TCRAP_Public/040202.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, February 2, 2004, Vol. 7, No. 22

                         Headlines

A U S T R A L I A

PASMINCO LIMITED: Discloses Second Quarter Production Results
VILLAGE ROADSHOW: Pushes For Third Bite at Buyback Cherry
VILLAGE ROADSHOW: Appeals to Supreme Court


C H I N A  & H O N G K O N G

BLACKFRIARS LIMITED: Faces Winding up Petition
CAPITAL YEARS: Schedules Winding Up March 17
WELL KINGDOM: Winding Up Hearing Pending


I N D O N E S I A

BANK LIPPO: Expects Net Profit for 2004
BANK PERMATA: Sale Likely to Take More Than a Month


J A P A N

DAIWA SECURITIES: Liquidates European Unit
DIAMOND HOTEL: Hotel Management Firm Enters Bankruptcy
FUJITSU LIMITED: Returns to Profit in December Quarter
HITACHI LIMITED: Former Employee Wins 163M in Patent Dispute
JAPAN AIRLINES: Jet Defects Cost Y500M in Lost Revenue

NISSAN MOTOR: Worldwide Car Sales Up 12% in Third Quarter
SKYMARK AIRLINES: New Chief Plans Computer System Upgrade
SIRAGASI GOLF: Golf Course Starts Rehabilitation Proceedings
TOSHIBA CORPORATION: Board Nominates Tadashi Okamura as CEO
TOSHIBA CORPORATION: UBS Ups Rating to "Neutral 2"


K O R E A

SK CORPORATION: Narrows 4Q04 Net Loss to US$62.71M
SSANGYONG MOTOR: Union Schedules Wednesday Strikes


M A L A Y S I A

BUKIT KATIL: Posts Production Figures for December 2003
HAP SENG: Issues Cancellation of Treasury Shares
OILCORP BERHAD:  Post Changes in Director's Shareholding
TANJONG PUBLIC: Posts Disposal of Shares


P H I L I P P I N E S

FAIRMONT HOLDINGS: RTC Dismisses Stock-rigging Case Against Tan
MANILA ELECTRIC: Projects $24M Cash Deficit in First Quarter
NATIONAL STEEL: Creditors Seal Pact With Global Holdings
PHILIPPINE LONG: Projects FY03 P12.8B Net Profit


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Unveils Summary of 4Q03 Performance
DURABEAU CONSTRUCTION: Creditors Meeting Set for February 10
GOLDENLITE INVESTMENT: Issues Winding Up Order Notice
JUDIS MONETA: Releases Winding Up Order Notice
MULTI-CHEM: Unveils Balance Sheet Results


T H A I L A N D

EMC POWER: Posts Changes in Paid Up Capital
EMC POWER: Posts Changes in Director's Board
RAIMON LAND: Clarifies FY03 Operating Results
RAIMON LAND: Releases Resumption of Trading Notice

     -  -  -  -  -  -  -  -

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


PASMINCO LIMITED: Discloses Second Quarter Production Results
-------------------------------------------------------------
Production from the Pasminco Ltd.'s operations was strong during
the December quarter with further steps taken to restructure the
group's business and to reduce operating costs.

Highlights

(a) Pasminco achieved strong production results for the December
    2003 quarter, higher than both the corresponding quarter in
    2002 and the previous quarter.

(b) Total production for the financial year to date was
    comparable to the same period the previous year.

(c) Production of lead concentrates at the Century mine and zinc
    metal at both the Hobart and Budel smelters improved
    significantly in the quarter just completed.

(d) The new metal marketing arrangements with Trafigura Beheer
    B.V. commenced on January 1, 2004.  This new arrangement is
    Expected to deliver the company considerable benefits in
    Terms of lower working capital levels, reduced costs and
    Improved returns.

(e) The company continued to exceed targets set under its group
    wide cash generation project.  Australian dollar metal
    prices have also improved from low levels experienced in the
    middle of 2003.

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


VILLAGE ROADSHOW: Pushes For Third Bite at Buyback Cherry
---------------------------------------------------------
According to The Age, Village Roadshow has abrogate on a pledge
not to make shareholders vote on its preference share buyback a
third time, and has asked the Takeovers Panel to order a fresh
poll.

The film production company alleged that mystery shareholder
Boswell Filmgesellschaft - the Munich-based company that seems
to be out to thwart Village's controversial $362 million share
buyback - had breached the Corporations Act by failing to
disclose information on its interest in Village shares.

The Takeovers Panel filed a notice with the stock exchange
yesterday, including an excerpt from Village's application that
said: "An option to the panel would be to order that the poll on
the buyback resolution be reconducted at a reconvened general
meeting, with the persons behind Boswell prohibited from voting
against the resolution."

Last November, after the Supreme Court of Victoria had dismissed
Village's first buyback scheme, managing director Graham Burke
told The Age that shareholders would not have to endure a third
vote.

Mr. Burke also said at the time that the buyback debacle had
cost shareholders "north of $1 million in legal expenses". That
was even before the appeal process had begun.

But Mr. Burke added that the dispute had become "a matter of
principle" and "money's not everything".

