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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

          Tuesday, September 02 2003, Vol. 6, No. 173

                         Headlines


A U S T R A L I A

ASHBURTON MINERALS: Drummond Basin Project Acquisition Completed
ASHBURTON MINERALS: Prospectus Closing on Friday
ERG LIMITED: Unit Receives Phase 1 Sign-off on Card Project
POWERTEL LIMITED: Cuts H103 Net Loss to $16M


C H I N A   &   H O N G  K O N G

139 HOLDINGS: Existing Share Option Scheme Terminated
BORO (FONG SZE): Winding Up Petition Slated for Hearing
CHUNG HO: Hearing of Winding Up Petition Set
GUANGZHOU ELECTRONIC: Petition to Wind Up Pending
PCCW-HKT Telephone: 'BBB' Rating Unaffected by PCCW 's Results

SKYNET (INT'L): No Apparent reason for Share Price Increase


I N D O N E S I A

BANK DANAMON: IBRA Uses Account 520 as Capital Equity


J A P A N

AOZORA BANK: Cerberus Now Holds Over 60% of Shares
JAPAN AIRLINES: Govt Offers Airlines Loans Tied to Reform
JAPAN NATIONAL: Japan Oil Bankruptcy Weighs Heavily on '02 Books
KYUSHU INDUSTRIAL: Transport Ministry to Block Debt Forgiveness
MAZDA MOTOR: Issues Notice of Application For Delisting of Stock

NAGOYA RAILROAD: JCR Assigns BBB+ Rating on Two-year Bonds
SEIYU LIMITED: JTB Buys Non-core Unit for JPY1.2 Billion
TOSHIBA CORPORATION: Sells JPY37 Billion Worth of Securities


K O R E A

DAEWOO MOTOR: Venezuelan Unit Seized to Secure Unpaid Taxes
HANARO TELECOM: AIG-led Group Buys Stake for US$500 Million
HANARO TELECOM: Cash-crunch Looms as More Bonds Mature this Year


M A L A Y S I A

ANCOM BERHAD: Inks Second Addendum With Nylex for SPA Extension
ANCOM BERHAD: Members Voluntarily Liquidate Subsidiary
ANCOM BERHAD: Proposed Disposal Resolutions Approved at EGM
DAMANSARA REALTY: Evaluates Restructuring Scheme Viability
GLOBAL CARRIERS: Disposes of Containerships For US$17.46M

KRETAM HOLDINGS: SC OKs Proposed Joint Venture Arrangement
LAND & GENERAL: Creditors Voluntarily Wind-Up Unit
LAND & GENERAL: Unit Placed Under Member's Voluntary Winding-Up
MOL.COM: KLSE Grants LR Compliance Extension Until Jan 2004
NEPLINE BERHAD: Unit Faces Winding-Up Petition

NYLEX (MALAYSIA): Conditional SPA Completion Extended
PICA (M) CORPORATION: Updates Credit Facility Status
SIN HENG: Regularization Plan Status Remains Unchanged
SOUTH MALAYSIA: KLSE Grants Debt Restructuring ICULS Listing
SRI HARTAMAS: SC Grants Proposed Scheme of Arrangement Extension

TAJO BERHAD: MAAK Participates in Proposed Debt Settlement
TENCO BERHAD: RSM Nelson Replaces E&Y as Financial Advisor


P H I L I P P I N E S

STEEL CORPORATION: 12-year Rehab Plan Gets Creditors' Nod


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Analysts Belittle Equipment Sale
CHUAN & CO.: Creditors Have Until Sept. 8 to Prove Claims
CHUAN INDUSTRIES: Creditors Should Prove Claims Before Sept. 8
CHUAN INVESTMENT: Deadline for Proofs of Claim September 8
PCL TECHNOLOGY: Receiver Appointed; Winding Up Ordered


T H A I L A N D

NATIONAL FERTILIZER: Signs Investment MOU With Creditors
PRASIT PATANA: Discloses H103 Operating Results
SIAM STEEL: Planners Post Repayment Details for Creditors


     -  -  -  -  -  -  -  -


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A U S T R A L I A
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ASHBURTON MINERALS: Drummond Basin Project Acquisition Completed
----------------------------------------------------------------
Ashburton Minerals Ltd is very pleased to announce that it is
now the legal owner of Wirralie Mines Pty Ltd (WMPL), the owner
of the Drummond Basin Gold Assets, including the Wirralie mine,
the Wirralie treatment plant, and 3,600 km2 of exploration
tenements.

On Thursday in Brisbane, the Company completed settlement of the
purchase of WMPL from Delta Gold Exploration (1995) Pty Ltd, a
wholly owned subsidiary of Placer Dome Asia Pacific Ltd (Placer

The key asset held by WMPL is the Wirralie gold mine and its
existing 1.5 Mtpa CIP/CIL treatment plant and infrastructure.
The Company hopes to recommence open pit mining of oxide
resources at Wirralie within the first half of 2004.

An independent report by RSG Global Pty Ltd prepared in May this
year indicates the potential for an oxide resource operation at
Wirralie recovering 83,400 oz in under two years at a gold price
of A$550/oz. At A$575/oz the recoverable ounces increase to
92,100 oz of gold.

Ashburton managing director, Tom Dukovcic said, "This is the
beginning of a new era in the life of the Company.

"We are on the threshold of some really exciting times that
should see the Company step up to producer status in a very
short timeframe. This will elevate Ashburton to an entirely new
level and will place us amongst a handful of Australian owned
significant gold producers.

"At $550/oz, we could have a mine capable of delivering $12
million in cash flow to Ashburton. With all of the
infrastructure in place and in very good condition, we expect we
will be able to move to production for a capital cost of less
than $2 million.

Importantly, however, there are enormous opportunities to extend
mine life at Wirralie far beyond the initial two-year period.
The Drummond Basin epithermal gold field is particularly rich,
hosting a number of profitable historical gold mines, as well as
the currently producing world class Pajingo/Vera-Nancy mine
operated by Newmont. From within the Company's tenement package
alone, past production totals around 1.5 million oz, yet
meaningful modern day exploration in the region only began about
15 years ago in the late 1980s. The potential for future similar
discoveries is therefore considered to be excellent.

In addition, beneath the oxide resource at Wirralie, a large
sulphide resource has already been identified. RSG Global report
a total resource, at a 1.4 g/t cut of 4.1 Mt @ 2.3 g/t for a
contained 297,000 oz. Over 87% of this is in the measured and
indicated categories. The sulphide resource remains open with
significant distal intercepts such as hole ORD27 (96 m @ 1.59
g/t, including 14 m @ 2.4 g/t from 161 m) not yet included in
the resource model.

"From the information we have seen, we believe we can increase
this resource to more than double its current size. The sulphide
resource gives us the potential to be mining at Wirralie well
into the next decade," said Dukovcic.

"Many people talk of the elusive `company-maker' project, but
few ever see one. In Ashburton's case we've not only found it,
we own it," Dukovcic concluded.

CONTACT INFORMATION: Tom Dukovcic
        Managing Director
        Tel: (08) 9321 6600
        E-mail: www.ashburton-minerals.com.au


ASHBURTON MINERALS: Prospectus Closing on Friday
------------------------------------------------
Ashburton Minerals Ltd currently has a prospectus on issue,
which is due to close on 5 September 2003. Under the prospectus,
which was lodged with ASIC on 17 July 2003, the Company is
seeking to raise $3 million by offering 25 million shares at 12
cents each. A minimum subscription of $2.5 million is required,
with the ability to accept oversubscriptions up to $3.5 million.

The company has exceeded the minimum raising requirement under
the prospectus of $2.5 million. The issue is being left open due
to strong demand with the aim of accepting applications up to
the full oversubscription amount of $3.5million.


ERG LIMITED: Unit Receives Phase 1 Sign-off on Card Project
-----------------------------------------------------------
ERG Transit Systems Inc (ERG), a member of the ERG Group-a
global leader in smart card based fare collection and management
systems-today applauded a decision by the California Superior
Court to dismiss a lawsuit by Cubic Transportation Services that
sought to block continuation of the San Francisco Bay Area's
TransLinkr project. In addition, ERG announced that the Bay
Area's Metropolitan Transportation Commission (MTC) has granted
final acceptance of Phase 1 of the TransLinkr project and moved
forward with an order for over 4,000 pieces of equipment needed
to launch full system implementation.

TransLinkr is the largest regional smart card based transit fare
collection system in the United States. It will provide a single
payment system encompassing all major transit systems operating
in the San Francisco Bay Area, including buses, ferries, and
light, medium and heavy rail systems. When fully operational,
TransLinkr is expected to handle more than 25 million smart card
transactions every month. Passengers will be able to use a
single smart card to pay their fare for any transit system in
the Bay Area. ERG will process all transactions and settle
payments among operators daily.

California Superior Court Judge Kevin McCarthy in San Francisco
dismissed the lawsuit by Cubic against the MTC, finding that
Cubic was not an "interested party" in the TransLinkr project.
ERG joined efforts by the project's prime contractor, Motorola,
and MTC, in defending the lawsuit.

"We're thrilled the court has rejected an action by our
competitor to attempt to delay a project that clearly benefits
commuters in the Bay Area," said Mike Nash, General Manager of
ERG's American operations. "We are also pleased the MTC is
taking the next significant step in realizing an integrated
regional transit and fare collection system. This is another
strong indication that integrated transit is the choice of
consumers. The ability to use one fare payment media everywhere
is as appealing to transit riders as it is to credit
cardholders."

Phase 1 of the TransLinkr pilot project, which was granted final
acceptance by the MTC this month, was an outstanding success
among transit patrons and system operators. This initial phase
involved select bus, ferry and light, medium and heavy rail
routes within the Bay Area's six largest transit operators. It
included the implementation of a central clearing house based in
Concord, California, to process transactions and settle
payments, and the creation of a customer service center. It also
involved installation of more than 1,500 pieces of equipment,
including fare payment processors, add-value machines, portable
hand-held readers, ticket office terminals and point-of-sale
devices for retail outlets.

"The pilot phase of the TransLinkr project has provided strong
proof of the concept. Participants have been enthusiastic and
highly supportive of a Bay Area-wide implementation," said Randy
Rentschler Manager of Legislation and Public Affairs at the MTC.
"The TransLinkr project will deliver significant efficiencies
for system operators and tremendous convenience for riders."

Last month, the Troubled Company Reporter - Asia Pacific
reported that ERG Limited resolved to implement the ten for one
share consolidation approved by shareholders on 30 April 2003 as
part of the 2003 Recapitalization Proposal (Share
Consolidation).


POWERTEL LIMITED: Cuts H103 Net Loss to $16M
--------------------------------------------
PowerTel Limited's Chairman, Richard Griffin, announced Friday
that PowerTel Limited's latest half year revenues increased by
34.3% to $59.2 million from $ 44.1 million in the previous
corresponding period and net losses were cut in half ($16.0
million compared with $32.4 million the previous corresponding
half).

"PowerTel now has the backing and ability to become a dynamic
force in Australian telecommunications. We can now focus 100% on
our customers, build on our highly competitive offering to large
corporations and expand business with small and medium
companies," Mr Griffin said.

