TCRAP_Public/031211.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, December 11, 2003, Vol. 6, No. 245

                            Headlines

A U S T R A L I A

AUSTRALIAN MAGNESIUM: Restructures Queensland Magnesia
AUSTRALIAN MAGNESIUM: Largest Shareholder Abandons Ship
MAYNE GROUP: Gets Tentative FDA Approval for Fluconazole


C H I N A  &  H O N G  K O N G

CHINA MOTION: Back in Red as Tariff Cuts Eat up Profit
DRAGON BEST: Faces Winding up Petition in High Court
GOLD POWER: Hearing of Winding up Petition December 24
GOLD PREMIUM: Winding up Hearing Set December 24
LINK SCORE: High Court to Hear Winding up Petition December 24


I N D O N E S I A

HANJAYA MANDALA: Raised to 'B+' as Financial Profile Improves
SEMEN GRESIK: Re-hires Ernst & Young to Audit 2002 Books
SEMEN GRESIK: Sales Slip 4.6% in First 10 Months
TELEKOMUNIKASI INDONESIA: 'B+' Ratings Affirmed; Outlook Stable


J A P A N

ASHIKAGA FINANCIAL: Shareholding Firms May Downgrade Earnings
KOKUNAI SHINPAN: JCR Downgrades Rating to J-3
MITSUBISHI MOTORS: May Sell Truck Unit to DaimlerChrysler
NIPPON TELEGRAPH: Cutting Pensions to Ease Y600B Shortfall
RESONA HOLDINGS: ACS Aims to Acquire 100% Stake


K O R E A

DAEWOO MOTOR: Poland Treasury Seek Investors for Troubled Plant
HANBO IRON: Tata Denies Acquisition Rumors
LG CARD: Templeton Raises Stake to 11.35%


M A L A Y S I A

AMSTEEL CORPORATION: Unveils 28th AGM Results
EPE POWER: Court OKs Capital Reduction Proposal
NCK CORPORATION: Court Set Hearing to February 24
RHB CAPITAL: Post Changes in 2003 Annual Report
SRI HARTAMAS: Unit Appoints Special Administrators

SRI HARTAMAS: Unveils Winding Up of Subsidiary
TONGKAH HOLDINGS: Issues Notice to Warrant Holders


P H I L I P P I N E S

BANK OF COMMUNICATIONS: Tan, Sy Extend P3B Assistance
MANILA ELECTRIC: Sets 42 Major Projects in 2004
NATIONAL BANK: Clarifies Php44M October Net Loss Report
NATIONAL POWER: Bidding for Pinamucan Power Plant Transfer Fails
UNITED COCONUT: Seeks Idle Asset Sale Proposal From Advisers


S I N G A P O R E

ASIA PULP: IBRA Offers Assets in Strategic Asset Sales Program
BO FUNG: Issues Dividend Notice
CHARTERED SEMICONDUCTOR: Raises Fourth Quarter Guidance
KIM HUAT: Petition to Wind Up Pending
INTRACO LIMITED: Unit Discharges Receiver, Manager

MELANDAS CASA: Issues Winding Up Order Notice
PCI LIMITED: Voluntary Winding Up of Dormant Unit
PONGGOL MARINA: Winding Up Hearing Set January 9
TICALOA PTE: Releases Dividend Notice

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AUSTRALIAN MAGNESIUM: Restructures Queensland Magnesia
------------------------------------------------------
QMC Finance Pty Ltd, a wholly owned subsidiary of Australian
Magnesium Corporation Ltd, has commenced a program to
restructure some of its foreign currency hedge contracts,
associated with the QMAG business.  To date, AU$3 million has
been generated from this exercise and will be used to supplement
existing funds to meet QMAG short-term obligations.  New
currency hedges have been put in place to reinstate the hedge
book position at the current forward rates.

QMAG has a fully drawn limited recourse debt facility with ANZ
of AU$65.25 million.  This debt is guaranteed by Newmont Mining
Corporation (NMC).  As noted in the Acting Chief Executive
Officer's address at the company's AGM, this debt position is
not sustainable in the long-term.  While the underlying business
basis of QMAG remains sound, the future viability of the QMAG
business is dependent on restructuring the debt facility in the
coming months.  AMC will continue discussions with NMC and ANZ
on working capital and debt restructuring issues pertaining to
QMAG.


AUSTRALIAN MAGNESIUM: Largest Shareholder Abandons Ship
-------------------------------------------------------
Newmont Mining Corp Ltd, the largest shareholder of Australian
Magnesium Corp Ltd, will sell its 26.7% stake in the troubled
miner to Magtrust Pty Ltd in two installments.

According to Asia Pulse, the first installment consisting of
19.9% of Australian Magnesium's shares was sold Monday.  The
remaining stakes will be sold December 18, subject to exemption
by Australian Securities & Investments Commission of the
takeovers provisions of the Corporations Act.  Under the deal,
Magtrust will hold the shares under a deed trust while it
searches for a buyer to support its objectives to develop a
magnesium business.

The departure of Newmont is "a further knock to beleaguered
shareholders, who just two weeks ago at the annual general
meeting were assured of Newmont's commitment to [the company] by
the mining giant's board appointee, Ken Williams," Asia Pulse
said.

After booking a loss of AU$813 million (US$600.16 million) in
2002/03 and failing to secure a cornerstone investor, the
company decided to mothball the Stanwell magnesium plant near
Rockhampton in central Queensland.  Shareholders at the AGM
approved the proposal, giving the board time to focus on a
restructure plan to salvage its intellectual property and
investigate other magnesium alternatives.

"The thing that worries me about this is not what they say, but
what they don't say," Australian Shareholders Association
Spokesman Phil Wright told Asia Pulse. "Obviously Newmont is
very keen to distance themselves, so distant in fact they are
giving their shares away."


