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

                     A S I A   P A C I F I C

           Thursday, December 4, 2003, Vol. 6, No. 240

                            Headlines

A U S T R A L I A

AMP LIMITED: Leading by Example, Mohl Takes up Rights  
QANTAS AIRWAYS: Tourism Chief Demands More U.S. Flights
MAYNE GROUP: Sets Aside AU$500 Million for off-market Buy-back
TELEVISION & MEDIA: Appoints New Chief Executive


C H I N A  &  H O N G  K O N G

CHIU WAI: High Court Sets Winding up Hearing December 24
GOLDEN BEST: Winding up Hearing Set December 10
STATE WISH: Faces Winding up Petition before High Court
STONE ELECTRONIC: Trading Suspended for Unknown Reason
VATECH INDUSTRIES: Istril Limited Initiates Wind up Proceeding


I N D O N E S I A

BANK LIPPO: Nine-month Profit Dives to IDR124 Billion


J A P A N

ASHIKAGA BANK: Moody's Reviews Rating for Possible Upgrade
DAIEI INC.: Selling Assets to U.S Fund Colony
FURUKAWA CO.: Raises Y9.2B in New Share Offer
JAPAN AIRLINES: R&I Assigns BBB Rating
HITACHI LIMITED: Enters Alliance With Crossroads Systems

KAJIMA CORPORATION: Dissolves Domestic Subsidiary
KOBE STEEL: Agrees to Form Two Joint Venture Firms
MITSUBISHI MOTORS: Greg O'Nell Resigns as MMNA President
NEC CORP.: Completes Thailand-Indonesia-Singapore Cable Network  
SAKAISUJI KAIHATSU: Files for Special Liquidation Proceedings


K O R E A

HANARO TELECOM: Unveils Management Objectives for 2003
HANARO TELECOM: Discloses 3Q03 External Finances
KOREA THRUNET: Dacom Eyes Takeover


M A L A Y S I A

BESCORP INDUSTRIES: Issues Acquisition Proposal Update
BESCORP INDUSTRIES: Aims to Regularize Financial Status
KELANAMAS INDUSTRIES: Enters Alliance With MPTR, Tai Seng
KEMAYAN CORPORATION: Issues Restructuring Update
KSU HOLDINGS: Reschedules Hearing Date to February 18

LONG HUAT: Reschedules Unit Winding Up Hearing to December 10
LONG HUAT: Releases Restructuring Scheme Update
NCK CORPORATION: Unit Appoints Liquidator
NCK CORPORATION: Issues Status of Credit Facilities
REKAPACIFIC BERHAD: Releases Restructuring Status

TECHNO ASIA: SC Extends Investigative Audit to February 29
UNIPHOENIX CORPORATION: Issues Rescue Scheme Proposal Update
WEMBLEY INDUSTRIES: PN4 Status Remain Unchanged


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: Sees Operating Losses in 2004
MATSUSHITA ELECTRIC: Stops Selling Panasonic Brand
NATIONAL POWER: Needs US$2B in Foreign Funds Next Year
NATIONAL STEEL: Sale Likely Before Christmas


S I N G A P O R E

ACT II: Petition to Wind Up Pending
BERGER INTERNATIONAL: Unit Enters Liquidation
CHARTERED SEMICONDUCTOR: Appoints Kuo to Head Americas Region
MACLLOYD INDUSTRIAL: Issues Judicial Management Order Notice
SEAWIDE INTERNATIONAL: Releases Winding Up Order Notice

WEE POH: Deloitte & Touche Audits Financial Statements
WEE POH: Incurs 1H03 S$8M Net Loss
YONGNAM HOLDINGS: Unveils Suit Against Springleaves Tower


T H A I L A N D

BANGKOK LAND: Board OKs Share Issuance to Buy back Debentures
KRUNG THAI: Posts Schedule for Second Warrant Exercise Period

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Leading by Example, Mohl Takes up Rights  
-----------------------------------------------------
Showing his strong faith in the company's demerger plan, AMP CEO
Andrew Mohl on Tuesday signed three cheques worth AU$180,000 to
take up his rights under AMP's $1.2 billion capital raising.

This rights offer is just one of the complex steps to completing
the group's protracted demerger from its British operations,
according to The West Australian.  The demerger goes to a
shareholder vote next Tuesday.

In his latest public outing to promote the demerger, Mr. Mohl
told a Securities Institute of Australia recently that AMP would
re-emerge in a strong position once it separates from its
stumbling British operations.

"I'm here to tell you that while AMP may be bloodied, it's
definitely not bowed.  It's coming back with a vengeance," the
West Australian quoted him saying. "AMP has been, still is and
will continue to be a great company."

Mr. Mohl added that post-demerger, AMP would 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," he said.

The group's ambitions included seeking a return on shareholder
equity in the "top decile of our peer group," and being viewed
as a "model company" in the wealth management industry, The West
Australian said.


QANTAS AIRWAYS: Tourism Chief Demands More U.S. Flights
-------------------------------------------------------
Federal Tourism Minister Joe Hockey declared Tuesday that there
was "a compelling case for additional airline activity between
Australia and the U.S."

The minister made the comment in a veiled attempt to question
the existing prohibition on potential rivals, such as Singapore
Airlines and Cathay Pacific, from servicing the Sydney-Los
Angeles route.  The Federal Transport Ministry set up the ban to
protect Qantas until there was "greater stability in the global
aviation environment."

As a result of this ban, Qantas is enjoying around 85 percent
market share of the route and United Airlines taking up the
rest, according to The West Australian.  But Mr. Hockey said:
"There is still a shortage of seats between Australia and the
U.S., and it's having a negative impact (in the number) of
people that are coming, not just from the U.S. but from Europe
as well. I would like to see another carrier on that route."

Meanwhile, Tim Clark, CEO of Emirates, which is lobbying the
Federal Government to grant it two daily flights into Sydney,
took a swipe at Geoff Dixon, his counterpart in Qantas.  The
latter had earlier said that the government-owned Emirates had
an unfair advantage.

Unlike Qantas, Mr. Clark said Emirates had received no
government handouts for the past 18 years and welcomed
unrestricted access to Dubai.  

"The last time the (United Arab Emirates) Government gave us
money was in 1985 when they put US$10 million ($13.76 million)
on the table and a couple of 727s," The West Australian quoted
Emirates head of corporate communications, Mike Simon, as
saying.

"In comparison, it was only 10 years ago that the Australian
Government injected AU$1.3 billion to recapitalize Qantas in the
lead-up to the airline's listing on the stock exchange," The
West Australian said.

In a statement, Qantas public affairs spokesman Michael Sharp
clarified his boss' pronouncement: "Qantas has never said that
government ownership is wrong.  All we say is that you need to
understand that over 60 percent of the international airlines
that fly to and from Australia are government owned or
supported, and that inevitably means they operate under
different financial criteria from Qantas."

Emirates wants to double its frequency to Sydney so it could
start using its 258-seat A340-500s on the route, instead of the
380-seat Boeing 777s it currently employs, according to the
paper.  One advantage is that the A340-500 can skip Singapore
and fly direct from Australia to Dubai.


MAYNE GROUP: Sets Aside AU$500 Million for off-market Buy-back
--------------------------------------------------------------
Mayne Group, which recently sold its hospitals business for
AU$813 million, unveiled Tuesday an off-market buy-back plan
worth up to AU$500 million, The West Australian.

The off-market buy back is in addition to the current on-market
buy-back program worth AU$209 million.  Observers, however, say
the off-market buy-back will only be worth between AU$250
million and AU$350 million.

The size of the proposed off-market buy-back would depend, in
part, on "any capital redeployment opportunities which may
exist," according to directors interviewed by The West
Australian.  Shares of the company dipped 3 cents to $3.54 by
the close Tuesday, reflecting the cool reaction of the market.

Managing Director Stuart James had earlier said the company will
focus on buying drugs or the companies that make them to build
up the group's generic pharmaceuticals business.

"It is good they are doing it, but some people might be
disappointed in the size of it, $250 million to $350 million,"
Andrew Hamilton, an analyst with funds manager Portfolio
Partners, said of the buy-back when interviewed by The West
Australian.

"I think the market is a bit skeptical about how much value this
management team can add in generic pharmaceuticals. The bigger
the buy-back, the less chance there is that they will go and
spend a lot of money on a generic acquisition that might not
work out to be as value-accretive as hoped," Mr. Hamilton said.

In August, Mayne paid AU$130 million for the worldwide
paclitaxel business and more recently paid AU$9 million for the
U.S. rights to two other oncology drugs, the paper said.  Mr.
Hamilton said management would have to show it could reap full
value from any acquisitions before the share price would rise.

"I think for it to push on to AU$4, the management would have to
demonstrate that they can add value in generic pharmaceuticals
because they so clearly flagged that that is their future growth
engine," he told The West Australian.


TELEVISION & MEDIA: Appoints New Chief Executive
------------------------------------------------
Television & Media Services Limited is pleased to announce the
appointment of Mr. Chris McMillan as Chief Executive Officer.  
Mr. McMillan takes up the position on Monday, December 22, 2003.

Mr. McMillan will fill the role left vacant upon the resignation
of Mr. B Fink in December 2002 and follows the resignation of
Global Television's Chief Operating Officer Mr. Keith Spice.  
Mr. Spice will leave the Company on December 19, 2003 and plans
to establish himself as a consultant to the television &
broadcast industry.

Mr. McMillan held the General Manager role in Global Television
from 1998 to 2000 and was instrumental in that Company's
expansion from an annual revenue base of AU$1 million to AU$50
million.  His initiatives included the Company's expansion into
studio operations in the early 1990s and the securing of key
long-term production agreements, most notably with Network Ten,
Nine Network Australia and Optus Vision.  It was also during Mr.
McMillan's tenure that Global Television carried out
installation projects such as Optus Vision's VOC at North Ryde
and the Sydney Olympic stadium fit-out.  In 2000, he also
secured the largest independent television service agreement for
the Sydney 2000 Olympics between Global Television/SOBO and
Global Television/NBC.

Since 2000, Mr. McMillan has spent considerable time in SE Asia,
establishing a television services business in Indonesia and
managing a number of transmission, production and industry
consulting projects.

TMS Chairman Anthony Hartnell said, "Keith Spice leaves Global
Television in very good shape structurally & operationally,
which augurs well for the future of the company.  We thank him
for his significant contribution to the business and wish him
well for the future.

"Also, we would like to welcome Chris McMillan back to TMS and
Global Television and look forward to working with him on the
many opportunities that lay ahead for our company."

