TCRAP_Public/031223.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, December 23, 2003, Vol. 6, No. 253

                            Headlines

A U S T R A L I A

MCMAN OSTRICH: Investment Scheme Promoter Jailed


C H I N A  &  H O N G  K O N G

CMC MAGNETICS: 'BB-' Rating Affirmed; Outlook Positive
E&W SHIPPING: Faces Winding up Petition in HK High Court
RISEBLE ENTERPRISES: Winding up Hearing Set January 28
SENLON INDUSTRIES: Bank of China Files Winding up Petition
SIGHT & SOUND: Winding up Hearing Scheduled January 21

SPEED FORD: HK High Court Sets Winding up Hearing January 21


I N D O N E S I A

ASTRA AGRO: Core Palm Oil Biz to Deliver 10% Net Profit Boost
BANK NEGARA: Hires Ernst & Young to Overhaul 'Control Mechanism'
INDONESIAN SATELLITE: Earmarks US$500M for 2004 Capex


J A P A N

MARUBENI CORPORATION: Forgives Barito Debt in Exchange for Stake
MATSUSHITA ELECTRIC: Launches Takeover of Long-time Affiliate


K O R E A

HYUNDAI SECURITIES: Government Nixes Planned Sale
LG CARD: Creditors Offer US$252 Million in Additional Loans
LG CARD: Morgan Stanley, Lehman Brothers to Back Local Bidders
LG CARD: Creditors Name Local KPMG Unit Lead Manager of Sale


M A L A Y S I A

BERJAYA CAPITAL: Details Proposed Hire Purchase Agreement
METROPLEX BERHAD: High Court Extends Debt Moratorium
MWE HOLDINGS: Winds up Two Singaporean Units
OSK SECURITIES: Details Restructuring Proposals
RHB CAPITAL: CEO Michael Hague Stepping Down in February


P H I L I P P I N E S

EASYCALL COMMUNICATIONS: Posts Update on Capital Restructuring
VICTORIAS MILLING: Appoints Two New Officers


T H A I L A N D

HEMARAJ LAND: Cancels Buyback of Convertible Bonds Due this Year
THAI MILITARY: Resumes Trading on SET Tomorrow
THAI MILITARY: Posts Summary of SAL as of November 30, 2003

* BOND PRICING: For the week of December 22-26, 2003

     -  -  -  -  -  -  -  -

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


MCMAN OSTRICH: Investment Scheme Promoter Jailed
------------------------------------------------
Colin Roderick McAskill, a former investment scheme promoter of
Glen Iris, Victoria, has been sentenced in the Melbourne County
Court on charges brought by the Australian Securities and
Investments Commission (ASIC).

Mr. McAskill was sentenced to a total of six months
imprisonment. Judge Davy ordered that the sentence be suspended
after serving two months upon Mr. McAskill entering into a
$2,000 recognizance to be of good behavior for a further four
months.

Mr. McAskill had earlier pleaded guilty to one count of inducing
investors to deal in securities in contravention of the
Corporations Act, one count of failing to register an approved
deed in contravention of the Corporations Law, and one count of
making improper use of his position as an officer.

Mr. McAskill was a director of McMan Ostrich Limited, which was
involved in a number of failed investment schemes, including
ostrich, beef and educational schemes.  McMan Ostrich was placed
into liquidation in 1998 after losses of approximately $6.5
million by investors and creditors.

Mr. McAskill was also a director of a number of other companies,
including TGP-McMan Pty Ltd, Cetac Pty Ltd, Besuto Beef Pty Ltd
(in Liquidation) and Glencailean Pty Ltd (in Liquidation).

ASIC successfully applied to the Supreme Court of Victoria in
October 1999 to have a liquidator appointed to Besuto Beef Pty
Ltd (in Liquidation) and Glencailean Pty Ltd (in Liquidation) to
protect the interests of investors and creditors.

ASIC's investigation into the conduct of Mr. McAskill was part
of a wider investigation into schemes allegedly offering tax
advantages to investors.

"ASIC will take action to ensure that promoters of fundraising
schemes that fail to comply with the law are brought before the
Courts," ASIC Director of Enforcement Allen Turton said.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.


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


CMC MAGNETICS: 'BB-' Rating Affirmed; Outlook Positive
------------------------------------------------------
Standard & Poor's affirmed its 'BB-' long-term corporate credit
rating on Taiwan-based CMC Magnetics Corp. (CMC).  The outlook
on the rating was revised to positive from stable.  The outlook
revision reflects the view that the company's operating
performance is likely to improve over the medium term.

The rating on CMC reflects the highly competitive and volatile
nature of the optical storage media industry and the company's
aggressive financial strategy.  These weaknesses, however, are
partially offset by the company's leading market position in the
optical storage media market, including compact disk-recordable
(CD-R) and digital versatile discs-recordable (DVD-R) related
products, and its above-average technology base.

