TCRAP_Public/031219.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

           Friday, December 19, 2003, Vol. 6, No. 251

                            Headlines

A U S T R A L I A

AMP LIMITED: CEO Notes Strong Demand in Institutional Bookbuild
AUSTRALIAN MAGNESIUM: ASIC Refuses to Grant Magtrust Exemption
MAYNE GROUP: Senior Unsecured Rating Cut to Ba1; Outlook Stable
NATIONAL TEXTILES: Major Shareholder Demands Repayment for Loan
QANTAS AIRWAYS: Boosts Regional Fleet with Six New Dash 8s

QANTAS AIRWAYS: International Traffic Down Year-on-year


C H I N A  &  H O N G  K O N G

EVERBRIGHT CHUNG: Winding up Hearing Set For February
GOLDEN ISLAND: Winding up Hearing Set Next Week
SONWA LIMITED: Faces Winding Up Petition in HK High Court


J A P A N

AOZORA BANK: Moody's Upgrades L-T Rating to D
FUJITSU LIMITED: Unveils Total Value of Shares Sale of FANUC
MINOHARA COUNTRY: Golf Course Enters Rehabilitation
RESONA BANK: Forms Y30B Revival Fund With Nomura
SEGA CORPORATION: Moody's Upgrades Rating to B1


K O R E A

KOOKMIN BANK: Issues Partial Disposition of Treasury Stocks
KOOKMIN BANK: Schedules Shareholders' Meeting on December 31
KOOKMIN BANK: Government Sells 9.1% Stake
LC CARD: Bans Foreign Bidders
LG CARD: Bidding Set for December 31


M A L A Y S I A

FABER GROUP: Bondholders OK Restructuring Plan
FARLIM GROUP: Issues Financial Aid Update
FFM BERHAD: Unveils December 17 EGM Resolutions
HIAP AIK: Issues Payment Default Update
MALAYSIAN AIRLINES: Answers KLSE Query

SRI HARTAMAS: SC OKs Disposal of Assets
SRI HARTAMAS: SC Approves Proposal
SOUTHERN PLASTIC: Answers KLSE Query Letter


P H I L I P P I N E S

MUSIC COR.: Changes Corporate Name to Music Semiconductor
NATIONAL POWER: Government Sells US$100M Bonds
NEXTSTAGE INC.: Issues Quasi-reorganization Update
PHILIPPINE LONG: PhilRatings Assigns PRS 1 STCPs Rating
UNITED COCONUT: Board OKs 10-Year Business Plan


S I N G A P O R E

CENTRAL PROPERTIES: Withdraws Stock Units From SGX-ST
CHARTERED SEMICONDUCTOR: Post Changes in Shareholder's Interest
E&A CERAMICS: Issues First & Final Dividend Notice
LKN-PRIMEFIELD: Converts NRCPS to Ordinary Shares
OKURA & CO.: Creditors Final Meeting Set January 8

THAKRAL CORPORATION: Post Changes in Shareholders Interest


T H A I L A N D

BANGKOK BANK: Fundraising 'Encouraging Development,' Says S&P

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AMP LIMITED: CEO Notes Strong Demand in Institutional Bookbuild
---------------------------------------------------------------
AMP Limited bared Wednesday the details of the institutional
bookbuild held as part of its Rights Offer, with shares
allocated to bookbuild participants at AU$4.30.

The near-140,000 shareholders who participated in the Rights
Offer will be allocated shares for their rights acceptances at
AU$3.87, which represents a 10% discount to the institutional
bookbuild price.  AMP Chief Executive Officer Andrew Mohl said
there had been extremely strong demand in the institutional
bookbuild, with the book multiple times covered at this level.  
He said at AU$4.30, the majority of the shares had been
allocated to existing shareholders, both domestic and
international.  Over 150 institutions participated in the book.

"We are pleased that this capital raising has been completed,
enabling AMP to redeem its Reset Preferred Securities as the
final step in the demerger process," Mr. Mohl said. "We remain
confident that the fundamental long-term value of both AMP and
HHG will emerge over time as a result of the demerger."

Approximately 306 million new AMP shares will be issued as part
of the Rights Offer.  These shares will be allotted on December
23, 2003.

Trading of these shares will commence on the Australian Stock
Exchange and the New Zealand Stock Exchange on December 23, 2003
on a normal settlement basis (T+3) under the same code as pre-
existing AMP shares, with no deferred settlement trading.

Shareholders wishing to trade before receipt of their Rights
Offer holding statements should confirm their holding by calling
1300 654 442 (Australia) and 0800 448 062 (New Zealand) on or
after December 23.

Existing AMP shares returned to trading on the Australian Stock
Exchange and the New Zealand Stock Exchange Thursday.  It was
the first time that AMP shares traded without an entitlement to
HHG.

The underwriters and joint lead managers for the Rights Offer
are UBS Advisory and Capital Markets Australia Limited and
Macquarie Equity Capital Markets Limited.  Caliburn is the
principal adviser to AMP on the Rights Offer.

CONTACT:  AMP LIMITED
          Investor inquiries
          Mark O'Brien
          Phone: +61 2 9257 7053


AUSTRALIAN MAGNESIUM: ASIC Refuses to Grant Magtrust Exemption
--------------------------------------------------------------
Magtrust Pty Ltd (Magtrust) has advised Australian Magnesium
Corporation Limited (AMC) that it has not received an exemption
from the takeovers provisions of the Corporations Act from
Australian Securities Investment Commission to acquire the
remaining 6.8% of AMC shares owned by Newmont Mining Corporation
(Newmont) under the Share Sale Deed entered into by AMC,
Magtrust and Newmont and announced to the ASX on 8 December
2003.

The arrangement between Magtrust, a company owned and controlled
by the Directors of AMC and Newmont with regard to the remaining
6.8% of AMC shares held by Newmont will terminate as a result of
ASIC refusing relief.  ASIC has also advised AMC that it is
considering whether Magtrust is an entity controlled by AMC, and
therefore whether the transfer of 19.9% of AMC that has been
registered in the name of Magtrust is void and whether ASIC will
take action in relation to that transfer. ASIC has not given
reasons for their views.

AMC does not agree with ASIC's view and to support its position
AMC has executed a deed poll declaring that it does not control
Magtrust and that it will not exercise its rights in respect
of certain undertakings that Magtrust gave AMC under the share
sale deed, namely the undertakings that:

(1) Upon transfer of the shares to Magtrust, Magtrust will not
exercise, and will not allow any person to exercise a right to
vote attached to the shares;

(2) Magtrust will not dispose of the shares except as provided
in clause 4.4 (a), (b) or (c) of the share sale deed.  

Magtrust now owns 19.9% of shares in AMC and it has advised AMC
that it will make available its shareholding to facilitate the
introduction of a new corporate partner into AMC, who has a
shared vision for the development of AMC's magnesium business.
Magtrust has also advised AMC that:

(1) While it holds the shares, the voting rights attached to the
shares will not be exercised;

(2) It will seek to sell the shares to a party who is supportive
of AMC's objectives to develop a magnesium business; the sale
may be subject to AMC shareholder approval;

(3) Alternatively it may seek to sell the shares to other
parties (other than Newmont), subject to AMC's consent and to
any legal requirements;

(4) If it is unable to sell the shares within 12 months, then it
will seek to sell the shares to AMC under a selective share buy-
back; the selective share buy-back would be subject to AMC
shareholder approval;

(5) If a takeover bid is made for AMC, and the bidder obtains
voting power of at least 35% in respect of AMC and the takeover
bid is or becomes unconditional or is recommended by the board
of directors of AMC, then Magtrust will accept the takeover
offer in respect of the shares.