Shares in Village slipped 3 to $1.68. Its preference shares
were steady at $1.09.


VILLAGE ROADSHOW: Appeals to Supreme Court
------------------------------------------
Village Roadshow Limited said the Registry of the court of
Appeal of the Supreme court of Victoria has advised that the
Appeal against the orders of Justice Mandie in respect to the
original Scheme of Arrangement in respect of the buy back of the
Company's A class Preference will be heard on February 18, 2004.


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


BLACKFRIARS LIMITED: Faces Winding up Petition
----------------------------------------------
The High Court of Hong Kong will hear on Februry 25, 2004 at
9:30 A.M. the petition seeking the winding up of Blackfriars
Limited.

University Heights Holding Limited at Top Floor, Chinachem
Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong
filed the petition on December 16, 2003.  Fork Kwan & Company
represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Ford Kwan &
Company at Rooms 1202-1206, 12th Floor Wheelock House, Central
Hong Kong.


CAPITAL YEARS: Schedules Winding Up March 17
--------------------------------------------
The High Court of Hong Kong will hear on March 17, 2004 at 9:30
A.M. the petition seeking the winding up of Capital Years
International Limited.

Bank of China (Hong Kong) Limited whose registered office is
situate at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong filed the petition on January 9, 2003. Chow,
Griffiths & Chan represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Chow,
Griffiths & Chan at Rooms 1902-4, 19th Floor Hang Seng Building,
77 Des Voeux Road, Central Hong Kong.


WELL KINGDOM: Winding Up Hearing Pending
----------------------------------------
The High Court of Hong Kong will hear on February 18, 2004 at
9:30 A.M. the petition seeking the winding up of Well Kingdom
International Limited.

Ho Lin Yau of Room 1309 Po Chi House, Po Lam Estate, Tseung Kwan
O, New Territories, Hong Kong filed the petition on December 8,
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 am Lee Po Lin,
Nina at Hopewell Centre 183 Queen's Road East, Wanchai Hong
Kong.


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


BANK LIPPO: Expects Net Profit for 2004
---------------------------------------
Despite the Rp 516 billion losses last year of PT Bank Lippo
they are certain to gain profit this year.

According to the Asia Pulse, in February the government will
dispose of 52 percent of the banks shares to Swissasia
consortium.

Chief Director of PT Bank Lippo, Joseph Luhukay said that the
bank is expected to book a net profit because of the enforced
collateral assets that has been sold. In 2004, Luhukay added,
Bank Lippo would also increase its loan to deposit ratio (LDR)
from 22 per cent in 2003-below the average ratio of 50 per cent
in the banking industry-to 30 per cent.

Luhukay confided that Bank Lippo's management had also asked for
tax relief to Minister of Finance because the bank's AYDA bank
were two times imposed by tax when the assets were transferred
and sold.

He admitted he made the direct request to the Finance Minister
last January 21, 2004.

Deputy Chairman of IBRA for Administrative and Working Support
Junianto T. Prijono said the agency is worried about the
possibility of the banks performance because it had lost
IDR515.9 billion due to its tax obligation.

In the meantime, BI's Licensing and Banking Information Director
Siti Ch Fadjrijah stated that they will be conducting another
fit and proper test on Lippo's board of directors although
previously they have passed the test.

She said that BI had received documents from IBRA to conduct fit
and proper test on Swissasia. But, she didn't know when the test
would be conducted.


BANK PERMATA: Sale Likely to Take More Than a Month
---------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) admitted that it
might not be able to conclude the sale of a controlling stake in
Bank Permata by the time its term expires next month.

IBRA Deputy Chairman I Nyoman Sender said, that the succeeding
institution would then carry out the sale of Bank Permata, which
is to be set up at a later date.

"We (IBRA) will definitely run the divestment process. But, if
the current one-month period proves to be insufficient, then the
process will be continued by the new agency," said Sender,
indicating the institution, as yet unestablished, which is to
take over from IBRA and manage the unsold assets.

IBRA's closure is scheduled for Feb. 27. The new institution
will be under the supervision of the office of the State
Minister for State Enterprises.

IBRA planned to complete the sale of a 71 percent stake in
Permata before Feb. 27, with less than a month left to its term,
the sale process has not begun, as the agency has to seek
approval from the House of Representatives.

On the other hand, IBRA is also finalizing the sale of a
majority stake in Bank Lippo.

Over the past two years, it has already sold majority stakes in
other banks under its supervision: Bank Central Asia (BCA), Bank
Niaga, Bank Danamon and Bank Internasional Indonesia (BII).

Permata was formed two years ago from a merger of five ailing
banks controlled by IBRA: Bank Bali, Bank Universal, Bank
Arthamedia, Bank Prima Express and Bank Patriot. It is the 10th
largest lender in the country and currently boasts assets of
around Rp 30 trillion (US$3.5 billion).

Meanwhile, Sender has a strategic plan of selling 51 percent of
the bank while the remaining 20 percent stake is to be sold via
block sale and drip sale.

IBRA holds a 91.3 percent stake in the bank.

Sender said the agency was hopeful that a hearing with the House
could be held soon to help kick off the sale process.


