TCRAP_Public/031216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, December 16, 2003, Vol. 6, No. 248

                            Headlines

A U S T R A L I A

AMP LIMITED: Court Approves Proposed Demerger
AMP LIMITED: Posts Changes in FTSE Indices After Demerger
AMP LIMITED: Westpac Bank Denies Rumored Takeover Plans
EPIC ENERGY: Appeals Tribunal Allows Firm to Set Higher Tariff
LAWYERS PRIVATE: ASIC Sues Brisbane-base Law Firm

MAYNE GROUP: Woolworths Denies Eyeing Pharmaceuticals Unit
NEW TEL: Whistleblower Raps ASIC for Shelving 'Insider' Scam


C H I N A  &  H O N G  K O N G

PAK NGAI: Faces Winding up Petition Before Hong Kong High Court
WONDER WAY: Kaufmann Continental Initiates Winding up Procedures
YUE XIU: Winding up Hearing Scheduled Next Week


I N D O N E S I A

BANK INTERNASIONAL: Payment for 71% Stake Expected Next Week
BANK NEGARA: Expect Management Shakeup Soon, Says Govt Minister
SEMEN GRESIK: Government May Ask Third Parties to Buy out Cemex


J A P A N

ASHIKAGA BANK: Government Considers Ikeda Appointment
MARUBENI CORPORATION: Gets Tax Breaks Under Industrial Rehab Law
NIPPON KAIKO: Resona Issues Notice on Rehab Proceedings
NIPPON MINING: JCR Affirms BBB- Rating
NIPPON TELEGRAPH: Issues Notice of Shares Repurchase

* November Corporate Bankruptcies Down 21%, Teikoku


K O R E A

CHOHUNG BANK: Shinhan Plans Y200B Won Injection
HANARO TELECOM: Unveils 2003 November Subscriber Numbers
HANARO TELECOM: Launches New Phone Card Product
KOOKMIN BANK: Participates in Government Auction For Stake Sale
LG CARD: Domestic Investors Must Buy Firm, Experts Say


M A L A Y S I A

HIAP AIK: Compulsory Winding Up of Subsidiary
KELANAMAS INDUSTRIES: KLSE Reprimands Firm
NALURI BERHAD: Issues Restructuring Update
NCK CORPORATION: Shaliza Files Suit Against White Knight
TIMBERMASTER INDUSTRIES: Appoints Administrators on December 13

UNIPHOENIX CORPORATION: Issues Rescue Scheme Update
WING TIEK: Proposes Debt Restructuring Scheme


P H I L I P P I N E S

ABS-CBN BROADCASTING: Set to Reduce Debt by P1.9B Next Year
BACNOTAN CONSOLIDATED: Appoints New Chairman
NATIONAL POWER: Power Generation Output up 5.48% in Jan-Sept
NATIONAL STEEL: LNM Offers P2B Upfront to Restart Firm


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Post Changes in Shareholder's Interest
EFG FINANCIAL: Releases Notice to Creditors
ERICSSON TREASURY: Creditors Must Submit Claims by January 12
L&M GROUP: Unveils Financial Results
NATSTEEL LIMITED: Issues Management Changes

SINGAPORE LEASING: Creditors First Meeting Set January 8
SGK PTE: Unveils December 6 AGM Resolutions
SUNTAX INDUSTRIES: Issues Dividend Notice
VITRAUX PTE: Creditors Final GM Set January 12


T H A I L A N D

THAI MILITARY: Finance Ministry to Make Sale Decision Next Month

* BOND PRICING: For the week of December 15-19, 2003

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Court Approves Proposed Demerger
---------------------------------------------
AMP Limited has received Federal Court approval for its
demerger, following its proposal's overwhelming shareholder
endorsement last week.  AMP has now lodged the Court Order with
ASIC, clearing the way for the demerger to proceed irrevocably.

This means two independent entities -- AMP in Australasia and
HHG in the United kingdom -- are expected to be listed
separately within two weeks.

AMP Chief Executive Officer Andrew Mohl said he was delighted
that Court approval had been received slightly ahead of
schedule, given the tight timetable that was put in place
earlier this year.

"For all the hard work, however, the demerger is just the
beginning of a new era for both AMP and HHG," Mr. Mohl said.  
"In 2004, we need to demonstrate through enhanced operational
performance why the demerger was the best solution for the
company and shareholders."

Mr. Mohl said the effective date of the demerger would now be
Friday, December 12, 2003.  Today (December 12, 2003), the first
tangible evidence of the new AMP has taken place with the name
change of asset management subsidiary AMP Henderson Global
Investors Limited to AMP Capital Investors Limited.

AMP shares will still trade cum-entitlement on Monday, December
15.

The details of the take-up of the Rights Offer by AMP
shareholders will also be announced on December 15.  Over the
following two days, any unsubscribed shares will be placed
through an institutional bookbuild.

AMP shares will be placed in a trading halt while the bookbuild
is held.  The fully underwritten Rights Offer will raise A$1.2
billion, which will be used to redeem AMP's Reset Preferred
Securities (RPS).

The bookbuild price and outcome of the Rights Offer will be
announced on December 17.  AMP shareholders who participated in
the Rights Offer will receive a 10% discount to this bookbuild
price in relation to their rights entitlements.  On December 18
AMP shares will begin trading ex-entitlement, which means they
will trade as the new AMP, without HHG.  The Record Date for
determining entitlements to HHG shares is December 19.

For AMP shareholders who participate in the AMP Rights Offer,
statements for their additional shares in AMP should be received
in early January.  Shareholders who chose not to participate in
the AMP Rights Offer should receive their payment of 8.2 cents
per share for the value of their rights at this time.

It is expected that RPS Holders will be issued a notice of
redemption on December 23 and redemption payments received
around January 14, 2004.

CONTACT:  AMP LIMITED
          Level 24, 33 Alfred Street
          Sydney NSW 2000 Australia
          ABN 49 079 354 519
         
          Mark O'Brien
          Phone: +61 2 9257 7053


AMP LIMITED: Posts Changes in FTSE Indices After Demerger
---------------------------------------------------------
Following the recent shareholder agreement for the demerger of
HHG (designated U.K. constituent) from AMP (Australian
Constituent), subject to completion of the Scheme of Arrangement
and in accordance with listing particulars, these changes to the
FTSE All-World index are expected to occur:

December 18, 2003: AMP expected to commence trading ex-
entitlement to HHG.  In order to maintain a balanced weighting
in the index, HHG will be added to the index based on the
equivalent weighting adjustment to AMP.

December 23, 2003: HHG expected to commence trading on the
London Stock Exchange and Australian Stock Exchange.  HHG will
become a U.K. constituent of the FTSE All-World index after
close (i.e. effective December 24).  The share weighting in HHG
will also reflect the new shares resulting from the Global
offer.  The number of shares in AMP is expected to reflect the
new shares resulting from the AMP rights issue and capital
adjustment.

As the total number of shares in issue (post demerger) for both
HHG and AMP is still to be determined, FTSE will issue a further
notice to confirm index share weightings as soon as the outcome
is known.  This is currently expected to be after the close on
December 19, 2003.

With effect from December 1, 2003, use and redistribution of
SEDOLs is subject to a separate license from London Stock
Exchange.  Please contact the London Stock Exchange for further
information on +44 (0)20 7797 3009 or via email
sedol@londonstockexchange.com


AMP LIMITED: Westpac Bank Denies Rumored Takeover Plans
-------------------------------------------------------
Finally, Westpac CEO David Morgan admitted he had a "long chat"
with AMP counterpart, Andrew Mohl, when they shared a flight to
the U.S. several weeks ago, The Sydney Morning Herald said
Friday.

The bank is viewed as a possible "white knight" for AMP along
with the National Australia Bank (NAB), but unlike NAB, Westpac
has consistently denied it is remotely considering a takeover.

"We had a long chat and a few glasses of champagne but it was
completely inadvertent," Dr. Morgan told reporters.

He said the bank was "very happy" with its wealth management
acquisitions, BT and Rothschild, and had "filled most of our
strategic capability gaps in wealth management."  

"Therefore, there is no great strategic capability gap to be
filled," Dr. Morgan added.   Chairman Leon Davis also said the
bank was very disciplined even though it looked at all sorts of
prospects.


EPIC ENERGY: Appeals Tribunal Allows Firm to Set Higher Tariff
--------------------------------------------------------------
The Australian Competition Tribunal allowed Epic Energy to set a
higher tariff than the Australian Competition and Consumer
Commission had previously determined.  The move assures the
troubled power distributor of at least AU$54 million in revenues
per year for five years, according to Asia Pulse.

The commission had earlier pegged a benchmark tariff of
AU$0.4052, lower than Epic's proposed AU$0.4958 for the Moomba
to Adelaide pipeline system.  On appeal, the tribunal set the
tariff at AU$0.4436 for the first year covered by the Tribunal's
determination.

ACCC Chairman Graeme Samuel said the consumer watchdog won't
challenge the ruling.  "The decision primarily relates to the
facts of the case rather than legal principles and the ACCC will
be guided by the finding in future decisions."
           
On another note, Epic is currently peddling its Dampier-Bunbury
pipeline to help pay AU$1.85 billion in bank loans that will
fall due March next year.


LAWYERS PRIVATE: ASIC Sues Brisbane-base Law Firm
-------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
commenced civil proceedings in the Federal Court in Brisbane
against Lawyers Private Mortgages Pty Ltd (LPM), a nominee
company of the Brisbane legal firm McCarthy Durie Ryan Neil
Solicitors (MDRN), and each of the firms' partners.

ASIC has brought proceedings against LPM and Jonathan McCarthy,
Bruce Durie, Philip Ryan and Ian Neil, on behalf of 39 investors
involved in a solicitors' mortgage scheme that the defendants
promoted and managed.

ASIC's application is for damages, interest and costs relating
to breaches of contract, negligence, breach of trust and alleged
contraventions of the Corporations Act in relation to their
promotion and management of the scheme.

The MDRN partners were directors of the nominee company, LPM,
which provided a loan of AU$1.4 million to Rivett Project
Results Pty Ltd (Rivetts) in July 1999.  Rivetts was the
developer of the Yandina Greens Retired Folks Village Pensioner
Accommodation at Yandina, Queensland.  Thirty-nine investors
contributed the money for the loan as an investment through LPM,
and were promised an annual return of 9.25 percent. The majority
of the investors were retired, and relatively inexperienced in
investment situations.  In March 2000, the loan defaulted and
Jessup and Partners of Townsville (Jessups) were subsequently
appointed as liquidator to wind up the scheme together with
other MDRN schemes.


MAYNE GROUP: Woolworths Denies Eyeing Pharmaceuticals Unit
----------------------------------------------------------
Supermarket retailer, Woolworths, will enter the pharmaceuticals
market without resorting to buying out Mayne Group's well-
entrenched pharmaceuticals arm currently on sale for AU$400
million.

According to the Australian Financial Review, Woolworths has
"decided to go it alone."  It added, "the retailer's 'reticence'
stemmed from the prospect that a transfer of ownership would
trigger an 'exodus' of pharmacy customers unwilling to do
business with a major competitor."

