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

                   A S I A   P A C I F I C

         Thursday, December 18, 2003, Vol. 6, No. 250

                         Headlines

A U S T R A L I A

AUSTRALIAN GAS: Chairman John Phillips Retires From Board
MAYNE GROUP: Upgrade Plants in Australia and Puerto Rico
TOWER LIMTIED: Sells TWR Shares Held in Tower Life Firms
QANTAS AIRWAYS: Issues Level of Foreign Relevant Shares Interest
WMC RESOURCES: Restarts Copper/Uranium Operations


C H I N A  & H O N G K O N G

CONCORD CAPITAL: SFC Reprimands Firm for Market Manipulation
HUNG FUNG: Creditors Meeting Set for December 19
PCCW LTD: S&P Assigns 'BBB' Rating to PCCW-HKT's Loan Facility


I N D O N E S I A

BANK NEGARA: S&P Places 'B' Ratings Off Watch Negative


J A P A N

ASAHI CHINTAI: Real Estate Firm Enters Rehabilitation
ASHIKAGA BANK: Appoints Norito Ikeda as New President
MITSUI MINING: Merges With Units on March 2004
NEC CORPORATION: MPEG Adopts SAIT Technology for MPEG-7 Standard
NISHI NIHON: Golf Course Enters Rehabilitation

RESONA HOLDINGS: Set to Repurchase Banking Headquarters in Osaka
RESONA HOLDINGS: Saitama Governments to Acquire Saitama Bank
S X L CORPORATION: R&I Downgrades Rating to BB-


K O R E A

HANBO IRON: Up for Sale Again Next Year
LG CARD: Creditors Mull Capital Raise for Ailing Firm
LG CARD: Invites Eight Creditors to Bid for Ailing Firm


M A L A Y S I A

FCW HOLDINGS: Clarifies Financial Daily Report
LONG HUAT: Reschedules Winding Up Hearing to May 14
OMEGA HOLDINGS: Ernst & Young Audits Firm
PARK MAY: Issues Restructuring Scheme Update
PARK MAY: RAM Downgrades Rating to C1

PENAS CORPORATION: KLSE Reprimands Firm


P H I L I P P I N E S

NATIONAL BANK: Clarifies "PNB Aims Php200M Profit" Report
NATIONAL STEEL: Mancom Accepts Indian Firm's New Offer


S I N G A P O R E

ANANDA DEVELOPMENT: Petition to Wind Up Pending
KEPPEL-UAE INVESTMENT: Creditors Must Submit Claims by Jan 12
LUCUS ORIGIN: Issues Dividend Notice
OZIBOU.COM PTE: Releases First and Final Dividend Notice
PACKMASTER PTE: Issues Debt Claim Notice to Creditors

PAN ASIA: Winding Up Hearing Set January 16
THAKRAL CORPORATION: Post Changes in Shareholder's Interest


T H A I L A N D

BANGCHAK PETROLEUM: SET Resumes Shares Trading
BANGKOK BANK: Unveils Result of Shares Sale Offer

     -  -  -  -  -  -  -  -

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


AUSTRALIAN GAS: Chairman John Phillips Retires From Board
---------------------------------------------------------
As foreshadowed at the Australian Gas Light Company's Annual
General Meeting (AGM) held on October 14, 2003, Mr. John
Phillips announced his retirement as Chairman of the Company and
of his intention to leave the Board by the end of the year.

Mr. Phillips joined the AGL Board on 5 November 1992 and was
elected Chairman on 22 October 1996. As a consequence of Mr.
Phillips' stepping down as Chairman, the Board of Directors has
appointed Mr. Mark Johnson as the new Chairman.

Mark is deputy Chairman of the Australian Gas Light Company and
a member of the Nomination, Remuneration & Health, Safety &
Environmental Committees. He joined AGL in 1988.

Mark is deputy Chairman of Macquarie Bank Limited where he has
spent most of his career working in corporate finance, mergers
and acquisitions, and underwritings and, more recently, helping
to establish Macquarie's world wide resources group.

Mark is one of the Prime Minister's three personal
representatives to the APEC Business Advisory Council (ABAC). He
is also a director of the Victor Chang Cardiac Research
Institute.

He holds a law degree from Melbourne University and an MBA from
Harvard University.

Further Enquiries:
Contact: Jane McAloon, Group Manager External Affairs
Direct: (02) 9922 8349
Mobile: 0402 060 147
Contact: Les Fisk, Company Secretary
Direct: (02) 9922 8644
Mobile: 0402 060 153


MAYNE GROUP: Upgrade Plants in Australia and Puerto Rico
--------------------------------------------------------
Mayne Group Limited will upgrade production services at its two
pharmaceutical manufacturing plants in Australia and Puerto Rico
at a total cost of approximately $60 million during the next 12
months to support the growth of its global business.

The majority of the investment will be used to increase the
manufacturing capacity of oncology (anti-cancer) pharmaceuticals
at the Company's Mulgrave facility in Melbourne, Australia. The
development will take place on a block of land adjoining the
current site, where a new line dedicated to oncology products
will be established.

The site in Aguadilla, Puerto Rico, produces a range of
injectable pharmaceuticals, excluding oncology products. A new
filling suite and laboratory facilities will enable the facility
to double its output.

Mayne's Group Managing Director and Chief Executive Officer,
Mr.Stuart James, said Mayne's considerable sales growth over the
past two years meant that further investment in manufacturing
capacity was required.