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


DAIWA SECURITIES: Liquidates European Unit
------------------------------------------
Daiwa Securities Group Inc. decided to cease business of Daiwa
Europe Property Plc, the Company's consolidated subsidiary, and
to start procedures of capital reduction and liquidation.  This
decision was resolved at the meeting of the Company's Board of
Directors today.

Daiwa Securities Group has engaged in the office rent business
through a building held by DEP in London.  The Company has made
the above decision following completion of sales of this
building according to its corporate strategy to focus our
resources on securities-related business.

The building is reflected on the Company's balance sheet as of
December 2003 as 'Other investments' being categorized as an
investment property to the amount of 27.6 billion yen. The
effect of sale of the building in January and the subsequent
decision to liquidate DEP to our consolidated financial
conditions and operating results for March 2004 are estimated as
follows:

With respect to the effect on the Company's income statements,
the sale will result in extraordinary gains (gain on sale of
fixed assets) of 0.8 billion yen while the liquidation will
result in extraordinary losses (including foreign exchange
losses) of 4.0 billion yen. We estimate extraordinary losses
from this operation to total 3.2 billion yen.

With respect to the effect on net assets of the Company's
consolidated balance sheet, retained earnings would be reduced
by the same amount, 3.2 billion yen. On the other hand, by
canceling DEP's unrealized foreign exchange losses of 5.1
billion, which had been deducted from the Company's net asset as
'foreign exchange translation adjustment', we estimate that the
Company's consolidated net asset would increase by 1.9 billion.

As to the effect on the Company's non-consolidated operating
results, it is estimated that a gain on liquidation of a
subsidiary of 6.1 billion yen would be realized when the Company
collects its investment in DEP in or after FY March 2005.

*The effect described above is estimated based on current
information and is subject to the fluctuation of foreign
exchange rates in the future.  Tax effects, which might increase
net profit and net assets for the current fiscal year, is not
being considered.

Summary of the Subsidiary

Company Name:                      Daiwa Europe Property plc

Address:                           London, United Kingdom

Date of Incorporation:             June 1990

Business:                          Property management (office
                                   Rent business)

Total assets:                      35.7 billion yen (as of
                                   December 2003)

Operating results:                 Ordinary income: 1.8 billion
                                   yen

                                   Net income: 0.7 billion yen
                                  (as of FY 2002)

Daiwa Securities Group Inc.'s total assets decreased by 16,794
million yen to 9,486,031 million yen, and total liabilities
decreased by 63,223 million yen to 8,743,825 million yen.  On
assets side, receivables on collateralized securities
transactions increased by 859,711 million yen while trading
assets decreased by 946,093 million yen.  On liabilities side,
trading liabilities and bonds increased by 782,596 million yen
and by 212,940 million yen, respectively, while payables on
collateralized securities transactions and short-term borrowings
decreased by 642,906 million yen and 338,558 million yen,
respectively.

Contact: Public Relations Dept.
Ms. Takazawa (Tel: +81-3-3243-3177)


DIAMOND HOTEL: Hotel Management Firm Enters Bankruptcy
------------------------------------------------------
Diamond Hotel Co. Ltd. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The hotel management firm located
at Chiyoda-ku, Tokyo has 180 million yen in capital against
total liabilities of 30.172 billion yen.


FUJITSU LIMITED: Returns to Profit in December Quarter
-----------------------------------------------------
Fujitsu Limited incurred a group net profit of 7.6 billion yen
(US$71.7 million) in the December quarter, versus a net loss of
24.9 billion yen a year earlier, Channel News Asia reports. For
the nine months to December, the company said it made a net loss
of 50.9 billion yen compared with 172.3 billion yen a year
earlier.

Fujitsu's group sales in the quarter rose 5.0 percent from a
year earlier to 1.07 trillion yen while its recurring loss
shrank to 16.5 billion yen from 29.2 billion yen a year earlier.
The group gained 25 billion yen from sales of Fanuc shares to
boost its net earnings, the statement said.


HITACHI LIMITED: Former Employee Wins 163M in Patent Dispute
------------------------------------------------------------
The Tokyo High Court has ordered Hitachi Limited to pay a former
employee 163 million yen for his optical disk-related
inventions, Japan Times reported on Friday. A lower court
decision earlier awarded the plaintiff, Seiji Yonezawa, 34.89
million yen. Hitachi initially paid him 2.3 million yen. Hitachi
did not accept the ruling, implying that it is prepared to
appeal the decision in the Supreme Court.


JAPAN AIRLINES: Jet Defects Cost Y500M in Lost Revenue
------------------------------------------------------
Japan Airlines Group posted a loss of 500 million yen from the
cancellation of flights due to engine cracks found in some of
its jets, according to AFX Asia. Japan Air System Co. Ltd (JAS),
a unit of Japan Airlines System Corp (JAL Group), will have
grounded a total 569 flights using its mid-sized McDonnell
Douglas jets from January 19 to February 7 due to the engine
problems, JAL Group president Isao Kaneko said.

Japan Airlines System is a holding company formed by a merger in
2002 between Japan Airlines and the smaller Japan Air System.
The group includes another domestic unit, JAL Express (JEX), and
affiliated international carriers, Japan Asia Airways and
JALways.