CMC is one of the world's largest optical storage media
producers. For the first half of 2003, CD-Rs accounted for 57.5%
of its revenue. DVD products have substantially higher margins
than those of CD-Rs, but represented only a small percentage of
the company's revenue in 2002.  However, DVD products accounted
for 9.4% of CMC's revenue for the first half of 2003, which
shows the strength of the growth momentum in its DVD products.

The global CD-R market suffered from a substantial decline in
average selling prices between 2000 and the end of the third
quarter of 2002 as a result of oversupply. Consequently, some
smaller firms withdrew from the market, while the large
manufacturers stopped expanding their CD-R production capacity.
Accordingly, the price of CD-Rs gradually recovered in 2003 and
is expected to be relatively stable in 2004. Meanwhile, global
demand for DVD products increased in 2003 and is likely to
continue rising over the next few years. CMC's operating
performance is therefore expected to strengthen over the medium
term. However, as DVD manufacturers aggressively expand their
capacities, DVD prices are likely to decline.

CMC reported total sales of NT$18.71 billion in the first nine
months of 2003 and net income of NT$4.17 billion, compared with
total sales of NT$14.15 billion and net income of NT$15 million
for the corresponding period in 2002. Mirroring its improving
profitability, the company's cash flow protection measures are
also rising. CMC's EBITDA interest coverage increased to 8.8x
during the first three quarters of 2003 from 3.6x in 2002, while
its ratio of funds from operations to total debt jumped up to
42% from 17% over the same period. The company's total debt to
capital is expected to be 36% by the end of 2003.

For more information, contact:

Daniel Hsiao (Taipei)
Phone: (8862) 2368-8277

John Bailey (Hong Kong)
Phone: (852) 2533-3530


E&W SHIPPING: Faces Winding up Petition in HK High Court
--------------------------------------------------------
The High Court of Hong Kong will hear on January 28, 2004 at
9:30 a.m. the petition seeking the winding up of E&W Shipping
Agencies Limited.

Lee Kau Kan of Room 705, Tung Yuen House, Chuk Yuen North
Estate, Wong Tai Sin, Kowloon, Hong Kong filed the petition on
November 18, 2003.  Samuel L.C. Yang & Co. represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Samuel L.C.
Yang & Co., which holds office on the 1st Floor, Chung Nam
House, 59 Des Voeux Road Central Hong Kong.


RISEBLE ENTERPRISES: Winding up Hearing Set January 28
------------------------------------------------------
The High Court of Hong Kong will hear on January 28, 2004 at
9:30 a.m. the petition seeking the winding up of Riseble
Enterprises Limited.

Bank of China (Hong Kong) Limited (the successor corporation to
The Yien Yieh Commercial Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong
filed the petition on November 25, 2003.  Tsang, Chan & Wong
represents the petitioner.

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


SENLON INDUSTRIES: Bank of China Files Winding up Petition
----------------------------------------------------------
The High Court of Hong Kong will hear on February 4, 2004 at
10:00 a.m. the petition seeking the winding up of Senlon
Industries Limited.

Bank of China (Hong Kong) Limited of Bank of China Tower, No. 1
Garden Road, Hong Kong filed the petition on December 3, 2003.
Messrs. Alfred Lam, Keung & Ko represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs. Alfred
Lam, Keung & Ko, which holds office at 2107-9, Wing On Centre,
111 Connaught Road Central Hong Kong.


SIGHT & SOUND: Winding up Hearing Scheduled January 21
------------------------------------------------------
The High Court of Hong Kong will hear on January 21, 2004 at
9:30 a.m. the petition seeking the winding up of Sight & Sound
(Hong Kong) Limited.

Cheung Bik Kuen Dilys of 5/F., Kwai Wah Court, No. 183 Sai Yee
Street, Kowloon, Hong Kong filed the petition on November 19,
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.


SPEED FORD: HK High Court Sets Winding up Hearing January 21
------------------------------------------------------------
The High Court of Hong Kong will hear on January 21, 2004 at
9:30 a.m. the petition seeking the winding up of Speed Ford
Investment Limited.

Wong Chi Kok of Room 1524, Wah Chun House, Wah Fu Estate,
Aberdeen,, Hong Kong filed the petition on November 19, 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.


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


ASTRA AGRO: Core Palm Oil Biz to Deliver 10% Net Profit Boost
-------------------------------------------------------------
PT Astra Agro Lestari is on course to record a 10% rise in net
profit this year, Finance Director Juliani Eliza told Asia Pulse
recently.

Mr. Eliza said the net profit could have increased by 50 percent
this year had it not for the losses recorded by its non-palm oil
subsidiaries.  The company booked an IDR230 billion (US$27
million) bottom line in 2002.

