/raid1/www/Hosts/bankrupt/TCRAP_Public/040106.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, January 6, 2004, Vol. 7, No. 3

                         Headlines

A U S T R A L I A

ADSTEAM MARINE: Peddles 50% of Northland for AU$70 Million
AMP LIMITED: Redemption of Reset Preferred Securities
ANEKA TAMBANG: Canadian Unit Completes Corporate Restructuring


C H I N A  & H O N G K O N G

CHINA SOUTHERN: China Shuts Down Securities Brokerage
HONG FONG: Bank of China Initiates Winding up Proceedings
LIANG'S TECHNOLOGY: Winding up Hearing February 4
OAKLEY LIMITED: Creditors Must Submit Claims by February 1


I N D O N E S I A

EXCELCOMINDO PRATAMA: S&P Rates US$300 Million Notes 'B+'
INDONESIAN SATELLITE: Mobile Services to Drive 2004 Profits
SEMEN GRESIK: Several Foreign Groups Interested in Cemex Stake

* IBRA Prefers Out-of-court Settlement for 1,361 Pending Cases


J A P A N

MAZDA MOTOR: Expands China operations
MAZDA MOTOR: Post Changes in Management
RESONA HOLDINGS: Transfer Shares of Asahigin to Central Leasing


K O R E A

LG CARD: FSC Head Expects Crisis to Be Settled Soon
LG CARD: Kookmin Bank Undecided on Joint Management Scheme
LG CARD: Creditors Set to Agree on W5.15-Trillion Bailout


M A L A Y S I A

AKTIF LIFESTYLE: Releases Default Status Update
BESCORP INDUSTRIES: Issues Corporate Proposal Update
BESCORP INDUSTRIES: Seeks Investigative Audit Extension
EQUINE CAPITAL: SC Extends Investigative Audit to March 31
GEAHIN ENGINEERING: Extends Restructuring Scheme to September

KSU HOLDINGS: Unveils Financial Status
NCK CORPORATION: Issues Restructuring Scheme Proposal
PARK MAY: Issues Restructuring Scheme Proposal
SIN HENG: Issues Workout Proposal Update
TAJO BERHAD: Financial Status Remains Unchanged


P H I L I P P I N E S

NATIONAL BANK: Set to Issue Php2.2B of Subordinated Notes
NATIONAL POWER: OK ING's Proposal to Issue US$500M Bonds
NEXTSTAGE INC.: SEC OKs Amendment of AOI
PHILIPPINE LONG: Sees FY03 Php1B Net Loss From Landline Business


S I N G A P O R E

ALIVESTONE INVESTMENT: Petition to Wind Up Pending
ESAMSUNG ASIA: Issues Notice to Creditors
FALCON PILING: Unveils Petition for Judicial Management Order
GENISTA RESEARCH: Releases Dividend Notice
INTERNET TECHNOLOGY: Strikes Off Dormant Unit

RHB-CATHAY SECURITIES: Creditors Must Submit Claims by Feb 1
ST GREGORY: Issues Debt Claim Notice to Creditors


T H A I L A N D

JASMINE INTERNATIONAL: Reduces Par Value from THB10 to THB1

* BOND PRICING: For the week of January 5 - January 9, 2004

     -  -  -  -  -  -  -  -

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


ADSTEAM MARINE: Peddles 50% of Northland for AU$70 Million
----------------------------------------------------------
After raising AU$40 million in fresh funds last year, Adsteam
Marine Ltd. managing director, John Moller, is looking at the
sale of the company's stake in Alaskan tug business, Northland,
The West Australian said yesterday.

The sale is expected to raise as much as AU$70 million and will
represent a significant step in Mr. Moller's rescue plan
designed to trim down Adsteam's debt estimated to be AU$360
million.

In announcing the capital raising last year, Mr. Moller said:
"We're well progressed on the sale of Northland and we're still
targeting that we'll have our 50 per cent interest... in the
bank by June."

Under his predecessor David Ryan, Adsteam bought 50% of
Northland for US$56 million (AU$74 million).  His acquisition
spree, however, proved to be disastrous after he bought Howard
Smith's towage arm for AU$500 million in 2001.  Observers, at
the time, noted Adsteam paid more than double what was offered
by two other bidders for Howard Smith.

"In 2002-03, Adsteam's AU$35 million interest bill represented
more than half the company's earnings before interest and tax of
AU$61.3 million," The West Australian said.


AMP LIMITED: Redemption of Reset Preferred Securities
-----------------------------------------------------
AMP Limited will redeem the Reset Preferred Securities (RPS) in
accordance with their terms, following shareholder and Federal
Court approval for the demerger and the successful completion of
the Rights Offer.

Each RPS will be redeemed on January 14, 2004, with the
redemption amount to be calculated based on the number of
securities held on that date. The RPS will be redeemed for their
face value of A$100 and distributions accrued to 14 January 2004
will be paid.

The RPS will cease trading on both the Australian and New
Zealand Stock Exchanges on 8 January 2004.