NISSAN MOTOR: Worldwide Car Sales Up 12% in Third Quarter
---------------------------------------------------------
Nissan Motor Co. sold 719,696 vehicles in the October to
December period, up from 644,816 a year earlier, reports the
Japan Times. Sales volume in the United States increased 15.3
percent, from 172,550 units to 198,946. In Europe, Nissan sold
132,965, up 15.1 percent from 115,542, while in Japan it sold
179,070, up from 172,850. Nissan has rebounded from near-
bankruptcy under an alliance launched in 1999 with Renault SA of
France, which now owns 44.3 percent of Nissan. The Company has
been trying to expand global sales, following a phase of sharp
cost cutting.


SKYMARK AIRLINES: New Chief Plans Computer System Upgrade
---------------------------------------------------------
Skymark Airlines Co. President Shinichi Nishikubo plans to
reinforce the discount carrier's infrastructure, Japan Times
said on Thursday. The newly appointed President said he would
upgrade the carrier's inefficient computer system within a year
to improve reservation handling, check-in services and other
operations. The airline entered the domestic airline market in
1998 as the first newcomer in 35 years. It has yet to achieve a
full-year profit.


SIRAGASI GOLF: Golf Course Starts Rehabilitation Proceedings
------------------------------------------------------------
Sirasagi Golf Club, K.K., which has total liabilities of 18.7
billion yen against a capital of 1.48 billion yen, has applied
for civil rehabilitation proceedings, according to Tokyo Shoko
Research. The golf course is located Himeji-shi, Hyogo, Japan.


TOSHIBA CORPORATION: Board Nominates Tadashi Okamura as CEO
-----------------------------------------------------------
The Board of Directors of Toshiba Corporation has accepted a
proposal from its Nominations Committee that Tadashi Okamura,
Toshiba's current President and CEO, be nominated as a candidate
for President and CEO of the company for the coming term. The
one-year term will run from the date of the board meeting to be
held immediately after the general meeting of the shareholders
in late June.

In 2003, Toshiba enhanced its corporate governance, including
operating transparency and managerial supervisory functions, by
adopting the 'Company with Committee' system. The Nominations
Committee was established at that time, and has a majority of
outside directors.

In making its recommendation, the three-member committee agreed
that Toshiba's key management challenges are to ensure continued
promotion of renovation programs and to establish solid ground
for sustained growth. The committee noted the contributions that
Mr. Okamura has already made in this regard, and advocated that
Mr. Okamura should continue to carry out his current
responsibilities.

Mr. Okamura's biography is as follows:

Name:               Tadashi Okamura
Birth date:         July 26, 1938 (65 years old)
Place of birth:     Tokyo
March 1962:         Graduated from Faculty of Law, The
University of
                    Tokyo
April 1962:         Joined Toshiba Corporation
June 1994:          Vice President and Director
June 2000:          President and CEO, Director


TOSHIBA CORPORATION: UBS Ups Rating to "Neutral 2"
--------------------------------------------------
UBS Securities recently raised its rating on Toshiba Corporation
to "neutral 2" from "reduce 2" on strong earnings in the
Company's chip business, according to Reuters. Toshiba posted a
group net loss of 9.25 billion yen (US$87.36 million) on
Thursday for the October-December quarter, compared with a net
loss of 6.90 billion yen a year earlier.

But operating profit, which shows a Company's core earnings
strength, totaled 14.03 billion yen, up sharply from 2.43
billion yen in the same period a year earlier. Toshiba, hit hard
by aggressive pricing from rivals including Dell Inc., said on
Thursday it expected to post a 26.5 billion yen loss in PCs and
PC peripherals for 2003/04, 26 percent more than its prior
estimate.


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


SK CORPORATION: Narrows 4Q04 Net Loss to US$62.71M
--------------------------------------------------
SK Corporation reported a narrower fourth-quarter loss on Friday
as analysts said fatter operating margins offset hefty
provisions against losses linked to its scandal-hit affiliate SK
Networks Co., according to Reuters. SK Corporation posted 73.5
billion won (US$62.71 million) in net loss in three months ended
December, against a 345.2 billion won loss a year ago. Sales
fell to 3.64 trillion won from 3.69 trillion.

The results beat analysts' consensus forecast of a 174 billion
won loss provided by Reuters Research.


SSANGYONG MOTOR: Union Schedules Wednesday Strikes
--------------------------------------------------
Labor union members at Ssangyong Motor Co. decided they will
stage four-hour walkouts every Wednesday until February 24 to
oppose the planned sale of the Company to China Bluestar
Corporation, the Korea Herald reports. Ssangyong workers also
plan to strike for an additional four hours during the night
shifts over the same period. The strike may disrupt production
of about 350 Chairman sedans, Rextons and other sport utility
vehicles each day. Local creditors of Ssangyong, led by Chohung
Bank, named the Chinese Company their priority-negotiating
partner for the sale of a controlling stake in the carmaker late
last year.


