/raid1/www/Hosts/bankrupt/TCRAP_Public/030904.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Thursday, September 04 2003, Vol. 6, No. 175

                         Headlines

A U S T R A L I A

AMP LIMITED: Allots 11,296 Ordinary Shares at A$5.59/Share
ANALYTICA LIMITED: Takeovers Panel Receives SSH's Application
DOWNER EDI: Adds $130M in New Business Through CPG Singapore
ERG LIMITED: Rome Contract Favorably Restructured
GOLD RIBBON: Former Solicitor Banned

ROEHAMPTON RESOURCES: Case Finalized Against Former Director
UNLEYCAL PTY: Former Director Sentenced to Jail


C H I N A   &   H O N G  K O N G

ASIA GLOBAL: Court Fixes November 10 Chapter 7 Bar Date
EVER GLORY: Hearing of Winding Up Petition Set
KWONG SANG: 2003 Net Loss Widens to HK$95.674M
SHIMAO CHINA: Narrows 2003 Operations Loss to HK$4.051M
STABLE WIDE: Sept 24 Winding Up Hearing Scheduled

YOBBO COMPANY: Winding Up Petition Set for Hearing
YUE XIANGL: Winding Up Sought by River Trade


I N D O N E S I A

BANK RAKYAT: Capital Problem Unsolved

* IBRA Offers Stock Holding in 137 Companies; PPAI 3 Commences


J A P A N

ASAHI KAIHATSU: Golf Course Enters Rehab
HUIS TEN: Nomura Set to Sponsor Theme Park
MITSUI MINING: 10 Directors to Resign
NAGOYA RAILROAD: R&I Assigns BBB+ Rating
SHINHAN BANK: S&P Rates US$250M Junior Sub Notes 'BB+'

SOGO BUILDING: Real Estate Firm Enters Rehab
TOSHIBA CORPORATION: Separates Telecom System Business
TWO AND ONE: Files Rehab Proceedings


K O R E A

ASIANA AIRLINES: Selling Assets to Cut Debt
DAEWOO INTERNATIONAL: Debt Workout Program Success Likely
HANARO TELECOM: Shares Up 7.2% on AIG Investment
HANARO TELECOM: Expects Deal With AIG Group Next Week
HYNIX SEMICONDUCTOR: Shares Up 4% on Asset Sale Report

HYUNDAI MOTOR: S&P Assigns Proposed Senior Notes 'BB+'
SK GLOBAL: SK Group Owner Contributes W100B


M A L A Y S I A

AOKAM PERDANA: Defaulted Payment Status Remains Unchanged
CHASE PERDANA: Employees' Share Option Scheme Implemented
HOTLINE FURNITURE: Implementing Proposed Restructuring Scheme
KEMAYAN CORPORATION: Unit Receives Writ of Summons From SBB
NCK CORPORATION: August Defaulted Payment Hits RM171.923M

NCK CORPORATION: Restructuring Scheme Implementation Underway
PARIT PERAK: Moratorium Period Extended For A Year
PENAS CORPORATION: Oct 10 PMSB Winding Up Petition Hearing Set
RNC CORPORATION: PRS Implementation Period Extended Until Oct 16
SATERAS RESOURCES: Removed From Official List by Monday

SOUTHERN STEEL: KLSE Grants Conversion Listing Today
TAJO BHD: Provides Defaulted Payment Status Update
TAT SANG: Provides Litigation Hearing Dates
TIMBERMASTER INDUSTRIES: In the Midst of Scheme Implementation
WING TIEK: Proposed Restructuring Scheme Circular Dispatched


P H I L I P P I N E S

NATIONAL BANK: Sells Nearly P50M in Idle Assets
PHILIPPINE LONG: Pays Preferred Cash Dividends


S I N G A P O R E

FB TRADING: Issues Intended Preferential Payment Notice
LEE SERVICE: Places Firm Under Judicial Management
MARLEX MARKETING: Releases Notice of Judicial Management Order
PISCES CHAIN: Issues First and Final Dividend Notice
REGION AIR: Issues Notice of Winding Up Order


T H A I L A N D

BANGCHAK PETROLEUM: Posts ESM No. 1/2003 Resolutions
SUN TECH: SET Posts "NP" Sign for F/S Submission Failure
TELECOMASIA CORPORATION: Informs of Directors Resignation
THAI ENGINE: Seeks Six-Month F/S Submission Extension
THAI MILITARY: Clarifies H103 Audited Operating Results

UNION MOSAIC: Convertible Debenture Details Revised

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Allots 11,296 Ordinary Shares at A$5.59/Share
----------------------------------------------------------
AMP advised the allotment of 11,296 ordinary shares at A$5.59
per share.

Purpose of the issue: the shares were issued pursuant to the AMP
               International Employee Share Ownership Plan.
Date of Issue: 01/09/2003
Number of shares on issue: 1,523,406,254

The Troubled Company Reporter - Asia Pacific reported last month
that AMP Limited incurred a bottom line loss of A$2,159 million,
reflecting the impact of write-downs and restructuring costs
announced on 1 May 2003.


ANALYTICA LIMITED: Takeovers Panel Receives SSH's Application
-------------------------------------------------------------
The Panel has received an application from SSH Medical Limited
dated 1 September 2003 alleging unacceptable circumstances in
relation to an off-market scrip bid by Analytica Limited for all
the shares in SSH Medical (Bid).

SSH Medical alleges that unacceptable circumstances arise as a
result of:

   * various conditions in Analytica's bidder's statement of
which the market was not informed when the Bid was announced on
22 July 2003; and

   * various omissions from, and misstatements in, the bidder's
statement. SSH Medical asserts that these detract from an
informed market where SSH shareholders know the identity of all
persons proposing to acquire SSH shares.

The Panel has not yet sought the views of other persons
potentially involved in the application and has therefore formed
no views on the application.

The President of the Panel has yet to appoint a sitting Panel to
consider the application.

CONTACT INFORMATION: George Durbridge,
        Director, Takeovers Panel
        Level 47 Nauru House, 80 Collins Street
        Melbourne VIC 3000
        Ph: +61 3 9655 3553
        george.durbridge@takeovers.gov.au


DOWNER EDI: Adds $130M in New Business Through CPG Singapore
------------------------------------------------------------
Downer EDI Limited (Downer EDI) is pleased to announce its
involvement in a number of new projects, valued at approximately
$130 million over several years, in engineering consulting,
project management and facilities management in the Asian
region.

These projects, which exclude a major environmental
infrastructure project announced on 7 May 2003, are those that
have been awarded to Downer EDI's wholly owned subsidiary CPG
Corporation (CPG) in the Asian region for the period April
through July 2003 (CPG became part of Downer EDI on 1 April
2003).

The work includes consultancy and project management services to
capital projects worth $2.5 billion and facilities management
contracts of $65 million over several years (including those in
joint venture with AMEC).  The projects include:

   - Design and quantity surveying consultancy for the Putuo
District Wuning Road commercial complex in Shanghai, China (CPG
Consultants);

   - Design and engineering consulting for the proposed Taj
Expressway, Uttar Pradesh in India (CPG Consultants);

   - Consultancy to the Marmaray project - Bosphorus Crossing 1,
Istanbul, Turkey, as part of a Singapore Government aid program
(CPG Consultants);

   -Project management of two large projects in China, the EXPO
and Cultural Center in Suzhou, near Shanghai (CPG Consultants);

   - Proposed 2-year term contract (1 year optional) for
maintenance of foreshore structures in Singapore (CPG Facilities
Management);

   -Three-year contract (plus 3 year option) for facilities
management services to the Civil Aviation Authority of
Singapore's Changi Airport Terminal 1 (in association with
AMEC); and

   -One-year contract (plus 3 year option) for facilities
management of the National University of Singapore (in
association with AMEC).

Commenting on the successes, Managing Director of Downer EDI, Mr
Stephen Gillies, said the new contracts in and outside of
Singapore clearly demonstrate CPG's capacity to win new business
outside of current moratorium opportunities.

"Following on from earlier announcements, Downer EDI's committed
sales book now totals $6 billion, and if we were to include
projects where we are in contract preferred positions, the sales
book stands at $6.3 billion," Mr Gillies said.

On July 14, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings, the international rating agency,
has assigned a Senior Unsecured rating of 'BBB-' to Downer EDI
Limited (Downer). The rating Outlook is Stable.


ERG LIMITED: Rome Contract Favorably Restructured
-------------------------------------------------
ERG Limited announced Wednesday that it has reached agreement
with ATAC, the operator of the Rome public transport system, to
restructure the contract between the parties. The restructure
will result in the return of approximately $46 million in cash
to ERG in the short term, the elimination of approximately $7
million in annual depreciation charges and the continued
involvement in the operation of the system for eight years. The
terms of the new relationship are as follows:

   * ATAC will purchase the public transport ticketing hardware,
with the exception of the central clearing house, from ERG for a
consideration of $36.2 million. On signing of the contracts
$28.5 million is due, with the remainder due in two installments
within six months. ATAC has pre-arranged external bank financing
for this purchase.

   * ERG and ATAC will establish a new company ("Newco") that
will operate the ticketing system. ERG will own 30% of Newco and
will contribute approximately $3.1 million in cash to the new
entity.

   * Newco will purchase the rights to use ERG's software for
$10.1 million payable in cash on signing of the contracts. ERG
will also receive an annual software maintenance fee of $1.9
million for a period of eight years.

   * In return for operating the system, Newco will receive an
annual fee from ATAC of 7.85% of all transit fares processed by
the system. This operating contract has an initial term of eight
years, with the annual fee estimated to be in the range of $35-
40 million.

   * ERG will be paid an additional $5.1 million for software
engineering services to be supplied over the next 12 months.
The contract documents are expected to be completed within two
months.

ERG currently owns the fare collection equipment installed in
Rome and carries the asset on its balance sheet. The asset is
being depreciated at an annual rate of $6.8 million over the
term of the existing operating contract. The sale to ATAC will
remove these assets from ERG's balance sheet, while eliminating
the depreciation charges moving forward. The profit and loss
impact of the asset sale and software rights transaction is
expected to be neutral, although the removal of depreciation
will contribute positively in future periods. The contract
restructure follows the announcement on 16 April 2003 that ERG
would proceed with the second phase of the Rome project, the
expansion of the system into the surrounding Lazio region. The
Lazio installation is expected to generate revenues of $43
million for ERG over an 18 month period.

As a result ERG will receive a total of approximately $100 -
$110 million from the restructure with ATAC and proceeding with
the Lazio agreement.


GOLD RIBBON: Former Solicitor Banned
------------------------------------
The Supreme Court of Queensland has banned Mr Garry Raymond
Howes, a former Tasmanian solicitor and director of the failed
company Gold Ribbon (Accountants) Pty Ltd (GRA), from managing a
corporation for five years.

The ban follows an investigation by the Australian Securities
and Investments Commission (ASIC) into the actions of Mr Howes.

His Honor Justice Dutney found that Mr Howes failed to exercise
a degree of care and diligence in his position, improperly used
his position to gain a personal advantage and that his behavior
was a contributing factor to the ultimate failure of GRA.