Mr. McMillan will be engaged under a four (4) year employment
contract.  Mr. McMillan's remuneration package will comprise an
annual base salary including superannuation of AU$320,000.  In
addition, Mr. McMillan will be entitled to a performance bonus
each year for the first three years, which, in total, does not
exceed the average annual remuneration over the three-year
period.  The Board will review Mr. McMillan's performance
annually along with a new bonus provision after the third
anniversary of his commencement date.

Anthony G. Hartnell
Chairman, Television & Media Services


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


CHIU WAI: High Court Sets Winding up Hearing December 24
--------------------------------------------------------
The High Court of Hong Kong will hear on December 24, 2003 at
9:30 a.m. the petition seeking the winding up of Chiu Wai Man
Engineering Company Limited.

Tai Cho Chin of Room 15, 4/F., Cheuk Ming Mansion, 57-63 Tai Ho
Road, Tsuen Wan, New Territories, Hong Kong filed the petition
on November 5, 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 34th Floor, Hopewell
Centre, 183 Queen's Road East, Wanchai Hong Kong.


GOLDEN BEST: Winding up Hearing Set December 10
-----------------------------------------------
The High Court of Hong Kong will hear on December 10, 2003 at
9:30 a.m. the petition seeking the winding up of Golden Best
Investment Limited.

The Incorporated Owners of Happy View Court of Ground Floor
Management Office, Happy View Court, 2-8A, Happy View Terrace,
Hong Kong filed the petition on October 15, 2003.  Gallant Y.T.
Ho & Co. represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Gallant Y.T.
Ho & Co., which holds office on the 4th Floor, Jardine House,
No. 1 Connaught Place, Central Hong Kong.


STATE WISH: Faces Winding up Petition before High Court
-------------------------------------------------------
The High Court of Hong Kong will hear on January 14, 2004 at
9:30 a.m. the petition seeking the winding up of State Wish
Limited.

Roco Investment Limited and Exact Grow Development Limited of
Top Floor, Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui
East, Kowloon, Hong Kong filed the petition on November 13,
2003.  Ford, Kwan & Company represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Ford, Kwan &
Company, which holds office at Rooms 1202-1206, 12/F., Wheelock
House, 20 Pedder Street, Central Hong Kong.


STONE ELECTRONIC: Trading Suspended for Unknown Reason
------------------------------------------------------
The Hong Kong stock exchange suspended trading of Stone
Electronic Technology's shares Wednesday, according to Reuters.  
It did not state any reason for the suspension.  On Tuesday,
shares of the word processor maker finished at HK$0.83.  They
have lost 8.79 percent in value the past month.


VATECH INDUSTRIES: Istril Limited Initiates Wind up Proceeding
--------------------------------------------------------------
The High Court of Hong Kong will hear on January 14, 2004 at
9:30 a.m. the petition seeking the winding up of Vatech
Industries Limited.

Istril Limited of Top Floor, Chinachem Golden Plaza, 77 Mody
Road, Tsimshatsui East, Kowloon, Hong Kong filed the petition on
November 13, 2003.  Ford, Kwan & Company represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Ford, Kwan &
Company, which holds office at Rooms 1202-1206, 12/F., Wheelock
House, 20 Pedder Street, Central Hong Kong.


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


BANK LIPPO: Nine-month Profit Dives to IDR124 Billion
-----------------------------------------------------
Bank Lippo was able to bring down its non-performing loan ratio
to 2.3% in the last nine months, but was unsuccessful in
duplicating its pre-tax profit last year, Asia Pulse says.

The bank's 9-month pre-tax profit dipped to IDR124 billion, down
from IDR193 billion last year.  Interest income also slipped
substantially, from a high of IDR1.81 trillion last year to
IDR1.45 trillion.  The January-September non-performing loan
ratio of the bank last year was 5.4%; its loan to deposit ratio
was 22.9%.  This year, the loan to deposit ratio declined to
20.8% during the period.

The government, which plans to divest its entire stake this
year, owns more than 50% of the Bank.


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


ASHIKAGA BANK: Moody's Reviews Rating for Possible Upgrade
----------------------------------------------------------
Moody's Investors Service comments that the recent
nationalization of Ashikaga Bank (Ashikaga) is further evidence
- following Resona's recapitalization - of the ongoing strong
regulatory support for banks in Japan. In Ashikaga's case, the
regulators have ensured the preservation of all of the bank's
obligations, including the junior subordinated debts.

This event will be factored into Moody's continuing upgrade
review of six regional banks, including Ashikaga, which was
announced on November 17, 2003. Other factors for consideration
in the review process will be the perceived shift in regulatory
attitude away from instituting market discipline with potential
creditor losses and towards financial sector stability, as well
as the depth and sustainability of the government's support
framework for smaller regional financial institutions.

The following ratings are currently on review for possible
upgrade:

Ashikaga Bank, Limited - Long- and short-term deposit ratings of
Ba1/Not Prime, long-term issuer rating of Ba2.

Ashikaga Bank, Limited, headquartered in Utsunomiya, is the
largest regional bank in Tochigi Prefecture. Its consolidated
total asset size was around JPY5.0 trillion as of September 30,
2003.

Fukuoka City Bank, Limited - Long- and short-term deposit
ratings of Ba1/Not Prime.

Fukuoka City Bank, Limited, headquartered in Fukuoka, is the
third largest regional bank in Fukuoka Prefecture. Its
consolidated total asset size was around JPY3.0 trillion as of
September 30, 2003.

Hokkaido Bank, Limited - Long- and short-term deposit ratings of
Ba1/Not Prime.

Hokkaido Bank, Limited, headquartered in Sapporo, is the second
largest regional bank in Hokkaido Prefecture. Its consolidated
total asset size was around JPY3.4 trillion as of September 30,
2003.

Hokuriku Bank, Limited - Long- and short-term deposit ratings of
Ba1/Not Prime.

Hokuriku International Cayman Limited -- Senior and junior
subordinated debt ratings of B1/B3.

Hokuriku Bank, Limited, headquartered in Toyama, is the largest
regional bank in Toyama Prefecture. Its consolidated total asset
size was around JPY5.7 trillion as of September 30, 2003.

Kiyo Bank, Limited - Long- and short-term deposit ratings of
Ba1/Not Prime.

Kiyo Bank, Limited, headquartered in Wakayama, is the largest
regional bank in Wakayama Prefecture. Its consolidated total
asset size was around JPY2.8 trillion as of September 30, 2003.

Nishi-Nippon Bank, Limited - Long- and short-term deposit
ratings of Ba1/Not Prime, senior unsecured debt rating of Ba2,
senior subordinated debt rating of B1.

Nishi-Nippon Bank, Limited, headquartered in Fukuoka, is the
second largest regional bank in Fukuoka Prefecture. Its
consolidated total asset size was around JPY4.0 trillion as of
September 30, 2003.


DAIEI INC.: Selling Assets to U.S Fund Colony
---------------------------------------------
Daiei Inc. will sell its debt-ridden Sea Hawk Hotel and Fukuoka
Dome stadium to U.S. investor Colony Capital for a nominal
amount, according to Reuters. The deal, under which Colony will
take over 79 billion yen ($723 million) in debt, is the latest
move by a foreign private equity fund to obtain assets from a
struggling retailer.

The Company expects a group special loss of 23 billion yen from
the latest realignment of its Fukuoka and other businesses.


FURUKAWA CO.: Raises Y9.2B in New Share Offer
---------------------------------------------
Metals and machinery maker Furukawa Co. Limited will raise 9.2
billion yen (US$84.66 million) by issuing shares to existing
shareholders, in a bid to strengthen its capital and pay off
debt, according to Reuters.

The new shares will be issued to 19 firms, including the top two
shareholders -- insurers Asahi Life and Sompo Japan Insurance
Inc. -- and fibre-optic cable maker Furukawa Electric Co Ltd.,
which will jump from number four to number three shareholder.


JAPAN AIRLINES: R&I Assigns BBB Rating
--------------------------------------
Rating and Investment Information, Inc. (R&I) has assigned a BBB
long-term debt rating to Japan Airlines System Corporation
issued under the shelf registration scheme.

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 1 Dec 18, 2003 Dec 18, 2013 Yen 10,000
Unsec. Str. Bonds No. 2 Dec 18, 2003 Dec 18, 2008 Yen 10,000

Notes/Financial covenants:

1) Negative pledge clause, which covers other unsecured domestic
bonds the firm issued or may issue in the future, except those
designated by the commissioned Company under article 297 of the
commercial code, convertible bonds and warrants.

2) These bonds are guaranteed by Japan Airlines Co., Ltd. and
All Nippon Airways Co., Ltd.

RATIONALE:

Japan Airlines System Corp. is the pure holding Company for the
Japan Airlines System Group (JAL Group) established in October
2002, and its two core subsidiaries are Japan Airlines and Japan
Air System. Japan Airlines System, which is the holding Company,
has control over the operating subsidiaries in terms of capital,
personnel, business planning, funding and other areas, and there
is strong integration within the group. In terms of the group's
finance operations, both Japan Airlines and Japan Air System
have given guarantees of obligation for the bonds and long-term
loans of Japan Airlines System Corporation. The guarantee
applies to bonds in this issue as well.

International airlines have faced severe fluctuations in
earnings, and business risk has become apparent, as shown by the
worsening of recent results. Emergency financing provided by
government agencies for unexpected circumstances is now in
place, so for the immediate future there is little concern over
the Company's cash flow. At the same time, increasing debt is
compromising the group's financial resilience. In the rating,
R&I has taken into consideration to some extent streamlining
effects resulting from integration and a strengthening of the
earnings base as a result of expansion of the group's domestic
business. Therefore, R&I will continue to monitor progress to
determine whether these conditions actually bring about expected
outcomes and an improvement in the group's financial
composition.


HITACHI LIMITED: Enters Alliance With Crossroads Systems
--------------------------------------------------------
Crossroads Systems Inc., a leading global provider for storage
networking solutions, and Hitachi Ltd., a global leader in the
storage market, announced a cross-licensing arrangement covering
access control technology.

Crossroads owns several patents, including U.S. Patent No.
5,941,972 and U.S. Patent No. 6,423,035, and Hitachi owns
several patents, including U.S. Patent No. 6,484,245. Both
parties' patents cover the ability to control access from hosts
to storage devices using a variety of protocols. This patented
technology protects data in shared storage environments from
unauthorized access and overwrites by multiple hosts.

