/raid1/www/Hosts/bankrupt/TCRAP_Public/030910.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

            Wednesday, September 10 2003, Vol. 6, No. 17

                         Headlines


A U S T R A L I A

ASHBURTON MINERALS: Closes Oversubscribed Prospectus
FROGGY GROUP: Former Director Karl Suleman Standing Trial
MILLENNIUM PROPERTY: PwC Issues Case Profile
QANTAS AIRWAYS: ACCC Rejects Proposed Alliance With ANZ
QANTAS AIRWAYS: Wins Project Management Award


C H I N A   &   H O N G  K O N G

EZCOM HOLDINGS: Cuts 2003 Net Loss to HK$11.089M
FORTUNE CAPITAL: Winding Up Hearing Scheduled in October
FUJIAN GROUP: Releases 2003 Audited Consolidated Results
I100 LIMITED: Rights Issue Prospectus Documents Dispatched
MANSION HOUSE: Circular Dispatch Further Deferred

NEO-TECH GLOBAL: Narrows 2003 Net Loss to HK$34.654M
SAME TIME: 2003 Operations Loss Swells to HK$13.921M
SKYNET (INT'L): Sees No Reason for Share Price Increase
SUI TAI: Hearing of Winding Up Petition Set
TOP FORM: Exceptional Turnover Inexplicable


I N D O N E S I A

GREAT RIVER: Issuing Rp300B Bonds for Debt Refinancing


J A P A N

ASAHI JUKEN: Real Estate Firm Enters Bankruptcy
MATSUSHITA ELECTRIC: Establishes R&D Facility in Malaysia
SOHGO BUILDING: Files for Rehab Proceedings
URBAN INDUSTRY: Real Estate Firm Enters Bankruptcy


K O R E A

HYNIX SEMICONDUCTOR: Receives Celestica Award
HYNIX SEMICONDUCTOR: Sets Up More Productive Plant
HYUNDAI MOTOR: Enters Alliance With German Firm
KIA STEEL: Drops on Capital Reduction
KOOKMIN BANK: FSS Slaps Chief With Warning

SK GLOBAL: Debtors File Motion to OK KEB, Chohung Stipulations
SK GLOBAL: Debtor's Third Motion for More Time to File Schedules


M A L A Y S I A

AYER HITAM: Faces Tax-Related Writ Of Summons From IRB
C.I. HOLDINGS: Updates Default in Interest Payment Status
CHG INDUSTRIES: Sept 25 EGM Scheduled
CSM CORPORATION: Issues Loan Repayments Status Update
GULA PERAK: AGM Fixed on September 24

KIARA EMAS: Releases Restricted, Special Issue Prospectus
KRETAM HOLDINGS: Releases Settlement Agreement Details
MYCOM BERHAD: SC Grants Proposed BAIDS Issuance Approval
PARK MAY: KLSE Grants Three-Month RA Time Extension
SETEGAP BERHAD: Winding-Up Petition Against Unit Withdrawn

TIMBERMASTER INDUSTRIES: Investigative Audit Completion Extended
TONGKAH HOLDINGS: Disposes Quoted Securities
TRANS CAPITAL: SC OKs Investigative Audit Extension Application
WIDETECH (MALAYSIA): Non-Executive Director Mohd Hmdi Retires
YCS CORPORATION: September 11 Bondholders Meeting Scheduled


P H I L I P P I N E S

MANILA ELECTRIC: Clarifies US$200M Debt Papers Issuance
UNITED COCONUT: Narrows Debt to P7B After PDIC's Fund Infusion


S I N G A P O R E

CHENG POH: Petition to Wind Up Pending
FIRST CHOON: Winding Up Hearing Set September 19
INNOCEPT CAPITAL: Releases Winding Up Order Notice
KIM SENG: Issues Notice of First & Final Preferential Dividend
NKC PTE: Issues Notice of Dividend

ORDNANCE DEVELOPMENT: Releases Winding Up Notice to Creditors


T H A I L A N D

BANGKOK RANCH: Inks Conditional Agreement With Cherry Valley
CHRISTIANI & NIELSEN: Increases Registered Capital
MILLENNIUM STEEL: Notifies Preferred Shares Conversion
MODERN HOME: Securities Trading Still Suspended
NATURAL PARK: Issues Investment Restructuring Add'l Info

SUN TECH: SET Temporarily Suspends Securities Trading

     -  -  -  -  -  -  -  -

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


ASHBURTON MINERALS: Closes Oversubscribed Prospectus
----------------------------------------------------
Ashburton Minerals Ltd wishes to announce that it has closed its
prospectus fully oversubscribed, having raised $3.5 million.
Under the prospectus, which was lodged with ASIC on 17 July
003, the Company sought to raise $3 million by offering 25
million shares at 12 cents each. A minimum subscription of $2.5
million was required, with the ability to accept
oversubscriptions up to $3.5 million.

The Company is very pleased by the strong interest shown in the
issue, both by broking houses and private investors.

The issue was not underwritten. However, particularly strong
support was proviad by Datatech Financial Services Pty Ltd, ABN
Amro Morgans Adelaide and Dalkeith Corporate Pty Ltd, for which
the company is thankful.

With the fundraising complete, a technical evaluation of the
Wirralie data has commenced, with specific initial focus on the
oxide resource database, which will be recalculated and
remodeled over the next two months as part of a mining
implementation study.


FROGGY GROUP: Former Director Karl Suleman Standing Trial
---------------------------------------------------------
Mr Karl Suleman appeared on Friday in the Downing Center Local
Court, Sydney, and was committed to stand trial on four fraud
charges arising from an investigation by the Australian
Securities and Investments Commission (ASIC).

The charges relate to ASIC's investigation into Karl Suleman
Enterprizes Pty Ltd (KSE) and the Froggy group of companies
(Froggy Group). Mr Suleman was a former director of KSE and all
the companies within the Froggy Group, including Froggy Holdings
Pty Ltd.

ASIC alleges that around 11 December 2000, Mr Suleman gave a
false bank statement to a finance broker, with the intention of
obtaining finance to purchase a Ferrari F355 Spider Convertible.

ASIC also alleges that on three separate occasions in the period
from 1 March 2001 to 16 October 2001, Mr Suleman made false
statements to finance brokers with the intention of obtaining
finance to purchase a Ferrari 360 Modena Coupe and a $3.3
million motor yacht.

KSE was placed into voluntary administration on 12 November
2001, soon after ASIC commenced proceedings before the New South
Wales Supreme Court to close down an unregistered managed
investment scheme operated by the company.  KSE and several
related companies within the Froggy Group have since been placed
into liquidation.

On 22 July 2002, Mr Suleman was ordered by the NSW Supreme Court
to pay $17.4 million in damages to KSE. On 30 July 2002, Mr
Suleman was declared bankrupt.

The matter will reappear before the District Court, Sydney, on
12 September 2003. Mr Suleman's bail has been continued. The
Commonwealth Director of Public Prosecutions is prosecuting the
matter. ASIC's investigation is continuing.


MILLENNIUM PROPERTY: PwC Issues Case Profile
--------------------------------------------
PricewaterhouseCooper (PwC) issued this case profile:

Territory   :  Australia
Company Name:  Millennium Property Holdings (Qld) Pty Ltd
Lead Partner:  Ian Hall
Case Manager:  Nicholas Carter
Date of Appointment:  4 November 2002
Normal Contact     :  Ryan Hennessey
Contact Phone No   :  (07) 3257 8114

PricewaterhouseCoopers Office

Location :  Brisbane
PO Box   :  GPO Box 150
Street Address:  Waterfront Place, 1 Eagle Street
City     :  BRISBANE
State    :  QLD
Postcode :  4001
DX       :  DX 77 Brisbane
Phone    :  (07) 3257 5000
Fax      :  (07) 3257 8004
Appointor:  Primary Industry Bank of Australia Limited
Registered Office of company:  39 Bridge Street NORTH
           ROCKHAMPTON QLD 4701
Company No/ACN:  087 352 985
Type of Appointment       :  Receiver and Manager
Lead Partner - Full Name  :  Ian Richard Hall
Second Partner - Full Name:  Peter James Hedge

Case Information (Last Updated 24/06/2003)

Time:  12:00 PM
Return time:  12:00 PM
Time:  12:00 PM
Return time:  12:00 PM
Time:  12:00 PM
Return time:  Brisbane
Time:  Brisbane

Other Key Information

Report as to Affairs received from directors:  Not received as
yet.

7/1/03

Non receipt of RATA reported to ASIC.

ASIC action underway.

Dates of trading by insolvency practitioner:  Appointed as
receiver and manager of hotel/motel on 9 October 2002.

Business sold/ceased trading :  Property under contract of sale
with settlement set down for 30/4/03.

Sale of Leo Hotel settled on 7 May 2003.

Job closure:  Following failure to sell at auction, continuing
to trade hotel/motel. Agent for sale following up on interested
parties.

Property being advertised for sale by Power Jeffrey & Co at
$345,000.

18/2/03

Joint marketing campaign underway with Power Jeffrey & Co and
Bill Lee of Hervey Bay.

24/03/03

Property under contract of sale with settlement set down for
30/4/03.

29/4/03

Awaiting settlement.

3/6/03

Settlement of Leo Hotel took place on 7/5/03.

Background Information

Owner of Leo Hotel Motel at 16 Capella Street, Clermont.
Formerly operated by G & P Franklin trading as Leo Hotel Motel.

