/raid1/www/Hosts/bankrupt/TCRAP_Public/030929.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Monday, September 29, 2003, Vol. 6, No. 192

                         Headlines

A U S T R A L I A

ERG GROUP: Rome Restructure Contracts Signed
LEND LEASE: S&P Lowers Rating to 'BBB'; Off Watch Negative
PASMINCO LIMITED: Posts Elura Mine Update
QANTAS AIRWAYS: Commission Extends Final Determinations Release
SELWYN MINES: Panel Declines Application From Hillgrove

TOWER LIMITED: New Directors Appointed
UNION CAPITAL: Posts General Meeting Results


C H I N A   &   H O N G  K O N G

CANPOWER TRANSPORTATION: Petition to Wind Up Scheduled
CHINADOTCOM CORPORATION: AOL's Shareholding Disposal Completed
FUBON FINANCIAL: S&P Rates Zero Coupon Convertible Bonds 'BBB'
GRAND PROFIT: Winding Up Hearing Scheduled in October
HAIER-CCT HOLDINGS: Operations Loss Increases to HK$87.777M

I100 LIMITED: Rights Issue Becomes Unconditional
MID-ORIENT PROPERTIES: Winding Up Petition Pending
NATURAL MARBLE: Winding Up Petition to be Heard
THAI ASSET: Cuts 2003 Net Loss to HK$130.137M


I N D O N E S I A

ASTRA GRAPHIA: Discloses Sept 25 EGM Resolutions
UNITED TRACTORS: Reorganizes Commissioners, Adds Director   


J A P A N

ALL NIPPON: Makes First Dividend Payment in Seven Years
DAIEI INC.: Colony Acquires Fukuoka Business
MATSUYA DENKI: IRCJ Aids Home Appliance Firm
NIPPON TELEGRAPH: Units Sign Purchase Deal With P.T. Alberta
RESONA HOLDINGS: Sells Y400B Shares in First Half


K O R E A

CHOHUNG BANK: Sell Shares in Rescued Firms
HANARO TELECOM: LG's Investment Deal Imminent
KOOKMIN BANK: Down On Probe, Poor Earnings
SK CORPORATION: Union Threatens Strike Against Chairman


M A L A Y S I A

ARUS MURNI: Proposes Name, Object Clause Change
CHG INDUSTRIES: Resolutions Duly Passed at EGM
DATAPREP HOLDINGS: All Resolutions Pass at 14th AGM  
IDRIS HYDRAULIC: Inks Shares Subscription Agreement W/ Investor
KELANAMAS INDUSTRIES: Oct 17 Court Convened Meeting Set

KSU HOLDINGS: Parte Injunction Application Hearing Set on Oct 6
MOL.COM BERHAD: Oct 13 EGM Schedules  
NYLEX (MALAYSIA): Reorganization Scheme Completion Time Extended
OMEGA HOLDINGS: Agrees With SC's Restructuring Scheme Terms
PERNAS INT'L: Share Sale Agreement Fulfillment Date Extended

PICA (M) CORPORATION: Creditors Approve Revised Proposals
PLANTATION & DEVT: SC Extends Investigative Audit Completion
SOUTHERN PLASTIC: To File Appeal at SC Over Rejected Proposals
TIMBERMASTER INDUSTRIES: SC OKs Modified Workout Proposal
TONGKAH HOLDINGS: Disposes Quoted Securities

TRANS CAPITAL: Faces Public Reprimand, Fine From KLSE
WOO HING: Appoints Encik Nordin as Independent, Non Executive


P H I L I P P I N E S

PILIPINO TELEPHONE: SC Denies Petition Filed by Firm
URBAN BANK: Court of Appeals Dismisses Case Vs. BSP Officials


S I N G A P O R E

BURLY ENTERPRISE: Issues Notice of Winding Up Order
EMCO STEEL: Releases Preferential Dividend Notice
FLEXTECH HOLDINGS: Issues Notice of Interest Rate
G-TECHNOR TECHNICAL: Unveils Dividend Notice
GWNNET PTE: Petition to Wind Up Pending

HWA HONG: Dissolves Dormant Unit
JYOTO WORKS: Releases First & Final Dividend Notice
SEATOWN CONSTRUCTION: Disposing of Shares in Unit


T H A I L A N D

ABICO HOLDINGS: Independent Director Sutinee Supachit Resigns
HEMRAJ LAND: SET Grants Listed Securities
JASMINE INT'L: Posts BoD's Meeting No. 12/2546 Resolutions
LOXLEY PUBLIC: TRIS Assigns Proposed Debentures Rates "BBB"

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


ERG GROUP: Rome Restructure Contracts Signed
--------------------------------------------
ERG Group is pleased to announce that the contracts for the
restructure of its Rome-ATAC project, as announced to the market
on 3 September 2003, have now been signed.

A total of $50.8 million is payable to ERG as follows:

   * $27.9 million as the first installment of the purchase for
the ticketing hardware. This amount is payable within 15 days of
signing ($10.2 million of it has already been paid). A further
$7.8 million is due within six months.

   * $10.0 million for the rights to use ERG's software, payable
within one month.

   * $5.1 million for additional software and training services,
payable within a maximum of 12 months.

ERG and ATAC-the Rome public transport agency-have agreed the
process for establishing a new company to operate the Rome
system. The joint venture company, to be owned 30% by ERG, will
have an eight-year contract to operate the ticketing system and
is expected to earn annual revenues of $35-40 million. The new
company will also pay ERG an annual license and software
maintenance fee of $1.9 million.

The immediate profit and loss impact of the restructure to ERG
will be neutral; however, the removal of annual depreciation
charges of approximately $7 million will have a positive impact
moving forward.

The transaction leaves the Group with substantial cash reserves.


LEND LEASE: S&P Lowers Rating to 'BBB'; Off Watch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services said Friday that it lowered
the long-term corporate credit rating on Lend Lease Corp. Ltd.
(Lend Lease) to 'BBB' from 'A-' and removed the rating from
CreditWatch with negative implications, where it was placed on
Jan. 23, 2003. The 'A-2' short-term corporate credit rating is
affirmed and also removed from CreditWatch. The rating outlook
is stable.

The rating downgrade follows difficulties encountered by Lend
Lease in integrating Real Estate Investment (REI) acquisitions
and managing a global REI operation. As a result, Lend Lease
will divest its U.S. REI funds management business, and the
company's mix of earnings will shift to the more volatile
transaction-based fees. The company's financial policy indicates
a willingness to leverage its balance sheet from its current
very conservative base.

"The Real Estate Solutions (RES) business, however, is
performing to Standard & Poor's expectations, with Bovis Lend
Lease (BLL) providing the bulk of divisional earnings," said
Standard & Poor's credit analyst, Craig Parker, director,
Corporate & Infrastructure Finance Ratings group. At June 30,
2003, Bovis Lend Lease had secured A$611.3 million of new work
and had A$564 million of backlog gross profit margin (GPM). The
remaining A$96.6 million of backlog GPM resides in the
Integrated Development Businesses (IDB) and an additional
A$212.4 million relates to the company obtaining preferred
bidder status. "Standard & Poor's expects the company will
explore further growth initiatives in IDB and capitalize on the
expertise garnered as a result of developments in mixed-use
communities, defense, and the health care sector," Mr. Parker
said.

After divesting Lend Lease's U.S. REI funds management business,
it will remain focused on the well-established Asia-Pacific
businesses.  Realization of the discontinued REI businesses will
provide substantial cash proceeds of about A$1,170 million. The
investments held in U.K.-based Bluewater and U.S.-based King of
Prussia shopping centers boost the contribution for the
remaining REI business. Longer term, Lend Lease has indicated
that it is considering divesting these assets. The divestment
process will be dictated by existing contractual arrangements
that limit a potential sale. Management will look to either
reinvest the sale proceeds in the operating businesses or return
the funds to shareholders.

The ratings anticipate that the company will continue to grow
the BLL business and seek opportunities in various IDB
activities. This will be achieved while maintaining a
satisfactory financial profile.


PASMINCO LIMITED: Posts Elura Mine Update
-----------------------------------------
Consolidated Broken Hill Ltd advises that operations to
recommence production at the Endeavor (formerly Elura) Mine are
on schedule with ore haulage now under way. The processing plant
is scheduled for start up this week.

Employment at the Endeavor Mine is through contractors and
sufficient workforce is now committed to operate the mine in
accordance with plan.

The principal contractors have engaged employees on Australian
Workplace Agreements (AWAs) under the Federal Workplace
Relations Act and this process is planned to continue.

Nevertheless, the Australian Workers Union has continued its
efforts in the NSW Industrial Relations Commission to have a new
industrial award imposed at the Endeavor Mine, including
employment preference for former Pasminco employees at the new
operation.

On 18 September 2003 the NSW Industrial Relations Commission
issued orders purporting to prevent the contractors from
continuing to employ personnel pursuant to AWAs. The Company and
its legal advisors are of the view that these orders are beyond
the power of the Commission and are therefore invalid. A legal
challenge is being made in the Federal Court to have these
orders declared void.

The Company remains of the view that it is unlikely these
proceedings will have an adverse effect on the successful
operation and upgrade of the Endeavor Mine.


QANTAS AIRWAYS: Commission Extends Final Determinations Release
---------------------------------------------------------------
The Commerce Commission advised that it had agreed an extension
with Qantas Airways Limited and Air New Zealand Limited to
Thursday 24 October for release of the final determinations
relating to the proposed alliance between the two airlines.

