TCRAP_Public/031202.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

           Tuesday, December 2, 2003, Vol. 6, No. 238

                            Headlines

A U S T R A L I A

AMP LIMITED: British Financial Portal May Sell Before Demerger
PASMINCO LIMITED: Canadian Rival to Pursue Takeover Bid
PASMINCO LIMITED: Administrator's Second Report to Creditors Out
QANTAS AIRWAYS: Unveils New Unit to Compete with Virgin Blue
TENNYSON NETWORKS: Administrator Posts Supplementary Report


C H I N A  &  H O N G  K O N G

BRIAN CITY: Law Firm Lodges Wind Up Petition Before High Court
GORA HOLDINGS: Winding up Hearing Set January 14 Next Year
NEW WORLD: Unit Nears Deal Over Stake in Wuhan Bridge Project
STAR H.K.: Bank of China Initiates Winding Up Proceedings


I N D O N E S I A

SEMEN GRESIK: Cemex Threatens Arbitration to Solve Row with Govt


J A P A N

ALL NIPPON: Issues Formal Notice for Specialist Securities
ASHIKAGA BANK: S&P Revises Rating on Government Bailout Decision
ASHIKAGA BANK: Government Unveils Three Options to Support Bank
DAIEI INC.: Signs Hotel Sale Contract on December 2
JAPAN AIRLINES: JCR Assigns BBB+ Rating

KUMAGAI GUMI: S&P Upgrades Rating to 'CC'
MYCAL CORPORATION: Aeon Injects Y20B
NEC CORPORATION: Sells Fixed Asset by Securitization Scheme
TSUZUKI SPINNING: Applies For Reorganization Proceedings


K O R E A

KOOKMIN BANK: Purchases Treasury Stocks
KOOKMIN BANK: Merges Luxembourg, London Offices
LG CARD: GE Eyes Takeover
LG CARD: Manages to Avert Temporary Bankruptcy
LG CARD: Needs Capital Injection to Survive, S&P

SK NETWORKS: Withdraws HK Unit Liquidation


M A L A Y S I A

BESCORP INDUSTRIES: Issues Default Payment Update
E & O PROPERTY: Completes Share Sale Supplemental Agreement
EKRAN BERHAD: 12th AGM Set For December 22
HIAP AIK: Issues Judgment Against Subsidiary
INNOVEST BERHAD: Submits Rescue Scheme Proposal to SCFIC

PILECON ENGINEERING: Issues Default Status Update
PILECON ENG'NG: Unit Appoints Robert Elliot as Administrator
SASHIP HOLDINGS: Administrators Extend Takeover Deal to Dec 12
SEAL INCORPORATED: Appoints Tong as Audit Committee Member
TIMBERMASTER INDUSTRIES: Issues Restructuring Scheme Update

TONGKAH HOLDINGS: AGM Set For December 23


P H I L I P P I N E S

MANILA ELECTRIC: Appoints Jaime Camacho as New CIO
MANILA ELECTRIC: ERC OKs Php0.12 /kwh Tariff Hike
NATIONAL STEEL: Chinese Investors Eyes Takeover
PHILIPPINE LONG: Declares Cash Dividends


S I N G A P O R E

ECON CORPORATION: Court Rejects ECL Scheme
EI-NETS LTD: Unveils November 28 AGM Resolutions
GN MARITIME: Creditors Must Submit Claims by December 29
L&M Group: Restructures Debt to Improve Status
OCBC BULLION: Creditors Must Submit Claims by December 29

OCBC CAPITAL: Issues Debt Claim Notice to Creditors
POLYMICRO PRECISION: Issues Dividend Notice
SEATOWN CORPORATION: Extends Investment Agreement to December 26
SEE GUAN: Petition to Wind Up Pending
THAKRAL CORPORATION: Launches New Subsidiary


T H A I L A N D

EMC POWER: Creditors Amend Rehabilitation Plan
THAI PETROCHEMICAL: Local Stock Market Bans Margin Loans Anew

* BOND PRICING: For the week of December 1-5, 2003

     -  -  -  -  -  -  -  -

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


AMP LIMITED: British Financial Portal May Sell Before Demerger
--------------------------------------------------------------
A subsidiary of HHG, the British unit of AMP Limited, will
likely be sold ahead of the group's proposed demerger, the
Australian Financial Review said yesterday.

The paper cited documents released by HHG, which hinted at a
"strong likelihood" that it will sell the Ample online financial
services portal before Australian courts approve the demerger of
AMP's Australian and U.K. operations.  The document did not
state the amount sought for the unit, but the report said it
will be sold for a "nominal sum."

Ample made an undisclosed loss when it was set up in 2000,
according to Dow Jones.  "The loss blew out to GBP24 million in
2001 as it was merged with another Internet business. The loss
was reduced to GBP7 million last year, with brokerage firm UBS
forecasting the unit will deliver a loss in each of fiscal 2003
and 2004," it added.


PASMINCO LIMITED: Canadian Rival to Pursue Takeover Bid
-------------------------------------------------------
OntZinc key stakeholder, Clifford Frame, vows to make another
run for the assets of collapsed zinc miner, Pasminco Limited
(PAS.AU), in two weeks, Dow Jones says.

Citing the Sydney Morning Herald, the news wire said the
Canadian company will try to come up with a revised offer after
Pasminco's administrator rejected its AU$1.7 billion bid last
week.  Based in Toronto, the mining company only have a market
capitalization of AU$42 million.  It joined forces with Lazard
Freres & Co. to make the bid for Pasminco, a major zinc producer
until its collapse in late 2001.

Market observers doubt, however, that OntZinc will be able to
pull off a takeover.  Pasminco administrators on Friday
reiterated that the re-listing of Pasminco on the Australian
Stock Exchange remains the preferred option of creditors, with a
float scheduled sometime in 2004.


PASMINCO LIMITED: Administrator's Second Report to Creditors Out
----------------------------------------------------------------
Ferrier Hodgson, the administrator of Pasminco Limited, released
Monday its second report to creditors.  It details Pasminco's
operating cash flow to date and its performance since the
appointment of Deed Administrators.

The full text of this report may be viewed through this link:
http://bankrupt.com/misc/pasminco.pdf


QANTAS AIRWAYS: Unveils New Unit to Compete with Virgin Blue
------------------------------------------------------------
Recognizing the rapid growth of the domestic leisure market,
Qantas Airways launched yesterday its newest airline, Jetstar.

"The domestic leisure market is growing rapidly and now
represents over 60 percent of all passengers," the Associated
Press quoted Qantas CEO Geoff Dixon as saying Monday. "Jetstar
will concentrate on growing this market with value fares while
opening up new destinations."

The launch of the new carrier is expected to set off a price war
with no-frills Australian carrier, Virgin Blue, the report said,
which deemed the domestic routes as "highly competitive."

To post a viable competition, Qantas has ordered 23 Airbus A320
planes for the new airline.  The first delivery will arrive in
June next year and Jetstar will progressively move to an all
A320 fleet.  Mr. Dixon said that while the initial order is for
23 A320's, more aircraft could be acquired as Jetstar grows.

Jetstar will begin selling seats in February 2004 and start
flying in May, using 14 Boeing 717s currently operated by Qantas
subsidiary Impulse Airlines.  Further details of the airline's
route network and fare structure will be announced in January,
the news wire said.


TENNYSON NETWORKS: Administrator Posts Supplementary Report
-----------------------------------------------------------
PricewaterhouseCoopers released its Supplementary Report for the
creditors of Tennyson Networks Limited (Administrators
Appointed).  According to PwC, the purpose of the report is to
assist creditors in their decision about the group's future and
should be read in conjunction with the earlier report to
creditors dated October 31, 2003 available at
http://www.pwcrecovery.com.au.

The full text of this supplementary report may be viewed through
this link: http://bankrupt.com/misc/tennyson_networks.pdf


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


BRIAN CITY: Law Firm Lodges Wind Up Petition Before High Court
--------------------------------------------------------------
The High Court of Hong Kong will hear on January 7, 2004 at 9:30
a.m. the petition seeking the winding up of Brian City
Development Limited.

Simmons & Simmons (a firm) of 35th Floor, Cheung Kong Center,
No. 2 Queen's Road Central, Hong Kong filed the petition on
November 3, 2003.  The firm is representing itself.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Simmons &
Simmons, which holds office on the 35th Floor, Cheung Kong
Center, No. 2 Queen's Road Central Hong Kong.


GORA HOLDINGS: Winding up Hearing Set January 14 Next Year
----------------------------------------------------------
The High Court of Hong Kong will hear on January 14, 2004 at
9:30 a.m. the petition seeking the winding up of Gora Holdings
Limited.

