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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Thursday, October 02, 2003, Vol. 6, No. 195

                         Headlines

A U S T R A L I A

AUSTRALIAN GAS: NGC to Acquire Electricity Metering Assets
E.B.S. PACIFIC: Ex-Dir Convicted for Undischarged Bankruptcy
ROWECOM AUSTRALIA: Liquidators Release Report to Creditors
TOWER LIMITED: Life Company Holding Structure Changes Completed
TRANZ RAIL: Completes Aratere Buy Out


C H I N A   &   H O N G  K O N G

BONDSINASIA LTD: Debt Claim Submission Deadline Set on Oct 10
KOMOCO TRADNG: Faces Winding Up Petition
FUSHAN HOLDINGS: 2003 Net Loss Swells to HK$1,745
MANSION HOUSE: Circular Dispatch Further Deferred
REGAL INT'L: Operations Net Loss Down to HK$35.8M

SPLEDID CENTURY: First Creditors Meeting Set Today
U.T. MODELS: Liquidator Posts Notice to Creditors


I N D O N E S I A

BANK JABAR: Pefindo Re-affirms `idBBB' Bond III/2000 Rating
INDOSAT MULTI: Creditors Approve Vertical Merger Plan   


J A P A N

AEL CORPORATION: Seeks Court Protection
HITACHI LTD.: Sets up New Factory in Sachsen, Germany
MATSUYADENKI CO.: Commences Civil Rehabilitation Proceedings
MATSUYADENKI CO.: R&I Downgrades Rating to CCC
MITSUI MINING: IRCJ Scraps Bailout Plan

MYCAL CORPORATION: TDC OKs Rehabilitation Plan
NISSAN DIESEL: Restructuring Plan Calls For Bailout Worth Y106B
SARI CORPORATION: Liquor Firm Files For Creditors Protection


K O R E A

ASIANA AIRLINES: Resumes Ulsan-Jeju Flights
CHOHUNG BANK: Appoints Dong Soo as Chairman
HANARO TELECOM: Newbridge Vows Long-term Investment in Telecom
SK GLOBAL: Unveils Interim Compensation Procedures Proposal


M A L A Y S I A

BERJAYA GROUP: Proposing Shareholders' Mandate at Nov EGM
BESCORP INDUSTRIES: August Defaulted Payment Hits RM57.610M
FURQAN BUSINESS: Creditors' Meeting OKs Scheme of Arrangement
GADANG HOLDINGS: 10th AGN Fixed on October 22
GEAHIN ENGINEERING: Changes Registrar's Contact Details

IDRIS HYDRAULIC: Debt Conversion Date Extended to Nov 30
IDRIS HYDRAULIC: Scheme of Arrangement Hearing Set on Oct 6
KEMAYAN CORPORATION: Judge Dismisses Stay of Execution Hearing
MANGIUM INDUSTRIES: Unit Deemed to Default Facilities Payments
PILECON ENGINEERING: Defaulted Payment Status Remains Unchanged

PROMET BERHAD: Changes Registered Office's Telephone Number
PROMET BERHAD: Proposed Wisma Saberkas Acquisition Extended  
SIN KEAN: Plaintiff's Appeal Hearing Fixed on Oct 29
SJA BERHAD: Answers KLSE's Winding Up Petition Query
TAT SANG: Provides Defaulted Payment Status Update

TAJO BHD: Court Wants Separate Share/Warrant Holders Meetings
TAJO BHD: October 22 EGM Scheduled
TONGKAH HOLDINGS: Quoted Securities Disposed
TONGKAH HOLDINGS: Restructuring Scheme Completion Moved to March
TRONOH MINES: AMM Under Voluntary Winding Up


P H I L I P P I N E S

EASYCALL COMMUNICATION: Directors OK Capital Restructuring
NATIONAL POWER: Moody's Changes Rating Outlook to Negative
NATIONAL POWER: PSALM's US$250M Bond For Napocor's Needs
NATIONAL STEEL: British Firm Offers to Revive Steel Firm
PHILIPPINE LONG: Cebu City Collects Unpaid Php75.4M Tax

* Moody's Revises Philippine Banks' Outlook to Negative


S I N G A P O R E

ASIA FOOD: Releases Update on Debt Rescheduling
HONSIN MARINE: Creditors to Submit Claims by October 21
HUA KOK: Appoints Audit Committee Chairman
HUP AIK: Issues Notice of First & Final Dividend
L&M GROUP: Issues Bank Restructuring Scheme Update

LION ASIAPAC: Proposes Capital Reduction Exercise
SINDO REALTY: Issues Notice of Intended Dividend


T H A I L A N D

EMC PUBLIC: PAMCL Transfers Shareholding to Songsermsujarit
JASMINE INTERNATIONAL: Bankruptcy Court OKs Unit's Rehab Plan
NATIONAL FERTILIZER: Reports Rehabilitation Plan Progress
THAI CANE: Posts 2nd Warrants Exercise Results

     -  -  -  -  -  -  -  -

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


AUSTRALIAN GAS: NGC to Acquire Electricity Metering Assets
----------------------------------------------------------
NGC Holdings Limited, a 66% owned subsidiary of the Australian
Gas Light Company, on Wednesday has reached an agreement to buy
1,200 interval metering installations and related metering
equipment from d-Cypha, a subsidiary of national grid company,
Transpower New Zealand Limited, for a total of $2.8 million.

The sale and purchase agreement becomes effective on 1 November
2003.

The installations are distributed throughout New Zealand, with
about 20% in regions where NGC already has a significant
metering presence.

NGC Chief Executive, Phil James, said the purchase will further
diversify NGC's metering customer base. The agreement follows
recent growth initiatives in which NGC acquired approximately
6,740 mass market and interval meters from TrustPower Limited
and, through agreements with Wellington-based technology
company, Energy Intellect Limited, expanded its data management
capabilities and extended its services into Australia.

CONTACT INFORMATION: Keith FitzPatrick
        Manager External Relations
        NGC Holdings Limited
        Phone: 04 - 462 8704
        Mobile: 027- 443 8349


E.B.S. PACIFIC: Ex-Dir Convicted for Undischarged Bankruptcy
------------------------------------------------------------
Ms Pauline Dorothy Weir, formerly of Eastlakes, New South Wales,
has been sentenced in Wollongong District Court, following an
investigation by the Australian Securities and Investments
Commission (ASIC).

Ms Weir was sentenced to three years imprisonment on three
counts of obtaining credit without disclosing to lenders that
she was an undischarged bankrupt, in contravention of the
Bankruptcy Act 1966.

"ASIC will take action to ensure that undischarged bankrupts,
who fail to meet their obligations and duties under the law,
will be dealt with through the Courts," ASIC Executive Director
of Public and Commercial Services, Mr Mark Drysdale said.
Ms Weir was an accountant and director of a dormant company,
E.B.S. Pacific Pty Limited (E.B.S. Pacific).

An ASIC investigation found that between May 2000 and April
2002, Ms Weir obtained credit to the value of $231,150 from
three lenders by promising high rates of return on their funds.
On each occasion, Ms Weir deposited these funds into the bank
account of E.B.S Pacific without disclosing to the lenders that
she was an undischarged bankrupt.

The New South Wales Director of Public Prosecutions prosecuted
these Bankruptcy Act charges in conjunction with fraud charges.
Ms Weir has also been sentenced to three years imprisonment in
relation to the fraud charges.

Ms Weir is currently serving a seven-year sentence at Berrima
Correctional Facility in relation to her conviction on
fraudulent misappropriation of money, the use of false
instruments and the passing of valueless cheques. The additional
jail terms are to be served concurrently with her current
sentence.

ASIC acknowledges the co-operation and assistance of the NSW
Police Service during the investigation.


ROWECOM AUSTRALIA: Liquidators Release Report to Creditors
----------------------------------------------------------
Lachlan Stuart McIntosh and Ginette Dawn Muller, of KordaMentha,
were appointed as Joint and Several Administrators of ACN 009
872 217 Pty Ltd. (formerly Rowecom Australia Pty Ltd ) on 16
January 2003 and subsequently as Joint and Several Liquidators
on 3 March 2003.

Since its appointment, the Liquidators implemented the following
three-point plan:

   1. Realization of Assets for the Benefit of Creditors;
   2. Adjudication of Creditor Claims; and
   3. Payment of Dividends.

On September 22, KordaMethan released its report to creditors.
Full copy can be seen at
http://bankrupt.com/misc/TCRAP_Rowecom1002.pdf.


TOWER LIMITED: Life Company Holding Structure Changes Completed
---------------------------------------------------------------
TOWER Limited announced the completion of changes to its life
company holding structure. These changes were foreshadowed at
the time of TOWER Limited's recent capital raising.

The internal restructure has seen the formation of a New Zealand
registered life insurance and holding company, TOWER Life
Limited, with the Group's existing life insurance companies
transferred into TOWER Life Limited's ownership.

The restructure flows from TOWER Limited's extensive review of
its Group capital structure and strategic moves to enhance the
financial and operational effectiveness of its risk business.

The companies within TOWER Limited's life insurance group will
now be held at a value determined by reference to fair value and
will not be subject to amortization. However, the values will be
subject to revaluation for each accounting period. This will
reduce annual amortization in TOWER Limited's consolidated
financial statements from approximately $26 million per annum to
$7 million per annum.


TRANZ RAIL: Completes Aratere Buy Out
-------------------------------------
Tranz Rail Holdings Limited announced Wednesday that it has
completed the buy out of its lease of the ship Aratere.

In May of this year the company secured an option to buy out the
lease after negotiations with the United States based parties to
the arrangement. Last month the company announced it had decided
to exercise that option.

Toll Finance (NZ) Limited provided the finance for the
transaction and following this settlement, Tranz Rail now has
full ownership of the Aratere.


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


BONDSINASIA LTD: Debt Claim Submission Deadline Set on Oct 10
-------------------------------------------------------------
Gabriel CK Tam and Edward Middleton, Joint and Several
Liquidators of Bondsinasia Limited, Bondsintaiwan Limited and
Bauton Limited (All In Members' Voluntary Liquidation), notified
that the creditors of the above-named companies are required (if
they have not already done so), on or before the close business
on 10 October 2003, to send in their names and addresses, and
the particulars of their debts or claims, and the name and
address of their solicitors, if any, to the undersigned at 27th
Floor, Alexander House, 16-20 Chater House, Central, Hong Kong
(Ref no, 125925-040) and, if so required by notice in writing
from the said Liquidators, are personally or by their solicitors
to come in and prove their said debts or claims at such time and
place as shall e specified in such notice, or in default thereof
they will be excluded from the benefit of any distribution made
before such debts are proved. The Liquidators will then
distribute any and all surplus assets to shareholders and
contributors thereafter.


KOMOCO TRADNG: Faces Winding Up Petition
----------------------------------------
The petition to wind up Komoco Tradng (H.K.) Company Limited is
set for hearing before the High Court of Hong Kong on October
22, 2003 at 9:30 in the morning,

The petition was filed with the court on August 26, 2003 by
Komoco Holdings Pte Limited, a company duly incorporated in the
Republic of Singapore and having its registered office situated
at 253 Alexander Road #01-01 Singapore 159936.


FUSHAN HOLDINGS: 2003 Net Loss Swells to HK$1,745
-------------------------------------------------
Fushan Holdings Limited announced disclosed a summary of its
financial statement 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                           : 610                2,635             
Profit/(Loss) from Operations      : (1,745)            (506)             
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       : (1,745)            (506)             
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0008)           (0.0003)          
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (1,745)            (506)             
Interim Dividend                   : NIL                NIL               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
B/C Dates for
  Interim Dividend                 : N/A          
Payable Date                       : N/A       
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
B/C Dates for Other
  Distribution                     : N/A          

Remarks:

1. Basis of preparation of financial statements and accounting
policies

The accounting policies adopted and the basis of preparation
used in the preparation of the interim financial statements are
consistent with those used in the annual financial statements
for the year ended 31st December 2002 except that the Group has
adopted the SSAP12(Revised) "Income Taxes" ,issued by the HKSA,
which is effective for financial statements relating to
accounting periods commencing on or after 1st January 2003.

The principal effect of the implementation of SSAP12 (Revised)
is in relation to deferred tax.  Although the new accounting
policy has been applied retrospectively, it has not had any
material effect on the financial results of the Group for the
current or prior accounting periods.  Accordingly, no prior
period adjustment has been required.

2.  Basic loss per share

The calculation of basic loss per share is based on the
consolidated loss attributable to the shareholders for the six
months ended 30th June 2003 of HK$1,745,000 (2002: HK$506,000)
and the weighted average of 2,080,800,000 (2002: 1,861,683,978)
ordinary shares in issue during the period.


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,
6 August and 5 September 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
27 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 18 October 2003. The
preparatory works for the issue of the confirmation letter were
commenced in early September 2003. The outstanding works relate
principally to the preparation, review and collation of related
documents for review for the purposes of issuing the
confirmation letter.

