TCRAP_Public/040116.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, January 16, 2004, Vol. 7, No. 11

                         Headlines

A U S T R A L I A

ADECCO SA: Belies Speculations about U.S. Accounting Fraud
CORRPRO COMPANIES: 18 Counts of Fraud Filed v. Former Executive
PARMALAT GROUP: Australian Unit Claims it is a Viable Business
SANTOS LIMITED: Moomba Fire Continues to Scare Investors
SOUTHCORP LIMITED: Sticks to September Earnings Guidance


C H I N A & H O N G  K O N G

IVY STAR: HK High Court to Hear Winding up Petition February 4
KIND JOYCE: Faces Winding up Petition Before HK High Court
WAH FUNG: Winding up Hearing Set February 25


I N D O N E S I A

BAKRIE NIRWANA: IBRA Rejects Latest Offers; to Hold New Auction


J A P A N

ASHIKAGA BANK: Former Chief Slams Accounting Firm
ASHIKAGA BANK: Auditor Denies Wrongdoing
DAIDO KENSETSU: Construction Firm Enters Rehabilitation
KOBE STEEL: Issues US$282M in Convertible Bonds
MITSUBISHI MOTORS: Offers No Comment on Capital Increase Report

MITSUBISHI MOTORS: May Sell 42% Stake in Fuso
MITSUBISHI MOTOR: Unit Aims to Pay US$1.3B Debt by 2006


K O R E A

DAEWOO ENGINEERING: KAMCO Set to Auction Firm
LG CARD: LG Investment Accuses Shareholders of Insider Trading
LG CARD: Shareholders Face Substantial Losses
SK GLOBAL: Japanese Customers Acquire SK Shares for $24 Million
SK GLOBAL: Sovereign Asset Transfers 14.99% Stake to Units

SK GROUP: Delays Walkerhill Hotel Sale Until May or June
SSANGYONG MOTOR: Resumes Operation After Strike

* Card Woes Threaten Korean Banks' Credit Quality, Says S&P


M A L A Y S I A

GEAHIN ENGINEERING: Issues Restructuring Scheme Update
GEAHIN ENGINEERING: Extends Restructuring Scheme to September
KSU HOLDINGS: Court Extends Tenure of Receiver/Manager
LION CORPORATION: Bondholders Agree to Deferral of Payments
SRIWANI HOLDINGS: Completes Investigative Audit

WAH SEONG: New Shares' Listing Granted for Next Week


P H I L I P P I N E S

FORTUNE CEMENT: Seeks Fine Waiver on Finance Results
MANILA ELECTRIC COMPANY: Court Issues Resolution on Petition
MANILA ELECTRIC: Vows to Comply With Rate Hike Ruling
MANILA ELECTRIC: Shares Down 16% Thursday After Court Ruling
NATIONAL BANK: Appoints New Controller

NATIONAL STEEL: LNM Warns GIHL Takeover
PHILIPPINE AIRLINES: Expects US$14.4M Losses Until March
PILIPINO TELEPHONE: Unveils January 14 Meeting Resolutions
UNIVERSAL RIGHTFIELD: Gets Php150M Funding if Court OKs Rehab


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Enters Alliance With IBM
C.K. TANG: Court Meeting Set for February 9
FALCON PILING: Issues Judicial Management Order Notice
FHTK HOLDINGS: Posts Changes in Shareholder's Interest
G3BONDSINASIA PTE: Issues Debt Claim Notice to Creditors

MAKANSUTRA MEDIA: Creditors Must Submit Claims by February 9
SINGAPORE TELECOMMUNICATIONS: Unit Appoints liquidator


T H A I L A N D

ADVANCE PAINT: Paid-up Capital Rises
CAPETRONIC INTERNATIONAL: Details Latest Exercise of Warrants
DATAMAT PUBLIC: Unit Shares Start MESDAQ Trading
EMC PUBLIC: Submits Progress Report to SET
EMC PUBLIC: Posts Details of Capital Increase

THAI HEAT: Posts Latest Update on Debt-to-equity Conversion
TONGKAH HABOUR: SET OKs Trading of Securities
TRAFFIC CORNER: To Trade New Shares Today

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


ADECCO SA: Belies Speculations about U.S. Accounting Fraud
----------------------------------------------------------
Leading employment-services firm, Adecco S.A., clarified
Wednesday that the delay of its financial report is not due in
any way to an accounting irregularity, as has been circulated by
the press lately.

In a statement released to the Swiss market, Chief Financial
Officer Felix Weber said reports suggesting that the group had
discovered accounting irregularities at the U.S. unit are false
and baseless.  He regretted that analysts and investors appeared
to have misinterpreted the phrase "possible accounting issues,"
which was cited as the reason for the delay.

"It doesn't mean you have irregularities but that the control
environment is not so good," The New York Times quoted Mr. Weber
as saying. "It's not a question of mistakes but a question of
judgment," he added, speaking from the corporate headquarters in
Wallisellen outside Zurich.

"We wanted a delay due to a change of audit approach and due to
material weaknesses identified. Because of this, we have ordered
an audit and review of compliance in other markets.  We do not
feel comfortable that we can rely on the control environment in
the USA," he said.

He also denied the so-called accounting issues were related to
an incident two years ago, when analysts said the company
appeared to have overstated profits.

Formed in 1996 when Adia of Switzerland was merged with Ecco of
France, Adecco acquired Olsten in the U.S. in 2000 for US$1.6
billion cash and stock transaction.  Arthur Andersen, which
collapsed in the wake of the Enron accounting scandal, audited
Adecco's books until 2001.  Ernst & Young assumed this role in
2002 and gave Adecco a clean opinion, adding the books had
complied with U.S. accounting rules.  Ernst & Young will conduct
the re-audit in New York.

Adecco has US$2 billion ($2.57 billion) in bonds on issue and
runs 50 offices worldwide.  It employs 500 in Australia,
according to the Sydney Morning Herald.


CORRPRO COMPANIES: 18 Counts of Fraud Filed v. Former Executive
---------------------------------------------------------------
Gregory John Waring, the former Managing Director of Corrpro
Companies Australia Pty Ltd, has appeared in the Melbourne
Magistrates Court on charges brought by the Australian
Securities and Investments Commission (ASIC).

Mr. Waring, of Taylors Lakes, Victoria, faces eighteen charges
under the Crimes Act and seven charges under the Corporations
Act.

The charges were laid following an ASIC investigation into the
conduct of Mr. Waring as Managing Director of Corrpro Companies
Australia Pty Ltd (Corrpro Australia).  ASIC alleges that Mr.
Waring falsified the accounts of Corrpro Australia, a subsidiary
of the United States based Corrpro Companies Inc.  ASIC further
alleges that Mr. Waring provided false information to Corrpro
Australia's auditors, obtained financial advantage by deception
by using the falsified accounts to obtain a line of credit from
the Bank of Melbourne, and improperly used his position as
Managing Director.

Mr. Waring did not enter pleas and will appear again on March 9,
2004.  The Commonwealth Director of Public Prosecutions is
prosecuting the matter.  ASIC acknowledges the assistance of the
United States Securities and Exchange Commission during the
course of its investigation.


PARMALAT GROUP: Australian Unit Claims it is a Viable Business
--------------------------------------------------------------
Parmalat Australia Ltd. says that it remains a sound, viable
business and operates independently from its scandal-burdened
parent. Importantly, the Australian business does not require
support from its parent for day-to-day operations.

The trading results for Parmalat Australia, formerly Pauls
Limited, indicate a strong, viable business, according to
Managing Director David Lord. In a recent press release, Mr.
Lord explained that Parmalat Australia's operations have been
profitable and cash flow positive. This is expected to continue.
"All trading is conducted through this entity," he explained.

The 2002 statutory accounts of Parmalat Australia -- publicly
available from ASIC -- clearly show EBIT of A$18.2 million and
that the Company generated more than A$25.0 million of cash from
operations after capital expenditure. Recent media reports refer
to the local non-trading Australian holding Company, Parmalat
Pacific Holdings Pty Ltd -- formerly Parmalat Australia Pty Ltd
-- the results of which, since 1998 reflect holding costs
associated with the original acquisition of Pauls Limited,
including the write-off of goodwill on acquisition. A
significant proportion of these expenses are non-cash items as
evidenced in the Statement of Cash Flows in the accounts of the
holding Company and, hence, have no cash impact on the total
Australian operations.

In Australia, Parmalat operations in 2003 continued to generate
solid EBIT growth and also growth in free cash generation.
Parmalat Australia's 2003 results continue to show a significant
improvement in operational performance and this will be
evidenced in the audited 2003 accounts.

"For Parmalat Australia, it's business as usual despite
developments involving its parent Company in Italy. We operate
as an independent entity and with the ongoing support of all
stakeholders, including customers, employees, farmers, banks and
suppliers, we will continue to build on our success," Mr. Lord
said.