The redemption notice to be sent to AMP Reset Preferred
Securities Holders can be accessed at
http://bankrupt.com/misc/AMP010504.pdf

Manager
Company Announcements Office
Australian Stock Exchange
Level 4, 20 Bridge Street
Sydney NSW 2000

Manager
Market Information Services Section
New Zealand Stock Exchange
Level 9, SB Tower, 2 Hunter Street
Wellington New Zealand


ANEKA TAMBANG: Canadian Unit Completes Corporate Restructuring
--------------------------------------------------------------
International Antam Resources Ltd. (the company) is pleased to
announce that, following receipt of necessary shareholder and
regulatory approvals, it has completed a major corporate
restructuring of the Company with its majority shareholder, PT
Antam Tbk (Antam) whereby the Company transferred all of its
Indonesian mineral properties interests and other cash and
liquid assets (assets) to Antam in exchange for Antam's
surrender for cancellation of all 11,428,571 common shares of
the Company held by Antam (transaction).  The Company now has
approximately 2.5 million shares outstanding, cash of
approximately $1.0 million and no material liabilities.

The transaction was effected, in part, by the transfer to Antam
of the Company's Indonesian subsidiary, PT Antam Resourcindo
(PTAR) through which the Company held its Indonesian mineral
property interests.  In addition to the shares of PTAR, Antam
received cash and other liquid assets, net liabilities, of
approximately $1.48 million.  The $1.0 million of cash remaining
in the Company approximates the majority shareholder's 18.1%
interest in the net asset value of the Company as at September
30, 2003, as determined by the Company's independent financial
valuator.

Messrs. D. Aditya Sumanagara, K.A. Umar Tochfa and Tauan Sitorus
resigned from the Board of Directors effective on the closing of
the transaction and Mr. Graham C. Thody was subsequently
appointed as a Director of the Company.  The Company wishes to
thank the outgoing Directors for the their contribution to the
Company and to welcome Mr. Thody to the Board.

The Company has received shareholder approval to change the name
of the Company to "Goldsource Mines Inc." The name change will
be implemented early in the New Year and notification of a new
trading symbol will be given as soon as it is assigned by the
TSX Venture Exchange.

The Company is currently seeking regulatory approval of its
recently announced option agreement to acquire a 100% interest
in 20 claim units covering an area of 500 hectares in the Ominca
Mining Division of British Columbia.

On behalf of the Board of Directors
of International Antam Resources Ltd.

J. Scott Drever
President

Aneka Tambang (Persero) TbK is listed on the Australian Stock
Exchange and trades using this ticker symbol (ATM).


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


CHINA SOUTHERN: China Shuts Down Securities Brokerage
-----------------------------------------------------
The China Securities Regulatory Commission (CSRC) and the
Shenzhen government have shut down securities brokerage China
Southern Securities because of mismanagement and irregularities,
Channel News Asia reports, citing a CSRC statement.

China Southern Securities is one of China's largest brokerage
houses with a registered capital of 3.45 billion yuan (416.9
million dollars) and boasts 56 major shareholders including
China's largest state-owned banks and insurance companies. The
closure is the latest action taken in an ongoing crackdown on
China's troublesome stock markets and comes following the
closure of the northeastern China-based Xinhua Securities early
last month.


HONG FONG: Bank of China Initiates Winding up Proceedings
---------------------------------------------------------
The High Court of Hong Kong will hear on February 25, 2004 at
9:30 A.M. the petition seeking the winding up Hong Fong Economy
Trade (H.K.) Limited.

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong filed the petition on
December 11, 2003.  Arthur K.H. Chan & Co. represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Arthur K.H.
Chan & Co., which holds office at Unit C1, 15th Floor, United
Centre, 95 Queensway
Hong Kong.


LIANG'S TECHNOLOGY: Winding up Hearing February 4
-------------------------------------------------
The High Court of Hong Kong will hear on February 4, 2004 at 10
A.M. the petition seeking the winding up of Liang's Technology
Group Limited.

Cheong Ming Investment Company Limited of Top Floor, Chinachem
Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong
filed the petition on December 1, 2003.  Ford, Kwan & Company
represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Ford, Kwan &
Company, which holds office at Rooms 1202-1206, 12/F., Wheelock
House, 20 Pedder Street, Central Hong Kong.


OAKLEY LIMITED: Creditors Must Submit Claims by February 1
----------------------------------------------------------
The creditors of Oakley Limited (In Members' Voluntary
Liquidation), whose debts or claims have not already been
admitted, are required on or before February 1, 2004 to prove by
affidavit their debts or claims by sending in their names,
addresses and descriptions and full particulars of their debts
or claims in accordance with Form 63A of the Companies (Winding-
up) Rules, and the names and addresses of their Solicitors (if
any) to the undersigned Liquidators of the said Company, and, if
so required by notice in writing from the said Liquidators, are
personally or by their Solicitors or duly authorized
Representative, to come and prove their said debts or claims and
to establish any title they may have to priority at such time
and place as shall be specified in such notice.  In default of
complying with this Notice, such creditors will be excluded from
the benefit of any distribution made before such debts or claims
are proved and/or from objecting to any distribution made before
such priorities are established.

