TCRAP_Public/031215.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

           Monday, December 15, 2003, Vol. 6, No. 247

                            Headlines

A U S T R A L I A

1ST STATE: Super Rollover Scheme Promoter Charged
AMP LIMITED: Investors Nervous about AU$1.2 Billion Rights Issue
ANSETT GROUP: Administrators Promise Payout Before Christmas
COMCASH AUSTRALASIA: Court Halts Unregistered Investment Scheme
LOY YANG: AES Still in Running for Distressed Power Firm

NATIONAL INVESTMENTS: Kaye Pledges to Pay Creditors in Two Years
PARMALAT FINANZIARA: National Foods Interested in Local Unit
PMP LIMITED: S&P Affirms Rating, Modifies Outlook to Stable
STARNEX SECURITIES: Windup Ordered; Owner Banned


C H I N A  &  H O N G  K O N G

MORLEY DEVELOPMENT: Winding up Hearing Set January 7
QUEENLEY FASHION: Bank of China Initiates Winding up Proceedings
SHUM KONG: Faces Winding up Hearing in Hong Kong High Court


I N D O N E S I A

SEMEN GRESIK: Cemex Sues Govt Before Int'l Arbitration Court


J A P A N

DAIEI INC.: Asking Creditors to Suspend Debt Collection
HOUEI KENSETSU: Starts Rehabilitation Proceedings
NIPPON KAIKO: Construction Firm Enters Rehabilitation
SKYMARK AIRLINES: Expects 1H03 Y470M Net Profit
SOFTBANK CORP.: Unveils Exercise Price of Stock Options

SOFTBANK CORPORATION: JCR Assigns BBB Rating


K O R E A

CHOHUNG BANK: Unveils Capital Increase Resolution


M A L A Y S I A

KSU HOLDINGS: Issues Litigation Update
PARK MAY: Issues Details of Restructuring Scheme
SOUTHERN PLASTIC: Winding Up Hearing Set January 20
TENAGA NASIONAL: Appoints Lead Manager to Dispose YTL Stake
YCS CORPORATION: Releases Default Payment Update


P H I L I P P I N E S

BENPRES HOLDINGS: Clarifies Maynilad Debt Payment Report
BENPRES HOLDINGS: In Talks With Government on Maynilad
MANILA ELECTRIC: Files Motion for Reconsideration on Refund
NEXSTAGE INC.: Board OKs Quasi-reorganization Scheme


S I N G A P O R E

AVO ELECTRICAL: Issues Dividend Notice
CHUANG QIN: Releases Winding Up Order Notice
DENKO INDUSTRIAL: Creditors OK Restructuring Scheme
FHTK HOLDINGS: Issues Notice of Shareholder's Interest
KHO CHOON: Winding Up Hearing Set January 9

LIAN KENG: Schedules Winding Up Hearing January 9
SUNCO POWER: Petition to Wind Up Pending
TERRAMAR HOLDINGS: Creditors Must Submit Claims by January 5
WEE POH: Issues Notice of Book Closure
WEE POH: Unit Proposes Scheme of Arrangement


T H A I L A N D

INDUSTRIAL FINANCE: 'BB+' Ratings Off WatchNeg; Outlook Negative
THAI MILITARY: Outlook of Financial Strength Rating Positive

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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1ST STATE: Super Rollover Scheme Promoter Charged
-------------------------------------------------
Rocco Ferrantino, a superannuation rollover scheme promoter, has
appeared in the Southport Magistrates Court on 28 charges filed
by the Australian Securities and Investments Commission (ASIC)
under the Superannuation Industry (Supervision) Act.

ASIC alleges that between February 1998 and May 2001, Mr.
Ferrantino made false or misleading statements to induce
superannuants and the administrators and trustees of various
superannuation funds to rollover preserved benefits, into 1st
State Superannuation, a superannuation fund connected to 1st
State Home Loans Pty Ltd. The rollover funds were then used to
assist the holders of the superannuation interests to purchase
house and land packages. ASIC alleges that the rollover funds
could not be used for this purpose as the preserved component of
superannuation cannot be accessed by a superannuant until
retirement after age 55 and/or when certain other limited
criteria are met.

The case was adjourned for further mention to 21 January 2004 at
the Southport Magistrates Court. Mr. Ferrantino was granted bail
on his own undertaking, ordered to give written notice of any
change of residence and not to approach a port of international
travel without first giving written notice and a travel
itinerary to the Commonwealth Director of Public Prosecutions.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

In February 2003, ASIC successfully applied to the Supreme Court
of Queensland for orders appointing liquidators to 1st State
Home Loans Pty Ltd and the property of related companies, Aynat
Gold Nominees Pty Ltd, Ferndune Pty Ltd, United Project
Developments Pty Ltd and Favstor Pty Ltd. The ASIC action
resulted from complaints from members of the public who had
entered into negotiations to purchase residential properties on
the Gold Coast on the understanding that they could use their
superannuation funds as part of the purchase price.


AMP LIMITED: Investors Nervous about AU$1.2 Billion Rights Issue
----------------------------------------------------------------
AMP shares slipped further below the supposed AU$6 floor price
just before the weekend as anxiety over the AU$1.2 billion
rights issue set in.

According to The West Australian, AMP shares dipped 7 cents to
AU$5.61 Wednesday, indicating that investors are "getting
nervous over what promises to be a volatile trading period for
AMP."  The company is will price the rights offer this week and
a separate 100 million issue by HHG, the name of the British
operations after the split-off.

A major reason for the anxiety is the conflicting views on the
value of HHG.  Cazenove, one of the brokers to HHG's capital
raising, suggests a trading range for HHG of between 77 cents
and AU$1.04 once it lists on December 23.  This is below the
AU$1.80-a-share valuation of AMP directors.

But HHG CEO Roger Yates believes the negative sentiment is a
mere overreaction.  He said the split of AMP and HHG along
regional lines will see the two companies' share prices trade at
a premium to the combined entity as it stands.

But Investors Mutual's Anton Tagliaferro, who attended the
lunch, can't help but doubt the plan would succeed without
hitches: "It really is one of the more complicated ones I have
seen."

"They're reasonably confident about the provisioning but more
uncertain about the regulatory environment in the U.K. and the
other risk is they are assuming a certain amount of policy
surrenders and that's something they have to monitor," he told
The West Australian.

Another analyst, ABN AMRO's Nick Caley, also told the paper it
was difficult to see Mr. Yates' claim happening.

"Although the effective disposal of the problematic UK life
businesses will result in a positive re-rating of AMP, the
likely fire-sale listing of HHG means that we struggle to see
the sum of the two parts delivering a premium to the current
share price in the near term.

"Before December 15 (the cutoff date for entitlements to HHG),
investors need to consider their likely holding period for HHG.
In the absence of a bid for HHG, investors will need to be
patient to see the intrinsic value of the business to be
realized."


ANSETT GROUP: Administrators Promise Payout Before Christmas
------------------------------------------------------------
Mark Korda and Mark Mentha, administrators of collapsed airline
Ansett Group, said last week they will release redundancy
payments to former employees before Christmas.  The money will
be electronically transferred into their bank accounts,
according to The West Australian.

This AU$150 million entitlement settlement was approved by the
Federal Court last month, which ended a two-year dispute between
the administrators and the trustees of a staff superannuation
fund.  The money used for this payout came from dividends raised
from the sale of Ansett assets and businesses.

