TCRAP_Public/031203.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Wednesday, December 3, 2003, Vol. 6, No. 239

                         Headlines

A U S T R A L I A

AMP LIMITED: Posts CEO Address to Sydney Securities Institute
AUSTRALIAN GAS: NGC Shares Cancelled, Bonds Fully Subscribed
AUSTRALIAN GAS: Unit NGC Unaffected by Capital Return, Says S&P
CTC RESOURCES: Court Upholds Bankruptcy Notices Against Ex-Dirs
MAYNE GROUP: Issues Hospitals Sale Update, Buy-back Intention

QANTAS AIRWAYS: Jetstar Brand, Livery Unveiled
QANTAS AIRWAYS: Names Low Cost Carrier, Orders Airbus A320s
WATTLE GROUP: Brisbane Court Condemns Former Administrator


C H I N A  &  H O N G K O N G

CHI WING: Petition to Wind Up Scheduled
CIL HOLDINGS: Discloses Reviewed Q303 F/S
CLUB DELUXE: Winding Up Hearing Scheduled on Dec 17
EXTRA MATCH: Hearing of Winding Up Petition Set
LAM FUNG: Dec 10 Winding Up Petition Hearing Set


I N D O N E S I A

BANK NEGARA: Invites Underwriters After RULBPS


J A P A N

ASHIKAGA BANK: Fitch Changes Outlook to Stable
ASHIKAGA BANK: Government Seizes Bank Shares
ALL NIPPON: Issues Y40B Bonds Due 2013
HOKKAIDO INTERNATIONAL: Expects 1H03 Y100M Profit
HOYU K.K.: Real Estate Firm Enters Bankruptcy

KOBE STEEL: Merges Copper Business With Mitsubishi Materials
MITSUI MINING: Extends Loan Purchase Period
NIKKO CORDIAL: Holding Treasury Stocks by Converting the CBs
NIKKO CORDIAL: Unit Enters Capital Reduction Scheme
NIKKO CORDIAL: Unit Enters Liquidation


K O R E A

HANARO TELECOM: Issues 3Q03 Wage Update
HANARO TELECOM: Issues Management Changes
LG CARD: Creditors Inject W2Tr Emergency Funds
LG CARD: Fitch Sees Limited Direct Damage To Korean Banks
LG CARD: Hopes to Receive Bids Next Month


M A L A Y S I A

AKTIF LIFESTYLE: Proposed Disposal Negotiations Ongoing
AOKAM PERDANA: MITI Endorses Revised Scheme
CHG INDUSTRIES: Restructuring Proposals Completion Time Extended
EPE POWER: Further Defaults RM693,260 Interest to FIs
JASATERA BERHAD: Revises Proposed Recapitalisation Exercise

KELANAMAS INDUSTRIES: Dec 8 Shares Exchange Scheduled
KELANAMAS INDUSTRIES: SC Grants Investigative Audit Extension
KILANG PAPAN: Revising Proposed Restructuring Scheme
KRETAM HOLDINGS: Updates Financial Regularization Plan Status
MBF CORPORATION: Proposes Disposal to Boost Cashflow

MENTIGA CORPORATION: Financial Statements Finalization Underway
NCK CORPORATION: Court Adjourned Summon Hearing to Feb 26
OCEAN CAPITAL: Proposed Restructuring Exercise Approval Pending
OMEGA HOLDINGS: Creditors OK Proposed Restructuring Scheme
PANCARAN IKRAB: Court Convened Meeting Scheduled in February

PARK MAY: Financial Regularization Status Remains Unchanged
PROMET BERHAD: Wisma Saberkas SPA Extended
RNC CORPORATION: Due Diligence Committee Complying PRS Terms
SATERAS RESOURCES: Awaits Regularization Plan Approval
TAI WAH: Issues Restructuring Exercise Status Update

TAP RESOURCES: Investigative Audit Completion Extended
UCP RESOURCES: Provides Default in Payment Status Update
WIDETECH (MALAYSIA): Widens 2003 Pre-tax Loss to RM0.645M
WOO HING: SA, Promoter Revising Kamdar Proposals


P H I L I P P I N E S

ASIAN CAPITAL: PSE Acquires Cash-Strapped Firm
INTERNATIONAL WIRE: Forms Ad Hoc Committee of Bondholders
MANILA ELECTRIC: Files Claim to Recover Excess Income Tax
MANILA ELECTRIC: Seeks Six-month Extension on $80M Debt
NATIONAL POWER: Mulls US$250M Bond Float


S I N G A P O R E

CAPITALAND LIMITED: Unit Wins Lawsuit Commenced by Jens Grossner
CHARTERED SEMICONDUCTOR: Narrows Fourth Quarter Net Loss
EXTROPIA.COM PTE: Issues Preferential Dividend Notice
FALMAC LIMITED: Issues Progress of Restructuring Scheme
KEPPEL FACTORS: Creditors Must Submit Claims by December 29

NATSTEEL LIMITED: Disposes 36.8% Stake in National Oxygen
PROTECTION & INDEMNITY: Releases Dividend Notice
SEATOWN CORPORATION: Issues Status of Banking Facilities


T H A I L A N D

BANGKOK RUBBER: Discloses Shares Offering Results
T.C.J. ASIA: Court OKs Business Reorganization Plan
THAI PETROCHEMICAL: Creditors Dismiss Interest Default Event

     -  -  -  -  -  -  -  -

=================
A U S T R A L I A
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AMP LIMITED: Posts CEO Address to Sydney Securities Institute
-------------------------------------------------------------
AMP Limited posted its Chief Executive Officer Andrew Mohl's
address to Sydney Securities Institute held on Tuesday:

"BRINGING AMP BACK HOME I'm delighted to have this opportunity
to talk to you about AMP, how we're bringing it back home
through the demerger and what happens next.

I've always known that AMP has a special place in the hearts of
many Australians, but the events and traumas of the past 12
months have shown me just how strong that attachment is. It's an
attachment that grows out of our past and the heritage of being
a 154 year old company. In that time, AMP has touched so many
lives - as customers, shareholders, employees, business
partners, investment partners, even competitors. And it
continues to do so. Not surprisingly, that attachment has also
translated into anger and disappointment, as many people have
felt let down by the events of the past few years. I understand
those feelings. And I've shared them. But I'm here to tell you
that while AMP may be bloodied, it's definitely not bowed. It's
coming back with a vengeance. AMP has been, still is and will
continue to be a great company. The unique strengths that have
enabled it to survive what has been an extraordinarily testing
time for any company are also the foundation stones for a very
positive future. Having just returned from an international
roadshow last month, talking to our overseas investors, I am
convinced that we have the basis in AMP to build a world class
wealth management company in our region - right here at home.
Let me explain what I mean about AMP's unique strengths in a
little more detail. Part of it is history - a heritage that
can't be replicated. We've been helping ordinary Australians
protect their futures and cope with tough times since 1849. The
three men who founded AMP believed that financial security
enabled people to live with dignity. We still believe that
today. Our goal remains to help people manage their financial
well being to enjoy the future they want.

And the way we do this is another strength of AMP that can't be
easily replicated. We are a business that focuses on people. In
the early days of AMP's history, up until the early '90s, we
were embedded in communities around Australia through the local
AMP agent. Over the past decade, these life agents have evolved
into self-employed financial planners, but they have maintained
their partnerships with AMP. These planners bring the
discipline, focus and community involvement of a local small
business into partnership with our financial and brand strengths
as a large company. Through our longstanding partnerships with
these planners, we have a clear focus on and strong ties to the
communities we serve. These are the same communities in which we
have invested literally billions of dollars over the years.
Since about 1900, our rationale has been that if we invested in
projects that helped Australia grow and develop, then so too
would AMP grow and develop - and our policyholders' investments.
We've helped farmers, industrialists, private companies and
governments - building roads, factories, railways, airports, new
rural developments, communications systems, water and
electricity infrastructure and the Sydney Harbor tunnel. We even
helped the government pay for World War and build Canberra.
These investments have not been entirely altruistic on our part.
Most have earned good returns for our policyholders. But they
have helped cement AMP into the Australian landscape in a way
few other companies are. That's why people have always regarded
AMP as a special company. And that's why they have been so upset
that we seemed to have lost our way over the past few years.
It's a question I'm often asked by friends and family - what
happened at AMP post demutualization? Let me give you a brief
rundown. The floating of AMP was effected in a state of near
euphoria.

This was the 20 billion dollar loyalty program. It was so
successful that it was even cited as one of the reasons why the
Australian economy proved resilient while other economies slowed
down in the late '90s. When it listed, AMP was a wealthy company
with billions of dollars of surplus capital and an under-geared
balance sheet. Strategy at AMP in those days was solely about
deployment of surplus capital. In 1998 and '99, three
acquisitions were pursued: - Henderson, a UK asset manager,
which was bought for around A$1b - GIO, an Australian general
insurer which was ultimately bought in a hostile transaction for
over A$3b and - NPI, a UK life insurer, which was a complex
transaction and would ultimately require capital commitments of
over A$4b History was to show that while Henderson was an astute
investment, GIO and NPI were anything but. Both those
investments involved large outlays in an attempt to buy a
superior position in markets where AMP at the time had weak
positions - Australian general insurance and UK life insurance.
What the NPI acquisition - and subsequent UK purchases such as
Towry Law - did, of course, was effectively double an already
risky bet in the UK market. In this market it was standard
practice for life products to be sold with capital guarantees,
with the majority of the funds then invested in equities and
properties. While equity markets boomed this was a highly
profitable strategy. The shareholder took 10 per cent of the
profits and the strength of the funds from the largely
unrealized capital gains on equities meant the downside risk to
the shareholder was minimal. As the share market collapsed
however, this process went into reverse and as the surplus in
the funds began to evaporate the shareholder increasingly faced
a nightmare situation where 100 per cent of the losses were to
its account but only 10 per cent of the gains. In effect, this
was a leveraged play on equities and the weaker the market, the
greater the effective leverage facing the shareholder. The
combination of a more than 50% fall in equity markets and
acquisitions of businesses at the top of the market has indeed
proved very painful for shareholders.

AMP's Chairman Peter Willcox summarized this at the May Annual
General Meeting when he said "AMP had too much of your
shareholder money in the wrong business, at the wrong time, in
the wrong place." Unpalatable as those facts were, they had to
be faced and dealt with - and we have done just that. The
situation in the UK today is that we've substantially reduced
the equity market risks in our UK life businesses, closed them
to new business, and now have investment manager Henderson well
positioned to benefit from the cyclical market upturn. The
strong Henderson investment management franchise is at the core
of the new HHG group we are creating. It will be the growth
engine and long-term focus for the group. Post demerger,
Henderson will be a top 10 UK based investment manager with
assets under management of almost 70bn. The business is well
diversified by client type and across asset class - and is
growing organically. Investment performance is strong - with
some 71% of listed assets under management meeting or exceeding
benchmark in the first half of 2003. HHG will also be focused on
unlocking the inherent value in the UK life businesses. In the
EM, the Consulting Actuary has an embedded value for these
businesses of around 900 million. A lot of people have asked
me, if HHG has such potential, why are we still pursuing the
demerger? The simple answer is because HHG gets no benefit being
owned by and being the UK branch of an Australian parent, and
vice versa. This comes back to our core reason for the demerger.
Fundamentally, two companies - AMP and HHG - are better than
one. Both these companies have better growth prospects as
separate regional businesses than they do as an international
conglomerate. Through the demerger, our intention is to create
two strong companies, capable of operating and growing
independently of each other. And while we have been focused on
securing the value of our UK businesses, and managing the
demerger process, we have also been nurturing the AMP business
in Australia and New Zealand. After all, this is the pre-eminent
wealth management business in the market. And it's
extraordinarily resilient.

The financial results this business delivered in the first half
of this year, against the backdrop of appalling industry and
corporate conditions were very promising. AMP Financial Services
recorded a 15% return on invested capital while AMP Capital
Investors recorded a 28% return on invested capital. These
returns compare with a cost of capital of around 8%. In part,
the demerger announcement itself helped us to shore up the
Australian business as it was extremely well received by our key
stakeholders, particularly planners and customers. But this
resilience is also compelling evidence of the strength and
comparative uniqueness of our business model. We operate across
the wealth management value chain from investment management, to
products and packaging, to distribution. We have a specialist
investment management capability in AMP Capital Investors - one
of the biggest investment companies in Australia. We are a
focused manufacturer of products, where we have scale and
competitive advantage. In the high growth market of
superannuation, we provide for the needs of over 2 million
Australians and are the market leader in both the retail and
corporate areas. In distribution, we have Australia's biggest
financial planning network, offering quality face-to-face advice
around the country, three other aligned dealer groups targeting
specific market segments, and easily the largest number of
Certified Financial Planners of any group in the country as
testament to our commitment to professional standards. Very few
of our competitors can match this breadth and depth of
capabilities. It means we can understand and meet customer
needs, have the scale such that we can choose where to compete
profitably, and are in a strong position to protect and grow our
margins. There has been much discussion about the impact of the
problems of AMP on its brand and Australian business. We are
pleased that the worst is over and our customer and brand
tracking is showing strong underlying improvement. There has
been substantial improvement in sentiment toward AMP over the
past few months, from lows earlier this year. The key
planner/customer relationship is now rating at its traditionally
very strong levels.