The paper noted that Woolworths had yet to enter discussions
with pharmaceuticals companies like Sigma Group and Australian
Pharmaceutical Industries over acquiring their distribution
businesses.


NEW TEL: Whistleblower Raps ASIC for Shelving 'Insider' Scam
------------------------------------------------------------
A key witness to a possible case against collapsed telecom
company, New Tel, criticized the Australian Securities and
Investments Commission last week for not actively pursuing the
case.

A former employee, who talked to The Australian on condition of
anonymity, said she had not heard from the regulator since
blowing the whistle in June.  "They have my phone number but
have never called me back. I had to cancel the meeting because
of work but you would think they might be able to arrange a
meeting out of work hours."

The employee is seeking immunity from prosecution in exchange
for evidence linking senior officials to insider trading, The
Advertiser said, citing The Australian.  She said trading New
Tel shares "was money for jam."  She confessed to tipping her
sister off on New Tel shares and "she got a new kitchen out of
it."

"The employee said her desire to be a whistleblower stemmed from
her frustration that nothing had been done to initiate a
prosecution over New Tel's controversial demise.  She said she
made two trades in New Tel shares in the 2000-01 financial year,
spending about AU$5,000 each time. On both occasions she said
she was told to do so by a senior executive who had tipped her
off to forthcoming announcements or developments at the company.
She said she made a tidy profit of a couple of thousand
dollars," The Advertiser said.

According to her, at the end of the financial year she was
shocked to receive statements from her broker that she had
traded "hundreds of thousands of dollars" of New Tel shares. She
said the broker sent her a fax at the end of the financial year
claiming she had made a profit of AU$36,000 on New Tel shares
but she said she never saw any of the money and did not know
what he was talking about.

"My first thought was that I would have to declare that to the
taxman but I didn't have the money," she said. "My accountant
found it hard to believe, but I could prove I had never received
that sum of money."

She believes the trades in her name were on behalf of other
executives at New Tel.  The company was placed into
administration a year ago, after raising more than AU$100
million from shareholders during the dotcom and telco boom.
Creditors are owed about AU$40 million, according The
Advertiser.

Sought for comment by The Advertiser, a spokeswoman for ASIC
refused to confirm or deny it was investigating New Tel's
collapse.   


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


PAK NGAI: Faces Winding up Petition Before Hong Kong High Court
---------------------------------------------------------------
The High Court of Hong Kong will hear on January 14, 2004 at
9:30 a.m. the petition seeking the winding up of Pak Ngai
Engineering Limited.

Siu Yau Fai of Room 2615, Chun Kwai House, Kwai Chung Estate,
Kwai Chung, New Territories, Hong Kong filed the petition on
November 17, 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.


WONDER WAY: Kaufmann Continental Initiates Winding up Procedures
----------------------------------------------------------------
The High Court of Hong Kong will hear on January 21, 2004 at
9:30 a.m. the petition seeking the winding up of Wonder Way
International (HK) Limited.

Kaufmann Continental Limited of Room 1005, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong filed the
petition on November 17, 2003.  Tony Kan & Co. represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tony Kan &
Co., which holds office at Suite 1408, Hang Seng Building, No.
77 Des Voeux Road Central Hong Kong.


YUE XIU: Winding up Hearing Scheduled Next Week
-----------------------------------------------
The High Court of Hong Kong will hear on December 24, 2003 at
10:00 a.m. the petition seeking the winding up of Yue Xiu
Chemicals Company Limited.

Nanyang Commercial Bank Limited of No. 151 Des Voeux Road
Central, Hong Kong filed the petition on October 14, 2003.  
Anthony Chiang & Partners represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Anthony Chiang
& Partners, which holds office at 3903 Tower 2, Lippo Centre, 89
Queensway Hong Kong.


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


BANK INTERNASIONAL: Payment for 71% Stake Expected Next Week
------------------------------------------------------------
The Indonesian Bank Restructuring Agency is expecting the
IDR2.67 trillion proceeds from the sale of the government's 71%
stake in Bank Internasional Indonesia (BII) to be remitted next
week.

According to Asia Pulse, the Sorak consortium, comprising of
South Korea's Kookmin Bank and Singapore's Temasek Holdings Pte.
Ltd., will deliver the IDR1.9 trillion payment for the 51% stake
Monday next week.  The other IDR700 billion will be obtained
from the sale of the 20% stake on the stock market yesterday.

IBRA Chairman Syafruddin Temenggung said the completion of the
BII sale will boost the government coffers, which need IDR26
trillion in cash to finance the current 2003 budget.  IBRA will
still has 22.5% stake in the bank.  The remaining shares are in
the hands of public investors.


BANK NEGARA: Expect Management Shakeup Soon, Says Govt Minister
---------------------------------------------------------------
State Minister for State Enterprises Laksamana Sukardi will bat
for the replacement of Bank Negara President Director Saifuddien
Hasan in the coming days, Asia Pulse said Friday.

In an interview with the newswire, Mr. Laksamana said the
shakeup could happen after the general meeting of shareholders,
slated for yesterday.  He cited the IDR1.7 trillion loan scandal
as the main motive for seeking a management change.

"The BNI case is really humiliating.  Thus the important thing
to manage the banking system is to improve the supervision of
state-owned banks," Mr. Laksamana said.

He said the bank's board of commissioners should also be
straightened up and should consist of 10 persons and one or two
of them must be from the government and must work full-time.

"Bank commissioners should no longer work part-time," he said,
adding it would be good for government banks to go public
immediately, and if needed, professional bankers from
international financial institutions should be hired to manage
the banks in Indonesia.

"The minister pointed out that the government should no longer
play its role as a regulator, supervisor, owner and manager of
the banks because such a role can ruin the domestic banking
system," according to Asia Pulse.

"Look at New York or London. There are so many banks in those
two major cities but none of them belongs to the government," he
said.


SEMEN GRESIK: Government May Ask Third Parties to Buy out Cemex
---------------------------------------------------------------
The government has no money to buy back the shares of Cemex S.A.
in PT Semen Gresik, according to Minister of State Enterprises
Affairs Laksamana Sukardi, but it may ask other investors to bid
for the stake and help end the current legal tiff with the
Mexican cement maker.

Cemex last week opted to bring the two-year-old dispute to
arbitration before the International Center for the Settlement
of Investment Disputes.  It is seeking the rescission of a 1998
purchase agreement and damages.  As part of the acquisition by
Cemex of a 25.6% stake in Semen Gresik for AU$290 million, the
disputed agreement granted it the option to increase its stakes
to 51% by the end of 2001.  But the government, wary of inciting
separatist tensions, has reneged on the obligation due to strong
opposition by the management of PT Semen Padang, a key unit
based in West Sumatra.  The government is already fighting two
separatist rebellions in the country, one in Aceh province on
Sumatra's northern tip.

Mr. Laksamana did not say whether or not there have been offers
from other investors to buy back Cemex's stakes in lieu of the
government.


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


ASHIKAGA BANK: Government Considers Ikeda Appointment
-----------------------------------------------------
The Japanese government will consider appointing Norito Ikeda,
former Chief Personnel Officer of the Bank of Yokohama, as
President of the nationalized Ashikaga Bank, according to Japan
Times. The Bank of Yokohama currently heads the Regional Banks
Association of Japan. The government is likely to select a new
management team for Ashikaga Bank this week.

The government placed the bank under state control on December 1
by seizing all shares in the bank after determining it to be
insolvent, with a negative net worth of 102.3 billion yen as of
Sept. 30. The negative net worth reduced the lender's capital
adequacy ratio to minus 3.7 percent. Banks operating
domestically are required to maintain a minimum 4 percent.


MARUBENI CORPORATION: Gets Tax Breaks Under Industrial Rehab Law
----------------------------------------------------------------
The Ministry of Economy, Trade and Industry (METI) has approved
a reform plan by trading house Marubeni Corporation as eligible
for preferential tax treatment under the industrial
revitalization law, reports the Kyodo News.

Under the plan, Marubeni will bolster its financial base by
issuing 75.5 billion yen in preferred shares next Tuesday, which
will be allocated to companies, including Mizuho Corporate Bank,
a main Marubeni lender.


NIPPON KAIKO: Resona Issues Notice on Rehab Proceedings
-------------------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that Nippon Kaiko
Co., Ltd., which is a customer of its banking subsidiary, Resona
Bank, Ltd. (Resona Bank," President: Masaaki Nomura), filed an
application for commencement of civil rehabilitation proceedings
with the Kobe District Court. As a result of this development,
there arose a concern that the claims to the Company may become
irrecoverable or their collection may be delayed. Details were
announced as follows:

1. Outline of the Company

(1) Corporate name Nippon Kaiko Co., Ltd.
(2) Address 119 Ito-cho, Chuo-ku, Kobe-shi, Hyogo-ken
(3) Representative Shigeo Toyoda
(4) Amount of capital 200 million yen
(5) Line of business Dredging Operation

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of civil
rehabilitation proceedings with the Kobe District Court on
December 10, 2003.

3. Amount of Claims to the Company

Exposure of Resona Bank Loans: 2.5 billion yen
Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Kinki Osaka Bank and Nara Bank have no claims to the Company.

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

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


NIPPON MINING: JCR Affirms BBB- Rating
--------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BBB- rating on
senior debts of Nippon Mining Holdings, Incorporated.

RATIONALE:

Nippon Mining Holdings is a holding Company, under which Japan
Energy, Nippon Mining & Metals, Nikko Materials and Nikko Metal
Manufacturing operate their businesses. While earnings structure
of oil business improved, earnings from metals and electronic
materials are deteriorating. The group estimates that both the
revenue and profit will increase for fiscal 2003 ending March
31, 2004, supported by brisk oil business.

However, downward pressure on margin due to rise in crude oil
prices and impact of warm winter on the kerosene sales should be
carefully watched. Although the financial structure remains
weak, JCR evaluates positively that the group reduced the
interest-bearing debt and that it intends to reduce the debt
further.


NIPPON TELEGRAPH: Issues Notice of Shares Repurchase
----------------------------------------------------
Nippon Telegraph and Telephone Corporation (NTT) hereby notifies
that it repurchased its own shares pursuant to Article 210 of
the Japanese Commercial Code.  The details of the repurchase are
as follows:

1. Repurchased period

   From November 12, 2003 to December 12, 2003

2. Number of repurchased shares

   71,936 shares

3. Total value of repurchased shares

   37,488,110,000 yen

4. Method of repurchase

   Acquisition at the Tokyo Stock Exchange

(Further Information)

1. The resolutions on repurchase of NTT shares decided by the
shareholders at the 18th ordinary general meeting on June 27,
2003 were as follows:

   (1) Class of shares: Common stock
   (2) Number of shares to be repurchased: 200,000 shares
(maximum)
   (3) Total value of shares to be repurchased: 100 billion yen
(maximum)

2. The progress of repurchase to date

   (1) Total number of repurchased shares: 190,460 shares
   (2) Total value of repurchased shares: 99,999,496,000 yen

For inquiries, please contact:
Investor Relations Group
Department IV
Nippon Telegraph and Telephone Corporation
Attn: Ogata (Mr.) or Hanaki(Mr.)
Tel: 03-5205-5581
E-mail: investors@hco.ntt.co.jp


* November Corporate Bankruptcies Down 21%, Teikoku
---------------------------------------------------
The number of corporate bankruptcies in Japan fell 20.7 percent
in November from a year earlier to 1,136, marking an 11th
consecutive month of decline, Teikoku Databank Ltd. said on
Friday. But combined debts left by the failed companies rose
75.2 percent to 1.009 trillion yen, surpassing the 1 trillion
yen mark for the first time in two months, the credit research
agency said in a report covering failures involving liabilities
of 10 million yen or more.


