TCRAP_Public/031226.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 26, 2003, Vol. 6, No. 254

                            Headlines

A U S T R A L I A

AMP LIMITED: Demerged U.K. Unit Gains GBP190M from Stake Sale
AMP LIMITED: Two Shareholders Want Firm Declared "in Default"
AMP LIMITED: S&P Says No Change in Ratings after Demerger
BATTSTONE AUSTRALIA: Injunctions Obtained Against Reid, Others
HIH INSURANCE: Former Executive Sentenced

WIDE-I DESIGN: Offshore Investment Group Wound up


C H I N A  &  H O N G  K O N G

KING PROPERTY: Faces Winding up Petition in HK High Court
LINKGROW INTERNATIONAL: Winding up Hearing Set February 4
LOYCE COMPANY: Winding up Hearing Set February 11
TEEMRICH INVESTMENTS: Hearing of Winding up Petition January 28
THL MARKETING: Bank of China Initiates Winding up Proceedings


I N D O N E S I A

ASIA PULP: US$800 Million Debt Buyback Blocked


J A P A N

DAIMARU INC.: JCR Affirms BBBp Rating
ISUZU MOTORS: Raises Y30B Via Bond Issue
MATSUSHITA ELECTRIC: Transfers Information Equipment to MMM
SEIYU LIMITED: Expects Y200M Net Profit Next Year
TOSHIBA CORP.: Posts Organization Changes in PC Operations


K O R E A

HYNIX SEMICONDUCTOR: Enters Alliance With ProMos
LG CARD: Creditors Inject W300B Additional Funds
LG CARD: Templeton Buys 2.51M Additional Shares
LG CARD: Unveils December 16 ESM Resolutions
LG CARD: Discloses Issuance of Rights Offering

SK CORPORATION: S&P Places BB+ Rating on CreditWatch Negative
SSANGYONG MOTORS: Bluestar Acquires 48.92% Stake


M A L A Y S I A

APL INDUSTRIES: Winding Up Subsidiary
DENKO INDUSTRIAL: Extends Restructuring Scheme to June 23
FABER GROUP: Bondholders OK Restructuring Proposal
KILANG PAPAN: Applies For Restructuring Extension
LAFARGE MALAYAN: Unit Appoints Liquidators
LONG HUAT: Extends Shareholders Meeting to February 3

LONG HUAT: EGM Set for January 13
METROPLEX BERHAD: Releases Debt Restructuring Update
SOUTHERN PLASTIC: Issues Debt Restructuring Update
WEMBLEY INDUSTRIES: Extends Investigative Audit to June 22


P H I L I P P I N E S

MANILA ELECTRIC: Rates Hike Hearing Resumes January 5
MUSIC CORPORATION: Clarifies Debt Payment Report
NATIONAL STEEL: GIHL Taps UK Firm to Draw up Rehabilitation Plan


S I N G A P O R E

ASPAC FREIGHT: Issues First & Final Dividend
GABERON PTE: Releases December 9 AGM Results
GLOBAL SILVERHAWK: Releases Notice to Creditors
METROCOM SYSTEMS: Creditors Must Submit Claims by January 23
STEENSTED PRIVATE: Issues Debt Claim Notice to Creditors

STEENSTED PRIVATE: Unveils December 19 AGM Resolutions
WEE POH: Clarifies Financial Results


T H A I L A N D

DATAMAT PCL: Board OKs Additional Investment in Subsidiaries
EASTERN WIRE: Posts Update on Business Reorganization
RATTANA REAL: Auditor Withdraws 'Going Concern' Opinion

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Demerged U.K. Unit Gains GBP190M from Stake Sale
-------------------------------------------------------------
HHG Plc, the diversified investment management group, bared
Friday the result of its Global Offer of 652,920,962 shares at
an Offer Price of 30 pence per Share.  Net proceeds raised under
the Global Offer will be approximately GBP190 million and, based
on the Offer Price, HHG will have a market capitalization of
approximately GBP739 million.

HHG Chief Executive Officer, Roger Yates said he was very
pleased with the significant level of support for the Global
Offer from both existing shareholders and new investors.

"The successful completion of the Global Offer will leave HHG
well positioned, with the excess proceeds over GBP100 million
being applied towards increasing HHG's controlling interest in
Henderson Global Investors (via HHG Invest) to approximately
76%," said Mr. Yates.  "This increases HHG's direct economic
exposure to Henderson Global Investors and also enhances Pearl's
regulatory capital position."

He added that the strength of Henderson, together with the
management actions taken to reduce risks in the Life Services
life companies, provide a firm foundation for HHG's future as an
independent listed entity. He also said that with the groundwork
in place, HHG is well positioned to benefit from continued
market recovery.

Additional Information

Immediately following completion of the Global Offer, there will
be 2,464,049,460 HHG Shares in issue. The aggregate number of
Shares to be issued under the Global Offer will be 652,920,962,
representing approximately 26% of the enlarged issued share
capital of HHG immediately following admission. Based on an
Offer Price of 30 pence per share, the net proceeds raised under
the Global Offer will be approximately GBP190 million.

The initial GBP50 million of net proceeds raised under the
Global Offer will be used by HHG to help acquire a controlling
interest in HHG Invest (formerly AMP Invest) from Pearl, with
the next GBP50 million being held by the HHG Group for general
working capital purposes. The balance of GBP90 million of net
proceeds raised in the Global Offer will be applied by HHG to
increase its controlling interest in HHG Invest, the holding
company of Henderson. Following the application of the
additional proceeds, HHG will have a controlling interest in HHG
Invest of approximately 76%.

UBS Limited and Cazenove & Co. Ltd are acting as Joint Sponsors,
Joint Bookrunners and Joint Lead Managers to HHG in the Global
Offer.

AMP is not subscribing for Shares in the Global Offer. Following
completion of the Global Offer, the number of Shares held by AMP
will thus remain unchanged and will represent approximately 11%
of HHG's enlarged share capital. In addition, AMP and the
directors of HHG have agreed to certain lock-up arrangements of
various periods in respect of their Shares.

It is expected that Chess Depository Interests (CDIs)
representing the Shares allotted in the Demerger will commence
trading on the Australian Stock Exchange on a deferred
settlement basis at 12.00 p.m. AEDST (1.00 a.m. GMT) on 23
December 2003.

Application has been made to the UK Listing Authority for the
entire ordinary share capital of HHG PLC, issued and to be
issued, to be admitted to the Official List and to the London
Stock Exchange's market for listed securities. It is expected
that admission of the Shares to the Official List and to trading
on the London Stock Exchange's market will become effective and
that unconditional dealings will commence in the Shares at 8.00
a.m. GMT (7.00 p.m. AEDST) on 23 December 2003.

It is expected that CDIs representing the Shares allotted in the
Global Offer will commence trading on the Australian Stock
Exchange on a deferred settlement basis at 10.00 a.m. AEDST
(11.00 p.m. GMT) on 24 December 2003.  The shares will be listed
on the London Stock Exchange and Australian Stock Exchange under
the symbol HHG.  Supplementary Listing Particulars containing
details of the Global Offer have been approved by the UK Listing
Authority and were published on 19 December 2003. Copies of this
document have been submitted to the UK Listing Authority and are
available for inspection at the Document Viewing Facility of the
Financial Services Authority, 25 The North Colonade, London, E14
5HS. Copies are also available on request from HHG, UBS Limited
or Cazenove & Co. Ltd.


AMP LIMITED: Two Shareholders Want Firm Declared "in Default"
-------------------------------------------------------------
AMP Limited announced Monday it received a statement of claim
from two Income Securities holders, seeking a declaration that
its recent demerger had caused an event of default.

Two noteholders -- Hambledon Inc. on behalf of Elliott
International LP, and Liverpool Associates Limited on behalf of
The Liverpool Limited Partnership -- served a statement of claim
on AMP late on Friday 19 December 2003.

AMP Chief Executive Officer Andrew Mohl said that AMP continues
to believe that no event of default has occurred, or will occur,
as a result of the demerger in relation to its Income
Securities.

If the court were to ultimately find that a default has
occurred, the securities would be repayable at face value. In
the unlikely event this was to occur, AMP has both internal and
external capacity to refinance the Income Securities, including
a recently established debt facility.