GRA operated as Gold Ribbon Accountants Funding Programmed, a
Melbourne-based lender that provided approximately $25 million
in finance to accounting practices.

GRA was placed into liquidation when a number of loans defaulted
and it was unable to repay a loan facility originally held with
the Colonial State Bank.

ASIC alleged that Mr Howes failed to exercise the required care
and diligence by:

   * authorizing loans on the basis of incorrect information or
insufficient enquiries into the viability of the borrower;

   * creating a fictitious debtor list to support a loan
applications and paying interest on the loans to avoid detection
by the bank;

   * failing to ensure that procedures for processing loan
applications were reasonably carried out;

   * failing to hold necessary meetings to control the business.

ASIC further alleged that Mr Howes failed to act in good faith
by failing to declare his interest in certain loan applications.

In addition, ASIC alleged that Mr Howes used his position to
gain a personal advantage or cause a detriment to the company,
by obtaining funding through GRA for his own purposes and
seeking out applicants that were not suitable borrowers.

GRA's appointed liquidators, Mr Grant Sparks and Raymond
Richards of Sims Partners in Brisbane, have filed proceedings in
the Supreme Court of Queensland seeking compensation from Mr
Howes and his co-directors.


ROEHAMPTON RESOURCES: Case Finalized Against Former Director
------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
noted Wednesday the decision of the Commonwealth Director of
Public Prosecutions (CDPP) to enter a nolle prosequi against Mr
Michael John MacDermott, in relation to two counts of insider
trading in the shares of Roehampton Resources NL (Roehampton),
which went under voluntary administration on May 13, 1996.

These were counts, which the jury in a recent trial could not
reach a verdict.

On 1 August 2003 Mr MacDermott was sentenced to 18 months in
jail, fully suspended, after being found guilty on six counts of
insider trading in the shares of Roehampton.

The court ordered a retrial on the two counts on which the jury
could not reach a verdict. The effect of the CDPP's decision is
that the retrial will not proceed.


UNLEYCAL PTY: Former Director Sentenced to Jail
-----------------------------------------------
The Australian Securities and Investments Commission (ASIC)
sentenced Mr Christopher Beresford James on September 1 in the
Adelaide District Court to two years and six months jail in
relation to 23 charges arising from an investigation.

Mr James is to be released after serving six months imprisonment
upon entering into a bond for $1,000 to be of good behavior for
two years.

The charges were laid by ASIC following an investigation into
the affairs of car dealer, Unleycal Pty Ltd (Unleycal), which
traded as Unley Mitsubishi, and Unleycal (Wholesale) Pty Ltd.

Mr James, of Unley, South Australia, is a director of both
companies, which went into liquidation with a total deficiency
of assets against liabilities of $3,807,119.

ASIC alleged that Mr James dishonestly used his position as an
officer of Unleycal (Wholesale) to gain an advantage for
Unleycal and Unleycal (Wholesale).

ASIC alleged that Unleycal Wholesale, through the conduct of Mr
James, failed to account for $506,300 received from sales of 23
motor vehicles to its banker as required by the bail agreement,
and retained the proceeds of the sale of the vehicles for Unley
Mitsubishi's own use.

"People involved in the management of companies must act
honestly in the discharge of their duties and ensure that their
decisions and conduct are in the best interests of the company,
rather than improperly benefiting themselves or anyone else,"
ASIC's Director Enforcement, Mr Mark Steward said.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.


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


ASIA GLOBAL: Court Fixes November 10 Chapter 7 Bar Date
-------------------------------------------------------
Kathleen Farrell-Willoughby, Clerk of Court for the Bankruptcy
Court of the Southern District of New York, relates that as a
result of the administration of the Asia Global Crossing
Debtors' estate, a dividend to creditors appears to be possible.

Accordingly, Ms. Willoughby informs all creditors of AGX Debtors
that they must file a Proof of Claim, whether or not the debt is
included in the list of creditors the Debtors filed, on or
before November 10, 2003. However, if the creditor has an
existing Proof of Claim filed, no further filing is required.
This notice gives all claimants the opportunity to share in any
distribution. (Global Crossing Bankruptcy News, Issue No. 46;
Bankruptcy Creditors' Service, Inc., 609/392-0900)


EVER GLORY: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Ever Glory Nationwide Business Co.
Limited is set for hearing before the High Court of Hong Kong on
September 17, 2003 at 9:30 in the morning.

The petition was filed with the court on July 30, 2003 by 30th
day of July 2003 present to the said Court by Bank of China
(Hong Kong) Limited of 14th Floor, Bank of China Tower, 1 Garden
Road, Central, Hong Kong.


KWONG SANG: 2003 Net Loss Widens to HK$95.674M
----------------------------------------------
The Kwong Sang Hong International Limited released its Results
Announcement Summary for the year ending November 30, 2003:

Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors

                                                 (Unaudited)
                              (Unaudited)        Last
                               Current            Corresponding
                               Period             Period
                               from 1/12/2002     from 1/12/2001
                               to 31/5/2003       to 31/5/2002
                               Note  ('000)       ('000)
Turnover                           : 122,294            24,940
Profit/(Loss) from Operations      : (9,864)            1,562
Finance cost                       : (4,395)            (805)
Share of Profit/(Loss) of
  Associates                       : 1,134              (1,572)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (95,674)           (3,625)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0997)           (0.0038)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (95,674)           (3,625)
Interim Dividend                   : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Interim Dividend                 : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1.      Basis of presentation and comparative figures

The condensed financial statements have been prepared in
accordance with the applicable disclosure requirements of
Appendix 16 to the Rules Governing the Listing of Securities on
the Stock Exchange of the Hong Kong Limited and Statement of
Standard Accounting Practice (SSAP) 25 "Interim Financial
Reporting" issued by the Hong Kong Society of Accountants.

The condensed financial statements have been prepared under the
historical cost convention, as modified for the revaluation of
investment properties and investments in securities. The
accounting policies adopted are consistent with those followed
in the preparation of the Group's annual financial statements
for the year ended 30th November, 2002, except as described
below.

During the period, the Group has adopted SSAP 12 (Revised)
"Income Taxes" in advance of its effective date.  The principal
effect of the implementation of SSAP 12 (Revised) is in relation
to deferred tax.  SSAP 12 (Revised) requires the adoption of a
balance sheet liability method, whereby deferred tax is
recognized in respect of all temporary differences between the
carrying amounts of assets and liabilities in the condensed
financial statements and the corresponding tax bases used in the
computation of taxable profit, with limited exceptions.  In the
absence of any specific transitional requirements in SSAP 12
(Revised), the new accounting policy has been applied
retrospectively.  This change in accounting policy has resulted
in an increase of accumulated losses of HK$19,807,000 as at 1st
December 2002.

2.      Turnover

Turnover represents the aggregate of the amounts received and
receivable from sales of properties, property rental income and
cosmetics goods sold to outside customers less returns.

3.      Staff expenses and depreciation

                                Six months ended 31st May,
                                2003                 2002
                                HK$'000           HK$'000

Staff expenses
- Selling & marketing expenses  (34)            (130)
- Administrative expenses       (1,976)         (2,434)
- Directors' emoluments         (471)           (402)
                                ---------       ---------
                                (2,481)         (2,966)
                                ========        ========
Depreciation
- Selling & marketing expenses  -               (48)
- Administrative expenses       (63)            (22)
                                ----------      ---------
                                (63)            (70)
                                =========       ========

4.      Other operating expenses

                                Six months ended 31st May,
                                2003                 2002
                                HK$'000           HK$'000

Allowances on receivables       (1,622)         (4,870)
Legal expenses in respect of lawsuits
                                (3,898)         (1,846)
Loss on disposal of investment properties
                                (73)            -
                                ----------      ----------
                                (5,593)         (6,716)
                                =========       ==========

5.      Investment (loss) income
                                Six months ended 31st May,
                                2003    2002
                                HK$'000 HK$'000
Unrealized holding (loss) gain on other investments
                                (806)   1,408
Interest income                 805     1,509
Dividend income - unlisted investment
                                -       1,006
                                -----   -------
                                (1)     3,923
                                =====   ======

6.      Other losses

                                Six months ended 31st May,
                                2003    2002
                                HK$'000 HK$'000

Impairment loss on interests in associates
- amounts due from associates   (87,788)   (3,869)
                                =========  ========

8.      Taxation
                                Six months ended 31st May,
                                2003    2002
                                HK$'000 HK$'000
                                        (restated)
The credit (charge) comprises:
Deferred tax                    (490)   (2,696)
                                -----   -------
Current tax
Company and subsidiaries
- Hong Kong
current year                    (578)   (796)
overprovision in prior years    2,542   5
                                -----   ------
                                1,964   (791)
- Other than Hong Kong          (93)    -
                                -----   ------
                                1,871   (791)
                                ------  ------
Associates
- Hong Kong                     (103)   (80)
- Other than Hong Kong          62      (15)
                                -----   ------
                                (41)    (95)
                                -----   ------
                                1,340   (3,582)
                                =====   =======
Hong Kong Profits Tax has been provided for at the rate of 17.5%
(six months ended 31st May, 2002: 16%) on the estimated
assessable profits for the period. Taxation on profits of
subsidiaries and associates arising outside Hong Kong has been
provided for in accordance with the relevant local
jurisdictions.

        Deferred tax has been provided for at the rate that is
expected to apply in the period when the liability is settled or
the asset is realised.

9.      Loss per share

        The calculation of the basic loss per share is based on
the loss transfer to reserves for the period of HK$ 95,674,000
(six months ended 31st May, 2002 (restated): HK$3,625,000) and
on 959,899,416 (as at 31st May, 2002: 959,899,416) ordinary
shares in issue throughout the period.


SHIMAO CHINA: Narrows 2003 Operations Loss to HK$4.051M
-------------------------------------------------------
Shimao China Holdings Limited announced issued a summary of its
financial statement for the year ending December 341, 2003:

Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
                                                  (Unaudited)
                               (Unaudited)        Last
                               Current            Corresponding
                               Period             Period
                               from 1/1/2003      from 1/1/2002
                               to 30/6/2003       to 30/6/2002
                               Note  ('000)       ('000)
Turnover                         : 5,672              12,236
Profit/(Loss) from Operations    : (4,051)            (148,752)
Finance cost                     : (2,667)            (2,695)
Share of Profit/(Loss) of
  Associates                     : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities    : 60,888             N/A
Profit/(Loss) after Tax & MI     : 44,577             (151,447)
% Change over Last Period        : N/A       %
EPS/(LPS)-Basic (in dollars)     : 0.0539             (0.2342)
         -Diluted (in dollars)   : N/A                N/A
Extraordinary (ETD) Gain/(Loss)  : N/A                N/A
Profit/(Loss) after ETD Items    : 44,577             (151,447)
Interim Dividend                 : NIL                NIL
  per Share
(Specify if with other           : N/A                N/A
  options)
B/C Dates for
  Interim Dividend               : N/A
Payable Date                     : N/A
B/C Dates for (-)
  General Meeting                : N/A
Other Distribution for           : N/A
  Current Period
B/C Dates for Other
  Distribution                   : N/A

Remarks:

1.      Adoption of Revised Accounting Policy

In the current period, the Group has adopted, for the first
time, the revised SSAP 12 "Income Taxes" (SSAP 12 (Revised)).
The principal effect of the implementation of SSAP 12 (Revised)
is in relation to deferred tax.