Parmalat Australia employs over 1,500 people across Australia.
It purchases more than 600,000,000 liters of milk from farmers
and cooperatives each year. (Parmalat Bankruptcy News, Issue No.
2; Bankruptcy Creditors' Service, Inc., 215/945-7000)


SANTOS LIMITED: Moomba Fire Continues to Scare Investors
--------------------------------------------------------
News that the Bayu-Undan gas project of Santos Limited will
begin production in April failed to excite investors Thursday,
according to the Sydney Morning Herald.

Santos shares closed 2 cents lower at AU$6.32, the paper said.
Since the New Year's Day fire at the company's Moomba gas plant,
Santos shares have lost 8 percent of its value.

On Thursday, Santos boasted that the first stage of the US$3.3
billion Bayu-Undan project in the Timor Sea was on schedule
after successfully opening two wells for production.

"Bayu-Undan remains on schedule for first liquids production in
April 2004... this latest achievement gives us increased
confidence we will deliver commercial liquids production," The
Sydney Morning Herald quoted Santos managing director, Ellice-
Flint, as saying.


SOUTHCORP LIMITED: Sticks to September Earnings Guidance
--------------------------------------------------------
Southcorp Limited maintained Thursday its earnings guidance for
the year ending June 30, 2004 despite the downgrade made by
several investment banks on their forecast for the troubled
winemaker.

On Wednesday, JP Morgan and UBS cut their respective earnings
forecast for 2004 and 2005; the former seeing as much as 22%
slide in net profit.  JP Morgan believes the strengthening of
the Australian dollar is working against Southcorp's rehab plans
because it makes its products more expensive for overseas
buyers, particularly those in the United States.

UBS, on the other hand, said the winemaker cannot afford any
reduction in margins as this would make it more difficult to
"reinvest in the [wine] industry and achieve acceptable
returns."  It cut its 2004 profit forecasts by 1 percent to
AU$96.9 million and 2005 result by 6 percent to AU$109 million,
TCR-Asia Pacific said yesterday.

In September, Southcorp forecasted flat sales and volumes,
margin growth of three to four percentage points and overall
improvement in profit.  The company yesterday said it is
sticking with this guidance.


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


IVY STAR: HK High Court to Hear Winding up Petition 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 Ivy Star Limited.

Tang Kwong Cheung Benny of Flat E, 17/F., Ko Fung Court, Harbour
Heights, No. 5 Fook Yum Road, North Point, Hong Kong filed the
petition on December 1, 2003.  Tam Lee Po Lin, Nina represents
the petitioner.

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


KIND JOYCE: Faces Winding up Petition Before HK High Court
----------------------------------------------------------
The High Court of Hong Kong will hear on February 25, 2004 at 10
A.M. the petition seeking the winding up of Kind Joyce Property
Limited.

Koo Chung Ki of Room 2307, Fu Wong House, Fu Cheong Estate,
Shamshuipo, Kowloon, Hong Kong filed the petition on December
15, 2003.  Tam Lee Po Lin, Nina represents the petitioner.

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


WAH FUNG: Winding up Hearing Set February 25
--------------------------------------------
The High Court of Hong Kong will hear on February 25, 2004 at 10
A.M. the petition seeking the winding up of Wah Fung Container
Transportation Co. Limited.

Lai Kin Keung of Room 1, 4/F., 458 Castle Peak Road, Kowloon,
Hong Kong filed the petition on December 17, 2003.  Tam Lee Po
Lin, Nina represents the petitioner.

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


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


BAKRIE NIRWANA: IBRA Rejects Latest Offers; to Hold New Auction
---------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) will launch
another auction for the assets of Bakrie Nirwana after receiving
two unsatisfactory bids recently, Asia Pulse said Wednesday.

The IBRA is offering Bakrie Nirwana Resort's assets consisting
of 70.5 percent shares and loan worth Rp1.541 trillion (US$184.7
million) under its Sixth Loan Asset Sales Program.  So far, two
investors -- one an unidentified Singaporean -- have submitted
offers, but both were below the agency's floor price.

"We [will] decide to conduct another bid [at] the end of the
week," an unnamed IBRA source told Asia Pulse.

This is not the first time that IBRA offered the company's
assets for sale.  In its second Strategic Asset Sales Program
(PPAS), Goal Trading Asset Ltd bid 60 percent of the floor
price.  In the first PPAS, Bakrie received the highest bid at
US$15 million from Goal Trading Asset Ltd or less than 10
percent of the asset value.

Out of these transactions, IBRA was able to convert bonds worth
US$82 million into equity.  In stage A, the debt was reduced
from US$40 million to US$20 million and the remaining US$20
million was converted by the IBRA to equities, according to Asia
Pulse.  In stage B, the debt was reduced from US$38 million to
US$29 million.  Bakrie has debts worth US$29 million at SIBOR
interest rate plus 1 percent sustainable debt, the report said.


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


ASHIKAGA BANK: Former Chief Slams Accounting Firm
-------------------------------------------------
Yoshiaki Higano, former President of Ashikaga Bank, said Chuo
Aoyama Audit Corporation's sudden decision not to count the
bank's deferred tax assets, as Ashikaga's capital for the half-
year period ending September 2003 was to blame for the bank's
failure in December, according to Japan Times on Thursday.

Hiroshi Ueno, Chief Executive partner of ChuoAoyama Audit
Corporation, rejected Higano's argument, stating that auditors
from the accounting firm had previously warned the bank not to
rely on its deferred tax assets.


ASHIKAGA BANK: Auditor Denies Wrongdoing
----------------------------------------
Testifying in front of the House of Representatives Committee on
Financial Affairs on Wednesday, Chuo Aoyama Auditing Corporation
President Hiroshi Ueno defended the firm's decision to declare
troubled Ashikaga Bank solvent last March, Kyodo News reports.
Hiroshi Ueno said the auditor's assessment differed from the FSA
inspection due to differences in systems, purposes and the
timing.

The government placed the bank under state control on December 1
by seizing all shares in the bank after determining it to be
insolvent, with a negative net worth of 102.3 billion yen as of
September 30, TCR-AP reported recently. The negative net worth
reduced the lender's capital adequacy ratio to minus 3.7
percent. Banks operating domestically are required to maintain a
minimum 4 percent.


DAIDO KENSETSU: Construction Firm Enters Rehabilitation
-------------------------------------------------------
Daido Kensetsu K.K., which has total liabilities of 5.2 billion
yen against a capital of 98 million yen, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The construction and civil engineering firm is located in
Obihiro-shi, Hokkaido, Japan.


KOBE STEEL: Issues US$282M in Convertible Bonds
-----------------------------------------------
Kobe Steel will issue 30 billion yen (US$282 million) in euro
yen convertible bonds to help strengthen its finances, the
Company said on Wednesday. Payment for the convertible bond (CB)
is due on February 2. UBS Limited will lead manage the issue,
which will be offered to overseas investors, excluding the
United States.

The steel firm will sell at least 72 billion yen (US$658
million) of bonds this year to repay debt, TCR-AP reported
recently, citing Tsuguto Moriwaki, Executive Vice President of
the Company. The sales come as the Company plans to cut bank
loans to half its debt, from 70 percent in March, the Company
said.


MITSUBISHI MOTORS: Offers No Comment on Capital Increase Report
---------------------------------------------------------------
Mitsubishi Motors Corporation declined to comment on news
reports that it has asked DaimlerChrysler and other shareholders
for a US$940 million capital increase to support its
restructuring scheme, according to Reuters. The report said the
carmaker would consider issuing new shares worth 100 billion yen
to DaimlerChrysler, Mitsubishi Heavy Industries and Mitsubishi
Corporation. The automaker incurred a huge first-half loss and
forecast a net loss of 11 billion yen (US$104 million) for the
twelve months to March 31, 2004.


MITSUBISHI MOTORS: May Sell 42% Stake in Fuso
---------------------------------------------
Mitsubishi Motors Corporation scheduled a board meeting on
January 15 to approve the sale of its remaining 42 percent stake
in Fuso Truck & Bus Corporation for an estimated 100 billion yen
(US$943 million) to raise cash after disastrous losses in the
United States last year, the Financial Times reported on
Wednesday.

Sources close to the talks said Germany's DaimlerChrysler, which
controls MMC, would take control of Fuso. However, Daimler is
expected to leave the Fuso management in place when it lifts its
stake from 43 percent to 65 percent. Companies affiliated with
Mitsubishi Corporation, the former owner of MMC, are expected to
take the other 20 percent of Fuso.


MITSUBISHI MOTOR: Unit Aims to Pay US$1.3B Debt by 2006
-------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation, a unit of Mitsubishi
Motors Corporation, plans to pay back its 140 billion yen
(US$1.3 billion) of industrial debt by March 2006, Bloomberg
News reports, citing Company Chief Executive Wilfried Porth.

