TCRAP_Public/040121.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

           Wednesday, January 21, 2004, Vol. 7, No. 14



AMP LIMITED: HHG, Branson Nearing Deal on Virgin Money Stake
BRAMBLES INDUSTRIES: Details Shareholding Structure
HARTS AUSTRALASIA: Ex-director Faces Insider Trading Charges
KAEFER TECHNOLOGIES: German Owner Takes Firm Private
NATIONAL AUSTRALIA: Placed on Fitch's Rating Watch Negative

NATIONAL INVESTMENT: Creditors Meeting Halted on Court's Order
NOVUS PETROLEUM: CEO Part of Consortium Offering Alternative Bid
NOVUS PETROLEUM: CEO Justifies Participation in Crosby Bid
NOVUS PETROLEUM: Investors Uneasy about CEO-backed Rival Bid
NOVUS PETROLEUM: Takeover Panel Asks For More Details from Medco

C H I N A  &  H O N G  K O N G

HANDWELL DATA: Bank of China Initiates Winding up Proceedings
INFOSOFT TECHNOLOGY: Wind-up Sought; Hearing Set February 11
KONSUN INTERNATIONAL: Faces Winding up Hearing in HK High Court
SUPER CORPORATION: Winding up Hearing Set February 25
WINBELL DEVELOPMENT: Court Sets Winding up Hearing February 18


MERPATI NUSANTARA: No More Delay in Privatization, Says Official

* Audit of IBRA Begins; BPK to Focus on Performance


JAPAN AIRLINES: Enters Code-sharing Arrangement with Air Tahiti


DAEWOO MOTOR: Former Sales Unit Forecasts Strong 2004 Sales
KIA MOTORS: Posts Strong Sales in Europe; Market Share Increases
LG CARD: ABS Deal Still 'AAA' Despite Weakened Performance
SK CORPORATION: SAM Junks Corporate Governance Guidelines


LION CORPORATION: Details Acceptance of LCB Shareholders
UCP RESOURCES: Aborts Rights Issue Outlined in Rehab Plan


ATLAS CONSOLIDATED: Details Steps Taken to Make Equity Positive
DMCI HOLDINGS: Disputes Article on Alleged Fraudulent Claims
MANILA ELECTRIC: S&P Warns of Further Downgrade to 'SD'
NATIONAL POWER: DM Consunji Group Corners Pinamucan Project
NATIONAL POWER: Govt to Sell Napocor Bonds to Fund Budget Gap

NATIONAL POWER: 14 Power Plants Sit on Unregistered Lands


KEPPEL CORPORATION: Corners US$126 Million Rig Project


EMC CO.: Posts Details of Restricted Share Sale

     -  -  -  -  -  -  -  -


AMP LIMITED: HHG, Branson Nearing Deal on Virgin Money Stake
The 50% shareholding of HHG Plc in Virgin Money may finally be
sold within the next two weeks, a report by The Age seems to

According to the paper, Sir Richard Branson, owner of the other
half, is now willing to buy the stake, which had been for sale
even before HHG was spun-off by AMP Limited last month.  For
more than a year, AMP tried to peddle the stake, but failed to
get any serious interest.  Only Mr. Branson, the other partner
in the joint venture, had offered to buy back the share,
although it was unclear how much money he was willing to offer.

The Age says the Virgin Money stake is owned directly by Pearl,
one of HHG's struggling life funds.  "The sale may... be
motivated by a desire to free up more capital and avoid more
capital raisings," it said.

Established in 1995, Virgin Money offers simple savings and
investments products.  In Australia, the group last year
launched a low-rate credit card with Westpac, and has issued
more than 200,000 cards, according to The Age.

Asked to comment on the possible sale, Virgin Money's managing
director in Australia, Rohan Gamble, said the matter was one for
shareholders, but "the shareholding has no role in day-to-day
management."  British daily, The Guardian, said in a separate
report an announcement on the sale is expected in the next

BRAMBLES INDUSTRIES: Details Shareholding Structure
Brambles Industries Plc released Monday its latest shareholding
structure.  To view full copy of this document, click

HARTS AUSTRALASIA: Ex-director Faces Insider Trading Charges
Maxwell John Sweetman, former Executive Director of Harts
Australasia Limited (Harts Australasia), has appeared at
committal proceedings in the Brisbane Magistrates Court on
insider trading charges brought by the Australian Securities and
Investments Commission (ASIC).

Mr. Sweetman did not enter a plea to two counts of insider
trading in the shares of the former publicly listed company and
was committed to appear at the Brisbane District Court on a date
to be fixed.  

Mr. Sweetman was responsible for the finance and administration
related activities of Harts Australasia.  ASIC alleges that Mr.
Sweetman contravened the insider trading provisions of the
Corporations Act when, on 8 and 9 January 2001, he sold Harts
Australasia shares.  On 25 January 2001, Harts Australasia
announced to the Australian Stock Exchange (ASX) an anticipated
loss before tax of $9.7 million.  In early 2001, the Australian
Stock Exchange (ASX) reported concerns about unusual trading in
Harts Australasia Ltd shares to ASIC. In October 2001, ASIC
successfully applied to the Federal Court of Australia to have
liquidators appointed to Harts Australasia.  

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.  ASIC's investigation into the collapse of Harts
Australasia is continuing and no further comment will be made at
this time.

KAEFER TECHNOLOGIES: German Owner Takes Firm Private
Kaefer Technologies Limited (KAEFER) announced last Thursday
(January 15, 2004) a proposal (the Proposal) under which KAEFER
would undertake a selective reduction of capital pursuant to
which all shares not already owned by KAEFER Isoliertechnik GmbH
& Co. KG (KI) will be cancelled in return for a payment of 6
cents per KAEFER share.  This cash payment will be funded by KI.  
The Proposal reflects a 27.5% premium on the volume weighted
average KAEFER share price for the prior three months.

If the Proposal is successfully implemented, KAEFER will become
a wholly owned subsidiary of KI, which currently holds
32,969,124 shares or 60.17% of KAEFER.

