TCRAP_Public/040126.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

            Monday, January 26, 2004, Vol. 7, No. 17

                            Headlines

A U S T R A L I A

AMP LIMITED: Chances of NAB Takeover 'Diminishing,' Say Analysts
LOOKSMART LIMITED: Sensis Buys Aussie Unit for Undisclosed Sum
NATIONAL AUSTRALIA: ASIC Opens Formal Inquiry into Trading Scam
NATIONAL AUSTRALIA: Losses Negligible Compared to 2003 Profit
NATIONAL AUSTRALIA: Cancels Preferred Shares Worth AU$450M

NOVUS PETROLEUM: Independent Directors Reject Medco Offer
SANTOS LIMITED: Granted Another 'Block' in Sorell Basin
VILLAGE ROADSHOW: Posts Voting Details in Shareholders Meeting
VILLAGE ROADSHOW: Seeks Indefinite Trading Suspension


C H I N A  &  H O N G  K O N G

GUIDA COMPANY: Bank of China Lodges Winding up Petition
MING HING: HK High Court Sets Winding up Hearing February 25
RICH DRAGON: Ng Man Kwong Initiates Winding up Proceedings
SWEET TOP: Bank of China Seeks Firm's Windup Before High Court
WORTHY TEXTILE: Faces Winding up Petition Before HK High Court


I N D O N E S I A

ETERINDO WAHANATAMA: Shares Suspended Pending Report About Blast


J A P A N

FURUKAWA ELECTRIC: Merger Talks with Fujikura Enter Home Stretch
JAPAN AIRLINES: Vows to Fix Engine Problems by end-February
JAPAN AIRLINES: To Raise Stake in Japan Asia Airways to 100%
KAWASAKI HEAVY: Recalls Motorcycles with Defective Oil Filters
MATSUSHITA ELECTRIC: Expects Auto Electronics to Drive Growth

NIPPON TELEGRAPH: Not Eyeing Broadcasting Sector, Says President


M A L A Y S I A

MANGIUM INDUSTRIES: Posts Production Figure for December 2003


P H I L I P P I N E S

ATLAS MINING: Plans to Reopen Toledo Mine Soon
MANILA ELECTRIC: Seeks Delay of Court-ordered Refund
NATIONAL STEEL: LNM Not Giving Up, Tables Higher Offer
PILIPINO TELEPHONE: Denies Speculations about Smart Merger


S I N G A P O R E

GUL TECHNOLOGIES: Details Director's Interest


T H A I L A N D

JASMINE INTERNATIONAL: Post Details of Warrant Conversion
THAI PETROCHEMICAL: Equity Reduction Appealing to Most Creditors

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Chances of NAB Takeover 'Diminishing,' Say Analysts
----------------------------------------------------------------
Market observers are beginning to doubt AMP Limited will ever
receive a takeover offer from the National Australia Bank (NAB)
now that the bank is in the midst of a rogue foreign-currency
trading scandal.

In an interview with The Advertiser, Baker Young Stockbrokers
research manager Duncan Gordon said the financial impact of the
unauthorized dealing has gone beyond the doorsteps of NAB.

"And, as investors are seeing so many structural issues
potentially within NAB, the belief is that chances the National
will launch a takeover for AMP in the short term are probably
diminishing," he said.

Last year, the bank tried but failed to raid AMP.  Market
watchers had expected the bank to try again after AMP spun off
its British operations in December.

NAB shares yesterday finished Thursday 34c, or 1.1 per cent,
weaker at AU$29.20, after hitting an intra-day low of AU$29.06,
according to The Advertiser.  AMP fell 5c to AU$4.63.


LOOKSMART LIMITED: Sensis Buys Aussie Unit for Undisclosed Sum
--------------------------------------------------------------
Following the loss of a star client that accounts for two-thirds
of its revenues, LookSmart Limited sold last week its Australian
unit to Telstra subsidiary, Sensis.

The Advertiser did not say how much money was involved in the
deal, except that it involves all the local operations,
including branding and LookSmart's Internet search marketing
technology, which allows advertisers to place small
advertisements alongside Internet search results.

"LookSmart -- set up in 1995 by Melbourne husband and wife team
Evan and Tracey Ellery but now based in San Francisco -- will
wind up its Australian operations over the next five months,"
The Advertiser said.