As stated in the Announcements, 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 Stock 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 Stock Exchange saw no basis to grant a further waiver beyond
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. In the meantime, Shareholders and public investors
are advised to exercise caution when dealing in the Shares.


REGAL INT'L: Operations Net Loss Down to HK$35.8M
-------------------------------------------------
Regal Hotels International Holdings Limited posted its results
announcement summary for the year ending December 12, 2003:

(stock code: 00078 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
                                                 (Unaudited)
                              (Unaudited)        Last
                              Current            Corresponding
                              Period             Period
                              from 01/01/2003    from 01/01/2002
                              to 30/06/2003      to 30/06/2002
                              Note  ('Million)   ('Million)
                                                        
(Restated)
Turnover                           : 342.6              481               
Profit/(Loss) from Operations      : (35.8)             65.6              
Finance cost                       : (82)               (93.5)            
Share of Profit/(Loss) of
  Associates                       : (1.5)              2.5               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (0.1)              N/A               
Profit/(Loss) after Tax & MI       : (69.1)             (32.4)            
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.011)            (0.009)           
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (69.1)             (32.4)            
Interim Dividend                   : NIL                NIL               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
B/C Dates for
  Interim Dividend                 : N/A          
Payable Date                       : N/A       
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A          

Remarks:
                                 
1. ADOPTION OF A REVISED STATEMENT OF STANDARD ACCOUNTING
PRACTICE (SSAP)

SSAP 12 (Revised) "Income taxes" has been adopted for the first
time in the preparation of the current period's condensed
consolidated financial statements.  The SSAP prescribes the
basis for accounting for income taxes payable or recoverable,
arising from the taxable profit or loss for the current period
(current tax); and income taxes payable or recoverable in
future periods, principally arising from taxable and deductible
temporary differences and the carry forward of unused tax losses
(deferred tax).

The principal impact of the revision of this SSAP is that
deferred tax assets and liabilities relating to the differences
between capital allowances for tax purposes and depreciation for
financial reporting purposes and other taxable and deductible
temporary differences are generally fully provided for, whereas
previously the deferred tax was recognized for timing
differences only to the extent that it was probable that the
deferred tax asset or liability would crystallize in the
foreseeable future.  In addition, deferred tax assets have been
recognized for the unused tax losses, to the extent that it is
probable that taxable profit will be available against which the
unused losses can be utilized.

The change in accounting policy has been applied
retrospectively.  Thus comparative amounts for 2002 have been
restated accordingly.  The opening accumulated losses at 1st
January, 2002 and 2003 have been increased by approximately
HK$86.4 million and HK$102.2 million respectively, which
represented the cumulative effect of the change in accounting
policy.  Tax expense for the six months ended 30th June, 2002
was increased by approximately HK$6.9 million.

2. DISCONTINUED OPERATION

The turnover, expenses and results from the discontinued
operation in respect of the Group's hotel operation in Canada
for the six months ended 30th June, 2003 and 2002 are as
follows:

                      Six months ended        Six months ended
                      30th June, 2003         30th June, 2002
                      (Unaudited)             (Unaudited)
                      (HK$) Million           (HK$) Million
TURNOVER                        32.2                    48.0
Cost of sales                   (37.3)                  (46.0)
                                ---------               --------
Gross profit/(loss)             (5.1)                   2.0
Administrative expenses         (1.9)                   (1.9)
Other operating expenses        (1.1)                   (1.3)
                                ---------               --------
LOSS FROM OPERATING ACTIVITIES  (8.1)                   (1.2)
Finance costs                   (4.2)                   (3.0)
                                ---------               --------
NET LOSS FROM ORDINARY ACTIVITIES
  ATTRIBUTABLE TO SHAREHOLDERS  (12.3)                  (4.2)
                                ======                  ======

3.  Profit/(Loss) from Operations is stated after the following:

(a) Other revenue, which includes the following major item:

                        Six months ended        Six months ended
                        30th June, 2003         30th June, 2002
                        (Unaudited)             (Unaudited)
                        (HK$) Million           (HK$) Million
                
Interest income                 0.1                     1.7
                              ======                  ======

(b)     Other operating expenses, net, includes the following
major items:

                        Six months ended        Six months ended
                        30th June, 2003         30th June, 2002
                        (Unaudited)             (Unaudited)
                        (HK$) Million           (HK$) Million
                
Depreciation                   21.2                    22.9

   Loss on disposal of long term
    unlisted investments        -                       1.6

   Write back of provision against
    other loan receivable       -                       (10.5)
                              ======                  ======

4. The calculation of basic loss per ordinary share is based on
the net loss from ordinary activities attributable to ordinary
shareholders for the period of HK$69.1 million (2002 - HK$32.4
million, as restated), adjusted for the unpaid preference
dividend for the period of HK$3.4 million (2002 - HK$3.4
million), and on the weighted average of 6,330.1 million (2002 -
3,990.2 million) ordinary shares of the Company in issue
during the period.

No diluted loss per ordinary share is presented for the periods
ended 30th June, 2002 and 2003, as the exercise of share options
of the Company and the conversion of preference shares and
convertible bonds convertible into ordinary shares of the
Company are anti-dilutive.


SPLEDID CENTURY: First Creditors Meeting Set Today
--------------------------------------------------
Notice is hereby given that pursuant to Section 228A of the
Companies Ordinance that a Meetings of the creditors of the
Spledid Century International Limited  In Creditors' Voluntary
Winding-Up) will be held at Room 1734, 17/F, Star House, 3
Salisbury Road, Tsimshatsui, Kowloon at 2:05 pm on 2nd October
to appoint liquidator and to consider further matters relevant
to the creditors' voluntary winding-up of the [as modified by
Section 228A(8)], 242, 243, 244 and 255A of the Companies
Ordinance.

Creditors may vote either in person or by proxy. Proxies must be
lodged at Room 1734, 17/F., Star House, 3 Salisbury Road,
Tsimshatsui, Kowloon, not later 4:00pm on the ay before the
meetings.


U.T. MODELS: Liquidator Posts Notice to Creditors
-------------------------------------------------
Robert Armor Morris and Yeo Boon Ann, Joint and Several
Liquidators of U.T. Models Limited (In Member's Voluntary
Liquidation), notified that the creditors of the company are
requested on or before 25th October 2003 to send their names,
addresses, and particulars of their debts or claims to the
undersigned, the Liquidators of the company. Creditors who do
not submit particulars to prove their debts or claims on or
before 25th October 2003 will be excluded from the benefit of
any distribution made before such debts are proved.

Robert Armor Morris
Yeo Boon Ann
Joint and Several Liquidators
17th Floor , Hutchison House
10 Harcourt Road
Central, Hong Kong


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


BANK JABAR: Pefindo Re-affirms `idBBB' Bond III/2000 Rating
-----------------------------------------------------------
PT Pefindo, Credit Ratings Indonesia, re-affirmed its ratings of
`idBBB' for PT Bank JABAR (BPJB) and its Bond III/2000. The
ratings reflect the bank's stable capitalization and well-
diversified customer base, which have resulted in manageable
asset quality. The ratings, however, are still constrained by
the bank's relatively limited coverage area and maturity
mismatch in its assets and liabilities although the bank has a
strong franchise at its home base.

The bank, which is owned by West Java Regional Government PEMDA
Tingkat I and II (83.49%) and Banten Regional Government
(16.51%), has consistently focused its activities in retail
banking market within the province of West Java. As a regional
government bank, BPJB has a captive market in regional
government related parties and projects.

The bank currently has 95 offices located all over West Java
area (31 conventional branches, 3 syariah branches, 34 sub
branches, 20 cash offices, 4 payment points and 3 syariah
representatives), and one branch in Jakarta. In addition, as to
date the bank has 39 owned ATMs on top of 700 HIMBARA ATMs and
more than 2,000 units of BCA ATMs. To support its daily
operation, the bank employs total staffs of 1,283 people as to
date.


INDOSAT MULTI: Creditors Approve Vertical Merger Plan   
-----------------------------------------------------
PT Indosat Multi Media Mobile (IM3)'s syndicated creditors
agreed with the Company's vertical merger plan with PT Satelit
Palapa Indonesia (Satelindo) and PT Bimagraha Telekomindo into
PT Indosat Tbk, Bisnis Indonesia reports, citing Abdul Rahman,
Corporate Relationship II group head of Bank Mandiri.

"Generally the banks in the syndication of IM3 approve the
vertical merger plan," said Rahman, adding that other members of
syndication also had been talking with Indosat on the merger
plan.

On August 7 last year, Indosat got long-term loans of Rp1.5
trillion from syndicated banks.

The banks are Bank Mandiri (giving Rp1 trillion), PT Bank Negara
Indonesia Tbk (Rp230 billion), PT Bank Central Asia Tbk (Rp100
billion) PT Bank Danamon Tbk (Rp50 billion), PT Bank Rakyat
Indonesia (Rp50 billion), PT Bank Syari'ah Mandiri (Rp50
billion) and PT Bank Bukopin (Rp20 billion).


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


AEL CORPORATION: Seeks Court Protection
---------------------------------------
Consumer credit firm AEL Corporation on Tuesday filed for
protection from creditors with the Tokyo District Court, leaving
82 billion yen in debts, Kyodo News said on Wednesday.

Standard & Poor's Ratings Services recently announced that it
had received a notice from AEL Corporation and Nice Co. Ltd.
detailing their intention to implement the following plan:

-- Sell their entire existing consumer loan receivables, as well
as the subordinated portions of all of their securitization
deals that they have retained to various trusts and SPVs. These
portions include tranches issued pursuant to two transactions
publicly rated by Standard & Poor's (HABS Corp. Series 2002-1
and Major Asset Finance (Cayman) Ltd.

-- AEL and Nice will cease their lending operations in Japan and
may transfer portions of their consumer lending business to a
third party; and

-- For the six-month period following the implementation of the
plan, AEL and Nice will continue to service their consumer
loans, as part of a co-servicing agreement in conjunction with
the third party mentioned in point (2) above.

As a general matter, Standard & Poor's ratings on securitization
transactions assume that the originator/servicer will be
replaced during the term of the transaction. Consequently the
analysis takes into account possible temporary deteriorations in
asset pool performance caused by a transition of servicing
operations, as well as associated liquidity risks that may
negatively affect investors. In addition, to reflect the nature
of the consumer finance lending business, Standard & Poor's
assumes that when the original servicer is replaced, obligors
may have to find other lenders to refinance their existing debt
obligations as they fall due. Given that in this sector the
ability of the servicer is of great importance to the payment
performance of the loans, temporary high delinquency rates and
deterioration in principal payment rates are also assumed.

As of this date, the performance of the transactions involving
AEL and Nice that were rated by Standard & Poor's have been
within the assumed ranges, and within the appropriate stress
levels that were applied when ratings were initially assigned.

While the details of the plan have not been disclosed, the
purpose of the plan is to mitigate any stress associated with
servicer transition by having a third party and the original
servicers co-service the securitization transactions for a
period of six months, and to support the performance of the
securitized pools by giving the underlying obligors an
alternative funding source to assist them in meeting their loan
repayment obligations. Standard & Poor's believes that the
current plan will not in itself cause the credit profile of the
transactions to be negatively affected.

Standard & Poor's will monitor carefully the implementation of
the transition plan to determine its actual effect on the rated
transactions and the performance of the underlying receivables
pools, especially the procedures by which servicing functions
will first of all change to a co-servicing arrangement and then
eventually be transferred to a third party, and the way in which
alternative funding sources will be made available to the pool
obligors. Standard & Poor's is currently reviewing proposed
changes and amendments to the transaction documents, including
whether the transaction will enter early amortization.

PUBLICLY RATED TRANSACTIONS

HABS Corp. Series 2002-1

Originator     Issue     Current   Amount            Final
                         Rating                      Maturity

AEL Corp.      Senior    AA        JPY9,854,166,665 March 2009

Major Asset Finance (Cayman) Ltd.

Originator     Issue     Current   Amount            Final
                         Rating                      Maturity

Nice Co. Ltd.  Senior    AA-       JPY8,500,000,000   May 2010


HITACHI LTD.: Sets up New Factory in Sachsen, Germany
-----------------------------------------------------  
Hitachi Limited announced that it will establish a new factory
in Sachen, Germany, for the production of mainly high-pressure
fuel pumps, a core component of gasoline direct injection
engines for automotive applications, whose demand is expected to
grow. This new factory will be set up under Hitachi Automotive
Systems Europe GmbH, a subsidiary of Hitachi, Ltd. Construction
is to start in November 2003 and production is scheduled to
start in January 2005.

The high-pressure fuel pump market is expected to continue
growing due to increasingly strict environmental regulations in
Europe related to the automobile industry. Car manufacturers
need to introduce more fuel-efficient engines utilizing direct
injection technology. Hitachi estimates the market for high-
pressure fuel pumps for gasoline direct injection will increase
from 0.2 million units in 2002 to 3.8 million units in 2009.

Hitachi understands that local production is essential for the
promotion of the pump in Europe. The new factory will target a
turnover of 5 billion yen in 2007.