The application by Hambledon and Liverpool will go before the
Supreme Court of New South Wales in February 2004 for a
directions hearing, which will set a timetable for the hearing.
The separate application for judicial advice on the impact of
the demerger being sought by the trustee to the Income
Securities, Perpetual Trustee Company Limited, has been
adjourned until February 2004.

For media inquiries:
Karyn Munsie
Ph: +61 2 9257 9870
0421 050 430

Matthew Coleman
Ph: +61 2 9257 2700
0421 611 138

For investor inquiries:
Mark O'Brien
Ph: +61 2 9257 7053


AMP LIMITED: S&P Says No Change in Ratings after Demerger
---------------------------------------------------------
Standard & Poor's Ratings Services said Tuesday AMP Ltd.'s (AMP)
announcement on Dec. 22, that it had received a statement of
claim from two income securities holders seeking a declaration
that AMP's recent demerger had caused an event of default, has
no immediate effect on the ratings of AMP's group of companies.

AMP's main Australia-based subsidiaries are AMP Life Ltd.
(A+/Negative/-) and AMP Group Holdings Ltd. (BBB+/Negative/A-2).
AMP Group Holdings guarantees the income securities, which are
rated 'BBB-'.

AMP has in place committed debt facilities, which would ensure
repayment of the income securities and any other affected debt,
should the court find that an event of default has occurred. AMP
believes that an event of default has not occurred as a result
of the demerger.

"A failure by AMP to satisfactorily access sufficient and
appropriately structured funding, following any event of default
being found, and subsequently as needed, could negatively impact
the financial strength of the AMP group of companies," said Kate
Thomson, Standard & Poor's credit analyst, Financial Services
Ratings group.

AMP's recently completed demerger and successful capital
raisings resolves some of the financial uncertainties faced by
AMP. "As these events unfold, the key considerations for
Standard & Poor's will be the extent and planned usage of AMP's
internal capacity to repay debt, longer term capital structure
plans, and ongoing ability to access capital markets," added Ms.
Thomson.

The ratings will be continually reviewed and updated as required
to reflect developments in these and other factors impacting
AMP's credit quality.


BATTSTONE AUSTRALIA: Injunctions Obtained Against Reid, Others
--------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
obtained Tuesday orders in the Federal Court against Maxwell
John Reid, who is disqualified from managing corporations by
order of the Federal Court until 10 August 2036.

In seeking the injunction, ASIC alleged that Mr. Reid was
involved in attempts by International Meats Pty Ltd and Adelaide
Granites Pty Ltd to purchase two other companies.

Mr. Reid is restrained from being in any negotiations until 5
p.m. on 17 February 2004 and engaging in conduct that
contravenes section 206A of the Corporations Act 2001 and in
particular that he be restrained from doing any act that forms
part of the negotiations with respect to, or the purchase of,
any business, company or asset by, for or on behalf of any
corporation which:
(a) Affects the whole, or a substantial part, of the business of
    the corporation on behalf of which the negotiations are
    undertaken; or

(b) Affects significantly the financial standing of the
    corporation on whose behalf the negotiations are undertaken.

ASIC also sought and obtained orders restraining, until 5 p.m.
on 17 February 2004, Noel Smith, Barbara Smith, Craig Hyland and
Joy Aronsen, each of whom was a director of one of the above
mentioned companies.

This action follows the commencement, on 17 November 2003, of
contempt proceedings against Mr. Reid in which ASIC has alleged
that he took part in the management of Battstone Australia Pty
Ltd (In Liquidation) and Australian Marble Pty Ltd (In
Liquidation).


HIH INSURANCE: Former Executive Sentenced
-----------------------------------------
The acting Chairman of the Australian Securities and Investments
Commission (ASIC), Jeffrey Lucy, on Tuesday announced the
sentencing of William Howard, a former senior executive of the
collapsed HIH Insurance group (HIH), in the Supreme Court of New
South Wales (NSW).

Mr. Howard was convicted on two counts of criminal misconduct
under Section 184 (2) of the Corporations Act, and sentenced to
a total term of three years imprisonment, fully suspended.

"Today's sentence is consistent with the submissions made by the
Commonwealth Director of Public Prosecutions, and supported by
ASIC, that a non-custodial sentence is appropriate in all the
circumstances and despite the seriousness of the offences," Mr.
Lucy said.

Mr. Howard appeared before Justice Kirby on 16 December 2003
after making admissions to ASIC in relation to payments made by
HIH to Bradley David Cooper and associated companies between
December 2000 and March 2001.

Mr. Howard pleaded guilty to two counts of criminal misconduct.
He admitted dishonestly receiving from Mr. Cooper approximately
AU$124,000 in return for facilitating payments by HIH to or in
favor of Mr. Cooper or his associated companies.  Mr. Howard
also admitted facilitating a payment of AU$737,500 to a company
associated with Mr. Cooper knowing that the payment obligation
had already been discharged.

In sentencing Mr. Howard, Justice Kirby said: "It is
appropriate, in view of the undertaking to provide future
assistance, to suspend the sentence... Mr. Howard should
understand that, if he fails to honor his undertakings to
provide the prosecution with assistance in the future, he will
be liable for the term of imprisonment."


WIDE-I DESIGN: Offshore Investment Group Wound up
-------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
obtained Tuesday orders in the Supreme Court of Queensland
winding up Wide-I Design Corporation, a company registered in
Vanuatu, ETP Ventures Pty Ltd and Cyrus Strategies Pty Ltd (the
companies).

Tracy Dare and Philip Hennessy of KPMG in Brisbane were
appointed liquidators of the companies. Ms. Dare and Mr.
Hennessy had previously been appointed receivers of the
companies in June 2002, following an application by ASIC.

ASIC sought the wind-up orders following concerns that the
companies had carried on unregistered managed investment
schemes.

An ASIC investigation found that the schemes promoted the
investment of Australian investors funds offshore, and raised at
least $2.2 million from around 200 investors, who were mostly
members of church communities on the Sunshine Coast, Queensland.

Investment opportunities offered by the companies included the
'Car Contributors Club,' 'Sunshine Coast Housing,' shares in
Koitaki Farms Ltd and several bridging loan arrangements.

ASIC previously obtained orders banning the companies' sole
director, Peter Urquhart from being involved in the management
of a company for three years.  Mr. Urquhart was also permanently
restrained from being involved in a financial market, providing
financial services or financial products and carrying on any
managed investment scheme in contravention of the Corporations
Act.


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C H I N A  &  H O N G  K O N G
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KING PROPERTY: 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 King Property
Development 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.


LINKGROW INTERNATIONAL: Winding up Hearing Set February 4
---------------------------------------------------------
The High Court of Hong Kong will hear on February 4, 2004 at
9:30 a.m. the petition seeking the winding up of Linkgrow
International Limited.

Kan Shiu Cheong Frederick of Unit 1903, Seapower Centre, 73-77,
Lei Muk Road, Kwa Chung, New Territories, Hong Kong filed the
petition on November 25, 2003.  Gallant Y.T. Ho & Co. represents
the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Gallant Y.T.
Ho & Co., which holds office on the 4th Floor, Jardine House,
No. 1 Connaught Place, Central Hong Kong.


LOYCE COMPANY: Winding up Hearing Set February 11
-------------------------------------------------
The High Court of Hong Kong will hear on February 11, 2004 at
9:30 a.m. the petition seeking the winding up of Loyce Company
Limited.

Bank of China (Hong Kong) Limited (the successor corporation to
Sin Hua 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 27, 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.


TEEMRICH INVESTMENTS: Hearing of Winding up Petition 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 Teemrich
Investments 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.


THL MARKETING: Bank of China Initiates Winding up Proceedings
-------------------------------------------------------------
The High Court of Hong Kong will hear on January 28, 2004 at
9:30 a.m. the petition seeking the winding up of THL Marketing
Company Limited.

Bank of China (Hong Kong) Limited (the successor corporation to
Sin Hua 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.


