TCRAP_Public/040129.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

         Thursday, January 29, 2004, Vol. 7, No. 20

                         Headlines

A U S T R A L I A

NATIONAL AUSTRALIA: Unveils Employee's Incentive Scheme
NATIONAL AUSTRALIA: Labor Union Meets With Executives
NATIONAL AUSTRALIA: Currency Probe Widens
NATIONAL AUSTRALIA: Knew Traders 'Were Over Limits'
NATIONAL AUSTRALIA: Moody's Affirm Ratings

NATIONAL AUSTRALIA: Books US$251M Profit From Sale
VILLAGE ROADSHOW: Falls After Buyback Flop
VILLAGE ROADSHOW: Seeks Advice on Overseas Shareholders


C H I N A  &  H O N G K O N G

ASAT HOLDINGS: S&P Revises Rating Outlook to Stable


I N D O N E S I A

BANK LIPPO: IBRA May Sell 52.05% Stake to Swissasia Global


J A P A N

JAPAN AIRLINES: R&I Assigns BBB Rating
MITSUBISHI MOTORS: Unveils 2003 Worldwide Production Results
MITSUBISHI MOTORS: Plans to Sell Cars in Iraq
SEVEN INDUSTRIES: JCR Affirms BB+ Rating
SUMITOMO HEAVY: JCR Upgrades Rating to BBB

TOSHIBA CORPORATION: Dissolves A&T Battery Corporation


K O R E A

HANARO TELECOM: Unveils December 2003 Subscriber Numbers
HYNIX SEMICONDUCTOR: Expects Share Prices to Increase
KUMGANG KOREA: S&P Downgrades Rating to BBB-
SSANGYONG MOTOR: Workers Angered Over Sale to Blue Star


M A L A Y S I A

CREST PETROLEUM: EGM Set for February 19
EMICO HOLDINGS: SC OKs Restructuring Scheme Proposal
PARK MAY: Securities Exchange OKs Regularization Plan Extension
TENAGA NASIONAL: Posts 1Q03 RM26.4M Net Loss


P H I L I P P I N E S

MANILA ELECTRIC: Shares Up After Court Hearing on Rate Hike
MUSIC CORPORATION: PSE Freezes Shares Trading
NATIONAL POWER: To Bid Out $54M in Coal Supply Contracts
PHILIPPINE LONG: Declares Cash Dividends on Preferred Shares
PHILIPPINE LONG: Moody's Upgrades Rating to Ba2

UNIVERSAL RIGHTFIELD: Clarifies "Consunji Loses License" Report

* Moody's Downgrades Seven Philippine Banks' Ratings


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Expects 4Q03 US$44.7M Net Loss
ECON CORPORATION: Issues Judicial Management Petition Notice
FENGMEI BUILLDERS: Releases Winding Up Order Notice
GOLDEN JUPITER: Issues Debt Claim Notice to Creditors
GOLDEN RUBY: Creditors Must Submit Claims by February 9

POWER LAND: Releases Winding Up Order Notice
TRANS-UNITED CORP.: Issues Judicial Management Order Notice


T H A I L A N D

Thai Petroleum: Administrators Deny Talks With PTT, SCC

     -  -  -  -  -  -  -  -

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


NATIONAL AUSTRALIA: Unveils Employee's Incentive Scheme
-------------------------------------------------------
The National Australia Bank is issuing the following statement
to the Australian Stock Exchange to clarify issues raised at an
open analyst briefing recently about the pricing of its EVA
share offer, 'at risk' shares, options and performance rights
for staff.

As planned, the National will shortly lodge an Appendix 3B New
issue announcement, application for quotation of additional
securities and agreement with the Australian Stock Exchange.
This application will include the listing of additional EVA
shares and 'At Risk' shares allotted to staff on Friday January
16, 2004.

The pricing period for such employee incentives was set last
year and was conducted during the week ended January 16, 2004.
The issue price was $0.25 per share.

Such allotments did not include the allotment of shares or the
granting of options or performance rights to the two Executive
Directors or any operational and risk management staff
associated with the unauthorized foreign currency options
trading.  To avoid any potential conflict, the Board has
deferred such allotment and grants pending the outcome of its
independent investigation.

For further information please contact:

Robert Hadler
General Manager
Group Corporate Affairs
Phone:  03 8641 3876
Mobile: 0404 805 675

Brandon Phillips
Group Manager
Group Corporate Relations
Phone:  03 8641 3857
Mobile: 0419 369 058

Or visit http://www.nabgroup.com


NATIONAL AUSTRALIA: Labor Union Meets With Executives
-----------------------------------------------------
Union bosses will meet with National Australia Bank executives
in Melbourne in a bid to seek a guarantee that no jobs will be
lost following the multi-million trading loss scandal, according
to The Sydney Morning Herald. The bank confirmed the currency
losses are expected to amount to a pre-tax loss of $360 million
- double the original estimate.

It also announced it had sold major share holdings in three
companies, including AMP and St George Bank. According to Mr.
Rod Massen, Finance Sector Union (FSU) that they want an
assurance that no jobs will be lost as a result of the trading
scandal, and secondly, we want to know how the culture of
performance pay and bonuses contributed to the situation.

"Hopefully, after the meeting we will be in a better position to
know how this will affect bank staff."


NATIONAL AUSTRALIA: Currency Probe Widens
-----------------------------------------
The National Australia Bank (NAB) has long been investigating
trading in foreign currency options since October last year. NAB
Chief Executive Officer Frank Cicutto declined to rule out the
possibility of further losses, given that many of the currency
contracts are still alive.

According to the Age, his comments came after the bank told the
market the loss arising from unauthorized trading was $360
million - $185 million from fictitious trades and the balance
from a conservative revaluation of its options portfolio.
However, the bank losses would not affect dividends this year,
and added that the interim dividend would be fully franked.

The bank covered the losses by selling out of AMP and its
offshoot, HHG, and placing its 8 per cent stake in rival St
George Bank on the market - moves that will create more than
$400 million in profit. Mr. Cicutto said that the bank had
worked as quickly as possible to identify all of the losses
arising from the foreign currency options trading accurately.


NATIONAL AUSTRALIA: Knew Traders 'Were Over Limits'
---------------------------------------------------
According to The Age, one of the rogue currency traders at the
center of National Australia Bank's $360 million foreign
currency trading loss said the bank was aware they were trading
above limits.

" The bank was aware the traders were outside trading limits and
did nothing'" said Mr. David Bullen, a suspended NAB currency
trader in an interview.

He said management at least two levels above him knew about the
trades and let them through.

Mr. Bullen added that other areas of the bank were totally aware
of the activity.

The risk management division, of the National, which had the
power to tell traders to cut their exposure, never, did so.

"They have the power to tell you to cut positions," he said.

Although the bank interfered in the currency trades there was
minimal and sporadic directions to cut back positions.

"But as far as putting the foot down (saying) 'get inside
limits', things like that, never happened to me personally," Mr
Bullen said.

Chief executive Frank Cicutto is on NAB's risk management
committee.

"They could have seen everything," Mr Bullen added.


NATIONAL AUSTRALIA: Moody's Affirm Ratings
------------------------------------------
Moody's Investors Service has affirmed National Australia Bank
(NAB)'s long- and short-term ratings of Aa3 / Prime-1 and its
bank financial strength rating of B. The ratings outlook
continues to be stable. The affirmation followed disclosure by
NAB that its losses arising from unauthorized foreign exchange
options trading will total A$360 million pre-tax, or A$252m
post-tax. NAB also disclosed that it had sold its investment
stakes in St. George Bank, AMP Ltd and HHG Plc.