The official credited the increase in crude palm oil production
and the improvement in price as the main driver of the profit
growth.  He said the company is expecting production of palm oil
to increase by 14 percent to 620,000 tons this year.

Astra Agro plans to sell 12 subsidiaries operating in the non-
palm oil sector, including rubber plantations, Asia Pulse said.


BANK NEGARA: Hires Ernst & Young to Overhaul 'Control Mechanism'
----------------------------------------------------------------
In an effort to boost its image following a humiliating "bogus
loan" scandal, PT Bank Negara Indonesia commissioned Friday
Ernst & Young LLP, said Dow Jones.  The auditing firm will act
as the bank's adviser in improving internal control mechanisms.

"We hope that Ernst & Young can give us input on what BNI must
do to improve its internal control," BNI's new president
director, Sigit Pramono, told reporters.

Majority-owned by the government, the bank is estimated to have
lost US$200 million from a lending scam discovered late October.
The bank claims US$72.15 million had since been recovered.  The
scandal involved the issuance of letters of credit by
institutions in Kenya, Switzerland and the Cook Islands to cover
commodity exports from Jakarta-based companies.  A Jakarta
branch of BNI paid out export credits to the companies although
they never made the exports, according to an earlier issue of
TCR-Asia Pacific.


INDONESIAN SATELLITE: Earmarks US$500M for 2004 Capex
-----------------------------------------------------
PT Indonesian Satellite Corp. Tbk will increase its capital
expending next year to US$500-600 million to keep the company in
step with the rising number of subscribers, Reuters said
recently.

"Indosat's capital expenditure in 2004 is estimated to reach
around US$500-600 million.  All the needs for the 2004 capex
will be internally funded by the company," Indosat business
development director, Wityasmoro Handayanto, told Reuters.

"The allocated use of the 2004 capex will be similar to 2003, or
around 70 to 80 percent for cellular.  The estimated increase of
customers is at 1.5 to 2.5 million, so the position at the end
of 2004 will be around 7.5 to 8.5," he said.

Indosat owns the country's second-biggest cellular firm, PT
Satelindo, and a smaller mobile unit IM 3, which will be merged
with the parent company.  It is 42 percent owned by Singapore
telecom group ST Telemedia.


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


MARUBENI CORPORATION: Forgives Barito Debt in Exchange for Stake
----------------------------------------------------------------
Japanese financial group, Marubeni Corp., agreed to accept a
14.45% stake in PT Musi Hutan Persada (MHP) in lieu of the
US$110 million owed to it by Barito Pacific, Asia Pulse said
yesterday.

Barito Pacific owns 54 percent of MHP, which has an industrial
timber estate over 296,400 hectares in size in Muara Enim, South
Sumatra.  The two parties agreed on the debt to asset swap
recently and were expected to sign a binding pact yesterday.


MATSUSHITA ELECTRIC: Launches Takeover of Long-time Affiliate
-------------------------------------------------------------
Matsushita Electric Industrial Co. (MEI) announced Friday it
will offer 1,040 yen for each share of Matsushita Electric Works
Ltd. (MEW) to increase its stakes in the affiliate from 31.8% to
51%.

Created in 1935 through a spin-off, Matsushita Electric Works
will become a subsidiary of the MEI following the transaction.
The tender price represents a 30 percent premium of the average
closing price during the last one-month period, according to the
Japan Times.

"Officials at the two companies said the move is designed to
bolster their business ties, allowing them to take advantage of
shared business resources," the paper adds.

MEW primarily makes and sells lighting, information and housing
equipment.  For the fiscal year ending November, it reported 18
billion yen in net profit on revenue of 1.2 trillion yen.


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


HYUNDAI SECURITIES: Government Nixes Planned Sale
-------------------------------------------------
Realizing it cannot forcibly sell Hyundai Securities Corp., the
government will instead grant the brokerage house of the Hyundai
Group a business license for futures dealings, provided it pays
part of its obligations to the state.

The brokerage firm has been tagged by the Financial Supervisory
Commission as responsible for the huge losses at Hyundai
Investment and Securities Corp. (HITC), a subsidiary the
government sold off to U.S. investor Prudential late last month.
One of the conditions for the sale was for the government to
inject public funds to normalize the unit's operation.  In a bid
to recover the bailout funds, the government had threatened to
sell Hyundai Securities or deny it a futures-business license.

"The Financial Supervisory Commission (FSC) said Sunday it
decided to scrap the plan to sell Hyundai Securities, as the
Public Fund Oversight Committee (PFOC), the panel in charge of
public fund operations, ruled the sale of the firm could not be
legally forced," Digital Chosun Ilbo said.

The report did not say how much the government is asking from
Hyundai Securities.