"Our major sales are generated from oncology related products
and our future growth will also rely on expanding this specialty
range, so it is important we extend our manufacturing capacity
to deal with our demand," Mr.James said.

"Similarly, the improvements at Aguadilla will provide us with
more flexibility to meet the demands of the US and European
markets where we have been growing our product portfolio," he
said.

"Whilst upgrading our core manufacturing competencies is a cost
efficient method to address a portion of our manufacturing
requirements, we are still considering other complementary
opportunities in the northern hemisphere."

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

Media enquiries:               Investor enquiries:
Rob Tassie                     Larry Hamson
Ph: 03 9868 0886               Ph: 03 9868 0380
Mb: 0411 126 455               Mb: 0407 335 907


TOWER LIMTIED: Sells TWR Shares Held in Tower Life Firms
--------------------------------------------------------
Tower Limited (Tower) announced that the 9,767,952 Company
shares that were held in its life companies (Tower Australia and
Tower Life (New Zealand)) have been sold earlier this week. The
decision to sell reflects the relative capital inefficiency in
Tower continuing to hold these shares, and the particular
accounting policy that applies on consolidation.

For further information, please contact:
William Giesbers
Group Chief Financial Officer
Tel: +64 21 435 981


QANTAS AIRWAYS: Issues Level of Foreign Relevant Shares Interest
------------------------------------------------------------
Under the Qantas Constitution, the maximum aggregate level of
relevant interest that foreign persons are permitted to hold in
Qantas Airways is 49 percent. On 5 September 2003, Qantas
advised the market that foreign persons had a relevant interest
in approximately 45.64 percent of the Qantas issued share
capital.

Listing Rule 3.19.1 requires that Qantas advice the market when
the level of foreign relevant interest changes by more than 1
percent. Based on the most recent reconciliation, Qantas advises
the market that recent foreign sales have resulted in foreign
persons having a relevant interest in approximately 44.16
percent of Qantas shares.

NOTIFICATION OBLIGATIONS

Qantas reminds the market that, under its Constitution, foreign
purchasers are required to notify Qantas, within 10 days of
becoming registered, of their acquisition of a relevant interest
in Qantas shares. Foreign Ownership Notifications are available
from the Qantas Share Registry on (02) 8280 7390.

It is the order of receipt of complete Foreign Ownership
Notifications, which determines the priority for entry, upon
reconciliation to a registered shareholding, to the Qantas
Foreign Sub-Register.

Qantas investigates foreign share purchases and, upon
reconciliation of the relevant Foreign Ownership Notifications
to a registered shareholding, enters the purchases on the Qantas
Foreign Sub-Register. Should the level of foreign ownership on
the Qantas Foreign Sub-Register exceed 49 percent, the Qantas
Constitution contains provisions to notify those foreign
shareholders. Should such a Notice be required to be sent, it
results in the registered holder of the offending shares not
being entitled to vote the shares at a meeting of shareholders
and it may lead to the disposal of those shares.

Qantas Airways Limited
ABN 16 009 661 901
203 Coward Street Mascot New South Wales 2020 Australia
Telephone 61 (2) 9691 3456 Facsimile 61 (2) 9691 3339


WMC RESOURCES: Restarts Copper/Uranium Operations
-------------------------------------------------
Production at WMC's Olympic Dam Copper/Uranium operations
restarted last week following the commencement of commissioning
of a replacement heat exchanger on December 8. The replacement
heat exchanger was sourced from Canada and airlifted to
Australia earlier this month.

'In line with our announcement of November 24th, WMC Resources
expect to be back in production by the weekend,' said WMC's CEO
Andrew Michelmore.

Investigations have confirmed that the failure occurred in a
cooling tube within the heat exchanger. A number of possible
causes for the initial failure have been identified and were
addressed prior to decommissioning.

Ross Mallett
Assistant Company Secretary


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


CONCORD CAPITAL: SFC Reprimands Firm for Market Manipulation
------------------------------------------------------------
Securities and Futures Commission (SFC) has reprimanded Concord
Capital Securities Limited (formerly known as Concord Capital
Brokerage Limited). The reprimand follows an SFC investigation
into the market manipulation and illegal short selling of the
shares of China Mobile (Hong Kong) Limited in May 2002 by
Mr.Chan Shing Chun, a licensed representative of Concord (Note
1). The SFC found a number of internal control weaknesses at
Concord:

Failure to implement procedures to deter and prevent short
selling;

Failure to put in places a written staff dealing policy and
operations manual;

Failure to monitor properly trading in clients, staff and
related accounts;

Inadequate supervision of staff's dealing activities and failure
to ensure that staff identify and report related accounts to
management;

Failure to maintain proper audit trails by putting in place a
telephone recording system and ensuring dealing tickets are time
stamped; and failure to comply with regulatory requirements.

In light of these findings, the SFC concludes that the fitness
and properness of Concord has been called into question. The SFC
therefore decides to reprimand Concord.

In reaching this decision, the SFC took into account:

The recent disciplinary action against Concord for internal
control failings at its Tsuen Wan branch (Note 2);

The change in Concord's board of directors and management team;

Concord's implementation of a number of remedial measures to
strengthen its internal controls to ensure compliance with the
relevant rules and regulations; and

That Chan is no longer accredited to Concord.

Mr.Alan Linning, SFC's Executive Director of Enforcement, said:
"Weak internal controls in a brokerage put the broker's clients
and the broker itself at risk. At worst, they allow brokerage
employees to defraud clients. We will take appropriate action
whenever we discover brokers with poor controls. However, we
take remedial action by brokers into account in reaching our
disciplinary decision."