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


BUKIT KATIL: Posts Production Figures for December 2003
-------------------------------------------------------
Bukit Katil Resources Berhad announced the Group's plantation
production figures for the month of December 2003:

    Current Month  Preceeding Year Corresponding
    (December 2003) Month (December 2002)
FFB (mt)       560.52  493.83


          Current Year         Preceeding Year
          to Date              Corresponding
    (December 2003)       Period
                         (December 2002)
  FFB (mt)    4,459.64        4,345.31


HAP SENG: Issues Cancellation of Treasury Shares
------------------------------------------------
Hap Seng Consolidated Berhad announced the following:

Total number of treasury shares sold (units) :  0
Total number of treasury shares cancelled (units) : 10,000
Minimum price paid for each share sold (RM) :
Maximum price paid for each share sold (RM) :
Total amount received for treasury shares sold (RM) :
Cumulative net outstanding treasury shares as at to-date
(units) : 33,137,200
Adjusted issued capital after cancellation/resale
(no. of shares) (units) : 589,522,800


OILCORP BERHAD:  Post Changes in Director's Shareholding
--------------------------------------------------------
Oilcorp Berhad Director Mohamed Hazali Bin Dato' Seri Abu Hassan
has the intention to deal in the shares of the Company, which is
currently in the closed period pending announcement of its
results for the fourth quarter ended 31 December 2003. His
current shareholdings are as follows:

Name of Director: MOHAMED HAZALI BIN DATO' SERI ABU HASSAN

Direct  Indirect
No. of Shares % of the Company's issued
   and paid-up share capital

3,669,800   2.42


Direct  Indirect
No. of Shares % of the Company's issued
   and paid-up share capital

3,835,500   2.53


TANJONG PUBLIC: Posts Disposal of Shares
----------------------------------------
Tanjong Public Limited Company posted a notice of shares
disposal as follows:

1. Notification by Director Yin Yee Yuen:

(a) (i) That he has disposed in the open market of the MSEB,
15,000 shares of 7.5 pence each in Tanjong representing 0.0038%
of the issued share capital of Tanjong as of the date of the
transaction;

(ii) Date of transaction - 28 January 2004;

(iii) Transaction price - RM11.00 per share of 7.5 pence each.


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


FAIRMONT HOLDINGS: RTC Dismisses Stock-rigging Case Against Tan
---------------------------------------------------------------
A Regional Trial Court (RTC) has dismissed with finality the
stock market manipulation case against Chinese-Filipino
businessman Dante T. Tan despite government's plea to revive it,
according to Business World. Pasig RTC judge Briccio C. Ygana
said the government, particularly the Department of Justice,
failed to prove its charge that Mr. Tan "squeezed the market
float" to jack up share prices of BW Resources Corporation in
1999.

In reducing the available shares in the market, the Securities
and Exchange Commission (SEC) had alleged Mr. Tan and other
shareholders and officials of BW, now Fairmont Holdings, Inc.,
profited some 2 billion pesos.


MANILA ELECTRIC: Projects $24M Cash Deficit in First Quarter
------------------------------------------------------------
The Manila Electric Co. (Meralco) expects a cash deficit of
US$24 million in the first quarter of the year if it fails to
get refinancing for a loan due in April, according to Business
World. The cash deficit covers a long-term unsecured loan
maturing.

Meralco Treasurer Rafael Andrada said Meralco would have been
able to refinance the loan had it not been for the Supreme Court
order, which forced the firm to suspend a rate hike of 12
centavos per kilowatt-hour granted by the Energy Regulatory
Commission (ERC). The Supreme Court barred Meralco from
implementing the provisional increase pending the resolution of
a petition against the move.


NATIONAL STEEL: Creditors Seal Pact With Global Holdings
--------------------------------------------------------
The creditor banks of National Steel Corporation (NSC) and
India's Global Infrastructure Holdings Ltd. (GIHL) signed
Thursday a memorandum of agreement (MOA) for the rehabilitation
of the mothballed steel plant in Iligan, the Philippine Star
reported on Friday.

Securities and Exchange Commission-appointed NSC liquidator
Danilo Concepcion was one of the main signatories to the MOA.

The secured creditors who signed the MOA included the Philippine
National Bank, represented by its president and chief executive
officer Lorenzo V. Tan; China Banking Corp., represented by its
president Peter Dee; Metrobank, represented by its senior vice
president Cesar Lugtu; Land Bank of the Philippines, represented
by its first vice president Cecile Borromeo; and Rizal
Commercial Banking Corp., represented by its vice president
Angela Tinio.

The signing parties are now expected to negotiate the drafting
of an asset purchase agreement whose execution would result in
the payment by GIHL of a P1-billion down payment to NSC's
secured creditors. The balance of P12.25 billion would be paid
over the next eight years.


PHILIPPINE LONG: Projects FY03 P12.8B Net Profit
------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) expects a net
profit of 12.8 billion pesos for 2003, 75 percent higher than
the 7.3 billion pesos net income a year earlier, the Philippine
Star reports. Based on projections by financial analyst UBS
Investment, PLDT's revenues for 2003 could rise to P96.1 billion
compared to P80.16 billion in the previous year.