This follows the change in PowerTel's major shareholders, with
the Telecom Venture Group (TVG) replacing WilTel Communications
on 15 August 2003, transformation of the company's financial
position and expansion of its Melbourne-Adelaide-Perth capacity
to its East coast network to become a competitive national
group.

New companies attracted to PowerTel's highly reliable fiber
optic network and an increased flow of voice traffic from the
strategic alliance with Macquarie Corporate Telecommunications
Holdings Limited propelled revenues. Strict cost controls helped
lift operating margins to 42.5% from 35.0%, while operating
expenses decreased by 3.6%.

The rising revenues, improved margins and reduced operating
expenses combined to lift earnings before interest, tax,
depreciation and amortization (EBITDA) to a $5.0 million profit.
This contrasts with an EBITDA loss of $5.5 million the previous
corresponding period.

$61.3 million following the proposed rights issue to be fully
underwritten by TVG to raise $50 million in new capital and
following the recent cancellation of $21.3 million of debt to
WilTel will reduce net debt.

"Our capability as a national network has increased, having
negotiated a link to expand our eastern state network to South
Australia and Western Australia. This locks in capacity for 15
years at favorable rates, enabling us to provide companies with
a competitive service nationally," PowerTel's newly appointed
CEO Shane Allan said.

Mr Allan also stated that the company had held back on expanding
its fibre and DSL network, but would now accelerate its access
to customers using DSL from the current 11 exchanges to over 50
exchanges in the near future.

"PowerTel is one of the few ADSL providers that can offer voice
and data over DSL. It is a most attractive service for smaller
businesses and we expect to rapidly grow our customer base
within this segment from the existing 130 customers that we have
gained in the past few months."

To see full copy of the half-year report, go to
http://bankrupt.com/misc/TCRAP_PWT0902.pdf.


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


139 HOLDINGS: Existing Share Option Scheme Terminated
--------------------------------------------------------
Reference is made to the Company's circular dated 30 July 2003
regarding the termination of the Existing Share Option Scheme
and the adoption of the New Share Option Scheme.

The Board is pleased to announce that at the Annual General
Meeting held on 27 August 2003, the resolution for approving the
termination of the Existing Share Option Scheme and the adoption
of the New Share Option Scheme was duly passed by the
Shareholders.

The Board confirms that the New Share Option Scheme complies
with Chapter 17 of the Listing Rules.


BORO (FONG SZE): Winding Up Petition Slated for Hearing
-------------------------------------------------------
The petition to wind up Boro (Fong Sze) Garment Factory Limited
is scheduled to be heard before the High Court of Hong Kong on
October 10, 2003 at 10:00 in the morning.

The petition was filed with the court on August 13, 2003 by Bank
of China (Hong Kong) Limited of 14th Floor, Bank of China Tower,
1 Garden Road, Central, Hong Kong.


CHUNG HO: Hearing of Winding Up Petition Set
--------------------------------------------
The petition to wind up Chung Ho Hong Import & Export Co.
Limited is scheduled for hearing before the High Court of Hong
Kong on October 8, 2003 at 9:30 in the morning,

The petition was filed with the court on Bank of China (Hong
Kong) Limited (the successor corporation to The National
Commercial Bank Limited pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of
China Tower, 1 Garden Road, Central, Hong Kong.


GUANGZHOU ELECTRONIC: Petition to Wind Up Pending
-------------------------------------------------
The petition to wind up Guangzhou Electronic Limited is set for
hearing before the High Court of Hong Kong on October 8, 2003 at
9:30 in the morning.

The petition was filed with the court on August 8, 2003 by Bank
of China (Hong Kong) Limited (the successor corporation to Po
Sang Bank Limited pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong.


PCCW-HKT Telephone: 'BBB' Rating Unaffected by PCCW 's Results
--------------------------------------------------------------
Standard & Poor's Ratings Services said Friday that PCCW Ltd.'s
(PCCW) first-half 2003 results are within expectations.
Consequently, the rating on the company's subsidiary, PCCW-HKT
Telephone Ltd. (HKTC; BBB/Positive/--) remains unchanged.

PCCW's core revenue, excluding property sales at its Cyberport
property development, fell 9% year-on-year to US$1.189 billion
as a result of a reduction in the overall number of fixed lines
the company maintains. However, these losses are partially
offset by strong growth in the company's data and broadband
businesses. HKTC's fixed line market share fell to 77% as at the
end of June 2003 from 82% at the end of 2002.

Further market share erosion is expected as competition
increases. Nevertheless, Standard and Poor's expects HKTC to
maintain its leading position in Hong Kong's fixed line
telecommunications market, particularly among high end
customers. During the first half of 2003, Reach Ltd., a
joint venture between PCCW and Telstra Corp. Ltd., (AA-/Watch
Neg/A-1+) made a net loss. PCCW's share of the loss amounted to
US$49 million. With Reach having restructured most of its
operations, the company's second half results are expected to
improve.

After a series of debt prepayments and a US$400 million equity
issue in July and August 2003, PCCW's capital structure
strengthened further. The group's total debt decreased to about
US$4.5 billion from US$5.3 billion at the end of 2002.
Relatively stable cash flow from HKTC's core business, and cash
flow from the sale of apartments at Cyberport, should help PCCW
Ltd. pay down debt.


SKYNET (INT'L): No Apparent reason for Share Price Increase
-----------------------------------------------------------
The board of directors of Skynet (International Group) Holdings
Limited noted the recent decrease in the price and increase in
the trading volume of the shares of the Company (Shares) and
wishes to state that, save as disclosed in the joint
announcements dated 6 May 2003, 20 May 2003, 27 May 2003, 9 June
2003, 30 June 2003, 22 July 2003 and 11 August 2003 issued by
the Company and Monetary Success Investments Limited in relation
to a restructuring proposal of the Company and the share dealing
by Companion Building Material (Holdings) Limited (Companion) as
set out below, it is not aware of any reasons for such changes.

Its controlling shareholder, companion (an indirect wholly owned
subsidiary of Dong Fang Gas, has informed the Company
Holdings Limited, a company whose shares are listed on the Stock
Exchange), that on 27 August 2003, 86,540,000 Shares
(representing approximately 1.92% of the issued share capital of
the Company) were sold by Companion, by way of on-market sale,
at prices ranging from HK$0.011 to HK$0.014 per Share at the
discretion of a securities house under a client agreement for
margin account between Companion and the securities house (the
Disposal). Companion held a beneficial interest of approximately
36.54% in the issued share capital of the Company before the
Disposal. Immediately after the Disposal, Companion was
beneficially interested in approximately 34.62% of the issued
share capital of the Company.

The Board confirms that save as disclosed above, there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.

At the request of the Company, trading in the Shares on the
Stock Exchange was suspended with effect from 9:30 a.m. on 28
August 2003 pending the release of this announcement. The
Company has made application to the Stock Exchange for the
resumption of trading in the Shares on the Stock Exchange with
effect from 9:30 a.m. on 29 August 2003.

Shareholders and potential investors of the Company are advised
to exercise caution when dealing in the Shares.


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


BANK DANAMON: IBRA Uses Account 520 as Capital Equity
-----------------------------------------------------
Indonesia Bank Restructuring Agency (IBRA) is known to use
funds, that Bank Danamon's management reports to be worth
Rp14.902 trillion, as temporary capital equity in several
restructured banks, Bisnis Indonesia reports.

In the meantime, 60,000 third party funds-related accounts worth
almost Rp500 billion have not been paid by IBRA.  The capital
equity was given to two banks, PT Bank Permata and PT Bank
Internasional Indonesia. However, IBRA's policy, offered for
approval to the Department of Finance, was approved through
letter No. 309/MK017/2000.

Two years ago, Bank Danamon returned bail-out funds taken from
accounts 502 worth Rp9.4 trillion to IBRA. Bank Danamon returned
the funds because the customers' funds withdrawal fell way below
expectation. The return was a part of Bank Danamon's total funds
return worth Rp14.905 trillion.

Last week, the Supreme Audit Body (BPK) submitted its report on
the using of account 502 and it found Rp20.9 trillion in
misallocations, consisting of Rp17.7 trillion in Bank Indonesia
and Rp3.2 trillion in IBRA.

Economist Dradjad H. Wibowo said the using of account 502
sparked controversy because the standard operating procedure was
not clear. "Strictly speaking, the account can only be used to
guarantee the customers' funds, not to finance operational
activities or bail-out one bank."

But, procedurally, as long as the funds were used to restructure
banks, the government and IBRA felt there was nothing wrong with
it.


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


AOZORA BANK: Cerberus Now Holds Over 60% of Shares
--------------------------------------------------
Cerberus Group, the U.S. investment fund, has replaced Softbank
Corporation as the largest shareholder in Aozora Bank, Kyodo
News reported over the weekend.  The American firm, which
launched its takeover bid on July 1, now owns 61.85% of the
bank; up from only 12.02% previously.


JAPAN AIRLINES: Govt Offers Airlines Loans Tied to Reform
---------------------------------------------------------
The land, infrastructure and transport ministry finally bared
Friday a comprehensive program to help Japan's ailing airline
industry, Japan Times says.

The program is a combination of government-mandated reforms that
give incentives to airlines complying with said measures,
emergency loans and possibly tax breaks.  Japan Times says
airlines will be instructed to cut costs and strengthen their
management bases and emergency loans will be offered based on
management rationalization.  The ministry will also seek to
improve the business environment for airlines, including
reviewing tax systems, the paper adds.

Japan Airlines System Corp. and All Nippon Airways Co. stand to
benefit the most from this program.  The carriers, which
recently forecast revenue drops of as much as JPY200 billion in
fiscal 2003, have requested JPY180 billion in loans.

The Development Bank of Japan will provide the emergency loans,
the total amount of which is still being finalized.  Following
the terrorist attacks in the U.S. two years ago, the same bank
supplied airlines with loans totaling JPY240 billion.


JAPAN NATIONAL: Japan Oil Bankruptcy Weighs Heavily on '02 Books
----------------------------------------------------------------
The bankruptcy filing by Japan Oil Development Co. contributed
extraordinary losses of JPY181.2 billion to the FY2002 books of
Japan National Oil Corporation (JNOC), Kyodo News said Friday.

JNOC revealed net losses of JPY154.2 billion in the business
year ended March 31, with accumulated debt of JPY770.1 billion,
the report said.  Japan Oil Development Co, which filed for
creditor protection under the civil rehabilitation law in March,
is a subsidiary of JNOC.


KYUSHU INDUSTRIAL: Transport Ministry to Block Debt Forgiveness
---------------------------------------------------------------
Transport Minister Chikage Ogi will not easily give up her
department's claim on the 6,100 sq. meter-lot purchased from
troubled bus operator, Kyushu Industrial Transportation Co.,
Japan Times said.

The lot, bought for JPY4.5 billion by the Organization for
Promoting Urban Development -- a transport ministry affiliate --
is up for repurchase by Kyushu Industrial in 2005.  As part of a
10-year contract, Kyushu was supposed to develop commercial
facilities on the lot and buy it back from the government at the
end of the contract signed in 1995.  But the firm has not yet
undertaken the project and there are no prospects it will
repurchase the land, the paper said.