Moody's previously affirmed the ratings on January 13, 2004,
when the bank announced an initial loss estimate of A$180m
resulting from the unauthorized trading. Moody's reiterated that
the scale of the updated losses is not significant in relation
to NAB's strong overall profitability, at 6% of the bank's 2003
pre-tax income. Moreover, NAB's ratings are currently solidly
positioned, following several years of strong economic
conditions in the bank's home market and efforts to reduce
single large exposure concentrations. In the rating agency's
view, NAB has considerable franchise strength that is unlikely
to be materially affected by this single event.

However, the incident does underscore the issue of operational
risk management in a large and complex organization, which has
been highlighted in Moody's recent report on the bank. NAB has
commissioned Pricewaterhouse Coopers to conduct an external
investigation, and is simultaneously conducting an internal
investigation into its risk management procedures. Moody's will
follow the outcome of these investigations closely, and the bank
implements the manners in which any ensuing recommendations.

The following ratings were affirmed:

Long-term deposits: Aa3
Short-term deposits: Prime-1
Bank Financial Strength Rating: B
Issuer Rating: Aa3
Senior unsecured debt: Aa3
Subordinated debt: A1
Preferred Stock: A2
Commercial Paper: Prime-1
Other short-term: Prime-1


NATIONAL AUSTRALIA: Books US$251M Profit From Sale
--------------------------------------------------
National Australia Bank Ltd. said it has incurred a net profit
of A$322 million (US$251 million) from the sale of share
investments, higher than losses caused by unauthorized currency
trading, according to Bloomberg News. The lender said in a
statement Tuesday that it sold almost A$1 billion worth of
shares in St. George Bank Ltd., AMP Ltd. and HHG Plc., the same
day it reported losses from unauthorized currency trading of
A$252 million, twice as high as originally estimated. National's
stock rose as much as 3 percent.

National Australia Chief Executive Frank Cicutto is trying to
revive investor confidence in the bank as regulators probe
whether management controls were at fault for the trading
losses. The bank expects to complete a report late next month on
the currency trading losses.


VILLAGE ROADSHOW: Falls After Buyback Flop
------------------------------------------
According to The Age, nearly $60 million was wiped from the
value of Village Roadshow on Tuesday as investors mulled over
the Company's failure last week to get approval for its
controversial preference-share buyback at a second shareholder
meeting on the issue.

The film production's stocks were suspended for two days while
waiting for the result of the votes during last Wednesday's
meeting. Village shares plummeted 16 to close at $1.74. The
preferred scrip fell 5 to $1.10.

The film production Company denies accepting the defeat of its
$362 million buyback. They are hoping for a successful court
appeal or the intervention of the Takeovers Panel will see it
through.

"As a result, the company will continue to vigorously pursue the
appeal," it said. A decision on the appeal was likely to be
given within 10 weeks.

It was also revealed that Village lodged an application with the
Takeovers Panel after last Wednesday's meeting in Brisbane, in
an attempt to flush out a shareholder group that appears to have
blocked its proposal.

The unknown group has amassed 58 million securities in Village
since last December, representing 8.5 per cent of ordinary
shares and 15 per cent of preference shares. This stake
effectively denied Village the 75 per cent of voters it needed
to push its buyback through.

Village said in its statement that it was seeking advice on
whether some of the vote's casts against the buyback were
eligible to be counted.

But the Takeovers Panel said that although a party needed to
inform the market when it had amassed more than 5 per cent of a
company's equity, failure to do so did not necessarily prevent
it from participating in a shareholder vote. "The application is
quite an intricate one . . . (but) there is no automatic
disqualification," Takeovers Panel director George Durbridge
said yesterday.

Last November, Justice Philip Mandie ruled that Village had not
adequately notified all classes of shareholders of their right
to vote against the buyback. That ruling meant that holders of
preference shares or associates of these holders could vote
against the resolution but not in favor.

"It's crazy. We have 185 million shareholders who could vote in
favor, but 485 million who can only vote against," Village
Managing Director Graham Burke said.


VILLAGE ROADSHOW: Seeks Advice on Overseas Shareholders
-------------------------------------------------------
According to The Age, the Village Roadshow Ltd. has applied to
the Takeovers Panel for advice on the eligibility of overseas
shareholders to vote on its controversial preference share
buyback scheme.

These companies are German company Boswell Filmgesellschaft, two
Swiss companies whose shares are held by ANZ Nominees and
Citicorp Nominees for GNI Ltd of London.

The buyback won 97 percent support at an initial vote last
November, but was derailed after Boswell Filmgesellschaft acted
to block it in the Supreme Court of Victoria.

Village resubmitted the plan to shareholders last week but
failed to get the 75 percent support necessary to win approval
after the overseas shareholders voted against the scheme.

The meeting will reconvene again in Melbourne late Wednesday.

The film and entertainment company was seeking advice on whether
all votes cast against the buyback at a shareholders meeting
last week should be counted towards the outcome.

Village's share price bombed on Tuesday as investors had their
first opportunity to respond to the company's likely failed bid
to buy back its preference shares.

The downturn came despite Village reconfirming its commitment to
the $360 million plan.

Village's ordinary shares plunged 19 cents, or 9.84 percent, to
$1.74 after coming off a two-day market suspension following the
shareholder meeting last week.

Its preference shares fell five cents, or 4.35 per cent, to
$1.10.

CCZ Equities research analyst Tony Waters said the price fall
was the flipside of an earlier price run-up.

"It's more a reversal of the run-up due to an assumption if the
preference shares had been bought back you would have had
substantial EPS (earnings per share) leverage on the ordinary
shares," he said.

"I think a conclusion could be made that you'd be better off
sitting on the sidelines until this plays out so you can at
least know what you're backing."

The film production is appealing the court's decision on the
first vote, and remained optimistic the scheme, would get the
green light.


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


ASAT HOLDINGS: S&P Revises Rating Outlook to Stable
---------------------------------------------------
Standard & Poor's Ratings Services has revised the long-term
foreign currency-rating outlook on ASAT Holdings Ltd. (ASAT;
B/Stable/--) to stable from negative. The decision was based on
improved liquidity and financial flexibility from a successful
US$150 million bond issue by New ASAT (Finance) Ltd., a wholly
owned special purpose vehicle of ASAT. The issue will mature in
2011. The proceeds will be partially used to repay an existing
US$100.75 million senior note issue by ASAT, and for capital
expenditure and working capital needs.

As part of a corporate restructuring program, ASAT has decided
to move its Hong Kong manufacturing operations to main land
China to reduce costs and access the country's high-growth
semiconductor markets. The issue has raised the funds necessary
to finance the move as well as for additional expansion
operations in the country.

"ASAT's improving financial profile has benefited from the
recovery in the wider semiconductor industry, which has
increased the company's capacity utilization and helped it
return to a positive cash flow position", said Huiyi Qu, credit
analyst at Standard & Poor's.

"Given the high cyclical nature of the semiconductor industry,
ASAT's focus remains on lowering costs", said Ms. Qu. The
company's commitment to further cost cutting and improving debt
protection measures are key factors in maintaining the current
rating and outlook.