Notes:

1. Chan was convicted of illegal short selling and market
manipulation. Please see SFC's press release dated 25 March 2003
for details of the case at
http://www.hksfc.org.hk/eng/press_releases/html/index.html.

2. Please see SFC's press release dated 20 March 2003 for
details of the case at
http://www.hksfc.org.hk/eng/press_releases/html/index.html


HUNG FUNG: Creditors Meeting Set for December 19
------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Chapter 32), a meeting of the creditors of
Hung Fung Transportation Company Limited will be held at Room
1101, 11/F., Shiu Lam Building, 23 Luard Road, Wan Chai, Hong
Kong on 19th December 2003 at 9:30 A.M. for the purposes
mentioned in sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at Room 1101, 11/F,
Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later
than 4 P.M. on the day before the meeting or adjourned meeting
at which they are to be used.

By Order of the Board of
HUNG FUNG TRANSPORTATION COMPANY LIMITED
LEE SAI HOI
Director
  

PCCW LTD: S&P Assigns 'BBB' Rating to PCCW-HKT's Loan Facility
--------------------------------------------------------------
Standard & Poor's Ratings Services (S&P) has assigned its 'BBB'
senior unsecured debt rating to PCCW-HKT Telephone Ltd.'s (HKTC;
BBB/Positive/--) proposed HK$6 billion revolving bank loan
facility due 2008. The facility can be drawn down on a fully
revolving basis throughout its life. Any loan drawn from this
facility will rank pari passu with all of HKTC's other senior
unsecured obligations and will be primarily used as working
capital. The facility will improve HKTC's liquidity.

HKTC is a wholly owned subsidiary of PCCW Ltd. The rating on
HKTC reflects the Company's dominant position in Hong Kong's
fixed-line telecommunications market, its ability to generate
relatively stable cash flows, and its improving cost structure.

Parent Company, PCCW Ltd., is gradually reducing its debt levels
through dividends from HKTC and cash flow from the sale of
apartments at the Company's Cyberport development. PCCW Ltd.'s
capital structure strengthened further as a result of a US$400
million equity issue in 2003.

The group's total debt has been reduced to about US$4.4 billion
from US$5.3 billion at the end of 2002. Reach Ltd., a joint
venture between PCCW Ltd. and Telstra Corp. Ltd., continues to
face difficulties as a result of overcapacity in the Asian
wholesale long distance and undersea cable sector and pressure
on bandwidth pricing. While Reach Ltd.'s short-term liquidity is
adequate, its liquidity over the medium term could come under
pressure, if industry conditions do not improve significantly.


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


BANK NEGARA: S&P Places 'B' Ratings Off Watch Negative
------------------------------------------------------
Standard & Poor's Ratings Services (S&P) has removed from Credit
Watch with negative implications its 'B' foreign and local
currency long-term counter party credit ratings on PT Bank
Negara Indonesia (Persero) Tbk (Bank BNI). The ratings were
placed on Watch Negative on November 5, 2003. The outlook is
stable. The 'B' long-term and short-term ratings were affirmed.

This comes after the announcement of key changes to the bank's
senior management. After its shareholders meeting, eight new
directors and three new commissioners were appointed to improve
the supervision of the bank.

At the same time, Bank BNI has obtained its shareholders'
approval for an accounting move to restructure its equity to
eliminate its accumulated losses from its retained earnings,
through off-setting it with its paid-up capital and asset
revaluation reserves. The bank is also planning a reverse stock
split at a ratio of 15 to 1. Although these moves are geared
toward the proposed government sale of up to 30 percent share in
the bank in 2004, Standard & Poor's ratings on the bank remain
unchanged, given that there is no immediate economic impact to
the financial profile of the bank.


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


ASAHI CHINTAI: Real Estate Firm Enters Rehabilitation
-----------------------------------------------------
Asahi Chintai Kanri K.K., which has total liabilities of 6.5
billion yen against a capital of 98 million yen, has applied for
civil rehabilitation proceedings, according to Tokyo Shoko
Research. The real estate firm is located in Toshima-ku, Tokyo,
Japan.


ASHIKAGA BANK: Appoints Norito Ikeda as New President
-----------------------------------------------------
The Japanese government has decided to appoint Norito Ikeda,
former Chief Personnel Officer (CPO) of the Bank of Yokohama, as
the President of the recently nationalized Ashikaga Bank, Kyodo
News reported on Wednesday. Ikeda, 56, is expected to lead
Ashikaga Bank's revitalization effort by utilizing his long
experience with financing, management planning, personnel
management and other operations at the Bank of Yokohama, the
biggest regional bank in Japan.


MITSUI MINING: Merges With Units on March 2004
----------------------------------------------
Mitsui Mining Co. will merge with units Mitsui Mining Coke Co.
and Mitsui Mining Logistics Corporation in March 2004 as part of
the Industrial Revitalization Corporation of Japan's October 31
decision to bail out the ailing natural resource Company, Kyodo
News reports. Mitsui Mining Logistics will be the surviving
entity while Mitsui Mining and Mitsui Mining Coke will be
liquidated.

The deal will allocate one common share in Mitsui Mining
Logistics to Mitsui Mining shareholders for each of their
shares. With Mitsui Mining Coke, the merger will involve no
share allocation, as Mitsui Mining wholly owns the company. The
merger is aimed at revitalizing the Mitsui Mining group by
integrating the three companies' operations.