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


ASIA PULP: US$800 Million Debt Buyback Blocked
----------------------------------------------
Creditors turned down Tuesday Asia Pulp and Paper's offer to buy
back US$880 million of its debt, according Reuters.  The money
was dangled before the Indonesian Bank Restructuring Agency.

"The creditors have met and they said no. The price was too
high," APP senior executive Gandhi Sulistyanto told Reuters by
telephone.

"The decision on the money owed to IBRA means the preferred
bidder for the US$880 million debt is U.S.-based Orleans
Investment, which offered US$213 million to IBRA last week,"
Reuters said.

On December 19, IBRA said it was willing to allow APP to buy
back the debts at one percentage point above Orleans' bid.  It
said then it expected to receive 50 percent of the money from
the sale by December 23 and the rest by January 8.

Despite the setback, APP will pursue the debt-restructuring
proposal worth US$6.6 billion.  Concocted in October by a group
of creditors representing 40% of the restructured debts, the
plan needs support from at least 75 percent of lenders before it
becomes effective.  The plan would see APP's Indonesian units
repay US$4.2 billion within 13 years and the rest between 18 and
22 years.

The company plans to go on a road show next month, according to
Mr. Sulistyanto.

"In the second or third week of January, we are going to the
U.S. to meet with the U.S. Export-Import Bank and bondholders,"
he told Reuters.

The U.S. Export-Import Bank, a government export credit agency,
has a pending action against the company.  Filed in late
October, the suit seeks to recover more than US$104 million.  In
November, another group filed a suit with an Indonesian court
through Bank Mizuho Indonesia, which acts as the collateral
agent for the notes that they held, to recover US$485.7 million
in debt.

Other suits pending against the company include those filed by
U.S. investment firms Gramercy Advisers and Oaktree Capital
Management in the district court in Bengkalis, a town in
Indonesia's Riau islands.  According to Reuters, this case is
being closely watched as a test of the ability of Indonesia's
legal system to protect investors.


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


DAIMARU INC.: JCR Affirms BBBp Rating
-------------------------------------
Japan Credit Rating (JCR) has affirmed the BBBp rating on senior
debts of Daimaru Incorporated.

RATIONALE:

Daimaru is less competitive in light of locations and business
size. It does not have a strong flagship store. The nationwide
business extending into small cities is a constraint on business
base as a department store chain operator. Daimaru lowered the
break-even point and improved the earnings power sharply by
strengthening sales and low-cost and highly efficient operation.
On the other hand, the financial structure is slightly poor with
the debt-to-equity ratio being high. Daimaru set out a plan to
make the financial structure healthier. JCR considers that its
financial structure will improve in the future.


ISUZU MOTORS: Raises Y30B Via Bond Issue
----------------------------------------
Isuzu Motors Ltd. will raise 30 billion yen by allotting
convertible bonds with warrants to Nomura Securities Co., Kyodo
News reported on Tuesday. Some 29.9 billion yen in proceeds from
the issuance of the two-year, unsecured bonds will be used to
finance research and development programs and capital spending.

Isuzu Motors Ltd. posted a group net profit of 24.9 billion yen
(US$228 million) in the first half of this year ended September
30, versus a net loss of 84.2 billion yen a year earlier, as
domestic demand to replace trucks surged due to tighter diesel-
engine emission controls, TCR-AP reported recently.


MATSUSHITA ELECTRIC: Transfers Information Equipment to MMM
-----------------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic brand name, has decided at its board of directors
meeting held on Friday to divide and transfer, effective April
1, 2004, its information equipment motor business to Minebea-
Matsushita Motor Corporation (MMM), a joint venture to be
established with Minebea Co., Ltd. (Minebea). MEI's board of
directors also approved a business integration agreement, to be
entered into with Minebea. The transfer is part of initiatives
to integrate the information equipment motor businesses,
including fan motors, stepping motors, vibration motors and
direct current (DC) brush motors, of MEI and Minebea.

The basic terms of the business division and subsequent
integration are outlined as follows:

1. Purpose of business division and integration

Competition in the information equipment motor market is
becoming increasingly intense throughout the world due
particularly to industry consolidation among Japanese
manufacturers and rising market newcomers from China. However,
further growth in demand is expected in new product applications
for digital consumer electronics, such as PDP TVs and LCD TVs,
information equipment, including PCs and cellular phones, and
new growth segments such as game consoles. This business
integration is intended to expand upon the agreement signed
between the two companies in September 2002, which covered
collaborative R&D and manufacturing for DC axial flow fan
motors. By combining the relevant businesses of MEI and Minebea,
MMM will work to establish a profitable business structure, with
enhanced competitiveness in both cost and quality.

MMM aims to increase its global competitiveness and capture the
leading position in markets worldwide in relevant product
categories. This is to be achieved through economies of scale,
standardization of manufacturing processes and designing methods
utilizing advanced production engineering and product
development technologies of Minebea and MEI, and through cost
reductions through activities such as the development of
advanced magnet / material analysis technologies.

2. Outline of business division

A. Schedule

December 19, 2003                 

Board approval of business division agreement and business
integration agreement

Signing of these agreements

March 1, 2004 (planned):

Date of business division (Minebea)

April 1, 2004 (planned):

Date of business division (MEI)

Start of business of MMM

B. Method of business division

1) Method

MEI will divide a certain part of its business, and MMM will
succeed the divided businesses.

2) Reason for adopting this method

This method was chosen because it was determined to be the most
efficient means by which to transfer the relevant businesses.

C. Allotment of shares

1) Share allotment ratios

Upon the business division and transfer by MEI, MMM will issue
1,996,080 shares of common stock, and allot such shares to MEI.
Furthermore, upon completion of procedures related to business
integration, MEI and Minebea will hold 40% and 60% shares in
MMM, respectively. MMM is expected to become an equity-method-
applied associated company of MEI.

2) Calculation method for share allotment ratios

MEI and Minebea consulted their respective outside financial
advisors, separately, regarding the assessment of the overall
value of businesses involved in the integration of information
equipment motor businesses. Based on such assessment, both
companies held negotiations, whereupon MEI calculated the number
of shares to be allotted to it by MMM in consideration of the
value of its information equipment business to be divided, as
well as the value of assets held, and the number of shares
issued, by MMM.

D. Cash distribution upon business division and transfer

There will be no cash distribution in relation to the business
division and transfer.

E. Rights and obligations to be succeeded

Assets, liabilities, rights and obligations involved in the
relevant business, which are considered to be mandatory for the
MMM to operate the business to be succeeded.

F. Prospects of paying debt obligations

MEI believes that both MEI and MMM can pay the debt obligations
to be incurred as a result of the business division and
transfer.

CONTACT: Panasonic Finance (America), Inc.
Akihiro Takei, 212-698-1365


SEIYU LIMITED: Expects Y200M Net Profit Next Year
-------------------------------------------------
Struggling retailer Seiyu Limited projects a net profit of 200
million yen for the year to December 31, 2004 as more products
from its parent Wal-Mart hit its shelves and cost cuts show
results, according to Reuters poll of five analysts.
A year-on-year gain in Seiyu's same-store sales would be the
first in 15 months.

U.S-based Wal-Mart, which spent US$580 million for 38 percent of
Seiyu by last December, is revamping the struggling chain-store
operator, helping computerize its operations and remodeling
ageing stores. In the half-year ended August, Seiyu posted a net
loss of 8.4 billion yen, hit by a 3.9 percent fall in sales and
charges stemming from the sale of non-core businesses. On a net
basis, it expects to lose 10 billion yen for the full year.


TOSHIBA CORP.: Posts Organization Changes in PC Operations
----------------------------------------------------------
Toshiba Corporation will establish a new in-house Company, PC &
Network Company on January 1, 2004, a Company statement said.
The new organization will be established by separating the
current personal computer-related operations from Digital Media
Network Company.

The establishment of a dedicated company, solely focused on PC
operations, is expected to further accelerate Toshiba's
renovation of its PC business and secure an early improvement of
profitability.

Toshiba's Digital Products Group currently comprises two in-
house companies, Mobile Communications Company and Digital Media
Network Company. The January 1st reorganization will position
the new PC & Network Company as the third company in the group.

