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       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, February 12, 2004, Vol. 7, No. 29

                         Headlines

A U S T R A L I A

CARTER HOLT: Enters NGA Deal With New Zealand
DUKE ENERGY: Moody's Cuts Rating to BBB
NATIONAL AUSTRALIA: Issues 1.5 Million Ordinary Shares
NEWCREST MINING: Golf Reserves Up 58 Million Ounces
TOWER LIMITED: Unit Expects Profit This Year

VILLAGE ROADSHOW: Clarifies Val Morgan Sell Off Report
WMC RESOURCES: Post FY03 A$245.6M Profit


C H I N A  & H O N G K O N G

CHUNG MING: Petition to Wind Up Pending
DAY CAN: Winding Up Hearing Set March 31
SARINAH FOODS: Faces Winding Up Petition


I N D O N E S I A

BANK LIPPO: IBRA Hopes to Sign Sale Pact Wednesday
PERUSAHAAN GAS: US$150M Bond Issue Likely


J A P A N

DAIEI INC.: Creditors Finalize Bailout Package
KANEBO LIMITED: Unison Capital Eyes Cosmetics Business
NISSHO IWAI: Moody's Reviews Rating for Possible Upgrade
NISSHO IWAI-NICHIMEN: Trading Units Set to Merge
NICHIMEN CORPORATION: Dissolves Unit in Panama


K O R E A

CHOHUNG BANK: Widens FY03 Net Loss to W966B
HYNIX SEMICONDUCTOR: BOE Builds TFT-LCD Complex in Beijing


M A L A Y S I A

ANCOM BERHAD: Shareholders OK Stock Units Disposal
FABER GROUP: Lists 103,017 New Ordinary Shares Today
KILANG PAPAN: Issues Restructuring Scheme Update
MYCOM BERHAD: Answers KLSE Query
RNC CORPORATION: Clarifies Investigative Audit Report


P H I L I P P I N E S

BANK OF COMMUNICATIONS: Eyes Php7B From Assets Sale
MANILA ELECTRIC: Expects Return to Profit in 2003
PHILIPPINE AIRLINES: Plans to Increase Flights to Malaysia
VITARICH CORPORATION: Seeks Easier Terms on PhP3-B Debt


S I N G A P O R E

ALIVESTONE INVESTMENT: Issues Winding Up Order Notice
ASINDO FURNITURE: Issues Dividend Notice
B.K.B. ENGINEERING: Issues Judicial Management Order Notice
CHARTERED SEMICONDUCTOR: Nordic Joins Express-VCX IP Program
FUYANG BUILDERS: Releases Winding Up Order Notice

HOLA DEVELOPMENTS: Winding Up Set February 20
VEBA OIL: Creditors Must Submit Claims by March 8
SUPERASIA AVIATION: Issues Debt Claim Notice to Creditors


T H A I L A N D

EASTERN PRINTING: Court OKs Rehabilitation Plan
EMC PUBLIC: Resumes Trading on February 19

     -  -  -  -  -  -  -  -

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


CARTER HOLT: Enters NGA Deal With New Zealand
---------------------------------------------
Carter Holt Harvey (CHH) announced that a number of its major
manufacturing units will enter negotiations with the New Zealand
government on Greenhouse Gas emissions, a Company statement
said.

Carter Chief Executive Officer Peter Springford said the
business units to enter the Negotiated Greenhouse Agreement
(NGA) process with the Government are Carter Holt Harvey's
Paper, Pulp, Tissue, Cartonboard, Reconstituted Wood Panels and
Plywood businesses.

"When completed, the NGA's will commit Carter Holt Harvey to
best practice in managing greenhouse gas emissions, while
helping to ensure our international competitiveness is not
eroded by emission charges under the New Zealand Government's
Climate Policy," Mr Springford said.

As Australasia's leading forest fibre processing company Carter
Holt Harvey strives to balance environmental sustainability with
a need to stay internationally competitive.

"The NGA process offers a way to constructively work through
these issues with the Government well ahead of the introduction
of emission charges in 2008," Mr Springford said.


DUKE ENERGY: Moody's Cuts Rating to BBB
---------------------------------------
Standard & Poor's Ratings Services (S&P) has lowered its ratings
on Duke Energy Australia Pty. Ltd.'s (DEA) A$750 million
guaranteed MTN and CP program to 'BBB-/A-3' from 'BBB/A-2'. This
rating action is due to the lowering of the ratings on Duke
Energy Corporation (Duke Energy; BBB/Stable /A-2) and DEA's
program guarantor, Duke Capital Corporation (Duke Capital;
BBB/Stable/A-2).

