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

                   A S I A   P A C I F I C

         Wednesday, November 26, 2003, Vol. 6, No. 234

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: $19M Settlement Deed Payment Expected This Week
AUSTRALIAN MAGNESIUM: Shareholders Approve Restructuring
FINANCIAL OPTIONS: Former Director Faces Deception Charges
QANTAS AIRWAYS: S&P Affirms 'BBB+/A-2' Ratings; Outlook Stable
WMC RESOURCES: S&P Affirms Ratings; Outlook Revised to Negative


C H I N A  &  H O N G K O N G

CEDAR BASE: Winding Up Sought by Guidy International
CHINA CITY: Cuts Q303 Loss to HK$334.777M
TAI HING: Petition to Wind Up Planned
SUI CHEONG: December 10 Winding Up Hearing Scheduled
SUN MEDIA: Continues to Rationalize Business

SUN'S GROUP: F/S Results, Annual Report Dispatch Further Delayed


I N D O N E S I A

* IBRA to Undergo Audit Before Liquidation, Says Parliament


J A P A N

KUMAGAI GUMI: Set to Merge With Tobishima
NEC CORPORATION: Hopes to Raise US$2B in Share Offering
NEC CORPORATION: Injects Y990M In Ailing French Unit
NEC CORPORATION: Launches Mobile Multimedia Platform System
NIPPON SHINPAN: Enters Alliance With UFJ


K O R E A

HYUNDAI GROUP: Prudential Acquires Two Ailing Units
LG CARD: Creditors Dispatch Supervisors to Ailing Firm
LG CARD: Kicks Off Restructuring


M A L A Y S I A

ASIA PACIFIC: Unit KSB Sells Land for Working Capital
ASSOCIATED KAOLIN: Discloses ICULS Board Lot Variation
BERJAYA LAND: SC Conditionally OKs Proposed 2.9.2 Exemption
CSM CORPORATION: Time Extension Not Required
EMICO HOLDINGS: Q303 Loss Widens to RM3.8M

HOTLINE FURNITURE: DRA Completion Extended Until Jan 31
LONG HUAT: Releases Q303 Financial Statements
METROPLEX BHD: Debt Restructuring Workout W/ Creditors Underway
OMEGA HOLDINGS: 14th AGM Fixed on Dec 15
SASHIP HOLDINGS: Proposed Transactions Agreement Executed

SINGER (M) SDN: RAM Reaffirms Ratings at BBB2(bg)/P2(bg)
TAJO BERHAD: Discloses Debts to be Settled Via DSA
TAKASO RESOURCES: Explains Unaudited, Audited Loss Variance
TIMBERMASTER INDUSTRIES: Investigative Audit Further Extended
TIME ENGINEERING: Dec 18 EGM Scheduled

TONGKAH HOLDINGS: SC Approves Waiver Applications
TRU-TECH HOLDINGS: RAM Downgrades RULS to C3
WING TIEK: Court Postpones Petition Hearing to Dec 5
WOO HING: Special Administrators Modify Workout Proposal


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: Clarifies MCI Alliance Report
UNIWIDE HOLDINGS: Clarifies Rehab Committee Report
URBAN BANK: SC Slams Door on Prosecution of BSP Officials


S I N G A P O R E

CSC HOLDINGS: Appoints Ben Teck as Director
GOY LIM: Issues Second Preferential Dividend Notice
REDTONE INT'L: Creditors Must Submit Claims by December 22
ROWSLEY LTD.: Unit Enters Voluntary Liquidation
S.K. LAM: Creditors Meeting Set November 28

SPEEDFAM-IPEC: Issues Debt Claim Notice to Creditors
TAN POH: Issues Winding Up Order Notice
THAI VILLAGE: Commences Winding Up of Unit
UNITED ENGINEERS: Winding Up Dormant Units
WEE POH: Post Changes in Audit Committee


T H A I L A N D

BANGKOK RUBBER: Explains Auditor's Q303 F/S Disclaimer Opinion
EMC PUBLIC: Inks Project Contracts With Thai Airways
JASMINE INTERNATIONAL: Notifies Rights Warrants Exercise
TANAYONG PUBLIC: Clarifies Auditor's Disclaimer Opinion
THAI PETROCHEMICAL: SEC Announces Q203 F/S Unnecessary Amendment

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: $19M Settlement Deed Payment Expected This Week
----------------------------------------------------------------
Queste Communications Ltd (Queste) and its 48.817% controlled
entity Central Exchange Ltd (Central Exchange) are pleased to
provide an important update on the status of the payment by
Anaconda Nickel Ltd (Anaconda) to Central Exchange of the sum of
$19,051,013 pursuant to a settlement deed (the Settlement Deed)
between Anaconda and Central Exchange.

As a result of the release of the US CPI data for October 2003
on Friday, which recorded a reduction in US CPI from September
2003, the following updated Settlement Deed payment calculations
are provided:

                                                    Current
                                                (to 19 Nov 2003)
(1) Current LME nickel price - 19 November 2003     US$5.4752/lb
                                                   $12,070/tonne
(2) Current US CPI indexed LME nickel Trigger Price US$4.1033/lb
(3) 12 month average LME nickel price to 19 Nov 2003US$4.0560/lb
(4) Shortfall/Gap between LME nickel Trigger Price
    and 12 month Average LME nickel price           US$0.0473/lb
(5) Current 5 day average LME nickel price - 13
    to 19 November 2003                             US$5.5949/lb
                                                   $12,334/tonne
(6) Estimated date when Trigger Price is attained
    (i.e. the date when the 12 month Average LME
    nickel price would exceed the Trigger Price)
    if (5) above is sustained.                  27 November 2003

Based on Anaconda's public statements, court affidavits and
correspondence to Central Exchange, the Settlement Deed amount
would be payable to Central Exchange at the Review Date of the
28th of a relevant month if the average LME nickel price in the
12 months prior to the 28th of such month exceeded the US CPI
indexed LME nickel Trigger Price on such date.

The above calculations indicate that unless the LME nickel price
drops sharply and averages less than ~US$11,160/tonne for the
remainder of November, payment will be triggered on Anaconda's
stated next Review Date, being 28 November 2003. If the Trigger
Price is attained on Anaconda's next stated Review Date of 28
November 2003, Central Exchange expects receipt of $19,051,013
from Anaconda in December 2003/January 2004.

Central Exchange notes that the $19,051,013 Settlement Deed
payment would add $2.24 to its net asset backing per share.
Central Exchange currently has cash reserves and listed share
investments with a current market value of ~$451,000 and no
liabilities save for usual trade creditors. It currently has
8,499,263 fully paid ordinary shares on issue and no other
securities on issue.

Central Exchange's post Settlement Deed receipt net asset
backing would be approximately ~$2.29 per share.

As Queste is a 48.817% shareholder of Central Exchange, any
increase in the net assets of Central Exchange would increase
the net assets of Queste.

In this regard, Queste notes that 48.817% of Central Exchange's
post Settlement Deed receipt net assets of ~$19,502,013 (as
above) would be an attributed equivalent of $0.3351 cents per
each Queste fully paid ordinary share.

Queste currently has cash reserves of ~$2.75m, 10,699,428 shares
(17.252%) in Altera Capital Ltd, 4,149,112 shares (48.817%) in
Central Exchange, other listed share investments with a current
market value of ~$86,000 and no liabilities save for usual trade
creditors. It currently has 28,404,879 fully paid ordinary
shares on issue, 20,000,000 partly paid shares (paid to one cent
with 19 cents per share outstanding) on issue and no other
securities on issue.

Queste's net tangible asset backing as at 30 June 2003 was
$0.1398 per share.

CONTACT INFORMATION: Farooq Khan
        Executive Chairman
        Queste Communications Ltd
        Tel: (08) 9214 9777

        William Johnson
        Executive Chairman
        Central Exchange Ltd
        Tel: (08) 9214 9797


AUSTRALIAN MAGNESIUM: Shareholders Approve Restructuring
--------------------------------------------------------
Shareholders in Australian Magnesium Corporation Limited (AMC)
on Monday supported the restructure of the Company to continue
the pursuit of a new light metals industry in Australia.

The vote was supported almost unanimously by shareholders on a
special resolution at Monday's annual general meeting of AMC in
Brisbane.

AMC was required to have its shareholders confirm the
restructure bought about by the Heads of Agreement (HoA) entered
into by the Company with its key stakeholders on 13 June this
year. This restructure was necessary because of the termination
of the Stanwell magnesium project in central Queensland.

Major developments towards a "new AMC business"

"Today's confirmation gives AMC time to review all Project
funding and development alternatives for the design,
construction and financing of a new magnesium processing
facility in place of the original Project and other magnesium
business options," AMC's Executive Chairman, Dr Chris Rawlings,
said Monday.

In an outline to shareholders of progress made to revamp the
Company, Dr Rawlings also announced:

    Clear objectives for a new strategy were established in the
first couple of months, as was the plan to preserve physical and
intellectual assets developed for the Stanwell Magnesium
Project. Negotiations with unsecured creditors (engineers,
equipment suppliers and contractors) are all but complete.

    All employees, who were retrenched from the Company,
received their full entitlements and the remaining employees
have had their entitlements preserved.

    The Company has been reorganized into three business units,
Advanced Magnesium Technology (AMT), the Magnesium Primary
Production, including the Stanwell Magnesium Project (MPP) and
Queensland Magnesia Limited (QMAG).

    The focus on creating demand in the automotive industry
remains the best basis for world growth of the magnesium
business and is the strategic imperative for AMT. Further growth
in the use of magnesium will require the development of
new applications in hot areas of the car, such as engines,
transmission housings and intake manifolds - requiring new high
temperature creep resistant alloys, and in body and crash
structures - requiring extrusions based on new alloys and
designs with high energy absorbing properties. These
developments will be based on value added technologies such as
those currently being developed by AMT and the research
partners, CAST.

    To promote the use of its proprietary alloys, AMC has been
casting sample quantities of ingots for shipment to its
potential customers in North America and Europe to conduct
trials.

    The first commercial license for use of new environmentally
friendly cover gas, AM-cover, to a European customer was signed
this month. The total market for licenses for cover gas is
estimated to be in the order of US$2 million per annum and
growing.

    AMC has developed another proprietary technology (AM-
converter) for introducing solid magnesium to molten magnesium,
which in conjunction with AM cover gas has the potential to
significantly reduce melt losses and improve productivity. The
first trial installation of this technology has been operating
since October and has been so successful that a second
installation has been ordered.

    Three separate projects, aimed at reducing the capital
intensity of the Stanwell Magnesium Plant, are underway:

     i) A cost review of the original plant design, not
constrained by the project timetable and project execution
strategy has already identified savings of approximately $150 -
200 million;

     ii) A fundamental review of the separate component
processes is aimed at identifying, less expensive opportunities,
which do not compromise environmental and operating cost
objectives;

     iii) Research, currently underway at CSIRO, into the next
development of the AM Process, may deliver significant capital
savings to the entire plant

    Preliminary discussions have been held with potential
partners for an unincorporated Joint Venture for the Stanwell
magnesium plant. These discussions are not yet progressed
sufficiently to provide any certainty.

    Competitive pressures in the industrial mineral business
make QMAG's financial position extremely challenging and AMC has
limited capacity under the terms of the Heads of Agreement to
respond to any short term support that may be required by QMAG.

    QMAG has carried a sizable debt burden since 2001. Newmont
Australia (successor to Normandy Mining) is the guarantor of
this debt. Your company is in discussions with Newmont Australia
and QMAG's lender to implement a restructuring of this debt

    While AMC continues to develop its markets and explores
solutions to its business issues, a search is underway for a
compatible partner or partners to share the magnesium vision.
Preliminary discussions have been held with a number of major
international companies and initial responses have been
encouraging, Immediate outlook

"The principal objectives of the AMC management going forward
will be to deliver the results of the various studies and
proposals to the Government stakeholders in February," Dr
Rawlings said.

"They will then have to consider whether financial support will
be made available from escrow funds for continuation of the
business beyond June 2004.

"Momentum is developing in all three business units and, as a
lean, focused and dynamic metals technology business is
emerging, I have confidence they will view our progress
favorably."

CONTACT INFORMATION: Joel Forwood
        Manager - Investor Relations
        Tel: +61 7 3837 3400
        Mobile: 0438 576 879
        Fax: +61 7 3837 3423


FINANCIAL OPTIONS: Former Director Faces Deception Charges
----------------------------------------------------------
Mr Robert Geoffrey Walker, a former director of Financial
Options Group Incorporated (FOGI), appeared on Monday at the
Downing Center Local Court in Sydney, on charges brought by the
Australian Securities and Investments Commission (ASIC).

Mr Walker, of Mosman, is charged with 21 counts of deception
under the Crimes Act (NSW), following his arrest by Australian
Federal Police and NSW Police.

ASIC alleges that Mr Walker was involved in making false
statements to investors about the returns that the investors
could expect to receive in relation to FOGI.