Julian Kai Wo CHOW
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong

Natalia SENG
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong


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


EXCELCOMINDO PRATAMA: S&P Rates US$300 Million Notes 'B+'
---------------------------------------------------------
Standard & Poor's Ratings Services yesterday assigned its 'B+'
rating to Indonesia's P.T. Excelcomindo Pratama's (Excelcomindo)
proposed senior unsecured notes of up to US$300 million.  These
notes will be issued by Excelcomindo's wholly owned subsidiary,
Excelcomindo Finance Co. B.V., and will be unconditionally and
irrevocably guaranteed by Excelcomindo.  The rating on the
notes, therefore, reflects the corporate credit rating on
Excelcomindo.  Proceeds from the notes will be used for
refinancing Excelcomindo's debt.

Excelcomindo is the third-largest cellular telecommunication
operator in Indonesia, with a market share of about 16% and a
subscriber base of 2.7 million at Sept. 30, 2003. In the nine
months to September 2003, Excelcomindo's total revenues were
Indonesian rupiah (Rp) 1.9 trillion (US$224 million) and its
EBITDA Rp1.1 trillion.

Excelcomindo's subscriber base has grown by a healthy 50% in the
past three years. With a population of 220 million and cellular
market penetration of only 7%, Indonesia has good prospects for
growth in the wireless business.

"Excelcomindo stands to benefit from its position as an existing
major player with a nationwide transmission network in a growing
market," said Standard & Poor's credit analyst Sharad Jain,
director in the Corporate and Infrastructure Ratings Group. He
added: "Nevertheless, all cellular operators in Indonesia,
including Excelcomindo, face increasing competition in pricing,
particularly from the impending threat of fixed-wireless
services, which provide similar functions as wireless
technology, but at lower cost."

For more information, contact:

Sharad Jain (Singapore)
Phone: (65) 6239-6340

Greg Pau (Singapore)
Phone: (65) 6239-6303


INDONESIAN SATELLITE: Mobile Services to Drive 2004 Profits
-----------------------------------------------------------
PT Indonesian Satellite Corporation (Indosat) is banking on its
cellular phone services to drive profits this year by up to 40%,
Dow Jones said yesterday.

Last year, the company projected net profit to increase
threefold from IDR336 billion in 2002.  Indosat President Widya
Purnama told reporters Monday further growth this year will come
from an expected rise in cellular phone subscribers.  He expects
the current number of subscribers to increase to 8.5 million
this year, up from about 6 million in 2003.

"We expect that revenue will grow by 25% on the back of an
increase in our mobile subscribers," Dow Jones quoted him
saying.

Partly-owned by Singapore Technologies Telemedia, which holds a
41.94% stake; and the government, 15%; Indosat is the country's
No.2 phone company.  Last year, it successfully merged its
cellular phone units -- PT Satelit Palapa Indonesia, or
Satelindo, the second largest mobile company in Indonesia, and
Indosat Mobile Multi Media, or IM3 -- into the main body of the
company.  The company plans to build around 250,000 fixed lines
to help boost its revenue and spend US$580 million to develop
its cellular business.


SEMEN GRESIK: Several Foreign Groups Interested in Cemex Stake
--------------------------------------------------------------
The Indonesian government is studying the possibility of finding
buyers for the 25.6% stake of Cemex S.A. in state-owned cement
maker, PT Semen Gresik, Dow Jones said yesterday.

State Enterprises Affairs minister, Laksamana Sukardi, revealed
Monday several entities, including a South Korean group, have
approached the government about the sale, but he refused to
identify them.

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


* IBRA Prefers Out-of-court Settlement for 1,361 Pending Cases
--------------------------------------------------------------
Less than two months before its dissolution on February 27, the
Indonesian Bank Restructuring Agency still has 1,361 legal cases
pending, according to Asia Pulse yesterday.

Legal affairs director, Robertus Bilitea, told the newswire the
agency is now speeding up out-of-court settlements, adding these
unresolved cases are still worth hundreds of millions in credits
and property assets.  He said his office will sue debtors who
refuse to settle their cases outside the court.


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


MAZDA MOTOR: Expands China operations
-------------------------------------
Mazda Motor Corporation plans to set up a sales holding Company
with Chinese firm First Auto Work Group Corporation (FAW Group)
and a production firm with Ford Motor Co. to expand its
operations in the Chinese market, Kyodo News reports.

Mazda and the Chinese Company will establish the sales Company,
which will oversee sales of three passenger vehicles, produced
by FAW Group subsidiaries FAW Car Co and FAW Hainan Motor Co.,
as well as locally produced Mazda cars.

According to Wright Investor's Service, at the end of 2003,
Mazda Motor had negative working capital, as current liabilities
were 910.67 billion yen while total current assets were only
745.75 billion yen.