NEC CORPORATION: MPEG Adopts SAIT Technology for MPEG-7 Standard
----------------------------------------------------------------
NEC Corporation and Samsung Advanced Institute of Technology
(SAIT) announced that the MPEG (Moving Picture Experts Group)
Committee has decided to adopt NEC and SAIT jointly proposed new
face recognition technology for the upcoming MPEG-7 standard (*)
to be published in "ISO/IEC 15938-3:2002/Amd.1." in the spring
of 2004.

The MPEG-7 standard provides a set of standardized tools to
describe content important for multimedia retrieval. To date
there has been a need to standardize face description to
represent facial features as a tool for identifying people. The
NEC/SAIT technology was chosen due to best performance in
retrieval accuracy, speed, and data size proposed in the MPEG-7
benchmark tests.

Referred to as MPEG-7 AFR (Advanced Face Recognition
Descriptor), the technology is a description method that
presents facial features in still or moving picture form for
multimedia retrieval. It boasts extremely small data size as
well as fast and accurate retrieval. Facial features can be
described as metadata enabling a variety of applications, such
as instantaneous retrieval of a scene from a large video archive
system, or of an appearance in an acting scene using the human
face as the query factor. Through adoption into international
standardization it will enable establishment of large archive
systems with the function of searching and retrieving scenes
using the face as the query factor and is expected to deploy new
services in the market of the spreading of digital broadcasting
and the internet, such as video archives, home videos and
surveillance systems.

It has been achieved by the following:

(1) NEC developed "Cascaded Linear Discriminant Analysis", which
selects features of human faces in order of performance within
the cascading architecture and realizes an accurate description
of each face image in a minimum data size of 253 bits/face.

(2) SAIT developed "Face Component Based Face Feature
Representation Method" that extracts facial features from each
face component, such as the eyes and mouth, and when applied to

(1) Improves the level of accuracy of the technology.

In comparison to the previous standard, this technology achieves
a reduction in the rate of retrieval error by one eighth (1/8)
on average. In addition, it realizes a matching speed capability
of one million times per second on a conventional PC thus making
it possible to retrieve a scene starring a specific person in
approximately one second from a 24 hour video.

With the rapid spread of IT network technologies in recent
years, multimedia retrieval technologies have become
increasingly important for providing access to contents that
users require from large multimedia video and audio databases.
Each Company will continue to develop multimedia retrieval
technologies through further integration of video and audio
recognition, and strive to develop a product based on this
technology at the earliest opportunity.

About Samsung Advanced Institute of Technology

Under the founding philosophy of Unlimited Quest, the Samsung
Advanced Institute of Technology (SAIT) was found on October 22,
1987 and since then it has been focusing on researching core
technologies that would create new business opportunities and
concentrating on the development of products (dominant designs)
that are revolutionary enough to bring a dramatic change to the
market. SAIT supports its affiliates by eliminating
technological bottlenecks and hence strengthening their
competitiveness and provides support by establishing basic
technology areas such as computer simulation and analytical
engineering. Furthermore, as a central R & D organization in
Samsung Group, it prepares mid- and long-term technology
strategies, provides technical consulting, and trains future
technical leaders.

NEC Corporation aims to cut its debt-to-equity ratio to one from
a current 3.54, in an effort to shore up a badly weakened
balance sheet, according to TCR-AP. The Company's equity-to-
asset ratio remains below 10 percent, compared with nearly 20
percent a decade ago, due in part to the lingering effects of
record losses in 2001/2002 and an under funded pension plan.

About NEC Corporation

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

Contact:
NEC Corporation
Diane Foley
d-foley@ax.jp.nec.com
3-3798-6511


NISHI NIHON: Golf Course Enters Rehabilitation
----------------------------------------------
Nishi Nihon Kubota Kihatsu K.K., which has total liabilities of
19.8 billion yen against a capital of 50 million yen, has
applied for civil rehabilitation proceedings, according to Tokyo
Shoko Research. The golf course is located in Kasai-shi, Hyogo,
Japan.


RESONA HOLDINGS: Set to Repurchase Banking Headquarters in Osaka
----------------------------------------------------------------
Resona Holdings Inc. will repurchase Resona Bank's headquarters
building in Osaka owned by Semba Sangyo, Kowa Kogyo and NF Biru
Kaihatsu for about 28 billion yen, in an attempt to clean out
its dubious relations with borrowers that resulted in a
government bailout, reports the Japan Times. The three realtors
bought what has become the head office of Resona Bank for a
combined 40.5 billion yen in March 1999, when Daiwa Bank, which
merged with Asahi Bank into Resona Bank in March, tried to
squeeze out funds for bad-loan disposals.


RESONA HOLDINGS: Saitama Governments to Acquire Saitama Bank
------------------------------------------------------------
The Saitama prefecture will use 1 billion yen in local taxpayer
funds to claim a stake in Saitama Resona Bank, the local arm of
Resona Holdings Inc., according to Japan Times, citing Saitama
Governor Kiyoshi Ueda. The move is indicative of local
constituents' fears for their regional economy, should their
main regional bank meet the same fate as the nationalized
Ashikaga Bank in neighboring Tochigi Prefecture.

Resona Holdings will consider the plan after receiving a formal
offer from the localities in question. Unlike Ashikaga, however,
Saitama Resona is in relatively good shape, according to bank
analysts.


S X L CORPORATION: R&I Downgrades Rating to BB-
-----------------------------------------------
Rating and Investment Information, Inc. (R&I) has downgraded the
long-term credit rating of S x L Corporation to BB- from BB and
long-term bonds to B+ from BB-.