SSAP 12 (Revised) requires the adoption of a balance sheet
liability method, whereby deferred tax is recognized in respect
of all temporary differences between the carrying amount of
assets and liabilities in the financial statements and the
corresponding tax basis used in the computation of taxable
profit, with limited exceptions. The adoption of SSAP 12
(Revised) has not had any material impact on the financial
statements. Accordingly, no prior period adjustment has been
required.

2.      Earnings (Loss) Per Share

The calculation of basic earnings (loss) per share is based on
the net profit for the period of approximately HK$44,577,000
(2002: loss of HK$151,447,000) and the weighted average of
827,625,000 (2002: 646,606,000) ordinary shares in issue during
the period.

No diluted earnings per share is presented as the Company did
not have any dilutive potential ordinary shares in issue.

For the six months ended 30 June, 2002, the computation of
diluted loss per share has not assumed the exercise of the
potential ordinary shares since their exercise would result in a
reduction in loss per share.


STABLE WIDE: Sept 24 Winding Up Hearing Scheduled
-------------------------------------------------
The High Court of Hong Kong will hear on September 24, 2003 at
9:30 in the morning the petition seeking the winding up of
Stable Wide Development Limited.

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong filed the petition on
August 6, 2003. Koo and Partners represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Koo and
Partners, which holds office on the 21/F., Bank of China Tower
No. 1 Garden Road, Central Hong Kong.


YOBBO COMPANY: Winding Up Petition Set for Hearing
--------------------------------------------------
The petition to wind up Company Limited is scheduled for hearing
before the High Court of Hong Kong on September 17, 2003 at 9:30
in the morning.

The petition was filed with the court on July 30, 2003 by Bank
of China (Hong Kong) Limited of 14th Floor, Bank of China Tower,
1 Garden Road, Central, Hong Kong.


YUE XIANGL: Winding Up Sought by River Trade
--------------------------------------------
River Trade Terminal Company Limited is seeking the winding up
of Yue Xiang Freight Agency Co. Limited. The petition was filed
on August 16, 2003, and will be heard before the High Court of
Hong Kong on September 24, 2003 at 10:00 in the morning.

River Trade holds its registered office at 5th Floor, Terminal
Building, 201 Lung Mun Road, Tuen Mun, New Territories, Hong
Kong.


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


BANK RAKYAT: Capital Problem Unsolved
-------------------------------------
The initial public offering (IPO) of PT Bank Rakyat Indonesia,
which may dispose only 30% shares at most, is still waiting for
the settlement of the legality of the capital that comes from
the World Bank's loan and quasi reorganization on the loss
accumulation during the banking crisis, Bisnis Indonesia
reports, citing BRI Financial Director Wayan Alit Antara.

He admitted that the government's capital, the two-step loans,
required legal basis change from the Minister of Finance Decree
to the Governmental Regulation. However, he didn't know the
exact amount of the government's capital.

"The capital has been added since 1994. There are several
decrees of the Minister of Finance, but not all should be
changed into the Governmental Regulation. Our legal department
is handling this," Wayan added.

The public hearing, which was led by Vice Chairman of Commission
IX Faisal Baasir, finally approved to use some of the funds
obtained from the IPO to strengthen BRI's capital, and some
others to go to the State Budget.

In the meeting, the management also promised the House they
would finish the privatization process in the mid-November 2003.
"It is because entering the second half of November, the stock
market will close its book and, as a result, will be in bearish
condition."

On the same occasion, Chief Director of BRI Rudjito stated that
by the end of September, the IPOs could be registered to Capital
Market Supervisory Agency. "Approximately in the last weeks of
September."


* IBRA Offers Stock Holding in 137 Companies; PPAI 3 Commences
--------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) announced
Tuesday the commencement of the Investment Assets Sales Program
Phase 3 (PPAI 3) that will be conducted in 2 batches.

PPAI 3 batch 1 -includes the assets from the frozen banks (BBO &
BBKU) and taken over banks (BTO)- will offer 262 property units
consisting of land banks, buildings, stores etc; together with
stock holding in 6 companies namely PT Antang Gunung Meratus,
Minarak Labuan Ltd., Bakrie Energy Ltd., PT Multikarsa
Investama, PT Eficorp Sekuritas and PT Asuransi Prima Perkasa.
It also offer 2 investment assets from Ex BJDA Bank Nusa
Nasional consisting of PT Bakrie Finance and Bakrieland
Development.

On this stage, IBRA allows investors to register from 28 August
2003 until 16 September 2003. PPAI 3 batch 1 is expected to
close on 23 October 2003. Bid submission will be held on 17
September 2003.

PPAI-3 batch 2 offers the assets pledged by shareholders through
the Shareholder Settlement in a form of Master of Settlement and
Acquisition Agreement (MSAA) and Master of Refinancing Note
Issuance Agreement (MRNIA). Total of 86 shares are under seven
(7) holding companies. They are 2 companies under PT Tunas
Sepadan Investama; 19 companies under PT Arya Mustika Mulia
abadi; 23 companies under PT Bentala Kartika abadi; 20 companies
under PT Holdiko Perkasa; 11 companies under PT Kiani Wirudha; 1
company under PT Cakrawala Gita Pratama; 9 companies under PT
Hoswarya Persada; 1 company ex-MSAA Sudwikatmono; and 43
companies from frozen banks (BBO,BBKU), taken over banks (BTO)
and recapitulated banks; with 12 unit properties in a form of
land banks, buildings, stores etc.

The registration started on 28 August 2003 until 7 October 2003
and it expected to be closed on 31 October 2003. The bid
submission will be held on 8 October 2003.

These assets comprise shares, convertible bond and other
liabilities of the companies that are directly or indirectly
owned by IBRA, and properties.

The assets offered in PPAI 3 represent companies that are mainly
operating in line of business of tire industry, petrochemicals,
cigarette producers, cassette manufacturer, multi industry,
financial services, properties and industrial estates,
cosmetics, distributor, car lease and computer rental. Edible
oil, plywood, logging & plantation, catering, trading, textile &
garment, glue & chemical, cold storage, securities, contractor,
rice and shoes distributor.

The winner will be determined based on its highest bid above the
floor price and with acceptable terms and conditions to
IBRA/Holdco.

The Assets being offered are in `as is' basis. IBRA/Holdco will
not give any warranty except the ownership of the Assets.

PPAI 3 is one of IBRA's efforts to contribute to the State
Budget 2003 amounting to Rp26 trillion.


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


ASAHI KAIHATSU: Golf Course Enters Rehab
----------------------------------------
Asahi Kaihatsu K.K., which has total liabilities of 46 billion
yen against a capital of 200 million yen, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The golf course is located in Shinjuku-ku, Tokyo, Japan.


HUIS TEN: Nomura Set to Sponsor Theme Park
------------------------------------------
Nomura Principal Finance Co., the investment arm of the Nomura
Securities group will acquire the failed Huis Ten Bosch Co.,
operators of the Huis Ten Bosch theme park in Sasebo, Nagasaki
Prefecture, Kyodo News reported on Wednesday. Nomura Principal
apparently outbid three other potential buyers with a total
investment offer exceeding 30 billion yen. Huis Ten Bosch's
court-appointed trustees and Nomura are expected to formalize
the deal in October after working out final details.


MITSUI MINING: 10 Directors to Resign
-------------------------------------
All ten directors of Mitsui Mining Co. will resign without
retirement compensation once the Industrial Revitalization Corp
of Japan (IRCJ) officially decides to acquire the liabilities of
the firm, Asia Times reports, citing Company President Shuji
Nishino. The announcement came after the IRCJ decided to extend
assistance to the ailing mining Company. While the successors
have not been determined, the management team will likely be
drawn from the IRCJ and outside firms.


NAGOYA RAILROAD: R&I Assigns BBB+ Rating
----------------------------------------
Rating and Investment Information, Inc. (R&I) has assigned the
following ratings of Nagoya Railroad Co. Ltd. as follows:

Long-term Debt
New Issue (Issued under the Shelf Registration scheme)
R&I RATING: BBB+

RATIONALE:

Combining rail and bus routes based on the Nagoya Main Line, the
transportation business of the Nagoya Railroad Group (Meitetsu
Group) consists of a transport network that covers almost the
entire Chukyo area. The scheduled opening of the Central Japan
International Airport in 2005 is also positive news for the
Company's railroad business. Access to the new airport will be
via an extension to Meitetsu's Tokoname Line and Meitetsu will
be the sole provider of rail access. With plans to connect the
new airport to Meitetsu Shin-Nagoya Station in under thirty
minutes with an airport limited express train, the airport
access line can be expected to be a stable source of earnings
for the Company.

Under the three-year Meitetsu Group New Medium-Term Management
Plan, Meitetsu formulated plans to concentrate management
resources in the Chubu region. However, the Company will accord
its travel and trucking businesses exceptional treatment, with
plans to continue operating these businesses on a national
scale. Both of these businesses suffer from conspicuous
differences in size and earnings potential compared with the top
companies in the industries and the gap is widening each year.
Furthermore, several major commercial buildings are due to open
in the area around JR Nagoya Station in 2007 and trends in risks
faced by their retail business, which includes Meitetsu
Department Store, will require attention.

On the other hand, its three Inuyama businesses (Littleworld,
Meijimura and Monkey Center), the main enterprises of its
leisure business, have shifted to a low cost operation system.
Preparations are also underway for the Company's withdrawal from
unprofitable hotels and rural lines in the railroad business.
Consequently, the total assets of the Meitetsu Group will
gradually shrink with the shedding of these unprofitable
businesses. At the same time, R&I forecasts that
interest bearing debt will also decline.

R&I RATINGS:

ISSUER: Nagoya Railroad Co., Ltd. (TSE Code: 9048)
Long-term Debt
New Issue (Issued under the Shelf Registration scheme)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 31 Sep 11, 2003 Sep 11, 2008 Yen 10,000

Notes/Financial covenants:

1) Negative pledge clause, which covers other unsecured domestic
bonds the firm issued or may issue in the future, except those
with a change of security status clause.


SHINHAN BANK: S&P Rates US$250M Junior Sub Notes 'BB+'
------------------------------------------------------
Standard & Poor's Ratings Services on Tuesday assigned its 'BB+'
rating to Shinhan Bank's (BBB/Stable/A-2) proposed US$250
million junior subordinated notes (Upper Tier II capital) to be
priced this week and to be drawn down from its US$2.0 billion
global medium term note program.

The two-notch differential between Shinhan's counterparty rating
and the rating on the proposed notes reflects the deferability
of coupon payments, the terms and conditions of the proposed
subordinated notes, and the overall financial status of the
bank.

The rating on Shinhan reflects its relatively good asset quality
and stable profitability. Shinhan's ratio of gross problem
credit (classified as precautionary or below) to total credit
rose slightly to 4.15% at June 2003 from 2.91% at December 2002,
but remains one of the lowest among Korea's major banks. The
rating on Shinhan also takes into account its relatively stable
performance since the Asian financial crisis in the late 1990s.