The matter has been adjourned to the 17 February 2004 at Downing
Center Local Court and Mr Walker's bail has been extended.

On 18 February 2002, ASIC successfully applied to the Supreme
Court of New South Wales to wind up FOGI and the Australia Fund
Limited, of which FOGI was the major shareholder.

ASIC had previously obtained interim orders freezing the assets
of Mr Walker and the co-director of FOGI, Mr Robert Gary
Johnstone. Mr Walker and Mr Johnstone are now bankrupt and the
interim orders have been lifted.

On Wednesday 2 April 2003, Mr Johnstone pleaded guilty to 22
charges brought by ASIC in the Downing Center Local Court.
Following a committal hearing Mr Johnstone was committed for
sentencing at the Sydney District Court on 18 July 2003. The
matter was part-heard on 18 July 2003 and was adjourned until 5
December 2003 when Mr Johnstone is expected to be sentenced.

The Commonwealth Director of Public Prosecutions is prosecuting
the matters.


QANTAS AIRWAYS: S&P Affirms 'BBB+/A-2' Ratings; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services on Tuesday affirmed its
'BBB+/A-2' ratings on Qantas Airways Ltd. and revised the
outlook to stable from negative. "The outlook revision reflects
Qantas' solid earnings performance and strong balance sheet,
both of which give the airline a strong base to implement its
business strategies and withstand relentless competitive
pressures and the high risks characteristic of the airline
industry," said Standard & Poor's credit analyst Jeanette Ward,
director, Corporate & Infrastructure Finance Ratings.

Key issues for Qantas are its cost structure, and the execution
risks associated with its recently announced cost initiatives,
along with the start up of a new low-cost domestic subsidiary.
However, based on its strong management track record, Qantas
should be able to carefully and effectively manage these risks,
and the successful implementation of these initiatives will
further strengthen the airline's performance and resilience to
adverse market conditions and shocks. The company's cost
initiatives include the "sustainable future" program, which is
aimed at reducing operating costs by A$1 billion in two years,
and a new segmented business structure to instill greater
accountability and lift profitability across the group.  Qantas'
proposed low-cost domestic carrier, targeted for May 2004, also
reflects the growth evident in its leisure traffic as well as
the need to narrow Virgin Blue's 25%-30% cost advantage over
Qantas.

"As Qantas' heavy capital program continues and competitive
pressures remain intense in the next few years, the company is
relying on its cost initiatives, along with the improving
revenue environment and the recent investment in new, more cost
efficient aircraft, to ensure its cash flow protection ratios
recover to more satisfactory levels," added Ms. Ward. A
reasonably strong recovery in fiscal 2004 (tempered by reduced
but increasing capacity in the first half) should ensure Qantas'
funds from operations (FFO) to debt (net of security deposits
and excess cash) improves to 25%-30% (24.3% in 2003), and its
earnings before interest, tax, depreciation, amortization, and
rentals (EBITDAR) coverage of interest and rentals improves to
the mid 3x area (2.9x in 2003).


WMC RESOURCES: S&P Affirms Ratings; Outlook Revised to Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said Tuesday that it has
affirmed its 'BBB/A-2' corporate credit ratings on WMC Resources
Ltd. At the same time, the outlook on the long-term rating was
revised to negative from stable.

The outlook change follows further disruption to copper and
uranium production at WMC Resources' Olympic Dam operations in
South Australia. The recent interruption to production follows
the failure of a heat exchanger in the sulphuric acid plant,
which has resulted in the recommissioned copper smelter and
associated surface plants falling offline. The outage is
expected to reduce annual production from the operations by
about 12,000 tonnes of copper, lowering annual production to
about 165,000 tonnes for fiscal 2003, and will reduce cash flow
from the operations by A$30 million-A$40 million, depending on
copper price and exchange rates. The replacement of the heat
exchange plant is expected to have a total replacement and
installation cost of about A$3 million.  Following this recent
interruption, WMC Resources has initiated a review of
operational performance at Olympic Dam.

"Standard & Poor's will continue to monitor the outcome of the
operational review at Olympic Dam and also management's success
in commissioning the Queensland fertilizer project to ensure
credit quality is maintained," said Standard & Poor's credit
analyst Peter Stephens, associate director, Corporate &
Infrastructure Finance Ratings. "The review's outcome will
provide confirmation as to Olympic Dam's long-term performance
expectations and its forecast low-cost project economics."

The ratings on WMC Resources Ltd. reflect the company's
portfolio of long-life and usually low-cost operations, product,
and geographic diversity. WMC Resources is also expected to
maintain a moderately conservative financial profile.


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


CEDAR BASE: Winding Up Sought by Guidy International
----------------------------------------------------
Guidy International Limited is seeking the winding up of Cedar
Base Electronic Limited. The petition was filed on October 21,
2003, and will be heard before the High Court of Hong Kong on
December 10, 2003 at 10:00 in the morning.

Guidy International holds its registered office at Room 1710,
Nan Fung Center, 264-298 Castle Peak Road, Tsuen Wan, New
Territories, Hong Kong.


CHINA CITY: Cuts Q303 Loss to HK$334.777M
-----------------------------------------
The Board of Directors of China City Natural Gas Holdings
Limited announces the audited consolidated results of the
Company and its subsidiaries (collectively the "Group") for the
year ended 31 July 2003. Below is the Company's Review of
Operations:

The Group's turnover for the year ended 31 July 2003 amounted to
HK$278,223,000 compared with the turnover of HK$410,191,000 for
the year ended 31 July 2002. For the year ended 31 July 2003,
loss attributable to shareholders was HK$334,777,000 compared
with a loss of HK$451,836,000 for the year ended 31 July 2002.

The loss per share for the year under review was HK3.9 cents
(2002: loss of HK8.1 cents). The loss was mainly attributable to
the discontinuance of business in manufacture and trading of
batteries amounting to HK$105,067,000, the provision for
impairment of long-term investments transferred from the
investment revaluation reserve amounting to HK$129,832,000, the
provision for unrealised loss on short-term investments
amounting to HK$38,074,000 and the provision for amortization
and impairment f goodwill in relation to the natural gas
investment amounting to approximately HK$24,265,000.

To see full copy of the audited results and the Notice of the
Meeting, click http://bankrupt.com/misc/China1126.pdf.


TAI HING: Petition to Wind Up Planned
-------------------------------------
The petition to wind up Tai Hing Textiles Limited is scheduled
for hearing before the High Court of Hong Kong on December 31,
2003 at 9:30 in the morning.

The petition was filed with the court on October 29, 2003 by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.


SUI CHEONG: December 10 Winding Up Hearing Scheduled
----------------------------------------------------
The High Court of Hong Kong will hear on December 10, 2003 at
10:00 in the morning the petition seeking the winding up of Sui
Cheong Engineering Limited.

Cheung Kwong Ming of Room 602, Heng Fai House, Tin Heng Estate,
Tin Shui Wai, New Territories, Hong Kong filed the petition on
October 22, 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.


SUN MEDIA: Continues to Rationalize Business
--------------------------------------------
The Board of Directors of Sun Media Group Holdings Limited
released it unaudited consolidated results of the Company and
its subsidiaries (the Group) for the six months ended 30th
September, 2003. Below is an excerpt from the report:

For the six-month period ended 30th September, 2003, the Group
recorded a total turnover of approximately HK$144.3 million, a
growth of approximately 50% as compared to the corresponding
period last year of approximately HK$96.1 million. To overcome
the severe competition in the market, the Group continues to
review its strategies to adjust and rationalize its business and
operational model.

As such, the Group significantly narrowed its loss attributable
to shareholders by 82.4% to approximately HK$ 7.64 million
(2002: HK$43.4 million). The loss was mainly from the newspaper
business of Leadership Publishing. Loss per ordinary share was
0.06 HK cents (2002: 0.46 HK cents).

Go to http://bankrupt.com/misc/Sun1126.pdffor complete copy of
the unaudited consolidated results.


SUN'S GROUP: F/S Results, Annual Report Dispatch Further Delayed
----------------------------------------------------------------
The Sun's Group Limited (the Company, together with its
subsidiaries, the Group) refers to its announcements dated 27
June 2003, 7 August 2003, 27 August 2003, 29 September 2003, 17
October 2003 and 30 October 2003 (the Previous Announcements)
regarding the delay in the release of the financial results of
the Group for the year ended 31 December 2002. Since the
directors of the Company and the audit committee of the Company
require more time to review the draft audited annual results and
the draft auditors' report of the Group for the year ended 31
December 2002, the Directors currently expect that the release
of the audited results of the Group for the year ended 31
December 2002 will be postponed from on or before 21 November
2003 to on or before 9 December 2003.

The annual report of the Company for the year ended 31 December
2002 will be dispatched thereafter as soon as possible. As the
board meeting of the Company was not held on Monday as
originally scheduled, the Company will arrange the board meeting
to be convened as soon as possible. The Directors also expect
that the interim results of the Group for the six months ended
30 June 2003 will be released on or before 12 December 2003. The
interim report of the Company for the six months ended 30 June
2003 will be dispatched thereafter as soon as possible.

The Directors acknowledge that the delay in the publication of
the audited results of the Company for the year ended 31
December 2002, the delay in the dispatch of the annual report of
the Company for the year ended 31 December 2002 and publication
of the interim results and the dispatch of the interim report of
the Company for the six months ended 30 June 2003 constitute
breaches of paragraphs 11(1), 8(1), 11(6) and 10(1), of the
Listing Agreement of the Company. The Stock Exchange reserves
its rights to take appropriate action against the Company and/or
its Directors in respect of such breaches.

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


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


* IBRA to Undergo Audit Before Liquidation, Says Parliament
-----------------------------------------------------------
Member of Parliaments said that the government had to audit and
verify Indonesian Bank Restructuring Agency (IBRA)before
liquidating the agency, Bisnis Indonesia reports, quoting Paskah
Suzetta, vice chairman of Commission IX of the parliament.

According to Suzetta, the government should audit the agency on
the sale of assets, on the rescue of banking system, and on the
restructuring of the existing assets.

"The success and failure of IBRA must be clear. It will take
around six month to audit and verify the agency."

With such verification, he said, the government would not fail
in conducting similar jobs in the future, including in
appointing the staffs of such agency.

Mohamad Ichsan of the University of Indonesia shared the same
opinion by saying, "Such audit is necessary to find out whether
the agency has been right or wrong things."

Ichsan added that the government would be able to use the result
of the audit in facing similar situation (crisis) in the future.


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


KUMAGAI GUMI: Set to Merge With Tobishima
-----------------------------------------
Two struggling construction firms Kumagai Gumi Co. and Tobishima
Corporation will merge in April 2005 after temporarily looking
into the possibility of adopting a holding Company structure,
making it Japan's sixth largest in the construction industry,
Kyodo News reported on Tuesday.

Kumagai Gumi said earlier this month that it will suffer a
consolidated pretax loss of 2.1 billion yen for the fiscal first
half ended September 30, revising its earlier forecast of a 4.5
billion yen loss announced in May.


NEC CORPORATION: Hopes to Raise US$2B in Share Offering
-------------------------------------------------------
NEC Corporation plans to issue 250 million new shares some time
between December 17 and 19, to repair its balance sheet for
capital expenditure, according to Reuters. The Company aims to
raise 207.65 billion yen (US$1.91 billion) in the share
offering.

It may offer another 23 million shares under a green shoe
option, which would bring the total offering to 273 million new
shares, equivalent to 16.5 percent of existing shares. The
offering could eat into a 78 percent rise in the NEC share price
in the year to date on concerns about share dilution. Lead
managers include Daiwa Securities SMBC, the investment banking
arm of Daiwa Securities Group Inc (8601) and Morgan Stanley
(MWD).


NEC CORPORATION: Injects Y990M In Ailing French Unit
----------------------------------------------------
NEC Corporation will inject up to 990 million yen (US$9.1
million) into struggling French Computer Company Bull if its
reconstruction plans are finalized, according to Reuters. NEC
owns a 16.9 percent stake in the French Company. Bull late last
week unveiled a long-awaited refinancing plan, but investors are
worried the scheme faces too much uncertainty.

Bull, which provides computer services and makes servers and
software, lost 549 million euros (US$646 million) last year, and
its net equity was a negative 724 million euros.


NEC CORPORATION: Launches Mobile Multimedia Platform System
-----------------------------------------------------------
NEC Corporation announced Thursday that its mobile internet
Platform and i-mode(TM) mobile handset commenced operation at
WIND Telecomunicazioni S.p.A. (WIND)'s "i-mode" service started
from November 19th 2003. WIND and NEC, via its subsidiary NEC
Italia, have entered into an agreement for the supply of a
mobile multimedia platform system and i-mode terminal. At the
same time, NEC Italia will act also as Content Provider of
ringtones to WIND i-mode. WIND is one of the leading fixed-line,
mobile and Internet operators in Italy, with more than 9.2
million mobile customers.