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 8 Sep 10, 1997 Sep 10, 2004 Yen 5,000

RATIONALE:

S x L Corp. is a medium size manufacturer of wooden
prefabricated homes. The number of new housing starts has been
running at a low level and a decline in the number of orders is
conspicuous amidst intensifying competition among housing
construction companies. The Company has been undertaking
initiatives to raise retail unit prices by developing products
in the average to high-end price range, but the pace in the
recovery of orders has been slow.

The volume of orders for the first half ended September 2003
fell below that of the previous year and projections for
consolidated results for the term ending March 2004 have been
revised downwards. Since October there have been signs of a
recovery in orders. Nevertheless, trends in home loan tax
reductions remain unsettled, making it difficult to forecast
whether the Company can increase orders for the financial year
as planned.

S x L has a high level of interest bearing debt as a result of
concentrating resources in investment in real estate and shares
from the 1980s onwards. The Company is reducing interest bearing
debt through the liquidation of funds on hand and the sale of
blue chip assets but consolidated equity capital has
deteriorated because of recent poor results. Taking into
consideration the fact that real improvement in the financial
composition has been delayed, R&I have downgraded the Senior
Long-term Credit Rating to BB-. Because the Company's level of
secured debt is substantial, the rating for the bonds has been
affirmed at B+, reflecting a one-notch recovery risk.


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


HANBO IRON: Put Up for Sale Again Next Year
-------------------------------------------
Struggling Hanbo Iron & Steel Co., which is under court
receivership, will be put up for sale again early next year,
according to Asia Pulse. The Seoul District Court will launch
new procedures for an open sale of Hanbo Iron later this month,
starting with the selection of a lead manager.

According to reports, India's Tata Iron & Steel is pushing to
acquire Hanbo in an attempt to increase its annual steel
production from the current 4 million tons to 12 million tons by
2010. The steel mill produces about 3 million tons of steel a
year, and has been offered for sale since its bankruptcy in
January 1997. It reported record annual revenues of 437 billion
won (US$364 million) last year, demonstrating its successful
recovery from the bankruptcy.


LG CARD: Creditors Mull Capital Raise for Ailing Firm
-----------------------------------------------------
Creditors of ailing LG Card Co. are considering increasing the
Company's paid-in capital before a possible debt for equity
swap, Asia Times reports. LG Card has been floundering due to
ballooning losses and ensuing cash shortages. Its creditors have
recently decided to bail out the Company and sell it.


LG CARD: Invites Eight Creditors to Bid for Ailing Firm
-------------------------------------------------------
Creditors of LG Card Co. including Kookmin Bank, Hana Bank and
the Korea Development are among eight local creditors of the
Company invited to bid for the ailing card issuer, according to
Reuters, citing its main creditor Woori Bank. The deadline for
the bid is December 30 and a preferred bidder will be named the
next day.

The move comes after LG Group agreed on Tuesday to give up its
card and brokerage units in an effort to help the conglomerate
limit future financial losses from LG Card. The preferred bidder
will inject one trillion won ($840 million) in new loans in
January, which will be converted to equity in LG Card that
narrowly escaped default last month.


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


FCW HOLDINGS: Clarifies Financial Daily Report
----------------------------------------------
FCW Holdings Berhad refers to the letter from the Kuala Lumpur
Stock Exchange dated 15 December 2003 pertaining to the article
appearing in The Sun, Financial Daily, page 2, on Monday, 15
December 2003.

The Company confirmed that its Executive Director, Mr.Ong Bing
Yap did in response to a question during a press interview after
the Company's Forty-Eighth Annual General Meeting, mentioned
that the Company is currently exploring several opportunities to
expand the group's business. However, other than the above
statement, he confirmed that no other details were disclosed on
this subject. The Company confirms that as at to date, no
agreement has been reached which would warrant an announcement.

QUERY LETTER CONTENT:

The KLSE refers to the above news article appearing in The Sun,
Financial Daily, page 2, Monday, 15 December 2003, a copy of
which is enclosed for your reference.

In particular, KLSE would like to draw your attention to the
underlined sentences, which are reproduced as follows:

" FCW Holdings Bhd ... is talking to several parties to explore
opportunities in a non-information technology related field,
says its executive director Ong Bing Yap."

" It will be a diversification move to stir the group back to
profitability."

" He says the group is currently trying to identify suitable
partners in a "hot" business. "

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentences after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matter about
which the disclosure is to be made in this respect. In the event
you deny the above sentences or any other part of the above
reported article, you are required to set forth facts sufficient
to clarify any misleading aspects of the same. In the event you
confirm the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to support the same.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully
LISA LAM
Sector Head
Issues & Listing
LL/GTH
c.c. Securities Commission (via fax)


LONG HUAT: Reschedules Winding Up Hearing to May 14
---------------------------------------------------
Long Huat Group Berhad refers to the winding-up petition of the
Company by HSBC Bank (Malaysia) Berhad, which was fixed for
Hearing on 4 December 2003. The Company's solicitor, Messrs T.A.
Fadzil, Hairul & Associates, had announced that the Hearing date
has been adjourned to May 14, 2004.


OMEGA HOLDINGS: Ernst & Young Audits Firm
-----------------------------------------
In compliance with Paragraph 9.19 (35) of the Kuala Lumpur Stock
Exchange (KLSE) Listing Requirements, Omega Holdings Berhad
(Company) announced that the Company's Auditors, Ernst & Young
has qualified the following in their Report to Members of the
Company:

"1. As highlighted in Note 17(a) to the financial statements,
there are litigations initiated against and by the Company. The
directors are unable to determine the ultimate outcome of the
litigations and no provision for any liability that may result
has been made in the financial statements.