The lowering of the ratings on Duke Energy and Duke Capital
reflects the high level of risk associated with the group's
trading and marketing activities, a weaker-than-anticipated
financial performance during 2003, and an ambitious deleveraging
plan that could materially improve the consolidated financial
profile, but which carries a measure of execution risk. Duke
Energy plans to repay $3.5 billion to $4 billion of debt this
year, but that forecast may be slightly optimistic, given the
company's recent inability to deliver on forecasted operating
results.

The ratings on Duke Capital and its parent, Duke Energy, reflect
the consolidated credit assessment methodology, which results in
the same corporate credit rating for Duke Capital and Duke
Energy. DEA is a 100 percent owned indirect subsidiary of Duke
Capital and is the debt capital markets' funding vehicle for the
company's Asia-Pacific interests.


NATIONAL AUSTRALIA: Issues 1.5 Million Ordinary Shares
------------------------------------------------------
National Australia Bank Limited (NAB) announced the aggregated
percentage of voting shares in the Company, in respect of which
its controlled entities have the power to control voting or
disposal of in accordance with the terms of an exemption granted
by the Australian Securities and Investments Commission pursuant
to subsection 259C(2) of the Corporations Law.

1. Previous Notice

Particulars of the aggregated percentage of voting shares in the
Company at the time at which it was last required to give a
notice to the Australian Stock Exchange are contained in the
notice given to the ASX on: 24/03/2003

2. Issued Share Capital

1,513,569,329 Ordinary shares in the capital of the Company have
been issued as at: 4 April 03

3. Previous and present aggregated % of voting shares

The aggregated number and percentage of shares in each class of
voting shares in the Company in respect of which its controlled
entities have the power to control voting or disposal of, when
last required, and when how required, to give a notice to the
ASX are:

Class of       Previous Notice           Present Notice   
voting shares   Total Number   %of class                %of
class

    Ordinary    33,173,321     2.19%       32,729,346      2.16%


To view full copy of this press release, click
http://bankrupt.com/misc/nationalaustralia021104.pdf


NEWCREST MINING: Golf Reserves Up 58 Million Ounces
---------------------------------------------------
Gold reserves at Newcrest Mining Limited increased to 58 million
ounces from 53 million ounces following improved mineral reserve
estimates at its East Cadia and Kencara operations, Asia Pulse
reports. Newcrest Managing Director Tony Palmer said the
resulting gold resource for Cadia East is 14 million ounces and
2.1 million tonnes copper, which is an increase of 3.8 million
ounces and 0.47 million copper.


TOWER LIMITED: Unit Expects Profit This Year
--------------------------------------------
Tower Limited, a New Zealand based insurer and wealth management
Company, expects its struggling unit Tower Australia to return
to profit this financial year, Dow Jones reports. Tower made a
loss of NZ$149 million in the 12 months ended September 30,
2003, due to asset write-downs and investment losses from its
Australian business in the first half of the financial year. The
Company made an operating profit in the second half.


VILLAGE ROADSHOW: Clarifies Val Morgan Sell Off Report
------------------------------------------------------
Village Roadshow Limited refers to the article in Wednesday's
Australian Financial Review regarding the sale of its one-third
interest in cinema screen advertiser Val Morgan. In the "Scheme
Booklet" dated December 12, 2003, the Company clarified that it
was currently in discussions for the sale of Val Morgan. The
amounts implied in the article are grossly incorrect. The
company believes that, if consummated such a sale will not have
any material affect on its assets or earnings.


WMC RESOURCES: Post FY03 A$245.6M Profit
----------------------------------------
Shares in WMC Resources increased 4 percent yesterday after
posting a full year net profit of $245.6 million, compared to a
net loss of $43.7 in the previous corresponding period, the
Australian News reports. Nomura Australia equity markets
strategist Eric Betts said the surge in the share price
reflected the Company's good results. The group said its nickel
division's second-half earnings before interest and tax climbed
to $325.6 million, compared $145 million in the second half of
2002. WMC said copper prices improved in the second half of
2003, with strong demand from Asia.


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


CHUNG MING: Petition to Wind Up Pending
---------------------------------------
The petition to wind up Chung Ming Construction Limited is set
for hearing before the High Court of the Republic of Singapore
on March 10, 2004 at 10 o'clock in the morning. Leung Hong
Kwong, a creditor, whose address is situated at Flat 5, 14/F.,
Chung Sing House, Tin Ma Court, Wong Tai Sin, Kowloon, Hong
Kong, filed the petition with the court on January 10, 2004.

The Petitioners' solicitors are David Ravenscroft & Co. of Unit
6110, The Center, 99 Queen's Road Central, Hong Kong. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to David Ravenscroft & Co. a notice in
writing not later than twelve o'clock noon of the 9th day of
March 2004 (the day before the day appointed for the hearing of
the petition).