The platform developed by NEC is composed of a set of gateway
systems, which enable WIND's customers to gain easy and quick
access to i-mode services on the GPRS, and mail-servers, which
enables the customer to enjoy multimedia-messaging service.
To provide attractive mobile Internet services for both 2.5G and
3G, NEC is to expand mobile multimedia platform business,
targeting European and the other areas of mobile operators in
the world who wish to gain stronger customers' satisfaction and
to increase revenue. NEC plans to add mobile applications lineup
and believes to acquire the leading position in the mobile
Internet market. As a total solution provider for the mobile
Internet, NEC has competence in the area with its mobile
infrastructure system, mobile application platform and its
impressive portfolio of contents. NEC's mobile Internet platform
is also operating at Telefonica Moviles Espana, Bouygues Telecom
in France and Taiwan KG Telecom.

NEC's i-mode mobile handset "N341i" is compact and striking with
a stylish fold-form design with 2.2 inch high color LCD (TFD)
screen and built-in antenna, and the handset features an
integrated camera. N341i also features the second screen on the
handset's top fold and can be easily customized according the
owners setting such as a clock, picture and displaying caller's
identity. Developed based on expertise in mobile internet market
in Japan and Europe, "N341i" is most suitable for using mobile
internet applications and rich content. NEC also provides
"N223i". NEC is to sell the new N341i to other i-mode service
providers in the world.

NEC's total shipment of i-mode handsets outside Japan has
reached 1 million since NEC began shipment in March 2002. NEC's
i-mode handsets are available in Germany, the Netherlands,
Belgium, France, Spain, Italy and Taiwan.

ABOUT NEC CORPORATION

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

NEC'S MOBILE BUSINESS

NEC is a total solution provider for 3G and the mobile Internet.
NEC has been involved in every first-stage rollout of 3G systems
worldwide. NEC is also responsible for developing the first 3G
handsets for use on the world's first 3G network. NEC has
competence in the mobile Internet area with its mobile
infrastructure system, mobile application platform and its
impressive portfolio of contents. NEC's mobile handsets are
known for their prominent technologies including large color
screens, built-in cameras and other functions that make them
ideal for use in mobile Internet.

For mobile Internet application system, please visit the NEC
globalnet at http://www.nec-globalnet.com/mobile/index.html

ABOUT WIND TELECOMUNICAZIONI S.P.A.

WIND Telecomunicazioni S.p.A.(www.wind.it) has instigated
radical changes in the services on offer Italy and in the way
they are marketed, with the aim of establishing new market
standards: the integration of telephone services, the
development of the Internet, a global response to the
communications needs of people and businesses.

The Wind Group's brands focus on specific types of service: the
"Wind" trademark is applied to mobile and convergent services,
the "Infostrada" brand to fixed-line telephony, whilst "Libero"
is the brand used for the Group's Internet services, and itNet
supplies ad hoc Internet services and content for corporate
customers. Wind was the first to launch MMS and the video over
GPRS handets: one of the earliest services to be made available
was the first ever pocket news broadcast via videostreaming.
WIND was the first in Italy to launch a trading on line service
via WAP. New technologies such as WAP and GPRS, and the future
i-mode? and UMTS make a substantial contribution to the creation
of new services and applications. Wind offers a particularly
wide range of data transmission and Internet services, capable
of satisfying the needs of all segments of the corporate market.
In February 2001, WIND became the first alternative operator of
fixed-line telephony in Italy to provide access to local loop
unbundling, offering the possibility to make fixed-line calls
without the need to pay any form of line rental. WIND was the
first Italian operator, in May 2002, to launch Number
Portability, enabling customers to switch operator whilst
keeping their existing telephone number.

The Wind Group has chalked up other firsts: from its over 18,000
km of optical fiber backbone and 2,300 km of metropolitan area
networks in over 30 cities, to Italy's leading portal with 600
million page views a month. The Company also boasts a widespread
and innovative mobile network with about 6,000 base transmission
stations. Overseas coverage is provided by numerous roaming
agreements.

At June 30, 2003, Wind boasted a total of 30.6 million
customers, including 7.5 million fixed-line customers, 9.2
million mobile users and 13,9 million Internet subscribers.

CONTACT:

Akiko Shikimori
NEC Corporation
81-3-3798-6511
Email: a-shikimori@ay.jp.nec.com


NIPPON SHINPAN: Enters Alliance With UFJ
----------------------------------------
UFJ Bank Limited (UFJ Bank) and Nippon Shinpan Co., Ltd (Nippon
Shinpan) recently agreed to form a strategic alliance, in order
to secure further business development by reinforcing the retail
business.

1. Purpose of the agreement

UFJ Bank and Nippon Shinpan will aim to be the best financial
services group in the retail market in Japan, by forming a
strategic alliance both in terms of capital and business. The
new alliance will dramatically improve the two companies'
competitiveness in the retail business and provide customers
with more advanced comprehensive financial services by
effectively utilizing their expertise and network.

2. Outline of the agreement

(1) UFJ Bank will position Nippon Shinpan as "the core Company
in the UFJ Group's retail strategy", and the two companies will
enhance business cooperation.

(2) Nippon Shinpan will plan to issue equity, assuming UFJ Bank
to subscribe it, in order to improve its financial strength as
quickly as possible.

(3) UFJ Bank will make Nippon Shinpan its consolidated
subsidiary, subject to the satisfaction of necessary conditions
under the appropriate laws and ordinances.

3. Schedule (plan)

Nov. 21, 2003 Basic agreement Latter half of Jan. 2004

Final agreement

Mar. 2004 Nippon Shinpan will issue new equity to UFJ Bank.

From Apr. 2004 Nippon Shinpan will prepare for becoming a
subsidiary of UFJ Bank.

Around Mar. 2005 Nippon Shinpan will become a consolidated
subsidiary of UFJ Bank, and the two companies will begin full-
collaboration on business development. (Partial cooperation will
start earlier.)

(Note) The detail of Nippon Shinpan's capital raising, including
the amount and other conditions, is to be determined by the two
companies and be announced at the timing of the final agreement.

4. Nippon Shinpan's actions to take a leap forward

By taking the following measures, Nippon Shinpan aims to further
reinforce its financial soundness. In addition, it will enhance
business competitiveness through pursuing synergy effects with
the UFJ Group, so as to achieve improvement of services to be
provided for customers and business partners and dramatic
increase in profitability.

(1) Through issuing new shares, Nippon Shinpan will reinforce
its shareholders' equity and strengthen its financial soundness.

(2) Through securitizing substantial amount of assets, pursuing
efficient control of its cash positions and other measures,
Nippon Shinpan will reduce the amount of the interest bearing
liabilities to around 1 trillion yen by the end of March 2004.

(3) In accordance with this strategic alliance, Nippon Shinpan
will fully revise the ongoing mid-term business plan, "NicoS V
Plan" and determine a new 3-year business plan.

The detail of the new mid-term plan is to be announced around
January 2004. Nippon Shinpan's financial targets for the fiscal
year 2006 (non-consolidated): Ordinary profit: more than 50
billion yen (16.2 billion yen in FY 2002) Interest bearing
liabilities: less than 900 billion yen (1,570.6 billion yen as
of March 2003)

The debt-ridden consumer credit firm is currently under a
rehabilitation program to March 2005, TCR-AP reported recently.

For more information, go to
http://www.ufj.co.jp/english/index.html#


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


HYUNDAI GROUP: Prudential Acquires Two Ailing Units
---------------------------------------------------
Prudential Financial Inc. has decided to purchase Hyundai
Group's troubled investment trust units, Hyundai Investment &
Securities Co. (HIS) and Hyundai Investment Trust Management Co.
(HITM) between 500 billion won (US$415 million) and 700 billion
won, Asia Pulse reports.

Prudential will purchase controlling stakes worth more than 500
billion won in the two companies after the government gets rid
of some of their bad loans by injecting public funds of up to
2.5 trillion won.


LG CARD: Creditors Dispatch Supervisors to Ailing Firm
------------------------------------------------------
Woori Bank will send three supervisors to the cash-strapped LG
Card this week, to check the status of maturing bonds as well as
manage collateral LG Group offered for the bailout loans, the
Korea Times reports. The Financial Supervisory Service (FSS)
also decided to send its official to LG Card to monitor the
Company's cash flow condition and normalization process.

LG Card, the credit card arm of LG Group, resumed its cash
advance service after receiving 2 trillion won in emergency
funds from creditors. Creditors, including Woori, allowed LG
Card to use a 2 trillion won loan fund, to help the card firm
avoid a short-term liquidity crunch caused by cumulative losses
and soaring overdue loans. LG Card posted a cumulative loss of
1.01 trillion won for the first nine months of this year


LG CARD: Kicks Off Restructuring
--------------------------------
LG Card, which recently received 2 trillion won worth of
emergency funds from creditors, will implement restructuring
measures including massive layoffs and reduction of branch
offices, the Maeil Business Newspaper reported on Monday. The
Company will slash its 2,700 workforce by 500, paying those
forced to retire 10 months' worth of wages.

LG Card will also reduce its sales offices, and reduce its
assets, which currently stand at 24.8 trillion won. The
Company's assets stood at 33 trillion won as of end-September
last year, but fell by 24.8 percent this year.


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


ASIA PACIFIC: Unit KSB Sells Land for Working Capital
-----------------------------------------------------
The Board of Directors of Asia Pacific Land Berhad wishes to
announce to the Kuala Lumpur Stock Exchange that a wholly-owned
subsidiary of AP Land, Kinasurya Sdn Bhd (KSB or the Vendor) has
entered into a Sale and Purchase Agreement (the SPA) with a
related party, Hotel Fair Lane Sdn Bhd (HFL or the Purchaser) on
20th November 2003 for the sale of a piece of vacant land known
as Lot 817, Jalan Walter Grenier, Kuala Lumpur to HFL for a
total cash consideration of RM3,500,000.00 (the Sale of Lot
817).

DETAILS OF THE SALE OF LOT 817

KSB has entered into a SPA with HFL to dispose of a piece of
vacant land measuring approximately 391.2 square meters known as
Lot 817, Jalan Walter Grenier, Kuala Lumpur (the Land) to HFL
for a total sale consideration of RM3,500,000.00 (the Purchase
Price) which is to be fully satisfied by way of cash payment.

The Land shall be acquired by HFL together with all interests,
rights, benefits and entitlements free from any encumbrances
subject to the terms and conditions as stipulated in the SPA.

The salient terms of the SPA amongst others are as follows:

(1) Terms of payment

   (a) Payment initial deposit of 10% (RM350,000.00) by the
Purchaser upon execution of the SPA;

   (b) Payment of the balance purchase price of RM3,150,000.00
within 3 months from the date of execution of the SPA (the
Completion Period) or within a further extension of 1 calendar
month from the expiration of the Completion Period .

(2) Vacant possession of the Land shall be delivered to the
Purchaser upon full payment of the Purchase Price.

(3) The Sale of Lot 817 is expected to be completed by 20th
February 2004.

The Sale of Lot 817 is transacted at arm's length between the
parties to the SPA. The Purchase Price for the Land is arrived
at on a willing-buyer willing-seller basis after taking into
consideration the open market value of the Land of
RM3,500,000.00 as appraised by an independent firm of
professional valuers, Dass Mohamad Chartwell Brooke Hillier
Parker (PJ) Sdn Bhd adopting the comparison method of valuation,
based on the Valuation Report dated 19th November 2003.
The SPA together with the Valuation Report are available for
inspection at the Registered Office of the Company at 2nd Floor,
Marina Terrace Sports Complex, Jalan Low Yat, 11100 Batu
Ferringhi, Penang between Mondays and Fridays (except public
holidays) during normal office hours from 9:00 a.m. to 5:00 p.m.
for a period of 14 days from the date of this announcement.

INFORMATION ON THE LAND

The Land is a vacant piece of land measuring approximately 391.2
square meters known as Lot 817, Jalan Walter Grenier, Kuala
Lumpur held under document of title Geran no. 36945 Lot No. 817
Section 67, Town of Kuala Lumpur, Wilayah Persekutuan. The Land
is currently rented out to a hotel operator for open carpark
purposes.

The Land was acquired in 1998 and the original cost of
investment was RM2.0 million. The net book value of the Land is
RM2.1 million and the net profit derived from the rental of the
Land is RM30,000 for the year ended 31st December 2002 .
The gain on the Sale of Lot 817 upon completion of the SPA is
RM1.4 million.

INFORMATION ON KSB

KSB was incorporated on 2nd November 1981 in Malaysia under the
Companies Act, 1965. The present authorized share capital of KSB
is RM500,000.00 comprising 500,000 ordinary shares of RM1.00
each and the issued and paid-up capital is RM300,000.00
comprising 300,000 ordinary shares of RM1.00 each. KSB is
principally involved in property investment.