Current in-house companies of Digital Products Group

  Mobile Communications Company
  Digital Media Network Company

In-house companies of Digital Products Group, 1st January, 2004

  Mobile Communications Company
  Digital Media Network Company
  PC & Network Company  


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K O R E A
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HYNIX SEMICONDUCTOR: Enters Alliance With ProMos
------------------------------------------------
Hynix Semiconductor Inc. (www.hynix.com) and ProMOS Technologies
Inc. announced Friday the signing of a memorandum of
understanding (MOU) to initiate a long-term strategic alliance
in technology licensing, foundry service and development of new
generation memory production processes, a Company statement
said. The new alliance will represent nearly one quarter of the
world DRAM output.

According to the MOU, Hynix licenses to ProMOS certain
proprietary technology for DRAM stack process, while ProMOS
offers to Hynix its 300mm fab capacity. Hynix and ProMOS also
plan to collaborate in the development of next-generation
process technologies.

The world's third largest DRAM maker, Hynix excels in the
development, sales, marketing and distribution of high quality
semiconductor products, including DRAM, SRAM, Flash Memory, and
system IC devices, making it an industry leader, and valuable
alliance partner. ProMOS, renowned for its manufacturing quality
and high wafer output yield rate, plans on building a second
300mm fab in Taiwan, to be integrated into its existing 300mm
and 200mm fabs. In addition to technology licensing and capacity
sharing, Hynix and ProMOS have left open the possibility of more
mutually beneficial projects in the future.

"We are happy to join forces with ProMOS in sharing its premium
technology capability and manufacturing competence," said C.S.
Oh, Senior Vice President and Memory COO of Hynix Semiconductor,
"This partnership will further enhance our DRAM manufacturing
capacity, allowing us to quickly deliver high-quality products
to the market."

"Hynix has been one of the world's first-rate providers of DRAM.
Its success comes from outstanding production efficiency,
sustainable R & D investment, and a highly dedicated management
team with a clear focus on semiconductors," said Min-liang Chen,
President of ProMOS. "The alliance forged between Hynix and
ProMOS advances both parties into a new phase of viable long-
term growth. We envision enormous benefits to both our clients
and ourselves."

Standard & Poor's Ratings Services recently raised its long-term
corporate credit rating on Hynix Semiconductor Inc. to 'CCC+'
from 'SD', reflecting the Company's successful completion of a
debt reorganization plan and improving performance in its core
memory chip business.  At the same time, the long-term ratings
on Hynix Semiconductor Manufacturing America Inc. were raised to
'CCC+' from 'CC'.

LG CARD: Creditors Inject W300B Additional Funds
------------------------------------------------
LC Card creditors will inject an additional 300 billion won into
the Company to bail out the credit card provider, the Financial
Times reported on Monday. Creditors saved LG Card from collapse
last month with a US$1.7 billion bail-out and last week agreed
to take joint control through a 1,000 won debt-for-equity swap.

Under the latest bailout, creditors Woori Bank, Kookmin and
National Agricultural Cooperative Federation will each provide
100 billion won to help LG Card pay back 990 billion won in
maturing debts in January. Creditors expect LG Card to pay back
300 billion won after a potential buyer injects 1 trillion won
into the troubled card issuer in January.


LG CARD: Templeton Buys 2.51M Additional Shares
-----------------------------------------------
U.S. investment fund Templeton Asset Management has recently
bought 2.51 million more shares of LG Card Co. through a rights
offering and subscription shares, reports the Asia Pulse.
Templeton bought 1.11 million shares through a rights offering
and 1.4 million subscription shares last week.

Some securities analysts implied Templeton, as one of the single
largest shareholders of LG Card, might try to acquire the LG
Group affiliate through the purchases. Templeton refused to
comment on this.


LG CARD: Unveils December 16 ESM Resolutions
--------------------------------------------
LG Card announced the details of its Extraordinary Shareholders'
Meeting (ESM) held on December 16, 2003 as follows:

1. Date of Extraordinary Shareholders' Meeting: December 16,
2003
2. Agendum: Amendments to the Articles of Incorporation
3. Detail of Amendments to the Articles of Incorporation

Article 5 (Authorized Number of Shares)

- Increase number of authorized shares from 200 million shares
to 800 million shares

Article 9 (Preferred Shares)

- Authorize the issue of Redeemable Preferred Shares up to 100
million shares

- Authorize the issue of Convertible Preferred Shares up to 100
million shares

- Authorize that the Company can issue non-participating and/or
non- cumulative preferred shares, upon resolution of the Board
of Directors
Article 10 (New Share Rights)

- Increase the maximum allocation ratio of new shares to third
party from 30% to 200%

Article 17 (Convertible Bonds)

- Increase the amount of authorized issue from 300 billion won
to 1 trillion won

- Change the first possible date for conversion from 3 months
after the date of issue to 1 month after the date of issue

Article 18 (Bond with Warrants)
- Increase the amount of authorized issue from 300 billion won
to 1 trillion won

- Change the first possible date for rights exercise from 3
months after the date of issue to 1 month after the date of
issue

4. Result of Resolution: The agendum to make the above
amendments to the Company's Articles of Incorporation was
approved.

Investor Relations 23rd Fl, LG Kangnam Tower 679, Yoksam-Dong,
Gangnam-gu, Seoul, Korea 135-985 Tel.: 82-2-2005-8292, 8285 Fax:
82-2-2005-8289 kelly@card.lg.co.kr


LG CARD: Discloses Issuance of Rights Offering
----------------------------------------------
LG Card recently announced the final issue price of rights
offering as follows:

1. Final Issuing Price: KRW 5,400: The Final Issuing Price is
the lower of the First Issue Price (KRW 8,900) and the Second
Issue Price (KRW 5,400). The Second Issue Price was calculated
recently.

2. Reminder: The subscription application dates for existing
shareholders is December 15th and 16th, 2003.

3. In the event that all the shares allocated to existing shares
are not fully subscribed, those unsubscribed shares will be
offered to the public. The subscription dates for the Public
Offering is December 18th and 19th, 2003.

4. The underwriting of this rights offering is on an "firm-
commitment" basis. Therefore if there are forfeited shares still
left after the Public Offering, our lead manager, LG Investment
Securities will acquire them. Therefore the proceeds from this
rights offering for LG Card is fixed at KRW 199.8 billion before
flotation costs. (KRW 5,400 x 37 million shares = KRW 199.8
billion)

5. The listing date for the newly issued shares is December 26,
2003.

The first possible trading day is also December 26, 2003.


SK CORPORATION: S&P Places BB+ Rating on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services (S&P) has placed its 'BB+'
rating on SK Corporation on Credit Watch with negative
implications following the announcement of a complex scheme to
provide financial support in the amount of 143 billion won
(US$120 million) to its affiliate, SK Shipping. This move --
together with plans by wholly owned subsidiary SK Power Co. Ltd.
to raise W400 billion in new financing for the construction of a
power plant, and SK Corp.'s ongoing plan to sell treasury shares
to selected parties to minimize the influence of minority
shareholders -- raises further questions over the business
direction and financial policies of SK Corp.

The Credit Watch status will be resolved after Standard & Poor's
completes its examination of SK Shipping and SK Power, as well
as an assessment of SK Corp.'s overall strategic business
objectives and financial policies. One or more notches as a
result of this review could lower the rating.


SSANGYONG MOTORS: Bluestar Acquires 48.92% Stake
------------------------------------------------
China National Bluestar Corporation, the preferred bidder for
Ssangyong Motor Co., signed a Memorandum of Understanding (MoU)
on Monday to acquire 48.92 percent stake in Ssangyong Motors.
Bluestar will later decide whether to build new auto plants for
Ssangyong in China, according Bluestar Executive Vice-President
Liu Xian Qiu.

Ssangyong's creditors hold a majority stake in the carmaker
after they agreed to forgive the Company's debt in exchange for
shares in 2000 and 2002. The company, specializing in sports
utility vehicles and luxury sedans, has been in financial
trouble since it split from the now dissolved South Korean
conglomerate Daewoo Group in 1999.


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


APL INDUSTRIES: Winding Up Subsidiary
-------------------------------------
APL Industries Berhad (APLI) announced that a winding-up
petition presented against APL Healthcare Sdn. Bhd. (APLH), a
subsidiary of APLI, for a judgment debt of RM1,114,843.34.