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


CHOHUNG BANK: Shinhan Plans Y200B Won Injection
-----------------------------------------------  
Shinhan Financial Group plans to inject 200 billion won ($171
million) into Chohung Bank before the end of this year to
prevent its capital adequacy ratio from falling, the Korea
Herald reports. The proposed recapitalization would be achieved
through the sale of 40 million new shares at 5,000 won each.
Shinhan Financial, which also controls Shinhan Bank, bought a
majority stake in Chohung for 3.37 trillion won earlier this
year and intends to merge the lenders within three years to
create the second-largest domestic bank after Kookmin Bank.

Chohung lost 754.8 billion won in the first nine months of the
year and its parent Company expects the loss to widen to 1
trillion won by the end of this year, which would drop the
lender's capital adequacy ratio to less than eight percent.


HANARO TELECOM: Unveils 2003 November Subscriber Numbers
--------------------------------------------------------
Hanaro Telecom, Inc. issued a fair disclosure on the Company's
subscriber numbers for November 2003, filed with the Korean
Securities Dealers Automated Quotations (KOSDAQ) on December 11,
2003.

1. BROADBAND

                    Products                    November

Residential          ADSL                       1,036,175
                     Cable Modem                1,465,998
                        
                     SUB-TOTAL                  2,502,173
Corporate            ADSL                       18,194
                     Cable Modem                1,696
                     SUB-TOTAL                  19,890
VDSL                                            157,067
LMDS                                            27,542
Wireless LAN Note 1)                            21,747
                     TOTAL                      2,728,419
                     NET ADDITION               -4,004

2. VOICE          Products                      November
                  Residential                   687,979
                  Corporate                     262,479
   VoIP                                         39,348
                 TOTAL                          989,806
                 NET ADDITION                   7,620

3. LEASED LINE   

Products                                        November

                 Leased line                    3,306
                 Internet dedicated             3,193
                 LMDS(I/D)                      10
                 Wireless Internet Dedicated    264
                 International Leased Line      46
                 TOTAL                          6,819
                 NET ADDITION                   -40

4. GRAND TOTAL      
                                               November
                  TOTAL                        3,725,044
                  NET ADDITION                 3,576

Note 1): Based on number of IDs, Wireless LAN has 41,131
subscribers

Note 2): Non-active subscribers are deducted from October 2003
subscriber numbers.


HANARO TELECOM: Launches New Phone Card Product
-----------------------------------------------
Hanaro Telecom, Inc. announced Thursday that it launched a new
product called Hanaro Telecom International Phone Card', a
Company statement said. The international phone card is a
prepaid phone card. To make a call with the card, a user may
dial 162, the access code, and follow a recorded instruction to
add the card number followed by the phone number.

Hanaro offers the lowest rate, KRW90/minute, in the market for
calls to the U.S., China, Japan and Canada. For better deals,
the Company's cards purchased at Cosco offer additional discount
of up to 30 percent, which is equivalent to KRW63/minute for the
calls to the U.S. and Canada.

Hanaro's phone card differs from others in terms of the access
code. For user convenience, the code is only a three-digit
number whereas that of KT (00721), Dacom (082-16) and specific
service providers (+10 digits) is a combination of more than
three digits. Additionally, the Company developed a fast-dialing
system to increase user convenience.

Ju Bong Park, Sales Director, commented "unlike the
international phone cards by competitors, which are mostly sold
in areas with high density of foreign population, ours is
distributed through a broader marketing channels filling shelves
of warehouses and convenient stores. We are planning to make a
successful entry into the market in a short period of time with
strong sales efforts."

For customers who purchase or recharge the card through the
Company's card sales site, www.hticard.com, by the end of
December, the Company will give 74 random customers a free gift
such as Olympus Digital Camera and MP3 player.

For actual users during the period from December 15, 2003 to
January 31, 2004, Hanaro will present, through a raffle event
called < 00766 Happy Together Festival >, an airfare worth KRW1
million (1 person), ski resort lift tickets (66 persons) and
KRW10,000 phone cards (766 persons).


KOOKMIN BANK: Participates in Government Auction For Stake Sale
---------------------------------------------------------------
On December 12, 2003, Kookmin Bank announced that it has
participated in the Korean Government's auction for the sale of
its stake in the Bank, and accordingly, purchased 27,423,761
shares. The purchase details are as follows, which shall update
the information previously disclosed on November 26, 2003.

1 Purchase price: KRW 43,700

2 Number of shares: 27,423,761 shares

3 Purchase period: From December 17, 2003 to December 19, 2003

4 Holding period of the treasury stocks: At least 6 months from
the date of purchase

With regard to the disclosure about retirement of shares of the
Bank on November 26, 2003, Kookmin Bank announced that the
retirement has been revoked following its consultation with
Korean regulatory bodies. Accordingly, Kookmin Bank no longer
intends to purchase its treasury stocks for the purpose of
retirement of shares.


LG CARD: Domestic Investors Must Buy Firm, Experts Say
------------------------------------------------------
Domestic investors should acquire LG Card Co. because a takeover
by foreign capital would further aggravate the nation's serious
credit card delinquency problem, according to Asia Pulse, citing
unnamed industry experts.

Among the possible local buyers are Hana Bank, Woori Financial
Group, Shinhan Financial Group and Korea Development Bank (KDB).

Among the foreign investors, which are reportedly interested in
acquiring LG Card, are GE Capital, Citibank, HSBC, Newbridge
Capital and Templeton Asset Management. However, only Newbridge
has publicly expressed intent to buy the cash-strapped card
issuer thus far.


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


HIAP AIK: Compulsory Winding Up of Subsidiary
---------------------------------------------
Further to the announcement made on 4 August 2003 with regard to
the Court Summons against Solid Panel Sdn Bhd (SPSB), a wholly
owned subsidiary of Hiap Aik Construction Berhad (Special
Administrators Appointed) (HACB), the Company announced that an
Order was pronounced by the High Court, Malacca on 5 November
2003 for the compulsory winding-up of SPSB under the provision
of the Companies Act, 1965 on the petition of SCI Marketing Sdn
Bhd and the Official Receiver, Malaysia, has been appointed the
Liquidator for the winding-up of SPSB.

An Official Receiver's Notice has been received by HACB on 12
December 2003.


KELANAMAS INDUSTRIES: KLSE Reprimands Firm
------------------------------------------
The Kuala Lumpur Stock Exchange (KLSE) in consultation with the
Securities Commission, publicly reprimanded Kelanamas Industries
Berhad (KELMAS) for breach of Paragraph 6.1 of Practice Note
4/2001(PN4) of the KLSE Listing Requirements (LR).

Paragraph 6.1 of PN4 states that an affected listed issuer which
fulfils one or more of the following criteria must appoint an
independent accounting firm as a monitoring accountant within 2
weeks from the date of the First Announcement, to perform the
functions set out in paragraph 6.2:

(a) The latest group audited accounts of the affected listed
issuer are qualified in any one or more of the following
respects:-

(i) The auditors were unable to determine that all relevant
transactions have been recorded due to incomplete accounting
records; or

(ii) The auditors were unable to obtain sufficient information
and explanations from the directors with regard to the latest
group audited consolidated accounts; or

(b) The latest audited accounts have not been issued and the
issuance has been delayed for more than 6 months from the date
the audited accounts are due to be issued.

Paragraph 6.2 of PN4 states that the functions of the monitoring
accountant shall include the following:

(a) Vetting and reviewing all payments and receipts of the
affected listed issuer;

(b) Reviewing the movement of all assets of the affected listed
issuer;

(c) Reporting on any legal action involving the affected listed
issuer and its subsidiaries;

(d) Visiting the operations of an affected listed issuer, as and
when considered necessary;

(e) Reporting on the above to the Exchange and the listed issuer
once every 2 months, highlighting in particular, any
irregularities; and

(f) Reporting any irregularity in the listed issuer to any other
relevant regulator, including but not limited to the Commission
and the Registrar of Companies, where appropriate.

KELMAS has breached Paragraph 6.1 of PN4 of the LR for failing
to appoint a monitoring accountant to perform the functions set
out in paragraph 6.2 of PN4.

The public reprimand was imposed pursuant to Paragraph 16.17 of
the LR after taking into consideration all relevant factors
including the fact that KELMAS had previously breached the LR
and after consultation with the Securities Commission.

The Exchange had previously publicly reprimanded KELMAS for
breaches of the Main Board Listing Requirements (MBLR) as
follows:

(a) The Exchange had on 21 May 1998 publicly reprimanded KELMAS
for breach of Section 60 of the MBLR whereby the Company had
failed to issue its printed annual report for the financial year
ended 30 April 1997 within the stipulated time frame.

(b) The Exchange had on 10 April 1999 publicly reprimanded and
imposed a fine of RM 100,000 on KELMAS for breach of Section 60
of the MBLR whereby the Company had failed to issue its printed
annual report for the financial year ended 30 April 1998 within
the stipulated time frame.

(c) The Exchange had on 20 April 2000 publicly reprimanded and
imposed a fine of RM200,000 on KELMAS for breach of Section 60
of the MBLR whereby the Company had failed to issue its printed
annual report for the financial year ended 30 April 1999 within
the stipulated time frame.

(d) The Exchange had on 24 November 2000 publicly reprimanded
and imposed a fine of RM 250,000 on KELMAS for failing

i) To make immediate announcements in relation to its share
trading activities in the following counters from 1 May 1997 to
6 March 1998 pursuant to Sections 36 and 114 of the MBLR:-

-MALPAC Holdings Berhad (MALPAC);

-Rekapacific Berhad (REKAPACIFIC);

-Autoways Holdings Berhad (AUTOWAY); and

-Uniphoenix Corporation Berhad (UNIPHOENIX).

ii) To issue a circular to the shareholders for information in
relation to the acquisition of shares in MALPAC and AUTOWAY
pursuant to Section 115 of the MBLR

(e) The Exchange had on 25 August 2001 publicly reprimanded and
imposed a fine of RM 75,000 on KELMAS for breach of Sections
117(3) and 118(1) of the MBLR whereby the Company had failed to
make immediate announcements to the Exchange and seek the
shareholders' prior approval in general meeting within a
reasonable time in respect of the disposal of shares in
UNIPHOENIX via the following direct deals:-

a. 1,000,000 shares in UNIPHOENIX on 24 March 1997 to the
Company's director, Dato' Ho Seng Chuan for a total
consideration of RM4,734,450.00, representing 1.81% of
KELANAMAS' Group net tangible assets (NTA) as at 31 December
1995;

b. 1,000,000 shares in UNIPHOENIX on 24 March 1997 to the
Company's director, Dato' Soh Chee Wen for a total consideration
of RM4,734,450.00, representing 1.81% of KELANAMAS' Group NTA as
at 31 December 1995; and

c. 1,000,000 shares in UNIPHOENIX on 25 March 1997 to Promet
Berhad (PROMET) for a total consideration of RM4,633,850.00,
representing 1.77% of KELANAMAS' Group NTA as at 31 December
1995. Dato' Ho Seng Chuan and Dato' Soh Chee Wen are deemed to
be interested in the said transaction by virtue of their common
directorship in KELANAMAS and PROMET.