Ho Ka Wah Connie of Flat F, 11th Floor, Wah Tai Building, 220
Chai Wan Road, Chai Wan, Hong Kong filed the petition on
November 13, 2003.  Chong & Partners represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Chong &
Partners, which holds office at Room 3207, 32/F., The Center, 99
Queen's Road Central
Hong Kong.


NEW WORLD: Unit Nears Deal Over Stake in Wuhan Bridge Project
-------------------------------------------------------------
NWS Holdings Ltd., a unit of troubled property developer New
World Development Co., expects to receive about HK$1 billion for
its stake in a bridge project in the Wuhan province.

"Talks are already in advance stages and an agreement could be
imminent," an unnamed spokesman told Dow Jones Saturday.
According to him, the company will use half of the proceeds to
pare down debts.

The divestment of the stakes reflects the continuing trend in
the construction sector.  Last year, the Chinese government
scrapped guaranteed returns for overseas investors in
infrastructure projects, leading many Hong Kong investors to
dispose their investments to respective local partners.

The company has already sold its stakes in 13 Chinese toll roads
to local partners for HK$1.16 billion in cash, Dow Jones said.


STAR H.K.: Bank of China Initiates Winding Up Proceedings
---------------------------------------------------------
The High Court of Hong Kong will hear on December 31, 2003 at
9:30 a.m. the petition seeking the winding up of Star H.K.
Investments Limited.

Bank of China (Hong Kong) Limited of 14/F., Bank of China Tower,
No. 1 Garden Road, Central, Hong Kong filed the petition on
October 29, 2003.  Kao, Lee & Yip represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Kao, Lee &
Yip, which holds office on the 17th Floor, Gloucester Tower, The
Landmark, Central
Hong Kong.


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


SEMEN GRESIK: Cemex Threatens Arbitration to Solve Row with Govt
----------------------------------------------------------------
Indonesia is facing an embarrassing tiff with Mexico's Cemex
S.A., which appears to be intent on bringing into international
arbitration its dispute with the government over PT Semen
Gresik.

According to Dow Jones, the Mexican cement maker has not yet
changed its position to date on a plan to initiate arbitration
proceedings in Singapore before the year's end.  The dispute
revolves around a 1998 agreement, which granted Cemex the option
to increase its 25.5% stake in Semen Gresik to 51% by the end of
2001.  The agreement was part of the US$290 million deal that
gave Cemex a foothold in Indonesia's largest cement producer.

Strong opposition from workers is being blamed for the
government's failure to honor the pact, according to Dow Jones.
PT Semen Padang, a unit based in West Sumatra province, has
demanded to be spun-off from the rest of Semen Gresik.  Last
year, local management barricaded their offices, and refused to
hand over 2002 financial statements to Semen Gresik executives.
The government finally removed Semen Padang's management in
September and soon after announce a 269 billion rupiah
($1=IDR8,515) net profit for 2002, down 15% on the previous
year, the report said.

"Still, Jakarta has failed to reach any settlement with Cemex,
fearing that selling the majority stake could inflame separatist
passions in West Sumatra.  Many of Indonesia's provinces have
been the target of separatist protests since the fall of former
president Suharto in 1998, and the government is waging a battle
in Aceh against rebels," Dow Jones said.

Last year, the government hinted support for the spin-off of
Semen Padang and another unit in Sulawesi, PT Semen Tonasa; but
Cemex rejected the deal, as it would transform Semen Gresik into
a much smaller cement producer.  This runs contrary to its plan
to increase output from Southeast Asia.  Semen Padang and Semen
Tonasa accounts for about two-thirds of Semen Gresik's
consolidated annual output of 14 million tons, Dow Jones said.

Yesterday, Roes Aryawijaya, a deputy state enterprise minister,
revealed the government has already formed a committee to help
convince Cemex not to pursue its arbitration plans.  Wimar
Witoelar, a spokesman for Cemex, told Dow Jones the Mexican
company had not yet filed any petition in Singapore.


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


ALL NIPPON: Issues Formal Notice for Specialist Securities
----------------------------------------------------------
An application has been made to the United Kingdom (UK) Listing
Authority for the following securities of All Nippon Airways Co.
Limited to be admitted to the Official List, a Company statement
said.

DETAILS OF ISSUE: Y40,000,000,000 Zero Coupon
                  Convertible Bonds due 2013

INCORPORATED IN:  Japan

Particulars relating to the issue may be obtained during usual
business hours for fourteen days from the date of this formal
notice from:

Citigroup Global Markets Limited               Linklaters
Citigroup Centre                               One Silk Street
Canada Square                                  London
Canary Wharf                                   EC2Y 8HQ
London
E14 5LB

In addition, a copy of the Particulars is available for
inspection at the Document Viewing Facility at the Financial
Services Authority, 25 The North Colonnade, London E14 5HS.


ASHIKAGA BANK: S&P Revises Rating on Government Bailout Decision
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating on
Ashikaga Bank Ltd. to 'R' from 'B+', following the Japanese
government's decision to inject capital into the bank under
Article 102 of the Deposit Insurance Law.

An 'R' rating is assigned when an obligor is under regulatory
supervision owing to its financial condition. During the period
of regulatory supervision, regulators may have the power to
favor one class of obligations over others or pay some
obligations and not others.

On November 29, Ashigin Financial Group, the holding company of
Ashikaga Bank, announced that the bank's capital ratio was
negative 3.72 percent as of the end of September 2003, which is
well below the regulatory requirement of 4 percent to conduct
banking business in Japan. At the same time, the group announced
its intention to apply for a public fund injection from the
Deposit Insurance Corp. The amount or condition of the public
injection is not yet known. It is also not yet clear whether
Ashikaga Bank will suspend payments on subordinated debts.

A capital injection is likely to improve Ashikaga Bank's
financial profile. However, the effect would be only temporary
unless the bank restructures its risk management system and
improves its business efficiency. In assessing Ashikaga Bank's
financial profile after the capital injection, key factors will
be the size and type of the capital, including whether the funds
are injected in the form of common stock or preferred stock.
Standard & Poor's considers preferred stock as low quality
capital due to its debt-like nature.

In March 2003, Ashikaga Bank and its subsidiary Kita Kanto
Leasing established a holding company, Ashigin Financial Group,
through a stock transfer. The group has operating subsidiaries,
including Ashikaga Bank, a leasing company, and a credit card
company. Total assets of Ashikaga Bank stood at 4,960 billion
yen at September 2003, which is large compared with other major
regional banks.


ASHIKAGA BANK: Government Unveils Three Options to Support Bank
---------------------------------------------------------------
Standard & Poor's Ratings Services said Monday that the Japanese
government has three possible options if it decides to extend
support to ailing regional lender Ashikaga Bank Limited.
Japanese media carried reports that the Financial Services
Agency (FSA) has notified the bank of its insolvency as of the
end of March 2003.

Ashikaga Bank has a strong position in its home market, Tochigi
Prefecture. Given its importance to the local economy, the
government is highly likely to take action under Article 102 of
the Deposit Insurance Law after it holds an emergency financial
crisis meeting on Monday.

Under Article 102 of the law, the government has three options:

  1. Injection of public funds if the bank is found to have
failed to meet the regulatory capital adequacy ratio of 4%;

  2. Management by an official administrator based on
recognition of the bank's negative net worth; or

  3. Nationalizing the bank based on recognition of negative net
worth.

     If Ashikaga bank is found to have had negative net worth as
of March 31, 2003, as reported, the government is likely to take
either action 2 or 3.

Standard & Poor's rating on Ashikaga Bank reflects the bank's
debt servicing ability, including subordinated debts. Standard &
Poor's will closely monitor future debt repayments by the bank
and may revise its rating if the government takes action under
Article 102 of the Deposit Insurance Law. Any involuntary debt-
to-equity swap would be considered a default. At the same time,
Standard & Poor's expects deposits to be fully protected by the
government.

In March 2003, Ashikaga Bank and its subsidiary Kita Kanto
Leasing established a holding company, Ashigin Financial Group,
through a stock transfer. The group has operating subsidiaries,
including Ashikaga Bank, a leasing company, and a credit card
company. As of the end of March 2003, Ashigin Financial Group
had Ať5,268.3 billion in consolidated total assets, a large part
of which is held by Ashikaga Bank. Total assets of Ashikaga Bank
stood at Ať5,266.6 billion at March 2003, which is large
compared with other major regional banks.


DAIEI INC.: Signs Hotel Sale Contract on December 2
--------------------------------------------------
Daiei Inc. will sign a contract with U.S.-based Colony Capital
Inc. to sell Sea Hawk Hotel and Resort and the Fukuoka Dome on
December 2, the Yomiuri Shimbun reports.