DAY CAN: Winding Up Hearing Set March 31
----------------------------------------
The petition to wind up Day Can Limited is set for hearing
before the High Court of the Republic of Singapore on March 31,
2004 at 10 o'clock in the morning. The Bank of China (Hong Kong)
Limited, a creditor, whose address is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Central, Hong Kong, filed
the petition with the court on January 14, 2004.

The Petitioners' solicitors are Gallant Y.T. Ho & Co. of 4th
Floor, Jardine House, No. 1 Connaught Place, Central, Hong Kong.
Any person who intends to appear on the hearing of the petition
must serve on or send by post to Gallant Y.T. Ho & Co. a notice
in writing not later than twelve o'clock noon of the 30th day of
March 2004 (the day before the day appointed for the hearing of
the petition).


SARINAH FOODS: Faces Winding Up Petition
----------------------------------------
The petition to wind up Sarinah Foods Company Limited is set for
hearing before the High Court of the Republic of Singapore on
March 10, 2004 at 10 o'clock in the morning. M. Magtague
Holdings Limited, a creditor, whose address is situated at Flat
P, Kaiser Estate Phase 3, 12th Floor, 11 Hok Yuen Street,
Hunghom, Kowloon, Hong Kong, filed the petition with the court
on January 5, 2004.

The Petitioners' solicitors are Barlow Lyde & Gilbert of 24th
Floor, Nine Queen's Road, Central Hong Kong. Any person who
intends to appear on the hearing of the petition must serve on
or send by post to Barlow Lyde & Gilbert a notice in writing not
later than twelve o'clock noon of the 9th day of March 2004 (the
day before the day appointed for the hearing of the petition).


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


BANK LIPPO: IBRA Hopes to Sign Sale Pact Wednesday
--------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) expects to
approve the sale of its entire stake in PT Bank Lippo to
Swissasia Global for 1.2 trillion rupiah on Wednesday,
IndoExchange reports. Swissasia Global is a consortium led by
Austria's Raiffeisen Zentralbank Oesterreich AG, Swissfirst
Bank. This is likely to be the last bank sale that IBRA will
handle before the agency closes at the end of this month.


PERUSAHAAN GAS: US$150M Bond Issue Likely
-----------------------------------------
The official price guidance on the upcoming US$150 million bond
issue of Perusahaan Gas Negara (PGN) is for a yield of 7.875
percent, Dow Jones reports. The 10-year bond will be priced in
Singapore today. The Credit Suisse First Boston-led bond had
wrapped up its road show in London earlier this week.

The Company last tapped the international bond market in August
when it sold $150 million out of a planned $250 million 10-year
offering also via CSFB. That bond sold at a yield of 7.75%. PGN
has said it may issue up to $500 million of offshore debt this
year to help finance gas pipeline projects.


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


DAIEI INC.: Creditors Finalize Bailout Package
----------------------------------------------
The key creditor banks of Daiei Inc. obtained approval from
other financial institutions on a debt-reduction plan on
Tuesday, Japan Times reports. The move came as the creditors
finalized a bailout package for the debt-ridden retail chain
operator. Under the deal, Daiei will sell the Fukuoka Dome
baseball stadium and the adjacent Sea Hawk Hotel and Resort to
U.S. investment fund Colony Capital LLC next month. Colony
Capital will invest 15 billion yen to bring the two operations
under its arm. It will also acquire 60 billion yen of Daiei's
110 billion yen interest-bearing debt in the Fukuoka business.


KANEBO LIMITED: Unison Capital Eyes Cosmetics Business
------------------------------------------------------
Unison Capital Inc. has offered to purchase the cosmetics
operations of Kanebo Limited for 400 billion yen, challenging
Kao Corporation's bid for the operations, according to Japan
Times. Kao and Kanebo gave up their initial plans to integrate
their cosmetics operations into a joint Company and are now
putting the final touches on details of the buyout deal. Kanebo
has been trying to wipe out its negative net worth, which
totaled 62.9 billion yen at the end of September.


NISSHO IWAI: Moody's Reviews Rating for Possible Upgrade
--------------------------------------------------------
Moody's Investors Service has placed the B1 long-term debt
ratings of Nichimen and Nissho Iwai under review for possible
upgrade and the review will focus on the likelihood of a
fundamental turnaround of the new entity's core business and
other matters.

This action is in response to the announcement of Nissho Iwai-
Nichimen Holdings Corporation (a holding company for NI and NM)
to merge its two key operating subsidiaries (NI and NM) to
establish Sojitz Corporation (SC) on April 1, 2004. This rating
action reflects the implementation of re-organization measures
taken by these two companies and the economic value derived from
significant injected capital from lead banks to absorb economic
losses arising from the prospective merger. Under this
prospective merger, Nichimen Corporation will be the succeeding
entity, and all the debts of NI will be taken over by the new
entity.