The access control technology extends the ability to allow
customers to create dynamic, flexible storage maps between
servers and storage resources in order to provide needed
security while also reducing the complexities of a multi-user
SAN environment.

About Crossroads Systems Inc.

With headquarters in Austin, Texas, Crossroads Systems is a
leading global provider of data routing solutions for Storage
Area Networks (SANs). Crossroads' solutions serve the growing
storage connectivity and data storage markets, and are designed
to help companies store, manage and ensure the integrity and
availability of their data. Crossroads' products are in
solutions from companies such as EMC, HP and StorageTek, and are
distributed through partners such as ARROW, Bell Micro, DLT
Solutions, Info-X, Promark, and TidalWire. Crossroads is a
voting member of the Storage Networking Industry Association
(SNIA). For more information about Crossroads Systems, please
visit www.crossroads.com or call 800-643-7148.

About Hitachi Ltd.

Hitachi Ltd., headquartered in Tokyo, Japan, is a leading global
electronics Company, with approximately 340,000 employees
worldwide. Fiscal 2002 (ended March 31, 2003) consolidated sales
totaled 8,191.7 billion yen ($68.3 billion). The Company offers
a wide range of systems, products and services in market
sectors, including information systems, electronic devices,
power and industrial systems, consumer products, materials and
financial services. For more information on Hitachi, please
visit the Company's Web site at http://global.hitachi.com.

CONTACT:          Crossroads Systems Inc., Austin
                  Andrea C. Wenholz, 512-928-6897 or 800-643-
                  7148 info@crossroads.com


KAJIMA CORPORATION: Dissolves Domestic Subsidiary
-------------------------------------------------
The Board of Directors of Kajima Corporation, at its meeting
held on December 2, 2003, resolved that F.R.C. Corporation, its
subsidiary accounted for using the equity method, be dissolved
and liquidated pursuant to the following manner.

1. General background on the dissolution:

F.R.C. Corporation was established for the primary purpose of
undertaking the design, manufacturing, sales and marketing, and
installation of fiber-reinforced concrete curtain wall products
that the Company developed. Under the diverse change of market
conditions, the demand for such products has declined so much
over the years that the Company has determined that it would not
be prudent to expect the demand to come back in the future and
that the Subsidiary be dissolved.

2. Summary of F.R.C. Corporation:

Head Office: 1-7-7 Umezato, Suginami-ku, Tokyo, Japan

Represented by: Seiji Kusakabe, President and Representative
Director

Capital: Yen 50,000,000

Major shareholders:

80 percent by Kajima Corporation; 20 percent by a fully
consolidated subsidiary of Kajima Corporation

3. Potential impact on the financial performance of the Company:

Conceivable impact from the announced dissolution of the
Subsidiary on the financial performance of the Company, either
on a consolidated or non-consolidated basis, is deemed to be
minimal, and, it has already been incorporated into and
reflected on the financial projection for the year ending March
31, 2004.


KOBE STEEL: Agrees to Form Two Joint Venture Firms
--------------------------------------------------
Kobe Steel, Ltd. and Air Water Inc. have agreed to form two
joint venture companies. One Company will manufacture and supply
cryogenic air separation units. The other will market industrial
gas produced at Kobe Steel's Kakogawa Works for outside sale.

1. Joint engineering Company for cryogenic air separation units

Cryogenic air separation units cool air to nearly minus 200
degrees C. and liquefy it. The industrial gas is then separated
into oxygen, nitrogen and argon, which are used in numerous
fields including the steel, chemical and semiconductor
industries.

As a plant maker of cryogenic air separation units, Kobe Steel
has over 70 years of experience. To date, it has supplied over
300 units, mainly medium to large size.

Air Water, an industrial gas maker, is a user of air separation
units. In addition, its plant business manufactures small and
medium-size cryogenic air separation units. Air Water has
installed 100 units at on-site plants.

Combining the engineering of their cryogenic air separation unit
businesses, Kobe Steel and Air Water will be able to build a
stronger operating base through their complementary areas of
expertise, while improving their technological and cost
competitiveness.

Outline of the New Company

Name: Shinko Air Water Cryoplant  (provisional name)
Head office: Kobe, Japan
Capital: 90 million yen
Equity share: Kobe Steel 60 percent, Air Water 40 percent
Directors: Five directors (three from Kobe Steel, two from Air
Water. One director from each parent Company will also be a
representative director. The representative director selected by
Kobe Steel will become the President of the new Company.)

Employees: About 30

Plans call for the Company to begin operations from April 1,
2004.

2. Marketing Company for industrial gases

Making effective use of the gas plants at its Kakogawa Works,
Kobe Steel has been selling surplus industrial gases (argon,
oxygen, nitrogen) and rare gases (krypton, xenon) mainly to
wholesalers. The Company aims to continue selling a stable
volume of gases.

In strengthening its industrial gas business, Air Water has been
seeking new sources of industrial gases in western Japan.

As their aims complement each other, the two companies decided
to jointly sell industrial gases produced at Kakogawa. By
jointly managing the new venture, the two companies intend to
expand the external gas sales of the two companies and further
strengthen their businesses.

Outline of the New Company

Name: Shinko Air Water Gas  (provisional name)
Head office: Osaka, Japan
Capital: 50 million yen
Equity share: Air Water 60 percent, Kobe Steel 40 percent
Directors: Five directors (three from Air Water, two from Kobe
Steel.   

One director from each parent Company will also be a
representative director.  The representative director selected
by Air Water will become the President of the new Company.)

Plans call for the Company to begin operations from April 1,
2004.

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
E-mail  www-admin@kobelco.co.jp
Website  www.kobelco.co.jp

Air Water Inc.
Sadayuki Kishi
Public Relations
20-16, Higashi-shinsaibashi 1-chome
Chuo-ku, Osaka 542-0083  Japan
Tel (06) 6252-5411


MITSUBISHI MOTORS: Greg O'Nell Resigns as MMNA President
--------------------------------------------------------
Greg O'Neill announced his resignation as President & COO of
Mitsubishi Motors North America, Inc. (MMNA), Sales Division,
effective on December 31, 2003. He stated: "For me, it was time
for a change. Frankly, with the restructuring, I had worked
myself out of a role. I will be announcing my new role, outside
Mitsubishi, at the end of the year. In the meantime, I will
remain to assist in the orderly transfer of responsibilities. I
have great confidence in the new leadership team and the
direction the company is heading."

Finbarr O'Neill, Co-Chairman and CEO, MMNA stated: "We
appreciate Greg's contribution to Mitsubishi. He has developed
strong awareness for the brand, worked assiduously to ensure
reflection of the dealer voice through development of the
Mitsubishi Dealer Advertising Associations, Advisory Boards and
Marketing Councils, and has initiated an order-to-delivery
production ordering system which is a leading model on how to
align production and demand. We appreciate Greg's help in the
transition and we wish him well in the future."

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the U.S., Canada, Mexico and Puerto Rico. Mitsubishi Motors
sells coupes, convertibles, sedans and sport utility vehicles
through a network of nearly 700 dealers throughout North
America. For more information, contact the Mitsubishi Motors
News Bureau at (888) 560-6672 or visit media.mitsubishicars.com.


NEC CORP.: Completes Thailand-Indonesia-Singapore Cable Network  
---------------------------------------------------------------
NEC Corporation announced Tuesday that it has successfully
completed the construction of a new submarine optical cable
network, named TIS (Thailand -Indonesia - Singapore) Cable
Network for a consortium formed by CAT Telecom Public Company
Ltd. of Thailand, PT Telekomunikasi Indonesia Tbk of Indonesia
and Singapore Telecommunications Limited of Singapore. The
system will commence operations for commercial service with
immediate effect.

The new 1,100km submarine network, linking Songkhla (Thailand),
Batam (Indonesia) and Changi (Singapore), can provide customers
with enhanced transmission of international broadband traffic,
using NEC's submarine repeatered and repeaterless DWDM
technologies with an equipped capacity of 30 Gbps upgradeable up
to 320Gbit/s, capable of handling traffic for about 3,840,000
telephone circuits).

Mr. Toru Hamanaka, General Manager of Submarine Networks
Division, NEC Corp, said, "We are proud that we have
successfully supplied our DWDM technologies to TIS Cable Network
on schedule. This achievement positions NEC as a premier
submarine network supplier in the region. NEC is committed to
enhancing its service offering with the highest level of
expertise for our customers."

In the submarine cable industry, NEC has accumulated a rich
experience over the past years as a system supplier/integrator,
supplying a number of major submarine cable systems, including
China-US, Japan-US, APCN2, EAC2 and AJC. In addition, the
Company had recently been awarded a supply contract for Alaska
United Fiber System (AUFS). By contributing to submarine
telecommunication infrastructure, NEC will further strengthen
its position as a global leading supplier.

About NEC Corporation

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

NEC Corporation plans to issue 250 million new shares some time
between December 17 and 19, to repair its balance sheet for
capital expenditure, TCR-AP reported recently. The Company aims
to raise 207.65 billion yen (US$1.91 billion) in the share
offering.

Contact:
Akiko Shikimori, Corporate
Communications Division
NEC Corporation (Tokyo Japan)
Tel: 81 (0)3 3798-6511
E-mail:
a-shikimori@ay.jp.nec.com

Shawn Tan
NEC Business Coordination Centre (Singapore)
Pte Ltd
Tel: 65-6416 9571
Email: shawn_tan@bccs.nec.com.sg


SAKAISUJI KAIHATSU: Files for Special Liquidation Proceedings
-------------------------------------------------------------
Resona Holdings, Inc. (Resona HD) hereby gives notice that
Sakaisuji Kaihatsu Co., Ltd., which is a customer of its banking
subsidiary, Resona Bank, Ltd. (Resona Bank, President: Masaaki
Nomura), filed an application for commencement of special
liquidation proceedings with the Osaka District Court. As a
result of this development, there arose a concern that the
claims to the Company may become irrecoverable or their
collection may be delayed. Details were announced as follows:

1. Outline of the Company

(1) Corporate name Sakaisuji Kaihatsu Co.,Ltd.
(2) Address 11-20, Minamisenba 4-chome, Chuo-ku, Osaka-shi,
Osaka-fu
(3) Representative Toru Kuramitsu
(4) Amount of capital 20 million yen
(5) Line of business Real Estate Leasing

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of special
liquidation proceedings with the Osaka District Court on
December 2, 2003.

3. Amount of Claims to the Company

Exposure of Resona Bank Loans: 7.1 billion yen

Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Kinki Osaka Bank and Nara Bank have no claims to the Company.