Further to the ASX announcements on August 28 and December 29,
2003 regarding KAEFER's profitability and long-term funding
requirements, the Board has conducted a detailed review of the
Company, its business and future capital requirements.  The
Company has succeeded in reducing losses in the six months to
December 31, 2003 due to the successful completion of a major
contract, but continues to incur operating losses.  Projections
for 2004 indicate that these losses will continue and in fact,
increase if the Company continues to operate in its present

The Company's working capital requirements have to date been
provided for by KI in the form of bank and operating guarantees.  
The Company is unable to raise further capital without KI's
support and they have indicated that they are unwilling to
provide additional funding to the Company unless it is
restructured and the costs reduced significantly.  Elimination
of the public company and its attendant costs are an essential
part of this restructure.

The Board and its advisors have explored extensively various
proposals to restructure and have concluded that the Proposal to
privatize the company provides the only opportunity to
effectively secure value for minority shareholders, by allowing
minority shareholders the opportunity to realize the value of
their shares.

The independent directors of KAEFER have closely considered the
Proposal and believe it to be in the best interest of KAEFER
minority shareholders.  The independent directors will engage
BDO Corporate Finance to prepare an independent expert report in
relation to the Proposal.  The independent expert's report will
express an opinion whether the Proposal is fair and reasonable
to KAEFER shareholders.

The Proposal will be put to the minority shareholders at a
general meeting, expected to be held in April 2004.  KI will be
excluded from voting at this meeting.

Details of the Proposal, including the independent expert's
report, the date of the general meeting and the process for
voting will be mailed to all KAEFER shareholders in March 2004.  
This documentation will also be lodged with Australian
Securities and Investments Commission and the Australian Stock

The independent directors of KAEFER are George Hogg (Chairman)
and Gopala Krishnan.

CONTACT: Level 5, The Victoria,
         14-16 Victoria Avenue,
         Perth, Australia, 6000
         Phone: 61 8 9224-4600
         Fax: 61 8 9325-9288

NATIONAL AUSTRALIA: Placed on Fitch's Rating Watch Negative
Fitch Ratings on Monday placed National Australia Bank's (NAB)
ratings of 'AA' Long-term, 'F1+' Short-term, and 'A/B'
Individual on Rating Watch Negative following Monday's
announcement that NAB may incur further losses stemming from
unauthorized trading in foreign currency options. The bank's
Support rating is '2'.

Based on present estimates, total losses are likely to be higher
than the originally estimated AU$180 million, but precise
numbers are still some days away.  NAB's ratings will remain on
Rating Watch Negative until the full financial impact of the
losses and the underlying causes of the apparent failures in
risk management can be determined.

For more information, contact:

John Miles or Andrew Smith (Brisbane)
Phone: +617 3222 8600

Campbell McIlroy (Media Relations/London)
Phone: +44 20 7417 4327

NATIONAL INVESTMENT: Creditors Meeting Halted on Court's Order
The administrator of National Investment Institute Pty Ltd
(NII), Andrew Hewitt, of Grant Thornton, did not seek a vote by
creditors of NII on Henry Kaye's proposed deed of company
arrangement (DOCA) at the Monday, 19 January 2004, meeting of
creditors as a result of Federal Court orders last Friday.

Following an urgent application by the Australian Securities and
Investments Commission (ASIC), the Federal Court ordered Mr.
Hewitt not to propose any resolution other than one to adjourn
the scheduled creditors meeting to be held on Monday 19 January
2004 until 18 February 2004 (or such later date as the creditors
may decide). Mr. Hewitt did not oppose the order.

The creditors' meeting was scheduled to be held at 11 a.m. at
the Arthur Streeton Auditrorium, Sofitel Hotel, Melbourne.  The
purpose of the meeting was to allow creditors to consider
whether to accept a deed of company arrangement (DOCA) proposed
by Mr. Kaye, the director of NII.  Mr. Hewitt had recommended
that creditors accept the proposed DOCA.  The Federal Court
order has the effect of stopping Mr. Kaye's proposed DOCA from
being considered.

ASIC considered that the administrator had not provided
sufficient information in his report to creditors explaining
NII's financial circumstances and Mr. Kaye's proposed DOCA.

In particular, ASIC considered that the administrator's report
did not:

(a) Adequately set out the details of the DOCA proposed by Mr.
    Kaye as required by the Corporations Act;

(b) Adequately report on whether NII may receive or be entitled
    to all or part of the proceeds of sale of a number of
    properties and developments owned by companies controlled by
    Mr. Kaye;

(c) Indicate whether a claim by another company controlled by
    Mr. Kaye to have priority for a debt of $6.8 million was

(d) Adequately explain either the legality or effect of an
    agreement entered into two days prior to Mr. Hewitt's
    appointment as administrator of NII by which security over
    properties and developments owned by companies controlled by
    Mr. Kaye was granted to a third party.

ASIC will continue to review further information that may be
provided to creditors of NII, including any future reports on
proposals for a DOCA.  

ASIC is also continuing to investigate the operations of NII and
companies related to Mr. Kaye. ASIC's separate Federal Court
application to have a receiver appointed to both Mr. Kaye and
Property Corporate Services Pty Ltd is adjourned until 29
January 2004.

NOVUS PETROLEUM: CEO Part of Consortium Offering Alternative Bid
Novus Petroleum Limited (Novus) has been notified that Crosby
Capital Partners (Crosby) is launching an off-market takeover
for Novus at AU$1.77 cash per share and that the Novus Chief
Officer, Dr. Bob Williams, is part of the Crosby consortium.

Since Medco announced its offer on December 22, 2003, Novus and
its advisers have sought alternative proposals to maximize
shareholders value.  The Crosby consortium made the company
aware of its proposal on January 17, 2004.

As independent directors of Novus, Mr. David Blair (chairman),
Mr. Steve Mann and Mr. James Hornabrook are pleased that an
alternative proposal has been made to shareholders, but while a
modest improvement on the Medco offer, believe that the Crosby
offer does not take into account the underlying value of Novus.

The independent directors have carefully considered the ongoing
role of Bob Williams and have determined that he will no longer
be involved in responding to any takeover offers for Novus.  
However, Bob Williams has been asked to remain as CEO to manage
the day-to-day business of Novus as usual.

The independent directors advise the shareholders to take no
immediate action until further details are available.