The Australian Services Union cautiously celebrated the news,
according to the paper.  Victorian branch secretary Ingrid Stitt
said the union was reluctant to advise members that they would
receive their payments before Christmas.

"The administrators have got every intention of trying to pay as
many people as possible before Christmas.  I'm just hoping that
they will be able to do that if that's what they say they are
going to do," she told The Advertiser.  "If, in fact, they can
get the payments to staff before Christmas that's obviously an
absolute bonus."

Workers previously received an average of 52 cents in the
dollar, with 12,000 of the former airline's staff still owed a
total of AU$220 million.  The latest settlement will take the
average payment to 71 cents in the dollar, the paper said.  This
payout is believed to be Australia's largest-ever insolvency
distribution.


COMCASH AUSTRALASIA: Court Halts Unregistered Investment Scheme
---------------------------------------------------------------
The Australian & Securities Investments Commission (ASIC) has
obtained interim orders in the Supreme Court of Queensland in
Brisbane, appointing an interim receiver to an allegedly
unregistered managed investment scheme, operating as Comcash
Australasia Pty Ltd (Comcash), in south-east Queensland.

The Court ordered that Ian Richard Hall and Martin Russell Brown
of PricewaterhouseCoopers in Brisbane, be appointed as receivers
of Comcash Australasia Pty Ltd, Comcash director, Richard
Clayton Jackson Sharland, of The Gap in Brisbane, and Michael
John Muckan, of Gailes in Brisbane, until the hearing of the
matter.

The Court also ordered an interim injunction restraining the
respondents from further operating the scheme, receiving or
soliciting funds in connection with the scheme, removing any
assets from Australia, or disposing of any assets.

Mr. Sharland and Mr. Muckan were further ordered to surrender
their passports to the court until a further hearing of the
matter.

ASIC alleges that since March 2003, Comcash sales
representatives have induced up to 61 clients to invest their
superannuation entitlements in joint ventures overseas in
Dominica with a company known as SMC Corporation.

All the clients who invested in the joint ventures established a
self-managed superannuation fund. In return for investing in
these joint ventures, clients were entitled to loans attracting
low interest repayments at 2.5 per cent per annum. The funds
invested by clients totaled over $1 million.

ASIC found that many clients have not received their loan. ASIC
also alleges that Comcash carried on a financial services
business without the appropriate license as required under the
Corporations Act.

ASIC further alleges that Mr. Sharland has breached the terms of
an enforceable undertaking accepted by ASIC in April 2002. At
that time, Mr. Sharland undertook not to promote or operate this
type of scheme.

Mr. Sharland, also known as Richard Clayton Jackson Stagg and
Clayton Michael Richards, entered bankruptcy in November 2000
and is currently an undischarged bankrupt.

The matter returns before the Court on 18 December 2003.


LOY YANG: AES Still in Running for Distressed Power Firm
--------------------------------------------------------
American power firm, AES, can hold on in the race for troubled
power station, Loy Yang A, according to The Age.  

The paper expects either party to appeal the decision on the
Australian Competition and Consumer Commission's banning of the
Australian Gas Light Co.'s (AGL) bid.  Justice Beach is
scheduled to hand down his ruling this Wednesday.  

Granting an appeal takes place, the case is expected to drag on
until February 12, the day the bankers' extension for repayment
of a AU$500 million debt by Loy Yang equity holders expires.  
Should this happen, bankers will have the chance to explore the
AES offer and another by Genting.

Bidding under the Great Energy Alliance Corporation consortium,
AGL is offering equity and subordinated debt holders some AU$165
million.  Equity holders will get about 10 cents in the dollar
and subordinated debt will also get a payout, The Age said.  
Genting offers almost the same deal.

"AES, however, is taking a more hard-nosed approach. It would
offer nothing at all to equity (which was worth AU$1.2 billion
when Loy Yang A was privatized in 1997) or to subordinated debt.
But it would offer significantly more than GEAC's AU$400 million
to the senior debt holders and give them the choice to exit or
stay," The Age said.


NATIONAL INVESTMENTS: Kaye Pledges to Pay Creditors in Two Years
----------------------------------------------------------------
A restructuring plan aimed at getting creditors AU$20-25 million
over two years was presented last week by seminar head Henry
Kaye to Andrew Hewitt, the administrator of his collapsed
property seminar firm, National Investments Institute (NII).

Mr. Hewitt would not comment on the proposal, but admitted it's
a plan "we can work with."  He said the proposal aims to return
funds to the creditors within two years, while the
administration could go on for three to four years.  He
presented the plan to a meeting of the NII creditors committee
Thursday.  It would be voted on at a full creditors meeting on
December 22.

Last Tuesday, Mr. Hewitt warned creditors they would receive
between nothing and 10 cents in the dollar if they voted to
liquidate NII.  This, however, failed to sway the creditors, who
turned down the initial proposal of Mr. Kaye.  NII's creditors
include about 1,000 seminar-goers owed a combined AU$15 million
in refunds after NII was caught falsely promoting its get-rich-
quick schemes as being approved by the Australian Securities &
Investments Commission (ASIC).

ASIC has a pending case against NII before the Federal Court,
which seeks to have Mr. Kaye's personal assets and another of
his companies put into receivership.  ASIC claims Mr. Kaye has
AU$81 million tied up in unsold property.  It is not certain,
however, how much of this properties would be realizable,
especially if he is forced into a fire sale by receivership.

In a related development, NII receiver Andrew McLellan of
specialist consulting firm PPB resigned last week, a spokesman
for his firm said, noting that Mr. Hewitt was effectively
pursuing the assets, and therefore PPB was not needed.

Mr. Kaye told The Australian the resignation was a "mutual
arrangement because as part of the deed of company arrangement
there's no need for a receiver."


PARMALAT FINANZIARA: National Foods Interested in Local Unit
------------------------------------------------------------
National Foods Ltd. is ready and willing to take over the local
unit of Italian food group, Parmalat Finanziara (PRF.MI), Dow
Jones said last week.

"We don't even know whether it's for sale, but we've made
contact with them saying we're interested in acquiring the
Australian operations should they be available," National Foods
spokesman Ian Greenshields told Dow Jones in an interview.

Mr. Greenshields said his company has not made a formal offer to
buy the local business, but has the financial capacity to make a
fast acquisition if Parmalat decides it needs cash quickly to
help pay its debt burden.

"It may represent an opportunity; it may not," he said. "The
talk out of Europe is that they'll have to shrink back to their
Italy base. If they need cash in a hurry, there's a way to get
it."

UBS is advising National Foods.  Parmalat Australia's managing
director, David Lord, wasn't immediately available to comment.

The local unit of Parmalat was established in 1998 via the
AU$436 million purchase of the Queensland-based Paul's milk
business.  The Italian parent risks default after failing to
make a bond payment last week.


PMP LIMITED: S&P Affirms Rating, Modifies Outlook to Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
PMP Ltd. (PMP) to stable from negative. At the same time, the
'BB+' long-term corporate credit rating and debt issue ratings
on PMP were affirmed.

"The outlook revision reflects PMP's strengthening financial
profile and improving cost position, which have tempered
concerns associated with the company's relatively onerous debt-
facility covenant package," said Standard & Poor's credit
analyst Paul Draffin, associate director, Corporate &
Infrastructure Finance Ratings.