The loss of a contract with Microsoft, which had been the cash
cow of LookSmart until January 15, precipitated its demise.
Launched as an Internet Web site directory, LookSmart has
struggled to draw enough viewers to compete with Google or
Yahoo!, making it very reliant on distribution partners such as
MSN.  The company is now halving its worldwide headcount from
429 to less than 200.

On Wednesday, LookSmart appointed local CEO Damien Smith to head
the entire group, replacing Jason Kellerman.  It also reported
higher than expected revenues of between US$43 million (US$56
million) and US$45 million for the three months to December 31 -
the last quarter of the Microsoft deal.

Mr. Smith said Sensis will absorb LookSmart Australia's 30
employees.  Sensis runs the online and paper versions of White
Pages and Yellow Pages.


NATIONAL AUSTRALIA: ASIC Opens Formal Inquiry into Trading Scam
---------------------------------------------------------------
Corporate watchdog, the Australian Securities & Investments
Commission, has formally opened an inquiry into the rogue
foreign-currency trading scam uncovered at the National
Australia Bank almost two weeks ago.

The ASIC probe is a huge blow to the bank, according to analysts
interviewed by The West Australian.  Clothed with "significant
Federal powers," the paper said ASIC can seize files and
documents and interview personnel at its option.  ASIC said it
is concerned about whether the bank had kept the market properly
informed.

As if well timed, ASIC is entering the picture while the bank
cannot be certain about the extent of its losses from the
questionable transactions.  Two weeks ago, it pegged the amount
at no more than AU$185 million; last week it admitted losses
could go as high as AU$600 million.  As of this writing, the
bank still could not determine the exact sum, suggesting that
losses might be bigger than previous estimates.

ASIC's investigation will be headed by the executive director of
enforcement, Jan Redfern, according to The West Australian.  She
said the watchdog had already discussed the disclosure issue
with NAB executives: "There are issues we are discussing with
the company now, about whether there's sufficient information
out there and whether the market is properly informed at this
point in time."

ASIC is the fourth body to look into the scam allegedly
perpetrated by four suspended foreign exchange options traders.
The other three are the Australian Prudential Regulation
Authority, an internal NAB investigation led by Mr. Cicutto and
a team of PricewaterhouseCoopers forensic accountants assisting
Mr. Cicutto.


NATIONAL AUSTRALIA: Losses Negligible Compared to 2003 Profit
-------------------------------------------------------------
National Australia Bank CEO Frank Cicutto says initial
investigations point to weaknesses in the bank's internal
procedures as one of the main reasons behind the huge losses at
its foreign-currency trading division.

In an interview with http://www.corporatefile.com.au,Mr.
Cicutto said foreign currency option traders exploited these
weaknesses to the disadvantage of NAB.  He assured investors
these weaknesses have been identified and are now being
addressed.  Meanwhile, he emphasized that the losses affect just
a small part of the bank's business.  He noted the bank had
profit before tax of AU$5.6 billion last year.

To view transcript of this interview, click
http://bankrupt.com/misc/national_australiabriefing.pdf


NATIONAL AUSTRALIA: Cancels Preferred Shares Worth AU$450M
----------------------------------------------------------
Embattled National Australia Bank has cancelled 38 million
preference shares worth AU$450 million.  Details of this
transaction may be viewed through these links:

(1) http://bankrupt.com/misc/national_australiafrm484.pdf

(2) http://bankrupt.com/misc/national_australia3.pdf


NOVUS PETROLEUM: Independent Directors Reject Medco Offer
---------------------------------------------------------
On December 22, 2003, Indonesian oil and gas company PT Medco
Energi Internasional TBK (Medco Energi) announced an unsolicited
off-market takeover offer by a wholly owned subsidiary (Medco
Energi Australia) Pty Ltd (Bidder), for all the issued ordinary
shares in Novus Petroleum Limited (Novus) at $1.74 cash per
Novus Share (Offer).

Shortly after receiving the Offer, the Board sent a letter to
Novus Shareholders in which the Board stated its opinion that
the Offer did not take into account the underlying value of
Novus and that you should do nothing at that stage.

This Target's Statement contains the Independent Director's
(Messrs David Blair, Jim Hornabrook and Steve Mann)
recommendation in relation to the Offer together with an
Independent Expert's Report provided by Grant Samuel &
Associates Pty Limited (Independent Expert).

The Independent Expert has valued Novus in the range of $1.96-
$2.75 per Novus Share and has concluded that the Offer is
neither fair nor reasonable.