Acting General Manager Geoff Thorn said the extension was
required for the Commission to complete its consideration of the
extensive information received at its recent six-day conference.

"We are working on our final economic analysis and calculations.
We sought additional time to fully analyze the extensive
information and presentations received at the conference."

Mr Thorn added that the four-week extension was significant, and
that the Commission was committed to announcing its final
determinations once completed, which could be within the 24
October deadline.

Timing details for the release of the determinations will be
announced closer to the time.


SELWYN MINES: Panel Declines Application From Hillgrove
-------------------------------------------------------
The Takeovers Panel advises that it has decided not to conduct
proceedings with respect to the application made by Hillgrove
Gold Limited (HGO) in relation to Selwyn Mines Limited
(Receivers and Managers Appointed).

On 6 September 2003, HGO and Grange Resources Limited (GRR)
announced their intention to make an off-market scrip bid for
all of the fully paid ordinary shares in SLN (Bid). To date HGO
and GRR have not released a bidder's statement.

In its application to the panel HGO alleged unacceptable
circumstances in relation to the failure of the Receivers and
Managers (Receivers) of Selwyn Mines Limited (Receivers and
Managers Appointed) (SLN) to provide information to the
directors of SLN in order to enable them to understand the legal
status of negotiations between the Receivers and a third party
purchaser (Ivanhoe Mines Limited and Mineral Resources Limited)
of SLN's assets.

HGO sought an order restraining the Receivers from completing
the sale of the assets to the third party. The Panel decided
that no case had been established for restraining this sale
because of the possibility of the HGO/GRR Bid being made, the
sale not being frustrating action to forestall that bid.

The Panel decided that, with no bidder's statement having been
lodged and no target's statement being due for some weeks, it
would be premature to declare that unacceptable circumstances
now exist because information, which may be required to be
included in the target's statement, is not yet available to the
directors of SLN. It noted that when and if the directors have a
present need of information regarding the sale of the assets in
order to make a recommendation to the shareholders, the
situation may be different.

The Panel was provided with certain information by the parties,
and requested additional information. On the basis of the
information before it, the Panel concluded that it would be
unable to declare that unacceptable circumstances had arisen and
accordingly it declined to conduct proceedings.

The Panel will post its full reasons for this decision on its
website (http://www.takeovers.gov.au/)when they have been  
settled.

The sitting Panel was Ian Ramsay (sitting President), Michael
Ashforth (sitting deputy President) and Celia Searle.


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


TOWER LIMITED: New Directors Appointed
--------------------------------------
Tower Limited has announced the appointment of John Spencer and
Maurice Loomes as Directors to the Board of Tower Limited.

John Spencer is a Wellington based company director, qualified
B.Com, FCA. Mr Spencer is the Chairman of Tainui Group Holdings
Ltd and a Director of NIWA (National Institute of Water and
Atmospheric Research Ltd). He was the Chief Executive of the New
Zealand Dairy Group prior to the formation of Fonterra and he
has held a number of senior management positions in New Zealand
and overseas. A Fellow of the Institute of Chartered Accountants
in New Zealand, he is also the Deputy Chairman of the Accounting
Standards Review Board and a trustee of Workplace, the national
centre for workplace literacy.

Resident in Sydney, Australia, Maurice Loomes holds a B.Com
(Honors) from the University of New South Wales and has
extensive experience in investment research and analysis,
portfolio management and related activities. A company director,
Mr Loomes is the Chairman of Canberra Investment Corporation
Ltd, a residential land developer and is currently a Director of
Turners and Growers Ltd and Turners Auctions Ltd in New Zealand
and Reinsurance Australia Corporation in Australia. He is also a
member of the Advisory Board for Australia of Lazard Funds
Management. Mr Loomes has previously been a Director of a number
of other New Zealand and Australian companies including Tyndall
Australia Ltd (1993-1999), The Colonial Motor Company (NZ) Ltd
(retired 1998) and Guinness Peat Group plc (retired May 2000).

TOWER Chairman Olaf O'Duill commented: "John Spencer and Maurice
Loomes bring outstanding commercial talent, depth and experience
to TOWER and are welcome additions to our Board. I made the
commitment to shareholders at the Annual Meeting that the TOWER
Board would be restructured and revitalized, and these
appointments are an important part of this process."

Both new Directors will be subject to re-election at the 2004
Annual Meeting.  


UNION CAPITAL: Posts General Meeting Results
--------------------------------------------
A General Meeting of the Company was held on Friday, September
26, 2003. The result was that all of the resolutions were
passed, namely, the approval of three previous placements made
on 8th August 2003, totally 11 million shares at 2 cents raising
$220,000, and the approval to issue up to 50 million shares at 2
cents under the Shareholder Share Purchase Plan, or a placement
at a price not less than 80% of the prevailing weighted average
market price over the last five (5) days preceding such
placement.

According to Wrights Investors' Service, at the end of 2002,
Union Capital Limited had negative working capital, as current
liabilities were A$1.52 million while total current assets were
only A$1.14 million. It also reported losses during the previous
12 months and has not paid any dividends during the previous 4
fiscal years.


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


CANPOWER TRANSPORTATION: Petition to Wind Up Scheduled
------------------------------------------------------
The petition to wind up Canpower Transportation Limited is set
for hearing before the High Court of Hong Kong on October 8,
2003 at 10:00 in the morning.

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


CHINADOTCOM CORPORATION: AOL's Shareholding Disposal Completed
--------------------------------------------------------------
chinadotcom corporation announced Thursday that based upon
SEC filings, America Online, Inc. (AOL) has disposed of its
entire holding of 6,795,200 chinadotcom shares as of September
11, 2003.

Daniel Widdicombe, Chief Financial Officer of chinadotcom
corporation, said: "We're pleased to have an overhang on our
stock removed and finality reached on this issue, and look
forward to pursuing our software strategy focused on two of the
fastest growing sectors in China -- export manufacturing
and mobile applications."

On July 28, 2003, the companies announced that they had reached
a settlement including the release of all claims between the two
companies and their affiliates. The companies also agreed to
cancel AOL's two warrants to acquire additional shares in
chinadotcom.  At this time, the companies have no remaining
operational, strategic or other agreements.

According to Wrights Investors Service, the company has paid no
dividend during the last 12 months and has not paid any dividend
during the previous 2 fiscal years.  It has also reported losses
during the previous 12 months.


FUBON FINANCIAL: S&P Rates Zero Coupon Convertible Bonds 'BBB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that it had
assigned its 'BBB' issue rating to a proposed 21-month zero
coupon convertible bond issue of up to US$257.5 million by Fubon
Financial Holding Co. Ltd. (Fubon FHC; BBB/Stable/A-3) of
Taiwan.

The issue, due July 2005, will be unsecured and unsubordinated,
and will rank pari passu with all Fubon FHC's other senior debt
issues.

Bondholders will have the right to convert their bonds into
common shares and Global Depository Shares in Fubon FHC. They
will also be able to seek to redeem the bonds for cash (wholly,
but not in part) in the event that the shares in Fubon FHC are
de-listed from the Taiwan Stock Exchange, or that there is a
change of shareholding control of the company.

Fubon FHC will retain the right to buy back all or some of the
bonds after 18 months in the event that the price of common
shares in Fubon FHC exceeds 130% of the conversion price for 30
consecutive trading days.

Any material change in the terms and conditions of the bond
issue may affect the issue rating.


GRAND PROFIT: Winding Up Hearing Scheduled in October
-----------------------------------------------------
The High Court of Hong Kong will hear on October 15, 2003 at
10:00 in the morning the petition seeking the winding up of
Grand Profit Investment 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 20, 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.


HAIER-CCT HOLDINGS: Operations Loss Increases to HK$87.777M
-----------------------------------------------------------
Haier-CCT Holdings Limited posted its results announcement
summary for the year ending December 31, 2003:

Year-end date: 31/12/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                                 (Unaudited)
                              (Unaudited)        Last
                              Current            Corresponding
                              Period             Period
                              from 01/01/2003    from 01/01/2002
                              to 30/06/2003      to 30/06/2002
                              Note  ('000)       ('000)
Turnover                           : 741,282            177,905           
Profit/(Loss) from Operations      : (87,777)           (319)             
Finance cost                       : (6,190)            (2,148)           
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       : (84,542)           (3,137)           
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0085)           (0.0003)          
         -Diluted (in dollars)     : (0.0085)           (0.0003)          
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (84,542)           (3,137)           
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)      TURNOVER
                
                                        Six months ended 30 June
                                        2003            2002
                                        HK$'000         HK$'000
                        
Continuing operations                   741,282         150,643
Discontinued operations                 -               27,262
                                        ------------------------
                                        741,282         177,905
                                        ------------------------

(2)  PROFIT/(LOSS) FROM OPERATING ACTIVITIES                    

                                        Six months ended 30 June
                                        2003            2002
                                        HK$'000         HK$'000
                        
Continuing operations                   (87,777)        (1,571)
Discontinued operations                 -               1,252
                                        ------------------------
                                        (87,777)        (319)
                                        ------------------------

(3)  LOSS PER SHARE

        The calculation of the basic and diluted loss per share
is based on the following data:

                                        Six months ended 30 June
                                        2003            2002
                                        (Unaudited)     
(Unaudited)
                                        HK$'000         HK$'000
Loss for the purposes of basic and
  diluted loss per share                (84,542)        (3,137)
                                
        
                                        Number of shares (in
thousand)
Weighted average number of ordinary
  shares for the purpose of basic
  loss per share                       9,962,329       8,908,390

Bonus issue of warrants                 -               893,877

Effect of dilutive share options        361             3,733
                                        ------------------------
Weighted average number of ordinary
  shares for the purpose of diluted
  loss per share                       9,962,690       9,806,000
                                        ------------------------
(4)  DIVIDENDS

The directors do not recommend payment of an interim dividend
for the six months period ended 30 June 2003 (30 June 2002:
nil).