Kyushu has just been chosen as one of the first three debt-
ridden firms to be granted debt waivers by the Industrial
Revitalization Corp. of Japan, the agency formed in April to
rehabilitate troubled, yet otherwise viable companies.  The
agency has requested the urban development organization to give
up its claims, but Ms. Ogi vows to block any such move.

"There may be many who would want to rush to the IRCJ for a debt
waiver, but without clearly presenting to the people the
circumstances and the sequence of events, I cannot consent [to
the debt-forgiveness plan]," Ms. Ogi was quoted by Japan Times
as saying during her news conference last week.

She said she suspects the bus operator may have used the money
to pay off debts to other lenders.

Meanwhile, Sadakazu Tanigaki, state minister in charge of
industrial revitalization, said in a separate news conference he
and Ms. Ogi agreed to have sufficient discussions with relevant
parties on the debt waiver.  On Thursday, Makoto Taketoshi,
director general of the transport ministry's City and Regional
Development Bureau, issued a statement that the ministry will
deal appropriately with the issue by October 15, when the IRCJ
is scheduled to purchase credits from the bus company's
creditors.


MAZDA MOTOR: Issues Notice of Application For Delisting of Stock
----------------------------------------------------------------
This is to notify you that at its Aug. 29 meeting the Mazda
board of directors resolved to apply for delisting of the
company's common stock from the Osaka Securities Exchange,
Nagoya Stock Exchange, Fukuoka Stock Exchange, and Sapporo
Securities Exchange as described below.

1. Reasons for delisting

Mazda's common stock is traded on the securities exchanges in
Tokyo, Osaka, Nagoya, Fukuoka and Sapporo. The company will
delist from the exchanges in Osaka, Nagoya, Fukuoka and Sapporo
because the trading volume is low and because the company has
determined that delisting will have little or no effect on
shareholders or investors.

2. Listed stock exchange other than Osaka, Sapporo, Nagoya,
Fukuoka:
Tokyo Stock Exchange

3. Scheduled date of application: August 29, 2003

4. Future prospects

After the applications for delisting are accepted by each
securities exchange, the stock will be delisted one month after
being moved to administrative status.

About Mazda Motor Corporation

Mazda Motor Corporation (TSE: 7261) was established in 1920 and
is one of Japan's leading automobile manufacturers. With its
headquarters in Hiroshima, Mazda has two plants in Japan and
manufacturing and assembly operations in sixteen other
countries. Mazda cars and trucks are sold in more than one
hundred and thirty countries. Ford Motor and Mazda agreed to
collaborate in 1979, Ford Motor Company started investing in
Mazda and increased its shareholding to 33.39% as of March 31,
1999. For further information, please visit the Mazda Motor
Corporation home page at: www.mazda.com/flash.html

Contact:
Mazda Motor Corporation
Mr K. Yoshitake
yoshitake.k@tky.mazda.co.jp
03-3508-5022


NAGOYA RAILROAD: JCR Assigns BBB+ Rating on Two-year Bonds
----------------------------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB+ rating to
the bonds to be issued under the shelf registration of the
issuer.

Issue / Amount(bn) / Issue Date / Due Date / Coupon

bonds no.31 / Y10 / Sept. 11, 2003 / Sept. 11, 2008 / 1.33%
Covenants: Negative Pledge
Commissioned Company: No

Shelf Registration:
Maximum: Y80 billion
Valid: two years from July 11, 2002

RATIONALE:

Nagoya Railroad's pretax profit before extraordinary items has
increased to a little more than 20 billion yen with the
performance of leisure and bus businesses being improved. Nagoya
Railroad has been restructuring the group operations since
fiscal 1998. The burden of restructuring charges has been heavy.
As a result, it incurred a large net loss for fiscal 2002 ended
March 31, 2003. Nagoya Railroad has prepared for accounting for
impairment of long-lived fixed assets for the real estate for
business purpose. It needs to continue restructuring the
unprofitable business and to recover the impaired equity capital
that has been impaired for the recent years, however.
The supervisory authorities prohibited Nagoya Railroad from
opening new bus routes for the coming 2 years due to the
misconduct in the bus operation. Thorough compliance with the
laws as a public transportation company is required. The
prohibition may place constraint on implementation of business
plan of bus operation. The scheduled opening of new airport in
Chubu where Nagoya Railroad has foothold is expected to benefit
its railway operation. The group as a whole plans to engage in
the business surrounding the airport. JCR will follow up the
progress of these investments and of the strengthening of group
management, which is a key policy of the mid-term management
plan.


SEIYU LIMITED: JTB Buys Non-core Unit for JPY1.2 Billion
--------------------------------------------------------
Seeking to upgrade and expand its small outlets, travel agency,
JTB Corp, bought Friday about 80% of Pacific Tour Systems
Corp.'s outstanding shares for JPY1.2 billion.

Pacific Tour is a subsidiary of troubled chain operator, Seiyu
Ltd., which is currently selling non-core assets to focus
management resources into its retail business.  JTB Corp. is
Japan's largest travel agency, Kyodo News says.


TOSHIBA CORPORATION: Sells JPY37 Billion Worth of Securities
------------------------------------------------------------
We hereby inform the following that Toshiba Corporation
(Toshiba) has decided to sell part of its holding securities, as
one of the measures in progressing 'asset-light' programs to
reduce property and other assets:

(1)  Total market price of securities to be sold : approximately
37.5 billion yen (as of August 27, 2003)

(2)  Planned sales period: securities to be sold from August 28,
2003 through September 30, 2003

(3)  Impact on operating results:

Toshiba estimates gains from the sale of approximately 21.5
billion yen, although this is subject to market prices on the
sales date. This will be accounted as extraordinary gains in the
settlement of accounts for FY 2003.

The sale is expected to have some effect on Toshiba's operating
results for FY 2003. However, the company's final forecast for
this fiscal year has not yet been announced. This will be done
without delay, once material changes to the forecast become
clear.

August 28, 2003
Tadashi Okamura, President and CEO
Shibaura 1-1-1, Minato-ku, Tokyo
Contact: Hideo Kitamura,
General Manager,
Corporate Communication Office
Tel: 81 3 3457 2096


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


DAEWOO MOTOR: Venezuelan Unit Seized to Secure Unpaid Taxes
-----------------------------------------------------------
Venezuelan National Guards, along with tax inspectors, have
occupied a warehouse owned by Daewoo Motors de Venezuela,
according to Reuters.

Authorities seized the property last week to embargo goods
because of US$8 million in tax arrears.  The raid was upon
orders of a local judge.  SENIAT tax and customs agency chief,
Jose Vielma Mora, told state television Daewoo is currently
liquidating its stock in Venezuela.  Accordingly, the firm has
been ignoring a notice of payment since July.

Car sales in Venezuela in July fell by more than 46 percent
year-on-year, reflecting the country's steep economic slide.
Sales have plummeted after more than a year of recession and
political conflict.


HANARO TELECOM: AIG-led Group Buys Stake for US$500 Million
-----------------------------------------------------------
The bid by a consortium, led by American International Group, to
buy a stake in Hanaro Telecom has reportedly received the
board's nod, Reuters said Friday.

The country's No.2 broadband service provider, which recently
gained a repayment extension on its US$100 million overseas
bonds with warrants, did not confirm reports that the bid was
raised from US$450 million to US$500 million.  An unnamed
spokesman also would not say how much stake the consortium had
acquired.

Bonds matured on August 26, but the company was able to get an
extension up to September 2.


HANARO TELECOM: Cash-crunch Looms as More Bonds Mature this Year
----------------------------------------------------------------
Hanaro Telecom may have averted a liquidity crisis last week,
but without "fundamental measures" to meet the company's long-
term capital needs, it will likely face a serious financial
hitch in the "near future," The Korea Times said last week.

About US$100 million in overseas bonds matured on August 26, but
fortunately for the firm it was able to get a one-week extension
by paying overdue interest of KRW29 million per day, about 9
percent per annum.  Late this year, however, another KRW260
billion in bonds issued will mature and this will be the
company's greatest challenge yet.

"Hanaro has suffered from cash shortages since LG Group's rights
offering plan fell through recently.  The Ministry of
Information and Communication [recently] convened an emergency
meeting to discuss ways of resolving Hanaro's cash flow problem
with Samsung Electronics, SK Telecom and LG Group," the Times
said.

Details of the meeting were not disclosed, the paper said.
These three shareholders had recently opposed a plan by Hanaro
to push ahead the issue of corporate paper worth KRW200 billion
to meet the August 26 deadline.

"Sources said if Hanaro fails to get financial assistance from
shareholders, it will probably resort to seeking assistance from
the government or Korea Development Bank, the firm's main
creditor.  If all possible rescue plans fail, the company will
have no choice but to seek court receivership," the Times said.


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


ANCOM BERHAD: Inks Second Addendum With Nylex for SPA Extension
---------------------------------------------------------------
Ancom Berhad refers to the announcements made on 3 September
2002, 20 February 2003 and 7 July 2003 in relation to the
Proposed Disposals of the Entire Issued and Paid-Up Share
Capital of Four (4) Wholly-Owned Subsidiaries of Ancom, namely
Perusahaan Kimia Gemilang Sdn Bhd, Fermpro Sdn Bhd, Kumpulan
Kesuma Sdn Bhd And Wedon Sdn Bhd, To Nylex (Malaysia) Berhad
(Nylex) for a Total Sale Consideration of RM64,427,000 to be
Satisfied by the Issuance of 64,427,000 New Ordinary Shares of
RM1.00 in Nylex at an Issue Price of RM1.00 Per Share Credited
as Fully Paid-Up (Proposed Disposals).

Aseambankers Malaysia Berhad (Aseambankers) on behalf of the
Board of Directors of Ancom, is pleased to announce that Ancom
and Nylex have entered into a Second Addendum on 29 August 2003
to extend the period for the fulfillment of the conditions
precedent of the Conditional Sale and Purchase Agreement dated 3
September 2002 (Conditional SPA) (as amended by the Supplemental
Agreement dated 20 February 2003 and the Addendum dated 7 July
2003) to eighteen (18) months from twelve (12) months. Save for
the aforesaid variation, the terms and conditions of the
Conditional SPA (as amended by the Supplemental Agreement dated
20 February 2003 and the Addendum dated 7 July 2003) shall
remain in effect.


ANCOM BERHAD: Members Voluntarily Liquidate Subsidiary
------------------------------------------------------
The Board of Directors of Ancom Berhad announced that its
subsidiary, ChemResources China (Agencies) Ltd (CRCA) has
commenced proceedings to liquidate its 99.99% owned subsidiary,
ChemResources China (Coating) Ltd (CRCC), by way of members'
voluntary liquidation.

The Board further wishes to announce that the shareholders of
ChemSing Chemical Distribution (China) Ltd ("CCDC"), which is an
associated company of CRCA, have also commenced proceedings to
liquidate CCDC by way of members' voluntary liquidation.