The review will focus on the likelihood of a fundamental
turnaround of new entity's core business, new capitalization of
new entity after the re-valuation of NI's balance sheet before
the merger, and the sustainability of support from lead banks in
liquidity and re-capitalization in a stress situation.

The following ratings are placed on review for upgrade.

Nichimen Corporation: B1 unsecured senior debt rating.

Nissho Iwai Corporation: B1 unsecured senior debt rating

Nissho Iwai Europe plc: B2 unsecured senior debt rating

Nissho Iwai International Finance (Cayman) Ltd.: B2 unsecured
senior debt rating


NISSHO IWAI-NICHIMEN: Trading Units Set to Merge
------------------------------------------------
Nissho Iwai-Nichimen Holdings Corporation will merge its core
trading house units Nichimen Corporation and Nissho Iwai
Corporation on April 1 to cut costs and speed up decision-
making, Japan Times reported on Wednesday. The new entity will
be named Sojitz Corporation. Nichimen will be the surviving
legal entity, the holding company said, adding it will rename
itself Sojitz Holdings Corp.

Akio Dobashi, President of Nichimen, will head the merged
Company. Nissho Iwai President Hidetoshi Nishimura will remain
President of the holding company. The appointment is to be
formalized following a general shareholders' meeting in June.


NICHIMEN CORPORATION: Dissolves Unit in Panama
----------------------------------------------
Nissho Iwai-Nichimen Holdings Corporation (NNH) announced that,
Nichimen Corporation, a wholly owned subsidiary of NNH, is
determined to dissolve its consolidated subsidiary, Nereid
Maritime, S.A.

1. Outline of Nereid Maritime, S.A.

(1) Headquarters: Panama City, Republic of Panama
(2) Representative: Hiroyuki Osone
(3) Business: SPC for owing vessel
(4) Date of incorporation: April 10, 1991
(5) Paid-in capital: US$ 2,947,917
(6) Shareholder: Nichimen Corporation 100%

2. Reason for dissolution

Nereid Maritime, S.A. sold off the vessel it owned and completed
its operating purpose.

3. Forecast

The Liquidation will be completed by March 31, 2004.
Although this liquidation will be accompanied by a slight
profit, it will have no effect on NNH's earnings forecast for
the fiscal year ending March 31, 2004.


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


CHOHUNG BANK: Widens FY03 Net Loss to W966B
-------------------------------------------
Chohung Bank booked a net loss of 966 billion won in 2003 due to
bad loan provisions against possible LG Card related losses and
consumer loans, according to Digital Chosun. The bank posted a
net loss of 586 billion won a year earlier.

For the fourth quarter alone, the bank reported a net loss of
207.6 billion won and it's Bank for International Settlements
(BIS) capital adequacy ratio dropped to 8.88 percent. It's
profits before provision, however, increased 18.7 percent year-
on-year to W1.250 billion boosted by higher revenue.


HYNIX SEMICONDUCTOR: BOE Builds TFT-LCD Complex in Beijing
----------------------------------------------------------
BOE Technology Group, which last month took over Hydis, the
former thin film transistor-liquid crystal display (TFT-LCD)
panel unit of Hynix Semiconductor Inc., will build a large-scale
TFT-LCD complex in Beijing after 2007, Asia Pulse reported on
Tuesday.

The complex, named the "BOE Display Technology Park," will be
built on a 400,000-pyeong site, where a number of South Korean
are expected to open operations. One pyeong equals 3.3 square
meters. The Chinese group is scheduled to complete construction
of a fifth-generation TFT-LCD assembly line by early 2005 and to
build a sixth or seventh-generation line after 2007.


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


ANCOM BERHAD: Shareholders OK Stock Units Disposal
--------------------------------------------------
On December 19, 2003, Ancom Berhad's shareholders approved its
proposal to dispose its remaining 13,479,552 ordinary stock
units of RM1.00 each in E&O at a price of not less than RM1.00
per stock unit.

The Company announced that it has disposed, via off market
transactions concluded on 9 February 2004 and 10 February 2004,
the entire 13,479,552 ordinary stock units of RM1 each
representing 5.80% equity interest in E&O for total net cash
consideration of RM15.4 million or RM1.15 per stock unit
(Disposal).

RATIONALE FOR THE DISPOSAL

As mentioned in the Company's Circular to Shareholders dated 5
December 2003, the Disposal represents the Company's strategy to
dispose off investment that do not form part of Ancom's core
business.

The net proceeds from the Disposal will be used for the payment
of the Special Interim Dividend, which was announced by the
Company on 1 October 2003 and for working capital purposes.

EFFECTS OF THE DISPOSAL

The Disposal will not have any effects on the Company's paid up
and issued share capital.

The Company recorded a profit before taxation of RM2.2 million
from the Disposal for the financial year ending 31 May 2004.

Directors' and Substantial Shareholders' Interests

None of the Directors and substantial shareholders of Ancom is
interested in the Disposal, directly or indirectly.