Current status of assignment and actions required by creditors

Pre receivership creditors should contact G & P Franklin.
Receivers and Managers appointed by Bank over property and
assets of Leo Hotel Motel, Clermont - now in control of
property.
Current Manager - Mr Barry Leal.

Property to be auctioned by Power Jeffrey & Co Pty Ltd

Auction to be held 'on site' at Clermont on Wednesday 27
November 2002.

545 Queen Street, Brisbane Qld 4000
Contact: Mr Peter Power
Phone: (07) 3832 6000
Fax: (07) 3832 6630

4/12/02

Property was passed in at auction on 27 November 2002 as offers
did not reach the reserve price set by the receiver and manager.

24/3/03

Property under contract with settlement set down for 30/4/03.

29/4/03

Awaiting settlement.

3/6/03

Settlement of the Leo Hotel took place on 7 May 2003.

Awaiting finalization of trading accounts prior to completing
receivership.

Next milestone and estimated timetable

Auction to be held on site at Leo Hotel Motel on Wednesday 27th
November 2002.

4/12/02

Property was passed in at auction on 27 November 2002 as offers
did not reach the reserve price set by the receiver and manager.

Interested parties to direct queries to Peter Power of Power
Jeffrey & Co - see details above.

7/1/03

Property currently being advertised by Power Jeffrey & Co for
sale at $345,000.

18/12/03

Joint marketing campaign underway with Power Jeffrey & Co & Bill
Lee of Hervey Bay.

24/3/03

Property under contract of sale with settlement set down for
30/4/03.

3/6/03

Property settled on 7 May 2003.

Likely outcome for creditors and timetable

Pre receivership creditors to contact G & P Franklin for
payment. (www.pwcrecovery.com)


QANTAS AIRWAYS: ACCC Rejects Proposed Alliance With ANZ
-------------------------------------------------------
The Australian Competition and Consumer Commission issued on
Tuesday a final decision denying approval to a proposed alliance
between Qantas Airways Limited and Air New Zealand Limited
(ANZ).

ACCC Chairman, Mr Graeme Samuel, said Tuesday that the ACCC saw
no good reason to depart from the view expressed in the ACCC's
April Draft Determination.

"The proposed alliance would be highly anti-competitive and
offer little benefit to the Australian public", he said.

The two airlines sought authorization* for an alliance under
which both would agree on matters such as flight schedules and
fares on routes where both operate, including the trans-Tasman.
Qantas would also take up to 22.5 per cent equity in Air New
Zealand.

Mr Samuel said that the ACCC had examined undertakings proposed
by Qantas and Air New Zealand to reduce the anti-competitive
effects of the alliance. The ability of the undertakings offered
to control the behavior proposed under the proposed alliance is
limited. The undertakings offered were heavily qualified,
difficult to enforce and required monitoring.

"The trans-Tasman route is Australia's largest passenger market.
It accounts for more than 16 per cent of all travel to and from
Australia. Qantas and Air New Zealand have for some time been
the only effective competitors. Qantas has around 39 per cent of
the market and Air New Zealand, including Freedom Air, around 52
per cent.

"The two airlines are both profitable and competing strongly.
Consumers are benefiting from that competition as can be seen by
their very positive reaction to the new Tasman Express services
recently introduced by Air NZ.

"The ACCC is aware that Emirates has recently entered the market
and Virgin Blue is poised to enter. However the ACCC finds it
hard to agree with the proposition that at this point in time
the new airlines provia an immediate effective competitive
constraint on the proposed alliance.

"It remains to be seen whether Emirates emerges as a permanent
feature of the market. Depending on the rate and scale of Virgin
Blue's entry the alliance could be expected to dominate the
market for some time. Passengers would be denied choice and
increased airfares would be inevitable for many passengers under
the alliance.

"In Australia, the proposed alliance would see Qantas increase
its domestic market share and market power by capturing those
passengers flying internationally with Air New Zealand. The
alliance would therefore shrink the portion of the domestic
market available to other carriers and constrain them from
entering or expanding in that market.

"While their dominance of trans-Tasman air freight is not as
great as for passenger travel, Qantas and Air New Zealand still
hold a combined share of more than 70 per cent of the market.
The next largest operator has seven per cent. The proposed
alliance is very likely to result in upward pressure on freight
rates to the detriment of Australian importers and exporters".

Mr Samuel noted that while the ACCC recognized the proposed
alliance as being overall highly anti-competitive, the level of
detriment associated with such alliances can change over time.

"The ACCC appreciates that the aviation industry and markets
such as the trans-Tasman are dynamic and subject to change. It
is possible that where such change occurs it could lead to the
ACCC at another time reaching a different conclusion as to the
anti-competitive impact of an alliance.

Mr Samuel said the while the public benefits associated with an
alliance are also subject to change, at this stage the ACCC is
not satisfied that significant public benefit would flow from
the alliance between Qantas and Air New Zealand.

"The ACCC is not convinced that cost savings from the alliance
would be realized to the extent claimed by the airlines. Most of
the claimed cost savings arise from not engaging in what the
airlines describe as an inevitable 'war of attrition' if the
alliance does not proceed. Under this scenario each airline
would add significant capacity to routes on which they compete.

"The ACCC is not convinced that strong competition between
Qantas and Air New Zealand featuring capacity increases, and the
resultant claimed cost savings, are likely in the face of Virgin
Blue's entry into the trans-Tasman and New Zealand domestic
markets.

"The ACCC and tourism bodies agree that the proposed alliance
could not be relied upon to produce increased tourism or
benefits to the economy from tourism.

Mr Samuel also noted that the ACCC did not believe that the
alliance would improve the global competitiveness of Qantas or
was in the national interest as claimed by the applicants.

"Given the relative small size of Air New Zealand and its route
network the alliance would only marginally improve the global
competitiveness of Qantas"

Mr Samuel also observed that both airlines are performing
strongly and profitably, as confirmed by their recent financial
results, at a time when many other airlines around the world are
struggling.

"Under the circumstances the `national interest' would seem
better served by continued competition between Qantas and Air
New Zealand than an alliance. Both parties have indicated
publicly that neither airline is realistically in danger of
failure even in the medium term.

"The proposed alliance is highly anti-competitive and its
benefits are small. The overall anti-competitive nature of the
proposed alliance is reflected in the range and complexity of
the undertakings offered by the applicants. The ACCC does not
believe that undertakings can redress the identified anti-
competitive detriment associated with the proposed alliance to
the extent that authorization could be granted".

A copy of the ACCC's determination on this matter will be
available on the ACCC's website at
http://accc.gov.au/media/mediar.htm.

CONTACT INFORMATION: Mr Graeme Samuel
        ACCC Chairman
        Tel: (03) 9290 1812
        Mobile: 0408 335 555

*The Trade Practices Act 1974 prohibits certain forms of anti-
competitive arrangements including arrangements between
competitors which limit their ability to deal with whom they
choose or on the terms they choose (including price) and
arrangements which substantially lessen competition. The ACCC's
authorization process provides immunity from court action under
the Act arising from certain anti-competitive agreements.
Authorization can only be granted where the ACCC is satisfied
that the public benefit arising from the conduct outweighs any
anti-competitive detriment.


QANTAS AIRWAYS: Wins Project Management Award
---------------------------------------------
Qantas Airways Limited has been awarded NSW Project of the Year
by the Australian Institute of Project Management for the
airline's Airbus A330 aircraft program.

Qantas General Manager Project and Vendor Management Rob Sharp
said the award recognized excellence and professionalism in
project management.

"We are delighted to be recognized for the project's
achievements, which are attributable to the highly focused and
committed team that has worked together to deliver the program,"
he said.

Phase One of the A330 aircraft program was conducted over a two-
year period ahead of the aircraft type's introduction to the
Qantas fleet.

"The scale of the program was enormous as the A330 was the first
new aircraft type to be introduced to Qantas since the Qantas
Longreach series Boeing 747-400 was delivered in 1989," Mr Sharp
said.

"A wide range of product, infrastructure, systems and processes
needed to be defined across multiple divisions, project teams
and external vendors.

"This program was also used as a catalyst for a major
transformation within Qantas' operations, including the
introduction of new technology and new business processes.

"The program was delivered on time and under budget at a time of
unprecedented change within the aviation industry, including the
terrorist attacks of September 11, 2001 and the collapse of
Ansett."

Four A330 aircraft have already been delivered to Qantas with an
additional nine scheduled for delivery from mid-2004.

Late last month, the Troubled Company Reporter - Asia Pacific
reported that Qantas confirmed reports that it is selling its
Sydney and Melbourne domestic passenger terminals to raise money
to fund its expansion.