Hitachi already has one factory for automotive products in
Europe, Hitachi Automotive Products Europe Ltd. This factory
will continue to produce mainly electronic products and the new
factory will produce mechatronic products for automotive
applications to expand the business in Europe.

The high-pressure fuel pump supplies fuel-to-fuel injection
equipment at high pressure.

ABOUT THE NEW FACTORY:

Factory name: Hitachi Automotive Systems Europe GmbH. Sachsen
Works

Factory Manager: Mineo Kashiwaya (Currently Hitachi Ltd.,
Automotive Systems Executive Staff to President)

Location: Rosswein, Sachsen, Germany

Production: Scheduled for January 2005 (Construction begins
November 2003)

Products: High-pressure fuel pumps for gasoline direct
injection, etc.

Turnover: Around 5 billion yen in 2007

Employees: Around 70 in 2007

ABOUT HITACHI AUTOMOTIVE SYSTEMS EUROPE GMBH.

Company name: Hitachi Automotive Systems Europe GmbH.

Managing Director: Haruo Okamoto

Location: Schweig-Oberding, Bayern near Munich airport Germany

Establishment: July 2003

Capital: 10.5 million euros (as of End of 2004)

Shareholders: Hitachi Ltd., 67 percent Hitachi Automotive
Products Europe Ltd., 33 percent(as of end of 2004)

Business: Manufacture and sales of automotive mechatronics
components (2005)

Employees: Around 100 include Sachsen Works (2005)

About Hitachi Automotive Products Europe Ltd.

Company name: Hitachi Automotive Products Europe Ltd.

Managing Director: Haruo Okamoto

Location: Bolton, U.K.

Establishment: April 1997

Capital: 9 million pounds sterling

Shareholders: Hitachi Ltd. 75 percent, Hitachi Europe Ltd. 25
percent

Business: Manufacture and sales of automotive electronics
components

Employees: Around 130 (as of September 2003)

About Hitachi, Ltd.

Hitachi, Ltd. headquartered in Tokyo, Japan, is a leading global
electronics Company, with approximately 320,000 employees
worldwide. Fiscal 2001 (ended March 31, 2002) consolidated sales
totaled 7,994 billion yen ($60.1 billion). The Company offers a
wide range of systems, products and services in market sectors,
including information systems, electronic devices, power and
industrial systems, consumer products, materials and financial
services. For further information, please visit the Hitachi,
Ltd. home page at: global.hitachi.com

Hitachi recorded a loss before income taxes and minority
interests of 30.9 billion yen (US$258 million), and after 3.2
billion yen (US$27 million) in income taxes, loss before
minority interests of 34.1 billion yen (US$285 million), TCR-AP
reported recently. The net loss was 38.4 billion yen (US$320
million), 26.7 billion yen (US$223 million) more than in the
previous year.

Debt on June 30, 2003 stood at 2,871.1 billion yen (US$23,926
million), 30.5 billion yen (US$255 million) more than at March
31, 2003 as a result of the issuance of bonds in May.

Contact:
Hitachi, Ltd.
Mr. Sato Yoshinobu
sato-yoshinobu@sic.hitachi.co.jp
81 03-5201-5250


MATSUYADENKI CO.: Commences Civil Rehabilitation Proceedings
------------------------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that Matsuyadenki
Co., Ltd. which is a customer of its banking subsidiaries,
Resona Bank, Ltd. (Resona Bank, President: Masaaki Nomura) and
The Kinki Osaka Bank, Ltd. (Kinki Osaka Bank, President:
Kunitsugu Hara), filed an application with the Osaka District
Court for commencement of civil rehabilitation proceedings. As a
result, there arose a concern that the claims to the Company may
become irrecoverable or their collection may be delayed.

After the Company submitted the application, Resona Bank acceded
to the business revitalization plan formulated by the Company,
and on September 26, 2003, submitted an application, under their
joint names, to the Industrial Revitalization Corporation of
Japan (IRCJ), for assistance towards the business revitalization
of the Company. On the same date, IRCJ decided to provide the
assistance.

In accordance with the application, Resona Bank will provide the
Company with the financial assistance as specified below,
subject to the condition that other financial institutions also
accede to the business revitalization plan of the Company.

1. Outline of the Company

(1) Corporate name Matsuyadenki Co., Ltd.
(2) Address (Registered address) 7-2 Nihonbashi 3-chome, Naniwa-
ku, Osaka (Head office address) 13-10 Nanba-Sennichimae, Chuo-
ku, Osaka
(3) Representative Sadao Hirai
(4) Amount of capital 14,661 million yen
(5) Line of business Sales of electrical household appliances

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of civil
rehabilitation proceedings with the Osaka District Court on
September 25, 2003.

3. Amount of the Claims to the Company

Resona Bank Loans 19.2 billion yen

Kinki Osaka Bank Loans and others 17.9 billion yen

Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Ltd. and The Nara Bank, Ltd. have no claims to the Company.

4. Outline of the Assistance

(1) To facilitate the transfer of business to a new Company
which is mentioned in the business revitalization plan of the
Company

(2) To offer syndicate loans to provide the Company with
necessary operating fund during the period from commencement of
civil rehabilitation proceedings to completion of the transfer
of operations.

5. Impact of This Development on the Resona HD's Forecasted
Earnings

The expected amount of loss arising from this development is
estimated to be approximately 22 billion yen. With respect to
the impact of this development on the previously announced
earnings forecasts, Resona HD will announce a revision soon
after it becomes possible to estimate such impacts, including
the possible impact of the due diligence, which is being
implemented at the moment.


MATSUYADENKI CO.: R&I Downgrades Rating to CCC
----------------------------------------------
Rating and Information Investment, Inc. (R&I) has downgraded the
ratings of Matsuyadenki Co. Ltd. to CCC from B.

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Sec. Conv. Bonds No. 1 Jul 24, 1989 Sep 20, 2004 Yen 10,000

RATIONALE:

On September 25, Matsuyadenki filed for bankruptcy protection
under the Civil Rehabilitation Law at the Osaka District Court.
R&I have consequently downgraded the rating for its Secured
Convertible Bonds No. 1 from B to CCC.

Based in Osaka, Matsuyadenki is a mass retailer of home
electrical appliances. Losses arising from a dispute with a
securities Company had a massive negative impact on the
Company's equity capital and the Company undertook various
measures in a voluntary restructure including the closure of
non-profitable branches and staff cuts.

Because the bonds for this rating are secured, R&I believes that
the level of recovery will be higher than for unsecured loans
and has factored this aspect into the rating. R&I will be
monitoring the probability of Matsuyadenki's default recovery,
and once it ascertains the recovery rate to some extent, will
announce either a new rating or affirm this rating.

Matsuyadenki previously had a Senior Long-term Credit Rating of
B but that rating ceased to be valid upon its application for a
court mandated rehabilitation. R&I's Senior Long-term Credit
Rating is an assessment of a Company's overall capacity to pay
its entire financial obligations without taking into account the
degree of recovery of specific obligations.


MITSUI MINING: IRCJ Scraps Bailout Plan
---------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) will
scrap its plan to bail out ailing natural resources firm Mitsui
Mining Co. because the rescue plan needs revision, Japan Times
said on Wednesday. Mitsui Mining's past balance sheets
apparently contained errors.

If illegal procedures such as window-dressing are discovered,
the IRCJ may dump its plan to aid Mitsui Mining. Under the
initial rescue plan, the IRCJ was to hold more than 50 percent
of Mitsui Mining's outstanding shares, effectively turning the
Tokyo-based natural resource developer into a state-run entity.
Mitsui Mining participated in Japan's postwar recovery.


MYCAL CORPORATION: TDC OKs Rehabilitation Plan
----------------------------------------------
The failed supermarket operator Mycal Corporation, which was
undergoing court-mandated rehabilitation, announced Tuesday that
the Tokyo District Court approved its rehabilitation plan,
according to Kyodo News. Under the scheme, Mycal will receive a
capital injection of 20 billion yen from Aeon Co., operators of
the Jusco supermarket chain, and redeem its bonds issued to
individual investors at 30 percent of their face value. For
institutional investors, the bond redemption rate is up to 10
percent.


NISSAN DIESEL: Restructuring Plan Calls For Bailout Worth Y106B
---------------------------------------------------------------
Ailing truck maker Nissan Diesel Motor Co. announced Tuesday a
new restructuring plan that calls on Nissan Motor Co. and its
three main banks namely Mizuho Corporate Bank, Resona Bank and
Mizuho Trust and Banking Co. to provide a 106 billion yen
bailout, according to Japan Times. The main banks agreed to swap
debts worth 90 billion yen for Nissan Diesel preferred shares.

Nissan Motor, with a 22.5 percent stake in the Company, agreed
to forgive 16 billion yen in debts in return for its preferred
shares. The truck maker is also asking French automaker Renault
SA, which also holds a 22.5 percent share of the firm, to
surrender part of its stake to take responsibility as one of the
largest shareholders.


SARI CORPORATION: Liquor Firm Files For Creditors Protection
------------------------------------------------------------
Sari Corporation, a liquor sales Company that is traded on the
JASDAQ market, filed for protection from creditors as it lost
financial backing from AEL Corporation.

Sari Corporation was established in 1976 and became publicly
held in 1993 by listing in the OTC. The Company is a discount
store operator mainly dealing in alcoholic beverages. It also
handles foods, other drinks, and wholesaling and franchise
operations. A consolidated subsidiary is also involved in the
import of liquors. Beer accounted for 31 percent of fiscal 2000
revenues; Japanese refined Sake and distilled spirits, 23
percent; whisky and brandy, 9 percent; other liquors including
wine, sprits, liqueur, 17 percent; foods, other beverages and
other products such as sundry goods and containers, 20 percent;
franchise income and other such as insurance agency, nominal.
The Company has five consolidated subsidiaries, all based in
Japan. Naoyuki Toriumi is the major shareholder with 53.99
percent of issued stock.

For a copy of the Company's financial data, go to
http://tirs.jasdaq.co.jp/tirs2/index.phtml?arg_code=9958&lang_mo
de=_e



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


ASIANA AIRLINES: Resumes Ulsan-Jeju Flights
-------------------------------------------
Asiana Airlines will resume flights between Ulsan, a
southeastern industrial city, and the country's southernmost
resort island of Jeju on October 10, Asia Pulse said on
Wednesday. The carrier said 148 seat B737-400 planes would fly
between the two cities once a day. Asiana suspended flights
between Ulsan and Jeju in 1998 in the wake of the nation's
financial crisis.


CHOHUNG BANK: Appoints Dong Soo as Chairman
-------------------------------------------
An Extraordinary Meeting of Shareholders was held at Chohung
Bank head office on Tuesday, August 26, 2003.

At the Meeting, Mr. Dong Soo Choi was appointed Chairman of the
Board and President & CEO of Chohung Bank. Mr. Young-Hwi Choi,
the President & CEO of Shinhan Financial Group, was appointed a
Non-Standing Director.

Details of the Board of Directors following the Extraordinary
Meeting are as follows:

*Standing Directors:
Dong Soo Choi, Chairman of the Board, President & CEO
Sang-Woo Kim, Standing Auditor

*Non-Standing Directors:
Jong Hyuk Kim, Director
Jeong Myung Lee, Director
Wan Young Yu, Director
Jin Soon Lee, Director
Chang Seong Jang, Director
Wo Jin Kim, Director
Young Hwi Choi, Director
Chohung Bank Chief Executive Choi Dong-soo expects the bank to
return to profit next year and make a considerable profit in
2005 as provisioning costs dwindled, TCR-AP reported recently.
The bank is set to merge with Shinhan Financial Group, after a
3.4 trillion-won deal signed in June. Choi noted the bank would
not take drastic measures to cut jobs or shut down branches, but
added unprofitable branches would be closed.


HANARO TELECOM: Newbridge Vows Long-term Investment in Telecom
--------------------------------------------------------------
Newbridge Capital on Tuesday pledged a long-term investment in
Hanaro Telecom, according to the Maeil Business Newspaper,
citing Newbridge President Park Byung-moo. The foreign capital
is set to make efforts to normalize the ailing telecom Company
before it plans to consolidate the Company with other fixed-line
telecom players including Thrunet or Dacom.

Newbridge said its investment would be made for more than five
years, saying it shouldn't sell off Hanaro shares until it pays
off US$600 million in syndicated loans, which will mature in
five years.


SK GLOBAL: Unveils Interim Compensation Procedures Proposal
-----------------------------------------------------------
SK Global America, a unit of South Korea's SK Networks Co.,
proposes to implement uniform procedures for compensating and
reimbursing Court-approved professionals on a monthly basis.  
Scott E. Ratner, Esq., at Togut, Segal & Segal LLP, in New York,
explains that the proposed compensation procedures will enable
all parties to closely monitor administration costs and assist
the Debtor in implementing efficient cash management procedures.