Each of the Independent Directors, after having carefully
considered the Offer, recommends that you REJECT the Offer for
reasons including:

(a) the Offer substantially undervalues your Novus Shares based
    on a number of independent measures, including the valuation
    of the Independent Expert;

(b) the Independent Directors believe Medco Energi has not
    adequately factored in the quality of Novus' portfolio,
    which has both geographic, and asset diversity as well as
    material upside exposure from several development and
    exploration assets;

(c) the Independent Directors believe the Offer has been
    opportunistically timed to take place before the benefits of
    Novus' United States and Middle Easter expansion have been
    reflected in the Novus Share price; and

(d) the Independent Directors believe the Offer Price does not
    reflect the value and importance of Novus to Medco Energi.

Novus Shareholders who are considering accepting the Offer
should also consider:

(a) the Novus Share price as at January 16, 2004 of $1.93 is
    materially above the Offer Price;

(b) Novus continues to have preliminary discussions with a
    number of parties potentially interested in making
    counteroffers;

(c) the off-market takeover bid for Novus announced on January
    19, 2004 by Dr. Bob Williams, the Chief Executive Officer of
    Novus, together with Crosby Capital Partners (the Crosby
    Counter bid); and

(d) the Offer is highly conditional and once you accept, except
    in limited circumstances, you will not be able to accept any
    higher offer (including the Crosby Counter bid) or sell your
    Novus Shares on market.

This Target's Statement sets out detailed reasons for the
Independent Directors' recommendation, which is contained in
section 3.1.1 urge you to read this Target's Statement in full.
The Independent Directors will provide a formal response to the
Crosby Counter bid through a separate target's statement.

To REJECT the offer, simply do nothing and ignore the
documentation sent to you by Bidder.

Each Independent Director intends to REJECT the Offer for any
Novus Shares held by him or on his behalf.

The Independent Directors will keep you informed of all
developments.  In the meantime, if you require further
clarification or have any other questions, please call the Novus
Shareholder Information line on toll free 1-800-701-213 for
local callers or +61 3 9251 2730 for overseas callers.

This letter has been signed by David Blair, the Chairman, Novus
Petroleum Limited.

To view full copy of this press release, click
http://bankrupt.com/misc/novus_petroleum.pdf


SANTOS LIMITED: Granted Another 'Block' in Sorell Basin
-------------------------------------------------------
Santos Limited has been awarded its fourth offshore exploration
permit in the Sorell Basin, offshore Tasmania, by the
Commonwealth and Tasmanian Governments.

Exploration block T/36P is approximately 5 kilometers off
Tasmania's southwestern coast and covers approximately 4,500
square kilometers.

Santos has been awarded the block for an initial period of three
years and has agreed to a work program, which may result in
expenditure of up to $2 million being invested in exploring for
oil and gas.

"This builds on Santos' strong operating position in the waters
of the Otway and Sorell Basins, where we now hold the
exploration rights to seven blocks," said Santos' Managing
Director, Mr. John Ellice-Flint. "The new block is on trend with
four other deep water blocks in the deepwater Otway and Sorell
Basins.  However, three quarters of this block has a more
conventional water depth of less than 200 meters."

Santos holds a 50 percent interest in T/36P and is the operator.
The remaining 50 percent interest is held by Unocal.  Santos
Limited is a major Australian oil and gas exploration and
production company with interests in all Australian hydrocarbon
provinces.  The Santos Group also operates in the USA, Indonesia
and PNG.

For further information please contact:

Media inquiries:
Kathryn Mitchell
(08) 8218 5260/0407 979 982

Investors Inquiries:
Graeme Bethune
(08) 8218 5157/0419 828 617

Santos stock symbols: STO (Australian Stock Exchange), STOSY
(NASDAQ ADR)

To view full copy of this press release, click
http://bankrupt.com/misc/santos_limited.pdf


VILLAGE ROADSHOW: Posts Voting Details in Shareholders Meeting
--------------------------------------------------------------
Meeting Statistics

As required by Section 251AA(2) of the Corporations Act the
following statistics are provided in respect of the resolutions
on the agendas of the above meetings.