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


EZCOM HOLDINGS: Cuts 2003 Net Loss to HK$11.089M
-------------------------------------------------
Ezcom Holdings Limited announced released a summary of its
results announcement for they year ended April 30, 2003:

Year end date: 30/4/2003
Currency: HKD
Auditors' Report: Unqualified
                                                  (Audited)
                               (Audited)          Last
                               Current            Corresponding
                               Period             Period
                               from 1/5/2002      from 1/5/2001
                               to 30/4/2003       to 30/4/2002
                               Note  ('000)       ('000)
Turnover                         : 2,699,784          1,480,218
Profit/(Loss) from Operations    : (8,055)            (211,157)
Finance cost                     : (5,620)            (7,224)
Share of Profit/(Loss) of
  Associates                     : 343                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities    : N/A                N/A
Profit/(Loss) after Tax & MI     : (11,089)           (254,633)
% Change over Last Period        : N/A       %
EPS/(LPS)-Basic (in dollars)     : (0.1088)           (2.8149)
         -Diluted (in dollars)   : N/A                N/A
Extraordinary (ETD) Gain/(Loss)  : N/A                N/A
Profit/(Loss) after ETD Items    : (11,089)           (254,633)
Final Dividend                   : Nil                Nil
  per Share
(Specify if with other           : N/A                N/A
  options)
B/C Dates for
  Final Dividend                 : N/A
Payable Date                     : N/A
B/C Dates for Annual
  General Meeting                : 24/9/2003          to
30/9/2003 bdi.
Other Distribution for           : N/A
  Current Period
B/C Dates for Other
  Distribution                   : N/A

Remarks:

The Loss Per Share of the Company for the Last Corresponding
Period, i.e. the year ended 30 April 2002 has been adjusted from
5.63 cents to 281.49 cents as a result of the Capital
Restructuring of the Company which was undertaken on 18 April
2003 that involved a share consolidation on the basis that every
fifty issued ordinary shares of in the capital of the Company
were consolidated into one consolidated share.


FORTUNE CAPITAL: Winding Up Hearing Scheduled in October
--------------------------------------------------------
The High Court of Hong Kong will hear on October 8, 2003 at 9:30
in the morning the petition seeking the winding up of Fortune
Capital Industries Limited.

Chow Sik Wing of Room 1506, Wang Ching House, Cheung Wang
Estate, Tsing Yi, New Territories, Hong Kong filed the petition
on August 11, 2003.  Tam Lee Po Lin, Nina represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


FUJIAN GROUP: Releases 2003 Audited Consolidated Results
--------------------------------------------------------
The joint and several provisional liquidators (Provisional
Liquidators) of Fujian Group Limited (Provisional Liquidators
Appointed) announced that the audited consolidated results of
the Company and its subsidiaries (Group) for the year ended 31
March 2003. Below are excerpts from the announcement:

RESTRUCTURING OF THE GROUP

On 25 April 2003, Fujian Group Limited (Provisional Liquidators
Appointed) and the Provisional Liquidators entered into a
legally binding restructuring agreement with an investor, HC
Technology Capital Company Limited (Investor) and two secured
creditors of the Company, Sino Earn Holdings Limited (Sino Earn)
and Jian Xing Finance Limited (Jian Xing) (Restructuring
Agreement).

The Restructuring Agreement sets out the terms and conditions in
relation to, among others, a capital restructuring, a debt
restructuring, subscription of shares of the Company and a
reorganization of the Group (Proposed Restructuring). The
Proposed Restructuring, if implemented, will provia the Company
with the necessary working capital and financial resources to
revitalize its business operations. The Restructuring Agreements
sets out certain conditions to be satisfied in order to complete
the Proposed Restructuring.

On 29 April 2003, a resumption proposal for the Company
(Resumption Proposal) was submitted to the Stock Exchange. On 13
May 2003, the Stock Exchange approved the Resumption Proposal
and the resumption of trading of the Company's securities on the
Stock Exchange is subject to conditions imposed by the Stock
Exchange.

The Provisional Liquidators consider that the Proposed
Restructuring can be completed in accordance with its terms
(Completion).

PROSPECTS

The Proposed Restructuring, if implemented, will provia the
Company with the necessary working capital and financial
resources to revitalize its business operations and to
compromise and discharge of all its indebtedness (except the
indebtedness owed to the Investor for the purpose of the
Proposed Restructuring) through the compromise with Sino Earn
and Jian Xing and a scheme of arrangement under section 166 of
the Companies Ordinance of Hong Kong.

The Proposed Restructuring is the only viable proposal available
to the Company. If it is not implemented, the Company will be
wound up and the shareholders of the Company will not receive
any return for their investment in the Company. On this basis,
the Provisional Liquidators consider that the Proposed
Restructuring serves the best interests of both the creditors
and shareholders of the Company.

The Provisional Liquidators consider that the Proposed
Restructuring can be completed in accordance with its
terms.

To see full copy of the Results for the Year Ended 31 March 2003
announcement, go to
http://bankrupt.com/misc/TCRAP_Fujian0910.pdf.


I100 LIMITED: Rights Issue Prospectus Documents Dispatched
----------------------------------------------------------
References are made to i100 Limited's announcement dated 1st
August, 2003 and the prospectus of the Company dated 8th
September, 2003 (Prospectus).

Results of the SGM

The Board is pleased to announce that the ordinary resolution
set out in the notice of the SGM contained in the Circular was
duly passed at the SGM held on Monday, 8th September, 2003. The
Share Consolidation became effective at 4:00 p.m. on Monday, 8th
September, 2003.

Dispatch of the Rights Issue Prospectus Documents

Following the SGM, the Prospectus Documents in respect of the
Rights Issue have been dispatched to the Qualifying Shareholders
and, for their information only, to the Overseas Shareholders
and the holders of the Share Options (without inclusion of the
PAL and EAF) on Monday, 8th September, 2003.

Dealings and Latest time for Acceptance

Dealings in the nil-paid Rights Shares on the Stock Exchange
will commence on Wednesday, 10th September, 2003 and cease at
the closing of trading on Thursday, 18th September, 2003 (both
dates inclusive). The latest time for acceptance and payment for
the Rights Shares is 4:00 p.m. on Tuesday, 23rd September, 2003.

General

The listing of, and permission to deal in, the Consolidated
Shares and the Rights Shares in both their nil-paid and fully-
paid forms on the Stock Exchange has been granted by the Listing
Committee of the Stock Exchange.

It should be noted that the Old Shares have been dealt in on an
ex-rights basis from Tuesday, 2nd September, 2003 and that
dealings in the Rights Shares in their nil-paid form will take
place from Wednesday, 10th September, 2003 to Thursday, 18th
September, 2003 (both dates inclusive) whilst the conditions to
which the Rights Issue are subject remain unfulfilled. If the
conditions of the Rights Issue are not fulfilled or the
Underwriting Agreement is terminated by the Underwriter by
notice in writing to the Company at any time prior to 4:00 p.m.
on Thursday, 25th September, 2003 (being the second Business Day
following the Acceptance Date), the Rights Issue will not
proceed. Any Shareholders or other persons dealing either in the
Old Shares or Consolidated Shares up to the date on which all
the conditions to which the Rights Issue are subject are
fulfilled and the date on which the Underwriter's right of
termination of the Underwriting Agreement ceases (which is
expected to be Thursday, 25th September, 2003), or in the Rights
Shares in their nil-paid form during the period from Wednesday,
10th September, 2003 to Thursday, 18th September, 2003, being
the first and the last day of dealings in the nil-paid Rights
Shares respectively (both dates inclusive), will accordingly
bear the risk that the Rights Issue may not become unconditional
or may not proceed. Any Shareholders or other persons
contemplating selling or purchasing Consolidated Shares and/or
Rights Shares in their nil-paid form during such periods who are
in any doubt about their position are recommended to consult
their professional advisers.


MANSION HOUSE: Circular Dispatch Further Deferred
-------------------------------------------------
Reference is made to the announcements of Mansion House Group
Limited dated 2 July 2003 (the Disposal Announcement), 23 July
and 6 August 2003 in relation to the Disposal (the Deferral
Announcements, together with the Disposal Announcement, the
Announcements).

As stated in the Deferral Announcements, the date of dispatch of
the Circular to Shareholders would be deferred to no later than
6 September 2003. As the Company's financial adviser or auditors
require more time for the issue of the confirmation on working
capital statement as required by Rule 14.19 of the Listing
Rules, the date of dispatch of the Circular is expected to be
postponed to not later than 27 September 2003.

Rule 14.13(2) of the Listing Rules requires the Circular to be
sent to the Shareholders within 21 days after the publication of
the Disposal Announcement, i.e. on or before 23 July 2003. The
Exchange has granted a waiver to the Company from strict
compliance with Rule 14.13(2) on condition that the Circular is
to be dispatched to the Shareholders on or before 6 August 2003.
The Directors acknowledge that the delay in dispatch of the
Circular to Shareholders beyond the extended date of 6 August
2003 constitutes a breach of Rule 14.13(2) of the Listing Rules.
The Stock Exchange has reserved the right to take appropriate
action against the Company and/or the Directors.