APPROVALS REQUIRED

The Disposal is subject to the approval of the Company's
shareholders, which had been duly obtained on 19 December 2003.


FABER GROUP: Lists 103,017 New Ordinary Shares Today
----------------------------------------------------
Faber Group Berhad's additional 103,017 new ordinary shares of
RM1.00 each issued pursuant to the RM206,034 nominal value of
2000/2005 irredeemable convertible unsecured loan stocks into
103,017 new ordinary shares conversion will be granted listing
and quotation with effect from 9.00 a.m., Thursday, 12 February
2004.


KILANG PAPAN: Issues Restructuring Scheme Update
------------------------------------------------
Kilang Papan Seribu Daya Berhad announced that it does not
comply with Paragraph 15.10(1)(c) of the listing requirements
which stipulates that at least one member of the audit committee
must be a member of the Malaysian Institute of Accountants
(MIA), or if he is not a member of the MIA, he must fulfill the
criteria as set out in Paragraph 15.10 (1) (c) (ii) (aa) and
(bb).

The non-compliance is due to the introduction of the above
requirement by the Exchange. The Company has not been able to
recruit a new member for its Audit Committee, as none of the
candidates are willing to accept appointment until the Company's
Restructuring Scheme is implemented. The Exchange has granted an
extension of time for compliance with the above requirement
until March 31, 2004.


MYCOM BERHAD: Answers KLSE Query
--------------------------------
In response to the query by Malaysia Securities Exchange Berhad
vide letter dated February 9, 2004, after due enquiry made, the
Board of Mycom Berhad (Mycom) announced that there is no reason
to account for the unusual activity in the Company's shares
apart from the related interest shown in its associate company,
Olympia Industries Berhad (OIB) following the acquisition and
announcement of a substantial interest in OIB by Tan Sri Lim Kok
Thay who is also a substantial shareholder of Mycom.


RNC CORPORATION: Clarifies Investigative Audit Report
-----------------------------------------------------
Further to the announcement dated November 18, 2003 made by OSK
Securities Berhad (OSK) on behalf of the Special Administrators
(SA) of RNC Corporation Berhad (RNC), RNC had vide its letter
dated December 18, 2003, written in to the Securities Commission
(SC) in relation to the condition imposed by the SC on the
Proposed Scheme to appoint an independent audit firm to conduct
an investigative audit on the past business losses of RNC within
two (2) months from the date of the SC's approval on the
Proposed Scheme.

Following the appointment of the SA to RNC on 27 July 1999, and
pursuant to Section 54 of the Pengurusan Danaharta Nasional
Berhad Act, 1998 as amended by Pengurusan Danaharta Nasional
Berhad (Amendment) Act, 2000 (Danaharta Act), the SA had in the
year 2000 submitted an investigative audit report to Pengurusan
Danaharta Nasional Berhad (Danaharta), and subsequently to the
SC. The investigative audit report contains investigations as
required by the Danaharta Act and incorporates the comments of
RNC's solicitors, namely Messrs Raslan Loong.

Premised on the above, RNC sought the SC's clarification in its
letter dated 18 December 2003 on whether the investigative
report mentioned above would be consistent with the SC's
objectives on the above-mentioned condition, and may thus be
accepted as the investigative report required under the said
condition.

On behalf of the SA of RNC, OSK is pleased to announce that the
SC, had vide its letter dated 6 February 2004 given their
exemption to RNC on the requirement to appoint an independent
audit firm to conduct an investigative audit on the past losses
of the RNC Group. Nevertheless, the SA of RNC is required to
make appropriate announcements on the findings of the report
that had been previously prepared.


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


BANK OF COMMUNICATIONS: Eyes Php7B From Assets Sale
---------------------------------------------------
The Philippine Bank of Communications (PBCom) expects an
additional 3 billion pesos in funds and another 3 to 4 billion
pesos from the sale of its bad assets, the Philippine Star
reports, citing PBCom President and Chief Executive Officer
Isidro C. Alcantara. The bank hopes to raises between 5 billion
to 6 billion pesos from the sale of its non-performing loans
(NPLs) and real or otherwise properties owned or acquired
(ROPOA).


MANILA ELECTRIC: Expects Return to Profit in 2003
-------------------------------------------------
Manila Electric Co (Meralco) expects to return to profit in the
fourth quarter of 2003 after a huge loss a year earlier,
according to Reuters. Debt-laden Meralco, limping from a court-
ordered refund of $562 million to customers and the suspension
of another price rise, is seen staging a stronger recovery this
year as electricity use soars thanks to a general election on
May 10 and an improving economy.