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


BANK LIPPO: IBRA May Sell 52.05% Stake to Swissasia Global
----------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) will sell a
52.05 percent stake in PT Bank Lippo to Swissasia Global, after
the consortium raised its bid, Dow Jones reported on Tuesday.
Swissasia increased its bid to IDR591.5 per share, from IDR403
previously. The Bank Lippo management, in its report to IBRA,
said the IDR519.5 billion losses it incurred in 2003 were due to
the increase in deferred tax and losses from collateralized
assets. It didn't provide further details.

Swissasia Global is the only consortium short-listed by IBRA to
buy its stakes in PT Bank Lippo, TCR-AP reported recently.


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


JAPAN AIRLINES: R&I Assigns BBB Rating
--------------------------------------
Rating and Investment Information, Inc. (R&I) assigned a long-
term debt rating of BBB to Airlines System Corporation issued
under the shelf registration scheme.

RATIONALE:

Japan Airlines System Corporation is the pure holding Company
for the Japan Airlines System Group (JAL Group) established in
October 2002, and its two core subsidiaries are Japan Airlines
and Japan Air System. Japan Airlines System, which is the
holding company, has control over the operating subsidiaries in
terms of capital, personnel, business planning, funding and
other areas, and there is strong integration within the group.
In terms of the group's finance operations, both Japan Airlines
and Japan Air System have given guarantees of obligation for the
bonds and long-term loans of Japan Airlines System Corp. The
guarantee applies to bonds in this issue as well.

International airlines have faced severe fluctuations in
earnings, and business risk has become apparent, as shown by the
worsening of recent results. Emergency financing provided by
government agencies for unexpected circumstances is now in
place, so for the immediate future there is little concern over
the Company's cash flow. At the same time, increasing debt is
compromising the group's financial resilience.

In the rating, R&I has taken into consideration to some extent
streamlining effects resulting from integration and a
strengthening of the earnings base as a result of expansion of
the group's domestic business. Therefore, R&I will continue to
monitor progress to determine whether these conditions actually
bring about expected outcomes and an improvement in the group's
financial composition.


MITSUBISHI MOTORS: Unveils 2003 Worldwide Production Results
------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced Monday the
production results for December 2003 and calendar year 2003 as
follows:

Worldwide production for 2003 slipped 5.7 percent to 1,580,167
units, which is mainly attributable to an easing off of
production in North America to bring inventory levels back to an
appropriate level.

Production in Japan for the year declined 3.4 percent compared
to last year at 749,371 units. Lower export volumes of the
Montero and Montero Sport* to North America contributed to the
decline in domestic production.

Overseas production also declined on year, down 7.7 percent to
830,796 units. By region, Asia saw a 4.2 percent decline to
520,925 units, North America dropped 14.9 percent to 173,822
units, and Europe declined 4.9 percent to 82,653 units.

Sales in Japan showed steady performance throughout 2003 to
finish the year with 367,040 units, up 3.4 percent on the year
before. Marking the first rise in domestic unit sales since
1995, the gain comes on the back of the introduction of the Colt
compact car and Grandis minivan. The return to growth is also a
positive signal for MMC's ongoing reforms of its domestic dealer
network, which calls for a complete overall of outlets based on
a stringent set of dealer standards.

Exports were down for the first time in two years, slipping 6.2
percent to 389,947 units. Exports to Asia totaled 52,485 units,
North America 116,418 units, and Europe 97,301 units. As with
monthly results, year-on-year comparisons are not available for
the calendar year either due to the spin-off of MMC's truck and
bus operations.


MITSUBISHI MOTORS: Plans to Sell Cars in Iraq
----------------------------------------------
Mitsubishi Motors intends to sell vehicles in Iraq shortly,
becoming the first Japanese carmaker to enter the post-war Iraqi
auto market, Channel News Asia reports. The carmaker maker will
set up a joint venture, capitalized at eight million dollars, in
Baghdad, an unnamed spokesman for Mitsubishi said.

The 50-50 joint venture between Zayani Motors of Bahrain and
major Iraqi distributor Al Dhahir Group will market Mitsubishi's
vehicles including the popular Pajero sports utility vehicle
(SUV), sold as the Shogun in some markets, and Galant passenger
car, the spokesman said. Zayani Motors is Mitsubishi's
distributor in Bahrain. The Company estimates demand for new
cars in Iraq will grow to 20,000 a year over the next several
years.


SEVEN INDUSTRIES: JCR Affirms BB+ Rating
----------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BB+ rating on
the senior debts of Seven Industries Co., Limited.

RATIONALE:

Seven Industries is Japan's largest manufacturer of laminated
lumber. It has been suffering from severe business environment
due to stagnant demand for new housing and resulting
intensification of competition. Earnings from the materials for
Japanese rooms, which were the earnings source of Seven
Industries in the past, have been lackluster recently due to
stagnant demand for the products. Earnings from structural
materials, whose production volume in quantity has been
increasing, also deteriorated due to fall in price arising from
fierce competition. As a result, the overall performance
deteriorated.

The Company estimates that it could improve the performance for
fiscal 2003 through focus on high value added products and cost
reductions. Given the severe business environment, JCR considers
it will take time for Seven Industries to improve the
performance fully. The interest-bearing debt is expected to
increase in fiscal 2003, reflecting capital investments made in
response to an increase in structural materials production.
However, there is little concern over a possibility of a sharp
deterioration in the financial structure, given the plan to
reduce the inventory.


SUMITOMO HEAVY: JCR Upgrades Rating to BBB
------------------------------------------
Japan Credit Rating Agency (JCR) has upgraded the rating on
senior debts of Sumitomo Heavy Industries, Ltd. from BBB- to BBB
and has affirmed the J-2 rating on the CP program.

CP:
Maximum: Y45 billion
Backup Line: 0%

RATIONALE:

Sumitomo Heavy Industries is one of the heavy machinery
manufacturers. It has been restructuring the business through
spin-offs and alliances since fiscal 2000 when overall
performance deteriorated due to deterioration in earnings from
construction machinery. The earnings from the unprofitable
divisions improved in fiscal 2003 ending March 31, 2004,
supported by brisk demand in China as well as restructuring. The
core products power transmission and injection molding machines
have been brisk, reflecting increase in demand for these
products. The business structure is beginning to change to one
having capability to produce high level of earnings. Although
there is room for improvement in the financial structure, the
financial risk of the issuer is on the decline in line with
improvement in earnings.


TOSHIBA CORPORATION: Dissolves A&T Battery Corporation
------------------------------------------------------
On January 27, 2004, Toshiba Corporation decided to dissolve A &
T Battery Corporation, a 100% Toshiba-owned subsidiary, by the
end of December 2004.


1. Reason for the dissolution

The rechargeable lithium-ion battery business currently faces
severe market conditions, due to increasing competition and
intensifying price pressure. After assessing the difficulties
involved in realizing a profit in the business, even after
extensive countermeasures, Toshiba decided to withdraw from the
rechargeable lithium-ion battery business and to dissolve A & T
Battery Corporation.