And that is being matched by an improvement in funds flow, as
demonstrated by the latest industry data. Indeed, in the
calendar year to September, AMP outperformed all but one of its
four major competitors in funds flows, notwithstanding all of
the issues we have had to deal with, a remarkable result in the
circumstances. While we have been working through the demerger,
our AMP Financial Services business has undergone substantial
changes this year to make what was already a good business an
even better business. A new operating structure has created a
much sharper focus on the profitability of our five product and
five distribution lines which are now run as stand-alone
businesses with targets for operating earnings and return on
invested capital. We intend to pursue cost leadership in product
manufacturing to drive down unit costs, notwithstanding a
market-leading 40% cost to income ratio in the first half of
2003. And we intend to continue to build and diversify our
advice-based distribution, widely recognized as the "jewel in
AMP's crown" to partner with our planners to deliver the quality
products and services our customers want. In simple terms,
higher productivity and planner numbers will drive top line
growth while the focus in product manufacturing will lower unit
costs. Last month we provided a major briefing on AMP Financial
Services that included estimated embedded value and value of new
business figures for calendar 2003. These estimates show the
embedded value - the value of the enforce book - is likely to be
around $6.5 billion at end year, before transfers, while the
value of new business in calendar 2003 is likely to be around
$230 million. Both figures are up strongly on the first half
results of $6.05 billion and $100 million, respectively, and
reflect the impact of the business changes I've just discussed
as well as the improvement in market conditions. In our AMP
Capital Investors business, where the key driver is investment
performance, we are also seeing very encouraging trends. We are
now generating above benchmark returns across all listed asset
classes and the main AMP Life fund has had an outstanding year.
And, with our new regional focus, we will be seeking to make AMP
Capital Investors the investment powerhouse of the Asia Pacific
region. The inherent value of our Australian operations has been
highlighted by interest shown in these operations by other
companies.

Let me be clear. The decision to demerge was made with the full
knowledge that it would make AMP a more attractive company and
therefore at greater risk of takeover. The Board and Management
wanted AMP shares to be bought with confidence by all investors
in the knowledge that they were investing in a company of
pedigree, quality and value. You may wonder - after everything
we've been through - how I can stand here today and talk so
confidently about both the present and the future. Well, just
look at what we've been able to achieve over the past 10 months
or so: - The most complex demerger ever seen in the country with
an ambitious and tight demerger timetable, with all its
milestones, has largely been delivered - although still subject
to shareholder approval and court approval, of course - We
received "in principle" regulatory approval for the demerger -
something many people were suggesting was an impossibility back
in May - Business and capital structures and pro forma balance
sheets for AMP and HHG have been developed, agreed and announced
- enabling each company to go forward with confidence - A
recapitulated and restructured HHG has been approved for listing
on the London Stock Exchange in addition to its listing on the
ASX - with AMP still able to share in any upside in the value of
HHG through its 15% shareholding (pre capital raising) and the
downside limited to the same risks as any other shareholder - An
innovative new structure to refinance our Reset Preferred
Securities with equity in the new AMP has been developed and
implemented with the offer closing on December 9 - Our
businesses have come through the downturn well and are
recovering strongly - at the top end of the range provided in
our Explanatory Memorandum, AFS would have a record year for
operating margins in 2003 - Our planners and employees have
remained loyal with virtually no key person losses; and -
Customer retention has been little short of extraordinary, with
persistency little changed from last year and solid underlying
growth in our modern retail business despite poor market
conditions. It is little wonder that we are therefore upbeat
about the year ahead when we will compete free of the
complexities and challenges of 2003. Post demerger, AMP will
have a focus and a franchise that few pure wealth managers
around the world can match.

We will be a wealth management powerhouse with strong
competitive positioning in:

   o Advice-based distribution o Product manufacturing
   o Investment management . This will provide a solid
foundation for us to build a world-class wealth management
company operating regionally. Where we are and will be different
to most of our competitors is that we will be a major financial
institution with a small business feel. That's because we are
able to marry the financial and brand strength of a major
company with the self-employed planner model of distribution and
a dynamic investment management culture normally found in
smaller, boutique firms.

That 'small business touch' will be evident in:

   o Our responsiveness to planners, customers and marketplace
needs o Being close to and trusted by the community we serve
   o Our focus on people and relationships; and
   o A culture that makes everyone responsible and accountable
for driving the bottom line harder. The ambition to be a world-
class wealth management company operating regionally will be
measured on four criteria:
   o We want to be viewed by investors as being one of the top
wealth management companies in the world in the quality and
performance of our regional business
   o We will be seeking a Return on Shareholder Equity in the
top docile in our peer group o We want to be viewed as a model
company with our wealth management business model in an advanced
wealth management system; and o We will have the best people in
the market in the critical roles that drive our business model.

And, in pursuing our strategies, we will live by our three core
values - passion, commitment and integrity. - Passion for the
industry that we love to be a part of - Commitment to see AMP
back on top - Integrity in everything that we do. To sum up, we
will be a focused regional group seeking to deliver outstanding
products and services to our clients.

Let me leave you with a few simple messages. To our
shareholders, customers, planners and employees - thank you for
your support in a very difficult time. You're the reason we've
worked so hard to address the mistakes of the past, and put this
company on a much better footing for the future. If you are a
shareholder, I urge you to have your say on the future of this
company and vote on the demerger. If you're eligible to
participate, and my comments on AMP post demerger have inspired
you, you still have a week left to get your acceptance form and
payment in to us under the rights offer. And to our competitors
- watch out. Don't be under any illusion about what a
revitalized AMP is capable of in 2004. Life for you is going to
be tougher than ever! Thank you."


AUSTRALIAN GAS: NGC Shares Cancelled, Bonds Fully Subscribed
------------------------------------------------------------
NGC Holdings Limited, a 66% owned subsidiary of the Australian
Gas Light Company (AGL), said Monday it has now cancelled 3 in
every 7 ordinary shares held by each NGC shareholder as part of
the implementation of its capital return to shareholders,
resulting in the cancellation of 332,106,868 shares.

The cancellation has reduced NGC's total issued shares from
774,895,590 to 442,788,722.

Based on share holdings as at the 28 November record date and
the payment of $1.58 per cancelled share, shareholders will
receive a total of $524.7 million. This will be paid on 4
December.

NGC also announced that its separate issue of fixed interest
bonds closed on 28 November, fully subscribed at $200 million.
In reaching this amount, NGC has exercised its right to accept
oversubscriptions of $50 million above the initial offer of $150
million of bonds. It is intended that the bonds, which carry an
interest rate of 6.81%, will be issued, and listed on the New
Zealand Exchange Limited, on 4 December. They mature on 4 March
2009.

Application has been made to New Zealand Exchange Limited (NZX)
for permission to list the Bonds and all the requirements of NZX
relating thereto that can be complied with on or before the date
of this announcement have been duly complied with. However, NZX
accepts no responsibility for any statement in this
announcement.

CONTACT INFORMATION: Keith FitzPatrick
        Manager External Relations|
        NGC Holdings Limited
        Phone: 04 - 462 8704
        Mobile: 027 - 443 8349


AUSTRALIAN GAS: Unit NGC Unaffected by Capital Return, Says S&P
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'A-' long-term and 'A-2' short-term ratings on NGC Holdings Ltd.
(NGC), a 66% owned subsidiary of the Australian Gas Light
Company (AGL). The ratings are not affected by the company's
NZ$525 million capital return to shareholders. The outlook is
stable.

The increased debt commitments supporting the NZ$525 million
capital return to NGC shareholders are relatively consistent
with Standard & Poor's expectations, and should leave the
company with sufficient financial flexibility to take advantage
of any short- to medium-term investment opportunities. The
capital return to shareholders is to be funded by draw down of
NGC's existing bank facilities, and proceeds from the company's
NZ$200 million fixed-rate bond issue, which closed on Nov. 28,
2003.

The ratings on NGC reflect the company's strong market position
in gas transmission and distribution; diversified revenue base;
moderate financial profile; and the support of its major
shareholder, The Australian Gas Light Co. (A/Stable/A-1). These
strengths are offset by uncertainty over the changing state of
the New Zealand gas market, and uncertainties associated with
the current regulatory review of gas transportation. NGC's major
operations include natural gas transportation; significant
wholesaling and distribution of natural gas; gas processing and
cogeneration; wholesaling of liquefied petroleum gas (LPG); and
ownership and servicing of electricity and gas metering
installations.

"The stable outlook on the rating on NGC assumes the
availability of sufficient gas supply to NGC in the medium
term," said Standard & Poor's credit analyst Laurie Conheady,
associate director, Corporate & Infrastructure Finance Ratings.
"The availability of gas supply in New Zealand is heavily
dependent on the successful development of existing gas reserves
in the near term. The ratings on NGC could come under pressure
if the gas reserves position deteriorates from current
expectations, leading to a weakening of NGC's gas wholesale and
transportation businesses. Standard & Poor's will continue to
monitor the gas supply situation closely."


CTC RESOURCES: Court Upholds Bankruptcy Notices Against Ex-Dirs
---------------------------------------------------------------
The Federal Court has upheld an appeal by the Australian
Securities and Investments Commission (ASIC) against a decision
of the Federal Magistrates Court to set aside bankruptcy notices
issued by ASIC.

The bankruptcy notices had been issued against Mr William Forge,
Mr Jozsef Endresz, Mrs Dawn Endresz and Mr Allan Endresz, all
former directors of CTC Resources NL (CTC Resources).

ASIC issued the bankruptcy notices after the August 2002 finding
of the Supreme Court of New South Wales that Mr Forge, Mr Jozsef
Endresz and Mrs Endresz (as directors of CTC Resources) and Mr
Allan Endresz (as an officer of CTC Resources) contravened the
directors duties' provision of the Corporations Law.

At that time, Mr Forge, Mr Jozsef Endresz and Mrs Endresz were
banned from being involved in the management of a company for
eight years, and ordered to pay pecuniary penalties of $245,000
each. Mr Allan Endresz was banned for 16 years and ordered to
pay a pecuniary penalty of $200,000.

The former directors subsequently appealed the decision, made an
application for a stay of the decision and applied for an order
setting aside the bankruptcy notices.

On 4 November 2002 the application for a stay was dismissed. The
appeal was heard in August 2003. A decision is still to be
handed down regarding the appeal.


MAYNE GROUP: Issues Hospitals Sale Update, Buy-back Intention
-------------------------------------------------------------
Mayne Group Limited has now completed the sale of 41 of its 53
hospitals, as indicated on 21 October 2003. The approvals for
the sale of the Indonesian, collocated and privatized hospitals
is progressing in accordance with Mayne's expectations and
discussions have been opened with each of the relevant
authorities.

Mayne now plans to seek shareholder approval for a buy-back of
up to $500 million over the next 12 months in order to provide
the Board with the flexibility for a range of capital management
initiatives.

Following receipt of shareholder approval, the company plans to
proceed with an off-market buy-back tender expected to be
between $250 and $350 million.

The final quantum of the off-market buy-back tender will depend
on various factors, including an assessment of the value to
Mayne in buying back shares at the tendered price versus any
capital redeployment opportunities, which may exist.

The earliest opportunity for the buy-back to commence is early
in the 2004 calendar year. As such, the Notice of Meeting to
seek approval for the buyback with the detailed information
regarding the buy-back process will be sent to shareholders in
early February 2004. The period when tenders will be accepted is
expected to begin in early March 2004 after Mayne's half year
results are released as the market will then be fully informed
of the company's financial position. The buyback process is
expected to be completed by early April 2004.

CONTACT INFORMATION: Rob Tassie
        General Manager Public Affairs
        Phone: 03 9868 0886
        Mobile: 0411 126 455


QANTAS AIRWAYS: Jetstar Brand, Livery Unveiled
----------------------------------------------
Australia's newest domestic airline, Jetstar, unveiled on Monday
its brand and livery featuring a design inspired by the Southern
Cross.

Chief Executive of Jetstar, Alan Joyce, said the brand and
livery had been developed after extensive customer research that
covered not only design elements, but also the image positioning
of the airline.

"Jetstar will offer a fresh and open approach to air travel, and
be committed to offering its customers the lowest fares," Mr
Joyce said.

"Jetstar is about simplicity and fun, and we wanted our brand to
encapsulate those qualities."

He said the Jetstar brand design was based on the Southern
Cross, with the orange star in the Jetstar logo representing the
smallest star of the Cross, Epsilon Crucis - the only five point
star in the Southern Cross as it is represented on the
Australian flag.

"The airline's colors - orange, silver and black - were chosen
for their bold, modern feel. It is a combination that appeals to
all age groups, and really sets us apart from any other
airline," Mr Joyce said.

Sydney-based design firm Moon Design and Melbourne advertising
agency, Dewey and Horton collaborated on the design with
Jetstar's marketing team.

View the Jetstar livery and brand on their website
www.jetstar.com.au.


QANTAS AIRWAYS: Names Low Cost Carrier, Orders Airbus A320s
-----------------------------------------------------------
Qantas Airways Limited said Monday that its new low cost
domestic airline would be called Jetstar.

The Chief Executive Officer of Qantas, Geoff Dixon, said the
airline would use new Airbus A320 aircraft from June next year
and would eventually have an all-A320 fleet.

"Jetstar will fly new A320 aircraft featuring 177 leather seats
and an inflight audio entertainment system," Mr Dixon said.

"The domestic leisure market is growing rapidly and now
represents over 60 per cent of all passengers. Jetstar will
concentrate on growing this market with value fares while
opening up new destinations."

Mr Dixon said the Qantas Board had last week approved a number
of initiatives for Qantas' domestic operations, including the:

   * selection of Impulse Airlines as the operating entity for
the low cost carrier;

   * placement of an initial order for 23 A320s for the low cost
carrier;

   * reorganization of the full service Qantas domestic airline
into a two-class jet operation on all services, using only two
aircraft types - Boeing 737s and 767s; and

   * acquisition of an additional five Boeing 737-800 aircraft
for the full service domestic airline to replace the airline's
last 737-300s and further modernize the fleet.

Mr Dixon said using Impulse as the operating entity and with new
aircraft, new slimline seats, a new booking system and
innovative products, Qantas was confident Jetstar would be the
lowest cost operator in Australia.

The start-up of Jetstar would add to the overall strength of the
Qantas flying product, which currently comprised:

   * Qantas International, offering 540 services each week to 77
destinations in 33 countries;

   * Australian Airlines, the full service international leisure
carrier, offering 50 flights each week to 11 destinations in six
countries;

   * Qantas Domestic, offering more than 2,500 flights each
week; and

   * QantasLink, the regional airline, offering more than 2,500
flights each week.

Mr Dixon said the purchase of the A320s and 737-800s would not
stress the company's balance sheet.

"We will remain within our desired gearing level," he said. "The
domestic market is strong and the international market is
returning quickly from the effects of SARS and the war in Iraq.
All our businesses are profitable."