In respect to each resolution the total number of votes
exercisable by all validly appointed proxies and voted was:

General Meeting - Resolution 1 "Approval of the Buy-Back"

(a) votes where the proxy was directed
    to vote 'for' the resolution                 166,746,018

(b) votes where the proxy was directed
    to vote 'against' the resolution               7,484,095

(c) votes where the proxy may exercise a
    discretion how to vote                        70,191,597

In addition, the number of votes where the proxy
was directed to abstain from
the voting on the resolution was                   7,677,696

Details of the poll conducted on January 21, 2004 were as
follows:

(a) The number of votes cast
    'for' the resolution                         167,245,256

(b) The number of votes cast
    'against' the resolution                      70,174,843*

The percentage of voted cast 'for' the resolution was 70.44% of
the total votes cast.

In addition, the number of votes which
Abstain from voting was                            7,677,696

* The Company's share registrar, Computershare, is still sorting
the categories of shares that cast votes 'against' Resolution 1.
However at this stage, it is known that of the 70,174,843 votes
cast 'against' the resolution not less than 38,594,271 were cast
by Preference Shareholders and not less than 20,268,028 were
cast by Ordinary Shareholders who are also Preference
Shareholders and associates of Preference Shareholders.  If the
votes cast 'against' the resolution by these known Preference
Shareholders and Ordinary Shareholders were to be excluded, the
percentage of votes cast 'for' the resolution would be 93.66% of
the total votes cast.

A further announcement will be made once Computershare has
completed its sorting of the various categories.

As a special resolution, to be passed, Resolution 1 requires at
least 75% 'for' vote.

To view full copy of this press release, click
http://bankrupt.com/misc/village_roadshow.pdf


VILLAGE ROADSHOW: Seeks Indefinite Trading Suspension
-----------------------------------------------------
The securities of Village Roadshow Limited (the Company) will be
suspended from quotation immediately, at the request of the
Company, pending the release of a further announcement in
relation to the Company's proposed preference share buy back
scheme.


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


GUIDA COMPANY: Bank of China Lodges Winding up Petition
-------------------------------------------------------
The High Court of Hong Kong will hear on February 25, 2004 at
9:30 a.m. the petition seeking the winding up of Guida Company
Limited.

Bank of China (Hong Kong) Limited (the successor corporation to
Bank of China, Hong Kong Branch pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank
of China Tower, 1 Garden Road, Central, Hong Kong filed the
petition on December 12, 2003.  Tsang, Chan & Wong represents
the petitioner.

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


MING HING: HK High Court Sets Winding up Hearing 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 Ming Hing
Piecegoods Factory Limited.

Yeung William of Room 17103, 17/F., Block 4, Lotus Tower, Kwun
Ton Garden Estate, Ngau Tau Kok Road, Kwun Tong, Kowloon, Hong
Kong filed the petition on December 12, 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.


RICH DRAGON: Ng Man Kwong Initiates Winding up Proceedings
----------------------------------------------------------
The High Court of Hong Kong will hear on February 4, 2004 at
9:30 a.m. the petition seeking the winding up of Rich Dragon
Investment Limited.

Ng Man Kwong of Room B806, 8/F., Sunrise House, No. 323 Shun
Ning Road, Shamshuipo, Kowloon, Hong Kong filed the petition on
November 28, 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.


SWEET TOP: Bank of China Seeks Firm's Windup Before High Court
--------------------------------------------------------------
The High Court of Hong Kong will hear on February 25, 2004 at
9:30 a.m. the petition seeking the winding up of Sweet Top
Investment Limited.

Bank of China (Hong Kong) Limited (the successor corporation to
Bank of China, Hong Kong Branch pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank
of China Tower, 1 Garden Road, Central, Hong Kong filed the
petition on December 12, 2003.  Tsang, Chan & Wong represents
the petitioner.

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


WORTHY TEXTILE: Faces Winding up Petition Before 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 Worthy Textile
Industries Factory Limited.

Ho Hon Keung of Room 915, 9/F., Shek Fong House, Shek Wai Kok
Estate, Kwai Chung, New Territories, Hong Kong filed the
petition on November 26, 2003.  Tam Lee Po Lin, Nina represents
the petitioner.

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


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


ETERINDO WAHANATAMA: Shares Suspended Pending Report About Blast
----------------------------------------------------------------
Shares of PT Eterindo Wahanatama were suspended from trading on
the Jakarta Stock Exchange last week after the company failed to
update the bourse of the blast that hit its chemical plant in
Gresik, East Java.

The suspension was ordered Wednesday, according to IndoExchange,
a day after fires at the chemical plant killed two people and
injured 70 others.  Hundreds of people were also evacuated, the
report said.