Any significant change in the credit profile of Shinhan
Financial Group Co. Ltd. would flow through to Shinhan. If
events at one of the subsidiaries within the Shinhan Financial
Group, including Chohung Bank (BBB-/Stable/A-3), lead to
significant changes in the group's credit profile on a
consolidated basis, this would also affect the ratings on
Shinhan.

In addition, Korea's sluggish macro economy could prolong the
length of time Korean banks incur losses on unsecured credit
extended to households, and increase credit costs on lending to
small and midsize companies.


SOGO BUILDING: Real Estate Firm Enters Rehab
--------------------------------------------
Sogo Building K.K., which has total liabilities of 52.7 billion
yen against a capital of 1 billion yen, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The real estate firm is located in Chiyoda-ku, Tokyo, Japan.


TOSHIBA CORPORATION: Separates Telecom System Business
------------------------------------------------------
Toshiba Corporation (hereafter called Separation Company) has
decided to separate its telecommunication system business
serving the private sector, as conducted by the
telecommunication Systems Division, a division of Separation
Company's Social Network & Infrastructure Systems Company
(hereinafter called Separation Business), one of its in-house
companies, on January 1st, 2004. The Separation Business
includes development, design, manufacture and sales of
telecommunications systems business serving the private sector,
with the exception of those of optical fiber submarine cable
systems and FWA (Fixed Wireless Access). On the same date, the
Separation Business is to be succeeded by Toshiba Communication
Systems Corporation (hereafter called the 'Successor Company').

1. Purpose of separation

By making the Separation Business independent and transferring
it to the Successor Company, Separation Company aims to pursue
more efficient and speedy management, as well as establishing
comprehensive management through all business processes, from
product planning, development, design, manufacture, sales and
installation, to maintenance services. Therefore, this
separation will enable the Separation Business to further pursue
enlarged scale and profitability, becoming more market-oriented
and able to achieve the early launch of more cost competitive,
higher quality products, based on technological core competence
in IP-based visual communications networks, radio communications
and voice switching know-how.

2. Outline of the Separation

(1) Schedule

  September 2, 2003     Approval of signing of separation
agreement

  September 8, 2003     Signature of separation agreement:
  January 1, 2004       Date of separation (plan)
  January 5, 2004       Registration of Corporate Separation
(Plan)


(2) Method of separation

    1) Method of separation

   Corporate Separation ('Kaisha-Bunkatsu' under the term of the
Japanese Commercial Code) is applied. Separation Company
separates the Separation Business and transfers it to the
Successor Company, in accordance with the process for Corporate
Separation admitted under the Japanese Commercial Code.
Separation Company follows 'Simplified Corporate Separation'
method, which does not necessitate any resolution at the
shareholders' meeting.

   2) Reason for selecting this method

   This method was chosen to transfer the relevant businesses
efficiently.

(3) Allocation of shares

   -Share allocation rate

    Successor Company will allocate 200 shares to the Separation
Company.

   -Successor Company is a wholly owned subsidiary of the
Separation Company and this separation method is of the type in
which shares are issued by the Successor Company following the
Corporate Separation, and allocated to the Separation Company.
The allocation was agreed by the parties concerned in light of
the assets and liabilities to which successor Company will
succeed, and its corporate value.

(4) Cash subsidy

There will be no cash distribution.

(5) Legal rights and obligation to be succeeded (Plan)

All assets, liabilities, rights and obligations relating to the
Separation Business as of the date of separation, except assets
specified and agreed by the parties, will be transferred.

(6) Forecast of fulfillment of obligation

Separation Company and Successor Company will be able to meet
all their obligations.

(7) Newly appointed directors and corporate auditors of
Successor Company

None.

According to TCR-AP, Toshiba Corporation posted a group net loss
of 36.8 billion yen for the three months ended June 30, double
its loss in the year-earlier period.

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


TWO AND ONE: Files Rehab Proceedings
------------------------------------
Resona Holdings, Inc. (Resona HD) announced that Two and One
Co., Ltd., which is a customer of its subsidiary banks, Resona
Bank, Ltd. (Resona Bank," President: Masaaki Nomura) and The
Kinki Osaka Bank, Ltd. (Kinki Osaka Bank," President: Kunitsugu
Hara), filed an application for commencement of civil
rehabilitation proceedings with the Osaka District Court. As a
result of this development, there arose a concern that the
claims to the Company may become irrecoverable or their
collection may be delayed. Details were announced as follows:

1. Outline of the Company

(1) Corporate name Two and One Co., Ltd.
(2) Address 5-4 Kitahorie 1-chome, Nishi-ku, Osaka-shi
(3) Representative Nariie Kaneko
(4) Amount of capital 450 million yen
(5) Line of business Wholesale of golf equipment

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of civil
rehabilitation proceedings with the Osaka District Court on
August 27, 2003.

3. Amount of Claims to the Company

Exposure of Resona Bank Loans: 1.3 billion yen
Exposure of Kinki Osaka Bank Loans: 0.8 billion yen
Other banking subsidiaries of Resona HD, Saitama Resona Bank and
Nara Bank have no claims to the Company.

4. Impact of This Development on the Forecasted Earnings of
Resona HD

The expected amount of loss arising from this development is
estimated to be approximately 1 billion yen. With respect to the
previously announced earnings forecasts, we will announce a
revision immediately after it becomes possible to estimate the
possible impact of the due diligence etc., which is being
implemented at the moment.

The press release is located at
http://www.resona-hd.co.jp/e-ir/pdf/i_01/030901_1a.pdf


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


ASIANA AIRLINES: Selling Assets to Cut Debt
-------------------------------------------
Asiana Airlines Inc., a unit of Kumho Group, plans to sell its
assets for 258.3 billion won (US$219.8 million), as a part of
the group's restructuring plans, according to Reuters. The
airline also plans to scale back unprofitable international
routes. Kumho, which holds interests in airline carrier,
tiremaker, building and insurance firms, has been under
financial stress due to its heavy debt load following its
expansionary drive.


DAEWOO INTERNATIONAL: Debt Workout Program Success Likely
---------------------------------------------------------
Daewoo International Corporation (DIC), the former trading arm
of the now-bankrupt Daewoo business group, is likely to graduate
from debt-rescue programs that were arranged by the firm's
creditors, Digital Chosun said on Tuesday.

Lee Tae-yong, the President of DIC, said the auditors would
conduct due diligence on the firm in order to proceed with the
graduation. As the Company expects the procedures to go
smoothly, the firm is certain that it will be independent of its
creditors before the end of this year.


HANARO TELECOM: Shares Up 7.2% on AIG Investment
------------------------------------------------
South Korea's second-largest broadband services provider jumped
7.2 percent to 3,785 won after a group of investors led by
American International Group purchased 585 billion won (US$498.2
million) in new shares in the cash-strapped Company, according
to Reuters. The over-the-counter Kosdaq rose 1.3 percent to
50.18.


HANARO TELECOM: Expects Deal With AIG Group Next Week
-----------------------------------------------------
Hanaro Telecom Inc. expects to sign a deal with AIG and
Newbridge Capital, perhaps next week, to receive a US$500
million investment, JoongAng Daily reported Wednesday.

The contract will become effective if Hanaro shareholders
approve it at a meeting scheduled for September 21. But the road
may be bumpy, as LG Group, Hanaro's largest shareholder, opposes
the deal. LG, which wants to take control of Hanaro, is sticking
to its plan for issuing 500 billion won worth of new shares
domestically. If shareholders do not approve the deal, Hanaro
will have to pay US$2.5 million in indemnity to the consortium.


HYNIX SEMICONDUCTOR: Shares Up 4% on Asset Sale Report
------------------------------------------------------
Hynix Semiconductor shares soared four percent to 8,290 won on
Monday, boosted by a report that it was seeking a preliminary
agreement with Citigroup Inc. to sell non-core assets in mid-
September, according to Reuters.

Hynix said it has been talking with overseas investors,
including the U.S. financial group, to sell non-memory chip
operations but declined to confirm a report by the Digital Times
that it had signed a letter of intent last week.

The benchmark Korea Composite Stock Price Index (KOSPI) was up
0.37 percent to 762.28.

DebtTraders reports that Hyundai Semiconductor's 8.250% bond due
in 2004 (HYUS04KRS1) trades between 87 and 91. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS04KRS1


HYUNDAI MOTOR: S&P Assigns Proposed Senior Notes 'BB+'
------------------------------------------------------
Standard & Poor's Ratings Services on Tuesday had assigned its
'BB+' rating to the proposed senior notes due 2008 to be issued
by Hyundai Motor Co.'s (BB+/Positive/--) special purpose company
Equus Cayman Finance Ltd. under Rule 144A. The notes are
unconditionally and irrevocably guaranteed by Hyundai Motor.

The rating on Hyundai is supported by the company's dominant
position in Korea's automobile market and its ability to
withstand the current downturn in the U.S. and European auto
markets. The rating also reflects potential benefits from
Hyundai's alliance with DaimlerChrysler AG.

The positive outlook on the corporate rating reflects the
likelihood of improvement in the credit quality of Hyundai over
the next few years, backed by its combined leading position in
the domestic auto market and improving brand image overseas,
achieved through the introduction of higher-quality models.

Standard & Poor's expects the consolidated operating margin of
Hyundai to remain at about 6%-7% in the medium term. Cash flow
is expected to remain satisfactory, with funds from operations
to total debt (adjusted for captive finance debt) in the range
of 55%-65%. The group's cash flows should also exceed its
relatively high capital investment requirements, including
spending on the construction of an assembly plant in the U.S.


SK GLOBAL: SK Group Owner Contributes W100B
-------------------------------------------
Chey Tae-won, the de facto owner of SK Group who is now in jail
for accounting fraud, will contribute 100 billion won in private
wealth to help normalize the ailing SK Global, the Korea Times
reported recently. Chey decided to offer part of his shares in
unlisted firms taken by creditors as security, including a 40
percent stake in Sheraton Grande Walkerhill Hotel and three
venture firms.

The value of Chey's stake in the Walkerhill Hotel is estimated
at around 100 billion won. Chey handed over his stakes in all SK
units to creditors after the disclosure of book rigging at SK
Global. Chey owns 7.5 percent of SKC, 6.84 percent of SK
Chemical, 0.11 percent of SK Corp. and 3.31 percent of SK
Global, along with 44.5 percent of SK C&C and 40 percent of
Sheraton Grande Walkerhill Hotel, which are both unlisted.

In June, Chey was sentenced to three years in jail for his
involvement in illegal insider trading and for ordering the
manipulation of financial statements to stash millions of
dollars.


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


AOKAM PERDANA: Defaulted Payment Status Remains Unchanged
---------------------------------------------------------
Aokam Perdana Berhad refers to the PN 1 announcement dated 1
August 2003 and wishes to announce that there are no material
changes in the financial situation of the Company and that the
issue of continual default remains unresolved.

Aokam wishes to further announce that an event of default in
payment of the interest in respect of the restructured creditors
of the Aokam Group as detailed in Table A at
http://bankrupt.com/misc/TCRAP_Aokam0904.docwill occur
effective 9 September 2003.