If the proceeds of the sale of the shares by Magtrust exceed the
consideration paid to Newmont plus administrative costs, then
the net proceeds will be held on trust for AMC.  Magtrust and
its shareholders will not profit from the transaction. Magtrust
will not receive any remuneration for performing this role or
receive any other benefit as a consequence of holding the AMC
shares.

For more information, contact:

Australian Magnesium Corporation Limited
ABN 51 010 441 666
Brisbane Office: Level 5, 30 Little Cribb St,
Milton, Queensland 4064
Tel: +61 7 3837 3400
Fax: +61 7 3837 3423
Web site: http://www.austmg.com


MAYNE GROUP: Senior Unsecured Rating Cut to Ba1; Outlook Stable
---------------------------------------------------------------
Noting the narrowing of Mayne Group Limited's operating risk
profile following the sale of its hospitals division, Moody's
Investors Service lowered Wednesday its senior unsecured long-
term ratings to Ba1 from Baa3 and short-term ratings to Not
Prime from Prime-3.

The rating agency said, the ratings reflect its:

(1) Solid market shares and profitability in key areas of
operations, with medium to high barriers to entry;

(2) Stable underlying revenue streams from pathology and
diagnostic imaging;

(3) Good growth prospects for the generic injectibles business
in key markets of operation; and

(4) Sound financial risk profile, given its lowly geared balance
sheet and cash position.

Other aspects considered by the rating agency were:

(1) The consequent reduced scale of operations has increased
exposure to two primary businesses: generic injectibles and
diagnostics (pathology and radiology);

(2) A still to be demonstrated ability to create a long-term,
stable business profile in the generic injectibles business and
which is capable of generating predictable recurring cash flows;

(3) A history of evolving corporate strategy that creates
uncertainty as to the make-up of its long-term asset portfolio;

(4) Challenges in executing and sustaining a strong pipeline for
generic injectibles as well as maintaining a reliable source of
APIs (Active Pharmaceutical Ingredients); and

(5) Currency risk in the pharmaceuticals business, given the
partial mismatch between revenues, which are predominantly in
AUD/GBP/Euro/CAD, and expenses, which are mainly USD/AUD.

Moody's expects Mayne's business profile to narrow further
should it sell its pharmacy services/distribution business. "The
company's operating profile has evolved rapidly in recent years,
with the current management team displaying acumen in reshaping
the business and enhancing shareholder value," it said.

"Moody's notes that Mayne -- given its geographic presence --
occupies a somewhat unique position as a global provider in the
nascent generic injectibles market.  The rating considers the
benefits that may accrue should it prove capable of executing
its strategy and establishing greater scope.  Event risk,
however, remains moderate in that both the diagnostics and
generic injectibles segments are attractive stand-alone
businesses and could therefore be disposed of at the right
price."

"Mayne's stable outlook reflects the sound prospects for its
operating performance, supported by a reasonable liquidity
profile," it added.

Based in Melbourne, Australia, Mayne Group Limited is a global
provider of generic injectible drugs and provides health care
services in Australia, including radiology and pathology.

For more information, contact:
Charles F. Macgregor (Sydney)
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Pty Ltd
612 9270 8100

Brian Cahill (Sydney)
Managing Director
Corporate Finance Group
Moody's Investors Service Pty Ltd
612 9270 8100


NATIONAL TEXTILES: Major Shareholder Demands Repayment for Loan
---------------------------------------------------------------
National Textiles, which collapsed in 2000, will raise AU$4.963
million by offering existing shareholders 19 new shares for
every two shares at 3 cents each.  According to The Age, the
company will use the proceeds of this transaction to pay a long-
overdue debt to Philip Bart, the chairman and controlling
shareholder of Australian Weaving Mills (AWM).

The paper said Mr. Bart has already demanded payment for the
AU$2.5 million he had contributed to pay workers entitlement
when the company collapsed in early 2000.  He wants the money by
December 2004.

In a statement filed with the Australian Securities and
Investments Commission, National Textiles directors indicated
the loan could only be repaid by restructuring the group's
inter-company and external debt, The Age said.  

"We are faced with the situation where the only way to raise the
money is to go to the shareholders," Director Dan O'Connor said.
"We have a dollar that is going through the roof, and a cotton
price that is going through the roof.  Now is the time to do
it."

This capital raising is the first major transaction of the
company since the NSW Supreme Court terminated in late September
the deeds of company arrangement that had governed National
Textiles since March 2000, when a failed merger with Bruck
Textiles hastened its demise.  At the time, it listed
obligations of AU$29 million, including AU$11 million owed to
workers; while its saleable assets only amounted to AU$2.3
million.

"[The firm's] insolvency generated a highly controversial
settlement involving the Federal Government -- controversial
because National Textiles at the time was chaired by Stan
Howard, brother of Prime Minister John Howard, and because the
Government contributed AU$4 million towards the workers'
entitlements," The Age said.

Mr. O'Connor said National Textiles is now trading positively.  
Profit after tax totaled AU$677,000 in the latest year from
AU$40.2 million of sales, compared with net losses of AU$126,000
in 2001-02 when revenue topped AU$39 million.  

According to The Age, if no other shareholder subscribes to the
rights issue, Mr. Bart would emerge with about 90% of the
company.  He currently owns 47.24% of National Textiles. He has
indicated that he will subscribe for AU$2.344 million of the
offer but will not support a rights offer priced above 3 cents a
share, the paper said.

"National Textiles' main asset is 51 percent of Australian
Weaving Mills, which makes Dickies, Dri-Glo and Palm Beach brand
towels at its plant in Devonport.  About 40 percent of its
revenue comes from sales to Coles Myer," The Age said. "AWM owes
AU$2.11 million to National Textiles, AU$1.75 million to the
Tasmanian Government's Tasmania Development and Resources fund
and a further AU$700,000 to a wholly owned unit of National
Textiles."

AWM employs about 240 people and is 49 percent owned by the
Tasmanian Government's TDR unit. AWM owes TDR AU$1.75 million.  
It also wants to strike a two-pronged deal with the Tasmanian
Government to repay debt, the report said.


QANTAS AIRWAYS: Boosts Regional Fleet with Six New Dash 8s
----------------------------------------------------------
QantasLink has ordered six turboprop Dash 8 aircraft for
delivery in the first half of 2004, an investment of more than
AU$100 million.

Executive General Manager Regional Airlines, Narendra Kumar,
said the new 50-seater Q300 Dash 8s would replace older model
36-seat Dash 8 aircraft currently operated by QantasLink for its
services to regional Australia.  He said Qantas had also taken
options on two additional Dash 8 Q300s.

"This is the largest-ever single investment Qantas has made in
the regional turboprop fleet," Mr. Kumar said. "We are committed
to continuing our investment in QantasLink to ensure we have the
best aircraft to meet the needs of regional Australia.

"The new aircraft will operate in New South Wales, the ACT,
Queensland, Victoria and Tasmania.  They will enable us to make
more seats available at peak times on key routes -- for example
between Sydney and Canberra, Coffs Harbour, Port Macquarie and
Albury, on Melbourne-Canberra and Melbourne-Devonport services,
and between Cairns and Townsville, and Cairns-Hamilton Island."

"The Dash 8 is a key part of the Qantas regional fleet, offering
our customers improved reliability and comfort, including a
quieter cabin, with an additional flight attendant on board the
50-seater aircraft enhancing the inflight service," he said.