"These improvements also should assist PMP to better weather
industry cycles; although, overcapacity during cyclical lows and
industry fragmentation remain key issues for the company."

The rating on PMP, Australia and New Zealand's largest
commercial printer, reflects the mature, cyclical and
competitive nature of the markets in which the company operates,
the high operating leverage of industry players, and the
volatility of key input costs.

Tempering these factors, however, is the company's moderate, and
improving, financial profile and its solid market position.      

For more information, contact:

Paul Draffin (Melbourne)
Phone: (61) 3-9631-2122

Jeanette Ward (Melbourne)
Phone: (61) 3-9631-2075


STARNEX SECURITIES: Windup Ordered; Owner Banned
------------------------------------------------
Emanuele Anthony Camiolo, a Melbourne finance broker, has been
disqualified by the Federal Court from taking part in the
management of companies for a period of two years.  The order
was obtained, by consent, following action by the Australian
Securities and Investments Commission (ASIC).

As part of the same proceeding, the Court previously ordered on
22 October 2002, also by consent, that Mr. Camiolo be restrained
from holding out that he is able to provide any financial
services unless he was able to successfully apply for an
Australian Financial Services License (AFSL), or became an
authorized representative of an AFSL holder.

The Court also made consent orders that Mr. Camiolo's companies
Starnex Securities Pty Ltd, Starnex Capital Ltd, Icorp
Technologies Ltd and Contech Australia Ltd be wound up, and Mr.
Simon Wallace-Smith, of Deloitte Touche Tohmatsu, be appointed
as liquidator.

ASIC alleged that Mr. Camiolo, through his various companies,
engaged in misleading and deceptive conduct and carried on a
financial services business while not being licensed to do so.
ASIC also alleged that the defendant companies Starnex
Securities Pty Ltd, Starnex Capital Ltd, Contech Australia Ltd
and Icorp Technologies Ltd had contravened numerous provisions
of the Corporations Act and were insolvent and unable to pay
their debts as they fell due.

Mr. Camiolo, as director of each of the companies, was alleged
to not have performed the role of director appropriately and was
not fit to be involved in the management of the defendant
companies.

Mr. Camiolo was alleged to have:

     (i) Made representations to clients through Starnex
         Securities Pty Ltd that he would arrange finance
         accepting 'commitment fees' from clients, then failed
         to refund those fees when finance was not approved;

    (ii) Promoted schemes via the internet and magazines for
         self-funding home loans through Contech Australia Ltd;

   (iii) Promoted investment schemes and advertised for
         investors in national newspapers through Starnex
         Securities Pty Ltd; and

    (iv) Applied company funds for his own personal use,
         including house and car repayments and personal
         expenses.

ASIC also alleged that Mr. Camiolo failed to keep proper books
and records, lodge annual returns and failed to notify ASIC of
changes of directors or the addresses of registered offices.

"Being a company director is a position of responsibility and
individuals are required to carry out their duties in accordance
with the Corporations Act," ASIC Director of Enforcement, Mr.
Allen Turton, said. "It is important that directors act with
honesty and integrity. This outcome sends a clear message to not
only company directors, but all those in the financial services
industry that ASIC will take action against those whose conduct
fail to comply with Australian laws."

Previous court action by ASIC against Mr. Camiolo
On 2 June 2003, ASIC obtained Federal Court orders by consent
requiring Mr. Camiolo to attend an examination to answer
questions on oath in relation to an ASIC investigation.

ASIC has the power to require people to attend an examination to
answer questions on oath about a matter that ASIC is
investigating. ASIC commenced proceedings against Mr. Camiolo
after Mr. Camiolo failed, on a number of occasions and without
giving any reasonable excuse, to appear at examinations
following the service on him of two notices compelling him to do
so. ASIC was awarded costs for both proceedings.

ASIC's inquiries are continuing.


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C H I N A  &  H O N G  K O N G
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MORLEY DEVELOPMENT: Winding up Hearing Set January 7
----------------------------------------------------
The High Court of Hong Kong will hear on January 7, 2004 at 9:30
a.m. the petition seeking the winding up of Morley Development
Limited.

Bank of China (Hong Kong) Limited (the successor corporation to
The Yen Yieh Commercial Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong
filed the petition on November 6, 2003.  Tsang, Chan & Wong
represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tsang, Chan &
Wong, which holds office on the 16th Floor, Wing On House, 71
Des Voeux Road Central Hong Kong.


QUEENLEY FASHION: Bank of China Initiates Winding up Proceedings
----------------------------------------------------------------
The High Court of Hong Kong will hear on January 14, 2004 at
9:30 a.m. the petition seeking the winding up of Queenley
Fashion Limited.

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong filed the petition on
November 11, 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.


SHUM KONG: Faces Winding up Hearing in Hong Kong High Court
-----------------------------------------------------------
The High Court of Hong Kong will hear on January 21, 2004 at
9:30 a.m. the petition seeking the winding up of Shum Kong
Industry & Trading (Hong Kong) Company Limited.

Nanyang Commercial Bank, Limited, a banking corporation duly
incorporated in Hong Kong Special Administrative Region of 151
Des Voeux Road Central, Hong Kong filed the petition on November
19, 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.


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I N D O N E S I A
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SEMEN GRESIK: Cemex Sues Govt Before Int'l Arbitration Court
------------------------------------------------------------
Mexican cement maker, Cemex S.A., has opted for arbitration to
resolve its legal tiff with the Indonesian government over a
previous agreement that allows it to own a majority stake in PT
Semen Gresik, Miningindo said.

Cemex Asia, an affiliate, filed the lawsuit before the Center
for Settlement of Investment Disputes last Wednesday.  Based in
Washington D.C., the center was created via international
convention, with Indonesia as one of its members.  Its purpose
is to provide a venue for solving any dispute of investment
between government and citizen under its membership.

"Cemex has fulfilled its commitment to both Semen Gresik Group
and Indonesian Government.  We have given the best contribution
to the development of Semen Gresik and cement industry in
Indonesia," a Cemex Asia press statement reads.

The dispute between Cemex and the government revolves around a
1998 agreement, which granted Cemex the option to increase its
25.5% stake in Semen Gresik to 51% by the end of 2001.  The
agreement was part of the US$290 million deal that gave Cemex a
foothold in Indonesia's largest cement producer, according to
Troubled Company Reporter-Asia Pacific.  Strong opposition from
workers is being blamed for the government's failure to honor
the pact.


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J A P A N
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DAIEI INC.: Asking Creditors to Suspend Debt Collection
-------------------------------------------------------
Daiei Inc. has asked 30 creditor financial institutions other
than its six main creditor banks to suspend debt collection
associated with Daiei's operations in Fukuoka, now that U.S.
investment firm Colony Capital has stepped forward to rescue it
and boost its chances of rehabilitation, according to Kyodo
News. The creditors agreed to grant the request and halted
proceedings for the debt collection, which began on December 2.


HOUEI KENSETSU: Starts Rehabilitation Proceedings
-------------------------------------------------
Houie Kensetsu, K.K., which has total liabilities of 13.5
billion yen against a capital of 100 million yen, has applied
for civil rehabilitation proceedings, according to Tokyo Shoko
Research. The construction and civil engineering firm is located
in Saga-shi, Saga, Japan.