The amount claimed consisted of the cost of goods supplied to
APLH of RM456,523.24 together with interest costs at 1.5 percent
per month since May 1998. APLH has disputed the amount, claiming
to be provided with unacceptable goods. An appeal to the Court
of Appeal had been filed by the solicitors of APLH against the
judgment and is pending court hearing. A hearing date has not
been fixed.

Bestow Industries Sdn. Bhd. presented the winding-up petition to
the Kuala Lumpur High Court on 27 October 2003 and APLH was
notified on 19 December 2003. That such petition has been filed
for a court hearing on 25 March 2004. APLH, upon the receipt of
the petition, has made available to its solicitors, funds for
the total amount of judgment debt, to stop the winding-up
proceedings. APLH is awaiting its solicitors as to the next
course of action.

APLH has provided for the original principal sum of debt in its
financial statements and if it loses its appeal, a further
amount of RM 658,320.10 will have to be provided for. APLH
believes that there are sufficient grounds to have the judgment
debt reduced through the appeal and therefore a full provision
at this stage may not be necessary. The winding petition on APLH
will not have any significant operational impact on the Group.

APL Industries Berhad's stated investment in APLH is
RM2,549,245.


DENKO INDUSTRIAL: Extends Restructuring Scheme to June 23
---------------------------------------------------------
Public Merchant Bank Berhad refers to the announcement dated 30
December 2002 in relation to the Proposed Corporate And Debt
Restructuring Scheme (PCDRS).

On behalf of Denko Industrial Corporation Berhad (Denko), Public
Merchant Bank Berhad announced that the Securities Commission
had vide its letter dated 19 December 2003, which we received on
22 December 2003, approved Denko's application for an extension
of an additional six (6) months up to 23 June 2004, to complete
the Proposed Corporate And Debt Restructuring Scheme (PCDRS).


FABER GROUP: Bondholders OK Restructuring Proposal
--------------------------------------------------
Aseambankers Malaysia Berhad refers to the announcement by Faber
Group Berhad (FGB) on 18 November 2003 (First Announcement)
wherein FGB had announced that based on the un-audited quarterly
result of FGB and its subsidiaries (FGB Group) for the financial
period ended 30 September 2003 and taking into consideration the
impairment of assets and written down value of inventories and
certain land held under development properties, FGB falls under
the criteria of Practice Note 4/2001 (PN4/2001) of the Kuala
Lumpur Stock Exchange (KLSE) Listing Requirements.

Further to the First Announcement, Aseambankers Malaysia Berhad
(Aseambankers), on behalf of FGB, had on 18 November 2003
announced details of the Proposed Restructuring Scheme (as
defined below), which was also detailed in an Information
Memorandum dated 19 November 2003 (IM) to all the bondholders of
the redeemable convertible secured zero coupon 2000/2005 bonds
(RCSB) (Bondholders).

Pursuant to the Bondholders' meeting held on 15 December 2003 to
approve the Proposed Restructuring Scheme, on behalf of FGB,
Aseambankers is pleased to announce that the Bondholders had on
even date passed the resolution approving the Proposed
Restructuring Scheme as set out in the IM and as varied by the
proposal of certain Bondholders (notification of which was
received by FGB on 5 December 2003 and the same was sent by FGB
to all the other Bondholders on 5 December 2003). In
consideration of the above, FGB had on 22 December 2003 entered
into an agreement with the Bondholders (Restructuring Deed) for
the purpose of giving effect to and implementing the Proposed
Restructuring Scheme as detailed below.

The Proposed Restructuring Scheme of the FGB Group comprises the
following:

(i) Proposed transfer of a selection of FGB's subsidiaries and
assets to Jeram Bintang Sdn Bhd (JBSB) (Proposed Transfer of
Assets);

(ii) Proposed waiver of the accreted yield from the date of
issuance to 10 April 2003 (Proposed Waiver of Accreted Yield);

(iii) Proposed novation of FGB's liability under RCSB as at the
implementation date and proposed issuance of bonds by JBSB (JBSB
Bonds) in settlement of such novated liability (Proposed
Novation of Liability and Issuance of JBSB Bonds);

(iv) Proposed issuance of redeemable convertible preference
shares (RCPS) and Redeemable Secured Loan Stock (RSLS) to JBSB
(Proposed Issuance of RCPS and RSLS);

(v) Proposed acknowledgement of debt and settlement of the
balance sum owing by FGB to JBSB amounting to RM51.442 million
(Proposed Acknowledgement and Settlement of the Balance Sum);

(vi) Proposed management and maintenance arrangements between
JBSB and its subsidiaries with FGB (Proposed Management
Arrangement); and

(vii) Proposed settlement of the JBSB Bonds amounting up to
RM929.460 million (Proposed Settlement by JBSB of JBSB Bonds).

The abovementioned proposals are collectively known as the
"Proposed Restructuring Scheme".

For a copy of the full details of the Requisite Announcement, go
to http://bankrupt.com/misc/Faber122303.doc


KILANG PAPAN: Applies For Restructuring Extension
-------------------------------------------------
Further to our announcement dated 29 October 2003, AmMerchant
Bank Berhad, on behalf of Kilang Papan Seribu Daya Bhd (KPSD)
announced to the Kuala Lumpur Stock Exchange (KLSE) that KPSD
had on 18 December 2003 made an application to the Securities
Commission (SC) to seek their approval for an extension of time
of six (6) months from the date of the submission of the revised
restructuring scheme for KPSD to implement and complete its
proposed restructuring exercise.


LAFARGE MALAYAN: Unit Appoints Liquidators
-----------------------------------------
Lafarge Malayan Cement Bhd announced that Taimet Concrete
Industries Sdn Bhd (Company No. 97984-U), a subsidiary of the
Company have at their Extraordinary General Meeting (EGM) held
recently obtained the approval of its shareholder for a Member's
Voluntary Winding-Up. In connection with the above, Messrs Mak
Kum Choon and Kek Ah Fong were appointed to act jointly and
severally as Liquidators of the subsidiary.


LONG HUAT: Extends Shareholders Meeting to February 3
----------------------------------------------------
Notice is hereby given that by an Order of the High Court under
Section 176 of the Companies Act, 1965 given on May 5, 2003 for
a period of 90 days pursuant to section 176(10) of the Companies
Act 1965 to August 4, 2003, extended for a period of 90 days
from August 5, 2003 to November 4, 2003 and further extended for
a period of 90 days from November 5, 2003 to February 3, 2004 in
respect of the above matter, the High Court has directed that a
meeting (the Meeting) be convened for the shareholders of Long
Huat Group Berhad (LHGB) for the purpose of considering and, if
thought fit, approving (with or without modification) the
following resolution:

"THAT subject to the sanction of the High Court of Malaya and
the approval of any other relevant authority, approval be and is
hereby given for the implementation of the Scheme of Arrangement
proposed to be made pursuant to Sections 60, 64, 176 and 178 of
the Companies Act, 1965, between LHGB and the shareholders of
LHGB, as set out in Appendix X (including all sub-paragraphs
therein) of the Explanatory Statement cum Circular, a copy of
which has been circulated with the Notice convening this meeting
AND THAT the Directors be and are hereby authorized to do all
such acts, deeds and things as are necessary to give full effect
to and to complete the scheme of arrangement with full power to
assent to any conditions, modifications, variations and/or
amendments as may be imposed by the authorities in the best
interests of LHGB."

The Meeting will be held at Dewan Mesyuarat, Level 1, Block K,
Pusat Bandar Damansara, 50490 Kuala Lumpur on 13 January 2004 at
10 A.M., at which place and time all the aforesaid shareholders
are requested to attend.

The shareholders may vote in person at the said Meeting or they
may, subject to the provisions of the Companies Act, 1965,
appoint a proxy or proxies, whether a member of LHGB or not, to
attend and to vote on a poll instead of him. A Proxy form is
enclosed in the Explanatory Statement and Circular.