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

The aforementioned claims of Resona Bank are covered by loan
loss reserves. Therefore, the previous earnings forecasts of
Resona HD for the fiscal year ending March 31, 2004, which were
announced on November 25, 2003 remain unaffected.


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


HANARO TELECOM: Unveils Management Objectives for 2003
------------------------------------------------------
In a disclosure to the Securities and Exchange Commission (SEC),
the utmost goal for Hanaro Telecom Inc. in 2003 is to achieve
KRW 1.40 trillion in revenues and to achieve higher operating
profit.

In order to achieve this goal, Hanaro will

1) Solidify its position in the high-speed Internet market by
strengthening its brand image and preventing customer turnovers,
and acquire business competitiveness through network efficiency
and synergies with other service providers.

2) Obtain a future revenue-generating source by establishing
business strategies for the integration of wired and wireless,
VoIP and Metro Ethernet, and plan out a separate execution
strategy based on the market conditions and the characteristics
and profitability of each business.

3) Achieve the target profit by reducing expenses and improving
cost structure and strive to strengthen the financial structure
of the Company through flexible fund management. To this end,
the Company is reinforcing its aerial sales forces, bringing
together the once dispersed Company in order to maximize
efficiency within the organization. Through the performance-and-
incentive-based management system, Hanaro intends to achieve its
goal for 2003.


HANARO TELECOM: Discloses 3Q03 External Finances
------------------------------------------------
Hanaro Telelcom Inc. announced the summary of its external
financing in the third quarter of this year:

- Domestic

(Unit: KRW million)

                            Initial      Increase
   Source                   amount      (decrease)       Balance


Commercial banks             234.7         46.0           280.7
Insurance companies          --           --              --
Merchant banks               --           --              --
Lease companies             83.5        (19.3)            64.2
Mutual savings & finance
companies                    --           --              --
Other financial
institutions                 15.3         64.9            80.2
Sub-total
(financial institutions)     333.5         91.6           425.1
Corporate bonds
(public offering)            860.0       (200.0)          660.0
Corporate bonds
(private placement)          273.8        (34.9)          238.9
*Issuance of new shares      76.6        (76.6)           --
Asset Backed Securities      155.5        (91.2)           64.3
Others                          --        220.0           220.0
Sub-total (capital market)  1,365.9       (182.7)        1,183.2
Debt to shareholders,
directors, affiliated           
companies                       --           --              --        

**Others                       128.8        (77.2)           
51.6
           Total               1,828.2      (168.3)        
1,659.9


* Issuance of new shares are related to exercise of warrants **
Others comprise issuance of ABL. Please refer to note 16 of
Review Report.

(Ref.) Total amount of corporate bond issue during the period:


Public offering : KRW190 billion
Private placement : KRW81 billion
- Overseas Financing

      (Unit: USD million)

                          Initial         Increase
           Source          amount        (decrease)     Balance


Overseas corporate bond
issue                      100.0           (100.0)          --
Others                     24.0            (20.0)           4.0
Total                      124.0           (120.0)          4.0


KOREA THRUNET: Dacom Eyes Takeover
----------------------------------
Dacom Corporation is still interested to acquire a controlling
stake in high-speed Internet provider Korea Thrunet Co., Dow
Jones reports, citing former Dacom CFO Young Woo Nam. Dacom
plans to present its bid for Korea Thrunet in March or April
next year. Dacom has been looking to purchase a 51 percent or
100 percent stake in Korea Thrunet after the Internet provider
filed for court receivership in March.


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


BESCORP INDUSTRIES: Issues Acquisition Proposal Update
------------------------------------------------------
Bescorp Industries Berhad (BIB) refers to the announcements made
on behalf of the Company by Commerce International Merchant
Bankers Berhad (CIMB) on 2 July 2003, 13 August 2003 and 8
October 2003 in relation to the proposed acquisition by WCT Land
Berhad (formerly known as WCT Realty Sdn Bhd) (WCTL), a wholly-
owned subsidiary of WCT Engineering Berhad (WCT) which will be
utilized to implement the Corporate Proposals, from MTD Realty
Sdn Bhd (MTDR), a wholly-owned subsidiary of MTD Capital Bhd, of
2,500,000 ordinary shares of RM1.00 each in Labur Bina Sdn Bhd
(LBSB), representing the balance 50 percent equity interest in
LBSB, not already owned by WCTL, for a total cash consideration
of RM48,900,000 (Proposed Acquisition).

On behalf of BIB, CIMB wishes to announce that WCT had on 2
December 2003 informed the Company that WCTL and MTDR have
mutually agreed in writing to the following:

(i) to extend the date (Cut-Off Date) to comply with all the
conditions precedent for the completion of the Proposed
Acquisition (Conditions Precedent) under the share sale
agreement pursuant to the Proposed Acquisition (SSA) from 1
December 2003 to 1 March 2004 (Completion Date);

(ii) to cause LBSB to redeem MTDR's and WCTL's redeemable
preference shares of RM1.00 each in LBSB on or before 18
December 2003;

(iii) that in addition to all sums payable to MTDR under the
SSA, WCTL is to pay MTDR on or before the Completion Date an
additional interest at the rate of 6 percent per annum
calculated on the sum of RM43,550,000 commencing on 1 December
2003 until the Completion Date;

(iv) that in the event that the Conditions Precedent are not
fulfilled by the Cut-Off Date, MTDR is entitled to forfeit
absolutely the sum of RM644,301 and any sum refundable to WCTL
under the SSA shall be less the sum of RM644,301; and

(v) to amend clause 2.2(b) of the SSA to read as follows:
"On or before 1 March 2004, WCTL must procure WCT to call for a
general meeting of its shareholders for the Approval as set out
in clause 2.1(c) of the SSA".

Save and except for the abovementioned extension and conditions,
all terms and conditions of the SSA remain valid and binding.

Hereinafter collectively referred to as the "Corporate Proposals

- Proposed Share Split;
- Proposed Share Exchange;
- Proposed Cash Payment;
- Proposed Capitalization;
- Proposed Conversion Of Advances;
- Proposed Restricted Offer For Sale/Private Placement;
- Proposed Transfer Of Listing;
- Proposed Exemption; and
- Proposed Liquidation


BESCORP INDUSTRIES: Aims to Regularize Financial Status
-------------------------------------------------------
Reference is made to paragraph 4.1(b) of the Listing
Requirements of the Kuala Lumpur Stock Exchange (the Exchange)
whereby Bescorp Industries Berhad (BIB) (Special Administrators
Appointed) is required to announce the status of its plan to
regularize its financial condition on a monthly basis until
further notice from the Exchange.

The approval of the Securities Commission (SC) for the Corporate
Proposals to regularize the financial condition of the Company
was obtained on 9 May 2003 and 19 May 2003, subject to the
compliance of certain conditions imposed. The Company was
required to complete the implementation of the Corporate
Proposals by 8 November 2003.

Subsequently, the Company had on 19 August 2003 submitted to the
SC a modification to the Corporate Proposals, which is presently
pending the approval of the SC. In view of this, the Company had
on 23 October 2003 submitted an application to the SC for an
extension of time of six (6) months up to 8 May 2004 to complete
the implementation of the Corporate Proposals to regularize its
financial condition. The said application is still pending the
approval of the SC.

Save for the above, there were no further developments since our
previous announcement with regard to this Practice Note.


KELANAMAS INDUSTRIES: Enters Alliance With MPTR, Tai Seng
---------------------------------------------------------
On 26 November 2001, Kelanamas Industries Berhad (KIB) had
entered into a Memorandum of Understanding (MOU) with MP
Technology Resources Berhad (MPTR), Tai Seng Plastic Industries
Sdn Bhd (Tai Seng) and other companies, in relation to a
proposed scheme to regularize its financial condition.

Subsequently on 28 February 2002, KIB had entered into a
Restructuring Scheme Agreement (RSA) with MP Technology
Resources Berhad (MPTR), which involves the injection of the
following companies into MPTR.

a) Tai Seng Plastic Industries Sdn Bhd ('Tai Seng')
b) Eng Zan Machinery & Trading Sdn Bhd ('Eng Zan')
c) Highlight Plastic Machinery Sdn Bhd ('HL')
d) VCM Precision Sdn Bhd ('VCM')
e) Tralvest (M) Sdn Bhd ('Tralvest')
f) MP Plastic Industries Sdn Bhd ('MPPI')

(Collectively referred to herein as "New Business)

The New Business is a group of companies involved in the
manufacturing of plastic related products. Pursuant to the
Proposed Restructuring, MPTR would assume the listing status of
KIB. Under the RSA, KIB and the New Business agreed to undertake
and implement a restructuring scheme, which is subject to
approval from the authorities and consist of the following
exercises:

(a) Proposed Acquisition of KIB;
(b) Proposed Acquisition of SBM Food Industries Sdn Bhd;
(c) Proposed Scheme of Arrangement;
(d) Proposed Acquisition of New Business;
(e) Proposed Special Issue;
(f) Proposed Offer for Sale;
(g) Proposed Acquisition of MPR;
(h) Proposed Acquisition of Plastronic;
(i) Proposed Transfer of Listing Status;
(j) Proposed Disposal/Liquidation; and
(k) Proposed General Offer Waiver (GO Waiver)

(Collectively referred to herein as "Proposed Restructuring)

The transactions contemplated above are inter-conditional to
each other save for the Proposed Acquisition of MPR, Plastronic
and Disposal/Liquidation. The Proposed Acquisition of MPR,
Plastronic and Disposal/Liquidation are conditional upon the
completion of the other proposals under the Proposed
Restructuring but not vice versa.

On 3 May 2002, AmMerchant Bank Berhad (AmMerchant) has made
announcement on behalf of the Board of Directors of KIB to seek
the approval of Kuala Lumpur Stock Exchange ('KLSE') for an
extension of time of three (3) months, from 3 May 2002 to 3
August 2002 for KIB to make the submission of its proposal to
the authorities.

On 18 June 2002, AmMerchant has made announcement on behalf of
the Board of Directors of KIB that KLSE has, via its letter
dated 17 June 2002, approved the Company's application for an
extension of time to make the required submission to the
authorities. The extension of time is effective from 3 May 2002
to 3 August 2002.

On 30 August 2002, KIB has submitted the Proposed Restructuring
to the Securities Commission. For further details, kindly refer
to the announcements made by AmMerchant on behalf of KIB on 2
August 2002 and 30 August 2002.

Kuala Lumpur Stock Exchange has, by its letter dated 9 September
2002, approved the Company's application for an extension of
time from 3 August 2002 to 30 August 2002 to make the required
submission to the authorities. As previously announced, the
submission had been made to the relevant authorities on 30
August 2002.