CRCC was incorporated in Hong Kong on 2 August 1994. Its
authorized share capital is HK$2,600,000which has been fully up
and issued. It was principally involved in the trading of
coating materials and provision of coating services. CRCC ceased
operation in 2001 and has remained inactive since then. Based on
its audited accounts for the financial period ended 31 May 2003,
it recorded a loss after tax of HK$1.5 million and has a
negative net tangible assets as at 31 May 2003 of HK$2.6
million.

CCDC was incorporated in Hong Kong on 18 December 1996. Its
authorized share capital is HK$2,357,790 which has been issued
and fully paid up. It was principally involved in formulation
and marketing of paint chemicals. CCDC ceased operation in 1999
and has remained inactive since then. Based on its audited
accounts for the financial year ended 31 December 2001, it
recorded a loss after tax of HK$8,759 and has a negative net
tangible assets as at 31 December 2001 of HK$1.9 million.

There is no plan to re-activate the respective operations of
CRCC and CCDC.

The liquidation of CRCC and CCDC are not expected to have a
material effect on the earnings or net tangible assets of the
Ancom Group for the financial year ending 31 May 2004.

None of the Directors or substantial shareholders of Ancom or
persons connected to them has any interest, directly or
indirectly, in the liquidation of CRCC and CCDC.


ANCOM BERHAD: Proposed Disposal Resolutions Approved at EGM
-----------------------------------------------------------
The Board of Directors of Ancom Berhad wishes to announce that
at the Extraordinary General Meeting of the Company held on
Friday, the resolution on the Company's proposed disposal of its
entire equity interest in four (4) wholly owned subsidiaries
involving in the industrial chemical business to Nylex
(Malaysia) Berhad was duly approved by the shareholders.

The Proposed Disposals involve Ancom Subsidiaries, Perusahaan
Kimia Gemilang Sdn Bhd, Fermpro Sdn Bhd, Kumpulan Kesuma Sdn Bhd
And Wedon Sdn Bhd, To Nylex (Malaysia) Berhad (Nylex) for a
Total Sale Consideration of RM64,427,000 to be Satisfied by the
Issuance of 64,427,000 New Ordinary Shares of RM1.00 in Nylex at
an Issue Price of RM1.00 Per Share Credited as Fully Paid-Up.


DAMANSARA REALTY: Evaluates Restructuring Scheme Viability
----------------------------------------------------------
Damansara Realty Bhd refers to the announcement dated 30 May
2003 wherein AmMerchant Bank Berhad (AmMerchant Bank), on behalf
of the Company, announced that the Board of Directors of the
Company (Board) had decided to postpone the submission of the
application on the Proposed Reconstruction and Restructuring
Scheme to the Securities Commission and other relevant
authorities to allow the Board, together with its advisers, to
reconsider and review the key assumptions underlying the profit
and cash flow forecast and projections of the DBhd group of
companies. The "Proposed Reconstruction And Restructuring
Scheme" collectively refers to:

   - Proposed Capital Reduction and Consolidation of Shares;

   - Proposed Exchange of DBHD Shares with the Shares of a
Newly-Incorporated Public Company (Newco), which will
assume the Listing Status of DBHD;

   - Proposed Acquisition of `A' Redeemable Convertible
Cumulative Preference Shares (RCCPS) from Johor Corporation
(JCorp);

   - Proposed Acquisition of the Rights to Allotment of
400,000,000 New Ordinary Shares of Rm1.00 Each in Damansara Town
Center Sdn Bhd (DTCSB), a Wholly-Owned Subsidiary of DBHD, from
Johor City Development Sd Bhd (JCD), a Wholly-Owned Subsidiary
of JCorp, pursuant to the Proposed Conversion by JCD of its
Entire Holding of `B' RCCPS into New Ordinary Shares in DTCSB;

   - Proposed Acquisition of Approximately 240.59 Acres of
Freehold Land (formerly known as Tampoi Land) to be Developed
for a Mixed Development Project Known as `Taman Damansara Alif'
From JCD;

   - Proposed Exemptions to JCorp, JCD and Parties Acting in
Concert With Them From the Obligation to Extend a Mandatory
Take-Over Offer for all the Remaining Shares Not Already Owned
by them in Newco;

   - Proposed Offer for Sale / Placement of Shares in Newco by
JCorp and/or JCD; and

   - Proposed Admission of the Entire Issued and Paid-Up Share
Capital of Newco to the Official List of the Kuala Lumpur Stock
Exchange and Proposed Delisting of DBHD.

Further to that announcement, on behalf of the Company,
AmMerchant Bank would like to announce that the Board is
currently evaluating the viability of the Proposed
Reconstruction and Restructuring Scheme together with
alternatives available to the Company, taking into consideration
the interests of the Company and its shareholders. The Board
anticipates that an appropriate announcement on the outcome of
the evaluation will be made within four (4) months from the 29th
August 2003.


GLOBAL CARRIERS: Disposes of Containerships For US$17.46M
---------------------------------------------------------
The Board of Directors announced that the Global Carriers Berhad
group of companies (the Group) have recently signed the
Memorandums of Agreement (MOA) dated 28 July 2003 for the
disposal of four containerships for a total cash consideration
of USD17.46 million (or approximately RM66.348 million),
hereinafter referred to as the "Proposed Disposals".

DETAILS OF THE PROPOSED DISPOSALS

The Germanischer Lloyd-classed containerships are presently held
under the wholly-owned subsidiary companies of GCB. Although the
Memorandum of Agreements were signed on 28 July 2003, they are
rendered effective only upon the payment of the 10% deposit in
August 2003. The balance of the 90% of the sale consideration
for each containership will be payable only upon delivery of the
respective 4 containerships over the next 3 months.

Admiralty Shipping Enterprise Inc. (ASEI) is a wholly-owned
subsidiary company of BSNC Leasing (M) Sdn Bhd (BSNCL). With the
completion of the restructuring exercise in June 2003 involving
Budisukma Sdn Bhd and BSNCL, ASEI is to transfer the ownership
of MV Budi Waja to Budisukma Sdn Bhd. However, in view of the
impending Proposed Disposals exercise, coupled with the costs
and extensive procedural requirements involved in the transfer,
the Board is of the opinion that it would be more practicable
for ASEI to transfer the ownership directly to the new buyer,
Imperial Carriers Inc., Liberia. The disposal proceeds will
nonetheless be paid into the account of the intended
beneficiary, Budisukma Sdn Bhd.

The disposal prices of the above vessels were arrived at based
on a willing buyer - willing seller basis after taking into
consideration their respective market value.

RATIONALE FOR PROPOSED DISPOSALS

The Proposed Disposals are undertaken as part of the Group's
strategic plans to focus on the niche tanker market. The
proceeds from the disposal are expected to be utilized towards
replacing the containerships with tankers in the near future.
Based on present operating conditions, the replacements of the
containerships with tankers are expected to further improve the
future profitability of the Group given the more stable and
relatively higher returns, which could be generated from
operating tankers. Such plans will however be implemented only
after due and careful consideration by the management and the
Board.


KRETAM HOLDINGS: SC OKs Proposed Joint Venture Arrangement
----------------------------------------------------------
Alliance Merchant Bank Berhad refers to its announcement dated 5
June 2002 made on behalf of the Board of Directors of Kretam
Holdings Berhad, which set out the details of the Proposed Joint
Venture.

Further to the announcement, on behalf of the Board of Directors
of KHB, announced that the Securities Commission (SC) had via
its letter dated 28 August 2003 approved the Proposed Joint
Venture, after considering the following matters:

   (i) JCSB and SCM will hold 30% and 70% equity interest
respectively, in the joint venture company;

   (ii) SCM proposes to pay a consideration of RM30 million for
the 70% equity interest in the new joint venture company;

   (iii) The consideration for the 70% equity interest in the
new joint venture company is based on 70% of the value of the
Pandan Commercial Centre in Johor Bahru (JB Project). The
valuation was based on the development cost net of process
billings, amounting to RM46.13 million, incurred by JCSB;

   (iv) JCSB will transfer its entire rights and control of the
JB Project to the new joint venture company; and

   (v) Teras Mesra Sdn Bhd and Sayed Jaafar bin Sayed Ibrahim,
which hold 33.33% interest in JCSB, has filed a suit against
KHB, KHB Development Sdn Bhd (KHBD) and JCSB for, amongst
others, an interim injunction to restrain KHB, KHBD and JCSB
from proceeding with the Proposed Joint Venture and joint
venture agreement dated 5 June 2002 between JCSB and SCM in
connection with the development of the JB Project.

The approval of the SC as stated above is subject to the
following conditions:

   (i) the consideration for the 70% equity interest in the
joint venture company to be settled by SCM has been amended to
RM56 million compared to RM30 million, as proposed;

   (ii) Alliance / KHB is required to report, annually, on the
shareholding structure of the new joint venture company for the
entire duration of the development of the JB Project;

   (iii) the Proposed Joint Venture can proceed provided there
are no legal impediments against the Proposed Joint Venture; and

   (iv) KHB is required to appoint an independent audit firm
(which is experienced in investigative audits and has not been
in the past and is not the current auditor of the KHB group)
within two (2) months from the date of the letter of approval of
the SC, to conduct an investigative audit on the past business
losses. KHB is also required to take the necessary steps to
recover such losses. Based on the findings of the investigative
audit, KHB has to report to the relevant authorities if there
has been any breach of any applicable laws, rules, guidelines
and/or Memorandum and Articles of Association by the board of
directors of KHB and/or other parties, which resulted in the
losses of KHB. The investigative audit must be completed within
six (6) months from the date of the appointment of the said
independent audit firm and the resultant findings must be
announced. Four (4) copies of the investigative audit report
must be made available to the SC after completion of the
investigative audit.

Alliance/ KHB is required to provide written confirmation on the
status of compliance for all terms and conditions as imposed in
the above paragraphs after the completion of the Proposed Joint
Venture.

The Board of Directors of KHB is currently deliberating on the
terms and conditions of the approval of the SC on the Proposed
Joint Venture as mentioned above.


LAND & GENERAL: Creditors Voluntarily Wind-Up Unit
--------------------------------------------------
Land & General Berhad informed that Lang-Oil Technology Sdn Bhd
(LOT), a wholly-owned subsidiary of L&G, has been placed under
Creditors' Voluntary Winding-Up pursuant to Section 255(1) of
the Companies Act, 1965. Mr Chuah Seong Phaik of Messrs Paul
Chuah & Co., No. 17, Jalan Ipoh Kecil, 50350 Kuala Lumpur has
been appointed as Provisional Liquidator of LOT. "The Statutory
Declaration of Inability of Company to Continue Business, and
that Meetings of the Company and its Creditors Have Been
Summoned" forms have been lodged with the Companies Commission
of Malaysia on 29th August 2003.

LOT has been dormant and there is no future plan to activate the
company.

The Company's total cost of investment in LOT is RM731,463.

L&G does not expect any loss to arise from the voluntary
winding-up of LOT for the year ending 31st December 2003 as the
cost of investment and inter-company advances have been fully
provided for by the Company in prior years.

The voluntary winding-up of LOT is not expected to have any
material impact on the net tangible assets and earnings per
share of the L&G Group for the financial year ending 31st
December 2003.