It is requested that forms appointing proxies be lodged with the
Company secretary at the registered office of LHGB at Level 3,
Block C, Pusat Bandar Damansara 50490 Kuala Lumpur not less than
forty eight (48) hours before the time appointed for the said
Meeting. By the said Order, the Court has appointed En. Mohd
Qari Ahmad (NRIC No. 540503-08-6553) or failing him, En
Kamaruzzaman Abu Kassim (NRIC No. 640228-01-5045), to act as the
Chairman of the said Meeting and has directed the said Chairman
to report the results thereof to the Court.

The said Scheme of Arrangement will be subject to the approval
of the High Court.

Messrs Kadir, Andri Aidham & Partners
Solicitors for Long Huat Group Berhad


LONG HUAT: EGM Set for January 13
---------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of Long Huat Group Berhad (LHGB) will be held at Dewan
Mesyuarat, Level 1, Block K, Pusat Bandar Damansara, 50490 Kuala
Lumpur, on 13 January 2004 at 9:30 A.M. for the purpose of
considering and if thought fit, with or without modification,
passing the following resolutions:

ORDINARY RESOLUTION PROPOSED RESTRUCTURING SCHEME

"THAT, subject to the passing of the Special Resolution below
and approvals of all relevant authorities, including the
approval-in-principle of Kuala Lumpur Stock Exchange (KLSE) for
the admission of Lee Swee Kiat Group Berhad (Company No. 607583-
T) (LSKG) to the Official List of the Second Board of KLSE and
the listing of and quotation for its entire enlarged issued and
paid-up share capital on completion of the Proposed
Restructuring Scheme as set out in the Explanatory Statement cum
Circular dated 22 December 2003 (the "Explanatory Statement cum
Circular) and the sanction of the High Court of Malaya (Court)
of the Scheme of Arrangement to be made pursuant to Sections 60,
64, 176 and 178 of the Companies Act, 1965 (Act) between the
Company, the shareholders of the Company and the Scheme
Creditors of the Company as set out in Appendix X of the
Explanatory Statement cum Circular, the Proposed Restructuring
Scheme be and is hereby approved AND THAT the Directors of the
Company and each of them be and is hereby authorized and
empowered to do all such acts, deed and things as they/he may
consider necessary or expedient to give effect to the Proposed
Restructuring Scheme including the Ordinary Resolution and the
Special Resolution herein with full power of assent to any
conditions, modifications, variations and/or amendments as may
be required by any relevant authority or by the Court and also
to do all acts and things (including dealing with any fractional
shares arising) in the best interest of the Company."

SPECIAL RESOLUTION

PROPOSED CAPITAL REDUCTION AND CONSOLIDATION OF THE ISSUED AND
PAID-UP SHARE CAPITAL OF THE COMPANY & PROPOSED REDUCTION OF THE
SHARE PREMIUM ACCOUNT (PROPOSED CAPITAL RECONSTRUCTION)

"THAT, subject to and in the furtherance of the passing of the
Ordinary Resolution above, and subject to the approvals of all
relevant authorities:

(a) Pursuant to Section 64 of the Act, the total issued and paid
up capital of LHGB of RM37,344,000 comprising 37,344,000 LHGB
Shares be reduced to 37,344,000 ordinary shares of RM0.025 each
in LHGB by canceling RM0.975 of the par value of each LHGB Share
of RM1.00 each and the resultant shares of RM0.025 each shall be
consolidated into Consolidated Shares of RM0.50 each on the
basis of 20 such shares of RM0.025 each into 1 Consolidated
Share of RM0.50 each which shall be credited as having been
fully paid up, which will result in the issued and paid-up
capital of LHGB being reduced from RM37,344,000 comprising
37,344,000 LHGB Shares to RM933,600 made up of 1,867,200
Consolidated Shares of RM0.50 each; and

(b) Pursuant to Sections 60 and 64 of the Act, the entire
amounts standing to the credit of LHGB's share premium account
as at 31.12.2002 of approximately RM11,229,240 be reduced;
and(c) forthwith and contingent upon the taking effect of the
capital reduction and consolidation referred to in sub-paragraph
(a) above and the reduction of the share premium account
referred to in sub-paragraph (b) above, the credit of
RM36,410,400 arising from the capital reduction referred in sub-
paragraph (a) above and the credit of RM11,229,240 referred to
in sub-paragraph (b) above arising from the reduction of LHGB's
share premium account, be applied towards reducing the
accumulated losses of LHGB of approximately RM125,497,645 as at
31.12.2001."

Notes:

1. Every member is entitled to appoint a proxy or in the case of
a corporation, to appoint a representative to attend and vote in
his place. A proxy need not be a member of the Company.

2. The appointor must sign the proxy or his attorney duly
authorized in writing or if the appointor is a corporation
either under seal or under the hand of an officer or attorney
duly authorized.

3. If the Proxy Form is returned without any indication as to
how the proxy shall vote, the proxy will vote or abstain as he
thinks fit.

4. If no name is inserted in the space provided for the name of
your proxy, the Chairman of the Meeting will act as your proxy.

5. The Proxy form and the power of attorney or other authority
(if any) under which it is signed or a notarially certified copy
of such power or authority must be deposited at the Share
Registrars' office at Level 3 Block C, Pusat Bandar Damansara,
50490 Kuala Lumpur not less than 48 hours before the time of
holding the Meeting.


METROPLEX BERHAD: Releases Debt Restructuring Update
----------------------------------------------------
Metroplex Berhad refers to its earlier announcement on 21
November 2003 in relation to the Restraining Order And Proposed
Debt Restructuring Of The Group.

The Company advised 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.


SOUTHERN PLASTIC: Issues Debt Restructuring Update
--------------------------------------------------
On 27 November 2003, Kuala Lumpur City Securities Sdn Bhd
(KLCity) announced that the Securities Commission (SC) had
approved an extension of time until 24 December 2003 to submit
an appeal in relation to the non-approval of Southern Plastic
Holdings Bhd (SPHB)'s restructuring scheme. The original
restructuring scheme has been revised with the objective of
addressing the said scheme's deficiencies and a summary of
revised structuring scheme is set out as follows:

(i) Proposed Capital Reduction

The proposed capital reduction and consolidation of share
capital involving the cancellation of 75 sen from every existing
ordinary share of RM1.00 par value and the subsequent
consolidation of two (2) ordinary shares of RM0.25 par value
into one (1) ordinary share of RM0.50 each (Proposed Capital
Reduction).

(ii) Proposed Debt Restructuring

A proposed debt restructuring scheme-involving creditors of SPHB
and its subsidiaries (SPHB Group) involving cash settlements,
issue of irredeemable convertible unsecured loan stocks and debt
waiver. (Proposed Debt Restructuring).

(iii) Proposed Acquisitions

(a) Proposed acquisition of the entire issued and paid-up
capital of Panbuilt Sdn Bhd (Panbuilt) from Dato' Dr Abdullah
bin Sepien and Azaldin bin Dato' Dr Abdullah (Vendors of
Panbuilt) for a total purchase consideration of RM35 million to
be satisfied by the issuance of 70,000,000 new ordinary shares
of RM0.50 each in SPHB (Panbuilt Consideration Shares).
(Proposed Panbuilt Acquisition)

(b) Proposed acquisition of the entire issued and paid-up
capital of Westform Far East Sdn Bhd (Westform) from Tan Hui
Ken, Ngiow Lee Eng and Koh Tian Joo (Vendors of Westform) for a
total purchase consideration of RM76 million to be satisfied by
the issuance of 152,000,000 new ordinary shares of RM0.50 each
in SPHB (Westform Consideration Shares). (Proposed Westform
Acquisition)

The Proposed Panbuilt Acquisition and the Proposed Westform
Acquisition are collectively known as the "Proposed
Acquisitions".

(iv) Proposed Restricted & Bumiputera Issues

SPHB proposes to implement a restricted issue of 30,000,000 new
ordinary shares of RM0.50 each in SPHB (Proposed Restricted
Issue) and a bumiputera issue of 20,000,000 new ordinary shares
of RM0.50 each in SPHB (Proposed Bumiputera Issue).

(v) Proposed Exemption Under The Malaysian Code Of Take-Overs
And Mergers, 1998 Pursuant to the Proposed Acquisitions, the
Vendors of Westform and Panbuilt will collectively hold 78.72
percent interest in SPHB (prior to the conversion of any
irredeemable convertible unsecured loan stocks).