Mr. Kumar said QantasLink offered more then 2,500 flights each
week, serving 54 destinations throughout Australia and employing
more than 1,600 people.


QANTAS AIRWAYS: International Traffic Down Year-on-year
-------------------------------------------------------
International traffic, measured in Revenue Passenger Kilometers
(RPKs) decreased by 7.7% in October 2003 while capacity,
measured in Available Seat Kilometers (ASKs), decreased by 5.6%.  
This resulted in a revenue seat factor of 78.6%, 1.8 percentage
points lower than for October 2002.

Domestic RPKs increased by 2.4% in October, while ASKs increased
by 1.2% over the same period.  The resulting revenue seat factor
of 82.5% was 1.0 percentage point higher than the previous year.

October Group (comprising International, Domestic, Australian
Airlines and QantasLink) passenger numbers decreased by 0.4%
over the previous year.  RPKs decreased by 1.3%, while ASKs were
up 0.3%, resulting in a revenue seat factor of 79.2%, which was
1.3 percentage points lower than the previous year.

Financial Year to Date October 2003

International revenue seat factor for year to date October 2003
decreased by 0.6 percentage points to 79.9% when compared with
year to date October 2002, while international yield excluding
exchange decreased by 2.4% over the same period.  Domestic yield
excluding exchange for the financial year to October decreased
by 1.8%.  Domestic revenue seat factor increased by 2.6
percentage points to 82.6% over the same period.

Group passenger numbers for the year to October decreased by
1.4% from the previous year.  RPKs decreased by 3.0% while ASKs
decreased by 2.8%, resulting in a revenue seat factor of 80.1%,
0.1 percentage points lower than the previous year.

Recent Developments

On December 1, 2003, Qantas announced that its new low cost
domestic airline will be called Jetstar.  Jetstar will begin
selling seats in February 2004 and start flying in May 2004,
using 14 Boeing 717s currently operated by Impulse Airlines
under the QantasLink brand.  Qantas also announced the placement
of an initial order of 23 Airbus A320s, with 177 slimline seats,
for Jetstar.  The first Airbus A320 will be delivered in June
2004 and Jetstar will, over time, move to an all A320 fleet.  
Jetstar's route network and fare structure will be announced in
January 2004.

On December 1, 2003, Qantas also announced the following
initiatives for Qantas' full service domestic airline, including
the:

(1) Reorganization of the full service Qantas domestic airline
into a two-class jet operation on all services, using only two
aircraft types -- Boeing 737s and 767s; and

(2) Acquisition of an additional five Boeing 737-800 aircraft
for the full service domestic airline to replace the airline's
last 737-300s and further modernize the fleet.

On November 28, 2003, Qantas announced the appointment of
Patricia Cross as a non-executive Director of the Board of
Qantas Airways Limited.  Mrs. Cross fills a casual vacancy on
the Board and will take up that position on January 1, 2004.  
Mrs. Cross is Chairman of Qantas Superannuation Limited and a
Director of Wesfarmers Limited.

On November 21, 2003, Qantas welcomed the resolution of the
Federal Court litigation by the ACCC for alleged breaches by
Qantas of s46 of the Trade Practices Act.  The ACCC will
discontinue the action, which related to Qantas' commercially
justified competitive response to Virgin Blue commencing
operations on the Brisbane-Adelaide route in early 2001.


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C H I N A  &  H O N G  K O N G
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EVERBRIGHT CHUNG: Winding up Hearing Set For February
-----------------------------------------------------
The High Court of Hong Kong will hear on February 4, 2004 at
10:00 a.m. the petition seeking the winding up of Everbright
Chung Cheong DVD Company Limited.

Tsoi Wng Yan of Room 3016, Heng Tai House, Fu Heng Estate, Tai
Po, New Territories, Hong Kong filed the petition on December 1,
2003.  Tam Lee Po Lin, Nina represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 34th Floor, Hopewell
Centre, 183 Queen's Road East, Wanchai Hong Kong.


GOLDEN ISLAND: Winding up Hearing Set 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 Golden Island
Shipping (Hong Kong) Limited.

Kwok Chung Yin of 10/F., Block E, Joyful Building, 18 Belcher's
Street, Kennedy Town, Hong Kong filed the petition on November
10, 2003.  Tam Lee Po Lin, Nina represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 34th Floor, Hopewell
Centre, 183 Queen's Road East, Wanchai Hong Kong.


SONWA LIMITED: Faces Winding Up Petition in HK High Court
---------------------------------------------------------
The High Court of Hong Kong will hear on January 21, 2004 at
9:30 a.m. the petition seeking the winding up of Sonwa Limited.

Tsang Sun Yi of 1/F., 2 Anton Street, Wan Chai, Hong Kong filed
the petition on November 21, 2003.  Tam Lee Po Lin, Nina
represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 34th Floor, Hopewell
Centre, 183 Queen's Road East, Wanchai Hong Kong.


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J A P A N
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AOZORA BANK: Moody's Upgrades L-T Rating to D
---------------------------------------------
Moody's Investors Service has upgraded bank financial strength
rating, and long-term deposit rating of Aozora Bank, Ltd. to D
from E+ and to Baa1 from Baa2, respectively. The bank's
unsecured senior debt rating has also been upgraded to Baa1 from
Baa3. Its short-term deposit rating of Prime-2 is affirmed.
Rating outlook is stable. This concludes the review initiated on
August 22, 2003.

The upgrade in bank financial strength rating (BFSR) is prompted
by the bank's successful achievements in reducing its inherited
problem credit exposure, the bank's lower sensitivity to its
remaining balance sheet, the comparatively higher level of
protection against loan portfolio deterioration, and the bank's
high regulatory and economic capitalization. In Moody's view,
the bank's balance sheet has limited equity risk, and its rate
risk appetite has been managed conservatively. However, the
bank's current scale of concentration risk is a remaining
concern, given its still low earning cushion to absorb the
potential losses from concentration exposure.

The D bank financial strength rating continues to incorporate
the weight of government preferred stock in its total
capitalization and remaining long-term challenge to the bank in
creating sustainable franchise in Japanese banking markets. With
the recent change in ownership structure, the bank is re-
assessing its long-term strategic direction. Moody's continues
to view that the bank may be challenged by critical mass
constraints, and this fundamental profile would not change in
the near future. Entry into new financial risk and business
would accordingly require strong risk management expertise and
higher capitalization to absorb the risks.

The credit rating also incorporates the Moody's expectation that
regulatory support should be extended to the institution in case
of stressful situation. However, regulatory support element is
given lower weight in the rating of Aozora when compared to
megabanks due to its small banking size, limited franchise
value, lesser systemic importance.

The following ratings have been upgraded.

Aozora Bank, Ltd.: the bank financial strength rating to D from
E+, the long-term deposit rating to Baa1 from Baa2, and the
unsecured senior debt rating to Baa1 from Baa3

The following rating is affirmed.

Aozora Bank, Ltd.: the short-term deposit rating of Prime-2.

Aozora Bank, Ltd., headquartered in Tokyo, is a banking
institution with total assets of JPY5.4 trillion as of September
30, 2003.


FUJITSU LIMITED: Unveils Total Value of Shares Sale of FANUC
------------------------------------------------------------
Fujitsu Limited announced the total value of the sale of the
portion of its shareholdings in Fanuc Limited (FANUC) that it
has announced to sell, on October 28 and November 12, 2003,
through a secondary offering (the Offering, as Nikko Citigroup,
the holder of the option to purchase up to 3,600,000 additional
shares (the Greenshoe Option), has decided to exercise this
option for 2,207,700 shares. Details are as below.