MAYNE GROUP: Gets Tentative FDA Approval for Fluconazole
--------------------------------------------------------
Mayne Group Limited has announced that the U.S. Food and Drug
Administration (FDA) had granted tentative approval for the
company's Abbreviated New Drug Application for fluconazole mini
bags in 100 ml and 200 ml presentations.  Fluconazole is used
for the treatment of systemic fungal infections.

Patent protection for the raw material expires in early calendar
2004.  Should Pfizer's branded product [Diflucan (R)] receive a
6-month pediatric extension, final approval and Mayne's launch
date of fluconazole is expected to occur by August 2004.

The fluconazole mini bags are generic equivalents to Diflucan
(R), which generates annual sales of approximately US$200
million.  

Tentative approval from the FDA was achieved within 12 months of
acquiring the rights to fluconazole from Baxter Healthcare
Corporation.

Fluconazole will be a strong addition to Mayne's business in the
U.S. and further enhance the range of oncology and hospital-
specific specialty products sold in the region.

Mayne Group Limited is listed on the Australian Stock Exchange
and has businesses in pharmaceuticals (the manufacture of
injectable and oral pharmaceuticals for distribution to more
than 50 countries), health services (pathology, diagnostic,
imaging, medical centers, pharmacy services) and health-related
consumer products.

For more information contact:

Media Inquiries
Rob Tassie
Phone: 03 9868 0886
Mobile: 0411 126 455

Investor Inquiries
Larry Hamson
Phone: 03 9868 0380
Mobile: 0407 335 907


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C H I N A  &  H O N G  K O N G
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CHINA MOTION: Back in Red as Tariff Cuts Eat up Profit
------------------------------------------------------
Despite booking a slightly higher turnover, China Motion Telecom
International reported a HK$27.38 million net loss in the first
half, according to South China Morning Post.

The company blamed the cutthroat competition in the IDD business
as the main culprit for the slide, along with initial losses
from its mobile virtual network operation (MVNO).  The MVNO
business is a mobile service offered by the company by leasing
capacity from other network operators.  The price war in the
mobile sector has lengthened the company's investment payback
period from two years to between 3 and 4 years.

Turnover at the half reached HK$386.5 million, 9% higher than
last year's HK$353.6 million in the same period.  But tariff
cuts from between 3 and 4 U.S. cents per minute at the beginning
of the year to about 1 cent placed the company in the red.  Last
year the company booked a HK$5.14 million net profit.  


DRAGON BEST: Faces Winding up Petition in High Court
----------------------------------------------------
The High Court of Hong Kong will hear on December 24, 2003 at
10:00 a.m. the petition seeking the winding up of Dragon Best
Development Limited.

Ho Yin Ping of Room 1929, 19/F., Sau Yuen House, Chuk Yuen South
Estate, Kowloon, Hong Kong filed the petition on November 10,
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.


GOLD POWER: Hearing of Winding up Petition 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 Gold Power
Properties Decoration Limited.

Au Pak Chiu of 16A, 3/F., Tak Cheong Lane, Yaumatei, Kowloon,
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.


GOLD PREMIUM: Winding up Hearing Set 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 Gold Premium
Development Limited.

Chan Leung of Room 1625, 16/F., Choi Chu House, Choi Yuen
Estate, New Territories, Hong Kong filed the petition on October
31, 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.


LINK SCORE: High Court to Hear Winding up Petition 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 Link Score
Development Limited.

Wong Sui Wai of Flat E, 13/F., Block North, Kam Shek Building,
62, Shek Yam Road, Kwai Chung, New Territories, Hong Kong filed
the petition on November 3, 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.


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


HANJAYA MANDALA: Raised to 'B+' as Financial Profile Improves
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on
Indonesian cigarette manufacturer PT Hanjaya Mandala Sampoerna
Tbk. (Sampoerna) to 'B+' from B. The outlook is stable. At the
same time, the rating on the guaranteed US$65.9 million notes
issued by Sampoerna's wholly owned subsidiary, Sampoerna
International Finance Co. B.V., was also raised to 'B+' from
'B'.

The upgrade reflects continued improvement in Sampoerna's
financial profile, despite increasing competition and weaker
cigarette sales because of government-implemented price
increases over the past two years. In 2002, the company's ratio
of funds from operations (FFO) to total debt rose dramatically
to 84.8%, from 49.3% in 2001, while total debt to capital was
reduced to 29.4% from 42.4%. In addition, the company maintains
a strong liquidity position, with cash of Indonesian rupiah (Rp)
1.6 trillion (US$188 million) at Sept. 30, 2003, more than
sufficient to cover both short-term debt of Rp15.6 billion and
expected capital expenditure in 2004.

"Sampoerna's financial profile is expected to improve further
over the medium term, as its strong operating cash flow --
averaging Rp1.7 trillion in each of the past three years --
should allow the company to fund debt repayments, working
capital needs, and capital expenditures without the need to
issue additional debt," said Standard & Poor's credit analyst
Erly Witoyo. "Expected improvement in purchasing power and lower
raw material prices in the near term should also result in
better profitability measures and cash flow generation," he
added.

The rating on Sampoerna also reflects the company's strong
market position, as well as its focused marketing strategy and
branding. These strengths are offset by the Indonesian cigarette
industry's highly regulated business environment and the
company's exposure to the volatility in raw material prices. In
addition, Sampoerna faces significant business concentration as
it relies on domestic cigarette sales, which contribute more
than 90% of its revenues, and on three major brands.

The stable outlook reflects the expectation that Sampoerna's
strong cash flow generation and liquidity position will allow
the company to maintain a moderate financial profile, despite
the rising competition and continued regulatory uncertainty of
the industry.


SEMEN GRESIK: Re-hires Ernst & Young to Audit 2002 Books
--------------------------------------------------------
Ernst & Young LLP, which audited the 1999 and 2000 accounts of
PT Semen Gresik, will be reappointed to re-audit the cement-
maker's 2002 accounts.