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


CHARTERED SEMICONDUCTOR: Unveils Summary of 4Q03 Performance
------------------------------------------------------------
Chartered Semiconductor Manufacturing Co. (CSM) issued a summary
of fourth quarter 2003 performance as follows:

Revenues were $182.8 million, up 32.7% compared to third quarter
2003. Revenues including Chartered's share of Silicon
Manufacturing Partners (SMP) were $237.2 million, up 28.0% from
$185.3 million in the previous quarter, due to increases in all
major market sectors with the largest contribution coming from
the communications sector. Compared to fourth quarter 2002,
revenues were up 69.3% from $107.9 million. Revenues including
Chartered's share of SMP were up 89.3% from $125.3 million in
the year-ago quarter, driven primarily by the communications
sector and to a lesser extent the consumer and computer sectors.
The largest percentage increase occurred in the consumer sector,
which increased almost four-fold from the year-ago quarter.

Gross profit was $11.1 million, or 6.1% of revenues, an
improvement from a gross loss of $53.9 million, or negative
49.9% of revenues in the year-ago quarter, primarily due to
significantly higher revenues and cost reductions. Gross profit
improved sequentially by $32.8 million from a loss of $21.7
million, or negative 15.8% of revenues in third quarter 2003,
primarily due to higher revenues.

Research and development (R&D) expenses were $31.1 million, an
increase of 11.0% from the year-ago quarter, primarily due to
increased investments to accelerate the Company's technology
roadmap which provides customers a breadth of processes,
enabling systems-level integration. Beginning in first quarter
2003, R&D expenses include Chartered's share of expenses related
to the IBM joint-development agreement, announced in November
2002.

Other operating expenses were $11.5 million, which included two
items:

Sales and marketing expenses were $9.8 million, unchanged from
the year-ago quarter, and an increase of 19.1% from $8.3 million
in the previous quarter. The sequential increase was primarily
due to a higher level of prototyping activity.

General and administrative (G&A) expenses were $10.7 million, an
increase of 32.0% compared to $8.1 million in the year-ago
quarter. The fourth quarter 2002 expense benefited from employee
leave clearance and the termination of an employee retirement
program.

A fixed asset impairment of $9.0 million related to certain
pieces of equipment that have been reclassified as held for
sale, as part of Chartered's fab capacity rationalization

A charge of $2.5 million related to Fab 1 restructuring

Equity in income (loss) of our minority-owned joint-venture fab,
SMP (Fab 5), was an income of $14.7 million compared to a loss
of $11.5 million in the year-ago quarter, primarily due to
significantly higher revenues. Equity in income of SMP increased
67.0% from an income of $8.8 million in the previous quarter,
also primarily due to higher revenues.

Net interest expense was $7.9 million, an increase of 68.8% from
$4.7 million in the year-ago quarter, primarily due to lower
interest income resulting from lower interest rates.

None of the losses in our consolidated joint-venture fab,
Chartered Silicon Partners (CSP or Fab 6), were allocated to the
minority interest in fourth quarter 2003, compared to $17.6
million in the year-ago quarter. CSP remained in a negative net
worth position in fourth quarter 2003; therefore, Chartered
continued to recognize 100% of the joint venture's results,
which were a loss of $35.5 million in the quarter. At the end of
the quarter, CSP's net worth was negative $151.2 million.

Net loss was $43.2 million, or negative 23.6% of revenues,
compared to a net loss of $108.7 million, or negative 100.7% of
revenues, in the year-ago quarter.

Loss per American Depositary Share (ADS) and loss per share in
fourth quarter 2003 were $0.17 and $0.02 respectively, compared
with a loss per ADS and loss per share of $0.45 and $0.05
respectively in fourth quarter 2002. Average ADS count and
ordinary share count increased by 9.7 million and 96.6 million
respectively, primarily due to the eight-for-ten rights offering
completed in October 2002.

Revenues were $551.9 million, up 22.9% compared to $449.2
million in 2002. Revenues including Chartered's share of SMP
were $727.7 million, up 50.1% from $484.8 million a year ago,
driven primarily by the communications sector and to a lesser
extent the consumer and computer sectors.

Gross loss was $96.4 million, or negative 17.5% of revenues, an
improvement from a loss of $179.5 million, or negative 40.0% of
revenues in 2002, primarily due to higher revenues and lower
depreciation.

R&D expenses were $124.5 million, an increase of 30.7% from
$95.3 million in 2002, primarily due to increased investments to
accelerate the Company's technology roadmap, which provides
customers a breadth of processes, enabling systems-level
integration. Beginning in first quarter 2003, R&D expenses
include Chartered's share of expenses related to the IBM joint-
development agreement, announced in November 2002.

Sales and marketing expenses were $38.3 million, a decline of
7.1% from $41.2 million in 2002, primarily due to lower
financial support for customer prototyping activities.

G&A expenses were $35.9 million, a decline of 16.7% compared to
$43.1 million in 2002. The reduction was primarily due to a $4.9
million gain resulting from equipment disposition in second
quarter 2003. Excluding this gain, the decline in 2003 was 5.4%.