NEO-TECH GLOBAL: Narrows 2003 Net Loss to HK$34.654M
----------------------------------------------------
Neo-Tech Global Limited posted this results announcement
summary:

Year end date: 30/04/2003
Currency: HKD
Auditors' Report: Unqualified

                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/05/2002    from 01/05/2001
                              to 30/04/2003      to 30/04/2002
                              Note  ('000)       ('000)
Turnover                        : 522                2,378
Profit/(Loss) from Operations   : (14,468)           (339,915)
Finance cost                    : (569)              (204)
Share of Profit/(Loss) of
  Associates                    : (12,806)           (1,542)
Share of Profit/(Loss) of
  Jointly Controlled Entities   : N/A                N/A
Profit/(Loss) after Tax & MI    : (34,654)           (341,644)
% Change over Last Period       : N/A       %
EPS/(LPS)-Basic (in dollars)    : (0.04)             (0.459)
         -Diluted (in dollars)  : N/A                N/A
Extraordinary (ETD) Gain/(Loss) : N/A                N/A
Profit/(Loss) after ETD Items   : (34,654)           (341,644)
Final Dividend                  : NIL                NIL
  per Share
(Specify if with other          : N/A                N/A
  options)
B/C Dates for
  Final Dividend                : N/A
Payable Date                    : N/A
B/C Dates for Annual
  General Meeting               : 27/10/2003         to
29/10/2003bdi.
Other Distribution for          : N/A
  Current Period
B/C Dates for Other
  Distribution                  : N/A


SAME TIME: 2003 Operations Loss Swells to HK$13.921M
----------------------------------------------------
Same Time Holdings Limited issued its financial statement
summary for the year ended March 31, 2003:

Year end date: 31/03/2003
Currency: HKD
Auditors' Report: Unqualified
                                                (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/04/2002    from 01/04/2001
                              to 31/03/2003      to 31/03/2002
                              Note  ($)          ($)
Turnover                       : 449,657,095        395,882,353
Profit/(Loss) from Operations  : (13,921,893)       (11,248,304)
Finance cost                   : (5,304,794)        (8,402,413)
Share of Profit/(Loss) of
  Associates                   : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities  : N/A                N/A
Profit/(Loss) after Tax & MI   : (17,458,242)       (20,668,689)
% Change over Last Period      : N/A       %
EPS/(LPS)-Basic (in dollars)   : (0.0287)           (0.039)
         -Diluted (in dollars) : N/A                N/A
Extraordinary (ETD) Gain/(Loss): N/A                N/A
Profit/(Loss) after ETD Items  : (17,458,242)       (20,668,689)
Final Dividend                 : NIL                NIL
  per Share
(Specify if with other         : N/A                N/A
  options)
B/C Dates for
  Final 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

In the current year, the Group adopted the following Statements
of Standard Accounting Practice (SSAPs) issued by the Hong Kong
Society of Accountants which are effective for accounting
periods commencing on or after 1st January 2002:

SSAP 1 (revised)        :  Presentation of financial statements
SSAP 11 (revised)       :  Foreign currency translation
SSAP 15  (revised)      :  Cash flow statements
SSAP 34  (revised)      :  Employee benefits

Certain presentational changes have been made upon the adoption
of SSAP 1 (revised) and  SSAP 15 (revised).  Other changes to
the Group's accounting policies and the effect of adopting these
new standards are set out in the annual report.

2. Loss/earnings per share

The calculation of basis of loss per share is based on the
Group's loss for the year of HK$17,458,242 (2002: HK$20,668,689)
and the weighted average number of 608,545,929 (2002:
531,088,022) ordinary shares in issue during the year.


SKYNET (INT'L): Sees No Reason for Share Price Increase
-------------------------------------------------------
The board of directors of Skynet (International Group) Holdings
Limited  noted the recent increases in the price and trading
volume of the shares of the Company and wishes to state that
save as the share dealing by Companion Building Material
(Holdings) Limited (Companion) as set out below, it is not aware
of any reasons for such increases.

The Company has been informed by its controlling shareholder,
Companion (an indirect wholly owned subsidiary of Dong Fang
Gas Holdings Limited, a company whose shares are listed on the
Stock Exchange), that on 4 September 2003, 325,000,000
Shares (representing approximately 7.21% of the issued share
capital of the Company and approximately 51.93% of the total
trading volume of the Shares on 4 September 2003) were sold by
Companion, by way of on-market sale, at prices ranging from
HK$0.01 to HK$0.014 per Share at the discretion of a securities
house under a client agreement for margin account between
Companion and the securities house (the Disposal). The opening,
closing, highest and lowest prices of the Shares as quoted
on the Stock Exchange on 4 September 2003 are HK$0.01, HK$0.012,
HK$0.014 and HK$0.01 per Share respectively. Companion
held a beneficial interest of approximately 33.87% in the issued
share capital of the Company immediately before the Disposal.
Immediately after the Disposal, Companion was beneficially
interested in approximately 26.66% of the issued share capital
of the Company. As informed by Companion, the interest in the
Company held by Companion may further reduce as a result of the
possible disposal of the Shares held by Companion at the
discretion of the securities house.

To the best knowledge of the directors of the Company, there has
been no change in the largest shareholder of the Company.

The Board confirms that save as disclosed above and disclosed in
the joint announcements dated 6 May 2003, 20 May 2003, 27 May
2003, 9 June 2003, 30 June 2003, 22 July 2003, 11 August 2003
and 3 September 2003 issued by the Company and Monetary Success
Investments Limited in relation to a restructuring proposal of
the Company, there are no negotiations or agreements relating to
intended acquisitions or realizations which are discloseable
under paragraph 3 of the Listing Agreement, neither is the Board
aware of any matter discloseable under the general obligation
imposed by paragraph 2 of the Listing Agreement, which is or may
be of a price-sensitive nature.


SUI TAI: Hearing of Winding Up Petition Set
-------------------------------------------
The petition to wind up Sui Tai Construction Materials 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 Woo
Chi Keung of Room 3112, Yiu Fung House, Tin Yiu Estate, Tin Shui
Wai, Yuen Long, New Territories, Hong Kong.


TOP FORM: Exceptional Turnover Inexplicable
-------------------------------------------
Top Form International has noted the recent increase in the
trading volume of the shares of the Company and stated that it
is not aware of any reasons for such fluctuation save as
disclosed in the press announcement dated 5 September, 2003.

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

The Troubled Company Reporter - Asia Pacific reported that Top
Form International intended to put forward to the Shareholders a
proposal to reduce the share premium account of the Company. Go
to the Troubled Company Reporter - Asia Pacific Wednesday, March
12, 2003, Vol. 6, No. 50 issue for details.


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


GREAT RIVER: Issuing Rp300B Bonds for Debt Refinancing
------------------------------------------------------
PT Great River International said Monday that it would issue
five-year bonds worth Rp300 billion (US$35.7 million) to
refinance its medium and long-term debts, Jakarta Post reports.

The country's largest fashion apparel producer and distributor
said that 80 percent of the bond yield would be used for debt
The remaining 20 percent would be allocated for investment.

The bonds, which carry an indicative interest rate in the range
14 percent to 15 percent, have received an A- rating with a
stable outlook from rating agency PT Kasnic Credit Rating
Indonesia.

PT Nikko Securities is the underwriter for the issue.


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


ASAHI JUKEN: Real Estate Firm Enters Bankruptcy
-----------------------------------------------
Asahi Juken Co. Ltd. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The real estate firm located at
Osaka-sin Osaka, Japan has 360 billion yen in capital against
total liabilities of 180 billion yen.


MATSUSHITA ELECTRIC: Establishes R&D Facility in Malaysia
---------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. known for its Panasonic
brand name will establish "Panasonic R&D Centre Malaysia" on
October 1st in Cyberjaya, a suburb of Kuala Lumpur. The Centre
will be a digital networking multi-media software development
base for developing mainly communication software.

The Panasonic R&D Centre Malaysia will consist of two centers;
the Communications Development Centre and the Multimedia
Technology Promotion Centre.

The Communications Development Centre will develop software
related to wired communications and the Internet, which are
within the business scope of Panasonic Communications Co., Ltd.
It will strengthen development and design capabilities for
multimedia-related products in Malaysia, and contribute to the
designing global models of telecommunication products.

The Multimedia Technology Promotion Centre will serve as the
window for the Multimedia University, with which Matsushita
Electric Industrial has been promoting as a collaborative
project since 2001. This Centre will be involved in the
coordination of seminars, operation of "Matsushita Laboratory",
and management of other collaborative projects.
Through these activities, the Company aim to achieve the
following objectives:

1) Establishment of a product development system that closely
matches the market

2) Freedom from dependence on the Japan-based development system

3) Enhancement of development and design capabilities in
cooperation with emerging multimedia and venture companies in
the Multimedia Super Corridor
4) Improvement in development efficiency through collaboration
projects with the Multimedia University

Matsushita aims to contribute to the development of the
multimedia industry in Malaysia through the activities at this
new R&D base.

[Outline of New Company]

Company name:  Panasonic R&D Centre Malaysia Sdn. Bhd. (PRDCM)

Address:  Cyberjaya, suburb of Kuala Lumpur, Malaysia

Capital: RM1,000,000 (Malaysian Ringgit)

Investment: Matsushita Electric Industrial Co., Ltd. 100 percent

Representative:  Mr. Hideyuki Oka

Business description: Design, research and development of
multimedia-related products

Establishment: October 1, 2003 (after receiving permission from
the Malaysian Government)

Start of operations: Scheduled for April 2004

No. of employees: Initially 10 (incl. 2 Japanese), scheduled to
increase to 50 after 4 years

[Outline of Matsushita Electric Industrial Co., Ltd.]

Company name: Matsushita Electric Industrial Co., Ltd. (MEI)

Address: 1006, Kadoma, Kadoma City, Osaka 571-8501, Japan

Established: March 1918 (incorporated in December 1935)

Business scope: The Matsushita Group of Companies is an
extremely comprehensive worldwide manufacturer of electric and
electronic products, ranging from electronic components to
consumer electronic products, home appliances, factory
automation equipment, information and communications equipment,
and housing-related products.
Number of employees (consolidated): 288,324

Sales amount (consolidated): US$61.68 (billions) (US$1.00 =
120yen)

Number of companies subject to consolidation: 384

[Outline of Panasonic Communications Co., Ltd.]