"We will officially name Ernst & Young auditor before Dec. 30,"
a senior Semen Gresik official told Dow Jones in an interview.

The auditing firm's past relations with Gresik is the main
reason for its reappointment, according to the official.  KPMG
LLP and PricewaterhouseCoopers were the other candidates
considered by the company.

The stock exchange in Jakarta earlier this month said it will
suspend Gresik if it fails to appoint a new auditor for its 2002
accounts by December 30.   Semen Gresik shareholders in May
asked the company to appoint a new auditor after Deloitte Touche
Tohmatsu gave an adverse opinion on Gresik's 2002 consolidated
accounts due to unaudited financial figures from Gresik's unit,
PT Semen Padang.

Based in the West Sumatra province, Semen Padang demanded it be
spun off from the rest of Semen Gresik.  Local management last
year barricaded their offices and refused to hand over 2002
financial statements to Semen Gresik executives.  Gresik managed
to regain control of Semen Padang in September after a local
court ordered the incumbent management at Semen Padang to leave
the company.


SEMEN GRESIK: Sales Slip 4.6% in First 10 Months
------------------------------------------------
A slump in exports pulled down the cement sales of PT Semen
Gresik by 4.6% this year, according to Dow Jones.  In the first
ten months, Indonesia's largest cement maker sold only 11.83
million metric tons as exports slipped 26% to 1.7 million metric
tons from 2.31 million last year.

Domestic sales, on the other hand, remained unchanged at 10.1
million metric tons.  Indonesia's cement producer association
recorded a 1.7% drop in national cement sales for the period,
down from 29.95 million a year earlier.

The company, which is 51%-owned by the government and 25.53%
owned by Mexico's Cemex S.A. de CV (CX), did not comment on the
sales performance when contacted by Dow Jones.


TELEKOMUNIKASI INDONESIA: 'B+' Ratings Affirmed; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' rating on
P.T. Telekomunikasi Indonesia Tbk. (Telkom), Indonesia's
incumbent telecommunications provider, which is 51%-owned by the
government. The outlook is stable.

Telkom directly controls about 83% of the country's fixed-line
market. It also has a leading cellular position in Indonesia,
operated by P.T. Telekomunikasi Selular (Telkomsel; B+/Stable/--
), with the most comprehensive network, covering more than 80%
of the population. In the third quarter of 2003, Telkomsel had
8.8 million subscribers, a market share of about 53%.

"Although competition in fixed line and cellular is expected to
increase in 2004, the company is expected to maintain its strong
domestic market position given its extensive network," said
Standard & Poor's credit analyst Yasmin Wirjawan in the
Corporate and Infrastructure Group.

Telkom faces uncertainty in regulation and its joint operating
schemes (known as KSO). "There are key regulatory issues to be
resolved, particularly in interconnection agreements, tariff-
setting mechanisms, and regulation on the range of use and
pricing in fixed wireless," Ms. Wirjawan said. In addition, the
company still needs to complete the payment for these
acquisitions--about US$500 million from 2004-2009.

The company is exposed significantly to further depreciation of
the Indonesian rupiah because it has 67% of its consolidated
debt denominated in foreign currencies, revenues all in local
currency, and only about 8% of its U.S. debt hedged through U.S.
dollar time deposits. Its ultimate capacity to service foreign
currency debt remains vulnerable to the ongoing weakness of the
local banking system, the availability of foreign exchange, and
volatile exchange rates.

Although Indonesian companies face material country risks,
reflecting the significant economic and political uncertainties
since the Asian currency crisis, there is some insulation
because the government in recent years has not sought to impose
a debt moratorium or interfered with local companies accessing
the foreign exchange markets to service their foreign currency
obligations.

The company is currently facing uncertainties on its audit
statements. Telkom's 2002 financial statement failed to meet
U.S. SEC's requirement because its previous auditor was not
accredited by the U.S. regulator. PricewaterhouseCoopers was
appointed subsequently to re-audit the accounts. Overall, the
company expects the likely cumulative effect of the adjustments
will be to lower consolidated net income for 2002 by up to 20%
and decrease shareholder equity for 2002 by up to 5%.

Telkom has low leverage, with net debt to net capital at 30%,
while net debt to EBITDA was only 1.0x at Sept. 30, 2003.
However, given its high capital commitments and the inclusion of
KSO debts, these ratios are expected to rise to about 50% and
1.0x-1.5x.

Telkom's stable outlook is based on Standard & Poor's
expectation that the company will maintain its strong domestic
market position amid increasing competition, and an adequate
financial profile for debt servicing in the near-to-medium term,
notwithstanding increases in capital expenditure and
investments. It is also based on the expectation that the re-
audit process will not hurt Telkom's credit profile
significantly.


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J A P A N
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ASHIKAGA FINANCIAL: Shareholding Firms May Downgrade Earnings
-------------------------------------------------------------
The nationalization of Ashikaga Bank is expected to prompt some
companies holding shares in Ashikaga Financial Group Inc. to
downgrade their earnings for the fiscal half ended September 30,
Asia Pulse reported on Tuesday.

Tochigi Fuji Industrial Co. on Monday revised the fiscal first-
half earnings that it announced on November 7. The Company
incurred an appraisal loss totaling 633 million yen on its
Ashikaga FG shareholdings and has downgraded its net profit to
17 million yen. The Company now expects to post a net profit of
120 million yen for the full fiscal year ending March 31, down
from an earlier estimate of 500 million yen.

Achilles Corporation has already downgraded its net profit for
the fiscal half to 100 million yen. And Sohgo Security Services
Co. and Rheon Automatic Machinery Co. are likely to be advised
by their auditors to revise their fiscal first-half earnings as
well.


KOKUNAI SHINPAN: JCR Downgrades Rating to J-3
---------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the rating on
the CP program of Kokunai Shinpan Co., Ltd. from J-2 to J-3.