The Foreign Investment Committee (FIC) has by its letter dated
21 November 2002, approved the Proposed Restructuring Scheme
subject to MPTR, the vehicle to assume the listing status of
KIB, maintaining at least 30 percent Bumiputra equity interest
at the point of listing. For further details, kindly refer to
the announcement made by AmMerchant on behalf of KIB dated 2
December 2002.

The Securities Commission has by its letter dated 31 December
2002, approved the Proposed Restructuring Scheme subject to
conditions as stated in the said letter. For further details,
kindly refer to the announcement made by AmMerchant on behalf of
KIB dated 2 January 2003.

On 14 January 2003, AmMerchant announced on behalf of the Board
of Directors of KIB that via letter dated 14 January 2003, an
appeal was made against the FIC's condition such that MPTR, the
Company to assume the listing status of KIB, be granted a period
of three (3) years from the date of quotation of MPTR's shares
on the Main Board of the KLSE to achieve the 30 percent
bumiputra equity interest instead of upon listing of MPTR's
shares as contained in FIC's approval letter dated 21 November
2002.

On 20 January 2003, AmMerchant had announced on behalf of the
Board of Directors of KIB that the Ministry of International
Trade and Industry ('MITI') has via letter dated 15 January 2003
approved the Proposed Restructuring Scheme subject to
conditions. For further details, kindly refer to the
announcement dated 20 January 2003.

Further to the announcement dated 14 January 2003, AmMerchant
has on behalf of the Board of Directors of KIB announced on 12
March 2003, that the FIC has via letter dated 6 March 2003,
granted MPTR a period of three (3) years (from the date of
quotation of MPTR's shares on the Main Board of the KLSE) to
increase its bumiputra shareholding interest to 30 percent.

On 22 April 2003, KIB has obtained a Court Order in term of the
Application under Section 176(1) of the Companies Act, 1965.

On behalf of the Board of Directors of the Company, AmMerchant
Bank Berhad has announced that MPTR, the vehicle to assume the
listing status of the Company, has on 29 July 2003 entered into
the Supplemental Agreement with the vendors. For further
details, refer to announcement made by AmMerchant on 31 July
2003.

The scheme creditors in the Court Convened Creditors Meeting
approved the Proposed Restructuring Scheme on 16 October 2003
and by the Shareholders in the Court Convened Shareholders
Meeting and Extraordinary General Meeting on 17 October 2003.

On 11 November 2003, Court hearing to sanction the Court
Convened Creditors and Shareholders Meeting was granted to KIB.
Extract of Court sanction obtained on 18 November 2003 and filed
with Companies Commission of Malaysia on 19 November 2003.

On 2 December 2003, KIB sent Circular to Shareholders in
relation to the closure of books. For details refer to
announcement made by Company on 1 December 2003.


KEMAYAN CORPORATION: Issues Restructuring Update
------------------------------------------------
Further to the announcements dated 3 November 2003 and 28
November 2003, Public Merchant Bank Berhad, on behalf of the
Board of Directors of Kemayan Corporation Bhd (KCB), announced
that the Company is presently in the midst of preparing the
necessary documents to obtain the approvals of the Scheme
Creditors and shareholders of KCB in the relevant meetings to be
convened.

Further developments in relation to the Proposed Restructuring
Scheme will be made to the Exchange in due course.


KSU HOLDINGS: Reschedules Hearing Date to February 18
-----------------------------------------------------
Further to KSU Holdings Berhad's announcement dated 9 October
2003, the Company announced that in view of the appointment of
the Receiver and Manager over the Company, the Kuala Lumpur High
Court has on 21 October 2003 postponed the hearing to 4 November
2003 to allow the Solicitor representing the Company to seek
clarification from the Receiver and Manager as to whether the
Solicitor still has the authority to act for the Company.

During the hearing of 4 November 2003, the Solicitor
representing the Company had informed the Court that they were
still not in the position to inform the Court on their authority
to act for the Company.

Consequently, the Court fixed the matter for further mention on
18 February 2004.


LONG HUAT: Reschedules Unit Winding Up Hearing to December 10
-------------------------------------------------------------
Long Huat Group Berhad refers to its earlier announcement dated
5 November 2003.

The Company announced that there is no material development
pertaining to the default in respect of the credit facilities
granted to the Company and its subsidiaries:

1. The details of the notice of winding-up order served on Long
Huat Development Sdn Bhd (LHDSB), a wholly owned subsidiary of
LHuat, by Sim Huat Timber & Hardware Sdn Bhd (Sim Huat) and LTT
Veneer (Singapore) Pte Ltd (LTT Veneer) which had been announced
on 7 November 2003;

2. The Hearing date for the winding-up petitions against LHuat
by Public Bank Berhad has been adjourned from 12 November 2003
to 11 February 2004 as announced on 13 November 2003;

3. The Hearing date for the winding-up petitions against LHuat
by Export-Import Bank Malaysia Berhad (Exim Bank) has been
adjourned 10 December 2003 to 11 February 2004 as announced on
18 November 2003.


LONG HUAT: Releases Restructuring Scheme Update
-----------------------------------------------
Further to our previous announcement dated 5 November 2003, Long
Huat Group Berhad (Lhuat) announced that, in relation to the
Proposed Restructuring Scheme of LHuat, the Company was, on 31
October 2003, granted by the Court for an extension of time for
a further 90 days from 5 November 2003 to 3 February 2004, in
relation to the Restraining Order under Section 176(10) of the
Companies Act 1965 and for the convening of meetings of
creditors and shareholders pursuant to Section 176(1) of the
Companies Act 1965.


NCK CORPORATION: Unit Appoints Liquidator
-----------------------------------------
NCK Corporation Bhd (NCK) announced the appointment of
Liquidators to Multi-Success Builder Sdn Bhd (MSB), a subsidiary
company of Perumahan Nck Sdn Bhd, which in turn is a subsidiary
company of NCK Corporation Berhad (Special Administrators
Appointed), as required under Chapter 9 of the KLSE Listing
Requirements.

a) The date of appointment

On 2 December 2003, Mr Lim Tian Huat and Mr Adam Primus Varghese
bin Abdullah of Messrs Ernst & Young, 4th Floor, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur were
appointed as Liquidators of MSB via Meeting of Creditors held at
2nd Floor, Units No 6, 8, 10, 12, Jalan 2/109E, Jalan Desa,
Taman Desa, Off Jalan Klang Lama, 58100 Kuala Lumpur.

b) The details of the listed issuer, any of its subsidiaries or
major associated companies which are under the receiver, manager
or receiver and manager or other person of similar capacity

MSB was incorporated in Malaysia on 16 June 1995. The present
authorized share capital of MSB is RM500,000 comprising 500,000
ordinary shares of RM1.00 each of which 300,000 ordinary shares
of RM1.00 each have been issued and fully paid-up. MSB is a
property development Company.

c) The net book value of the affected assets

MSB has net liabilities of RM3,909,870 as at 7 November 2003.

d) The details of the events leading to the appointment of the
receiver, manager or receiver and manager or other person of
similar capacity

The Directors confirmed that MSB cannot by reason of its
liabilities continue its business and decided that the Company
be wound up voluntarily by way of Creditors' Voluntary
Liquidation pursuant to Section 254(1)(b) of the Companies Act,
1965.

e) The financial and operational impact of the aforesaid
appointment on the group, if any

MSB has accumulated losses of RM4,209,870 as at 7 November 2003.
The appointment of Liquidators will not have any operational
impact on the Group.

f) The expected losses, if any, arising from the aforesaid
appointment

No further losses are expected to arise from the appointment of
Liquidators of MSB.

g) The steps taken or proposed to be taken by the listed issuer
in respect of the aforesaid appointment

No further action is to be taken by NCK.


NCK CORPORATION: Issues Status of Credit Facilities
---------------------------------------------------
In compliance with Practice Note 1/2001, NCK Corporation Bhd
(Special Administrators Appointed) announced the following with
regards to the status of credit facilities on which the NCK
Group has defaulted in payment since the Company's previous
announcement dated 3 November 2003.

Total borrowings on which the NCK Group has defaulted in payment
stood at RM172,289,051 as at 30 November 2003, a decrease of
RM2,537,935 from the RM174,826,986 reported as at 31 October
2003.

The decrease of RM2,537,935 in total borrowings during the month
of November 2003 is attributed to the following :-

RM

Total borrowings as at 31 October 2003 174,826,986

Add: Interest accrued for November 2003 1,292,620

Less: Interest on revolving loans over-accrued now written back
(1,844,090)

Less: Borrowings of Ken Rimba Jaya Sdn Bhd @ (1,986,465)

Total borrowings as at 30 November 2003 172,289,051

The disposal of Ken Rimba Jaya Sdn Bhd, a wholly owned
subsidiary of NCK Corporation Berhad was completed on 10
November 2003.


REKAPACIFIC BERHAD: Releases Restructuring Status
-------------------------------------------------
The Board of Directors of RekaPacific Berhad announced the
status of the Restructuring Proposal (the Thirty Fourth Monthly
Status Announcement):

1. There is no change in the status of the Restructuring
Proposal as the Company's listed status remains uncertain.

2. In respect of the Company's judicial review proceedings
against the Kuala Lumpur Stock Exchange and the Securities
Commission in their decision to de-list the Company on 12
December 2001, the matter remains pending before the High Court
of Malaya at Kuala Lumpur.


TECHNO ASIA: SC Extends Investigative Audit to February 29
----------------------------------------------------------
Further to the announcement made on 18 November 2003, AmMerchant
Bank Berhad, on behalf of Techno Asia Holdings Bhd (TAHB),
announced that the Securities Commission (SC) had via its letter
dated 28 November 2003 (which was received on 2 December 2003),
approved the extension of time of up to 29 February 2004 for
Messrs BDO Binder to finalize the investigative audit on TAHB's
previous business losses. According to the SC's letter, this
will be the final extension of time granted by the SC to
complete the investigative audit, as the SC will not consider
any further application for any extension of time.