The Debtor wants the monthly and quarterly compensation and
reimbursement of expenses of the professionals to be structured
as:

A. Monthly Professional Fee Statements

    (a) No later than the 25th day of each month after the month
        for which compensation is sought, each professional will
        file with the Court, a monthly fee statement, and
provide notice of the Statement to:

           -- SK Global America, Inc.
              100 Parker Plaza
              400 Kelby Street
              Fort Lee, New Jersey 07024
              Attn: Mr. Richard Kim;

           -- Togut, Segal & Segal LLP
              One Penn Plaza
              Suite 3335
              New York, New York 10119
              Attn: Scott E. Ratner, Esq.;

           -- Counsel for the official statutory committee
              unsecured creditors appointed in the Debtor's
              Chapter 11 case and in the event the Committee has
              not been appointed, the Debtor's 20 largest
              unsecured creditors;

           -- McDermott, Will & Emery
              50 Rockefeller Plaza
              New York, New York 10020-1605
              Counsel for Cho Hung Bank
              Attn: Stephen Selbst, Esq.;

           -- Nixon Peabody LLP
              101 Federal Street
              Boston, Massachusetts 02110
              Counsel for Korea Exchange Bank
              Attn: Mark Berman, Esq.;

           -- White & Case
              1155 Avenue Of The Americas
              New York, New York 10036-2700
              Counsel for the Foreign Bank Steering Committee
              Attn: Evan Hollander, Esq.; and

           -- The United States Trustee
              33 Whitehall Street, 21st Floor
              New York, New York 10004
              Attn: Greg Zipes, Esq.;

    (b) Each Monthly Statement must contain a list of the
        individuals, and their titles, who provided services
during the period covered by the Monthly Statement,
their billing rates, the aggregate hours spent by each
        individual, a reasonably detailed breakdown of the
        disbursements incurred, and contemporaneously maintained
        time entries for each individual in increments of tenths
        of an hour.

        No professional should seek reimbursement of an expense
        that would otherwise not be allowed pursuant to the
        Court's Administrative Orders dated June 24, 1991 and
        April 21, 1995, or the United States Trustee Guidelines
        for Reviewing Applications for Compensation and
        Reimbursement of Expenses Filed under Section 330 of the
        Bankruptcy Code dated January 30, 1996;

    (c) Each Monthly Fee Statement and any notice of it will
        clearly and conspicuously display the deadline to timely
        file an objection, set 20 days after the Monthly
        Fee Statement is filed;

    (d) If any party objects to the Monthly Fee Statement, the
        objecting party must timely and properly file with the
        Court, on or before the monthly objection deadline, a
        written statement of its objection that sets forth the
        precise nature of the objection and the specific
amount of objectionable fees or expenses at issue, and serve
the Objection on the affected professional and the Notice
Parties;

    (e) If an Objection is filed, the Affected Professional may
        file a reply to the Objection.  The Objecting Party and
        the Affected Professional will then proceed to make good
        faith attempts to resolve the Objection on a consensual
        basis.  If the parties are unable to resolve the         
in good faith within 15 days after the Objection is filed
with the Court, the Affected Professional may request for the
Court to set a hearing to consider the Objection;

    (f) If no Objection to a Monthly Fee Statement has been
filed prior to the relevant Objection Deadline, the Debtor
will be authorized to pay each Professional an amount equal
to 80% of the fees and 100% of the expenses requested in the
Monthly Fee Statement.  To the extent that there is an
Objection to a portion of the Monthly Fee Statement, the
Affected Professional will file with the Court and serve on
the Debtor and its counsel, a certification indicating that
there has been an Objection only to a portion of the
Application and stating the total fees and expenses in the
Statement not subject to an Objection.  After the filing, the
Debtor will be authorized to pay the Affected Professional an
amount equal to 80% of the fees and 100% of the expenses not
subject to an Objection; and

    (g) A pending objection to a Monthly Fee Statement will not
        disqualify a Professional from the future payment of
        compensation or reimbursement of expenses that are
        requested in accordance with the Compensation
Procedures.

B. Quarterly Professional Fee Applications

    (a) Beginning with the Petition Date through October 31,
2003, and every 120 days thereafter, each Professional
will file with the Court, within 45 days of the end of
the Quarterly Fee Period, a quarterly fee application
for interim court approval and allowance of 100% of the
compensation and expense reimbursement sought in the
Monthly Fee Statements filed during the Quarterly Fee
Period.  Each Professional will contemporaneously
provide notice of the Quarterly Fee Application to the
Notice Parties;

    (b) Any Professional that fails to file a Quarterly Fee
Application when due will be ineligible to receive
payments of any fees or expenses under these
Compensation Procedures until the Professional has
complied;

    (c) Each Professional is required to serve a copy of each
        interim or final fee application only on:

         -- the Debtor;

         -- the Debtor's counsel;

         -- counsel to the Committee and the Debtor's 20 largest
            unsecured creditors, to the extent a Committee is
not appointed;

         -- the United States Trustee; and

         -- those parties having filed a notice of appearance in
            this case and request for service of pleadings; and

    (d) A pending objection to a Quarterly Fee Application will
        not disqualify a Professional from the future payment of
        compensation or reimbursement of expenses that are
        requested in accordance with the Compensation
Procedures.

C. Reimbursement of Committee Members' Expenses

    Each member, excluding ex officio members, of any Official
    Committee will submit statements of expenses and supporting
    vouchers to the Committee's counsel.  Counsel to each
    Committee will then separately identify their Committee
    members' request for reimbursement in the Committee' Monthly
Fee Statements and Quarterly Fee Applications to be filed in
accordance with these Compensation Procedures.  The expenses
of the Committee members will be approved in accordance with
the Compensation Procedures.

D. Monthly Operating Reports

    The Debtor will list and itemize all payments to
Professionals and members of any Committee in their monthly
operating reports.

Accordingly, the Debtor asks the Court to approve the proposed
interim compensation procedures pursuant to Sections 105(a) and
331 of the Bankruptcy Code.  In addition, the Debtor seeks the
Court's permission to limit the notice of hearings to consider
interim applications to:

    (a) their counsel;

    (b) counsel to the Committee and, in the event a Committee
is not appointed, the Debtor's 20 largest unsecured
creditors;

    (c) the United States Trustee; and

    (d) all parties who have filed a notice of appearance with
the Clerk of the Court and requested the notice. (SK
GLOBAL BANKRUPTCY NEWS, Issue Number 5; September 19,
2003)


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


BERJAYA GROUP: Proposing Shareholders' Mandate at Nov EGM
---------------------------------------------------------
The Board of Directors of Berjaya Group Berhad wishes to
announce that pursuant to paragraph 10.09 of the Kuala Lumpur
Stock Exchange Listing Requirements (Listing Requirements), the
Company intends to seek the approval of its shareholders for a
proposed shareholders' mandate for recurrent related party
transactions of a revenue or trading nature (Proposed Mandate)
at an Extraordinary General Meeting (EGM) of the Company.

At the EGM held on 25 November 2002, the shareholders of the
Company had granted a mandate for the Company and its
subsidiaries to enter into recurrent related party transactions.
In accordance with paragraph 4.1.4 of Practice Note 12/2001 of
the Listing Requirements, the said mandate will lapse at the
forthcoming AGM. Pursuant thereto, the Proposed Mandate being
sought from shareholders at the forthcoming EGM will also
include the renewal of the shareholders' mandate obtained at the
EGM held on 25 November 2002.

A circular setting out the details of the Proposed Mandate will
be dispatched to the shareholders of the Company in due course.


BESCORP INDUSTRIES: August Defaulted Payment Hits RM57.610M
-----------------------------------------------------------
As required by the Kuala Lumpur Stock Exhange Practice Note
1/2001, Bescorp Industries Berhad (Special Administrators
Appointed) provided an update on its default in payment, as
enclosed in http://bankrupt.com/misc/TCRAP_Bescorp1002.xls.

The default by BIB as at 31 August 2003 amounted to
RM57,610,230.49 made up of a principal sum of RM32,220,139.42
plus RM25,390,091.07 in interest for revolving credit
facilities.

As at 31 August 2003, the remaining subsidiary companies of BIB,
namely Bescorp Construction Sdn. Bhd. (In Liquidation), Bescorp
Piling Sdn. Bhd. (In Liquidation), Bescorp Concrete Sdn. Bhd.
(In Liquidation), Bespile Sdn. Bhd. (In Liquidation), Farlil
Sdn. Bhd. (In Liquidation) and Waktu Cerah Sdn. Bhd., defaulted
on a total sum of RM163,258,717.27 made up of a principal sum of
RM60,905,258.44 plus RM40,901,726.30 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities, and RM61,451,732.53 for overdraft
facilities.

There were no further developments since its previous
announcement with regard to this Practice Note.


FURQAN BUSINESS: Creditors' Meeting OKs Scheme of Arrangement
-------------------------------------------------------------
Furqan Business Organisation Berhad refers to the earlier
announcement dated 29 July 2003 pertaining to the Restraining
and Stay Order on Mandarin Tours & Travel Sdn. Bhd. (MTT), a 55%
owned indirect subsidiary of FBO.

Furqan Business wishes to inform that during the Creditors'
Meeting of MTT held on 30 September 2003, the resolution on the
Scheme of Arrangement has been duly passed in accordance with
the requirement of Section 176 of the Companies Act, 1965.

Refer to the Troubled Company Reporter - Asia Pacific, Thursday,
July 31, 2003, Vol. 6, No. 150 issue for details of the
Restraining and Stay Order.


GADANG HOLDINGS: 10th AGN Fixed on October 22
--------------------------------------------
Gadang Holdings Bhd informed that the Tenth Annual General
Meeting of Gadang Holdings Berhad would be held at Kiara Room,
Sri Damansara Club, Lot 23304, Persiaran Perdana, Bandar Sri
Damansara, 52200 Kuala Lumpur on Wednesday, 22 October 2003 at
10:00 in the morning.

The full text of the Notice convening the Tenth Annual General
Meeting can be seen at
http://bankrupt.com/misc/TCRAP_Gadang1002.doc.

Wrights Investors' Service reports that as of May 2002, the
company's long-term debt was RM33.39 million and total
liabilities were Rm176.16 million. The long-term debt to equity
ratio of the company is 1.08. It also reported that Company
booked losses during the previous 12 months and has not paid any
dividend during the previous three fiscal years.


GEAHIN ENGINEERING: Changes Registrar's Contact Details
-------------------------------------------------------
Geahin Engineering Berhad informed with effect from 01 October
2003 the Company's Registrar, viz., M/s. Securities Services
(Holdings) Sdn. Bhd. (36869-T), telephone no. (General Line)
would be changed to 603 - 20849000.

The Troubled Company Reporter - Asia Pacific reported on August
that Geahin submitted an application to the Securities
Commission (SC) to seek the SC's approval to grant an extension
of time up to 31 October 2003 for the independent audit firm to
complete the investigative audit (Proposed Extension).


IDRIS HYDRAULIC: Debt Conversion Date Extended to Nov 30
--------------------------------------------------------
Idris Hydraulic (Malaysia) Bhd refers to the explanatory
statement and circular to shareholders dated 6 June 2003 and the
announcement dated 26 June 2003 in relation to the Restructuring
Exercise, which involves the following:

   - Capital Reconstruction
   - Corporate Restructuring
   - Debt Reconstruction.

IHMB wishes to announce that the Company, Idaman Unggul Berhad
(formerly known as Idaman Unggul Sdn. Bhd.) and all other
lenders have mutually agreed to extend the Debt Conversion Date
that is the date that Total Scheme Liabilities will be fully
addressed from 30 September 2003 to 30 November 2003.


IDRIS HYDRAULIC: Scheme of Arrangement Hearing Set on Oct 6
-----------------------------------------------------------
Further to Idris Hydraulic (Malaysia) Bhd's announcement made on
30 June 2003 regarding the Restructuring Exercise, which
involves Capital Reconstruction; Corporate Restructuring; and
Debt Reconstruction.

The Company is pleased to announce that the Petition for the
sanction of IHMB's schemes of arrangement with members and
Scheme C(2) Unsecured Creditors and confirmation of IHMB's
capital reduction (including its share premium account),
commenced via Kuala Lumpur High Court Originating Petition No.
D4-26-45-2003, has been directed to be heard on 6 October 2003
at 9:00 in the morning.


KEMAYAN CORPORATION: Judge Dismisses Stay of Execution Hearing
--------------------------------------------------------------
Further to the announcement on 24 January 2003 in relation to
the OS No. 24-166-2002 served on a subsidiary company, Kemayan
Resort Villa Sdn Bhd, , the Board of Directors of Kemayan
Corporation Berhad announced that the High Court Judge has on 27
September 2003 dismissed Kemayan Resort Villa Sdn Bhd (KRV)'s
application for a Stay of Execution of the order for possession
of the land held under HS(D) 579 lot PT 13830 Mukim Kuala Paka,
Terengganu Darul Iman by Malaysia Building Society Berhad.

KRV has instructed its solicitors to file an application for
Stay of Execution at the Court of Appeal. KRV has also
instructed its solicitors to file an appeal against the High
Court's decision for the order for possession of the said land.