MAZDA MOTOR: Post Changes in Management
---------------------------------------
Mazda Motor Corporation announced last week the following
personnel changes, effective on January 1, 2004.

1. Executive Officer

New Post            Current Post              Name

Executive Officer   Executive Officer        Nobuhide Inamoto

In charge of        In charge of Six Sigma;
Six Sigma;

General Manager,    General Manager, Quality Div. and
Quality Div.        General Manager, Quality Audit Dept.

For a copy of the press release, go to
http://www.mazda.com/publicity/public/200312/1226e.html


RESONA HOLDINGS: Transfer Shares of Asahigin to Central Leasing
---------------------------------------------------------------
Resona Holdings Inc. (Resona HD, President Kenji Kawada)
announced that its board of directors' meeting held on December
25, 2003 passed a resolution to transfer the shares of Asahigin
Leasing Co., Ltd. (Asahigin Leasing, President: Kenzo Ito),
which are held by Resona group of companies, to Central Leasing
Co., Ltd. (Central Leasing) and for its banking subsidiaries to
tie up with Central Leasing Details are as follows:

1. Transfer of Shares

Resona Group is currently implementing a zero-base review of our
affiliated companies. As for the services offered so far by
these affiliated companies, the Company seek to establish a
business model that can meet the needs of their local customers
by selecting and focusing on core business areas while
differentiating its other banking gruops in terms of
convenience, services and speed the Company offer to their
customers.

While Resona Group continues to hold less than 15 percent of the
shares, Asahigin Leasing will no longer be a consolidated
subsidiary of Resona HD and become a subsidiary of Central
Leasing accompanying the transfer of shares.

After the transfer, Asahigin Leasing will be able to provide its
customers with the advanced leasing functions of Central Leasing
including financial products and services and can satisfy more
diverse leasing needs of its customers.

For more information, go to
http://bankrupt.com/misc/resona010504.pdf


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


LG CARD: FSC Head Expects Crisis to Be Settled Soon
---------------------------------------------------
Lee Jung-jae, Chairman of the Financial Supervisory Commission
(FSC), expects LG Card Co.'s problem to be settled this week,
according to Yonhap News. Creditors are now in the last minutes
of negotiations to reach an agreement on how to save the debt-
ridden credit card firm.


LG CARD: Kookmin Bank Undecided on Joint Management Scheme
----------------------------------------------------------
Kookmin Bank is still undecided on whether to participate with
other creditors in the joint management plan of the LG Card Co.,
Asia Pulse reports. The plan came after no major banks offered
to buy LG Card, which is saddled with debts of 23 trillion won
(US$19.2 billion) and has a negative net worth of over 3
trillion won.

The consortium was originally to have been made up of Kookmin
and Woori banks as well as the state-run Korea Development Bank
(KDB) and the National Agricultural Cooperative Federation. The
four banks and 12 other creditors have already decided to
convert 4 trillion won in debts into equity, while LG Group, the
card company's parent group, will be required to inject an
additional 1.15 trillion won in cash into the troubled firm.


LG CARD: Creditors Set to Agree on W5.15-Trillion Bailout
---------------------------------------------------------
Woori Bank and other LG Card Co. creditors are in the final
stage of talks on a 5.15 trillion won (US$4.3 billion) bailout,
the second rescue in two months to save LG Card Co. from
bankruptcy, Bloomberg News reported on Monday, citing South
Korea Finance Minister Kim Jin Pyo Kim.

LG Card and other card issuers are embroiled in a financial
crisis spurred by consumers who spent beyond their means and
can't pay their bills. Delinquencies rose to a record 13.5
percent of card lending in November with 3.7 million South
Koreas at least three month behind in payments.


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


AKTIF LIFESTYLE: Releases Default Status Update
-----------------------------------------------
Aktif Lifestyle Corporation Berhad (Aktif) announced that there
is no change in the Company's default payment status. The
Company will keep its shareholders informed of any pertinent
development. Under Practice Note No. 4/2001 (PN4/2001), Aktif is
required to announce the status of its plan to regularize its
financial condition on the first market day of each month.

Aktif had on 3 November 2003 announced its proposed disposal of
the entire issued and paid-up share capital of Aktif Lifestyle
Stores Sdn Bhd (Proposed Disposal) as an initial step to restore
its financial strength. On behalf of the Board of Directors of
Aktif, Hwang-DBS Securities Berhad had on 18 December 2003
announced that the application in respect of the Proposed
Disposal had been submitted to the Securities Commission.

Pending approval of the Proposed Disposal, the Board of
Directors of Aktif wishes to inform that the Company is
continuing its efforts to seek and acquire viable businesses.


BESCORP INDUSTRIES: Issues Corporate Proposal Update
----------------------------------------------------
The Kuala Lumpur Stock Exchange refers to the announcements made
on behalf of Bescorp Industries Berhad by Commerce International
Merchant Bankers Berhad (CIMB) on 9 May 2003 and 7 October 2003
in relation to the Company's Corporate Proposals.