UNIPHOENIX CORPORATION: Issues Rescue Scheme Proposal Update
------------------------------------------------------------
On behalf of the Board of Directors of Uniphoenix Corporation
Berhad (UCB), Southern Investment Bank Berhad announced that the
Securities Commission (SC) had via its letter dated 21 November
2003, which was received on 28 November 2003, rejected the
application in relation to the Proposed Rescue Scheme after
taking into consideration the following factors:

- Irama Spektrum Berhad (ISB) is presently a dormant Company
with no track record in property development and property
development project. Further, the Sungai Buaya Land is presently
not an income-generating asset; s

- Splendistar Sdn Bhd (SSB), the Company to be acquired, will
not be contributing profit to the group in the future due to
lack of new projects. Further, SSB and the Sungai Buaya Land are
two (2) non-related assets;

- The benefits of all parties involved pursuant to the Proposed
Rescue Scheme; and

- The likelihood of success of the Proposed Rescue Scheme
without any proposed capital raising exercise.

The UCB Board will make an appropriate appeal against the SC's
decision. Further announcement will be made in due course.


WEMBLEY INDUSTRIES: PN4 Status Remain Unchanged
-----------------------------------------------
Wenbley Industries Holdings Berhad announced that on 23 February
2001, the Company announced to the Kuala Lumpur Stock Exchange
that it is an affected listed issuer pursuant to Practice Note
No. 4/2001 (PN4) as the Auditors of the Company had expressed a
disclaimer opinion of the going concern of the Company and its
subsidiaries. As an affected listed issuer, the Company has its
obligations under PN4.

1.2 The Requisite Announcement as required under PN4 was made to
the Exchange on 31 July 2002.

1.3 The applications for its regularization plan were submitted
to the Securities Commission (SC) and Foreign Investment
Committee (FIC) on 29 October 2002.

On 7 January 2003, the FIC approved the Company's regularization
plan. Subsequently, on 7 April 2003 the FIC revised its approval
to include the possible participation of Daewoo Corporation, the
former turnkey contractor of Plaza Rakyat Project in the
Proposed Debt Restructuring. As a result, the approval of FIC
now includes the approval for the additional RM112 million ICULS
and 11.2 million warrants to be issued to Daewoo Corporation (in
the event Daewoo participates in the Proposed Debt
Restructuring). The condition that the FIC would review the
equity structure of the WIHB shares 3 year after the completion
of the proposals remains the same. The revised approval
supercedes the approval dated 7 January 2003.

On 27 January 2003, the SC approved the regularization plan
subject to the conditions as set out in the SC's approval letter
dated the same. The details of the SC's conditions are set out
in the Company's announcement dated 5 February 2003.

1.4 On 26 March 2003, the Company announced that it had on 22
March 2003 appointed Messrs Horwath, Kuala Lumpur Office as the
independent audit firm to carry out an investigative audit on
the previous losses incurred by the Company. The said
appointment is in compliance with one of the conditions imposed
by the SC in approving the Company's regularization plan. The
Investigative Audit will be completed within 6 months from the
date of appointment.

Alliance Merchant Bank Berhad had on 26 September 2003 announced
that an application to SC was made for extension of time until
22 March 2004 for Messrs Horwath to complete the Investigative
Audit. The SC had via its letter dated 20 October 2003 approved
the extension of time until 22 December 2003 to complete the
investigative audit.

1.5 The regularization plan is now pending the approvals of the
shareholders of the Company and any other relevant authorities.
1.6 The Company has received a notice dated 2 January 2003 from
the Exchange noting that the Company has failed to obtain all
regulatory approvals necessary for the implementation of its
regularization plan by 31 December 2002 pursuant to paragraph
5.0 of PN4.

Given the above, the Exchange has suspended the trading of the
securities of the Company pursuant to paragraphs 8.14 and 16.02
of the Listing Requirements with effect from 9 A.M., Friday, 10
January 2003 until further notice.

2.0 OTHER MATTERS IN RESPECT OF PRACTICE NOTE NO. 10/2001 (PN10)

2.1 On 7 September 2001, the Company announced to the Exchange
that the Company is deemed affected listed issuers pursuant to
paragraph 2.1(c) of PN10. Under paragraph 2.1(c) of PN10, a
listed issuer, who has insignificant business or operations, is
deemed to have inadequate level of operations. Insignificant
business or operations means business or operations, which
generates revenue on a consolidated basis that represents 5  
percent or less of the issued and paid up share capital of the
listed issuer.

2.2 As an affected listed issuer under PN10, the Company must
comply with the obligations set out in paragraph 6 of PN10. The
Exchange has informed the Company that since the Company is also
an affected listed issuer under PN4, the requirements and
obligations of PN4 would prevail over those of PN10. It is
expected that the Company's regularization plan would address
both its financial condition (PN4) and the level of operations
(PN10) to warrant a continuing listing on the Official List.

There's been no change in status since the date of last
announcement on 3 November 2003.


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


DIGITAL TELECOMMUNICATIONS: Sees Operating Losses in 2004
----------------------------------------------------------  
Digital Telecommunications Philippines Inc (Digitel) expects to
post further operating losses in 2004 since the Company will
have to spend more on the launch and marketing of its wireless
brand, AFX Asia reports.

The Company booked a net loss of 722.8 million pesos in the
first nine months of 2003 after posting a net profit of 18.9
million in the same period a year ago, as revenues from the
fixed-line business fell while its spending, mostly related to
the launch and marketing of its wireless brand, increased.


MATSUSHITA ELECTRIC: Stops Selling Panasonic Brand
--------------------------------------------------
Matsushita Electric Philippines Corp. (MEPCO) will no longer
sell and distribute Panasonic Industrial products in the
Philippines thus Panasonic Industrial Sales Philippines, the
industrial division of MEPCO that handles the above business
activity will operate only until March 31, 2004, the Philippine
Star reports, citing MEPCO corporate secretary Mamerto
Mondragon.  

On October 1, MEPCO started using a single brand name
"Panasonic" on all its products, in line with the new global
strategy of mother Company Matsushita Electric Industrial Co.
Ltd. of Japan to position Panasonic as its main global brand.

Matsushita Electric Industrial Co., Ltd. submitted applications
to five stock exchanges for the delisting of the Company's
shares, TCR-AP reported recently. The Company expects to
complete the delisting process between March and April 2004.

In view of recent trends toward borderless capital markets, as
well as the reorganization and integration of overseas stock
exchanges, Matsushita aims to establish a more strategic and
effective global listing structure by concentrating the listing
of its shares on a limited number of stock exchanges. Regarding
the delisting of its shares from the above-mentioned five stock
exchanges, the Company noted that trading volume of Matsushita's
shares on these exchanges is extremely low, and that the
delistings would cause no substantial inconvenience to the
Company's shareholders and investors.


NATIONAL POWER: Needs US$2B in Foreign Funds Next Year
------------------------------------------------------
National Power Corporation (Napocor) needs US$2 billion in
foreign funds next year especially if it continues to fail to
sell its transmission and generation assets to the private
sector, the Business World reported on Wednesday, citing
Philippine National Treasurer Sergio Edeza.

Analysts say Napocor will have to borrow on its own after the
resignation of Finance Secretary Jose Isidro Camacho. Mr. Edeza
is also leaving his post effective end-January. Messrs. Camacho
and Edeza, two of the government's most credible finance
executives, are seen to be crucial in keeping the budget deficit
at bay and in obtaining cost-effective borrowings.


NATIONAL STEEL: Sale Likely Before Christmas
--------------------------------------------
The Global Infrastructure Holdings Ltd. (GIHLI) is set to
acquire National Steel Corporation (NSC) before the end of this
year as negotiations closed in on the proposal to shorten the
repayment of its obligations from 15 years to only eight years,
reports the Philippine Star.

Negotiations are still on going between the NSC, GIHLI and NSC's
creditor banks but the transaction was initially accepted by
Pengurusan Danaharta Nasional Berhad (Danaharta) that took over
NSC's former major stockholders, Hottick Holdings Inc.

NSC was supposed to have been liquidated years ago but it was
ordered revived by Philippine President Gloria Macapagal Arroyo
who made a campaign promise to reopen the plant in Iligan City
where she grew up.


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


ACT II: Petition to Wind Up Pending
-----------------------------------
The petition to wind up ACT II Pte Limited is set for hearing
before the High Court of the Republic of Singapore on January 9,
2003 at 10 o'clock in the morning. The Coffee Bean & Tea Leaf
(Taiwan) Limited, a creditor, whose address is situated at 70
Chung Hsiao E. Rd, Sec. 4 Taipei, Taiwan, filed the petition
with the court on November 18, 2003.

The petitioners' solicitors are Messrs Harry Elias Partnership
of 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Harry Elias Partnership a
notice in writing not later than twelve o'clock noon of the 8th
day of January 2004 (the day before the day appointed for the
hearing of the Petition).


BERGER INTERNATIONAL: Unit Enters Liquidation
---------------------------------------------
The Board of Directors of Berger International Limited (BIL)
announced that its wholly owned subsidiary, Berger Paints
(Shanghai) Co. Ltd (BPSC), which has been dormant for more than
one year, has been placed under members' voluntary liquidation
to further rationalize the group structure of the Company.
Necessary approval has been obtained from the relevant local
authority to proceed with the above liquidation process.

The liquidation of BPSC is not expected to have any material
impact on the net tangible assets or earning per share of BIL
Group for the financial year ending 31 December 2003.


CHARTERED SEMICONDUCTOR: Appoints Kuo to Head Americas Region
-------------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, announced the
appointment of Arthur T.C. Kuo, Ph.D. as President for the
Americas region. Dr. Kuo - an accomplished leader with a diverse
background in sales, engineering, customer support and
operations - oversees customer support activities and field
engineering as well as day-to-day business operations for the
region, which is the Company's largest region in terms of
revenue. Dr. Kuo is based in Chartered's Silicon Valley office
and reports directly to Mike Rekuc, senior Vice President of
worldwide sales and marketing.

"The breadth of Arthur's experience and his extensive knowledge
of the semiconductor industry gives him a real insight into
customers' needs and challenges, which will serve Chartered well
as we continue to diversify our customer base and execute on our
strategy of winning more `firstsource' business," said Rekuc.
"Under Arthur's leadership, our Americas region will
aggressively drive top-line growth as the Company continues to
focus on returning to profitability."

Prior to joining Chartered, Dr. Kuo held management positions at
several companies including UMC-USA, where he most recently
served as Vice President of sales, customer engineering and
services. Other previous management positions include sales
manager for United Semiconductor Corporation, foundry manager
for S3 Graphic Inc., and application manager for the
semiconductor equipment group of Watkins-Johnson Corporation.
Dr. Kuo began his career nearly 15 years ago as a process
integration/development engineer at LSI Logic. Dr. Kuo received
his B.S. in Electrical Engineering from National Central
University, Taiwan, and his M.S. and Ph.D. in Electrical
Engineering from Syracuse University in New York. Dr. Kuo
assumes the role left vacant by the promotion of Rekuc in
August.