LG CARD: Creditors Offer US$252 Million in Additional Loans
-----------------------------------------------------------
Kookmin, Woori Bank -- part of the Woori Financial Group -- and
the National Agricultural Cooperative Federation stepped forward
yesterday and offered LG Card an extra US$252 million in short-
term loans.  The new loan is apart from the US$1.7 billion in
emergency loans provided by a group of local banks in November,
which spared the card company from defaulting on its
obligations.

The cash injection comes as the company struggle to raise funds
due to a lowered credit rating.  According to Reuters, this
raises fears of a "deepening financial crisis" in the card
company.  Last week, it suspended some cash services for the
second time in a month.  Payment for this loan is due January.

Analysts say the firm's cash problems could spill over to other
card issuers, given that one-third of South Korean adults carry
more than four credit cards and some of them pay off other card
bills with cash advances.  It is estimated that one in 10 South
Koreans are unable to repay loans.

Meanwhile, analysts told Reuters creditors could face difficulty
selling LG Card.  Under an agreement between creditors of LG
Card and its parent LG Group, the card issuer will be sold to
one of the eight creditor banks that offered the loans last
month and a preferred bidder would inject one trillion won of
fresh loans in January.

"But local banks invited to bid for LG Card remain lukewarm,
citing high prices suggested by creditors and poor financial
conditions of the credit card firm.  A recent due diligence
conducted by an accounting firm revealed LG Card's net worth
stood at a negative 3.24 trillion won," Reuters said.

"Raising more concerns over its fragile finances, LG Card said
it had more than two trillion won in asset-backed securities
that have 'trigger' conditions forcing it to repay the debts
earlier than their maturities if its financial status
deteriorates," it added.


LG CARD: Morgan Stanley, Lehman Brothers to Back Local Bidders
--------------------------------------------------------------
A number of U.S. investment banks are reportedly doing backdoor
negotiations to try to participate in the sale of Korea's No. 2
card company, LG Card and LG Investment & Securities Co.,
Digital Chosun Ilbo said yesterday.  These banks allegedly
include Lehman Brothers, New Bridge Capital and Morgan Stanley,
which until recently had acted as the lead manager of the sale
of LG Card.

"We heard that U.S. investment companies that are interested in
investing in LG Card, including Lehman Brothers, are contacting
Woori Bank and Hana Bank, which are the most likable negotiators
among the firm's eight domestic creditors," a government
official told Digital Chosun Ilbo last Sunday.

"Lehman Brothers and Morgan Stanley seemingly intent to
participate in the consortium of domestic banks, together with
other foreign investors, rather than making an investment," the
official said, adding that, "They are seeking a profitable
investment instead of taking over the management of the card
firm."

New Bridge, on the other hand, has expressed its intension to
become the second largest investor in the consortium, consisting
mainly of local banks, which are planning to buyout the
distressed card company.

"It is widely thought in the financial sector that given the
poor financial conditions at Korean banks, foreign investors
would most likely function as sources of capital for the LG Card
takeover if they participate in the consortium," the paper said.

The creditors will close the auction of LG Card on December 30
and name the preferred negotiator on December 31.


LG CARD: Creditors Name Local KPMG Unit Lead Manager of Sale
------------------------------------------------------------
Samjong KPMG will handle the sale of the controlling stake in
troubled card company, LG Card, Asia Pulse said yesterday.
Creditors picked the accounting firm, which had conducted a due
diligence on the company, on Sunday.  Last Saturday, Samjong
KPMG said LG Card had a negative net worth of 3.24 trillion won
as of October.

Meanwhile, sources told the newswire each creditor bank of the
card company will call board meetings this week to approve their
participation in a debt-equity swap of 1 trillion won (US$839
million).  The money is part of the 2 trillion won the creditors
pledged to inject into LG Card to keep it above water.  LG
Card's eight creditor banks will also do an audit of the
company's balance sheets before offering a bid on December 30.


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


BERJAYA CAPITAL: Details Proposed Hire Purchase Agreement
---------------------------------------------------------
1.0 INTRODUCTION

1.1 The Board of Directors of Berjaya Capital Berhad
("BCapital") wishes to announce that Prime Credit Leasing Sdn
Bhd ("PCL"), a wholly owned subsidiary of BCapital will be
entering into a Hire Purchase Agreement with Dunham-Bush
Industries Sdn Bhd ("DBISB") for the provision of hire purchase
facilities amounting to RM2,395,000.00.

1.2 Currently, DBISB is a wholly owned subsidiary of Dunham-Bush
(Malaysia) Bhd ("DunBush"). Berjaya Group Berhad ("BGroup") is
the holding company of DunBush and the ultimate holding company
of PCL through its 62.64% interest in BCapital.


2.0 BRIEF INFORMATION ON PCL AND DBISB

2.1 PCL was incorporated in Malaysia on 23 October 1979. It has
an authorised share capital of RM200,000,000 comprising
200,000,000 ordinary shares of RM1.00 each of which 150,000,000
ordinary shares have been issued and fully paid-up. The company
is involved in the business of hire purchase, leasing and loan
financing.