LAND & GENERAL: Unit Placed Under Member's Voluntary Winding-Up
---------------------------------------------------------------
Land & General Berhad informed that Lang Projects Sdn Bhd (Lang
Projects), a wholly-owned subsidiary of L&G, has been placed
under Member's Voluntary Winding-Up pursuant to Section
254(1)(b) of the Companies Act, 1965. Mr Chuah Seong Phaik of
Messrs Paul Chuah & Co., No. 17, Jalan Ipoh Kecil, 50350 Kuala
Lumpur has been appointed as Liquidator by the directors of Lang
Projects. The appointment of Liquidator is subject to the
approval of the shareholder of Lang Projects at an Extraordinary
General Meeting to be convened. The Form of Declaration of
Solvency has been lodged with the Companies Commission of
Malaysia on 29th August 2003.

Lang Projects has been dormant and there is no future plan to
activate the company.

The Company's total cost of investment in Lang Projects is
RM2.00.

L&G does not expect any loss to arise from the voluntary
winding-up of Lang Projects for the year ending 31st December
2003 as the cost of investment and inter-company advances have
been fully provided for by the Company in prior years.

The voluntary winding-up of Lang Projects is not expected to
have any material impact on the net tangible assets and earnings
per share of the L&G Group for the financial year ending 31st
December 2003.


MOL.COM: KLSE Grants LR Compliance Extension Until Jan 2004
-----------------------------------------------------------
The Board of Directors of MOL.com Berhad announced that the
Company has on 27 August 2003 obtained approval from Kuala
Lumpur Stock Exchange for the extension of time of approximately
7 months from 1 July 2003 to 27 January 2004 to comply with the
public shareholding spread requirement.

However, the Exchange has pursuant to paragraph 8.15(4) of the
Listing Requirements directed the trading of the Company's
shares be suspended with effect from 9.00 a.m. on 9 October 2003
(Suspension) until the public shareholding spread of MOL is
regularized to 25% with a minimum of 1,000 public shareholders
holding not less than 100 shares each. The Exchange upon
compliance with the public shareholding spread will only lift
the Suspension or the Exchange may determine as.

The Company had already on 2 December 2002 procured an
undertaking letter from its controlling shareholder, Tan Sri
Dato' Seri Vincent Tan Chee Yioun (TSVT) who has agreed to
arrange for the required number of MOL shares to be placed out
to the public by 27 January 2004 to meet the public shareholding
spread requirement.

TSVT has on 27 August 2003 notified the Company of his disposal
of a total of 9.5 million MOL shares representing 4.2% of the
issued share capital of MOL and his shareholdings in the Company
has accordingly reduced to 86.58% from 90.78% (Disposal). TSVT
further informed that efforts to arrange for placement of more
shares is on going.

As at 30 June 2003, 9.61% of MOL shares are in the hands of
public shareholders holding not less than 100 shares each. As a
result of the Disposal, the proforma public shareholding spread
based on the status as at 30 June 2003 has improved to 13.81%.

In view of the forgoing, MOL will appeal to the Exchange for the
Suspension condition to be waived.


NEPLINE BERHAD: Unit Faces Winding-Up Petition
----------------------------------------------
Nepline Berhad furnished the following information as required
by the Kuala Lumpur Stock Exchange via their letter (Ref : MN-
030827-50938) dated 27 August 2003 for public release, in
relation to the Winding-up Petition against Nepline's
subsidiary, Timor Offshore Sdn Bhd (TOSB) that was served by
Chris Marine (Singapore) Pte Ltd (the Petitioner) against TOSB
and announced to the Exchange together with other litigations on
26 August 2003.

   1. The date of presentation of the Winding-up Petition on
TOSB is 10 April 2003.

   2. There is no interest rate on the amount claimed for.

   3. The default or claim against TOSB is for repairs rendered
and materials supplied to TOSB's vessel. TOSB is unable to pay
the outstanding sum in full within the time frame or schedule as
required by the Petitioner, although Nepline has settled some
amount on TOSB's behalf, resulting in the Petitioner filing for
the Winding-up Petition.

   4. Nepline's total cost of investment in TOSB is
RM7,170,353.00. TOSB's issued and paid-up capital is
RM5,000,000.00 divided into 5,000,000 ordinary shares of RM1.00
each fully paid. It is a wholly-owned subsidiary of Nepline.

   5. The Winding-up Petition is not expected to materially
affect the Group's financial position since TOSB has not been
contributing to the profitability of the Group as it has
incurred losses before tax of RM 0.213 million in financial year
ended 31 December 2002 and RM 1.704 million in the quarter ended
31 March 2003.

With regards to the operation of the Group, since TOSB is
disposing its only two (2) vessels, namely MT Kemboyang Melati
and MT Melati Sutera for a combined amount of USD3.430 million
or approximately RM13.034 million, as announced to the Exchange
by Affin Merchant Bank Berhad on behalf of Nepline on 1 August
2003, the Winding-up Petition is not expected to materially
affect the operation of the Group.

   6. There will be no losses expected from the Winding-up
Petition (This should be read together with Item 5 above).

   7. The details of the resolution/settlement are as follows:

     a) The Petitioner is agreeable to accept payment of the sum
due to them of SGD 136,214.53 or RM301,578.97 in monthly
installments of RM15,000.00 each commencing from 15th July 2003;

     b) The part-payment of the amount due in the sum of
RM30,000.00 that has been paid to the Petitioner on 17 July 2003
will be applied towards the installments for the months of July
2003 and August 2003;

     c) Every succeeding installment thereon must be forwarded
to the Petitioner or to their solicitors on or before the 15th
of each month;

     d) In default of payment by TOSB in any one or more of the
monthly installments on the respective due dates, the whole
outstanding sum shall become due and payable forthwith and the
Petitioner shall be at liberty to proceed with Winding-up
Proceedings against TOSB;

     e) The costs of the on-going Winding-up Proceedings are to
be borne by TOSB (This was agreed by both parties on 24 August
2003 at RM5,000.00).

The above terms and conditions are stipulated in a letter dated
28 August 2003 sent by the Petitioner's solicitors to TOSB's
solicitors. The Petitioner has also given an undertaking via
their solicitors in the same letter that they undertake to
withdraw the on-going Winding-up Petition against TOSB on the
day of the hearing of the petition on 16 October 2003.

TOSB has confirmed its acceptance of the above terms and
conditions via its solicitors' letter dated 28 August 2003. With
both parties agreeing on the above terms and conditions the
matter is considered resolved.


NYLEX (MALAYSIA): Conditional SPA Completion Extended
-----------------------------------------------------
Further to the announcement dated 15 August 2003 in relation to
the Proposed reorganization involving the following:

   - Proposed Capital Reconstruction, comprising the Proposed
Capital Reduction, Proposed Share Consolidation and Proposed
Capital Distribution

   - Proposed Acquisitions

   - Proposed Exemption.

Alliance Merchant Bank Berhad, for and on behalf of Nylex
(Malaysia) Berhad, wishes to announce that Ancom Berhad and
Nylex have entered into a Second Addendum dated 29 August 2003
to extend the time period for the fulfillment of certain
conditions precedent from twelve (12) months to eighteen (18)
months from the date of the conditional sale and purchase
agreement dated 3 September 2002 (Conditional SPA).

Save for the above, all the other terms and conditions as set
out in the Conditional SPA, supplemental agreement dated 20
February 2003 and first addendum dated 7 July 2003 remain in
effect.


PICA (M) CORPORATION: Updates Credit Facility Status
----------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad wishes to
make the following announcement for public release:

1. RM60 Million Guaranteed Revolving Underwriting Facility

Further to the Company's announcement on the status of the above
matter, the Court has fixed 16 September 2003 for further
mention in relation to the Defendant's striking out application.
Apart from the above, the legal proceeding is still pending in
court.

2. RM5 Million Revolving Credit Facility & RM7 Million Short
Term Loan

Further to the Company's announcement, the Company wishes to
inform that the Plaintiff's summary judgment application has
been postponed to 8 October 2003. Apart from the above, the
legal proceeding is still pending in court.

3. RM50 Million Term Loan Facility

Further to the Company's announcement, the Company wishes to
inform that Plaintiff's summary judgment application has been
postponed to 26 September 2003 for mention. Apart from the
above, the legal proceeding is still pending in court.

4. RM4 million Revolving Credit Facility & RM7 million Overdraft
Facility

Further to the Company's announcement, the Company wishes to
inform that the Plaintiff's summary judgment application has
been further fixed for mention on 9 December 2003. Apart from
the above, the legal proceeding is still pending in court.

5. Approx RM3 million Credit Facility Claimed by Arab-Malaysian
Bank

Further to the Company's announcement, the Company wishes to
inform that the Company has filed in its Statement of Defense
and the Plaintiff's summary judgment application has been
further fixed for hearing on 6 November 2003. Apart from the
above, the legal proceeding is still pending in court.


SIN HENG: Regularization Plan Status Remains Unchanged
------------------------------------------------------
Sin Heng Chan (Malaya) Berhad wishes to announce that there is
no change in the status of the Company's plans to regularizee
its financial condition since it's last announcement on 30
August 2002. All the relevant authorities namely the Securities
Commission (SC), Foreign Investment Committee (FIC) and Ministry
of International Trade and Industry (MITI) have granted
conditional approval to the Proposal.

On behalf of the Company, Southern Investment Bank Berhad had on
27 January 2003 submitted an appeal to SC for the waiver of
certain conditions imposed. Subsequently, SC has reverted with
their comments and the same have been announced on 11 March 2003
and 24 April 2003 respectively. The SC had also approved the
Company's application for an extension of time of six (6) months
up to 31 December 2003 to complete the Proposal. Meanwhile, the
moratorium under section 41 of the Pengurusan Danaharta Nasional
Berhad Act 1998 (the Act), which took effect from the date of
the appointment of Special Administrators has been extended to
10 August 2004.

The extension is pursuant to section 41(3) of the Act. The
Company had advertised the extension on 8 August 2003. Any
further developments to the Restructuring Scheme will be
announced in due course.


SOUTH MALAYSIA: KLSE Grants Debt Restructuring ICULS Listing
------------------------------------------------------------
Kindly be advised that South Malaysia Industries Berhad's
RM129,605 Nominal Value of a 5 Year, Zero Coupon Irredeemable
Convertible Unsecured Loan Stocks 2002/2007 (ICULS) at 100% of
the Nominal Value in relation to the Settlement of RM105,800 of
the Unsecured Loans in Relation to the amount owed to the
Liquidated Ascertained Damages Creditors (Debt Restructuring),
will be granted a listing and quotation with effect from 9.00
a.m., Wednesday, 3 September 2003.

The Stock Short Name and Stock Number of the ICULS is "SMI-LB"
and "4375LB" respectively.

COMPANY PROFILE

The Company (SMI), which was originally engaged primarily in the
manufacture and trading of assorted metal wire and zinc sheets,
began diversifying its activities in 1984. In 1989, the
manufacture of galvanized iron sheets was terminated due to
continued shortages of raw materials and escalating import
costs. The manufacture of wire-mesh also ceased.