Total number of shares sold

26,207,700 shares (including 2,207,700 shares as per today's
exercise of the Greenshoe Option)

Total value of sale

162,142,846,668 yen (including 13,658,686,668 yen as per today's
exercise of the Greenshoe Option)

Remaining shares of FANUC held by Fujitsu after the Offering

33,473,963 shares
The percentage of total voting rights to be held by Fujitsu in
FANUC, including the 8,000,000 shares held by the employee
pension trust over which Fujitsu retains voting rights, will be
18.64 percent.

The above-mentioned sale of shares is expected to result in an
extraordinary profit for the current fiscal year of
approximately 90.7 billion yen (including approximately 7.6
billion yen as per today's transaction) on a consolidated basis.
The impact on consolidated net income for the current fiscal
year is projected to be an increase of about 25.0 billion yen
(including approximately 2.1 billion yen as per today's
transaction).

On an unconsolidated basis, the transaction is expected to
result in an extraordinary profit of approximately 161.8 billion
yen (including approximately 13.6 billion yen as per today's
transaction) and an increase in net income of about 96.1 billion
yen (including approximately 8.0 billion yen as per today's
transaction) for the current fiscal year.

Fujitsu's FY2003 earnings projections, issued November 12, 2003,
will remain unchanged as a result of this transaction.

*All Company names mentioned may be trademarks or registered
trademarks of their respective holders and are used for
identification purpose only.

About Fujitsu Limited

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, high-reliability/performance computing and
telecommunications platforms, and a worldwide corps of systems
and services experts make Fujitsu uniquely positioned to unleash
the infinite possibilities of the broadband Internet to help its
customers succeed. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.6 trillion yen
(about US $38 billion) for the fiscal year ended March 31, 2003.
For further information, please visit the Fujitsu Limited home
page at: http://www.fujitsu.com/

Contact:
Fujitsu Limited, Public & Investor Relations
http://pr.fujitsu.com/en/news/fjcontacts.html


MINOHARA COUNTRY: Golf Course Enters Rehabilitation
---------------------------------------------------
Minohara Country Kurabu, K.K., which has total liabilities of
6.642 billion yen against a capital of 416 million yen, has
applied for civil rehabilitation proceedings, according to Tokyo
Shoko Research. The golf course is located in Agazuma-gun,
Gunma, Japan.


RESONA BANK: Forms Y30B Revival Fund With Nomura
------------------------------------------------
Resona Bank and Nomura Securities Co. will establish a corporate
revival fund of 30 billion yen specializing in small and midsize
companies, according to Kyodo News on Thursday. Both firms will
hold respective stakes of 20 percent and 30 percent in the fund,
while domestic institutional investors will have a combined
stake of 35 percent.


SEGA CORPORATION: Moody's Upgrades Rating to B1
-----------------------------------------------
Moody's Investors Service has upgraded Sega Corporation (Sega)'s
senior unsecured long-term debt ratings to B1 from B3. The
rating outlook is stable. This rating action reflects the
Company's improved credit profile, due to greater stability in
overall earnings and reductions in debt. However, stabilizing
the operating performance of its consumer business remains a
major challenge. The ratings also incorporate the sound and
stable support Sega receives from major financial institutions.
This rating action concludes the review initiated on November
10, 2003.

Sega's arcade games business and amusement facility operations
remain stable sources of earnings. The contributions of both
segments have increased over the last few years due to the
successful launch of attractive arcade games and extensive
restructuring at its amusement facility operations.

On the other hand, Sega's consumer business remains a major
drain on overall earnings. Since 2001, the Company has
transformed itself into a contents provider in the home video
games business, mainly through the development of software
titles for other game hardware platforms, such as PS2, Game Boy
Advance, Game Cube and Xbox.

Although Sega is well recognized for the advanced technology it
has on hand to develop attractive titles, the Company has fallen
behind its targets, due mainly to its failure to secure market
positions in the US in sports games. Effective October 1, 2003,
Sega restructured its software subsidiaries to strengthen its
ability to develop and launch game software titles, which should
help further stabilize its operating performance. However,
Moody's still has some concerns over the potential for
performance swings. Sega's ongoing ability to sustain earnings
and cash flow will largely depend on the success of effective
allocation of management resources and its multi-platform
strategy in its consumer business.

Moody's notes that Sega has significantly improved its debt
levels, reducing consolidated debt to Yen 59.7 billion as of
9/2003 from Yen 120.1 billion as of 3/2001, while at the same
time keeping sufficient cash on hand. In addition, Sega has
maintained good and stable relationships with its major lenders,
which can support liquidity, should the need arise.

Moody's is further concerned over uncertainty regarding the
intentions of Sega's major shareholders. As of December 11,
2003, Sammy Corporation (Sammy) became Sega's top shareholder
after it acquired 25.3 percent of the Company from CSK Corp.
Sammy is the leading maker of pachinko slot machines and also
produces home video game software titles as well as arcade game
machines. Merger talks have occurred before between Sega and
Sammy, but both sides decided to cease negotiations in early May
2003. The synergies, which could arise over the medium-term
because of Sammy's purchase, remain unclear.

Sega itself holds 19.9 million shares in treasury stocks, or
11.4 percent of total shares, and which it plans to use to form
business alliances with third parties. Such alliances, if they
prove significant, may impact Sega's overall operating
performance and credit profile.

Sega Corporation, headquartered in Tokyo, is one of the world's
largest suppliers of home video game software. It is also
involved in the arcade games business and amusement facility
operations.


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


KOOKMIN BANK: Issues Partial Disposition of Treasury Stocks
-----------------------------------------------------------
On December 17, 2003, the Board of Directors of Kookmin Bank has
approved and ratified partial disposition of treasury stocks for
the purpose of contribution to Employee Stock Ownership Plan
(ESOP). Kookmin Bank had purchased 3,000,000 shares for the Plan
in 2002. The disposition details are as follows:

1. Number of disposition: 1,000,000 shares

2. Price of disposition: The stocks will be contributed to ESOP
account without consideration

3. Disposition method: After-Trading Hour transaction (The
stocks shall be transferred to the registered ESOP account)

4. Disposition period: From December 22, 2003 to December 31,
2003


KOOKMIN BANK: Schedules Shareholders' Meeting on December 31
------------------------------------------------------------
On December 16, 2003, Kookmin Bank announced that the record
date for the annual shareholders' meeting for the fiscal year of
2003 is December 31, 2003.

In a disclosure to the Securities and Exchange Commission,
common stock holders registered in Kookmin Bank's shareholder
registry as of December 31, 2003 will be entitled to exercise
his or her voting right in the annual shareholders' meeting for
the fiscal year of 2003. Kookmin Bank will close its
shareholders' registry book from January 1, 2004 to January 31,
2004. Whereas, the date of annual shareholders' meeting for the
fiscal year 2003 has not been determined yet.


KOOKMIN BANK: Government Sells 9.1% Stake
-----------------------------------------
Kookmin Bank has been fully privatized as the government has
sold off its entire 9.1 percent stake in the bank, the Korea
Times reports. The Ministry of Finance and Economy has disposed
of the 30 million shares for 1.33 trillion won through an
auction. The share was priced at 43,424 won.

Kookmin Bank bought back 27 million shares, and the remainder
was sold to 10 unnamed local and foreign investors. Kookmin Bank
owns 9.05-percent stake. ING owns 3.78 percent and Goldman Sachs
owns 1.15 percent. Kookmin Bank will be free from state audits
and its president Kim Jung-tae also finds himself with a boost
in power as independent manager.