2.2 DBISB was incorporated in Malaysia on 20 November 1987. It
has an authorised share capital of RM10,000,000 comprising
10,000,000 ordinary shares of RM1.00 each of which 8,562,600
ordinary shares have been issued and fully paid-up. The company
is principally involved in the business of manufacturing and
trading in air-conditioning and refrigeration equipment for
commercial and industrial applications.


3.0 DETAILS OF THE PROPOSED HIRE PURCHASE FACILITY

3.1 PCL proposes to grant a leasing facility of RM2,395,000.00
to DBISB for the purpose of financing the purchase of factory
machinery.

3.2 The said facility is for a tenure of 60 months at an
interest rate of 7.00% per annum. All other terms will be
similar to those generally available to the public and will not
be more favourable to DBISB.


4.0 FINANCIAL EFFECTS

4.1 The Proposed Hire Purchase Facility will not have any
material effect on the net tangible assets and earnings per
share of BCapital Group for the financial year ending 30 April
2004.


5.0 CONDITIONS OF THE PROPOSED HIRE PURCHASE FACILITY

5.1 The Proposed Hire Purchase Facility does not require the
approval of shareholders or any authorities.


6.0 SUBSTANTIAL SHAREHOLDERS' AND DIRECTORS' INTERESTS

6.1 PCL is a wholly owned subsidiary of BCapital and BGroup is a
deemed substantial shareholder of BCapital by virtue of its
direct and indirect interests of 62.64% in BCapital.

6.2 DBISB is a wholly owned subsidiary of Dunham-Bush (Malaysia)
Bhd ("DunBush") and BGroup is a deemed substantial shareholder
of DunBush by virtue of its indirect interest of 71.72% in
DunBush.

6.3 Tan Sri Dato' Seri Vincent Tan Chee Yioun ("TSVT") is a
deemed substantial shareholder of BCapital and DunBush. By
virtue of his direct and indirect interests in BCapital and
DunBush, TSVT is deemed to be interested in the shares of PCL
and DBISB.

6.4 Tan Sri Dato' Tan Chee Sing ("TSDT"), a common Director of
BCapital and DunBush is also a brother of TSVT. Hence, TSDT and
TSVT are persons connected with each other.

6.5 The substantial shareholders' and related party's direct and
indirect interests in BCapital and DunBush are set out in
Appendix I.

6.6 BGroup, TSVT and TSDT are deemed interested in the Proposed
Hire Purchase Facility and accordingly, TSDT will abstain from
all board deliberations on the Proposed Hire Purchase Facility
and will continue to abstain from all further board
deliberations on the Proposed Hire Purchase Facility.

6.7 Save as disclosed, BCapital has not been notified by any
other Directors or major shareholders or persons connected to
them having interests, direct or indirect, in the Proposed Hire
Purchase Facility.


7.0 DIRECTORS' STATEMENT

7.1 The Board of Directors with the exception of TSDT having
considered all the relevant factors, is of the opinion that the
Proposed Hire Purchase Facility is in the best interest of the
Group.


METROPLEX BERHAD: High Court Extends Debt Moratorium
----------------------------------------------------
Subject: Announcement to the Kuala Lumpur Stock Exchange in
         Relation to the Restraining Order and Proposed Debt
         Restructuring of the Group

We refer to our earlier announcement on 21 November 2003 in
relation to the above.  We wish to advise that following the
extension of the restraining order granted by the High Court of
Malaya, MB is continuing to work out its debt restructuring with
its creditors.  An announcement would be made to the Kuala
Lumpur Stock Exchange once an agreement has been reached on
this.


MWE HOLDINGS: Winds up Two Singaporean Units
--------------------------------------------
Pursuant to paragraph 9.19 (19) of the Listing Requirements of
Kuala Lumpur Stock Exchange, MWE Holdings Berhad ("MWE" or "the
Company") wishes to inform that MWE (Singapore) Pte Ltd ("MWES")
and MWE Optical Pte Ltd ("MO"), both companies were incorporated
in Singapore will be placed under Member's Voluntary Winding-Up
pursuant to the Companies Act of Singapore, Chapter 50.

Mr. Lee Chee Wung of Messrs Lee Chee Wung & Co., 371 Beach Road,
#09-05 Keypoint, Singapore 199597 shall be appointed as
liquidator of MWES and MO.

MO is a wholly-owned subsidiary of MWE Optical Holdings Sdn Bhd,
which in turn is a 55% owned subsidiary of MWE and MWES is a
wholly-owned subsidiary of First Cosmopolitan Sdn Bhd which in
turn is a wholly-owned subsidiary of MWE. Both companies had
ceased operations since 1995 and there is no future plan to
activate them.