For further information please contact:

David Blair

Mike Sandy
(Manager, Corporate Development)

Elaine Connor
(Company Secretary)

Phone: 02 9248 0734

NOVUS PETROLEUM: CEO Justifies Participation in Crosby Bid
Dr. Bob Williams, CEO of Novus Petroleum Limited (Novus),
together with Hong Kong investment banking group Crosby Capital
Partners (Crosby), through its wholly owned subsidiary Crosby
Asset Management or its nominee, on Monday announced their
intention to make an off-market takeover bid for all the shares
in Novus.

This Management Buyout Group (MBO Group) intends to make an off-
market offer through a nominee company for all the ordinary
shares of Novus at AU$1.77 cash per share which values Novus at
AU$331 million on a fully diluted basis, assuming the exercise
of all outstanding options.

Dr. Bob Williams commented: "As part of the overall management
effort in response to the unsolicited Medco offer received just
before Christmas, the Board requested that I should seek
alternative offers for Novus in order to maximize value for all
of Novus' shareholders.  Conversations with institutions and
other shareholders since receipt of the Medco offer have
indicated that they do not want to lose the opportunity to sell
their Novus stock at a price well above its average for the last
12 months.  However, the Medco offer is so highly conditional
that there is a real risk that the bid will be unsuccessful,
resulting in a collapse of the share price in the absence of a
credible alternative bid.

"In recent discussions I have been encouraged by Mitsui, Novus'
major shareholder, to formulate a management-led bid as an
alternative. Mitsui invested in Novus principally to establish a
Strategic Alliance through which both companies would benefit by
sharing certain resources.  As a consequence, Mitsui made
substantial investment in Novus and in joint venturing with
Novus under the umbrella of the Strategic Alliance.  I believe
that the Strategic Alliance has delivered real benefits to both
parties and it would be preserved in the event that Novus is
acquired by the MBO Group.

"With this background I am pleased to announce a management-led
bid that, I believe, provides Novus' shareholders with a greater
degree of certainty due to the limited conditions attached.

"The independent directors have requested, and I of course have
agreed, that I remain in my position of Chief Executive of
Novus.  However, I am no longer involved in board consideration
of offers to Novus shareholders."

To view full copy of this press release, click

NOVUS PETROLEUM: Investors Uneasy about CEO-backed Rival Bid
The Australian Shareholders' Association (ASA) and at least one
institutional investor scored the AU$331 million joint bid of
CEO Bob Williams and Crosby Capital Partners.  They cited
possible conflict of interest as reason for their objection.

The Crosby offer, according to the West Australian, values Novus
Petroleum at AU$1.77 a share, slightly above the AU$1.74-a-share
hostile offer of Indonesian bidder, Medco Energi, which launched
its bid on Christmas Eve.  Investors, however, are not

"Look, to put it delicately, there seems to be a bit of a
conflict about asking your chief executive to go find a rival
bidder and him coming back with his own offer," one fund manager
holding Novus stock told The West Australian.

In a separate interview, ASA deputy chairman, Stephen Matthews,
said Dr. Williams' role as chief executive was a problem: "There
is a conflict.  Having the inside running and getting paid to do
it is a concern, and it could also be perceived that it could
restrict other offers coming in."

Dr. Williams said he will leave the finding of rival bidders to
investment bank Merrill Lynch and Novus' three remaining
independent directors.

"I cast my net very widely [when it came to finding other
bidders].  From this point onwards, clearly I am restricted from
the defense process," he told The West Australian. "There was
nothing concrete before this, this process was happening in
parallel with other opportunities we were trying to pursue."

He said he had been in talks with Crosby for some weeks, but an
offer only became a "bit more than a concept" on Saturday.  He
defended the bid as "fair" even though it is only marginally
higher than the Indonesian bid he had previously described as
too cheap.  He claims to have the crucial backing of 13%
shareholder, Mitsui of Japan, which could knock back either bid,
both being conditional on 90 percent acceptances, according to
the report.

NOVUS PETROLEUM: Takeover Panel Asks For More Details from Medco
The Panel has concluded the proceeding held as a result of the
application (the Application) made by Novus Petroleum Limited
(NVS) on January 6, 2004 following acceptance by the Panel of
undertakings to the Panel provided by Medco Energi (Australia)
Pty Ltd. (Medco), which has made as off-market cash takeover bid
for shares in NVS (the Bid).

As noted in Panel Media Release TP 04/01, the Application
alleged that unacceptable circumstances had arisen from Medco
not disclosing in its bidder's statement its capacity or
arrangements to refinance debt owed by Novus which would become
repayable on a charge of control, from Medco not announcing
whether it would declare the Bid free from the current condition
relating to the level of make whole payments which may arise on
that change of control (the Fee Condition) in light of the
apparent likelihood that the Fee Condition would be triggered
and from the inclusion of a brief summary of the report
concerning Novus prepared for PT Medco Energi International TBK
(Medco's holding company) (MEI) by Madani Securities, a summary
of which (the Summary Madani Report), in Indonesian, accompanied
MEI's circular to its shareholders concerning a resolution to be
voted on at a general meeting of MEI relating to the approval of
the Bid.

Medco has undertaken:

(a) In relation to the Summary Madani Report, to issue a
supplementary bidder's statement, no later than January 23,

     (i) Offering to provide a hard copy of the short form of  
         the Summary Madani Report in English translation to
         each NVS shareholder who requests it; and
    (ii) Including appropriate cautions (which must also
         accompany each copy of the Summary Madani Report
         provided) about the origin and nature of the report,
         which the Panel will settle with Medco; and

(b) In relation to the refinancing of such of NVS' debt as must
be repaid (together with interest, make whole payments etc.), to
issue a supplementary bidder's statement concerning that debt
promptly after it is provided with details of the amounts which
must be paid and the terms of payment, including;

     (i) Any details of its new financing arrangements which
         would be material to a continuing shareholder in NVS,
         including indications of interest rates, terms,
         security and penal clauses on repayment; and

    (ii) If the terms of the refinancing are such that the net
         effect on NVS of the make whole payment and the
         refinancing is materially less than the 11 cents/share
         mentioned in Medco's announcement of December 24, 2003,
         the fact.

The timing of this supplementary bidder's statement will depend
on when NVS provides the necessary information, and the Panel
accepts Medco's estimate that it may not be issued until the end
of January.