MANGIUM INDUSTRIES: Unit Deemed to Default Facilities Payments
--------------------------------------------------------------
Mangium Industries Bhd. (formerly known as Serisar Industries
Bhd.) (MIB) wishes to announce that its wholly owned subsidiary,
Kilang Papan Dasatu Sdn Bhd (KPD) has not paid, and is deemed to
have defaulted in its repayments on facilities granted by
Standard Chartered Bank Malaysia Berhad and Southern Bank
Berhad, which are unsecured. The details of the facilities
currently in default in compliance with Section 3.1 of Practice
Note 1/2001 are as tabulated in Table 1 at
http://bankrupt.com/misc/TCRAP_Mangium1002.doc.

A) REASON FOR DEFAULT IN PAYMENTS

Due to the unfavorable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in the year 1997, many of the Group's buyers
were adversely affected and are facing financial difficulties
leading to their inability to settle their outstanding balances
despite efforts made by the management to collect these
outstanding debts with the Group. As a result, the cashflow
generated from operations was not sufficient to service the
interest and principal obligations to the lenders as and when
they fell due.

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

MIB is currently in negotiations with Standard Chartered Bank
Malaysia Berhad to normalize and regularize the
accounts/facilities and amounts due and owing to the bank.

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

The estimated total outstanding as at 31 July 2003, in relation
to the payments, which are in default and are the subject matter
of this announcement amounts to RM9,695,463.14.

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

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

Not applicable.

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

Not applicable.

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

The facilities listed above represent the borrowings of the
MIB's wholly owned subsidiary, KPD, and as a result of their
default, the remaining facilities granted by other lenders to
KPD are all technically in default by virtue of the "Cross
Default" clauses in the Letter of Offers.

However, the lenders have refrained from serious legal action
other than those, which have been disclosed in its Annual Report
and Announcements, since MIB is in active negotiations with them
to normalize and regularize the accounts.


PILECON ENGINEERING: Defaulted Payment Status Remains Unchanged
---------------------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad  
on 28 August 2003 with regards to the status of default in
payment pursuant to Practice Note 1/2001, the Company wishes to
announce that there have not been any changes to the status of
default since then.

The steps undertaken by the Company to rectify the default are
comprised in the Proposed Scheme of Arrangement pursuant to S176
of the Companies Act, 1965. Please refer to the announcements
made by the Company on 21 February 2003 and 15 August 2003 for
more details of the Proposed Scheme of Arrangement and
modifications thereto.


PROMET BERHAD: Changes Registered Office's Telephone Number
-----------------------------------------------------------
The Board of Directors of Promet Berhad informed that the
telephone number of the Registered Office will be changed from
603-2095 7077 to 603-2084 9000 with effect from 1 October, 2003.
The facsimile numbers will remain unchanged i.e. 603-2094
9940/603-2095 0292.

The Troubled Company Reporter - Asia Pacific reported that
PROMET has received a confirmation from Messrs. KPMG, Chartered
Accountants (Zimbabwe) confirming that Zimmal Promet Limited, a
wholly owned subsidiary of PROMET, has been successfully de-
registered on 2 August, 2002 pursuant to Section 320(3) of the
Companies Act (Chapter 24:03) in Zimbabwe.


PROMET BERHAD: Proposed Wisma Saberkas Acquisition Extended  
-----------------------------------------------------------
Promet Berhad refers to the announcement dated 28 August 2003 in
relation to the proposed acquisition by Titan Element Sdn Bhd
(TESB) of 91 parcels of commercial and office space in Wisma
Saberkas, Kuching, Sarawak (Wisma Saberkas) (Proposed Wisma
Saberkas Acquisition) from Presab Sdn Bhd (Presab).

On 30 May 2003, Promet entered into an agreement (Agreement)
with TESB to set out the Company's agreement to use its best
efforts to procure the sale of Wisma Saberkas by Presab to TESB
and to procure the execution of the conditional sale agreement
(Wisma Saberkas SPA) by Presab within a period of thirty (30)
days from the date of the Agreement or such further period as
TESB and Promet may agree in writing.

Pursuant to the above, on behalf of the Board of Directors of
Promet, Southern Investment Bank Berhad wishes to announce that
Promet and TESB had on 30 September 2003 agreed to extend the
execution of the Wisma Saberkas SPA to 30 November 2003, pending
the finalization of the terms and agreements of the parties to
the Wisma Saberkas SPA. All other terms and conditions of the
Agreement shall stand and remain unchanged.


SIN KEAN: Plaintiff's Appeal Hearing Fixed on Oct 29
----------------------------------------------------
Sin Kean Boon Group Berhad had on 23 September 2002 announced
that they had received an unsealed copy of the Notice of Appeal
to the Judge in Chambers dated 17 September 2002 where SKB Metal
Sdn Bhd (Plaintiff) is making an appeal against the dismissal of
the Plaintiff's application for Further and Better Particulars.

On 18 October 2002, Sin Kean Boon Group announced that the
hearing of the Plaintiff's Appeal (for further and better
particulars of the Defense and Counterclaim) had been fixed on
29 October 2002.

On 29 October 2002, Sin Kean Boon Group Berhad announced that
the Judge directed all parties to file Written Submissions and
fixed the matter for mention on 12 December 2002 to ensure all
submissions are in the Court file by that date.

Sin Kean Boon Group Berhad had on 12 December 2002, announced
that the plaintiff, SKB Metal Sdn Bhd had not yet filed their
Written Submissions and the Judge fixed the matter for mention
on 26 February 2003 to ensure all Written Submissions are in the
Court file by that date.

On 26 February 2003, Sin Kean Boon Group Berhad announced that
the Plaintiff had not yet filed their Written Submissions and
the Judge had fixed the matter for mention on 7 May 2003 to
ensure all Written Submissions are in the Court file by that
date.

Sin Kean Boon Group Berhad had on 7 May 2003 announced that the
Court has fixed the matter for hearing on 29 September 2003.

Currently, Sin Kean Boon Group Berhad wishes to announce that
the Court has allowed the Plaintiff's appeal but with costs in
the cause.


SJA BERHAD: Answers KLSE's Winding Up Petition Query
----------------------------------------------------
SJA Berhad, in Reply to KLSE's Query Letter reference ID:
9.A.116 on Companies (Winding-up) Petition No.28-102-2002,
furnished below the details requested therein for information:

    a) After consultation with the legal adviser, the legal
adviser is of the opinion that there is no ground to appeal
against the winding up order because the debt is many times over
the statutory debt under the Companies Act,1965.

   b)As of to date, the Official Assignee was appointed by the
Court in accordance with the Companies Act, 1965.

   c)The Board of Directors is of the opinion that the Company
is unable to settle all its debts as and when due.


TAT SANG: Provides Defaulted Payment Status Update
--------------------------------------------------
Further to the announcement dated 29 August 2003, Tat Sang
Holdings Berhad provided an update on the details of all banking
facilities which are currently in default as per attached Table
1 at http://bankrupt.com/misc/TCRAP_TatSang1002.doc.

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

1. Standard Chartered Bank(M) Berhad - vs- Mercuries & Muar
Wooden Furniture Mfg Sdn Bhd(MMWF) at Kuala Lumpur High Court
Suit No : D5-23-1051-2001
Decision : The above suitcase, which came up for Decision of the
Plaintiff's Application for Summary Judgment on the 1st August
2002. The Senior Assistant Registrar allowed the Plaintiff's
application and recorded Summary Judgment against all the
defendants. The Solicitors had on 11 April 2003 lodged the
Appeal against the decision of the Learned High Court Judge to
the Court of Appeal. The Company is currently awaiting the notes
of proceedings and the grounds of judgment of the High Court to
file its Record of Appeal.

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

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

3. Bumiputra-Commerce Bank Berhad - vs - MMWF at Muar High Court
Suit No : 23-76-2001
Hearing date :The hearing for the application for summary
judgment was fixed on 21 February 2002, later was fixed to 20
June 2002 and 15 August 2002. Later the application was fixed
for decision on 23 August 2002.

The Senior Assistant Registrar allowed the plaintiff's
application for Summary Judgment against the defendant's
decision : The Judgment was obtained on 23 August 2002. Notice
of Appeal was filed and the hearing date was fixed on 9
December,2002.
On 19 May 2003, the High Court Judge in Chambers has dismissed
the appeal with costs to the Respondent and decided that there
was no triable issues or questions of law which may prohibit the
Plaintiff/Respondent from maintaining the judgment obtained
against the Company under Order 14 application for the sum of
RM4,992,000 together with interest of 8.0% p.a.. The Solicitors
have filed the Notice of Appeal to the Court of Appeal, Malaysia
on 16 June 2003. The solicitor filed the record of appeal on 11
August 2003. On 30 June 2003, the Company received a Statutory
Demand Letter dated 27 June 2003 (the said date), to fully
realize the judgment sum with interest within 3 weeks from said
date. Notice was also given that upon expiry of the 3 weeks
period, a winding-up proceedings will be commenced against the
TSHB without further reference.

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

Decision : Base on the outcome of the hearing dated 20 March
2003, Judgment has been entered against MMWF & TSHB. The
Solicitors had filed the appeal to the Judge in Chambers and the
appeal was heard and dismissed on 23 September 2003. The
solicitor are presently awaiting instruction whether to appeal
to the Court of Appeal Malaysia.

5. Citibank Berhad -VS -Tat Sang Holdings Berhad at Kuala Lumpur
High Court
Suit No.: D1-22-1242-2001
Hearing date : The Plaintiff's application for summary judgment
was first heard by the Senior Assistant Registrar of the High
Court who on 4 April, 2003 allowed Judgment for the Plaintiff
against the Company for payment of the sum of RM601,926.72
together with interest thereon at 6.65% p.a and for payment of
the further sum of RM608,165.12 together with interest thereon
at 6.8% p.a.

Decision: The Company had appealed to the Judge in Chambers
against the decision of the Senior Assistant Registrar. On 1
July 2003, the High Court Judge in Chambers dismissed the appeal
with costs to the Respondent/Plaintiff and decided that there
was no triable issues or questions of law which may prohibits
the Plaintiff/Respondent from maintaining the Judgment obtained
against the Company on 4 April, 2003. The Solicitors had filed
Notice of Appeal to the Court of Appeal was filed with the Court
of Appeal Malaysia on 22 September, 2003 and is awaiting the
Court of Appeal to fix a date for hearing of the appeal.


TAJO BHD: Court Wants Separate Share/Warrant Holders Meetings
-------------------------------------------------------------
Messrs. Ravi Beltran & Co., solicitors of Tajo Berhad posted
this Notice of Meetings of Shareholders and Warrantholders
summoned pursuant to an order of the High Court of Malaya:

Notice is hereby given that by an Order of the High Court of
Malaya made on 26 June 2003 and extended to 25 December 2003,
the Court has directed separate meetings of Shareholders and
Warrantholders of Tajo Berhad (the Company) be summoned pursuant
to Section 176(1) of the Companies Act, 1965 for the purpose of
considering and, if thought fit, agreeing (with or without
modification) to the Scheme of Arrangement proposed between the
Company and its Shareholders and Warrantholders respectively.

The meetings are to be held at The Auditorium, Podium 1, Menara
MAA, No. 12, Jalan Dewan Bahasa, 50460 Kuala Lumpur on the dates
and at the times specified below or soon thereafter upon the
conclusion or adjournment of the prior meeting:

                            Date/Time
Meeting of Shareholders  22 October 2003 at 11:00 a.m. or
                         immediately after the conclusion or
                         adjournment of the Extraordinary
                         General Meeting of shareholders of the
                         Company to be held at 10:00 a.m. on the
                         same day

Meeting of Warrantholders  22 October 2003 at 11:30 a.m. or
                           immediately after the conclusion or
                           adjournment of the Meeting of
                           Shareholders

A Shareholder or Warrantholder entitled to attend and vote at
the meeting is entitled to appoint one or more proxies to attend
and vote in his stead. Proxy forms must be lodged at the
Registered address of the Company at Suite 17.05(B), 17th Floor,
Menara MAA, No. 12, Jalan Dewan Bahasa, 50460 Kuala Lumpur no
later than forty eight (48) hours before the time appointed for
the meeting of the Shareholders and Warrantholders of the
Company respectively.

The Explanatory Statement and Circular explaining the Scheme of
Arrangement and the proxy form are available from Suite
17.05(B), 17th Floor, Menara MAA, No. 12, Jalan Dewan Bahasa,
50460 Kuala Lumpur (Telephone number: 03-2141 3060, Fax number:
03-2141 3061).