The Group estimates that an exchange gain of RM830,000 will be
realized from the winding-up of both MWES and MO.


OSK SECURITIES: Details Restructuring Proposals
-----------------------------------------------
On behalf of the Board of Directors (Board) of Mangium
Industries Berhad (MIB or the Company), OSK Securities Berhad
(OSK) is pleased to announce the following proposals by the
Company:

(i) The debt settlement between MIB and the secured and
unsecured creditors whereby the parties agree to the proposed
debt settlement of MIB amounting to approximately RM53.35
million up to 31 December 2003 (including accrued interest up to
31 December 2003) between the Company and the secured and
unsecured creditors to be settled by a combination of new MIB
Shares, ICULS, RCSLS and cash payment;

(ii) The proposed renounceable rights issue of RM16.0 million
nominal value zero coupon 5-year ICULS together with 16.0
million free detachable Warrants attached on the basis of RM1.00
nominal value ICULS with one (1) free detachable Warrant
attached for every two (2) existing MIB Shares held and an
additional RM8.0 million nominal value ICULS, which would serve
as the up-front coupon of 10% per annum for the RM16.0 million
ICULS for a period of five (5) years;

(iii) The proposed joint venture between MIB and Telaga Chipmill
Sdn Bhd ("TCSB");

(iv) The proposed employee share option scheme for executive
directors and eligible employees of MIB and its subsidiaries;
and

(v) The proposed increase in the authorised share capital of MIB
from RM50,000,000 comprising 50,000,000 MIB Shares to
RM200,000,000 comprising 200,000,000 MIB Shares.

In addition, the Board of MIB has decided not to proceed with
the proposed bonus issue of 8,000,000 new ordinary shares of
RM1.00 each in MIB ("Bonus Issue") on the basis of one (1) Bonus
Share for every four (4) existing MIB Shares held ("Proposed
Bonus Issue"), which was announced on 18 November 2002.

Further details of the Proposals may be viewed through this link
http://announcements.klse.com.my/EDMS/edmsweb.nsf/ba387758ae3741
2b482568a300466fb6/482568bb00440ef548256e04003581af/$FILE/MIB%20
Announcement.doc


RHB CAPITAL: CEO Michael Hague Stepping Down in February
--------------------------------------------------------
RHB Capital Berhad (RHB Capital or the Company) wishes to
announce that the Board of Directors of RHB Bank has received
and accepted the resignation of Michael Andrew Hague as Chief
Executive Officer of RHB Bank.  Mr. Hague's tenure with RHB Bank
will officially end on 10 February 2004.

Accordingly, Mr. Hague will relinquish his directorships within
the RHB Capital Group with effect from 23 December 2003.

A Committee comprising of selected directors and senior
management shall collectively exercise the powers of the Chief
Executive Officer.

RHB Bank is a 70% subsidiary of RHB Capital.


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


EASYCALL COMMUNICATIONS: Posts Update on Capital Restructuring
--------------------------------------------------------------
This is in reference to Circular for Brokers Nos. 3138-2003
dated October 1, 2003 and 3644-2003 dated November 12, 2003, in
connection with the approval by the Board of Directors and
stockholders of Easycall Communications Philippines, Inc. (ECP
or the Company) of the capital restructuring.

In relation thereto, the Company submitted to the Exchange the
attached disclosure
[http://bankrupt.com/misc/easycall_communications.pdf]
containing additional information on the aforementioned matter.

In this regard, the Listing Committee of the Exchange approved
the trading suspension of the Company's securities effective
December 22, 2003 up to a day after disclosure by the Company of
the approval by the Securities and Exchange Commission of its
Amended Articles of Incorporation.

The Exchange shall inform the Trading Participants and the
investing public of further developments on the matter.

For your information,

Jose G. Cervantes (Signed)
Senior Vice President

Trisha M. Zamesa (Signed)
Head, Disclosure Department


VICTORIAS MILLING: Appoints Two New Officers
--------------------------------------------
The Board of Directors of Victorias Milling Company, Inc. during
its meeting on November 25, 2003, confirmed the appointment of:

(a) Teresita V. Ilagan -- Controller

(b) Carolina S. Diaz -- Senior Consultant

Pursuant to the requirements of the Securities Regulation Code,
the issuer has duly carried this report to be signed on its
behalf by the undersigned herewith duly authorized.