Jetstar will begin selling seats in February 2004 and start
flying in May 2004, using 14 Boeing 717s currently operated by
Impulse Airlines under the QantasLink brand. The first Airbus
A320 will be delivered in June 2004 and Jetstar will, over time,
move to an all A320 fleet.

"While the initial order is for 23 A320s, we can acquire more of
these aircraft as Jetstar grows. As we said in October, Jetstar
will operate a minimum of 23 aircraft by mid-2005.

"The A320 family is used by two of the world's most successful
low cost carriers, Jetblue and EasyJet, and it has an
outstanding track record, including excellent fuel efficiency."

The airline's route network and fare structure will be announced
in January 2004.

Mr Dixon said the Board's approval for the acquisition of an
additional five Boeing 737-800s highlighted the full service
airline's strategy of simplifying its fleet to include only two
aircraft types - Boeing 737s and 767s.

The new 737-800s, to be delivered next year, will replace the
airline's last 737-300s. The 737-800 is more fuel efficient and
cost effective than the 737-300 and it offers more spacious
cabins, more headroom and larger windows.

"Qantas has taken delivery of 20 737-800s since February 2002
and another three of these aircraft will join the fleet by the
middle of next year," Mr Dixon said.

"The additional five aircraft approved by the Board will take
the total Qantas 737-800 fleet to 28. This will result in a
large, uniform and more modern fleet for the full service
airline and this will deliver further improvements to
utilization, reliability and on-time performance."

Mr Dixon said the full service Qantas domestic airline would
continue to offer award-winning inflight entertainment -
including video news, movies, sitcoms and sport shows as well as
up to 10 channels of audio programs - and the popular Frequent
Flyer program.

Mr Dixon said Qantas would maintain its ongoing investment in
domestic product, both in the air and on the ground, including
the extensive network of Qantas Club lounges.

Business and leisure travelers using the full service airline
would continue to have access to an extensive range of discount
fares. As well, the simpler domestic fare structure introduced
in June had allowed travelers to mix and match one way fares to
combine affordability and flexibility to better suit individual
needs.


WATTLE GROUP: Brisbane Court Condemns Former Administrator
----------------------------------------------------------
Mr David Christopher Smith, a former director of Brisbane-based
The Fund Administrators Pty Ltd (TFA) and Gold Coast company
Spectrum Fund Administration Pty Ltd (Spectrum), was sentenced
in the Brisbane District Court on Friday.

Mr Smith was convicted and released on his own recognizance for
the amount of $5000 and his word to be of good behavior for 3
years. Mr Smith earlier pled guilty to 12 charges of being
knowingly concerned in the promotion of prescribed interests, in
contravention of the Corporations Act. The charges were brought
by the Australian Securities and Investments Commission (ASIC).

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

Six charges relate to TFA and six investors who lost
approximately $133,750 invested in the Wattle scheme. TFA
received trailing commissions from the Wattle Group of 40 per
cent per annum on the funds it sourced from investors.

Mr Graeme Charles Coote, Mr Smith's co-director in TFA,
previously pled guilty to 11 similar charges, and will be
sentenced in the Brisbane District Court on 1 December 2003.

The other six charges relate to Spectrum and six investors who
lost approximately $178,108 invested in the failed Wattle
Scheme. Spectrum received trailing commissions from the Wattle
Group of 36 per cent per annum on the funds it sourced from
investors.

Mr. William Ross Jackson, Mr Smith's co-director in Spectrum,
previously pled guilty to six similar charges, and will be
sentenced in the Brisbane District Court on 23 January 2004.

BACKGROUND

The Wattle Group was an unlicensed investment scheme operated by
Mr Geoffrey Robert Dexter, which raised more than $160 million
from over 2700 Australian investors. The scheme involved Mr
Dexter obtaining unsecured loan funds from investors on the
promise of high rates of return, generally 50 per cent per
annum.

ASIC took action to close down the scheme, and on 7 May 2001 Mr
Dexter was convicted of multiple fraud charges and jailed for 10
years.

In addition to Mr Smith, 15 other promoters of the scheme have
been charged with similar breaches of the Corporations Act and
have been dealt with by the courts or are awaiting sentence.


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


CHI WING: Petition to Wind Up Scheduled
---------------------------------------
The petition to wind up Chi Wing Timber Company Limited is set
for hearing before the High Court of Hong Kong on December 17,
2003 at 9:30 in the morning.

The petition was filed with the court on October 24, 2003 by
Director of Legal Aid of 34/F., Hopewell Center, 183 Queen's
Road East, Wanchai, Hong Kong.


CIL HOLDINGS: Discloses Reviewed Q303 F/S
-----------------------------------------
Further to the announcement of CIL Holdings Limited (Company)
dated 30 October 2003 and pursuant to paragraph 11(3)(i)(c) of
the Listing Agreement (Listing Agreement) made between the
Company and The Stock Exchange of Hong Kong Limited (The Stock
Exchange), the directors of the Company (Directors) announces
the unaudited final results of the Company and its subsidiaries
(Group) for the year ended 30 June 2003, having been reviewed
by the Company's audit committee without disagreement, together
with the corresponding comparative figures of previous year as
follows:

                                      Year ended 30 June
                                         2003       2002
                                      Unaudited    Audited
                                 Note HK$'000      HK$'000
Turnover                               45,721      56,635
Cost of sales and services provided   (42,899)    (56,388)
Gross profit                            2,822         247
Other revenue and other income          1,516      17,474
General and administrative expenses   (19,236)    (19,021)
Other operating expenses               (8,137)   (143,873)
Finance costs                          (1,148)     (2,106)
Gain arising from winding up subsidiaries -         2,539
Gain arising from scheme of
creditors' arrangement               1 94,544        -
Profit/(loss) before taxation          70,361    (144,740)
Taxation                             2   -           -
Profit/(loss) after taxation           70,361    (144,740)
Minority interests                       -           -
Profit/(loss) attributable
to shareholders                        70,361    (144,740)
Earning/(loss) per share
   - Basic                          3 8.69 cents (26.04 cents)

Notes:

1. Gain arising from scheme of creditors' arrangement

A creditors' scheme of arrangement (Scheme) under Section 166 of
the Companies Ordinance of Hong Kong and under Section 99 of the
Companies Act 1981 of Bermuda was completed on 16 May 2003 to
restructure the Group's total indebtedness and proceeds of HK$35
million were raised from subscription of new shares of the
Company for this purpose. Based on the final assessment of the
Scheme administrator on the claims of the creditors, contingent
liabilities of approximately HK$75 million had to be further
taken up by the Company before a total admitted indebtedness
of approximately HK$206 million was arrived at. Out of this
amount, approximately HK$15 million was paid from the proceeds
and approximately HK$21 million was settled by issue of ordinary
shares of the Company at HK$0.01 each. Indebtedness of the
remaining approximately HK$170 million was waived.

2. Taxation

                                           2003 2002
                                       Unaudited Audited
                                         HK$'000 HK$'000
Hong Kong profits tax                         - -
Overseas taxation                             - -

Share of taxation attributable to
jointly controlled entities                   - -

Deferred taxation                             - -

No provision for Hong Kong profits tax and overseas income tax
has been made since there is o estimated assessable profit
derived from Hong Kong and overseas for the period.

3. Earning/(loss) per share

The calculation of unaudited basic earning per share for the
year ended 30 June 2003 is based on the profit attributable to
shareholders of approximately HK$70,361,000 (2002: loss of
HK$144,740,000) and on the weighted average number of
approximately 809,856,653 (2002: 555,788,348) ordinary shares in
issue during the period.  No diluted earning/loss per share for
the years ended 30 June 2003 and 2002 is shown as the effect of
the potential ordinary shares outstanding during these two years
would be anti-dilutive.

Shareholders and investors should note that the unaudited final
results published in this announcement may differ materially
from the audited final results for the financial year which are
expected to be released on or before 31 January 2004 and in such
event, full particulars of, and reasons for, the difference will
be set out in the preliminary announcement of audited results
for the financial year.

The Directors have not dealt in the shares of the Company since
the date of one month prior to 30 June 2003 and they have
undertaken to the Stock Exchange not to deal in the securities
of the Company until the audited final results of the Group
for the year ended 30 June 2003 are released and published.
Shareholders and investors are reminded to execute caution in
interpreting the unaudited final results of the Group, and when
dealing in the shares of the Company.

The Stock Exchange has indicated that if the Company fails to
have the audited final results of the Group for the year ended
30 June 2003 released on or before 31 January 2004, the Stock
Exchange will, in addition to taking appropriate action against
the Company and/or its Directors for breaches of paragraphs 8(1)
and 11(1) of the Listing Agreement, closely monitor the affairs
of the Company and the trading in its shares, and consider any
action, as appropriate, for such further delay in publication of
the final results. The Exchange has also indicated that it may,
should circumstances warrant it, request that trading in the
Company's shares be suspended for the purposes of maintaining a
fair and orderly market and that trading in the Company's shares
can be conducted on a full informed basis.


CLUB DELUXE: Winding Up Hearing Scheduled on Dec 17
---------------------------------------------------
The High Court of Hong Kong will hear on December 17, 2003 at
10:00 in the morning the petition seeking the winding up of Club
Deluxe Limited.

Owen Angel of Flat 409, Cheung Yuen House, Chuk Yuen North
Estate, Wong Tai Sin, Kowloon, Hong Kong filed the petition on
October 29, 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.


EXTRA MATCH: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Extra Match Limited is scheduled for
hearing before the High Court of Hong Kong on December 17, 2003
by 10:00 in the morning.

The petition was filed with the court on October 29, 2003 by
Leung Chun Wan of Room 1808, 18/F., Tung Sing House, Lei Tung
Estate, Ap Lei Chau, Hong Kong.


LAM FUNG: Dec 10 Winding Up Petition Hearing Set
------------------------------------------------
The petition to wind up Lam Fung Company Limited is scheduled to
be heard before the High Court of Hong Kong on December 10, 2003
at 9:30 in the morning.

The petition was filed with the court on October 15, 2003 by
Bank of China (Hong Kong) Limited of 14/F., Bank of China Tower,
No. 1 Garden Road, Central, Hong Kong.


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


BANK NEGARA: Invites Underwriters After RULBPS
----------------------------------------------
PT Bank Negara Indonesia Plc (BNI)'s divestment team together
with the office of the State Minister of State Enterprises plan
to launch selection of underwriters bid for the bank secondary
offering after extraordinary shareholder meeting (RULBPS)
scheduled for 15 December 2003, Bisnis Indonesia reports, citing
BNI Corporate Secretary Lilies Handayani.

"The divestment team has received proposals from a number
companies interested in the filling post," Handayani said.

About 20 underwriters of local and foreign companies have stated
expression of interest to participate in the tender.

"They have raised a proposal and will be invited after the
meeting," he said, adding that additional agendas of the meeting
would be about the L/C scandal and election of Board of
Directors and Commissioners.

Meanwhile, an unknown Bisnis source revealed that Sigit Pramono,
President Director of BII, might come up as one of the candidate
for BNI director.

BI Head of Communication Bureau Rusli Simanjuntak said his
office would conduct fit and proper test for all candidates.

"We've sent letter to Minister of Finance as well as State
Minister of State Enterprises asking them to consider the
proposed replacement of the bank board of directors,"
Simanjuntak said.


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


ASHIKAGA BANK: Fitch Changes Outlook to Stable
----------------------------------------------
Fitch Ratings has changed Ashikaga Bank's rating outlook to
stable from negative, following an announcement by the Financial
Services Agency (FSA) that the bank will be nationalized. At the
same time, Fitch has affirmed Ashikaga's ratings at Long-term
'BBB-' (BBB minus), Short-term 'F3', Individual 'E', and Support
'2'.

Individual ratings of 'E' are assigned to banks with serious
financial problems requiring or likely to require external
support. Fitch emphasized this view of Ashikaga when it first
downgraded the bank to 'E' from 'D/E' in August 2001. However,
given the importance of Ashikaga in its home prefecture of
Tochigi where it enjoys a 50 percent share in both the local
loan and deposit markets, Fitch has felt confident in
maintaining Ashikaga's Support rating of '2' since it was first
assigned in September 1997. Support ratings of '2' are assigned
only to banks for, which there is a high probability of external
support.

Consequently, despite its very poor Individual rating, the high
probability of government support has kept Ashikaga's Long-term
debt rating at investment grade. Although the Japanese
authorities' decision to support Ashikaga is long overdue, the
FSA's announcement is in line with Fitch's expectation.

Ashikaga has long experienced severe asset quality problems.
These have given rise to heavy losses, which have destroyed the
bank's capital base. Although Ashikaga has benefited from two
previous public fund injections and has also raised new equity
locally from municipal authorities, businesses and members of
the public, these measures have been insufficient to shore up
its depleted capital position.

As a result of an FSA inspection that concluded last week and a
subsequent ruling by independent auditors that it could no
longer justify the substantial amounts of deferred tax assets
recorded on its balance sheet, Ashikaga reported a negative net
worth and a capital ratio of minus 3.7 percent as of end-
September 2003. In response, the Financial System Management
Council, chaired by Prime Minister Koizumi, decided to
nationalize Ashikaga at a meeting on Saturday 29 November.

Ashikaga will become a 100 percent subsidiary of the Deposit
Insurance Corporation (DIC). Although the DIC is not obliged to
protect time deposits in excess of JPY10 million (demand
deposits still benefit from an unlimited guarantee), it has been
announced that all deposits will be protected in full.
Furthermore, Prime Minister Koizumi has stated that all other
classes of creditor, which would include counterparties and
subordinated creditors, will also be protected. Currently,
Ashikaga is a 100 percent owned subsidiary of the Ashigin
Financial Group, a listed Company on the Tokyo Stock Exchange.

Shareholders of this holding Company are likely to lose their
entire investment, as the value of the common and preferred
shares issued by the bank and currently held by Ashigin
Financial Group are written down to zero and acquired by the
DIC. In this respect, the Ashikaga nationalization differs from
the c. JPY2 trillion public rescue of Resona earlier in 2003.