The Securities Commission (SC) had in its letter dated 2 October
2003 approved the waiver/modification sought in respect of WCT
Land Berhad's (formerly known as WCT Realty Sdn Bhd) (WCTL)
properties prior to the implementation of the proposed
acquisition of BIB by WCTL subject to certain conditions which
include, inter alia, that an announcement on the status of the
applications in relation to the properties of WCTL being made to
the Kuala Lumpur Stock Exchange on a quarterly basis and a copy
of the announcement being furnished to the SC.


BESCORP INDUSTRIES: Seeks Investigative Audit Extension
-------------------------------------------------------
Reference is made to paragraph 4.1(b) of the Practice Note
4/2001 (PN4) of the Listing Requirements of the Kuala Lumpur
Stock Exchange (the Exchange) whereby Bescorp Industries Berhad
(Special Administrators Appointed) (BIB) is required to announce
the status of its plan to regularize its financial condition on
a monthly basis until further notice from the Exchange.

Pursuant to a condition imposed by the Securities Commission
(SC) for approval of the Corporate Proposals to regularize the
financial condition of the Company on 9 May 2003, the Company
had on 8 July 2003 appointed PricewaterhouseCoopers Advisory
Services Sdn Bhd (PWCAS) to conduct an investigative audit
according to the condition imposed by the SC. The condition of
the SC required, inter alia, that the investigative audit be
completed within six (6) months from the appointment of the
investigative auditors.

Subsequently, the Company had on 24 December 2003 submitted an
application to the SC to seek approval of the SC for an
extension of time of three (3) months from 8 January 2004 until
7 April 2004 for the investigative auditors, PWCAS to complete
their investigative audit pursuant to a condition imposed by the
SC via its letter of approval for the Corporate Proposals dated
9 May 2003.

The implementation of the Corporate Proposals is still pending
the approval of the SC on the modifications to the Corporate
Proposals, which were submitted to the SC for approval on 19
August 2003.

Save for the above, there were no further developments since our
previous announcement with regards to this Practice Note.


EQUINE CAPITAL: SC Extends Investigative Audit to March 31
----------------------------------------------------------
Pursuant to Kuala Lumpur Industries Holdings Berhad (KLIH)'s
corporate and debt restructuring scheme, the Securities
Commission (SC) vide its approval letter dated 5 May 2003 had
imposed a condition that the investigative audit of the KLIH
Group was to be completed within six (6) months from the date of
the appointment of the independent audit firm. KLIH appointed
Messrs KPMG Corporate Services Sdn Bhd (KPMG) on 3 July 2003 as
the independent audit firm. Accordingly, the investigative audit
on the KLIH Group is to be completed by 2 January 2004. However,
KPMG has requested for an extension of time up to 31 March 2004
to complete the audit.

The Company announced that Commerce International Merchant
Bankers Berhad, on behalf of KLIH, had sought the approval of
the SC for an extension of time until 31 March 2004 to complete
the investigative audit on the KLIH Group. The approval for the
extension of time is still pending from the SC.


GEAHIN ENGINEERING: Extends Restructuring Scheme to September
-------------------------------------------------------------
On behalf of Geahin Engineering Berhad, Public Merchant Bank
Berhad announced that the Securities Commission (SC) had vide
its letter dated December 31, 2003, approved Geahin's
application for an extension of time of an additional nine (9)
months up to 30 September 2004, to complete the proposed
restructuring scheme (PRS).


KSU HOLDINGS: Unveils Financial Status
--------------------------------------
Further to KSU Holdings Bhd's announcement dated 20th August
2003, 10th September 2003, 9th October 2003, 10th November 2003
and 5th December 2003, the Company announced that as of Friday,
there has been no further development on its plan to regularize
its financial condition with regards to the criteria and
obligations to paragraph 8.14 of the Kuala Lumpur Stock Exchange
(KLSE) listing requirements.


NCK CORPORATION: Issues Restructuring Scheme Proposal
-----------------------------------------------------
Reference is made to the earlier announcements made on 14
October 2003, 27 October 2003, 13 November 2003, 21 November
2003, 9 December 2003 and 12 December 2003 pertaining to Writ of
Summons filed in relation to the Proposed Special Issue of the
Proposed Restructuring Scheme.

On behalf of the Special Administrator of NCK Corporation Bhd
(Nck), OSK Securities Berhad clarified that the details of
events leading to the filings of the Writ of Summons by Megat
Abdul Munir bin Megat Abdullah, Abu Kassim bin Haji Alias, Hajar
Roslin Binti Mohamad and Shaliza Binti Sabtu respectively
against APB Resources Berhad (formerly known as Lamquest
Holdings Berhad and previously known as Kekal Sepakat Berhad)
(APB) and Alliance Merchant Bank Berhad, the former adviser to
NCK, were of similar nature as detailed and clarified in the
announcement dated 27 October 2003.