LC CARD: Bans Foreign Bidders
-----------------------------
Foreign investors will be excluded from the auction of LG Card
reflecting concern in Seoul about growing foreign influence over
the Country's financial sector, the Financial Times said on
Wednesday. Newbridge Capital and GE Capital are among several
foreign investors interested in acquiring troubled LG Card, but
the Company's creditors on Wednesday said it would be sold to a
local bank.

Woori Bank, LG Card's main creditor, said the Company would be
sold to one or more of eight local creditors that contributed to
its recent $1.7 billion bailout. "Foreigners will not be allowed
to bid because we are giving priority to those creditors that
participated in the emergency fundraising," said a Woori Bank
official.


LG CARD: Bidding Set for December 31
------------------------------------
LG Card will be auctioned off on December 31 in a sale limited
to its eight local creditors, Channel News Asia reports, citing
main creditor Woori Bank. The bidding price for LG Card will
start at one trillion won (US$840 million) and the buyer will
also have exclusive rights to acquire LG Investment Securities
together with the ailing card unit.


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


FABER GROUP: Bondholders OK Restructuring Plan
----------------------------------------------
Hotel group Faber Group Bhd said Monday that bondholders of its
zero-coupon redeemable convertible secured bonds due in 2005
approved a Company restructuring plan, which foresees an asset
transfer, waiver of accumulated yields, an issue of preferred
shares, and a bond settlement scheme, Dow Jones reports. The
plan requires approval by all regulatory authorities and
shareholders.


FARLIM GROUP: Issues Financial Aid Update
-----------------------------------------
Pursuant to Paragraphs 8.23 and 10.08 of the Listing
Requirements of Kuala Lumpur Stock Exchange, Farlim Group
announced the financial assistance rendered on December 17,
2003.

For more information, please go to
http://bankrupt.com/misc/farlim121803.xls


FFM BERHAD: Unveils December 17 EGM Resolutions
-----------------------------------------------
FFM Berhad (FMM) informed the Kuala Lumpur Stock Exchange (KLSE)
that the shareholders of Narwa Sdn. Bhd. (Narwa, in which FFM
has 65.1 percent effective interest, has at an Extraordinary
General Meeting (EGM) held on 17 December 2003 resolved to:

1. Undertake a Members' Voluntary Winding-up; and

2. Appoint Mr. John Liew Chee Shing of Tengis Corporate Services
Sdn. Bhd. (formerly known as Signet (East Malaysia) Sdn Bhd) as
Liquidator for the purpose of winding-up.

The rationale for the Members' Voluntary Winding-up is that
Narwa had ceased operations since 1 January 2003 and is now
inactive after the disposal of its fixed assets on even date.
The cessation of business and disposal of fixed assets of Narwa
were announced to the Kuala Lumpur Stock Exchange on 2 January
2003.

Narwa was incorporated on 22 October 1987, with an authorized
and issued and paid-up capital of RM600,000/-. The principal
activities of Narwa prior to the cessation were operation of a
PET bottle blowing plant, packing and sales of cooking oil and
consumer products in Sabah.

The Members' Voluntary Winding-up of Narwa will not have any
material effect on the Net Tangible Assets and earnings of FFM
Berhad.

None of the directors or substantial shareholders of FFM or
persons connected to them has any interest, direct or indirect
in the Members' Voluntary Winding-up of Narwa.


HIAP AIK: Issues Payment Default Update
---------------------------------------
Further to the announcement made on 20 November 2003 pertaining
to the default in payment in relation to Practice Note No.
1/2001, Hiap Aik Construction Berhad (Special Administrators
Appointed) announced that there is no change to the status in
respect of the default in payment in registered holders of 8
percent Irredeemable Convertible Unsecured Loan Stocks
2001/2006.


MALAYSIAN AIRLINES: Answers KLSE Query
--------------------------------------
Malaysian Airline System Berhad refers to your letter of 17
December 2003 pertaining to the above matter.

As requested, append hereunder the following for your attention:

1. The Petition of the Winding Up Proceeding as appeared in the
Malay Maildated 17 Dec 2003 against Malaysian Airline System
Berhad (the Defendant/MAS) by JP Anandan, the petitioner. The
Petition was served on December 12, 2003.

2. The claim under the petition is for a sum of RM250,000/-
(Ringgit Two Hundred and Fifty Thousand Only) which is made
pursuant to a Consent Judgment entered between the Defendant and
the Petitioner on Oct 15 2002 at the Shah Alam High Court. No
interest was allowed under the said Consent Judgment.

3. The said Consent Judgment clearly indicated that the
Defendant is to pay the sum of RM 250,000/- subject to
verification of documents by the Defendant. Upon verification,
the defendant found out that the sum payable is only RM
63,173.69.The Petitioner issued a Notice pursuant to Section 218
of the Companies Act dated July 29 2003 demanding the payment of
RM 250,000/- by the Defendant within 21 days. Based on the
verification, the defendant paid the sum of RM 63,173.69 to the
Petitioner on Sept 24 2003 but was rejected by the Petitioner.
The Petitioner argued that the verification is for the
additional sum to be paid to the Petitioner and not on the
RM250,000/-. The Defendant replied that this is not what is
reflected in the Consent Judgment and was never the intent of
the defendant to agree on the sum payable unless verified when
deciding on the Consent Judgment before the Judge.

4. The claim and the proceedings will not have any significant
financial and operational impact on the defendant and its group.

5. There will be no significant losses to the defendant.

6. The defendant has instructed its solicitors to dismiss the
petition since the petition is an abuse of the process of court.

7. The defendant is solvent and is able to meet and pay all its
debts and liabilities as and when they are due, including the
claim by the petitioner in the event the Court decides that the
defendant is liable to pay as per the claim. Further the
defendant undertakes to provide the Exchange with solvency
declaration executed by all the directors to that effect within
7 days from the date of this announcement.

8. There is no contingent liability or other liability which has
become enforceable or is likely to become enforceable within the
period of twelve months from the date of this announcement which
will or may affect the ability of the Group or of the Company to
meet their obligations as and when they fall due.

Query Letter content:

The KLSE refers to the advertisement on winding-up petition
against Malaysian Airline System Berhad (MAS, which appeared in
The Malay Mail, page 53, on Wednesday, 17 December 2003, a copy
of which is enclosed for your reference.

In this connection, kindly furnish the Exchange with an
immediate announcement on the following:

(1) The date of the presentation of the winding-up petition and
the date the winding-up petition was served on MAS;

(2) The particulars of the claim under the petition, including
the amount claimed for under the petition and the interest rate;

(3) The details of the default or circumstances leading to the
filing of the winding-up petition against MAS;

(4) The financial and operational impact of the aforesaid
petition on the group;

(5) The expected losses, if any, arising from the aforesaid
petition;

(6) The steps taken and proposed to be taken by MAS in respect
of the winding-up petition;

(7) Whether MAS is solvent and is able to pay all debts and
liabilities as and when they fall due and that MAS undertakes to
provide the Exchange with a solvency declaration executed by all
the directors to that effect within 7 days from the date of the
announcement;

(8) Whether there is any contingent liability or other liability
which has become enforceable or is likely to become enforceable
within the period of twelve months from the date of the
announcement which will or may affect the ability of the Group
or of the Company to meet their obligations as and when they
fall due.