The principal activity of SMI thereafter changed to that of
property development with the acquisition of Perantara
Properties Sdn Bhd and Kuchai Entrepreneurs Park in 1993.

In 1994, the Company entered into various JVAs in China, dealing
mainly with the leisure and entertainment industry. This helped
launch SMI into the international scene. In the process of
expanding its entertainment business, the Company acquired a 70%
equity stake in UA Cineplex Holdings Sdn Bhd (UA).

In November 2000, the Company unveiled its comprehensive debt
restructuring and capital raising exercises. The proposals were
revised on 16 February 2001 to incorporate a share premium
reduction exercise and restructure, additional loan and
liquidated damages. BNM and FIC approved the proposals on 22
January 2001 and 19 January 2001 respectively. Currently,
approvals from its lenders, shareholders, the High Court and the
SC are still pending.

On 2 April 2001, the Company completed the acquisition of
Stellar Acres Sdn Bhd (SA), which had been announced in December
1996 and later revised.

CONTACT INFORMATION: 2G Bangunan Foh Chong
                     Jalan Ibrahim
                     80000 Johore Bahru
                     Tel : 07-2241088
                     Fax : 07-2238988


SRI HARTAMAS: SC Grants Proposed Scheme of Arrangement Extension
----------------------------------------------------------------
Further to the announcement dated 14 January 2003 made on behalf
of Sri Hartamas Berhad (Special Administrators Appointed),
Commerce International Merchant Bankers Berhad is pleased to
announce that the Securities Commission had, via its letter
dated 27 August 2003 granted the Company an extension of time
for a period of six (6) months up to and including 9 January
2004 to complete the implementation of the Proposed Scheme of
Arrangement. This extension will be the final extension granted
to SHB for the implementation of the Proposed Scheme of
Arrangement.

Refer to the Troubled Company Reporter - Asia Pacific Monday,
July 15, 2002, Vol. 5, No. 138 issue for more info on the
Proposed Scheme of Arrangement.


TAJO BERHAD: MAAK Participates in Proposed Debt Settlement
----------------------------------------------------------
Reference is made to MAA Holdings Berhad's announcements dated
12 June 2002 and 2 July 2002, whereby, the Board of Directors of
MAAH ("Board") had on 24 May 2002 given its approval in-
principle to participate in the Proposed Restructuring Exercise
of Tajo Berhad, in particular, the Proposed Debt Settlement.

On 31 December 2002, Public Merchant Bank Berhad (PMBB)
announced that the Securities Commission (SC) via its letter 24
December 2002 approved the Proposed Restructuring Exercise of
Tajo as proposed, save and except for the valuation of certain
properties to be acquired. The valuation of the respective
buildings held by Malaysian Assurance Alliance Berhad (MAA), a
wholly-owned subsidiary company of MAAH was revised.

On 31 March 2003, the Board had decided not to proceed with the
proposed disposal of MAA Penang following the SC's rejection on
the valuation of the said property via its letter dated 3 March
2003. However, MAA had decided to proceed with the proposed
disposal of MAA KK1 and MAA Kuching to Tajo/ Mithril Berhad
(Mithril) respectively (Proposed Disposals) based on the
valuation approved by the SC. Mithril was incorporated as a
shelf company to facilitate the Proposed Restructuring Exercise
and to assume the listing status of Tajo.

The Proposed Disposals do not fall under the ambit of the
Listing Requirements of the Kuala Lumpur Stock Exchange (KLSE)
as the acquisition and disposal of investment properties by MAA
are in the ordinary course of business of a revenue nature.

In this connection, the Board wishes to announce that MAA Credit
Sdn Bhd (MAA Credit), a wholly-owned subsidiary company of MAA
Corporation Sdn Bhd which in turn a wholly-owned subsidiary
company of MAAH and MAA had on 27 June 2003 and 26 August 2003
confirmed to Tajo on their choice of settlement instruments
pursuant to the Proposed Debt Settlement.

PARTICIPATION IN THE PROPOSED DEBT SETTLEMENT OF TAJO

Particulars

MAA Credit and MAA had on 27 June 2003 and 26 August 2003
confirmed their choice of settlement instruments to Tajo
pursuant to the Proposed Debt Settlement, i.e. as follows:

(i) MAA

Secured Debt

The secured debt of RM37,202,300 is to be settled by way of the
issuance of 37,202,300 new ordinary shares in Mithril (Mithril
Shares) at an issue price of RM1.00 each together with 8,835,546
free Warrant B on the basis of nineteen (19) Warrant B for every
eighty (80) new Mithril Shares issued. Warrant B is the new
Warrant to be issued pursuant to the Proposed Rights Issue and
the Proposed Debt Settlement of Tajo.

Unsecured Debt

The unsecured debt of RM7,145,596 is to be settled in the
following manner:

   (a) a cash payment of RM644,533 representing approximately 9%
of the total principal and accrued interest outstanding as at 30
September 2001; and

   (b) the issuance of 1,934,840 new Mithril Shares at RM3.36
per share together with 1,934,840 free Warrant B on the basis of
one (1) Warrant B for every one (1) new Mithril Share issued.

(ii) MAA Credit

Unsecured Debt

The unsecured debt of RM10,471,600 is to be settled in the
following manner:

   (a) a cash payment of RM944,538 representing approximately 9%
of the total principal and accrued interest outstanding as at 30
September 2001; and

   (b) the issuance of 2,835,435 new Mithril Shares at RM3.36
per share together with 2,835,435 free Warrant B on the basis of
one (1) Warrant B for every one (1) new Mithril Share issued.

Basis of the pricing of the new Mithril Shares to the Secured
Creditor

The issue price of the new Mithril Shares to the Secured
Creditor had been arrived at after taking into consideration of
the following:

   (i) the par value of the Mithril Share which is RM1.00 each;
and

   (ii) the amount due to the Secured Creditor is fully secured
against the securities pledged against the debt.

Basis of the pricing of the new Mithril Shares to the Unsecured
Creditors

The issue price of the new Mithril Shares to the Unsecured
Creditors had been arrived at after taking into consideration of
the following:

   (i) the par value of the Mithril Share which is RM1.00 each;
and

   (ii) the agreed premium attributable to each new Mithril
Share was arrived at following negotiations between Tajo/
Mithril and the Unsecured Creditors. In this regard, the issue
price of the new Mithril Share to the Unsecured Creditors
represents an implied waiver of the debt owing to the Unsecured
Creditors.

Ranking of the new Mithril Shares pursuant to the Proposed Debt
Settlement

The new Mithril Shares to be issued as settlement of the amount
owing to the Secured Creditor and Unsecured Creditors shall rank
pari passu with the existing Mithril Shares including rights to
dividends, rights, allotments or other distributions except that
the new shares so allotted shall not be entitled to any
dividends, rights, allotments or other distributions declared,
made or paid to shareholders, the entitlement date for which is
before the date of allotment of the new shares.

EXEMPTION FROM MANDATORY OFFER

At present, MAAH, MAA and MAA Credit do not hold any equity
interest in Tajo. However, both MAA and MAA Credit are secured
and unsecured creditors of Tajo. Upon completion of the Proposed
Restructuring Exercise of Tajo, MAAH, MAA and MAA Credit will
collectively own an aggregate of 41,972,575 Mithril Shares,
representing approximately 54.10% of the enlarged issued and
paid-up share capital of Mithril and 13,605,821 Warrants B
(before the conversion of the redeemable convertible secured
loan stocks, redeemable convertible unsecured loan stocks,
irredeemable convertible secured loan stocks and irredeemable
cumulative convertible preference shares and the exercise of the
Warrants A and Warrants B).

Upon completion of the Proposed Restructuring Exercise of Tajo,
MAA will assign 35,258,291 Mithril Shares representing 45.45% of
the enlarged share capital of Mithril and 10,770,386 Warrant B
to MAAH, its 100% holding company.

Upon completion of the assignment from MAA to MAAH, MAA will end
up with 3,878,849 Mithril Shares, representing approximately 5%
of the enlarged share capital of Mithril upon completion of the
Proposed Restructuring Exercise of Tajo.

In view of the inter-conditionality of the proposals and upon
completion of the Proposed Restructuring Exercise of Tajo, MAAH,
MAA and MAA Credit will collectively own an aggregate of
41,972,575 Mithril Shares, representing approximately 54.10% of
the enlarged issued and paid-up share capital of Mithril.

Pursuant to the Section 6(1)(a) of the Malaysian Code on Take-
Overs and Mergers, 1998 (Code), MAAH, MAA and MAA Credit will be
required to extend a mandatory offer to acquire all the
remaining shares in Mithril not already owned by them upon
completion of the Proposed Restructuring Exercise of Tajo. In
connection thereto, MAAH, MAA and MAA Credit had on 10 August
2002 applied to the SC for an exemption from the obligation to
extend a mandatory offer for the remaining Mithril Shares not
already owned by them upon completion of the Proposed
Restructuring Exercise.

The SC had via its letter dated 24 December 2002, approved MAAH,
MAA and MAA Credit's application for an exemption from the
obligation to extend a mandatory offer for the remaining Mithril
Shares not already owned by them.

With regards to the application for an exemption from the
obligation to extend a mandatory offer for the remaining Mithril
Shares not already owned by MAAH, MAA and MAA Credit, which may
arise from the exercise of the warrants held by MAAH, MAA and
MAA Credit upon completion of the Proposed Restructuring
Exercise of Tajo, the SC had indicated that it will only
consider granting an exemption after Tajo/ Mithril has satisfied
the following:

   (i) MAAH, MAA and MAA Credit are required to obtain the
approval from the shareholders of Tajo/ Mithril under the
"white-wash" procedure as stated under Paragraph 5(b)(i) - (iv)
Practice Note 2.9.1 of the Code pursuant to the exercise of
their Warrant B. The shareholders' approval, if obtained, is
valid for the duration of the Warrant B;

   (ii) Mithril is not allowed to undertake any corporate
exercise, which involve the issuance of new Mithril Shares/
convertible securities that may change MAAH, MAA and MAA
Credit's shareholding percentage in Mithril before the
conversion of their Warrant B as this would trigger the
obligation to undertake a mandatory offer under the Code;

   (iii) MAAH, MAA and MAA Credit are not allowed to transact in
Mithril Shares for the duration of the Warrant B period.
However, MAAH, MAA and MAA Credit can sell their Mithril Shares
or Warrant B with the condition that their shareholding in
Mithril does not fall below 33%;

   (iv) If the exercise of Warrant B by MAAH, MAA and MAA Credit
increases their shareholding in Mithril above the obligation to
undertake a mandatory level, MAAH, MAA and MAA Credit and PMBB
are required to inform the SC of the transaction and to confirm
that all conditions as stated in (i), (ii) and (iii) above have
been met. MAAH, MAA, MAA Credit and PMBB are required to make an
announcement to the Mithril's shareholders; and

   (v) If MAAH, MAA and MAA Credit has exercised their Warrant B
until a level where an exemption from undertaking a mandatory
offer is not required, MAAH, MAA, MAA Credit and PMBB are
required to make an announcement to the Mithril's shareholders.
As stated above, the SC had approved MAAH, MAA and MAA Credit's
application for an exemption from the obligation to extend a
mandatory offer for the remaining Mithril Shares not already
owned by them upon completion of the Proposed Restructuring
Exercise of Tajo pursuant to Practice Note 2.9.3 of the Code
subject, inter-alia, to MAAH, MAA Credit obtaining Tajo/
Mithril's shareholders' approval pursuant to Practice Note 2.9.1
of the Code for the exercise of the Warrant B held by MAAH, MAA
and MAA Credit.