CP:

Maximum: Y30 billion
Backup Line: 0 percent

Rationale:

Kokunai Shinpan is a midsize credit sale Company, having
foothold in Kyushu. The quality of assets declined, reflecting
an increase in personal bankruptcies. JCR downgraded the rating
on the CP program of it from J-2 to J-3, having concern that the
burden of credit costs would increase in the future. The number
of personal bankruptcies and delinquent receivables are on the
rise sharply in the current fiscal year due to deterioration in
the external environment. While Kokunai Shinpan is disposing of
the unrealized loss on real estate according to the mid-term
plan, it would have to bear additional burden of write-offs of
bad loans. Thus, Kokunai Shinpan will take longer time than
assumed originally to dispose of the non-performing assets using
the periodic earnings.


MITSUBISHI MOTORS: May Sell Truck Unit to DaimlerChrysler
---------------------------------------------------------
Mitsubishi Motors Corporation (MMC) may sell its 42 percent
stake in Mitsubishi Fuso Truck & Bus Corporation to
DaimlerChrysler AG and Mitsubishi group companies for 100
billion yen, reports the Japan Times. DaimlerChrysler, already
the top shareholder in both MMC and Mitsubishi Fuso, plans to
turn the truck-making unit into a subsidiary.

At present, DaimlerChrysler owns 43 percent of the truck-making
unit and 33.7 percent of MMC. Consequently, MMC incurred a group
net loss of 80.2 billion yen in the April-September period. The
automaker expects to post a group net loss of 11 billion yen for
the whole of fiscal 2003.


NIPPON TELEGRAPH: Cutting Pensions to Ease Y600B Shortfall
----------------------------------------------------------
Nippon Telegraph and Telephone Corporation (NTT) will reduce
payments to 130,000 retired workers and 130,000 employees to
ease its 600 billion yen (US$5.6 billion) pension shortfall,
according to Bloomberg News on Wednesday, citing NTT spokesman
Yo Takahashi.

NTT, which pays as much as a 7 percent return on individual
pension assets for former employees, will gradually reduce the
payment level to a minimum of 3.5 percent for retired workers
over the next six years. At that point the pensions will be
linked to Japanese government bonds, paying 0.5 percent above
the average coupon rate for the preceding three years.


RESONA HOLDINGS: ACS Aims to Acquire 100% Stake
-----------------------------------------------
Hungarian-born multi-billionaire and financier Gabor Sandor Acs
has approached the Financial Services Agency (FSA) to acquire
all of the outstanding shares of troubled Resona Holdings Inc.
(RHI), the M2 Presswire reports.

Under the plan proposed by affiliates and participating
investors led by Acs, Advanced Capital Services Corporation
(ACS) would acquire 100 percent of Resona Holdings, Inc. (RHI)
for US$9 billion in PKPI 6 percent redeemable non voting
preferred stock payable to FSA. The BOJ would be required to
swap an additional US$9 billion in U.S. Treasury Bills for US$9
billion in PKPI stock from ACS under the proposal.

BOJ and FSA would then jointly own US$18 billion in PKPI stock
with annual dividends accruing in U.S. dollars of 6 percent,
which is currently higher than US treasury bills with maturities
over one year and longer.

The US$9 billion in U.S. T-Bills would be put on RHI books to
shore up its balance sheet in exchange for any bad loans
remaining on RHI books. The bad loans would then be swapped for
additional shares of PKPI stock to be placed on the books of RHI
from the Free and Clear Foundations of Japan, Inc., a not for
profit org to be set up concurrently with the closing. Acs would
donate stock acquired by the Foundations to conclude the
sweeping of the bad debt from his own personal holdings.

Thereafter only good loans would remain on RHI books along with
the U.S. T-Bills.

Based on current exchange rates RHI has a net worth of about $6
million remaining and has reported losses of 1.7 trillion yen
for its six months of operations ending September 30th, 2003.

The Bank of Japan recently intervened in the currency markets to
prop up the sinking US dollar against the Yen which is further
causing severe losses to stockholdings of Japanese banks who are
suffering from lower domestic Company sales and higher export
costs to the United States. BOJ intervention is seen as a
prelude to stabilizing the Japanese banking system before year-
end results are fully reported to public stockholders.

Special agents working with ACS representatives in Hong Kong,
Japan and China are working to present the proposals to BOJ and
FSA agents to acquire the 11.2 billion outstanding shares of RHI
and utilize the additional public funding being made available
under the DIC Law next year to further consolidate and clean up
the Japanese banking industry.

RHI currently has 40 trillion yen in assets but with recently
announced losses for write offs on bad loans amounting to 10
billion Yen, the net worth of the bank is expected to become
negative early next year unless emergency measures are taken up
and foreign investors are allowed to stem the tide.

PKPI Corporation is an organization operated, managed or
controlled by Gabor Sandor Acs with their principal place of
business in Reno, Nevada.

CONTACT: DPE Consulting, LLC e-mail: PR@dpeconsulting.com


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K O R E A
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DAEWOO MOTOR: Poland Treasury Seek Investors for Troubled Plant
---------------------------------------------------------------
The Polish Treasury will start soliciting investors in the
ailing Daewoo-FSO car factories starting December 20, AFX Asia
reports, citing Poland Deputy Economy Minister Jacek Piechota.
Daewoo-FSO has 3,100 employees and has made just 30,505 cars
since the beginning of the year.

Piechota said the treasury would send Daewoo Motors in South
Korea, which controls 80 percent of the Polish factories, a
draft accord foreseeing the withdrawal of its representatives
from the Daewoo-FSO management. The Polish treasury owns nearly
19 percent of the shares of Daewoo-FSO, the remainder being in
the hands of small shareholders.

MG Rover had approached Daewoo-FSO but talks were suspended at
the beginning of the year because of a lack of agreement with
creditors.