The plant involved in the blast is owned by PT Petro Widada,
which in turn is 23.17% owned by Eterindo.  According to the
Jakarta Stock Exchange, Eterindo's assets in Petro Widada
account for around 42% of its assets, which are valued at around
IDR530 billion.

"We are awaiting Eterindo's explanation on the impact of the
blast on the company's performance," an unnamed official at the
bourse told IndoExchange.  He said trading in Eterindo will be
allowed to resume as soon as the company issues its
clarification on the event.


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


FURUKAWA ELECTRIC: Merger Talks with Fujikura Enter Home Stretch
----------------------------------------------------------------
The merger of Furukawa Electric Co. and Fujikura Ltd. could be
finalized by end of March, an unnamed spokesman told Reuters
late last week.

The two have been in talks since September 2001, when they come
together to jointly research and design underground cables.
Furukawa is the world's No.2 maker fiber-optic cable, while
Fujikura specializes on electric power lines, Reuters says.
Business has been stark the past few years after electric power
utilities, such as Tokyo Electric Power Co., and Japan's biggest
telecom operator, Nippon Telegraph and Telephone Corp (NTT),
sharply reduced capital spending.  Electric power lines are one
of Fujikura's main businesses and it is one of the biggest
suppliers to NTT.

"We haven't reached a final decision yet, but we aim to strike a
deal by the end of March," the spokesman said.


JAPAN AIRLINES: Vows to Fix Engine Problems by end-February
-----------------------------------------------------------
Japan Air Systems (JAS) is targeting the end of February for the
completion of repair works on its MD-81 and MD-87 twin-engine
jets.  Flights served by these aircrafts have been suspended
since cracks on their engines where discovered recently.

The airlines public relations department said engineers are now
taking the good engines from some of the troubled airplanes to
replace the troubled engines on other aircrafts.  In addition,
the company will also ask the engine manufacturer -- U.S.-based
Pratt & Whitney -- to repair the defective engines and lease
engines pending completion of repair works.

"Our target is the end of February. It's difficult to fix all
the engines and resume the normal operations of our MD-81s and
MD-87s before then," News on Japan quoted a statement from the
airline's public relations department.

On Thursday, the airline said it has canceled a total of 277
domestic flights, inconveniencing 16,000 passengers. The latest
cancellations occurred Wednesday, when 62 flights were scrapped.


JAPAN AIRLINES: To Raise Stake in Japan Asia Airways to 100%
------------------------------------------------------------
Japan Asia Airways (JAA) will become a wholly owned unit of
Japan Airlines System Corp. (JAS) beginning April 1, according
to Japan Today.  The two are currently working on an equity swap
deal in which one share of JAS will be exchanged for 18.33
shares in JAA.  JAS currently owns 90.5% of JAA.


KAWASAKI HEAVY: Recalls Motorcycles with Defective Oil Filters
--------------------------------------------------------------
Three motorcycle models manufactured by Kawasaki Heavy
Industries Ltd. between July 2002 and March 2003 are being
recalled by the manufacturer for free repairs.  According to
Japan Today, these models have defective oil filters that leak
oil out of their engines.

The defective models are:

(1) Vulcan 1500 Classic Tourer manufactured July-September 2002;

(2) Vulcan 1500 Classic Fi made July-September 2002; and

(3) Vulcan 1500 Mean Streak manufactured December 2002-March
2003.


MATSUSHITA ELECTRIC: Expects Auto Electronics to Drive Growth
-------------------------------------------------------------
Kunio Nakamura, president of Matsushita Electric Industrial Co.,
sees the market for automobile-related electronics as one of the
most promising business opportunities the company will
capitalize on.

He expects this sector to deliver sales of JPY1 trillion by 2010
from only JPY450 billion at present, according to Kyodo News.
Auto-related electronics include car navigation and electronic
toll collection systems, he said.

Mr. Nakamura revealed this strategic focus, as he announced his
new target for the group's operating profit to sales ratio to
5%.   At present, the group's operating profit margin is
projected at around 2% for the current fiscal year through March
31.

"I will not resign until we achieve the target," Kyodo News
quoted Mr. Nakamura. "As I set the target myself, I would be
irresponsible to step down [before reaching the goal]."

"We will definitely achieve it (the 5% target)," said Mr.
Nakamura, who will mark his sixth year at the helm of the
consumer electronics giant in June.  The company aims to become
the top electronics maker in the world by 2010.