The Panel has indicated to NVS that its target's statement
disclose sufficient details of all its debt which may become
payable on a change of control and the timing and other terms of
payment.  The Panel considers this information to be material to
shareholders in deciding whether to accept the Bid and that it
would be unreasonable to require Medco to arrange their terms
where those terms are not completely standardized.

In light of the information available to the market and the
Panel to date, the Panel considered that the fact that Medco has
not announced a decision whether it will declare the Bid free
from the Fee Condition has not yet given rise to unacceptable
circumstances and is unlikely to do so.  It notes that, offers
having been dispatched by Medco, there are no special
circumstances (like those considered by the Panel in BreakFree
04 and Breakfree 04K) which suggests a reason to disturb the
statutory timetable for announcement of decisions concerning
conditions set out in section 630 and 650f of the Corporations
Act (which requires that to be done at least seven days before
the end of the bid period).

For more information, contact:

George Durbridge
Director, Takeovers Panel
Level 47 Nauru House,
80 Collins Street
Melbourne VIC 3000
Phone: +63 3 9655 3553

C H I N A  &  H O N G  K O N G

HANDWELL DATA: Bank of China Initiates Winding up Proceedings
The High Court of Hong Kong will hear on February 25, 2004 at
10:00 a.m. the petition seeking the winding up of Handwell Data
System Company Limited.  

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong filed the petition
on December 17, 2003.  Gallant Y.T. Ho & Co. represents the

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

INFOSOFT TECHNOLOGY: Wind-up Sought; Hearing Set February 11
The High Court of Hong Kong will hear on February 11, 2004 at
9:30 a.m. the petition seeking the winding up of Infosoft
Technology (HK) Limited.

Finedale Industries Limited of Top Floor, Chinachem Golden
Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong filed
the petition on December 5, 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 1202-6, 12th Floor,
Wheelock House, 20 Pedder Street, Central Hong Kong.

KONSUN INTERNATIONAL: Faces Winding up Hearing in HK High Court
The High Court of Hong Kong will hear on February 4, 2004 at
9:30 a.m. the petition seeking the winding up of Konsun
International Limited.

Wing Lung Bank Limited of 45 Des Voeux Road Central, Hong Kong
filed the petition on November 19, 2003.  Messrs. C.Y. Kwan &
Co. represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs. C.Y.
Kwan & Co., which holds office at Room 1308, Prince's Building,
10 Chater Road, Central Hong Kong.

SUPER CORPORATION: Winding up Hearing Set February 25
The High Court of Hong Kong will hear on February 25, 2004 at
9:30 a.m. the petition seeking the winding up of Super
Corporation 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 15, 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 1202-6, 12th Floor,
Wheelock House, 20 Pedder Street, Central Hong Kong.

WINBELL DEVELOPMENT: Court Sets Winding up Hearing February 18
The High Court of Hong Kong will hear on February 18, 2004 at
9:30 a.m. the petition seeking the winding up of Winbell
Development Limited.

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong filed the petition
on December 10, 2003.  Gallant Y.T. Ho & Co. represents the

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


MERPATI NUSANTARA: No More Delay in Privatization, Says Official
The government will not postpone the privatization of Merpati
Nusantara Airlines amidst speculations that investors might
price the carrier lower due to the uncertainty brought by the
upcoming general elections.

"There is no other way; the privatization has to be done as soon
as possible to help it cope with tough challenges in the
industry," The Jakarta Post quoted State Minister for State
Enterprises Laksamana Sukardi on Monday during a signing
ceremony between Merpati and local governments in Kalimantan.

Mr. Laksamana said private investors would make Merpati better
equipped to compete in the market that has seen several shocks
in recent years, beginning with the September 11 attacks in the

"That's why we need to find investors soon that are credible,
willing to inject capital into the company and to improve the
company's performance.  This will, in the end, increase tax
revenues," Mr. Laksamana was further quoted as saying.

Merpati is among 14 state-owned companies up for sale this year
under the government's privatization program.  Proceeds from the
sale is expected to reach IDR5 trillion, which will be use to
bridge the government's estimated IDR24.4 trillion budget gap.

"Selling a majority in Merpati would allow the government to
procure a premium fee in addition to proceeds derived from the
sale-per-share price," The Jakarta Post said.

The agreement signed between Merpati and the four provincial
administrations in Kalimantan on Monday is aimed at setting up a
new joint airline, the Kalimantan Air Service, according to the
report.  Under this agreement, the new airline will use Merpati
planes and flight personnel while the local governments would
subsidize the fares.  Merpati can also operate aircraft
purchased by the provinces.  The company has a fleet of 42
airplanes servicing 250 routes and 250 daily flights, the paper

* Audit of IBRA Begins; BPK to Focus on Performance
The Supreme Audit Agency (BPK) has started its audit of the
Indonesian Bank Restructuring Agency, which the government
intends to disband by February 27 as planned.

"We'll look into matters such as whether those ailing banks have
all recovered and whether they'll survive without IBRA in the
future," BPK chief, Satrio B. Judono, told The Jakarta Post in a
recent interview.

IBRA was established in 1998 to clean up the banking sector,
which was saddled with huge debts following the 1998 financial
crisis, and to restore ailing or insolvent banks to health.  
Over the years, it has taken over a number of banks, but critics
believe it has largely failed to carry out its mandate.

"Although many of the 'IBRA banks' have started making profits
again last year, critics say... these profits came largely from
interest revenue paid on the government bonds held by the banks,
rather than from lending operations," The Jakarta Post says.

BPK has pledged to focus its audit on the agency's performance
over the years.


JAPAN AIRLINES: Enters Code-sharing Arrangement with Air Tahiti
Beginning April 20, Japan Airlines and Air Tahiti Nui Inc. will
jointly operate the flights to and from Japan and Tahiti,
according to Japan Today.

The arrangement was formalized recently in a code-sharing
agreement signed recently.  Under the deal, both airlines will
operate three round-trip flights a week between Narita and
Papeete, the capital of French Polynesia, and will utilize Air
Tahiti Nui's A340 aircraft, each of which seats 294 passengers,
Japan Airlines said Monday.

The pact still needs the approval of aviation authorities.


DAEWOO MOTOR: Former Sales Unit Forecasts Strong 2004 Sales
Daewoo Motor Sales Co. (DMC), the former domestic sales unit
of bankrupt Daewoo Motor Co., raised its sales target for the
year to 17.9%, The Korea Herald said over the weekend.