Furthermore, the SC's approval for the Proposed Restructuring
Exercise of Tajo also required the Group to implement a proposed
placement or proposed offer for sale of Mithril Shares to ensure
that its public shareholding spread is at a least 25% of its
issued and paid-up share capital prior to its listing on the
Second Board of the KLSE.

RATIONALE

The MAAH Group's (Group) participation in the Proposed Debt
Settlement of Tajo is principally a debt recovery exercise.
MAA's loans to Tajo are secured on the brick plants and land
(Property) of Tajo, but the collateral value of the Property is
inadequate to cover the loan amount outstanding, whilst, MAA
Credit's loan to Tajo is not secured. Under the current economic
conditions, it would be very difficult to dispose of the brick
plants for fair value. Further, legal actions to exercise the
charges over the brick plants are likely to be protracted
affair, which will delay the recovery process.

The Proposed Restructuring Exercise of Tajo represents a
comprehensive scheme to restore its financial strength and
provide an opportunity to the existing shareholders and its
lenders to participate in a viable company with sustainable
earnings. In addition, the Proposed Restructuring Exercise, if
successfully implemented would immediately turnaround the Tajo
group, as it would acquire profit and cashflow generating assets
and at the same time put Tajo/ Mithril on a firmer financial
footing. Going forward, it is expected to enhance the
probability of full recovery of the amount owing by Tajo to the
Group.

EFFECTS OF THE PARTICIPATION IN THE PROPOSED DEBT SETTLEMENT OF
TAJO

Share capital

The participation in the Proposed Debt Settlement of Tajo will
not have any effect on the issued and paid-up share of MAAH.

Substantial shareholding

The participation in the Proposed Debt Settlement of Tajo will
not have any effect on the substantial shareholding structure of
MAAH.

Earnings

The participation in the Proposed Debt Settlement of Tajo will
not have any material effect on the earnings of the Company and
the Group.

NTA

The participation in the Proposed Debt Settlement of Tajo will
not have any material effect on the NTA of MAAH based on the
audited consolidated accounts of MAAH as at 31 December 2002.

RISK FACTORS

Tajo/Mithril Berhad is subject to several risks associated with
its business and operations.

The Group being the new controlling shareholder after the
completion of the Proposed Restructuring Exercise will similarly
be exposed to those risks faced by Tajo/ Mithril.

Set out below, are some of the risks faced by Tajo/ Mithril
Group:

New business

Tajo and its subsidiary companies are principally involved in
investment holding and the manufacturing and trading of bricks.
Therefore, Tajo/Mithril Group is subject to business risks
inherent within the manufacturing and construction industry.
However, upon completion of the Proposed Restructuring Exercise,
the shareholders shall be further exposed to risks inherent in
the commercial property sub-sector via the Proposed MAAKK 1
Acquisition and the Proposed MAA Kuching Acquisition. The new
businesses of the Tajo/Mithril Group will face competition from
various competitors involved in the commercial property sub-
sector. In addition, the commercial property sub-sector in
general is cyclical in nature due to the heavy dependence on the
general performance of the economy, thus it can be considered to
be vulnerable in times of economic downturn, to the extent of
drops in occupancy due to the over supply of office space caused
by cut back.

The proposed acquisition of Saferay Sdn Bhd (Saferay) is
involved in the manufacturing sector. Therefore, Tajo/Mithril
Group is subject to business risks inherent within the
manufacturing industry, i.e. non-availability of long term
contract and shortage of raw materials and other resources.

Notwithstanding the above, Saferay does have regular supply
orders from its customers in Europe, North America and Asia-
Pacific and to-date, all its distributors remain loyal customers
to the company. Furthermore, the availability of multiple
suppliers for all Saferay's main raw material enables Saferay to
avoid being over reliant on any one supplier, hence, mitigating
the risk of supply interruptions and shortages.

Business risks

Upon completion of the Proposed Restructuring Exercise of Tajo,
Mithril will become the new listed entity. Mithril will be
directly exposed to the risks inherent in the ordinary course of
business relating to the commercial property sector in addition
to those inherent in the manufacturing sector. These include,
inter-alia, demand for commercial properties, interest rates and
supply of new commercial properties coming online.

Although, Mithril seeks to limit these risks, no assurance can
be given that any change to these factors will not have a
materially adverse effect on the Tajo/Mithril Group's
performance. However, these risks has been mitigated by the fact
that Tajo/Mithril have managed to procure leaseback agreements
in respect of MAAKK 1, and MAA Kuching and a profit guarantee in
respect of Saferay Sdn Bhd.

Market Price Risk

The market price of Mithril Shares on the KLSE is dependent on,
amongst others, the prevailing stock market sentiments, the
volatility of the stock market, interest rates, future
profitability of the Mithril Group and the industry in which the
Mithril Group operates. There is little assurance that the
market price of the shares to be issued pursuant to the Proposed
Debt Settlement and the Proposed Rights Issue will be maintained
at any particular level subsequent to the completion of the
Proposed Restructuring Exercise.

Political, economic and regulatory consideration

Like all other business entities, changes in political, economic
and regulatory conditions in Malaysia and elsewhere could
materially affect the financial and business prospects of the
Tajo/Mithril Group. Amongst the political, economic and
regulatory uncertainties are the changes in political
leadership, expropriation, nationalization, re-negotiation or
nullification of existing sales orders and contracts, interest
rates, methods of taxation and currency exchange rates.


TENCO BERHAD: RSM Nelson Replaces E&Y as Financial Advisor
----------------------------------------------------------
The Board of Directors of Tenco Berhad wishes to inform that
there are no material developments to be claims made by (1)
Malaysian Trustees Bhd against Westech Sdn Bhd (WSB) and (2)
Malayan Banking Berhad against WSB, Wilron Products Sdn Bhd and
Tenco Industries Sdn Bhd, since the previous announcement made
on 30 July 2003. Meanwhile, the Board of Tenco had appointed RSM
Nelson Wheeler Teo as the Company's financial advisor in place
of Ernst & Young.

COMPANY PROFILE

Tenco is a manufacturer and supplier of industrial gases and
industrial chemicals and adhesives, which are widely used, in
the
manufacturing sector. It also markets a wide range of building
products for the building and construction industry. Tenco's
operations are based mainly in Malaysia, with sales offices in
Singapore and Canada.

In July 2001 the Company announced that it had defaulted on
interest payments due on 30 June 2001 in respect of a debt
restructuring agreement dated 31 January 2000. The Group has
appointed Messrs Ernst & Young as its financial adviser to
embark on a financial restructuring exercise for a review and
re-schedule of the interest repayment.

CONTACT INFORMATION: No. 5, Jalan Pelabur 23/1
        40000 Shah Alam, Selangor
        Tel : 03-5410612
        Fax :03-5410132


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


STEEL CORPORATION: 12-year Rehab Plan Gets Creditors' Nod
---------------------------------------------------------
An 11-member syndicate of local and foreign creditors has
approved the financial rehabilitation and debt rescheduling
program of Steel Corp. of the Philippines (SCP), The Philippine
Star reported yesterday.

The 12-year restructuring program was formally signed on August
28, ending two years of intense negotiations, according to the
paper.  Officials of SCP and representatives of the creditors'
syndicate led by Equitable PCI Bank concluded the deal.

The plan is based on results of an in-depth due diligence on
firm's business plan and financial projections, the paper said.
International consultancy firm, PricewaterhouseCoopers,
validated the results.  SCP is considered the country's premier
manufacturer and distributor of flat coated steel products,
notably its flagship brands, Galvalume 55 and Galvabond.

Commenting on the deal, Aristotle Villaraza, senior vice
president of Equitable PCI Bank said: "[The] financial
rehabilitation and debt restructuring plan drawn up for SCP will
provide the company with the necessary impetus to broaden its
market reach domestically and overseas."

For his part, SCP executive vice-president and group chief
finance officer, Meldin Al Roy, said: "[This] early, we are
already looking for ways to further increase our production
capacities as we are poised to launch an aggressive marketing
campaign to strengthen our dominance in the local flat steel
industry and enhance business viability."

"The company will also pursue a more vigorous export marketing
thrust particularly in the neighboring ASEAN countries, in a
two-pronged strategy meant to bring in much needed dollars and
cushion the impact of the high cost imported raw materials
arising from the volatility of the Philippine peso against
stronger currencies," Mr. Roy told the Star.

Local creditors of SCP include Equitable PCI Bank, Chinatrust
Bank, China Banking Corp., Planters Development Bank, Philippine
Bank of Communications, Asiatrust Bank, Allied Banking Corp.,
Rizal Commercial Banking Corp. and Keppel Bank.

Its foreign creditors are Deutsche Investitions-und
Entwicklungsgesellschaft mbH (DEG) of Germany and the Asian
Finance and Investment Corp. Ltd. (AFTC), a subsidiary of Asian
Development Bank.


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


CHARTERED SEMICONDUCTOR: Analysts Belittle Equipment Sale
---------------------------------------------------------
Analysts view Chartered Semiconductor Manufacturing Ltd.'s sale
of equipment in China as nothing more than 'a bit of extra cash
for the loss-making chipmaker,' Reuters said late last week.

This after the market responded positively on the sale, which
raised US$33 million in cash and stock.  CSMC Technologies
bought from Chartered Semiconductor the latter's older machinery
used to make six-inch chip wafers, which is about two
generations behind the current 12-inch technology.

At 0330 GMT Friday, Chartered shares were among the session's
top actives, up one cent to SG$1.12, or 4.67 percent.  The stock
has outperformed the broader Straits Times Index by about 20
percent in the last six months, Reuters said.

"This alliance with CSMC Tech could be a significant milestone
towards Chartered eventually building up a manufacturing
presence in China," DBS Vickers Securities analyst Terence Tan
told Reuters in an interview.

Based in Wuxi, China, CSMC Tech is a joint venture between
Chinese chipmaker Central Semiconductor Manufacturing Corp and
China Resources Logic.   State-controlled Chartered, which has
posted 10 straight quarterly losses, could get up to 11.15
percent of CSMC Tech in the deal, which also involves mutual
customer referrals, the news agency said.


CHUAN & CO.: Creditors Have Until Sept. 8 to Prove Claims
---------------------------------------------------------
NOTICE IS HEREBY GIVEN THAT the creditors of CHUAN & CO HARDWARE
PTE LTD (In Compulsory Liquidation), which is being voluntarily
wound up, are required, on or before 8th September 2003 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 liquidator at Deloitte & Touche, 6 Shenton Way, #32-
00 DBS Building Tower 2, Singapore 068809 and if so required by
notice in writing by the said Liquidator, are to come in,
personally or by their solicitors, 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.