Under the contract, Colony Capital will take over 60.5 billion
yen of about 120 billion yen in interest-bearing debts owed by
the hotel and Fukuoka Dome. Daiei and six major creditor banks,
including UFJ Bank, will waive a total of about 24 billion yen
in loans to the two companies.

Daiei held 1.19 trillion yen in interest-bearing debts on a
consolidated basis, excluding its credit card business, as of
the end of August. Sale of the two companies will likely reduce
its debts to 1.09 trillion yen by the end of February 2004.


JAPAN AIRLINES: JCR Assigns BBB+ Rating
---------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB+ rating to
the bonds to Japan Airlines System Corporation under the shelf
registration of the issuer.

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

Bonds no.1 / Y10 / Dec. 18, 2003 / Dec. 18, 2013 / 2.94 percent

Bonds no.2 / Y10 / Dec. 18, 2003 / Dec. 18, 2008 / 1.49 percent

(Guaranteed by Japan Airlines and Japan Air System)

Covenants: Negative Pledge

Commissioned Company: No

Shelf Registration:

Maximum: Y150 billion

Valid: two years effective from November 13, 2003

RATIONALE:

JCR assigned a preliminary BBB+ rating to the shelf registration
of the issuer on November 20, 2003. Since then there have been
no significant changes in the performance and financial
structure of it affecting the rating. The proceeds from sales of
the bonds will be used for capital spending and repayment of the
borrowings. However, the issues are not considered to have any
significant impact on the financial structure of Japan Airlines
System. The bonds to be issued will be guaranteed by the group's
core companies, Japan Airlines and Japan Air System.


KUMAGAI GUMI: S&P Upgrades Rating to 'CC'
-----------------------------------------
Standard & Poor's Ratings Services on Monday raised its long-
term corporate credit rating on Kumagai Gumi Co. Ltd. to 'CC'
from 'SD', reflecting progress in the Company's reform plan. The
outlook on the rating is stable. The rating on Kumagai Gumi was
lowered to 'SD' on September 22, 2003, following completion of
debt forgiveness by the Company's creditor banks.

On November 25, Kumagai Gumi announced that it had reached an
agreement on a merger and management consolidation plan with
Tobishima Corp. In October, Kumagai Gumi completed the spin-off
of its real estate related business, a core part of the
Company's three-year reform plan.

"The reform plan has progressed as initially scheduled, reducing
the near-term possibility of additional financial support, in
the form of debt forgiveness, becoming necessary," said Standard
& Poor's credit analyst Junko Miyakawa.

"Nevertheless, management consolidation between Kumagai Gumi and
Tobishima is not expected to lead to a substantial improvement
in Kumagai Gumi's financial profile or management base in the
short term," Ms. Miyakawa added.

The new real estate Company that succeeds Kumagai Gumi's real
estate business will remain part of the credit assessment of
Kumagai Gumi. However, the merger with Tobishima, scheduled for
April 1, 2005, remains too remote to incorporate into the
ratings on Kumagai Gumi at this stage. Any further upgrade will
hinge on whether the company can stop the decline in
profitability in its core construction business, in addition to
further progress in asset restructuring and debt reduction as an
entire group.


MYCAL CORPORATION: Aeon Injects Y20B
------------------------------------
Aeon Co. has injected 20 billion yen into failed supermarket
operator Mycal Corporation and Mycal's eight affiliates in a
step to make them its wholly owned units, Kyodo News reports.
Aeon made the payment as part of Mycal's rehabilitation plan
approved by the Tokyo District Court, under which Mycal and its
eight arms will issue new shares worth 20 billion yen to Aeon on
Saturday.


NEC CORPORATION: Sells Fixed Asset by Securitization Scheme
-----------------------------------------------------------
At the meeting of the Board of Directors of NEC Corporation
(NEC) held on November 25, 2003, it was resolved that NEC will
sell its fixed asset by using securitization scheme as follows.

1. Reason for the sale

NEC is reorganizing its laboratories and plants located in the
Metropolitan area for the purpose of strengthening its research
and technology development structure and increasing efficiency
of its assets. As part of such reorganization, NEC determined to
sell the land and buildings of its Yokohama Plant.

2. Descriptions of the asset to be sold

        1) Description of the asset and location:

        Land (131,625.25 square meters) and buildings located on
        4035-1, Azayabumae, Ikebe-cho, Tsuzuki-ku, Yokohama-shi,
        Kanagawa, Japan

        2) Book value: (Approximately) 6,200 million yen

        3) Sales price: 18,400 million yen

        4) Current condition: NEC's plant

3. Outline of the purchaser

NEC will sell the asset concerned by using securitization scheme
in which NEC trusts its asset to a trust Company and sell its
beneficiary's trust interest gained by such trust. The outline
of the trust Company and the purchasers of beneficiary's trust
interest are as follows:

        (1) Trust Company

        1) Name: The Sumitomo Trust and Banking Company, Limited

        2) Address of Head Office: 5-33, Kitahama 4-chome, Chuo-
        ku, Osaka, Japan

        3) President: Atsushi Takahashi

        4) Stated Capital: 287,015 million yen (As of March 31,
        2003)

        5) Major Shareholders:

        The Master Trust Bank of Japan, Ltd. (Trust Account)
        (6.57 percent)

        Japan Trustee Services Bank, Ltd. (Trust Account)
        (6.29 percent)

        Sumitomo Life Insurance Company (2.28 percent)

        Sumitomo Mitsui Banking Corporation (2.16 percent)

        UFJ Trust Bank Limited (Trust Account A) (1.68 percent)

        6) Major Business: Trust bank business

        7) Relationship with NEC:

        Capital relationship (As of March 31, 2003):

        Number of shares of this trust Company held by NEC:
        20,052 thousand shares

        Number of shares of NEC held by this trust Company:
        20,354 thousand shares

        Despatch of directors and officers: None
        Trade relationship: Sales and provision of each other's
        products and services

        (2) Purchasers of beneficiary's trust interest

        1)

        a) Name: Yugen Kaisha Kamoi Properties
        (Special Purpose Company incorporated by Mitsui Fudosan
        Co.,Ltd.)

        b) Address of Head Office: 1-20, Nihombashimuromachi 3-
        chome, Chuo-ku, Tokyo, Japan

        c) President: Akira Sugai

        d) Stated Capital: 3 million yen (As of November 12,
        2003)

        e) Relationship with NEC: None

        2)

        a) Name: Yugen Kaisha M.E.T. Yokohama Kamoi Kaihatsu
        (Special Purpose Company incorporated by Meiho
         Enterprise Co., Ltd.)

        b) Address of Head Office: 2-3, Marunouchi 3-chome,
        Chiyoda-ku, Tokyo, Japan

        c) President: Ryutaro Uchiyama

        d) Stated Capital: 3 million yen (As of November 18,
        2003)

        e) Relationship with NEC: None

4. Schedule for the sale

    November 25, 2003: Resolved by the Board of Directors of NEC

    November 27, 2003: Resolved by the Board of Directors of
    Mitsui Fudosan Co., Ltd.

    November 27, 2003: Contract to be concluded

    December 18, 2003: The property to be transferred (tentative
    date)

NEC will relocate its divisions, which use its Yokohama Plant to
'Tamagawa Renaissance City office building B', which is
currently under construction (planned to be completed in January
2005) in its Tamagawa Plant. NEC plans to rent the buildings in
its Yokohama Plant from the Sumitomo Trust and Banking Company,
Limited, which NEC trusts such buildings to, till May 2005 when
the relocation to Tamagawa Renaissance City will be completed.

5. Effect on the financial results forecasts

In line with the sale of the asset concerned, NEC expects to
post approximately 12.2 billion yen on a non-consolidated basis
and approximately 10.0 billion yen on a consolidated basis, as
extraordinary profits for the fiscal year ending March 31, 2004.
The profits generated by the sale above have been reflected in
NEC's consolidated and non-consolidated financial results
forecasts announced on October 23, 2003.


TSUZUKI SPINNING: Applies For Reorganization Proceedings
--------------------------------------------------------
Resona Holdings, Inc. (Resona HD, hereafter) announced that
Tsuzuki Spinning Co. Ltd., which is a customer of its banking
subsidiary, Resona Bank, Ltd. (Resona Bank, President: Masaaki
Nomura), filed an application for commencement of corporate
reorganization proceedings with the Tokyo District Court. As a
result of this development, there arose a concern that the
claims to the Company may become irrecoverable or their
collection may be delayed. Details were announced as follows:

1. Outline of the Company

(1) Corporate name Tsuzuki Spinning Co., Ltd.
(2) Address 6-12, Sakae 2-chome, Naka-ku, Nagoya-shi, Aichi-ken
(3) Representative Kimitsugu Sato
(4) Amount of capital 100 million yen
(5) Line of business Spinning Industry

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of corporate
reorganization proceedings with the Tokyo District Court on
November 25, 2003.