The company, now independent from the GM Daewoo Auto &
Technology Co. -- the company that emerged following the
takeover of the local carmaker by General Motors in November
2002 -- aims to sell 212,450 vehicles domestically in 2004.  
These include 150,000 cars made by GM Daewoo Auto & Technology
Co., 53,550 vehicles manufactured by Ssangyong Motor Co.,
8,000 Daewoo Bus Corp. buses and Daewoo Commercial Vehicle Co.
trucks, and 900 imported General Motors Corp. cars.

"As a company specializing in the sale of five automakers'
vehicles, Daewoo Motor Sales will focus on providing the best
service for customers by establishing a total service system,"
Lee Dong-ho, DMC president and chief executive, said during a
meeting with the company's nationwide dealers.

Aside from DMC, other carmakers are also raising their domestic
sales target this year.  Earlier this month, according to the
paper, Hyundai Motor Co. forecasted 710,000 units, up 13 percent
from its 2003 sales.  Kia Motors Corp., a Hyundai affiliate,
aims to sell 415,000 vehicles, up from 313,330 units last year.
Renault Samsung Motors Corp. plans to sell 120,000 units
domestically, up from 110,249 units sold in 2003.

KIA MOTORS: Posts Strong Sales in Europe; Market Share Increases
Kia Motors boasted Monday its share market in the European Union
had increased to .8% last year, up from .5% a year ago.  

The Association des Constructeurs Europeens d' Automobiles
(ACEA), an association of European automobile manufacturers,
said Kia was biggest gainer in the continent last year, selling
107,631 vehicles, up 48.4% from the previous year.  Matsuda came
second with sales rising 30.4% in 2003.

Kia Motor officials told Maeil Business Newspaper the increase
in sales was in contrast to the overall market decline of 1.3%.  
The company plans to sell 240,000 units in Europe this year and
increase its market share to 2% in 2005.

In July 2003, Standard & Poor's Ratings Services upgraded its
long-term credit rating on Kia Motors Corp. to 'BB+' from
'BB'.  The outlook on the rating is positive.  

According to the rating agency, "the positive outlook...
reflect[s] the likelihood of improvement in the credit quality
of the compan[y] over the next few years."

LG CARD: ABS Deal Still 'AAA' Despite Weakened Performance
Standard & Poor's Ratings Services said in a new report released
Monday that it maintained its 'AAA' rating on a securitization of
credit card receivables originated by LG Card Co. Ltd., despite
the financial troubles besetting the card company, and the
resulting deterioration in the transaction's asset performance.

Credipia 2001 Ltd.'s (LG Credipia) US$500 million floating-rate
guaranteed notes due December 2007 were originally rated 'AAA' by
Standard & Poor's in December 2001.  The notes are ultimately
backed by a pool of Korean won-denominated credit card
receivables originated by LG Card, one of Korea's largest card
issuers, and carry a surety bond provided by Financial Security
Assurance Inc. (FSA; AAA/Stable/--).

Concerns over the credit quality of asset-backed securities
supported by domestic credit card receivables have heightened as
conditions in Korea's credit card industry have deteriorated.

However, despite LG Card's financial difficulties and Korea's
weakening credit card industry, Standard & Poor's believes no
rating action on the transaction will be required at this point.
This conclusion is supported by the following reasons:

(a) LG Card took measures to strengthen the transaction by
various means in the middle of 2003.  These consisted of
depositing cash into the yield reserve account, increasing the
over-collateralization level by 3%, and replacing ineligible
receivables with new, eligible ones.  Most recently, as of
January 2004, LG Credipia has accumulated cash totaling US$232

(b) In view of the payment rate in excess of 55%, it is expected
that even if an early amortization event occurs, the transaction
will accumulate cash and should be able to repay interest and
principal in a timely manner.  Ultimately, whether or not the
payment rates are affected, investors will look to the surety
bond issued by FSA.

(c) FSA provides an unconditional and irrevocable guarantee to
cover shortfalls in interest and principal payments.  The 'AAA'
rating on the transaction is linked to the issuer rating of FSA.
Standard & Poor's has maintained close surveillance of the LG
Credipia transaction since closing.  The asset pool has
deteriorated, and were it not for the consent granted by FSA, the
guarantor and controlling beneficiary, the transaction would have
triggered early amortization events some time ago.  Standard &
Poor's will review the performance of the transaction by
examining trends in key ratios and how they measure up against
the early amortization triggers.

SK CORPORATION: SAM Junks Corporate Governance Guidelines
SK Corporation and its second-largest shareholder, Sovereign
Asset Management, are heading towards a likely face off,
according to an official who acted as arbitrator between them on

"We've conveyed our version of a draft to improve SK Corp's
corporate governance to Sovereign and the oil refiner's
management and creditors, but Sovereign refused it," Yonhap News
quoted Jang Ha-sung of the People's Solidarity for Participatory
Democracy, a leading civic organization, during a news

Standard and Poor's Ratings Services recently affirmed its
'BB+' long-term local currency and foreign currency corporate
credit ratings on SK Corporation. The rating was removed from
CreditWatch where it was placed on March 13, 2003, following the
revelation of accounting fraud at SK Networks Co. (formerly SK
Global), the trading unit of the SK group. The outlook on the
rating was negative.


LION CORPORATION: Details Acceptance of LCB Shareholders
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 held at 5.00 p.m. on 15 December 2003

We refer 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.

It is hereby announced that the details of acceptance by the
eligible shareholders of LCB received as at the close of
acceptance and payment for the ROFS at 5.00 p.m. on 16 January
2004 are set out below:

                    No. of ROFS Shares         %
Acceptances             133,373               0.064
Non-acceptances     209,568,199              99.936
Total available
for acceptances     209,701,572              100.00

This announcement is dated 19 January 2004.