PHILIPPINE AIRLINES: Plans to Increase Flights to Malaysia
----------------------------------------------------------
Philippine Airlines (PAL) plans to increase the number of
flights to Kuala Lumpur, from its current four-weekly services,
but much will depend on demand, AFX Asia reports. Philippine
Airlines resumed flights to Kuala Lumpur in October last year,
after a five-year break.


VITARICH CORPORATION: Seeks Easier Terms on PhP3-B Debt
-------------------------------------------------------
Vitarich Corporation is seeking easier payment terms from
creditors for debts amounting to 3.195 billion pesos, Business
World reported on Tuesday. It aims to finalize the terms of its
permanent restructuring agreement in 2005. Just last week,
majority of the firm's creditors agreed to give the company a
three-year reprieve on the payment of its principal debt.

The proposed amendment was filed last year and the reprieve is
retroactive to January 2003, assistance corporate secretary
Rolando Faller said. Financial adviser Joey Macadaeg said the
Company's serviceable debt is at PhP1.04 billion, while the non-
serviceable is at PhP2.155 billion.

Creditors who agreed to the change in restructuring terms were
Metropolitan Bank and Trust Co., Rizal Commercial Banking Corp.,
Equitable PCI Bank, and Philippine National Bank. The Company
further suffered in 2002 when the domestic market was swarmed by
imported chicken sold at lower prices.


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


ALIVESTONE INVESTMENT: Issues Winding Up Order Notice
-----------------------------------------------------
Alivestone Investment Pte Ltd. issued a notice of winding up
order made on the 16th day of January 2004.

Names and address of Liquidators:

The Official Receiver
Insolvency & Public Trustee's Office The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11, Singapore 069118.

Messrs SHOOK LIN & BOK
Solicitors for the Petitioner.


ASINDO FURNITURE: Issues Dividend Notice
----------------------------------------
Asindo Furniture Impex Pte Ltd (In Liquidation) issued a notice
of first and final dividend as follows:

Address of former registered office: 17 Sungei Kadut Way
Singapore 728776.

Court: High Court of the Republic of Singapore.

Matter: Originating Summons No. 191 of 1998.

Amount per centum: 100 percentum of all admitted preferential
claims. 100 percentum of all admitted unsecured claims.

Name of liquidators: CHEE YOH CHUANG & LIM LEE
MENG.

First and final or otherwise: First and final - Preferential
                              First and final - Ordinary.

When payable: 11th February 2004.

Where payable: Chio Lim & Associates, 18 Cross Street, #08-01
Marsh & McLennan Centre, Singapore 048423.

Dated this 10th day of February 2004.
CHEE YOH CHUANG
LIM LEE MENG
Liquidators.


B.K.B. ENGINEERING: Issues Judicial Management Order Notice
-----------------------------------------------------------
B.K.B. Engineering Constructions Pte Ltd. issued an order for
placing the Company under judicial management. The relevant
particulars of the matter are given as follows:

Number of matter: Originating Petition No. 23 of 2003/V.

Date of presentation of Petition: 26th November 2003.

Petitioners' solicitors: Drew & Napier LLC.

Date of Order: 30th January 2004.
(This Order is to take effect from 1st December 2003)

Name and address of Judicial Managers: Ong Yew Huat and Seshadri
Rajagopalan of Messrs Ernst & Young, 10 Collyer Quay, #21-01
Ocean Building, Singapore 049315.

Registered office of the Company: No. 17A Jalan Klapa, Singapore
199329.

Dated this 6th day of February 2004.
DREW & NAPIER LLC
Solicitors for the Petitioners.


CHARTERED SEMICONDUCTOR: Nordic Joins Express-VCX IP Program
------------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, and Nordic VLSI ASA  
have silicon proven advanced analog and mixed-signal
intellectual property (IP) designs on Chartered's 0.13-
micronsemiconductor manufacturing platform. Nordic VLSI
coordinated its validation efforts through the Chartered
Express-VCX IP Partner program to offer IP solutions which
reduce risk and significantly enhance the probability of first-
time silicon success for companies integrating Nordic VLSI's IP
into system-on-chip (SoC) designs manufactured at Chartered.

Nordic VLSI is a worldwide fabless semiconductor and IP company
specializing in components for wireless communication, mixed
signal, complex digital and analog integrated circuit (IC)
design. The engagement between the two companies involves Nordic
VLSI's high-speed data converters, including dual 10-bit analog-
to-digital and digital-to-analog converters operating at120 MSPS
and 400 MSPS, respectively. These pre-verified IP blocks are
immediately available for integration in SoC designs, and
accessible through the Chartered-VCX open portal located at
http://www.charteredsemi.com/design/ip_access_program.asp.