NIPPON KAIKO: Construction Firm Enters Rehabilitation
-----------------------------------------------------
Nippon Kaiko Co. Ltd. K.K., which has total liabilities of 24.5
billion yen against a capital of 200 million yen, has applied
for civil rehabilitation proceedings, according to Tokyo Shoko
Research. The construction firm is located in Kobe-shi, Hyogo,
Japan.


SKYMARK AIRLINES: Expects 1H03 Y470M Net Profit
----------------------------------------------
Skymark Airlines Co. expects a net profit of 470 million yen and
a pretax profit of 490 million yen for the May-October period on
a parent-only basis amid growing revenue and cost-cutting
efforts, reports the Kyodo News. The airline expects to become
profitable for the first time since its was founded in 1996.


SOFTBANK CORP.: Unveils Exercise Price of Stock Options
-------------------------------------------------------
Softbank Corporation announced that the Exercise Price of the
stock acquisition rights to be issued as stock options (Stock
Acquisition Rights) and other related items were decided
pursuant to the resolution of the Board of Directors held on
November 28, 2003.

1. Issue date of Stock Acquisition Rights: December 9, 2003


2. Total number of Stock Acquisition Rights: 14,000

The number of shares to be allotted to each Stock Acquisition
Right is 100 shares.

3. Class and number of shares to be issued upon exercise of
Stock Acquisition Rights: 1,400,000 shares of common stock of
the Company

4. Amount to be paid upon the exercise of each Stock Acquisition
Right

The amount to be paid upon the exercise of each Stock
Acquisition Right: Y436,700

The amount to be paid per share, which is issued upon the
exercise of the Stock Acquisition Rights (the Exercise Price):
Y4,367

The Exercise Price is an amount which is the average of the
closing prices of the Company's shares of common stock on the
Tokyo Stock Exchange on each day (other than any day on which no
sale is reported) of the month immediately preceding the month
in which the issue date of the Stock Acquisition Rights,
December 9, 2003, falls, multiplied by 1.03 with any amount less
than one Japanese Yen arising out of such calculation to be
rounded upward to the nearest Yen.

5. Total paid-in value of the shares of the common stock of the
Company to be issued or transferred upon exercise of all the
Stock Acquisition Rights: Y 6,113,800,000
    
For your reference:

1. Date of resolution of the Board of Directors that decided the
proposal at the ordinary annual general meeting of shareholders:
May 9, 2003

2.Date of resolution of the 23rd ordinary annual general meeting
of shareholders: June 24, 2003


SOFTBANK CORPORATION: JCR Assigns BBB Rating
--------------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB rating to
the bonds of Softbank Corporation.

Issues / Amount (bn) / Issue Date / Due Date / Coupon
euroyen convertible bonds
Y50 / Dec. 30, 2003 / Mar. 31, 2013 / 1.50%
euroyen convertible bonds
Y50 / Dec. 30, 2003 / Mar. 31, 2014 / 1.75%
euroyen convertible bonds
Y50 / Dec. 30, 2003 / Mar. 31, 2015 / 2.00%

Rationale:

JCR announced the upgrade of the long-term rating for Softbank
from BBB- to BBB on August 27, 2003. JCR upgraded the rating,
taking into account the following: Softbank had reduced
interest-bearing debt. It has room for sell-offs of assets.
Lastly, its broadband (BB) business will likely be profitable.
Softbank incurred an operating loss of 39.3 billion yen for the
first half of fiscal 2003 ended September 30, 2003. The amount
of loss was within the scope of the original forecast.

The operating loss on a quarterly basis has been declining,
however. Additionally, Softbank has increased the number of
members for the BB business since the last announcement. The
bond issuance is intended to redeem bonds that will mature in 1-
2 years and to improve the balance between the short-term and
long-term debt.


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K O R E A
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CHOHUNG BANK: Unveils Capital Increase Resolution
-------------------------------------------------
The Board of Directors of Chohung Bank held a meeting on
December 12, 2003 and disclosed that a third party allotment
issuance of 40,000,000 common shares would take place at an
offer price of W5,000 per share to Shinhan Financial Group, a
Company statement said. The subscription and payment date for
the issue was set at December 26, 2003, with dividend rights to
accrue from January 1, 2003.


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M A L A Y S I A
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KSU HOLDINGS: Issues Litigation Update
--------------------------------------
KSU Holdings Berhad refers to the announcement dated October 10,
2003 and announced the following in respect of the outcome of
the Kuala Lumpur High Court Suit No. D6-22-308-03 (D6 Suit)
against Azman Bin Abdul Aziz & 101 others, which was heard in
court on 5th December 2003:

1. The Company's application to stay the Section 150 Order dated
6th October 2003 (the Application for the Stay) and application
for Erinford Injunction (the Application for Erinford
Injunction)

The principal effects of the relief sought for under these
applications are as follows:

- To stay the execution of the Section 150 Order dated 6th
October 2003 (the Order); and

- To restrain the Defendants against dealing with the Company's
shares and/or restrain the exercise of voting rights attached to
those shares on any resolution to remove the present board of
directors at any general meeting.

2. The Court has ordered that:

- The Application for Erinford Injunction and the Application
for the Stay be heard on 11th February 2004;

- The Company's application to strike out the Defendants'
Counterclaim be heard on 9th March 2004; and

- The convening of the extraordinary general meeting (EGM) on
15th December 2003 be vacated pending the disposal of the
Application for Erinford Injunction and clarification of the
terms of the Order as to which party is to convene the EGM.


PARK MAY: Issues Details of Restructuring Scheme
------------------------------------------------
Park May Berhad announced the details of its restructuring
scheme as follows: Items 2.1 to 2.8 hereunder are to be
collectively referred to as the "Proposed Restructuring Scheme".

2.1 Proposed Acquisitions Of Bus Companies

2.1.1 Details Of The Proposed Acquisitions Of Bus Companies
This entails the acquisition by KTB of the following companies
for a total purchase consideration of RM125.0 million to be
satisfied by the issuance of 250.0 million new Shares in KTB at
an issue price of RM0.50 per Share:

(a) 100 percent equity interest in Kenderaan Langkasuka Sdn Bhd
(Langkasuka);

(b) 100 percent equity interest in Kenderaan Klang Banting
Berhad (Klang Banting);

(c) 100 percent equity interest in Kenderaan Labu Sendayan Sdn
Berhad (Labu Sendayan);

(d) 100 percent equity interest in Starise Sdn Berhad (Starise);

(e) 100 percent equity interest in Syarikat Rembau Tampin Sdn
Berhad (Rembau Tampin);

(f) 100 percent equity interest in Transnasional Express Sdn
Berhad (Transnasional);

(g) 100 percent equity interest in Syarikat Kenderaan Melayu
Kelantan Berhad (SKMKB); and

(h) 100 percent equity interest in Syarikat Tanjong Keramat
Temerloh Utara Omnibus Berhad (Keramat).

(The abovementioned companies to be collectively referred to as
"Bus Companies)

The details of the vendors of the Bus Companies (Vendors) are
set out in Table 1 of the Appendix of this announcement.

Upon completion of the Proposed Acquisitions Of Bus Companies,
the Bus Companies will become wholly owned subsidiaries of KTB.