NIPPON TELEGRAPH: Not Eyeing Broadcasting Sector, Says President
----------------------------------------------------------------
Nippon Telegraph and Telephone Corp. President Norio Wada denies
the Japanese phone incumbent will venture into broadcasting next
after solidifying its position in the telecom sector.

"We will not enter the broadcasting industry," Mr. Wada said at
a press conference, according to Japan Today. "We have neither
the capacity nor know-how."

The phone giant has formed a joint venture with Sky Perfect
Communications Inc. to offer broadband TV broadcasting services.
This new offer will be available in areas where ADSL Internet
services of NTT's two regional telephone units (NTT East Corp.
and NTT West Corp.) are available.  Test run will begin in Osaka
next month, while the full service rollout is scheduled for
summer (June - August), according to TCR-Asia Pacific last week.
The maiden service will initially offer about 100 channels,
gradually increasing these to 300 channels, the number being
offered by Sky Perfect's satellite service.  A movie-on-demand
feature is also in the offing.

This broadband service is expected to increase the subscribers
of NTT, which currently number 4 million, and that of Sky
Perfect, which boasts of 3 million subscribers, TCR-Asia Pacific
said.


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


MANGIUM INDUSTRIES: Posts Production Figure for December 2003
-------------------------------------------------------------
On behalf of the Board of Directors of the Group, I am pleased
to announce the following monthly production figure for the
month of December 2003 in compliance with Paragraph 9.29 of the
Chapter 9 of the Listing Requirements for your kind attention:

Mangium Sawmill Sdn. Bhd. (Formerly known as Kilang Papan
Dasatu Sdn. Bhd.

1. Production of sawn timber 541.62

2. Production of finger joint timber 29.64

------------
571.26
Mangium Plantations Sdn. Bhd. (Formerly known as Serisar
Forest Plantation & Products Sdn. Bhd.

1. Production of logs 952.21
--------------
Total 1,523.47
--------------


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


ATLAS MINING: Plans to Reopen Toledo Mine Soon
----------------------------------------------
The Department of Environment and Natural Resources will not
allow the revitalized Atlas Consolidated Mining and Development
Corp. to reopen operations in Cebu unless it cleans up its
abandoned mines.

"The DENR is bent on not allowing the company to resume
operations unless it complies with the department's
environmental requirements and conditions," Mines and
Geosciences Bureau Director Leo Jasareno told the Philippine
Daily Inquirer in an interview last week.

Mr. Jasareno cited the case of the 400-hectare copper mine in
Toledo, Cebu, which has spewed acidic mine tailings into the
Sapangdaku River.  He said the department has suspended all of
Atlas' application to mine in other areas.

Atlas recently said it would seek new partners and push through
with the reopening of the shuttered Toledo mine.  Once
considered the largest copper mine in Asia, the Toledo mine will
cost US$84 million to rehabilitate.

"In its 39 years of operation, the Toledo mine produced 667
million tons of ore. The mine has about 881 million metric tons
of recoverable reserves containing 7.9 billion pounds of copper
and five million ounces of gold," the Inquirer said.

Meanwhile, management plans to diversify into non-mining
businesses, including construction and a possible e-commerce
venture in China.  Last week, it announced a possible capital
infusion and equity investments to reduce substantially if not
wipe out its capital deficiency. It said its debt reduction
program was also at an "advanced stage" and was expected to help
address the deficit issue.

"To attract prospective investors, we have to present a balance
sheet showing the company can operate as a going concern," Atlas
corporate secretary and treasurer Noel del Castillo told the
stock exchange last week.  He said 25 percent of the Toledo mine
funding would be by way of equity.

So far, Alakor Corp. has been helping Atlas settle its
obligations in exchange for shares of stock at par value.  This
is part of the agreement signed between the two firms in October
2000.  Alakor has settled Atlas liabilities worth PHP1.69
billion and it is expected to reduce Atlas' deficit to only
PHP160 million by the middle of this year from the current
PHP7.06 billion.

"The board plans to rehabilitate the company and its assets at
the earliest possible time, particularly now that copper and
nickel prices have recovered," Mr. Del Castillo told the
Inquirer.  "In this context, the directors have high hopes that
the company's balance sheet will swiftly be restored to a
positive level."

Apart from the Toledo mine, Atlas also maintains interest in
nickel deposit in Palawan province, which it said it planned to
develop this year.  It is also engaged in a water dam and
reservoir project in Cebu, which will also involve equity
infusion, most likely through the sale of new shares, Mr. Del
Castillo said.