Company name: Panasonic Communications Co., Ltd. (PCC)

Address: 4-1-62 Minoshima Hakata-Ku Fukuoka, 812-8531 Japan
Established: 10th April 1951
Capital 29,845 million yen

Business scope: Manufacture, sales and service of communication
equipment, communication networks and solutions, broadband
equipment, network solutions, document equipment, optical disc
drives, card readers, etc.

Number of employees (PCC-groupwide): 18,400

About Matsushita Electric Industrial Co., Ltd.
Matsushita, best known for its Panasonic brand name, is a
worldwide leader in the development and manufacture of
electronic products for a wide range of consumer, business and
industrial needs. Based in Osaka, Japan, the Company recorded
consolidated net sales of US$61.68 billion for the fiscal year
ended March 31, 2003. Matsushita's shares are listed on the
Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, New York, Pacific,
Euronext Amsterdam, Euronext Paris, Frankfurt and Dusseldorf
stock exchanges.

Matsushita Electric's consolidated group sales for the first
quarter decreased 2 percent to 1,763.6 billion yen (U.S.$14.70
billion), from 1,793.4 billion yen in the same three-month
period a year ago, TCR-AP reported earlier. Overall, a severe
business environment persisted during the quarter, despite
diminishing negative effects of the war in Iraq and the SARS
outbreak. Consumer spending in Japan, a majors factor in the
domestic economy, showed no signs of recovery, while comebacks
in overseas economies were impeded by stagnated growth in the
United States.

Media Contacts:

Junji Kanegawa, Matsushita Asia News Centre, Singapore
Tel: +65-9621-8028

For more information, please visit the Matsushita web site at:
http://www.panasonic.co.jp/global/top.html


SOHGO BUILDING: Files for Rehab Proceedings
-------------------------------------------
Resona Holdings, Inc. (Resona HD) hereby gives notice that Sohgo
Building Co., Ltd., which is a customer of its banking
subsidiary, Resona Bank, Ltd. (Resona Bank, President: Masaaki
Nomura), filed an application for commencement of civil
rehabilitation proceedings with the Tokyo 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 Sohgo Building Co., Ltd.
(2) Address 6 Kojimachi 1-chome, Chiyoda-ku, Tokyo
(3) Representative Yukiatsu Saigo
(4) Amount of capital 1,050 million yen
(5) Line of business Real estate leasing and administration

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of civil
rehabilitation proceedings with the Tokyo District Court on
September 1, 2003.

3. Amount of Claims to the Company

Exposure of Resona Bank Loans: 26.5 billion yen

Exposure of Kyodo Mortgage Acceptance Co., Ltd. Loans: 0.6
billion yen other banking subsidiaries of Resona HD, Saitama
Resona Bank, Kinki Osaka Bank and Nara Bank have no claims to
the Company.

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

The aforementioned claims are covered by colllateral and
guarantees. Therefore, the previous earnings forecasts of Resona
HD for the fiscal year ended March 31, 2003, which were
announced on June 10, 2003, remain unaffected.


URBAN INDUSTRY: Real Estate Firm Enters Bankruptcy
--------------------------------------------------
Urban Industry K.K. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The real estate firm located at
Chiyoda-ku, Tokyo has 16 billion yen in capital against total
liabilities of 180 million yen.


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


HYNIX SEMICONDUCTOR: Receives Celestica Award
---------------------------------------------
Hynix Semiconductor Inc. announced it was awarded a third-year
Partner in Performance award for 2002 by Celestica, a world
leader in electronics manufacturing services (EMS).

"Hynix is pleased to be recognized by an industry leader like
Celestica," says Farhad Tabrizi, Vice President of Worldwide
Marketing at Hynix Semiconductor Inc. "This award represents an
excellent achievement for Hynix in the areas of technology,
quality and customer service."

Celestica's Partners in Performance awards are given to
suppliers in recognition of outstanding achievements and support
of Celestica's electronics manufacturing services goals.
Suppliers are recognized for their ability to support
Celestica's supply chain management objectives in the following
areas: flexibility and responsiveness, impact on asset
management, effectiveness and efficiency, and overall supplier
performance.

"Hynix's flexibility and responsiveness to Celestica's supply
chain requirements enabled Celestica to act as a seamless
extension of its customers' operations and contributed to
Celestica's overall success in the EMS industry," said Karlheinz
Totz, senior Vice President and chief procurement officer,
Celestica. "We're proud to recognize Hynix as a third-year
Partners in Performance award winner and we value their
contribution immensely."

About Hynix Semiconductor Inc.

Hynix Semiconductor Inc. (HSI) of Ichon, Korea, is an industry
leader in the development, sales, marketing and distribution of
high-quality semiconductors, including DRAM, SRAM, Flash memory
and system IC devices. Hynix Semiconductor is the world's
leading DRAM supplier with thirteen semiconductor-manufacturing
facilities worldwide, and production capacity of over 300,000
wafer starts per month. In addition, Hynix is expanding its
system IC business unit with leading technology and added deep
sub-micron foundry services to strategically broaden its overall
semiconductor presence and achieve its goal of leading the
global semiconductor market. Hynix maintains worldwide
development, manufacturing, sales and marketing facilities.

Contacts

Hynix Semiconductor Inc.
DongHoon Kang, 408-232-8084
dhkang@us.hynix.com


HYNIX SEMICONDUCTOR: Sets Up More Productive Plant
--------------------------------------------------
Hynix Semiconductor is planning to build a plant, which will be
able to produce 50 percent more 300-millimeter disks of silicon
than the current production level, at the end of this year,
DebtTraders reports. The chipmaker needs US$3.5 billion to move
into commercial production by 2005.


HYUNDAI MOTOR: Enters Alliance With German Firm
-----------------------------------------------
Hyundai Motor announced a business plan alliance with a German
firm as follows:

Schedule: Commence production after a 34-year development period
following the contract agreement

Description of Business Plan:

        - Purpose of Plan: An alliance with the German Company,
ZF, in order to adopt the development of 6-speed transmissions

        - Estimated Investment Amount: Approximately KRW
100,000,000,000 (joint development budget about KRW
50,000,000,000)

- Expected Result: Cultivate domestic development
capability unique technology in the newest generation of 6-speed
automatic transmissions & Improve sales through the improvement
in the basic quality of mid and large segment vehicles

Potential Impediments to Plan:

Board Resolution Date: September 08, 2003 (MOU conclusion
date)

Others:

        - The situation above is in the MOU contract stage and
may be subject to change; A re-announcement is expected to be
released at time of contract.


KIA STEEL: Drops on Capital Reduction
-------------------------------------
Kia Steel Co., which is under court receivership, tumbled ahead
of the sale of the Company to its preferred bidder, Sea
Consortium, which is expected to reduce Kia's capital and issue
new shares, the Korea Herald said on Tuesday.

The total capital the steel manufacturer would shrink to about
180 billion won (US$153.19 million) after new shares are issued,
with 61 percent of them belonging to Sea Consortium. The ratio
of the capital reduction has not yet been decided said Sea
Consortium.


KOOKMIN BANK: FSS Slaps Chief With Warning
------------------------------------------
The Financial Supervisory Service on Monday issued a written
warning to Kim Jung-tae, President of Kookmin Bank, for his
"immoral" behavior in exercising his stock option, according to
Asia Pulse. Kim was also reprimanded for mismanaging the bank's
credit card operations, incurring substantial losses in its
profits.


SK GLOBAL: Debtors File Motion to OK KEB, Chohung Stipulations
---------------------------------------------------------------
Korea Exchange Bank and Cho Hung Bank assert that the SK Global
is obligated to them, on a secured basis, on account of separate
and distinct prepetition loans and other advances they each made
to the Debtor.  According to Scott E. Ratner, Esq., at Togut,
Segal & Segal LLP, in New York, KEB and Cho Hung Bank each filed
their own various financing statements under the Uniform
Commercial Code before the Petition Date.  The Financial
Statements purportedly perfected their individual, benefit,
security interests in, and liens on certain assets of the
Debtor, including inventory and accounts receivable.

At this time, the Debtor does not concede that either KEB or Cho
Hung does not have any interest in cash collateral, nor does it
concede the validity, classification or amount of the
Obligations of either KEB or Cho Hung, or the value, extent,
priority, validity or enforceability of the Liens of the Banks
based on their Financing Statements.

Mr. Ratner notes that based on KEB and Cho Hung's Financing
Statements, each bank maintains that it has an interest in Cash
Collateral and has asked the Debtor to furnish it with adequate
protection under Section 361 of the Bankruptcy Code as a
condition to the Debtor's continued use of the Cash Collateral.

The Debtor requires the use of the assets of its estate,
including any Cash Collateral, in the ordinary course of its
business operations and to fund the administrative costs
associated with its Chapter 11 case.  Without the use of the
Cash Collateral, the Debtor will likely not be able to pay
ongoing operating expenses, including wages, salaries and
insurance premiums, necessary to the continued operation of the
Debtor's business and its ability to generate cash flow.  Mr.
Ratner further remarks that the inability to use the Cash
Collateral would likely frustrate the Debtor's efforts to
reorganize.

To minimize disruption to the Debtor as a going concern and to
maintain the status quo during this Chapter 11 case, each of KEB
and Cho Hung -- subject to the terms and conditions of their
Stipulations and Court approval -- consents to the Debtor's use
of the Cash Collateral.