(5)  WARRANTS

On 22 February 2002, the Company made a bonus issue of warrants
to the shareholders whose names appeared on the register of
members of the Company on 22 February 2002, on the basis of one
unit of warrant for every ten shares of HK$0.10 each in the
share capital of the Company held on that date. As a result,
893,876,600 units of warrants in the amount of HK$464,815,832
were issued pursuant to the bonus issue.  Each unit of warrant
entitles the holder thereof to subscribe for new ordinary shares
of the Company at an initial subscription price of HK$0.52 per
share, payable in cash and subject to adjustment, at any time
between 26 February 2002 and 26 February 2004 (both dates
inclusive).  

There were 208 units of warrants exercised during the period
from 1 January 2003 to 30 June 2003.


I100 LIMITED: Rights Issue Becomes Unconditional
------------------------------------------------
Reference is made to the prospectus of i100 Limited dated 8th
September, 2003 (Prospectus) in respect of the Rights Issue.

The Board wishes to announce that as at 4:00 p.m. on Tuesday,
23rd September, 2003, being the latest time and date for payment
and acceptance in respect of the Rights Issue, a total of 172
valid acceptances and applications had been received in respect
of a total of 15,789,979 Rights Shares, which comprised 148
valid acceptances of provisional allotments in respect of a
total of 10,001,409 Rights Shares and 24 valid applications for
excess Rights Shares in respect of a total of 5,788,570 Rights
Shares, representing in aggregate approximately 115% of
the total number of Rights Shares available.

The Rights Issue became unconditional at 4:00 p.m. on Thursday,
25th September, 2003.

The Board will allot the 3,772,003 Rights Shares available for
excess application on an equitable basis with applications for
less than a whole board lot being satisfied in full and
remaining Shares allotted on a pro rata basis by reference to
the total excess Rights Shares applied for, rounded up or
rounded down to a board lot.

Share certificates for fully paid Rights Shares in respect of
valid acceptances of Rights Shares on provisional allotment
letters and successful applications for excess Rights Shares
will be dispatched by ordinary post to those entitled thereto at
their own risk by the Registrar on or before Monday, 29th
September, 2003. Refund cheques in respect of wholly or
partially unsuccessful excess applications (without interest)
will be dispatched to those entitled thereto at their own risk
on or before Monday, 29th September, 2003. Dealing in fully paid
Rights Shares will commence on Thursday, 2nd October, 2003.


MID-ORIENT PROPERTIES: Winding Up Petition Pending
--------------------------------------------------
Mid-Orient Properties Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on October 15, 2003 at 10:00 in the morning.

The petition was filed on August 20, 2003 by Bank of China (Hong
Kong) Limited of 14th Floor, Bank of China Tower, 1 Garden Road,
Central, Hong Kong.


NATURAL MARBLE: Winding Up Petition to be Heard
-----------------------------------------------
The petition to wind up Natural Marble Works Limited is
scheduled for  hearing before the High Court of Hong Kong on
October 8, 2003 at 10:00 in the morning.

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


THAI ASSET: Cuts 2003 Net Loss to HK$130.137M
---------------------------------------------
The Thai Asset Fund Limited issued a summary of its results
announcement for the year ending December 31, 2003:

Year-end date: 31/12/2003
Currency: USD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                                 (Unaudited)
                              (Unaudited)        Last
                              Current            Corresponding
                              Period             Period
                              from 01/01/2003    from 01/01/2002
                              to 30/06/2003      to 30/06/2002
                              Note  ($)          ($)
Turnover                           : 240,826         164,065           
Profit/(Loss) from Operations      : (93,078)       (326,477)         
Finance cost                       : N/A                N/A               
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       : (130,137)      (335,301)         
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.03)           (0.07)            
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (130,137)      (335,301)         
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:
                                     Six months ended June 30,       
a.      TURNOVER                        2003            2002
                                        US$             US$
Dividends received from third parties
- from listed investments               239,300         162,150
Interest received from third parties
- from bank deposits                    1,526           1,915
                                       __________      ________
                                        240,826         164,065
                                       =========       =========

b.                                     Six months ended June 30,       
                                        2003            2002
                                        US$             US$
Turnover                                240,826         164,065
Expenses                                (183,556)       
(148,024)
                                      __________      __________
Net profit before realized loss on
  disposal of investment                57,270          16,041
Realized loss on disposal of
  investment                          (150,348)       (342,518)
                                      __________      __________
NET LOSS BEFORE TAXATION                (93,078)        
(326,477)
                                      =========       =========

c.                                     Six months ended June 30,       
       TAXATION                         2003            2002
                                        US$             US$
Withholding tax in Thailand on
distributions from The Thai Asset
Fund (the "Fund") to the Company        37,059          8,824
                                      =========       =========

Withholding tax is payable in Thailand at the rate of 15% on
distributions made by the Fund to the Company. No provision for
Hong Kong profits tax has been made as interest, dividend and
realized gains on disposal of investments of the Company are
excluded from charge to profits tax under either section 14, 26
or 26A of the Hong Kong Inland Revenue Ordinance.

d. DEFICIT PER SHARE

The calculation of deficit per share is based on net loss after
tax for the six months of US$130,137 (June 30, 2002: loss of
US$335,301) and 5,000,000 (June 30, 2002: 5,000,000) shares
outstanding during the six months.


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


ASTRA GRAPHIA: Discloses Sept 25 EGM Resolutions
------------------------------------------------
The resolutions of the Extra Ordinary Shareholders Meeting of PT
Astra Graphia Tbk in Jakarta on 25 September 2003 are as
follows:

1. Accepts resignation of Gunawan Geniusahardja as President
Commissioner, John Stuart Anderson Slack as Vice President
Commissioner, Danny Walla as Commissioner and Bambang Widjanarko
Eddy Santoso as Director of the Company. It is effective
immediately after the closing of this meeting.

2. Appoints Kour Nam Tiang as President Commissioner, Gunawan
Geniusahardja as Vice President Commissioner, John Stuart
Anderson Slack as Commissioner and Arya N. Soemali as Director
of the Company until the closing of the Company's Annual
Shareholders Meeting in 2004. The new formation of the Board of
Commissioners and Board of Directors are as follows:

   President Commissioner     :  Kour Nam Tiang
   Vice President Commissioner:  Gunawan Geniusahardja
   Commissioner               :  John Stuart Anderson Slack
   Independent Commissioner   :  Trenggono Purwosuprodjo
   Independent Commissioner   :  Setyo Adioetomo  

    President Director        :  Lukito Dewandaya
    Vice President Director   :  Hertanto Mangkusasono
    Director                  :  Santosa
    Director                  :  Arya N. Soemali  

3. Authorizes the Directors to document the resolution of this
meeting in notary deed and, if it is required, to report to
Minister of Justice and Human Rights of Republic of Indonesia
and/or other authorized parties.


UNITED TRACTORS: Reorganizes Commissioners, Adds Director   
---------------------------------------------------------
PT United Tractors Tbk (UT) had its Extra Ordinary Shareholders
Meeting on 25 September 2003 in Multipurpose Room of PT Astra
International. The main agenda is to restructure formation of
Commissioners and to add a Director of the Company. The meeting,
attended by shareholders and invitees, began at 1:00 pm and was
officially opened by Kour Nam Tiang, President Commissioner of
UT. Hagianto Kumala, President Director, further took over the
meeting.

In the meeting, it was mentioned that the Board of Directors has
received letter from shareholders, which represented more than
10% of the total issued shares, to propose Michael D. Ruslim as
President Commissioner, Gunawan Geniusahardja as Commissioner,
Mark Herbert and Paulus Bambang WS as Directors of the Company.

The new formation of the Company's Board of Commissioners and
Board of Directors, to be effective until Annual General Meeting
of Shareholders in 2005, are:

   President Commissioner     :  Michael D. Ruslim
   Vice President Commissioner:  Adam Keswick
   Commissioner               :  Gunawan Geniusahardja
   Independent Commissioner   :  Soegito
   Independent Commissioner   :  Inget Sembiring
   Independent Commissioner   :  Stephen Z. Satyahadi  
   President Director         :  Hagianto Kumala
   Vice President Director    :  Djoko Pranoto
   Director                   :  Buntoro Muljono
   Director                   :  Dwi Priyadi
   Director                   :  Mark Herbert
   Director                   :  Paulus Bambang WS  

"With additional members in the Board of Directors, we hope that
we can improve our performance to focus more on our heavy
equipment sales," said Hagianto Kumala after the closing of the
meeting.


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


ALL NIPPON: Makes First Dividend Payment in Seven Years
-------------------------------------------------------
All Nippon Airways Co. (ANA) expects to pay its first dividend
payment in seven years after passenger traffic recovered at home
and abroad, Bloomberg said on Friday, citing ANA President Yoji
Ohashi.

The airline, which made a loss for the eighth year, says it's
now focusing on returning to profit, rather than sales volume
and has reduced discounts on fares. The airline carried 3.2
percent fewer passengers on overseas flights in August, a
smaller decline than the 41 percent drop in May at the height of
the severe acute respiratory syndrome (SARS) epidemic.