The FSA will send new management to Ashikaga, and based on past
precedents, the bank's problem assets will be transferred to the
Resolution and Collection Corporation (RCC) while a new owner is
sought. Fitch estimates that in order to bring the bank's
capital ratio back up to 4 percent, a capital injection of
approximately JPY250 billion will be needed, although this
figure is likely to be increased by losses incurred when problem
assets are transferred to the RCC. Fitch estimates that the
necessary amount of public funds may exceed JPY1trn.


ASHIKAGA BANK: Government Seizes Bank Shares
--------------------------------------------
The Japanese government has completed procedures to seize all
the assets of Ashikaga Bank on Monday after the Financial
Services Agency (FSA) revealed that the bank showed a negative
net worth for the Ashikaga Financial Group at the end of March.
The bank is the largest financial institution in the Tochigi
Prefecture, with total assets of about 5.1 trillion yen (46.8
billion dollars) and deposits of 4.9 trillion yen.


ALL NIPPON: Issues Y40B Bonds Due 2013
--------------------------------------
All Nippon Airways Co., Ltd. (ANA) announced that on November
19, 2003, its Board of Directors resolved to issue up to Yen 40
billion Zero Coupon Convertible Bonds due 2013 (convertible bond
type-bonds with stock acquisition rights. The total amount of
issue was determined on November 25, 2003 upon exercise of the
Manager's over-allotment option.

ISSUE SUMMARY

Name of the Bonds:

All Nippon Airways Co., Ltd. Yen Denominated Convertible Bonds
due 2013 (convertible bond type-bonds with stock acquisition
rights, (the 'Bonds')

Total Issue Amount of the Bonds:

Yen 40 billion (following the exercise of the Manager's option)

Offer Price of the Bonds:

102.5 percent of the principal amount of the Bonds.

Issue Price of the Bonds:

100 percent of the principal amount of the Bonds.

(The principal amount of each Bond is Yen 1,000,000.)

Status:

The Bonds are direct, unconditional and unsecured obligations of
the Company.

Rate of Interest:

The Bonds do not bear interest (other than default interest
payable in the limited circumstances detailed in the Conditions
of the Bonds).

Issue Date:

December 8, 2003

Maturity Date:

December 6, 2013

Early Redemption Provisions:

(a) On and after February 1, 2005 and prior to maturity, and
provided that the closing price of the shares for each of the 30
consecutive trading days, the last of which occurs not more than
30 days prior to the date upon which the notice of redemption is
first published, is at least 120 per cent. of the Conversion
Price then in effect, the Company may redeem all of the Bonds .

(b) In the event that it is proposed that the Company becomes a
wholly-owned subsidiary of another corporation by way of a share
exchange and the Company is not able to make necessary
amendments to the transaction in the manner contemplated in the
Conditions of the Bonds, then the Company may prior to the
effective date of such share exchange, redeem all the Bonds.

(c) The Company may, at any time, redeem the Bonds on
satisfaction to the Trustee that it has or will become obliged
to pay additional amounts of taxes, duties, assessments or
governmental charges as a result of any change in, or amendment
to, the laws or regulations of Japan or any political
subdivision or any authority thereof or therein having power to
tax, or any change in the application or official interpretation
of such laws or regulations.

(d) The Company may redeem all remaining Bonds if stock
acquisition rights shall have been exercised and/or purchases
(and corresponding cancellations) and/or redemptions effected in
respect of 90 percent or more in principal amount of the Bonds
originally issued.

(e) The holder of any Bond is entitled to require the Company to
redeem such Bonds on November 19, 2007 and on November 19, 2010.

Class and Number of Shares to be acquired upon Exercise of the
Stock Acquisition Right (Conversion):

The class of shares to be acquired upon exercise of the stock
acquisition right shall be the common stock of the Company. The
number of shares to be acquired upon exercise of the stock
acquisition rights shall be determined by dividing the aggregate
Issue Price of the Bonds deposited by the Conversion Price.

Conversion Price:

The Conversion Price shall initially be Yen 310 per share,
subject to adjustment in the manner provided in the Conditions
to the Bonds.

Exercise Period:

The bonds will be convertible on and after December 22, 2003, up
to, and including, November 22, 2013, subject to the provisions
relating to early redemption indicated above.

Method of Offering:

The Bonds have only been offered and sold outside the United
States to non-U.S. persons in reliance on Regulation S, by Nikko
Citigroup (business trade name of Citigroup Global Markets
Limited) (Lead Manager and Sole Bookrunner).

Use of Proceeds:

The net proceeds of the issue of the Bonds will be applied
towards the redemption of the existing convertible bonds.


HOKKAIDO INTERNATIONAL: Expects 1H03 Y100M Profit
-------------------------------------------------
Hokkaido International Airlines Co., widely known as Air Do,
expects a pretax profit of over 100 million yen for fiscal first
half ended September 30, the first pretax profit since it was
founded in 1996, according to Kyodo News. The airline is
undergoing rehabilitation under the fast-track Civil
Rehabilitation Law.


HOYU K.K.: Real Estate Firm Enters Bankruptcy
---------------------------------------------
Hoyu K.K. has been declared bankrupt, according to Tokyo Shoko
Research Limited. The real estate firm located at Itabashi-ku,
Tokyo, Japan has 100 million yen in capital against total
liabilities of 84.3 billion yen.


KOBE STEEL: Merges Copper Business With Mitsubishi Materials
------------------------------------------------------------
Kobe Steel, Ltd. and Mitsubishi Materials Corporation have
agreed to combine their copper tube businesses in Japan and
Southeast Asia into a new joint venture on April 1, 2004. Kobe
Steel is to have a 55 percent share, while Mitsubishi Materials
will have a 45 percent share in the new Company.

The venture is forecast to have consolidated sales of 34 billion
yen and a domestic market share of roughly 35 percent. With an
estimated 30 percent share in Southeast Asia, the new Company
will be one of the largest manufacturers of copper tube in the
region.

Kobe Steel's Hatano Plant in Kanagawa Prefecture (Japan) and
Mitsubishi Materials' Kitamoto Plant in Saitama (Japan) will
become part of the new venture. Kobe Steel's Hatano Pipe Center
Co., Ltd., also in Kanagawa, will become a 100 percent owned
subsidiary of the new joint venture. Kobe Steel's Kobe Copper
(Malaysia) Sdn. Bhd. in Malaysia and Mitsubishi Materials' MMC
Copper Tube (Thailand) Co., Ltd. in Thailand will become 100
percent owned subsidiaries of the new joint venture. Kobe
Steel's U.S. tube operation, KobeWieland Copper Products LLC, is
not included in the new formation and will remain part of Kobe
Steel.

In production scale, marketing, quality, cost competitiveness,
technical capabilities, and manufacturing technology, the new
joint venture will aim to become one of the leading integrated
manufacturers of copper tube in Asia, combining Kobe Steel's
metal processing technology and Mitsubishi Materials Group's
alloy technology.

Copper tube is one of the major applications of copper in Japan,
along with copper strip for leadframes and other electronic
applications and copper rod for fittings, valves, and IT
equipment. World demand for copper tube totals roughly 1.5
million metric tons per year. In Japan, demand for copper tube
is roughly 130,000 metric tons per year, amounting to 15 percent
of Japan's total shipments of all copper products.

In Japan, roughly 90,000 metric tons of copper tube, noted for
its high heat conductance and good bendability, are widely used
in the heat exchangers of air conditioners, refrigerators and
freezers. Of these applications, inner-grooved copper tube is
widely used in air conditioners as the inner grooves increase
the surface area in the tubes, thus improving the heat
exchanging performance. World demand for air conditioners is
anticipated to grow 4 percent per year, and this is anticipated
to correspondingly increase the world market for copper tube.

Since 2001, Japanese air conditioner manufacturers have been
accelerating the shift of production to Asia. As imports into
Japan of complete air conditioners and heat exchangers have been
increasing, domestic demand for copper tube has been dropping.
In 1991, copper tube demand peaked at 204,000 metric tons in
1991, but decreased to 157,000 metric tons in 2000 and 134,000
metric tons in 2002. With a capacity utilization rate of 70
percent in fiscal 2002, the industry is faced with substantial
overcapacity.

In contrast, the production of air conditioners in Southeast
Asia has greatly increased since the last 1980s due to the rise
in exports to North America and Europe. Production of 4.4
million units in 1998 grew to 5.6 million units in 2002. With an
estimated growth rate of roughly 5 percent per year, the market
for copper tube in the region is anticipated to grow steadily
into the medium-term future.

Copper tube for air conditioners is an important product for
Kobe Steel. Producing tube with thinner wall thickness and
optimum surface shape, as well as prompt response to user needs,
Kobe Steel has a proven record of supplying copper tube to
domestic air conditioner manufacturers and has over a 20 percent
share. In 1987, Kobe established Kobe Copper (Malaysia) Sdn.
Bhd., which backed by Kobe Steel's record in Japan, has been
supplying Japanese air conditioner manufacturers in Southeast
Asia.

Mitsubishi Materials is an integrated producer with smelting
operations and is developing applications in the non-air
conditioning field. Mitsubishi has roughly a 13 percent share of
the domestic copper tube market. In addition to copper tube for
air conditioners, Mitsubishi supplies tube for construction and
hot water supply. In 1997, Mitsubishi established MMC Copper
Tube (Thailand) Co., Ltd. in Thailand, the center for the air
conditioner market in Southeast Asia. Following large capital
investments completed in 2002, operations have been proceeding
smoothly.

The copper tube businesses of the two companies complement each
other in the air conditioning and non-air conditioning fields,
as well as in their domestic and overseas production bases. In
response to the shrinking domestic market, growing Southeast
Asian market, and potential growth in the Chinese market, this
business consolidation is aimed at creating an optimum
manufacturing and marketing network for Asia that goes beyond
the framework of the two individual companies. The new formation
will also take into consideration equipment consolidation and
new capital investment.

In Japan, the companies are aiming to build an optimum system
that takes into account lower demand in the air conditioning
market, including equipment consolidation and the streamlining
of duplicate back-office functions. The two companies will also
accelerate market development in the non-air conditioning
fields. In the Southeast Asian market, with Kobe and
Mitsubishi's solid supply record and state-of-the-art equipment,
the new joint venture will be well equipped to meet the growing
regional demand for copper tube.

OUTLINE OF THE NEW COMPANY

Name: Undecided

Head office: Undecided

Capital: About 10 billion yen (consisting of common stock and
additional paid-in capital)

Equity share: Kobe Steel 55 percent, Mitsubishi Materials 45
percent

President: Undecided

Employees: About 370 in Japan & 680 overseas

Production: Hadano, Kanagawa; Kitamoto, Saitama (both in Japan)

Products: * Copper tube for air conditioners (inner-grooved,
smooth-bore, and deformed heat exchanger tubes)

* Tube for construction and hot water supply (smooth-bore and
plastic-insulated tubes)

* Other general-use tube

Production: (In Japan) About 5,000 metric tons per month in
fiscal 2007
(Overseas) About 3,000 metric tons per month in fiscal 2007

Outline of Current Group Companies

Kobe Copper (Malaysia) Sdn. Bhd.
Location: Shah Alam, Malaysia
Established: October 1987
Capital: 1.1 billion yen (Kobe Steel 70 percent)
President: Terumi Kiriyama
Employees: About 450
Estimated production in fiscal 2003: 800 metric tons per month

MMC Copper Tube (Thailand) Co., Ltd.
Location: Rayong, Thailand
Established: November 1996
Capital: 3.4 billion yen (Mitsubishi Materials 100 percent)
President: Naokazu Yoshiki
Employees: About 230
Estimated production in fiscal 2003: 1,700 metric tons per
month

Effect on Financial Results
This business consolidation will take place on April 1, 2004.
Therefore, it will have no effect on the financial results for
the fiscal year ending March 2004.

About Mitsubishi Materials Corporation

Mitsubishi Materials Corporation (TSE: 5711). The Company's
principal activity is the manufacture of metals and ceramics.
Operations are carried out through the following divisions:
Fabricated metal products accounted for 33 percent of fiscal
2001 revenues, Nonferrous metals, 19 percent; Other, 18 percent;
Cement products, 16 percent and Silicon & advanced materials, 14
percent. For further information, please visit the Mitsubishi
Materials Corporation home page at: www.mmc.co.jp/

About Kobe Steel, Ltd.

Kobe Steel, Ltd. is one of Japan's leading steelmakers and
producers of aluminum and copper products. Other businesses
include welding consumables, infrastructure and plant
engineering, machinery, and real estate. For further
information, please visit the Kobe Steel, Ltd. home page at:
www.kobelco.co.jp/index_e_wi.htm

Kobe Steel Limited will sell at least 72 billion yen (US$658
million) of bonds next year to repay debt, TCR-AP reported
recently, citing Tsuguto Moriwaki, Executive Vice President of
the Company. The sales come as the Company plans to cut bank
loans
to half its debt, from 70 percent in March, the Company said.

Contact:

Kobe Steel, Ltd.
Gary Tsuchida
Communication Center
9-12 Kita-Shinagawa 5-chome
Shinagawa-ku, Tokyo 141-8688 Japan
Tel (03) 5739-6010
Fax (03) 5739-5971
E-mail www-admin@kobelco.co.jp

Mitsubishi Materials Corporation
Corporate Communications & IR Dept.
Tel (03) 5252-5206
Fax (03) 5252-5272
E-mail  www-adm@mmc.co.jp


MITSUI MINING: Extends Loan Purchase Period
-------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) will
extend the period for purchasing outstanding loans to struggling
Mitsui Mining Co. from creditor banks until December 10,
according to Kyodo News on Tuesday. The IRCJ now plans to
purchase the loans, excluding those held by Mitsui's main bank
on Wednesday as negotiations with other creditor banks are
likely to have been settled by then.


NIKKO CORDIAL: Holding Treasury Stocks by Converting the CBs
------------------------------------------------------------
Nikko Cordial Corporation announced Thursday that the Board of
Directors has determined the conversion of the #16 unsecured
convertible bonds into treasury stocks. The treasury stocks are
to held by the Company.