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


SRI HARTAMAS: SC OKs Disposal of Assets
---------------------------------------
On behalf of Sri Hartamas Berhad (SHB) (Special Administrators
Appointed), Commerce International Merchant Bankers Berhad
announced that the Securities Commission (SC had, via its letter
dated 12 December 2003, granted its approval to SHB for a waiver
from the need to comply with the requirement set out under
Paragraph 12.1 of Chapter 12 of the SC's Policies and Guidelines
on Issue/Offer of Securities in relation to the Disposals.

The Disposals relate to the disposal of assets owned by the
subsidiaries of SHB that have been placed under liquidation,
namely Mewah Rembang Sdn Bhd, Puncak Permata Sdn Bhd, Mawar
Tiara Sdn Bhd and Cempaka Mewah Sdn Bhd, or other subsidiaries
of the SHB which are in the midst of being liquidated and
special administrators appointed (Affected Companies. SHB has
lost its control over the Affected Companies in which
liquidators have been or will be appointed and the financial
statements of the Affected Companies has been or will be
deconsolidated from the consolidated accounts of the SHB group.


SRI HARTAMAS: SC Approves Proposal
----------------------------------
On behalf of Sri Hartamas Berhad (Special Administrators
Appointed), Commerce International Merchant Bankers Berhad
announced that the Securities Commission (SC) had, via its
letter dated 12 December 2003, granted its approval to allow the
Moratorium Shares which are owned by the Affected Parties to be
charged as part of the replacement security for the land
relating to the Bukit Unggul Eco-Media City's business
undertaking and the land and building relating to the Nexus
Resort Karambunai's business undertaking which have been charged
to, amongst others, the RM420 million nominal value zero-coupon
secured bonds 2001/2005 issued by FACB which are being held by
Abrar Discounts Berhad.

The approval of the SC on the above is subject to the following
conditions:

(i) The moratorium imposed on the Moratorium Shares are to
remain based on the existing conditions and timeframe imposed;
and

(ii) The prior approval of the SC is required for any sale,
transfer and assignment of the Moratorium Shares during the
moratorium period.


SOUTHERN PLASTIC: Answers KLSE Query Letter
-------------------------------------------
Southern Plastic Holdings Berhad replied to the Kuala Lumpur
Stock Exchange (KLSE) query letter regarding the winding up
petition of OCBC Bank (M) Bhd against the Company.

Contents:

Southern Plastic Holdings Berhad refers to the Exchange's Letter
dated 15th December 2003.

1. The date the winding-up petition was served on SPLAS.

The winding-up petition was presented to Penang High Court
(No:28-144-2003) by OCBC on 18th October 2003 and the affidavit
verifying petition affirmed on 20th November 2003.

2. The financial impact on the group, if any arising from the
winding-up petition

There is no financial impact on the group arising from the
winding-up petition. The outstanding amount will be settled once
the restructuring exercise is completed.

3. The expected losses, if any arising from the winding-up
petition

The expected losses will be the increase in accumulated
interest.

4. The steps taken and proposed to be taken by SPLAS in respect
of the winding-up petition.

The debt-restructuring scheme incorporated in Southern Plastic
Holdings Bhd's restructuring scheme will be used to settle the
debt.

5. The particulars of the claim under the petition, including
the interest rate.

OCBC in claiming for a sum of RM4,281,045.02 as at 30th April
2001 further interest at 9.3 percent with effect from 1st May
2001 till full settlement.

6. Details of the default of circumstances leading to the filing
of the winding-up petition.

The outstanding amount is for trade line and OD facilities
granted by OCBC. When Southern Plastic Holdings Bhd was made a
PN4 Company in 2001, all the banks had withdrawn the facilities
granted to Southern Plastic Holdings Bhd and its subsidiaries.
As we were unable to continue with our business, we were having
financial difficulties in repaying the outstanding amounts.

KLSE Query Letter content:

The KLSE refers to the Company's announcement dated 11 December
2003. In this connection, kindly furnish the Exchange
immediately with the following additional information for public
release:

The date the Winding-up petition was served on SPLAS.

The financial impact on the Group, if any, arising from the
Winding-up petition.

The expected losses, if any arise from the Winding-up petition.
The steps taken and proposed to be taken by SPLAS in respect of
the Winding-up petition.

The particulars of the claim under the petition, including the
interest rate.

Details of the default of circumstances leading to the filing of
the Winding-up petition.

Yours faithfully

TAN YEW ENG
Senior Listing Manager
WSW/LPY/zm


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


MUSIC COR.: Changes Corporate Name to Music Semiconductor
---------------------------------------------------------
Music Corporation will change its Company name to Music
Semiconductors Corporation and a plan to raise capital of
between 60 million and 90 million pesos through an issue of new
shares, AFX Asia reports. The shareholders also approved the
change in the Company's primary purpose to a semiconductor
manufacturing entity from a holding firm.

The Company also aims to eliminate completely its capital
deficiency and to record a capital surplus come mid-2004 in
order to avoid being de-listed from the Philippine Stock
Exchange. The Company earlier said it significantly reduced its
capital deficiency to 102 million pesos as of September 30 from
344 million at end-2001, but intends to raise funds to wipe out
the deficit completely.

For more information, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_4018_MUSX.pdf


NATIONAL POWER: Government Sells US$100M Bonds
----------------------------------------------
The Philippine government is selling at least US$100 million
worth of National Power Corporation (Napocor) bonds that it
bought this year in an attempt to raise funds without having to
issue new debt, according to Dow Jones. The report did not
disclose other details on pricing and whether the government or
other funding agency guarantees the bonds.


NEXTSTAGE INC.: Issues Quasi-reorganization Update
--------------------------------------------------
This is in reference to Circular for Brokers Nos. 3934-2003
dated December 11, 2003 pertaining to the quasi-reorganization
of Nextstage, Inc. (NXT). In relation thereto, the Company, in
its letter dated December 12, 2003, advised the following
updates regarding the aforementioned matter:

The Corporation filed with the Securities and Exchange
Commission (the 'SEC') on 3 December 2003 an application for the
decrease of its authorized capital stock from P500 M to P100 M
thru the reduction of its par value per share from P1.00 to
P0.20 without changing the number of shares corresponding
thereto. The effect on the capital structure of the Corporation
of the foregoing transaction shall be as follows:

                    BEFORE                   AFTER
                    Decrease of ACS          Decrease of ACS

Auth. Capital Stock P 500,000,000.00        P100,000,000.00
Divided into common shares 500,000.00       500,000.00
Subscribed Capital 270,256,740.00           54,051,348.00
Divided into common shares 270,256,740      270,256,740
Par Value per share P1.00                   P0.20

Simultaneous therewith, the Corporation also filed for the
amendment of its par value per share from the newly reduced
P0.20 back to P1.00 entailing an adjustment in the number of
shares corresponding to the capital.

As result, the final capital structure of the Corporation shall
be as follows:

BEFORE                                  AFTER
Amendment of Par Value                  Amendment of Par Value

Auth. Capital Stock P 100,000,000.00    P100,000,000.00
Divided into common shares 500,000,000  100,000,000.00
Subscribed Capital P54,051,348.00       P54,051,348.00
Divided into common shares 270,256,740  54,051,348.00
Par Value per share P0.20               P1.00

Based on the foregoing, the number of shares of each stockholder
shall be reduced by approximately 80%. Any resulting fractional
shares shall be rounded off to the nearest whole number and/or
paid by the Corporation. It is requested that the same be
effected in your boards accordingly as soon as the SEC shall
have approved the matter.