2. About A & T Battery Corporation

Head Office          Hatara-cho 1-9-2, Fukaya-shi, Saitama-ken

Representative       Hideo Ouchi   President & CEO

Business             Manufacture of Rechargeable Lithium-ion
                     Battery

Capital              5,000 million yen

Principal
Shareholders         Toshiba 100%

The total financial impact associated with this dissolution, to
the end of March 2005, is estimated at around 16.0 billion yen.
The share of this to be accounted for in the FY2003 financial
results has already been incorporated into Toshiba's forecast
for this fiscal year, as announced on October 24, 2003.

Tadashi Okamura, President & CEO
Toshiba Corporation
Shibaura 1-1-1, Minato-ku, Tokyo, Japan

Contact: Hideo Kitamura, General Manager
Corporate Communication Office
Tel: 81 3 3457 2096


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


HANARO TELECOM: Unveils December 2003 Subscriber Numbers
-------------------------------------------------------
Hanaro Telecom Inc. announced its subscriber numbers for
December 2003, filed with Korea Securities Dealers Association
Automated Quotation Market (KOSDAQ) on January 9, 2004.

1. BROADBAND
                            Products                January

    Residential       ADSL                         1,033,619
                      Cable Modem                  1,457,700

                      SUB-TOTAL                    2,491,319

    Corporate         ADSL                         18,272
                      Cable Modem                   1,619

                      SUB-TOTAL                    19,891

    VDSL                                          165,134

    LMDS                                           26,715

    Wireless LAN*                                  22,504

                      TOTAL                        2,725,563
                      NET ADDS                    -2,856

2. VOICE
                         Products                 January

    Residential                                   694,102
    Corporate                                     263,495
    VoIP                                           43,784
                      TOTAL                     1,001,381

                      NET ADDS                  11,575

3. LEASED LINE
                      Products                  January

    Leased line                                 3,273
    Internet dedicated                          3,156
    LMDS(I/D)                                      10
    Wireless LAN Leased Line                      200
    International Leased Line                      41

                      TOTAL                     6,680

                      NET ADDS                   -139

4. GRAND TOTAL
January
                      TOTAL                     3,733,624

                      NET ADDS                  8,580

* BASED ON NUMBER OF IDS, WIRELESS LAN HAS 42,477 SUBSCRIBERS.


HYNIX SEMICONDUCTOR: Expects Share Prices to Increase
-----------------------------------------------------
Hynix Semiconductor Inc. projects share prices will increase as
analysts expect an improvement in fourth-quarter earnings and to
easily stop any negative impact from a possible decision by
Japan to impose chips duties, the Korea Herald reported on
Wednesday. The Korea Investment & Securities Co. said Hynix
should turn a profit in the most recent quarter ended December.

The prices of dynamic random access memory chips are
stabilizing, and Hynix continues to generate profits by keeping
its production costs at a competitive level, the securities
house said. The Company expects some 100 billion won in
operating profit for the fourth quarter, after announcing
operating profit of 94 billion won on sales of 1.08 trillion won
in the third quarter last year, including its overseas
affiliates. The latest earnings results are slated for February.

Hynix has received three bailouts from domestic lenders over the
past two years. The latest one came in December 2002, when Hynix
creditors extended a 4.9 trillion won bailout.


KUMGANG KOREA: S&P Downgrades Rating to BBB-
--------------------------------------------
Kumgang Korea Chemical (KCC)'s long-term credit rating of "BBB"
was downgraded to "BBB-" by Standard & Poor's Ratings Services
on Tuesday, due to risks from the firm's attempt to control the
Hyundai Group. S&P also placed the firm on CreditWatch with
negative implications.

S&P disclosed that KCC was exposed to more managerial and
financial risks in its attempt to take over Hyundai Elevator,
the de facto holding company of the Hyundai Group.

S&P said it decided to put the company on the CreditWatch list
in the wake of the firm's purchase of a controlling stake in
Hyundai Elevator.

KCC might suffer another downgrade unless the Hyundai Elevator
stakes are disposed of and by promising not to provide support
to Hyundai affiliates.


SSANGYONG MOTOR: Workers Angered Over Sale to Blue Star
-------------------------------------------------------
Ssangyong Motor's 7,500 workers launched a partial strike on
Tuesday and are planning to stage an all-out strike in February
to protest the planned sale to China National Blue Star Group,
Digital Chosun reports. Strikes have already caused about W8
billion of production losses for the Company, and could threaten
the first Chinese acquisition of an overseas car Company.

The labor union workers strongly oppose the sale and want the
Company to remain independent. Company creditors signed a
preliminary agreement with Blue Star in December to sell a 55
percent stake in the automaker. The union has blocked a Blue
Star delegation from conducting an audit of its main plant in
Pyeongtaek, blocking the Chinese Company's plan to complete the
acquisition by the end of March.


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


CREST PETROLEUM: EGM Set for February 19
----------------------------------------
The Extraordinary General Meeting (EGM) of Crest Petroleum Bhd
(Crest) will be held at Nirwana Ballroom 1, Lower Lobby, Mutiara
Hotel Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur on
Thursday, 19 February 2004 at 10 A.M., for the purpose of
considering and, if thought fit, passing the following
resolutions:

ORDINARY RESOLUTION 1

PROPOSED ACQUISITION OF A DRILLING RIG, THE T-9, BY CREST TENDER
RIGS PTE LTD (CTR), A NEW LABUAN INCORPORATED WHOLLY-OWNED
SUBSIDIARY OF VARIA PERDANA SDN BHD (VARIA PERDANA), A COMPANY
IN WHICH CREST HAS A 51% EQUITY INTEREST THROUGH ITS WHOLLY-
OWNED SUBSIDIARY, PROBADI SDN BHD, FROM SMEDVIG RIG AS, A
RELATED COMPANY OF SMEDVIG ASIA LIMITED, WHICH OWNS 49% OF VARIA
PERDANA, FOR A TOTAL CASH CONSIDERATION OF USD70 MILLION
(PROPOSED T-9 ACQUISITION)

"THAT, subject to the approvals of the relevant authorities
approval be and is hereby given to the Directors of the Company
for the Proposed T-9 Acquisition which is to be satisfied in the
manner as stated in Section 2.2 of Part A of the Circular dated
28 January 2004, subject to and upon such terms and conditions
as set out in the T-9 Memorandum of Agreement dated 18 December
2003 between CTR and Smedvig Rig AS and any amendments thereto;

AND THAT, the Directors of the Company be and are hereby
authorized to take all such steps and to enter into all other
agreements, undertakings, indemnities, transfers, assignments
and/or guarantees with any party or parties as the Directors of
the Company may deem fit, necessary, expedient and/or
appropriate in order to implement, finalize and give full effect
to the Proposed T-9 Acquisition with full powers to assent to
any condition, revaluation, modification, variation and/or
amendment as may be required by any relevant authorities and to
deal with all matters relating thereto and to take all steps and
do all acts and things in any manner as they may deem necessary
in connection with the Proposed T-9 Acquisition in the interest
of Crest."