SOUTHERN PLASTIC: Winding Up Hearing Set January 20
---------------------------------------------------
The Board of Directors of Southern Plastic Holdings Bhd
announced that OCBC Bank (M) Bhd have presented a winding
petition on the Company on 18th October 2003. The winding-up
petition has been fixed for hearing on 20th January 2004 at 9
A.M.

The Company is indebted to the OCBC Bank in the sum of
RM4,281,045.02 as at 30th April 2001 together with further
interest accruing thereon from 1st May 2001 till date of full
payment and costs due and owing under a Judgment and an Order
both dated 31st October 2002 awarded by the Penang High Court
vide Civil Suit No 22-370-01.

OCBC Bank has demanded the Company for payment of the judgment
debt by service of a Notice dated 23rd September 2003 pursuant
to Section 218(2)(a) of the Companies Act 1965.

The Directors are confident that the matter will be resolved
promptly. The winding-up petition is not expected to have any
major disruption on the normal operations of the group.


TENAGA NASIONAL: Appoints Lead Manager to Dispose YTL Stake
-----------------------------------------------------------
Tenaga Nasional Berhad has appointed Commerce International
Merchant Bankers Berhad and Avenue Capital Resources Berhad as
its lead manager and joint book runner to dispose of its 4.4
percent or 102 million shares in YTL Power International Berhad,
the Star reports. The national utility has been keen to dispose
of its non-strategic stakes in power generation companies to
reduce its high debt status.


YCS CORPORATION: Releases Default Payment Update
------------------------------------------------
YCS Corporation Berhad announced that it is currently in midst
of addressing its default in payment of interest in respect of
redeemable convertible secured loan stock B (RCSLS-B)
Irredeemable Convertible Unsecured Loan Stock A (ICULS-A) with
the lenders.

YCS Corporation Berhad recently announced that Abdul Rahim Hamid
(NRIC 500607-01-5171) and Chew Hoy Ping (NRIC 570704-06-5369),
both of PricewaterhouseCoopers Advisory Services Sdn Bhd, have
been appointed Receivers and Managers (Receivers) of the
property and undertakings of a subsidiary company, Sanjung Utama
Sdn Bhd, by AmFinance Berhad as per their letter dated September
18, 2003, TCR-AP reports. AmFinance Berhad appoints the
Receivers under the powers contained in a debenture dated
February 10, 1999.


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


BENPRES HOLDINGS: Clarifies Maynilad Debt Payment Report
--------------------------------------------------------
Benpres Holdings Corporation clarifies the news article entitled
"Lopez family's Benpres could be made to pay Maynilad debts"
published in the December 10, 2003 issue of the BusinessWorld.
The article reported that" "That Supreme Court yesterday raised
the possibility of requiring Lopez-controlled Benpers Holdings
Corporation to answer for at least 30 percent of the debts of
its subsidiary, Maynilad Water Services Inc. This is to resolve
Maynilad's financial dispute with state-run Metropolian
Waterworks and Sewerage System (MWSS). In a public hearing, the
court's first division said a 'substitution of debtors' would
enable state-run MWSS to draw $98.9 million from Maynilad's
$120-million performance bond to pay off creditors without
prejudicing the rehabilitation of the Lopez-led water firm.

Benpres Holdings Corporation (BPC), in its letter dated December
12, 2003, stated that:

"According to the counsel of Maynilad, the 'substitution of
debtors' is not in the resolution of the Supreme Court. Thus, we
cannot comment on this alleged statement of the Supreme Court."


BENPRES HOLDINGS: In Talks With Government on Maynilad
------------------------------------------------------
Benpres Holdings Corporation is in talks with the Metropolitan
Waterworks and Sewerage System (MWSS) on the settlement of a
dispute over the operation of water utility Maynilad Water
Services Inc., according to Dow Jones. MWSS is seeking the
settlement of unpaid concessions fees from Maynilad for the
latter's operation of one of metropolitan Manila's water
utility, which used to be operated by MWSS prior to its
privatization in 1998.

Maynilad wanted to return the concession in view of MWSS'
alleged failure to honor some contractual obligations, but an
international arbitration panel stopped it from doing so. Last
month, Maynilad went to court and secured a debt relief order.
Local newspapers have reported that Benpres has offered to MWSS
a 30 percent stake in Maynilad to settle US$20 million in debt.


MANILA ELECTRIC: Files Motion for Reconsideration on Refund
-----------------------------------------------------------
The Manila Electric Company (Meralco) has sought for the
reconsideration of the Energy Regulatory Commission (ERC)'s
order dated November 24, 2003 which shortened the refund period
of Phase III of the refund from 24 months, as proposed by the
power service provider, to six months, a Company statement said.

In its motion for reconsideration, Meralco moved that the refund
period be extended to 12 months, as the shortened period will
result in severe cash flow difficulties for the Company.
"Requiring applicant to refund the aggregate amount of P4.9 B
within the first six months of 2004 (January to June) will put
tremendous strain on its cash flows as it will coincide with
payments to be made on applicant's long term debt of about P 3.9
B, which will be maturing during the same six months period,"
Meralco said.


This does not include the P4.32 billion in short-term loans due
in also in January 2004, Meralco said. As a result, amounts
budgeted for normal operations, as well as capital expenditures,
will have to be reduced, to the detriment of its service to
customers, it said. "Extending the refund period to 12 months,
from January to December 2004, will render the implementation of
Phase III feasible, said Meralco's Senior Asst. Vice-President
and Refund Management Task Force Head Leo Mabale. "Originally
our first proposal was for a refund period of 24 months.

In effect, the payment period we proposed in our motion for
reconsideration is shorter than our initial proposal to ERC,"
Mabale added. "In addition, our proposed customer groupings will
allow more than 70 percent of those eligible in this phase to
get their refund within the first six months of 2004," Mabale
said. The Refund Management Task Force Chief also stressed that
under Phase 3, 822,000 customers are expected to benefit
representing 16 percent of Meralco's total customers. By the end
of this year around 82 percent of Meralco's customers covered by
Phase 1 and 2 would have benefited from Meralco's refund
implementation. Phase III covers active residential and general
services (RG/S) customers who consumed more than 300 kWh in the
April 2003 bill. RG/S services whose contracts were terminated
on or before April 30, 2003 and who the refund likewise covers
consumed more than 300 kWh in their last month's complete bill.


NEXSTAGE INC.: Board OKs Quasi-reorganization Scheme
----------------------------------------------------
This is in reference to Circular for Brokers Nos. 3280-2003
dated October 14, 2003 and 3783-2003 dated November 27, 2003,
pertaining to the Board of Directors and Stockholders' approval
of the quasi-reorganization of Nextstage, Inc. (NXT).

In relation thereto, the Company, in its letter dated December
9, 2003, which was received by the Exchange on December 10,
2003, advised the following updates regarding the aforementioned
matter:

1. The Company is undergoing quasi-reorganization in order to
wipe out its deficit as of 31 December 2002 in the amount of P
184,155,691.00.

2. (a) The resulting reduction surplus from the quasi-
reorganization is P 216,205,392.00, which will be used to fully
wipe off the Company's deficit as of 31 December 2002.