UCP RESOURCES: Aborts Rights Issue Outlined in Rehab Plan
UPC Resources issued the following announcement:


(a) Proposed Share Exchange
(b) Proposed Debt Settlement
(c) Proposed Acquisitions
(d) Proposed Placement
(e) Proposed Transfer of Listing
(f) Proposed Liquidation
(g) Proposed Exemption
(h) Proposed Capitalization of JMR Conglomeration Bhd (formerly   
    known as Goldenseal Resources Sdn Bhd) Advances
(i) Proposed Disposal of JCB Shares to JMR Consolidated Holdings
    Sdn Bhd (formerly known as Synergy Harvest Sdn Bhd)  
    (collectively referred to as the "Proposed Corporate and
    Debt Restructuring Scheme")

For consistency, the abbreviation used throughout this
announcement shall have the same meaning as previously defined
in UCP's announcements dated October 29, 2002, December 31,
2002, January 16, 2003 and August 15, 2003.

On 14 January 2004, Public Merchant Bank Berhad (PMBB) had, on
behalf of the Board of Directors of UCP (Board), announced that
UCP and JMR Conglomeration Berhad (formerly known as Goldenseal
Resources Sdn Bhd) (JCB) have mutually decided to abort the
Proposed Rights Issue.

PMBB, on behalf of the Board, wishes to announce that the
decision to abort the Proposed Rights Issue was made after
taking into consideration the following:

     (i) After further review by the management of JCB, they are
         in the opinion that the funding requirements of the JCB
         Group upon completion of the Proposed Corporate and
         Debt Restructuring Scheme will be sufficient without
         the Proposed Rights Issue; and

    (ii) To expedite the implementation of the Proposed
         Corporate and Debt Restructuring Scheme.

This announcement is dated 19 January 2004.


ATLAS CONSOLIDATED: Details Steps Taken to Make Equity Positive
This in reference to Memo for Brokers No. 248-2003 dated October
2, 2003 pertaining to the Implementing Guidelines on Article
XVI, Section 2 (f) of the Listings and Disclosure Rules, which
took effect on October 17, 2003

Pursuant to the aforementioned guidelines, a listed company may
be considered delisting if its stockholders equity becomes
negative.  Thus, listed companies suffering from this financial
condition, as reflected in its latest audited financial
statements, must comply with the relevant provisions of the said

In relation thereto, Atlas Consolidated Mining and Development
Corporation ("AT") submitted the attached disclosure dated
January 15, 2004 with respect to its plan of activities to be
undertaken to bring the stockholders' equity from negative to

We shall inform the Trading Participants and the investing
public of further developments on the aforementioned matter.

For your information.

Jose G. Cervantes
Senior Vice President,
Philippine Stock Exchange

To view full copy of this press release, click

DMCI HOLDINGS: Disputes Article on Alleged Fraudulent Claims
This in reference to the news article entitled "DMCI, creditors
fight" published in the January 19, 2004 issue of the
BusinessWorld (Internet Edition).  

The article reported that: "DM Consunji, Inc. (DMCI) accused of
making fictitious claims against its own subsidiary, Universal
Rightfield Property Holdings, Inc. for over PHP480 million.  
Creditors of Universal Rightfield last week argued before a
Mandaluyong trial court that DMCI made it appear as if its own
subsidiary owed it nearly half a billion pesos so it could
justify its call for the firm's rehabilitation.  But creditors
said the rehabilitation petition should be dismissed since
universal did not owe its mother company.  Instead, they said,
debt-saddled Universal Rightfield should be immediately placed
under receivership to prevent the further dissipation of its

"DMCI does not have any liability to related parties nor a
PhP480.5-million receivable from [Universal Rightfield] as
reflected in both [their] financial statements filed with the
Securities and Exchange Commission and the Philippines Stock
Exchange, and as audited by SyCip, Gorres, Velayo and Co.," said
lawyer Maricel Lopez, who represents a group of Universal
Rightfield creditors, handles the multibillion peso estafa suit
against four Consunji firms -- including Universal Rightfield --
and their officers for allegedly defrauding stockholders of
Universal Leisure Club, Inc.  The club is also a DMCI
subsidiary.  It sold club shares to investors at PhP1 million
apiece in the late 1990s but failed to deliver on promised
amenities. x x x"

DMCI Holdings, Inc. ("DMC" or the "Company"), in its letter
dated January 19 2004, contains the following clarification:

"We would like to clarify statements presented in the above-
mentioned article, which states that DMCI 2002 balance sheet
showed it did not have any trade and other receivables from
related parties.  Please be informed that DMCI Holdings Inc.
(the listed Parent Company of DMCI) reported receivables from
related parties as of December 31, 2002 in the aggregate amount
of approximately PHP1.2 billion.

"It was disclosed that these related party receivables included
DMCI Receivables from Universal Rightfield amounting to P595-
million, which included PHP512-million as trade construction
receivables (see Annex A, Note 4 of Notes to Financial
Statements as filed by DMCI Holdings, Inc in its 2002 Annual
Report-SEC Form 17-A).  Moreover, contrary to the statements in
the article, the DMCI 2002 Audited Financial Statements also
confirmed the amounts disclosed to its parent company DMCI
Holdings, Inc. (see Annex B, Note 4 of Noted to Financial
Statements of DMCI for 2002)."

For your information: Jose G. Cervantes, Senior Vice-President

To view full copy of this press release, click

MANILA ELECTRIC: S&P Warns of Further Downgrade to 'SD'
Standard & Poor's Ratings Services said yesterday it is awaiting
the outcome of the Philippines' Manila Electric Co. Ltd.'s
(Meralco, CC/Negative/--) negotiations with its bankers for
deferment of its PHP4.7 billion (US$88 million) short-term debt,
that falls due on January 21, 2004.

Meralco is in advanced stage of negotiations with its lenders,
and an agreement is likely to be signed by the end of January
21. However, if the lenders do not agree to a deferment, Meralco
is likely to face severe difficulties in making this payment
given its very strained liquidity. In a recent judgment, the
Supreme Court has suspended a 12-centavo per kilowatt-hour
provisional increase in tariff that was awarded to Meralco by
the electricity regulator. This has hampered Meralco's plans for
refinancing its debt, which would have eased its liquidity
problems in the short term.