3. Amount of Claims to the Company

Exposure of Resona Bank Loans: 2.7 billion yen
Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Kinki Osaka Bank and Nara Bank have no claims to the Company.

4. Impact of This Development on the Forecasted Earnings of
Resona HD

The previous earnings forecasts of Resona HD for the fiscal year
ending March 31, 2004, which were announced on November 25,
2003, remain unaffected.


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


KOOKMIN BANK: Purchases Treasury Stocks
---------------------------------------
On November 26, 2003, the Board of Directors of Kookmin Bank has
approved and ratified to purchase treasury stocks through
participating in the sales bid of Korean government stake in
Kookmin Bank, a Company statement said. On October 30, 2003,
Korean government announced its plan to sell its shares by means
of auction by the middle of December 2003. The government will
select the interested parties to participate in the bid.

The purposes of this purchase of treasury stocks are i) for
retirement of shares with earnings capital and ii) for
stabilization of stock price of the Bank, pursuant to Article
189 and Article 189.2 of Korean Securities Exchange Act
respectively.

1.1 Purchase price

The Korean government in accordance with the results of the
auction will determine the price.

1.2 Estimated number of shares and amount of purchase

The number of shares and amount of purchase will also be
determined by the results of the auction.

1.3 Purchase period/1/

For the retirement of shares: From December 1 to December 17,
2003 for the stabilization of stock price: From December 18 to
December 22, 2003

The above periods are subject to changes according to the
auction schedule to be determined by Korean government.

1.4 Purchase method

Purchase from the Korean government through After-Hour Block
Trading Method.

1.5 Estimated holding period of the treasury stock
Treasury stocks purchased for retirement will be cancelled
promptly after the purchase, while stocks purchased for stock
price stabilization will be held for 6 months from the date of
purchase.

1.6 Balance of treasury stocks

Kookmin Bank is holding 3,603,223 shares as treasury stocks as
of 26 November, 2003, which includes stocks purchased for the
purpose of Employees Stock Ownership Program (ESOP) and
compensation for stock option exercise and fractional shares
acquired due to stock dividend and two mergers between former
Kookmin Bank and H&CB and between Kookmin Bank and Kookmin
Credit Card Co.

1.7 Other information

The Bank's own funds will be used for the purchase, and the
purchase agents will be Daishin Securities Co. and Dongwon
Securities Co. for retirement of shares and for stock price
stabilization, respectively.

The purchase price and number of shares are subject to
determination by Korean Government in accordance with auction
results. Kookmin Bank will disclose further details such as
purchase price and number of shares as and when they are
determined.

The retirement of shares is executed with earnings capital of
the Bank, and therefore it will not change the Bank's paid-in-
capital but decrease number of shares issued.

Furthermore, Kookmin Bank will report the purchase and
retirement of shares at the general shareholders meeting first
coming after the retirement of shares.


KOOKMIN BANK: Merges Luxembourg, London Offices
-----------------------------------------------
Kookmin Bank will merge and downgrade its affiliates in
Luxembourg and London into one branch as part of efforts to
streamline its overseas operations, Asia Pulse reports, citing
Kookmin President Kim Jong-tae. The bank will also reorganize
business strategies in Los Angeles, where a lot of Korean
Americans reside.

In Asia, however, the bank will establish one or two new
branches every year in accordance with its pan-Asia policy
linking India, Thailand, Malaysia, the Philippines, Hong Kong,
Japan and China.


LG CARD: GE Eyes Takeover
-------------------------
General Electric (GE) is interested in acquiring the troubled LG
Card, South Korea's largest credit card Company, the Korea Times
reported on Friday, citing an unnamed creditor bank official.
Citigroup, HSBC and Newbridge Capital, have also shown interest
in the takeover. The comment came out after LG Card unveiled its
intention to attract foreign capital even at the risk of losing
managerial control.


LG CARD: Manages to Avert Temporary Bankruptcy
----------------------------------------------
LG Card averted temporary bankruptcy on Thursday by making more
than 300 billion won (US$250 million) worth of promissory notes,
Digital Chosun reports. The Company managed to avoid defaulting
on its obligations by using part of its near 1.5 trillion won in
monthly customer payments.

Kyobo Securities submitted the account-receivable notes to
Shinhan Bank on Wednesday for redemption after withdrawing a bid
to receive payment late last week. To deal with the situation,
LG Card's main creditor, Woori Bank, and seven other banks met
on Thursday.

The creditors said that there was not much they could do for
now, and that it was up to the Financial Supervisory Commission
to figure out how to deal with debts held by brokerages,
insurers and investment banks.


LG CARD: Needs Capital Injection to Survive, S&P
------------------------------------------------
Standard & Poor's Ratings Services said on Thursday that
resuscitating ailing credit card operator LG Card Co. Ltd. would
require a capital injection much larger than the planned
injection of Korean won (W) 1 trillion from LG group companies.

Concerns over instability in the domestic financial market
stemming from the potential restructuring of LG Card's debt are
likely to focus stakeholders' efforts on propping up the
solvency of LG Card for the next few months. However, the
planned W1 trillion is far short of the amount required to
revive LG Card.

"Assuming a generous recovery ratio of 20%-30% for LG Card's
estimated delinquent assets of about W8 trillion, among its
total assets of about W25 trillion, the card company's negative
net asset value is estimated to be larger than W2 trillion - W3
trillion," Standard & Poor's credit analyst Young Il Choi said.
"Therefore, the LG group's planned W1 trillion capital injection
into LG Card will be a drop in the ocean."

If the existing shareholders of LG Card, including an LG group-
related party that owns over 28% and the Capital group with over
11%, fail to find alternatives other than corporate debt
restructuring, the credit profiles of several Korean banks with
relatively large exposure to the company could suffer. The
current credit ratings on these banks assume a smooth resolution
of LG Card's financial troubles over the next several quarters.

"Under the bail-out package, creditor banks have had to pump in
additional loans to LG Card, while nonbank creditors have not.
As long as this type of scheme remains popular as the Korean
government scrambles to avoid a potential crash in domestic
financial markets, Korean banks may have to continue to shoulder
the heaviest burden among stakeholders," Mr. Choi added.

Progress in rekindling the credit profile of Korea's financial
services sector is being impeded on a number of fronts. The card
industry's operating losses are expected to persist in the near
term, although the trend is declining. Attempts by some card
users to obtain as much debt forgiveness as possible, taking
advantage of debt restructuring programs for individuals led
mainly by the Korean government, have harmed the profitability
of card companies. In addition, the slide in the card industry's
asset quality is unlikely to be reversed over the next several
quarters, amid cloudy prospects for a recovery in card usage, as
domestic consumption remains sluggish.

"More fundamentally, the Korean government and domestic
financial institutions' lack of sufficient attention and
capability to manage credit risks are causing instability in the
domestic financial market to resurface," Mr. Choi said.

A prime example is Korean regulators' treatment of securitized
assets. In calculating capital adequacy, only 10% of securitized
assets are counted as risk assets, despite most of the risk in
these assets remaining at the card companies. In Standard &
Poor's opinion, at least 80% of securitized assets should be
counted as risk assets.

The impact of LG Card's financial troubles on LG Insurance Co.
Ltd.'s (BBB/Stable/--) credit profile is likely to be limited,
if the insurer maintains its position of not increasing its
exposure to LG Card. Its bond exposure to LG Card is about W90
billion, excluding asset-backed securitization and bulk loans.
After concerns over LG Insurance's independence from the LG
Group were raised by its investment in Hanaro Telecom, part of
the LG group's failed project to build up its telecommunication
franchise in 2000, and the current situation provides the
insurer with an opportunity to reverse the market's perception.
LG Insurance was separated from the LG group in late 1999, but
both the chairman and CEO's stakes in their company came from
the founding family of the LG group.


SK NETWORKS: Withdraws HK Unit Liquidation
------------------------------------------
SK Networks Co. has filed to withdraw the liquidation
proceedings of its Hong Kong unit SK Global Hong Kong Limited,
Dow Jones reports. The report said the agreement with foreign
creditors on a bailout plan for SK Networks and Credit Lyonnais'
decision to refrain from legal action no longer requires the
subsidiary to liquidate.

Once the Hong Kong court approves the withdrawal application, SK
Networks said it would seek an independent restructuring of the
unit. SK Networks had filed to begin liquidation proceedings of
the Hong Kong unit in July in order to stop Credit Lyonnais from
retrieving US$8 million in outstanding debt.