INFORMATION ON THE PURCHASER

HFL was incorporated on 28th March 1985 in Malaysia under the
Companies Act, 1965. The present authorized share capital of HFL
is RM5,000,000.00 comprising 5,000,000 ordinary shares of RM1.00
each and the issued and paid-up capital is RM2,000,002.00
comprising 2,000,002 ordinary shares of RM1.00 each. HFL is
principally involved in property investment.

UTILISATION OF PROCEEDS

The net proceeds arising from the Sale of Lot 817 will be
utilized for working capital purposes.

RATIONALE FOR THE SALE OF LOT 817

The Sale of Lot 817 is in line with the AP Land Group's strategy
to rationalize its investment portfolio to improve return on
investment.

EFFECTS OF THE SALE OF LOT 817

The effects of the Sale of Lot 817 based on the audited
consolidated accounts of AP Land for the financial year ended
31st December 2002, are as follows:

(a) Share Capital

The Sale of Lot 817 will not have any effect on the share
capital of AP Land as the sale is fully satisfied in cash.

(b) Net Tangible Assets (NTA)

Based on the Audited Accounts of the AP Land Group (the Group)
for the year ended 31st December 2002, the Sale of Lot 817 will
not have any material effect on the NTA of the Group.

(c) Earnings

The Sale of Lot 817 is not expected to have any material effect
on the earnings per share of the Group for the financial year
ending 31st December 2003.

(d) Substantial shareholdings

The Sale of Lot 817 will not have any effect on the substantial
shareholders of AP Land and their shareholdings in the Company
as the sale is fully satisfied in cash.

APPROVAL REQUIRED

The Sale of Lot 817 is not subject to the approval of the
shareholders of Asia Pacific Land Berhad.

DIRECTORS AND SUBSTANTIAL SHAREHODERS' INTERESTS

The Directors of AP Land, Dato' Jeffrey Ng Tiong Lip, Low Gee
Tat @ Gene Low and Low Gee Teong have declared their interests
in the abovementioned transaction and have abstained from voting
in respect of the transaction.

Low Gee Tat @ Gene Low and Low Gee Teong are brothers of Low Su
Ming and Low Gee Soon who are the directors and also substantial
shareholders of HFL. Tan Sri Dato' Low Yow Chuan, Low Gee Tat @
Gene Low and Low Gee Teong are also substantial shareholders of
HFL and deemed substantial shareholders of AP Land. Dato'
Jeffrey Ng Tiong Lip is the cousin of Low Gee Tat @ Gene Low,
Low Gee Teong, Low Su Ming and Low Gee Soon and nephew of Tan
Sri Dato' Low Yow Chuan. Low Gee Soon is also a deemed
substantial shareholder of AP Land.

DIRECTORS' RECOMMENDATION

The Directors (save for Dato' Jeffrey Ng Tiong Lip, Mr Low Gee
Tat @ Gene Low and Mr Low Gee Teong who abstained from
deliberations and recommendation in respect of the Sale of Lot
817) having considered all aspects of the Sale of Lot 817, are
of the opinion that the aforesaid Sale of Lot 817 is in the best
interest of the Company.


ASSOCIATED KAOLIN: Discloses ICULS Board Lot Variation
------------------------------------------------------
Associated Kaolin Industries Berhad (Special Administrators
Appointed) refers to the Corporate Exercise, comprising:

    i. Capital Reduction;
   ii. Termination of AKI's outstanding warrants 1996/2005;
  iii. Share exchange of 5,465,023 ordinary shares of rm1.00
       each  in AKI (AKI shares) on the basis of one (1) new
       ordinary share of rm1.00 each in Greatpac Holdings Berhad
      (GHB) (GHB share) for every one (1) AKI share held (share
       exchange);
   iv. Renounceable rights issue of up to 16,395,070 new GHB
       shares on the basis of three (3) new GHB shares for every
       one (1) existing GHB share held after the share exchange
       at an issue price of rm1.00 per GHB share (Rights Issue);
   v.  Special Bumiputera Issue (SBI) of 25,000,000 new GHB
       shares to bumiputera investors at an issue price of
       rm1.00 per GHB share (SBI);
   vi. Acquisition of the entire equity interest in Greatpac Sdn
       Bhd (GPSB) by GHB for a total consideration of
       RM72,000,000 to be satisfied by the issuance of
       72,000,000 new GHB shares at an issue price of rm1.00 per
       GHB share (GPSH Acquisition);
   vii. Acquisition of the entire equity interest in success
        profile SDN BHD (success profile) by GHB for a total
        consideration of RM17,727,272 to be satisfied by the
        issuance of 17,727,272 new GHB shares at an issue price
        of rm1.00 per GHB share (success profile acquisition);
   viii. Debt restructuring of AKI;
   ix.  Waiver from undertaking a mandatory general offer
        (waiver); and
   x. Transfer of listing status of AKI to GHB (transfer of
      listing).

In reference to the Prospectus dated 6 October 2003 in relation
to the Rights Issue and the issuance of RM18,521,000 nominal
value five(5) year 2% Irredeemable Convertible Unsecured Loan
Stocks (ICULS) for partial settlement to the creditors of AKI by
GHB.

On behalf of AKI/GHB, Commerce International Merchant Bankers
Berhad wishes to announce that the board lot of the ICULS will
be varied to 100 units from 1,000 units to reflect the
amendments made to the Listing Requirements of Kuala Lumpur
Stock Exchange.


BERJAYA LAND: SC Conditionally OKs Proposed 2.9.2 Exemption
-----------------------------------------------------------
Berjaya Land Berhad (B-Land) refers to the announcements in
relation to the following proposals:

   * Proposed Exemption to Berjaya Land Berhad (B-Land) and
Parties Deemed Acting in Concert with it Under the Malaysian
Code on Take-Overs and Mergers, 1998 (Code)(Pac) from the
Obligation, if any, to Undertake a Mandatory Offer for all the
Remaining Ordinary Shares of Rm1.00 Each in Berjaya Sports Toto
Berhad (Btoto) (Btoto Shares) and the 8% Irredeemable
Convertible Unsecured Loan Stocks 2002/2012 of Btoto (Btoto
Iculs) not Already Owned by Them Upon the Conversion of the
Btoto ICULS Issued to Them in Accordance to Their Respective
Entitlements to the Rights Issue of Btoto ICULS Under Practice
Note 2.9.2 of the Code (Proposed 2.9.2 Exemption); and

   * Proposed Exemption to B-Land and Pac from the Obligation,
if any, to Undertake a Mandatory Offer for all the Remaining
Btoto Shares and Btoto ICULS Not Already Owned by them Upon the
Further Purchase of Btoto Shares, if any, by Btoto Pursuant to
its Shares Buy-Back Scheme Under Practice Note 2.9.10 of the
Code (Proposed 2.9.10 Exemption).

On behalf of the Board of Directors of Berjaya Land Berhad,
Commerce International Merchant Bankers Berhad (CIMB) wishes to
announce that the Securities Commission (SC) has, via its letter
dated 19 November 2003, approved the Proposed 2.9.2 Exemption
subject to the following conditions:

   (i) the BToto ICULS, which have not been converted and were
obtained via excess applications pursuant to the renounceable
rights issue by BToto of up to RM751,348,605 BToto ICULS at 100%
of its nominal amount on the basis of RM27 nominal amount of
BToto ICULS for every twenty (20) BToto Shares held which was
completed on 5 August 2002 (Rights Issue) and from purchases of
BToto ICULS, will be required to be disposed of to non-related
parties, prior to the proposed conversion of the BToto ICULS;
and

   (ii) the total amount of BToto ICULS which were obtained via
excess applications pursuant to the Rights Issue and from
purchases of BToto ICULS and which have been subsequently
converted, should be excluded from the total BToto ICULS which
were obtained from subscriptions to the Rights Issue for the
purpose of the said exemption, after the disposal of the BToto
ICULS as stated in (i) above is undertaken.

However, the SC has, via its aforesaid letter dated 19 November
2003, rejected the Proposed 2.9.10 Exemption. The SC's decision
was made based on the fact that B-Land and PAC does not fully
comply with the requirements of Practice Note 2.9.10 whereby B-
Land and PAC had purchased BToto Shares with the knowledge that
BToto intends to seek the approval of its voting shareholders to
purchase its own voting shares. In relation to this matter,
should BToto continue to implement the said share buy-back
scheme, the requirements of the Code will be applicable. The SC
advises that, if required, an application be re-submitted under
Practice Note 2.9.10 for the consideration of the SC after a
period of one (1) year from the date of the last purchase of
BToto Shares by B-Land and PAC if B-Land and PAC fulfill the
requirements under the said Practice Note.

The Board of Directors of B-Land will deliberate on the SC's
decision and an appropriate announcement on the decision by the
Board of Directors of B-Land will be made in due course.


CSM CORPORATION: Time Extension Not Required
--------------------------------------------
This announcement refers to the announcement made on 14 November
2003 in relation to the Extension of Time for CSM Corporation
Berhad to Obtain All Relevant Approvals Pursuant to Practice
Note No. 4/2001 of the Listing Requirements.

The Board of Directors of CSM hereby announce that the Kuala
Lumpur Stock Exchange, has vide its letter dated 20 November
2003, clarified that the Exchange's decision not to proceed with
the de-listing of the securities of CSM is subject to CSM having
obtained all the relevant approvals necessary for the
implementation of its rescue cum restructuring scheme. In the
event that such approvals are obtained, CSM must proceed to
implement its plan to regularize its financial conditions
expeditiously within the timeframe stipulated by the relevant
authorities.

Hence, at this juncture, an extension of time from the Exchange
to obtain all regulatory approvals is not required.


EMICO HOLDINGS: Q303 Loss Widens to RM3.8M
------------------------------------------
Emico Holdings Berhad discloses its quarterly report for the
financial period ended 30 September 2003. Below is an excerpt
from the report:

The Group turnover for the current and preceding quarter is
maintained at RM13 million. Improvement in the manufacturing and
trading division is off set by the decline in the manufacturing
of lifts and escalators division. In tandem to the turnover, the
Group loss before taxation is contained at RM3.8 million as
compared to RM3.0 million in the preceding quarter.

The turnover for the Group for the 9 months ended 30 September
2003 declined by RM25.2 million as compared to 30 September 2002
due to lower turnover from the property development division as
the Phase I and Phase II of Taman Batik, Sungai Petani was
completed in the Year 2002. Turnover from the property
development division for the 9 months ended 30 September 2003 is
RM2.1 million as compared to RM29.1 million in 2002.

Go to http://bankrupt.com/misc/Emico1126.xlsfor full copy of
the report.


HOTLINE FURNITURE: DRA Completion Extended Until Jan 31
-------------------------------------------------------
Hotline Furniture Berhad refers to announcement dated 3 November
2003 in relation to the Proposed Restructuring Scheme. Further
thereto, Public Merchant Bank Berhad is pleased to announce the
following:

   (i) the High Court had on 21 November 2003, agreed to grant
HFB an extension of time to convene a meeting for its
shareholders for the purpose of considering and, if thought fit,
approving with or without modification, the Proposed Share
Exchange pursuant to Section 176 of the Companies Act, 1965 for
three (3) months from 27 November 2003 to 26 February 2004; and

   (ii) HFB had, as required by the Debt Restructuring Agreement
dated 22 August 2003 (DRA), on 19 November 2003, obtained the
requisite consent from the majority of the Financial Institution
Creditors to extend the completion of the DRA for another three
(3) months, from 31 October 2003 to 31 January 2004.


LONG HUAT: Releases Q303 Financial Statements
---------------------------------------------
Long Huat Group Berhad released its Quarterly report for the
financial period ended 30 November 2003. Below is the Company's
Status of Restructuring Scheme:

On 28 February 2003, the Company, through its adviser, Southern
Investment Bank Berhad (SIBB) announced that the Company had on
26 February 2003, entered into a restructuring agreement
(Agreement) with LSKH and LSKH Vendors, Lee Swee Kiat  & Sons
Sdn Bhd (LSKS) and East Malaysian Growth Corporation Sdn Bhd
(EMGC), to undertake a proposed restructuring scheme to
regularize the financial condition of the Company pursuant to
PN4/2001.

The proposed restructuring scheme comprises the following:

    Proposed Capital Reconstruction;
    Proposed Scheme of Arrangement;
    Proposed Debt Settlement;
    Proposed Acquisition;
    Proposed Exemption;
    Proposed Disposal;
    Proposed Placement and/or Proposed Offer for Sale; and
    Proposed Listing Status Transfer.

(Collectively known as the Proposed Restructuring Scheme)

The conditional approvals from the Securities Commission (which
include Foreign Investment Committee) and Ministry of
International Trade and Industry were obtained on 14 July and 23
July respectively.