The KLSE views this contravention seriously and hereby cautions
KELMAS and its Board of Directors on their responsibility to
maintain appropriate standards of corporate responsibility and
accountability in order to achieve greater disclosure and
transparency to its shareholders and the investing public.

Issued by Kuala Lumpur Stock Exchange Public Relations Division.
Media enquiries, please contact:

Mohamad Azam Ali Anita Daud Charles
Head Public Relations Acting Head Communication and Media
Public Relations Public Relations
Tel : 2071 7406 Tel : 2077 7091
Fax : 2732 6158 Fax : 2732 6158
E-mail : azam@klse.com.my E-mail : anita@klse.com.my


NALURI BERHAD: Issues Restructuring Update
------------------------------------------
Naluri Berhad's announced its restructuring scheme as follows:

(I) Proposed capital restructuring comprising a proposed capital
repayment, proposed share premium account utilization and
proposed share premium set-off (as defined herein) (proposed
Naluri Capital restructuring scheme)

(ii) Proposed subscription of new ordinary shares of rm1.00 each
in Sriwani Holdings Berhad (SHB) (new SHB shares) and certain
new irredeemable convertible preference shares known as ICPS-a
(proposed SHB subscription)

(iii) Proposed acquisition of certain ordinary shares of rm1.00
each in SHB (SHB shares) and certain irredeemable convertible
preference shares of rm0.10 each in SHB from certain financial
institutions, certain trade creditors of SHB and Malaysia
Airports (Sepang) Sdn Bhd (proposed SHB securities acquisition)

(iv) Proposed acquisition of certain properties from certain
subsidiaries of SHB (proposed SHB property acquisition)

(v) Proposed acquisition by Naluri of 71.96%, 58.00%, 20.01% and
51.74% equity interest in united industries Sdn Bhd (uisb),
United Vehicles Industries Sdn Bhd (UVISB), United Filters Sdn
Bhd (UFSB) and in united sanoh industries Sdn Bhd (USISB)
respectively (proposed UI Group acquisition)

(hereinafter, the abovementioned proposals shall be collectively
referred to as "proposals", whilst the proposed SHB subscription
and the proposed SHB securities acquisition shall together be
referred to as "proposed SHB investment)


On 23 December 2002, Pengurusan Danaharta Nasional Berhad
(Danaharta) appointed Mr Gan Ah Tee, Mr Ooi Woon Chee and Encik
Mohamed Raslan Bin Abdul Rahman of KPMG Corporate Services Sdn
Bhd as Special Administrators (SAs) of Naluri pursuant to the
Pengurusan Danaharta Nasional Berhad Act, 1998.

On 18 April 2003, Alliance Merchant Bank Berhad, on behalf of
Naluri announced that:

(i) the SAs have decided that it is in the best interest of the
shareholders of Naluri for Naluri to proceed with a capital
repayment of at least RM690,516,320 on the basis of RM1.00 for
each existing Naluri share; and

(ii) Naluri had received a notice from the Kuala Lumpur Stock
Exchange (KLSE) that Naluri has been determined to have an
inadequate level of operations in accordance with Practice Note
10/2001 (PN10/2001) of the Listing Requirements of the KLSE.

Further to the announcement made on 18 April 2003 and on behalf
of Naluri, Aseambankers Malaysia Berhad (Aseambankers) is
pleased to announce that the SAs of Naluri had on 12 December
2003 signed a letter of intent with Atlan Properties Sdn Bhd for
the purpose of recording the intentions and understanding
between the two (2) parties in relation to the Proposals.

Aseambankers is also pleased to announce on behalf of the SAs
that on the same date, the SAs of Naluri had entered into the
following agreements:

(i) Several conditional agreements in relation to the Proposed
SHB Investment as follows:

(a) A renunciation agreement with Multi Esprit Sdn Bhd (MESB)
for the partial renunciation by MESB of its rights and
entitlements of its subscription amounting to 14.243 million New
SHB Shares and 272.732 million irredeemable convertible
preference shares known as ICPS-A (ICPS-A) at RM0.10 per ICPS-A
to be issued to MESB pursuant to a proposed rights issue of SHB
(Renunciation Agreement);

(b) A subscription agreement with SHB for the proposed
subscription by Naluri of 14.243 million New SHB Shares at
RM1.00 per share and 272.732 million ICPS-A for a total
consideration of RM41.516 million pursuant to (a) above and for
the proposed additional subscription by Naluri of the remaining
New SHB Shares and new ICPS-A not subscribed by the shareholders
of SHB pursuant to the proposed rights issue (Subscription
Agreement);

(c) a share sale agreement with certain financial institutions
(FI Lenders) for the proposed acquisitions of 31.208 million SHB
Shares at RM1.00 per share, 36.410 million irredeemable
convertible preference shares known as ICPS-B1 (ICPS-B1) at
RM0.43 per ICPS-B1 and 36.410 million irredeemable convertible
preference shares known as ICPS-B2 (ICPS-B2) at RM0.43 per ICPS-
B2 for a total purchase consideration of RM62.521 million (FI
Lenders SSA);

(d) a share sale agreement with certain trade creditors of SHB
(SHB Trade Creditors) for the proposed acquisitions of 0.821
million irredeemable convertible preference shares known as
ICPS-C (ICPS-C) at RM0.28 per ICPS-C for a total purchase
consideration of RM0.230 million (SHB Trade Creditors); and

(e) Malaysia Airports (Sepang) Sdn Bhd (MA (Sepang)) for the
proposed acquisition of 7.809 million ICPS-C at RM0.28 per ICPS-
C for a total cash consideration of RM2.186 million
(MA(Sepang));

(ii) Several conditional sale and purchase agreements (S&Ps) in
relation to the Proposed SHB Property Acquisition for a total
cash consideration of RM191.018 million, with the following
subsidiaries of SHB:

(a) Kelana Megah Sdn Bhd (KMSB), a 85.3%-owned subsidiary of
SHB, for the proposed acquisition of leasehold land held under
Lots PTB 10707, 20006, 20380 and 20438 Johor Bahru, Johor Darul
Takzim, Lots PTD 146378 and 148062, Mukim of Plentong, Johor
Bahru, Johor Darul Takzim and Lot PTB 10710, Johor Bahru, Johor
Darul Takzim for a purchase consideration of RM144.024 million
(KMSB SPA);

(b) Cerah Menang Sdn Bhd (CMSB), a wholly owned subsidiary of
SHB, for the proposed acquisition of two (2) pieces of freehold
vacant land totaling approximately 1.127 hectares held under
Geran No Pendaftaran 46814 Lot No 303 and Geran No Pendaftaran
46821 Lot No 340 both situated in Seksyen 1, Bandar Batu
Feringghi, Daerah Timur Laut, Pulau Pinang for a purchase
consideration of RM8.363 million (CMSB SPA);

(c) Blossom Time Sdn Bhd (BTSB), a wholly-owned subsidiary of
SHB, for the proposed acquisition of three (3) pieces of
freehold vacant land totaling approximately 21.155 hectares
under Geran Mukim 29, Lot 31, Geran 16796, lot 478 and Geran
16797, Lot 479 all within Mukim 17, Daerah Timur Laut, Bandar
Batu Feringghi, Pulau Pinang for a purchase consideration of RM
11.150 million (BTSB SPA);

(d) Cergasjaya Properties Sdn Bhd (CPSB) for the proposed
acquisition of the leases of three (3) pieces of leasehold Malay
reserve land held under HSD 888/97 PT No 2501, HSD 889/97 PT No
2502 and all the land held under HSD28/93 PT No 2209 all in
Mukim Sungai Laka, Daerah Kubang Pasu, Negeri Kedah measuring an
aggregate of approximately 312.73 hectares for a purchase
consideration of approximately RM27.480 million (CPSB SPA);

(iii) Several conditional share sale agreements in relation to
the Proposed UI Group Acquisition with the following respective
vendors (collectively, the vendors herein mentioned are referred
to as "UI Vendors):

(a) Ng Wah @ Ng Khai Poh, Eng Kim Thoo @ Ng Kim Thoo, Ng King
Kee, Ng Tan Loke, Zakiyah Bte Mohd Amin, Ng Kim Joo, Shafiee
Sharif Ng Bin Abdullah and Ng Seng Eng for the proposed
acquisition of an aggregate of 4,497,200 ordinary shares of
RM1.00 each representing 71.96% equity interest in UISB for a
total cash consideration of RM49.120 million;

(b) Ng Wah @ Ng Khai Poh, Eng Kim Thoo @ Ng Kim Thoo, Ng King
Kee, Ng Tan Loke, Ng Seng Eng, Zakiyah Bte Mohd Amin, Ng Kim
Joo, Shafiee Sharif Ng Bin Abdullah and Zakaria Bin Jahim for
the proposed acquisition of an aggregate of 3,962,280 ordinary
shares of RM1.00 each representing 58.00% equity interest in
UVISB for a total cash consideration of RM39.895 million;

(c) Ng Wah @ Ng Khai Poh, Eng Kim Thoo @ Ng Kim Thoo, Ng King
Kee, Zakiyah Bte Mohd Amin, Ng Kim Joo, Shafiee Sharif Ng Bin
Abdullah, Ng Seng Eng and Zakaria Bin Jahim for the proposed
acquisition of an aggregate of 776,046 ordinary shares of RM1.00
each representing 51.74% equity interest in USISB for a total
cash consideration of RM11.555 million; and

(d) Ng Wah @ Ng Khai Poh, Eng Kim Thoo @ Ng Kim Thoo, Ng King
Kee, Zakiyah Bte Mohd Amin, Ng Kim Joo, Shafiee Sharif Ng Bin
Abdullah and Ng Seng Eng for the proposed acquisition of an
aggregate of 261,680 ordinary shares of RM1.00 each representing
20.01% equity interest in UFSB for a total cash consideration of
RM0.228 million.


