TCRAP_Public/031128.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Friday, November 28, 2003, Vol. 6, No. 236

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Discloses AGM Results
ANACONDA NICKEL: Posts Chairman's AGM Address
ARISTOCRAT LEISURE: Appoints Oneile as Chief Executive Officer
ARISTOCRAT TECHNOLOGIES: Shareholders File Legal Proceedings
CROWNSTAR INTERNATIONAL: Directors Plead Not Guilty

QANTAS AIRWAYS: Low Cost Carrier to be Based in Melbourne
SOUTHCORP LIMITED: Settles Continuous Disclosure Litigation
TOWER LIMITED: Full-Year Loss Buoyed by a Q203 Profit, Says S&P
TRANSURBAN FINANCE: S&P Revises Outlook to Negative


C H I N A  &  H O N G K O N G

AGRICULTURAL BANK: S&P Rates 'BBpi' to Public Info
FUJIAN GROUP: Majority of Creditors Approve Scheme
GUANGDONG DEVELOPMENT: S&P Rates Public Info 'CCCpi' Rating
NAM FONG: Court Orders Winding Up Petition Dismissal
PARIBAS NOMINEE: Issues Notice to Creditors to Prove Debts

POLYMEGA INT'L : Dec 17 Winding Up Hearing Scheduled
SHANGHAI PUDONG: S&P Assigns 'BBpi' Public Info Rating
SINCERE COMPANY: Operations Loss Swells to 91.011M
SIGHT STRONG: Faces Winding Up Petition
QUICK ON: Winding Up Petition Set for Hearing


J A P A N

DIGICUBE: TV Game Software Manufacturer Enters Bankruptcy
FUJITSU LIMITED: Launches IT Business Operations in China
KOJIMACHI TOCHI: Real Estate Firm Enters Bankruptcy
MAKINO MILLING: JCR Assigns BBB- Rating
MATSUSHITA ELECTRIC: Abolishes Seniority-based Pay System

NISSAN DIESEL: Enters Alliance With Chinese Firm
NISSHO-IWAI: Withdraws Overseas Wind Power Generation Business
SUMITOMO MITSUI: Shares Fall 10% on Loss Concerns
TOSHIBA CORPORATION: Builds New Memory Chip Line at Oita Site


K O R E A

HYNIX SEMICONDUCTOR: Set to Sign Takeover Deal With Citibank
LG CARD: Hana Bank Denies Takeover Plan Report
SK CORPORATION: Borrows US$150M From BNP Paribas


M A L A Y S I A

CYGAL BERHAD: Seeks Proposals Implementation Time Extension
GULA PERAK: Narrows Q303 Loss to RM61.606M
HO HUP: Cuts Q203 Pre-tax Loss to RM.1M
LION CORPORATION: Posts Entitlements Book Closure Notice
MALAYSIA & NIPPON: S&P Lowers Credit Rating to 'BBpi'

PARK MAY: Incurs RM7.7M Q303 Loss
RNC CORPORATION: Books Q303 Net Loss of RM4.36M


P H I L I P P I N E S

MANILA ELECTRIC: 2004 Capex Budget Under Review
MANILA ELECTRIC: Seeks Permission for Third Customer Refund
NATIONAL BANK: Delays US$100M Bond Sale

* Moody's Places Seven Banks On Review For Possible Downgrade


S I N G A P O R E

CAPITALAND LIMITED: Post Changes in Shareholder's Interest
FLEXTRONICS LIMITED: Settles Beckman Coulter Lawsuit for US$23M
NEPTUNE ORIENT: New Jersey Building Sale Nets US$5.3M
OVERSEA-CHINESE: Units Enter Voluntary Liquidation
POWERMATIC DATA: Widens H103 Net Loss to S$2.13


T H A I L A N D

ABICO HOLDINGS: SET Still Suspends Securities Trading
EMC PUBLIC: Signs Bt96M Project Contract With Plus Property
PICNIC GAS: SET Transferring Securities to Energy Sector
THAI-GERMAN PRODUCTS: SET Posts "NR" Sign Against Securities
THAI PETROCHEMICAL: E/I Bank Grants Loan for Working Capital

TPI POLENE: Calls Off Share Issue Indefinitely

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Discloses AGM Results
--------------------------------------
Anaconda Nickel Limited posted the results of the Annual General
Meeting held on 26 November 2003.

Resolutions 2(a) and 2(b) and Special Business Resolutions 1 to
5 put before the meeting of Members were unanimously passed by a
show of hands. In accordance with section 251AA(2) of the
Corporations Act listed below are the required details of the
proxies received for each of these resolutions.

Resolution 2(a) Election of Mr G Deru as Director

   I.   Proxies in favor of resolution 378,653,362
   II.  Proxies against the resolution 1,605,168
   III. Proxies abstaining from voting Nil
   IV.  Discretionary 5,720,109,607
        Total proxies received 6,100,368,137

Resolution 2(b) Election of Mr W R Strothotte as Director

   I.   Proxies in favor of resolution 379,166,489
   II.  Proxies against the resolution 1,092,041
   III. Proxies abstaining from voting Nil
   IV.  Discretionary 5,720,109,607
   Total proxies received 6,100,368,137

Special Business Resolution 1 Grant of Options

   I.   Proxies in favor of resolution 341,798,937
   II.  Proxies against the resolution 38,674,893
   III. Proxies abstaining from voting Nil
   IV.  Discretionary 5,717,410,312
   Total proxies received 6,097,884,142

Special Business Resolution 2 Non-Executive Directors
Remuneration

   V.    Proxies in favor of resolution 339,223,421
   VI.   Proxies against the resolution 41,599,109
   VII.  Proxies abstaining from voting Nil
   VIII. Discretionary 5,717,557,812
   Total proxies received 6,098,380,342

Special Business Resolution 3 Change of Company Name

   I.   Proxies in favor of resolution 373,908,072
   II.  Proxies against the resolution 7,013,291
   III. Proxies abstaining from voting Nil
   IV.  Discretionary 5,719,446,774
   Total proxies received 6,100,368,137

Special Business Resolution 4 Approve Consolidation

   IX.  Proxies in favor of resolution 372,387,952
   X.   Proxies against the resolution 8,430,714
   XI.  Proxies abstaining from voting Nil
   XII. Discretionary 5,719,549,471
   Total proxies received 6,100,368,137

Special Business Resolution 5 Amend Constitution

   V.    Proxies in favor of resolution 377,257,882
   VI.   Proxies against the resolution 2,332,735
   VII.  Proxies abstaining from voting Nil
   VIII. Discretionary 5,720,777,520
   Total proxies received 6,100,368,137


ANACONDA NICKEL: Posts Chairman's AGM Address
---------------------------------------------
Anaconda Nickel Limited posted the address of the Chairman James
Campbell at the Annual General Meeting held on 26 November 2003:

"Good morning shareholders, members of the media, ladies and
gentlemen and welcome to the2003 AGM of the company. As
Chairman, it gives me great pleasure to meet with you today and
to introduce you to the members of the Board. While I will
introduce you to them by name I direct you to the annual report
where the profile of each of us is listed.

On my right: Peter Johnston
   Willy Strothotte
   Malcolm Macpherson
   Gustiaman Deru

On my left: Ivan Glasenberg
   John Morrison

Since we gathered here a year ago, your Company has undergone an
important transformation. In February 2003, the Company
completed Schemes of Arrangement, approved by the Western
Australian Supreme Court, which enabled it to finalize the major
debt restructuring and recapitalisation.

Under the terms of the Schemes, the Company's Senior Secured
Creditors received a A$188.3 million cash payment and an
interest in the net proceeds of Phase 1 from the Fluor Daniel
Arbitration. In return, Senior Secured Creditors agreed to
extinguish debts to the value of A$775.1 million, which
represents a settlement of approximately 25 cents in the dollar.
In order to fund this cash payment and to provide working
capital for the business, the Company raised A$323 million
through a fully underwritten renounceable Rights Issue at an
issue price of $0.05 per share. The Rights Issue closed on 14
February 2003, with almost half of all shareholders exercising
their full rights entitlement and the underwriter, Glencore
International, taking up those rights not exercised or sold by
other shareholders.

At the same time as the Rights Issue, Anaconda shareholders
received a controlling takeover offer form the US-based
investment fund MatlinPatterson, which in the end acquired 36%
of the Company through a combined share and rights offer. As a
result of the Rights Issue, the Company has been recapitulated
and nearly six and half billion new shares have been issued.

Today shareholders are being asked to approve a resolution to
consolidate every fifteen fully paid ordinary shares currently
on issue into one new share, thereby reducing the total number
of ordinary shares on issue from 6.9 billion to 461.5 million,
approximately the same number that was in issue before the
rights issue. The net value of individual shareholdings will not
be diluted by the share consolidation and will remain
proportionately identical to current holdings. In addition, 57.2
million unexercised options will be consolidated at a rate of
15:1, with the exercise price for each of the 3.8 million new
options issued, multiplied by fifteen. This share and option
consolidation will mark an important step in the process of
restoring the Company's financial and capital structure.
The removal of the debt burden has transformed the Company, and
enabled the market to regain confidence in the Company and
attract new international and local institutional investors. The
share price has moved from around its rights issue price of 5
cents, increasing by some 300% at today's levels.

Most importantly for shareholders, we have negotiated the
removal of this debt burden without diluting our 60% equity in
the Murrin Murrin joint venture, our principal asset.
Since the restructuring and recapitalisation, the Company has
focused on stabilizing and improving the operational performance
of Murrin Murrin. The Company is progressing a $100 million
capital program aimed at taking the plant up to its
annualized design capacity production rate of 40,000 tonnes of
nickel. Finally, today your directors are also seeking
shareholder approval to change the Company's name to Minara
Resources Limited.

The name Minara Resources was selected after we invited
employees to suggest new names for the Company. Minara was
chosen because it is the name of the pastoral property on which
the Murrin Murrin operations are located, and it has a long and
historic association with Western Australia. Your directors feel
that now is the appropriate time to take on a new corporate
identity that will enable our restructured Company to move
forward with confidence, optimism and purpose. Minara Resources
will begin its life with minimal debt, no metal or currency
hedging positions, a clean balance sheet, strong nickel and
cobalt prices, a strong operational focus on Murrin Murrin,
steadily improving nickel and cobalt production trends,
increased plant reliability, rising nickel recoveries, a
professional and stable workforce, a strong focus on corporate
governance and a hardworking and well-led management team.