On 6 November 2003, the Company announced that in relation to
the Proposed Scheme of Arrangement and Proposed Debt Settlement
which forms part of the Proposed Restructuring Scheme, that the
Court had granted an extension of time for further ninety (90)
days commencing from 5 November 2003 until 3 February 2004 in
relation to the Restraining Order pursuant to Section 176 (10)
of the Companies Act 1965 (Act 125) and to convene the Court-
convened meetings of creditors and shareholders in relation to
Proposed Scheme of Arrangement pursuant to Section 176 (1) of
the Companies Act 1965.

To see full copy of the quarterly report, go to
http://bankrupt.com/misc/LHuat1126.docand
http://bankrupt.com/misc/LHuat1126.xls.


METROPLEX BHD: Debt Restructuring Workout W/ Creditors Underway
---------------------------------------------------------------
Metroplex Berhad refers to the earlier announcement on 21
October 2003 in relation to the Restraining Order and Proposed
Debt Restructuring of the Group.

The Company advised that following the extension of the
restraining order granted by the High Court of Malaya, MB is
continuing to work out its debt restructuring with its
creditors. An announcement would be made to the Kuala Lumpur
Stock Exchange once an agreement has been reached on this.


OMEGA HOLDINGS: 14th AGM Fixed on Dec 15
---------------------------------------
Omega Holdings Berhad wishes to announce that the Fourteenth
Annual General Meeting of the Company will be held at the
Perdana Room, 1st Floor, Sports Complex, Bukit Kiara Resort,
Jalan Bukit Kiara, Off Jalan Damansara, 60000 Kuala Lumpur on
Monday, 15 December 2003 at 10:00 a.m.

The Notice of the 14th Annual General Meeting dated 22 November
2003 can be seen at http://bankrupt.com/misc/Omega1126.doc.


SASHIP HOLDINGS: Proposed Transactions Agreement Executed
---------------------------------------------------------
AmMerchant Bank Berhad (AmMerchant Bank), on behalf of Saship
Holdings Berhad (Special Administrators Appointed), wishes to
announce that the Special Administrators, on behalf of the
Company, had on 21 November 2003, entered into a Principal
Agreement with Ramunia Energy & Marine Corporation Sdn Bhd
(Ramuniato record their rights, duties and obligations in
respect of the Transactions (as defined hereunder) (Principal
Agreement) pursuant to the Memorandum of Understanding dated 31
October 2003 (MOU).

SALIENT TERMS OF THE PRINCIPAL AGREEMENT

Details of the Transactions

The Transactions will include all of the following:

Proposed Incorporation of Newco

Ramunia will effect the incorporation or the acquisition of a
new company (Newco) prior to the submission to the Securities
Commission (SC) for the approval of the Transactions;

Proposed Share Capital Reorganization

Where deemed necessary by the Company, the proposed exercise for
the reduction and consolidation of its share capital in the
manner set out below shall be undertaken and completed by the
Company;

    (i) reduction of the existing issued share capital of the
Company comprising 233,101,000 ordinary fully paid-up shares of
RM1.00 each by cancellation of RM0.96 of the par value of RM1.00
(which is unrepresented by the assets of the Company) resulting
in a nominal value of RM0.04 for each ordinary share; and

   (ii) thereafter, the consolidation of twenty five (25)
ordinary shares of RM0.04 each into one (1) ordinary fully paid-
up share of RM1.00 each resulting in the reduced and
consolidated share capital of the Company of 9,324,040 ordinary
fully paid-up share of RM1.00 each (Consolidated Shares);

Proposed Share Swap

The acquisition of the entire issued and paid up share capital
of the Company by Ramunia from the existing shareholders of the
Company in consideration of the issuance of 9,324,040 ordinary
shares of RM1.00 each in Newco (Newco Shares) credited as fully
paid-up in exchange for the Consolidated Shares on the basis of
one Newco Share for each Consolidated Share or if the Proposed
Share Capital Reorganization is not undertaken, in consideration
of the issuance of 9,324,040 Newco Shares credited as fully
paid-up in exchange for the entire issued and paid-up capital in
the Company on the basis of one Newco Share for every 25
ordinary shares of RM1.00 each in the Company;

Proposed Debt Settlement

Simultaneously with the Proposed Share Swap, the issuance of
24,175,960 Newco Shares credited as fully paid-up through the
Special Administrators to the creditors of the Company or to the
trustee/agent of the creditors appointed (Creditors' Agent)
pursuant to a workout proposal in respect of the Company and
Sabah Shipyard Sdn Bhd (if required) (Workout Proposal), to be
proposed by the Special Administrators pursuant to and under the
Pengurusan Danaharta Nasional Berhad Act 1998 (Danaharta Act) in
the manner and proportion to be determined by the Special
Administrators;

Proposed Ramunia Assets Acquisitions

Simultaneous with the implementation of the Proposed Share Swap
and Proposed Debt Settlement, the acquisition by Newco of Teluk
Ramunia Fabrication Yard (TR Yard), Ramunia Fabricators Sdn Bhd
(RFSB) and Maritime Industrial Services Co. Ltd. Inc. (MIS)
(collectively known as "Ramunia Assets") in the following
manner:

   (i) Newco shall acquire TR Yard from Ramunia for a total
consideration of RM170,000,000 (TR Yard Consideration) to be
satisfied in the following manner:

     (1) the issuance of 51,000,000 Newco Shares at par credited
as fully paid-up together with 229,500,000 detachable warrants
in Newco (Newco Warrants) on the basis of nine (9) Newco
Warrants for every two (2) Newco Shares issued for the proposed
acquisition of TR Yard; and

     (2) the issuance of 148,750,000 irredeemable convertible
unsecured loan stocks to be issued by Newco (Newco ICULS) at an
issue price of RM0.80 per Newco ICULS;

   (ii) Newco shall acquire the entire issued and paid-up share
capital of RFSB from Ramunia for a total consideration of
RM100,000,000 (RFSB Consideration) to be satisfied in the
following manner:

     (1) the issuance of 30,000,000 Newco Shares at par credited
as fully paid-up together with 135,000,000 detachable Newco
Warrants on the basis of nine (9) Newco Warrants for every two
(2) Newco Shares issued for the proposed acquisition of RFSB;
and

     (2) the issuance 87,500,000 Newco ICULS at an issue price
of RM0.80 per Newco ICULS; and

   (iii) Newco shall acquire the entire issued and paid-up share
capital of MIS from Ramunia for a total consideration of
RM339,000,000 (MIS Consideration) to be satisfied in the
following manner:

     (1) the issuance of 101,700,000 Newco Shares at par
credited as fully paid-up; and

     (2) the issuance of 296,625,000 Newco ICULS at an issue
price of RM0.80 per Newco ICULS.

(TR Yard Consideration, RFSB Consideration and MIS
Consideration.are collectively referred to as the "Purchase
Considerations").

Proposed Restricted Offer for Sale/Placement

After the completion of the Proposed Share Swap, Proposed Debt
Settlement and Proposed Ramunia Assets Acquisitions, Ramunia
shall cause a proposed restricted offer for sale/placement in
the manner set out below:

(i) Proposed Restricted Offer for Sale/Placement of Newco
Shares/Newco Warrants

Ramunia and the Creditors' Agent will offer for sale 20,550,000
Newco Shares (or such other number of Newco Shares in order to
meet the public shareholding spread requirement of the Kuala
Lumpur Stock Exchange (KLSE) Listing Requirements of 25%) and
24,175,960 Newco Shares respectively (44,725,960 Newco Shares in
the aggregate) to the existing shareholders of the Company and
the public (via private placement or retail offering) at the
offer price of RM1.00 per Newco Share subject to the approval of
the relevant authorities. Ramunia will offer for sale or place
out such number of Newco Warrants as may be required in order to
meet the public shareholding spread as required by the KLSE
Listing Requirements.

(ii) Proposed Restricted Offer for Sale/Placement of Newco ICULS
Ramunia will offer for sale a total of 37,296,160 Newco ICULS or
such additional number of Newco ICULS to the existing
shareholders of the Company and the public (via private
placement or retail offering) at the offer price of RM0.80 per
Newco ICULS subject to the approval of the relevant authorities.
The Newco Warrants will be detached from the Newco Shares for
the purposes of the offer for sale.

Subscription to the Proposed Restricted Offer for Sale/Placement
of Newco Shares by an existing shareholder of the Company is
conditional upon the same shareholder subscribing to the
Proposed Restricted Offer for Sale/Placement of Newco ICULS and
vice versa.

Ramunia undertakes to procure underwriting arrangements to be in
place to underwrite the 24,175,960 Newco Shares to be issued to
the Creditors Agent for the purposes of the Proposed Restricted
Offer for Sale/Placement. Any costs and expenses incurred in
relation thereto shall be borne by Ramunia.

Proposed Share Disposal

Subject to the Principal Agreement becoming unconditional in
accordance with the terms and conditions contained therein, the
entire issued and Ramunia shall dispose of paid-up share capital
of the Company to a special purpose vehicle nominated by the
Special Administrators for RM1.00.

Proposed Transfer of Listing Status

As soon as practicable upon the Principal Agreement becoming
unconditional in accordance with the terms and conditions
contained therein, Ramunia shall cause Newco to apply for the
KLSE (Main Board) listing status of the Company to be
transferred to Newco. This entails the removal of the Company
from the official list of the KLSE and the de-listing of the
entire issued and paid-up share capital of the Company therefrom
and the admission of Newco into the official list of the Main
Board of the KLSE and the listing and quotation of the entire
issued and paid-up share capital of Newco, Newco Warrants, Newco
ICULS and the new Newco Shares to be issued pursuant to the
conversion of Newco ICULS and the exercise of the Newco
Warrants.

Conditions Precedent

The Proposed Share Disposal and the Proposed Transfer of Listing
Status shall be conditional upon the fulfillment of the
conditions precedent set out herein on or before the expiry of
six (6) months from the date of the Principal Agreement or such
other period as the Special Administrators may in its sole and
absolute discretion determine (Approval Period):

   (a) the results of a due diligence review being obtained to
the satisfaction of the Special Administrators;

   (b) the execution of the sale and purchase agreements for the
Proposed Ramunia Assets Acquisitions within twenty eight (28)
days from the date of the MOU or such other date as the Special
Administrators may in its sole and absolute discretion
determine;

   (c) the obtaining of the following approvals in relation to
the Workout Proposal (Workout Approvals):

     (i) subject to receiving a direction to abandon or
discontinue the Workout Proposal pursuant to section 49 of the
Danaharta Act, the approval of Pengurusan Danaharta Nasional
Berhad (Danaharta) in accordance with the Danaharta Act;

     (ii) the approval of the Company's secured creditors (if
required) and the approval of Sabah Shipyard Sdn Bhd's secured
creditors (if required) in accordance with the Danaharta Act;
(iii) the approvals, waivers or exemptions of any regulatory
authorities (including without limitation, the KLSE, the SC
and/or the Foreign Investment Committee (FIC)) (if required);
(iv) such other approval(s) as may be required under any
applicable law, regulations, requirement, rules or guidelines,
(d) the obtaining of the approvals, waivers or exemptions of any
regulatory authorities (including without limitation, the KLSE,
the SC, the FIC and/or Bank Negara Malaysia) for the
Transactions (Transaction Approvals) including:

   (i) the approval of the SC for the Transactions;

   (ii) the approval-in-principle of the KLSE for the admission
to the Official List and the listing and quotation of the entire
issued and paid-up share capital of Newco on the Main Board of
the KLSE, the listing and quotation of the Newco ICULS and Newco
Warrants to be issued pursuant to the Proposed Ramunia Assets
Acquisitions, the new Newco Shares to be issued upon conversion
of the Newco ICULS and upon the exercise of the Newco Warrants;

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

   (iv) the approval of the FIC for the Proposed Share Swap and
Proposed Ramunia Assets Acquisitions; and

   (v) the waiver by the SC of the Proposed Waiver.

(e) the obtaining of the approvals, waivers or exemptions for
the Transactions from any other relevant bodies, persons,
courts, authorities or regulatory bodies necessary or
appropriate for the completion of the Transactions including
shareholders' approval of Newco, if required;

(f) the completion of the Proposed Share Swap, the Proposed Debt
Settlement, the Proposed Ramunia Assets Acquisitions, Proposed
Restricted Offer for Sale/Placement in accordance with the terms
and conditions of the respective agreements which reflect and
give effects to the Transactions (Transaction Agreements).
(collectively, "Conditions Precedent").

Upon all the Conditions Precedents being fulfilled or waived,
the Principal Agreement shall become unconditional and the
Transactions shall be completed in the manner agreed herein and
in the respective Transaction Agreements.

Other Salient Terms

Appointment of Valuers and Reporting Accountants

The Company or the Special Administrators shall be entitled at
the cost of Ramunia to appoint valuers and reporting accountants
for the purposes of carrying out valuation on the Ramunia
Assets.