CHASE PERDANA: Employees' Share Option Scheme Implemented
---------------------------------------------------------
In compliance with Chapter 9.19 of the Listing Requirements of
the Kuala Lumpur Stock Exchange (KLSE) and on behalf of the
Board of Directors of Chase Perdana Berhad, Southern Investment
Bank Berhad is pleased to announce that the Proposals of CPB
have been completed. The Proposals consists of Proposed Debt
Restructuring Scheme and Proposed Employees' Share Option Scheme
(ESOS).

The Proposed Debt Restructuring Scheme was completed with the
listing of and quotation for CPB consolidated shares, existing
CPB warrants as well as the new CPB shares and Redeemable
Convertible Preference Shares issued pursuant to the Proposed
Debt Restructuring Scheme on 28 July 2003. Accordingly, CPB was
taken out of Practice Note 4/2001 status and reclassified to the
Construction sector in the Second Board of the KLSE on the same
date.

The Proposed Employees' Share Option Scheme was implemented on
28 August 2003.


HOTLINE FURNITURE: Implementing Proposed Restructuring Scheme
-------------------------------------------------------------
The Board of Directors of Hotline Furniture Berhad wishes to
announce that the Company is in the midst of implementing the
Proposed Restructuring Scheme.

In addition, HFB had on 22 August 2003 entered into the
following agreements for the Proposed Debt Settlement:

   (i) a Debt Restructuring Agreement (DRA) entered into by HFB,
the Financial Institution Creditors and Mahajaya to formalize
the Proposed Debt Settlement; and

   (ii) a Put and Call Option and Shares Charge Agreement (Put &
Call Option Agreement) entered into by the Financial Institution
Creditors, the Option Holders, i.e. Tan Ming Wai and Tan Ming
Ban and AmTrustee Berhad for the Put and Call Option
Arrangement.

Further details on the DRA and the Put and Call Option
Agreements can be referred to the Troubled Company Reporter -
Asia Pacific Thursday, August 28 2003, Vol. 6, No. 170 issue.


KEMAYAN CORPORATION: Unit Receives Writ of Summons From SBB
-----------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad (KCB)
informed that its subsidiary, Coral Land Corporation Sdn Bhd
(CLCSB) had on 27th August 2003 received a Writ of Summons from
Southern Bank Berhad (SBB), which act as an agent and trust deed
holder for OCBC Bank (Malaysia) Berhad (OCBC), AmBank Berhad
(formerly known as Arab-Malaysian Bank Berhad) (AmBank) and
itself for the following claims against CLCSB and KCB:

   1. the total sum of RM18,793,770.79 as at 20 January 2003;

   2. interest at the rate of 1.75% per annum plus 6.4% (being
base lending rate) on the total principal of RM7,134,403.94 plus
1.0% per annum on the outstanding sum of RM3,656,468.15 on daily
rest from 21 January 2003 until the date of full payment;

   3. interest at the rate of 2.5% per annum plus 6.4% (being
base lending rate) on the amount of RM3 million and thereafter
interest charges thereon at the rate of 3.5% plus 6.4% (being
base lending rate) per annum on the amount of RM5,002,898.70
from 21 January 2003 until the date of full payment;;

   4. cost; and

   5. such other relief as the Honorable Court may deem fit and
proper.

The claim is in respect of Syndicated Credit Facilities amounted
to RM50 million provided by SBB as per Facility Agreement dated
19 April 1996, in which CLCSB has defaulted the total payment of
RM18,793,770.79 as at 20 January 2003 as claimed by SBB. KCB has
provided corporate guarantee for the above facilities.

The financial and operation impact on the Group is not expected
to be significant as provision has been made in the CLCSB's
account. Hence, no further material expected loss to the Group
is anticipated.

CLCSB and KCB are currently undergoing a corporate and debt
restructuring scheme.

CLCSB is engaging solicitors to defense the claim.


NCK CORPORATION: August Defaulted Payment Hits RM171.923M
---------------------------------------------------------
In compliance with Practice Note 1/2001, NCK Corporation Berhad
(Special Administrators Appointed) wishes to announce the
following with regards to the status of credit facilities on
which the NCK Group has defaulted in payment since the Company's
previous announcement dated 1 August 2003.

Total borrowings on which the NCK Group has defaulted in payment
stood at RM171,923,413 as at 31 August 2003 compared to
RM170,479,910 as at 31 July 2003, an increase of RM1,443,503 due
to interest accrued for the month of August 2003.


NCK CORPORATION: Restructuring Scheme Implementation Underway
-------------------------------------------------------------
Further to the announcements dated 1 November 2002 and 20
November 2002 as announced by Alliance Merchant Bank Berhad, NCK
Corporation Berhad (Special Administrators Appointed) announced
that following the approvals received from the Securities
Commission, the Foreign Investment Committee and the Ministry of
International Trade and Industry for its Restructuring Scheme,
the Restructuring Scheme is currently being implemented by the
Company.

Further to an application made by Alliance Merchant Bank Berhad
on 5 May 2003, the Securities Commission had on 22 May 2003
approved an extension of six (6) month to 15 November 2003, for
the Company to implement the Proposed Restructuring Scheme.

In addition, further to an application made by Alliance Merchant
Bank Berhad on 30 June 2003 on behalf of the Company, the
Securities Commission had on 3 July 2003 approved for an
additional two (2) months to 13 September 2003 to complete the
investigative audit by Messrs Horwath.

Any further developments to the Restructuring Scheme will be
announced in due course.


PARIT PERAK: Moratorium Period Extended For A Year
--------------------------------------------------
On 30 August 2002, Parit Perak Holdings Berhad had announced
that on even date, Mr Patrick Chew Kok Bin, Mr Alvin Tee Guan
Pian and Encik Zulkharnain Bin A Rahim of Messrs Anuarul Azizan
Chew & Co (Special Administrators) had been appointed as the
Special Administrators of PPHB by Pengurusan Danaharta Nasional
Berhad (Danaharta) pursuant to Section 24 of the Act.

Further, a moratorium period of twelve (12) months from 30
August 2002 to 29 August 2003 pursuant to Section 41(3) of the
Act was imposed.

On behalf of PPHB, Alliance Merchant Bank Berhad (Alliance)
wishes to announce that the Special Administrators had on 29
August 2003 received a letter from Danaharta notifying that the
moratorium period pursuant to Section 41(3) of the Act is now
extended for a further period of twelve (12) months from 30
August 2003 to 29 August 2004.


PENAS CORPORATION: Oct 10 PMSB Winding Up Petition Hearing Set
--------------------------------------------------------------
The Board of Directors of Penas Corporation Berhad announced the
following details in relation to the winding-up petition against
Penas Management Sdn Bhd (PMSB), a wholly-owned subsidiary
company of PENCORP as follows:

   1) The winding-up petition was served on PMSB on 4 August
2003;

   2) The petitioner is claiming from PMSB for the amount of
RM27,047.67 together with an interest of 8% per annum on the
said amount from the date of debts outstanding, which was on 27
June 1998 until the date of settlement and the legal cost of RM
1,050.00;

   3) Failure by PMSB to settle the said amount has prompted the
petitioner to file the winding-up petition against PMSB;

   4) The total cost of investment of Pencorp in PMSB is RM21.8
million;

   5) The financial and operational impact for the aforesaid
petition on the company is immaterial as its audited accumulated
losses as at 31 December 2002 is RM273.9 million;

   6) The expected losses is limited to the claimed amount as
mentioned in item 1;

   7) PMSB has taken legal steps and legal advice as advised by
the legal advisor; and

   8) The date of hearing of the winding-up petition is on 10
October 2003, at 9:00 am.


RNC CORPORATION: PRS Implementation Period Extended Until Oct 16
----------------------------------------------------------------
Reference is made to paragraph 4.1 (b) of the Practice Note.
4/2001 on the status of RNC Corporation Berhad's plan to
regularize its financial condition on monthly basis until
further notice from the Exchange.

Reference is also made to the "First Announcement" on 19
February 2001 on the Proposed Corporate and Debt Restructuring
Scheme (PRS), the previous Monthly Status Announcements since
1st March 2003 and also all the announcements pertaining to the
PRS.

The Company and its advisers, OSK Securities Berhad have
submitted the proposed modifications to the PRS to the
Securities Commission (SC), Foreign Investment Committee (FIC),
Ministry of International Trade and Industry (MITI) and Federal
Economic Planning Unit (EPU) on 18 April 2003 for their
approvals. As at to-date, the Company had received approvals
from MITI and EPU through their letters dated 10th June 2003 and
3rd July 2003 respectively.

SC had via its letter dated 16th May 2003, extended the period
until 16th October 2003 for the implementation of the PRS.


SATERAS RESOURCES: Removed From Official List by Monday
-------------------------------------------------------
Further to the announcement made on 4th August 2003 pursuant to
Paragraph 4.1b of the Practice Note No. 4/2001 in relation to
Paragraph 8.14 of the Listing Requirements, the Board of
Directors of Sateras Resources (Malaysia) Berhad wishes to
announce the development as follows:

1. Ministry of International Trade and Industry had approved the
Proposed Restructuring Scheme via its letter dated 21st August
2003 subject to further approvals from Foreign Investment
Committee and Securities Commission.

2. Kuala Lumpur Stock Exchange, on 22nd August 2003, notified
the removal of the Securities of Sateras from the Official List
of the KLSE at 9:00 a.m. on Monday, 8th September 2003. The
Company against the Exchange's decision on 25th August 2003 made
an appeal.

In view of the Appeal, the Exchange had informed on 26th August
2003 that the KLSE Committee shall defer the removal of the
Securities of Sateras pending the decision on Appeal.


SOUTHERN STEEL: KLSE Grants Conversion Listing Today
----------------------------------------------------
Kindly be advised that Southern Steel Berhad's additional
612,716 new ordinary shares of RM1.00 each issued pursuant to
the Conversion of RM631,100 Nominal Amount of Irredeemable
Convertible Unsecured Loan Stocks 2003/2008 into 612,716
Ordinary Shares of RM1.00 Each (Conversion) will be granted
listing and quotation with effect from 9:00 a.m., Thursday, 4
September 2003.

According to Wrights Investors' Service, at the end of 2002,
Southern Steel Berhad had negative working capital, as current
liabilities were RM860.14 million while total current assets
were only RM506.10 million. It also reported that company has
paid no dividends during the last 12 months. Southern Steel
Berhad last paid a dividend during fiscal year 1997, when it
paid dividends of 0.10 per share.


TAJO BHD: Provides Defaulted Payment Status Update
--------------------------------------------------
Tajo Berhad (Tajo) is pleased to provide an update on the
details of all the facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001.  Details are as per
Table 1 at http://bankrupt.com/misc/TCRAP_Tajo0904.pdf.