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


BESCORP INDUSTRIES: Issues Default Payment Update
-------------------------------------------------
As required by the Kuala Lumpur Stock Exchange Practice Note
1/2001, Bescorp Industries Berhad (BIB) provides an update on
its default in payment:

The default by BIB as at 31 October 2003 amounted to
RM58,516,325.79 made up of a principal sum of RM32,220,139.42
plus RM26,296,186.37 in interest for revolving credit
facilities.

As at 31 October 2003, the remaining subsidiary companies of
BIB, namely Bescorp Construction Sdn. Bhd. (In Liquidation),
Bescorp Piling Sdn. Bhd. (In Liquidation), Bescorp Concrete Sdn
Bhd (In Liquidation), Bespile Sdn. Bhd. (In Liquidation), Farlil
Sdn. Bhd. (In Liquidation) and Waktu Cerah Sdn. Bhd., defaulted
on a total sum of RM165,759,492.24 made up of a principal sum of
RM60,905,258.44 plus RM42,369,704.07 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities, and RM62,484,529.73 for overdraft
facilities.

There were no further developments since our previous
announcement with regard to this Practice Note.


E & O PROPERTY: Completes Share Sale Supplemental Agreement
-----------------------------------------------------------
Further to the announcements dated 28 May 2002, 2 September
2002, 29 November 2002, 3 April 2003 and 30 September 2003 in
relation to the following:

   - Proposed Acquisitions
   - Proposed Debt Settlement
   - Proposed Debt Acquisition

Alliance Merchant Bank Berhad on behalf of E&O Property
Development Berhad (formerly known as Kamunting Corporation
Bhd), wishes to announce on behalf of the Board of Directors of
EOPD, that the following transactions have been completed on 24
November 2003 pursuant to the terms of the respective share sale
agreements and sale and purchase agreement dated 28 May 2002 as
amended by the relevant supplemental agreements:

   a) The acquisition of Ambangan Puri Sdn Bhd (APSB) (APSB
Acquisition) for RM32,573,306;

   b) The acquisition of Regal Alliance Sdn Bhd (RASB) (RASB
Acquisition) for RM35,988,769;

   c) The acquisition of E & O Properties Sdn Bhd (EOP) (EOP
Acquisition) for RM8,690,013; and

   d) The acquisition from True Vitality Sdn Bhd (TVSB) of
adjoining parcels of land measuring approximately 4.838 acres
held under Lots 123, 130 and 131, Section 63, Town and District
of Kuala Lumpur (TVSB Land) for RM90,000,000 (TVSB Land
Acquisition).

The purchase consideration for the RASB Acquisition has been
adjusted from RM26,988,769 to RM35,988,769 after adjusting for
total dividends of up to RM58.2 million as opposed to RM67.2
million stated in the Circular to shareholders dated 13
September 2003.

The purchase consideration for the APSB Acquisition has been
adjusted from RM29,573,306 to RM32,573,306 after adjusting for
total dividends of up to RM18.0 million instead of RM21.0
million as stated in the Circular to Shareholders dated 13
September 2003.

The Debt Settlement and the Debt Acquisition involving the
settlement and acquisition by EOPD of the inter-Company debts
due to Eastern & Oriental Berhad (EOB) by APSB, its subsidiary
Seventy Damansara Sdn Bhd (formerly known as Beta Auto Sdn Bhd)
(BASB), EOP and its subsidiaries were also completed on 24
November 2003.

Pursuant to the Debt Settlement, EOPD has issued RM116,000,000
4-year secured Bonds with 116,000,000 detachable Warrants on 24
November 2003 to EOB.

The 116,000,000 Warrants together with the new EOPD shares of
328,385,150 shares of RM0.50 each issued pursuant to the TVSB
Land Acquisition and the Debt Acquisition will be listed on the
Main Board of the Kuala Lumpur Stock Exchange once all the
necessary documentation and procedures have been complied with.


EKRAN BERHAD: 12th AGM Set For December 22
------------------------------------------
The Board of Directors of Ekran Berhad announced that its 12th
Annual General Meeting (AGM) would be held at Ballroom 1,
Santubong Kuching Resort, Jalan Santubong, 93748 Kuching,
Sarawak on Monday, 22 December 2003 at 11.30 in the morning.
The 2003 Annual Report of Ekran will be dispatched to the
shareholders on 29 November 2003.


HIAP AIK: Issues Judgment Against Subsidiary
--------------------------------------------
The Special Administrators of Hiap Aik Construction Berhad
(Special Administrators Appointed) (HACB) informed the Kuala
Lumpur Stock Exchange on the following litigation matter:

Melaka High Court Suit No. CT.2-22-111-2002
Malayan Banking Berhad -vs- Solid Panel Sdn Bhd

This is to announce that Malayan Banking Berhad (MBB) has
obtained Judgment against Solid Panel Sdn Bhd (SPSB), a wholly
owned subsidiary of HACB on 28 July 2003 for the sum of
RM1,932,130.31 together with interests and costs. A copy of the
Judgment has been received by HACB on 27 November 2003.

We append below the additional information pursuant to Appendix
9A (Part C) of the Kuala Lumpur Stock Exchange Listing
Requirements:

(i) Interest rate claimed under the Judgment is 3.0 percent per
annum (including additional interest of 1 percent) calculated on
a monthly basis on the outstanding balance of RM1,932,130.31
from 1 May 2002 until the date in which full settlement is made.

(ii) The aforesaid sum together with interests and costs is to
be payable within ten (10) days from 3 November 2003 to avoid
enforcement of the Judgment.

(iii) Total cost of HACB's investment in SPSB is RM899,996.
However full provision for diminution in value of the investment
had been made during the financial year ended 31 December 2002
and was reflected in the financial statements for that year.

(iv) SPSB ceased its operation in year 2002 and therefore there
would be little or no operational or financial impact other than
the judgmental sum.

(v) Expected losses arising from the aforesaid Judgment would be
to the extend of the outstanding amount plus accrued interest.

(vi) To date, no action have been taken by SPSB in respect of
the Judgment and SPSB will not be taking any actions with
regards to the Judgment as all companies under the HACB Group
will eventually be wound up as per the Proposed Restructuring
Scheme. Please refer to our announcement to the Exchange dated
November 2002 for the details of the Proposed Restructuring
Scheme.


INNOVEST BERHAD: Submits Rescue Scheme Proposal to SCFIC
--------------------------------------------------------
Innovest Berhad refers to the announcement dated 21 November
2003 in relation to the Proposed Rescue Scheme.

Pursuant to the Paragraph 4.1 (b) of Practice Note 4/2001 of the
Listing Requirements of Kuala Lumpur Stock Exchange, the Company
announced that the application in relation to the Proposed
Rescue Scheme had been made to the Securities Commission and
Foreign Investment Committee (SCFIC) on 28 November 2003.


PILECON ENGINEERING: Issues Default Status Update
-------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
on 31 October 2003 with regards to the status of default in
payment pursuant to Practice Note 1/2001, the Company announced
that there have not been any changes to the status of default
since then.

The steps undertaken by the Company to rectify the default are
comprised in the Proposed Scheme of Arrangement pursuant to S176
of the Companies Act, 1965. Please refer to the announcements
made by the Company on 21 February 2003 and 15 August 2003 for
more details of the Proposed Scheme of Arrangement and
modifications thereto.


PILECON ENG'NG: Unit Appoints Robert Elliot as Administrator
------------------------------------------------------------
Pilecon Engineering Berhad announced the appointment of
Administrator to Strarch International Limited (Strarch), a 51
percent-owned subsidiary of PEB as required under Chapter 9 of
the Kuala Lumpur Stock Exchange (KLSE) Listing Requirements.

a) The date of appointment and particulars of Administrator

The Board of Directors of Strarch has on 28th November 2003
voluntarily appointed Mr. Robert Elliott of Messrs Hall
Chadwick, Level 29, 31 Market Street, Sydney NSW 2000 as
Administrator of Strarch.

b) The details of events leading to the appointment of the
Administrator

The Board of Directors of Strarch has considered the financial
affairs of Strarch and formed the opinion that if Strarch was
not already insolvent, it was likely to become insolvent at some
time in the near future.

c) The terms of reference of the Administrator

The terms of reference of the Administrator are to preserve
Strarch as much as possible as well as its business as a going
concern and to maximize the returns to its creditors.

d) The financial and operational impacts of the aforesaid
appointment on PEB Group, if any

With the appointment of Administrator in Strarch, there would be
an estimated exceptional gain of RM1.8 million for PEB Group.
The operational impact on the Group is that Strarch's patented
building systems may not be able to be utilized to generate
future businesses for the Group.

e) The effect of appointment on the business operations of PEB

The appointment of Administrator in Strarch is not expected to
have any impact on the business operations of PEB.

f) The steps taken or proposed to be taken by PEB in respect of
the appointment of the Administrator

No steps are expected to be taken by PEB in respect of the
appointment of Administrator in Strarch.

g) The role of the Board of Directors in light of the
appointment of the Administrator

With the above said appointment, the Administrator will assume
control and management of the assets and affairs of Strarch with
effect from the date of appointment. As such, the powers of the
Board of Directors of Strarch are effectively suspended.