PARK MAY: Issues Restructuring Scheme Proposal
----------------------------------------------
In line with Practice Note No. 4/2001 (PN4) of the Kuala Lumpur
Stock Exchange (KLSE) Listing Requirements which requires an
announcement on the status of an affected listed issuer's plan
to regularize its financial condition to be made on the first
market day of each month, AmMerchant Bank Berhad, on behalf of
Park May Berhad, announced that there has been no significant
development in respect of the plan to regularize the Park May
group of companies' financial position (Proposed Restructuring
Scheme).

Presently, the Company is in the midst of preparing the
application on the Proposed Restructuring Scheme for purposes of
submission to the relevant authorities. Barring unforeseen
circumstances, the Company expects to submit the application for
the Proposed Restructuring Scheme to the relevant authorities by
11 February 2004, in line with the requirement of PN4 of the
KLSE Listing Requirements.


SIN HENG: Issues Workout Proposal Update
----------------------------------------
Southern Investment Bank Berhad refers to the announcements made
on behalf of the Special Administrators (SA) of Sin Heng Chan
(Malaya) Berhad (SHCM) on 8 October 2003 and 12 November 2003.

On behalf of the SA, Southern Investment Bank Berhad wishes to
announce that the modified workout proposal prepared by the SA
was approved in accordance with the Pengurusan Danaharta
Nasional Berhad Act, 1998 on 2 December 2003. The relevant
advertisements on the approval were made on the New Straits
Times and Berita Harian newspapers on 11 December 2003 (which
thereafter we were informed on the approval by the SA).

The Proposed Revised Scheme is still subject to, inter-alia, the
following approvals being obtained from:

(i) The Securities Commission; and

(ii) The Foreign Investment Committee.


TAJO BERHAD: Financial Status Remains Unchanged
-----------------------------------------------
In accordance with Paragraph 4.1(b) of Practice Note No 4/2001
(PN4) of the Listing Requirements of Kuala Lumpur Stock Exchange
(KLSE), Tajo Bhd announced that there has been no changes to the
status of the Company's plan to regularize its financial
condition since its previous Monthly Announcement made on 1
December 2003 and announcements dated 3 December 2003 in
relation to the findings of the investigative audit of Tajo, 12
December 2003 in relation to the granting of the approval-in-
principle by the KLSE to Mithril Berhad (Mithril) for the
admission to the Official List and the listing of and quotation
for the entire issued and paid-up share capital of Mithril and
other securities issued pursuant to the Proposed Restructuring
Exercise of Tajo on the Second Board of the KLSE and 18 December
2003 in relation to the notice of entitlement and books closure
for the Capital Reconstruction and the Scheme of Arrangement.

Any new developments on the Company's plan to regularize its
financial condition will be announced in due course.


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


NATIONAL BANK: Set to Issue Php2.2B of Subordinated Notes
---------------------------------------------------------
The Philippine National Bank (PNB) is set to issue 2.2 billion
pesos worth of subordinated notes, the bank said in a disclosure
to the Philippine Stock Exchange. The 2.2 billion pesos tranche
shall form part of the original US$140 million unsecured debts
issue, which the central bank approved late last year.

The first tranche will mature on January 2015. The report did
not say when the notes would be issued. The bank earlier said it
would use proceeds from the notes issue to raise its Tier 2
capital. The bank has appointed JP Morgan Securities Ltd as sole
arranger of the transaction, and has tapped Multinational
Investment Bancorporation as selling agent.


NATIONAL POWER: OK ING's Proposal to Issue US$500M Bonds
--------------------------------------------------------
The Board of Directors of the National Power Corporation
(Napocor) has approved the issuance of US$500 million worth of
ING Barings zero-coupon bonds as part of its financing program
for 2004, the Philippine Star reported on Monday. The Power
Sector Assets and Liabilities Management Corp. (PSALM), in
charge of the Company's finances, have yet to give its go signal
for the said borrowing scheme.

The cash-strapped Napocor will need about US$1 billion to pay
off maturing obligations (US$900 million) and payments of
capacity fees for independent power producers (IPPs) for 2004.
An additional US$300 million will be needed by the power firm to
finance its coal requirements for next year, excluding costs
from fuel oil acquisitions.


NEXTSTAGE INC.: SEC OKs Amendment of AOI
----------------------------------------
This is in reference to Circular for Brokers No. 4006-2003 dated
December 17, 2003 in connection with the quasi-reorganization of
Nextstage, Inc. (NXT).

In relation thereto, the Corporation, in a letter dated December
29, 2003, disclosed that:

"Please be advised that in a Certificate of Amended Articles of
Incorporation (AOI) dated 22 December 2003, the Securities and
Exchange Commission approved the following:

(a) The decrease of the capital stock of Nextstage, Inc. (the
'Corporation') from Five Hundred Million Pesos (P
500,000,000.00) to One Hundred Million Pesos (P 100,000,000.00)
by reducing the par value from One Peso (P1.00) to Twenty
Centavos (P0.20); and

(b) The amendment of the Corporation's Articles of Incorporation
more specifically Article Seventh thereof, amending the par
value per share from Twenty Centavos (P0.20) to One Peso
(P1.00).