2. As highlighted in Note 17(b) to the financial statements, the
Company has provided corporate guarantees of approximately
RM115,154,000 to bankers for facilities granted to a subsidiary
under liquidation. In the restructuring scheme, it has been
proposed that all creditors of the Company which include trade
and non-trade and contingent liabilities arising under corporate
guarantees will be settled via the issuance of 25 million new
Newco shares at an issue price of RM1.00 per share. However, the
directors are unable to ascertain with certainty the extent such
guarantees will crystallize if any, as its crystallization is
dependent on the outcome of the proposed restructuring scheme as
disclosed in Note 19 to the financial statements. Accordingly no
amount has been provided for the corporate guarantees in the
financial statements of the Company; and

3. As at 30 June 2003, the Group and the Company have a net
shareholders' deficit and net current liabilities of RM1,497,000
and RM1,187,000 respectively and have no profitable operations.
As such and as referred to in Note 2(a) to the financial
statements, the financial statements have been prepared on a
break-up basis whereby all assets have been stated at the
estimated realizable amount, provision has been made for any
further estimated liabilities whereby its outcome is certain and
all assets and liabilities have been reclassified as current.

In view of the significance of the matters discussed in the
preceding paragraph, we are unable to form an opinion as to
whether the financial statements have been prepared in
accordance with the provisions of the Companies Act, 1965 and
applicable Approved Accounting Standards in Malaysia so as to
give a true and fair view of:

(i) The state of the affairs of the Group and Company as at 30
June 2003 and of the results and the cash flows of the Group and
the Company for the year then ended; and

(ii) The matters required by Section 169 of the Companies Act,
1965 to be dealt with in the financial statements."


PARK MAY: Issues Restructuring Scheme Update
--------------------------------------------
Park May Berhad refers to the requisite Company announcement
dated December 11, 2003 setting out the details of the Company's
Proposed Restructuring Scheme comprising, amongst others, the
proposed conversion of RM3.781 million nominal value of zero
coupon Irredeemable Convertible Unsecured Loan Stocks (ICULS) in
Park May into 1.99 million new ordinary shares of RM1.00 each
(Shares) in Park May based on the conversion price of RM1.90 per
Share (Proposed Conversion Of ICULS). As announced, the Proposed
Conversion Of ICULS also formed part of the proposed scheme of
arrangement to be undertaken by Kumpulan Kenderaan Malaysia
Berhad.

In this respect, on behalf of the Company, AmMerchant Bank
Berhad would like to announce that the Company has on even date
received a notice of conversion from the holder of the ICULS for
its entire holding of RM3.781 million nominal value of zero
coupon ICULS, to be converted into 1.99 million Shares in Park
May.

In view of this development, the Proposed Conversion Of ICULS
will no longer form part of the Proposed Restructuring Scheme.
However, there are no changes to the effects of the Proposed
Restructuring Scheme as the effects had already taken into
consideration the conversion of the ICULS.


PARK MAY: RAM Downgrades Rating to C1
-------------------------------------
Rating Agency Malaysia Berhad (RAM) has downgraded the long-term
rating of Park May's RM120.0 million CP/MTN, from BB3 to C1,
while reaffirming its short-term rating at NP. Simultaneously,
RAM has lifted the Rating Watch (with a negative outlook) on
Park May. The long-term rating of BB3 had been placed on Rating
Watch with a negative outlook on 3 September 2003, based on the
Group's weaker-than-expected performance during the first half
of FYE 30 June 2003 (1H FY 2003). Following this, Park May's
financial health deteriorated further in 3Q FY 2003 as its pre-
tax operating loss widened in comparison to the preceding
quarter. In tandem with its dismal showing, the Company has
fallen deeper into the financial mire and is not likely to meet
its debt obligations.

Park May's financial frailty also caused a delay in the
expansion of its cash-cow segment - express buses. Given the
lucrative profit margins this segment generates, the revenue
loss arising from its slow expansion had a negative impact on
the Group's earnings performance in FY 2002; it is expected to
continue to hinder Park May's revenue-generating ability in the
future. For the 9-month period ending 30 September 2003, Park
May's financial profile worsened with a turnover of RM71.05
million and a pre-tax operating loss of RM26.11 million. The
weaker showing was mainly attributed to the outbreak of Severe
Acute Respiratory Syndrome (SARS) during 1H 2003. Even though
the panic over the dreaded disease has abated, Park May's
revenue is expected to shrink to only RM90 million in FY 2003
given the increasingly competitive environment and the slow
progress in the Government's restructuring plans for the
transportation industry.

In an announcement made to the Kuala Lumpur Stock Exchange on 12
December 2003, Park May has proposed the restructuring of its
outstanding RM115 million CP/MTN, which is due to mature in
2007. The proposed settlement of the CP/MTN is as follows:

RM41 million to be paid in cash by Park May from the proceeds to
be raised through the sale of its RM25 million 20 percent-equity
interest in Rangkaian Segar Sdn Bhd by the end of this year.
Cityliner Sdn Bhd and Len Chee Sdn Bhd (indirect wholly owned
subsidiaries of Park May) to Syarikat Prasarana Negara Berhad
(SPNB) also in the midst of finalizing the sale of 364 buses own
the Group for RM14.84 million cash. The remaining RM1.52 million
will be generated from the sale of Park May's landed properties.