ORDINARY RESOLUTION 2

PROPOSED SHARE SPLIT INTO FIVE (5) NEW ORDINARY SHARES OF RM0.20
EACH FOR EVERY ONE (1) ORDINARY SHARE OF RM1.00 EACH HELD IN
CREST (PROPOSED SHARE SPLIT)

"THAT, subject to the passing of Special Resolution 1 and
subject to the approvals of all relevant authorities including
the approval-in-principle of Malaysia Securities Exchange Berhad
(MSEB) for the listing of and quotation for the entire issued
and paid-up ordinary share capital of Crest comprising of up to
1,157,198,800 ordinary shares of RM0.20 each to be issued
pursuant to this resolution, on MSEB, approval be and is hereby
given to the Directors of the Company to:

(i) subdivide the existing issued and paid-up share capital of
the Company into five (5) ordinary shares of RM0.20 each for
every one (1) ordinary share of RM1.00 each held on a date to be
determined later and thereafter allot and issue up to
1,157,198,800 new ordinary shares of RM0.20 each in Crest
arising from the subdivision, to the registered shareholders of
the Company whose names appear in the Record of Depositors of
Crest at the close of business on a date to be determined and
announced by the Directors of the Company as they may deem fit,
on the basis of five (5) new ordinary shares of RM0.20 each in
Crest for every one (1) ordinary share of RM1.00 each held in
Crest; and

(ii) take all such steps and do all acts, deeds and things and
execute all necessary documents to give full effect to the
Proposed Share Split, with full power to assent to any
condition, revaluation, modification and/or amendment as may be
required by any relevant authorities and to deal with all
matters relating thereto and to take all steps and do all acts
and things in any manner as they may deem necessary in
connection with the Proposed Share Split or as they may deem fit
in the interest of Crest."

ORDINARY RESOLUTION 3

PROPOSED EMPLOYEE SHARE OPTION SCHEME (ESOS) FOR ELIGIBLE
EMPLOYEES AND EXECUTIVE DIRECTORS OF THE COMPANY AND ITS
SUBSIDIARIES (PROPOSED ESOS)

"THAT, subject to the approvals of all relevant authorities
including the approval-in-principle of MSEB for the listing of
and quotation for such number of new ordinary shares in Crest
(Crest Shares), to be issued hereunder, approval be and is
hereby given to the Directors of the Company to:

(i) Establish and administer an employee share option scheme for
the benefit of eligible employees and Executive Directors of
Crest and/or its subsidiaries (which are not dormant) (Scheme),
to be known as "Crest Group Employee Share Option Scheme 2004",
which is to be administered in accordance with the Bye-Laws set
out in Appendix I of the Circular dated 28 January 2004 (Bye-
Laws);

(ii) Give effect to the Scheme with full power to consent to and
to adopt such conditions, variations, modifications and/or
amendments as may be imposed by the relevant authorities;

(iii) Allot and issue from time to time such number of new
ordinary shares in the share capital of the Company being
ordinary shares not exceeding ten per centum (10%) of the total
issued and paid-up share capital of the Company at any one point
of time during the existence of the Scheme, as may be required
to be issued pursuant to the exercise of the options subject to
the terms and conditions of the Scheme and such new ordinary
shares shall, upon allotment and issue, rank pari passu in all
respects with the then existing ordinary shares of the Company,
provided that they will not be entitled to participate in any
dividends, rights, allotments and/or any other distributions,
which entitlement date precedes the date of allotment of the
said shares. For the purpose hereof, entitlement date means the
date at the close of business on which shareholders must be
registered in order to participate in any dividends, rights,
allotments and/or any other distributions;

(iv) To modify and/or amend the Scheme from time to time
provided that such modifications and/or amendments are effected
in accordance with the provisions of the Bye-Laws of the Scheme
relating to modifications and/or amendments and to do all such
acts and to enter into all transactions, arrangements,
agreements, deeds or undertakings and to make such rules or
regulations, or impose such terms and conditions or delegate
part of its powers as may be necessary or expedient in order to
give full effect to the Scheme; and

(v) To modify and/or amend the provisions of the Bye-Laws of the
Scheme as may be required by the relevant authorities."

ORDINARY RESOLUTION 4

PROPOSED ISSUE OF ESOS OPTIONS TO DATUK SHAHRIL BIN SHAMSUDDIN
(DATUK SHAHRIL)

"THAT, subject to Ordinary Resolution 3 above being passed and
subject to the approvals of all relevant authorities, the
Directors of the Company be and are hereby authorized at any
time and from time to time to offer and to grant to Datuk
Shahril, the Non-Independent Executive Vice-Chairman of the
Company, options to subscribe for such number of Crest Shares,
and if such options are accepted and exercised, to allot and
issue such number of Crest Shares to him under the Scheme
subject always to:

(i) The number of Crest Shares allocated, in aggregate to
eligible employees who are Executive Directors and senior
management of the Company and/or its subsidiaries (which are not
dormant) does not exceed 50% of the shares available under the
Scheme; and

(ii) The number of Crest Shares allocated to any individual
eligible employee who either singly or collectively through
his/her associates (as defined in the Companies Act, 1965),
holds 20% or more in the issued and paid-up share capital of the
Company, does not exceed 10% of the shares available under the
Scheme; subject to such terms and conditions and/or any
adjustments which may be made in accordance with the provisions
of the Bye-Laws of the Scheme."

SPECIAL RESOLUTION 1

PROPOSED AMENDMENTS TO THE MEMORANDUM AND ARTICLES OF
ASSOCIATION (M&A) OF CREST (PROPOSED AMENDMENTS TO M&A)

"THAT, subject to the approvals of all relevant authorities,
approval be and is hereby given for the Directors to:

(a) Increase the authorized share capital of Crest from
RM500,000,000 comprising 490,000,000 ordinary shares of RM1.00
each and 100,000,000 redeemable cumulative convertible
preference shares (RCCPS) of RM0.10 each to RM1,000,000,000
comprising 4,950,000,000 ordinary shares of RM0.20 each and
100,000,000 RCCPS of RM0.10 each; and

(b) Amend, modify, add and delete the M&A of Crest in the form
and manner as set out in Section 2.3 of Part B of the Circular
dated 28 January 2004, for the following purposes:

(i) The subdivision to the par value of the existing ordinary
shares in Crest of RM1.00 each to RM0.20 each;

(ii) The alteration of the authorized share capital of Crest
from RM500,000,000 comprising 490,000,000 ordinary shares of
RM1.00 each and 100,000,000 RCCPS of RM0.10 each to
RM1,000,000,000 comprising 4,950,000,000 ordinary shares of
RM0.20 each and 100,000,000 RCCPS of RM0.10 each; and


(iii) the necessary amendments to be made to the M&A of Crest
pursuant to the change of name of the Kuala Lumpur Stock
Exchange (KLSE) to MSEB in compliance with the amendments to the
Listing Requirements of MSEB which took effect on 5 January
2004, consequential to the demutualization of the KLSE,

AND THAT the Directors of the Company be and are hereby
authorized to take all such steps and do all acts, deeds and
things and execute all necessary documents to give full effect
to the proposals under this Special Resolution 1, with full
power to assent to any conditions, modifications, variations
and/or amendments as may be required by any relevant authorities
and to deal with all matters relating thereto and to take all
steps and do all acts and things in any manner as they may deem
necessary in connection with the proposals under this Special
Resolution 1 in the interest of Crest."

Notes:

1. A member of the Company who is entitled to attend and vote at
this EGM is entitled to appoint a proxy to attend and vote on a
show of hands or on a poll in his stead. A proxy may but need
not be a member of the Company.

2. In the case of the corporate member, the instrument
appointing a proxy shall be under its Common Seal or under the
hand of an officer or attorney of the corporation duly
authorized on their behalf.

3. Where a member appoints more than one (1) proxy, the
appointment shall be invalid unless he specifies the proportion
of his shareholdings to be represented by each proxy.