DAIEI INC.: Colony Acquires Fukuoka Business
--------------------------------------------
Ailing Daiei Inc. has decided to sell its Fukuoka businesses to
U.S. investment firm Colony Capital LLC, the Japan Times
reported on Friday.

Colony Capital, a Los Angeles-based private investment firm, has
bid about 60 billion yen (US$535 million) for Daiei's Fukuoka
operations excluding the Fukuoka Daiei Hawks professional
baseball team. The bid was higher than those presented by U.S.
investment fund Ripplewood Holdings and investment bank Lehman
Brothers.

Daiei and its main creditor banks, including UFJ Bank and other
financial institutions, have agreed on the deal.


MATSUYA DENKI: IRCJ Aids Home Appliance Firm
--------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) is set
to bail out Matsuya Denki Co., according to Japan Times on
Friday. The troubled home appliance retailer is expected to file
for protection from creditors at the Osaka District Court, with
an estimated 60 billion yen in liabilities.

The IRCJ is scheduled to make a formal decision on Matsuya Denki
at a meeting on October 3. Several companies, including
corporate revival funds, are also considering putting up capital
in the Company.


NIPPON TELEGRAPH: Units Sign Purchase Deal With P.T. Alberta
------------------------------------------------------------
NTT Finance (U.K.) Limited (NTT Finance), 100 percent shares
owned by Nippon Telegraph and Telephone East Corporation (NTT
East), and all the other MGTI shareholders, i.e. P.T. Indonesian
Satellite Corporation Tbk. (Indosat), P.T. Widya Duta Infotel
(WDI), Itochu Corporation, Sumitomo Corporation, Telstra Global
Limited. (Telstra) as selling shareholders together with MGTI as
the Company have signed the Sale and Purchase Agreement with
P.T. Alberta Telecommunication, as the purchaser, for a buy-out
of MGTI, on September 24 2003 Indonesia local time.

1. Sales Price: Approximately US$ 266 million (enterprise value)
NTT Finance will receive approximately US$ 28 million

2. Closing Date: Within 3 months of the date of the agreement

MGTI Corporate Profile

(1) Establishment October 1995
(2) P.D. Hardi Widodo
(3) Capital US$ 208.2 million
(4) Shareholders:
     WDI 31.31 percent
     Indosat 30.55 percent
     Telstra 20.37 percent
     NTT Finance    15.27 percent
     Itochu 1.25 percent
     Sumitomo 1.25 percent

(5) Business Installation and management of new telephone lines
in Central Java and Jogjakarta until 2010

(6) Number of Employees: 53

Contact:
Watanabe,Tanaka
International Office
Tel: 3-5359-8691


RESONA HOLDINGS: Sells Y400B Shares in First Half
-------------------------------------------------
Resona Holdings Inc. expects to sell 400 billion yen (US$3.58
billion) in shareholdings in the first half ending on September
30, according Reuters on Thursday. The Company aims to halve its
shareholdings in two years to March 2005 to help strengthen its
financial status.

Shareholdings at Resona, which received nearly two trillion yen
in public funds in June, stood at around 1.2 trillion yen at the
end of March. Resona sees first-half net loss of over one
trillion yen because losses from bad-loan disposal at group
firms Resona Bank and Kinki Osaka Bank were likely to reach
around one trillion yen for the first half alone.


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


CHOHUNG BANK: Sell Shares in Rescued Firms
------------------------------------------  
Chohung Bank has sold 440.2 billion won worth of shares in 36
firms, including 2.35 million shares in Anam Semiconductor, a
move reinforce the bank's financial status, Digital Chosun
reported on Wednesday.

The bank had acquired most of these shares through its debt-for-
equity conversions provided to ailing firms. The value of the
shares that the bank has sold so far this year includes 126.1
billion won for Hyundai Engineering & Construction, 52.1 billion
won for Anam, 16.2 billion won for Daewoo Securities and 10.1
billion won for INI Steel.


HANARO TELECOM: LG's Investment Deal Imminent
---------------------------------------------
LG Group is reaching agreement with foreign investors to share
management control of Hanaro Telecom Inc., indicating a deal to
attract foreign investment for the broadband service provider is
nearly complete, the Yonhap News said on Friday. Though the
financial terms have not been unveiled, LG officials said the
cash injection ranges from US$600 million to US$800 million.


KOOKMIN BANK: Down On Probe, Poor Earnings
------------------------------------------
Shares of Kookmin Bank (KB) declined 3.4 percent on Friday on
worries over an investigation into alleged insider trading and
on expectations it will release poor third quarter earnings, Dow
Jones reports. Meanwhile, the Korea Composite Stock Price Index
was down 1.3 percent to 704.04.

South Korea's Securities & Futures Commission has asked state
prosecutors to bring charges against Kookmin Bank for allegedly
selling shares using information that hadn't yet been released
to the public.

Kookmin Bank will merge with Kookmin Credit on September 30.


SK CORPORATION: Union Threatens Strike Against Chairman
-------------------------------------------------------
SK Corporation's labor union has threatened strike action to
block the return of disgraced Chairman Choi Tae-Won to
management of the SK Group's refinery unit after he was freed
Monday on 100 million won (US$86,900) bail after being sentenced
to three years in prison in June on charges of illicit stock
dealings and bookkeeping irregularities.

Acccording to labor union leader Lim Myung-Ho, Choi's return to
management would result in further financial being support
offered to SK Networks Co. (SKN) (formerly known as SK Global).,
the ailing trading arm of the SK Group, and ultimately
undermines the financial soundness of SK Corporation.

SKN was found in February to have inflated earnings by 1.56
trillion won in 2001 to hide losses. Local creditors agreed in
July to keep SKN afloat through a debt-restructuring package
that has yet to receive full support from foreign lenders. SKN
owes 830 billion won to its foreign creditors who are under
pressure from the domestic creditors to accept the repayment of
only 43 percent of their debt in cash.


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


ARUS MURNI: Proposes Name, Object Clause Change
-----------------------------------------------
The Board of Directors of Arus Murni Corporation Berhad wishes
to announce that the Company proposes to change its name to
"Naim Indah Corporation Berhad" (Proposed Change of Name) as
well as to change the Company's object clauses in the Memorandum
of Association.

The rationale for the Proposed Change of Name and the Proposed
Change of the Company's Object clauses are to reflect the
Company's contemporary change of the Company's logo. "Naim
Indah" is a translation of the vibrant prosperity and
magnificent organic growth of Naim Indah Corporation Berhad
("NICB") to reflect the current business pursuits of AMCB.

The use of the name "Naim Indah Corporation Berhad" was approved
by the Companies Commission of Malaysia (CCM) on 12 September
2003. The Proposed Change of Name and object clauses of the
Company are subject to the approval of the shareholders of AMCB
at an Extraordinary General Meeting to be convened. The change
of name will be effective from the date of issuance of the
Certificate of Incorporation on Change of Name by the CCM.

A circular in relation to the Proposed Change of Name will be
dispatched to the shareholders in due course.


CHG INDUSTRIES: Resolutions Duly Passed at EGM
----------------------------------------------
On behalf of CHG Industries Berhad, Commerce International
Merchant Bankers Berhad is pleased to announce that all the
resolutions as set out in the Notice of EGM dated 3 September
2003 were duly passed by the shareholders of CHG at the EGM
which was held at Dynasty Hotel Kuala Lumpur, 218 Jalan Ipoh,
51200 Kuala Lumpur on Thursday, 25 September 2003.

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:

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


DATAPREP HOLDINGS: All Resolutions Pass at 14th AGM  
--------------------------------------------------
Dataprep Holdings Bhd refers to the 14th Annual General Meeting
(AGM) of the Company held on Friday and pleased to inform that
all resolutions tabled at the said AGM were duly passed by the
shareholders.

According to Wrights Investors' Service, at the end of 2002, the
company had negative common shareholder's equity of -RM29.13
million. This means that at the present time, the common
shareholders have essentially no equity in the company. This is
further compounded by the fact that among the assets the company
does have on its balance sheet, there are RM16.62 million in
intangible assets. This company's total liabilities are higher
than total equity, which means that the money this company owes
are greater than all of the assets of the company.


IDRIS HYDRAULIC: Inks Shares Subscription Agreement W/ Investor
---------------------------------------------------------------
Idris Hydraulic (Malaysia) Berhad refers to the explanatory
statement and circular to shareholders dated 6 June 2003 and the
announcement dated 26 June 2003 in respect to the Proposed
Restructuring Exercise, which involves the following:

   - Proposed Capital Reconstruction
   - Proposed Capital Restructuring
   - Proposed Debt Reconstruction

IHMB wishes to announce that a mutual agreement has been reached
between the Company, Dato' Che Mohd Annuar bin Che Mohd Senawi
(Investor) and Idaman Unggul Berhad (Newco) to inter-alia,
extend the prescribed period, being the period to fulfill and/or
secure the various conditions precedent, approvals, waivers and
exemptions necessary for the implementation of the Proposed
Shares Subscription from 30 September 2003 to 30 November 2003.


KELANAMAS INDUSTRIES: Oct 17 Court Convened Meeting Set
-------------------------------------------------------
The Board of Directors of Kelanamas Industries Berhad
wishes to inform that the Court Convened Shareholders' Meeting
for the purpose of the Company's Restructuring Scheme pursuant
to Section 177 of the Companies Act 1965 will be held on the
following date, time and venue:

   Date : 17 October 2003, Friday
   Time : 10.00 am
   Venue: Royal Selangor Club
          Card Room
          Jalan Raja, 50704 Kuala Lumpur


KSU HOLDINGS: Parte Injunction Application Hearing Set on Oct 6
---------------------------------------------------------------
KSU Holdings Berhad refers to the Commencement of Litigation
against the Vendors of Shares in Earnest Equity Development
Berhad and the Vendors of Shares in Kembangan Alam Berhad
Pursuant to the Various Share Sale Agreements Entered into as
Part of the Scheme for the Restructuring of May Plastics
Industries Berhad.