RM63 million of the entire outstanding CP/MTN will be converted
into RM63 million nominal value Redeemable Convertible Secured
Loan Stocks (RCSLS) to be issued by Konsortium Transnasional
Berhad, which will assume the listed status of Park May pursuant
to the proposed scheme of arrangement.

The balance of RM11 million will be maintained as its CP/MTN,
based on the existing terms, and will be redeemed by 2007.

Under the proposed scheme, the bondholders will not be entitled
to full cash settlement, but will be partly compensated via the
RCSLS. This proposed restructuring, which essentially means that
Park May has failed to meet the original conditions of the
transaction agreement, underlines the financially distress
situation of Park May.  

Furthermore, the completion of the Group's asset disposal
exercises is crucial towards enabling Park May to service its
first and second CP/MTN payments of RM17 million and RM25
million, respectively. With the first installment of RM17
million due on 24 January 2004 and the sale of the assets not
being finalized to date, we remain concerned about Park May's
ability to service its immediate debts in a timely manner.

Analyst:
Pavanjit Kaur
03-7628 1763
pavan@ram.com.my


PENAS CORPORATION: KLSE Reprimands Firm
---------------------------------------
Kuala Lumpur Stock Exchange (KLSE) in consultation with the
Securities Commission publicly has reprimanded Penas Corporation
Berhad (PENCORP) for breach of Paragraph 9.19(19) of the KLSE's
Listing Requirements (LR).

Although PENCORP is no longer listed on the KLSE, the breach was
committed by PENCORP while it was listed on the Official List of
the KLSE. On 6 November 2003, PENCORP was delisted and VTI
Vintage Berhad (VINTAGE) had assumed the listing status in place
of PENCORP.

Paragraph 9.19(19) of the LR requires a listed issuer to make an
immediate announcement to the KLSE upon any commencement of
winding-up proceedings against the listed issuer or any of its
subsidiaries or major associated companies.

PENCORP had breached Paragraph 9.19(19) of the LR for failing to
make an immediate announcement to the Exchange when the Company
was served with a winding-up petition (the Petition) against the
Company's wholly owned subsidiary, Penas Management Sdn Bhd, on
4 August 2003. The Company only announced the Petition to the
KLSE for public release on 29 August 2003, after a delay of
nineteen (19) market days.

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


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


NATIONAL BANK: Clarifies "PNB Aims Php200M Profit" Report
---------------------------------------------------------
The Philippine National Bank (PNB) clarified the news article
entitled "PNB aims for P200 M in profit next year" published in
the December 11, 2003 issue of the Philippine Daily Inquirer
(Internet Edition).

The article reported "Philippine National Bank (PNB), in a five-
year rehabilitation program after five years of big losses, is
aiming for net income of over 200 million pesos while expecting
a profit of 150 million pesos this year, its President Lorenzo
Tan said. The publicly listed bank, with majority shares held
equally by the government and tobacco tycoon Lucio Tan,
continues to improve fee-based income and has reduced in its
non-performing loans by P 16.3 B, PNB president and chief
executive officer Lorenzo Tan told reporters.

The budget for next year has yet to be approved by the board but
we're targeting a 30-percent growth next year,' Tan said. 'Most
of [the profit] will come from fee-based income. PNB's advantage
really is that it has a lot of depositors.

Philippine National Bank ("PNB"), in a letter to the Exchange
dated December 11, 2003, stated that:

PNB confirmed the accuracy of the contents of the news article.


NATIONAL STEEL: Mancom Accepts Indian Firm's New Offer
------------------------------------------------------
The National Steel Corporation (NSC) management committee
(Mancom) has accepted the new offer of Global Infrastructure
Holdings Ltd. Inc. (GIHLI) to increase its purchase price to
12.250 billion pesos from the original 11.905 billion pesos,
paving the way for the rehabilitation of the debt-saddled steel
firm, according to the Philippine Star, citing NSC liquidator
Danilo Concepcion.

The Indian firm agreed release an upfront cash of 1 billion
pesos for the immediate rehabilitation of the steel firm once a
deal is reached with the creditor banks. Concepcion, however,
said negotiations with GIHLI would still have to be finalized
early next year.


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


ANANDA DEVELOPMENT: Petition to Wind Up Pending
-----------------------------------------------
The petition to wind up Ananda Developments Pte Limited is set
for hearing before the High Court of the Republic of Singapore
on January 9, 2004 at 10 o'clock in the morning. Alumni
Construction & Trading Pte Ltd., a creditor, whose address is
situated at 6011 Ang Mo Kio Industrial Park 3 #01-400, Singapore
569463, filed the petition with the court on November 11, 2003.

The Petitioner's Solicitors are Messrs Loh Lin Kok of 1 North
Bridge Road, #19-09/10 High Street Centre, Singapore 179094. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Loh Lin Kok a notice in
writing not later than twelve o'clock noon of the 8th day of
January 2004 (the day before the day appointed for the hearing
of the petition.


KEPPEL-UAE INVESTMENT: Creditors Must Submit Claims by Jan 12
-------------------------------------------------------------
Notice is hereby given that the creditors of Keppel-Uae
Investment 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 and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the undersigned, the
Liquidators of the said Company and, if so required by notice in
writing by the said Liquidators are, by their solicitors or
personally, to come in and prove their 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.

CHEE YOH CHUANG
LEOW QUEK SHIONG
Liquidators.
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.