The foregoing decrease in capital stock to One Hundred Million
Pesos (P100,000,000.00) by reducing the par value per share to
Twenty Centavos (P0.20) and the subsequent amendment of the par
value to One Peso (1.00) per share was undertaken to generate
sufficient reduction surplus necessary to wipe off, fully or
partially, the accumulated deficit of the Corporation as of 31
December 2002 amounting to P184,155,691.00. x x x "

In this regard, please be informed that the Listing Committee of
the Exchange approved the reduction in the number of listed
shares of the Corporation relative to the above quasi-
reorganization. As such, the number of listed shares of the
Corporation in the Official Registry of the Exchange shall be
reduced from 268,256,740 common shares to 53,651,348 common
shares.

In view thereof, the trading suspension implemented on the
Corporation's shares shall be lifted on Monday, January 5, 2004.
The corresponding reduction in the number of listed shares of
the Corporation shall likewise be reflected in the Exchange's
computer system (electronic board and ticker) on the same date.
Consequently, trading of NXT shares shall be based on the
adjusted and reduced number of shares.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_4127_NXT.pdf


PHILIPPINE LONG: Sees FY03 Php1B Net Loss From Landline Business
----------------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) expects a net loss
of 1 billion pesos from its fixed line business in 2003 due to
poor subscriber take-up, AFX Asia reported on Monday. The losses
from the fixed line segment would limit PLDT's 2003 earnings,
which were largely driven by the performance of wireless unit
Smart Communications Inc.

In the first nine months of 2003, PLDT's fixed line business
incurred a net loss of 1.4 billion pesos. PLDT has embarked on a
labor force reduction program particularly in the fixed line
segment to limit the losses.


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

ALIVESTONE INVESTMENT: Petition to Wind Up Pending
--------------------------------------------------
The petition to wind up Alivestone Investment Pte Ltd. is set
for hearing before the High Court of the Republic of Singapore
on January 16, 2004 at 10 o'clock in the morning, the Government
Gazette reports. The Malayan Banking Berhad, a creditor, whose
address is situated at No. 2 Battery Road, #01-00 Maybank Tower,
Singapore 049907, filed the petition with the court on December
23, 2003.

The Petitioner's solicitors are Messrs Shook Lin & Bok of 1
Robinson Road, #18-00 AIA Tower, Singapore 048542. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs Shook Lin & Bok a notice in writing
not later than twelve o'clock noon of the 15th day of January
2004 (the day before the day appointed for the hearing of the
Petition).


ESAMSUNG ASIA: Issues Notice to Creditors
-----------------------------------------
The creditors of Esamsung Asia (Holdings) Pte Ltd. (In Members'
Voluntary Liquidation), which is being wound up voluntarily, are
required on or before the 4th of February 2003 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.

LEE YO HWAN
Liquidator.
c/o 3 Temasek Avenue
#26-01 Centennial Tower
Singapore 039190.


FALCON PILING: Unveils Petition for Judicial Management Order
-------------------------------------------------------------
Notice is hereby given that a petition for placing Falcon Piling
Pte Ltd. under the judicial management by the Singapore High
Court will be heard before the Court at 10 A.M. on the 9th day
of January 2004, Government Gazette reports. Mr. Yin Kum Choy of
K C Yin & Co has been nominated as the judicial manager; and any
person who intends to oppose the making of an order under
section 227B (5) (b) or the nomination of a judicial manager
under section 227B (3) (c) may appear at the time of the hearing
by himself or his counsel for that purpose; and a copy of the
petition will be furnished to any creditor or member of the
Company requiring it by the undersigned on payment of the
regulated charge.

The Petitioner's address is 61 Gul Drive, Singapore 629500.
The Petitioner's solicitor is Yeo Wee Kiong Law Corporation of 1
Raffles Place, #39-02 OUB Centre, Singapore 048616.

YEO WEE KIONG LAW CORPORATION


GENISTA RESEARCH: Releases Dividend Notice
------------------------------------------
Genista Research Pte Ltd. issued a notice of intended dividend
as follows:

Address of former registered office: 9 Battery Road #15-00
Straits Trading Building Singapore 049910.

Last day of receiving proofs: 16th January 2004.

Name of liquidators: Chee Yoh Chuang and Lim Lee Meng

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

CHEE YOH CHUANG
LIM LEE MENG
Liquidators.


INTERNET TECHNOLOGY: Strikes Off Dormant Unit
---------------------------------------------
Internet Technology Group Limited (ITG) announced that an
application for the strike-off of its dormant associated
Company, TalentQ Pte Ltd (TalentQ), had been submitted to the
Registrar of Companies and Businesses (RCB). The assets of
TalentQ, which comprised substantially of an investment in
InfoExchange Pte Ltd (InfoExchange), would be distributed in
specie to TalentQ's shareholders. TalentQ would be struck off in
due course subject to RCB's approval. InfoExchange itself had
been placed under members' voluntary liquidation. Therefore, the
only asset of InfoExchange, which was an investment in InfoLink
Systems, Inc (InfoLink), had been transferred to InfoExchange's
shareholders as a distribution of surplus assets in specie. As a
result, ITG was entitled to and had received 12,198 InfoLink
Series Z-1 Preferred Shares and 16,243 InfoLink Series Z-2
Preferred Shares. Through ITG's direct investment in
InfoExchange Pte Ltd, ITG was entitled to and had received
another 432,846 InfoLink Series Z-2 Preferred Shares.