The plan includes cutting 60 billion yen from the total of 220
billion yen industrial and auto financing debt by March 31, 2003
as its dealers repay loans to banks. The debt reduction plan
makes the Company more attractive to its largest shareholder
DaimlerChrysler AG, which is planning to raise its stake in Fuso
to 65 percent from 43 percent now.


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


DAEWOO ENGINEERING: KAMCO Set to Auction Firm
--------------------------------------------
The Korea Asset Management Company (KAMCO) will schedule soon
the auction of Daewoo Engineering and Construction (DEC), the
latest part of the bankrupt Daewoo business empire to be sold,
the Financial Times reports. KAMCO plans to appoint an adviser
soon to organize the sale of its 46 percent stake in the Company
to a domestic or foreign investor.

DEC is one of several Daewoo units that survived the 1999
collapse of the conglomerate under US$80 billion of debts in
South Korea's largest corporate bankruptcy. Unnamed analysts
said KAMCO's stake in Daewoo Engineering could fetch about 800
billion (US$677 million).


LG CARD: LG Investment Accuses Shareholders of Insider Trading
--------------------------------------------------------------
Labor union members of LG Investment & Securities Co. filed a
complaint Wednesday, accusing 94 major LG Card Co. shareholders
of insider trading, Yonhap News said on Wednesday. After months
of liquidity problems, LG Card Co. was bailed out on Monday
under a government-arranged deal, which requires the state-run
Korea Development Bank to temporarily manage it with an infusion
of large public funds.


LG CARD: Shareholders Face Substantial Losses
---------------------------------------------
Major shareholders of LG Card Co. are facing substantial losses
ahead of a hefty capital reduction planned for next month, the
Korea Herald reports.

Largest shareholder Korea Development Bank recently announced a
44-to-1 capital reduction for existing shareholders. Templeton
Asset Management, the second-largest shareholder in the issuer
after LG Group, increased its stake in the nation's largest card
issuer to 11.35 percent as of December 5 from 5.39 percent in
November 27.

Other major shareholders including U.S.-based Capital Group
International, Acorn Investment Holdings, and Pecan Investment
Holdings are also likely to face substantial losses from their
investments.


SK GLOBAL: Japanese Customers Acquire SK Shares for $24 Million
---------------------------------------------------------------
Itochu Corporation and Taiyo Oil Company purchased a combined
0.74 percent stake in SK Corporation for $24,400,000, Bloomberg
News reports. The two Japanese companies are customers of SK
Corporation.

Itochu, Japan's third-largest trading Company bought 0.5 percent
of SK Corp. outstanding shares. Itochu reportedly has no plans
of buying more SK Corp. stocks. (SK Global Bankruptcy News,
Issue No. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000)


SK GLOBAL: Sovereign Asset Transfers 14.99% Stake to Units
----------------------------------------------------------
Sovereign Asset Management Ltd. transferred some of its 14.99
percent stake in SK Corporation to wholly owned units after the
stock exchange reported that a 12 percent stake, or 15.27
million shares in SK Corporation had been traded between
overseas investors.

The transfers, Bloomberg News reports, were undertaken for
internal risk management purposes and do not reduce Sovereign's
holdings.

(SK Global Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


SK GROUP: Delays Walkerhill Hotel Sale Until May or June
--------------------------------------------------------
The sale of Sheraton Grande Walkerhill Hotel, an affiliate of
the ailing SK Group, will be delayed until May or June,
according to Yonhap News on Thursday. Creditors for SK Networks
Co. will push for the sale of the hotel after completion of the
nation's first six-star hotel, which is currently under
construction on the property of the SK-owned facility in eastern
Seoul. The report did not mention the hotel's sale price.


SSANGYONG MOTOR: Resumes Operation After Strike
-----------------------------------------------
Ssangyong Motor Co. said its domestic plants in Pyeongtaek and
Changwon resumed operations on Thursday, after a one-day partial
strike on Wednesday by its 5,500 unionists to protest a planned
sell-off of the struggling automaker to China National Bluestar
Group Corporation. The half-day walkout cost Ssangyong about 6
billion won (US$3.5 million) by preventing the production of 350
vehicles. Bluestar has unveiled a plan to invest US$1 billion in
Ssangyong by 2010.


* Card Woes Threaten Korean Banks' Credit Quality, Says S&P
-----------------------------------------------------------
Standard & Poor's Ratings Services (S&P) said the extent of the
problems caused by Korea's credit card binge is larger than
publicly recognized, and that individual downgrades of banks or
other entities that have large exposure to card assets either
through their businesses or investments cannot be ruled out.

For the seven card companies in Korea, their negative net asset
value is estimated to have stood at over 8 trillion won (US$7
billion, 1.3 percent of GDP estimate in 2003) at the end of
September 2003. Accordingly, a capital injection of more than W9
trillion is the minimum required to properly recapitalize these
companies.

Executing the current plan to rescue LG Card would cost the nine
creditor banks about 1.9 trillion won, shaving off about 0.4
percentage points from their combined Tier 1 ratio, as of
September 2003. This would negatively affect their credit
ratings, although the size of the estimated loss itself is not
large enough to trigger an immediate downgrade. As a result of
their exposure to LG Card, Standard & Poor's has raised its
estimate for the impaired asset ratio of all Korea's major
commercial banks to 7.3 percent from 7.0 percent.

Although the likelihood of LG Card being liquidated has receded
in the past few days, this would cause total losses of about
W3.8 trillion, amounting to a 0.8 percentage point drop in the
nine banks' combined Tier 1 ratio as of September 2003.

The bailout of LG Card is less likely to have an immediate
impact on the sovereign ratings on Korea (Republic of) because
of the relative small size of the problem, which will not pose a
systemic risk to the financial industry. However, the credit
card companies' recent problems have again revealed the
structural weaknesses of the Korean financial system: the lack
of development of long-term financing opportunities; ineffective
internal credit control by financial institutions; and
forbearance by regulatory authorities.


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


GEAHIN ENGINEERING: Issues Restructuring Scheme Update
------------------------------------------------------
Geahin Engineering Berhad on Wednesday obtained from the High
Court of Malaya in Melaka this Order, inter alia,

(1) The time period to hold the members' meeting to consider and
approve the restructuring scheme under Section 176 (1) of the
Companies Act 1965, pursuant to the Order dated 14 January,
2004, be extended by a period of one hundred and eighty (180)
days from November 11, 2003 until April 28, 2004 for the purpose
of holding the meeting.

(2) Restraining Order pursuant to Section 176 (10) of the
Companies Act, 1965, for a period of one hundred and eighty
(180) days from 14 January 2004, and

(3) That the Court approved Mr. Chua Yong Giap to act as a
director of the Company under Section 176 (10A) (d) of the
Companies Act 1965.


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


KSU HOLDINGS: Court Extends Tenure of Receiver/Manager
------------------------------------------------------
Subject: Kuala Lumpur High Court Civil Suit No. D2-22-1592-03
         (D2 Suit) Low Kah Khuen (suing on behalf of himself
         and all other shareholders of KSU Holdings Berhad save
         for those named as Defendants) (the Plaintiff)-v- KSU
         Holdings Berhad & 9 Others (the Defendant).

We refer to the announcement dated 12 and 13 December 2003 and
hereby announce the following in respect of the outcome of the
D2 Suit, which was heard in court on 14 January 2004.

The High Court has on 14 January 2004 granted an order
continuing the ad interim consent order dated 11 December 2003
until 4 February 2004. The ad interim consent order dated 11
December 2003 and 18 November 2003 provided for the continuation
of the ad interim order granted on 6 November 2003 and the ad
interim order granted on 6 November 2003 specified the limited
powers of Mr. Rabindra Singh a/l Kaher Singh as a court
appointed Receiver and Manager.

For clarification, the statutory powers of Mr. Rabindra Singh
a/l Kaher Singh as a court appointed Receiver and Manager as set
out in the order dated 6 November 2003 are as follows:

(1) The power to collect the debts of the Company and other
monies of the Company;

(2) The power to bring or defend any action or other legal
proceeding in the name and on behalf of the Company;

(3) The power to inspect all books, accounts, registers,
documents and papers of the Company wherever they may be kept
and whoever they may be kept by;

(4) The power to inspect the audit files of the auditors of the
Company;

(5) To do all acts and execute in the name and on behalf of the
company all deeds, receipts and other documents and for that
purpose use when necessary the Company's seal;

(6) The power to appoint counsel and other professionals if
necessary for the discharge of the duties of the Receiver and
Manager;

(7) The power to do all that is necessary to run the operations
and business of the Company but not to incur new liabilities for
the Company and its subsidiary exceeding Ringgit Malaysia Thirty
Thousand (RM30,000.00);

(8) The power to do all that is necessary to preserve the assets
of the Company; and

(9) The power to seek the directions of the Court, and where
necessary to seek an extension of powers from the Court.