Finally, before I hand over to Peter Johnston to present the
CEO's report, I would like to express on behalf of all directors
our sincere thanks and appreciation to shareholders for their
continued loyalty and support throughout this extended period of
restructuring and corporate uncertainty. I would also like to
thank our dedicated and highly professional employees and
contractors for their tremendous efforts throughout what has
been for them, a very challenging period. I trust they will
embrace the new corporate identity with pride and look forward
to creating a new resources company and delivering a much-
improved performance in the years ahead. After the CEO's address
we will proceed to deal with the various formal matters of the
Agenda and take questions from Members. May I remind all persons
present that Members are invited to table questions and the CEO
will be available to the media after the meeting.

I would now like to hand over to our Managing Director and Chief
Executive Officer Mr Peter Johnston to deliver his report. Thank
you."


ARISTOCRAT LEISURE: Appoints Oneile as Chief Executive Officer
--------------------------------------------------------------
The Chairman of Aristocrat Leisure Limited (ALL), Mr John
Pascoe, announced Thursday that the Company had appointed Mr
Paul Oneile as Chief Executive Officer and Managing Director of
the Company. Mr Oneile most recently held the position of
Chairman and Chief Executive Officer of United International
Pictures (UIP), based in London. Prior to this time from 1990 to
1996 he was the Managing Director of The Greater Union
Organization Pty Ltd based in Sydney.

"Paul Oneile has had a distinguished professional career in
managing international organizations and on behalf of the board
and management I welcome him to his new role," Mr Pascoe said.
"I also congratulate David Creary on the leadership that he has
provided to the Company in the past months as acting Chief
Executive Officer. During this difficult period David has made a
significant contribution and I am pleased to announce that
he has accepted the position of Chief Operating Officer for
Aristocrat."

"Aristocrat is now entering a new phase. The Company has moved
forward from the difficulties it experienced earlier this year.
The business fundamentals and cash flows remain strong
reflecting the underlying health of the business."

"I am confident the depth of Paul's experience in international
management and in driving shareholder value will result in a
significant contribution to Aristocrat," Mr Pascoe went on to
say. Both appointments are subject to the normal regulatory
approval. Mr Oneile will commence employment with the Company on
1 December 2003.


ARISTOCRAT TECHNOLOGIES: Shareholders File Legal Proceedings
------------------------------------------------------------
Aristocrat Leisure Limited on Thursday has been served with
group proceedings in the Supreme Court of Victoria on behalf of
a group of shareholders who acquired shares between 20 September
2002 and 26 May 2003.

The plaintiffs allege that Aristocrat breached the Corporations
Act, Australian Securities and Investments Corporation Act,
Trade Practices Act and ASX listing rules in relation to a
series of announcements during that period.

The plaintiffs seek unspecified compensation or damages and
other relief. Aristocrat is seeking legal advice in relation to
the proceedings.


CROWNSTAR INTERNATIONAL: Directors Plead Not Guilty
---------------------------------------------------
Mr Kevin Anthony Gaw and Ms Melanie Louise Ash have pleaded not
guilty in the Melbourne Magistrates' Court to charges relating
to their involvement in Crownstar International Pty Ltd
(Crownstar) and an associated company C.C. Travel Pty Ltd (CC
Travel), which were placed into liquidation on 31 January 2002.

The charges were brought following an investigation by the
Australian Securities and Investments Commission (ASIC), and are
being prosecuted by the Commonwealth Director of Public
Prosecutions.

Ms Ash, the sole registered director of Crownstar, pleaded not
guilty to twenty-eight counts of breaching her duties as a
director.

Mr Gaw, the alleged managing director of Crownstar and sole
registered director of CC Travel, has been charged with twenty-
four counts of breaching his duties as a director and one count
of participating in the management of Crownstar whilst he was
disqualified from doing so.

The charges relate to the manner in which the companies' funds
were allegedly used by Mr Gaw and Ms Ash to purchase real
estate, race horses and for other personal use.

Crownstar promoted a travel and holiday club aimed at raising
public membership funds and promising discounted hotel and
travel packages and rewards. Crownstar, at various times, used
the banking and merchant facilities of CC Travel.

The matter has been adjourned for a contested committal hearing
before the Melbourne Magistrates' Court of Victoria on 1 June
2004.


QANTAS AIRWAYS: Low Cost Carrier to be Based in Melbourne
---------------------------------------------------------
Qantas Airways Limited announced Wednesday that the City of
Melbourne had been selected as the headquarters for its new
domestic low cost airline.

The Chief Executive Officer of Qantas, Geoff Dixon, said that
Melbourne was chosen because it offered the most attractive
package including excellent facilities, a skilled workforce and
incentives.

"I would like to thank the Victorian Government for its support
of this project," Mr Dixon said.

"The new airline will start flying to leisure destinations in
Australia from May next year and, with its headquarters in
Melbourne, it will grow to employ about 1,000 Victorians over
the next few years.

"While the new low cost carrier is good news for the whole
Australian tourism industry, today's announcement means that
Qantas will further expand its commitment to the Victorian
economy and Victorian tourism, building on a partnership that
has been in place for more than 60 years.

"Qantas currently employs more than 6,500 people in Victoria and
is a major supporter of a range of community, sports and arts
organizations including the Royal Children's Hospital, the
Victorian Institute for the Blind, the Melbourne International
Festival of the Arts, the Australian Formula One Grand Prix and
the Australian Tennis Open.

"Qantas has also recently invested $9.8 million in the
refurbishment of Hangar 4 at Avalon Airport, which will grow to
employ 300 skilled workers, and entered into a joint venture
with Patrick Corporation to acquire the former Ansett engine
maintenance facility at Garden Drive, Tullamarine.

"We also recently expanded our flight training facility at
Airport West, at a cost of $70 million. This facility now houses
our Boeing 737-300, 737-400, 737-800, Airbus A330 and Emergency
Procedures simulator."

Mr Dixon said that further information relating to the low cost
carrier - including its name, livery and fleet - would be
announced next week.


SOUTHCORP LIMITED: Settles Continuous Disclosure Litigation
-----------------------------------------------------------
Southcorp Limited announced Thursday that the proceedings
commenced by ASIC concerning an alleged breach by the Company in
April 2002 of its continuous disclosure obligations, had been
resolved.

The Company has admitted to the Federal Court sitting in Sydney
that it failed to comply with ASX Listing Rule 3.1 when on 18
April 2002, its then Executive General Manager for Corporate
Affairs, Mr Glen Cunningham, sent an email to eleven analysts
containing information about the likely impact of the poor 2000
vintage for premium wines on the Company's 2003 gross profit.
Mr Justice Lindgren has ordered the Company to pay a pecuniary
penalty of $100,000.

In making this announcement, Mr Bill Clark, Executive General
Manager Corporate Affairs & Investor Relations, noted that aside
from this inadvertent error in the observance of its continuous
disclosure obligations, Southcorp has an unblemished record in
such matters over many years as a public company.

CONTACT INFORMATION: Bill Clark
        Tel: (02) 9465 1154
        Mobile: 0418 215990
        Website: www.southcorp.com.au


TOWER LIMITED: Full-Year Loss Buoyed by a Q203 Profit, Says S&P
---------------------------------------------------------------
Standard & Poor's Ratings Services said that Tower Ltd.'s
reported full-year net loss of NZ$148.9 million, while
disappointing, was in line with Standard & Poor's expectations
and is consistent with the current BB+/Negative/B rating on
the group's holding companies (Tower Ltd., Tower Holdings
(Australia) Pty Ltd., and Tower Financial Services Group Ltd.)
and the BBB+/Negative/- rating on its main operating entities
(Tower Australia Ltd., Tower Life (New Zealand) Ltd., and Tower
Insurance Ltd.). The full-year loss was anticipated following
the first-half loss of NZ$154.4 million, while the second-half
performance for the Tower group demonstrated a significant
turnaround in performance with a reporting profit of NZ$5.5
million. Good profits were reported in the second half from the
group's New Zealand insurance operations and Australian wealth
management operations (Bridges Financial Services Group Pty
Ltd., and Tower Trust Ltd.), although the Australian operation
of Tower Australia Ltd. (the group's largest operating entity)
still continues to depress the overall group's operating
performance through high restructuring costs and other one-off
expenses.

"Tower maintains a sound business position in New Zealand and is
continuing to develop its profile in Australia," said Standard &
Poor's credit analyst Paul Clarkson, Financial Services Ratings.

"The Australian operations have recently been through a
significant restructuring, including changed management and
product focus, which concentrate on the group's relative
strengths. This change has created improved operating
efficiencies and moved Tower toward the establishment of a
viable long-term business position." The capital position and
balance-sheet fundamentals of the group improved following the
capital raising totaling NZ$203 million in July and August 2003
and the subsequent application of these funds to repay debt.


TRANSURBAN FINANCE: S&P Revises Outlook to Negative
---------------------------------------------------
Standard & Poor's Ratings Services said the outlooks on the
ratings on Transurban Finance Co. Ltd. (TFC; 'BBB+'), and
Transurban CARS Trust (TCT; 'BBB') have been revised to negative
from stable. This reflects the lower current estimates in the
Melbourne CityLink (MCL) project's cash flow forecasts, the
expectation of additional investment in the Sydney Westlink
project, and a changed risk profile. At the same time, the
rating on TFC's senior debt, which is supported by the MCL
project, was affirmed at 'A-' with stable prospects. TCT holds a
40% share in the Westlink project and benefits from a guarantee
from Transurban Holdings Trust. TFC is the financing arm of
the Transurban Group (Transurban).

The negative outlooks on TFC and TCT reflect MCL's weaker credit
metrics, and the expectation of additional demands on group cash
flows from Westlink or new projects. The ratings could be
negatively affected should MCL's credit metrics not meet the
expected growth profile, or if expected additional investment in
Westlink is debt funded. While investment in new projects is
expected to be funded through new equity and nonrecourse debt,
Standard & Poor's would be concerned if too many large projects
were undertaken by the group at the same time.