After the above restructuring, ITG has 12,198 InfoLink Series Z-
1 Preferred Shares and 449,089 InfoLink Series Z-2 Preferred
Shares representing an investment stake of about 0.9 percent in
InfoLink.

InfoLink wholly owns the US-based Company, Savi Technology, Inc
(Savi). Savi provides real-time logistics solutions by uniquely
leveraging the advantages of wireless data collection systems
and web-based software to enable collaboration and securely
manage supply chain assets and their contents throughout their
entire product life cycle.

The above transactions had no material impact on the
consolidated net tangible assets and the consolidated earnings
per share of ITG.

None of the directors or substantial shareholders of ITG has any
interest in the above transactions.


RHB-CATHAY SECURITIES: Creditors Must Submit Claims by Feb 1
------------------------------------------------------------
The creditors of RHB-Cathay Securities Pte Ltd (In Members'
Voluntary Liquidation), which is being wound up voluntarily, are
required on or before February 1, 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
liquidator Loke Poh Keun, 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.

LOKE POH KEUN
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.


ST GREGORY: Issues Debt Claim Notice to Creditors
-------------------------------------------------
Creditors of ST Gregory Kronos Pte Ltd. (In Members' Voluntary
Liquidation), which is being wound up voluntarily, are required,
on or before the 9th day of February, 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 liquidators of the said Company; and if so
required by notice in writing by the said liquidators, 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.

LOW SOK LEE MONA
CHENG SOON KEONG
Liquidators.
c/o Low, Yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807.


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


JASMINE INTERNATIONAL: Reduces Par Value from THB10 to THB1
-----------------------------------------------------------
Subject :  Change of Par Value
To      :  The President of the Stock Exchange of Thailand
Ref.    :  The Company's letter ADMS 98/46 dated 24 December
           2003

Chaengwatana Planner Company Limited, as the Plan Administrator
of Jasmine International Public Company Limited (the Company),
informed that the Company has changed the par value of its
shares (par split), as detailed in the Company's letter ADMS
98/46 dated 24 December 2003.

Presently, the Company completely registered changing the par
value of its share (par split) from Baht 10 (Ten Baht) per share
to Baht 1 (One Baht) per share and amending the Memorandum of
Association and the Articles of Association of the Company to be
in line with the change of the par value of its shares with the
Ministry of Commerce on 31 December 2003.

Please be informed accordingly.

Yours sincerely,

Somboon Patcharasopak
Chaengwatana Planner Co., Ltd.,
Plan Administrator of Jasmine International PCL




* BOND PRICING: For the week of January 5 - January 9, 2004
-------------------------------------------------------------

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

AUSTRALIA
---------
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    63
Australian Food & Fibre Ltd            4.000%    12/31/08    10
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     8
Capital Properties NZ Ltd              8.500%     4/15/09     9
Consolidated Minerals Ltd              11.250%    3/31/05     1
Djerriwarrh Investments Ltd            7.500%     9/30/04     4
Evans & Tate Ltd                       8.250%    10/29/07     1
Fletcher Building Ltd                  7.800%     3/15/06     8
Fletcher Building Ltd                  7.900%    10/31/06     8
Fletcher Building Ltd                  8.300%    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     8
Fletcher Building Ltd                 10.500%     4/30/05     7
Feltex Carpets Ltd                    10.250%     9/15/08     1
Fernz Corp Ltd                         8.560%    10/15/06     8
Futuris Corporation Ltd                7.000%    12/31/07     2
Garratts Ltd                           12.000%    12/31/03    1
Gympie Gold Ltd                        8.500%     9/30/07     1
Hy-Fi Securities Ltd                   7.000%     8/15/08     9
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    73
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     9
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     9
TrustPower Ltd                         8.300%     9/15/07     8
TrustPower Ltd                         8.500%     9/15/12     8
Vision Systems Ltd                     9.000%    12/15/08     2

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

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

KOREA
-----

Korea Electric Power Corporation       7.950       4/1/96    66
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
Fountain View Development Sdn Bhd      3.500%      11/3/06    6
Gadang Holdings Bhd                    3.000%     10/21/07    3
Gadang Holdings Bhd                    2.000%     12/24/08    3
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    2
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
Kretam Holdings Bhd                    1.000%      8/10/10    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
Prinsiptek Corporation Bhd             2.000%     11/20/06    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
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Tap Resources Bhd                      2.000%      6/29/06    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    2
Wah Seong Corporation Bhd              3.000%      5/21/12    3
Yu Neh Huat Bhd                        3.000%       9/2/08    1

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

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

SINGAPORE
---------

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

THAILAND
--------

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 2004.  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 ***