KSU Holdings Berhad announced that the Inter Parte Injunction
Application which was fixed for decision on 24th September 2003
has been adjourned to 6th October 2003.

The Troubled Company Reporter - Asia Pacific reported that the
Company's default as at 31 August 2003 amounted to
RM106,341,055.17 of principal sum and RM26,825,352.91 of
interest for term/bridging loans and overdraft facilities.


MOL.COM BERHAD: Oct 13 EGM Schedules  
------------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of MOL.com Berhad will be held at Dewan Berjaya, Bukit
Kiara Equestrian & Country Resort, Jalan Bukit Kiara, Off Jalan
Damansara, 60000 Kuala Lumpur on Monday, 13 October 2003 at 9.30
a.m. The full text of the Notice of EGM can be seen at
http://bankrupt.com/misc/TCRAP_MOL0929.doc.

COMPANY PROFILE

The Company is principally involved in providing engineering and
contracting services for electrical and theatrical machinery and
apparatus; distribution of electrical products; and manufacture
and trading of fluorescent lighting and lamps, wires and cables.
The bulk of its trading stocks and a major part of its product
components are imported. Operations are located in Subang Jaya,
Kota Bharu, Penang, Johor Bahru, Senawang and Klang. The Group's
products are sold locally.

In early 2000, the Company began to invest in Internet
companies. The main business, MOL Online Sdn Bhd (popularly
known as Malaysia Online), serves as an aggregator site for the
Company's contents and streamlines its branding strategy.
Following the acquisition of various other Internet- related
businesses, the Company changed name to MOL.Com to better
reflect its strategic shift towards investments in IT
particularly related to the Internet and its objective to become
a major Internet incubator.

During FYE 30 June 2001, the Group consolidated and streamlined
its operations in both the industrial products and ICT sectors
to strengthen its financial position through the disposal of :
100% equity stake in LKH Lamps Sdn Bhd, 51% equity stake in
Dijaya Ceil Sdn Bhd, freehold land and building, plant and
machinery and stocks in LKH Wires & Cables Sdn Bhd and 41% in
Mcities.com Sdn Bhd.

Due to losses incurred by the Group up to 31 December 2001,
shareholders' funds after excluding reserves on consolidation
are in deficit by RM31.7m. The Company on 18 April 2001
announced, inter-alia, a rights issue of two for one at par,
which will result in an issue of approx. 150,674,600 shares,
raising RM150,674,000. The application is pending approval from
the relevant authorities. Completion of the rights issue will
significantly strengthen the financial position of the Group. As
at 31 December 2001, Tan Sri Dato' Tan Chee Yioun (TSVT), the
major controlling shareholder of the Company, has advanced
principal amount of RM125.05m to the Group. TSVT has indicated
that the whole of these advances will be applied towards the
subscription of his entitlement of the rights issue and has
further stated his intention to subscribe for any remaining
rights shares that are not taken up by other shareholders.


NYLEX (MALAYSIA): Reorganization Scheme Completion Time Extended
----------------------------------------------------------------
Further to the announcement dated 29 August 2003 in relation to
the Proposed Reorganization Scheme involving:

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

   - Proposed Acquisitions; and

   - Proposed Exemption.

Alliance Merchant Bank Berhad, for and on behalf of Nylex
(Malaysia) Berhad, wishes to announce that the Securities
Commission has, via its letter dated 24 September 2003, approved
Nylex's application for an extension of time to complete the
Proposed Reorganization Scheme for another six (6) months to 7
March 2004.


OMEGA HOLDINGS: Agrees With SC's Restructuring Scheme Terms
-----------------------------------------------------------
Omega Holdings Berhad refers to the announcement dated 3
September 2003 in relation to the Securities Commission (SC)
approval of the Proposed Restructuring Scheme.

   (i)   Proposed Acquisition of Omega by Newco;
   (ii)  Proposed Scheme of Arrangement;
   (iii) Proposed Transfer of Business;
   (iv)  Proposed Acquisition of Milan Auto Corporation Sdn Bhd
         (MAC), a wholly-owned subsidiary of Milan Auto Sdn Bhd
         (MA) by Newco;
   (v)   Proposed Waiver from the Mandatory Offer Requirement;
   (vi)  Proposed Special Issue of Shares;
   (vii) Proposed Offer For Sale of Settlement Shares by
         Creditors;
   (viii) Proposed Offer For Sale of Shares by MA;
   (ix)   Proposed Listing Transfer; and
   (x)    Proposed Disposal of Omega Group.

On behalf of Omega, Affin Merchant Bank Berhad wishes to
announce that the Board of Directors of Omega, MA and Newco,
have decided not to appeal the terms and conditions as imposed
in the SC's approval dated 28 August 2003.


PERNAS INT'L: Share Sale Agreement Fulfillment Date Extended
------------------------------------------------------------
Reference is made to Pernas International Holdings Berhad's
earlier announcement dated 9 September 2003 in relation to the
Proposed disposal by Pernas Securities Sdn Bhd (PSSB), a wholly
owned subsidiary of PIHB, to Tradewinds (M) Berhad (TWS) of 100%
equity interest in Teon Choon Realty Sdn Bhd and 70% equity
interest in Ladang Serasa Sdn Bhd (Proposed Disposals).


On behalf of PIHB, Aseambankers Malaysia Berhad announced that
PSSB and TWS have exchanged letters to mutually extend the
period for securing the conditions precedents set out in the
Share Sale Agreement dated 28 April 2003 and supplemented by an
exchange of letter dated 9 June 2003 (Share Sale Agreement). The
date for fulfillment of the conditions precedent of the Share
Sale Agreement has been extended a further ninety (90) days from
25 September 2003 to 24 December 2003.

All the other terms and conditions in the Share Sale Agreement
remain unchanged.


PICA (M) CORPORATION: Creditors Approve Revised Proposals
---------------------------------------------------------
Pica (M) Corporation Berhad refers to the announcements on 18
August 2003 and 20 August 2003 in relation to the "Revised
Proposals"

   * Proposed Capital Reconstruction
   * Proposed Rights Issue
   * Proposed Composite Scheme
   * Proposed Special Bumiputera Issue
   * Proposed Employee Share Option Scheme
   * Proposed Increase in Authorized Share Capital.

In compliance with the requirements of PN4 of the KLSE LR to
make the Requisite Announcement of Pica's plan to regularize its
financial condition, Commerce International Merchant Bankers
Berhad (CIMB) is pleased to announce, on behalf of the Company,
that Pica has taken reasonable steps to procure the agreement-
in-principle of its creditors in accordance with paragraph 5.3
of PN4 of the KLSE LR. As at 25 September 2003, Pica has
obtained the approvals-in-principle on the Revised Proposals
from the requisite majority in number representing 75% in value
of the outstanding debts to be restructured for creditors of
both schemes A and B under the Revised Proposals.

The sequence of events leading to the abovementioned approvals-
in-principle from its creditors are set out in Table 1 at
http://bankrupt.com/misc/TCRAP_Pica0929.gif.


PLANTATION & DEVT: SC Extends Investigative Audit Completion
------------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Plantation & Development
(Malaysia) Berhad, wishes to announce to the Kuala Lumpur Stock
Exchange that the Securities Commission (SC) had approved P&D's
application for extension of time of three (3) months to 18
December 2003, to complete the investigative audit on previous
business losses of the P&D Group. In approving the Proposed
Restructuring Scheme of P&D, the SC had amongst others, required
P&D or Fountain View Development Berhad to appoint an
independent audit firm to conduct an investigative audit on
previous business losses of the P&D Group. The said
investigative audit is to be completed within six (6) months
from the date of appointment of the independent audit firm. P&D
had appointed Messrs. Horwath as the independent audit firm on
19 March 2003 to conduct the required investigative audit.

There are no other material developments in the Proposed
Restructuring Scheme of P&D subsequent to the announcement dated
2 September 2003.


SOUTHERN PLASTIC: To File Appeal at SC Over Rejected Proposals
--------------------------------------------------------------
Southern Plastic Holdings Berhad refers to the announcements
dated 21 November 2002, 11 December 2002, 16 December 2002, 31
December 2002, 28 January 2003, 30 January 2003 and 7 February
2003 in relation to the Proposals, comprising:

   - Proposed Restricted Issue;
   - Proposed Special Bumiputera Issue;
   - Proposed Acquisitions;
   - Proposed Debt Restructuring;
   - Proposed Exemption Under the Malaysian Code of Take-Overs
and Mergers, 1998 (Code); and
   - Proposed Increase in the Authorized Capital.

On behalf of SPHB, Commerce International Merchant Bankers
Berhad wishes to announce that the Securities Commission (SC)
had, via its letter dated 24 September 2003, informed the
Company that it had not received all the outstanding
information/clarification despite the fact the SC giving the
Company until 15 September 2003 to revert with the same in
relation to the Proposed Restructuring Scheme. The SC had
reviewed the Proposals based on the available information and
had (via the aforesaid letter to the Company) decided not to
approve the Proposals due to the following reasons:

   (i) The Proposed Restructuring Scheme and the assets to be
injected in SPHB, do not satisfactorily meet the requirements of
the Policies and Guidelines on Issue/Offer of Securities issued
by the SC (SC Guidelines) and is not capable of regularizing the
financial condition of the SPHB group; and

   (ii) The application to the SC does not satisfy the
requirements under Chapter 23 of the SC Guidelines, which is
effective when the application to the SC in relation to the
Proposals was made on 30 January 2003.