Other operating expenses were a gain of $6.1 million, which
included three items:

Included in net loss was a gain of $28.7 million associated with
the conclusion of the Company's Economic Value Added (EVA)
employee bonus plan. Of this amount, $27.5 million was recorded
in the "other operating expenses" line.

Included in net loss was a restructuring charge of $14.1 million
associated with the phase out of Fab 1, $12.4 million of which
was recorded in the "other operating expenses" line.

A fixed asset impairment of $9.0 million related to certain
pieces of equipment that have been reclassified as held for
sale, as part of Chartered's fab capacity rationalization.

Equity in income (loss) of our minority-owned joint-venture fab,
SMP (Fab 5), was an income of $23.2 million compared to a loss
of $84.8 million in 2002, primarily due to significantly higher
revenues.

Minority interest in loss of our joint-venture fab, Chartered
Silicon Partners (CSP or Fab 6), was $9.5 million compared to
$55.6 million in 2002. Due to cumulative losses, CSP's net worth
became negative in first quarter 2003, triggering a
consolidation accounting requirement resulting in Chartered
effectively recognizing 100% of CSP's losses (and profits) until
such time as CSP's net worth becomes positive. At the end of the
year, CSP's net worth was negative $151.2 million.

Net loss was $284.8 million, or negative 51.6% of revenues,
compared to a net loss of $417.1 million, or negative 92.8% of
revenues in 2002.

Loss per American Depositary Share (ADS) and loss per share in
2003 were $1.14 and $0.11 respectively, compared with a loss per
ADS and loss per share of $2.32 and $0.23 respectively in 2002.
Average ADS count and ordinary share count increased by 70.3
million and 703.2 million respectively, primarily due to the
eight-for-ten rights offering completed in October 2002.
Wafer Shipments and Average Selling Prices

Shipments in fourth quarter 2003 were 200.6 thousand wafers
(eight-inch equivalent), an increase of 91.2% compared to 104.9
thousand wafers (eight-inch equivalent) in fourth quarter 2002.
Shipments in fourth quarter 2003 increased by 30.5% compared to
153.7 thousand wafers (eight-inch equivalent) shipped in third
quarter 2003. Shipments including Chartered's share of SMP were
235.0 thousand wafers (eight-inch equivalent), an increase of
97.6% compared to 119.0 thousand (eight-inch equivalent) in
fourth quarter 2002. Shipments including Chartered's share of
SMP in fourth quarter 2003 increased by 27.0% compared to 185.0
thousand wafers (eight-inch equivalent) shipped in third quarter
2003.

Shipments in 2003 were 606.0 thousand (eight-inch equivalent),
an increase of 45.3% compared to 417.0 thousand wafers (eight-
inch equivalent) shipped in 2002. Shipments including
Chartered's share of SMP were 722.2 thousand wafers (eight-inch
equivalent), an increase of 62.2% compared to 445.2 thousand
(eight-inch equivalent) in 2002.

ASP was $911 in fourth quarter 2003, an increase of 1.7% from
$896 per wafer in third quarter 2003, primarily due to richer
mix. ASP including Chartered's share of SMP was $1,010 per wafer
in fourth quarter 2003 compared to $1,002 per wafer in third
quarter 2003.

ASP was $911 in 2003, a decrease of 15.4% compared to $1,077 per
wafer in 2002, primarily due to customer mix and pricing
pressures, partially offset by substantially higher shipments of
advanced technology products. ASP including Chartered's share of
SMP was $1,008 per wafer in 2003 compared to $1,089 per wafer in
2002.

Capacity and Utilization

Capacity utilization in fourth quarter 2003 was 71% compared to
39% in the year-ago quarter, and 59% in third quarter 2003.
Capacity utilization was 58% in 2003 compared to 37% in 2002.
The capacity level in fourth quarter 2003 was up approximately
6% sequentially. For full year 2003, as a result of the
company's capacity revitalization program announced in February
2003, advanced capacity (0.18-micron and below) increased 71%;
however, total capacity increased only 5%.

Investor Contacts:
Suresh Kumar
(1) 408.941.1110
sureshk@charteredsemi.com

Clarence Fu
(65) 6360.4060
cfu@charteredsemi.com

Media Contacts:

Chartered U.S.:
Tiffany Sparks
(1) 408.941.1185
tiffanys@charteredsemi.com

Chartered Singapore:
Maggie Tan
(65) 6360.4705
maggietan@charteredsemi.com


DURABEAU CONSTRUCTION: Creditors Meeting Set for February 10
------------------------------------------------------------
Durabeau Construction Pte Ltd. issued a notice of creditor's
meeting to be held at 18 Cross Street, #08-01 Marsh & McLennan
Centre, Singapore 048423 on 10th February 2004 (Tuesday), at 3
in the afternoon.

AGENDA

(1) To table a Liquidators' Report;

(2) To consider and if thought fit to appoint a committee of
inspection; and

(3) Any other business.

Dated this 29th day of January 2004.

CHEE YOH CHUANG
LIM LEE MENG
Liquidators.
c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

(1) Proxies to be used at the meeting must be lodged not later
than 4 P.M. on 9th February 2004.

(2) To entitle you to vote thereat, your proof must be lodged
with the liquidators not later than 4 P.M. on 6th February 2004
if you have not submitted your proof earlier.