As soon as the Company will receive the SEC Certificates of
Amended Articles of Incorporation and Certificate of Decrease of
Capital, the Corporation shall furnish a copy of the same and
advise all stockholders of record of the matter. Subsequently
transaction shall be covered by stock certificates bearing the
new par value and authorized capital. All outstanding stock
certificates bearing the unadjusted number of shares shall be
honored subject to adjustment in the number of shares in
accordance with the Corporation's application with the SEC.

For more information, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3972_NXT.pdf


PHILIPPINE LONG: PhilRatings Assigns PRS 1 STCPs Rating
-------------------------------------------------------
"Philippine Long Distance Telephone Co., Inc.'s (PLDT) P2.0
billion short-term commercial papers (STCPs) continue to be
rated PRS 1," PhilRatings announced. PRS 1, the highest possible
rating on PhilRatings' short-term issue rating scale is defined
as: "Strongest capability for timely payment of debt instrument
issue on both interest and principal." PLDT's STCPs were
initially given a rating in late 2002. Its license to issue its
STCPs was approved by the Securities and Exchange Commission
(SEC) in April 2003. With this latest review, PLDT's P2.0
billion STCP rating (and changes to it, if any)  will be valid
until December 2004.

PLDT continues to dominate in the fast-growing wireless sector
(with a 57 percent market share) and in the fixed line business
(64 percent market share). Recent results demonstrate
management's ability to sustain improvements in profitability
and cash flow generation. Although the Company continues to be
highly leveraged, the pressure of loan payments has been very
well eased by the refinancing program undertaken in 2002 which
has improved PLDT's debt maturity profile. PLDT is likewise
exposed to foreign exchange risk as foreign currency-denominated
obligations make up about 96 percent of total consolidated debt.  
The Company, however, has put in place measures to minimize or
mitigate such risks as hedges cover 34 percent of total debt.
PLDT also benefits from having dollar-linked revenues.

Going forward, PLDT is expected to maintain its leadership in
both wireless and fixed line markets although increased
competition is foreseen. A potential slowdown in subscriber
growth and revenue per user in the wireless sector is likewise
highly likely as penetration reaches the lower income groups.
How PLDT also addresses a shrinking fixed line market and how it
uses its existing fixed line infrastructure to produce revenues
through new products and services also bear close watch.
Notwithstanding certain risk factors, however, the issue is
expected to maintain its strong credit standing over the next
year.


UNITED COCONUT: Board OKs 10-Year Business Plan
-----------------------------------------------
The Board of Directors of United Coconut Planters Bank (UCPB)
has approved a 10-year business plan calling for an aggressive
build-up in deposits and a significant reduction in the bank's
non-performing assets, the Philippine Daily Inquirer reported,
citing UCPB Chairman Deogracias Vistan. UCPB will submit the
business plan to the Philippine Deposit Insurance Corp and the
central bank's Monetary Board before the end of the year.
            

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


CENTRAL PROPERTIES: Withdraws Stock Units From SGX-ST
-----------------------------------------------------
The trading period for Central Properties Limited (CPL Stock
Units) and Delisting of CPL are as follows:

Reference is made to the announcement dated 17 December 2003
made by the liquidators of Hotel Malaysia Limited (In Members'
Voluntary Liquidation) (HML on the expected date of distribution
of CPL Stock Units held by HML, on 22 December 2003.

As stated in the circular dated 5 September 2003 (Circular from
CPL to its stockholders (Stockholders, the suspension in trading
of the CPL Stock Units will be lifted by the Singapore Exchange
Securities Trading Ltd (SGX-ST for a period of seven (7) market
days immediately after completion of the distribution of the CPL
Stock Units by HML (CPL Trading Period. This is to give
Stockholders who wish to dispose of their CPL Stock Units in the
market, the opportunity to do so.

The CPL Liquidators wish to inform that the CPL Trading Period
will commence from 9 January 2004 to 19 January 2004 (both dates
inclusive).

The CPL Liquidators will sanction the transfer of CPL Stock
Units made during the CPL Trading Period. Investors who purchase
CPL Stock Units during the CPL Trading Period will be entitled
to participate in the Distributions under the CPL Voluntary
Liquidation if they are Stockholders on the Books Closure
Date(s) for the purpose of determining Stockholders'
entitlements to the Distributions (as defined in the Circular).

The CPL Voluntary Liquidation will lead to the de-listing and
withdrawal of the CPL Stock Units from the Official List of the
SGX-ST. Investors who purchase CPL Stock Units during the CPL
Trading Period should note that after the CPL Trading Period,
trading in CPL Stock Units on the SGX-ST will be suspended up to
the date of delisting of CPL. The date of delisting will be
announced in due course.

Notice of Books Closure Date

NOTICE IS HEREBY GIVEN that the Register of Members and Share
Transfer Books of CPL will be closed as at 5.00 p.m. on 28
January 2004 (Books Closure Date for the purposes of determining
the Stockholders' entitlements to the Distributions as set out
in the Circular.

Settlement and Registration Procedures

Entitled Stockholders whose CPL Stock Units are deposited with
The Central Depository (Pte) Ltd (CDP

Entitlements to the Distributions will be determined on the
basis of (in the case of Stockholders who are Depositors) the
number of CPL Stock Units standing to the credit of their
Securities Accounts of such Stockholders on the Books Closure
Date.

Stockholders whose Securities Accounts are credited with their
CPL Stock Units as at 5.00 p.m. on the Books Closure Date need
not take any action in respect of their holdings of their CPL
Stock Units for the purposes of the Distributions.

Entitled Stockholders whose CPL Stock Units are not deposited
with CDP.

Entitlements to the Distributions will be determined on the
basis of (in the case of Stockholders who are not Depositors)
the holdings of such Stockholders of CPL Stock Units appearing
in the Register of Members of CPL on the Books Closure Date.
Such Stockholders who have not already done so are requested to
take the necessary action to ensure that the CPL Stock Units
owned by them are registered in their names as at the Books
Closure Date.

Stockholders whose physical stock certificates in respect of
their CPL Stock Units are not in their names must lodge all duly
completed and stamped transfer forms, together with their
physical stock certificates in respect of their CPL Stock Units
and registration fees, with the Share Registrar, Lim Associates
(Pte) Limited, situated at 10 Collyer Quay #19-08 Ocean
Building, Singapore 049315, before 5.00 p.m. on the Books
Closure Date.

Distributions

The Distributions are expected to commence as soon as reasonably
practicable either before or after the realization of CPL's
assets which are not to be distributed in specie and subject to
the CPL Liquidators being satisfied that adequate provision has
been made for CPL's liabilities (including tax). The CPL
Liquidators may, in their absolute discretion, make Interim
Distributions at various stages of the liquidation after setting
aside such amounts as they consider prudent to meet the
liabilities (including potential tax liabilities) of CPL and
expenses of the CPL Voluntary Liquidation.

Appropriate announcements will be made on the timing and amounts
of such Distributions as and when they are made.

Summary of Indicative Dates

Expected distribution by HML of    22 Dec. 2003
the CPL Stock Units   

CPL Trading Period                 9 Jan. 2004 to 19 Jan. 2004
                                   (both dates inclusive)

Books Closure Date 5.00 p.m.,      28 January 2004
Distributions                      To be announced

Capitalized terms used but not defined in this announcement bear
the same meanings and construction as those in the Circular.

ONG YEW HUAT
LIQUIDATOR
CENTRAL PROPERTIES LIMITED
(IN MEMBERS' VOLUNTARY LIQUIDATION)


CHARTERED SEMICONDUCTOR: Post Changes in Shareholder's Interest
---------------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. posted a notice of
changes In Subsidiary Company's Director's Shareholding Leow Kim
Keat's interests.