LUCUS ORIGIN: Issues Dividend Notice
------------------------------------
Lucus Origin Pte Ltd. (In Creditors' Voluntary Liquidation)
issued an intended dividend notice:

Address of former registered office: 159 Kampong Ampat
#07-00 Ka Place Singapore 368328.

Last day for receiving proofs: 2nd January 2004.

Name of liquidators: CHEE YOH CHUANG & LIM LEE MENG.

Address of liquidators: c/o 18 Cross Street #08-01 Marsh &
McLennan Centre Singapore 048423.

Dated this 12th day of December 2003.
CHEE YOH CHUANG
LIM LEE MENG
Liquidators.


OZIBOU.COM PTE: Releases First and Final Dividend Notice
--------------------------------------------------------
Ozibou.com Pte Ltd. (In Creditors' Voluntary Liquidation) issued
a notice of first and final dividend as follows:

Address of former registered office: 27 Ubi Road 4 #04-01 MSL
Building Singapore 408618.

Amount percentum: 100 percentum of all admitted preferential
claims. 20.5 percentum of all admitted ordinary claims.

Name of liquidators: CHEE YOH CHUANG & LIM LEE MENG.

First and final or otherwise: First and final.

When payable: 15th December 2003.

Where payable: Chio Lim & Associates
18 Cross Street #08-01 Marsh & McLennan Centre
Singapore 048423.
Dated this 12th day of December 2003.
CHEE YOH CHUANG
LIM LEE MENG
Liquidators.


PACKMASTER PTE: Issues Debt Claim Notice to Creditors
-----------------------------------------------------
The creditors of Packmasters Pte Ltd. (In Members' Voluntary
Liquidation), which is being voluntarily wound up, are required,
on or before the 15th day of January 2004 to send in their names
and addresses, with particulars of their debts and claims, and
the names and addresses of their solicitors (if any) to the
undersigned, the liquidator of the Company; and, if so required
by notice in writing by the liquidator, are, personally or by
their solicitors, to come in and prove their 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.
TEH KWANG HWEE
Liquidator.
c/o TAN & TEH
2 Mistri Road
#12-01 HMC Building
Singapore 079624.


PAN ASIA: Winding Up Hearing Set January 16
-------------------------------------------
The petition to wind up Pan Asia Telecoms Pte Ltd is set for
hearing before the High Court of the Republic of Singapore on
January 16, 2004 at 10 o'clock in the morning. Singapore
Telecommunications Limited, a creditor, whose address is
situated at 31 Exeter Road, Comcentre, Singapore 239732, filed
the petition with the court on November 28, 2003.

The Petitioner's solicitors are Messrs Lim & Lim of 18 Cross
Street, #07-01 China Square Central, Singapore 048423. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Lim & Lim a notice in writing
not later than twelve o'clock noon of the 15th day of January
2004 (the day before the day appointed for the hearing of the
petition.


THAKRAL CORPORATION: Post Changes in Shareholder's Interest
-----------------------------------------------------------
Thakral Corporation Ltd. posted a notice of changes in
substantial shareholder Kartar Singh Thakral's interest:

Date of notice to Company: 16 Dec 2003
Date of change of deemed interest: 14 Nov 2003
Name of registered holder: G K Goh Stockbrokers Pte Ltd
  
Circumstance(s) giving rise to the interest: Others
Please specify details: Sale initiated by financial institution
to meet obligation of Thakral Investments Limited.

Information relating to shares held in the name of the
registered holder: -
No. of shares which are the subject of the transaction: 180,000
% of issued share capital: 0.012
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.14
No. of shares held before the transaction: 189,862
% of issued share capital: 0.013
No. of shares held after the transaction: 9,862
% of issued share capital: 0.001

Holdings of Substantial Shareholder/Director including direct
and deemed interest
                                           Deemed      Direct
No. of shares held before the transaction: 287,321,654 0
% of issued share capital:                 19.206      0
No. of shares held after the transaction:  287,141,654 0
% of issued share capital:                 19.194      0
Total shares:                              287,141,654 0

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


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


BANGCHAK PETROLEUM: SET Resumes Shares Trading
----------------------------------------------
The Stock Exchange of Thailand (SET) had ordered the trading
halt of Bangchak Petroleum Public Company Limited (BCP) because
BCP had requested that the SET temporarily halt trading in its
securities effective from 2:30 P.M. of December 16, 2003. Due to
the cabinet had arranged the meeting to consider the additional
solution in BCP's financial restructuring, which may affect the
trading of BCP's securities.

Now, BCP has completely clarified or disclosed the relevant
material information, which has been broadly disseminated
through the SET's disclosure systems. Thus, the SET permitted
resumption of trading of BCP from 10 A.M. of December 17, 2003
onwards.


BANGKOK BANK: Unveils Result of Shares Sale Offer
------------------------------------------------
Bangkok Bank Public Company Limited has offered for sale the
aggregate number of 384,349,800 new shares, divided into
202,531,600 shares for local investors at the offering price of
Baht 79 each and 181,818,200 shares for foreign investors at the
offering price of Baht 88 each, provided that the Lead
Underwriter and the Initial Purchasers may offer for sale and
allocate an over-allotted shares in the number of 57,652,400
shares, divided into 30,379,700 shares for domestic offering and
27,272,700 shares for international offering.    

The Bank would like to inform that the subscription for the new
ordinary shares and the over-allotted shares, both domestic and
international offering, has been closed.          

Bangkok Bank Public Company Limited                                    
(Teera Aphaiwongse)                                        
Senior Executive Vice President



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

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