"MCL is a fundamentally strong project and the rating on MCL's
senior debt is expected to remain stable in the medium term.
While Transurban is expected to fund new projects without
recourse to MCL's cash flows, the additional commitment to
Westlink and bids for new projects provide some uncertainty over
the ongoing risk profile of the group," said Standard &
Poor's credit analyst Ian Greer, director, Corporate &
Infrastructure Finance Ratings.

Standard & Poor's will monitor the developments on Transurban's
investments and the implications for the ratings on TFC and TCT.
The ratings could also be negatively affected should the
operational and financial performance of the MCL project fail to
meet expectations.


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


AGRICULTURAL BANK: S&P Rates 'BBpi' to Public Info
--------------------------------------------------
Standard & Poor's Ratings Services said Tuesday that it had
assigned its 'BBpi' public information rating to Agricultural
Bank of China (ABC).

The rating recognizes the weakness of the bank's financial
profile, which is exacerbated by under provisioning and a high
level of estimated non-performing loans (NPLs). However, because
ABC is one of China's four state-owned commercial banks (SOCBs),
the rating also incorporates a degree of implicit government
support. While the bank has made appreciable efforts to improve
its performance, asset quality, and management capability in
recent years, the challenges it faces are likely to be among
the most difficult confronting the four SOCBs. ABC is more
likely than the other SOCBs to require external support, such as
assistance from the government, to resolve these difficulties.

ABC is China's fourth largest bank in terms of both total
assets and deposits. Its size and role in the country's rural
economy reflect its importance to the Chinese government.
Although the bank's role in policy-directed lending has declined
since the formation of three state-owned policy banks in 1994,
it appears to retain a residual role in providing financial
support to the country's inefficient agriculture sector and
struggling rural economy.

The government is determined to commercialize the SOCBs. This
suggests that ABC will have to increasingly rely on its own
resources rather than on the government. In the near term,
however, it is conceivable that the government will provide
support to speed up the reform process to help ABC and the other
SOCBs to achieve the ambitious targets it has set for them.

Rapid economic growth over the past decade has given banks in
China time to improve their financial health and management
capability. It has also enabled them to achieve speedy loan
growth. However, such growth presents risks, such as potential
property price bubbles. In addition it is difficult to gauge the
quality of recently-disbursed loans because of their lack of
seasoning.

ABC has yet to publish its 2002 annual report, reflecting a
degree of information risk. The bank, however, has announced its
2002 profit figure and NPL ratio. ABC's financial position
appears to have improved in 2002, although it is still very
weak. ABC reduced its official NPL level to 37% as at the end of
2002 from 42% at the end of 2001. However, the reduction
was a result of rapid loan growth. Moreover, Standard & Poor's
estimates the bank's NPLs to be higher than stated. In 2002, ABC
disclosed a profit before loan loss provisions and charge-offs
of Chinese renminbi (RMB) 11.3 billion, more than five times the
RMB2 billion recorded in 2001. However, the bank's return on
average assets remained low. The bank has said that it used
RMB8.37 billion in 2002 towards resolving its "historical
burden", a euphemism that in China is usually used to refer to
no performing assets, a problem that is likely to continue to
weigh on ABC's net profit for some years to come, unless the
bank receives external support to speed up the write-off of
these impaired assets.


FUJIAN GROUP: Majority of Creditors Approve Scheme
--------------------------------------------------
Reference is made to the composite document of Fujian Group
Limited (Provisional Liquidators Appointed) and the Investor
dated 16 September 2003 (the "Document") in relation to, among
other things, the Proposed Restructuring and the Whitewash
Waiver.

RESULTS OF THE CREDITORS' MEETING

The Company is pleased to announce that the Scheme was approved
by the Creditors at the Creditors' meeting held on 25 November
2003. Of the Creditors who were present and voting in person or
by proxy at the Creditors Meeting, 89.47% of the Creditors,
representing 99.38% in value of the total claims of the
Creditors as at 25 November 2003, voted in favor of the Scheme.

EXPECTED DATE OF THE HK COURT HEARING

Subject to the availability of the HK Court, the HK Court
hearing to sanction the Scheme will be held on or about 10
December 2003.

The Scheme will become effective and binding on all the
Creditors upon sanction by the HK Court and the delivery of the
order sanctioning the Scheme to the Registrar of the Companies
after all other conditions precedent to the Restructuring
Agreement have been satisfied or waived or, in the opinion of
the Provisional Liquidators and the Investor, will be
satisfied or waived by the date of Completion.

CONDITIONS PRECEDENT TO THE RESTRUCTURING AGREEMENT

Completion will be conditional upon the following outstanding
conditions to be satisfied:

   1. The sanction by the HK Court of the Scheme and the Capital
Reduction;

   2. Written confirmation from the Stock Exchange approving the
resumption of trading in the Shares and trading of New
Shares, which may be subject to conditions, which are in the
reasonable opinion of the Investor acceptable and in line
with market practice in a transaction of this nature;

   3. Withdrawal of the winding-up petition dated 15 January
2003 (HCCW 68 of 2003) and the discharge of the Provisional
Liquidators, conditional on Completion only;

   4. An order by the court directing 4,000 shares in Yan Hei, a
subsidiary of the Company, be transferred by Good Fortune
to the Group with no monetary amount payable by the Company
together with an opinion from counsel setting out steps
and mechanisms for completion of such transfer and confirming
that there is no legal impediment to the enforcement of
that order;

   5. Xiamen Plaza Hotel shall continue its operations at all
times up to Completion; and

   6. All other consents, approvals, authorizations, waivers,
agreements, licenses, exemptions or filings with, or reports or
notices to any persons, firms, entities including governmental
authority reasonably required to implement the Proposed
Restructuring (as the Investor and the Provisional Liquidators
have agreed to be necessary (acting reasonably)).

If any of the above conditions are not fulfilled or waived on or
before 31 January 2004, the Restructuring Agreement will
lapse.

SUSPENSION OF TRADING OF THE SHARES

Trading in the Shares was suspended at the request of the
Company with effect from 10:00 a.m. on 16 February
2001 and will remain suspended until all of the outstanding
conditions imposed by the Listing Committee on the
Proposed Restructuring are fulfilled, details of which are set
out in the Company's announcement dated 3 November
2003.

The Company is required to implement the Restructuring Agreement
including fulfillment of the conditions imposed
by the Listing Committee and resumption of trading in the Shares
on or before 24 January 2004.


GUANGDONG DEVELOPMENT: S&P Rates Public Info 'CCCpi' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that it had
assigned its 'CCCpi' public information rating to China's
Guangdong Development Bank Co. Ltd. (GDB).

The rating reflects the bank's poor asset quality, low
profitability, and inadequate capitalization, as well as a high
degree of information risk. GDB has high levels of no performing
loans (NPLs) and low levels of loan loss provisions.
Accordingly, it is in need of substantial fresh capital to
rebuild its fragile balance sheet.

Based in the city of Guangzhou in southern China, GDB was
established in 1988 and is one of the country's 11 joint stock
commercial banks (JSCBs). Of these, it is the fifth-largest in
terms of total assets, which stood at Chinese renminbi (RMB) 191
billion at the end of 2001.

The transparency of GDB's financial details is low. The bank
has, however, from time to time, disclosed selected figures. It
disclosed, for example, that its total assets had reached RMB234
billion in March 2003. Further details are, however, limited.

In 2001, GDB's loans (including discounted bills) grew by a
sharp 43.0% year on year, while its customer deposits rose by
36.5% in the same period. The increase in the bank's net
interest income that has resulted from this rapid loan growth
has helped to ease the burden of problem assets, but at the same
time has created a high level of latent risk, as the newly
extended loans have not yet been tested by difficult economic
conditions.

GDB's asset quality is poor. Although the bank's ratio of
nonperforming assets (NPAs), defined as reported NPLs and
repossessed assets, improved to 17.4% in 2001 from 25.2% in
2000, it was still one of the highest ratios reported in 2001 by
a JSCB. The significant fall in the ratio in 2001 was mainly a
result of rapid loan growth, as the absolute amount of
the bank's NPLs and repossessed collateral fell only by 1.4%
over the course of the year. Moreover, the bank's ratio of loan
loss reserves to NPAs was at a very low level of 10.5% in 2001
and, accordingly, the loan loss provisions were insufficient to
cover the possible losses. At the end of 2001, GDB's overdue
loans, net of provisions, were about 2.9 times the
bank's total shareholders' equity.

GDB's profitability is under significant pressure because of the
bank's efforts to set aside loan loss provisions and write off
its "historical burden," a Chinese euphemism commonly used to
refer to nonperforming loans and other nonperforming assets. The
bank's reported return on average assets dropped to 0.16% in
2001 from 0.18% in 2000 even though its net interest income
increased to RMB2.3 billion from RMB1.8 billion over the same
period, mainly because GDB used about RMB1.6 billion of its 2001
earnings to write off nonperforming assets.

GDB's capitalization is very weak. At the end of 2001, its
common shareholders' equity stood at about RMB5.3 billion
following a capital injection of RMB897 million in the course of
the year. The bank needs capital to support its rapid business
expansion and reduce the high level of its NPAs.


NAM FONG: Court Orders Winding Up Petition Dismissal
----------------------------------------------------
Reference is made to Nam Fong International Holdings Limited's
announcement of 8th October, 2003, 15th October, 2003, 29th
October, 2003 and 3rd November 2003 regarding a winding up
petition ("Petition") against the Company by a substituted
petitioner for a guaranteed sum of HK$66 million.

In the hearing on 24th November, 2003, the Petitioner agreed to
dismiss the Petition following the payment of HK$7.6 million
made on 20th November, 2003 by the Borrower. The above amount
was obtained by the Borrower from an independent third party not
connected with the directors, chief executives or substantial
shareholders of the Company or its subsidiaries or any of their
respective associates as an unsecured loan for a term of one
year commencing from 15th November, 2003. A dismissal order was
granted by the High Court on 24th November, 2003. The Company's
obligation as guarantor under the relevant guarantee for the
principal sum of HK$32 million and interest remain.