Date of notice to Company: 17 Dec 2003
Date of change of interest: 16 Dec 2003
Name of registered holder: CDP - Leow Kim Keat
  
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: 26,223
% of issued share capital: 0.001
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: 4,187@S$1.00
22,036@S$0.80
No. of shares held before the transaction: 65,560
% of issued share capital: 0.0026
No. of shares held after the transaction: 91,783
% of issued share capital: 0.0036

Holdings of Director including direct and deemed interest
                                           Deemed Direct
No. of shares held before the transaction: 0      65,560
% of issued share capital:                 0      0.0026
No. of shares held after the transaction:  0      91,783
% of issued share capital:                 0      0.0036
Total shares:                              0      91,783

Mr Leow Kim Keat is a Director of Chartered Silicon Partners Pte
Ltd., which is a subsidiary of Chartered Semiconductor
Manufacturing Ltd.


E&A CERAMICS: Issues First & Final Dividend Notice
--------------------------------------------------
E&A Ceramics Pte Ltd (In Creditors' Voluntary Liquidation)
issued a NOTICE of first and final dividend as follows:

Address of former registered address: 44 Sungei Kadut Loop
Singapore 729428.

Name of Liquidators: Chee Yoh Chuang and Lim Lee Meng.

Amount percentum: 3.3 percentum of all admitted unsecured
claims.

First and final or otherwise: First and Final.

When payable: 19th December 2003.

Where payable: Chio Lim & Associates 18 Cross Street #08-01
Marsh & McLennan Centre Singapore 048423.

CHEE YOH CHUANG
LIM LEE MENG
Liquidators.


LKN-PRIMEFIELD: Converts NRCPS to Ordinary Shares
-------------------------------------------------
Lkn-Primefield Limited issues a conversion OF 27, 722, 728 Non-
Redeemable Convertible Preference Shares (NRCPS INTO 27, 722,
728 ordinary shares as follows:

The Board of Directors of LKN-Primefield Limited wishes to
announce that due to the following conversion of:

a) 13,427,273 NRCPS into 13,427,273 Ordinary Shares of S$0.20
each fully paid at par by Ms Florence Tay Eng Neo, a holder of
the NRCPS;

b) 5,886,364 NRCPS into 5,886,364 Ordinary Shares of S$0.20 each
fully paid at par by Mr Chew Tiong Sim, a holder of the NRCPS;

c) 4,204,546 NRCPS into 4,204,546 Ordinary Shares of S$0.20 each
fully paid at par by Mr Leong Sin Kuen, a holder of the NRCPS;

d) 4,204,545 NRCPS into 4,204,545 Ordinary Shares of S$0.20 each
fully paid at par by Mr Leong Heng Keng, a holder of the NRCPS,

The Company's issued and paid-up capital shall now be
S$45,999,611.60 divided into 229,998,058 Ordinary Shares of
S$0.20 each.


OKURA & CO.: Creditors Final Meeting Set January 8
--------------------------------------------------
Okura & Co., Ltd issued a notice that the creditors final
meeting will be held at 10 Jalan Besar, #15-08 Sim Lim Tower,
Singapore 208787 on the 8th day of January 2004 at 3 P.M.

AGENDA

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

2. To approve Liquidator's fee.

3. To approve the legal fees and incidentals to the Liquidator's
solicitors.

4. To approve the cost and authorize the Liquidator to destroy
all books, accounts and documents of the Company three months
after the discharge of the Liquidator.

To entitle you to vote there, your proxy form must be lodged
with us not later than 3.00 p.m. on 6th January 2004.

Dated this 10th day of December 2003.
ONG SIN HUAT
Liquidator for Okura & Co., Ltd
(Singapore Branch).
Address of Liquidator
c/o Ong Yong & Partners
190 Middle Road
#12-07 Fortune Centre
Singapore 188979.


THAKRAL CORPORATION: Post Changes in Shareholders Interest
----------------------------------------------------------
Thakral Corporation Ltd posted a notice of changes in
substantial shareholder Inderbethal Singh Thakral's interest as
follows:

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
===============


BANGKOK BANK: Fundraising 'Encouraging Development,' Says S&P
-------------------------------------------------------------
Standard & Poor's Ratings Services said Bangkok Bank Public Co.
Ltd.'s (Bangkok Bank; BB/Positive/B) recent issuance of 384.3
million new ordinary shares, which raised THB32 billion (US$807
million), is an encouraging development.

Proceeds from this issuance are earmarked to help redeem the
bank's THB46 billion worth of its hybrid securities in April
2004.  These hybrid securities carry coupons at about 11%, which
are considered high given the current interest rate environment.

The exercise is expected to translate to lower funding costs for
the bank, besides strengthening the quality of the bank's
capital position.  Based on the bank's numbers as of September
30, 2003, the capital raising could bolster the bank's ratio of
adjusted common equity to assets to slightly above 5%, compared
with almost 2.6% before the exercise.

Despite the capital raising, Bangkok Bank continues with the
need to address the challenge of residual impaired assets.

For more information, contact:

Nancy Koh (Singapore)
Phone: (65) 6239-6392
            
Terry Chan (Hong Kong)
Phone: (852) 2533-3590
            
Ernest D. Napier (New York)
Phone: (1) 212-438-7397


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                        Total          
                                        Shareholders   Total  
                                        Equity         Assets   
Company                       Ticker    ($MM)          ($MM)    
-------                       ------    ------------   -------  

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

Guangdong Sunrise Holdings
Co., Ltd.                      000030     (184.24)       23.04
Jinan Qingoi Motorcyle
Co., Ltd.                      600698     (193.08  )    113.96
Shenzhen China Bicycles
Co., Ltd.                      000017     (239.91)       60.39
Shenzhen Great Ocean
Shipping Co., Ltd.               200057      (10.87)     11.27
Shenzhen Petrochemical
Industry Group Co., Ltd.       000013     (243.36)       89.48


INDONESIA
---------

PT Lippo Securities Tbk         LPPS       (3.62)        14.26
Smart Tbk                       SMAR      (37.38)       398.89


MALAYSIA
--------

CSM Corporation Bhd             CSMB        (8.40)       41.55
Kemayan Corp Bhd                KOPS      (289.67)      114.38
Saship Holdings                 SASH      (168.68)      136.30
Tongkah Holdings Bhd            TKHS       (78.01)      112.62
Uniphoenix Corporation Bhd      UNI       (145.25)       33.34


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

Pilipino Telephone Co          PNOTF     (356.17)       122.97


SINGAPORE
---------

Pacific Century Regional
Developments Ltd                PCEN      (931.65)     7369.85


THAILAND
--------

Datamat PCL                     DTM         (9.53)       13.66
National Fertilizer PCL         NFC        (30.82)      297.40
Siam Agro-Industry Pineapple
And Others PCL                  SAIC       (13.88)       14.02
Thai Nam Plastic PCL            TNPC        (2.00)       24.33
Tuntex (Thailand) PCL           TUN        (26.82)      381.43


Each Friday edition of the Troubled Company Reporter - Asia
Pacific contains a list of companies with insolvent balance
sheets based on the latest publicly available balance sheet
available to our editors at the time of publication.  At first
glance, this list may look like the definitive compilation of
stocks that are ideal to sell short.  Don't be fooled.  Assets,
for example, reported at historical cost net of depreciation may
understate the true value of a firm's assets.  A company may
establish reserves on its balance sheet for liabilities that may
never materialize.  The prices at which equity securities trade
in public market are determined by more than a balance sheet
solvency test.


                            *********


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 ***