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.


MACLLOYD INDUSTRIAL: Issues Judicial Management Order Notice
------------------------------------------------------------
Notice is hereby given that on the 28th day of November 2003, an
order of the High Court for placing Maclloyd Industrial Pte Ltd
formerly known as M & E Timber (Pte) Ltd under judicial
management was made pursuant to Originating Petition No. 20 of
2003/G, and the relevant particulars of the matter are given as
follows:

(1) Number of matter: Originating Petition No. 20 of 2003/G.

(2) Date of presentation of petition: 3rd November 2003.

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

(4) Date of Order: 28th November 2003.

(5) Registered office of the Company: 31 Sungei Kadut Street 2
Sungei Kadut Industrial Estate Singapore 729243.

Messrs STRAITS LAW PRACTICE LLC
Solicitors for the Petitioner.


SEAWIDE INTERNATIONAL: Releases Winding Up Order Notice
-------------------------------------------------------
Seawide International Pte Ltd issued a notice of winding up
order made on the 14th day of November 2003.

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

Dated this 24th day of November 2003.
Messrs RAJAH & TANN
Solicitors for the Petitioner.
No. 4 Battery Road
#15-01 Bank of China Building
Singapore 049908.


WEE POH: Deloitte & Touche Audits Financial Statements
------------------------------------------------------
Deloitte & Touche have audited the financial statements of Wee
Poh Holdings Limited and the consolidated financial statements
of the Group for the financial year ended June 30, 2003 set out
on pages 9 to 51. These financial statements are the
responsibility of the Company's directors. Our responsibility is
to express an opinion on these financial statements based on our
audit.

Except as disclosed in the 4th paragraph below, we conducted our
audit in accordance with Singapore Standards on Auditing. Those
Standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by the
directors, as well as evaluating the overall financial
statements presentation. We believe that our audit provides a
reasonable basis for our opinion.

We draw your attention to Note 1 to the financial statements,
which indicate that the Company and the Group incurred losses of
$8,013,000 and $1,887,000 respectively for the financial year
ended June 30, 2003. As at June 30, 2003, the Company's and the
Group's current liabilities exceeded their current assets by
$4,914,000 and $22,012,000 respectively and the Group has a net
shareholders' deficit of $7,378,000. As at June 30, 2003, the
Group's bank overdrafts exceeded its cash balances by
$9,368,000. Subsequent to June 30, 2003, the Company issued
Strategic Shares for an aggregate gross cash consideration of
$7,500,000, issued Conversion Shares as settlement of debts of a
subsidiary amounting to $4,000,000 and is in the process of
preparing for a rights issue amounting to $1,999,150, as more
fully described in Note 1 to the financial statements. In
addition, subsequent to June 30, 2003, subject to certain
conditions being met, the banks have agreed to a temporary
standstill until August 31, 2004, whereby they will not demand
payment from the Group until then. However, the Group is
currently unable to meet the minimum net tangible assets (NTA)
covenant stipulated in the standstill agreements and the
directors believe that the banks will allow the Group to
continue with the standstill agreement despite the breach of the
minimum NTA covenant. The ability of the Company and the Group
to continue operating as going concerns is dependent on the
success of the strategies of the Directors to improve the
operating performance and financial position of the Company and
the Group and on the availability of the existing banking
facilities of the Company and the Group. These conditions
indicate that an uncertainty exists and they may affect the
Company's and the Group's ability to continue as going concerns.

As at June 30, 2003, plant and equipment of a subsidiary with a
gross book value of $1,682,004 and net book value of $1,304,316
were located in a foreign country which is currently
experiencing political unrest. Therefore, we are not able to
perform the appropriate audit procedures to test the existence,
ownership and valuation of such plant and equipment.

In our opinion, except for the matter relating to the plant and
equipment of a subsidiary located in a foreign country as
referred to in the preceding paragraph,

a) the accompanying financial statements and consolidated
financial statements of the Group are properly drawn up in
accordance with the provisions of the Singapore Companies Act
(Act) and Singapore Statements of Accounting Standard and so as
to give a true and fair view of:

(i) the state of affairs of the Company and of the Group as at
June 30, 2003 and of the results, changes in equity of the
Company and of the Group, and cash flows of the Group for the
financial year then ended; and

(ii) the other matters required by Section 201 of the Act to be
dealt with in the financial statements of the Company and
consolidated financial statements of the Group;

b) the accounting and other records and the registers required
by the Act to be kept by the Company and by those subsidiaries
incorporated in Singapore of which we are the auditors have been
properly kept in accordance with the provisions of the Act.

We have considered the unaudited management accounts of a
subsidiary, Wee Poh International, Inc., which is not required
to present audited financial statements under the law of its
country of incorporation, being accounts included in the
consolidated financial statements.

Except for the matter referred to in the 4th paragraph above, we
are satisfied that the financial statements of the subsidiaries
that are consolidated with the financial statements of the
Company are in form and content appropriate and proper for the
purposes of the preparation of the consolidated financial
statements and we have received satisfactory information and
explanations as required by us for those purposes.

The auditors' reports on the financial statements of the
subsidiaries were not subject to any qualification except as
disclosed in Note 32(a) to the financial statements. The
auditors' reports of the financial statements of the
subsidiaries incorporated in Singapore did not include any
comment made under Section 207(3) of the Act except for the
matter referred to in the 4th paragraph above.

The auditors' reports on the financial statements of certain
subsidiaries contain an emphasis of matter paragraph as
disclosed in Note 32(b) to the financial statements.

Deloitte & Touche
Certified Public Accountants

Aric Loh Siang Khee
Partner


WEE POH: Incurs 1H03 S$8M Net Loss
----------------------------------
Wee Poh Holdings Limited and the Group incurred losses of
S$8,013,000 and $1,887,000, respectively, for the financial year
ended June 30, 2003. As at June 30, 2003, the Company's and the
Group's current liabilities exceeded their current assets by
$4,914,000 and $22,012,000 and the Group has a net shareholders'
deficit of $7,378,000. As at June 30, 2003, the Group's bank
overdrafts exceeded its cash balances by $9,368,000. The
directors of the Company are evaluating various strategies to
improve the operating performance and financial position of the
Company and the Group.

d) Subsequent to June 30, 2003, the strategies of the directors
to improve the financial position of the Company and the Group
resulted in an increase in the Group's net shareholders' funds
as follows:

(i) On August 28, 2003, the Company issued 1,500,000,000
ordinary shares (Strategic Shares) of $0.005 each at par for
cash for aggregate cash consideration of $7,500,000 with related
share issue expenses of $118,000, resulting in net proceeds of
$7,382,000.

(ii) On August 28, 2003, the Company issued 80,000,000 ordinary
shares (Conversion Shares) of $0.005 each at an issue price of
$0.05 per share as settlement of debts amounting to $4,000,000
owing by a subsidiary, Wee Poh Construction Co. (Pte.) Ltd. to
its creditors.

In addition, on August 14, 2003, the shareholders of the Company
approved the rights issue of 399,829,908 ordinary shares of
$0.005 each at par for cash for an aggregate consideration of
$1,999,150 on the basis of 2 rights share for every 1 existing
share (including the Conversion Shares and without taking into
account the Strategic Shares). The directors are in the process
of preparing for the rights issue.

e) The Company and a subsidiary have defaulted in repayments and
breached certain financial covenants and failed to comply with
certain indebtedness agreements. As a result of these breaches
in covenants and defaults in repayment, the lenders have the
right to recall the outstanding loans and credit facilities
immediately, upon serving notices of defaults to the Company and
the subsidiaries concerned. Consequently, these loans and credit
facilities became repayable upon demand as at June 30, 2003 in
accordance with the respective loan agreements.

Subsequent to June 30, 2003, the Company and its subsidiary
concluded its negotiations with the banks on the terms of the
respective outstanding credit facilities. On September 10, 2003,
the Company and its subsidiaries accepted the revised terms and
conditions offered by the banks. Under the revised terms and
conditions, the Company and the Group has to comply with certain
additional financial covenants, sell one of its properties by
August 31, 2004 and furnish certain information to the banks at
periodic basis. In return, subject to certain conditions being
met, the banks have agreed to a temporary standstill until
August 31, 2004 whereby the banks will not issue a demand on the
Company and the Group for the payment of the outstanding loans
payable and credit facilities until August 31, 2004.

Based on the latest available un-audited consolidated management
accounts of the Group and after taking into account the issue of
the Strategic Shares, the issue of the Conversion Shares and the
proposed rights issue as described in Note 1 (d) above, the net
tangible assets (NTA) of the Group will still be below the
minimum NTA stipulated in one of the financial covenants under
the revised terms and conditions with the banks.
The directors of the Company are in the process of discussing
the breach of this NTA covenant with the banks. Based on
discussions with the banks so far, the directors of the Company
believe that the banks will allow the Company and its subsidiary
to continue with the standstill arrangement until August 31,
2004 despite the breach in the minimum NTA covenant.

f) The directors of the Company are of the view that it is
appropriate for the financial statements of the Company and the
Group to be prepared on a going concern basis. After reviewing
the business plans and cash flow forecasts of the Company and
the Group for the financial year ending June 30, 2004 and taking
into account the subsequent events disclosed in Note 1 (d) and

(e) above, the directors believe that the Company and the Group
are able to continue to operate as going concerns in the
foreseeable future and will be able to realize their assets and
discharge their liabilities in the normal course of business."


YONGNAM HOLDINGS: Unveils Suit Against Springleaves Tower
---------------------------------------------------------
Yongnam Holdings Limited announced suit against Springleaves
Tower Ltd And Somerset Development Pte Ltd by Yongnam
Development Pte Ltd (YND) and legal actions taken against the
Company.

The Directors of the Company would like to announce that the
judgment of the High Court of Singapore in respect of the suit
against Springleaves Tower Ltd (STL) and Somerset Development
Pte Ltd (Somerset) by YND was delivered on 1 December 2003 and
received by the Group recently.

YND commenced proceedings against the developers of Springleaf
Tower for specific performance relating to the sale and purchase
of the 23rd floor of Springleaf Tower (the Property).

Pursuant to a Settlement Agreement dated 13 February 1999
entered into between Yongnam Engineering and Construction Pte
Ltd (YNEC), a wholly-owned subsidiary of the Company, STL and
Tuan Kai Construction Pte Ltd (TKC), the main contractor for
Springleaf Tower, it was agreed that the Property would be
transferred to YNEC against the amount due to YNEC. In
accordance with the Settlement Agreement, YNEC nominated YND as
the purchaser for the Property. Sale and purchase agreements
dated 31 March 1999 (the S&P Agreements) were subsequently
entered into by YND and the joint developers of Springleaf Tower
for the purchase of the Property.