In accordance with the Malaysian Code of Take-Overs and Mergers,
1998 (Code), the Vendors of Panbuilt and Westform will be
required to extend a mandatory general offer to acquire all the
remaining shares and irredeemable convertible unsecured loan
stocks in SPHB not already owned by them.

The Vendors of Panbuilt and Westform intend to apply to the SC
for an exemption from having to undertake a mandatory general
offer for the remaining ordinary shares and irredeemable
convertible unsecured loan stocks in SPHB not already owned by
them. (Proposed Exemption).

(vi) Proposed Increase In Authorized Share Capital

The authorized share capital of SPHB is to be increased from
RM25,000,000 comprising 25,000,000 shares of RM1.00 each to
RM500,000,000 comprising 1,000,000,000 shares of RM0.50 each
(Proposed Increase).


WEMBLEY INDUSTRIES: Extends Investigative Audit to June 22
----------------------------------------------------------
Reference is made to the announcements dated 22 October 2003
whereby Alliance Merchant Bank Berhad (Alliance), on behalf of
Wembley Industries Holdings Berhad (WIHB), announced that the
Securities Commission (SC) had granted its approval for an
extension of time up to 22 December 2003 for Messrs. Horwath to
complete the investigative audit of WIHB.

Alliance, on behalf of WIHB, announced that the Company had
sought for an extension of time from the SC until 22 June 2004
for Messrs. Horwath to complete the investigative audit of WIHB.
The application for the extension of time is currently pending
the approval of the SC.

Hereinafter collectively referred to as Proposals are:

I. Proposed Capital Reduction and Consolidation;
II. Proposed Debt Restructuring; and
III. Proposed Rights Issue


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


MANILA ELECTRIC: Rates Hike Hearing Resumes January 5
-----------------------------------------------------
The Energy Regulatory Commission (ERC) will resume on January 5,
2004 public hearings on the provisional authority (PA) granted
to the Manila Electric Co. (Meralco) for a 12-centavo power rate
increase, according to the Philippine Star. This was the
decision of the ERC after Meralco asked for an extension of time
to come up with pertinent documents to support its rate
petition.

Meralco filed with the ERC on October 10 a petition to adjust
its dates by an average of 13.6 centavos per kilowatt hour, to
update its tariffs to more recent cost levels. Citing the
utility's urgent need for rate relief, the ERC last November 27
allowed Meralco to provisionally adjust its rates by 12 centavos
per kWh starting January 2004.


MUSIC CORPORATION: Clarifies Debt Payment Report
------------------------------------------------
Music Corporation clarifies the news article entitled "Music to
pay US1.2 million to U.S. creditor next year" published in the
December 22, 2003 issue of the Business World (Internet
Edition). The article reported that "Music Semiconductors
Corporation, formerly Music Corporation, will pay its remaining
US$1.2 million debt to its U.S. creditors by the second quarter
of 2004, allowing the chip firm to finally put behind the
bankruptcy of its American unit.

Michael Burton, President and Vice Executive, said of the US$1.2
billion, "The Company expects to settle about US$750,000 next
month, further trimming the debt of Florida-based Music
Semiconductor, Inc. (MSI). 'Of the remaining US$500,000 the
Company will set aside US$400,000 of its cash in the first
quarter, and expects the remainder to be paid out shortly
thereafter."

In an interview with Business World, Music Chairman Jimmy S. Soo
said the Company has been 'cash-flow positive for the last seven
quarters, thus it is likely the U.S. unit's debts will be erased
by June."

For a copy of Music Corporation's reply to the Philippine Stock
Exchange regarding the aforementioned matter, please visit
http://www.pse.org.ph/html/disclosure/pdf/dc2003_4087_MUSX.pdf


NATIONAL STEEL: GIHL Taps UK Firm to Draw up Rehabilitation Plan
----------------------------------------------------------------
Global Infrastructure Holdings Ltd. (GIHL) has appointed
McLellan and Partners Ltd. of the United Kingdom to help draw up
the rehabilitation plan for National Steel Corporation (NSC),
the Philippine Star reported on Tuesday. GIHL has committed to
spend US$15 million on NSC in the first year and another US$10
million in the second year.

Based on GIHL's rehabilitation plan, there would be four phases
as follows:

Phase 1 of the rehab plan would involve the tinplate line, which
will be operated with imported temper roiled material.

Phase 2 would involve the rehabilitation of the secondary cold
roiled processing units and the four-stand cold mill, which
would be commissioned and brought on-stream.

Phase 3 would involve the commissioning and start up of the
pickle line No. 2 and five-stand cold mill.

Phase 4 would involve the start up of the hot strip mill. GIHL's
decision to hire McLellan as consultant and technical advisor is
based on McLellan's extensive experience in the rehabilitation,
enhancement and expansion of steel production and plants.

GIHL is just awaiting final approval by the creditor banks'
individual boards of its offer to lease with option to purchase
NSC. NSC liquidator Danilo Concepcion had earlier said that the
NSC Management Committee had "accepted" GIHL's offer, but that
each of the creditor banks' individual boards would still have
to approve the offer.


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


ASPAC FREIGHT: Issues First & Final Dividend
--------------------------------------------
Aspac Freight Services Pte Ltd. issued a first and final
dividend notice as follows:

Address of Registered Office: Formerly of 95 South Bridge Road
#10-23 Pidemco Centre Singapore 058717.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 250 of 1992.

Amount Percentum: 2.34 percent.

First and Final or otherwise: First & Final Dividend.

When Payable: 10th December 2003.

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

TOH HWEE LIAN
Assistant Official Receiver.


GABERON PTE: Releases December 9 AGM Results
--------------------------------------------
At a General Meeting of Gaberon Pte Ltd duly convened and held
at 43 Rue du Rhone, 1204 Geneve, Switzerland on 8 December 2003,
the following resolutions set out below were duly passed:

SPECIAL RESOLUTIONS:

(a) ``That the Company be wound up voluntarily pursuant to
Section 290 (1) (b) of the Companies Act, Cap. 50, and that
Messrs Steven Tan Chee Chuan and Douglas Tan Kay Yeow of 138
Cecil Street, #15-00 Cecil Court, Singapore 069538, be and are
hereby appointed joint and several Liquidators for the purpose
of such winding-up.

(b) That the Liquidators be and are hereby authorized (when and
as soon as the debts and liabilities of the Company have been
paid and satisfied or duly provided for) to distribute the
assets in specie or kind among the contributories of the Company
in accordance with their respective rights and interests.

(c) That the Liquidators of the Company be and are hereby
authorized to exercise any of the powers given by Section 272
(1) (b), (c), (d) and  (e), of the Singapore Companies Act, Cap.
50.''

ORDINARY RESOLUTION:

``That the Liquidators, Messrs Steven Tan Chee Chuan and Douglas
Tan Kay Yeow, be remunerated for the work of winding-up the
Company on their normal scale of fees and that the Liquidators
be indemnified by the Company against all costs, charges,
losses, expenses and liabilities incurred or sustained by them
in execution and discharge of their duties in relation
thereto.''

SUNIER JEAN
Director.


GLOBAL SILVERHAWK: Releases Notice to Creditors
-----------------------------------------------
The creditors of Global Silverhawk (Singapore) Pte Ltd (In
Members' Voluntary Liquidation), which is being wound up
voluntarily, are required on or before the 19th day of January
2004 to send in their names and addresses, with particulars of
their debts or claims and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidator of the
said Company, and, if so required by notice in writing by the
said Liquidator, are by their solicitors, or personally, to come
in and prove their said debts or claims at such time and place
as shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

WILLIAM HARRY CAIN
Liquidator.
c/o 54 Pandan Road
Singapore 609292.


METROCOM SYSTEMS: Creditors Must Submit Claims by January 23
------------------------------------------------------------
Notice is hereby given that the creditors of Metrocom Systems
Pte Ltd (In Members' Voluntary Liquidation), which is being
voluntarily wound up, are required, on or before the 23rd day of
January 2004 to send in their names and addresses, with
particulars of their debts and claims, and the names and
addresses of their solicitors (if any) to the undersigned, the
liquidator of the said Company; and, if so required by notice in
writing by the said liquidator, are, personally or by their
solicitors, to come in and prove their said debts or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

TEH KWANG HWEE
Liquidator.
c/o TAN & TEH
2 Mistri Road
#12-01 HMC Building
Singapore 079624.