4. The instrument appointing a proxy must be deposited with the
Registrar of the Company, Mega Corporate Services Sdn Bhd
located at Level 11-2, Faber Imperial Court, Jalan Sultan
Ismail, 50250 Kuala Lumpur, not less than forty-eight (48) hours
before the time appointed for holding the EGM or any adjournment
thereof.


EMICO HOLDINGS: SC OKs Restructuring Scheme Proposal
----------------------------------------------------
Emico Holdings Berhad announced that the Securities Commission
(SC) has, via their letter dated 20 January 2004 (which was
received on 26 January 2004), approved the Company's application
dated 12 December and 30 December 2003 for a proposed amendments
to the terms of the debt restructuring scheme (Scheme) involving
the issue of RM84,000,100 redeemable secured loan stocks (RSLS)
and RM45,153,700 irredeemable convertible secured loan stocks
(ICSLS) (Proposed Amendments)

However, the approval is subject to certain conditions set by
the SC:

i. Affin Merchant is required to inform all parties privy to the
RSLS and ICSLS, including the Scheme Lenders, trustee, and if
required, obtain the approval of the above parties on the
Proposed Amendments;

ii. Affin Merchant and EMICO are required to conduct the
necessary due diligence on the Proposed Amendments;

iii. Affin Merchant is required to provide the SC with the
latest and complete copy of the principal terms and conditions
(with all the amendments as approved by the SC); in both hard
and soft copy forms to be in the PDF format with an Arial font,
Size 11, all margins of 1.25 centimeter and single-line spacing;
and

iv. Affin Merchant is required to give a written confirmation to
the SC on the compliance of the conditions imposed therein.


PARK MAY: Securities Exchange OKs Regularization Plan Extension
---------------------------------------------------------------
Park May Berhad plans to submit a regularization plan to the
relevant authorities by February 11, 2004. In this respect, on
behalf of the Company, AmMerchant Bank Berhad announced that the
Malaysia Securities Exchange Berhad has vide its letter dated 27
January 2004, approved the Company's application for an
extension of time of one (1) month until 11 March 2004 to submit
its regularization plan to the relevant authorities.


TENAGA NASIONAL: Posts 1Q03 RM26.4M Net Loss
--------------------------------------------
Tenaga Nasional Bhd booked a net loss of RM26.4 million in the
first quarter ended November 20, 2003 due to foreign exchange
losses and deferred tax provisions, compared to a net profit of
RM663.2 million a year earlier, according to The Edge Daily.

This was despite a 4.64 percent rise in revenue to RM4.24
billion from the previous RM4.06 billion. The operating level,
posted an 8.8 percent increase in operating profit to RM859.4
million from RM790.1 million but its pre-tax profits dropped to
RM136.8 million from RM798.2 million.

Tenaga Chairman Datuk Dr Awang Adek Husin said deferred taxes
rose to RM153 million from RM114.7 million, while foreign
denominated loans contributed to a translation loss of RM382.7
million, against a translation gain of RM293.5 million a year
before.

Tenaga's total debts as at end of the first quarter stood at
RM31.3 billion, compared to RM30.9 billion a year before. As a
result of the strengthening of yen, sterling and euro, Tenaga's
effective weighted average cost of debt increased to 5.01
percent from 4.92 percent.


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


MANILA ELECTRIC: Shares Up After Court Hearing on Rate Hike
-----------------------------------------------------------
Manila Electric Co. (Meralco) was firmer in mid-trade Wednesday
after the Supreme Court begun hearing on Tuesday the merits of a
0.12 peso per kilowatthour rate increase provisionally granted
to the Company, AFX Asia reports. Meralco A was up 0.50 pesos at
21 on 433,000 shares. Meralco B gained 0.50 at 34.50 on 257,200
shares.

Investors are optimistic that the high court will endorse the
Energy Regulatory Commission's (ERC) provisional tariff hike for
Meralco on argument that the ERC have acted within the law when
it made its decision, they added.


MUSIC CORPORATION: PSE Freezes Shares Trading
---------------------------------------------
The Philippine Stock Exchange (PSE) has granted the request of
Music Corporation for the voluntary trading suspension of its
shares effective January 27 to avoid any confusion arising from
the firm's quasi-reorganization, reports the Philippine Star.
The trading will facilitate the reduction in the number of the
Company's listed shares.

The quasi-reorganization is aimed at wiping out Music's capital
deficiency in line with its plan to absorb the operations of
wholly owned subsidiary Music Semiconductors Philippines Inc.
(MSPI). As of end-September 2003, the Company has reduced its
capital deficiency to P102 million.

Music is an investment holding company specializing in
identifying key "early state" companies in the networking
infrastructure, telecommunications and Internet markets and
developing them into mature investments in these communication
industry segments.


NATIONAL POWER: To Bid Out $54M in Coal Supply Contracts
--------------------------------------------------------
The National Power Corporation (Napocor) is seeking tenders for
three coal supply contracts worth US$54 million, the Philippine
Star reported on Wednesday. The contracts cover the supply of
975,000 metric tons of imported coal (or 325,000 MT each) to the
Sual power plant in Pangasinan, the Masinloc plant in Zambales
and the Pagbilao plant in Quezon. The delivery of the coal
shipments will start in April 2004.

The bidding for the coal supply of Sual and Masinloc has been
scheduled for Friday, January 30, while the bidding for the coal
requirements of Pagbilao has been set for February 27. Napocor
has earmarked a budget of US$18.33 million each for Sual and
Masinloc, and US$17.31 million for Pagbilao.


PHILIPPINE LONG: Declares Cash Dividends on Preferred Shares
------------------------------------------------------------
The Board of Directors of the Philippine Long Distance Telephone
Co. (PLDT) has approved the following Company cash dividends:

- A total of 12.28 million pesos on all of the Company's series
IV cumulative non-convertible redeemable preferred stock, to be
paid on March 15 to holders on record as of February 17;

- 1.00 peso per outstanding share of Series DD 10 percent
cumulative convertible preferred stocks for the annual period
ending January 31, 2004, to be paid on February 27 to holders on
record as of February 12;

- 1.00 peso per outstanding shares of Series CC 10 percent
cumulative convertible preferred stock for the annual period
ending February 28, to be paid on March 31 to holders on record
as of February 25;

The Board of Directors also constituted 1 million shares of
serial preferred stocks into Series EE 10 pct cumulative
convertible preferred stock, the company said in a disclosure to
the Philippine Stock Exchange.


PHILIPPINE LONG: Moody's Upgrades Rating to Ba2
-----------------------------------------------
Moody's Investors Service has upgraded Philippine Long Distance
Telephone Co. (PLDT)'s foreign currency senior unsecured debt
rating to Ba2 from Ba3. PLDT's preferred stock rating was also
raised to B1 from B2. The outlook for the foreign currency
senior unsecured debt rating is negative, reflecting Moody's
decision to downgrade the Philippine Government's long-term
foreign currency bond rating to Ba2 with a negative outlook
today. The foreign currency debt-rating outlook is constrained.

The rating action reflects continued improvements in the
operating performance of SMART, the company's wholly-owned
cellular subsidiary, and the expectation of on-going free cash
flow, partly due to dividends from Smart, to help repay debt
maturities in the coming years.