Adjustments to the Purchase Consideration

The Purchase Considerations, Newco Shares, Newco Warrants and/or
the Newco ICULS shall be adjusted in any of the following
events:

(i) in the event that:

   (a) the value of TR Yard in the valuation report issued by
the valuer appointed by the Company or the Special
Administrators shall be less than the TR Yard Consideration; or

   (b) the forecast profit after tax (Forecast PAT) of RFSB
and/or MIS for the year ending 31 October 2004 as determined by
a firm of reporting accountants appointed by the Company or the
Special Administrators shall be less than the management's
forecast as a result of which the valuation of RFSB and MIS is
less than the RFSB Consideration and MIS Consideration
respectively; or

(ii) in the event that the SC imposes, directs or requests for a
change in the Purchase Consideration or the manner of valuing
all or any of the Ramunia Assets which results in a change in
the respective Purchase Consideration; or

(iii) in the event that the SC imposes, directs or requests for
a change in the issue price or exercise price of the Newco
Shares, Newco Warrants and/or the Newco ICULS; or

(iv) in the event there is a breach of warranty or the
occurrence of an event which results in a diminution in the
value of all or any of the Ramunia Asset; or

(v) there is any adverse finding pursuant to the due diligence
exercise.

ADDITIONAL DETAILS OF THE PROPOSED RAMUNIA ASSETS ACQUISITIONS

Shares Acquired Free From Encumbrances

The entire issued and paid-up share capital of RFSB and MIS
shall be acquired free from any claims, charges, liens,
encumbrances or equities.

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

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

The issue price of the Newco ICULS at 20% discount to the
nominal value of RM1.00 was arrived at after taking into
consideration the yield to maturity of 7.68%. The conversion
price of the Newco ICULS of RM1.00 is based on the par value of
the Newco Shares.

The exercise price of the Newco Warrants will be determined
later.

The principal terms of the Newco ICULS and Newco Warrants are
set out in Table 1 and Table 2 respectively.

Ranking Of The New Newco Shares

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

Liabilities To Be Assumed

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

EFFECTS OF THE TRANSACTIONS

The effects of the Transactions are as follows:

Share Capital

The changes to the issued and paid-up share capital of Newco as
a result of the Transactions are set out in Table 3.

Net Tangible Asset (NTA) and Gearing

The proforma effects of the Transactions on the NTA and gearing
of Newco as at 31 December 2002 are set out in Table 4.

Earnings

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

Substantial Shareholders' Shareholdings

The proforma effects of the Transactions on the substantial
shareholders' shareholdings in Newco are set out in Table 5.

Dividends

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

Group Structure

The diagrams depicting the existing structure of SHB Group and
the structure of the Group after the completion of the
Transactions remained unchanged which had been set out in Table
7 of the Appendix to the amended Requisite Announcement dated 5
November 2003.

Tables 1 to 7 can be found at
http://bankrupt.com/misc/Saship1126.doc.

RECOMMENDATION BY THE SA

The Special Administrators, having considered all aspects of the
Transactions, is of the opinion that the Transactions are in the
best interests of SHB.

DEPARTURE FROM SC GUIDELINES

The Transactions do not depart from the SC Guidelines.

TIMING FOR THE TRANSACTIONS

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

DOCUMENTS FOR INSPECTION

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

OTHER INFORMATION

Please refer to the amended Requisite Announcement dated 5
November 2003, for information on the Ramunia Assets, rationale
for the Transactions, conditions to the Transactions and
directors' and major shareholders' interest.


SINGER (M) SDN: RAM Reaffirms Ratings at BBB2(bg)/P2(bg)
-------------------------------------------------------
Ratings Agency Berhad (RAM) has reaffirmed the respective long-
and short-term ratings of BBB2(bg) and P2(bg) for Singer
(Malaysia) Sdn Bhd's (Singer) RM180.00 million Bank-Guaranteed
Commercial Papers/Medium-Term Notes Facility (CP/MTN). The
ratings reflect the strength of the unconditional and
irrevocable guarantee provided by a consortium of financial
institutions, based on the weakest-link approach. The backing of
the bank guarantee enhances the credit profile of the CP/MTN
beyond Singer's inherent or stand-alone credit risk.

Singer is a wholly owned subsidiary of Cosway Corporation
Berhad, a company listed on the Kuala Lumpur Stock Exchange and
one of the main subsidiaries of the Berjaya Group of Companies.
The Company is principally involved in the provision of consumer
financing for household durables marketed under the Singer
trademark. Singer mainly operates through agents and retail
outlets, selling electrical products and furniture via hire-
purchase and easy-payment schemes.


TAJO BERHAD: Discloses Debts to be Settled Via DSA
--------------------------------------------------
As announced on 31 October 2003, a Debt Settlement and
Restructuring Agreement (DSA) was signed between Tajo Berhad,
Mithril Berhad and the Lenders of Tajo Group on 30 September
2003. Tajo Berhad is in the process of implementing the
conditions of the DSA. Per the DSA, the settlement amount of
RM175.582 million will be satisfied by 31 March 2004.

Subsequently, on 22 October 2003, an Extraordinary General
Meeting for shareholders and Court Convened Meetings for
shareholders and warrantholders were held. The shareholders and
warrantholders approved all resolutions mentioned in the Notice
of EGM of Tajo Berhad dated 30 September 2003 and Notice of
Meetings of Shareholders and Warrantholders of Tajo Berhad dated
30 September 2003.

On 12 November 2003, Tajo obtained the confirmation and sanction
of the High Court of Malaya for the reduction of the issued and
paid-up capital of Tajo pursuant to the Proposed Capital
Reconstruction, the cancellation of the share premium account
pursuant to the Proposed Cancellation of Share Premium Account
and the Share Exchange and Warrant Exchange pursuant to the
Proposed Scheme of Arrangement.

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.

A) REASON FOR DEFAULT IN PAYMENT

Due to the slowdown in the regional economy in general and the
construction and building industry specifically following the
financial crisis in late 1997, the cashflow generated from
operations was not sufficient to service the interest and
principal obligations to the lenders as and when they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

The Lenders of Tajo Group has signed a Debt Settlement and
Restructuring Agreement with Tajo Berhad and Mithril Berhad on
30 September 2003. The company is currently undergoing the
necessary procedures to settle the agreed amount of RM175.582.

C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS

In view of the agreement from all Lender on the settlement of
the debts due via the DSA, Tajo does not foresee and legal
implications.

There will be no financial implications arising save and except
for the issuance of Rights Issue for the cash settlement portion
of the amount due and for the waiver of interest to be written
back to Tajo's books from 1 October 2001 to the date of the
settlement.

D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS
OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER

Nil

E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER

Nil

F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE; AND

The facilities listed above represent all the borrowings of the
Tajo Group, and as a result of the Proposed Restructuring
Exercise "have not been serviced" (interest and principal) since
December 1998. As such they are all technically in default.

The Lenders have refrained from taking any legal action since
the signing of the DSA on 30 September 2003.

With regards to the Notice pursuant to Section 218 of the
Companies Act 1965 (the Notice) dated 9 June 2003 which was
issued and served on a subsidiary of the Company namely, Alpha
Glow Sdn Bhd (the Defendant) by Messrs N. K. Tan & Rahim on
behalf of their client, AFFIN-ACF Finance Berhad (the
Plaintiff), Tajo is in the midst of obtaining a withdrawal from
the Plaintiff. There is however, no material impact on the
operational and financial position of the Company arising from
the Notice in view that the Defendant has ceased operations and
the creditor has no recourse against the Company or any of its
subsidiaries other than the Defendant.

A list of borrowing to be settled via DSA, can be seen at
http://bankrupt.com/misc/Tajo1126.pdf.


TAKASO RESOURCES: Explains Unaudited, Audited Loss Variance
-----------------------------------------------------------
Takaso Resources Berhad informed that the Group consolidated
loss after taxation of RM3,466,896 as reported in the audited
financial statements for the financial year ended 31 July, 2003
differs from the consolidated loss after taxation of RM2,356,705
as reported in the Fourth Quarterly Report announced on 30
September, 2003 due to the following reasons:

   * Increase in loss by RM1,017,830/- due to adjustment for
allowance for doubtful debts on certain long outstanding debts;

   * Increase in loss by RM363,858/- due to consolidation
adjustment for the elimination of unrealized profit in stocks;
Decrease in loss by RM264,600/- due to adjustment for over
provision of taxation;

   * Decrease in loss by RM6,897/- due to miscellaneous
adjustment for accruals.


TIMBERMASTER INDUSTRIES: Investigative Audit Further Extended
-------------------------------------------------------------
Reference is made to the announcement dated 10 December 2002, 7
February 2003, 28 February 2003 and 5 September 2003, in
relation to the Proposed Restructuring Scheme.

On behalf of Timbermaster Industries Berhad (Special
Administrators Appointed), Aseambankers Malaysia Berhad wishes
to announce that the Securities Commission had vide its letter
dated 21 November 2003 approved a further extension of time up
to 27 February 2004 for the completion of investigative audit of
TMIB.


TIME ENGINEERING: Dec 18 EGM Scheduled
--------------------------------------
Time Engineering Berhad is pleased to announce that an
Extraordinary General Meeting of TIME will be held at Ballroom 2
& 3, Level 2, Hotel Nikko Kuala Lumpur, 165 Jalan Ampang, 50450
Kuala Lumpur on Thursday 18 December 2003 at 10:30 a.m. for the
purpose of seeking approval of the shareholders on the ordinary
resolution pertaining to the Proposed TIME Disposals.

Go to http://bankrupt.com/misc/Time1126.docfor a full copy of
the Notice of EGM.


TONGKAH HOLDINGS: SC Approves Waiver Applications
-------------------------------------------------
Tongkah Holdings Berhad refers to the announcement dated 6
February 2003 made by Public Merchant Bank Berhad (PMBB) on
behalf of the Board of the Directors of THB, on the approval
from the Securities Commission (SC), vide its letter dated 29
January 2003 on the Proposed Restructuring Scheme (Approval
Letter).

Pursuant to certain terms as set out in the Approval Letter, it
is stipulated that:

Properties: (i) Lot No. 3064, 3065 and Sublot No. 1, Lot 3066,
Block 26, Daerah Tanah Kemena, Sarawak (Site Office)

SC Conditions: The Vendor of HLM is required to obtain approval
for the building plan for the existing constructed structures
that have been built without the approval of the authority and
certification from the local authority (i.e. Bintulu Development
Authority (BDA)) that the structures have been built in
accordance with the approved building plan.

Properties: (ii) Plot No. 2713-2-4 and 8 other units, Daerah
Bandar Bintulu, Sarawak (Office Block)

SC Conditions: The Vendors of HLM and HAS are required, inter-
alia, to obtain:

   (a) approval for the building plan for the extension which
was built without approval; and

   (b) acknowledgement by the local authority that the extension
has been built in accordance with the approved building plan.

WAIVERS SOUGHT

Office Block

On 4 July 2003, PMBB, had on behalf of the Vendors of HLM and
HAS, submitted an application to the SC to seek its kind
indulgence to grant the Vendors of HLM and HAS an extension of
time to 30 June 2005 for them to procure the approval from BDA
for the building plan in respect of an extension made to the
Office Block.

Site Office

On 31 July 2003, PMBB, had on behalf of the Vendor of HLM,
submitted an application to the SC to seek its kind indulgence
to grant the Vendor of HLM, an additional time period to 31
December 2003 to procure the building plan approval and the
issuance of the occupational permit from BDA for the Site
Office.

However, as the structures built on Lot No 3065 and Sublot No.
1, Lot 3066, comprising two workshop sheds and an equipment shed
(Sheds) and a staff quarter (Staff Quarter) do not comply with
the building regulations, the management of HLM intends to
construct new structures to replace the Sheds and the Staff
Quarter. In this respect, the management of HLM had on 29
September 2003 made an application to BDA for a temporary permit
to use the Sheds and Staff Quarter for a period of 18 months
(Temporary Permit) until the completion of the new structures.

In this respect, PMBB, had on 29 September 2003, on behalf of
the Vendor of HLM, informed the SC that Mr Yong Piaw Soon, a
shareholder of HLM, had agreed to reimburse HLM for the full
value of the Sheds as ascribed by the independent valuer for the
Proposed Restructuring Scheme together with the dismantling cost
of the Sheds and the Staff Quarters, if

   (i) HLM fails to obtain the Temporary Permit by 31 December
2003; or

   (ii) Upon the expiry of the Temporary Permit,

whichever is earlier.

On 3 October 2003, BDA had granted a Temporary Permit to HLM for
the Sheds and the Staff Quarter for a period of 18 months
expiring on 3 April 2005. Further, on 9 October 2003, HLM had
obtained the occupational permit for the structures built on Lot
No. 3064 from BDA.