SASHIP HOLDINGS: Administrators Extend Takeover Deal to Dec 12
--------------------------------------------------------------
Reference is made to the announcement dated 21 November 2003
made by AmMerchant Bank Berhad on behalf of Saship Holdings
Berhad (SHB) in relation to the execution of the Principal
Agreement in respect of the Transactions, as set out in the said
announcement.

As set out in paragraph 2.2 (b) of the said announcement, the
sale and purchase agreements for the Proposed Ramunia Assets
Acquisitions (Acquisition Agreements) are to be executed within
twenty-eight (28) days from the date of the Memorandum of
Understanding dated 31 October 2003 or such other date as the
Special Administrators may in its sole and absolute discretion
determine.

The Special Administrators of SHB announced that they have, at
their sole and absolute discretion, agreed to extend the
execution date of the Acquisition Agreements for a further 14
days until 12 December 2003.


SEAL INCORPORATED: Appoints Tong as Audit Committee Member
----------------------------------------------------------
Seal Incorporated Berhad posted this Change in Audit Committee
Notice:

Date of change : 27/11/2003
Type of change : Appointment
Designation    : Member of Audit Committee
Directorate    : Independent & Non Executive
Name           : Ooi Chin Tong
Age            : 49
Nationality    : Malaysian
Qualifications : STPM/Diploma of Education
Working experience and occupation:

1973 - 1982 - Teacher of Kementerian Pendidikan
1983 - 1986 - Project Coordinator of Buminas Sdn. Bhd.
Since 1987 - Proprietor of O.K. Tyre & Parts Co and
Syarikat Tenaga Diri
Since 1991 - Executive Director of Baiduri Heights
Sdn. Bhd.
Since 1995 - Executive Director of Baiduri Heights
Development Sdn. Bhd.
Since 1996 - Executive Director of Baiduri Heights
Construction Sdn. Bhd.
Since 2000 - Managing Director of Popular Route Sdn.
Bhd. and Sosola Sdn. Bhd.
Since 2001 - Managing Director of Kuah Quarry
Management Sdn. Bhd. and Decocrete
Sdn. Bhd.

Directorship of public companies (if any) : Nil

Family relationship with any director and/or major shareholder
of the listed issuer : Nil

Details of any interest in the securities of the listed issuer
or its subsidiaries: 2,467,000 ordinary shares of RM1/- each
fully paid in Seal Incorporated Berhad

Composition of Audit Committee (Name and Directorate of members
after change):

1. Ong Khaik Hean (Independent and Non-Executive Director) -
appointed Chairman on 27.11.2003

2. Ong Wee Meng (Executive Director) - Member

3. Ooi Chin Tong (Independent and Non-Executive Director) -
appointed on 27.11.2003 - Member

The Troubled Company Reporter - Asia Pacific reported that as at
31 March 2003, the Group's total default in payments to
financial institutions in respect of various credit facilities
is RM1.15 million.


TIMBERMASTER INDUSTRIES: Issues Restructuring Scheme Update
-----------------------------------------------------------
Timbermaster Industries Bhd (Special Administrators Appointed)
(TMIB) issued a monthly announcement pursuant to practice note
No. 4/2001 in relation to paragraph 8.14 of the Kuala Lumpur
Stock Exchange Listing Requirements.

Pursuant to Practice Note No. 4/2001 in relation to paragraph
8.14 of the Revamped Listing Requirements, TMIB informed that
the Special Administrators and all other parties concerned are
still in the midst of implementing TMIB's proposed restructuring
scheme as approved by the Securities Commission.


TONGKAH HOLDINGS: AGM Set For December 23
-----------------------------------------
Notice is hereby given that the Sixty-Second Annual General
Meeting (AGM) of Tongkah Holdings Berhad will be held at the
Conference Room, West Wing, Level 2, THB Satu, Jalan Damansara
Endah, Damansara Heights, 50490 Kuala Lumpur on Tuesday, 23
December 2003, at 10:30 A.M. for the following purposes:

1. To receive the Audited Financial Statements for the financial
year ended 30 June 2003 and the Reports of the Directors and
Auditors thereon. (Resolution 1)

2. To approve payment of Directors fees in respect of the
financial year ended 30 June 2003. (Resolution 2)

3. To re-elect the following Directors retiring pursuant to
Article 90 of the Company's Articles of Association:

i) Dato' Mohamed Salleh Bajuri (Resolution 3)
ii) Johnny Ong Seng Huat (Resolution 4)

4. To re-appoint Messrs Ernst & Young as the Company's Auditors
for the ensuing year and to authorize the Directors to fix their
remuneration. (Resolution 5)

5. As Special Business:
To consider and if thought fit, pass the following Resolution:

Ordinary Resolution: Authority to Allot and Issue Shares
(Resolution 6)

"THAT, subject to the Companies Act, 1965, the Articles of
Association of the Company and the approvals of the relevant
governmental/regulatory authorities, the Directors be and are
hereby empowered, pursuant to Section 132D of the Companies Act,
1965, to issue shares in the Company from time to time and upon
such terms and conditions and for such purpose as the Directors
may deem fit provided that the aggregate number of shares issued
pursuant to this resolution does not exceed 10 percent of the
issued capital of the Company for the time being and that such
authority shall continue in force until the conclusion of the
next Annual General Meeting of the Company."

6. To transact any other business of which due notice shall have
been given.


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


MANILA ELECTRIC: Appoints Jaime Camacho as New CIO
--------------------------------------------------
Manila Electric Co. (Meralco) has named Jaime R. Camacho, its
Vice President and acting head of Corporate Information Office,
as its Chief Information Officer (CIO) effective on December 1,
2003.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3818_MER.pdf


MANILA ELECTRIC: ERC OKs Php0.12 /kwh Tariff Hike
-------------------------------------------------
The Energy Regulatory Commission (ERC) has allowed Manila
Electric Co. (Meralco) to raise its tariff by another 0.12 pesos
per kilowatthour effective January 1, 2004, to help the Company
undertake projects that will improve its service delivery, AFX
Asia reports.

Meralco filed its petition for a 0.1358 pesos per kwh rate hike
in October. Meralco had sought a provisional approval for the
rate increase in order to tackle cash flow pressures arising
from the need to operate and maintain its electricity network,
undertake capital projects, service maturing loans and refund
customers for over billings. The power firm is currently
refunding overcharges dating back to 1994, which it expects to
cost more than 30 billion pesos.


NATIONAL STEEL: Chinese Investors Eyes Takeover
-----------------------------------------------
A group of Chinese steel operators is interested in bidding for
the rehabilitation and operation of the bankrupt National Steel
Corporation if the 90-day exclusivity period granted by creditor
banks to Global Infrastructure Holdings Ltd. will not lead to a
deal, Business World reported on Monday.

Iligan City Mayor Franklin Quijano told reporters over the
weekend a Chinese group had expressed interest in operating the
steel firm although it failed to submit a bid on September 30.

The 90-day period of exclusive negotiations with Global
Infrastructure is expected to start early December and will end
by March 2004. If negotiations are successful, Global
Infrastructure may start the rehabilitation process immediately.


PHILIPPINE LONG: Declares Cash Dividends
----------------------------------------
The Board of Directors of the Philippine Long Distance Telephone
Co. (PLDT) has approved the following cash dividends:

     - US$1.029412 per share on PLDT's Series III convertible
preferred stock, payable on Jan 15, 2004 to holders on record as
of Dec 19.

     - 12.285 million pesos on Series IV cumulative non-
convertible redeemeable preferred stock, payable on Dec 15, 2003
to holders on record as of Dec 12.

     - 4.675 pesos per share of Series V convertible preferred
stock, payable on Jan 15, 2004 to holders on record as of Dec
19.

     - US$0.09925 per share on Series VI convertible preferred
stock, payable on Jan 15, 2004 to holders on record as of Dec
19.

     - 10.179725 yen per share of Series VII convertible
preferred stock, payable on Jan 15, 2004 to holders on record as
of Dec 19.

     - 1.00 per outstanding share of Series H 10 pct cumulative
convertible preferred stock, for the annual period ending Dec
31, 2003, payable on Jan 30, 2004 to holders on record as of Dec
24.

     - 1.00 peso per share of Series L 10 pct cumulative
convertible preferred stock, for the annual period ending Dec
31, 2003, payable on Jan 30,2004 to holders on record as Dec 24.