Atty. Eva A. Vicencio-Rodriguez
Compliance Officer

CONTACT:   9126 Sultana Corner Honradez Sts.
           Barangay Olympia, Makati City 6119
           Phone: (02) 896-0381
           Fax: (02) 899-0485


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


HEMARAJ LAND: Cancels Buyback of Convertible Bonds Due this Year
----------------------------------------------------------------
Subject: Report on the purchase for cancellation of 3.5 percent
         Convertible Bonds due September 9, 2003 (US$60,000,000
         3.5 percent Convertible Bonds due 2003) (the Bonds)

To:      Managing Director, Stock Exchange of Thailand

Hemaraj Land and Development Public Company Limited (the
Company) refers to the issuance of the Bonds in the amount of
60,000 units at the face value of US$1,000 per unit, totaling
US$60,000,000 at the interest rate of 3.5 percent issued on 9th
September 1993 to offshore investors, having a maturity date on
9th September 2003.

The Company and its subsidiaries had made an offer to purchase
the Bonds from existing bondholders.  As a result of such offer,
the Company and its subsidiaries have purchased 205 units of the
Bonds and these purchased Bonds have already been cancelled. As
of the date of this letter (December 19, 2003), there are 26
units of the bonds outstanding.

Please be informed accordingly.

Yours faithfully,

David R. Nardone, President & CEO
Hemaraj Land and Development Public Company Limited


THAI MILITARY: Resumes Trading on SET Tomorrow
----------------------------------------------
Starting from December 23, 2003 the Stock Exchange of Thailand
(SET) allowed the securities of the Thai Military Bank Public
Company Limited (TMB) to be traded on the SET after finishing
capital increase procedures.

Name:                      TMB
Issued and paid up capital
Old:                      104,079,672,000 Baht
- Common Stock            8,415,867,700 shares
- Preferred stock         1,992,099,500 shares

New:                      104,079,672,000 Baht
- Common Stock            8,415,967,300 shares
- Preferred stock         1,991,999,900 shares

Par value per share:       10 baht

Allocation:                Conversion Preferred Stocks to Common
                           stock amounting to 99,600 shares

Ratio:                     1 Preferred Stock : 1 Common Stock

Price per share:           0 Baht

Exercise/Payment Date:     December 8, 2003


THAI MILITARY: Posts Summary of SAL as of November 30, 2003
-----------------------------------------------------------
            THAI MILITARY BANK PUBLIC COMPANY LIMITED

           SUMMARY STATEMENT OF LIABILITIES AND ASSETS
                     AS OF 30 NOVEMBER 2003

ASSETS                                        BAHT
------                                        ----

Cash                                          6,401,723,766.44

Interbank and money market items              6,685,872,021.04

Securities purchased under resale agreements 10,600,000,000.00

Investments in securities, net
(with obligations Baht 69,488,543.11)        46,876,318,960.39

Credit advances (net of allowance for
doubtful accounts)                          273,609,674,905.57

Accrued interest receivables                  3,704,042,889.25

Properties foreclosed                        16,659,915,893.05

Customers' liabilities under acceptances        588,185,286.95

Premises and equipment, net                   7,550,503,823.37

Other assets                                  2,705,452,860.50

Total Assets                                375,381,690,406.56

Customers' liabilities under unmatured
bills                                           935,087,566.89

Total                                       376,316,777,973.45


LIABILITIES
-----------

Deposits                                    310,047,393,896.89

Interbank and money market items             13,474,776,755.04

Liabilities payable on demand                   855,474,591.19

Securities sold under repurchase agreements         - 0 -

Borrowings                                   20,564,783,900.00

Bank's liabilities under acceptances            588,185,286.95

Other liabilities                             6,078,461,561.41

Total Liabilities                           351,609,075,991.48


SHAREHOLDERS' EQUITY
--------------------

Paid up share capital
(registered share capital
Baht 104,079,672,000.00)                    104,079,672,000.00

Reserves and net profit after appropriation (67,112,008,785.79)

Other reserves and profit and loss account  (13,195,048,799.13)

Total Shareholders' Equity                   23,772,614,415.08

Total Liabilities and Shareholders' Equity  375,381,690,406.56

Bank's liabilities under unmatured bills        935,087,566.89

Total                                       376,316,777,973.45


                                              BAHT
                                              ----

Non-Performing Loans As of 30 SEPTEMBER
2003 (Quarterly)                             38,143,962,578.21
(12.50 percents of total loans before
allowance for doubtful accounts)

Required provisioning for loan loss,
as of 30 SEPTEMBER 2003(Quarterly)           15,270,007,998.00

Actual allowance for doubtful accounts       28,197,085,497.42

Loans to related parties                     14,326,466,636.89

Loans to related asset management companies   6,407,362,869.62

Loan to related parties due to debt
Restructuring                                 4,902,591,240.34

Borrowings as part of subordinated
debentures cum preferred shares to be
Included in the Tier 1 Capital, permitted
by the Bank of Thailand                       9,957,383,989.00

Legal capital fund                           43,094,342,661.99

Changes in liabilities and assets this
month due to the penalty expenses from
violating the Commercial Banking Act
B.E. 2505 and amended Act, amended ACT,
section                                             - 0 -