GOLDENLITE INVESTMENT: Issues Winding Up Order Notice
-----------------------------------------------------
Goldenlite Investment Pte Ltd issued a winding up order notice
made on 16th January 2004.

Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee'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.


JUDIS MONETA: Releases Winding Up Order Notice
----------------------------------------------
Judis Moneta Financial Services Pte Ltd. issued a notice of
winding up order made on the 16th day of February 2004.

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

ACIES LAW CORPORATION
Solicitors for the Petitioners.


MULTI-CHEM: Unveils Balance Sheet Results
-----------------------------------------
Cash and cash equivalents of Multi-Chem Limited stood at $8.6
million as at 31 December 2003, down from $16.0 million as at 31
December 2002, a Company statement said. The decreased was due
to the payment of a transferable loan amounting to $7.8 million
in FY2003, share buyback and dividend payout, offset by the cash
inflow from operations and the proceeds from the issue of US$2.0
million in convertible notes.

Trade receivables increased at the Group level in line with the
higher turnover, particularly due expansion of the Group's China
operations. At the Company level, trade receivables increased
from $5.3 million to $5.5 million due to the higher turnover of
the Company, but offset by provision for doubtful debts, mainly
for amounts due from two Philippines customers.

Inventories held by the Company, particularly specialty
chemicals were reduced due to the loss of a customer as it
ceased business in June 2003 and the deliberate policy of the
Company to carry less inventories. However, at the Group level
despite the reduction at Company level, inventories increased
because of the increase in IT stock, from $316,000 as at 31 Dec
2002 to $1.1m as at 31 Dec 2003, due to the expansion of the IT
distribution business.

Investment in associate decreased from $2.7m to $1.8m due to the
loss of the Company's associated company being equity accounted
for, as well as the payment of dividends by that associated
company.

Investment in joint venture decreased from $1.2m to nil due to a
provision in diminution in investment of $1,083,000 made, and
the loss of $98,000 equity accounted for. An provision of
$880,000 was made in 4Q2003.

Property, plant and equipment decreased from $16.9m to $11.4m at
the Company level due to the shifting of CNC drilling machines
to China in FY2003. At the Group level, property, plant and
equipment increased from $26.9m to $33.0m as new machines were
added to the Group's operations, offset by the depreciation
incurred for the year.

Bills payable comprise the payable to suppliers for the purchase
of machineries.

Long-term borrowings comprise the transferable loan, which had
been fully repaid in Oct 2003, and the long-term loan taken by
the Company's Suzhou subsidiary.

Convertible notes referred to the exchangeable and convertible
notes in the aggregate amount of US$2.0m issued by the Company
in June 2003.


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



EMC POWER: Posts Changes in Paid Up Capital
-------------------------------------------
EMC Power Co. Ltd registered its paid up capital from Baht
289,278,977 to Baht 319,278,977 on January 29, 2004. This
changes resulted from converting debt into equity by converting
the long-term loan for working capital. Such lender of new
working capital is Bangkok Bank Public Company Limited.

Please be advised accordingly,
Your's faithfully,
(Komol Wongpornpenpap) (Slib Soongswang)
Director
EMC Power Company Limited
Acting as a Plan Preparer of
EMC Public Company Limited


EMC POWER: Posts Changes in Director's Board
--------------------------------------------
EMC Power Limited Plan posted changes in its Board of Directors
as follows:

1. EMC has registered the resignations of Director's board; Mr.
Slib Soongswang and Mr. Smai Leesakul.

2. EMC has registered the new entry of Director's board;
Lieutenant General Werasak Phairat and Police Major General
Panomsak ThangThong.

Please be advised accordingly,
Your faithfully,
(Komol Wongpornpenpap) (Slib Soongswang)
Director
EMC Power Company Limited
Acting as a Plan Preparer of
EMC Public Company Limited


RAIMON LAND: Clarifies FY03 Operating Results
---------------------------------------------
Raimon Land PCL clarified newspaper reports that the Company
expects profit of approximately Baht 500 - 600 million for the
year 2003. The Company said in a statement that "For the first
nine months ended 30 September 2003, the Company had profit
approximately Baht 505 million which arose from gain on debt
restructuring and reversal of provision for loss on investment
in subsidiary. In the Fourth Quarter of the year 2003, the
Company starts to recognize income of the Company subsidiary
project (The Lofts Sathorn Project)."

At the present, the Company is waiting for the audited operating
results of the Fourth Quarter 2004 from the Auditor. As soon as
the Company gets the audited operating results from the Auditor,
the Company will report to the Stock Exchange of Thailand.

Yours faithfully,
Raimon Land Public Company Limited
Kitti Thungsriwong
Director


RAIMON LAND: Releases Resumption of Trading Notice
--------------------------------------------------
The Stock Exchange of Thailand (SET) has resumed the trading of
shares in Raimon Land Pcl from 11:30 A.M. of January 30, 2004
onwards. The SET recently ordered the trading halt of Raimon
Land PCL because of news reports that the Company's 2003 net
profit might affect the trading of its securities.




                  *********


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