APPROVAL FROM SC

Pursuant thereto, PMBB, on behalf of the Board of Directors of
THB, wishes to announce that the waivers sought as set out in
Section 2 above have been approved by the SC vide its letter
dated 14 November 2003 (Letter), received on 19 November 2003,
subject to the following:

(i) Lot No. 3064, 3065 and Sublot No. 1, Lot 3066, Block 26,
Daerah Tanah Kemena, Sarawak

   (a) The Vendor of HLM is required to provide a written
undertaking that it will restore the structures for which the
approval from the authorities have not been obtained before the
expiry of the Temporary Permit on 3 April 2005; and

   (b) The Vendor of HLM is required to provide a written
confirmation that they will bear all costs involved in restoring
the structures before the expiry of the Temporary Permit;

(ii) Plot No. 2713-2-4 and 8 other units, Daerah Bandar Bintulu,
Sarawak

   (a) The Vendors of HLM and HAS are required to provide
written undertakings that they will use their best endeavor to
obtain a permanent approval for the extension made to the
original building within one (1) year from the date of the
Letter; and

   (b) The Vendors of HLM and HAS are required to provide a
written undertaking that they will reconstruct the current
occupied office premise to be in accordance with the original
building plan or relocate to a new office premise, should they
fail to obtain the permanent approval within one (1) year from
the date of the Letter;
and

(iii) to make quarterly announcements via the Kuala Lumpur Stock
Exchange on the status of the approval and conditions as set out
above and to inform the SC on the above matters until the
fulfillment of all the conditions above.


TRU-TECH HOLDINGS: RAM Downgrades RULS to C3
--------------------------------------------
Ratings Agency Malaysia Berhad (RAM) has downgraded Tru-Tech's
RM55 million Redeemable Unsecured Loan Stock (RULS), from C1 to
C3. The downgrade reflects Tru-Tech's continued dismal business
performance and weakening balance sheet, which resulted in the
default of its recent RM1.35 million coupon payment, due on 18
October 2003. Nevertheless, the Company managed to meet its
graduated RM3.0 million RULS principal repayment. Another RM42
million of the principal remains outstanding and should be
redeemed on a staggered basis up to 2006, according to the
repayment schedule. Tru-Tech is currently in the midst of
negotiations with its bondholders to defer the coupon payment by
another 12 months. Although it has exceeded the 30-day grace
period provided under the Trust Deed, the bondholders have
verbally agreed not to demand for the immediate repayment of the
outstanding balance, pending the finalization of the deferment
of the coupon payment.

Tru-Tech continued to display a sluggish performance in FYE 31
December 2002 (FY 2002) and the first 9 months of FY 2003 amid
lack of funding for its working capital needs. Its sales have
been dwindling since the electronic slump in FY 2001, partly due
to the substantial amount of irrecoverable debts owed by related
parties, i.e. Transtech Electronics Pte Ltd and Astralink Pte
Ltd, which significantly affected its ability to weather the
semiconductor downturn. Tru-Tech's turnover slipped 14.7% to
RM540.1 million in FY 2002; it only managed to record RM268.57
million in the first 9 months of FY 2003, falling 35.2% short of
the previous corresponding period. Persistent losses for the
past 2 years have contributed to the continued erosion of Tru-
Tech's shareholders' funds and rising net gearing level. As at
30 September 2003, its outstanding debts stood at RM103.5
million, albeit with a declining trend, translating into a
higher net gearing ratio of 7.9 times (as at end-FY 2002: 4.1
times).

Meanwhile, Tru-Tech's losses are expected to persist in the
immediate term. Its cash-strapped position will continue to
impinge upon its operations. Given its financing constraints and
highly geared situation, the Company's ability to repay its
debts and fund its daily operations is expected to remain
tenuous.

Tru-Tech is principally involved in the contract manufacturing
of electrical components and products, which include
telecommunication equipment, computer peripherals, audio, video,
and semi-finished products.

CONTACT INFORMATION: Janice Chong
        Tel: 03 - 7628 1774
        E-mail: janicechong@ram.com.my


WING TIEK: Court Postpones Petition Hearing to Dec 5
----------------------------------------------------
Further to the announcement dated 7 November 2003 relation to
the to the Kuala Lumpur High Court Originating Petition No.: D6-
26-70-03 ang Siew Kian & Chan Poh Ngo V. Wing Tiek Holdings
Berhad, Anjur Wawasan Sdn Bhd & Lembaga Tabung Haji.


Wing Tiek announced that the hearing of the various applications
by Ang Siew Kian and Chan Poh Ngo (collectively, "Petitioners")
and Anjur Wawasan Sdn Bhd (2nd Respondent) has been postponed by
the Kuala Lumpur High Court to 5 December 2003.

The decision on Bangkok Bank Berhad's application to intervene
has also been postponed by the Court to 5 December 2003.

By consent of the parties, the Court has ordered that the 2nd
Respondent and Lembaga Tabung Haji (3rd Respondent) will not
issue any notice to convene any Extraordinary General Meeting
pursuant to the requisitions dated 30 September 2003 and 15
October 2003 before the disposal of the Petitioners' application
for interlocutory injunction or 11 December 2003, whichever is
the earlier, together with other terms.


WOO HING: Special Administrators Modify Workout Proposal
--------------------------------------------------------
Further to Commerce International Merchant Bankers Berhad's
announcement dated 18 November 2003, the Special Administrators
of Woo Hing Brothers (Malaya) Berhad discloses that arising from
the revision to the consideration for settlement to creditors in
respect of the Proposed Transfer of Listing Status to Newco, the
estimated settlement to creditors under the SMWP changed.
Details are tabled at http://bankrupt.com/misc/Woo1126.pdf.

Please note that as of to-date, the following creditors have
been settled:

   (i) Secured Creditors;

   (ii) Hire Purchase Creditors; and

   (iii) First Interim Distribution to Unsecured Creditors
totaling RM5.1 million.


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


DIGITAL TELECOMMUNICATIONS: Clarifies MCI Alliance Report
---------------------------------------------------------
Digital Telecommunications Philippines, Inc. refers to the news
article "Digitel inks deal with MCI on international call rates"
published in the November 24, 2003 issue of the BusinessWorld
(Internet Edition). The article reported that: "Digital
Telecommunications Philippines, Inc. (Digitel) has inked an
interim deal with U.S carrier MCI over international call rates
for traffic terminating in the Philippines. An industry source
said MCI has agreed to the new termination rates implemented by
Philippine telcos. On February 1, Philippine telcos increased
termination rates to $0.12 per minute for landline calls from
$0.08 and $0.16 per minute for cellular calls from $0.12.
Digitel's interim deal with MCI was signed last November 11. The
agreement included MCI's assurance of paying for arrears based
on the new rates. "It is retroactive so there will be
adjustments made to the new rates. MCI has been paying its
arrears before but not on the rates that Digitel want. So now
the rates will just be adjusted,' the source said."

Digital Telecommunications Philippines, Inc., (DGTL) in its
letter dated November 24, 2003 advised the Philippine Stock
Exchange that:

"The Company would like to confirm to the Honorable Exchange
that Digitel has already signed an interim deal with MCI over
international call rates for traffic terminating in the
Philippines."

For a copy of the disclosure, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3771_DGTL.pdf


UNIWIDE HOLDINGS: Clarifies Rehab Committee Report
--------------------------------------------------
Uniwide Holdings, Inc. refers to the news article entitled
"Uniwide creditors seek rehabilitation" published in the
November 24, 2003 issue of the Manila Times. The article
reported that "UNSECURED creditors of cash-strapped Uniwide
Holdings, Inc. (UHI) have asked the Securities and Exchange
Commission (SEC) to appoint a management committee instead of
one-man receiver to oversee the Company's ongoing rehabilitation
program. In a petition submitted to the SEC, the unsecured
creditors through counsel Rudel H. Panganiban and Associates,
called for the appointment of a management committee composed of
nominess from secured and unsecured creditors of the Uniwide
group as well as their officials. "The proposed management
committee shall be vested with jurisdiction, powers and
functions to take direct management control and supervision, not
merely to superficially monitor the implementation of the second
amended rehabilitation plan (SARP) of the gruop," they said."

Uniwide Holdings, Inc., in its letter dated November 25, 2003
stated that:

The Company informed the Philippine Stock Exchange that a Motion
to dissolve appointment of one-man rehabilitation receiver and
for the institution of Management Committee (Motion) was filed
before the Securities and Exchange Commission by 14 contractors
accounting for about 1.7 percent of the total Uniwide debts.
Relative to the Motion filed, an SEC Order was issued ordering
creditors concerned to file on or before 21 November 2003, their
COMMENT to the instant Motion of movants."

For more information, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3772_UW.pdf


URBAN BANK: SC Slams Door on Prosecution of BSP Officials
---------------------------------------------------------
The Philippine Supreme Court described its decision on October
8, received by the Bangko Sentral ng Pilipinas (BSP or the
Central Bank of the Philippines) only recently, dismissing
another attempt to try BSP Governor Rafael B. Buenaventura and
other BSP officials for criminal charges arising from the
closure of Urban Bank three years ago, BSP said in a statement.

Acting on a motion for reconsideration filed by lawyer Benjamin
F. S. Tabios, the Supreme Court said, "the Court resolved to
deny the motion as no substantial arguments were raised to
warrant a reconsideration thereof. This denial is final."

The case stemmed from criminal charges filed by Tabios with the
Ombudsman in 2001, claiming perjury, falsification of private
documents and offering false evidence to have been committed
allegedly by the respondents in closing Urban Bank and its
affiliates. The Ombudsman ordered the dismissal of the charges,
which Tabios appealed all the way to the Supreme Court.

In another case, the Supreme Court on October 13 dismissed a
separate petition filed by Teodoro C. Borlongan, former Urban
Bank President, directly with the high court to compel the
Ombudsman to revive the criminal charges against the BSP
officials, which the Ombudsman also dismissed previously.

In his petition, Borlongan claimed the Ombudsman committed abuse
of discretion in dismissing the charges. Borlongan maintained
that the BSP officials committed violations of law when they
closed Urban Bank on the basis of reports that he claimed were
falsified and untrue.

In dismissing Borlongan's petition, the Supreme Court upheld the
ruling of the Ombudsman and stated that the right to question
the action of the BSP officials in closing the bank "belongs
only to the stockholders representing the majority of the
capital stock of the bank."

About 20 stockholders groups owned Urban Bank. Borlongan owned
about 0.60 percent of the bank.

Borlongan filed a motion for reconsideration which is pending in
the high tribunal.

Apart from the criminal charges are administrative charges that
were originally resolved also by the Ombudsman but went on
appeal to two different divisions of the Court of Appeals.

It was on the basis of the administrative charges elevated to
the Court of Appeals by Borlongan that the Fifth Division, in a
decision rendered on August 13, ordered the suspension for one
year of Governor Buenaventura, Deputy Governor Alberto V. Reyes,
and three other BSP officials for "gross neglect of duty." They
filed their motions for reconsideration which are still pending
in that division. Consequently, the penalty of suspension is not
yet executory.

The Seventeenth Division, on the other hand, promulgated on
September 18 a different decision. Acting on an appeal filed by
Deputy Governor Reyes and three co-accused who were ordered
suspended by the Ombudsman for one month and one day for "simple
neglect of duty ," the court dismissed the administrative
complaint against them. The court even commended them for having
"the political will to enforce the law and protect the public
interest" by closing the Urban Bank.


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


CSC HOLDINGS: Appoints Ben Teck as Director
-------------------------------------------
The Board of Directors of CSC Holdings Limited announced the
appointment of Mr Teo Beng Teck as a Non-Executive Director of
the Company with effect from 24 November 2003.

The detailed template announcement, pursuant to Rule 704(7) of
the Listing Manual, containing the particulars of Mr Teo Beng
Teck will be released separately to the Singapore Exchange
Securities Trading Limited (SGX-ST).

The Board of Directors of CSC Holdings announced that, as at the
close of the Rights Issue on 7 October 2003, valid acceptances
and excess applications for a total of 694,743,917 Rights Shares
were received, representing approximately 156.1 percent of the
total number of 444,956,780 Rights Shares available under the
Rights Issue, TCR-AP reported recently. This includes valid
acceptances received from Toh Ho and Chionh Holdings Pte Ltd,
Tat Hong Holdings Limited and Ng Chwee Cheng of 110,930,000
Rights Shares, 103,667,000 Rights Shares and 27,104,000 Rights
Shares pursuant to their Undertakings, respectively. In
addition, Tat Hong Holdings had applied for 25,000,000 excess
Rights Shares.


GOY LIM: Issues Second Preferential Dividend Notice
---------------------------------------------------
Goy Lim Engineering & Construction (Pte) Ltd. issued a notice of
second intended preferential dividend notice as follows:

Address of Registered Office: Formerly of 20 Tuas Avenue 9
Singapore 639178.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 69 of 1999.

Last Day for Receiving Proofs: 5th December 2003.

Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Dated: 21st November 2003.
SUNARI BIN KATENI
Assistant Official Receiver.