Furthermore, the ratings reflect PLDT's healthy free cash flow
generating ability supported by its stable fixed line business,
strong growth at Smart, and lower capital expenditure
requirements following the completion of its infrastructure
build-out. At the same time, the ratings reflect PLDT's position
as a leading integrated telecommunications provider in the
Philippines with significant market share and strong EBITDA
margins.

Philippine Long Distance Telephone Company, based in Manila, is
the principal supplier of telecommunications services in the
Philippines.


UNIVERSAL RIGHTFIELD: Clarifies "Consunji Loses License" Report
---------------------------------------------------------------
Universal Rightfield Property Holdings, Inc. clarified the news
article entitled "Consunji firm loses license to sell
securities" published in the January 26, 2004 issue of The
Philippine Daily Inquirer (Internet Edition).  The article
reported "The Securities and Exchange Commission has stripped
the Consunji group's Universal Leisure Inc. (ULC) of its license
to offer securities due to a 2-billion peso fraudulent public
offering in 1997.  In an en banc resolution on Thursday, the SEC
revoked ULC's license upon the petition filed by a group of 77
investors who had complained about the company's failure to
deliver four promised clubs and resorts.  Universal Leisure was
granted the permit to sell shares to the public in February
1997.

It pioneered in offering the use of various luxury destinations
under a single proprietary membership share.  Investors who
joined the class suit said the SEC's ruling would boost the
civil cases separately filed in the courts, which sought
attachment orders against the Consunji group's assets.  Charges
were filed against ULC, Universal Leisure Club Inc., Universal
Rightfield Property Holdings Inc. and DM Consunji Inc. and their
officers.

Universal Rightfield Property Holdings Inc.  (UP), in its letter
dated January 27, 2004, stated that:

Please be informed that the Corporation is not in a position to
comment on the veracity of the contents of said news article as
it clearly refers to another entity Universal Leisure Club, Inc.
(ULCI).  At any rate, the Corporation has not been informed by
ULCI of any such revocation."

Struggling Universal Rightfield Property Holdings, Inc. may
receive 150 million pesos aid if the court approves the
rehabilitation scheme proposed by its creditor DM Consunji,
Inc., TCR-AP reported recently. The funding will be used to
develop a property, which Universal Rightfield may later use to
service its debt through dacion en pago (payment in kind)
arrangements.


* Moody's Downgrades Seven Philippine Banks' Ratings
----------------------------------------------------
Moody's Investors Service has lowered the credit ratings of
seven Philippine banks namely Banco de Oro Universal Bank, Bank
of the Philippine Islands, Development Bank of the Philippines,
Equitable-PCI Bank, Land Bank of the Philippines, Metropolitan
Bank & Trust Co., and Philippine National Bank, concluding the
review initiated on November 26, 2003. These actions reflect the
rating agency's downgrades of the Philippines' country ceilings
for foreign-currency bonds and bank deposits, as well as the
local-currency government rating, and are not because of any
bank-specific issues.

The negative outlook for the banks' credit ratings is also in
line with the sovereign's. The unconstrained Ba3 deposit ratings
of Allied Banking Corp., Rizal Commercial Banking Corp. and
United Coconut Planters Bank are unaffected and have stable
outlooks. The Not-Prime short-term deposit ratings and the bank
financial strength ratings (BFSRs) of all ten banks are
unaffected.

The local currency deposit ratings of Philippine National Bank
and Development Bank of the Philippines (the only Philippine
banks for which Moody's publishes local currency ratings) were
downgraded to Ba1 from Baa3. Moody's believes the government's
willingness to support the system's major and government-owned
banks remains strong. However, the rating agency is concerned
that the government's reduced ability to finance deficits, as
well as the potential for bureaucratic hurdles, could delay
delivery of support to these important institutions. In line
with this conclusion, the subordinated local currency debt of
Philippine National Bank was downgraded to Ba2, one notch below
its new local currency deposit rating.

Similarly, the foreign currency subordinated debt ratings of
Metropolitan Bank & Trust Co. and Equitable-PCI Bank were
downgraded to Ba2 from Ba1.

The following ratings were downgraded:

Banco de Oro Universal Bank -- Ba2 long-term foreign currency
deposit rating was lowered to Ba3. The outlook is negative.

Bank of the Philippine Islands -- Ba2 long-term foreign currency
deposit rating was lowered to Ba3. The outlook is negative.

Development Bank of the Philippines -- Ba2 long-term foreign
currency deposit rating was lowered to Ba3. Baa3/Prime-3 long-
term/short-term local currency deposit ratings were lowered to
Ba1/Not-Prime. The outlooks for the long-term deposit ratings
are negative.

Equitable-PCI Bank -- Ba2 long-term foreign currency deposit
rating was lowered to Ba3, and is constrained by the country's
foreign currency ceiling. The Ba1 foreign currency subordinated
debt rating was also revised to Ba2, which is above the bank's
constrained deposit rating. The outlooks are negative.

Land Bank of the Philippines -- Ba2 long-term foreign currency
deposit rating was lowered to Ba3. The outlook is negative.

Metropolitan Bank & Trust Co. -- Ba2 long-term foreign currency
deposit rating was lowered to Ba3. Ba1 foreign currency
subordinated debt rating was also revised to Ba2, which is above
the bank's constrained deposit rating. The outlooks are
negative.

Philippine National Bank -- Ba1 foreign currency debt and Ba2
long-term deposit ratings were lowered to Ba2 and Ba3
respectively. The local currency Baa3/Prime-3 long-term/short-
term deposit and Ba1 subordinated debt ratings were also revised
to Ba1/Not-Prime and Ba2 respectively. The outlooks for the
long-term debt and deposit ratings are negative.

The following ratings were confirmed:

Banco de Oro Universal Bank -- Ba2 long-term foreign currency
debt rating was confirmed, reflecting the bank's moderate debt
servicing capability, which is characteristic of institutions
with D BFSRs. The outlook is negative.

The following ratings were not affected:

Allied Banking Corp. -- Ba3/Not-Prime long-term/short-term
foreign currency deposit ratings, and E+ BFSR

Banco de Oro Universal Bank -- Not-Prime short-term deposit
rating and D BFSR

Bank of the Philippine Islands -- Not-Prime short-term deposit
rating and C- BFSR

Development Bank of the Philippines -- Not-Prime short-term
deposit rating and D BFSR

Equitable-PCI Bank -- Not-Prime short-term deposit rating and D-
BFSR

Land Bank of the Philippines -- Not-Prime short-term deposit
rating and E+ BFSR

Metropolitan Bank & Trust Co. -- Not-Prime short-term deposit
rating and D BFSR

Philippine National Bank -- Not-Prime short-term deposit rating
and E BFSR

Rizal Commercial Banking Corp. -- Ba3/Not-Prime long-term/short-
term foreign currency deposit ratings, and E+ BFSR

United Coconut Planters Bank -- B1/Not-Prime long-term/short-
term foreign currency deposit ratings, and E BFSR


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


CHARTERED SEMICONDUCTOR: Expects 4Q03 US$44.7M Net Loss
-------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. (CSM) expects to post
a net loss of US$44.7 million for the quarter ended December 31
from US$108.7 million net loss a year ago, according to a Dow
Jones Newswires poll of five analysts. The fourth quarter loss
would mean the chipmaker hasn't made a quarterly profit in three
years when it reports earnings Friday before markets open in
Singapore.