Stocks to be hold by converting

(1) Type of stocks: common stocks
(2) Number of stocks: 106,487,695 (5.78 percent of outstanding
stocks)

Details of Convertible Bonds

(1) Name: #16 Unsecured Convertible Bonds
(2) Balance: 47.6bil Yen
(3) Coupon: 1.2 percent
(4) Conversion Price: 447 Yen


NIKKO CORDIAL: Unit Enters Capital Reduction Scheme
---------------------------------------------------
Nikko Beans, Inc., one of the consolidated subsidiaries of Nikko
Cordial Corporation, which specializes in on-line brokerage
services, announced the capital reduction after the
determination of shareholders meeting held on Nov. 10, 2003.

Main objective of the capital reduction is to eliminate its
cumulative losses since Nikko Beans, Inc. established, in
consideration for its IPO. Elimination of cumulative losses
enables Nikko Beans, Inc. to share the profit among shareholders
by means of dividend payout, etc.

Since the process of elimination of cumulative losses through
capital reduction is transfer in shareholders' equity of the
balance sheet of Nikko Beans, Inc., it causes no impact on Nikko
Cordial Corporation's business results, its balance sheet, nor
shareholding in Nikko Beans, Inc., which will remain 74.02
percent by Nikko Cordial Corporation.

Details of the capital reduction are as follows.

Amount of capital reduction

12,286mil Yen of current capital is to be reduced by 4,886mil
Yen to 7,400mil Yen.

Methods

Number of stocks issued is unchanged. Capital is reduced without
compensation. Pursuant to Commercial Law's Article 375-1,
4,886mil Yen out of the current capital, which is 12,286mil Yen,
is to be allocated to eliminate the cumulative losses of
4,886mil Yen.

Schedule

Date of resolution of Shareholders Meeting: Nov.10, 2003

Date of effective: Dec.16, 2003 *

*To be effective after complete the required procedures pursuant
to Commercial Law.


NIKKO CORDIAL: Unit Enters Liquidation
--------------------------------------
Nikko Cordial Corporation announced on Thursday that the Board
of Directors has determined the liquidation of The Nikko Credit
Services Co., Ltd., one of its consolidated subsidiaries.

1. Reason of Liquidation

Nikko Cordial Corporation is in the process of reviewing group
companies to concentrate management resources on core business,
and concluded to liquidate The Nikko Credit Services.

2. About The Nikko Credit Services

Head Office 16-11, Nihonbashi Kakigara-cho, Chuo-ku, Tokyo
President Kazuki Sai

Business Description Financial business, financial surrogate
business
Capital 300mil Yen

Shareholders The Nikko Building Co., Ltd.98.80 percent

The Nikko System Center, Ltd. 0.13 percent

Nikko Cordial Corporation 0.07 percent

3. Schedule

Liquidation will be completed in February 2004.

The liquidation has no impact on consolidated financial results.


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


HANARO TELECOM: Issues 3Q03 Wage Update
---------------------------------------
Hanaro Telecom issued an announcement regarding the salaries of
its Directors, officers and employees as follows:

1. Directors and executive officers

(1) Directors and Officers


     Name                             Position
     ----                             --------
Chang-Bun Yoon       Representative Director and CEO
In-Haeng Lee         Representative Director and Senior
Executive Vice President
Jin-Duck Kim         Executive Vice President
Young-Woo Nam        Non-standing Director
Soonho Hong          Non-standing Director
Shin-Bae Kim         Outside Director
Sung Kyou Park       Outside Director & member of Audit
Committee
Hang-Gu Bahk         Outside Director
Yong Hwan Kim        Outside Director & member of Audit
Committee
Wung Hae Lee         Outside Director & member of Audit
Committee
Sun Woo Kim          Outside Director & member of Audit
Committee
Sa Hyeon Seo         Outside Director
Jong-Myung Lee       Senior Executive Vice President
Jin-Ha Kim           Executive Vice President
Hong Yeol Joo        Senior Vice President
Jin-Woong Kho        Senior Vice President
Hyung-Keun Song      Senior Vice President
Young Ho Cho         Senior Vice President
Kyoung Lim Yun       Senior Vice President
Taek Min Kwon        Senior Vice President
Young Wan Cho        Vice President
Matt Ki Lee          Vice President
Gab Seok Oh          Vice President
Hyun Chul Shin       Vice President
Jung Sik Suh         Vice President

Total amount of salaries

For 3Q 2003: KRW 436,063,132

Average salary per director: KRW 54,507,892

* The average salary per director is as of September 30, 2003.
** Salaries were paid to only 8 registered directors including
resigned directors.

*** The total amount of salaries paid in 3Q 2003 to non-
registered directors and officers was KRW897.5 million and the
average salary per person was KRW64.1 million.


HANARO TELECOM: Issues Management Changes
-----------------------------------------
The resignation and nomination of the following directors shall
become effective upon the closing of the new share issue
following the satisfaction of the conditions precedent listed in
the Investment Agreement dated as of September 9, 2003 by and
between the Company and the Foreign investors. There also could
be some changes to members of the management after the closing
of the deal.

- Resigned standing directors: In-Haeng Lee, Jin Duck Kim

- Resigned outside directors: Sung Kyu Park, Sun Woo Kim, Yong
Hwan Kim, Hang Ku Park, Sa Hyun Suh, Woong Hae Lee

- Non-standing directors to be appointed: Wilfried Kaffenberger,
David Yeung

- Outside directors to be appointed: Paul Chen, Byung Moo Park,
Kyung-Joon Choi

- Outside directors to be re-appointed: Sung kyu Park, Sun Woo
Kim

Changes in the Largest Shareholder

- From inception to December 8, 1999: Dacom Corporation

- From December 9, 1999 to January 3, 2000: Samsung Electronics
Co., Ltd. and its affiliated Company

- Since January 3, 2000: Dacom Corporation and its affiliated
companies (On January 3, 2000, the Korean Fair Trade Commission
designated Dacom Corporation as a member Company of the LG
group. Accordingly, Dacom Corporation's shareholding in the
Company includes the shares owned by other member companies of
the LG group).

- The largest shareholder may change upon the closing of the
foreign investment, which was tentatively scheduled for November
20, 2003.

Material changes in objectives of the Company


               Before change             After change

Realty and related facilities lease To lease communication
bureau                              buildings, and facilities
                                    incidental to telecom
                                    business

Advertising and publishing business   Deleted

The Articles of Incorporation were amended at the Annual General
Meeting of Shareholders held on March 30, 1998.


LG CARD: Creditors Inject W2Tr Emergency Funds
----------------------------------------------
Eleven creditor banks of LG Card will inject 2 trillion won in
emergency funds to the firm before the end of this year, Digital
Chosun reported on Monday. The original schedule for the rescue
fund hit a snag last week, when several creditors refused to
accept a rollover plan for the loan.

An official of the creditor group said that Korea First, KorAm
and Korea Exchange banks, the largest shareholder of which is a
foreign firm, and several non-banking institutions agreed on the
rollover with the Financial Supervisory Service (FSS).


LG CARD: Fitch Sees Limited Direct Damage To Korean Banks
---------------------------------------------------------
Fitch Ratings announced that while the outcome of the
financially troubled LG is not yet clear, the direct impact on
Korean banks should be limited given their relatively modest
exposure to the Company, according to a special report published
by the agency.

The report says problems in Korea's credit card industry have
been mounting for over a year and have in recent weeks reached a
new level for LG Card, as it has found it increasingly difficult
to attract the funds it needs to pay all its maturing debts.
This in turn reflects the lack of confidence among Korean
investors in the Company's viability. The latest development is
an emergency KRW2 trillion loan provided by Korea's commercial
and policy banks. According to Fitch's understanding, the loan
should provide LG Card with adequate liquidity, but only for a
few months. During this period a more fundamental solution to
the Company's problems must be found if it is not to face
renewed liquidity problems in the first quarter of 2004. This
solution mainly involves raising a substantial amount of new
capital from existing and new shareholders.

Fitch notes that the government policy banks have the largest
exposure to LG Card., while commercial banks' exposure,
including the new loans, ranges from zero up to KRW646 billion.
The agency estimates that if the loans were classified as
substandard and reserved at 20 percent of total loans to LG
Card, the cost would amount to 4.2 percent of the banks'
aggregate pre-provision profits for the first three quarters of
2003. The banks would also need to take valuation losses on
holdings of LG Card bonds and other securities, most likely
taken directly against equity reserves, and Fitch estimates
these would range from 0.3 percent to 2.9 percent of the bank's
equity. These costs would modestly erode profits for 2003 and
slightly weaken the banks' capital positions. However, they
would not be materially damaging.

While the direct impact on the banks would be limited, Fitch
remains concerned over the fate of LG Card given its large
issuance in Korea's capital markets and large market share in
credit card lending. Any failure of the Company would have a
serious impact on the domestic bond market and possibly on
domestic consumption. In addition to further provisioning being
required, this could give rise to indirect additional costs for
the banks. In view of the Company's size Fitch considers it
likely that the Korean authorities would intervene to help the
Company's survival. Nevertheless, the key to its survival will
be attracting sufficient new capital to convince investors of
its solvency, enabling it to return to the domestic capital
markets.

Fitch does not expect to change banks' ratings because of
exposure to LG Card. More broadly, however, it sees credit card
losses as a continuing burden for the banking sector into 1H
2004 given the high level of delinquencies and, more especially,
of restructured loans, many of which will need to be written
off.

Contact: SeokHo Lee, Hong Kong, Tel: +852 2263 9944, David
Marshall +852 2263 9911
Media Relations: Campbell McIlroy +44 20 7417 4327, London


LG CARD: Hopes to Receive Bids Next Month
-----------------------------------------
Cash-strapped LG Card Co. hopes to receive bids in January from
parties interested in a strategic stake in the Company,
according to Dow Jones. The source declined to reveal identities
of possible candidates, but local media reported that Citigroup
Inc (C), GE Capital, HSBC Holdings Plc (HBC) and Hana Bank may
be interested in taking a stake the Company.

LG Card aims to finalize the deal, which will likely involve
sales of new shares and possibly handing over its management
control, by the end of March. The Company prefers selling the
shares to an investor with a banking background.


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


AKTIF LIFESTYLE: Proposed Disposal Negotiations Ongoing
-------------------------------------------------------
Under PN4/2001, Aktif Lifestyle Corporation Berhad is required
to announce the status of its plan to regularize its financial
condition on the first market day of each month.

Aktif had on 3 November 2003 announced its proposed disposal of
the entire issued and paid-up share capital of Aktif Lifestyle
Stores Sdn Bhd as an initial step to restore its financial
strength.

The Board of Directors of Aktif wishes to inform that
negotiations are still continuing in order to reach mutual
agreements with the lenders as well as to acquire viable
businesses.


AOKAM PERDANA: MITI Endorses Revised Scheme
-------------------------------------------
Aokam Perdana Berhad refers to the announcements made on behalf
of the Board of Directors of Aokam (Board) on 19 September 2003
and 14 October 2003 in relation to the revisions made to some of
the terms of the Proposed Rescue Scheme (Revised Scheme).

On behalf of the Board, Southern Investment Bank Berhad is
pleased to announce that the Ministry of International Trade and
Industry (MITI) has, vide its letter dated 21 November 2003,
which was received on 28 November 2003, informed that it has
taken note of the Revised Scheme to which it has no objection.

The Revised Scheme is still subject to, inter-alia, the
following approvals being obtained from:

   (i) the Securities Commission; and
   (ii) the Foreign Investment Committee.

The conditions imposed by MITI vide its earlier letter dated 13
February 2003 remain.

Aokam is also required to inform the MITI after the completion
of the Revised Scheme.


CHG INDUSTRIES: Restructuring Proposals Completion Time Extended
----------------------------------------------------------------
Pursuant to paragraph 8.14 of the Kuala Lumpur Stock Exchange's
(KLSE) Listing Requirements and paragraph 4.1 (b) of Practice
Note No.4/2001 of the KLSE Listing Requirements (PN4), CHG
Industries Berhad is required to announce the status of its plan
to regularize its financial condition on a monthly basis until
further notice from the KLSE.

On 12 November 2003, the Company, via Commerce International
Merchant Bankers Berhad, had applied to the Securities
Commission to seek an extension of six months up to 24 June 2004
for the Company to complete its restructuring proposals.


EPE POWER: Further Defaults RM693,260 Interest to FIs
-----------------------------------------------------
EPE Power Corporation Berhad refers to the announcement dated 3
November 2003 regarding the default in interest and principal
payment (PN1) and continuing announcement on Practice Note
4/2001 (PN4).

On 19 November 2003, EPE has appointed Messrs.
PricewaterhouseCoopers as the independent audit firm to conduct
an investigative audit on previous losses of the EPE Group as
required by the Securities Commission. The investigation audit
is to be completed within six (6) months from the date of
appointment, and appropriate announcements will be made on the
findings of the investigative audit.

Also with regards to PN1 obligation, EPE wishes to inform that
the Company has further defaulted in the payment of monthly
interest of RM693,260.03 due to several financial institutions
(FIs) under its revolving credit (RC) facilities.


JASATERA BERHAD: Revises Proposed Recapitalisation Exercise
-----------------------------------------------------------
Reference is made to the announcement dated 31 October 2003 and
para 4.1 (b) of PN 4/2001 where the listed issuer is required to
announce the status of it's financial position on a monthly
basis until further notice from the KLSE.

Jasatera Berhad is presently in the midst of preparing the
necessary documents to obtain the approvals from the
shareholders of Jasatera at a coming Extraordinary General
Meeting to be convened.

Further development in relation to the Revised Proposed
Recapitalisation Exercise will be announced in due course.


KELANAMAS INDUSTRIES: Dec 8 Shares Exchange Scheduled
-----------------------------------------------------
Reference is made to the recalling and cancellation of the
existing ordinary shares of RM1.00 each in Kelanamas Industries
Berhad (KELMAS); and

The issue of new ordinary shares of RM1.00 each in MP Technology
Resources Berhad (MPTR) in replacement of the existing ordinary
shares of RM1.00 each in KELMAS pursuant to the Proposed
Restructuring Scheme under Section 176 of the Companies Act,
1965, on the basis of one (1) new ordinary share of RM1.00 each
in MPTR for every twenty (20) existing ordinary shares of RM1.00
each held in KELMAS as at 5.00 p.m. on 8 December 2003.