"We're very pleased to be working with Nordic VLSI to provide
chip designers with more silicon-validated IP choices. Their
specialized, high-speed data converters and other analog IPare
fundamental building-blocks, and are used in Nordic VLSI's own
standard product ICs and in a large number of customers' SoC
devices," said Walter Ng, senior director of world wide design
solutions at Chartered. Now, even more companies can access
Nordic VLSI's IP, as well as take full advantage of Chartered's
proven 0.13-micron process and open IP manufacturing platform to
support the multi-source foundry requirements of their design
investments targeted for market expansion and high-volume
products.

Nordic VLSI and Chartered initially targeted a subset of IP
building blocks that enable a variety of product applications
such as broadband communications, TV/video, digital imaging and
computer graphics. The first port to Chartered's 0.13-micron
CMOS process platform and qualification has been completed with
industry benchmark results.

Given the successful validation of this foundation IP, Chartered
and Nordic VLSI may also explore opportunities for expanding
their collaboration toward system-level IP and a wider selection
of mixed-signal IP. As an IP supplier and developer of turnkey
design solutions, it's imperative that IP investments made by
Nordic and our customers be leveraged to work in equivalent
fashion with multiple pure-play foundries. Chartered understands
this and has an IP-friendly approach to customer sourcing needs,
said Rune Kvernland, product manager, Intellectual Property at
Nordic VLSI. From our perspective, the Chartered Express-VCX IP
program provides a straightforward process for validating and
characterizing high-performance IP on Chartered technologies.
We've seen results in very short order that are consistent with
other foundry offerings and fulfill our guarantee to customers
for high-quality silicon deliverables.

"As an IP provider participating in the VCX IP Partner program,
Nordic VLSI received from Chartered priority access to mixed-
signal product design kits and process wafer runs for
prototyping.

The Chartered-VCX silicon-hardening effort established
requirements for Chartered and Nordic VLSI to jointly monitor IP
quality standards, track design practices and design
qualification data, and provide updated silicon validation
reports and datasheets to reflect actual silicon results. The
open VCX portal on Chartered's Web site allows chip designers to
easily identify, evaluate and select specific Nordic VLSI IP
blocks based on their design requirements.

About Nordic VLSI ASA

Nordic VLSI is a leading European IC design house, which
develops, produces and delivers state-of-the-art integrated
circuits for customers worldwide. The Company was founded in
1983, has shown strong growth and has locations in Trondheim and
Oslo in Norway. The Company focuses on components for wireless
communication, mixed signal, and complex digital and analogue
integrated circuit design. Nordic VLSI is well positioned in the
following market segments: RF, data and telecom, industrial,
medical, automotive and consumer electronics. The Company
develops, markets and sells standard off-the-shelf integrated
circuits, as well as integrated circuits based on customers'
specifications (ASICs). All operations are managed according to
the ISO 9001-approved quality assurance system. Nordic VLSI is
also listed on the Norwegian Stock Exchange (OSX: NOD). Further
information about Nordic VLSI is available at www.nvlsi.no.

About Chartered

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

A company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED).

Chartered's 3,500 employees are based at 11 locations around the
world. Information about Chartered can be found at
www.charteredsemi.com.

MEDIA CONTRACTS:

Chartered Singapore:
Maggie Tan
+65.360.4705
maggietan@charteredsemi.com

For Chartered:
Laurie Stanley, Wired Island, Ltd.
+1.510.656.0999
laurie@wiredislandpr.com

For Nordic VLSI:
Anne Strand
+47 72 89 89 00
anne.strand@nvlsi.no


FUYANG BUILDERS: Releases Winding Up Order Notice
-------------------------------------------------
Fuyang Builders (S) Development Pte Ltd issued a winding up
order notice made on the 30th day of 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 10th day of February 2004.

Messrs RAJAH & TANN
Solicitors for the Petitioner.


HOLA DEVELOPMENTS: Winding Up Set February 20
---------------------------------------------
The petition to wind up Hola Development Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
January 13, 2004 at 10 o'clock in the morning. Union Contractors
(Singapore) Pte Ltd., a creditor, whose address is situated at
Lorong 29 Geylang #05-00, Singapore 388073, filed the petition
with the court on January 13, 2004.

The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-00 Bank of China Building, Singapore 049908. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Rajah & Tann a notice in
writing not later than twelve o'clock noon of the 19th day of
February 2004 (the day before the day appointed for the hearing
of the petition).


VEBA OIL: Creditors Must Submit Claims by March 8
-------------------------------------------------
The creditors of Veba Oil Supply & Trading Pte Ltd. (In Members'
Voluntary Liquidation), which is being wound up voluntarily are
required on or before the 8th day of March 2004 to send in their
names and addresses and 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 by the said 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.

Dated this 6th day of February 2004.

NEO BAN CHUAN
BOB YAP CHENG GHEE
Liquidators.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.