HANBO IRON: Tata Denies Acquisition Rumors
------------------------------------------  
Tata Steel denied reports on its takeover interest in Hanbo Iron
& Steel, the Maeil Business Newspaper reports. The Indian
Company was reported to be seeking to acquire the troubled steel
Company in Korea after AK Capital withdrew its bid due to price
differences. However, Tata announced that it is indeed seeking
to acquire companies from East Asian, European and CIS
countries, but denied any talks with Hanbo.


LG CARD: Templeton Raises Stake to 11.35%
-----------------------------------------
Templeton Asset Management Limited has raised its stake in
credit card issuer LG Card Co. to 11.35 percent from 5.39
percent on November 28 to become its biggest single shareholder,
according to Reuters. LG shares, which has a market value of
US$705 million, closed up 4.58 percent at 7,300 won on reports
that the Company was seeing operations returning to normal
quickly after creditors agreed to two trillion won of emergency
loans to avert a default.


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M A L A Y S I A
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AMSTEEL CORPORATION: Unveils 28th AGM Results
---------------------------------------------
Amsteel Corporation Berhad announced that at the Twenty-Eighth
Annual General Meeting (AGM) of the Company held on 4 December
2003, the shareholders have approved the following:

i) The re-appointment of Y. Bhg. Jen (B) Tan Sri Dato' Zain
Mahmud Hashim who retired pursuant to Section 129(2) of the
Companies Act, 1965 as Director of the Company; and

ii) All other resolutions tabled thereat including the following
ordinary resolutions transacted as special business:

1) Authority to Directors to issue shares

"THAT pursuant to Section 132D of the Companies Act, 1965 and
subject to the approval of all relevant authorities being
obtained, the Directors be and are hereby empowered to issue
shares in the Company at any time and upon such terms and
conditions and for such purposes as the Directors may, in their
absolute discretion deem fit, provided that the aggregate number
of shares issued pursuant to this resolution does not exceed 10
percent of the issued capital of the Company for the time being
and that such authority shall continue in force until the
conclusion of the next annual general meeting of the Company."

2) Proposed Shareholders' Mandate for Recurrent Related Party
Transactions

"THAT approval be given for the Company and its subsidiary
companies to enter into the recurrent related party transactions
of a revenue or trading nature which are necessary for its day-
to-day operations as detailed in paragraph 3.3 (Recurrent
Transactions) and with those related parties as detailed in
paragraph 3.2 of the Circular to Shareholders of the Company
dated 12 November 2003 subject to the following:

i) The transactions are in the ordinary course of business and
are on terms not more favorable to the related party than those
generally available to the public and are not to the detriment
of the minority shareholders of the Company; and

ii) Disclosure is made in the annual report of the breakdown of
the aggregate value of transactions conducted pursuant to the
shareholders' mandate during the financial year, amongst others,
based on the following information:

a) The type of Recurrent Transactions made; and

b) The names of the related parties involved in each type of
Recurrent Transactions made and their relationship with the
Company;

AND THAT authority conferred by this Ordinary Resolution shall
continue to be in force until:

i) The conclusion of the next annual general meeting of the
Company at which time it will lapse, unless by a resolution
passed at the meeting, the authority is renewed;

ii) The expiration of the period within which the next annual
general meeting after that date is required to be held pursuant
to Section 143(1) of the Companies Act, 1965 (but shall not
extend to such extension as may be allowed pursuant to Section
143(2) of the Companies Act, 1965); or

iii) Revoked or varied by resolution passed by the shareholders
in general meeting;

Whichever is the earlier, AND THAT the Directors be and are
hereby authorized to complete and do all such acts and things
(including executing such documents as may be required) to give
effect to the transactions contemplated and/or authorized by
this Ordinary Resolution."


EPE POWER: Court OKs Capital Reduction Proposal
-----------------------------------------------
Further to the announcement made on behalf of EPE Power
Corporation Berhad (EPE) by Commerce International Merchant
Bankers Berhad (CIMB) on 21 October 2003, CIMB announced that
the Kuala Lumpur High Court has, at the hearing of the said
petition on 4 December 2003, approved the proposed capital
reduction by EPE involving the cancellation of RM0.50 of the par
value of each existing ordinary share of RM1.00 each and
thereafter, the consolidation of every two (2) resultant
ordinary shares of RM0.50 each into one (1) ordinary share of
RM1.00 each.

Collectively known as "the Proposed EPE Restructuring Scheme"
includes:

- Proposed capital reduction
- Proposed acquisitions
- Proposed debt restructuring
- Proposed rights issue
- Proposed increase in authorized share capital


NCK CORPORATION: Court Set Hearing to February 24
-------------------------------------------------
On behalf of the Special Administrator of NCK Corporation Bhd
(NCK), the Kuala Lumpur Stock Exchange (KLSE) have been informed
by APB Resources Berhad (formerly known as Lamquest Holdings
Berhad and previously known as Kekal Sepakat Berhad) (APB) on 8
December 2003 on the following:

On 10 November 2003, Hajar Roslin Binti Mohamad, one of the
potential Bumiputera investors in relation to the special issue,
which forms part of the Proposed Restructuring Scheme, filed a
Writ of Summons (no. D1-22-1825-2003) dated 10 November 2003,
Statement of Claim dated 10 November 2003 and Summons in
Chambers dated 10 November 2003 in the High Court of Malaya at
Kuala Lumpur against both APB and Alliance Merchant Bank Berhad
(Alliance), being the white knight and the previous Adviser
(withdrawn as Adviser with effect from 31 October 2003)
respectively in respect of the Proposed Restructuring Scheme of
NCK. Briefly, the orders sought in the Summons in Chambers dated
10 November 2003 are as follows:

1. An injunction to restrain both APB and Alliance from
terminating and/or reducing the quantum of the special issue;
and

2. An injunction to restrain both APB and/or Alliance from
continuing to and/or implementing by amending the Proposed
Restructuring Scheme of NCK. The High Court has fixed 26
February 2004 for the hearing of the Summons in Chambers dated
10 November 2003.