The fundamental purpose of the Stipulations, Mr. Ratner says, is
to preserve and protect whatever rights the Banks may have in
the event, and to the extent, it is ultimately determined that
either of them is a secured creditor with interests in the
Debtor's assets, particularly the Cash Collateral.

As parties to the Stipulations, all rights of the Debtor, KEB,
Cho Hung, and any statutory creditors' committee that may be
appointed in SK Global's case regarding the extent, priority,
validity, allowability, and avoidability of the Liens, the
Financing Statements, and the Obligations, and any objections
and defenses, are expressly and fully reserved, and in no way
prejudiced or determined, by the terms of the Stipulations.

Accordingly, the Debtor asks Judge Blackshear to approve the
Stipulations, the principal terms of which are:

A. The grant of Adequate Protection to the Banks in the form of:

    (a) Replacement Liens on the Debtor's assets and property;
        and

    (b) in the event the Replacement Liens prove inadequate, a
        superpriority administrative claim under Section 507(b)
        of the Bankruptcy Code, provided that any Replacement
        Liens or superpriority administrative claim are:

        -- valid only to the same extent and priority that the
           liens of KEB or Cho Hung are determined by the Court
           to be valid liens on property of the Debtor
existing as of the Petition Date; and

        -- subordinate and subject to the Carve-Out and any
valid, perfected, non-avoidable liens or security
interests on the Debtor's property held by a party
other than KEBor Cho Hung as of the Petition Date.

B. The Carve-Out to which the Replacement Liens of KEB and
Cho Hung are to be subject and subordinate to include
(a) any payments required to be made to the U.S.
Trustee; and (b) the accrued and unpaid professional
fees incurred by the Debtor and any Committee that
may ultimately be appointed in SK Global's case, up
to a total of $500,000.

C. Events of default giving rise to a Termination Event include:

    (a) the dismissal of the Chapter 11 case or its conversion
to Chapter 7;

    (b) the entry of an order, without the Banks' consent,
        granting relief from the stay with respect to property
        having a fair market value exceeding $1,000,000, which
is subject to the Liens or Replacement Liens;

    (c) the appointment in the Debtor's Chapter 11 case of a
        trustee or an examiner with expanded powers; and

    (d) the Debtor's failure to observe or perform a material
        provision of the Stipulation provide that the failure
        will not be deemed a Termination Event unless the Debtor
        fails to provide a cure within five business days of
        receipt from the Bank's written notice specifying the
        failure.

D. Certain reporting and accounting requirements which the
    Debtor considers to be standard for stipulations of this
type.

E. A term extending through the effective date of the Debtor's
    plan of reorganization, subject only to:

    (a) the occurrence of a Termination Event; and

    (b) the Banks' right upon 20 days notice to parties-in-
        interest to seek an order from the Court modifying or
terminating the Stipulation upon a showing of good
cause.

The Debtor believes that it is prudent and in its best interests
to enter into the Stipulations, which consensually resolve
issues relating to Adequate Protection and thereby avoid the
substantial cost and management distraction that would result if
either KEB or Cho Hung initiated litigation seeking a non-
consensual award of Adequate Protection. The resolution of these
issues by agreement is specifically envisioned by Rule 4001(d)
of the Federal Rules of Bankruptcy Procedure.

                        U.S. Trustee Objects

Greg Zipes, trial attorney for the U.S. Trustee for the Southern
District of New York, notes that the stipulations both provide
for the granting of replacement liens and super priority expense
claims in the Banks' favor, subject only to a carve-out
consisting of U.S. Trustee fees and Chapter 11 professional fees
and expenses.  However, Section 726 of the Bankruptcy Code
provides that administrative expenses incurred in a superseding
Chapter 7 case have priority over administrative claims incurred
in a prior Chapter 11 proceeding.  Therefore, Mr. Zipes
contends, the stipulations should be amended to provide a carve-
out for Chapter 7 fees and expenses, in the event SK Global's
case is converted to one under Chapter 7 of the Bankruptcy Code.

Accordingly, Carolyn S. Schwartz, the U.S. Trustee for the
Southern District of New York, asks the Court not to approve the
Stipulations as presented.


SK GLOBAL: Debtor's Third Motion for More Time to File Schedules
----------------------------------------------------------------
To assist in the preparation of its Schedules of Assets and
Liabilities, Statement of Financial Affairs, and other financial
reporting requirements imposed on a debtor-in-possession in
Chapter 11, SK Global employed KPMG LLP as its accountants and
financial advisors, which the Court approved on August 21, 2003.
Since then, Scott E. Ratner, Esq., at Togut, Segal & Segal LLP,
in New York, relates that the Debtor worked diligently with KPMG
in gathering and organizing information required for the
Schedules.  Significant progress has been made.  However, the
recent power outage in the Northeast and the ensuing
communication problems after the power was restored, together
with the computer viruses of the past couple of weeks, delayed
and hindered the Debtor's ability to convey information to KPMG.
Accordingly, the Debtor needs additional time to complete the
Schedules.

Therefore, the Debtor asks Judge Blackshear to further extend
the time within which it may file its schedules of assets and
liabilities and statement of financial affairs to September 30,
2003.

At this juncture, Mr. Ratner asserts that a 20-day extension
will provide sufficient time within which to prepare, review and
file the Schedules. The accuracy of the Schedules will, among
other things, allow the Debtor to send notice of the claims bar
date the Court will set to the Debtor's creditors shortly after
the filing of the Schedules. The Foreign Bank Steering Committee
and the U.S. Trustee do not oppose the proposed extension.


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


AYER HITAM: Faces Tax-Related Writ Of Summons From IRB
-------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad informed that Pembinaan
AHT Sdn Bhd (PAHT) has been served a Writ of Summons from the
Government of Malaysia at the Kuala Lumpur High Court on 8
September 2003 for outstanding payment of tax liability for Year
2000 Assessment amounting to RM613,911.62 due to the Inland
Revenue Board (IRB).

PAHT is a 100% owned subsidiary of Ayer Hitam Tin Dredging
Malaysia Berhad.

Messrs. KPMG Tax Services Sdn Bhd, PAHT's tax consultant is
presently in negotiation with the IRB to conclude the final
assessment .

Any further development on the above matter is to hand, the
Company shall inform the Exchange immediately.


C.I. HOLDINGS: Updates Default in Interest Payment Status
---------------------------------------------------------
In compliance with Kuala Lumpur Stock Exchange Practice Note No.
1/2001, C.I. Holdings Berhad wishes to announce the following
with regards to the status of the default in servicing the
interest payment on the RM198 million term loan facility granted
by Alliance Bank Malaysia Berhad (ABMB-TLF) to C.I. Enterprise
Sdn Bhd (CIE), a wholly-owned subsidiary of the Company.

CIE had defaulted in servicing of interest payment, which stood
at RM5,148,339.10 as at 31st July 2003 compared to
RM8,727,789.75 as at 30th June 2003. The interest accrued for
the month of July 2003 is RM1,499,248.35. The reduction in the
default interest payment was mainly due to payment made by CIE
on 25th July 2003 amounting to RM5,078,699.00 being interest
payment for the month of January 2003 to March 2003 and partial
payment for the month of April 2003.

On 20th December 2002 the Company had announced its Proposed
Reorganization Scheme (PRS) which inter-alia include the
disposal of 300,000 ordinary shares of RM1.00 each representing
the entire equity interest in CIE to QSR Brands Sdn Bhd
(formerly known as Good Platform Sdn Bhd) for a cash
consideration of RM1.00 and the assumption of the corporate
guarantee for the ABMB - TLF given by the Company to Alliance
Bank Malaysia Berhad (ABMB).

Presently, the Company has obtained the approvals for the PRS
from the following authorities:

   1) Bank Negara Malaysia via its letter dated 11th June 2003;
   2) Ministry of International Trade and Industry via its
letter dated 9th July 2003; and
   3) Securities Commission (SC) and SC (on behalf of the
Foreign Investment Committee) via its letter dated 12th August
2003.


CHG INDUSTRIES: Sept 25 EGM Scheduled
-------------------------------------
CHG Industries Berhad announces that an Extraordinary General
Meeting of the Company will be held at Dynasty Hotel, 218 Jalan
Ipoh, 51200 Kuala Lumpur on Thursday, 25 September 2003 at 9:00
a.m..

To see copy of the said Notice, go to
http://bankrupt.com/misc/TCRAP_CHG0910.doc.

In July 14, the Troubled Company Reporter - Asia Pacific
reported that the Debt Restructuring Agreement (DRA) has been
executed between the Company, CHG Plywood Sdn Bhd (CHGPly),
ChengHin Timber Industries Sdn Bhd (ChengHin) (collectively
referred to as the "Borrowers") and the Lender Banks pursuant to
the Proposals, comprising:

   œ The Proposed Capital Reduction;
   œ The Proposed Rights Issue;
   œ The Proposed Debts Restructuring; and
   œ The Proposed Capital Increase.


CSM CORPORATION: Issues Loan Repayments Status Update
-----------------------------------------------------
CSM Corporation Berhad provided an update on the status of
default in interest payments and principal loan repayments of
the Group bank borrowings as at 31st August 2003. Details are
http://bankrupt.com/misc/TCRAP_CSM0910.pdf.

Further to the previous monthly status report, there have been
no further changes to the above.


GULA PERAK: AGM Fixed on September 24
-------------------------------------
Notice is hereby given that the Annual General Meeting (AGM) of
Gula Perak Berhad will be held at Function 2 & 3, Level 4,
Dynasty Hotel, No. 218, Jalan Ipoh, 51200 Kuala Lumpur on
Wednesday, 24 September 2003 at 10:00 am.