SUPERASIA AVIATION: Issues Debt Claim Notice to Creditors
---------------------------------------------------------
The creditors of Superasia Aviation (Singapore-Ii) Pte Ltd (In
Members' Voluntary Liquidation), which is being wound up
voluntarily, are required on or before the 8th day of March 2004
to send in their names and addresses, with particulars of their
debts or claims and the names and addresses of their solicitors
(if any) to the undersigned, the Liquidator of the said company,
and, if so required by notice in writing by the said Liquidator,
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.

Dated this 6th day of February 2004.
LOKE POH KEUN
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.


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


EASTERN PRINTING: Court OKs Rehabilitation Plan
-----------------------------------------------
The Central Bankruptcy Court has approved Eastern Printing
Public Co., Ltd.'s (EPCO) rehabilitation plan and appointed EPCO
Management Company Limited to be plan administrator on January
17, 2002. The Plan Administrator would like to report the
Directors in EPCO Management Company Limited and Eastern  
Printing Public Co. Ltd. as follows:

DIRECTORS OF EASTERN PRINTING PUBLIC COMPANY LIMITED are :

Board Members                            Position
1. Mr.  Weera   Louwitawas               Executive Director
2. Mrs. Arporn Prachayathipsakul         Executive Director
3. Ms.  LaddawanSuwapradub               Director
4. Mr.  Vorawit Jarusriboonchai          Director
5. Mr.  Uthit  Samhouy                   Director
6. Mr.  Khemtas Visavayothin             Independent Director
7. POL. COL. Wittaya Kosiyasathit        Independent Director

DIRECTORS OF EPCO MANAGEMENT CO.,LTD.  are :-
  
Board Members                            Position
1. Mr.  Weera    Louwitawas              Executive Director
2. Mrs. Arporn  Prachayathipsakul        Executive Director
3. Ms.  Laddawan Suwapradub              Director
4. Mr.  Vorawit Jarusriboonchai          Director
5. Mr.  Uthit  Samhouy                   Director
                                        
Respectfully yours,
(Mr.Weera Louwitawas) (Ms.Laddawan Suwapradub)
EPCO MANAGEMENT CO.,LTD.
Plan Administrator

Note:

1) Mr. Yuth  Chinsupakul had resigned from Directorships from
both Eastern Printing Public Co.,Ltd. and EPCO Management
Co.,Ltd. since June 1,2002
       
2) Ms. Laddawan Suwapradub was elected to the Board  of
Directors  of EPCO Management Co.,Ltd. on June 1, 2002.
     
3) Ms.Laddawan Suwapradub, Mr.Vorawit Jarusriboonchai and
Mr.Uthit Samhouy were elected to the Board of Directors of
Eastern Printing Public Co.,Ltd. on June 1, 2002.


EMC PUBLIC: Resumes Trading on February 19
------------------------------------------
The Stock Exchange of Thailand (SET) will transfer EMC Pcl's
securities from the Rehabco sector to the Property Development
Sector on February 19, 2004, and allow trading to resume on that
date.

EMC's performance now complies with the SET's guidelines. For
example, for one year prior to requesting approval to resume
trading, the firm has been disclosing its net operating profits
from its core business, and has maintained a positive cash flow.
EMC 's financial statements, as of 31 December 2003 with an
unqualified auditor's opinion, showed a deficit shareholder's
equity of 195 million baht.

Now, however, EMC has raised 230 million baht from a private
placement on 13 January 2004. This has enabled the company to
have a positive shareholders' equity of 33 million baht.  The
company has also successfully completed more than 75% of its
debt restructuring and has settled its debts on time.

In addition, EMC 's strategic shareholders, holding 266,526,080
shares (83.48% of EMC paid-up capital), have informed the SET
that they will not sell their securities until one year after
the day that EMC resumes trading. (The SET prohibits them from
selling more than 25% of their shares during the first six
months after trading resumes, while over the next six months,
they may only sell up to another 25 %.)

The SET is aware that the resumption of trading might affect the
stock price, so it will temporary lift the ceiling and floor
limits on EMC on 19 February 2004 to allow the market mechanism
to work freely.

EMC, like other companies leaving the REHABCO sector, has been
required to:

1. Show positive shareholder's equity (after adjustments in
accordance with the auditor's opinion) when leaving the REHABCO
sector.   

2. Maintain a net operating profit from its core business for
three consecutive quarters or one year before submitting the
application.  

3. Successfully restructure over 75 % of its total debt and be
able to settle debt on time.

4. Have a positive cash flow from operating activities after
having booked interest.

5. Continually demonstrate its strong financial position and
performance. In addition to meeting the above requirements,
listed companies must also provide financial statements
containing an auditor's opinion, and for the past three years,
EMC's auditor has been unable to provide one. However, the
firm's auditor has now been able to express his opinion, and it
is, as noted above, an unqualified one. Therefore, the SET has
decided to move EMC to the normal listings as noted above.







                  *********


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

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

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