RHB CAPITAL: Post Changes in 2003 Annual Report
-----------------------------------------------
RHB Capital announced that at its Ninth Annual General Meeting
(AGM) held on 8 December 2003 was clarified that the first
sentence of the last paragraph of Note 34 of the Notes to the
Financial Statements on page 104 of the 2003 Annual Report is to
be rephrased to read as follows:

"During the financial year, the Company made a gratuity payment
of RM20 million to the former Executive Chairman upon his
retirement and this item is currently borne by the securities
subsidiary."

RHB Capital Berhad refers to the announcements dated 8 August
2003 and 15 August 2003 on the material litigation filed RHB
Capital Berhad against Carta Bintang Sdn Bhd, TCR-AP reported
recently. As announced on 8 August 2003, the Learned High Court
Judge dismissed the respective appeals of RHB Capital Berhad
(RHB Capital) and Carta Bintang Sdn Bhd (Defendant) and affirmed
the Deputy Registrar's summary judgment orders made on 22
November 2002 ordering the return of the Deposit of RM32.8
million by the Defendant to RHB Capital and the return of the
share certificates and transfer forms in respect of the Sale
Shares (Share Certificates) by RHB Capital to the Defendant.


SRI HARTAMAS: Unit Appoints Special Administrators
--------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB), being
the ultimate holding Company of Sri Hartamas Mul-T-Plex Jv Sdn
Bhd (SHMTP), informed the Kuala Lumpur Stock Exchange (KLSE)
that the directors of SHMTP had on 5 December 2003 resolved:

- That the Company cannot by reason of its liabilities continue
its business and that it would be wound up voluntarily;

- That pursuant to Section 255 of the Companies Act, 1965, Tam
Kok Meng c/o Tam & Associates Corporate Services Sdn Bhd, D-8-3
Level 10 Block D Menara Uncang Emas 85 Jalan Loke Yew, 55200
Kuala Lumpur, be and are hereby appointed Provisional Liquidator
for the purpose of the winding up; and

- That separate meeting of members and creditors of the Company
be convened on 29 December 2003 pursuant to Section 255(1)(b) of
the Companies Act, 1965.

The aforesaid liquidation will not have any material financial
and operational impact on Sri Hartamas Group of Companies.


SRI HARTAMAS: Unveils Winding Up of Subsidiary
----------------------------------------------
Sri Hartamas Resource Management Sdn Bhd (SHRM), informed the
Kuala Lumpur Stock Exchange (KLSE) that the directors of SHRM
had on 5 December 2003 resolved:

- That the Company cannot by reason of its liabilities continue
its business and that it is wound up voluntarily;

- That pursuant to Section 255 of the Companies Act, 1965, Tam
Kok Meng c/o Tam & Associates Corporate Services Sdn Bhd, D-8-3
Level 10 Block D Menara Uncang Emas 85 Jalan Loke Yew, 55200
Kuala Lumpur, be and are hereby appointed Provisional Liquidator
for the purpose of the winding up; and

- That separate meeting of members and creditors of the Company
be convened on 29 December 2003 pursuant to Section 255(1)(b) of
the Companies Act, 1965.

The aforesaid liquidation will not have any material financial
and operational impact on Sri Hartamas Group of Companies.


TONGKAH HOLDINGS: Issues Notice to Warrant Holders
--------------------------------------------------
Tongkah Holdings Berhad issued a notice to the holders of
warrants 1999/2004 (Warrant Holders) as follows:

The receipts of the approval from the Warrant Holders and the
Kuala Lumpur Stock Exchange for the shortening of the notice
period to be given to the Warrant Holders of the last date of
exercise and the expiry of the Warrants (Amendments) and the
execution of supplemental deed poll on 22 October 2003 to
reflect the Amendments, the exercise period of the Warrants
shall now expire at 5 P.M. on 19 December 2003 (Expiry and Last
Date for the Exercise of the Warrants) instead of 29 August
2004.

Further notice is hereby given that the trading of the Warrants
on Kuala Lumpur Stock Exchange had been suspended since 10
January 2003 and hence, the Warrants Holders whose names are as
set out in the depositors securities accounts as at 12 December
2003 shall be entitled to exercise their subscription rights.
Malaysian Central Depository will not accept any transfer of the
Warrants from 4.00 p.m. on 12 December 2003 up till 5 P.M. on 19
December 2003. All the deposited Warrants, which are not
exercised, will be debited from the Warrants Holders' accounts
on the next market day. Further, any Warrants not exercised by 5
P.M. on 19 December 2003 shall ceased to be exercisable
thereafter.

The deed poll dated 27 August 1999 (which expression shall
include the supplemental deed poll executed in connection
therewith) has been amended to reflect the Amendments.

A Notice to the Warrant Holders on the Expiry and Last Date for
the Exercise of the Warrants and the procedures for exercising
of the subscription rights thereon (Notice) will be dispatched
to the Warrant Holders on 5 December 2003. A copy of the Notice
is available from THB Satu, Level 2, West Wing, 8, Jalan
Damansara Endah, Damansara Heights, 50490 Kuala Lumpur.
Telephone number: (03) 2094 3333. Facsimile number: (03) 2094
2323.

By Order of the Board

LIM PHOOI KEE (MIA 2759)
LEONG OI WAH (MAICSA 7023802)
NOEL CHUA (LS 005781)
Company Secretaries


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


BANK OF COMMUNICATIONS: Tan, Sy Extend P3B Assistance
-----------------------------------------------------
Taipan Lucio Tan and businessman Robin Sy have extended 3
billion pesos in assistance to the Philippine Bank of
Communications (PBCom), effectively taking the bank out of
trouble after it was hit by rumors that triggered withdrawals by
depositors, the Philippine Star reports. Last month, Tan himself
announced that he had deposited 1 billion pesos into the
beleaguered bank in an effort to show support and stave off a
possible bank run that could collapse the country's 16th largest
bank.