Chartered's five chip plants, all based in Singapore, are
expected to operate at around 69 percent capacity on average in
the fourth quarter, the busiest level of factory activity since
the fourth quarter of 2000.


ECON CORPORATION: Issues Judicial Management Petition Notice
------------------------------------------------------------
The petition for placing Econ Corporation Limited under the
judicial management of judicial managers by the High Court was,
on the 27th day of November 2003, presented by Supermix Concrete
Pte Ltd, Thyssen Hunnebeck Singapore Pte Ltd, Tyco International
Asia, Inc., Otis Elevator Co (S) Pte Ltd and United Central
Engineering Pte Ltd, the creditors, and the said petition is
directed to be heard before the Court at 10 A.M. on the 9th day
of February 2004 and Mr Tam Chee Chong (NRIC No. S1523232/C) and
Mr Wee Aik Guan (NRIC No. S0547056/J) of Messrs Deloitte &
Touche have been nominated as judicial managers; and any person
who intends to oppose the order under section 227B (5) (b) or
the nomination of the judicial managers under section 227B (3)
(c) may appear at the time of hearing by himself or his counsel
for that purpose; and a copy of the petition will be furnished
to any creditor or member of the company requiring it by the
undersigned on payment of the regulated charge.

The Petitioner's addresses are 72 Sungei Kadut Street 1,
Singapore 729372; 10 Pandan Crescent, #03-01 UE Tech Park,
Singapore 128466; 20 Bendemeer Road, #07-01/14 Cyberhub
Building, Singapore 339914; 9 Tuas View Crescent, Singapore
637612 and 38 Prinsep Street #02-02, Singapore 188665.

The Petitioner's solicitors are Messrs Rajah & Tann of No. 4
Battery Road, #15-01 Bank of China Building, Singapore 049908.

Messrs RAJAH & TANN
Solicitors for the Petitioner.


FENGMEI BUILLDERS: Releases Winding Up Order Notice
---------------------------------------------------
Fengmei Builders Pte Ltd. issued a notice of winding up order
made on the 16th day of January 2004.

Name and address of Liquidator: Official Receiver, Singapore at
45 Maxwell Road #05-11/#06-11 The URA Centre (East Wing)
Singapore 069118.

Messrs KHATTAR WONG & PARTNERS
Solicitors for the Petitioner.

Note:

(a) All creditors of the Company should file their proof of debt
with the liquidator who will be administering all affairs of the
company.

(b) All debts due to the Company should be forwarded to the
liquidator.


GOLDEN JUPITER: Issues Debt Claim Notice to Creditors
-----------------------------------------------------
The creditors of Golden Jupiter Maritime Pte Ltd (In Members'
Voluntary Liquidation), which is being wound up by Special
Resolutions of members on 5th January 2004, are required on or
before 9th February 2004 to send in their names and addresses
and the particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the undersigned, the
Liquidators of the said Company, and, if so required by notice
in writing from the said Liquidators, are by their solicitors,
or personally, to come in and prove their said debts or claims
at such time and place as shall be specified in such notice or
in default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

CHIA SOO HIEN
NG GEOK MUI
Liquidators.
c/o BDO International
5 Shenton Way
#07-00 UIC Building
Singapore 068808.


GOLDEN RUBY: Creditors Must Submit Claims by February 9
-------------------------------------------------------
The creditors of Golden Ruby Trading Pte Ltd (In Members'
Voluntary Liquidation), which is being wound up by Special
Resolutions of members on 5th January 2004, are required on or
before 9th February 2004 to send in their names and addresses
and the particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the undersigned, the
Liquidators of the Company, and, if so required by notice in
writing from the Liquidators, are by their solicitors, or
personally, to come in and prove their debts or claims at such
time and place as shall be specified in such notice or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

CHIA SOO HIEN
NG GEOK MUI
Liquidators.
c/o BDO International
5 Shenton Way
#07-00 UIC Building
Singapore 068808.


POWER LAND: Releases Winding Up Order Notice
--------------------------------------------
Power Land Pte Ltd. issued a notice of winding up order made on
January 16, 2004.

Name and address of Liquidator: The Official Receiver Insolvency
& Public Truste's Office 45 Maxwell Road #05-11/#06-11 The URA
Centre (East Wing) Singapore 069118.

Dated this 16th day of January 2004.

RAJAH & TANN
Solicitors for the Petitioner.


TRANS-UNITED CORP.: Issues Judicial Management Order Notice
-----------------------------------------------------------
Notice is hereby given that on January 16, 2004, an order for
placing Trans-United Corporation Limited under judicial
management was made and the relevant particulars of the matter
are given as follows:

(1) Number of matter: Originating Petition No. 21 of 2003/L.

(2) Date of presentation of petition: 7th November 2003.

(3) Petitioner's solicitors: Rajah & Tann.

(4) Date of Order: 16th day of January 2004.

(5) Registered office of the Company: 32 Defu Lane 9
Singapore 539272.

(6) Name of Judicial Manager: Timothy James Reid.

(7) Name and address of Judicial Manager's firm:

Ferrier Hodgson
50 Raffles Place
#44-05 Singapore Land Tower
Singapore 048623.
Messrs RAJAH & TANN
Solicitors for the Petitioners.


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


Thai Petroleum: Administrators Deny Talks With PTT, SCC
-------------------------------------------------------
According to the Business Day, the administrators of Thai
Petrochemical Industry Plc (TPI) denied it was in talks with PTT
Plc and Siam Cement Plc (SCC) on a possible synergy move through
a business alliance.

TPI is undergoing business rehabilitation and restructuring of
its $3 billion debt with a group of creditors led by Bangkok
Bank Plc.

"We insist we are not talking with anyone - neither PTT nor Siam
Cement. It's too fast. We have to properly clean up the company,
before making any decision." said Siri Jirapongpan, the
Company's Administrator.

Siri added that its financial advisor suggested looking for
alliance overseas, but it was not necessary for there are many
firms in Thailand with relevant credentials in the petrochemical
industry.

TPI's plan for business rehabilitation and debt restructuring
will include cost cutting by reducing the par price and fund
raising by looking for new partners. However, it has not yet
fixed the par price because it has to wait for the company's
performance, though the cost cutting will affect existing
shareholders and creditors.

"We are looking for a solution for retail shareholders to
minimize impact," said Siri.

TPI said it is in talks with creditors for the debt
restructuring as part of the business rehabilitation whether the
creditor will follow the plan recommended by financial advisor
or TPI's chief executive officer Prachai Leophairatana, pictured
above. The decision will be made by March.

"We will present both plans to the creditors and they will
eventually choose the best option for the company," added Siri.

Prachai previously proposed the debt restructuring plan to the
company board to cut the debt to $500 million from its current
$2.64 billion, while 75 percent of debt or about 5.85 billion
shares will be converted to assets, of which the selling price
will be 20 baht per share.

Prachai's plan includes the suggestion to pay interest at 3.50
percent rate in Thai baht and LIBOR+1 for foreign currency,
which is fixed to repay within four years by paying the
installment at $125 per year.

The capacity at the refinery is recommended at 180,000 to
350,000 barrels per day, while the existing shareholders are
entitled to buy back the shares within four years at 20 baht per
share plus interest.

TPI is Southeast Asia's largest petrochemical maker, while SCC
and PTT also own petrochemical operations.


                  *********


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., Trenton, NJ
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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***