   (b) Effects of Quasi-Reorganization on number of shares: NONE
Before Quasi-Reorganization. After Quasi-Reorganization

No. of issued and 270,256,740 shares 270,256,740 shares and
outstanding shares

No. of listed shares 268,256,740 shares 268,256,740 shares

   (c) Effect of Increase in Par Value from P0.20 to P1.00 on
number of shares Before After

No. of issued and 270, 256,740 shares 54,051,348 shares and
outstanding shares

No. of listed shares 268,256,740 shares 53,651,348 shares

3. At present, the Company filed with the SEC its application
for decrease of capital via a reduction of its par value from
P1.00 to P0.20. Immediately upon approval thereof, the Company
will file its application for amendment of its par value, after
the quasi-reorganization, from P0.20 to P1.00. It is desired
that the SEC approve the quasi-reorganization within the month
of December 2003. In this regard, the Company shall be liaising
with the Exchange for the suspension of the trading of the
Company's share before the approval of the pending applications
in the SEC in order to effect the orderly adjustment of number
of shares per stockholder by the time said applications are
approved by the SEC. Thereafter, the Company will advise the
stockholders of the availability of new certificates reflecting
the adjusted number of shares for subsequent transactions
covering the Company's shares.

Stock certificates bearing the unadjusted number of shares will
be honored subject to adjustment of the number of shares in
accordance with the foregoing exercise.

4. Effects of Quasi-Reorganization Before Capital Change in par
Change in par After Capital Restructuring value from value from
Restructuring (Current) P1.00 to 0.20 P1.00 to 0.20ACS
P500,000,000 P100,000,000 P100,000,000 P100,000,000

Issued 270,256,740 shares 270,256,740 shares 54,051,348 shares
54,051,348 shares & Outstanding.

Shares: Listed 268,256,740 268,256,740sh 53,651,348sh 53,651,348
Shares Par Value P1.00 P0.20 P1.00 P1.005. Movement in total
shareholders' equity account."


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


AVO ELECTRICAL: Issues Dividend Notice
--------------------------------------
Avo Electrical & Trading Co Pte Ltd. issued a notice of intended
preferential dividend as follows:

Address of Registered Office: Formerly of 159B Kitchener Road,
Singapore 208530.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 122 of 2000.

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.


CHUANG QIN: Releases Winding Up Order Notice
--------------------------------------------
Chuang Qin Pte Ltd issued a notice of winding up order in the
matter of Chuang Qin Pte Ltd. as follows:

Winding Up Order made on the 28th day of November 2003.

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

Messrs RAJAH & TANN
Solicitors for the Petitioner.


DENKO INDUSTRIAL: Creditors OK Restructuring Scheme
---------------------------------------------------
Denko Industrial Corporation Berhad refers to the announcement
dated 30 December 2002 and 1 December 2003 in relation to the
proposed two-call rights issue, which forms part of the PCDRS.

The Company announced that the Board of Directors, after careful
deliberation, has decided to implement the proposed two-call
rights issue after the completion of the proposed capital
reconstruction, the proposed acquisitions, the proposed debt
settlement and the listing and the quotation of the new ordinary
shares of RM1.00 each in Denko, the cumulative irredeemable
convertible preference shares, the irredeemable convertible
unsecured loan stocks and warrants, to be issued pursuant to the
PCDRS, on the Second Board of the Kuala Lumpur Stock Exchange.
In this regard, the Board of Directors of Denko are of the view
that the success and objective of the proposed two-call rights
issue will be optimized if implemented after the Practice Note
4/2001 status of Denko is uplifted.


FHTK HOLDINGS: Issues Notice of Shareholder's Interest
------------------------------------------------------
Fhtk Holdings Ltd issued a notice of changes in substantial
shareholder Citibank N.A. (Singapore)'s interest:

Date of notice to Company: 08 Dec 2003
Date of change of shareholding: 05 Dec 2003
Name of registered holder: Citibank Nominees Singapore Pte Ltd
Circumstance(s) giving rise to the interest: Sales in open
market at own discretion

Information relating to shares held in the name of the
registered holder:  
No. of shares which are the subject of the transaction: 250,000
% of issued share capital: 0.02
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.095
No. of shares held before the transaction: 24,596,320
% of issued share capital: 1.998
No. of shares held after the transaction: 24,346,320
% of issued share capital: 1.978

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed Direct
No. of shares held before the transaction: 0      92,917,000
% of issued share capital:                 0      7.549
No. of shares held after the transaction:  0      92,667,000
% of issued share capital:                 0      7.529
Total shares:                              0      92,667,000

No. of Warrants Nil
No. of Options Nil
No. of Rights Nil
No. of Indirect Interest Nil


KHO CHOON: Winding Up Hearing Set January 9
-------------------------------------------
The petition to wind up Kho Choon Keng is set for hearing before
the High Court of the Republic of Singapore on January 9, 2004
at 10 o'clock in the morning. Kho Choon Kian and Kho Choon Joo
filed the petition with the court on November 21, 2003.

The Petitioners' solicitors are Messrs Rajah & Tann of No. 4
Battery Road, #15-01 Bank of China Building, Singapore 049908.
Any person who intends to appear on the hearing of the petition
must serve on or send by post to Messrs Rajah & Tann 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).


LIAN KENG: Schedules Winding Up Hearing January 9
-------------------------------------------------
The petition to wind up Lian Keng Enterprises Pte Ltd. is set
for hearing before the High Court of the Republic of Singapore
on January 9, 2004 at 10 o'clock in the morning. Kho Choon Kian
and Kho Choon Joo filed the petition with the court on November
21, 2003.

The Petitioners' solicitors are Messrs Rajah & Tann of No. 4
Battery Road, #15-01 Bank of China Building, Singapore 049908.
Any person who intends to appear on the hearing of the petition
must serve on or send by post to Messrs Rajah & Tann 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).


SUNCO POWER: Petition to Wind Up Pending
----------------------------------------
The petition to wind up Sunco Power Singapore Pte Ltd. (formerly
known as Funco Industrial (Singapore) Pte Ltd) is set for
hearing before the High Court of the Republic of Singapore on
January 9, 2004 at 10 o'clock in the morning. Eng Seng
Construction (Pte) Ltd., a creditor, whose address is situated
at 24 Senoko Avenue, Singapore 758310, filed the petition with
the court on November 10, 2003.

The Petitioners' Solicitors are Messrs Nathan Isaac & Co, 1
North Bridge Road, #21-07 High Street Centre, Singapore 179094.
Any person who intends to appear on the hearing of the petition
must serve on or send by post to Messrs Nathan Isaac & Co. a
notice in writing not later than twelve o'clock noon of the 8th
day of January 2003 (the day before the day appointed for the
hearing of the Petition).


TERRAMAR HOLDINGS: Creditors Must Submit Claims by January 5
------------------------------------------------------------
The creditors of Terramar Holdings Asia Pte Ltd (In Voluntary
Liquidation) which is being voluntarily wound up are required on
or before the 5th day of January, 2004 to send in their names
and addresses with particulars of their debts and claims and the
names and addresses of their solicitors (if any) to the
undersigned Liquidator c/o Messrs Wee Seng Tiong & Co., 1
Coleman Street, #06-10 The Adelphi, Singapore 179803 and, if so
required by notice in writing from the Liquidator, are by their
solicitors or personally to come and prove their debts and
claims at such time and place as shall be specified in such
notice or in default thereof, they will be excluded from the
benefit of any distribution made before such debts and claims
are proved.