LION CORPORATION: Bondholders Agree to Deferral of Payments
-----------------------------------------------------------
A renounceable restricted offer for sale (ROFS) by Amsteel
Corporation Berhad and its wholly owned subsidiary companies,
Angkasa Marketing (Singapore) Pte Ltd and Umatrac Enterprises
Sdn Bhd (Offerors) of 209,701,572 ordinary shares of RM1.00 each
in Lion Corporation Berhad (LCB) (ROFS Shares) to the eligible
shareholders of LCB at the offer price of RM1.00 per ROFS Share
payable in full upon acceptance, on the basis of 9 ROFS Shares
for every 10 LCB shares was held at 5.00 p.m. on 15 December
2003.

Further to the Offer Circular dated 22 December 2003 for the
ROFS (Offer Circular), the Supplemental Document to the Offer
Circular dated 29 December 2003 and the announcements dated 23
December 2003, 12 January 2004 and 14 January 2004, the Offerors
hereby notify the Eligible LCB Shareholders (as defined in the
Offer Circular) that LCB has obtained its Class A Bondholders'
approval to defer the redemption/repayment amounts of the LCB
Bonds (as defined in the Offer Circular) due on 31 December 2003
and 31 December 2004 to 31 December 2004 and 31 December 2005
(Proposed Variation) respectively, details and conditions of
which are set out in the announcements by LCB on 23 December
2003, 12 January 2004 and 14 January 2004.

Following from this, LCB has obtained all its bondholders' and
debtholder's approvals for the Proposed Variation.  However, the
Proposed Variation is still subject to approvals of the
Securities Commission and Bank Negara Malaysia.

This announcement is dated 14 January 2004.


SRIWANI HOLDINGS: Completes Investigative Audit
-----------------------------------------------
Reference: SRIWANI HOLDINGS BERHAD (SHB)
           (1) Capital Reduction And Consolidation;
           (2) Restricted Issue;
           (3) Rights Issue;
           (4) Debt Restructuring Scheme;
           (5) Assets Injection;
           (6) Ma Sepang Debt Settlement; and
           (7) Additional Issue (COLLECTIVELY REFERRED TO AS THE
               "RESTRUCTURING PLAN")

We refer to our announcement dated 30 October 2003 in which we
announced the completion of the investigative audit by Messrs.
Anuarul Azizan Chew & Co (AAC) and the submission of the said
report to the Securities Commission (SC). The investigative
audit is carried out pursuant to the condition imposed by the SC
in its approval for the Restructuring Plan.

SHB hereby announces the summary of findings set out in the
investigative audit report of AAC (which has been reproduced or
extracted, where applicable, from the aforesaid report) as
follows:

(1) Finance Cost

The total financial costs incurred by SHB and its subsidiaries
(SHB Group) for the five (5) financial years ended 31 December
2002 were RM288.9 million. The source of the finance costs was
mainly due to borrowings by SHB Group to finance the duty free
complex comprising a shopping complex, hotel tower block, car
parks, vacant land, together with an adjoining customs and
immigration cum office complex, jetty, a floating restaurant bay
cum kitchen and free standing customs and immigration
checkpoint, all held under Lot PTB 10707, 10710, 20006, 20380
and 20438 Johor Bahru, Johor Darul Takzim and Lots PTD 146378
and 148062 within Mukim of Plentong, Johor Bahru, Johor Darul
Takzim (JB Duty Free Complex). The JB Duty Free Complex was
completed and in operation in year 1998. However, JB Duty Free
Complex cannot generate enough income to repay all borrowings
and interest for the construction of the JB Duty Free Complex.
As a result, the SHB Group has defaulted in the repayment of
bank borrowings. Interest has been continuously charged at
prevailing industry rates on outstanding and accumulated
borrowings.

(2) Impairment of Property, Plant and Equipment (PPE)

(a) Kelana Megah Sdn Bhd (KMSB)

In the financial year ended 31 December 2000, the impairment
loss of approximately RM251.0 million (restated) was provided
for on its property, namely JB Duty Free Complex and RM4.0
million was provided for on its vessels, respectively. The basis
of the impairment was the difference between the carrying value
and the indicative value provided by independent valuer of
RM210.0 million. The basis for the impairment for the vessels is
the difference between subsequent selling price and carrying
value of the vessels as at 31 December 2000. The selling price
is determined on a "willing buy and willing sell" basis taken
into consideration of a valuation by an independent valuer.

Based on the review by AAC, the impairment loss was recognized
immediately and is in compliance with International Accounting
Standard (IAS) 16. No material exception was noted.

Wasted Resources

AAC noted from the variation orders there was an amount of
RM10.1 million provision for loss and expenses due to extension
of time categorized as wasted resources incurred in the
production of the self-constructed asset. These expenses were
payable to Mancon Berhad and was capitalized in PPE. AAC is of
the opinion that the treatment of the variation orders may not
be in compliance with IAS 16.

Upgrading/Widening of road works

AAC noted that the project costs for widening and upgrading of
existing Jalan Stulang Darat and Laut amounted to RM19.5 million
were capitalized in PPE. In this regard, AAC has conducted a
compliance test of asset recognition pursuant to condition set
out in IAS 16 and its findings are as follows:

     (i) The above-mentioned roads were in existence prior to
the commencement of building work of the JB Duty Free Complex
and it is the property of Majlis Perbandaran Johor Bahru
("MPJB");

    (ii) Pursuant to the privatization agreement between the
State Government of Johor Darul Takzim, MPJB and KMSB dated 11
November 1992, KMSB undertakes to improve the above roads at its
own costs and expense in accordance with the recommendation as
contained in the report on Traffic Impact Assessment which has
been approved by MPJB;

   (iii) MPJB has via its letter dated 24 July 1998 imposed the
condition that the above roads need to be completed or upgraded
in order for a permanent Certificate of Fitness for Occupation
("CFO") to be issued by MPJB; and

    (iv) The audit report issued by external auditors for the
period under review did not contain any qualification on the
above.

Based on the above, AAC is of the opinion that the conditions
set out in IAS 16 on asset recognition can be met since the
upgrading work is done pursuant to the terms of privatization
agreement and conditions imposed by MPJB for issuance of
permanent CFO.

Variation Orders

AAC noted that the main buildings works had been increased from
RM166.8 million to RM325.4 million due to variation orders.
However, there was no specific resolution of the Board of
Directors, minutes or shareholders' approval to concur the Board
of Directors action in approving the variation orders of RM158.6
million for the main buildings works. Nevertheless, the
variation orders have been reflected in the audited financial
statements, which were approved by the Board of Directors of
SHB.

(b) Cergasjaya Properties Sdn Bhd (CPSB)

The impairment loss of approximately RM5.9 million was provided
for on its 18-holes Golf Course located at Bukit Kayu Hitam,
Mukim Sungai Laka, Daerah Kubang Pasu, Kedah in year 2000. The
basis of the impairment loss was the difference between the
carrying value and the indicative market value of RM41.9 million
on the property by Rahim & Co dated 26 February 2001.

In year 2002, there was further impairment of RM7.3 million. The
further impairment loss was due to the differences between
carrying value and the market value, based on the valuation
report of Rahim & Co dated 12 June 2002. As the basis of the
impairment was based on the indicative value provided by
independent valuer and was recognized immediately, it is in
compliance with IAS 16 and Malaysian Accounting Standards Board
(MASB)23. Therefore, AAC concluded that it found no evidence of
any breach of act or guidelines.

(3) Provision for doubtful debts

Gold Vale Development Sdn Bhd (GVDSB)

In year 2001, a significant increase on the provision for
doubtful debts was mainly contributed from GVDSB. The provision
was made on the Liquidated Ascertained Damages ("LAD") for the
delay of the completion of Eden Seaview Condominium Project
whereby Mancon Berhad was the main contractor. The LAD amount
was RM 14,075,000, which was computed by Architect H Sun, an
architect of the project as per its letter dated 10 July 1998.
The management has made a provision of 75.0% of the LAD amount
based on the revised restructuring scheme proposed by Mancon
Berhad dated 28 August 2001, whereby the recovery rate for
unsecured creditors was approximately 20.4%. In year 2002, the
management had provided an additional provision for doubtful
debt of RM2.7 million. In year 2003, the management has taken
legal action against Mancon Berhad in order to recover the LAD
of RM14.1 million. No other material exception was noted.

Elimination error on consolidated financial statements
In year 1999 and 2000, AAC noted that the disclosure note for
the provision for doubtful debts was wrongly stated as RM4.1
million and RM0.9 million in the audited consolidated financial
statements respectively. The said provision for doubtful debts
in relation to its inter companies balances with its
subsidiaries which should be eliminated during the preparation
of consolidation financial statements. However, the wrong
disclosure of RM4.1 million and RM0.9 million has no material
impact on the consolidated income statement and cash flow
statement.