As regards the remaining outstanding sum, the Borrower, a
subsidiary, of which 86.36% owned by the Group, is in the
process of negotiating with the Petitioner regarding the
repayment schedule. Further announcement will be made by the
Company if the Borrower reaches an agreement with the Petitioner
relating to the repayment schedule or if the said negotiation is
unsuccessful. The board of directors of the Company considers
that it may have a negative effect on the operation and
financial position of the Group if the Borrower default payment
of the outstanding sum to the Petitioner.

Investors should exercise caution when dealing in the shares of
the Company. Suspension and resumption of trading in shares
Trading in the shares of the Company was suspended on the Stock
Exchange from 9:30 a.m. on 24th November, 2003 at the request of
the Company pending for the release of this announcement. The
Company has applied to the Stock Exchange for the resumption of
trading in the shares of the Company with effect from 9:30 a.m.
on 26th November, 2003.


PARIBAS NOMINEE: Issues Notice to Creditors to Prove Debts
----------------------------------------------------------
Julian Kai Wo CHOW and Natalia SENG, the Joint and Several
Liquidators of Paribas Nominee Limited (In Members' Voluntary
Liquidation) posted this notice:

NOTICE IS HEREBY GIVEN that the Creditors of the Company, whose
debts or claims have not already been admitted, are required on
or before the 27th day of November 2003 to prove by affidavit
their debts or claims by sending in their names, addresses and
descriptions and full particulars of their debts or claims in
accordance with Form 63A of the Companies (Winding-up) Rules,
and the names and addresses of their Solicitors (if any) to the
undersigned Liquidators of the said Company, and, if so required
by notice in writing from the said Liquidators, are personally
or by their Solicitors or duly authorized Representative, to
come and prove their said debts or claims and to establish any
title they may have to priority at such time and place as shall
be specified in such notice.  In default of complying with this
Notice, such creditors will be excluded from the benefit of any
distribution made before such debts or claims are proved and/or
from objecting to any distribution made before such priorities
are established.

Julian Kai Wo CHOW
Natalia SENG
Joint and Several Liquidator
28/F, Bank of East Asia Harbor
View Center, 56 Gloucester Road,
Wanchai, Hong Kong


POLYMEGA INT'L : Dec 17 Winding Up Hearing Scheduled
----------------------------------------------------
The High Court of Hong Kong will hear on December 17, 2003 at
9:30 in the morning the petition seeking the winding up of
Polymega International Limited.

Yuen Tsz Mei of Room 3105, Tung On House, Lei Tung Estate, Ap
Lei Chau, Hong Kong filed the petition on October 24, 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.


SHANGHAI PUDONG: S&P Assigns 'BBpi' Public Info Rating
------------------------------------------------------
Standard & Poor's Ratings Services said Tuesday that it had
assigned its 'BBpi' public information rating to China's
Shanghai Pudong Development Bank Co. Ltd. (SPDB). The rating
reflects the bank's moderate profitability. SPDB's asset quality
is better than that of its domestic peers, but is constrained by
rapid loan growth and a concentration of lending to its leading
customers. The bank's capitalization and, to a lesser extent,
its liquidity are under pressure as a result of continuing rapid
growth.

SPDB was founded in 1992 and is one of China's 11 joint stock
commercial banks (JSCBs). With assets of RMB280 billion at the
end of 2002, SPDB is China's fifth-largest JSCB in terms of
total assets. The bank is based in Shanghai and has business
outlets in most large cities in China.

SPDB experienced very rapid growth in 2002, partly because it is
based in Shanghai, the center of one of the fastest growing
regions of China. In that year, the bank's loans (including
discounted bills) grew at 80.3%, the highest loan growth rate
among the country's JSCBs. In the first half of 2003, customer
loans continued to grow rapidly, at 65.5% on an annualized
basis. Such rapid loan growth exposes the bank to high levels
of latent risk. Despite the bank's location in one of China's
major centers of growth, this risk remains material.

SPDB's asset quality appears to be manageable and better than
that of the other JSCBs. The bank's ratio of reported
nonperforming assets (including nonperforming loans, as defined
by China's new five-category loan classification system, and
repossessed assets) was about 3.2% at the end of June 2003, down
from 4.5% in 2002 and 8.7% in 2001. The substantial fall was
largely due to the sharp loan growth recorded during the 18-
month period ended June 2003. SPDB also reduced the absolute
amount of its nonperforming loans by about 13% during the same
period. At the end of June 2003, the bank had reported
repossessed collateral worth RMB98 million, which is not a
significant amount.

During 2002, SPDB's lending to its 10 leading customers
temporarily exceeded a central bank guideline of 50% for this
form of lending against net capital. By the end of the year,
however, the bank had managed to reduce the level to 43.3%,
mainly through the high-speed growth of its overall lending. The
absolute amount of loans to the 10 leading customers has,
however, increased.

SPDB's profitability is moderate and compares favorably with
that of other JSCBs in terms of its return on adjusted assets.
It was affected, however, by an increase in loan loss provision
expenses in 2002, when the bank's ratio of return on adjusted
assets decreased to 0.55% from 0.67% a year earlier. Conversely,
the bank's net interest income increased by 52.0% in 2002 as a
result of its rapid loan growth.

SPDB's liquidity is slightly under pressure as a result of the
recent rapid growth of its loans (including discounted bills).
Because the bank's customer deposits, which accounted for 92.3%
of its funding base in 2002, grew at a slower pace than its
loans, its ratio of loans to customer deposits rose
significantly over the course of the year, to 72.4% compared
with 66.0% in 2001. Despite the sharp rise, however, the ratio
was close to the JSCB average.

SPDB's capitalization is not sufficient to sustain its current
growth rate. The bank's ratio of adjusted common equity to
adjusted assets decreased to 3.0% in 2002 from 4.3% in 2001. In
January 2003, SPDB issued 300 million new domestically traded A-
shares to support its business growth. The bank's ratio of
adjusted common equity to adjusted assets had improved to 3.2%
as at June 2003, though it still had room for further
improvement.

After the issue of new shares, the five leading shareholders in
the bank held an estimated combined stake of 25%. Most of them
are state-owned enterprises based in Shanghai. In September
2003, SPDB formally obtained approval to transfer 4.62% of its
shares to Citigroup Inc. (AA-/Stable/A-1+), which became the
fourth largest shareholder in the bank.


SINCERE COMPANY: Operations Loss Swells to 91.011M
--------------------------------------------------
The Sincere Company Limited released it financial statement
summary for the year ending February 29, 2004.

Year end date: 29/2/2004
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                                 (Unaudited)
                              (Unaudited)        Last
                              Current            Corresponding
                              Period             Period
                              from 1/3/2003      from 1/3/2002
                              to 31/8/2003       to 31/8/2002
                              Note  ('000)       ('000)
Turnover                           : 193,521            142,630
Profit/(Loss) from Operations      : (91,011)           (75,188)
Finance cost                       : (3,676)            (5,394)
Share of Profit/(Loss) of
  Associates                       : (9,453)            7,894
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (100,994)          (76,448)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.1759)           (0.1331)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (100,994)          (76,448)
Interim Dividend                   : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Interim Dividend                 : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A


SIGHT STRONG: Faces Winding Up Petition
----------------------------------------
The petition to wind up Sight Strong Development Limited is set
for hearing before the High Court of Hong Kong on December 24,
2003 at 9:30 in the morning.

The petition was filed with the court on November 4, 2003 by
Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.


QUICK ON: Winding Up Petition Set for Hearing
----------------------------------------
The petition to wind up Quick On Investments Limited is
scheduled for hearing before the High Court of Hong Kong on
December 24, 2003 at 9:30 in the morning.

The petition was filed with the court on November 4, 2003 by
Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.


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


DIGICUBE: TV Game Software Manufacturer Enters Bankruptcy
---------------------------------------------------------
Digicube Company Limited has been declared bankrupt, according
to Tokyo Shoko Research Limited. The game software firm located
at Shinagawa-ku, Tokyo, Japan has 4 billion yen in capital
against total liabilities of 9.5 billion yen.

The Company sells TV game software and game hardware to
convenience stores. It also sells general music software, video
software, computer software and magazines. Square Co., Ltd. is a
major shareholder of the Company with 53 percent of issued
stock. Game software accounted for 68 percent of fiscal 1999
revenues; music software, 14 percent; video software, 8 percent;
related books, 6 percent and others 4 percent.


FUJITSU LIMITED: Launches IT Business Operations in China
---------------------------------------------------------
Fujitsu Limited announced Wednesday that it has established a
new Company on November 12, Fujitsu (China) Holdings Co., Ltd.,
to integrate and drive its IT business operations in China. The
move represents another important step in Fujitsu's global
business expansion and solidifies the Company's presence in one
of the world's most important and dynamic markets. It will also
enable Fujitsu to offer one-stop solutions and enhanced local
support to Japanese companies entering China's market.

Since its accession to the WTO, China has been liberalizing
regulatory restrictions on the business activities of foreign
companies in China. These moves have sparked a surge of large
foreign investment in China, as foreign companies have
established major manufacturing operations in China to serve
global markets as well as China's rapidly expanding domestic
market. In addition, major domestic companies in China are now
aggressively investing in IT in order to boost their export
competitiveness.

In response to these market opportunities, Fujitsu has
reorganized it's five IT related group companies in China, and
established the new Company, Fujitsu (China) Holdings, to
integrate and drive its business in mainland China and Hong
Kong. The new Company manages three software development
companies and a business Company in Hong Kong, bringing together
a total of a thousand employees to meet the needs of Fujitsu's
customers in China.

As a wholly-owned subsidiary that integrates Fujitsu's IT
business operations in China, the new Company brings together
sales and systems engineers to provide better support and
solutions to customers. The Company will also develop new
business and support its sales group for the Chinese IT
business. For the time being, its focus will be on serving
Fujitsu's Japanese customers that are expanding their business
in China, but the Company will expand in the future to provide
solutions to local businesses.

Bernard Kwok, a veteran of the IT industry in China, will be the
President of the new Company, leading Fujitsu's mission of
aggressive business expansion in China.

As market opportunities in the greater China region expand and
regulations are further liberalized, Fujitsu is considering
expanding the scope of the Company to encompass not only Hong
Kong but also Taiwan and Korea, with the further possibility of
integrating Fujitsu's electronic devices operations and research
functions within the Company, creating a fully integrated
Company in one of the world's most dynamic regions.