The Board of Directors of SPHB will appeal to the SC in due
course.


TIMBERMASTER INDUSTRIES: SC OKs Modified Workout Proposal
--------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed) refers to the announcements dated 20 September 2002,
30 September 2002, 21 October 2002, 10 December 2002, 26 March
2003 and 17 September 2003 in connection with the Proposed
Restructuring Scheme.

On 17 September 2003, Aseambankers Malaysia Berhad, on behalf of
TMIB, announced that Pengurusan Danaharta Nasional Berhad has
via its letter dated 12 September 2003 approved TMIB's modified
workout proposal dated 22 August 2003 prepared by the Special
Administrators of TMIB pursuant to section 48 of the Pengurusan
Danaharta Nasional Berhad Act 1998 (Modified Workout Proposal).

On behalf of TMIB, Aseambankers wishes to announce that the
Securities Commission (SC) had via its letter dated 24 September
2003 approved TMIB's Modified Workout Proposal which, amongst
others, involve put and call options on the unsubscribed shares
pursuant to the Proposed Offer for Sale and Placement.

The SC has no objection to the pledging of 11,242,078 moratorium
shares (Moratorium Shares) by Encik Abd Aziz bin Jantan for
purposes of the aforesaid put and call options. In relation to
this, the condition of moratorium will continue to be imposed on
the Moratorium Shares. However, the pledgor and pledgee of the
Moratorium Shares, namely, Encik Abd Aziz bin Jantan and the
creditors' agent, are required to provide the following
undertakings to the SC:

   (i) The beneficial ownership of the Moratorium Shares will
not be changed during the period which the shares are under
moratorium; and

   (ii) The Moratorium Shares will not be sold, transferred or
assigned without first obtaining approval from the SC.


TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad had on 23 September 2003, 24 September
2003 and 25 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 17 September 2003, 18
September 2003 and 19 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 at
http://bankrupt.com/misc/TCRAP_Tongkah0929.doc.


TRANS CAPITAL: Faces Public Reprimand, Fine From KLSE
-----------------------------------------------------
The Kuala Lumpur Stock Exchange (KLSE) in consultation with the
Securities Commission, publicly reprimanded and imposed a total
fine of RM29,000.00 on Trans Capital Holding Berhad (TRANCAP), a
subsidiary of AWC Facility Solutions Berhad (AWC), for breaching
paragraphs 9.22(1) and 9.23(b) of the Listing Requirements (LR)
The said fine of RM29,000.00 comprised of RM12,000.00 for breach
of paragraph 9.22(1) of the LR and RM17,000.00 for breach of
paragraph 9.23(b) of the LR.

Although TRANCAP is no longer listed on the KLSE, the breach was
committed by TRANCAP while it was listed on the Official List of
the KLSE and prior to the assumption of its listing status by
AWC. AWC was listed in place of TRANCAP on 9 September 2003.

Paragraph 9.22(1) of the LR stipulates that a listed issuer must
give the Exchange for public release, an interim financial
report that is prepared on a quarterly basis as soon as the
figures have been approved by the board of directors of the
listed issuer, and in any event not later than 2 months after
the end of each quarter of a financial year. The quarterly
report of TRANCAP for the financial period ended 31 March 2003
was due on 31 May 2003. However, the said quarterly report was
only furnished to the KLSE on 17 June 2003.

Paragraph 9.23(b) of the LR stipulates that a listed issuer must
ensure that the annual audited accounts together with the
auditors' and directors' reports shall, in any case, be given to
the Exchange for public release, within a period not exceeding 4
months from the close of the financial year of the listed issuer
unless the annual report is issued within a period of 4 months
from the close of the financial year of the listed issuer. The
annual audited accounts of TRANCAP for the financial year ended
31 December 2002 (2002 Annual Audited Accounts) was due on 30
April 2003. However, the said 2002 Annual Audited Accounts was
only furnished to the KLSE on 28 May 2003.

The public reprimand and fine were imposed pursuant to paragraph
16.17 of the LR after having considered all relevant factors and
after consultation with the Securities Commission.


WOO HING: Appoints Encik Nordin as Independent, Non Executive
-------------------------------------------------------------
Woo Hing Brothers (Malaya) Berhad posted this Change in Audit
Committee Notice:

Date of change : 25/09/2003  
Type of change : Appointment
Designation    : Member of Audit Committee
Directorate    : Independent & Non Executive
Name           : Encik Amir Bin Nordin
Age            : 47
Nationality    : Malaysian
Qualifications : Bachelor of Laws (Hons) University of London
(External)
Member of Lincoln's Inn
Working experience and occupation  :
   * 1983-present Called to Malaysian Bar and active legal
     practitioner
   * 1982 Called to the English Bar
   * 1980-1981 Law lecturer in Company and Commercial
   * Law for MARA institute of Technology (now known as UITM
Directorship of public companies (if any) : None
Family relationship with any director and/or major shareholder
    of the listed issuer : None
Details of any interest in the securities of the listed issuer
    or its subsidiaries : None
Composition of Audit Committee (Name and Directorate of members
after change) :

   * Mr Ngiam Kee Tong (Member) - Independent Non Executive
Director
   * Ms Ong Sew Hoon @ Ong Lee Hoon (Member) - Independent Non
Executive Director
   * Encik Amir Bin Nordin (Member) - Independent Non Executive
Director
   

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


PILIPINO TELEPHONE: SC Denies Petition Filed by Firm
----------------------------------------------------
This is in reference to the news article entitled "Supreme Court
denies Piltel petition challenging grant of license to rival"
published in the September 26, 2003 issue of the Business World
(Internet Edition). The article reported that: "The Supreme
Court denied for lack of merit a petition filed by Pilipino
Telephone Corp. (Piltel), a unit of Smart Communications Inc.,
assailing the grant of a license to a competitor covering areas
already assigned to Piltel. The Court's First Division affirmed
an appelate court ruling on April 15, 1999 that dismissed
Pilte's petition for certiorari to enjoin the National
Telecommunications Commission (NTC) from implementing its March
9, 1998 order granting the license. The NTC had granted
International Telecommunications Corp. (ICC) a provisional
authority to establish local exchange services in Misamis
Occidental, Zamboanga del Sur, Davao del Sur, South Cotabato,
and Saranggani (all within Mindanao). These areas are already
covered by a March 20, 1995 provisional authority issued to
Piltel."

Pilipino Telephone Corporation (PLTL), in its letter dated
September 26, 2003, advised the Exchange that:

".. as this date, Piltel has not received a decision from the
Supreme Court with regards to this case. We wish to further
clarify that Piltel is not a "unit of Smart Communications,
Inc.'s as stated in same article. Smart Communications, Inc.
does not own any share of Piltel."

According to TCR-AP, for the first quarter, Piltel reported a
net loss of 360.2 million Philippine pesos (US$6.76), 60 percent
lower than the 894.4-million pesos loss in the same period last
year. During the period, Piltel's foreign exchange losses
amounted to PhP162.5 million.

Piltel's principal shareholder is Philippine Long Distance and
Telephone Co. (PLDT), which hold a 45.3 percent ownership and
voting interest. In November 1998, First Pacific Group acquired
a 17.5 percent direct and indirect economic interest in PLDT and
an effective 27.4 percent voting interest in PLDT, representing
the largest single block of common shares of PLDT. The Company's
current business strategy with respect to its principal
business, cellular telecommunications services, is to maximize
returns on its existing network while continuing to seek out
opportunities within the cellular telecommunications industry
that would require minimal capital expenditure.


URBAN BANK: Court of Appeals Dismisses Case Vs. BSP Officials
-------------------------------------------------------------
The Court of Appeals (CA) has dismissed an administrative
complaint filed against Banko Sentral ng Pilipinas (BSP)
officials by former Urban Bank President Teodoro Borlongan, the
BSP reported on Thursday. The CA reversed an earlier decision of
the Ombudsman suspending four BSP officials for "simple neglect
in the closure of Urban Bank," thereby upholding the appeal of
BSP officials to set aside the suspension.

The Ombudsman previously ruled that BSP Deputy Governor Alberto
V. Reyes, Managing Director Dolores Yuvienco, Director Candon
Guerrero and retired Director Tomas Aure should be suspended for
one month and one day.

The CA pronounced: " At a time when indecision and hesitation
have become the order of the day in our society and government,
the decisiveness shown by the petitioners in this case shows
that our people have not yet lost the political will to enforce
the law and protect the public interest beyond personal ties or
convenience. Many more acts of silent heroism among our civil
servants might be needed before we can finally rise above Gunmar
Myrdal's lasting criticism of the soft state."

The CA declared, " Urban Bank's Borlongan has taken
extraordinary effort to expose, malign and destroy the SES
reports. His tirades fail to convince us."

The CA said: " The standard definition of simple neglect of
duty, as a disregard of a duty resulting form carelessness or
indifference, has been adopted by the Supreme Court in
Philippine Retirement Authority vs. Rupa 363 SCRA 480 and
counter posed to gross neglect of duty which denotes a gross
neglect of duty and culpable refusal or unwillingness to perform
a duty. But neither gross or simple neglect nor avoidance of
duty characterizes the acts of the petitioners. What we see
instead is a prompt and decisive action by our public officials
commensurate with the gravity or seriousness of the situation
that started to form in the afternoon of April 25. The SES (
BSP's Supervision and Examination Sector) reports were anything
but haphazardly or negligently made. They were a compendium of
long years of monitoring by the BSP of a problem bank, and
assembled over a period of 15 hours after the petitioners were
instructed to do so. The data contained therein had been
patiently collected and analyzed by people who knew their job.
They support conclusions that we find to be still reasonable
after the dust of this debate has settled."