A) REASON FOR DEFAULT IN PAYMENT

Due to the slowdown in the regional economy in general and the
construction and building industry specifically following the
financial crisis in late 1997, the cashflow generated from
operations was not sufficient to service the interest and
principal obligations to the lenders as and when they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

Reference is made to the announcements dated 30 July 2003, 26
June 2003, 30 May 2003, 29 April 2003, 28 March 2003, 28
February 2003, 30 January 2003, 31 December 2002, 29 November
2002, 29 October 2002, 1 October 2002, 30 August 2002, 30 July
2002, 26 June 2002, 31 May 2002, 26 April 2002, 29 March 2002,
26 February 2002, 31 January 2002, 28 December 2001, 21 November
2001, 22 October 2001, 12 September 2001, 16 August 2001 and 5
July 2001.

On 10 October 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced their appointment as Tajo's Adviser
with regards to Tajo's revised plans to regularize its financial
condition pursuant to PN4. In the same announcement, it was also
announced that an application for an extension of time pursuant
to Paragraph 5.1(c) of PN4 has been made to KLSE on 10 October
2001 as the deadline granted by KLSE to enable Tajo to make a
resubmission of its regularization plans to the relevant
authorities for approval was on 10 October 2001.

On 1st November 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced that KLSE via its letter dated 1
November 2001, has granted its approval for an extension of time
from 11 October 2001 to 28 February 2002 to enable Tajo to:

   1. Revise its regularization plan;
   2. Make a revised Requisite Announcement to KLSE; and
   3. Submit its revised plan to the regulatory authorities for
approval.

Further to the above, Tajo is also required to provide KLSE with
detailed progress reports on the development and/or latest
status of its regularization plan in accordance with the
following schedule:

   1st progress report by 15 November 2001;
   2nd progress report by 15 December 2001;
   3rd progress report by 15 January 2002; and
   4th progress report by 15 February 2002.

On 15 November 2001, Public Merchant Bank Berhad, on behalf of
Tajo, submitted the 1st progress report on the developments and
latest status of Tajo's regularization plan to KLSE. On 14
December 2001, the 2nd progress report was submitted to KLSE and
subsequently, the 3rd progress was submitted to KLSE on 14
January 2002. The fourth progress report was submitted on 15
February 2002.

On 28 February 2002, Public Merchant Bank Berhad, on behalf of
Tajo announced that Tajo is still in the process of evaluating
and negotiating with its potential "white knights", which forms
an integral part of its regularization plans. In view of that,
Public Merchant Bank Berhad on behalf of Tajo announced that
Tajo is unable to make the revised requisite Announcement by 28
February 2002. As such, Public Merchant Bank Berhad, on behalf
of Tajo, had written to KLSE on 26 February 2002 for an
extension of time of three (3) months from 28 February 2002 for
Tajo to make the revised Requisite Announcement.

On 11 April 2002, Tajo announced that, KLSE, on even date, did
not approve Tajo's application for a further extension and
imposed a suspension on the securities of the Company pursuant
to paragraphs 8.14 and 16.02 of the listing requirements. The
suspension took effect on 19 April 2002.

Tajo's Requisite Announcement was made via Public Merchant
Berhad on 10 June 2002 to the KLSE. Tajo has 2 months to submit
their proposal to the Securities Commission for approval wherein
the Securities Commission has up to 4 months to revert. With the
Requisite Announcement being made, the issue of the KLSE not
approving the extension of time is no longer relevant.

On 9 August 2002, Public Merchant Bank Berhad, on behalf of
Tajo, made an application to the Kuala Lumpur Stock Exchange
(KLSE), for the KLSE's approval to grant an extension of a
further one (1) week up to 16 August 2002 for Tajo to submit its
plan to regularize its financial condition to the relevant
authorities, in compliance with paragraph 5.1 (b) of PN4.

On 14 August 2002, PMBB, on behalf of Tajo, announced that an
application for the Proposed Restructuring Exercise had been
made to the relevant authorities, namely the Securities
Commission, The Foreign Investment Committee and the Ministry of
International Trade and Industry.

The KLSE, has via its letter dated 26 September 2002, granted
its approval for an extension of time for a further one (1) week
from 9 August 2002 to 16 August 2002, for Tajo to submit its
plan to regularize its financial condition to the relevant
authorities.

On 8 October 2002, PMBB on behalf of Tajo announced that the
Ministry of International Trade and Industry (MITI) has, via its
letter dated 8 October 2002, approved Tajo's Proposed
Restructuring Exercise. Tajo is required to consult MITI on
Tajo's equity conditions within a period of three (3) years from
the date of MITI's approval on 8 October 2002. In addition, Tajo
is required to inform MITI upon full implementation of the
Proposed Restructuring Exercise.

On 16 October 2002, PMBB on behalf of Tajo announced that the
Foreign Investment Committee (FIC) has, via its letter dated 3
October 2002, which was received on 16 October 2002, approved
Tajo's Proposed Restructuring Exercise. The approval from FIC is
subject to Mithril Berhad (Newco) set up for the purposed of the
Restructuring Exercise) meeting the minimum Bumiputra
requirement of 30% upon listing on the KLSE. In addition,
Tajo/Mithril is required to inform FIC upon full implementation
of the Proposed Restructuring Exercise.

The Securities Commission via their letter dated 24 December
2002 which was received on 27 December 2002 by PMBB, approved
the Proposals in the Proposed Restructuring Exercise as proposed
subject to certain variations and conditions.

On 23 January 2003, PMBB, on behalf of Tajo, announced that PMBB
had on 23 January 2003, submitted an appeal to the Securities
Commission. The Securities Commission via their letter dated 3
March 2003 had rejected the appeal. More information on the
appeal can be view on our announcement dated 6 March 2003.

The vendors have deliberated on the Securities Commission's
decision and from the deliberation, the vendors of Saferay (M)
Sdn Bhd, namely, Mr. Ong Kah Huat and Mr. Cheong Chee Yun, and
the vendors of the subsidiary parcels in Menara MAA Kota
Kinabalu and Menara MAA Kuching, namely Malaysian Assurance
Alliance Berhad (MAA), have accepted all other terms and
conditions imposed by the Securities Commission.

However, MAA and Tokojaya Sdn Bhd (Tokojaya), being the vendors
of the properties mentioned below have decided not to proceed
with the injection of the said properties into Tajo as part of
the proposed restructuring exercise.

The properties that will not be injected into Tajo are as
follows:

1. Property held under MAA

Five (5) pieces of freehold land in area totaling 23,839 square
feet with a 13 storey retail/office building erected thereon,
comprising 3 levels of retail space, 5 levels of car park and 5
levels of office space with an appropriate total area of 233,685
square feet known as "Menara MAA " located in Penang

2. Property held by Tokojaya

Sixteen (16) parcels of commercial space situated on the
Mezzanine. Eighth and Tenth Floors with an appropriate total
area of 34,996 square feet together with 47 units of basement
carpark bays forming part of an 11 storey office building with 3
basement car park known as "Menara MAA" located in Kota
Kinabalu.

PMBB on behalf of the Board of Directors of Tajo informed the SC
on 21 April 2003 of exclusion of properties (1) and (2) above.

On 28 August 2003, PMBB on behalf of Tajo announced that they
had also sought the approval of the SC for the following:

   (i) To issue a total of RM119,700,000 comprising RM59,000,000
of RCSLS and RM60,700,000 of ICULS instead of the proposed
issuance of RM105,300,000 of RCSLS and RM60,700,000 of ICULS
totaling RM166,000,000; and

   (ii) The approval for the utilization of an additional
RM9,100,000 the Company proposes to raise from the Proposed
RCSLS Issue as working capital for Tajo/Mithril.

Further, on 25 July 2003, PMBB, on behalf of the Board of
Directors of Tajo, submitted an application to seek an extension
of time from the SC to procure the release of the guarantors on
the credit facility amounting to RM6,555,000 offered to Saferay
(Saferay Guarantors) only upon the admission and quotation of
the Mithril Shares on the Second Board of the Kuala Lumpur Stock
Exchange (KLSE).

In this regard, PMBB, on behalf of the Board of Directors of
Tajo, is pleased to announced that the SC had via its letter
dated 25 August 2003, approved the following:

   (i) The exclusion of the Proposed MAAKK 2 Acquisition and
Proposed MAA Penang Acquisition from the Proposed Restructuring
Exercise;

   (ii) The issuance of RM59,000,000 of RCSLS as compared to
RM105,300,000 of RCSLS;

   (iii) The revised utilization of the proceeds raised from the
issuance of the RCSLS and ICULS;

   (iv) The listing and quotation for RM59,000,000 of RCSLS as
compared to the original proposal of RM105,300,000 of RCSLS on
the Second Board of the KLSE;

   (v) The release of the Saferay Guarantors only upon the
admission and quotation of the Mithril Shares on the Second
Board of the KLSE.

The SC's approval for (v) above is subject to Mithril providing
the SC with a written undertaking to procure the release of the
Saferay Guarantors within a period of one (1) month from the
date of the admission and quotation of the Mithril Shares on the
Second Board of the KLSE.

Other than the above, PMBB/Tajo/Mithril have been informed by
the SC that all other conditions previously imposed by the SC
are still effective.

In compliance with one of the conditions imposed by the
Securities Commission in its approval letter for the Proposed
Restructuring Exercise dated 24 December 2002, Tajo had on 21
February 2003 appointed an audit firm, Messrs. Anuarul, Azizan,
Chew & Co. to conduct an investigative audit on the Group, which
is to be completed within 6 months from the date of appointment.
PMBB, had on behalf of Tajo, made an application for the
extension of time on 15 August 2003 to the SC, seeking its
approval for an extension until 31 October 2003 for AAC to
complete the investigative audit on Tajo. The approval from SC
is still pending.

As part of the SC's approval for the Proposed Restructuring
Exercise, the SC had approved the application from MAA Holdings
Berhad, Malaysian Assurance Alliance Berhad and MAA Credit Sdn
Bhd (MAAH Group) for an exemption from the obligation to
undertake a mandatory offer for the remaining voting shares in
Mithril Berhad (Mithril) not already held by them upon
completion of the Proposed Restructuring Exercise under Practice
Note 2.9.3 of the Malaysia Code on Take-Overs and Merger 1998
(Code), subject, inter-alia to the following condition imposed
by SC being met:

   (i) MAAH Group is 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 the warrants held by them
(Proposed Exemption). The shareholders approvals, if obtained,
are valid for the duration of the warrants.

In this regard and as announced on 29 July 2003, the independent
directors of Tajo had appointed Southern Investment Bank Berhad
as the Independent Adviser for the Proposed Exemption.

The company is currently in its implementation stage of the
Proposed Restructuring Exercise.

Any new developments on the Company's plan to regularize its
financial condition will be announced in due course.

C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS

The estimated total outstanding as at 31 July 2003, in relation
to the payments, which are in default and are the subject matter
of the restructuring scheme is RM200,175,585.

Since Tajo is either the principal borrower or the guarantor for
these loans, Tajo is liable for the full amount and any further
interest and financial cost levied there or until the settlement
of these debts.

D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS
OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER

Tajo's bonds were unsecured.

E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER

As a debenture holder pursuant to the secured loans made by MAA
to Tajo, MAA is empowered to appoint a receiver or receiver and
manager.

F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE; AND

The facilities listed above represent all the borrowings of the
Tajo Group, and as a result of the Proposed Restructuring
Exercise "have not been serviced" (interest and principal) since
December 1998. As such they are all technically in default.