In a statement, Tan announced that his bank, Allied Bank, is
also willing to cash all PBCom checks as a sign of support for
the bank, which is partly owned by his 'in-law,' Enrique Luy.


MANILA ELECTRIC: Sets 42 Major Projects in 2004
-----------------------------------------------
The Manila Electric Co. (Meralco) will undertake at least 42
projects next year to upgrade and improve its electric
facilities, the Philippine Star said on Wednesday.

Among the projects are: six subtransmission projects in Bulacan
and Metro Manila, six substation projects in Metro Manila,
Cavite and Laguna and 30 distribution line projects in Quezon,
Bulacan and Rizal.

Specifically, the six subtransmission projects consist of: 1)
cutting-in of Duhat to Hermosa-Balintawak 230-kV line in
Bulacan; 2) rerouting of North Port-Tegen 115-kV line in Manila;
3) uprating of Tutuban-North Port 115-kV line in Manila; 4)
retermination of Tegen bank 1 in Manila; 5) uprating of Kaybiga-
Bagbaguin 115-kV line in Quezon City and Valenzuela; and 6)
construction of Balintawak-North Port-Tegen 115-kV line in
Quezon City and Manila.

Since the sub-transmission system is considered the backbone of
the electric distribution system, the benefits of these projects
are encompassing the whole of Metro Manila and southern and
western portion of Bulacan.

The six substation projects, meanwhile, are: 1) CBP1-A
substation in Pasay City; 2) Legaspi substation in Makati City;
third Urdaneta 3rd bank in Makati City; 4) Gateway expansion in
Gen. Trias, Cavite; 5) Imus 83 MVA bank in Imus, Cavite; and 6)
alternate source for Sta. Cruz substation in Sta. Cruz, Laguna.
The large commercial and industrial districts will benefit from
these projects like the central business park in Pasay City,
Makati business district and Gateway Industrial Park in Cavite.
These benefits will translate to more jobs and sustained
economic activity in these areas.


NATIONAL BANK: Clarifies Php44M October Net Loss Report
-------------------------------------------------------
The Philippine National Bank clarifies the news article entitled
"PNB expected to post P44M in losses in October." published in
the December 10, 2003 issued of the Philippine Daily Inquirer.
The article reported that "Philippine National Bank said it had
incurred a net loss of P44 million in October, but a positive
performance since the start of the year had allowed the bank to
register a net income of P83 million in the first 10 months,
preliminary estimates of the bank showed."

Philippine National Bank (PNB), in a letter to the Philippine
Stock Exchange dated December 10, 2003, advised that:

"The information stated in the above news item is incorrect. The
bank earned a net income of P6 million for the month of October
2003, the lowest level registered for the year. For the ten-
month period, net income is at P133 million which is just P17
million short of the bank's projected full year income of P150
million."

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3921_PNB.pdf


NATIONAL POWER: Bidding for Pinamucan Power Plant Transfer Fails
----------------------------------------------------------------
The National Power Corporation (NPC) said its bid failed to find
a contractor for the transfer of a 110-megawatt diesel power
plant from the province of Batangas to Iloilo in central
Philippines and the Company is now negotiating a deal with
construction firm DM Consunji Inc., according to AFX Asia. All
offers exceeded the budget of 535 million pesos, but the group
of DM Consunji submitted the lowest bid price of 664 million
pesos.

The contractor will handle the dismantling, hauling and
installation of the Batangas generator sets to Iloilo in Panay
Island, which is expected to suffer a power shortage in the
coming months as electricity demand exceeds supply.


UNITED COCONUT: Seeks Idle Asset Sale Proposal From Advisers
------------------------------------------------------------
United Coconut Planters Bank (UCPB) is in talks with three
financial consultants for its planned sale of 15-16 billion
pesos worth of idle properties, according to the Business World.
UCPB President Jose L. Querubin said the bank is seeking
proposals from Ernst & Young, PriceWaterhouse Coopers, and KPMG
Philippines Laya Mananghaya & Co.

One of these companies will be chosen to act as financial
adviser for the asset sale or to draft strategies on how the
bank can dispose of its idle assets. UCPB expects to name its
financial adviser by the end of January.


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


ASIA PULP: IBRA Offers Assets in Strategic Asset Sales Program
--------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has announced a
plan for asset disposal of the Asia Pulp and Paper (APP) Group
strategic assets through Strategic Asset Sales Program - Asia
Pulp and Paper (PPAS-APP), IBRA said in a statement

The strategic assets consist of restructured loans, bonds,
covertible bonds, exchangeable bonds, and equities owned by IBRA
on the obligor Sinar Mas Group - APP. IBRA also declares the
sales on the 'as is basis' principle.

The registration and due diligence periods on APP lasts from 8
December to 16 December 2003, while the bidding letter
submission falls on 17 December 2003, and the transaction
closing is expected to be completed on January 2004 (Detailed
schedule attached).

IBRA has earlier offered the assets through the Loan Sales
Program (PPAK) V worth US$ 1 billion. Regardless 4 foreign
prospective investors have officially bid for the assets, IBRA
finally decided not to nominate any winner due to their failure
to meet all the requirements set by IBRA.

The criteria to be fulfilled by prospective investors eligible
for winning the PPAS- are as follows:

Conform to the conditrions set in the Memorandum of
Understanding (MOU) signed in Juni 2002 between Export Credit
Agency (ECA) and IBRA.

Conform to the contents of the Master of Restructuring Agreement
(MRA) and seek to accelerate effectivity of MRA and will keep
continuity of the agreement up to its effectiveness.
Not to conduct hostile and/or legal action against the debtor
until the MRA is declared as effective.

Not to transfer APP credit asset to any other party until the
MRA is declared as effective.

Submit and explain investor business plan in conformity to the
points 1 - 4 and as assistance to the Negotiating Creditors in
realizing effectiveness of MRA.