NOTICE IS HEREBY GIVEN that the shareholders whose names appear
in the Record of Depositors as at 5:00 p.m on 8 December 2003
shall be entitled to the share exchange to be made pursuant to
the Proposed Restructuring Scheme which was approved by the
shareholders at the Court Convened Shareholders' Meeting and
Extraordinary General Meeting held on 17 October 2003.


KELANAMAS INDUSTRIES: SC Grants Investigative Audit Extension
-------------------------------------------------------------
Kelanamas Industries Berhad refers to the announcement made on
behalf of the Company dated 2 October 2003 in Proposed
Restructuring Scheme.

On behalf of the Board of Directors of KIB, AmMerchant Bank
Berhad is pleased to announce that the Securities Commission has
vide its letter dated 21 November 2003, allowed for an extension
of time for the completion of the investigative audit till 31
December 2003.


KILANG PAPAN: Revising Proposed Restructuring Scheme
----------------------------------------------------
Further to the announcement dated 3 November 2003, AmMerchant
Bank Berhd, on behalf of Kilang Papan Seribu Daya Berhad
(Special Administrators Appointed) wishes to announce to the
Kuala Lumpur Stock Exchange that KPSD is currently revising the
proposed restructuring scheme to incorporate the revision
approved by the Securities Commission (SC) and will submit the
revised scheme to SC for its consideration and approval in due
course.

Save as disclosed above, there is no material change to the
Company's plan to regularize its financial condition.


KRETAM HOLDINGS: Updates Financial Regularization Plan Status
-------------------------------------------------------------
On 4 March 2002, Kretam Holdings Berhad announced that KHB is
considered an "affected listed issuer" pursuant to paragraph 4.1
of PN4 of the Listing Requirements of the KLSE. Further to the
said announcement, the Company wishes to announce the status of
its plan to regularize its financial condition.

The Abridged Prospectus was dispatched to the shareholders of
KHB on 22 October 2003 in relation to the following:

   i. Renounceable Rights Issue of 26,313,375 new ordinary
shares of RM1.00 each in KHB (KHB Shares) (Rights Shares) with
26,313,375 free detachable 5-year Warrants 2003 / 2008
(Warrants) at an issue price of RM1.00 per Rights Share, payable
in full upon acceptance, on the basis of one (1) Rights Share
with one (1) free Warrant for every two (2) existing KHB Shares
held at 5:00 p.m on 15 October 2003; and

  ii. Renounceable Offer for Sale by certain Lenders of KHB to
the shareholders of KHB:

    * Up to RM33,541,000 nominal value of 7-year 1% Irredeemable
Convertible Unsecured Loan Stocks 2003 / 2010 ('ICULS"), payable
in full upon acceptance, on the basis of RM1.00 nominal value of
ICULS for every two (2) existing KHB Shares held at 5.00 p.m. on
15 October 2003 at an offer price of RM1.00 per RM1.00 nominal
value of ICULS

    * Up to 31,305,000 Warrants, payable in full upon
acceptance, on the basis of one (1) Warrant for every two (2)
existing KHB Shares held at 5:00 p.m. on 15 October 2003 at an
offer price of 20 sen per Warrant

At 18 November 2003, the last day for acceptance and payment for
the Rights Issue, Offer for Sale of ICULS and Offer for Sale of
Warrants, details of the acceptances and excess KHB Shares,
ICULS and Warrants applications are set out in Table 1, Table 2
and Table 3 respectively, at
http://bankrupt.com/misc/Kretam1203.pdf.


MBF CORPORATION: Proposes Disposal to Boost Cashflow
----------------------------------------------------
The directors of MBf Corporation Berhad (MBfCorp) informed that
its wholly-owned subsidiary, MBf Leasing Sdn Bhd, (MBfL) had
entered into a Sale & Purchase Agreement with MBF Cards (M'sia)
Sdn Bhd (MBF Cards), a 51% subsidiary of MBf Holdings Berhad
(MBfH), for the Proposed Disposal of an office suite erected on
part of the piece of land held under the Master Title Geran No.
12408, Lot No. 137 Sek 13 in the Town of Georgetown, District of
Timur Laut, State of Pulau Pinang and bearing the address of
Suite No. 4.04, 4th Floor, MBf Tower, Jalan Sultan Ahmad Shah,
Bandar Georgetown, Pulau Pinang for a total cash consideration
of RM435,000/- based on market value.

The consideration was arrived at on a willing buyer and willing
seller basis.

Information on MBfL

MBfL is a leasing and hire purchase company incorporated in
Malaysia on 17 March 1964 under the Companies Act, 1965. The
authorized and paid-up share capital is RM60,000,000 and
RM42,400,000 respectively.

Information on MBF Cards

MBF Cards is a company incorporated in Malaysia on 5 August 1977
under the Companies Act, 1965. Its principal activity is issuing
of credit or charge card and other related business. The
authorized and paid-up share capital is RM10,000,000 and
RM5,265,000 respectively.

Rationale for the Proposed Disposal

The existing office space is currently rented out to MBF Cards
and it is appropriate to dispose to them as MBfL is not in need
of the excess office space. The Proposed Disposal would help the
generation of cash for the operations of MBfL as well as being
part of the assets to be disposed under its Scheme of
Arrangement.

Financial Effect of the Proposed Disposal

The Proposed Disposal has no material effects on the earnings
and net tangible asset of MBfCorp Group for the financial year
ending 31 December 2003. However, the disposal is expected to
give a loss of RM101,355/-.

Approval Required

The Proposed Disposal is not subject to the approvals of
shareholders of MBfCorp and the regulatory authorities.

Directors' and Substantial Shareholders' Interest

Dato' Loy Teik Ngan and Datuk Azizan bin Abdul Rahman are
directors of MBfCorp, MBfL, MBF Cards and MBfH.

Dato' Loy is also deemed interested in the Proposed Disposal
being person connected to the substantial shareholder of
MBfCorp. The substantial shareholder is Leisure Holidays
Holdings Sdn Bhd, a company controlled by his family.

Save as disclosed above, none of the directors, substantial
shareholders and/or person connected to the directors and/or
substantial shareholders, has any direct or indirect interest in
the Proposed Disposal.

Directors' Recommendation

The Board of MBfCorp, having considered all aspects of the
Proposed Disposal, is of the opinion that the Proposed Disposal
is in the best interest of the Company and the terms and
conditions are fair and reasonable.

Documents for Inspection

The SPA between MBfL and MBF Cards may be inspected at the
registered office of MBfCorp at Block B1, Level 9, Pusat Dagang
Setia Jaya (Leisure Commerce Square), No. 9 Jalan PJS 8/9, 46150
Petaling Jaya, Selangor Darul Ehsan from Mondays to Fridays
(except public holidays) during business hours.


MENTIGA CORPORATION: Financial Statements Finalization Underway
---------------------------------------------------------------
Further to the status report made on 3 November 2003, Mentiga
Corporation Berhad advised that it is still in the process of
finalizing the financial statements for the financial year ended
31 December 2002.

On 3 November 2003, Commerce International Merchant Bankers
Berhad (CIMB) announced on behalf of Mentiga that the Ministry
of International Trade and Industry (MITI) had vide its letter
dated 31 October 2003 approved the following:

   (i) Proposed Debt Settlement via the Issuance of new ordinary
shares of RM1.00 each in Mentiga (Mentiga Shares) as settlement
of an amount owing by Mentiga to its shareholders, Amanah Saham
Pahang Berhad (ASPA) (Proposed Debt Settlement); and

   (ii) Proposed Restricted Issue of 20,000,000 Redeemable
Convertible Preference Shares of RM1.00 each in Mentiga (RCPS)
to ASPA (Proposed Restricted Issue).

On 10 November 2003, the Company announced that a writ of Summon
No.: 7-52-22069-2003 was served to the Company claiming the sum
of RM40,481,82 being the payment due to Malaysian Oxygen Berhad
(MOB) for the goods sold and delivered, rental of gas cylinders
and cost of unreturned gas cylinders together with cost of legal
proceedings.


NCK CORPORATION: Court Adjourned Summon Hearing to Feb 26
---------------------------------------------------------
Further to the announcements dated 1 November 2002 and 20
November 2002 as announced by Alliance Merchant Bank Berhad, NCK
Corporation Berhad (Special Administrators Appointed) wishes to
announce that following the approvals received from the
Securities Commission, the Foreign Investment Committee and the
Ministry of International Trade and Industry for its
Restructuring Scheme, the Restructuring Scheme is currently
being implemented by the Company.

Further to an application made by Alliance Merchant Bank Berhad
on 5 May 2003, the Securities Commission had on 22 May 2003
approved an extension of six (6) month to 15 November 2003, for
the Company to implement the Proposed Restructuring Scheme.

In addition, further to an application made by Alliance Merchant
Bank Berhad on 30 June 2003 on behalf of the Company, the
Securities Commission had on 3 July 2003 approved for an
additional two (2) months to 13 September 2003 to complete the
investigative audit by Messrs Horwath. Two (2) sets of the
investigative audit reports were submitted to the Securities
Commission on 15 September 2003. The audit findings of the
report will be announced in due course.

On 3 October 2003, Encik Megat Abdul Munir bin Megat Abdullah,
one of the potential Bumiputera investors in relation to the
special issue which forms part of the Proposed Restructuring
Scheme, filed a Writ of Summons, Statement of Claim and Summons
in Chambers dated 1 October 2003 in the High Court of Malaya at
Kuala Lumpur against both APB Resources Berhad (formerly known
as Lamquest Holdings Berhad and previously known as Kekal
Sepakat Berhad) (APB) and Alliance Merchant Bank Berhad
(Alliance), being the white knight and the Adviser respectively
in respect of the Proposed Restructuring Scheme of NCK. The High
Court has adjourned the hearing of the Summons in Chambers from
the earlier date fixed on 12 November 2003 to 26 January 2004.

On 31 October 2003, Alliance Merchant Bank Berhad gave notice to
the Special Administrators of NCK of withdrawal of its services
to NCK and consequently, termination of its appointment as the
advising merchant banker to NCK for the Proposed Restructuring
Scheme, with immediate effect. The Special Administrators of
NCK, had on 3 November 2003, appointed OSK Securities Berhad
(OSK) as the new corporate adviser to replace Alliance Merchant
Bank Berhad for the Proposed Debt Restructuring Scheme.

Further, there were some modifications made to the Proposed
Scheme as announced by OSK on 3 November 2003. Thereafter OSK,
on behalf of the Special Administrators of NCK, has already
submitted an application to the Securities Commission on 5
November 2003 for a further extension of time for the
implementation of the Proposed Scheme for a six (6) months
period to 15 May 2004, and the Securities Commission had on 19
November 2003 approved the application.

On 4 November 2003, Encik Abu Kassim bin Haji Alias, one of the
potential Bumiputera investors in relation to the special issue
which forms part of the Proposed Restructuring Scheme, filed a
Writ of Summons dated 4 November 2003, Statement of Claim dated
31 October 2003 and Summons in Chambers dated 4 November 2003 in
the High Court of Malaya at Kuala Lumpur against both APB
Resources Berhad (formerly known as Lamquest Holdings Berhad and
previously known as Kekal Sepakat Berhad) (APB) and Alliance
Merchant Bank Berhad (Alliance), being the white knight and the
previous Adviser respectively in respect of the Proposed
Restructuring Scheme of NCK. The High Court has fixed 11
November 2003 for the hearing of the Summons in Chambers dated 4
November 2003. The hearing was subsequently adjourned from the
earlier date fixed to 26 February 2004.


OCEAN CAPITAL: Proposed Restructuring Exercise Approval Pending
---------------------------------------------------------------
Ocean Capital Berhad informed that the Kuala Lumpur Stock
Exchange that since the announcement dated 1 November 2003 in
relation to the Proposed Corporate Restructuring Exercise of
Ocean Capital, there has been no change in the status of the
plan save as disclosed below.

On 21 November 2003, Hwang-DBS Securities Berhad, on behalf of
the Board of Directors of Ocean, had announced that the
application to the Securities Commission, Foreign Investment
Committee, and Ministry of International Trade and Industry had
been submitted. The applications are currently pending for
approval from the relevant authorities.


OMEGA HOLDINGS: Creditors OK Proposed Restructuring Scheme
----------------------------------------------------------
On behalf of the Board of Directors of Omega Holdings Berhad,
Affin Merchant Bank Berhad wishes to announce that the Scheme
Creditors had approved the Proposed Restructuring Scheme at the
Court Convened Meeting for the Scheme Creditors of Omega held on
1 December 2003 at Perdana Room, 1st Floor, Sports Complex,
Bukit Kiara Resort, Jalan Bukit Kiara, 60000 Kuala Lumpur,
pursuant to Section 176 of the Companies Act, 1965.

This serves as the monthly status announcement pursuant to
Practice Note No. 4/2001 in relation to the Listing Requirements
of the KLSE.


PANCARAN IKRAB: Court Convened Meeting Scheduled in February
------------------------------------------------------------
Reference is made to paragraph 4.1(b) of PN4/2001 whereby
Pancaran Ikrab Bhd, an affected listed issuer, is required to
announce the status of its plan to regularize its financial
position on a monthly basis until further notice from KLSE.

The Securities Commission had via its letter dated 1st April
2003 (SC Letter) which was received on 3rd April 2003, approved
the Proposed Restructuring Scheme (Scheme) as proposed save for
the purchase consideration for the proposed acquisition of a
piece of 99 years leasehold land measuring 95.927 square meters
(the Land) by Dceil International Bhd (DCIB) (formerly know as
Capital Abound Sdn Bhd) is at RM5,500,000 to be satisfied by way
of issuance of 5,500,000 new ordinary shares of RM1.00 each in
DCIB instead of RM8,000,000 as proposed. The SC's approval for
the scheme is subject to certain conditions as announced
earlier.