The CA ruled, " In view of the foregoing, the Orders of the
Ombudsman dated July 2 and 30, 2002, are REVERSED AND SET ASIDE
insofar as the petitioners are concerned, and a new decision is
entered DISMISSING the administrative complaint against them."


The decision, issued by the Seventeenth Division of the Court of
Appeals, was penned by Associate Justice Mario Guarina III and
concurred in by Associate Justice Martin S. Villarama, Jr. and
Associate Justice Jose C. Reyes, Jr.


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


BURLY ENTERPRISE: Issues Notice of Winding Up Order
---------------------------------------------------
Burley Enterprise Pte Ltd. issued a notice of winding up order
made on the 5th day of September 2003.

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

Messrs RAYMOND LAM & LIM PARTNERSHIP
Solicitors for the Petitioner.


EMCO STEEL: Releases Preferential Dividend Notice
-------------------------------------------------
Emco Steel issued a notice of intended preferential dividend as
follows:

Name of Company: Emco Steel Products Pte Ltd.

Address of Registered Office: Formerly of 133 New Bridge Road
#25-05 Chinatown Point
Singapore 059413.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 105 of 1999.

Last Day for Receiving Proofs: 26th September 2003.

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

KAMALA PONNAMPALAM
Assistant Official Receiver.


FLEXTECH HOLDINGS: Issues Notice of Interest Rate
-------------------------------------------------
Flextech Holdings Ltd. issued a notice of interest rate for loan
stock interest period from October 23, 2003 to October 23, 2004.

1. Pursuant to the terms of the restructured Flextech Holdings
Limited S$14,969,001 Principal Amount of Secured Loan Stock Due
2007, the Board of Directors is pleased to announce that the
interest rate for the period 24 October 2003 to 23 October 2004
(both dates inclusive) is 4.5 percent per annum.

2. The Notice to close the Register and Transfer Books for
interest to Loan Stockholders due on 23 October 2003 will be
separately announced.


G-TECHNOR TECHNICAL: Unveils Dividend Notice
--------------------------------------------
G-Technor Technical Pte Ltd. (In Creditors' Voluntary
Liquidation) issued a notice of dividend as follows:

Address of former office: Blk 1 Defu Lane 10 #01-579, Singapore
530001.

Name of Liquidators: Chee Yoh Chuang and Lim Lee Meng.

Amount per centum: 52 percentum of all admitted unsecured
claims.

First and final or otherwise: First and Final.

When payable: 1st October 2003.

Where payable: Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.
Dated this 24th day of September 2003.
CHEE YOH CHUANG
LIM LEE MENG
Liquidators.


GWNNET PTE: Petition to Wind Up Pending
---------------------------------------
The petition to wind up Gwnnet Pte Ltd. is set for hearing
before the High Court of the Republic of Singapore on October
10, 2003 at 10 o'clock in the morning. Singapore
Telecommunications Limited, a creditor, whose address is
situated at 31 Exeter Road, #02-00 Podium Block (Comcentre),
Singapore 239732, filed the petition with the court on September
12, 2003.

The petitioners' solicitors are HIN TAT AUGUSTINE & PARTNERS of
20 Upper Circular Road, #02-10/12 The Riverwalk, Singapore
058416. Any person who intends to appear on the hearing of the
petition must serve on or send by post to Messrs David Siow Chua
a notice in writing not later than twelve o'clock noon of the
9th day of October 2003 (the day before the day appointed for
the hearing of the Petition).


HWA HONG: Dissolves Dormant Unit
--------------------------------
Hwa Hong Corporation Limited announced the dissolution of
dormant unit and associated units in incorporated in United
Kingdom.

Hwa Hong Corporation Limited (Hwa Hong) announced that the
following companies, which were incorporated in United Kingdom
and became dormant following the disposal of properties held by
each of them have been dissolved:

Name of subsidiary: Midasnote Limited

Name of associated Company: Coralsand Limited, Exceptenigma
Limited

Midasnote Limited, Coralsand Limited and Exceptenigma Limited
are 70 percent, 50 percent and 33.5 percent respectively held by
Singapore Warehouse Company (Private) Ltd., a wholly owned
subsidiary of Hwa Hong.


JYOTO WORKS: Releases First & Final Dividend Notice
---------------------------------------------------
Jyoto Works (S) Pte Ltd (In Creditors' Voluntary Liquidation)
issued a notice to declare first and final dividend:

Address of Registered Office: Formerly of 11A Joo Yee Road
Singapore 619199.

Last Day For Receiving Proof Of Debt: 3rd October 2003.

Name And Address Of Liquidators: Michael Ng Wei Teck
Peter Chay Fook Yuen
Yeap Lam Kheng
Joint and Several Liquidators.
c/o KPMG
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.

YEAP LAM KHENG
Liquidator.


SEATOWN CONSTRUCTION: Disposing of Shares in Unit
-------------------------------------------------
The Board of Directors of Seatown Corporation Ltd. announced
that Seatown Construction Pte Ltd (under Judicial Management)
(SCPL), a wholly owned subsidiary of the Company, has disposed
of all shares held by it in Seatown Foundation Engineering Pte
Ltd (under Judicial Management) (SFEPL) for nominal
consideration of S$1.

2,499,999 ordinary shares of S$1 each fully paid-up and 1
ordinary share of S$1 each fully paid-up in the capital of SFEPL
were transferred to Mr Soh Kian Shang at a consideration of
S$0.99 and Ms Fiona Soh Siok Lan at S$0.01 respectively.

Mr Soh Kian Shang holds 2,000,000 ordinary shares of S$0.05 each
fully paid-up in the capital of the Company and is currently a
director of the Company and SFEPL. Ms Fiona Soh Siok Lan is the
sister of Mr Soh Kian Shang.

The disposal was initiated by the Judicial Manager of SCPL to
realize the assets of SCPL. The Judicial Manager of SCPL is
empowered by law to carry out such a sale without reference to
the Company.

SFEPL is principally involved in piling activities and has
substantially reduced its operations since it was placed under
judicial management on 9 May 2003. SFEPL is the holding Company
of the following companies:

(i) Seatown Development (Tuas) Pte Ltd - Property developer
(ii) Cheng Engineering & Equipment Pte Ltd - Dormant
(iii) Seatown-Pyramid Sdn Bhd - Dormant

SFEPL also holds 50 percent equity in Seatown-TSO JV Pte Ltd, a
Company principally engaged in construction of railways,
carriages and light monorails.

SFEPL suffered a loss after tax of S$20,865,615 for the year
ended 30 September 2002 and has net liabilities of S$15,733,427
as at 30 September 2002.

Save as provided above, none of the other Directors or any
substantial shareholders of the Company has any interest, direct
or indirect, in the transactions.


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


ABICO HOLDINGS: Independent Director Sutinee Supachit Resigns
-------------------------------------------------------------      
Abico Holdings Public Co., Ltd. informed that the following
Independent Directors had be resigned from the company, Ms.
Sutinee Supachit, since 25 September 2003.

The Troubled Company Reporter - Asia Pacific reported that the
company incurred losses on its investment under the equity
method of Bt2.85 million, a decline of Bt11.48 million compared
to that of the preceding year. That is the result of the loss in
the investments in Malee Sampran Public Co., Ltd. was reduced
for the entire amount.


HEMRAJ LAND: SET Grants Listed Securities
-----------------------------------------
Starting from September 29, 2003, the Stock Exchange of Thailand
(SET) allows the securities of Hemraj Land and Development
Public Company Limited (HEMRAJ) to be traded on the SET after
finishing capital increase procedures.

   Name        : HEMRAJ
   Paid up Capital                
     Old       : Bt3,981,557,180
     New       : Bt5,181,557,180
   Par Value   : Bt10/share
   Allocate to : Private Placement 120,000,000 common shares
   Ratio       :  - Price
   Per Share   : Bt8
   Payment date: September 16-17, 2003


JASMINE INT'L: Posts BoD's Meeting No. 12/2546 Resolutions
----------------------------------------------------------      
Chaengwatana Planner Co., Ltd. (the Plan Administrator), as the
Plan Administrator of Jasmine International Public Company
Limited (Jasmine), informed the resolutions of the Plan
Administrator's Board of Directors' Meeting No. 12/2546 held on
25 September 2003 with regard to the rehabilitation of Jasmine's
business to the Stock Exchange of Thailand as follows:

(1) The meeting approved that Jasmine will issue 551,970,477
units of rights warrants (Warrant II) for offering to the
existing shareholders of Jasmine having their name appeared on
the Registration of Shareholders book on 20 October 2003 with
the proportion of one existing ordinary share to one unit of
warrant at the offering price of Bt0.05 per unit, exercise price
at Bt5.00 per share with the terms and conditions provided in
the Business Rehabilitation Plan of Jasmine (the Plan). The
purpose of the issuance of Warrant II is to use the proceeds
from the issuance and the exercise of the conversion rights
thereunder as working capital to be used for business operations
and to support business expansion of Jasmine in the future.  