WEE HUI PHENG
Liquidator.
Singapore, 1st December 2003.


WEE POH: Issues Notice of Book Closure
--------------------------------------
Notice is hereby given that the Register of Members and share
transfer books of Wee Poh Holdings Limited will be closed from 5
P.M. on 26 December 2003 (the Books Closure Date) for the
purpose of determining the entitlements of Shareholders with
registered addresses in Singapore as at the Books Closure Date,
or who have, at least five (5) market days prior to the Books
Closure Date, provided to the Company or The Central Depository
(Pte) Limited (CDP), as the case may be, addresses in Singapore
for the service of notices or documents (Entitled Shareholders)
under the Rights Issue.

Entitled Shareholders (being depositors) whose securities
accounts with CDP are credited with Shares as at 5:00 p.m. on
the Books Closure Date will be provisionally allotted the Rights
Shares on the basis of the number of Shares standing to the
credit of their securities accounts with CDP as at 5:00 p.m. on
the Books Closure Date.

Entitled Shareholders (being depositors) whose securities
accounts with CDP are credited with Shares having registered
addresses outside Singapore, may provide CDP at 4 Shenton Way
#02-01, SGX Centre 2, Singapore 068807, with registered
addresses in Singapore for the service of notices or documents
no later than 5 P.M. on 18 December 2003, being (5) market days
prior to the Books Closure Date.

Entitled Shareholders whose Shares are not registered in the
name of the CDP, and whose names appear in the Register of
Members as at 5 P.M. on the Books Closure Date, will be
provisionally allotted the Rights Shares on the basis of the
number of Shares held by them as stated in the Register of
Members as at 5 P.M. on the Books Closure Date.

Duly completed and stamped transfers in respect of Shares not
registered in the name of CDP together with all relevant
documents of title received by the Company's Share Registrar,
Lim Associates (Pte) Limited at 10 Collyer Quay, #19-08 Ocean
Building, Singapore 049315 prior to 5:00 p.m. on the Books
Closure Date will, subject to the Articles of Association of the
Company, be registered before the determination of the Entitled
Shareholders' provisional allotments of Rights Shares under the
Rights Issue.

Shareholders (whose Shares are not registered in the name of
CDP) having registered addresses outside Singapore, may provide
the Company's Share Registrar, Lim Associates (Pte) Limited at
10 Collyer Quay, #19-08 Ocean Building, Singapore 049315, with
registered addresses in Singapore for the service of notices and
documents no later than 5 P.M. on 18 December 2003, being five
(5) market days prior to the Books Closure Date.


WEE POH: Unit Proposes Scheme of Arrangement
--------------------------------------------
The Directors of Wee Poh Holdings Limited announced that its
principal subsidiary, Wee Poh Construction Co. (Pte) Ltd.
(hereinafter referred to as the Subsidiary) is proposing a
Scheme of Arrangement (the Scheme) with its unsecured creditors
(the Unsecured Creditors).

The Subsidiary is also requesting the High Court (the "Court) to
grant a stay of all actions or proceedings against the
Subsidiary (including execution proceedings) pursuant to Section
210(10) of the Companies Act, Chapter 50 of Singapore, save with
the leave of and subject to such terms as the Court may impose.

The Scheme is an exercise to restructure the debts of the
Subsidiary so that:

(1) The Subsidiary and its group of companies will emerge more
stable financially with improved working capital position; and

(2) The Unsecured Creditors will receive more for the debts
owing to them by the Subsidiary than they otherwise would in the
event of a liquidation of the Subsidiary.

Shareholders should take note that the Scheme is being proposed
by the Subsidiary and that the Company is involved to the extent
that the Company is proposing to issue up to 300,000,000 new
shares to the Unsecured Creditors of the Subsidiary (the "New
Shares).

In fulfillment of a condition of the strategic issue of new
shares for cash which was completed on 28 August 2003 (the
"Strategic Issue), the Company is in the process of undertaking
a renounceable underwritten rights issue (the "Rights Issue) on
the basis of two rights shares for every one existing share held
(excluding the shares issued pursuant to the Strategic Issue).
Based on the enlarged share capital of the Company after the
Rights Issue (which is expected to be completed before the issue
of the New Shares) and the successful implementation of the
Scheme, the New Shares to be issued pursuant to the Scheme would
represent only 12.5 percent of the then issued share capital of
the Company.

Background

One of the original intentions of the Company in undertaking the
Strategic Issue was to use part of the proceeds to improve the
financial position and working capital of the Subsidiary.

Shareholders will remember that the Strategic Issue and a best
effort conversion (the "Best Effort Debt Conversion) of S$4
million in debts owed by the Subsidiary to 46 creditors (who
were issued shares in the Company) were finally completed on 28
August 2003 - after experiencing inadvertent delays.

Some of the adverse and uncontrollable impacts suffered during
the period of delay which had and could adversely affect the
Subsidiary for at least the next 12 months are:

(1) The Subsidiary did not and could not secure any new
construction projects in the meanwhile and the board of
Directors (the "Board) believes that the Subsidiary is unlikely
to secure any new construction projects in the immediate future.
However, the Subsidiary had to maintain a certain amount of
fixed overheads and resources in order to complete its existing
projects.

(2) The construction industry in Singapore continues to be very
competitive. Moreover, owing to the Subsidiary's protracted
difficulties, suppliers and sub-contractors had insisted on cash
payment, and terms and prices were generally not as favorable as
before. These had impinged on the Subsidiary's operations,
project costing, business prospects and cash flows.

One of the immediate tasks of the newly constituted Board of the
Company in the weeks since September 2003 had been to review the
impact of such inadvertent delays and the prevailing business
factors on the business of the Subsidiary.

It has also recently come to the attention of the Board that the
Subsidiary is facing an additional income tax assessment by the
tax authorities in respect of past financial years. The
Directors are seeking professional advice and conducting their
own verification of the relevant facts and circumstances. In any
event, as a matter of prudence, a provision of approximately
S$1.8 million has been recorded in the audited financial
statements of the Subsidiary for the financial year ended 30
June 2003.

Further, based on the un-audited financial statements of the
Subsidiary for the four months ended 31 October 2003, the
Subsidiary achieved revenue of approximately S$10.2 million and
suffered a loss of approximately S$6.2 million. Please note that
the Subsidiary's auditors have not reviewed these unaudited
financial statements.

The Board has concluded that without a scheme of arrangement,
the financial condition of the Subsidiary may deteriorate.
Moreover, the Board will provide as much support as possible to
the Subsidiary's commitments to complete its existing projects
and observe the terms of the banking facilities granted to it
(which will incidentally have the impact of freeing the Company
from our contingent liabilities under corporate guarantees
extended to secure performance bonds and banking facilities for
the benefit of the Subsidiary) and of the Subsidiary's good
faith intention to use its best efforts to repay its creditors
as much as it reasonably can.

Therefore, it was decided that the Subsidiary should undertake
the Scheme. The Directors believe that the Scheme will achieve
two objectives:

(1) The Subsidiary and its group of companies will emerge more
stable financially and their working capital position will
improve; and

(2) The Unsecured Creditors will receive more for the debts
owing to them by the Subsidiary than they otherwise would in the
event of a liquidation of the Subsidiary.