[Overview of the New Company]

1. Company Name: Fujitsu (China) Holdings Co., Ltd.

2. Address: 18F, Citic Square, 1168 West Nanjing Road, Shanghai
200041, China

3. President: Bernard Kwok

4. Capital: US$6 million (100 percent Fujitsu held)

5. Areas of business: Information technology and international
procurement

6. Employees: 150

7. Offices: Beijing, Shanghai, Guangzhou

* The new Company succeeds Fujitsu (Shanghai) Co., Ltd.

[Profile of Bernard Kwok]

Mr. Kwok has twenty-four years of experience in the IT,
networking, and communications industries. Most recently, he was
President of EMC for the China/Hong Kong region. He also has
prior management experience at 3Com, Magnetek, and Nortel
Networks as Asia Pacific regional manager. He has an
undergraduate degree in electrical engineering and an MBA from
the University of Nevada.

[Companies under Fujitsu (China) Holdings Co., Ltd.]

1. Beijing Fujitsu System Engineering Co., Ltd.

President: Hironobu Matsushita

Areas of business: Software Development

Capital: JPN 100 million

Employees: 210

Revenues: CNY 37 million

2. Nanjing Fujitsu Nanda Software Technology Co., Ltd.

President: Takeda Tsuginori

Areas of business: Software Development

Capital: USD 1.12 million

Employees: 134

Revenues: CNY 23 million

3. Fujitsu (Xi'an) System Engineering Co., Ltd.

President: Osamu Mamada

Areas of business: Software Development

Capital: USD 580,000

Employees: 56

Revenues: CNY 3.2 million

4. Fujitsu Hong Kong Ltd.

President: Bernard Kwok

Areas of business: IT Business and International Procurement in
Hong Kong

Capital: HKD 5 million

Employees: 270

Revenues: HKD 800 million

*All Company names mentioned may be trademarks or registered
trademarks of their respective holders and are used for
identification purpose only.

About Fujitsu Limited

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, high-reliability/performance computing and
telecommunications platforms, and a worldwide corps of systems
and services experts make Fujitsu uniquely positioned to unleash
the infinite possibilities of the broadband Internet to help its
customers succeed. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.6 trillion yen
(about US $38 billion) for the fiscal year ended March 31, 2003.
For further information, please visit the Fujitsu Limited home
page at: www.fujitsu.com/

Computer maker Fujitsu Limited posted a net loss of 58.56
billion yen in the first half of this year, versus a loss of
147.44 billion yen in the same period a year earlier, TCR-AP
reported recently. The Company cited the absence of major
restructuring charge booked a year ago.

Contact:
Fujitsu Limited, Public & Investor Relations
http://pr.fujitsu.com/en/news/fjcontacts.html


KOJIMACHI TOCHI: Real Estate Firm Enters Bankruptcy
---------------------------------------------------
Kojimachi Tochi Tatemono K.K. has been declared bankrupt,
according to Tokyo Shoko Research Limited. The real estate firm
located at Minato-ku, Tokyo, Japan has 2.5 billion yen in
capital against total liabilities of 237 billion yen.


MAKINO MILLING: JCR Assigns BBB- Rating
---------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB- rating to
the bonds of Makino Milling Machine Co. Limited.

Issue / Amount (bn) / Issue Date / Due Date / Coupon

Euro yen convertible bonds
Y10 / Dec. 15, 2003 / Dec. 15, 2008 / 0.00 percent

Covenants: Negative Pledge & Additional Payments for tax
withheld

Commissioned Company: No

RATIONALE:

Makino Milling Machine is a specialized manufacturer of machine
tools. The orders have been on the rise since the last half of
the previous fiscal year, supported by an increase in orders
towards automakers and an increase in exports to China. Makino
Milling Machine turned into the black for the first time in
three years for the first half of fiscal year ended September
30, 2003 with the contribution of the subsidiary, Makino J,
rising.

It is highly probable that Makino Milling Machine will increase
the revenue and turn into the black for the first time in three
years for the full fiscal 2003, offsetting the downward pressure
on earnings due to the appreciated yen with recovery of domestic
demand and brisk sales to Asia. The proceeds from the sales will
be used for repayment of the borrowings. The issue will not have
any significant impact on the financial structure of it,
accordingly.


MATSUSHITA ELECTRIC: Abolishes Seniority-based Pay System
---------------------------------------------------------
Matsushita Electric Industrial Co. will end its seniority-based
pay for domestic employees in April to slash personnel costs
amid intensifying competition in the electronics industry, Kyodo
News reports. The latest move will affect 64,000 employees.

Matsushita's current pay structure breaks salaries down into
three components -- a base component that rises automatically
with seniority until age 45, a rank-related component that is
linked to employee grade, and a merit component that is tied to
job performance. Under the current formula, the base and rank-
related components each account for 30 percent of salary, while
the merit component accounts for 40 percent. The new formula
will eliminate the base component and raise merit to 70 percent
of the entire salary.


NISSAN DIESEL: Enters Alliance With Chinese Firm
------------------------------------------------
China's Dongfeng Motor Co. is in talks with Nissan Diesel Motor
Co. to develop cabs for midsize and large trucks with load
capacities of 5-10 tons, Asia Pulse reports. The Chinese
automaker is also cooperating with a subsidiary of Sweden's AB
Volvo to develop truck diesel engines. The collaborations form
part of the Company's plan to broaden its range of vehicle
models.


NISSHO-IWAI: Withdraws Overseas Wind Power Generation Business
--------------------------------------------------------------
Nichimen Corporation, a wholly owned subsidiary of Nissho Iwai-
Nichimen Holdings Corporation, agreed to transfer its wind power
generation project in Canada to the lenders of this project, and
concluded a transfer agreement with them.

Because Nichimen already sold its wind power generation project
in England, the transfer of the Canadian project will result in
complete withdrawal from Nichimen's overseas wind power
generation businesses. Therefore, Nichimen decided to dissolve
four overseas subsidiaries in this business area.

1. Reason for withdrawal from overseas wind power generation
business

Aiming at quick realization of business integration effects,
Nichimen and Nissho Iwai Corporation, which are two major
subsidiaries of NNH, accelerate Selection and Focus in their
businesses, and implement business restructuring. As part of the
effort, Nichimen decided to withdraw completely from the loss-
making overseas wind power generation businesses.

2. Outline of the business withdrawal

(1) PROJECT TRANSFER (PROJECT IN CANADA)

Transferee: Lenders of nominee for this project

Additional contributions: US$ 4,763 thousand

Date of the transfer: November 12, 2003 (coming into effect of
the transfer agreement)

(2) DISSOLUTION OF SUBSIDIARIES

Ecowind 2002 Ltd. (subsidiary related to project in England)

Address: 3 Shortlands, W6 8DA, London

Representative: Hiroyuki Osone

Paid-in capital: STG 7,932 thousand

Shareholder: Ecowind Ltd. 100 percent

Schedule for dissolution: The dissolution will be completed by
March 2004.

M&N Wind Power Inc. Canada (subsidiary related to project in
Canada)

Address: c/o Martineau Walker, 800 Place Victoria, Ssuite 3400,
Montreal, Quebec H3H 1E7

Representatives: Niels Rydder, Kazuhiro Yasuda

Paid-in capital: C$ 1,000

Shareholder: M&N Wind Power BV 79.8 percent

Schedule for dissolution: The dissolution procedure will be
started in November 2003.

M&N Wind Power BV (subsidiary related to project in Canada)
Address: Westlijke Randweg 37, Triport 3 6th Floor, 118CR
Lufthaven Schiphol, Netherlands

Representative: Niels Rydder

Paid-in capital: DGL 26,000

Shareholder: Ecowind Ltd. 65 percent, Global Renewable Energy
Partners 35 percent

Schedule for dissolution: After completing the joint venture
dissolution procedure, the Company will be dissolved.

Ecowind Ltd. (main operation subsidiary of overseas wind power
generation business)

Address: 3 Shortlands, W6 8DA, London

Representative: Hiroyuki Osone

Paid-in capital: STG 630,000

Shareholder: Nichimen Corporation 62 percent, Nichimen Europe
PLC 38 percent
Schedule for dissolution: After the dissolution of M&N Wind
Power BV, the Company will be dissolved.

3. Business to be withdrawn

(1) Business activities

Investments, operation and management concerning overseas wind
power generation business

(2) Business results for FY2002 (ended March 2003) of the
overseas wind power generation business

         Overseas wind power
    generation business (a)    Nichimen (consolidated) (b) Ratio
    (Ecowind Ltd. (consolidated)                     (a) / (b)

Net sales    Y293 million      Y1,888,126 million      0.02%

Gross trading
profit       Y289 million      Y111,422 million        0.26%

Operating
income      (Y526 million)     Y21,567 million           -

Recurring
profit      (Y340 million)     Y 13,214 million           -

4. Forecast

The expected loss caused by the withdrawal from overseas wind
power generation business will be approximately 2.2 billion,
however, Nichimen already recorded provisions for the loss in
the interim period ended September 30, 2003. The impact incurred
by this business withdrawal have already been included in the
NNH's earnings forecast for the fiscal year ending March 31,
2004 announced on November 13.


SUMITOMO MITSUI: Shares Fall 10% on Loss Concerns
-------------------------------------------------
Sumitomo Mitsui Construction Co. shares fell as much as 10
percent on Thursday after a news reports that the Company may
post a net loss of 43 billion yen (US$394 million) for the first
half ending September 30, Bloomberg reports.

The loss, which came after the elimination of bad assets, will
leave the construction Company with a negative net worth, as
liabilities will exceed assets by about 33 billion yen.

The Company is seeking about 50 billion yen in capital from
Sumitomo Mitsui Banking Corporation and other creditors through
the sale of preferred stock before its fiscal year ends in
March.


TOSHIBA CORPORATION: Builds New Memory Chip Line at Oita Site
-------------------------------------------------------------
Toshiba Corporation will spend 12 billion yen (US$109.4 million)
to add a new production line to its memory chip fabrication site
in Oita Prefecture, according to Asia Pulse. The line will
primarily manufacture NAND-type large-capacity flash memory
chips, which are used in devices such as digital cameras. The
move will raise Toshiba's semiconductor investment this year to
130 billion yen, 10 percent more than initially planned.