TAM CHEE CHONG
Joint Liquidator.


CHUAN INDUSTRIES: Creditors Should Prove Claims Before Sept. 8
--------------------------------------------------------------
NOTICE IS HEREBY GIVEN THAT the creditors of CHUAN INDUSTRIES
PTE LTD (In Creditors' Voluntary Liquidation), which is being
voluntarily wound up, are required, on or before 8th September
2003 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 liquidator at Deloitte & Touche, 6
Shenton Way, #32-00 DBS Building Tower 2, Singapore 068809 and
if so required by notice in writing by the said Liquidator, are
to come in, personally or by their solicitors, 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.

TAM CHEE CHONG
Joint Liquidator.


CHUAN INVESTMENT: Deadline for Proofs of Claim September 8
----------------------------------------------------------
NOTICE IS HEREBY GIVEN THAT the creditors of CHUAN INVESTMENT
PTE LTD (In Creditors' Voluntary Liquidation), which is being
voluntarily wound up, are required, on or before 8th September
2003 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 liquidator at Deloitte & Touche, 6
Shenton Way, #32-00 DBS Building Tower 2, Singapore 068809 and
if so required by notice in writing by the said Liquidator, are
to come in, personally or by their solicitors, 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 25th day of August 2003.
TAM CHEE CHONG
Joint Liquidator.


PCL TECHNOLOGY: Receiver Appointed; Winding Up Ordered
------------------------------------------------------
PCL Technology Pte Ltd. issued a notice of winding up order made
on the 15th day of August 2003.

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

ENGELIN TEH PRACTICE LLC
Solicitors for the Petitioners.


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


NATIONAL FERTILIZER: Signs Investment MOU With Creditors
--------------------------------------------------------
Further to the National Fertilizer Public Company Limited with
cooperative to its financial institution creditors namely; Thai
Asset Management Corporation and Siam Commercial Bank Plc in
sourcing of strategic partners for which the joint venture of
China Xiyang Group and Thaipiconand Industry Co., Ltd is
ultimately the winning bid.

On August 28, 2003, the Company participated in the ceremony for
signing the memorandum of understanding of the investment
between National Fertilizer Plc, the joint venture of China
Xiyang Group and Thaipicon and Industry Co., Ltd, and Siam
CommercialBank Plc, a venue at the 19th floor board room of
National Fertilizer Plc's office.

In this memorandum, the rehabilitation plan and debt
restructuring will be processed through the Central Bankruptcy
Court.


PRASIT PATANA: Discloses H103 Operating Results
-----------------------------------------------
Prasit Patana Public Company Limited and its subsidiaries posted
its performance explanation and financial analysis for the six
month period ending 30 June 2003:

1. Performance according to Business Plan

The company did not disclose its future business plan

2. Operational Performance

In comparison with the first half of 2002 performance figures,
the operational revenue increased 11.7%.  In 2003, the company
and its subsidiaries generated operational revenue for the six-
month period ending 30 June 2003 of Bt1,443 million in
comparison with operational revenue in the same period of
Bt1,292 million in 2002, an increase of Bt151 million.

The group recorded a loss from movements in foreign exchange
rates as a result of accounting adjustments in relation to
foreign currency loans.

Cost of Services of the company and its subsidiaries for the six
month period ending 30 June 2003 was Bt1,105 million in
comparison with Bt1,037 million for the same period in 2002, an
increase of Bt68 million or 6.6%.

General and administrative expenses of the company and its
subsidiaries for the six month period ending 30 June 2003 was
Bt270 million compared with Bt231 million for the same period in
2002, an increase of Bt39 million or 16.9%.

The level of competition in the private healthcare industry is
intense.  In general, major healthcare providers and private
hospitals have clear target markets. The group has employed a
marketing strategy focused on and emphasizing quality of patient
care and international healthcare standards.

There was no significant increase or decrease for the six-month
period ending 30 June 2003 in the range of services provided in
2003 in comparison with services offered in the same period of
2002.

There were no significant effects on the companies' operating
results arising from exchange rate movements.  The companies did
not trade internationally and all revenues were earned in Thai
currency.  Similarly, there were no significant operating
expenses incurred that are in foreign currencies.

However, the companies incurred costs from exchange rate
variations resulting from payment of interest on borrowings
denominated in foreign currencies.  The risk of such variations
was limited by covenants in the loan agreements (the Debt
Restructuring Agreements) that limit the downside risk of
exchange rate costs.

2.2 Past Performance of Each Product Line

The Company and its subsidiaries' only business is healthcare.

On 7th June, 2002, the company signed an Agreement for the Sale
and Purchase of the Business of Prasit Patana and Debt
Assumption Agreement with Phyathai 1 Hospital Company Limited.
Under requirement of the agreement, restructured debts and
assets must be transferred, with the exception of its
investments in core subsidiaries PYT2 and PYT3, to a new
subsidiary, Phyathai 1 Hospital Company Limited. The agreement
giving effect to the transfers was effective on 29th July 2002.

- Revenue from Services

The company and its subsidiaries had revenue from services
provided for the six month period ending 30 June 2003 of Bt1,443
million compared with the same period in 2002 of Bt1,292
million, an increase of Bt151 million or 11.7% resulting from
the increase of inpatient and outpatients volumes.

- Loss from Foreign Exchange Fluctuations

The group recorded an unrealized loss on exchange rate resulting
from an accounting adjustment in relation to foreign currency
loans in accordance with generally accepted accounting
principles.

- Interest Income

The interest income arises from interest charged between
subsidiaries, set off by interest expenses in the same amount
for the same period.

- Revenues from Management Fees

Revenues from management fees for the six month period ending 30
June 2003 totaled Bt3.3 million in comparison with the revenues
for the same period in 2002 of Bt1.7 million, an increase of
Bt1.6 million or 94%.  The increase in revenue was a result of
Management Contract signed with a related company for a 10 year
period. Management fees are charged as a percentage of
operational income of the related company as specified in the
Management Contract.

- Other Revenues

The company and its subsidiaries generated other revenues for
the six month period ending 30 June 2003 of Bt50 Million in
comparison with the revenue for the same period in 2002 of Bt29
million, an increase from the amount of Bt21 Million or 72.4%
due mainly to increased revenue in laundry, linen services and
rental income.

-  Costs of services

The company incurred costs of services for the six month period
ending 30 June 2003 of Bt1,105 million in comparison with the
cost of the same period in 2002 of Bt1,037 million, an increase
of Bt68 million or 6.6% was due to the growth in patient volume.

- Sales and Administrative Expenses

The company and its subsidiaries incurred sales and
administrative expenses for the six month period ending 30 June
2003 of Bt270 million in comparison with the same period in 2002
of Bt231 million, an increase of Bt39 million or 16.9% resulting
from the increase in patients and other reasons as follows:

   1. Depreciation of packaged software.  The depreciation
expenses for the six month period ending 30 June 2003 was Bt5.3
million in comparison with the same period last year of Bt1.3
million, an increase of 308%. The above expense for the six
month period ending 30 June 2003 represented 2% of the total
sales and administrative expenses.

   2. In addition, the restructuring expense of the company and
its subsidiaries for the six month period ending 30 June 2003
was Bt33 million in comparison of the same period in 2002 of
Bt29 million, an increase of 13.8%. The above expense for the
six month period ending 30 June 2003 represented 12.2% of the
total sales and administrative expenses 3. The subsidiaries also
incurred additional expenses of Bt8.9 million in relation to
work process examination and documentation as part of the
process of implementation of new computerized information
systems.

-   Dividend Policy

Under the Debt Restructuring Agreements entered into by the
company and its subsidiaries, the Company and its subsidiaries
are unable to pay dividends until such time as their
restructured debts are fully repaid.

3.  Financial Status

The Composition of the Assets

      Total assets of the company and its subsidiaries as at 30
June 2003 comprised of current and non-current assets,
calculated as a ratio of 18% and 82% respectively.

The majority of assets of the company and its subsidiaries are
land, buildings and equipment, which make up 77.9% of total
assets.

The remaining 4.1% of assets are other assets.

Quality of Assets include significant amounts receivable from
insurance companies in respect of patient services.  Stringent
payment conditions could result in claims being delayed by the
insurers.  However, the companies made sufficient provision for
doubtful debts and have confidence in the quality of
receivables, net of provisions.

3.2 Liquidity

The company and its subsidiaries had net cash from operations
for the six month period ending 30 June 2003 of Bt61.9 million
and net cash for investment in the same period of Bt91.7
million. The company and its subsidiaries had a net decrease of
net cash and net cash equivalent of Bt30 million. However, one
of the additional investments include an increase in
fixed deposits of Bt41.8 million.

As at 30 June 2003, the consolidated financial statements record
a current ratio of 1.74.

On 4 March 2003, The Plan Administrator petitioned the Central
Bankruptcy Court to amend the Memorandum of Association to
accommodate the conversion of debt into equity as stipulated by
the Debt/Equity Agreement under the Rehabilitation Plan.  The
increase in registered capital was Bt3,464,095,040 (346,409,504
shares at Bt10 par value) resulting in the registered capital to
be increased to Bt4,330,118,800.  The company completed the
capital increase process and registered with the Ministry of
Commerce on 27 March 2003.

3.3 Capital Expenditure

Under the Companies' Debt Restructuring Agreements, the Company
and its subsidiaries are restricted in their ability to fund
capital expenditure.  However, an agreed annual level of capital
expenditure is set out in the Agreements.  Unless otherwise
agreed by lenders, the group is required to fund all capital
expenditure through internally generated cash flow from
operations or the sale of non-core assets.  Capital expenditure
is evaluated according to projected return on investment,
business necessity, contribution to business goals and/or
urgency.

3.4 Source of funds

Liabilities

On 6th August, 2002, the date at which the Debt Restructuring
Agreements came into effect, the company and its subsidiaries
accounted for the changes in the status of their debts.  These
changes are reflected in the consolidated financial statements
as at 30 June 2003 and have resulted in a reclassification
of debts to account separately for restructured debt, PLO debt
and debt to be converted or written off.  However, financial
creditors did not relinquish their claims to the debt to be
forgiven until the Debt / Equity conversion process was
completed.  The date on which the Debt/Equity Conversion was
effective


SIAM STEEL: Planners Post Repayment Details for Creditors
---------------------------------------------------------
According to the Terms of the Rehabilitation Plan of Siam Steel
International Public Company Limited, the thirteenth interest
payment and the twelfth repayment of principal to financial
institution creditors was made on June 30, 2003 for the period
March 31, 2003 to June 30, 2003. The interest payments amounts
Bt11.11 million and the repayment of principal was Bt20 million,
respectively, a total of Bt31.11 million.

Deloitte Touche Tohmatsu Planners Co., Ltd. and Siam Steel
Planner Co., Ltd., the First and Second Plan Administrator of
Siam Steel, respectively, announced that the following are
details of the total amount paid to financial creditors during
the terms of plan:

     Tier  1 Interest : Bt209.65 million
     Tier  1 Principle: Bt240.00 million
     Tier  2 Debt Repayment: Bt 99.20 million


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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
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Copyright 2003.  All rights reserved.  ISSN: 1520-9482.

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