At the AGM, the resolutions pertaining to the Proposed Renewal
and Proposed New Shareholders' Mandate for Recurrent Related
Party Transactions of a Revenue or Trading Nature will be tabled
at http://bankrupt.com/misc/TCRAP_Gula0910.doc.


KIARA EMAS: Releases Restricted, Special Issue Prospectus
---------------------------------------------------------
Pursuant to the restructuring scheme of Kiara Emas Asia
Industries Berhad, Major Team Holdings Berhad (MTHB) had on 28
August 2003, issued the Prospectus in relation to the Restricted
Issue and the Special Issue, which are part of the Proposals.
The rests are

     i. Proposed Shareholders' Scheme
    ii. Proposed Creditors' Scheme
   iii. Proposed Disposal
    iv. Proposed Acquisition
     v. Proposed Mandatory Offer
    vi. Proposed Transfer Of Listing Status
   vii. Proposed Exemption

The Board of Directors of Kiara Emas regrets to inform that Mr.
Wong Thiam Loy, who was the promoter and substantial shareholder
of MTHB, has passed away on 2 September 2003. The Board of
Directors of MTHB (Board) is evaluating the impact of the demise
of Mr. Wong Thiam Loy, if any, on the restructuring scheme of
Kiara Emas, including the Restricted Issue and the Special Issue
by MTHB.

The shareholders/investors of MTHB will be notified accordingly
once the Board has completed its evaluation of the matter. In
view of the above, the Board has, in the interest of MTHB,
decided to extend the closing date of the Restricted Issue and
the Special Issue from 5:00 p.m. on 9 September 2003 to a date,
which is to be announced and advertised no later than 19
September 2003.


KRETAM HOLDINGS: Releases Settlement Agreement Details
------------------------------------------------------
Kretam Holdings Berhad refers to the announcements released on
12 August and 4 September 2003 in respect to the Settlement
Agreement on Suit No. SS-27-47 of 1999 in the High Court of
Sabah and Sarawak.

The designated debts of Innosabah Securities Berhad (ISB) which
are covered under the Power of Attorney are as follows:

Item    Name of debtor    Net outstanding as at 30 April 2000
                                       (RM)

1      Minik @ Sylvester Bin Ahmui         8,518,342.91
2      Minik @ Sylvester Bin Ahmui         4,196,491.00
3      Mohd. Amir Senawi                   4,076,584.00
4      Mohd. Amir Senawi                   2,087,453.99
5      Educ R-Cass Holding Sdn Bhd         1,100,619.00
6      Imatera Sdn Bhd                     5,595,705.00
7      Loh Tung Sing                       2,947,847.00
8      Vigarosa Sdn Bhd                      966,247.00
                                         ----------------
                                          29,489,289.90
                                           ===========

The above debts have been fully written off from ISB's accounts
in 2000.

The designated debts covered under the Power of Attorney will
not have any effect on the share capital, earnings and net
tangible assets of ISB.


MYCOM BERHAD: SC Grants Proposed BAIDS Issuance Approval
--------------------------------------------------------
The Board of Mycom Berhad announces that, further to the
announcement dated 25 July 2003 on the Proposed Participation of
up to RM38.5 Million in the Proposed Issuance of Al-Bai Bithaman
Ajil Islamic Debt Securities (BaIDS) by Ace Pavillion Sdn Bhd,
the Securities Commission has via its letter dated 5 September
2003, given approval to the proposed issuance of the BaIDS by
Ace Pavillion Sdn Bhd whereby Mycom's wholly-owned sub-
subsidiary, Tingkayu Plantation Sdn Bhd has proposes to
participate to a limit to RM38.5 Million of the Islamic credit
facility under the Syariah concept of the BaIDS totaling RM77
million.


PARK MAY: KLSE Grants Three-Month RA Time Extension
---------------------------------------------------
On 12 March 2003, Park May Berhad announced that it is an
affected listed issuer under PN4. As an affected listed issuer,
the Company is required to, amongst others, make an announcement
to the KLSE of a plan to regularize its financial condition
within six (6) months from the date of the First Announcement
(hereinafter referred to as the "Requisite Announcement") i.e.
by 11 September 2003.

In this respect, on behalf of the Company, AmMerchant Bank
Berhad wishes to announce that the Company has on 5 September
2003 submitted an application to the KLSE for an extension of
time of three (3) months i.e. until 11 December 2003 to make the
Requisite Announcement.

In any event, the Company will keep shareholders informed of
further developments as and when events are finalized.


SETEGAP BERHAD: Winding-Up Petition Against Unit Withdrawn
----------------------------------------------------------
Setegap Berhad informed that the winding-up petition no. MT2-28-
58-2003 filed by RR Road Safety Sdn. Bhd. against Tekun Bina
Sdn. Bhd. (TBSB), a wholly owned subsidiary of the Company, has
been withdrawn on 29th August 2003 with no order as to costs.

TBSB has on Monday received a letter from their lawyer, Messrs.
William Leong dated 4th September 2003 confirming the above.


TIMBERMASTER INDUSTRIES: Investigative Audit Completion Extended
----------------------------------------------------------------
Reference is made to the announcement dated 10 December 2002, 7
February 2003 and 28 February 2003 in relation to the Proposed
Restructuring Scheme.

On behalf of Timbermaster Industries Berhad (Special
Administrators Appointed), Aseambankers Malaysia Berhad wishes
to announce that the SC had via its letter dated 2 September
2003, approved the extension of time for the completion of
investigative audit of TMIB up to 27 November 2003.

Refer to the Troubled Company Reporter - Asia Pacific, December
13, 2002, Vol. 5, No. 247 issue for further details of the SC's
conditions on Proposed Restructuring Scheme.


TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad informed that it had on 8 September 2003
been notified by PB Trustee Services Berhad (the trustee in
respect of the Company's RM186,558,296 Nominal Value of 5 year
1%-2% Redeemable Secured Convertible Bonds A 1999/2004 and
RM275,980,363 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds B 1999/2004 (collectively "Bonds")) that they
have on 2 September 2003, disposed of some of the Company's
securities held in public listed companies, which are pledged
with them in relation to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. Please refer to the summary attached for information
on the securities disposed on
http://bankrupt.com/misc/TCRAP_Tongkah0910.doc.


TRANS CAPITAL: SC OKs Investigative Audit Extension Application
---------------------------------------------------------------
Reference is made to the announcement dated 22 August 2003,
wherein it was announced that AWC Facility Solutions Berhad had
on 18 August 2003 made an application to the Securities
Commission (SC) for an extension of time from 23 August 2003 to
24 September 2003 to complete the investigative audit on the
Company's previous business losses.

In relation thereto, AmMerchant Bank Berhad, on behalf of Trans
Capital Holding Berhad, wishes to announce that the SC had via
its letter dated 5 September 2003 approved the said application.


WIDETECH (MALAYSIA): Non-Executive Director Mohd Hmdi Retires
-------------------------------------------------------------
The Board of Directors of Widetech (Malaysia) Berhad is pleased
to announce that at the Nineteenth Annual General Meeting held
on 5 September 2003, the members of the Company have approved
and passed all the ordinary resolutions set out in the Notice
thereof dated 13 August 2003, except for Ordinary Resolution
2(a) in respect of the re-election of Mohd Ariff Bin Amran Hmdi.

Subsequent to the issuance of the said Notice, Mohd Ariff has
informed the Company that he would not be seeking for re-
election. Accordingly, his term of office as Non-Independent
Non-Executive Director ended at the conclusion of the meeting.

Last month, the Troubled Company Reporter - Asia Pacific
reported that Widetech (Malaysia) Audited Accounts for the
financial year ended 31 March 2003 recorded a Group Loss After
Taxation and Minority Interest (Audited Results) of RM1,611,000.
This represents an increase of RM674,000 or 72% as compared with
the Unaudited Group Loss After Taxation and Minority Interest
(Unaudited Results) of RM937,000, which was announced to the
Exchange on 28 May 2003.


YCS CORPORATION: September 11 Bondholders Meeting Scheduled
-----------------------------------------------------------
Reference is made to the Default In Payment In Respect of
Redeemable Convertible Secured Loan Stock B (RCSLS-B) and
Default In Payment In Respect of Irredeemable Convertible
Unsecured Loan Stock A 2000/2005 (ICULS-A).

YCS Corporation Berhad wishes to inform that the Trustee for the
RCSLS-B Holders and RCSLS-A Holders, AmTrustee Berhad, will be
meeting the company, together with the RCSLS-B holders and
RCSLS-A holders on September 11, 2003 to address the above
matter.


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


MANILA ELECTRIC: Clarifies US$200M Debt Papers Issuance
-------------------------------------------------------
This is in reference to the news article "Meralco to issued
US$200 debt papers" published in the September 4, 2003 issue of
the Business World (Internet Edition). The article reported that
"Manila Electric Co. (Meralco) said yesterday it would issue up
to US$200 million in "high-yielding capital market instruments'
to boost its cashflow and avoid a potential default on maturing
debt. 'It is crucial this instrument is issued in the soonest
defaulting on its debt service,' the utility said in a filing
with the Energy Regulatory Commission.