Toshiba Corporation will halt the manufacturing of cathode ray
tubes (CRTs) for use in television sets at its plant in Hyogo
Prefecture by September 30, 2004, thus ending the firm's CRT
output operations in Japan, TCR-AP reported recently. The
burgeoning popularity of liquid crystal display and plasma
display TVs has forced cutbacks in the prices and sales
quantities of CRT monitors. However, Toshiba will continue to
manufacture CRT monitors at the overseas factory of Toshiba
Matsushita Display Technology Co., its Osaka-based joint venture
with Matsushita Electric Industrial Co., it added.


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


HYNIX SEMICONDUCTOR: Set to Sign Takeover Deal With Citibank
------------------------------------------------------------
Hynix Semiconductor is prepared to sign a preliminary deal to
sell non-core assets worth US$600 million to venture-capital
unit of Citigroup of the United States by the end of this year,
according to Reuters. The cash-strapped chipmaker needs asset
sales to finance technology upgrades to remain competitive, as
it has lagged its rivals in investment terms since 2001.


LG CARD: Hana Bank Denies Takeover Plan Report
----------------------------------------------
Hana Bank denied reports that it is interested in taking over
cash-strapped LG Card Co., Reuters reported on Thursday.
Officials at LG Card and its parent LG Group were not
immediately available for comment.

Debt-laden LG Card will intensify its search for a strategic
investor after narrowly averting a liquidity crunch that
threatened to spread throughout the country's financial system.
LG plans to lay off a quarter of its workers and shut more than
half its branches as it scrambles to cut costs after emergency
loans saved it from default.


SK CORPORATION: Borrows US$150M From BNP Paribas
------------------------------------------------
SK Corporation has secured US$150 million in loans from BNP
Paribas to settle payments for its imported oil, Asia Pulse said
on Wednesday. The loan will mature in one year with its interest
set at 1.25 percentage points above the Singaporean Interbank
Offered Rate (SIBOR).

The borrowing indicates SK Corporation has recovered its
external credibility, which had suffered a blow from a financial
scandal involving its trading affiliate SK Networks (formerly SK
Global) in March. SK Corporation is the virtual holding Company
of SK Group, South Korea's third largest conglomerate.


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


CYGAL BERHAD: Seeks Proposals Implementation Time Extension
-----------------------------------------------------------
On 16 December 2002, Commerce International Merchant Bankers
Berhad (CIMB) announced, on behalf of Cygal Berhad, the
conditional approval by the Securities Commission (SC) on 11
December 2002 for, amongst others, the Proposals, entailing:

    Proposed Share Exchange;
    Proposed Debt Restructuring Comprising:

     (i)   Proposed Financial Institutions Scheme;
     (iii) Proposed Non Financial Institutions Scheme; And
     (iii) Proposed Part Settlement of amount Owing to an
           Offshore Financial Institution;

    Proposed Additional Issue to Commerce International
     Merchant Bankers Berhad;
    Proposed Rights Issue of Shares Together with Warrants;
    Proposed Acquisition of Property Development Companies; and
    Proposed Delisting of Cygal and the Listing of a New
     Investment Holding Company, Active Accord Sdn Bhd

In accordance with the Policies and Guidelines on Issue/Offer of
Securities issued by the SC and in view of the inter-
conditionality of the Proposals, the last date for the
implementation of the Proposals is 12 months from the date of
approval of the SC, i.e. 11 December 2003.

As the Proposals have yet to be implemented pending the
approvals of the shareholders of Cygal, the High Court of Malaya
and other relevant authorities as well as the fulfillment of
certain conditions imposed by the SC, CIMB, on behalf of Cygal,
has on 24 November 2003 submitted an application to the SC for
an extension of time of up to 31 December 2004 to implement the
Proposals. An announcement on the outcome of the aforesaid
application will be made upon receipt of the same.


GULA PERAK: Narrows Q303 Loss to RM61.606M
------------------------------------------
Gula Perak Berhad disclosed its quarterly report for the
financial period ended 30 September 2003. Below is an excerpt
from the said report:

The Group's loss before tax for the period ended 30/09/2003 was
RM61.606 million as compared with loss before tax of RM82.656
million  same period previous year. The results of the Group for
the year under review was largely attributable to restructuring
cost incurred in debt restructuring to restructure its 1995/2000
Bonds, Term Loans and Revolving Credit.

To see complete copy of the quarterly report, click
http://bankrupt.com/misc/Gula1128.xlsand
http://bankrupt.com/misc/Gula1128.doc.


HO HUP: Cuts Q203 Pre-tax Loss to RM.1M
---------------------------------------
Ho Hup Construction Company Bhd posted this quarterly report for
the financial period ended 30 September 2003. Below is its
Review of Operations:

The Group recorded a pre-tax loss of RM0.1 million for the
Current Quarter as compared to a pre-tax loss of RM0.67 million
registered in the immediate preceding quarter.

For the Current Quarter, the construction division achieved
revenue of RM24.5 million and incurred pre-tax loss of RM2.3
million as compared to RM13.9 million and RM8.4 million,
respectively, for the previous year corresponding quarter.
For the nine months ended 30 September 2003, the construction
division achieved revenue of RM74.8 million and incurred pre-tax
loss of RM11.1 million as compared to RM62.5 million and RM19.1
million, respectively, for the previous year corresponding
period.

The property development division continued to record positive
results, registering RM1.2 million pre-tax profit on the back of
RM16.4 million revenue for the Current Quarter as compared to
RM0.8 million and RM10.3 million, respectively, for the previous
year corresponding quarter.

For the nine months ended 30 September 2003, the property
development division achieved revenue of RM56.3 million and pre-
tax profit of RM6.8 million as compared to RM35.7 million and
RM2.0 million, respectively, for the previous year corresponding
period.

Click http://bankrupt.com/misc/Ho1128.xlsand
http://bankrupt.com/misc/1128.docfor complete copy of the
quarterly financial report.


LION CORPORATION: Posts Entitlements Book Closure Notice
--------------------------------------------------------
Lion Corporation Berhad posted this notice:

Date Announced   : 22/11/2003
EX-date          : 10/12/2003
Entitlement date : 12/12/2003
Entitlement time : 05:00:00 PM
Entitlement subject :Offer for Sale
Entitlement description: Renounceable restricted offer for sale
of 209,731,181 ordinary shares of RM1.00 each in LCB (ROFS
Shares) on the basis of 9 ROFS Shares for every 10 existing LCB
shares held.
Period of interest payment : to
For year ending/Period ending/ended  :  Share transfer book &
register of members will be closed from (both dates inclusive)
for the purpose of determining the entitlements  : to
Registrar's name ,address, telephone no:
        SECRETARIAL COMMUNICATIONS SDN BHD, Level 46,
        Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur.
        Tel Nos. 03-21622155; 03-21633166
Payment date  :  a) Securities transferred into the Depositor's
Securities Account before 4:00 pm in respect of transfers
:12/12/2003
       b) Securities deposited into the Depositor's Securities
Account before 12:30 pm in respect of securities exempted from
mandatory deposit :10/12/2003
       c) Securities bought on KLSE on a cum entitlement basis
according to the Rules of the KLSE.

Number of new shares/securities issued (units) (If applicable) :
Entitlement indicator :Ratio
Ratio  :9 : 10
Rights Issues/Offer Price  :1

COMPANY PROFILE

The Company was originally established in Singapore in 1939
under the name of Lion Teck Chiang Foundry Company to carry on
the business of an iron foundry. As the Company expanded its
activities to cover the manufacture of rubber compound for tire
rethreading, furniture products as well as steel slotted angles,
panels and shelves, the operation was expanded overseas. In
1972, Lion (Teck Chiang) Sdn Bhd was incorporated in Malaysia to
restructure all these operations. Since then, the Company has
ventured into other areas including agriculture, horticulture,
motor vehicle assembly, security equipment production and office
furniture manufacturing. In 1986, it acquired the business
licensed to produce hot rolled coils, which is one of the key
raw materials used in higher value added manufacturing,
engineering, industrial and construction-related applications.
The RM2.5b plant is currently the only producer of such products
in the country with annual rated capacity of 2m m/t.

The Company is presently undertaking a Group-wide restructuring
scheme aimed at consolidating, stabilizing and rationalizing the
cash flow and funding of the Group and optimizing utilization of
the Group's businesses. The Company and its subsidiary, Lion
Construction & Engineering Sdn Bhd, have obtained a Court Order
to convene scheme meetings with their respective financial
institution scheme creditors on or before 1.10.2002.

The Company has been granted an extension of time to 11.6.2002
to obtain all necessary approvals from the regulatory
authorities for the proposed GWRS.

CONTACT INFORMATION: Level 46, Menara Citibank
        165, Jalan Ampang
        50450 Kuala Lumpur
        Tel : 03-21622155
        Fax : 03-21623448


MALAYSIA & NIPPON: S&P Lowers Credit Rating to 'BBpi'
-----------------------------------------------------
Standard & Poor's Ratings Services on Wednesday lowered its
public information (pi) insurer financial strength and local
currency counterparty credit ratings on Malaysia & Nippon
Insurans Berhad (Malaysia & Nippon) to 'BBpi' from 'BBBpi' to
reflect its weakened business position after the loss of its
niche Japanese clientele, and the corresponding sharp decline in
the company's gross premium income.

These factors, however, are partially counterbalanced by the
company's strong capitalization, satisfactory reserving
position, and conservative investment profile. The rating also
acknowledges the uncertainty about the insurer's future
ownership; Malaysia & Nippon's owner, Koperasi Angkatan Tentera
Malaysia (KATM; the Malaysian Armed Forces Cooperative), is
negotiating with another insurance group, PacificMas Berhad
(PacificMas; in which KATM owns 16%), to merge Malaysia & Nippon
with its insurance arm, The Pacific Insurance Berhad.

Malaysia & Nippon's business position weakened in fiscal year
2002, largely as a result of its shareholder, Nipponkoa
Insurance Co. Ltd. (A+/Negative/--), selling its 30% share
holding to KATM, which led to the loss of the company's Japanese
clientele business.