TAJO BHD: October 22 EGM Scheduled
----------------------------------
Notice is hereby given that an Extraordinary General Meeting of
the Company will be held at The Auditorium, Podium 1, Menara
MAA, No. 12 Jalan Dewan Bahasa, 50460 Kuala Lumpur on Wednesday,
22 October 2003 at 10:00 a.m. for the purpose of considering
and, if thought fit, passing the following resolutions with or
without modification:

SPECIAL RESOLUTION 1
PROPOSED CAPITAL RECONSTRUCTION

"THAT pursuant to and contingent upon the passing of Special
Resolution 2, Ordinary Resolutions 1,2,3,4,5,6,7 and the
Proposed Scheme of Arrangement (as defined under `Definitions'
in the Explanatory Statement and Circular to Shareholders and
Warrantholders dated 30 September 2003) and the confirmation of
the High Court of Malaya (the Court) pursuant to Section 64 of
the Companies Act, 1965 (the Act) and sanction pursuant to
Section 176 of the Act and subject to the approvals of all the
relevant authorities, approval be and is hereby given for the
Company's existing share capital to be reduced from RM39,540,000
comprising 39,540,000 ordinary shares of RM1.00 each to
RM395,400 comprising 39,540,000 ordinary shares of RM0.01 each
to be effected by the cancellation of RM0.99 from the par value
of every RM1.00 ordinary share (Capital Reduction) and the
consolidation of the resultant 39,540,000 ordinary shares of
RM0.01 each into 395,400 ordinary shares of RM1.00 each in the
proportion of one hundred (100) ordinary shares of RM0.01 each
into one (1) ordinary share of RM1.00 each (Capital
Consolidation) (hereinafter referred to as `the Proposed Capital
Reconstruction').

THAT based on the abovementioned proportion, the 14,798,000
unexercised warrants of the Company (Tajo Warrants) will also be
reduced to 147,980 Tajo Warrants.

THAT the credit of RM39,144,600 fraction (if any) is to be
disregarded and the aggregate of such fraction of which may be
dealt with by the Directors of the Company as they may deem fit
and expedient arising from the abovementioned Capital Reduction
and following the Capital Consolidation be set off against the
accumulated losses of the Company as at 31 December 2002. The
Company's audited consolidated accumulated losses as at 31
December 2002 are RM239,253,976.

THAT the Directors of the Company be and are hereby authorized
to give full effect to the aforesaid transaction and all matters
arising therefrom with full power to assent to any conditions,
modifications, amendments and/or variations as may be imposed by
the relevant authorities or the Court and to take steps and to
enter into all such agreements, deeds, arrangements,
undertakings, indemnities, transfers, assignments and guarantees
with any party or parties and to carry out any other matters as
may be required to implement, finalize and give full effect to
the said transaction."

ORDINARY RESOLUTION 1
PROPOSED CANCELLATION OF SHARE PREMIUM ACCOUNT

"THAT pursuant to and contingent upon the passing of Special
Resolutions 1 and 2, Ordinary Resolutions 2,3,4,5,6,7 and the
Proposed Scheme of Arrangement and upon the completion of the
Proposed Capital Reconstruction and pursuant to Section 64 (1)
of the Act, the Directors of the Company be further authorized
as they may deem fit and expedient to further reduce the
accumulated losses of the Company by utilizing the entire amount
standing to the credit of the Share Premium Account of the
Company amounting to RM17,105,963 to reduce the accumulated
losses of the Company (Reserve Reduction). Based on the audited
consolidated balance sheet of Tajo's Group as at 31 December
2002, the Share Premium Account of the Company stood at
RM17,105,963.

THAT the Directors of the Company be and are hereby authorized
to give full effect to the aforesaid transaction and all matters
arising therefrom with full power to assent to any modification,
variation and/or amendment as required by the High Court of
Malaya or deemed necessary by the Directors of the Company, and
to take steps and to enter into all such agreements, deeds,
arrangements, undertakings, indemnities, transfers, assignments
and guarantees with any party or parties and to carry out any
other matters as may be required to implement, finalize and give
full effect to the said transaction."

ORDINARY RESOLUTION 2
PROPOSED FUND RAISING EXERCISE

"THAT pursuant to and contingent upon the passing of Special
Resolutions 1 and 2, Ordinary Resolutions 1,3,4,5,6,7 and the
Proposed Scheme of Arrangement and the approval of Kuala Lumpur
Stock Exchange (KLSE) for the listing and quotation for all the
new ordinary shares in Mithril Berhad (Mithril) to be issued
hereunder and the approval of any other relevant authorities,
authority be and is hereby given to the Directors of the Company
to allot and issue 15,816,080 new ordinary shares of RM1.00 each
in Mithril (Right Shares) together with 5,272,027 free warrants
(Warrant B) at an issue price of RM1.00 per Rights Share which
is to be implemented on a renounceable basis of forty (40)
Rights Shares for every one (1) ordinary share of RM1.00 each
held in Mithril (Mithril Shares) after the Proposed Scheme of
Arrangement together with one (1) free Warrant B for every three
(3) Rights Shares issued.

THAT subject to the approval of the KLSE for the admission of
RM59,000,000 nominal value of 3% 8-year redeemable convertible
secured loan stocks (RCSLS) and RM60,700,000 nominal value of 8%
5-year irredeemable convertible unsecured loan stocks ("ICULS")
to the official list and the listing and quotation of the RCSLS
and ICULS and subject further to the approval of the
shareholders of the Company and the passing of Special
Resolutions 1 and 2, Ordinary Resolutions 1,3,4,5,6 and 7,
approval of the relevant authorities being obtained, authority
be and is hereby given to the Company to allot and issue the
RCSLS and ICULS to be offered to the general public.

THAT the Directors of the Company be and are hereby authorized
to give full effect to the aforesaid transaction and all matters
arising therefrom with full power to assent to any conditions,
modifications, amendments and/or variations as may be imposed by
the relevant authorities and to do all acts, deeds and things as
the Directors of the Company shall deem necessary or expedient
to implement, finalize and give full effect to the said
transaction."

SPECIAL RESOLUTION 2
PROPOSED DEBT SETTLEMENT

"THAT pursuant to and contingent upon the passing of Special
Resolution 1, Ordinary Resolutions 1,2,3,4,5,6,7 and the
Proposed Scheme of Arrangement and subject to the approval of
the relevant authorities, approval be and is hereby given for
the Company to restructure its debts amounting to approximately
RM175,581,552 owed by the Company to the Scheme Creditors as at
the cut-off date of 30 September 2001 by cash payment of
approximately RM12,481,809 and the issuance of 61,365,507
Mithril Shares together with 32,998,753 free Warrant B and
13,306,270 4% 5-year irredeemable convertible cumulative
preference shares.

THAT the Directors of the Company be and are hereby authorized
to give full effect to the aforesaid transaction with full power
to assent to any modification, variation and/or amendment as
required by the High Court of Malaya or deemed necessary by the
Directors of the Company, and to take steps and to enter into
all such agreements, deeds, arrangements, undertakings,
indemnities, transfers, assignments and guarantees with any
party or parties and to carry out any other matters as may be
required to implement, finalize and give full effect to the said
transaction."

ORDINARY RESOLUTION 3
THE PROPOSED SAFERAY ACQUISITION

"THAT pursuant to and contingent upon the passing of Special
Resolutions 1 and 2, Ordinary Resolutions 1,2,4,5,6,7 and the
Proposed Scheme of Arrangement and subject to the approval of
the relevant authorities, authority be and is hereby given for
the Company to adopt the Conditional Sale and Purchase Agreement
dated 7 June 2002 entered into with Ong Kah Huat and Cheong Chee
Yun for the proposed acquisition of the entire issued and paid-
up capital of Saferay (M) Sdn Bhd comprising 1,200,000 ordinary
shares of RM1.00 each for a total purchase consideration of
RM48,000,000 which is to be satisfied by cash of RM17,500,000
and the balance by the issuance of RM30,500,000 nominal value of
1% 5-year redeemable convertible unsecured loan stocks at 100%
nominal value convertible into new Mithril Shares at par.

THAT the Directors of the Company be and are hereby authorized
to give full effect to the aforesaid transaction with full power
to assent to any modification, variation and/or amendment as
required by the High Court of Malaya or deemed necessary by the
Directors of the Company, and to take steps and to enter into
all such agreements, deeds, arrangements, undertakings,
indemnities, transfers, assignments and guarantees with any
party or parties and to carry out any other matters as may be
required to implement, finalize and give full effect to the said
transaction."

ORDINARY RESOLUTION 4
THE PROPOSED MAAKK 1 ACQUISITION

"THAT pursuant to and contingent upon the passing of Special
Resolutions 1 and 2, Ordinary Resolutions 1,2,3,5,6,7 and the
Proposed Scheme of Arrangement and subject to the approval of
the relevant authorities, authority be and is hereby given for
the Company to adopt the Conditional Sale and Purchase Agreement
dated 7 June 2002 and Supplemental Agreement dated 9 August 2002
entered into with Malaysian Assurance Alliance Berhad (MAA) for
the proposed acquisition of twenty-nine (29) subsidiary parcels
of commercial/office space situated on the Ground, Mezzanine,
First, Second, Third, Fifth, Sixth, Seventh and Eighth Floors
with an approximate total net lettable area of 189,727 square
feet together with 195 units of basement carpark bays forming
part of a 11-storey office building with 3 basement carpark
known as `Menara MAA' located in Kota Kinabalu for a total cash
consideration of RM65,000,000.

THAT the Directors of the Company be and are hereby authorized
to give full effect to the aforesaid transaction with full power
to assent to any modification, variation and/or amendment as
required by the High Court of Malaya or deemed necessary by the
Directors of the Company, and to take steps and to enter into
all such agreements, deeds, arrangements, undertakings,
indemnities, transfers, assignments and guarantees with any
party or parties and to carry out any other matters as may be
required to implement, finalize and give full effect to the said
transaction."

ORDINARY RESOLUTION 5
THE PROPOSED MAA KUCHING ACQUISITION

"THAT pursuant to and contingent upon the passing of Special
Resolutions 1 and 2, Ordinary Resolutions 1,2,3,4,6,7 and the
Proposed Scheme of Arrangement and subject to the approval of
the relevant authorities, authority be and is hereby given for
the Company to adopt the Conditional Sale and Purchase Agreement
dated 7 June 2002 and Supplemental Agreement dated 9 August 2002
entered into with MAA for the proposed acquisition of all the
subsidiary parcels of commercial/office space situated within 8
levels encompassing the whole of the Basement Level, Level 1,
Level 3, Level 5, Level 6, Level 7, Level 8 and Level 9 with an
approximate total net lettable area of 50,653 square feet
forming part of a 11-storey office building with basement floor
and an open-air carpark known as `Menara MAA' located in Kuching
for a total cash consideration of RM20,000,000.

THAT the Directors of the Company be and are hereby authorized
to give full effect to the aforesaid transaction with full power
to assent to any modification, variation and/or amendment as
required by the High Court of Malaya or deemed necessary by the
Directors of the Company, and to take steps and to enter into
all such agreements, deeds, arrangements, undertakings,
indemnities, transfers, assignments and guarantees with any
party or parties and to carry out any other matters as may be
required to implement, finalize and give full effect to the said
transaction."

ORDINARY RESOLUTION 6
PROPOSED LISTING TRANSFER

"THAT pursuant to and contingent upon the passing of Special
Resolutions 1 and 2, Ordinary Resolutions 1,2,3,4,5,7 and the
Proposed Scheme of Arrangement and the approval from the KLSE
and all other relevant authorities and the Proposed Fund Raising
Exercise being implemented approval is hereby given for:

   (1) the Company to be delisted from the Second Board of the
KLSE and the listing status of the Company be transferred to
Mithril resulting in Mithril being admitted to the Second Board
of the KLSE (Proposed Listing Transfer);

   (2) the Directors of the Company be authorized to give effect
to the above with (to the extent permitted by the Articles of
Association of the Company) full power to assent to any
modification, variation and/or amendment to the Proposed Listing
Transfer as required by the authorities or deemed necessary by
the Directors of the Company, and to take steps and to enter
into all such agreements, deeds, arrangements, undertakings,
indemnities, transfers, assignments and guarantees with any
party or parties and to carry out any other matters as may be
required to implement, finalize and give full effect to the said
transaction."

ORDINARY RESOLUTION 7
PROPOSED EXEMPTION

"THAT pursuant to and contingent upon the passing of Special
Resolutions 1 and 2, Ordinary Resolutions 1, 2, 3, 4, 5, 6 and
the Proposed Scheme of Arrangement and pursuant to Practice Note
2.9.1 of the Malaysian Code on Take-Overs and Mergers 1998
(Code), MAA Holdings Berhad, MAA and MAA Credit Sdn Bhd (MAAH
Group), being parties acting in concert be exempted from
extending a mandatory offer in accordance with the `whitewash'
procedure as set out in Practice Note 2.9.1 of Part II of the
Code on the remaining Mithril Shares not already held by MAAH
Group arising from the consequence of the exercise of the
Warrant B issued to MAAH Group pursuant to the Proposed
Restructuring Exercise of Tajo to regularize Tajo's financial
condition, consent is hereby given by the shareholders of the
Company in respect of an exemption for MAAH Group, being parties
acting in concert from the obligation to extend a mandatory
offer for the ordinary shares of RM1.00 each in Mithril not
already owned by MAAH Group under Part II of the Code."