International Banking Facility's assets and
liabilities

  Total assets                                1,007,055,136.07

  Total liabilities                                 - 0 -

Significant contingent liabilities

  Avals to bills and guarantees of loans      4,418,746,698.12

  Letters of credit                           9,574,069,882.171

This Summary Statement has not been reviewed or audited by
Certified Public Accountant (SUPAMAS WORANANTAKUL)

Sompol Chaiyachow
Senior Vice President, Accounting Department on Behalf Of
President and Chief Executive Officer


* BOND PRICING: For the week of December 22-26, 2003
----------------------------------------------------

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

AUSTRALIA
---------
Advantage Group Ltd                   10.000%     4/15/06      1
Amcom Telecommunications Ltd          10.000%    10/28/07      1
APN News & Media Ltd                   7.250%    10/31/08      4
Australia Commonwealth Gov't Loans     3.000%     7/29/49     66
Austrim National Radiators Ltd         9.500%    10/31/04     46
Bendigo Bank Ltd                       8.000%     5/29/49      8
BIL Finance Ltd                        8.000%    10/15/07     10
BIL Finance Ltd                        8.250%    10/15/04      9
BIL Finance Ltd                        8.750%    10/15/04      9
BIL Finance Ltd                        8.750%    10/15/05      9
BIL Finance Ltd                        9.000%    10/15/04      9
BIL Finance Ltd                        9.250%    10/15/06      9
BIL Finance Ltd                       10.000%    10/15/04      9
Capital Properties NZ Ltd              8.500%     4/15/05      7
Capital Properties NZ Ltd              8.500%     4/15/07      9
Capital Properties NZ Ltd              8.500%     4/15/09      9
Consolidated Minerals Ltd             11.250%     3/31/05      1
Djerriwarrh Investments Ltd            7.500%     9/30/04      4
Evans & Tate Ltd                       8.250%    10/29/07      1
Fletcher Building Ltd                  7.800%     3/15/06      8
Fletcher Building Ltd                  7.900%    10/31/06      8
Fletcher Building Ltd                  8.300%    10/31/06      8
Fletcher Building Ltd                  8.500%     4/15/04      7
Fletcher Building Ltd                  8.600%     3/15/08      8
Fletcher Building Ltd                  8.750%     3/15/06      8
Fletcher Building Ltd                  8.850%     4/30/05      7
Fletcher Building Ltd                 10.500%     4/30/05      7
Feltex Carpets Ltd                    10.250%     9/15/08      1
Fernz Corp Ltd                         8.560%    10/15/06      8
Futuris Corporation Ltd                7.000%    12/31/07      2
Garratts Ltd                          12.000%    12/31/03      1
Gympie Gold Ltd                        8.500%     9/30/07      1
Hy-Fi Securities Ltd                   7.000%     8/15/08      8
Hy-Fi Securities Ltd                   8.750%     8/15/08      9
Hutchison Telecoms Australia           5.500%     7/12/07      1
JB Were Capital Markets Ltd            8.750%    12/31/03     29
Macquarie Bank Ltd                     1.800%     8/15/15     68
New South Wales Treasury Corporation   0.500%     2/16/10     72
NPT Capital Ltd                        9.500%    11/30/04      9
Nuplex Industries Ltd                  9.300%     9/15/07      8
Pacific Retail Finance                 9.250%     9/15/07     10
Port Douglas Reef Resorts Limited      9.000%      4/1/04      1
Powerco Ltd                            8.150%      9/1/07      7
Powerco Ltd                            8.400%     5/22/07      7
Queensland Treasury Corporation        0.500%     5/19/10     72
Richmond Ltd                          10.750%    12/15/04     10
Salomon Smith Barney Australia         4.250%      2/1/09      9
Sky Network Television Ltd             9.300%    10/29/49      8
Straits Resources Ltd                 10.000%    12/31/03      1
Strathfield Group Ltd                 11.000%    12/31/05      1
Tower Finance Ltd                      8.750%    10/15/07     10
TrustPower Ltd                         8.300%     9/15/07      8
TrustPower Ltd                         8.500%     9/15/12      8

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

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

KOREA
-----

Korea Electric Power Corporation       7.950%      4/1/96     64
Kolon Industries Inc                   0.250%    12/31/04     53

MALAYSIA
--------

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

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

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

SINGAPORE
---------

CSC Holdings Ltd                       6.500%     4/27/05      1
Tampines Assets Ltd                    5.625%     12/7/06      1
Tincel Ltd                             5.000%     6/13/11      1
Tincel Ltd                             7.400%     6/13/11      1
Rabobank Singapore                     1.000%     1/15/13     71

THAILAND
--------

Bank of Asia PCL                       3.750%      2/9/04     64
Siam Commercial Bank PCL               3.250%     1/24/04     64


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


                            *********


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

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

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

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

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

                  *** End of Transmission ***