On 30th April 2003, Public Merchant Bank Bhd (PMBB) on behalf of
the Company, DCIB and the Vendor of the Land had submitted an
appeal against the SC's decision on the valuation of the Land of
RM5,500,000.

The Company through PMBB is also seeking the SC's consideration
on certain revisions in relation to the Scheme to satisfy
certain conditions of the SC Letter.

The Securities Commission had via its letter dated 12th August
2003, which was received on 15th August 2003, approved the
revisions in relation to the Scheme to satisfy certain
conditions of the SC Letter but rejected the appeal against the
decision of the SC on the valuation of the Land of RM5,500,000.

On 26th August 2003, PMBB on behalf of the Company and DCIB
announced that they have written to the Vendor of the Land to
terminate the Sale and Purchase Agreement dated 30th October
2002.

On 18th September 2003, the Company's solicitors, Messrs. Raja
Elena, Siew & Ang (RESA) have filed the Section 176 application
to the Court for the court-convened meetings, together with the
Certificate of Urgency.

On 19th September 2003, PMBB furnished a copy of the Draft
Explanatory Statement (ES) and Circular to Shareholders to the
KLSE for vetting.

On 8th October 2003, PMBB received a reply from the KLSE
incorporating their comments on the Draft ES and Circular and
requesting for the amended draft to be furnished to them
subsequently.

On 9th October 2003, the Company, DCIB and the Vendors entered
into Supplemental Agreements:

   1. to amend and vary certain terms and conditions set out in
the original Share Sale Agreements dated 15th October 2002 and
30th October 2002 pursuant to the proposed acquisitions of
Dceil, Imex and Bueno;

   2. to extend the completion of the Scheme for another 9
months from 15th July 2003 to 15th April 2004; and

   3. that the cumulative profit guarantee to be provided by the
Vendors for the 3 financial years ended/ending 30th June 2003 to
2005 of RM36 million shall now be secured by RM36 million
nominal value of RCULS instead of RM18 million nominal value of
RCULS.

Meanwhile, further to the hearing of the Section 176 application
before the Judge in Chambers on 3rd October 2003, the Judge has
granted the Order in terms of the application. The sealed copy
of the Court Order has been extracted by RESA accordingly.

However, due to a technical error, the solicitors, RESA has
filed for a discontinuance of the earlier approved Court Order
and re-filed a fresh Section 176 application to the Court.

On 6th November 2003, PMBB sent the amended draft of the ES and
Circular to the KLSE for further comment and approval.

On 20th November 2003, PMBB on behalf of the Board of Directors
of PIB, announced that the Company had obtained an order from
the High Court of Malaya (Court) granting the Company leave to
convene a meeting for its shareholders for the purposes of
considering and, if though fit, approving with or without
modification the Proposed Share Exchange pursuant to Section 176
of the Companies Act 1965 (Court Convened Meeting). A fair copy
of the court order duly executed by the Registrar was extracted
on 14th November 2003. Pursuant thereto, the Company is required
to hold the Court Convened Meeting by 4th February 2004.

An appropriate announcement will be made accordingly in due
course.


PARK MAY: Financial Regularization Status Remains Unchanged
-----------------------------------------------------------
In line with PN4 of the KLSE Listing Requirements which requires
an announcement on the status of an affected listed issuer's
plan to regularize its financial condition to be made on the
first market day of each month, AmMerchant Bank Berhad, on
behalf of Park May Berhad, wishes to announce that there has
been no significant development in respect of the plan to
regularize the Park May group of companies' financial position.
In any event, the Company has until 11 December 2003 to make the
Requisite Announcement as required under PN4.

The Company will keep shareholders informed of further
developments as and when events are finalized.


PROMET BERHAD: Wisma Saberkas SPA Extended
------------------------------------------
Promet Berhad refers to the announcement dated 30 September 2003
in relation to the proposed acquisition by Titan Element Sdn Bhd
(TESB) of 91 parcels of commercial and office space in Wisma
Saberkas, Kuching, Sarawak (Wisma Saberkas) from Presab Sdn Bhd.

Pursuant to the above, on behalf of the Board of Directors of
Promet, Southern Investment Bank Berhad wishes to announce that
Promet and TESB had on 29 November 2003 agreed to extend the
execution of the Wisma Saberkas conditional sale agreement
(Wisma Saberkas SPA) to 31 January 2004, pending the
finalization of the terms and agreement of the parties to the
Wisma Saberkas SPA.


RNC CORPORATION: Due Diligence Committee Complying PRS Terms
------------------------------------------------------------
Reference is made to the "First Announcement" on 19th February
2001 on the Proposed Corporate and Debt Restructuring Scheme
(PRS), the previous Monthly Status Announcements since 1st March
2001 and also all the announcements pertaining to the PRS.

On 18th April 2003, the Company and its advisers, OSK Securities
Berhad have submitted the proposed modifications to the PRS to
the Securities Commission (SC), Ministry of International Trade
and Industry (MITI), Federal Economic Planning Unit (EPU) and
Foreign Investment Committee (FIC) for their approvals.

SC had vide its letters dated 13th November 2003 and 17th
November 2003 approved the proposed modifications to the PRS.
The approval of the SC on the PRS is subject to compliance of
stipulated terms and conditions as announced on 18th November
2003 and 19th November 2003.

The Working Due Diligence Committee is in the process of
complying with the terms and conditions as stipulated by the SC.


SATERAS RESOURCES: Awaits Regularization Plan Approval
------------------------------------------------------
The Board of Directors of Sateras Resources (Malaysia) Berhad
wishes to announce that there is no development further to the
announcement made on 3 November 2003 pursuant to Paragraph 4.1b
of the Practice Note No. 4/2001 of the Listing Requirements.

The Company is currently awaiting the approvals of the
regularization plan from Securities Commission and other
relevant authorities.


TAI WAH: Issues Restructuring Exercise Status Update
----------------------------------------------------
In compliance with KLSE PN4, Tai Wah Garments Manufacturing
Berhad wishes to update the status of its proposed restructuring
exercise to regularize its financial condition for the month
ended December 2003.

On 6 November 2003, the Company had announced that the Kuala
Lumpur Stock Exchange via its letter dated 3 November 2003 has
granted the Company the waiver to issue the 2003 Annual Report.

The Share Exchange between Versatile Creative Berhad (VCB) and
the existing shareholders of TWGB in respect on the issuance of
5,300,000 new shares of RM1.00 each in VCB (VCB Shares) at an
issue price of RM1.00 each to the shareholders of TWGB, on the
basis of one (1) new VCB share for every twenty (20) shares of
RM1.00 each in TWGB held have been completed on 7 November 2003.


TAP RESOURCES: Investigative Audit Completion Extended
------------------------------------------------------
On behalf of TAP Resources Berhad, Malaysian International
Merchant Bankers Berhad wishes to announce that the Securities
Commission (SC) has via its letter dated 27 November 2003
approved the Company's application for an extension of time up
to 31 January 2004 for Messrs BDO Binder to complete the
investigative audit and submit a copy of the investigative
report to the SC.


UCP RESOURCES: Provides Default in Payment Status Update
--------------------------------------------------------
In accordance with Practice Note No. 1/2001 of the Kuala Lumpur
Stock Exchange Listing Requirements and further to the earlier
announcement made, UCP Resources Berhad hereby provides an
update on its default in payment as follows:

   (i) UCP Manufacturing (M) Sdn. Bhd., a subsidiary of UCP
Resources Bhd, as at 30 November 2003, defaulted in repayment of
Bankers Acceptance, Overdraft, Term Loan and Current Account
amounting to RM49,155,713 made up of a principal sum of
RM40,508,072 and interest of RM8,647,641;

   (ii) UCP Marketing (M) Sdn. Bhd., a subsidiary of UCP
Resources Bhd, as at 30 November 2003, defaulted in repayment of
Bankers Acceptance and Term Loan amounting to RM8,702,151 made
up of a principal sum of RM7,936,500 and interest of RM765,651;
and

   (iii) Universal Concrete Products Sdn. Bhd., a subsidiary of
UCP Resources Bhd, as at 30 November 2003, defaulted in
repayment of Bankers Acceptance amounting to RM3,217,421 made up
of a principal sum of RM3,000,000 and interest of RM217,421.

The UCP Group shall make periodic announcement on a monthly
basis to the Exchange of the current status of the default and
its steps taken to address the default until such time when it
is remedied.

For further details, click http://bankrupt.com/misc/UCP1203.xls.


WIDETECH (MALAYSIA): Widens 2003 Pre-tax Loss to RM0.645M
---------------------------------------------------------
Widetech (Malaysia) Berhad posted its quarterly report for the
financial period ended 30 September 2003. Below is an excerpt
from the said report:

The Group recorded a pre-tax loss for current year todate of
RM0.645 million as compared to the preceding year corresponding
period pre-tax profit of RM0.004 million. The current pre-tax
loss was mainly due to incurrence of professional fees in
relation to the Corporate Proposals.

For complete copy of the quarterly report, go to
http://bankrupt.com/misc/Widetech1203.xls.


WOO HING: SA, Promoter Revising Kamdar Proposals
------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of Woo
Hing Rothers (Malaya) Berhad, announced on 18 November 2003 that
the Independent Advisor has opined that the modification to the
Special Administrators' (SAs) Workout Proposal incorporating the
revisions to Kamdar's Proposals are reasonable. The SAs have
also announced on 21 November 2003 the estimated settlement to
creditors based on the modification to the SAs' Workout
Proposal.

The SAs and the promoter of Kamdar Proposals are preparing to
submit the revisions to the Securities Commission for their
approval.


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


ASIAN CAPITAL: PSE Acquires Cash-Strapped Firm
----------------------------------------------
The Securities and Exchange Commission (SEC) has directed the
Philippine Stock Exchange (PSE) to acquire the operations of
cash-strapped broker firm Asian Capital Equities Inc. (ACE), the
Philippine Star said on Tuesday. A cease and desist order was
recently issued by the SEC against ACE for several violations of
the Securities Regulation Code (SRC), among them on fraudulent
transactions and restrictions on borrowings by members, brokers
and dealers.

As of end-September, ACE showed a negative net worth amounting
to P65 million. Although the firm has an excess net capital of
P3.7 million, without its subordinated loan of P77 million, the
net capital deficiency will amount to P73.55 million.


INTERNATIONAL WIRE: Forms Ad Hoc Committee of Bondholders
---------------------------------------------------------
International Wire Group, Inc. announced Monday that an Ad Hoc
Committee (Committee) of Bondholders holding its 11 3/4 percent
Senior Subordinated Notes and 14 percent Senior Subordinated
Notes (collectively the Senior Subordinated Notes) has been
formed.

The Committee represents approximately 61 percent of the Senior
Subordinated Notes. The Committee has selected Stroock & Stroock
& Lavan as its legal advisor and Houlihan Lokey Howard & Zukin
as its financial advisor. As previously announced, the Company
has engaged Rothschild, Inc. as the Company's financial advisor
and Weil, Gotshal and Manges as legal advisors to assist in this
process. International Wire expects as soon as practicable to
commence negotiations with the Committee and its advisors
regarding a recapitalization of its balance sheet. In addition,
International Wire has decided to forego paying the interest due
on December 1 on the Senior Subordinated Notes. The Company has
a 30-day grace period before an event of default has occurred.

"This is a very important event for our customers and
suppliers," said Joseph Fiamingo, Chief Executive Officer. "We
look forward to a successful completion of a recapitalization
that will result in improved free cash flow, enhanced credit
ratings and a stronger balance sheet through the reduction of
certain of our debt. The economic downturn that has impacted
many of the end markets we serve has caused our balance sheet to
become overleveraged. While we have had many occasions to
discuss our financial condition with our customers and
suppliers, I have been pleased with the faith and support that
our customers and suppliers have shown in us. I look forward to
rewarding that support by ensuring that International Wire is a
financially strong link in all of our partners' supply chains
for the long term. It is also the Company's intention to
maintain normal course payment to our vendors and suppliers
during this period," Fiamingo concluded.

International Wire Group, Inc., headquartered in St. Louis,
Missouri, is a leading manufacturer and marketer of wire
products, including bare and tin-plated copper wire and
insulated copper wire. The Company's products include a broad
spectrum of copper wire configurations and gauges with a variety
of electrical and conductive characteristics that are utilized
by a wide variety of customers primarily in the appliance,
automotive, electronics / data communications and general
industrial / energy industries. The Company manufacturers and
distributes its products in 22 facilities strategically located
in the United States, Mexico, France, Italy and the Philippines.


MANILA ELECTRIC: Files Claim to Recover Excess Income Tax
---------------------------------------------------------
Manila Electric Co. (Meralco) has filed its claim to recover
excess income tax arising from the Company's ongoing refund of
overcharges amounting to 30.5 billion pesos, AFX Asia reports.
The claim was filed on November 27. Meralco said it overpaid the
Bureau of Internal Revenue more or less 9.0 billion pesos in
income tax.

Meralco said the refund of overcharges effectively wiped out the
Company's net profits from 1994 to May 2003, when excess charges
were collected from customers. As such, tax payments the Company
made during that period should also be returned.


MANILA ELECTRIC: Seeks Six-month Extension on $80M Debt
-------------------------------------------------------
Manila Electric Co. (Meralco) is seeking at least six more
months to pay US$80 million loan that will mature in January
2004, Business World reported on Tuesday. The Company intends to
repay early next year about 8 billion pesos to 9 billion pesos
of 14 billion pesos maturing debts. About 4.5 billion pesos of
that would fall due in the next six months, Meralco President
Jesus P. Francisco said.


NATIONAL POWER: Mulls US$250M Bond Float
----------------------------------------
The National Power Corporation (Napocor) will issue some US$250-
million worth of bonds in the international market in the first
quarter of 2004 to partly pay its maturing obligations and
finance its operating expenses for next year, reports the
Philippine Star. The Power Sector Assets and Liabilities
Management (PSALM) is in talks with ING Barings to lead manage
the float.

Napocor Senior Finance Department Manager Lorna Dy said the
proposed bond issue would make up part of the proposed financing
requirements of the Company. Napocor will need at least US$1
billion for debt service and another US$1 billion as payments
for the amortization of the capacity fees to its independent
power producers (IPPs) for 2004.

