Exchange Commission
(SEC) is considering requiring that the Companies amend their
financial statements on the issues raised by their auditor.

   1. TANAYONG PUBLIC COMPANY LIMITED (TYONG)
   2. NATIONAL FERTILIZER PUBLIC COMPANY LIMITED (NFC)
   3. THAI-GERMAN PRODUCTS PUBLIC COMPANY LIMITED (TGPRO)
   4. ASIA HOTEL PUBLIC COMPANY LIMITED (ASIA)

Therefore, the SET has posted an "SP" (Suspension) sign to
suspend trading on the securities of the above companies on 17
November 2003 to enable shareholders and general investors to
have sufficient time to scrutinize an auditors' report on the
review of their financial statements.

However, the SET will post an "NP" (Notice Pending) sign on 18
November 2003 until the Companies have the opportunity to submit
their amended financial statements or the SEC concludes that
they will not be necessary to amend their financial statements.

The SET has still suspended trading on the securities of above
companies in view of the fact that the Companies must prepare a
rehabilitation plan.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2003.  All rights reserved.  ISSN: 1520-9482.

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