(4) Development expenditure written off

Written off based on valuation report

Cerah Menang Sdn Bhd had purchased a piece of land for RM12.2
million for resort development purposes in year 1993. Up to year
1998, an aggregate of RM5.9 million was capitalised, mainly
consist of interest costs and professional fees. We noted that
out of the RM5.9 million that has been capitalised, 87.5% are
interest cost. However, based on the valuation report from Rahim
& Co. dated 12 November 1998, the market value of the property
was RM14.6 million. Therefore the development expenditure was
written down by RM3.5 million. Based on the above, it appears
that the holding cost has exceeded the appreciation in value of
the said land.

Abandonment of the original plan

Development expenditure written off of RM1.0 million and RM0.3
million in Blossom Time Sdn Bhd (BTSB) and Radiant Ranch Sdn Bhd
(RRSB) respectively were in connection to the golf course design
fees which were paid to Geotrade Sdn Bhd. The management has
changed the original plan to now develop a housing project after
the financial crisis in year 1997. Hence, the said expenditure
was written off. AAC noted that Geotrade Sdn Bhd is a related
party of GVDSB in which certain directors of SHB, i.e., Dato'
Chuan Wooi Cheng and Chuan Hooi Huat formerly have interest.
Based on the review by AAC, it noted that the fees paid was the
reimbursement of the actual fee incurred by related party. No
exception was noted.

Contribution costs for common facilities written off. In year
2002, BTSB, RRSB and GVDSB had entered into an agreement with
Eightcom Seiki (M) Sdn Bhd (Eightcom) respectively to appoint
them as the main contractor for the construction of low cost
flats, a community hall, market and hawker center (collectively
as "Common Facilities").

The contribution cost of the Common Facilities as set out in
Table A, amounting RM5.5 million was capitalized as development
expenditure in the respective companies although payment has not
been made yet.

The external auditors of these companies for the period under
review had subsequently proposed to write off the contribution
costs based on the following grounds:

    (i) BTSB - The land will be disposed off for RM15 million
after the implementation of the proposed restructuring scheme.
The carrying cost of the land stood at RM32.0 million

    (ii) RRSB - As a matter of consistency of treatment as in
the case of BTSB, the common cost is to be written off even
though the land would be kept by the Company post restructuring

    (iii) GVDSB - The common cost is to be written off as
project has been completed

From the above, it would appear that the write-off by the
management based on the recommendation of the external auditors
via audit journal entry was based on prudence concept. Based on
our work done, we found no evidence of any breach of act or
guidelines for the development expenditure written off.

(5) Provision for foreseeable losses

AAC noted that most of the provision for foreseeable losses is
mainly derived from Eden Enterprises (M) Berhad ("Eden") and its
subsidiaries ("Eden Group"). As Eden had ceased to become a
subsidiary of SHB, information relating to Eden is not available
to AAC. AAC does not have sufficient information on Eden to
conduct an investigative audit on Eden Group, thus no work was
performed.

This announcement is dated 14 January 2004.

Table A - Contribution cost by companies

                Contribution cost
                       RM
BTSB               3,937,131
RRSB                 343,856
GVDSB              1,245,751
                   5,526,738


WAH SEONG: New Shares' Listing Granted for Next Week
----------------------------------------------------
Wah Seong Corporation Berhad 's additional 1,117,800 new
ordinary shares of RM0.50 each arising from the conversion of RM
558,900 irredeemable convertible unsecured loan stocks 2002/2012
into 1,117,800 new ordinary shares will be granted listing and
quotation with effect from 9 A.M., Monday, January 19, 2004.


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

FORTUNE CEMENT: Seeks Fine Waiver on Finance Results
----------------------------------------------------
Fortune Cement Corporation seeks consideration from the
Securities and Exchange Commission (SEC) to avoid being fined
for alleged lapses in its 2002 financial reports, Business World
reports. According to Fortune Cement President Edgardo R.
Soriano, the Company's board already took up the alleged
discrepancies and the firm has already approved a course of
action to correct the lapses.

With regard to the SEC findings that the firm inadequately
disclosed the remaining un-depreciated balance of its foreign
exchange losses capitalized as part of property plant and
equipment, Soriano said the firm had already disclosed its net
capitalized foreign exchange losses as of end-December 2002
stood at 107.194 million pesos.


MANILA ELECTRIC COMPANY: Court Issues Resolution on Petition
------------------------------------------------------------
The Manila Electric Company (Meralco) received information from
the media that the Supreme Court has issued a resolution on the
petition for Certiorari, Prohibition and Injunction with
Application for temporary restraining order or Status Quo Order
filed by The Freedom From Debt Coalition et. al., docketed as
G.R. No. 161113, against the Energy Regulatory Commission (ERC)
and Meralco on the 12 centavo provisional rate increase that the
ERC granted to our Company last November 2003.

Allegedly, part of the Resolution is an order to observe the
status quo.  As soon as we are served with official copy of the
Resolution, Meralco shall immediately disclose the same.

The Company also issued a disclosure regarding its securities
registered pursuant to Sections 18 and 12 of the SRC or Sections
4 and 8 of the RSA:

Title of Each Class  Number of Shares of
           Common Stock Outstanding

Class "A"    599,556,877
Class "B"    399,704,584
Total     999,261,461

Amount of Debt Outstanding: P106.4 Billion (as of November 30,
2003)

For more information, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2004_156_MER.pdf


MANILA ELECTRIC: Vows to Comply With Rate Hike Ruling
-----------------------------------------------------
The Manila Electric Company (Meralco) vowed to comply with the
Supreme Court's suspension of its plan to raise power rates by
P0.12 per kilowatt-hour starting January 1, 2004, reports the
ABS-CBN News. The rate increase would have been reflected in the
February billing to Meralco customers. Meralco executive Elpi
Cuna assured the public that the suspension of power rate
increase would not affect its services to Meralco consumers. The
court scheduled January 27 as the oral argument on the case.


MANILA ELECTRIC: Shares Down 16% Thursday After Court Ruling
------------------------------------------------------------
Manila Electric Co. (Meralco)'s A and B shares were sharply
lower on Thursday after the Supreme Court ordered the power
distributor to roll back its rates to levels prior to January 1
this year, AFX Asia reports. Meralco B shares were down 5.00
pesos or 14.49 percent at 29.50 on volume of 1.93 million
shares. Meralco A shares were down 3.50 pesos or 16.09 percent
at 18.25 on 243,100 shares.

Meralco was ordered to suspend the 0.12 peso per kilowatthour
rate hike allowed by the Energy Regulatory Commission (ERC). The
tariff hike was to be imposed on its estimated four million
customers starting this year.


NATIONAL BANK: Appoints New Controller
--------------------------------------
The Philippine National Bank (PNB) announced that that Ms.
Ligaya Gagolinan was designated as the Controller of the bank
with the rank of First Vice President effective January 1, 2004
upon retirement of Ms. Emerita Diaz, SVP-Controllership Group,
on December 31, 2003.


NATIONAL STEEL: LNM Warns GIHL Takeover
---------------------------------------
LNM Holdings NV of Netherlands warned that the impending
decision of the creditor banks to accept the proposal of Indian
steel maker Global Infrastructure Holdings Ltd. (GIHL) to
acquire National Steel Corporation (NSC) with a lower value and
less guarantees would leave the government widely exposed, ABS-
CBN reported on Thursday. LNM is offering cash upfront of 2.5
billion pesos compared to GIHL's 1 billion pesos, as well as an
investment of US$70 million this year compared to US$25 million.

Besides PNB and LandBank, other major creditor banks of NSC
include United Overseas Bank (Westmont Bank), Allied Bank,
Metrobank (Asian Bank), Bank of Commerce, Export Bank (Urban
Bank), China Bank, Credit Agricole Indosuez, Wise Citco,
Equitable PCI Bank, Rizal Commercial Banking Corp., Traders
Royal Bank and United Coconut Planters Bank.


PHILIPPINE AIRLINES: Expects US$14.4M Losses Until March
--------------------------------------------------------
Philippine Airlines (PAL) expects 800 million pesos (US$14.4M)
in losses in the fiscal year ending in March 2004 after the
Severe Acute Respiratory Syndrome (SARS) scare, the Iraq war and
rising oil prices this year, according to Asia Pulse. The
airline was unable to meet the three-year profitability
requirement of the Securities and Exchange Commission (Sec) when
it posted a loss on the third year due to 9-11. PAL remains on
track in its 10-year rehabilitation program, however. The $2.3-
billion debt it started out with almost five years ago has been
reduced by US$1.5 billion.