"This affected Malaysia & Nippon's financial profile, which
resulted in a sharp decline of 48% in its gross premium income,"
said Standard & Poor's credit analyst Adrian Chee of the
Financial Services Ratings Group. With the lower premium income
base, the company's expense ratio increased sharply to 49.2% in
2002, from 37.1% in the previous year; it was also weaker than
the industry average.

The company's overall operating performance has remained
adequate, being largely supported by its net investment income.
Malaysia & Nippon's solvency position, as denoted by its
shareholders' funds to net premiums written, is strong, and
provides the company with a larger capital cushion to support
growth in its underwriting activities.


PARK MAY: Incurs RM7.7M Q303 Loss
---------------------------------
Park May Berhad released its quarterly report for the financial
period ended 30 September 2003. Below is the Review of
performance for current quarter and financial year to date:

The Group has changed its financial year-end from 30 June to 31
December in 2002. The loss before income tax for the current
quarter and financial period are RM7.7 million and RM24.2
million respectively.  They were primarily due to lower fare
collection recorded for both stage and express divisions.  The
outbreak of Severe Acute Respiratory Syndrome (SARS) had greatly
affected ridership, especially the Group's lucrative routes to
and from Singapore.

Full copy of Quarterly Report can be seen at
http://bankrupt.com/misc/Park1128.doc.


RNC CORPORATION: Books Q303 Net Loss of RM4.36M
-----------------------------------------------
RNC Corporation Berhad disclosed its quarterly report for the
financial period ended 30 September 2003:

The Company, RNC ceased production in February 2003.
Consequently, the subsidiary, Arensi Plastics Sdn. Bhd. (APSB)
has ceased its trading upon the cessation of production by RNC.
Hence, there is no performance review for RNC and APSB for this
reported quarter.

The Group reported a loss before taxation of RM1.72 and RM4.36
million respectively for the current quarter and for the year-
to-date. This was mainly due to the accrual of interest charges
of RM1.56 and RM3.88 million which is non-operational expense as
the borrowings have been frozen since the appointment of the
Special Administrators.

The principal subsidiary, Syarikat Nam Ah Sdn. Bhd., which is
involved in the manufacturing and trading of uPVC compounds and
pipes, recorded a loss before taxation of RM0.98 million and
RM1.12 respectively for current quarter and year-to-date. The
interest charged for the year-to-date on the borrowings by the
subsidiary company was RM1.43 million.

To see full quarterly report, go to
http://bankrupt.com/misc/RNC1128.docand
http://bankrupt.com/misc/RNC1128.xls.


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


MANILA ELECTRIC: 2004 Capex Budget Under Review
-----------------------------------------------
Manila Electric Co. is reviewing its 2004 capital expenditure
(capex) budget after the Energy Regulatory Commission (ERC)
ordered it to pay its customers in cash under the third phase of
its refund program, AFX Asia reports. Meralco has reportedly
budgeted 5.0-6.5 billion pesos for next year capex.

The ERC also wants Meralco to complete the third phase of the
refund, estimated to cost 4.5-5.0 billion pesos, in six months
from January 2004. Meanwhile, the power retailer will soon ask
its creditors for more time to pay some 4.7 billion pesos in
loans falling due in January, citing Meralco President Jesus
Francisco.


MANILA ELECTRIC: Seeks Permission for Third Customer Refund
-----------------------------------------------------------
Manila Electric Co. (Meralco) has asked the Energy Regulatory
Commission (ERC) to start the third phase of refund to customers
in March 2004, instead of January 2004, ABS-CBN said on
Thursday, citing Meralco VP for Corporate Affairs Elpi Cuna.

The third phase covers about 823,000 residential customers with
power consumption from 301-kilowatt hours up to 1,000-kilowatt
hours. The third phase will cost Meralco a total of P4.91
billion. Cuna said the third phase also includes those customers
who have terminated their accounts with Meralco. The second
phase of the refund would end in December 31.

The refund of overcharges dating back to 1994 is estimated to
cost Meralco more than 30 billion pesos.


NATIONAL BANK: Delays US$100M Bond Sale
---------------------------------------
The Philippine National Bank (PNB) will delay a US$100 million
bond sale until January, the third Company to put a debt
offering on hold in the past month, the Manila Bulletin reported
on Thursday.

PNB has the highest ratio of bad loans among commercial lenders.
Non-performing loans stood at 48.06 billion pesos as of
September 18, accounting for half of its total loan portfolio.
Moody's placed the bank's Ba1 senior debt rating on review for
possible downgrade.


* Moody's Places Seven Banks On Review For Possible Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review the foreign
currency long-term deposit ratings of the following seven
Philippine banks for possible downgrade: Banco de Oro Universal
Bank, Bank of the Philippine Islands, Development Bank of the
Philippines, Equitable-PCI Bank, Land Bank of the Philippines,
Metropolitan Bank & Trust Co., and Philippine National Bank. The
Not-Prime short-term deposit and the bank financial strength
ratings of all seven banks are unaffected.

Moody's also placed on review for possible downgrade the long-
term local currency deposit ratings of Development Bank of the
Philippines, and Philippine National Bank.

All the ratings of Allied Banking Corp., Rizal Commercial
Banking Corp. and United Coconut Planters Bank are unaffected.

These actions follow Moody's review of the Philippines' long-
term foreign and local currency country ratings -- the Ba1
foreign currency long-term debt, Ba2 foreign currency bank
deposits and Baa3 local currency bond -- because of heightened
political uncertainties, which have begun to have adverse
consequences for the government's financial position and the
overall economy. See press release of November 26, 2003 for
greater discussion on sovereign issues.

The following ratings were placed on review for possible
downgrade:

Banco de Oro Universal Bank -- senior debt rating of Ba2, and
long-term deposit rating of Ba2

Bank of the Philippine Islands -- long-term deposit rating of
Ba2

Development Bank of the Philippines -- long-term deposit rating
of Ba2, local currency long-term deposit rating of Baa3, and
local currency short-term deposit rating of Prime-3

Equitable-PCI Bank -- subordinated debt rating of Ba1, and long-
term deposit rating of Ba2

Land Bank of the Philippines -- long-term deposit rating of Ba2

Metropolitan Bank & Trust Co. -- subordinated debt rating of
Ba1, and long-term deposit rating of Ba2

Philippine National Bank -- senior debt rating of Ba1, long-term
deposit rating of Ba2, local currency long-term deposit rating
of Baa3, and local currency short-term deposit rating of Prime-3


The following ratings were not affected:

Allied Banking Corp. -- long-term/short-term deposit ratings of
Ba3/Not-Prime and bank financial strength rating of E+

Banco de Oro Universal Bank -- short-term deposit rating of Not-
Prime and bank financial strength rating of D

Bank of the Philippine Islands -- short-term deposit rating of
Not-Prime and bank financial strength rating of C-

Development Bank of the Philippines -- short-term deposit rating
of Not-Prime and bank financial strength rating of D

Equitable-PCI Bank -- short-term deposit rating of Not-Prime and
bank financial strength rating of D-

Land Bank of the Philippines -- short-term deposit rating of
Not-Prime and bank financial strength rating of E+

Metropolitan Bank & Trust Co. -- short-term deposit rating of
Not-Prime and bank financial strength rating of D

Philippine National Bank -- short-term deposit rating of Not-
Prime and bank financial strength rating of E

Rizal Commercial Banking Corp. -- long-term/short-term deposit
ratings of Ba3/Not-Prime and bank financial strength rating of
E+

United Coconut Planters Bank -- long-term/short-term deposit
ratings of B1/Not-Prime and bank financial strength rating of E


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


CAPITALAND LIMITED: Post Changes in Shareholder's Interest
----------------------------------------------------------
Capitaland Limited posted a notice of changes in shareholder
Andrew Robert Foewl Buxton's interest:

Date of notice to Company: 26 Nov 2003

Date of change of interest: 24 Nov 2003

Name of registered holder: Andrew Robert Fowell Buxton

Circumstance(s) giving rise to the interest: Open market
purchase

Information relating to shares held in the name of the
registered holder: -
No. of shares which are the subject of the transaction: 50,000
% of issued share capital: 0.002
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$1.53
No. of shares held before the transaction: 0
% of issued share capital: 0
No. of shares held after the transaction: 50,000
% of issued share capital: 0.002

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed  Direct
No. of shares held before the transaction: 0       0
% of issued share capital:                 0       0
No. of shares held after the transaction:  0       50,000
% of issued share capital:                 0       0.002
Total shares:                              0       50,000


FLEXTRONICS LIMITED: Settles Beckman Coulter Lawsuit for US$23M
---------------------------------------------------------------
Beckman Coulter, Inc. has reached a settlement agreement with
Flextronics International Ltd. (Nasdaq: FLEX) in the amount of
US$23 million. This taxable settlement, which will be recorded
by Beckman Coulter in the fourth quarter of 2003, resolves
Beckman Coulter's claim for compensatory and punitive damages
and includes reimbursement for legal and other related expenses.
Other details of the settlement were not disclosed.

This settlement is the result of a lawsuit filed by Beckman
Coulter, Inc. against Flextronics International Ltd. and its
U.S. subsidiary Flextronics USA, Inc. The case was filed during
the second quarter of 2001 seeking damages for breach of
contract and other claims.

Due to the uncertainty of the final outcome, the extensive
additional judicial review required to continue litigation, and
Flextronics' willingness to enter into serious negotiations,
Beckman Coulter determined that it was in the best interest of
its shareholders to bring the matter with Flextronics to a
close.

Beckman Coulter, Inc. is a global biomedical company,
headquartered in Fullerton, California. The company develops and
markets instruments, chemistries, software and supplies that
simplify and automate laboratory processes throughout the
biomedical-testing continuum. Through pioneering medical
research and drug discovery, specialty testing, and patient care
diagnostics, Beckman Coulter supports all phases of the battle
against disease. Annual sales for the company totaled $2.06
billion in 2002, with 62% of this amount generated by recurring
revenue from supplies, test kits and services. For more
information, visit www.beckmancoulter.com .

For further information, please contact: Anne M. Warde,
Corporate Comm., +1-714-773-7655, or Jeanie Herbert, Investor
Relations, +1-714-773-7620, both of Beckman Coulter, Inc.