As of end-June 2003, Napocor has approximately US$7- billion
worth of debts but excludes the US$250 million loan, which was
partly-backed by the Overseas Private Investment Corp. of the US
finalized a few weeks ago.


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


CAPITALAND LIMITED: Unit Wins Lawsuit Commenced by Jens Grossner
----------------------------------------------------------------
Raffles Holdings Limited, a unit of Capitaland Limited, had
previously announced on 27 October 2003 that it was contesting
an action brought in the Singapore High Court by Jens Grossner,
a German national, for payment under an alleged brokerage
agreement for the acquisition by Raffles Holdings of Swissotel
Holding AG (Swissotel).

Raffles Holdings is pleased to announce that the Singapore High
Court has, on 28 November 2003, dismissed Grossner's claim with
costs.

In his written judgment, the judge held that there was no
concluded brokerage contract between Grossner and Raffles
Holdings and that even if such a contract existed, Mr.
Grossner's claim would still have been rejected because he had
not succeeded in brokering the sale of Swissotel to Raffles
Holdings. The judge described the action brought by Grossner as
a blatant attempt to claim a commission to which he was clearly
not entitled.

Raffles Holdings has always maintained that Grossner's claim was
misconceived and wholly without basis. Our position has always
been that we had no binding brokerage agreement with Mr.
Grossner and that Grossner did not broker a sale of Swissotel.
The acquisition was effected through a competitive bidding
exercise that was conducted by Credit Suisse First Boston on
behalf of SAirGroup AG, the ultimate owners of Swissotel.
Raffles Holdings is therefore pleased that Grossner's claim has
been dismissed.


CHARTERED SEMICONDUCTOR: Narrows Fourth Quarter Net Loss
--------------------------------------------------------
On December 2, 2003, in its scheduled mid-quarter update,
Chartered Semiconductor Manufacturing (CSM) indicated that it
expects higher revenues and an improved net loss for fourth
quarter 2003, compared to its original guidance, which was
provided on October 23, 2003. For the fourth quarter, CSM now
projects revenues will be up approximately 28 to 31 percent
sequentially, compared to the original guidance of "up 22 to 26
percent." Revenues including Chartered's share of Silicon
Manufacturing Partners (SMP) will be up 24 to 27 percent
sequentially, compared to the original guidance of "up 17 to 21
percent."

"We now expect that Chartered's fourth quarter revenues
including our share of SMP will be approximately $232 million,
up 85 percent compared to the year-ago quarter," said George
Thomas, Vice President & CFO of Chartered. "Compared to the
third quarter, we are seeing healthy growth in each of our
market sectors and in both advanced and mature technologies. The
increase compared to our October outlook is primarily due to
higher demand from customers in the communications sector.
Primarily as a result of the expected higher revenues, we have
also improved our guidance for the fourth-quarter net loss.
Furthermore, we expect to be positive at the gross margin level
for the first time since first quarter 2001."

Chartered now expects the revenue contribution from 0.18-micron
and below products to be in the mid-40s in the fourth quarter,
compared to 39 percent in third quarter, and expects revenues
from 0.13-micronproducts to be up approximately 30 percent
sequentially.

Based on its current assessment of market and customer trends,
the Company's updated guidance for

fourth quarter 2003 is as follows:


                   3Q 2003        4Q 2003         Guidance
                   Actual         October 23      December 2
                                  Guidance        Guidance
                                  Midpoint/Range  Midpoint/Range

Revenues         (a)$137.7M $171M, +/- $3M $178M,      +/- $2M
Chartered's share
of SMP revenues     $47.6M $ 50M,  +/- $1M $ 54M,      +/- $1M
Revenues including
Chartered's         $185.3M $221M, +/- $4M $232M,      +/- $3M
share of SMP
ASP (a)             $896 $906,    +/- $20 $906,       +/- $10
ASP of Chartered's
share of SMP
revenues            $1,522 $1,600, +/- $25 $1,600, +/- $15 ASP
including
SMP                 $1,002   $1,005, +/- $25     $1,008, +/- $15


Net loss(a)(b)       $75.9M  $50.0M, +/- $5M     $44.0M, +/- $4M

Total unusual items
gain/(loss)          $(3.3)M $(3.0)M            $(3.0)M

- Fab 1 restructuring
charge               $(3.3)M  $(3.0)M           $(3.0)M

Loss per ADS         $0.30 $0.20,  +/- $0.02    $0.18, +/- $0.02

Net loss without
unusual items (b)    $72.6M $47.0M,+/- $5M       $41.0M, +/- $4M

(a) Determined in accordance with US GAAP

(b) Includes loss impact due to CSP accounting treatment of
$23.8M in 3Q 2003 and $16.0M in 4Q 2003

Utilization 59 percent 66 percent, +/- 2 percent points 69
percent, +/- 2 percent points

CSM plans to release fourth quarter 2003 results on Friday,
January 30, 2004, Singapore time, before the Singapore market
opens.

Chartered's original guidance for fourth quarter 2003 was
published in the Company's third-quarter 2003 earnings release
which can be found on Chartered's Web site at
www.charteredsemi.com, under Investor Relations, Earnings
Releases section.

About Chartered

Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
Company provides flexible and cost effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab, which will be developed as a 300mm facility.

A Company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market and on the Singapore
Exchange. Chartered's 3,500 employees are based at 11 locations
around the world. Information about Chartered can be found at
www.charteredsemi.com.


EXTROPIA.COM PTE: Issues Preferential Dividend Notice
-----------------------------------------------------
Extropia.Com Pte Ltd (In Creditors' Voluntary Liquidation)
issued a notice of preferential dividend notice as follows:

Address of former registered office: 2 Leng Kee Road #06-04 Thye
Hong Centre Singapore 159086.

Amount per centum: 100 percentum of all admitted preferential
claims pursuant to section 328 (1) (b) to (f) of the Companies
Act (Chapter 50).

Name of liquidators: Chee Yoh Chuang & Lim Lee Meng.

First and final or otherwise: First and final.

When payable: 24th November 2003.

Where payable: Chio Lim & Associates 18 Cross Street #08-01
Marsh & McLennan Centre Singapore 048423.

Dated this 21st day of November 2003.
CHEE YOH CHUANG
LIM LEE MENG
Liquidators.


FALMAC LIMITED: Issues Progress of Restructuring Scheme
-------------------------------------------------------
Falmac Limited wishes to provide the following update for the
month of November 2003 on the restructuring of the Group's
banking facilities. The Company is still in discussion with its
bankers to restructure its repayment obligations under
facilities provided by the bank to the Company. The Company will
keep shareholders informed of further developments.


KEPPEL FACTORS: Creditors Must Submit Claims by December 29
-----------------------------------------------------------
The creditors of Keppel Factors 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, 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.


NATSTEEL LIMITED: Disposes 36.8% Stake in National Oxygen
---------------------------------------------------------
NatSteel Ltd (NatSteel) announced that it has entered into a
sale and purchase agreement to dispose NatSteel's entire 36.8
percent equity stake comprising of 7,000,000 ordinary shares of
par value S$1.00 each in the capital of National Oxygen Pte Ltd
(National Oxygen), for a cash consideration of S$14.5 million,
which was arrived at on a willing buyer-willing seller basis.

This divestment is in line with NatSteel's objective to focus on
its core businesses.

The net carrying value of NatSteel Group's 36.8 percent equity
interest in National Oxygen was approximately S$10.9 million as
at 30 September 2003.

On the completion of this transaction, National Oxygen will
cease to be an associated Company of NatSteel.

This transaction is not expected to have a material effect on
the earnings per share and net tangible assets per share of the
NatSteel Group.

None of the directors or substantial shareholders of NatSteel
has any interest in this transaction.


PROTECTION & INDEMNITY: Releases Dividend Notice
------------------------------------------------
Protection & Indemnity Pte Ltd. issued a notice of intended
dividend notice as follows:

Address of Registered Office: Formerly of 41 Middle Road #05-00
Singapore 188950.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 219 of 1996.

Last Day for Receiving Proofs: 12th December 2003.

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

Dated: 28th November 2003.

SUNARI BIN KATENI
Assistant Official Receiver.


SEATOWN CORPORATION: Issues Status of Banking Facilities
--------------------------------------------------------
The Board of Directors of Seatown Corporation Limited refers to
the announcements released by the Company on 1 July 2003, 5
August 2003, 3 September 2003, 7 October 2003 and 5 November
2003 regarding the state of the banking facilities obtained by
the Company's subsidiaries and which are currently in default.

The Directors announced that there have been no further
developments since the last announcement of 5 November 2003.


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


BANGKOK RUBBER: Discloses Shares Offering Results
-------------------------------------------------
B.R.C. Planner Company Limited, as the Plan Administrator of
Bangkok Rubber Public Company Limited, disclosed the results of
its Share Offering:

1.  Information relating to the share offering (Debt to equity
conversion according to the Business Reorganization Plan)

       - Class of shares offered : Common Shares
       - Number of shares offered : 83,001,047  Shares
       - Offered to : Creditors have the right on which the
         court or the official receiver issues final order to
         receive repayment to debt
       - Price per share : Bt17 per share  (Debt to equity
         conversion according to the amount as specified in the
         Business  Reorganization Plan)
       - Date of conversion :  20  November 2003

2.  Results of the share sale

    (   ) totally sold
    ( X ) partly sold, with 50,625,505 shares remaining

The company will deal with the remaining shares as follows:

According to the Business Reorganization Plan, Creditors will
receive repayment of debt by way of debt to equity conversion
within 150 days from the later of the date on which the Court
approves the Plan and the date on which the Court issues final
order to receive repayment of debt. At present, there still
creditors who have not yet received the final order from the
Court or the Official receiver to receive repayment of debt.
Therefore, the company will implement the debt to equity
conversion especially the creditors who received final order to
receive repayment of debt. If the Court or the Official receiver
issues final order to receive repayment of debt increasingly,
the company will allocate shares to each creditor for repayment
of debt.

3.  Details of the sale

       Thai investors            Foreign investors
   Juristic        Natural      Juristic      Natural    Total

Number of persons
     3            -            -            -               3
Number of shares subscribed
  3,577,275       -            -            -       3,577,275
Percentage of total shares offered for sale
  6.60  %         -            -            -          6.60 %

4.  Amount of money received from the share sale

   Total amount: Bt60,813,675 (The total  decreased debt)


T.C.J. ASIA: Court OKs Business Reorganization Plan
---------------------------------------------------
Subject: Court approved TCJ's Business Reorganization Plan

Attention: The President
           The Stock Exchange of Thailand

T.C.J. Asia PLC (TCJ) would like to inform that on  December 1,
2003, the Central Bankruptcy Court has granted an order to
approve TCJ's Business Reorganization Plan  and also appointed
Khun Srivilai Chatjuthamard as the Plan Administrator of TCJ.
TCJ would like to acknowledge the essentials of the
Reorganization Plan in brief as follows:

1. Debt restructuring

   1.1  The debt filed in the business reorganization is Baht
817,279,179.44, being principal Baht 795,478,703.09  and
interest Baht21,800,476.35. According to the plan, interest was
reduced all and principal was reduced Baht 504,135,600.51. The
remaining debt will be Baht 291,343,102.58

   1.2 Payment

     a) Creditors' Banks

     1. To cancel TCJ's convertible debenture matured on 31
August 2012

     2. Pay by cash totaling Baht 271,543,102.58 within 6 months
after court approved the Plan.

     b) Rental creditor Baht 19,800,000 being converted to
equity by conversion price Baht 1 per share, par value Baht 10
per share and the lessor will waive the rental charges, which
located TCJ's Head office Building until creditors have
received all payment.

2. Capital restructuring

   2.1 Decreasing registered capital and paid-up capital

     1.To reduce and cancel the un-paid registered capital Baht
385,000,000

     2.To reduce the paid-up registered shares from 25,000,000
shares to 2,500,000 shares.

The registered capital after reduction will be Baht 25,000,000.
The ordinary share will be reduced in the proportion of 10
existing shares to 1 remaining ordinary share. In case of having
any fraction, it will be rounded up or down to the nearest
integer number as the plan administrator's discretion.
The residual share will be cancelled.

   2.2   Increasing registered capital

     1. To increase registered capital by Baht 198,000,000
divide to 19,800,000 new ordinary shares at par value of Baht 10
each for the conversion of debt into equity.

After increasing capital, TCJ will have paid-up registered
capital Baht 223,000,000 divide to 22,300,000 shares, par value
Baht 10 each.

     2. To increase capital not less than Baht 200 million for
payment to creditors and for TCJ's working capital by allotment
to shareholders after conversion debt to equity. In case
shareholders do not use the right, the plan administrator will
offer to specific investors not more than 35 persons.

Or in case TCJ could arrange the new loan enough for payment to
creditors and for TCJ's working capital, it may not increase
capital or increase some portion as the plan administrator's
discretion.

    2.3 The plan administration will transfer legal reserve,
premium and deficit on share capital to compensate TCJ's
accumulated loss under the relate law at that time within 6
months after court approved the Plan.

3. The success of the plan

If there is any event as follow:

1. TCJ has made payment to all creditors in accordance with the
plan.

2. TCJ's review or audit financial statement stated that the
assets are higher than the liabilities

Please be informed accordingly.

Yours faithfully,
(Srivilai Chatjuthamard)
Plan administrator


THAI PETROCHEMICAL: Creditors Dismiss Interest Default Event
------------------------------------------------------------
President
Stock Exchange of Thailand
The Stock Exchange of Thailand Building
62 Rachadapisek Road Klongtoey
Bangkok 10110

Re: Result of creditor voting in connection with the unpaid
    interest

Dear Sir,

Regarding the Plan Administrator of Thai Petrochemical Industry
Public Company Limited's unpaid interest to creditors for the 3
consecutive months during August - October 2003, we were
informed by the Committee of Creditor that on Sunday 21 November
2003, the creditors voted not to call an event of default due to
the aforementioned unpaid interest.

Yours sincerely,
Suwit Nivartvong
For The Plan Administrator of
Thai Petrochemical Industry PCL


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