As a show of support for the Subsidiary, the Company shall,
under the terms of the proposed Scheme, capitalize an aggregate
amount of approximately S$5.6 million owing by the Subsidiary to
the Company and our subsidiaries, namely, Wee Fong Construction
Pte Ltd and W & P Management Services Co. Pte Ltd, into shares
in the Subsidiary.

The Directors believe that the completion of the Scheme is also
in the best interests of the Company and our subsidiaries (the
Group). Upon successful completion of the Scheme, practically
all the liabilities of the Subsidiary owed to the Participating
Creditors (as defined below), as well as the amount of
approximately S$5.6 million owed to the Company and our
subsidiaries, namely, Wee Fong Construction Pte Ltd and W & P
Management Service Co. Pte Ltd, by the Subsidiary, shall be
capitalized (into shares in the Company and the Subsidiary,
respectively) to restore the financial position of the
Subsidiary. Moving ahead, under the leadership of our new
management, the Subsidiary will be extremely selective and
meticulous in tendering for future construction projects, taking
into account the weak profit margins and the highly competitive
bidding environment prevalent in the construction industry in
Singapore.

Salient terms of the Scheme

Under the terms of the Scheme, the Unsecured Creditors
participating in the Scheme (the Participating Creditors) would
be issued up to 300,000,000 new ordinary shares of S$0.005 each
(New Shares) in the Company at an issue price of S$0.05 each in
full and final settlement of all or part of the debts owed to
them by the Subsidiary of approximately S$14.2 million in
aggregate as at 31 October 2003.

The Participating Creditors shall be classified as two separate
classes as follows:

(1) The Unsecured Creditors of the Subsidiary excluding (i)
utilities and essential services providers; (ii) secured
creditors; (iii) claims of contingent creditors; and (iv)
Preferential Creditors (as defined below); and

(2) The Unsecured Creditors of the Subsidiary whose unsecured
claims against the Subsidiary rank in priority pursuant to
Section 328(1)(b) to (g) of the Act (the "Preferential
Creditors).

For the avoidance of doubt, in the event that the Scheme manages
to garner the votes of the requisite majority of one class of
creditors but not the other class, the Scheme shall proceed for
the first mentioned class of creditors as if the original
intention was to include only them in the Scheme.

The consideration for the issue of the New Shares by the Company
to the Participating Creditors, shall be that each Participating
Creditor as beneficial owner irrevocably assigns absolutely to
the Company, free from all liens, charges and other
encumbrances, all the Participating Creditor's present and
future rights, title and interest in and to, and all benefits
accrued and to accrue to the Participating Creditor in respect
of 100 percent of the claim against the Subsidiary and admitted
for the purpose of the Scheme (the "Assigned Debt). Such
assignment is to take effect on the date of allotment and issue
of the New Shares to each Participating Creditor. Upon the above
assignment coming into effect, the Company shall subordinate its
rights and claims under the Assigned Debt to all payments which
are owing by the Subsidiary to the Participating Creditors.

Approvals Required

The following approvals, amongst others, will be required to
effect the Scheme:

(1) The approval of the Scheme by a majority in number
representing not less than three-fourths in value (75.0 percent)
of the Unsecured Creditors of the Subsidiary present and voting
at a meeting to be convened by order of the Court;

(2) The approval of Shareholders of the Company for the
allotment and issue of up to 300,000,000 New Shares pursuant to
the Scheme;

(3) The approval in-principle of the Singapore Exchange
Securities Trading (the "SGX-ST) for the listing and quotation
of such New Shares; and

(4) The sanction of the Court for the Scheme.

An application will be made to the SGX-ST for the listing and
quotation of the New Shares to be issued pursuant to the Scheme
and a circular to Shareholders will be issued to convene an EGM
of the Company to seek their approval for the allotment and
issue of these New Shares in due course. The Company will also
make an appropriate announcement once it receives the Court
order calling for a meeting of the Unsecured Creditors to
consider the Scheme.


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


INDUSTRIAL FINANCE: 'BB+' Ratings Off WatchNeg; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
negative implications its 'BB+' long-term ratings on Industrial
Finance Corp. of Thailand (IFCT).  The ratings had been placed
on WatchNeg on October 10, 2003.  The outlook is negative.  The  
'BB+' long-term and 'B' short-term ratings on IFCT were
affirmed.
    
The negative outlook reflects Standard & Poor's opinion that the
likely merger between IFCT and BankThai Public Co. Ltd.
(BankThai), may not only weaken the combined entity's financial
profile, but may also diminish the quasi public policy role
currently played by IFCT. The merger could signal a change in
the strategic direction of IFCT, and is likely to pose a
degree of uncertainty over the role to be played by the
institution after the amalgamation. Standard & Poor's also has
concerns about the impact arising from the merger on IFCT's
capitalization and asset quality, considering BankThai's legacy
of problematic loans. At this point in time, no other details
are available, although the expected timeframe for the
completion of the merger is dependent on the mode of approval
sought and could drag on beyond mid-2004.
     
The ratings on IFCT, however, recognized the existing credit
profile of the institution. Also, based on the result for the
nine-month period ended Sept. 30, 2003, IFCT has recorded
improvement in its operating profitability, as evident from pre-
provision net operating income ratio of 1% (compared with 0.4%
at fiscal year ended Dec 2002). This improvement was largely
supported by ongoing initiatives taken to refinance some of
IFCT's costlier debts and reduce pressure on margins. However,
the asset quality of IFCT remains weak, with re-entry NPLs
continuing to afflict the institution. For the period ended
September 2003, IFCT's ratio of NPLs (by local regulatory
definition) was 12.5% (compared with 10.8% at fiscal
year-end 2002).

Although, the increase in capital of THB3 billion (US$76
million) following the issuance of 800 million new registered
common shares that were completed in July 2003, will help IFCT
to partially address the lingering problem loans.

For more information, contact:  

Terry Chan (Hong Kong)
Phone: (852) 2533-3590

Manggi Habir (Singapore)
Phone: (65) 6239-6308


THAI MILITARY: Outlook of Financial Strength Rating Positive
------------------------------------------------------------
Moody's Investors Service changed its outlook for Thai Military
Bank's (TMB.TH) E+ bank financial strength rating to positive
from stable.  No other ratings were affected; the outlook for
TMB's Ba2/Not Prime deposit ratings and Ba3 subordinated debt
rating remain stable.

Moody's said the outlook change reflected TMB's improved
economic capital position, after the rights issue and the
government's purchase of baht 23.9 billion (net) in non-
performing loans and foreclosed assets in September 2003.
Moody's estimates that with the November and December retirement
of the bank's expensive capital-qualifying subordinated debt and
SuperCaps, TMB's economic capital is still marginally positive.
The recent installation of a commercially more experienced board
of directors is also a positive factor, the rating agency noted.

Moody's said that it would be watching TMB's 2004 results to
determine if and when the benefits of its cleaner balance sheet
could translate into sustainable core earnings. The appointment
of a permanent top management team and its success in
redesigning the bank's lending strategy will also be important
factors when considering TMB's financial strength rating.

Thai Military Bank is Thailand's sixth largest bank. It had
total assets of baht 381billion (US$ 9.6 billion) on September
30, 2003. The Thai military's aggregate stake in TMB has
declined significantly since the Asian financial crisis of 1997
and now stands at 10.4%. The Thai Ministry of Finance is the
largest shareholder with 40.6%.


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

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