PILIPINO TELEPHONE: Unveils January 14 Meeting Resolutions
----------------------------------------------------------
The Board of Directors of Pilipino Telephone Corporation
disclosed at its meeting held on January 14, 2004 that it has
approved the following amendments to the By-Laws of the Company:

(a) Article III, Section 2- to include the requirement for
definition of Independent Directors, the minimum
qualifications of directors of persons nominated for
election to the Board of Directors, the grounds for
disqualification of directors and persons nominated for
election to the Board of Directors, and the period for
submissions of nominations for election to the Board of
Directors

(b) Article V, Section 1- to delete the requirement that
the Treasurer must be a director of the Corporation

(c) Article V, Section 8- to provide that the President
must be a director of the Corporation

(d) Article VII, Section 3- to delete the last sentences
which provides that the compensation of the Auditors
shall be fixed by the Board of Directors and in lieu
thereof to provide that all audit engagement fees and
terms, as well as all significant non-audit engagements
of the Independent Auditors shall be approved by the
Audit Committee constituted by the Board of Directors

The foregoing amendments to the By-Laws shall take effect upon
approval by the Securities and Exchange Commission of the
Amended By-Laws.

At the same meeting, the Board approved the following amendments
to the Articles or Incorporation:

(a) Article III- to change the place where the principal office
of the Corporation shall be located from Makati, Rizal to Metro
Manila, Philippines

(b) Article VII, Section 8 (line 26)- to change the words "City
of Manila" to "Metro Manila"

The foregoing amendments to the Articles of Incorporation will
be presented to the stockholders of the Corporation for approval
at the Annual Meeting of the Stockholders of the Corporation.


UNIVERSAL RIGHTFIELD: Gets Php150M Funding if Court OKs Rehab
-------------------------------------------------------------
Struggling Universal Rightfield Property Holdings, Inc. may
receive 150 million pesos aid if the court approves the
rehabilitation scheme proposed by its creditor DM Consunji,
Inc., according to the Business World. The funding will be used
to develop a property, which Universal Rightfield may later use
to service its debt through dacion en pago (payment in kind)
arrangements. The dacion en pago arrangements will speed up the
settlement of the debts of the Company, whose other major
creditors are Export and Industry Bank, Philippine Bank of
Communications, and United Coconut Planters Bank.


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


CHARTERED SEMICONDUCTOR: Enters Alliance With IBM
-------------------------------------------------
IBM Microelectronics and Chartered Semiconductor Manufacturing
(CSM) announced an agreement under which Chartered will
manufacture selected 90 nanometer (nm) SOI products for IBM in
volume-driven, high-performance solutions.

This manufacturing agreement follows the joint development
agreements signed by IBM and Chartered in November 2002 and has
resulted in a foundry platform solution supported by both
companies. Under the initial agreements, the two companies are
jointly developing 90nm and 65nm bulk CMOS processes for foundry
chip production on 300-millimeter (mm) silicon wafers and are
engaged in a reciprocal manufacturing arrangement that provides
dual-sourcing flexibility for their customers.

"IBM's 90nm SOI technology is the most advanced in the world and
it is increasingly being utilized by a number of our customers
across several applications segments," said Dr. John E. Kelly
III, senior Vice President and group executive, IBM Technology
Group. "This manufacturing agreement, with our partner,
Chartered, enables IBM to provide the dual sourcing clients want
and the flexibility we need to meet increasing demand for our
leading-edge technologies."

Chartered is expected to begin production of the 90nm SOI parts
in its 300mm Fab 7 in Singapore by mid 2005.

"We are pleased that our relationship with IBM is progressing,
offering further opportunities for business collaboration to
benefit customers," said Chia Song Hwee, President & CEO at
Chartered. "Our shared vision of providing customers a common
technology platform and sourcing flexibility is a testament to
the critical role we can play together in the electronics supply
chain."

About IBM Microelectronics

IBM Microelectronics is a key contributor to IBM's role as the
world's premier information technology supplier. It develops,
manufactures and markets state-of-the-art semiconductor and
interconnect technologies, products and services. Its superior
integrated solutions can be found in many of the world's best-
known electronic brands. IBM is a recognized innovator in the
chip industry, having been first with advances like more power-
efficient copper wiring in place of aluminum, and faster
silicon-on-insulator (SOI) and silicon germanium transistors.
These and other innovations have contributed to IBM's standing
as the number one U.S. patent holder for 11 consecutive years.
More information about IBM Microelectronics can be found at:
http://www.ibm.com/chips

About Chartered

Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
Company provides flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab, which will be developed as a 300mm facility.

A Company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED). Chartered's 3,500
employees are based at 11 locations around the world.

Information about Chartered can be found at
www.charteredsemi.com.

MEDIA CONTACTS

Rick Bause
Public Relations Manager
IBM
(845) 892-5463; FAX: (845) 892-5542
rbause@us.ibm.com

Tiffany Sparks
Director, Marketing Communications
Chartered Semiconductor Manufacturing
(408) 941-1185; Fax: (408) 941-1285
tiffanys@charteredsemi.com


C.K. TANG: Court Meeting Set for February 9
-------------------------------------------
The Board of Directors of C. K. Tang Limited and Tang Wee Sung
announced that the High Court of Singapore has granted an order
on January 9, 2004 directing the Company to convene a meeting
(Court Meeting) of the Scheme Shareholders (as defined in the
Scheme Document (as defined below)) of the Company for the
purpose of considering and, if thought fit, approving the scheme
of arrangement (Scheme) pursuant to Section 210 of the Companies
Act, Chapter 50 of Singapore (Companies Act), to privatize the
Company.

The Court Meeting will be held on 9 February 2004, at 10 A.M. at
Ballroom 1, Level 3, Marriott Hotel, 320 Orchard Road Singapore
238865.

Capitalized terms used herein shall have the same meanings as
those defined in the Scheme Document, unless otherwise
indicated.

DESPATCH OF SCHEME DOCUMENT

In connection with the Court Meeting, the Company has today
dispatched to the Scheme Shareholders, the document (the Scheme
Document) dated 12 January 2004 containing, inter alia, the
explanatory statement in compliance with Section 211 of the
Companies Act, the recommendations of the independent directors
of the Company (Independent Directors), the advice of Dexia BIL
Asia Singapore Limited, the independent financial adviser to the
Independent Directors, the notice of the Court Meeting and the
proxy form for the Court Meeting. The Directors of the Company
would also like to refer Scheme Shareholders to the announcement
by the Company dated 14 January 2004 setting out the notice of
the Court Meeting.

Scheme Shareholders who have not received the Scheme Document
within a week from the date hereof may obtain copies of the
Scheme Document from the registered address of the Company at
310 Orchard Road, Singapore 238864 during normal business hours
(9 A.M. to 6:30 P.M.) on any day (other than a Saturday, Sunday
or a public holiday) prior to 9 February 2004, the day appointed
for the Court Meeting.

A soft copy of the Scheme Document is available on the website
of the Singapore Exchange Securities Trading Limited at
www.sgx.com.

Scheme Shareholders should note the following:

Last date and time for lodging the  proxy form in respect of the
Court Meeting -- 7 February 2004 at 10 A.M.

Date and time of the Court Meeting -- 9 February 2004 at 10 A.M.
Place of Court Meeting Ballroom 1, Level 3 Marriott Hotel, 320
Orchard Road Singapore 238865.

Expected date of Court hearing of application to sanction Scheme
-- 25 February 2004

Expected last day of trading of Shares -- 8 March 2004 at 5 P.M.

Expected Final Option Exercise Date -- 8 March 2004 at 5 P.M.

Expected Books Closure Date -- 11 March 2004 at 5 P.M.

Expected Relevant Date -- 12 March 2004 at 5 P.M.

Expected Effective Date -- 15 March 2004

Expected date for the delisting of the Shares -- March 16, 2004
at 9 A.M.

Expected date for the payment of the Scheme Price -- By April 5,
2004

* Notes:

(i) Completion and return of a proxy form will not preclude a
Scheme Shareholder from attending and voting in person at the
Court Meeting.

(ii) A proxy form for the Court Meeting may alternatively be
handed to the Chairman at the Court Meeting.

Scheme Shareholders should note that the above timetable is
subject to change. For the events listed above which are
described as "expected", please refer to future announcement(s)
by the Company and/or the SGX-ST for the exact dates and times
of these events.

RESPONSIBILITY STATEMENT

The Directors of the Company (including those who have delegated
detailed supervision of this announcement) and Tang Wee Sung
have taken all reasonable care to ensure that the facts stated
in this announcement are fair and accurate, and that no material
facts have been omitted (the omission of which would render any
statement in this announcement misleading in any material
aspect) and they jointly and severally accept responsibility
accordingly.