ORDINARY RESOLUTION 8
PROPOSED ESTABLISHMENT OF EMPLOYEES' SHARE OPTION SCHEME FOR
MITHRIL BERHAD (PROPOSED ESOS)

"THAT subject to the approval of the Securities Commission (SC),
and the approval-in-principle of the KLSE and any other relevant
authorities for the listing of and quotation for the new Mithril
Shares to be issued pursuant to the exercise of the options
hereunder, the Directors of the Company be and are hereby
authorized:

   (i) to establish and administer the Proposed ESOS for the
benefit of the eligible executive directors and employees of
Mithril and its subsidiary companies (excluding subsidiaries
which are dormant) (Mithril Group) to be known as `Mithril
Berhad Employee Share Option Scheme' (to be constituted by the
By-Laws, a draft of which is set out in Appendix IV of the
Explanatory Statement and Circular to Shareholders of the
Company dated 30 September 2003) in relation to this resolution
and to sign and execute all documents including making
amendments to the draft By-Laws as deemed fit and do all acts as
may be required for or in connection with and to give effect to
the Proposed ESOS with full powers to assent to any conditions,
modifications, variations and/or amendments in any manner as may
be required or agreed to by the relevant authorities to give
effect to the Proposed ESOS;

   (ii) to make the necessary applications to the KLSE for the
listing of and quotation for the new Mithril Shares to be
allotted and issued pursuant to the exercise of the options to
be granted by Mithril under the Proposed ESOS and to do all
things necessary, relevant or incidental thereto;

   (iii) to issue and allot such number of new Mithril Shares
from time to time in the duration of the Proposed ESOS to the
eligible Executive Directors and employees of Mithril Group
pursuant to the exercise of their options under the Proposed
ESOS while this approval is in force provided that the total
number of the shares to be issued under the Proposed ESOS shall
not exceed ten percent (10%) of the issued and paid-up share
capital of Mithril or any other number as may be permitted by
the SC, at any time during the existence of the Proposed ESOS
subject always to the following:

     (i) not more than fifty percent (50%) of the shares
available under the Proposed ESOS shall be allocated, in
aggregate, to the executive directors and other senior
management of Mithril Group; and

     (ii) not more than ten percent (10%) of the shares
available under the Proposed ESOS would be allocated to any
individual eligible executive director or employee of Mithril
Group, who either singly or collectively through his/her
associates holds twenty percent (20%) or more of the issued and
paid-up share capital of Mithril.

AND THAT the new Mithril Shares arising from the exercise of the
options under the Proposed ESOS shall upon issue and allotment
rank pari passu in all respects with the then existing issued
Mithril Shares except that the said Mithril Shares so allotted
shall not be entitled to any dividends, rights, allotments or
other distributions for which the entitlement date precedes the
date of exercise of the said options and will be subject to the
provisions of the Articles of Associations of Mithril; and

   (iv) to modify and/or amend the Proposed ESOS from time to
time provided that such modifications and/or amendments are
effected in accordance with the provisions of the By-Laws of the
Proposed ESOS relating to modifications and/or amendments and to
do all such acts and to enter into all such transactions,
arrangements and agreements as may be necessary or expedient in
order to administer and give full effect to the Proposed ESOS."

ORDINARY RESOLUTION 9
PROPOSED ALLOCATION OF OPTIONS TO TUNKU YAHAYA BIN TUNKU
ABDULLAH

"THAT conditional upon the passing of Ordinary Resolution 8
above and the approvals of the relevant authorities, the
Directors of Mithril be and are hereby authorized at any time,
and from time to time for the existence of the Proposed ESOS, to
offer and to grant to Tunku Yahaya Bin Tunku Abdullah, the
Executive Director of Mithril, options to subscribe for such
number of new Mithril Shares available under the Proposed ESOS
as determined by the Directors of Mithril and if such options
are accepted and exercised, to allot and issue such number of
new Mithril Shares to him under the Proposed ESOS, subject
always to:

   (i) not more than fifty percent (50%) of the shares available
under the Proposed ESOS shall be allocated, in aggregate, to
executive directors (including Tunku Yahaya Bin Tunku Abdullah)
and other senior management of Mithril Group; and

   (ii) not more than ten percent (10%) of the shares available
under the Proposed ESOS would be allocated to any individual
eligible employee and executive directors of Mithril Group
(including Tunku Yahaya Bin Tunku Abdullah) who either singly or
collectively through his associates holds twenty percent (20%)
or more of the issued and paid-up share capital of Mithril."

ORDINARY RESOLUTION 10
PROPOSED GRANT OF OPTIONS TO YEOH HONG HWANG

"THAT conditional upon the passing of Ordinary Resolution 8
above and the approvals of the relevant authorities, the
Directors of Mithril be and are hereby authorized at any time,
and from time to time for the existence of the Proposed ESOS, to
offer and to grant to Yeoh Hong Hwang, the Executive Director of
Mithril, options to subscribe for such number of new Mithril
Shares available under the Proposed ESOS as determined by the
Directors of Mithril and if such options are accepted and
exercised, to allot and issue such number of new Mithril Shares
to him under the Proposed ESOS, subject always to:

   (i) not more than fifty percent (50%) of the shares available
under the Proposed ESOS shall be allocated, in aggregate, to
executive directors (including Yeoh Hong Hwang) and other senior
management of Mithril Group; and

   (ii) not more than ten percent (10%) of the shares available
under the Proposed ESOS would be allocated to any individual
eligible employee and executive directors of Mithril Group
(including Yeoh Hong Hwang) who either singly or collectively
through his associates holds twenty percent (20%) or more of the
issued and paid-up share capital of Mithril."

ORDINARY RESOLUTION 11
PROPOSED GRANT OF OPTIONS TO MOHD SILAHUDDIN BIN JAMALUDDIN

"THAT conditional upon the passing of Ordinary Resolution 8
above and the approvals of the relevant authorities, the
Directors of Mithril be and are hereby authorized at any time,
and from time to time for the existence of the Proposed ESOS, to
offer and to grant to Mohd Silahuddin bin Jamaluddin, an
Executive Director of Mithril Group, options to subscribe for
such number of new Mithril Shares available under the Proposed
ESOS as determined by the Directors of Mithril and if such
options are accepted and exercised, to allot and issue such
number of new Mithril Shares to him under the Proposed ESOS,
subject always to:

   (i) not more than fifty percent (50%) of the shares available
under the Proposed ESOS shall be allocated, in aggregate, to
executive directors (including Mohd Silahuddin bin Jamaluddin)
and other senior management of Mithril Group; and

   (ii) not more than ten percent (10%) of the shares available
under the Proposed ESOS would be allocated to any individual
eligible employee and executive directors of Mithril Group
(including Mohd Silahuddin bin Jamaluddin) who either singly or
collectively through his associates holds twenty percent (20%)
or more of the issued and paid-up share capital of Mithril."


TONGKAH HOLDINGS: Quoted Securities Disposed
--------------------------------------------
Tongkah Holdings Berhad had on 30 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 24 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. Go to http://bankrupt.com/misc/TCRAP_Tongkah1002.doc
for information on the securities disposed.


TONGKAH HOLDINGS: Restructuring Scheme Completion Moved to March
----------------------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Tongkah
Holdings Berhad, is pleased to announce that THB, Harbour Link
Group Berhad (HLG) and the Vendors, namely Enricharvest Sdn Bhd,
United Joy Sdn Bhd, Toh Guan Seng and Hooi Yen Peng, had vide an
exchange of letter dated 24 September 2003, agreed to extend the
period for the completion of the Proposed Restructuring Scheme
as set out in the Master Agreement dated 30 September 2002 and
as supplemented by the Supplemental Master Agreements dated 5
November 2002 and 29 April 2003 from 30 September 2003 to 31
March 2004.

Pursuant thereto, HLG also, via an exchange of letters dated 24
September 2003 with the parties as set out below, agreed to
extend the period for the completion of the respective Share
Sale Agreements dated 30 September 2002 and as supplemented by
the Supplemental Share Sale Agreements dated 5 November 2002 and
exchange of letters dated 17 April 2003 from 30 September 2003
to 31 March 2004:

   (i) Enricharvest Sdn Bhd, for the acquisition of the entire
issued and paid-up share capital of Harbour-Link (Malaysia) Sdn
Bhd; and

   (ii) United Joy Sdn Bhd, for the acquisition of the entire
issued and paid-up share capital of Harbour Agencies (Sarawak)
Sdn Bhd.

HLG, via an exchange of letters dated 24 September 2003, with
Toh Guan Seng and Hooi Yen Peng, agreed to extend the period for
the completion of the Share Sale Agreements dated 30 September
2002 and as supplemented by the Supplemental Share Sale
Agreements dated 5 November 2002 and 29 April 2003 for the
acquisition of the entire issued and paid-up share capital of
Eastern Soldar Engineering & Construction Sdn Bhd from 30
September 2003 to 31 March 2004.


TRONOH MINES: AMM Under Voluntary Winding Up
--------------------------------------------
Tronoh Mines Malaysia Berhad (TMMB) wishes to announce that
members of Associated Mines (Malaya) Sendirian Berhad (AMM) had
at an Extraordinary General Meeting on 29 September 2003 passed
a Special Resolution to voluntarily wind up AMM and appoint Mr.
Sathiea Seelean a/l Manickam (I.C. No: 641019-10-6869) of
Messrs. Anuarul Azizan Chew & Co. as the Liquidators of AMM.

Details of AMM

AMM was incorporated on 26 October 1959 and is a direct
subsidiary of TMMB (TMMB has 51% equity interest and Malaysia
Mining Corporation Berhad has 49% equity interest).

AMM has an issued and paid-up share capital of RM500,000
comprising 500,000 ordinary shares of RM1.00 each and is
currently dormant.

Effect of the Members' Voluntary Winding-up

There is no material impact on the net tangible assets and
earnings of TMMB Group for the current financial year arising
from the Voluntary Winding-up of AMM.

Rationale

The Members' Voluntary Winding-up is part of TMMB Group's
rationalization efforts as there are no future plans to activate
this company.

Directors' And Substantial Shareholders' Interest

None of the Directors or substantial shareholders of MMCB or
persons connected to them have any interest in the Voluntary
Winding-up.


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


EASYCALL COMMUNICATION: Directors OK Capital Restructuring
----------------------------------------------------------
The Board of Directors of Easycall Communication Philippines
Inc. has approved a capital restructuring plan to address the
Company's capital deficiency, AFX Asia reports. Easycall will
undertake a stock split to reduce its authorized capital stock
to 60.00 million shares from 300.00 million and increase the
shares' par value to 5.00 pesos apiece from 1.00.

As a result, its issued and outstanding capital stock of 159.52
million shares, with a par value of 1.00 peso per share, will be
replaced by new shares totaling 31.90 million shares with a par
value of 5.00 pesos per share, keeping its total outstanding
capital at 159.52 million pesos. After the stock split, the par
value will then be reduced to 1.00 pesos per share from 5.00
pesos for both the authorized capital of the 60.0 million shares
and the issued and outstanding shares of 31.9 million shares.

The cut in par value will result in a "reduction surplus" of
127.61 million pesos to be recognized in the Company's books.
The surplus will then be applied against the Company's deficit
of 197.88 million pesos as of June, so cutting the deficit to
70.27 million pesos.


NATIONAL POWER: Moody's Changes Rating Outlook to Negative
----------------------------------------------------------
Moody's Investors Service has revised the outlook of National
Power Corporation's (NPC) Ba1 debt ratings to negative from
stable, following Moody's decision to change the outlook to
negative for the Philippines' foreign currency sovereign ceiling
and government bond ratings. NPC's Ba1 rating reflects the
Philippines government unconditional and irrevocable guarantee
for its rated senior unsecured debts.

NPC is 100 percent government owned and headquartered in Quezon
City, the Philippines. It is the principal generation and sole
transmission Company in the Philippines.


NATIONAL POWER: PSALM's US$250M Bond For Napocor's Needs
--------------------------------------------------------
The Philippine government's Power Sector Assets & Liabilities
Management Corporation (PSALM), may use the proceeds from a
US$250 million planned bond issue that will be partially backed
by the Asian Development Bank to cover the financing requirement
of state utility National Power Corporation for 2004, the
Philippine Star reports.

PSALM is still waiting for the go-ahead from the Asian
Development Bank (ADB) for the proposed bond float. PSALM is in
charge of Napocor's privatization. The ADB is still reviewing
and validating the data submitted by PSALM.


NATIONAL STEEL: British Firm Offers to Revive Steel Firm
--------------------------------------------------------
London-based LNM Holdings NV, the world's second largest steel
producer, has offered to lease and eventually buy the cash-
strapped National Steel Corporation, the BusinessWorld newspaper
reported, quoting LNM general manager for marketing Eric Tierie.

The NSC facility in Iligan province has attracted at least two
other interested parties. They are Brazilian steel trader
Duferco and India's Global Infrastructure Holdings Ltd, earlier
reports said.