MANILA ELECTRIC: Seeks Delay of Court-ordered Refund
----------------------------------------------------
Manila Electric Co. (Meralco) has asked for an extension on its
court-mandated refund to consumers after it scrapped an
international debt placement last week, BusinessWorld said
Friday.

"We regret to inform the commission that the company will not be
able to complete its refinancing through an international
capital markets transaction by February and will be in no
position to undertake a six-month refund period," Meralco
President Jesus Francisco said in his letter to the Energy
Regulatory Commission.

He said the company had to abort its fund-raising due to the
negative perception the recent Supreme Court decision had on
Meralco.  The high court temporarily halted recently a 12-
centavo provisional increase after a civic questioned its
implementation.

The scrapping of the plan means Meralco no longer has the
capacity to pay PHP5 billion to its big residential customers.
Under Phase II of its refund scheme, it had planned to pay in
the first semester residential customers that used between 301
and 600-kilowatt hours, based on their April 2003 bill.  To be
paid in the second semester are residential customers that used
601-kilowatt hours or more, BusinessWorld said.

This refund was mandated by the Supreme Court in its ruling in
May last year.  Analysts say this could cost the power
distributor as much as PHP28 billion.


NATIONAL STEEL: LNM Not Giving Up, Tables Higher Offer
------------------------------------------------------
National Steel Corp. liquidator, Danilo Concepcion, says the
offer by Global Infrastructure Holdings, Inc. could still
improve as creditor banks haggle for "better terms" in the next
60-90 days.

In an interview with BusinessWorld, Attorney Concepcion said the
drafting of the final purchase agreement would take until April
or May to complete, enough time for creditors to exact more
concessions.  He cited the guaranteed cash payment or the
profit-sharing scheme as the possible items that might be
subject to further negotiations.

The Indian bidder has offered PHP13.25 billion to revamp the
mothballed steel-maker based in Iligan City.  It is reportedly
offering to pay an upfront cash of PHP1 billion and provide
PHP1.375 billion to upgrade facilities.  It also promises to pay
the balance of its offer in eight years.

This offer bested that of LNM Holdings N.V., the only other
bidder of National Steel.  Late last week, the British steel-
maker said it will not give up just yet, despite the fact that
Global's offer had already gained the support of 60% of
creditors.  BusinessWorld has learned the company has offered
another bid that is 10% higher than Global's.  In addition, it
had also reportedly vowed to revive National Steel even without
tariff protection.

Industry sources have confirmed that Global Infrastructure had
asked for tariff protection but Trade Secretary Cesar V.
Purisima said the Indian-owned firm has not formally requested
for protection, BusinessWorld said.

LNM General Manager Eric Tierie confirmed to the paper he had
met with some of the creditor banks to inform them of the new
offer.


PILIPINO TELEPHONE: Denies Speculations about Smart Merger
----------------------------------------------------------
Both Smart Communications Inc. and Pilipino Telephone Corp.
(Piltel) have denied the rumors about their alleged merger.
Last week, talks swirled that the plan is under serious
consideration, with a decision possibly within weeks.

Under its congressional franchise, Smart is required to offer
30% of its common shares to the public on or before August.  A
merger with listed sister company, Piltel, is considered by many
as more cost-effective than an initial public offering.
Philippine Long Distance Telephone Co., parent of both
companies, has also denied that such a plan is in the works.


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


GUL TECHNOLOGIES: Details Director's Interest
---------------------------------------------
PART I

(1) Date of notice to issuer:        21/01/2004

(2) Name of Substantial Shareholder: Dr Tan Enk Ee

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

A Director's (including a director who is a substantial
shareholder) Interest and Change in Interest. [Please complete
Parts II and IV]

PART II

(1) Date of change of interest:    21/01/2004

(2) Name of Registered Holder:     TS Technologies Pte Ltd
(431,996
                                   shares) and its nominee,
United
                                   Overseas Bank Nominees Pte
Ltd
                                   (193,000,000 shares)

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

Please specify details:            Transfer of interests in Nuri
                                   Holdings (S) Pte Ltd (which
holds
                                   45.55% shares in Tuan Sing
Holdings
                                   Limited, which in turns holds
100%
                                   of TS Technologies Pte Ltd
and which
                                   in turn holds 60.25% of Gul
                                   Technologies Singapore Ltd)
from Go
                                   Giok Lian to her daughter
Liem Mei
                                   Kim (wife of Dr Tan Enk Ee)
on
                                   21/01/2004 pursuant to a
succession
                                   plan.