NCK CORPORATION: Shaliza Files Suit Against White Knight
--------------------------------------------------------
On behalf of the Special Administrator of NCK Corporation Bhd
(NCK), Public Merchant Bank Berhad announced that the Company
have been informed by APB Resources Berhad (formerly known as
Lamquest Holdings Berhad and previously known as Kekal Sepakat
Berhad) (APB) on 11 December 2003 on the following:

On 2 December 2003, Shaliza Binti Sabtu, one of the potential
Bumiputera investors in relation to the special issue, which
forms part of the Proposed Scheme, filed a Writ of Summons (no.
D3-22-1922-2003) dated 2 December 2003, Statement of Claim dated
2 December 2003 and Summons in Chambers dated 2 December 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 Scheme
of NCK. Briefly, the orders sought in the Summons in Chambers
dated 2 December 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
Scheme of NCK.

The High Court has fixed 11 December 2003 for the hearing of the
Summons in Chambers dated 2 December 2003. The hearing was
subsequently adjourned from the earlier date fixed to 17
February 2004.


TIMBERMASTER INDUSTRIES: Appoints Administrators on December 13
---------------------------------------------------------------
Timbermaster Industries Bhd (TMIB) announced that the moratorium
under section 41 of the Pengurusan Danaharta Nasional Berhad Act
1998 (Danaharta Act), which took effect from 14 December 1999,
i.e. the date of the appointment of Special Administrators to
TMIB and its two subsidiary companies (the Companies), namely
Kompleks Perkayuan Timbermaster Smallholders Sdn Bhd and
Timbermaster Timber Complex (Sabah) Sdn Bhd has now been further
extended to 13 December 2004.

The extension of the moratorium is pursuant to Section 41(3) of
the Danaharta Act. During the period of the moratorium, no
creditor may take action against the Companies except in
accordance with Section 41 of the Danaharta Act.


UNIPHOENIX CORPORATION: Issues Rescue Scheme Update
---------------------------------------------------
Uniphoenix Corporation Berhad refers to the announcement made on
2 December 2003 in relation to the Securities Commission's
decision to reject the application of the Company on the
Proposed Rescue Scheme.

On behalf of the Board of Directors of UCB, Southern Investment
Bank Berhad (SIBB) wishes to announce that SIBB had on behalf of
the Company submitted an appeal to the Securities Commission on
its decision on the Proposed Rescue Scheme on 12 December 2003.


WING TIEK: Proposes Debt Restructuring Scheme
---------------------------------------------
Following the announcement made on 5 December 2003, the Board of
Directors of Wing Tiek Holdings Berhad (WTHB) announced that, on
12 December 2003, the Proposed Debt Restructuring Scheme and the
Proposed Share Exchange have been sanctioned by an order of the
High Court of Malaya (Court) pursuant to Section 176 of the
Companies Act, 1965 (Act) under Petition No. D6-26-80-03.

Accordingly, the Board of Directors of Wing Tiek Holdings Berhad
(WTHB) is pleased to announce that the Company shall recommence
the Proposed CDRS.

In conjunction with the implementation of the Proposed CDRS, the
Company had on 12 December 2003 entered into several agreements
with JAKS Resources Berhad (JAKS Resources) to give effect to
the following proposals:

1. Proposed WTHB Land Acquisition

WTHB had on 12 December 2003 entered into 9 sale and purchase
agreements with JAKS Resources to give effect to the Proposed
WTHB Land Acquisition (as described below) (collectively
referred to as "SPAs WTHB Land). The SPAs WTHB Land include,
inter-alia, the following salient terms:

(i) WTHB will sell and JAKS Resources will purchase the 9 pieces
of freehold land and buildings located in the District of
Petaling Jaya and Klang (WTHB Land) for a total purchase price
of RM75.0 million which shall be satisfied by the issuance of
40.0 million new ordinary shares of RM1.00 each in JAKS
Resources (JAKS Resources Shares) and RM35.0 million nominal
value of Redeemable Convertible Secured Loan Stocks-B subject to
the conditions in the SPAs WTHB Land and to all conditions
(express or implied) and restrictions in interest applicable to
the WTHB Land but otherwise free from all encumbrances (Proposed
WTHB Land Acquisition);

(ii) The Proposed WTHB Land Acquisition is conditional upon the
following:

(a) The approval of the relevant proposals under the Proposed
CDRS, by the following authorities being obtained:

(i) The Securities Commission (SC), which was obtained on 4
December 2002, 13 December 2002, 2 January 2003 and 18 June
2003;

(ii) The Foreign Investment Committee (FIC), which was obtained
on 2 January 2003;

(iii) The Ministry of International Trade and Industry (MITI),
which was obtained on 12 March 2003; and

(iv) The Bank Negara Malaysia (BNM), which was obtained on 20
January 2003 and 27 January 2003;

(b) The approval of the relevant proposals under the Proposed
CDRS by the relevant creditors of WTHB and its relevant
subsidiary companies respectively pursuant to Section 176 of the
Act, which was obtained on 21 July 2003;

(c) The approval of the relevant proposals under the Proposed
CDRS by the shareholders of WTHB, which was obtained on 24
September 2003;

(d) The sanction of the relevant proposals under the Proposed
CDRS by the Court pursuant to Section 176 of the Act (which was
obtained on 12 December 2003);

(e) Such other approvals required by any relevant governmental
or regulatory authorities of Malaysia or any relevant bodies or
persons (including but not limited to the directors and
shareholders of JAKS Resources) necessary for the Proposed WTHB
Land Acquisition being obtained; and

(f) The due completion of all the other SPAs WTHB Land.

(iii) The conditions specified in clause (ii)(a) to (e) above
are to be fulfilled within 3 months from the date of the SPAs
WTHB Land, failing which, the SPAs WTHB Land shall cease and
none of the parties shall have any claim against the other for
costs, damages, compensation or otherwise, save in respect of
any antecedent breach.

2. Proposed WTSP Acquisition

WTHB had on 12 December 2003 entered into a sale and purchase
agreement with JAKS Resources to give effect to the Proposed
WTSP Acquisition (as described below) (SPA WTSP). The SPA WTSP
includes, inter-alia, the following salient terms:

(i) WTHB will sell and JAKS Resources will purchase 45,912,738
ordinary shares of RM1.00 each in Wing Tiek Steel Pipe Sdn Bhd
(WTSP Shares) for a cash consideration of RM1.00 only, free from
all charges, liens and other encumbrances and with all rights
now or hereinafter attaching thereto including but without
limitation all bonuses, rights, dividends and distributions
declared paid or made in respect thereof as from the completion
date (Proposed WTSP Acquisition);

(ii) The Proposed WTSP Acquisition is conditional upon the
following:

(a) The approval of the relevant proposals under the Proposed
CDRS, by the following authorities being obtained:

(i) The SC, which was obtained on 4 December 2002, 13 December
2002, 2 January 2003 and 18 June 2003;

(ii) The FIC, which was obtained on 2 January 2003;

(iii) The MITI, which was obtained on 12 March 2003; and

(iv) The BNM, which was obtained on 20 January 2003 and 27
January 2003;

(b) The approval of the relevant proposals under the Proposed
CDRS by the relevant creditors of WTHB and its relevant
subsidiary companies respectively pursuant to Section 176 of the
Act, which was obtained on 21 July 2003;

(c) The approval of the relevant proposals under the Proposed
CDRS by the shareholders of WTHB, which was obtained on 24
September 2003;

(d) The sanction of the relevant proposals under the Proposed
CDRS by the Court pursuant to Section 176 of the Act (which was
obtained on 12 December 2003); and

(e) Such other approvals required by any relevant governmental
or regulatory authorities of Malaysia or any relevant bodies or
persons (including but not limited to the directors and
shareholders of JAKS Resources) necessary for the Proposed WTSP
Acquisition.

(iii) The conditions specified in clause (ii) above are to be
fulfilled within 3 months from the date of the SPA WTSP, failing
which, the SPA WTSP shall cease and none of the parties shall
have any claim against the other for costs, damages,
compensation or otherwise, save in respect of any antecedent
breach.

For full details relating to the Proposed WTHB Land Acquisition
and the Proposed WTSP Acquisition, shareholders are advised to
refer to the Explanatory Statement and Circular to Shareholders
dated 30 August 2003 (Circular).

In addition, as an integral part of the Proposed CDRS and as set
out in the Circular, the following agreements have also been
entered into on 11 December 2003 to give effect to the following
proposals:

1. Proposed JAKS Acquisition

JAKS Resources had on 11 December 2003 entered into a share sale
agreement with Dato' Hj Jamian bin Mohamad, Ang Ken Seng and Ang
Lam Poah (collectively known as JAKS Vendors) to give effect to
the Proposed JAKS Acquisition (as described below) (SSA JAKS).
The SSA JAKS includes, inter-alia, the following salient terms:
(i) the JAKS Vendors agree to sell and JAKS Resources agrees to
purchase 2,000,000 ordinary shares of RM1.00 each in JAKS Sdn
Bhd (JAKS) (JAKS Shares) free from all claims, charges, liens,
mortgages, encumbrances and equities whatsoever together with
all rights attached thereto and all dividends, rights and
distributions declared paid or made in respect thereof after the
date hereof for a purchase consideration of RM208.0 million to
be wholly satisfied by the issuance of 208.0 million new JAKS
Resources Shares to the JAKS Vendors in the proportion of their
respective shareholdings as set out in SSA JAKS upon the terms
and subject to the conditions in the SSA JAKS (Proposed JAKS
Acquisition);

(ii) The sale and purchase of the JAKS Shares shall be
conditional upon the fulfillment of the following conditions
precedent:

(a) The approval of the following authorities being obtained for
the sale and purchase of the JAKS Shares upon the terms and
conditions contained in the SSA JAKS and not subsequently
revoked or withdrawn;

(i) The SC (which was obtained on 2 January 2003);

(ii) The FIC (which was obtained on 2 January 2003); and

(iii) The MITI (which was obtained on 12 March 2003);

(b) The fulfillment of the conditions precedent to the Proposed
PTS Acquisition, save for any condition requiring the SSA JAKS
to be unconditional;

(c) The approval of the shareholders of JAKS Resources being
obtained in respect of the purchase of the JAKS Shares; and

(d) The approval of the board of directors of JAKS being
obtained in respect of the transfer and registration of the JAKS
Shares in favor of JAKS Resources;

(iii) The conditions precedent specified in clause (ii) above
shall be satisfied on or before the expiry of 1 year from the
date of the SSA JAKS or such extended period as the parties
shall mutually agree. Notwithstanding the above, JAKS Resources
shall be entitled at its absolute discretion to waive compliance
with any of the conditions precedent set out in clause (ii)
above; and

(iv) Upon the execution of the SSA JAKS, the parties shall enter
into a profit guarantee agreement, whereby the JAKS Vendors
shall guarantee that the profit after tax of JAKS for the
financial year ending 31 October 2003 shall not be less than
RM9,343,826 (JAKS Forecast Profit), upon such terms and
conditions as the parties may agree.