The creditors who are part the recent Proposed Restructuring
Exercise have however refrained from serious legal action other
than those, which have been disclosed in our Annual Report and
Circulars as well as Announcements, since they have voted
unanimously in favor of the Proposed Scheme of Arrangement on 15
August 2000.

Pursuant to the above, the Company had on 18 June 2003 announced
that it has received a Notice pursuant to Section 218 of the
Companies Act 1965 (the Notice) dated 9 June 2003 which was
issued and served on a subsidiary of the Company namely, Alpha
Glow Sdn Bhd (the Defendant) by Messrs N. K. Tan & Rahim on
behalf of their client, AFFIN-ACF Finance Berhad (the
Plaintiff).

In the announcement, it was also stated that there is no
material impact on the operational and financial position of the
Company arising from the Notice in view that the Defendant has
ceased operations and the creditor has no recourse against the
Company or any of its subsidiaries other than the Defendant.


TAT SANG: Provides Litigation Hearing Dates
-------------------------------------------
Further to the announcement dated 31 July 2003, Tat Sang
Holdings Berhad provided an update on the details of all banking
facilities, which are currently in default as per attached Table
1 at http://bankrupt.com/misc/TCRAP_TatSang0904.doc.

The Company wishes to inform that the hearing date of the
following legal suits are fixed as follow:

1. Standard Chartered Bank(M) Berhad - vs- Mercuries & Muar
Wooden Furniture Mfg Sdn Bhd(MMWF) at Kuala Lumpur High Court

Suit No : D5-23-1051-2001
Decision : The above suit case, which came up for Decision of
the Plaintiff's Application for Summary Judgment on the 1st
August 2002. The Senior Assistant Registrar allowed the
Plaintiff's application and recorded Summary Judgment against
all the defendants. The Solicitors had on 11 April 2003 lodged
the Appeal against the decision of the Learned High Court Judge
to the Court of Appeal. The Company is currently awaiting the
notes of proceedings and the grounds of judgment of the High
Court to file the Record of Appeal.

2. Malayan Banking Berhad (MBB) - vs- MMWF at Muar High Court

Suit No : 23-108-2001
Decision :. Based on the outcome of the hearing on 10 October
2002, the solicitors have managed to set aside the aforesaid
Summary Judgment against all the Defendants. As the dispute is
on the amount claimed by MBB, Interlocutory Judgment was instead
entered by consent with amount to be assessed before the Senior
Assistant Registrar based on the rate as specified in the letter
of offer dated 19 August 2000. MBB will not be able to enforce
or execute the aforesaid Interlocutory Judgment until the amount
to be calculated is agreed upon by the parties

On 09 May 2003, the plaintiff's application for assessment of
the amount due has been adjourned by the court to enable the
plaintiff to recalculate the same based on the original rates as
stated in the letter of offer dated 19 August 2000 without
subsequent variations. The court has fixed the next hearing on
12 September 2003.

3. Bumiputra-Commerce Bank Berhad - vs - MMWF at Muar High Court
Suit No : 23-76-2001

Hearing date :The hearing for the application for summary
judgment was fixed on 21 February 2002, later was fixed to 20
June 2002 and 15 August 2002. Later the application was fixed
for decision on 23 August 2002.

Decision : The Judgment was obtained on 23 August 2002, the
plaintiff's application for Summary Judgment against the
defendants were allowed by the Senior Assistant Registrar.
Notice of Appeal was filed and the hearing date was fixed on 9
December,2002.

On 19 May 2003, the High Court Judge in Chambers has dismissed
the appeal with costs to the Respondent and decided that there
was no triable issues or questions of law which may prohibit the
Plaintiff/Respondent from maintaining the judgment obtained
against the Company under Order 14 application for the sum of
RM4,992,000 together with interest of 8.0% p.a.. The Solicitors
have filed the Notice of Appeal to the Court of Appeal, Malaysia
on 16 June 2003. The solicitor filed the record of appeal on 11
August 2003. On 30 June 2003, the Company received a Statutory
Demand Letter dated 27 June 2003 (the said date), to fully
realize the judgment sum with interest within 3 weeks from said
date. Notice was also given that upon expiry of the 3 weeks
period, a winding-up proceedings will be commenced against the
TSHB without further reference. However, we had proposed to
present the Company's restructuring scheme, which expected to be
ready in mid August 2003 to prevent further action from BCBB.

4. Bank Pembangunan & Infrastruktur Malaysia Bhd ("BPIMP")- vs -
MMWF & TSHB

Suit No : 23-54-2002
Status of the suit : Memorandum of Appearance was filed on 25
July 2002 and the solicitors had filed in defense on 8 August
2002. Hearing date for summary judgment was fixed on 28 November
2002. The BPIMP had filed an application for Summary Judgment
under Order 14 of the Rules of the High Court 1980 together with
the necessary affidavit in support of application for the
aforesaid sum. The hearing date was fixed on 16 January 2003,
later postponed to 20 February 2003 and subsequently to 20 March
2003.

Decision : Base on the outcome of the hearing dated 20 March
2003, Judgment has been entered against MMWF & TSHB. The
Solicitors have filed the appeal to the Judge in Chambers and
the hearing was fixed on 16 June 2003. The hearing of the appeal
is now fixed on 23 September 2003.


TIMBERMASTER INDUSTRIES: In the Midst of Scheme Implementation
--------------------------------------------------------------
Pursuant to Practice Note No. 4/2001 in relation to paragraph
8.14 of the Revamped Listing Requirements, Timbermaster
Industries Berhad (Special Administrators Appointed)
wishes to announce the following:

On 17 July 2003, Aseambankers Malaysia Berhad, on behalf of TMIB
and Leweko Resources Berhad (LRB), had sought the approval from
the Kuala Lumpur Stock Exchange (KLSE) on the following in
relation to the Proposals:

   (a) Shortening of the period of the Notice of Book Closure
Date for the Proposed Capital Reconstruction and Proposed
Renounceable Offer for Sale Shortening the period of the Notice
of Book Closure Date from not less than twelve (12) clear market
days to four (4) clear market days.

   (b) Listing of and quotation for the LRB Shares on the KLSE
upon completion of the Proposals Listing of and quotation for
the ordinary shares of RM1.00 each in LRB on the KLSE upon
completion of the Proposals instead of one (1) market day after
the Book Closure Date for the Proposed Renounceable Offer for
Sale.

   (c) Exemption for the Provisional Letter of Offer (PLO)
arising from the Proposed Renounceable Offer for Sale to be
traded on the KLSE Exemption for the trading of LRB's PLO on the
KLSE.

   (d) Shortening of the period between the Book Closing Date
and the Closing Date for the receipt of applications for and
acceptance of the Proposed Renounceable Offer for Sale
Shortening the period between the Notice of Book Closure Date to
the Book Closing Date from not less than twenty-two (22) clear
market days to ten (10) clear market days.

   (e) Extension of time of six (6) months to comply with
paragraph 3.05 of the LR Extension of time of six (6) months
from the date of listing of the LRB Shares to meet the
requirement on the public spread.

KLSE has via its letter dated 26 August 2003 approved the
applications set out in (a) to (d) above. In respect of the
application set out in (e) above, KLSE has advised that it is
still considering the application and would revert in due
course.

Further to the above, all parties concerned are still in the
midst of implementing TMIB's proposed restructuring scheme as
approved by the Securities Commission on 2 December 2002.


WING TIEK: Proposed Restructuring Scheme Circular Dispatched
------------------------------------------------------------
Further to the announcement made on 1 August 2003 in relation to
the monthly announcement on the status of Wing Tiek Holdings
Berhad's plan to regularize its financial condition under
Practice Note 4/2001.

The Board wishes to inform that the Explanatory Statement and
Circular to Shareholders for the Proposed Corporate and Debt
Restructuring Scheme was dispatched to the Shareholders on 30
August 2003 to convene the Meeting of Members pursuant to an
order of the High Court of Malaya and an Extraordinary General
Meeting scheduled to be held on 24 September 2003.


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


NATIONAL BANK: Sells Nearly P50M in Idle Assets
-----------------------------------------------
Partly state-owned Philippine National Bank (PNB) sold nearly 50
million pesos of foreclosed and idle real estate properties
during its first public auction held on Thursday, Dow Jones
reported recently. Despite the steep discounts and guaranteed
financing offered by PNB, the public only snapped up half of the
60 properties in the auction.

An official from auction consultant CB Richard Ellis
Philippines, however, said the auction showed a demand for
"realistically-priced" properties. In July, the bank appointed
CB Richard Ellis as its auction consultant/manager to sell some
of its PHP75 billion of non-performing assets.


PHILIPPINE LONG: Pays Preferred Cash Dividends
----------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) said its board
approved the declaration of a 1-peso cash dividend to preferred
series B, F, Q, V, and Z shares, according to Down Jones on
Wednesday. Owners of the preferred shares as of record date
September 16 are eligible to receive the dividend, which is
payable September 30. The board also approved a PHP1 cash
dividend to holders of preferred series E, K, O, and U as of
record date September 25. The dividend is payable October 31.


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


FB TRADING: Issues Intended Preferential Payment Notice
-------------------------------------------------------
FB Trading Pte Ltd. issued a notice of intended preferential
payment as follows:

Name of Company: FB Trading Pte Ltd (In Liquidation).

Address of Registered Office: c/o The Liquidator's Office.

Last day for receiving Proofs: 23rd September 2003.

Name of Liquidator: Mr Don M Ho, CPA.

Address: c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705.
Tel: 6532 0320 (8 lines).
Fax: 6532 0331.


LEE SERVICE: Places Firm Under Judicial Management
--------------------------------------------------
Notice is hereby given that a petition for placing Lee Service
Construction Pte Ltd under the judicial management of judicial
managers by the High Court was on the 21st day of August 2003,
presented by the Directors (pursuant to a resolution of the
board of directors) and the said Petition is directed to be
heard before the Court at 10.00 in the morning on Friday, the
12th day of September 2003, and Chee Yoh Chuang and Lim Lee Meng
of Messrs Chio Lim & Associates have been nominated as the
Judicial Managers; and any person who intends to oppose the
making of an order under section 227 (B) (5) (b) or the
nomination of judicial managers under section 227 (B) (3) (c)
may appear at the time of the hearing by himself or his Counsel
for that purpose, and a copy of the said Petition will be
furnished to any creditor or contributory of the said Company
requiring the same by the undersigned on payment of the
regulated charge for the same.

The Petitioner's address is 31/33 Pioneer Road North, Singapore
628472.
The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.
Dated this 29th day of August 2003.

DREW & NAPIER LLC
Solicitors for the Petitioner.

Any person who intends to appear on the hearing of the said
Petition must serve on or send by post to Drew & Napier LLC,
notice in writing of his intention to do so. The notice must
state the name and address of the person, or if a firm, the name
and address of the firm, and must be signed by the person or
firm, or his or their Solicitors (if any) and must be served, or
if posted must be sent by post in sufficient time to reach the
abovenamed not later than twelve o'clock noon of the 11th day of
September 2003 (the day before the day appointed for the hearing
of the Petition).