(2) The meeting approved the adjustment of the rights under the
warrants of Jasmine issued to the existing shareholders in 1999
and the Employee Stock Option (ESOP) warrants issued to the     
directors and/or the employees of Jasmine and its subsidiaries
in 2000 (together referred to as "Existing Warrant") according
to the calculation formula and method provided in Existing
Warrant Prospectus.  This approval is a result of the fact that
the issuance of Warrant II has caused Existing Warrant holders
to lose their rights and benefits as provided in the conditions
on right adjustment stipulated in Existing Warrant Prospectus.  
Furthermore, in the future upon the subscription of the newly
issued or debt-equity conversion pursuant to the Plan, Jasmine
may have to adjust the rights of the Existing Warrant. The right
adjustment of the Existing Warrant will be determined according
to the calculation formula and method provided in the Existing
Warrant Prospectus.

(3) The meeting approved that Jasmine will reduce the capital
for unsold or yet to be sold shares of Bt5,169,163,290.  For
this purpose, the amount of 516,916,329 ordinary shares with the
par value of Bt10 per share that is left unsold will be
annulled.  After such reduction of capital, Jasmine will have
Bt7,502,836,710 registered capital, divided into 521,970,477
paid-up ordinary shares with the par value of Bt10 per share and
228,313,194 ordinary shares allocated for the conversion of
Existing Warrant with the par value of Bt10 per share.

(4) The meeting approved the amendment of Jasmine's Memorandum
of Association to be in line with the reduction of capital.  

(5) The meeting approved that Jasmine will increase its capital
for another Bt8,182,836,710 by issuing 798,283,671 newly issued
ordinary shares with the par value of Bt10 per share and
20,000,000 newly issued preference shares with the par value of
Bt10 per share.  As such, Jasmine's capital will increase from
Bt7,502,836,710 to Bt15,685,673,420 which is in line with the
provision of the Plan.

(6) The meeting approved the allocation of shares to increase
the capital of Jasmine.  

(7) The meeting approved the amendment of Jasmine's Memorandum
of Association to be in line with the increase of capital.

(8) The meeting approved the amendment of Jasmine's Articles of
Association by repealing the existing provisions in Clause 3,
Clause 9 and Clause 37.

(9) The meeting approved that Jasmine will allocate Warrant II
left unsold after the right issue to the major shareholder(s) of
Jasmine holding shares exceeding 25% of paid-up registered
capital on the closure date of the Registration of Shareholders
book to identify the shareholders' right to subscripted for
Warrant II at the offering price, the conversion ratio and     
the exercise price provided in the Plan.  This type of
transactions is considered as a connected transaction under the
Notification of the Stock Exchange of Thailand Re: Rules and
Procedures for the Disclosure of Connected Transactions of
Listed Companies dated 17 February 1993.

(10) The closure date of the Registration of Shareholders book
to identify the shareholders' right to subscripted for Warrant
II will be on Monday 20 October 2003 from 12:00 hours onwards.

At the moment, the Plan Administrator is requesting for the
Court's permission for amendments of the Articles of Association
and the Memorandum of Association of Jasmine as required under
Section 90/64 of the Bankruptcy Act.


LOXLEY PUBLIC: TRIS Assigns Proposed Debentures Rates "BBB"
-----------------------------------------------------------
TRIS Rating Co, Ltd. assigns the company rating of Loxley Public
Company Limited (LOXLEY) and the rating of its proposed
debentures at "BBB". The ratings are based on the
diversification of its business as well as the long experience
and capability of its management team. The company, a well-known
local conglomerate, has leading positions in several of its
various businesses in the technology and trading sectors. These
dominant market positions and other strengths are partially
offset by its relatively low profitability and cash flow
protection, though these measures have been improving. The
stability of its cash flow remains a challenge.

LOXLEY is an operating holding company. LOXLEY has two principal
business groups: technology and trading. LOXLEY's technology
business can be classified into five major segments: information
technology, infrastructure, telecommunication, consumer
electronics and printing. Its major trading activities involve
chemicals, construction materials and consumer products.
Moreover, the company has investments in 35 subsidiaries and
associated companies.

More than 60 years old, LOXLEY has established long-lasting
relationships with clients and suppliers. The main strength of
LOXLEY is stems from the expertise and experience of its
management and personnel. Competent technical and engineering
teams, well-trained and certified, provide quality products and
services crucial in the diverse collection of industries where
LOXLEY competes.

LOXLEY's customers are mainly government agencies and state
enterprises as well as large private sector companies. While
these types of customers can create a stable base of business,
the concentration of customers raises some concerns. The main
portion of its governmental customers comes from bidding for and
securing turnkey projects. Therefore, cash flow from operations
partly depends on the company's bidding successes and project
management ability. The company's merchandising revenue, which
is not project-based revenue, has started to show signs of
improvement after a significant drop in 2000. Merchandising
revenue increased from below Bt4,475 million in 2000 to around
Bt5,404 million in 2002 and Bt3,017 million for the first six
months of 2003.

LOXLEY's profitability and cash flow adequacy have shown signs
of recovery from the financial crisis of 1997 that hurt so many
Thai businesses. However, the company's rating also takes into
account its financial position, in light of the volatility of
its business and the ability to maintain and improve its
businesses. The company's previous debt service mainly relied on
cash flows from divestment of non-core businesses. During the
last five years, its main cash flow came largely from fees,
other revenues, and dividends from its investments. LOXLEY
receives a continuing stream of dividends from outstanding
companies such as Aspac Oil (Thailand) Co., Ltd., Thai Fiber
Optic Co., Ltd., BHP Steel Lysagt (Thailand) Co., Ltd. and Lao
Soft Drink Co., Ltd. The major cash dividend contributor, Aspac
Oil (Thailand) Co., Ltd., which is an exclusive distributor of
"Castrol" lubricant oil in Thailand, gave Bt176.3 million for
the first half year of 2003.

LOXLEY's funds from operations (FFO) plus cash dividends
received to total debt ratio improved from 2.8% in 2001 to 5.7%
in 2002 and has risen impressively to 11.4% for the first half
of 2003. Its EBITDA interest coverage ratio has also accelerated
from 1.3 times in 2001 to 6.3 times for the first six months of
2003. The company has greatly improved its leverage after
completing a debt restructuring and refinancing program. In
2001, total debt to capitalization was 74.4% and falling sharply
to 44.3% in 2002 because of a debt reduction worth US$46
million. This ratio continues to fall in the beginning of 2003,
decreasing slightly to 41.1% at the end of June 2003.

According to the Wrights Investors' Service, the company's long-
term debt was Bt1.93 billion and total liabilities were Bt5.67
billion.  This company has paid no dividends during the last 12
months.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                        Total          
                                        Shareholders   Total  
                                        Equity         Assets   
Company                       Ticker    ($MM)          ($MM)    
-------                       ------    ------------   -------  

CHINA & HONG KONG
-----------------

Guangdong Sunrise Holdings
Co., Ltd.                      000030     (184.24)     23.04
Jinan Qingi Motorcyle
Co., Ltd.                      600698     (193.08)    113.96
Shenzhen China Bicycles
Co., Ltd.                      000017     (239.91)     60.39
Shenzhen Great Ocean
Shipping Co., Ltd.             200057      (10.87)     11.27
Shenzhen Petrochemical
Industry Group Co., Ltd.       000013     (243.36)     89.48


INDONESIA
---------

PT Lippo Securities  Tbk        LPPS       (3.62)       14.26
PT Mulia Industrindo Tbk        MLIA      (118.23)     479.02
Smart Tbk                       SMAR      (37.38)      398.89


MALAYSIA
--------

CSM Corporation Bhd             CSMB        (8.92)      45.11
Faber Group Bhd                 FBMS        (7.16)     504.98
Hotline Furniture Bhd           HOTF       (19.68)      11.80
Kemayan Corp Bhd                KOPS      (289.67)     114.38
Kuala Lumpur Industries Bhd     KLIS      (107.69)     116.92
MBf Corp Bhd                    MBFS      (516.81)     189.99
Panglobal Bhd                   PGL0       (35.72)     191.12
Promet Bhd                      PMPT      (148.71)      65.25
Saship Holdings                 SASH      (128.06)     136.10
Sistem Televisyen Malaysia Bhd  STVM       (93.20)     128.16
Sri Hartamas Bhd                SRIH      (118.91)      99.76
Tongkah Holdings Bhd            TKHS       (78.01)     112.62
Uniphoenix Corporation Bhd      UNI       (145.25)      33.34


PHILIPPINES
-----------

Pilipino Telephone Co          PNOTF     (356.17)      122.97


SINGAPORE
---------

Pacific Century Regional
Developments Ltd                PCEN      (931.65)     7369.85


THAILAND
--------

National Fertilizer PCL         NFC        (30.82)      297.40
Siam Agro-Industry Pineapple
And Others PCL                  SAIC       (13.88)       14.02
Thai Nam Plastic PCL            TNPC        (2.00)       24.33
Tuntex (Thailand) PCL           TUN        (26.82)      381.43

*********

Each Friday edition of the Troubled Company Reporter - Asia
Pacific contains a list of companies with insolvent balance
sheets based on the latest publicly available balance sheet
available to our editors at the time of publication.  At first
glance, this list may look like the definitive compilation of
stocks that are ideal to sell short.  Don't be fooled.  Assets,
for example, reported at historical cost net of depreciation may
understate the true value of a firm's assets.  A company may
establish reserves on its balance sheet for liabilities that may
never materialize.  The prices at which equity securities trade
in public market are determined by more than a balance sheet
solvency test.

*********

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
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

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delivered via e-mail. Additional e-mail subscriptions for
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                 *** End of Transmission ***