1.1 JAKS Profit Guarantee Agreement

As part of the conditions of the SSA JAKS, JAKS Resources had on
11 December 2003 entered into a profit guarantee agreement with
the JAKS Vendors to provide a guarantee that the profit after
tax of JAKS for the financial year ending 31 October 2003 shall
not be less than the JAKS Forecast Profit (JAKS Profit Guarantee
Agreement). The JAKS Profit Guarantee Agreement includes, inter-
alia, the following salient terms:

(i) The JAKS Vendors hereby guarantee that the profit after tax
of JAKS for the financial year ending 31 October 2003 shall not
be less than the JAKS Forecast Profit;

(ii) The JAKS Profit Guarantee Agreement shall be conditional
upon the fulfillment of the following conditions precedent:-

(a) The completion of the Proposed JAKS Acquisition;

(b) The sanction by an order of the Court pursuant to Section
176 of the Act of the Proposed Debt Restructuring Scheme and the
Proposed Share Exchange (which was obtained on 12 December
2003), and the lodgment of an office copy of the said order with
the Registrar of Companies (ROC); and

(c) The listing and quotation of all ordinary shares of JAKS
Resources on the Main Board of the KLSE;

(iii) Subsequent to the execution of the JAKS Profit Guarantee
Agreement, the JAKS Vendors shall execute a stakeholder
agreement whereby the JAKS Vendors and JAKS shall appoint a
stakeholder in respect of total number of 6,938,142 new JAKS
Resources Shares to be held by the JAKS Vendors as security for
the satisfaction of the JAKS Vendors' obligation under the JAKS
Profit Guarantee Agreement (JAKS Designated Securities). The
JAKS Designated Securities shall constitute part of the new JAKS
Resources Shares to be received by the JAKS Vendors pursuant to
the Proposed JAKS Acquisition;

(iv) Subject to the receipt of the audited accounts of JAKS and
the profit certificate by the JAKS Vendors within the stipulated
timeframe set out in the JAKS Profit Guarantee Agreement, the
JAKS Vendors shall within 30 days after the audited accounts
have been signed, pay the shortfall in the JAKS Forecast Profit
as stipulated in the profit certificate, if any, into a
designated account of JAKS Resources to be notified by JAKS
Resources to the JAKS Vendors. The payment made shall be made in
full without any set-off or counterclaim;

(v) The JAKS Profit Guarantee Agreement shall terminate upon
JAKS Resources' written confirmation to the JAKS Vendors in
respect of the satisfaction of the JAKS Forecast Profit or
receipt of the payment as mentioned above, as the case may be;

(vi) In the event that the JAKS Vendors fail to comply with
conditions of the JAKS Profit Guarantee Agreement, the
stakeholder may upon receipt of the written instructions of JAKS
Resources exercise the power of sale and deal with the proceeds
of sale of the respective JAKS Designated Securities in
accordance with the stakeholder agreement;

(vii) In the event that the aggregate amount recovered upon the
disposal of the JAKS Designated Securities, after deducting all
costs and expenses incurred pursuant to the disposal in
accordance with the stakeholder agreement, is insufficient to
cover the shortfall in the JAKS Forecast Profit as stipulated in
the profit certificate, JAKS Resources may institute legal
proceedings against the JAKS Vendors to recover the shortfall
sum outstanding and interest at the rate of 8% per annum on the
amount outstanding from the date of default up to the date of
full and final payment of the amount outstanding; and

(viii) The liability of each of the JAKS Vendors in respect of
the JAKS Forecast Profit shall be proportionate to their
respective shareholdings in JAKS under the SSA JAKS.

2. Proposed PTS Acquisition

JAKS Resources had on 11 December 2003 entered into a share sale
agreement with Ang Ken Seng and Ang Lam Poah (collectively known
as "PTS Vendors) to give effect to the Proposed PTS Acquisition
(as described below) (SSA PTS). The SSA PTS includes, inter-
alia, the following salient terms:

(i) the PTS Vendors agree to sell and JAKS Resources agrees to
purchase 700,000 ordinary shares of RM1.00 each in Pipe
Technology System Sdn Bhd (PTS) (PTS Shares) free from all
claims, charges, liens, mortgages, encumbrances and equities
whatsoever together with all rights attached thereto and all
dividends, rights and distributions declared paid or made in
respect thereof after the date hereof for a purchase
consideration of RM12.0 million to be wholly satisfied by the
issuance of 12.0 million new JAKS Resources Shares to the PTS
Vendors in the proportion of their respective shareholdings as
set out in SSA PTS upon the terms and subject to the conditions
in the SSA PTS (Proposed PTS Acquisition);

(ii) The sale and purchase of the PTS Shares shall be
conditional upon the fulfillment of the following conditions
precedent:

(a) The approval of the following authorities being obtained for
the sale and purchase of the PTS Shares upon the terms and
conditions contained in the SSA PTS and not subsequently revoked
or withdrawn;

(i) The SC (which was obtained on 2 January 2003);

(ii) The FIC (which was obtained on 2 January 2003); and

(iii) The MITI (which was obtained on 12 March 2003);

(b) The fulfillment of the conditions precedent to the Proposed
JAKS Acquisition, save for any condition requiring the SSA PTS
to be unconditional;

(c) The approval of the shareholders of JAKS Resources being
obtained in respect of the purchase of the PTS Shares; and

(d) The approval of the board of directors of PTS being obtained
in respect of the transfer and registration of the PTS Shares in
favor of JAKS Resources;

(iii) The conditions precedent as specified in clause (ii) above
shall be satisfied on or before the expiry of 1 year from the
date of the SSA PTS or such extended period as the parties shall
mutually agree. Notwithstanding the above, JAKS Resources shall
be entitled at its absolute discretion to waive compliance with
any of the conditions precedent set out in clause (ii) above;
and

(iv) Upon the execution of the SSA PTS, the parties shall enter
into a profit guarantee agreement, whereby the PTS Vendors shall
guarantee that the profit after tax of PTS for the financial
year ending 31 October 2003 shall not be less than RM1,661,850
(PTS Forecast Profit), upon such terms and conditions as the
parties may agree.

2.1 PTS Profit Guarantee Agreement

As part of the conditions of the SSA PTS, JAKS Resources had on
11 December 2003 entered into a profit guarantee agreement with
the PTS Vendors to provide a guarantee that the profit after tax
of PTS for the financial year ending 31 October 2003 shall not
be less than the PTS Forecast Profit (PTS Profit Guarantee
Agreement). The PTS Profit Guarantee Agreement includes, inter-
alia, the following salient terms:

(i) The PTS Vendors hereby guarantee that the profit after tax
of PTS for the financial year ending 31 October 2003 shall not
be less than the PTS Forecast Profit;

(ii) The PTS Profit Guarantee Agreement shall be conditional
upon the fulfillment of the following conditions precedent:

(a) The completion of the Proposed PTS Acquisition;

(b) The sanction by an order of the Court pursuant to Section
176 of the Act of the Proposed Debt Restructuring Scheme and the
Proposed Share Exchange (which was obtained on 12 December
2003), and the lodgment of an office copy of the said order with
the ROC; and

(c) The listing and quotation of all ordinary shares of JAKS
Resources on the Main Board of the KLSE;

(iii) Subsequent to the execution of the PTS Profit Guarantee
Agreement, the PTS Vendors shall execute a stakeholder agreement
whereby the PTS Vendors and PTS shall appoint a stakeholder in
respect of total number of 498,556 new JAKS Resources Shares to
be held by the PTS Vendors as security for the satisfaction of
the PTS Vendors' obligation under the PTS Profit Guarantee
Agreement (PTS Designated Securities). The PTS Designated
Securities shall constitute part of the new JAKS Resources
Shares to be received by the PTS Vendors pursuant to the
Proposed PTS Acquisition;

(iv) Subject to the receipt of the audited accounts of PTS and
the profit certificate by the PTS Vendors within the stipulated
timeframe set out in the PTS Profit Guarantee Agreement, the PTS
Vendors shall within 30 days after the audited accounts have
been signed, pay the shortfall in the PTS Forecast Profit as
stipulated in the profit certificate, if any, into a designated
account of JAKS Resources to be notified by JAKS Resources to
the PTS Vendors. The payment made shall be made in full without
any set-off or counterclaim;

(v) The PTS Profit Guarantee Agreement shall terminate upon JAKS
Resources' written confirmation to the PTS Vendors in respect of
the satisfaction of the PTS Forecast Profit or receipt of the
payment as mentioned above, as the case may be;

(vi) In the event that the PTS Vendors fail to comply with
conditions of the PTS Profit Guarantee Agreement, the
stakeholder may upon receipt of the written instructions of JAKS
Resources exercise the power of sale and deal with the proceeds
of sale of the respective PTS Designated Securities in
accordance with the stakeholder agreement;

(vii) In the event that the aggregate amount recovered upon the
disposal of the PTS Designated Securities, after deducting all
costs and expenses incurred pursuant to the disposal in
accordance with the stakeholder agreement, is insufficient to
cover the shortfall in the PTS Forecast Profit as stipulated in
the profit certificate, JAKS Resources may institute legal
proceedings against the PTS Vendors to recover the shortfall sum
outstanding and interest at the rate of 8% per annum on the
amount outstanding from the date of default up to the date of
full and final payment of the amount outstanding; and

(viii) The liability of each of the PTS Vendors in respect of
the PTS Forecast Profit shall be proportionate to their
respective shareholdings in PTS under the SSA PTS.

The SPAs WTHB Land, SPA WTSP, SSA JAKS, SSA PTS, JAKS Profit
Guarantee Agreement and PTS Profit Guarantee Agreement will be
made available for inspection at the registered office of WTHB
at 10th Floor, Tower Block, Kompleks Antarabangsa, Jalan Sultan
Ismail, 50250 Kuala Lumpur during normal business hours from
Mondays to Fridays (except public holidays) for a period of 3
months from the date of this announcement.

Shareholders are advised to refer to the Circular that was
issued by WTHB on 30 August 2003 for further information on the
Proposed CDRS.


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


ABS-CBN BROADCASTING: Set to Reduce Debt by P1.9B Next Year
-----------------------------------------------------------
ABS-CBN Broadcasting Corporation is set to retire next year
maturing debt amounting to 1.9 billion pesos, which will reduce
its debt level to about 4 billion pesos, according to AFX Asia,
citing ABS-CBN Chief Finance Officer Randolph Estrellado.

The Company postponed its planned US$150 million global bond
issue due to the Philippines' uncertain political climate, which
could impact on pricing. The bond float was simply intended to
broaden the Company's sources of funding. ABS-CBN's total debt
stood at about 6 billion pesos as at end-September and the
amount will decline to 5.8 billion come the end of the year.


BACNOTAN CONSOLIDATED: Appoints New Chairman
--------------------------------------------
The Board of Directors of Bacnotan Consolidated Industries Inc.
has appointed Oscar Hilado as Chairman replacing Ramon del
Rosario Sr, according to AFX Asia. Del Rosario Sr. has been
appointed Chairman emeritus. Ramon del Rosario Jr. will replace
Hilado as Company Vice Chairman and President.

Bacnotan Consolidated is a holding Company engaged in the
production, distribution, marketing and sale of clinker, cement,
and concrete products. It also has interests in steel
manufacturing, banking and financial services, and property
development.

Bacnotan Consolidated Industries Inc. (BCII) incurred losses in
the third quarter of this year due to lower cement sales volume
and prices, as well as losses it booked on assets it divested,
TCR-AP reported recently. In the quarter ended September 30,
BCII said it lost 282 million pesos, slightly narrower than the
284 million pesos loss it suffered in the year-ago period.