FALCON PILING: Issues Judicial Management Order Notice
------------------------------------------------------
A notice is hereby given that on January 9, 2004 an order for
placing Falcon Piling Pte Ltd. under judicial management was
made and the relevant particulars of the matter are given as
follows:

(1) Number of matter: Originating Petition No. 22 of 2003/Q.

(2) Date of presentation of petition: 12th day of November 2003.

(3) Petitioner's solicitors: Yeo Wee Kiong Law Corporation of 1
Raffles Place #39-02 OUB Centre Singapore 048616.

(4) Date of Order: 9th day of January 2004.

(5) Registered office of the Company: 61 Gul Drive Singapore
629500.

YEO WEE KIONG LAW CORPORATION
Solicitors for the Petitioner.


FHTK HOLDINGS: Posts Changes in Shareholder's Interest
------------------------------------------------------
FHTK Holdings Ltd. posted a notice of changes in substantial
shareholder Citibank N.A., Singapore Branch interests:

PART I

1. Date of notice to issuer: 08/01/2004
2. Name of Substantial Shareholder: Citibank N.A., Singapore
Branch

3. Please tick one or more appropriate box(es):

PART II

1. Date of change of interest:

2. Name of Registered Holder:

3. Circumstance(s) giving rise to the interest or change in
interest:

4. Information relating to shares held in the name of the
Registered Holder: -

No. of shares held before the change:
As a percentage of issued share capital:

No. of shares which are the subject of this notice:
As a percentage of issued share capital:

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:

No. of shares held after the change:
As a percentage of issued share capital:

PART III

1. Date of change of interest: 07/01/2004

2. The change in the percentage level: From 6.819 percent to
6.795 percent

3. Circumstance(s) giving rise to the interest or change in
interest: Sales in open market at own discretion

4. A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

Change is the result of a transaction.

PART IV

1. Holdings of Substantial Shareholder, including direct and
deemed interest:

                                   Direct     Deemed
No. of shares held before change:  83,943,000 0
% of issued share capital:         6.819      0
No. of shares held after change:   83,643,000 0
% of issued share capital:         6.795      0


G3BONDSINASIA PTE: Issues Debt Claim Notice to Creditors
--------------------------------------------------------
Notice is hereby given that the creditors of G3bondsinasia Pte
Ltd (In Members' Voluntary Liquidation), which is being wound up
voluntarily are required on February 9, 2004 to send in their
names, addresses and particulars of their debts or claims, and
the names and addresses of their solicitors (if any) to the
Company's liquidators Neo Ban Chuan and Yeap Lam Kheng of c/o 16
Raffles Quay, #22-00 Hong Leong Building, Singapore 048581.


MAKANSUTRA MEDIA: Creditors Must Submit Claims by February 9
------------------------------------------------------------
The creditors of Makansutra Media Pte Ltd (In Members' Voluntary
Liquidation), which is being voluntarily wound up are required
on or before February 9, 2004 to send in their names and
addresses with particulars of their debts and claims and the
names and addresses of their solicitor (if any) to the Company's
liquidator Tan Beng Hwee c/o Messrs B H Tan & Associates, of 20
Peck Seah Street #05-00, Singapore 079312.


SINGAPORE TELECOMMUNICATIONS: Unit Appoints liquidator
------------------------------------------------------
Singapore Telecommunications Limited (SingTel) announced that
SingTel Japan Co., Ltd. (SingTel Japan), a wholly owned
subsidiary of SingTel, is in voluntary liquidation as a result
of rationalization, and has appointed Mr. Lim Kian Soon as its
liquidator.

SingTel's business activities in Japan are currently operating
and will continue to operate under Singapore Telecom Japan Co.,
Ltd. (Singapore Telecom Japan), another wholly owned subsidiary
of SingTel.

Singapore Telecom Japan was incorporated on 6 November 1995 to
provide service based telecommunications and related services,
while SingTel Japan was incorporated on 1 April 1999 to provide
facilities based telecommunications and related services.
Pursuant to a relaxation of the telecommunications regulations
in Japan, SingTel Japan's business was consolidated under
Singapore Telecom Japan on 31 July 2002. Since then, SingTel
Japan has been dormant.


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


ADVANCE PAINT: Paid-up Capital Rises
------------------------------------
Subject      :  Registration of additional paid-up capital
Attention    :  President of the Stock Exchange of Thailand

Advance Paint & Chemical (Thailand) Public Co., Ltd., announced
that according to the second exercise of APC-W1 and APC-W2 on
December 31,2003, the company has registered an increase in
paid-up capital from Baht 1,693,370,750 (Baht one thousand six
hundred ninety three million three hundred seventy thousand
seven hundred fifty only) to Baht 2,217,231,750 (Baht two
thousand two hundred seventeen million two hundred thirty one
thousand seven hundred fifty only) at the Ministry of Commerce
since January 13, 2004.

Please be informed accordingly.

Yours faithfully,
Narumol Punnakitikashem)
Executive Director


CAPETRONIC INTERNATIONAL: Details Latest Exercise of Warrants
-------------------------------------------------------------
To         :   President of the Stock Exchange of Thailand

As Capetronic International (Thailand) Plc. issued 63,220,000
units of Warrants and these warrants were at 22nd exercise date
on 5th January 2004. The Company herewith reports the exercise
of the warrants for the 22nd exercise date as per following
details:

        - Exercise ratio :  1 warrant has a right to subscribe
                            1.074 ordinary shares.
        - Exercise price :  Baht 10 per share.
        - Ordinary shares reserved to support the exercise :
                            67,898,280 shares.
        - No. of warrant holders exercise : none.
        - No. of warrant being exercised  : none.
        - Ordinary shares resulted from the exercise : none.
        - Amount of money received from the share sale : none.
        - Total remaining warrants listed in the Stock Exchange
          of Thailand  : 63,220,000 units.

Please be informed accordingly

Yours sincerely,
Seni Sudsawad
Director of Finance & Accounting


DATAMAT PUBLIC: Unit Shares Start MESDAQ Trading
------------------------------------------------
The Stock Exchange of Thailand reference is made to Datamat
Public Company Ltd's letter dated December 29, 2003, informing
that the shares of DVM Technology Sdn. Bhd., a subsidiary in
Malaysia in the business of network integration solutions,
telecommunication services and telecommunication system
installation, in which the Company hold 61.2 million shares or
38 percent, had been listed in MESDAQ Market in KLSE and would
start trading on January 2, 2004.

The Company would like to add that the shares of DVM Technology
Sdn. Bhd. have started trading in MESDAQ Market on January 2,
2004, as scheduled. These shares are the first "counter" shares
traded in KLSE, and the Company is the first Thai Company to
have its subsidiary listed and traded in KLSE, for the year
2004.


EMC PUBLIC: Submits Progress Report to SET
------------------------------------------
Reference is made to EMC Public Company Limited, which holds the
status of a Company having its ordinary shares listed on the
Stock Exchange of Thailand (the SET) and which has entered into
the business reorganization plan pursuant to the Bankruptcy Act.
The SET has required the Company to submit the progress report
in accordance to the business reorganization plan. The Company
through EMC Power Company Limited, the plan administrator,
hereby informs you that the Company has finalized registered the
increase of registered capital from Baht 67,795,431 to Baht
427,795,431 on January 6, 2004.

Please be informed accordingly.

Yours faithfully,

Komol Wongpornpenpap
Smai Leesakul
Director
EMC Power Company Limited
Acting as a Plan Preparer of
EMC Public Company Limited


EMC PUBLIC: Posts Details of Capital Increase
---------------------------------------------
EMC Public Company Limited, through EMC Power Company Limited,
the Plan Administrator hereby report of a capital increase as
follows:

(1) Capital increase:

The Central Bankruptcy Court issued an order approving the
Amendment to the Business Reorganization Plan of the Company on
December 22, 2003.  The Company consequently submitted a
petition to the Central Bankruptcy Court requesting permission
to proceed with the increase of registered capital and the
Central Bankruptcy Court agreed and approved such request.  The
Plan Administrator, therefore, proceeded with the increase of
registered capital from Baht 67,795,431 to Baht 427,795,431 by
issuing ordinary shares amounting to 360,000,000 shares, with a
par value of Baht 1, totaling of Baht 360,000,000.

(2) Allotment of new shares:

According to the Business Reorganization Plan, details of the
allotment of 360,000,000 ordinary shares with par value of 1
Baht each, totaling 360,000,000 Baht are as follows:

   (2.1) Details of the allotment:

        (a) Allocated to specific investors (Private placement)
            amounting to 230,000,000 shares with the offered
            priced of Baht 1 per share.  The Plan Administrators
            shall allocate shares to local and/or foreign
            investors with strong financial position or with a
            business synergy.  This will strengthen the
            financial position to the Company and gain
            competitive advantage in the market;

            The strategic investors are the expertise in finance
            especially the project finance relating to the
            construction; in addition, they are well known to
            the finance institutions' bankers. These will create
            a benefit for the procurement of the fund to the
            Company for the future projects.