Standard & Poor's 'CC' long-term rating on Meralco indicates
that it is currently highly vulnerable to nonpayment of its
financial commitments in a timely manner.  In the absence of a
rollover, Meralco's failure to repay its short-term debt on Jan.
21 is likely to cause lowering of its rating to 'SD' (Selective

NATIONAL POWER: DM Consunji Group Corners Pinamucan Project
Soon-to-be privatized National Power Corporation has picked a
consortium led by DM Consunji Inc. to undertake the transfer of
the 110-megawatt Pinamucan diesel power plant to Dingle, Iloilo

According to AFX-Asia, the consortium offered the lowest bid of
PHP629.5 million for the project in Napocor's third public
bidding.  Napocor has earmarked PHP660.1 million to fund the
facility's transfer, which will take 10 months to complete and
is intended to prevent power shortage in the Visayas.

DM Consunji is a subsidiary of listed DMCI Holdings Inc.  Other
members of the consortium are Bendimil Construction &
Development Corp, Alsons Power Holdings Corp, and Home
Construction, Inc.

NATIONAL POWER: Govt to Sell Napocor Bonds to Fund Budget Gap
The central bank has approved the Department of Finance's plan
to sell another US$400 million worth of Napocor bonds to bridge
the government's funding gap for the year, the Philippine Daily
Inquirer learned recently.

These bonds are among the US$1 billion worth of bonds issued by
the National Power Corporation (Napocor) in exchange for the
dollars the government had raised on its behalf.  It issued the
bonds in early 2003 after the government sold US$500 million
worth of 10-year global bonds and relent half to Napocor.  The
government again sold US$750 million worth of similarly dated
bonds in July last year and lent the entire proceeds to the
state-owned power generator.  Last December the government sold
US$100 million worth of Napocor bonds to beef up the state
coffers, the report said.

According to Finance Secretary Juanita Amatong, the government
has a US$750 million hole on its US$1.8 billion funding
requirements for the year.  The finance department has already
asked investment banks to submit underwriting proposals for
US$200 million worth of short-term borrowings to settle maturing
zero coupon bonds of the same amount, she said.

Currently undertaking a privatization program, Napocor is
expected to need US$1.2-2.0 billion this year, according to the

"Given the difficulty Napocor has in borrowing for itself, the
national government may end up raising most of Napocor's
requirement, on top of completing its own requirements," the
Philippine Daily Inquirer said.

NATIONAL POWER: 14 Power Plants Sit on Unregistered Lands
The privatization of state-owned National Power Corporation
(Napocor) could be delayed after it emerged that 14 of its power
plants had no title to the lands they are sitting on.

The Department of Environment and Natural Resources, according
to the Manila Times, has disclosed that Napocor had only asked
for assistance in titling the land recently and upon orders of
President Gloria Arroyo.

"The fact that these power plants have no land titles yet is
considered a big hurdle in the privatization of Napocor's
assets.  The privatization of Napocor is mandated under Republic
Act No. 9136, otherwise known as the Electric Power Industry
Reform Act," The Manila Times said.

The environment department identified the 14 power plants as:

(1) Barit Hydroelectric Power Plant in Buhi, Camarines Sur,
    which occupies 221 hectares;

(2) Batangas Coal-Fired Thermal Power Plant in Calaca, Batangas,
    which occupies 175.4 hectares;

(3) Angata Hydro-Electirc Power Plant in Norzagaray, which
    occupies 73.08 hectares;

(4) Amlan Hydroelectric Power Plant in Amland, Negros
    Oriental, which occupies 31.1 hectares;

(5) Pantabangan Hydro-Electric Plant in Nueva Ecija, which
    occupies 8.46 hectares;

(6) Masi-way Hydroelectric Plant in Nueva Ecija, which occupies
    3.13 hectares;

(7) Cauayan Hydroelectric Power Plant in Guinlajon, Sorsogon
    City, which occupies 4.6 hectares;

(8) Bacon-Manito Geothermal Plant in Sorsogon and Albay, which
    occupies 17.95 hectares;

(9) Cebu Diesel Power Plant in Toledo City, which occupies 12.93

(10) Naga Thermal Power Plant in Naga, Cebu, which occupies
    27.63 hectares;

(11) Loboc Hydroelectric Power Plant in Loboc, Bohol, which
    occupies 1.38 hectares;

(12) Tongonan Geothermal Power Plant in Kananga, Leyte, which
    occupies 140.3 square meters;

(13) Palaimpinon Geothermal Power Plant in Valencia, Negros
    Oriental, which occupies 9.5 hectares; and

(14) Talomo Hydroelectric Power Plant in Davao City, which
    occupies 29.87 hectares.


KEPPEL CORPORATION: Corners US$126 Million Rig Project
Keppel FELS Limited (KFELS) has signed an agreement with a
wholly owned subsidiary of the Skeie Group AS of Norway to build
a rig for US$126 million.

To effect this agreement, financing for the construction of the
rig must be completed by 16 February 2004.  Construction of the
rig is expected to be around 26 months.  The rig to be built is
a Keppel FELS MOD V B class enhanced jackup capable of operating
in water depths of up to 350 feet and deep drilling of down to
35,000 feet.

The owner has an option to order within the next 6 months an
additional unit with the same technical specification as the
first unit with price adjustment for currency fluctuations.

KFELS is the world leader in the design and construction of
jack-up rigs, having built 60% of the world's fleet on order in
the last decade. It is a wholly owned subsidiary of Singapore-
listed Keppel Corporation Limited, through Keppel Offshore &
Marine Limited.

Involved primarily in investments relating to the offshore
industry, Skeie Group SA is a private company owned by the Skeie

For further information, contact:

Sarah Seah
Deputy General Manager
Group Corporate Communications
Keppel Corporation Limited
Tel: (65) 6413 6420


EMC CO.: Posts Details of Restricted Share Sale
EMC Power Co., Ltd., as the Plans Administrator of EMC Co., Ltd.
(Public), has proposed to sell their shares to other people in a
restricted basis at the quantity of 230,000,000 shares and par
value of 1 Baht per share, whereby the price has been duly
approved by the Central Court of Bankruptcy in pursuance to the
Business Restructuring Plan, and the company has duly reported
the said information in its Capital Increase Report 53-4.

The company hereby gives additional data of the people on
restricted basis as follows:

Group 1: Khun Suthisak Lohswasdi

Education: WorThor.Bor. (Kasethsart University)

Training:  College of Kingdom Defense, Private Business
           Branch, Group 4414 (Year 2002)
           - Korea Development Bank
           - Industrial Bank of Japan
           - Asian Institute of Management, Philippines.