     - 1.00 per share of Series M 10 pct cumulative convertible
preferred stock, for the annual period ending Dec 31, 2003,
payable on Jan 30, 2004 to holders on record as of Dec 24.

     - 1.00 per share of Series Y 10 pct cumulative convertible
preferred stock, for the annual period ending Dec 31, 2003,
payable on Jan 30, 2004 to holders on record as of Dec 24.

For more information, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3820_TEL.pdf


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


ECON CORPORATION: Court Rejects ECL Scheme
------------------------------------------
Econ Corporation Ltd.'s (ECL) application for the sanction of
its proposed scheme of arrangement (ECL Scheme) was dismissed by
the High Court on November 24, 2003. As a consequence of this,
and in view of its financial condition, ECL on Nov 26 commenced
a creditors' voluntary winding-up and appointed provisional
liquidators.

Econ International Limited has, on behalf of ECL, provided
guarantees and indemnities to certain financial institutions,
for borrowings and performance bonds, and to governmental bodies
for the construction of mass rapid transit projects. None of the
governmental bodies have filed proofs of debt under the ECL
Scheme and they are not expected to file any claims against the
Company. Other creditors of ECL have no claims on the Company.
However, the Company would rank as an unsecured creditor of ECL
for amounts owing from ECL to the Company. The obligations of
the Company under the above mentioned guarantees and indemnities
together with other liabilities of the Company, will be subject
to the Company's own proposed scheme of arrangement (the "EIL
Scheme). The Company intends to modify the proposed EIL Scheme
to reflect the current situation. The Company will be meeting
with its financial institutions to discuss the proposed
modifications to the EIL Scheme.

Until the position of the financial institutions is known, in
the light of recent developments, the Company requests for the
continued suspension in the trading of its shares.

Further announcements will be made of any significant
developments in respect of the restructuring.


EI-NETS LTD: Unveils November 28 AGM Resolutions
------------------------------------------------
The Board of Directors of Ei-Nets Limited announced the results
pertaining to the resolutions proposed at the Annual General
Meeting of the Company held on 28 November 2003.

1. The Directors' Report and Audited Accounts of the Company for
the financial year ended 30 June 2003 together with the
Auditors' Report were received and adopted.

2. Mr Sie How Peng was re-elected as a Director.

3. Mr Quek Yong Kang was re-elected as a Director.

4. Mr Hans Waldemar Gutsch was re-elected as a Director.

5. Mr Tan Siok Sing was re-elected as a Director.

6. A poll was demanded by the President of the Company for
Resolution No.6 relating to the re-election of Mr Liau Beng Chye
as a Director. Upon a poll being taken, Mr Liau was re-elected
as a Director, with 339,870,024 shares voted in his favour,
representing 97.4 percent of the shares of the shareholders
present and voting at the meeting and also representing 51.5
percent of the total issued shares of the Company.

7. Messrs Deloitte & Touche was re-appointed as the Company's
Auditors and the Directors are duly authorized to fix their
remuneration.

8. Resolution No.8 relating to the proposed modification to the
Memorandum of Association of the Company was passed.

9. Resolution No.9 relating to the proposed Share Issue Mandate
was passed.

10. Resolution No.10 relating to the proposed Capital
Restructure was passed.

11. Resolution No.11 relating to the proposed authority to grant
options and issue shares under the Ei-Nets Ltd Share Option
Scheme was passed.


GN MARITIME: Creditors Must Submit Claims by December 29
--------------------------------------------------------
Notice is hereby given that the creditors of GN Maritime
(Singapore) Pte Ltd (In Members' Voluntary Liquidation), which
is being wound up voluntarily are required on or before the 29th
day of December 2003 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the undersigned, the
liquidator of the said Company and, if so required by notice in
writing by the said liquidator are, by their solicitors or
personally, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

THOMAS KASTRUP
Liquidator.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.


L&M Group: Restructures Debt to Improve Status
----------------------------------------------
L&M Group will continue to stay focused on its core specialist
construction business, concentrating particularly in ground
engineering, heavy foundation and precast activities, a Company
statement said. The operating conditions of the Group will
remain difficult due to limited working capital situation. The
Group is currently in the process of getting its bank borrowings
restructured to improve this situation.

The Group's order book as at 30th September 2003 was S$196
million of which S$101 million from Geotechnic Division and S$95
million from the Structural Systems Division. The projects that
will contribute to FY2004 revenue will be MRT Circle Line C823,
Fusionpolis, Visioncrest, Law Enforcement Institute and Sewer
Rehab Phase 1 Contract 7 from Geotechnic Division and Bartley
Road, Kim Chuan Depot and HDB Term Contract Batch 4 from
Structural Systems Division.

The Company is in the process of finalizing the circular for the
holding of the shareholders' meeting to obtain the shareholders'
approval for the restructuring exercise.


OCBC BULLION: Creditors Must Submit Claims by December 29
---------------------------------------------------------
The creditors of OCBC Bullion & Futures Limited (In Members'
Voluntary Liquidation), which is being wound up voluntarily, are
required on or before the 29th day of December 2003 to send in
their names and addresses, with particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidator of the said Company, and, if
so required by notice in writing by the said Liquidator, are by
their solicitors, or personally, to come in and prove their said
debts or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from
the benefit of any distribution made before such debts are
proved.

STEVEN TAN HOCK CHOON
Liquidator.
c/o 65 Chulia Street
#28-01/04 OCBC Centre
Singapore 049513.


OCBC CAPITAL: Issues Debt Claim Notice to Creditors
---------------------------------------------------
The creditors of OCBC Capital Management Singapore Private
Limited (In Members' Voluntary Liquidation), which is being
wound up voluntarily, are required on or before the 29th day of
December 2003 to send in their names and addresses, with
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to the undersigned, the Liquidator
of the said Company, and, if so required by notice in writing by
the said Liquidator, are by their solicitors, or personally, to
come in and prove their said debts or claims at such time and
place as shall be specified in such notice, or in default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

STEVEN TAN HOCK CHOON
Liquidator.
c/o 65 Chulia Street
#28-01/04 OCBC Centre
Singapore 049513.


POLYMICRO PRECISION: Issues Dividend Notice
-------------------------------------------
Polymicro Precision Technology Pte Ltd (In Creditors' Voluntary
Liquidation) issued a notice of intended dividend as follows:

Address of Registered Office: c/o 11 Collyer Quay
#10-04 The Arcade Singapore 049317.

Last Day for Receiving Proofs: 12th December 2003.

Name of Liquidators: Mick Aw Cheok Huat and Neo Keng Jin.

Address: c/o 11 Collyer Quay #10-02 The Arcade Singapore 049317.

NEO KENG JIN
Liquidator.


SEATOWN CORPORATION: Extends Investment Agreement to December 26
----------------------------------------------------------------
On 29 October 2003, the Directors of Seatown Corporation Ltd
announced that the Company and Hui Yuan Investment Limited (HY
Investment) had further extended the Investment Agreement on a
"without prejudice" basis for an additional period up to 26
November 2003.

The Company and HY Investment have now agreed to further extend
the Investment Agreement for an additional period of one month
up till 26 December 2003 on a without prejudice basis.


SEE GUAN: Petition to Wind Up Pending
-------------------------------------
The petition to wind up See Guan Thong Enterprises Pte Ltd
(formerly known as See Guan Thong Textiles Pte Ltd) is set for
hearing before the High Court of the Republic of Singapore on
January 9, 2004 at 10 o'clock in the morning. The Bank of China,
a creditor, whose address is situated at 4 Battery Road, #01-00
Bank of China Building, Singapore 049908, filed the petition
with the court on November 19, 2003.

The petitioners' solicitors are Messrs RODYK & DAVIDSON of 80
Raffles Place, #33-00 UOB Plaza 1, Singapore 048624. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs RODYK & DAVIDSON a notice in
writing not later than twelve o'clock noon of the 8th day of
Januart 2004 (the day before the day appointed for the hearing
of the Petition).


THAKRAL CORPORATION: Launches New Subsidiary
--------------------------------------------
The Board of Directors of Thakral Corporation Ltd. announced
that its wholly-owned indirect subsidiary, Digital Infotech
(BVI) Limited, has established a new wholly-owned subsidiary,
Digital Info Technology Pte. Ltd.

Details of the subsidiary are as follow:

Name: DIGITAL INFO TECHNOLOGY PTE. LTD.

Place of Incorporation:  Singapore

Issued & Paid-up Capital: S$2.00

Shareholder: Digital Infotech (BVI) Limited

Principal Activities: Business Development & Marketing

The above investment is not expected to have a material impact
on the Company's earnings per share and the net tangible assets
for the financial year ending 31 March 2004.