CONTACT:

Anne M. Warde, Corporate Comm., +1-714-773-7655, or Jeanie
Herbert, Investor Relations, +1-714-773-7620, both of


NEPTUNE ORIENT: New Jersey Building Sale Nets US$5.3M
-----------------------------------------------------
Global transportation and logistics Company Neptune Orient Lines
(NOL) announced Wednesday the sale of a landmark office building
in Jersey City, NJ, USA, for US$24 million.

The sale of the 11-storey 11,500 sq m (123,792 sq ft) building
at No.15 Exchange Place to Hartz Mountain Industries Inc. is
part of the NOL Group's continued strategic divestment of non-
core assets and businesses.

NOL Group CFO, Lim How Teck, said the strength of the market
exceeded the Company's expectations.

The sale of the wholly-owned historic office building, situated
on the Hudson Waterfront, which dates back to the early 1900s,
will realize a profit of US$500,000 in addition to a write-back
on provision of US$4.8 million. In total the sale will result in
a positive bottom line impact of US$5.3 million for the NOL
Group in FY2003, Mr Lim said.

He said the proceeds would be applied to reduce debt, in line
with the Company's stated objectives to strengthen its balance
sheet and unlock value for shareholders.

The building, which was valued at US$20.2 million in March this
year, formerly housed some of the business operations of NOL
subsidiary American Eagle Tankers (AET), which was sold in July.
The building was surplus to NOL's requirements, Mr Lim said.

Leading U.S. real estate firm, CB Richard Ellis, conducted the
sale.

Media Enquiries:
David Glendining
+65 6371.5311 or +65. 9823.9659
david_glendining@nol.com.sg


OVERSEA-CHINESE: Units Enter Voluntary Liquidation
--------------------------------------------------
Oversea-Chinese Banking Corporation Limited announced the
voluntary winding-up of the following subsidiaries:

BUKIT INVESTMENTS LIMITED

At an Extraordinary General Meeting of Bukit Investments Limited
(the Company), held on 26 November 2003, the shareholders of the
Company passed a special resolution for the members' voluntary
winding-up of the Company. The Company is a wholly owned
subsidiary of Oversea-Chinese Banking Corporation Limited.

The Statutory Declaration of Solvency of the Company executed by
the Board of Directors, in compliance with the Section 233 of
the Hong Kong Ordinance, was lodged with the Hong Kong Registrar
of Companies on 7 November 2003.

The Company has ceased operations and is currently a dormant
Company.

The issued and paid-up capital of the Company is HK$50,000.

PHOENIX HOLDINGS LIMITED

At an Extraordinary General Meeting of Phoenix Holdings Limited
(the Company), held on 26 November 2003, the shareholders of the
Company passed a special resolution for the members' voluntary
winding-up of the Company. The Company is a wholly-owned
subsidiary of Oversea-Chinese Banking Corporation Limited.

The Statutory Declaration of Solvency of the Company executed by
the Board of Directors, in compliance with the Section 233 of
the Hong Kong Ordinance, was lodged with the Hong Kong Registrar
of Companies on 7 November 2003.

The Company has ceased operations and is currently a dormant
Company.

The issued and paid-up capital of the Company is HK$100,000.


POWERMATIC DATA: Widens H103 Net Loss to S$2.13
-----------------------------------------------
Powermatic Data posted a net loss of US$2.13 million in the six
months ended August 31, 2003, versus a net loss of S$0.96
million a year earlier, according to Reuters.

Six months to August 31, 2003 (in millions of S$ unless stated)

Operating profit/(loss)          (2.13)   vs   (0.96)
Pre-tax profit/(loss)            (2.13)   vs   (0.98)
Net profit/(loss)                (2.24)   vs   (0.97)
Group shr (cents)                (1.30)   vs   (0.56)
Turnover                         20.72    vs   26.79
Dividend (pct)                    nil     vs    nil

Powermatic Data Systems Limited is engaged in the developing,
manufacturing, marketing and distributing of computer
peripherals and computer software. It expects an improvement in
performance for the second half of the financial year.


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


ABICO HOLDINGS: SET Still Suspends Securities Trading
-----------------------------------------------------
The Stock Exchange of Thailand as posted an "NR" (Notice
received) sign on the securities of ABICO Holdings Public
Company (ABICO) effective from the first trading session of 26
November 2003 to announce that the SET has received the SEC's
conclusion that it is not necessary to amend ABICO's financial
statements on the issues so stated by the company's auditor.

However, the SET has still suspended trading on the securities
of ABICO because the Company must prepare a rehabilitation plan.

Previously, the SET had posted the "NP" (Notice pending) sign on
the ABICO Holdings Public Company (ABICO) on 4 March 2003,
22 May 2003, 15 August 2003 and 14 November 2003. This is
because in the Company's audited financial statements for the
period ending 31 December 2002 the company's auditor issued a
disclaimer of opinion and in its reviewed financial statements
for the period ending 31 March 2003, 30 June 2003 and 30
September 2003 the auditor was unable to reach any conclusion as
submitted to the SET.

The SET was waiting for the SEC'S conclusion on this matter.


EMC PUBLIC: Signs Bt96M Project Contract With Plus Property
-----------------------------------------------------------
EMC Power Co., Ltd., the Plan Administrator of EMC Public
Company Limited, informed the Stock Exchange of Thailand that
the Company has signed contract with Plus Property Partners
Company Limited for 49 Plus Condominium Project, the contract
value of Bt96,300,000 (including VAT). The completion date for
the project will be on January 19, 2005.


PICNIC GAS: SET Transferring Securities to Energy Sector
--------------------------------------------------------
The Stock Exchange of Thailand (SET) has transferred Picnic Gas
& Engineering Public Company Limited (PICNI)'s securities from
the "REHABCO" sector to "Energy" on 3 December 2003.

PICNI's performance now complies with the SET's guidelines. For
example, for one year prior to requesting approval to leave the
REHABCO sector, it has been disclosing its net operating profits
from its core business. PICNI's financial statements, as of 30
September 2003, showed a positive shareholder's equity of Bt546
million, with Bt177 million in cash flow from operations. The
company has also successfully completed more than 75% of its
debt restructuring and the Central Bankruptcy has issued an
order to terminate the Business Rehabilitation of the Company on
18 September 2003. In addition, PICNI's strategic shareholders
holding 58.09 % of paid up capital (80 million shares) have
informed the SET that they will not sell their securities during
one year after PICNI has been transferred to Energy sector. (The
SET prohibits them from selling more than 25% of their shares
during the first six months after leaving the REHABCO sector,
while over the next six months, they may only sell up to another
25 %.)

PICNI, like other companies leaving the REHABCO sector, is
required to:

   1. Show positive shareholder's equity (after adjustments in
accordance with the auditor's opinion) when leaving the REHABCO
sector.

   2. Have a net operating profit from the core business for
three consecutive quarters or one year before submitting the
application.

   3. Have successfully restructured over 75 % of its total debt
and be able to settle debt on time.

   4. Have a positive cash flow from operating activities after
having booked interest expenses.

   5. Have continually demonstrated its strong financial
position and performance.


THAI-GERMAN PRODUCTS: SET Posts "NR" Sign Against Securities
------------------------------------------------------------
The Stock Exchange of Thailand has posted an "NR" (Notice
received) sign on the securities of Thai-German Products Public
Company Limited (TGPRO) effective from the second trading
session of 24 November 2003 to announce that the SET has
received the SEC's conclusion that it is not necessary to amend
TGPRO's financial statements on the issues so stated by the
company's auditor.

However, the SET has still suspended trading on the securities
of TGPRO because the Company must prepare a rehabilitation plan.
Previously, the SET had posted the "NP" (Notice pending) sign on
the TGPRO effective from the first trading session of 18November
2003. This is because in the Company's reviewed financial
statements for the period ending 30 September 2003 as submitted
to the SET, the company's auditor was unable to reach any
conclusion on the financial statements and the SET was waiting
for the SEC'S conclusion on this matter.


THAI PETROCHEMICAL: E/I Bank Grants Loan for Working Capital
------------------------------------------------------------
Suwit Nivartvong, as the Plan Administrator of Thai
Petrochemical Industry Public Company Limited, informed that the
Export - Import (E/I) Bank of Thailand has extended loan
amounted to US$40 million to the Company.

The purpose of loan granted was to replenish the company's
working capital, which will enable the company to optimize its
production level.

The loan agreement was signed by the Director and President of
the E/I Bank of Thailand, Mr. Sataporn Jinachitra and the Plan
Administrator, General Mongkon Ampornpisit and Mr. Pala
Sookawesh on November 25, 2003.


TPI POLENE: Calls Off Share Issue Indefinitely
----------------------------------------------
TPI Polene Public Company Limited talked about postponing
indefinitely its public share offering raising at least $180
million for debt restructuring, Financial Times reported
Wednesday.

The postponement is a setback to Prachai Leophairatana, TPI
Polene's founder, who had hoped a successful offering would help
him to retain control of a significant part of his former empire
amid pressure from creditors to sell out to a strategic
investor.

The Company's financial advisers blamed the delay on poor
sentiment and unfavorable conditions in the country's stock
market, which has dropped about 8 percent since November 14 due
to uncertainty over impending curbs on net settlement
transactions.


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

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

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


INDONESIA
---------

PT Lippo Securities  Tbk        LPPS        (3.62)      14.26
Smart Tbk                       SMAR       (37.38)     398.89


MALAYSIA
--------

CSM Corporation Bhd             CSMB        (8.40)      41.55
Faber Group Bhd                 FBMS        (7.16)     504.98
Kemayan Corp Bhd                KOPS      (289.67)     114.38
MBf Corp Bhd                    MBFS      (516.81)     189.99
Panglobal Bhd                   PGL0       (41.07)     187.79
Promet Bhd                      PMPT      (174.45)      50.49
Saship Holdings Bhd             SASH      (168.68)     136.30
Sri Hartamas Bhd                SRIH      (118.91)      99.76
Tongkah Holdings Bhd            TKHS       (78.01)     112.62
Uniphoenix Corporation Bhd      UNI       (145.25)      33.34


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

Pilipino Telephone Co          PNOTF     (356.17)      122.97


SINGAPORE
---------

Pacific Century Regional
Developments Ltd                PCEN      (931.65)     7369.85


THAILAND
--------

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


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


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

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

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

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

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

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