Manila Electric Company (Meralco), in its letter dated September
4, 2003, stated that:

Meralco is considering various financing options under its
Comprehensive Liability Management Program. The Company has not
made any final determination as to any particular transaction
and shall make the appropriate disclosures when such a decision
to undertake a new financing has been reached.

For a copy of the disclosure, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2867_MER.pdf


UNITED COCONUT: Narrows Debt to P7B After PDIC's Fund Infusion
--------------------------------------------------------------
The United Coconut Planters Plant (UCPB) has narrowed its debt
to 7 billion pesos after the Philippine Deposit Insurance
Corporation (PDIC) acquired "at no discount" 13 billion pesos of
the bank's non-performing loans (NPLs), according to the
Business World on Tuesday.

UCPB's rehabilitation involves cleaning up its books by securing
20 billion pesos in new capital from PDIC, PhP13 billion of
which will be used to buy the bank's NPLs. In its December 2002
statement of condition, UCPB disclosed that it has 20.084
billion pesos in non-performing loans and 20.234 billion pesos
in real and other properties owned or acquired (ROPOA).


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


CHENG POH: Petition to Wind Up Pending
--------------------------------------
The petition to wind up Cheng Poh Building Construction Pte Ltd.
is set for hearing before the High Court of the Republic of
Singapore on September 12, 2003 at 10 o'clock in the morning.
SAL Construction Pte Ltd., a creditor, whose address is situated
at 6 Shenton Way #32-00 DBS Building Tower Two, Singapore
068809, filed the petition with the court on July 16, 2003.

The petitioners' solicitors are Messrs Rajah & Tann of No. 4
Battery Road #15-01 Bank of China Building, Singapore 049908.
Any person who intends to appear on the hearing of the petition
must serve on or send by post to Messrs Rajah & Tann a notice in
writing not later than twelve o'clock noon of the 11th day of
August 2003 (the day before the day appointed for the hearing of
the Petition).


FIRST CHOON: Winding Up Hearing Set September 19
------------------------------------------------
The petition to wind up First Choon Frozen Food Pte Ltd. is set
for hearing before the High Court of the Republic of Singapore
on September 19, 2003 at 10 o'clock in the morning. United
Overseas Bank Limited, a creditor, whose address is situated at
80 Raffles Place, UOB Plaza, Singapore 048624, filed the
petition with the court on July 16, 2003.

The petitioners' solicitors are Messrs Shook Lin & Bok of 1
Robinson Road #18-00, AIA Tower, Singapore 048542. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs Shook Lin & Bok a notice in writing
not later than twelve o'clock noon of the 18th day of August
2003 (the day before the day appointed for the hearing of the
Petition).


INNOCEPT CAPITAL: Releases Winding Up Order Notice
--------------------------------------------------
Innocept Capital (Asia Pacific) Pte Ltd issued a notice of
winding up order as follows:

Winding Up Order made the 29th day of August 2003.

Name and address of Liquidator: The Official Receiver

The URA Centre East Wing
45 Maxwell Road #05-11/#06-11
Singapore 069118.

Messrs LEE BON LEONG & CO.
Solicitors for the Petitioner.


KIM SENG: Issues Notice of First & Final Preferential Dividend
--------------------------------------------------------------
Kim Seng Choon Construction Pte Ltd. issued a notice of dividend
as follows:

Address of Registered Office: Formerly of 149 Geylang Rd #02-02
Singapore 389233.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 33 of 1998.

Amount Per Centum: 12.27 percent.

First and Final or otherwise: First & Final Preferential
Dividend.

When Payable: 19th August 2003.

Where Payable: The Official Receiver

The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

KAREN LOH PEI HSIEN
Assistant Official Receiver.


NKC PTE: Issues Notice of Dividend
----------------------------------
NKC (Singapore) Pte Ltd. issued a notice of first & final
dividend:

Address of Registered Office: Formerly of 10 Anson Road #11-03
International Plaza
Singapore 079903.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 31 of 1997.

Amount Per Centum: 14.9 percent.

First and Final or otherwise: First & Final Preferential
Dividend.

When Payable: 20th August 2003.

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

KAREN LOH PEI HSIEN
Assistant Official Receiver.


ORDNANCE DEVELOPMENT: Releases Winding Up Notice to Creditors
-------------------------------------------------------------
Notice is hereby given that the creditors of Ordnance
Development And Engineering Company Of Singapore (Private)
Limited (In Members' Voluntary Liquidation), which is being
wound up voluntarily are required on or before the 6th day of
October 2003 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the undersigned, the
liquidator of the said Company and, if so required by notice in
writing by the said liquidator are, by their solicitors or
personally, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

HAMISH ALEXANDER CHRISTIE
Liquidator.
c/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581.


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


BANGKOK RANCH: Inks Conditional Agreement With Cherry Valley
------------------------------------------------------------
Bangkok Ranch Planner Limited, as the Plan Administrator of
Bangkok Ranch Public Company Limited, informed the Company's
recent events. The controlling shareholder of Bangkok Ranch, the
Navis Group, has reached a conditional agreement with the owners
of Cherry Valley Limited (Cherry Valley) to acquired all of the
shares of Cherry Valley.  Cherry Valley is a leading commercial
duckling and meat producer, a leading global supplier of genetic
stock, and a longstanding supplier to Bangkok Ranch. The
combined company will be the biggest integrated duck producer
outside China.

The Navis Group has informed Bangkok Ranch that it intends that
the two companies will operate in substantially their current
form and with separate management and that it may propose a
corporate transaction to bring the two companies under common
ownership. This acquisition is subject to the several conditions
including approval by the regulatory authorities in Thailand and
by the creditors of the Company, and further discussion with the
Cherry Valley.


CHRISTIANI & NIELSEN: Increases Registered Capital
--------------------------------------------------
CN Advisory Company Limited, as the Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited, reported
that the Company's registered capital increase from
Bt1,411,835.20 to registered capital of Bt312,015,580 by issuing
ordinary shares in the number 31,60,374,480 shares with par
value of Bt0.01 in the total amount of Bt310,603,744.80.

The registration has been made with the Registrar on 3rd
September 2003. The Company has also amended Clause 4 of the
Memorandum of Association of the Company to reflect the increase
of the registered capital.


MILLENNIUM STEEL: Notifies Preferred Shares Conversion
------------------------------------------------------
According to the issuance of Millennium Steel Public Company
Limited, preferred shares can be converted into the ordinary
shares. The conversion period is 11 years and ended on November
28, 2013. The preferred shareholders can apply for the
conversion of the preferred shares into ordinary shares on every
business day of the company.

The Company would like to inform that The MAX Asset Management
Company Limited, who held the company preferred shares has
exercised the right to convert preferred shares into ordinary
shares in the amount of 10,683,419 preferred shares. The
conversion ratio is 1 preferred share can be converted into 1
ordinary share. The company has completed the conversion on
August 29, 2003. The company, therefore, has the issued shares
of 3,841,714,922 ordinary shares and 1,603,748,705 preferred
shares.


MODERN HOME: Securities Trading Still Suspended
-----------------------------------------------
Pursuant to posting an "SP" sign against Modern Home Development
Public Company Limited (M-HOME) since the second trading session
on September 4, 2003 because M-HOME's auditor reported his
inability to reach any conclusion on company's the second
quarterly reviewed financial statements as of June 30, 2003.

M-HOME's financial statements are now widespread disseminated.
The SET, therefore, post an "NP" sign on M-HOME's securities
effective on September 8,2003 onwards until the amended
financial statements will be submitted or it is concluded that
M-HOME is not necessary to amend the aforementioned financial
statements.

Nevertheless, the SET has still suspended trading all securities
of M-HOME until the causes of de-listing are eliminated.


NATURAL PARK: Issues Investment Restructuring Add'l Info
--------------------------------------------------------
Natural Park Public Company Limited, in reference to the sale of
Golf Course, provided additional information on investment
restructuring. Details are the following:

1. Formerly Natural Park Public Company Limited has held shares
in Natural Brands Co., Ltd.

Indirectly through Natural Club Co., Ltd. Later on August 7,2003
Natural Park Public Co., Ltd. had investment restructuring in
subsidiary company by purchasing 9,994 ordinary shares of
Natural Brands Co., Ltd from Natural Club Co., Ltd par value of
Bt10 per share, total investment capital at Bt99,940.

Therefore, the shareholding ratio of Natural Park Public Company
Limited in Natural Brands Co., Ltd is approximately 100% of the
paid-up capital. And on September3,2003 Natural Park Public
Company Limited has sold all shares in Natural Brands to
Wattanapracha Co., Ltd.

2. The Company has not sold investment capital of Natural Club
Co., Ltd. Therefore, Natural Club Co., Ltd. remains its
subsidiary company. The proportion of the shareholding in the
company approximately 100% of paid-up capital.


SUN TECH: SET Temporarily Suspends Securities Trading
-----------------------------------------------------
Previously, the Stock Exchange of Thailand posted the "NP"
(Notice Pending) sign on Sun Tech Group Public Company Limited
(SUNTEC) effective from 1 September 2003 because it has failed
to submit its annual financial statement as of 30 June 2003
within the deadline specified by the SET.

The Stock Exchange of Thailand (SET) has posted an "SP"
(Suspension) sign to temporary suspend the trading of the
company's securities due to the company has failed to submit its
financial statement for more than 5 working days.

Therefore effective on 8 September 2003 onwards, until the
company submits the required financial statement this suspension
will remain in effect.


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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                 *** End of Transmission ***