Work:      Assistant to General Manager at Bangkok Bank Co.,  
           Ltd. (Public) - responsible for Industrial
           Credits and Construction Credits in the lines of
           Special Credits during 1995-2002.

Owing to his long experience in the financial field, and also
being an expert in the fields of industry and construction, and
whereas our company in the process of development and
improvement to achieving the former front line position, is
searching for people of extensive knowledge, skills and
experience in the fields of financial management, financial
planning and capable of seeking out the sources of financial
supports; as such our company trusts that Khun Suthisak
Lohswasdi has possesses the required work experience to motivate
our business status up to the normal profitable level, and able
to redeem the financial situation from crises to once again
making income for the company.

Group 2: Khun Sunee Sornchaitanasuk
Education: Master Degree in Industrial Business Branch from King
             Mongkut Institute of Technology Phanakhon Nua
           Master Degree and Bachelor Degree in Accounting from   
             Thammasart University.
Work:      Managing Director, DEMED Audio Centre Co. Ltd.
           Managing Director, DUSITMED Co., Ltd.
           Deputy CEO, Thai Shinnawatra Co., Ltd.
           CEO, Affiliate Company (Thai Shinnawatra Co., Ltd.)
           Director, Chiangmai Thai Silk Co., Ltd.
           Senior Manager - Author Andersen Co., Ltd.
           Special Instructor for government & private
           Member, Subcommittee (Information Relations,
             Subcommittee of secretarial Section)
           Member, Subcommittee of Standard Auditor, Licenses  
             Accounts & Auditor Association of Thailand.
           President of Thammasart University's Bachelor Auditor
           Special Lecturer of Commercial Registration Office

Owing to her extensive experience in setting up Marketing Plans
whereby she had secured numerous contracts which served as
essential sources of incomes for our company and supported its
survival through the years of financial crises until the
presence; the company fully realizing Khun Sunee Sornchaitanasuk
as a person of excellent knowledge, highly proficient, and
skillful in setting-up marketing plans; and has a profound
understanding of customers' requirements, highly capable at
motivating clients' choices, and help to determined Tender
award. The company has strong confidence in Khun Sunee
Sornchaitanasuk as a proficient person in setting up marketing
plans, and also an able executive to successfully manage the
marketing strategies and build-up high earning power to benefit
the company's future stability.

Group 3: Khun Prasert Kasamekomes

Education: Bachelor Degree from Phra Mongkut Institute of
             Technology Thonburi
           Curriculum of Kingdom Defense Government Sectors and
             Private Sectors, College of Kingdom Defense-
             Institute of Kingdom Defense Technology
             (Wor.Por.Ror.Or. 4515)
           Curriculum of Real Estate Management Strategies
             During Crisis Housing Branch
           Architectural Faculty of Chulalongkorn University
           Curriculum of construction and management, etc.
Work:      Director of Unimex Co., Ltd., engaged in the business
             of Electrical and Public Sanitary Systems
           Managing Director of Bonvista Land Development Co.,
             Ltd., engaged in the businesses of Real Estates,
             Bonvista Projects in Soi Thonglor, Water Ford
             Condominium Project.
           Managing Director, Nema Engineering Co., Ltd. engaged
             in the business of Contractor.            
           Managing Director, Frame Technique Co., Ltd., engaged
             in the business of design and installation of fire
             protection system.
           Managing Director, Power Line Co., Ltd. engaged in
             the business of electrical, public sanitary, and
             air conditioning systems            
           Managing Director, Park Hill Realty Co., Ltd. engaged
             in the business of real estates development
           Advisor for the Science & Environment Commissioners
           Advisor for the Parliament's Sports Commissioner       
           Director of the Real Estates Association of Thailand
           Director of the Condominium Association of Thailand
His extensive experience in construction and real estate
development is what our company is searching for. We required
people of excellent knowledge and skills in the construction
development industry to assist the company's work related to
government and private sectors, and also assist to earn higher
incomes. The company has realized in Khun Prasert Kasamekomes as
the person of excellent knowledge and skills in real estates
development and thus highly suitable to provide work plans,
administration, supervisions to assuring that the company could
deal proficiently with customers, gaining confidence of every
project's proprietor, and able to increase work loads, increases
incomes, and promote the company's good reputation.

Group 4: Khun Komol Wongpornpenpap

Education: Bachelor Degree in Engineering
           Faculty, Electrical Branch of King Monkut Institute
             of Technology Thon Buri

Work:      President of EMC Co., Ltd. (Public)
           Managing Director, BIP Engineering & Construction
             Co., Ltd., Hydrotek Co., Ltd., Sahakarn Engineering
             Co., Ltd., IEOM Co., Ltd., K.S.S. Construction Co.,
             Ltd., K.S.S. Engineering & Construction Co., Ltd.   
             engaged in the business of electrical and
             mechanical engineering.

From the past until the presence, our company has encountered
many crises, but we have successfully fought through and able to
continue our business until now, and today we have almost
reaching a normal situation. All these were owing to the
efficient management of Khun Komol Wongpornpenpap who has
applied his excellent knowledge, experience, and visions for our
survival throughout the difficult period. We have realized Khun
Komol Wongpornpenpap as a unique person in the executive team,
as well as an excellent planner, policy builder, and a
proficient administrator whom the company strongly required to
continue manage our business. In addition to this, we also
recognize Khun Komol Wongpornpenpap, as a person of profound
knowledge and extensive experience in engineering industry,
which is our main business line. As a result of his ability, our
customers put-up strong confidence in our operation capability
and efficiency, and thus serves as solid ground for our future

From the experience and professional ability including the
skills in each professional line of the investment experts who
will join our company in the near future, and including our
present Directors, Khun Komol Wongpornpenpap, an expert in
engineering who has encountered our problems and successfully
solved them until the presence, and will proceed to lead our
team forward to achieve an even higher administrative

Please be advised accordingly.

Yours faithfully,
Komol Wongpornpenpap
Smai Leesakul
EMC Power Company Limited
Acting as a Plan Preparer of EMC Public Company Limited

CONTACT: Rasa Tower, Floor 22,
         555 Phaholyothin Road,
         Chatu Chak Bangkok    
         Phone: 0-2937-0333   
         Fax: 0-2937-0329


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

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Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

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