STEENSTED PRIVATE: Issues Debt Claim Notice to Creditors
--------------------------------------------------------
The creditors of Steensted Private Limited (In Members'
Voluntary Liquidation), which is being wound up voluntarily, are
required on or before 19th January 2004 to send in their names
and addresses with particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the
Liquidators at 1 Scotts Road, #21-07/08/09 Shaw Centre,
Singapore 228208 and, if so required by notice in writing from
the Liquidators are, by their solicitors or personally, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

MDM CHIA LAY BENG
MDM GOH WEI LING
Liquidators.


STEENSTED PRIVATE: Unveils December 19 AGM Resolutions
------------------------------------------------------
At an Extraordinary General Meeting (AGM) of the members of
Steensted Private Limited duly convened and held at 200 Jalan
Sultan, #13-08 Textile Centre, Singapore 199018 on 19th December
2003, the following Special Resolutions were duly passed:

1. That the Company be wound up voluntarily pursuant to Section
290 (1) (b) of the Companies Act, Cap. 50 and that Mdm Chia Lay
Beng and Mdm Goh Wei Ling, both of 1 Scotts Road, #21-07/08/09
Shaw Centre, Singapore 228208, be and are hereby-appointed
Liquidators for the purpose of such winding up.

2. That the Liquidators be indemnified by the Company against
all costs, charges, losses, expenses and liabilities incurred or
sustained by them in the execution and discharge of their duties
in relation thereto.

NG ENG SOON
Chairman.


WEE POH: Clarifies Financial Results
------------------------------------
The Board of Directors of Wee Poh Holdings Limited refers to the
article and will make the following clarifications:

1. The Article reported that, "For the financial year to June
2003, it made a net profit of $391,000, a big swing from a
staggering loss of $29 million in 2002".

The Company announced its audited results for the financial year
ended 30 June 2003 on 2 December 2003. In the said announcement,
it was stated that the Group suffered a loss after tax and
minority interests of approximately S$1.9 million.

2. The Article reported that, "It has set up an educational
Company with a capital of $200,000, which may be increased to $1
million later. The business is expected to start contributing in
FY2004 or FY2005."

The Company is in the process of setting up a wholly owned
subsidiary as the vehicle for its plans to venture into the
education business in China. Whilst the Company has not entered
into any contracts, agreements or tie-ups in relation to the
education business, it is exploring the feasibility of such
contracts, agreements, or tie-ups in China. The Company hopes
that this new business for the Group can commence by the last
quarter of 2004. More information relating to any new businesses
undertaken by the Group will be announced as and when
appropriate.


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


DATAMAT PCL: Board OKs Additional Investment in Subsidiaries
------------------------------------------------------------
Subject: Resolutions of the Board of Directors
To:      The President, Stock Exchange of Thailand

Kindly be informed that the Board of Directors' Meeting held on
December 22, 2003 resolved:

(1) To approve the Company's investments in its subsidiaries as
follows:
        
    (a) Approved the purchase of additional 3,500 shares of
        Image Technology Co., Ltd. at Baht 150 per share by
        auction of shares seized from Mr. Derek Lee Hok Seng.  
        The Company total holding in Image Technology Co., Ltd.
        becomes 9,994 shares or 99.94%.  Image Technology Co.,
        Ltd. registered capital is Baht 10 million, divided into
        10,000 shares of par Baht 1,000 each;
        
    (b) Approved the purchase of new issued 720,000 shares of
        Definitely Corporation Ltd. at Baht 10 per share by
        converting debt into equity.  The Company total holding
        in Definitely Corporation Ltd. will become 1,020,000
        shares or 60%.  Definitely Corporation Ltd. registered
        capital is Baht 17 million, divided into 1.7 million
        shares of par Baht 10 each;
        
    (c) Approved the purchase of new issued 2,700,000 shares of
        Datamat DBA Co., Ltd. at Baht 10 per share by converting
        debt into equity.  The Company total holding in Datamat
        DBA Co., Ltd. will become 3,006,000 shares or 51%.  
        Datamat DBA Co., Ltd. registered capital is Baht 60
        million, divided into 6 million shares of par Baht 10
        each;
        
    (d) Approved the purchase of 1,000,000 shares of Datamat
        Education Co., Ltd. at Baht 10 per share by buying back
        from Third Wave Co., Ltd.  The Company total holding in
        Datamat Education Co., Ltd. will become 2,499,993 shares
        or 99.9%.  Datamat Education Co., Ltd. registered
        capital is Baht 25 million, divided into 2.5 million
        shares of par Baht 10 each;
        
    (e) Approved the purchase of 100,000 shares of Zeus Equity
        Sdn. Bhd. in Malaysia at RM 0.02 per share by buying
        from PNP Corporate Service Sdn. Bhd.  The Company total
        holding in Zeus Equity Sdn. Bhd. will become 100,000
        shares or 100%.  Zeus Equity Sdn. Bhd. registered
        capital is RM 100,000, divided into 100,000 shares of
        par RM 1.00 each.

(2) To approve the Company's loans to:

    (a) Aspara (Thailand) Limited: in the total amount of Baht 9
        million through 6 monthly equal draw-downs of Baht 1.5
        million each for the development of computer software.  
        In consideration thereof, the Company will be appointed
        as a distributor of the computer software of Aspara
        (Thailand) Limited.
        
    (b) Corporate Vision Asia Limited: in the total amount of
        Baht 2 million for the development of computer software.  
        In consideration thereof, the Company will be appointed
        as a distributor of the computer software of Corporate
        Vision Asia Limited.

(3) To approve the resignation of Mr. Manoo Ordeedolchest,
    Director, who has assumed the position of the President of
    the Software Industry Promotion Agency.

For your information.

Sincerely yours,

Kusol Sangkananta
Director and Secretary to the Board


EASTERN WIRE: Posts Update on Business Reorganization
-----------------------------------------------------
Subject: Report of the Progress of Business Reorganization Plan   
         of Eastern Wire Public Company Limited

To:      The Manager and Director, Stock Exchange of Thailand

We refer to the business reorganization plan of Eastern Wire
Public Company Limited approved by the Central Bankruptcy Court.

Phiraphan Phalusuk, appointed plan administrator on June 21,
2001, would like to inform the progress of business
reorganization plan for the tenth period:

(1) The mortgaged machine is now in the process of being
    released;

(2) Cimic Finance and Securities Company Limited, the remaining      
    creditor, has not yet received payment because of
    liquidation.         

Please be informed accordingly.

Yours Sincerely,

Phiraphan Phalasuk
Plan Administrator


RATTANA REAL: Auditor Withdraws 'Going Concern' Opinion
-------------------------------------------------------
Subject: Unable to express an opinion    
To:      The President, Stock Exchange of Thailand

The Company would like to clarify that the auditor was unable to
express an opinion on the reviewed financial statements of
Rattana Real Estate Public Company limited for 3rd quarter of
2003 because of the uncertainty regarding the going concern of
the Company.  The Company has consistently suffered operating
losses and has a significant capital deficit.

Please be informed accordingly.

Yours faithfully,
        
Mr. Vitavas Vibhagool
Managing Director

                              *****

The Stock Exchange of Thailand classifies Rattana Real Estate
Public Company Limited among "Companies under Rehabilitation."


* 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 Qingui Motorcycle
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        (8.92)      45.11
Faber Group Bhd                 FBMS        (7.16)     504.98
Kemayan Corp Bhd                KOPS      (289.67)     114.38
Panglobal Bhd                   PGL0       (41.07)     187.79
Promet Bhd                      PMPT      (174.45)      50.49
Saship Holdings                 SASH      (168.68)     136.30
Sri Hartamas Bhd                SRIH      (118.91)      99.76
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
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contained herein is obtained from sources believed to be
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information, contact Christopher Beard at 240/629-3300.

                   *** End of Transmission ***