The Property obtained its Temporary Occupation Permit in July
2002. However, on 6 March 2002, the mortgagee of Springleaf
Tower informed the Group that it had not received the payments
in full for the said Property and hence it reserved all their
rights, including but not limited to their rights as mortgagees
of the said Property.

In view of this, YND subsequently took out a writ against the
developers of Springleaf Tower, namely STL and Somerset (then
known as Liang Court Development Pte Ltd) for specific
performance, or alternatively a refund of the purchase price, of
the sale and purchase of the Property.

STL did not seek to defend against the claim and YND
successfully obtained judgment against STL. However, as STL is
unable to satisfy the judgment, YND had pursued its claim
against Somerset, the joint developer of Springleaf Tower.

The Directors regret to announce that the Court has ruled in
favor of Somerset and dismissed with costs the claims brought by
YND against Somerset. YND has one month from the date of the
Court's judgment to file an appeal with the Court of Appeal. The
Group is consulting with its legal advisers with regards to
appealing against the judgment of the Court.

(B) LEGAL ACTIONS TAKEN AGAINST YONGNAM ENGINEERING SDN BHD

The Company announced on 20 November 2003 that the Group's
Malaysian operations are experiencing financial difficulties,
and that the Group is proposing to enter into bilateral
settlements with all or some of the creditors of Yongnam
Engineering Sdn Bhd (Yongnam Malaysia), the Group's main
subsidiary in Malaysia, to settle debts amounting to an
aggregate of approximately RM 13,946,991 owing to creditors in
Malaysia (Malaysian Trade Creditors).

Legal Suits Against Yongnam Malaysia

The Directors regret to announce that certain of the Malaysian
Trade Creditors have commenced legal action against Yongnam
Malaysia as follows:

As at the date of this announcement, several Malaysian Trade
Creditors have filed legal suits against Yongnam Malaysia
claiming an aggregate of RM 4.1 million. Of these Malaysian
Trade Creditors, the following have filed winding-up petitions
against Yongnam Malaysia:

a. CH Yodoform Sdn Bhd (Claim for RM 722,589.55);
b. All Pak Industries Sdn Bhd (Claim for RM 491,643.31);
c. Danamin Trade & Services Sdn Bhd (Claim for RM 113,818.66);
d. Industrial Hardware Supply Sdn Bhd (Claim for RM 142,556.27);
e. Sunsing Importer & Exporter Sdn Bhd (Claim for RM 37,853.30).

Yongnam Malaysia has been in negotiations with these creditors
and has succeeded in securing the agreement of some of these
creditors, namely CH Yodoform Sdn Bhd, Danamin Trade & Services
Sdn Bhd and Sunsing Importer & Exporter Sdn Bhd, to postpone the
hearing of their winding-up petitions, pending the outcome of
the proposed bilateral agreements. Yongnam Malaysia is
continuing its negotiations with All Pak Industries Sdn Bhd and
Industrial Hardware Supply Sdn Bhd to postpone their winding-up
petitions, which are due for hearing on 8 December 2003 and 12
January 2004 respectively.

Yongnam Malaysia is also taking steps to negotiate with all of
its other creditors to accept the proposed bilateral agreement
as settlement of amounts owing to them.

Seizure and Sale of Certain Assets of Yongnam Malaysia

On 7 October 2003, two of the Malaysian Trade Creditors who had
filed legal suits and obtained judgement for a combined amount
of approximately RM 314,279 against Yongnam Malaysia, namely
Hock Chuan Engineering & Trading and Lima Bintang Logistics Sdn
Bhd, took out writs of seizure and sale against Yongnam
Malaysia. Pursuant to such writs of seizure and sale, a total of
five pieces of machinery with a combined net book value as at 30
November 2003 of approximately RM 100,000 were subsequently
seized from Yongnam Malaysia and auctioned off on 1 December
2003 for an aggregate of RM 80,000.

The five pieces of machinery were two units of bandsaw and three
units of drilling machine, which are used in part of the
fabrication process. The loss of the machinery will not have a
material impact on the operations of Yongnam Malaysia.

Proposed Bilateral Settlement

With a view to avoiding further claims being made against
Yongnam Malaysia or further writs of seizure and sale being
effected against Yongnam Malaysia, the Group is proposing to use
its best efforts to settle the debts owed by the Malaysian Trade
Creditors by entering into bilateral settlements (the Malaysian
Settlement Agreements) with all or some of the Malaysian Trade
Creditors. As announced on 20 November 2003, such settlement is
contemplated to be made by way of the issue of new shares in the
share capital of the Company at an issue price of S$0.10 per
share.

It is anticipated that a condition of the proposed Malaysian
Settlement Agreements, amongst others, would be a stay of all
present, pending, contingent or fresh suits, actions or
proceedings against Yongnam Malaysia, including but not limited
to winding-up proceedings, judicial management proceedings,
arbitrations, appointment of a receiver and/or manager or the
enforcement or execution against or recovery of any assets of
Yongnam Malaysia or monies due to Yongnam Malaysia (including
garnishee proceedings), by the relevant Malaysian Trade
Creditors.

As mentioned in the announcement of 20 November 2003, the
Malaysian Settlement Agreements are subject to various approvals
being obtained, details of which can be found in the
announcement of 20 November 2003.

CAVEAT

It should be noted that the aforementioned Malaysian Settlement
Agreements are subject to various approvals being obtained. Such
approvals are beyond the control of the Company and there is no
assurance that all such approvals will be granted by the
relevant authorities and that the Group will be successful in
entering into the Malaysian Settlement Agreements. Further,
negotiation with the Malaysian Trade Creditors may take some
time (during which additional claims may be filed and additional
writs of seizure and sale effected against Yongnam Malaysia) and
may not necessarily be successful. In the event that any
Malaysian Trade Creditor(s) elects to proceed with its claim
against Yongnam Malaysia and Yongnam Malaysia is not able to
reach settlement with such Malaysian Trade Creditor(s), Yongnam
Malaysia may be compulsorily wound-up. The Directors are of the
opinion that such an event would not have a material impact on
the Group as the Group's principal operations are in Singapore,
Hong Kong and Thailand.

Accordingly, holders of securities in the Company and investors
are advised by the Board to exercise caution in their dealings
in the securities of the Company. Further announcements will be
made by the Company as and when appropriate.


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


BANGKOK LAND: Board OKs Share Issuance to Buy back Debentures
-------------------------------------------------------------
The Board of Directors of Bangkok Land Plc. (BLAND) approved the
issuance of up to 1.5 billion new shares to holders of its Swiss
Franc Exchangeable Notes and US$ Exchangeable Bonds (the Bonds).

The Company will offer the shares on the basis that qualified
holders will sell the Bonds to BLAND at a 75 per cent discount
to the face value of the Bonds, concurrently agreeing to
subscribe to a sufficient number of shares in BLAND at the
offering price of Baht 2 per share to fully meet the
consideration to be paid to the bond holders.  Effectively,
BLAND will issue sufficient new shares to fully meet the funds
required to buy back the debentures.

Seamico Securities Plc. (in Bangkok) and Guy Butler (in London)
have been appointed by BLAND to co-ordinate with the Bond
Holders.

Mr. Anant Kanjanapas, Chairman of BLAND said, "I believe this is
the best solution to resolving issues with the Bond Holders. The
bonds were issued by our subsidiary, Bangkok Land (Cayman
Islands) Limited, and have been in default for quite a few
years. This proposal will proved a return of at least 25 per
cent to the Bond Holders and perhaps even more should Bangkok
Land's shares continue to rise."

At the same meeting, the Board agreed to increase its foreign
shareholding limit from 20 per cent to 49 per cent and to issue
154 million new shares to Bouygues Thai Ltd. at the offering
price of Baht 2 per share.

BLAND had raised THB3.86 billion in new equity so far this year
and these two new issues will take the Company's equity to Baht
10 billion upon completion. The Company owns IMPACT, Thailand's
largest exhibition and convention center and 1,550 rai of
residential property in the Srinakarin area, which it will
develop, in joint venture with Bouygues, as a substantial up
market residential site.

For more information, contact:

Khun Anant anjanapas, Chairman
Moo 3 10th Floor, Condominium Industrial New Jeniva, Popula
Road, Baan Mai Prakkred, Nontaburi 11120
Tel: +66 (0) 2504-5050
Fax: +66 (0) 2504-4445


KRUNG THAI: Posts Schedule for Second Warrant Exercise Period
-------------------------------------------------------------
Subject : The 2nd Exercise of Warrant Rights to Subscribe to
          ordinary shares

The President
Stock Exchange of Thailand

Dear Sir,

We, Krung Thai Bank Public Company Limited, wish to inform you
about the details of procedures for exercising rights to buy the
Bank's ordinary shares under the issued warrant certificates as
follows :
        
1. Notification period and place for exercise of rights:

   16-30 December 2003 at 09.30 and 15.30 hrs. during the
   Shareholders Management and Coordination with Supervisory
   Organizations Division, Office of the Board of Directors and  
   Shareholders, Krung Thai Bank Public Company Limited, 11th
   Floor, Nana Nua Building No. 35 Sukhumvit Road, Klong Toey
   Nua Subdistrict, Wattana District, Bangkok 10110 (Tel. 0-
   2208-4139, 0-2208-4146-8)

2. Date for exercising rights :
   Wednesday, 31 December 2003 at 09.30 and 15.30 hrs.
        
3. Exercise ratio and exercise price :

   One warrant certificate enable its holder to subscribe to one
   ordinary share at par value of 10 Baht

4. Documents required for submission :
   
   4.1 Completed subscription form showing intention to
       subscribe to ordinary shares

   4.2 Warrant certificates

   4.3 Certified true copy of identification card of warrant
       holder

   4.4 Cheque, cashier's cheque or bank bill of  exchange
       (collectible in Bangkok Metropolis)
       
5. Other conditions:
           
   The warrant holder must exercise the rights to subscribe to
   at least 100 ordinary shares and in full amount at one time.  
   In case the warrant holder has the right to exercise less
   than or equal to 100 ordinary shares, such holder must
   exercise in full amount at one time only.

Please be informed accordingly,

Yours sincerely,

Suchart Dejittirut
Vice Secretary to the Board of Directors
Krung Thai Bank Public Company Limited


                            *********


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