REDTONE INT'L: Creditors Must Submit Claims by December 22
----------------------------------------------------------
Notice is hereby given that the creditors of Redtone
International Pte Ltd (In Members' Voluntary Liquidation), which
is being wound up voluntarily are required on or before the 22nd
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 21st day of November 2003.
CHEE YOH CHUANG
LEOW QUEK SHIONG
Liquidators.
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.


ROWSLEY LTD.: Unit Enters Voluntary Liquidation
-----------------------------------------------
The Board of Directors of Rowsley Ltd. (formerly known as
Aspnetcentre Ltd) announced that in line with the Group's on-
going rationalization of its operations, Iverson Training Pte
Ltd. (ITPL) a wholly owned subsidiary, held through another
wholly owned subsidiary, Iverson Education Group Pte. Ltd., has
been placed under creditors' voluntary liquidation.

Kong, Lim and Partners have been appointed as Liquidator(s) of
ITPL.

The financial impact of the creditors' voluntary liquidation of
ITPL is as follows:

i) Effect on Net Tangible Assets Per Share

For illustrative purposes only, assuming that the creditors'
voluntary liquidation of ITPL was made on 31 December 2002,
based on the latest audited consolidated financial statements of
the Company and its subsidiaries (collectively the "Group), the
effect on the net tangible assets value for the Group's
financial year ended 31 December 2002 is as follows:-


At 31 Dec 2002 Before Creditors' Voluntary  After Creditors'
Voluntary       Liquidation                 Liquidation

Net Tangible Assets
(in S$'000)                8,149            9,042

Net Tangible Assets
per share (in cents)       3.2              3.6

ii) Effect on Earnings/(Loss) Per Share

For illustrative purposes only, assuming that the creditors'
voluntary liquidation of ITPL was made on 1 January 2002, based
on the latest audited consolidated financial statements of the
Group, the effect on the results for the Group's financial year
ended 31 December 2002 is as follows:-

FY 2002      Before Creditors' Voluntary  After Creditors'
             Voluntary Liquidation        Liquidation

Consolidated loss
after tax and
minority interests (in S$'000)   (3,046)    (2,442)

(Loss) per share (in cents)      (1.2)      (1.0)


S.K. LAM: Creditors Meeting Set November 28
-------------------------------------------
Notice is hereby given to all Creditors of S.K. Lam Meat
Wholesaler (1988) Pte Ltd (In Compulsory Winding Up) who have
proved their debts in the above administration of a Creditors'
meeting to be held in the above matter on Friday, the 28th of
November 2003 at the Golden Landmark Hotel, Conference Room
(Level 5), 390 Victoria Street, Singapore 188061, at 3.00 pm.

To consider and if thought appropriate to pass resolutions in
respect of the following:

(a) To consider the Account of Receipts and Payments of the
Liquidator, and his Report;

(b) To approve the Liquidator's fees and disbursements;

(c) To hear the Liquidator's explanation on the conduct of the
Liquidation; and

(d) To form a Committee of Inspection.

ANTHONY J. TWOHILL
(Liquidator).
200 Jalan Sultan
#09-07 Textile Centre
Singapore 199018.
Tel: 6295 9608.
Fax: 6294 4160.

Note: Voting can be either in person or by proxy.


SPEEDFAM-IPEC: Issues Debt Claim Notice to Creditors
----------------------------------------------------
The creditors of Speedfam-Ipec S.E. Asia Private Limited (In
Member's Voluntary Liquidation), which is being wound up
voluntarily, are required, on or before the 22nd day of
December, 2003 to send in their names and addresses, with
particulars of their debts and 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, personally or by their
solicitors, to come in, and prove their said debts or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

Dated this 21st day of November 2003.

LOW SOK LEE MONA
CHENG SOON KEONG
Liquidators.
51 Goldhill Plaza,
#18-11 Goldhill Plaza
Singapore 308900.


TAN POH: Issues Winding Up Order Notice
---------------------------------------
Tan Poh Kwang Mfg & Engrg Pte Ltd issued winding up order notice
made on the 14th day of November 2003.

Name and address of Liquidators: Mr Michael Ng Wei Teck and
Mr Peter Chay Fook Yuen c/o KPMG 16 Raffles Place #22-00 Hong
Leong Building Singapore 048581.

Dated the 18th day of November 2003.
Messrs RAJAH & TANN
Solicitors for the Petitioner.


THAI VILLAGE: Commences Winding Up of Unit
------------------------------------------
The Board of Directors of Thai Village Holdings Ltd announced
that its wholly owned subsidiary Thai Village (Dalian)
Processing Plant Co. Ltd. had on 17 November 2003 entered into a
sale and purchase agreement with Dalian Zhen Hai Seafood Co Ltd
(the Purchaser) pursuant to which the Subsidiary sold its sharks
fin processing plant (the Plant) located at Gan Jing Zi
District, Ying Cheng Zi Town West, Xiao Mo Zi Village, Dalian
116036, PRC (the Sale) to the Purchaser for a consideration of
Renminbi Two Million Five Hundred and Fifty Thousand (the
Consideration).

The Consideration was arrived at between the parties on a
"willing buyer and willing seller" basis taking into
consideration the open market value of the Plant.

The Company intends to commence winding up of the Subsidiary
after the completion of the Sale.

The subject matter of this announcement is not expected to have
any material effect on the net tangible assets and the earnings
per share of the Company for the current financial year.

None of the directors and substantial shareholders of the
Company has any direct or indirect interest in the subject
matter of this announcement.


UNITED ENGINEERS: Winding Up Dormant Units
------------------------------------------
United Engineers Limited Group (UE Group) announced that as part
of the ongoing exercise to rationalize its business activities,
2 dormant companies in the Company are being closed. Apex
Pharmacy International Pte Ltd (Apex), a 51 percent owned
subsidiary of the UE Group, which has been dormant since 1999
after its retail pharmacy operations was sold to Dairy Farm
International Holdings Limited, and its wholesale business was
transferred to Grafton Pharmasia Pte Ltd, is now in members'
voluntary liquidation. Apex was in the business of retailing and
wholesaling of pharmaceuticals, healthcare and personal care
products. There are no plans to re-activate Apex, hence a
voluntary liquidation exercise was embarked on as part of the
Company's streamlining processes. Ms Yvonne Choo and Mr Tan Cher
Liang of Lim Associates (Pte) Ltd have been appointed as the
liquidators.

Secondly, Goldearth Construction Pte Ltd (Goldearth), a dormant
subsidiary of Greatearth Construction Pte Ltd, itself an 85
percent subsidiary of the UE Group has been voluntarily de-
registered from the Register of Companies pursuant to Section
344 of the Companies Act, Cap. 50, with effect from 22 November
2003. There were no plans for activating this dormant Company.

The aforesaid liquidation and de-registration are not expected
to have any impact on the net tangible assets or earnings per
share of the Company for the current financial year.

Other than as disclosed above, none of the Directors and
substantial shareholders is deemed to have any interest, direct
or indirect, in the above liquidation and de-registration.


WEE POH: Post Changes in Audit Committee
----------------------------------------
The Board of Directors of Wee Poh Holdings Limited announced the
following changes of the Chairman and members of the various
sub-committees with immediate effect:

a) Appointment of Dr David Ding as a member of the Audit
Committee and Nomination Committee in place of Mr Chew Ban Chuan
Victor Mark; and

b) Election of Dr David Ding as the Chairman of the Remuneration
Committee in place of Mr Chew Ban Chuan Victor Mark.

Conseq uent to the aforesaid changes, the various sub-committees
now comprise the following members:

1. Audit Committee
Chairman Tan Kee Seng
Members Tan Song Koon
Dr David Ding

2. Nomination Committee
Chairman Tan Song Koon
Members Dr David Ding
Wong Teck Kui

3. Remuneration Committee
Chairman Dr David Ding
Members Tan Kee Seng
Wong Teck Kui


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


BANGKOK RUBBER: Explains Auditor's Q303 F/S Disclaimer Opinion
--------------------------------------------------------------
B.R.C Planner Company Limited, as the Plan Administrator Of
Bangkok Rubber Public Company Limited, explained the reasons why
the auditor did not give comment on third quarter financial
statements particularly about the guarantee obligations of loans
and credit facilities, as follows:

   *  Banks and financial institutions sued the company in
relation to its loan guarantee and credit facilities amounting
Bt3,391.6 million. The case is still pending.

   * The company has not set aside provision for the contingent
liabilities under these credit guarantees. However, if the court
releases court judgment to let the company pay back the debts,
under the rehabilitation plan, these liabilities will be
restructured, with interest liabilities waived and collateral of
debtor being to transferred to the creditors amounting to
Bt1,702.5 million.


EMC PUBLIC: Inks Project Contracts With Thai Airways
----------------------------------------------------
EMC Power Company Limited, Acting as a Planner of EMC Public
Company Limited, informed that EMC Public has signed contract
with Thai Airways International Public Company Limited for Cargo
& Mail Facilities Project and Catering Service & Facilities
Project. The contract value amounts Bt542,490,000 (including
VAT) and Bt881,000,000 (including VAT), respectively.

The completion date for these projects will be on December 31,
2004.


JASMINE INTERNATIONAL: Notifies Rights Warrants Exercise
--------------------------------------------------------
Chaengwatana Planner Co., Ltd., the Plan Administrator of
Jasmine International Public Company Limited, provided
information regarding the Exercise of 321,375,848 units of the
Company's Rights Warrants as follows:

1. The Exercise Date is on December 15, 2003 at 8:30 in the
morning to 3:30 in the afternoon.

2. The Notification Period is during 8:30 a.m. to 3:30 p.m. on
the Company's business day on December 1, 2003 through December
14, 2003.

3. Contact Place to exercise the Rights Warrants and to get the
Subscription Forms is:

   - Jasmine International Public Company Limited
     200, 29th-30th Floor, Moo 4, Chaengwattana Road, Pakkred
     Sub-district, Pakkred, Nonthaburi
     11120, Thailand, Telephone No. (66 2) 502-3119-20, Fax No.
     (66 2) 502-3151
   - Or at any office of the brokerage companies during the
     Notification Period.

4. The Exercise Ratio and the Exercise Price to subscribe the
Company's Common Shares:

   1 Rights Warrant has a right to subscribe 1 Common Share of
the Company at the price of Bt3.341 per share.  (If the Exercise
Price when multiplied by the number of the certificates for each
notification of intention to exercise in this time is a fraction
of Baht, such fraction shall be deleted.)


TANAYONG PUBLIC: Clarifies Auditor's Disclaimer Opinion
-------------------------------------------------------
Tanayong Public Company Limited, in reference to its financial
statements for the six-month period ended September 30, 2003,
explained the reasons why its Independent Auditor was unable to
express any opinion on the financial statements, as follow:

1. Uncertainty of the Rehabilitation Plan.

The Rehabilitation Plan was approved at the Creditors' meeting,
however, the Central Bankruptcy Court rejected the plan and
ordered cancellation. A new request for business rehabilitation
is currently being submitted and the court is currently
considering the case. The Company believes that this new
business rehabilitation will be successful if the Company
revises the previous rehabilitation plan, which was approved by
the creditors according to the Court's judgment. The Court
should approve in the Creditors' meeting and the revised
rehabilitation plan.

2. Outstanding balances of real estate development cost

According to the latest appraisal report in 2001, the
outstanding balances of real estate development cost and land
held for future development were stated at the fair market. The
Company believes that the fair market value of assets is not
significantly different from the previously reappraised value.
Furthermore, the present value should be higher since the
economic situation was better than in 2001 and real estate
sector is booming now.

3. The success of the debt restructuring, the realignment of
capital structure and future operating results of Bangkok Mass
Transit System Public Company Limited.

The negotiation with the lenders is ongoing. If it would be
successful, then the increase of fare box revenue and the
extension of sky train would improve the Company.

Furthermore, this business is a big infra-structured business of
the country thus this project should be maintained forever.

The above explanations are all due to the uncertainty. The
Company does not limit to the auditors' scope of work and does
not affect the financial statement.


THAI PETROCHEMICAL: SEC Announces Q203 F/S Unnecessary Amendment
----------------------------------------------------------------
Previously, the Stock Exchange of Thailand has posted the NP
(Notice Pending) sign on the securities of Thai Petrochemical
Industry Public Company Limited (TPI) since 25 August 2003
because the company submitted the SET its second quarter
financial statements ending 30 June 2003, which its auditor was
unable to reach any conclusion. The SET was waiting for the
conclusion whether the company has to amend its financial
statements.

The Securities and Exchange Commission (SEC) has now informed
the SET that it is not necessary to amend TPI's financial
statements on the issue that the auditor stated. However, the
SET still posts the NP (Notice Pending) sign on the securities
of the company because the SET was waiting for the conclusion
whether the company has to amend its third quarter financial
statements ending 30 September 2003 which its auditor also was
unable to reach any conclusion.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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                 *** End of Transmission ***