NATIONAL POWER: Power Generation Output up 5.48% in Jan-Sept
------------------------------------------------------------
The National Power Corporation (Napocor) announced that its
gross generation went up by 5.48 percent to 29,447.58 gigawatt-
hours (GWh) during the three quarters of 2003 from 27,917.41 GWh
in the same period in 2002, reports the Philippine Star.

A report from Napocor's sales and services department showed
that the Company-owned and-operated power plants accounted for
11,043.42 GWh or 37.50 percent of the gross generation from
January to September. Napocor power plants operated by
independent power producers (IPPs), on the other hand, generated
the other 62.50 percent or 8,404.15 GWh.

The Philippine Central Bank (Bangko Sentral ng Pilipinas)'s
policy-making Monetary Board has approved US$40 million loan to
National Power Corporation, TCR-AP reported recently. The
Monetary Board gave the go ahead to Napocor's US$40 million 20-
year loan from the Japan Bank for International Cooperation. The
loan will be used to finance the establishment of the Wholesale
Electricity Spot Market.


NATIONAL STEEL: LNM Offers P2B Upfront to Restart Firm
------------------------------------------------------
The Netherlands-based LNM Group will offer an upfront cash
infusion of more than 2 billion pesos to rehabilitate the
National Steel Corporation (NSC) if it reaches a deal with the
creditor banks of the mothballed steel firm, the Philippine Star
reported on Monday, citing LNM Holdings N.V. Marketing General
Manager Eric D. Tierie.

The LNM Group, Tiere stressed, has a proven global network and
record of acquiring and rehabilitating troubled steel plants.


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


CHARTERED SEMICONDUCTOR: Post Changes in Shareholder's Interest
---------------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. issued a notice of
changes in subsidiary Director Ang Tang Yong's Shareholding:

Date of notice to Company: 11 Dec 2003
Date of change of interest: 09 Dec 2003
Name of registered holder: CDP - Ang Tang Yong
  
Circumstance(s) giving rise to the interest: Exercise of share
options/convertibles

Information relating to shares held in the name of the
registered holder:  
No. of shares which are the subject of the transaction: 11,721
% of issued share capital: 0.00047
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$1.86
No. of shares held before the transaction: 323,000
% of issued share capital: 0.0129
No. of shares held after the transaction: 334,721
% of issued share capital: 0.0133

Holdings of Director including direct and deemed interest
                                           Deemed  Direct
No. of shares held before the transaction: 0       323,000
% of issued share capital:                 0       0.0129
No. of shares held after the transaction:  0       334,721
% of issued share capital:                 0       0.0133
Total shares:                              0       334,721

Mr Ang Tang Yong is an Alternate Director of Chartered Silicon
Partners Pte Ltd, a subsidiary of Chartered Semiconductor
Manufacturing Ltd.


EFG FINANCIAL: Releases Notice to Creditors
-------------------------------------------
The creditors of EFG Financial Advisory Pte Ltd (In Members'
Voluntary Liquidation), which is being wound up voluntarily, are
required on or before the 14th day of January 2004 to send in
their names and addresses, with particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidator of the said Company, and, if
so required by notice in writing from the said Liquidator, are
by their solicitors, or personally, to come in and prove their
said debts or claims at such time and place as shall be
specified in such notice or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

Dated this 12th day of December 2003.
LOKE POH KEUN
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.


ERICSSON TREASURY: Creditors Must Submit Claims by January 12
------------------------------------------------------------
Notice is hereby given that the creditors of Ericsson Treasury
Services Asia Pte Ltd (In Members' Voluntary Liquidation), which
is being wound up voluntarily, are required on or before the
12th day of January 2004 to send in their names and addresses,
with particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the undersigned, the
Liquidator of the said Company, and, if so required by notice in
writing by the said Liquidator, are by their solicitors, or
personally, to come in and prove their said debts or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

Dated this 12th day of December 2003.
LOKE POH KEUN
Liquidator.
c/o 8 Robinson Road
#08-00 ASO Building
Singapore 048544.


L&M GROUP: Unveils Financial Results
------------------------------------
L&M Group Investment Limited announced the result of its un-
audited nine months financial statement announcement for period
ended 30 September 2003 (9 months results).

Further to the announcement made by the Company on 29 November
2003, the Singapore Stock Exchange noted that the Group has
reported a negative equity position of $49.7 million, net
current liabilities position of $96.8 million, negative cash
flow from operations of $788,000 and a consolidated negative
cash position of $1.146 million and that the Company's
borrowings and debt securities repayable within one year or less
amounted to $98.4 million. The aforesaid raise the question as
to whether the Group has adequate financial resources to meet
its short term obligations, and the Singapore Stock Exchange has
made the following queries: -

(a) The directors' view on whether the Company will be able to
continue as a going concern and to provide a detailed
explanation on the basis for their views.

The directors are of the view that whether the Company can
continue as a going concern will depend on: -

i. It can complete the re-structuring exercise successfully;

ii. It can raise sufficient working capital though the placement
of new shares immediately following the completion of the re-
structuring exercise; and

iii. The core specialist activities can generate positive cash
flows, based on the projects secured, the directors are of the
opinion that the operations can contribute positive cash flows.

If the re-structuring exercise is successfully completed, the
net current liabilities will be reduced from $96.8 million to
$16.8 million. With the continuous support from our bank,
shareholders, trade creditors and the positive outcome of the
above the directors are of the opinion that the Company can
continue as a going concern.

(b) Whether the Group has adequate financial resources and
detailing how the Company intends to meet its short-term
obligations (i.e. the $98.4 million borrowings due within one
year) and whether the Company is under any pressure to repay its
loans.

The re-structuring exercise if successfully completed will
result in the conversion of a substantial amount of its short-
term obligations into equity and the rest into one to three year
loans with the details as follows:
L&M Group Investments Ltd loan by UOB Ltd

i. To be converted to ordinary shares at par $58.0 million
ii. To be converted to a 3-year term loan $22.0 million
iii. To be converted to a one-year term loan $ 8.0 million

Sub-total $88.0 million

L&M Geotechnic Pte Ltd loan by UOB Ltd
Revolving working capital facility $ 9.6 million

L&M Infratech Sdn Bhd loan by Maybank Bhd
Working capital facility $ 0.6 million

L&M Infratech Sdn Bhd loan by UOB Ltd
Working capital facility $ 0.2 million

Total $98.4 million

The Company is presently not facing any pressure to repay the
$98.4 million loans. This is only because the Company's largest
single creditor, the UOB Ltd has agreed to re-structure the loan
amounting to $88 million and is holding its hands pending the
outcome of the re-structuring exercise. At the moment the Group
believe that UOB Ltd will continue to provide L&M Geotechnic Pte
Ltd with the working capital facility. The Group is currently
managing L&M Infratech Sdn Bhd working capital facility with
Maybank Bhd.

The Company would like to announce that the placement of new
shares reported under (a)(ii) above and the disposal of any non-
core or other assets will be used to fund the following: -

i. The working capital required for the operations including the
funds needed to complete its 2 major road projects with Land
Transport Authority, which the Company estimated at around $8
million over the next 3 years.

ii. The claims made by former employees amounted to $2.2 million
which is now being dealt with by our lawyers.


NATSTEEL LIMITED: Issues Management Changes
-------------------------------------------
NatSteel Ltd (NatSteel) announced Friday the appointment of Mr
Oo Soon Hee as President, Chief Executive Officer and Director
with effect from 1 January 2004. Mr Oo will succeed Mr Ang Kong
Hua, who will continue to serve as Executive Director of
NatSteel after he relinquishes his operational responsibilities.
Mr Ang will continue to be actively involved at the policy and
strategy level, to further grow the core businesses of the
NatSteel Group.

Mr Oo, aged 59, served NatSteel in a range of management roles
between 1977 and May 2000, when he left the Company to pursue
personal interests. He re-joined the NatSteel as Deputy
President and Chief Operating Officer on 1 July this year. Mr Oo
is also a director of ComfortDelgro Corporation Ltd, Vertex
Venture Holdings Ltd and LKN-Primefield Ltd.

Commenting on the management changes, Dr Cham Tao Soon, Chairman
of NatSteel, said, "We are pleased to have Soon Hee lead
NatSteel. His experience and in-depth knowledge in the steel
industry, in addition to his leadership skills and familiarity
with the Group's management and operations, will ensure a
seamless leadership transition and help us continue to
strengthen NatSteel's competitive position in the industry.
Going forward, the Company will focus its resources to drive the
development and growth of our core businesses, something we are
very well positioned to do so under the leadership of an
extremely capable management team led by Soon Hee."

Dr Cham added, "Mr Ang has been a key member of our senior
management team and the Board of NatSteel and has played an
active and valuable role in numerous initiatives for 28 years.
Since his appointment as NatSteel's General Manager in 1975, he
has successfully navigated NatSteel through a series of
difficult challenges, including its successful regionalization
and diversification. Under his leadership, NatSteel has been
transformed from a local steelmaker into one of Singapore's
largest conglomerates, with operations in steel, industrial
activities and electronics. On behalf of the Board of Directors,
I would like to thank Mr Ang for his dedication and his many
contributions to the Group. We are extremely grateful for his
commitment to continue to serve as Executive Director of
NatSteel and look forward to drawing upon his wealth of
experience in chartering the future direction of the Group."

"The identification of a qualified successor and the creation of
smooth senior management transition has been a major
preoccupation of mine for many months," said Mr Ang. "I am
particularly gratified to have been able to persuade Soon Hee to
lead NatSteel going forward. He is well positioned given his
knowledge of the industry and extensive experience with the
Group to effectively lead NatSteel in facing the commercial and
financial challenges ahead."

About NatSteel Ltd

NatSteel is a leading Industrial group in Asia Pacific. The
Group has three main businesses: Steel, Industrial (comprising
Construction Products, Chemicals and Engineering) and
Electronics.

The Steel Division has regional presence in Singapore, Malaysia,
Thailand, China, the Philippines and Vietnam. Singapore serves
as the hub providing R&D, engineering, logistics, sourcing and
other support services.

The Industrial Division is a key player for cement, concrete,
precast concrete, premix mortar and related building products in
Singapore. Other business activities of this division include
specialty and environmental chemicals, engineering products and
services.

The key Company in the Electronics Division is B.J. Industries
(Pte) Ltd, a manufacturer of hard disk drive components.

NatSteel is widely recognized as an extensive user of technology
to provide innovative solutions. The Group partners eminent
local industry and tertiary institutions to develop industrial
best practices and leading technologies in its fields.

The Group has operations and joint ventures in 12 countries. It
has been listed on the Singapore Exchange since 1964.