(4) Information relating to shares held in the name of the
Registered
    Holder:

    No. of shares held before the
    change:                        193,431,996
    As a percentage of issued
    share capital:                  60.25
    No. of shares which are
    the subject of this notice:    193,431,996
    As a percentage of issued
    share capital:                  60.25
    Amount of consideration
    (excluding brokerage and
    stamp duties) per share
    paid or received:               Nil

    No. of shares held after
    the change:                    193,431,996
    As a percentage of
    issued share capital:           60.25

PART III

(1) Date of change of interest:
(2) The change in the percentage
    level:                         From % to %
(3) Circumstance(s) giving rise to the interest or change in
interest:
(4) A statement of whether the change in the percentage level is
the
    result of a transaction or a series of transactions.

PART IV

(1) Holdings of Substantial Shareholder, including direct and
deemed
    interest:
                                        Direct
Deemed
    No. of shares held before change:      0
0
    % of issued share capital:             0
0
    No. of shares held after change:       0
193,431,996
    % of issued share capital:             0
60.25


[Enter any additional comments here]

Submitted by
Chow Kin Wah,
Group Company Secretary
on 21/01/2004 to the SGX

Gul Technologies Singapore Ltd. has been loss making since 2001
and has breached certain loan covenants during this span,
according TCR-Asia Pacific in April last year.  The company
successfully negotiated with its group of syndication banks to
modify the loan covenants and grant a waiver on the loan
covenant breach on condition that the Group raises SG$20,000,000
in cash.  This money was secured in December 2002 by a new
investor -- a Chinese company -- as a subordinated loan.


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


JASMINE INTERNATIONAL: Post Details of Warrant Conversion
---------------------------------------------------------
To:  The President of the Stock Exchange of Thailand

Chaengwatana Planner Company Limited, as the Plan Administrator
of Jasmine International Public Company Limited (the "Company"),
would like to report on the utilization of funds from capital
increase occurred from conversion of warrants offered to the
existing shareholders (JAS-W) and to directors and/or employees
of the Company and its subsidiaries (ESOP) as follows:

(1) Amount received from conversion of warrants (JAS-W and ESOP)
since June 2003 to December 2003 is Baht 647,878,045.76.

(2) The objective of the utilization of funds: To be working
capital of the Company.

Please be informed accordingly.

Yours sincerely,


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


THAI PETROCHEMICAL: Equity Reduction Appealing to Most Creditors
----------------------------------------------------------------
Thai Petrochemical Industry Plc's rehabilitation committee has
started briefing creditors about a proposed capital reduction,
one of two options to reduce the company's debt.

In its report Thursday, Business Day cited Somchai Wasantwisut,
director at Sukhumvit Asset Management, a unit of Krung Thai
Bank Plc, who said the proposal appears to enjoy the support of
creditors bank.  According to him, the proposal requires TPI's
creditors to swap their debt for equity, which could see the
creditors own more than 90 percent of the company, reducing the
stakes of founder Prachai Leophairatana to 1% from 10%.  In
addition, creditors -- which include Bangkok Bank Plc,
International Finance Corp, Krung Thai Bank and nearly 100 other
local and international banks -- would be required to sell new
shares equal to at least 30% of the company to raise funds.

Finance Minister Suchart Jaovisidha, who installed the debtors'
committee, favors the plan, believing most creditors will
approve of the plan in a vote.  Pala Sookawesh, a member of the
committee, told Business Day the committed will also present Mr.
Prachai's proposal to creditors.

Under the proposal of Mr. Prachai, who strongly opposes the
other plan, creditors would be asked to reduce TPI debt to
US$500 million from US$2.7 billion.  The debt would then be
converted into equity by creditors at 20 baht per share for 5.85
billion shares or 75 percent of TPI's total shares remaining.

"The plan submitted by Prachai also proposes to pay debt
interest rate at 3.50 percent for baht-based loan, and a LIBOR
rate plus 1 percent for foreign currency-based loan, with yearly
repayment of $125 million debt to creditors by installment
throughout a four year debt-repayment period," Business Day
says. "[The] plan also calls on the debt manager to give
existing shareholders the rights to buy back debts from
creditors at 20 baht per share plus carrying cost over the four
years."


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***