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


EMC POWER: Creditors Amend Rehabilitation Plan
----------------------------------------------
Ref. EMC 059/2003

The Stock Exchange of Thailand
The Stock Exchange of Thailand Building
62 Rachadapisek Road Klongtoey
Bangkok 10110

Attention: The Managing Director
Subject: Result of Voting by the Creditors Meeting

Dear Sir,

Refer to our letter ref. No.EMC054/2003, dated 4 November 2003
regarding voting date on the application for amendment of the
rehabilitation plan.

The Plan Administrator of EMC would like to report that on 26
November, 2003 at 13.00 p.m. the creditors had a meeting to vote
for accepting the amendment of rehabilitation plan according to
the application proposed by the Plan Administrator. The official
receiver will report the result of the meeting to the court for
further consideration. After the court has approved the
amendment of rehabilitation plan (as amended), the plan will be
binding the company and all of the creditors.

Please be informed accordingly.

Yours faithfully,

Mr. Komol Wongpornpenpap
Director
EMC Power Company Limited
Acting as a Plan Preparer of
EMC Public Company Limited


THAI PETROCHEMICAL: Local Stock Market Bans Margin Loans Anew
-------------------------------------------------------------
To avoid any negative repercussions on the overall market, the
stock exchange of Thailand prohibited Monday net settlement
transactions in Thai Petrochemical Industry PCL, according to
Dow Jones.

The prohibition is effective from Monday [yesterday] to December
8, according to the report.  The stock exchange was also
expected to prohibit brokerage firms from providing margin loans
for trading in Thai Petrochemical's stock during the period.

"Margin lending involves brokerage houses giving loans to their
customers to buy a stock.  It helps retail investors to leverage
funds," Dow Jones explains.  "In net settlement trades,
investors can make multiple transactions within a trading day --
buying and selling the same shares -- and pay or receive only
the net gain or loss from all trades at settlement three days
later."

Last month, from November 3-28, the stock exchange also
prohibited brokers from providing margin loans due to
extraordinary changes in both the price and trading volume of
Thai Petrochemical between October 15 and 31.  The company's
shares surged by 95% during the period.  The stock has since
retreated by 13% in November, ending Friday at 17 baht
($1=THB39.924), Dow Jones said.


* BOND PRICING: For the week of December 1-5, 2003
--------------------------------------------------

Issuer                                Coupon   Maturity  Price
------                                ------   --------  -----

AUSTRALIA
---------

Amcom Telecommunications Ltd          10.000%    10/28/07     1
APN News & Media Ltd                   7.250%    10/31/08     4
Artwright Holdings Bhd                 5.500%     3/05/07     1
Arus Murni Corporation Bhd             0.500%      8/24/06    1
Australia Commonwealth Gov't Loans     3.000%     7/29/49    62
Austrim National Radiators Ltd         9.500%    10/31/04    47
Bendigo Bank Ltd                       8.000%     5/29/49     8
BIL Finance Ltd                        8.000%    10/15/07    10
BIL Finance Ltd                        8.250%    10/15/04    10
BIL Finance Ltd                        8.750%    10/15/04     9
BIL Finance Ltd                        8.750%    10/15/05    10
BIL Finance Ltd                        9.000%    10/15/04    10
BIL Finance Ltd                        9.250%    10/15/06     9
BIL Finance Ltd                        10.000%   10/15/04    10
Capital Properties NZ Ltd              8.500%     4/15/05     7
Capital Properties NZ Ltd              8.500%     4/15/07     9
Capital Properties NZ Ltd              8.500%     4/15/09     8
Consolidated Minerals Ltd              11.250%    3/31/05     1
Djerriwarrh Investments Ltd            7.500%     9/30/04     4
Evans & Tate Ltd                       8.250%    10/29/07     1
Fletcher Building Ltd                  7.900%    10/31/06     8
Fletcher Building Ltd                  8.300%    10/31/06     9
Fletcher Building Ltd                  8.500%     4/15/04     7
Fletcher Building Ltd                  8.600%     3/15/08     8
Fletcher Building Ltd                  8.750%     3/15/06     8
Fletcher Building Ltd                  8.850%     3/15/10     8
Fletcher Building Ltd                 10.500%     4/30/05     7
Fletcher Building Ltd                 10.800%    11/30/03     7
Feltex Carpets Ltd                    10.250%     9/15/08     1
Fernz Corp Ltd                         8.560%    10/15/06     8
Futuris Corporation Ltd                7.000%    12/31/07     2
Garratts Ltd                           12.000%    12/31/03    1
Gympie Gold Ltd                        8.500%     9/30/07     1
Hy-Fi Securities Ltd                   7.000%     8/15/08     7
Hy-Fi Securities Ltd                   8.750%     8/15/08     9
JB Were Capital Markets Ltd            8.750%    12/31/03    29
Macquarie Bank Ltd                     1.800%     8/15/15    66
New South Wales Treasury Corporation   0.500%     2/16/10    71
NPT Capital Ltd                        9.500%    11/30/04     9
Nuplex Industries Ltd                  9.300%     9/15/07     8
Pacific Retail Finance                 9.250%     9/15/07    10
Port Douglas Reef Resorts Limited      9.000%      4/1/04     1
Powerco Ltd                            8.150%      9/1/07     7
Powerco Ltd                            8.400%     5/22/07     7
Queensland Treasury Corporation        0.500%     5/19/10    70
Richmond Ltd                          10.750%    12/15/04    11
Salomon Smith Barney Australia         4.250%      2/1/09     9
Sky Network Television Ltd             9.300%    10/29/49     8
Straits Resources Ltd                 10.000%    12/31/03     1
Strathfield Group Ltd                 11.000%    12/31/05     1
Tower Finance Ltd                      8.750%    10/15/07     9
TrustPower Ltd                         8.300%     9/15/07     8
TrustPower Ltd                         8.500%     9/15/12     8
Vision Systems Ltd                     9.000%    12/15/08     1

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

Teco Electric & Machinery Co Ltd       2.750%      4/15/04   74

KOREA
-----

Korea Electric Power Corporation       7.950       4/1/96    63
Kolon Industries Inc                   0.250%     12/31/04   52

MALAYSIA
--------

Artwright Holdings Bhd                 5.500%      3/05/07    1
Arus Murni Corporation Bhd             0.500%      8/24/06    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             3.000%      2/25/06    1
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Eox Group Bhd                          4.000%      1/10/06    1
Equine Capital Bhd                     3.000%      8/26/08    1
Fountain View Development Bhd          3.500%     11/02/06    2
Gadang Holdings Bhd                    3.000%     10/21/07    3
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
Halim Mazmin Bhd                       8.000%      6/30/04    3
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Kumpulan Emas Bhd                      7.000%     11/15/04    1
Kumpulan Jetson                        5.000%     11/28/12    1
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
Media Prima Bhd                        2.000%      7/18/08    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
MWE Holdings                           5.500%      10/7/04    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Pantai Holdings Bhd                    5.000%      3/28/07    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
POS Malaysia & Services Holdings Bhd   8.000%     11/26/04    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
SKS Power Sdn Bhd                      6.300%     11/11/08   10
Southern Steel Bhd                     5.500%      7/31/08    2
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
TAP Resources Bhd                      2.000%      6/29/06    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    2
Wah Seong Corporation Bhd              3.000%      5/21/12    3

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

Bacnotan Consolidated Industries, Inc.  5.500%    6/21/04    42

SINGAPORE
---------

CSC Holdings Ltd                        6.500%     4/27/05    1
Tampines Assets Ltd                      5.625%    12/7/06    1
Tincel Ltd                               5.000%    6/13/11    1
Tincel Ltd                               7.400%    6/13/11    1
Rabobank Singapore                       1.000%    1/15/13   70
Sengkang Mall Ltd                        4.880%   11/20/04    1

THAILAND
--------

Bangkok Bank PCL                         4.589%     3/3/04   64
Bangkok Land PCL                         3.125%    3/31/01   16
Bangkok Land PCL                         4.500%   10/13/03   14
Bank of Asia PCL                         3.750%     2/9/04   63
Kiatnakin Finance and Securities PCL     4.000%   11/30/03   58
MDX Public Co., Ltd.                     4.750%    9/17/03    8
Property Perfect PCL                     3.250%    3/25/49    8
Siam Commercial Bank PCL                 3.250%    1/24/04   64
Tanayong PCL                             3.500%    3/01/04    7

Tuesday's edition of the TCR-Asia Pacific delivers a list of
indicative prices for bond issues that reportedly trade well
below par.  Prices are obtained by TCR-AP editors from a variety
of outside sources during the prior week we think are reliable.
Those sources may not, however, be complete or accurate.  The
Tuesday Bond Pricing table is compiled on the Saturday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer or
solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR editor holds some
position in the issuers' public debt and equity securities about
which we report.


                            *********


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.

                 *** End of Transmission ***