For further information, please contact:
Media Contact
Yvette Tan
NatSteel Ltd
DID: +65 6660 7957, Email: ytan@natsteel.com.sg
Ng Chip Keng
Weber Shandwick Worldwide (Singapore) Pte Ltd
DID: +65 6825 8084, Mobile: +65 9623 2166, Email:
ckng@webershandwick.com


SINGAPORE LEASING: Creditors First Meeting Set January 8
--------------------------------------------------------
Notice is hereby given that the first meeting of creditors in
Singapore Leasing International (Pte) Ltd will be held at 10
Collyer Quay, #06-05 Ocean Building, Singapore 049315, at 10
A.M. on 8th January 2004.

AGENDA

1. To receive an update of the status of the liquidation.
2. To approve the payment of a first interim dividend.
3. To approve the liquidators' interim fee.
4. Any other matters.

To entitle you to vote thereat, your proof of debt must be
lodged with me not later than 12 p.m. on 19th December 2003, if
you have not already done so. Forms of proof and of proxy are
enclosed herewith. Proxies to be used at the meeting must be
lodged with me not later than 2 p.m. on 2nd January 2004.

Dated this 12th day of December 2003.
ONG YEW HUAT
Liquidator.
Singapore Leasing International (Pte) Ltd.
Address: c/o Ernst & Young
10 Collyer Quay
#21-01 Ocean Building
Singapore 049315.


SGK PTE: Unveils December 6 AGM Resolutions
-------------------------------------------
At an Extraordinary General Meeting (AGM) of SGK Pte Ltd (In
Members' Voluntary Liquidation) convened and held at 707
Clementi West St 2 #05-347, Singapore 120707 on 6th December
2003, the following resolutions were duly passed:

It was RESOLVED:

AS SPECIAL RESOLUTION

(a) ''That SGK PTE LTD be wound up voluntarily pursuant to
section 290 (1) (b) of the Companies Act, Chapter 50.''

(b) ''That the liquidator of the Company be authorized to
exercise any of the powers given by section 272 (1) and (2) of
the Companies Act, Chapter 50 and to distribute to the
Contributories or as they may direct, in cash and/or in specie
all the surplus assets of the Company.''

AS ORDINARY RESOLUTION

(c) ''That Mr Teh Kwang Hwee of 2 Mistri Road, #12-01 HMC
Building, Singapore 079624 be appointed liquidator of the
Company to act for the purpose of the winding up.''

(d) ''That the liquidator be indemnified by the Contributories
against all claims, demands and payments which the Company may
in the course of or arising out of such winding up become
liable.''

(e) ''That the books, accounts and documents of the Company and
the Liquidator be destroyed three months from the date of
dissolution of the Company.''

SOH GEOK KHENG
Chairman.


SUNTAX INDUSTRIES: Issues Dividend Notice
-----------------------------------------
Suntax Industries (Singapore) Pte Ltd. issued a notice of
intended dividend as follows:

Address of Registered Office: Formerly of 261 Waterloo Street
#03-28 Singapore 180261.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 299 of 1993.

Last Day for Receiving Proofs: 26th December 2003.

Name & Address of Liquidator: The Official Receiver

The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

SUNARI BIN KATENI
Assistant Official Receiver.


VITRAUX PTE: Creditors Final GM Set January 12
----------------------------------------------
Notice is hereby given that the Final General Meeting (GM) of
the members of Vitraux Pte Ltd (In Members' Voluntary
Liquidation) will be held at No. 1, Kim Seng Promenade, #07-02
Great World City, Singapore 237994, on 12th January 2004 at 10
A.M. for the following purposes:

1. To receive an account from the Liquidators showing the manner
in which the winding up has been conducted and the property of
the Company disposed of, and to hear any explanations that may
be given by the Liquidators.

2. To determine by resolution the manner in which the books,
accounts and documents of the Company shall be disposed of.

KON YIN TONG
WILLIAM CAVEN HUTCHISON
Joint Liquidators.

A member entitled to attend and vote at the General Meeting is
entitled to appoint a proxy to attend and vote in his stead. All
proxies should be deposited at the Liquidators' Office not less
than forty-eight hours before the time for holding the meeting
or any adjournment thereof. A proxy need not be a member of the
Company.


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


THAI MILITARY: Finance Ministry to Make Sale Decision Next Month
----------------------------------------------------------------
A decision on the sale of the government stake in Thai Military
Bank will be finalized by the end of next month, according to
the Ministry of Finance.  Holding a 40.6% stake in the bank, the
ministry admitted it is in talks with several business
alliances, including Singapore's DBS Group.

"We are now in talks with prospective business partners and the
conclusion will be by the end of next month," Finance Minister
Suchart Jaovisidha told Business Day.

Rumors have it DBS Group is seriously considering a stake in the
bank, which is the sixth-largest in Thailand.  Considered the
largest commercial bank in Southeast Asia, DBS is looking to
expand in Thailand and has recently joined forces with Shin
Corporation Plc in investing THB1 billion in "Capital OK."

"Capital OK will run a consumer finance business which will
offer unsecured personal loans, credit card loans and hire-
purchase loans to customers who have an income of at least 5,000
baht per month. The company plans to have about 300,000-400,000
customers by the end of 2004," Business Day said.

Thai Military Bank is believed to have been in talks with 2-3
foreign financial institutions over the past few months.  
Earlier this year, it also raised THB22 billion in fresh capital
through selling shares in September 2003.  It plans to use part
of the proceeds to repay its hybrid securities of more than
THB11 billion.

In July, an effort to sell a strategic portion to the Australia
and New Zealand Banking Group failed due to conflicting views on
the real value of its shares.  The Ministry of Finance and other
major shareholders plan to sell a 25 percent stake in the bank
to new business partners.  Panthongtae Shinawatra, the son of
Prime Minister Thaksin Shinawatra, and Thai Life Insurance Plc
are among the major shareholders of TMB.


* BOND PRICING: For the week of December 15-19, 2003
----------------------------------------------------

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

AUSTRALIA
---------
Advantage Group Ltd                   10.000%     4/15/06     1
Amcom Telecommunications Ltd          10.000%    10/28/07     1
APN News & Media Ltd                   7.250%    10/31/08     4
Australia Commonwealth Gov't Loans     3.000%     7/29/49    64
Austrim National Radiators Ltd         9.500%    10/31/04    46
Bendigo Bank Ltd                       8.000%     5/29/49     8
BIL Finance Ltd                        8.000%    10/15/07    10
BIL Finance Ltd                        8.250%    10/15/04     9
BIL Finance Ltd                        8.750%    10/15/04     9
BIL Finance Ltd                        8.750%    10/15/05     9
BIL Finance Ltd                        9.000%    10/15/04     9
BIL Finance Ltd                        9.250%    10/15/04     9
BIL Finance Ltd                        10.000%   10/15/04     9
Capital Properties NZ Ltd              8.500%     4/15/05     7
Capital Properties NZ Ltd              8.500%     4/15/07     8
Capital Properties NZ Ltd              8.500%     4/15/09     9
Consolidated Minerals Ltd              11.250%    3/31/05     1
Djerriwarrh Investments Ltd            7.500%     9/30/04     4
Evans & Tate Ltd                       8.250%    10/29/07     1
Fletcher Building Ltd                  7.800%     3/15/06     8
Fletcher Building Ltd                  7.900%    10/31/06     8
Fletcher Building Ltd                  8.500%     4/15/04     7
Fletcher Building Ltd                  8.600%     3/15/08     8
Fletcher Building Ltd                  8.750%     3/15/06     8
Fletcher Building Ltd                  8.850%     3/15/10     8
Fletcher Building Ltd                 10.500%     4/30/05     7
Feltex Carpets Ltd                    10.250%     9/15/08     1
Fernz Corp Ltd                         8.560%    10/15/06     8
Futuris Corporation Ltd                7.000%    12/31/07     2
Garratts Ltd                           12.000%    12/31/03    1
Gympie Gold Ltd                        8.500%     9/30/07     1
Hy-Fi Securities Ltd                   7.000%     8/15/08     7
Hy-Fi Securities Ltd                   8.750%     8/15/08     9
Hutchison Telecoms Australia           5.500%     7/12/07     1
JB Were Capital Markets Ltd            8.750%    12/31/03    29
Macquarie Bank Ltd                     1.800%     8/15/15    66
New South Wales Treasury Corporation   0.500%     2/16/10    72
NPT Capital Ltd                        9.500%    11/30/04     9
Nuplex Industries Ltd                  9.300%     9/15/07     8
Pacific Retail Finance                 9.250%     9/15/07    10
Port Douglas Reef Resorts Limited      9.000%      4/1/04     1
Powerco Ltd                            8.150%      9/1/07     7
Powerco Ltd                            8.400%     5/22/07     7
Queensland Treasury Corporation        0.500%     5/19/10    71
Richmond Ltd                          10.750%    12/15/04    10
Salomon Smith Barney Australia         4.250%      2/1/09     9
Sky Network Television Ltd             9.300%    10/29/49     8
Straits Resources Ltd                 10.000%    12/31/03     1
Strathfield Group Ltd                 11.000%    12/31/05     1
Tower Financial Services Group         8.750%    10/15/07     9
Tower Finance Ltd                      8.750%    10/15/07     9
TrustPower Ltd                         8.300%     9/15/07     8
TrustPower Ltd                         8.500%     9/15/12     8

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

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

KOREA
-----

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

MALAYSIA
--------

Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Arus Murni Corporation Bhd             0.500%      8/24/06    1
Berjaya Group Bhd                      5.000%     12/30/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             3.000%      2/25/06    1
Crest Builder Holdings Bhd             1.000%      2/25/06    1
Crest Builder Holdings Bhd             3.000%      2/25/06    1
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Eox Group Bhd                          4.000%      1/10/06    1
Equine Capital Bhd                     3.000%      8/26/08    1
Fountain View Development Bhd          3.500%      11/2/06    4
Furqan Business Organisation Bhd       2.000%     12/19/05    1
Gadang Holdings Bhd                    3.000%     10/21/07    3
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
Halim Mazmin Bhd                       8.000%      6/30/04    3
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Kumpulan Emas Bhd                      7.000%     11/15/04    1
Kumpulan Jetson                        5.000%     11/28/12    1
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
Media Prima Bhd                        2.000%      7/18/08    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
MWE Holdings                           5.500%      10/7/04    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Pantai Holdings Bhd                    5.000%      3/28/07    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
POS Malaysia & Services Holdings Bhd   8.000%     11/26/04    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
Prinsiptek Corporation                 2.000%     11/20/06    1
Projek Lebuhraya Utara-Selatan Bhd     5.400%      5/31/07    2
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
Southern Steel Bhd                     5.500%      7/31/08    2
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    2
Wah Seong Corporation Bhd              3.000%      5/21/12    3
Yu Neh Huat Bhd                        3.000%       9/2/08    1

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

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

SINGAPORE
---------

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

THAILAND
--------

Bangkok Bank PCL                         4.589%     3/3/04   64
Bank of Asia PCL                         3.750%     2/9/04   64
Siam Commercial Bank PCL                 3.250%    1/24/04   64
Tanayong PCL                             3.500%    3/01/04    7

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


                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Lyndsey Resnick, Mavy Nineza-Merlin, Ma. Cristina
Pernites-Lao, Editors.

Copyright 2003.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                *** End of Transmission ***