            The strategic investors are familiar with the
            construction business and experience in marketing.
            These are necessary for seeking of new project or
            work to the Company.  Among these investors, Khun
            Suthisak Lohswasdi and Khun Prasert Kasamekomes who
            are the major investors will jointly manage the
            Company as the directors to strengthen the Company's
            business.

            The strategic investors are acceptable to Bangkok
            Bank Public Company Limited who is the major
            creditors under the Business Reorganization Plan of
            the company, as the following groups:

1. Khun Suthisak Lohswasdi   - Executive and New Investors
Khun Supatja Tannapairat         holds  10,000,000 Shares
Khun Pranee Kerdmongkol          holds  15,000,000 Shares
Khun Chantida Greenpong          holds  16,000,000 Shares
Khun Suthisak Lohswasdi          holds  11,000,000 Shares
Khun Pornpan Lansai              holds  10,000,000 Shares

2. Khun Sunee Sornchaitanasuk  - Executive and New Investors
Khun Sunee Sornchaitanasuk       holds 10,000,000 Shares
Khun Somwang Boontongrungtavee   holds 8,000,000 Shares
Khun Chanvit Vitsiri             holds 8,200,000 Shares
Khun Rupop Chinnawat             holds 18,000,000 Shares

3. Khun Prasert Kasamekomes    - Executive and New Investors
Khun Prasert Kasamekomes         holds 10,000,000 Shares
Khun Supa Yingkitpinyo           holds 15,000,000 Shares
Khun Rattana Satianvaree         holds 15,000,000 Shares
4. Khun Komol Wongpornpenpap   - New Director and Former
                                       Director
Khun Ratchanee Boonyam           holds 32,000,000 Shares
Khun Chai Soponpanich            holds 5,000,000 Shares
Khun Vassana Loyjirakul          holds 5,000,000 Shares
Khun Slib Soongsawang            holds 5,000,000 Shares

The Remains are general investors.

        (b) Reserved for the conversion of debt to equity
            conversion of the outstanding long-term debt with
            Bangkok Bank Public Company Limited (Tranche WS)
            amounting to 30,000,000 shares;

        (c) Reserved for the conversion of "EMC Public Company
            Limited Convertible Debentures No. 1 due 2011"
            (Convertible Debentures") amounting to 50,000,000
            shares.  As a result from the decrease of par value
            of Company's shares from Baht 10 per share to Baht 1
            per share, the conversion ratio of the Convertible
            Debentures will be changed from 1 Convertible
            Debentures entitling to the conversion of 100 shares
            to 1 Convertible Debentures entitling to the
            conversion of 1,000 shares. The Convertible
            Debentures were issued on October 19, 2001 in the
            total amount of Baht 50,000,000 divided into 50,000
            units with the face value of Baht 1,000 per unit.
            This Convertible Debentures will be matured on
            October 19, 2011 with the conversion rights on June
            30 and December 30 of each year. Coupon rate for
            year 1-4 equals to 1% per annum and for year 5-10
            equals to 2% per annum;

        (d) Reserved for the conversion the exercise of warrants
            under Employee Stock Option Plan amounting to
            50,000,000 shares, which the Company will issue
            warrant to its employee.  Details of the allocation
            will be subjected to the discretion of the Plan
            Administrators or the Board of Directors (as the
            case may be).

   (2.2) The Company's plan in case where there is a fraction of
         shares remaining

          - none -

   (2.3) The number of shares remaining from the allotment

         - none -

(3) Schedule for shareholders meeting to approve the capital
increase/allotment as the company is being restructured under
the Business Reorganization plan, all legal rights of the
shareholders are suspended, except the rights to receive a
dividend, and the said rights are vested in the Plan
Administrator.  Therefore, the arrangement of a shareholders'
meeting is not required.

(4) Approval of the capital increase/share allotment by relevant
governmental agency and conditions thereto (if any)

    - none -

(5) Objectives of the capital increase and plan for utilizing
proceeds received from the capital increase. According to the
terms and conditions of the Business Reorganization Plan, the
company shall apply the proceed receiving from the increase of
capital as the following order:

   (5.1) Repay the outstanding debt under the Business
         Reorganization Plan to Class 1-5 Creditors in the total
         amount of Baht 143,616,320.08.  Repayment procedure and
         method shall comply with the Business Reorganization
         Plan;

   (5.2) Deposit to the account opened with the Security Agent
         as the collateral for the repayment to Class 8
         Creditors; and

   (5.3) Apply as a working capital of the Company if there is a
         remaining proceed from the utilization of the above
         procedures.

(6) Benefits that the Company will receive from the capital
increase/share allotment:

To decrease the outstanding debt of the Company and to make the
debt to equity ratio of the Company at the appropriate level,
these will strengthen the financial status of the Company.

(7) Benefits that the shareholders will receive from the capital
increase/share allotment:

The increase of registered capital is part of the completion of
the Business Reorganization Plan.  After the implementation of
the latter has been successfully completed and the Central
Bankruptcy Court orders to cancel the business reorganization,
shareholders of the Company and shall again enjoy their legal
rights.

(8) Other details necessary for shareholders to approve the
capital increase/share allotment:

The increase of capital complies with the terms and conditions
under the Business Reorganization Plan of the Company.

(9) Schedule of action where the board of directors of the
Company passes a resolution approving the capital increase or
allotment of new shares:

The Company has completed registration relating to the increase
of registered capital with the Ministry of Commerce on January
6, 2004. The Company hereby certifies that the information
contained in this report form is true and complete in all
respects.

Mr.Komol Wongpornpenpap (Signed)
Director

Mr.Smai Leesakul (Signed)
Director


THAI HEAT: Posts Latest Update on Debt-to-equity Conversion
-----------------------------------------------------------
To: The Director and Manager, the Stock Exchange of Thailand

As Thai Heat Exchange Public Company Limited had issued
convertible preferred shares and convertible debentures to the
financial institution according to the rehabilitation plan.  The
convertible preferred shares and convertible debentures could be
converted by the end of each quarter.

At the 4th quarter ended on December 31, 2003 there was no
requisition to convert the shares.  The detail of the authorized
share capital 61,985,800 shares of Baht 10.00 each totaling
amount Baht 619,858,000 as follows.  Common Stock 54,223,500
shares of Baht 10.00 each totaling amount Baht 542,235,000.
Preferred Stock 7,762,300 shares of Baht 10.00 each totaling
amount Baht 77,623,000.  Thai Heat Revival Company Limited as
the reorganization planner of Thai Heat Exchange PCL.

Mr. Surin Wanpensakul
Director


TONGKAH HABOUR: SET OKs Trading of Securities
---------------------------------------------
The Stock Exchange of Thailand (SET) has allowed the securities
of Tongkah Habour Public Company Limited (THL) to be traded on
the SET after finishing capital increase procedures starting
from 15 January 2004.

Issued Paid up Capital

Old: 478,437,317 Baht (Common Stock 478,437,317 Shares)

New: 483,648,570 Baht (Common Stock 483,648,570 Shares)

Par Value: 1 Baht

Allocate to: Mr. Chalermpol Thimaporn 5,211,253 shares

Ratio: - Price

Per Share: 8 Baht per share

Payment Date: 21 November 2003 and 24 December 2003


TRAFFIC CORNER: To Trade New Shares Today
-----------------------------------------
New shares of Traffic Corner Holding Public Company Limited
(TRAF) will begin trading on January 16, 2004 after finishing
capital increase procedures.

Issued and Paid up Capital

Old                       : 208,727,500 Baht
                              - Common Stock 208,727,500 shares
New                       : 217,062,500 Baht
                              - Common Stock 217,062,500 shares

Par value per share         : 1 Baht
Allocate to                 : Conversion of Warrant (TRAF-W1) to
                              Common Stock amounting to
                              8,335,000 Shares

Ratio                       : 1 Warrant : 1 Common Stock

Price Per Share             : 1 Baht

Exercise/Payment Date       : December 31, 2003


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                        Total
                                        Shareholders   Total
                                        Equity         Assets
Company                       Ticker    ($MM)          ($MM)
-------                       ------    ------------   -----

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

Guangdong Sunrise Holdings
Co., Ltd.                      000030     (184.24)     23.04
Jinan Qingoi 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        (8.40)      41.55
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
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
--------

Christiani & Nielsen
(Thai) PCL                      CNT        (24.03)       35.80
Datamat PCL      DTM         (9.53)       13.66
Jutha Maritime PCL              JUTHA       (3.70)       31.60
National Fertilizer PCL         NFC        (30.82)      297.40
Nakornthai Strip Mill PCL       NSM       (654.33)      608.46
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.






                  *********


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