The repeat offer of APP strategic assets through PPAS - APP is
an effort to optimize sales value as well as ensure the
strategic business continuity in the future.

For a copy of the press release, go to
http://www.bppn.go.id/news.asp?articleid=879


BO FUNG: Issues Dividend Notice
-------------------------------
Bo Fung Industries Pte Ltd. issued a notice of first and final
dividend as follows:

Address of Registered Office: Formerly of 1 Syed Alwi Road #03-
03 Song Lim Building Singapore 207628.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 64 of 1994.

Amount Percentum: 46.52 percent.

First and Final or otherwise: First & Final Dividend.

When Payable: 22nd November 2003.

Where Payable: The Official Receiver The URA Centre (East Wing)
45 Maxwell Road #06-11 Singapore 069118.

CHAN WANG HO
Assistant Official Receiver.


CHARTERED SEMICONDUCTOR: Raises Fourth Quarter Guidance
-------------------------------------------------------
Kelive projected that Chartered Semiconductor Manufacturing
Ltd's sales would grow 28 percent -31 percent in the fourth
quarter. The Company attributed the stronger sales to healthy
growth in all market sectors. Particularly, strong demand was
noted from the communications segment.

Kelive added that its net loss would be US$40-US$48 million
instead of US$45-US$55 million. Gains are coming largely from
the more advanced 0.13-micron products, which is expected to
grow 30 percent sequentially. Kelive believes this is partially
due to the spillover effect from capacity tightness in TSMC and
UMC. Both the Taiwanese foundries have expressed high capacity
utilization exceeding 90 percent and even tighter at higher
technology nodes.

Capacity utilization guidance rose from 64 percent-68 percent to
67 percent-71 percent. Average selling price would be flat to +2
percent compared to the -1 percent to +3 percent previously
forecasted.    

The improved guidance is in line with bullish indications from
its Taiwanese peers, who have all noted surging demand for chips
especially in the PC and communications segments.

Kelive has trimmed its fourth quarter loss forecast by US$9
million to US$40 million, bringing down full year loss to
US$281.8 million. The upgrade in guidance may lift sentiment on
Chartered but Kelive believes the fundamental improvements are
already priced in.


KIM HUAT: Petition to Wind Up Pending
-------------------------------------
The petition to wind up Kim Huat refrigeration and Electrical
Pte Ltd. is set for hearing before the High Court of the
Republic of Singapore on January 16, 2004 at 10 o'clock in the
morning. H.K. Airconditioning Engineering, a creditor, whose
address is situated at 3018 Bedok North Street 5 #03-27,
Singapore 486132, filed the petition with the court on December
1, 2003.

The Petitioners' Solicitors are Messrs Foo Liew & Philip Lam of
151 Chin Swee Road, #07-08/10 Manhattan House, Singapore 169876.
Any person who intends to appear on the hearing of the petition
must serve on or send by post to Messrs Foo Liew & Philip Lam a
notice in writing not later than twelve o'clock noon of the 15th
day of January 2004 (the day before the day appointed for the
hearing of the Petition).


INTRACO LIMITED: Unit Discharges Receiver, Manager
--------------------------------------------------
Further to the announcement made on 27 June 2000 relating to the
appointment of Mr Yin Kum Choy as receiver and manager
(Receiver) of Intra-Motors (S) Pte Ltd, a subsidiary of Intraco
Limited, the Company informed that the Receiver has completed
the administration of the receivership and will be discharged
with effect from 9 December 2003.

The above will not have any material impact on the net tangible
assets and earnings per share of the Company for the current
financial year.


MELANDAS CASA: Issues Winding Up Order Notice
---------------------------------------------
Melandas Casa Mobili Pte Ltd issued a winding up order notice
made on the 7th day of November 2003.

Name and address of Liquiator: TAY SWEE SZE & ASSOCIATES
30 Robinson Road #04-01 Robinson Towers Singapore 048546.

Messrs NG ONG & CHEE
Solicitors for the Petitioning Creditors.


PCI LIMITED: Voluntary Winding Up of Dormant Unit
-------------------------------------------------
Pursuant to Rule 704(19) of the Listing Manual, the Directors of
PCI Limited announced that the Company has placed its
subsidiary, Advance Circuit Technologies Pte Ltd (ACT), under a
members' voluntarily winding up pursuant to Section 290(1)(b) of
the Companies Act, Cap 50. ACT has appointed Messrs Ong Yew Huat
and Seshadri Rajagopalan of Ernst & Young to be the Liquidators
to conduct the said winding up.

ACT was carrying on the business of manufacturing printed
circuit boards. Since end 2001, ACT has ceased all activities
and has been dormant.

The winding up of ACT will not have any effect on the net
earnings per share or net tangible assets per share of the
Company for the financial year ending 30 June 2004.


PONGGOL MARINA: Winding Up Hearing Set January 9
------------------------------------------------
The petition to wind up Ponggol Marina Seafood Restaurant Pte
Ltd. is set for hearing before the High Court of the Republic of
Singapore on January 16, 2004 at 10 o'clock in the morning.
Choon Kwang Fish Trading Co., a creditor, whose address is
situated at 1009 Aljunied Avenue 1 #01-28, Singapore 389910,
filed the petition with the court on November 12, 2003.

The Petitioners' solicitors are Messrs Balkenende Chew & Chia of
No. 1 Scotts Road, #21-14 Shaw Centre, Singapore 228208. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Balkenende Chew & Chia Lam 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).


TICALOA PTE: Releases Dividend Notice
-------------------------------------
Ticaloa Pte Ltd. issued a notice of intended dividend as
follows:

Address of Registered Office: Formerly of 43A Ann Siang Road
Singapore 069718.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 600070 of 2002.

Last Day for Receiving Proofs: 19th December 2003.

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

TOH HWEE LIAN
Assistant Official Receiver.


                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2003.  All rights reserved.  ISSN: 1520-9482.

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