MARLEX MARKETING: Releases Notice of Judicial Management Order
--------------------------------------------------------------
Marlex Marketing Pte Ltd issued a notice of judicial management
order on 22nd day of August 2003 an order for placing the
Company under judicial management and the relevant particulars
of the matter are given as follows:

1. Number of matter: Originating Petition No. 14 of 2003/T.

2. Date of presentation of petition: 30th July 2003.

3. Petitioners' solicitors: Messrs David Lim & Partners.

4. Date of Order: 22nd August 2003.

5. Registered Office of the abovenamed Company: 60 Martin Road,
#07-27

Trademart Singapore, Singapore 239065.
Dated this 27th day of August 2003.
Messrs DAVID LIM & PARTNERS
Solicitors for the Petitioners.


PISCES CHAIN: Issues First and Final Dividend Notice
----------------------------------------------------
Pisces Chain Store Pte Ltd releases first and final dividend
notice as follows:

Name of Company: PISCES CHAIN STORE PTE LTD.

Address of Registered Office: c/o 10 Collyer Quay #21-01
Ocean Building
Singapore 049315.

Court: High Court of Singapore.

Number of Matter: 209 of 1998.

Amount per centum: 1.7 cents per Dollar.

First and final or otherwise: Second and Final.

When payable: 4th September 2003.

Where payable: 10 Collyer Quay #23-05
Ocean Building
Singapore 049315.


REGION AIR: Issues Notice of Winding Up Order
---------------------------------------------
Region Air Pte Ltd. issued a notice of winding up order made on
the 22nd day of August 2003.

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

Messrs WONG PARTNERSHIP
Solicitors for the Petitioners.


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


BANGCHAK PETROLEUM: Posts ESM No. 1/2003 Resolutions
----------------------------------------------------
Bangchak Petroleum Public Company Limited, in reference to the
Extraordinary Shareholders' Meeting on August 29, 2003 at the
Meeting Room of Bangchak's Head Office, 210 Sukhumvit 64 Road,
Phrakanong, informed the resolutions as follows:

1. Certify the minutes of the 2003 General Shareholders'
Meeting.

2. Approve the decrease of the Company's registered capital from
Bt7,720,409,400 to Bt5,220,409,400, by canceling 250,000,000
shares which have not been issued and sold, and the outstanding
shares will be 522,040,940 shares.

3. Approve the amendment to Article 4 of the Company's
Memorandum of Association in order to be consistent with the
capital decrease.

4. Approve the Financial Restructuring Plan of the Company as
follow:;

   4.1 Approve the transfer of reserves to compensate the
accumulated loss of the Company as follows:

      A. Legal reserve   Bt547,594,555 and
      B. Share premium   Bt2,007,950,671

   4.2 Approve the decrease of the registered capital from
Bt5,220,409,400 to Bt522,040,940, by reducing the par value of
the shares from Bt10 per share to Bt1 per share, in order to
compensate the accumulated loss of the Company amounting to
Bt4,698,368,460.

   4.3 Approve the change of the par value of the shares from
Bt10 per share to Bt1 per share.

   4.4 Approve the amendment to Article 4 of the Company's
Memorandum of Association in order to be consistent with the
capital decrease in agenda 4.2 and the change of the par value
in agenda 4.3.

   4.5 Approve the increase of the Company's registered capital
from Bt522,040,940 to Bt1,682,040,940, by issuing 1,160,000,000
new common shares, having the par value of Bt1 per share.

   4.6 Approve the amendment to Article 4 of the Company's
Memorandum of Association in order to be consistent with the
capital increase in agenda 4.5.

The Board of Directors or any person authorized by the Board
shall have the authority to set and/or change the details and
conditions of the shares' issuance and offering, including any
transaction relating to he Office of the Securities and Exchange
Commission, the Securities Exchange of Thailand and any other
authority involved with the shares' issuance and offering.

   4.7 Approve the issuance and offering of convertible
debentures, secured and/or unsecured, subordinated and/or
unsubordinated, total value not exceeding Bt4,000 million or its
equivalent in any other currency, with maturity term of not
exceeding 10 years.

The debentures can be converted to the Company's common shares
pursuant to the conditions specified by the Company. The
debentures will be offered to the public and/or specific
investors and/or institutional investors, both in and/or outside
Thailand.

The offer may be made at one or several times.

The Board of Directors or any person authorized by the Board
shall have the authority to set and/or change the details and
conditions of the issuance, offering and allotment of the
convertible debentures, including any transaction relating to
the Office of the Securities and Exchange Commission, the
Securities Exchange of Thailand and any other authority involved
with the issuance and offering of the convertible debentures, as
well as to have the said convertible debentures listed in the
Securities Exchange of Thailand.

   4.8 Approve the issuance and offering of  warrants in the
amount not exceeding 260 million units, with maturity term of
not exceeding 10 years in accordance with the terms and
conditions specified by the Company. The warrants will be
offered to the public and/or specific investors and/or
institutional investors, both in and/or outside Thailand.  The
offer may be made at one or several times.

The Board of Directors or any person authorized by the Board
shall have the authority to determine the time period for the
issuance and offering of the warrants, depending on the
suitability of the marketing condition during that time. The
Board of Directors or any person authorized by the Board shall
also have the authority to set and/or change the details and
conditions of the issuance and offering of the warrants,
including any transaction relating to the Office of the
Securities and Exchange Commission, the Securities Exchange of
Thailand and any other authority involved with the issuance and
offering of the warrants, as well as to have the said warrants
listed in the Securities Exchange of Thailand.

   4.9 Approve the allotment of the newly issued shares as
follows:

     A. To allot not exceeding 300 million common shares, by
     offering to the public and/or specific investors and/or
     institutional investors, both in and/or outside Thailand.

     B. To allot not exceeding 600 million common shares to
     support the exercise of right of the convertible debentures
     issued and offered.

     C. To allot not exceeding 260 million common shares to
     support the exercise of right of the warrants issued and
     offered.

In case there are any shares remaining after the allocation for
warrant exercise or in case the Board deems it unsuitable to
issue and offer the warrants, such shares shall be offered to
the public and/or specific investors and/or institutional
investors, both in and/or outside Thailand.

The Board of Directors or any person authorized by the Board
shall have the authority to set and/or change the details and
conditions of to the issuance, offering and allotment of the
shares, including any transaction relating to the Office of the
Securities and Exchange Commission, the Securities Exchange of
Thailand and any other authority involved with the issuance and
offering of the shares, as well as to have the said shares
listed in the Securities Exchange of Thailand.

   4.10 Approve the issuance and offering of the debentures,
secured and/or unsecured, subordinated and/or unsubordinated,
total value not exceeding Bt7,000 million or its equivalent in
any other currency, with maturity term of not exceeding 10
years.

The Board of Directors or any person authorized by the Board
shall have the authority, at one or several times, to issue and
offer the debentures to replace the redeemed debentures which
have been sold shall, at any time, not exceed the total value
stipulated above. The Board of Directors or any person
authorized by the Board shall also have the authority to set
and/or change the details and conditions of the debentures'
issuance and offering, including any transaction relating to the
Office of the Securities and Exchange Commission, the Securities
Exchange of Thailand and any other authority involved with the
debentures' issuance and offering.


SUN TECH: SET Posts "NP" Sign for F/S Submission Failure
--------------------------------------------------------
The SET has posted the "NP" (Notice Pending) sign on the
securities of Sun Tech Group Public Company Limited (SUNTEC)
effective from September 1, 2003 because it has failed to submit
its annual financial statements for the period ending June 30,
2003 via the Electronic Listed Company Information Dissemination
system (ELCID) by the deadline specified by the SET.

The "NP" sign will remain posted until it discloses the required
information to investors via ELCID.


TELECOMASIA CORPORATION: Informs Directors Resignation
------------------------------------------------------
TelecomAsia Corporation Public Company Limited informed of the
resignation of Mr. Daniel C. Petri, Mr. John J. Lack and Mr.
Stephen G. Parker from being members of the Board of Directors
of the Company, effective as from 31st August 2003.

The Troubled Company Reporter - Asia Pacific reported on January
10 that TRIS Rating Co., Ltd. has affirmed the company rating at
"BBB", the ratings of its Bt11,715.40 million senior secured
debentures at "BBB" and its Bt6,750 million senior secured
partially guaranteed debentures at "A".


THAI ENGINE: Seeks Six-Month F/S Submission Extension
-----------------------------------------------------
Thai Engine Manufacturing Public Company Limited on August 13,
2003 requested a postponement of the submission of financial
statements for the second quarter of 2003 to 31st August 2003.
Recently, the Company just knew that it has to revise the
financial statements for the year-end 2002 according to SET's
letter but Churchill Pryce Planner Co.,ltd., a former Plan
Administrator, failed to informed them.

Moreover, the Official Receiver has to arrange a creditor
meeting to consider and approve a new Plan Administrator on
September 18, 2003 thus the Company needs a period of time to
revise the financial statement and let a new Plan Administrator
verify them.

For this reason, the Company further requested to postpone the
financial statements for the six months 2003 until 30th
September 2003.


THAI MILITARY: Clarifies H103 Audited Operating Results
--------------------------------------------------------
In compliance with the regulations of the Stock Exchange of
Thailand, Thai Military Bank Public Company Limited submitted to
the Stock Exchange of Thailand its audited financial statements
as at the end of 30 June 2003 as well as its advice on operating
results as follows:

"Our operations during the first half period ending 30 June 2003
resulted in a net profit of Bt1,563 million or Bt0.78 per share,
comparing with a net profit of Bt457 million or Bt0.23 per share
in the same period of the previous year. The higher net profit
was due to a decline in our interest expense and the effect of
smaller losses resulting from diminution in value of properties
foreclosed and other assets.

Additionally, our non-performing loan outstanding as at 30 June
2003 stood at Bt42,270 million or 13.55% of our total loans
before allowance for doubtful debts, which was smaller than the
non-performing loan outstanding of Bt43,197 million or 14.25% of
the total loans as at 30 June 2002."


UNION MOSAIC: Convertible Debenture Details Revised
---------------------------------------------------
The Union Mosaic Industry Public Company held its Board of
Directors Meeting No. 4/2003 on September 2, 2003at the
Company's meeting room and passed the essential resolutions that
can be concluded as:

1. The closing date of the share register book in order to
suspend the transfer of shares for specifying the right of
shareholders to book for purchasing of capital increase in term
of common shares has been set on September 29, 2003 at 12:00
noon.

2. Some essential details of convertible debentures have been
amended by canceling the original statement and replacing it
with the following statements:

"Period of time for exercising right: Debenture holder can
exercise the right to convert convertible debenture to common
shares in the last business day of every month over maturity
period of convertible debenture and the first date
to exercise the right to convert shall be November 28th, 2003.

Conversion of right to convert: When there is an event according
to the notification of The Office of the Securities and Exchange
Commission, the conversion of price in exercising the right and
rate of exercising the right to convert is allowed according to
the calculation method to be specified in the right's term."

And the other statements that have been specified in the
essential details of convertible debenture, which have not been
amended shall have the original meaning.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

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

This material is copyrighted and any commercial use, resale or
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