PHILIPPINE LONG: Cebu City Collects Unpaid Php75.4M Tax
-------------------------------------------------------
The Cebu City government has headed for the court in its move to
collect from the Philippine Long Distance Company (PLDT) unpaid
tax dues of at least 75.4 million pesos, the Freeman reported on
Wednesday. On September 30, the city filed a suit enjoining
PLDT's payment of franchise and business taxes that has since
been due and demandable spanning six years.

The Company initially paid the city government a total of 20
million pesos in two separate occasions last June and July for
its liability on franchise and real property taxes while another
P2.9 million was settled for its arrears.
      

* Moody's Revises Philippine Banks' Outlook to Negative
------------------------------------------------------
Moody's Investors Service has revised the rating outlook to
negative from stable for the following six Philippine banks: [1]
Bank of the Philippine Islands, [2] Development Bank of the
Philippines, [3] Equitable-PCI Bank, [4] Land Bank of the
Philippines, [5] Metropolitan Bank & Trust Co., and [6]
Philippine National Bank. The Not-Prime short-term deposit and
the bank financial strength ratings of all six banks are
unaffected.

This action follows the change in Moody's outlook to negative
for the Philippine country ceilings -- Ba1 foreign currency
long-term debt and Ba2 foreign currency bank deposits. See press
release of September 30, 2003, for greater discussion on
sovereign issues.

The stable outlook for all the ratings of Allied Banking Corp.,
Rizal Commercial Banking Corp. and United Coconut Planters Bank
are unaffected.

The outlooks for the following ratings were revised to negative:
Bank of the Philippine Islands -- long-term deposit rating of
Ba2

Development Bank of the Philippines -- long-term deposit rating
of Ba2

Equitable PCI Bank -- subordinated debt rating of Ba1 and long-
term deposit rating Ba2

Land Bank of the Philippines -- long-term deposit rating of Ba2

Metropolitan Bank and Trust Co. -- subordinated debt rating of
Ba1 and long-term deposit rating of Ba2

Philippine National Bank -- senior debt rating of Ba1 and long-
term deposit rating of Ba2


The outlooks for the following ratings were unaffected:

Allied Banking Corp. -- The outlook for long-term/short-term
deposit ratings of Ba3/Not-Prime and bank financial strength
rating of E+ remains stable.

Bank of the Philippine Islands -- The outlook for short-term
deposit rating of Not-Prime and bank financial strength rating
of C- remains stable.

Development Bank of the Philippines -- The outlook for short-
term deposit rating of Not-Prime and bank financial strength
rating of D remains stable. The outlook for the local currency
deposit rating of Baa3 remains negative.

Equitable PCI Bank -- The outlook for short-term deposit rating
of Not-Prime and bank financial strength rating of D- remains
stable.

Land Bank of the Philippines -- The outlook for short-term
deposit rating of Not-Prime and bank financial strength rating
of E+ remains stable.

Metropolitan Bank and Trust Co. -- The outlook for short-term
deposit rating of Not-Prime and bank financial strength rating
of D remains stable.

Philippine National Bank -- The outlook for short-term deposit
rating of Not-Prime and bank financial strength rating of E
remains stable. The outlook for the local currency deposit
rating of Baa3 remains negative.

Rizal Commercial Banking Corp. -- The outlook for long-
term/short-term deposit ratings of Ba3/Not-Prime and bank
financial strength rating of E+ remains stable.

United Coconut Planters Bank -- long-term/short-term deposit
ratings of B1/Not-Prime and bank financial strength rating of E.


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


ASIA FOOD: Releases Update on Debt Rescheduling
-----------------------------------------------
Further to the last announcement dated 25 August 2003 (on debt
rescheduling status up to 22 August 2003), the respective Boards
of Directors of Asia Food & Properties Limited (AFP) and Golden
Agri-Resources Ltd (GAR) announced that the AFP Group, including
GAR Group, did not reschedule any additional debts. The
negotiations with its various creditors are still on going.
Announcements will be made on a timely basis when there is
further progress on its debt rescheduling efforts.

Details of the total debt rescheduled during the period July
2001 to 29 September 2003, being the latest practicable date,
for AFP and GAR Groups are as follows:

Unaudited balance         AFP            GAR    Total AFP
as at 31 August 2003    (exclusing GAR)     (Consolidated)
(in US$ million)                            

Total rescheduled debt and debt which do not require
rescheduling (A) 555.1 325.9 881.0          
Total debt which require rescheduling (B) 79.8 169.9
Total debt outstanding (C) 634.9 495.8 1,130.7
(A) / (C) - in percentage 87.4 percent 65.7 percent
77.9 percent
(B) / (C) - in percentage  12.6 percent 34.3 percent
22.1 percent

The total debt of AFP Group (excluding GAR Group) amounted to
US$634.9 million (equivalent to S$1,113.6 million), which
comprised long-term debt of US$448.7 million (equivalent to
S$787.0 million) and short-term debt (including current
maturities of long term debt) of US$186.2 million (equivalent to
S$326.6 million).

The total debt of GAR Group amounted to US$495.8 million
(equivalent to S$869.6 million), which comprised long-term debt
of US$221.1 million (equivalent to S$387.8 million) and short-
term debt (including current maturities of long term debt) of
US$274.7 million (equivalent to S$481.8 million).

Cash and time deposits with BII Bank Limited, Cook Islands (BII
Bank Ltd):

Under the repayment and security package entered into with BII
Bank Ltd (announced on 2 November 2001), the first, second, and
third aggregate repayments to AFP Group, including GAR Group,
were scheduled to be as follows:

Date of proposed repayment AFP Group US$'million

May 2001 - April 2002 27
May 2002 - October 2002 25
November 2002 - April 2003 25
Aggregate repayment by April 2003 77

The aggregate total repayment payable by April 2003 to AFP Group
including GAR Group is US$77 million.

As at 29 September 2003, AFP Group, including GAR Group, has
reduced its principal cash and time deposits by US$116.1
million. Of this reduction, US$76.7 million represents
reductions of cash and time deposits of GAR Group.


HONSIN MARINE: Creditors to Submit Claims by October 21
-------------------------------------------------------
The creditors of Honsin Marine Pte Ltd. (In Voluntary
Liquidation) which is being voluntarily wound up are required on
or before the 21st day of October, 2003 to send in their names
and addresses with particulars of their debts and claims and the
names and addresses of their solicitors (if any) to the
undersigned Liquidator c/o Messrs Wee Seng Tiong & Co., 1
Coleman Street, #06-10 The Adelphi, Singapore 179803 and, if so
required by notice in writing from the said Liquidator, are by
their solicitors or personally to come and prove their debts and
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 and claims
are proved.

WEE HUI PHENG
Liquidator.


HUA KOK: Appoints Audit Committee Chairman
------------------------------------------
Further to the Board of Directors of Hua Kok International Ltd's
announcement on 15 August 2003 (Masnet No. 46 of 15.08.2003),
the Board wishes to announce the following new appointments of
Audit, Nominating and Remuneration Committees with effect from
29 September 2003.

Dr Teh Ban Lian, an Independent Director of the Company, was
appointed as a member of the Audit, Nominating and Remuneration
Committees.

In addition, Mr Lin Sin Hoe, who is also an Independent Director
of the Company, was appointed as Chairman of the Audit
Committee.


HUP AIK: Issues Notice of First & Final Dividend
------------------------------------------------
Hup Aik Huat Trading Pte Ltd (In Liquidation) issued a notice of
first and final dividend as follows:

Registered Office: 543 Yishun Industrial Park A Hup Aik Huat Hi-
Tech Building Singapore 768765.

Court: High Court of Singapore.

Number of Matter: No. 31 of 2002/H.

Amount per centum: 1.6 cents to a dollar.

First and final or otherwise: First and Final.

When payable: 1st October 2003.

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


L&M GROUP: Issues Bank Restructuring Scheme Update
--------------------------------------------------
The Singapore Exchange Limited has, for the purposes of
promoting a fair and orderly market, requested L&M Group
Investments Limited to announce the status of its restructuring
exercise at the end of each month commencing 30 September 2003.

Further to the Company's announcements on the 19 September 2003
regarding the general offer waiver by the Securities Industry
Council and the announcement on the 24 September 2003 on the
appointment of SBI E2-Capital Pte Ltd as the independent
financial adviser to the independent shareholders, there has
been no further progress on the bank restructuring exercise. The
Company is presently engaged in satisfying the conditions
precedent to the restructuring exercise and the preparation of
the circular for the holding of the shareholders' meeting.


LION ASIAPAC: Proposes Capital Reduction Exercise
-------------------------------------------------
The Board of Directors of Lion Asiapac Limited announced that
the Company is proposing a capital reduction exercise (Capital
Reduction Exercise) to reduce the capital of the Company no
longer represented by available assets as a result of past
years' accumulated losses.

The Capital Reduction Exercise to be carried out by the Company
will involve the reduction of the par value of each ordinary
share in the share capital of the Company from S$0.25 to S$0.10.

As at the date of this Announcement, the Company has an
authorized share capital of S$800,000,000 divided into
3,200,000,000 ordinary shares of S$0.25 each and an issued and
paid-up share capital of S$101,371,931 divided into 405,487,724
ordinary shares of S$0.25 each.

2. Rationale for the Capital Reduction Exercise

The purpose of the Capital Reduction Exercise is to write-off
the full amount of the accumulated losses of the Company as at
30 June 2003 (the "Accumulated Losses) of approximately S$47.3
million and reduce the par value of the shares of the Company to
facilitate future equity-related fund raising by the Company.

The cancellation of the capital of the Company no longer
represented by available assets would result in the nominal
amount of the ordinary shares of the Company reflecting more
closely the value of its underlying assets and consequently the
financial position of the Company. Any capital cancelled that is
not applied in writing off the Accumulated Losses shall be
transferred to a separate capital reduction reserve (Capital
Reduction Reserve).

3. Details of the Capital Reduction Exercise

The Capital Reduction Exercise will be undertaken pursuant to
Section 73 of the Companies Act (Chapter 50 of Singapore) and
will result in the writing-off of the Accumulated Losses.

The Capital Reduction Exercise will be effected, inter alia, as
follows:

(a) By canceling the issued and paid up share capital of the
Company to the extent of S$0.15 for each of the 405,487,724
issued and paid-up ordinary shares;

(b) By reducing the nominal amount of all ordinary shares, both
issued and un-issued, from S$0.25 to S$0.10 (each, a "S$0.10
Share); and

(c) Forthwith upon the proposed Capital Reduction Exercise
taking effect:

(i) Crediting to a separate capital reduction reserve (the
"Capital Reduction Reserve) in the accounting records of the
Company an amount equal to the credit arising on the Capital
Reduction Exercise taking effect, to the extent to which such
credit is not applied in writing-off the Accumulated Losses; and

(ii) Restoring the authorized capital of the Company to its
former capital of S$800,000,000 by the creation of an additional
4,800,000,000 S$0.10 Shares.

There will be no change in the number of issued ordinary shares
in the capital of the Company held by shareholders as a result
of the Capital Reduction Exercise. The Capital Reduction Reserve
shall not be treated or used by the Company as a distributable
reserve save in connection with a capitalization of reserves in
accordance with Article 132 of the Articles of Association of
the Company. The Capital Reduction Exercise will not involve the
diminution of any liability in respect of unpaid capital or the
payment to shareholder of any fully paid-up share capital of the
Company.

4. Financial Effects of the Proposed Reduction Exercise

The Capital Reduction Exercise will not have any effect on the
Company's earnings, net tangible assets and gearing as it is an
accounting procedure that cancels the issued and paid-up share
capital of the Company to the extent, which is lost or no longer
represented by available assets or otherwise transferred to the
Capital Reduction Reserve.

5. Approvals

The Capital Reduction Exercise is subject to, inter alia:

(a) Approval of the Singapore Exchange Securities Trading
Limited for the listing and quotation of the S$0.10 Shares;

(b) Approval of the shareholders of the Company at an
extraordinary general meeting (EGM) to be convened; and

(c) Confirmation of the High Court of the Republic of Singapore
(High Court).

The aforementioned approvals may be subject to conditions, which
may vary the terms of the Capital Reduction Exercise as set out
therein.

6. Adjustments

Pursuant to the Capital Reduction Exercise, adjustments may have
to be made to the outstanding warrants constituted by the Deed
Poll dated 29 November 2002 executed by the Company and the
share options issued by the Company under the LAP Share Option
Scheme 2000. An appropriate announcement will be made of such
adjustments (if any) in due course.

7. Circular to Shareholders

A circular to shareholders, together with notice of the EGM, to
seek shareholders' approval for the Capital Reduction Exercise,
will be dispatched to shareholders in due course.


SINDO REALTY: Issues Notice of Intended Dividend
------------------------------------------------
Sindo Realthy Pte Ltd. issued a notice of intended dividend as
follows:

Address of Registered Office: Formerly of 333 North Bridge Road
#09-00 Choon Bee Building Singapore 188721.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 221 of 1990.

Last Day for Receiving Proofs: 10th October 2003.

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

KAREN LOH PEI HSIEN
Assistant Official Receiver


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


EMC PUBLIC: PAMCL Transfers Shareholding to Songsermsujarit
-----------------------------------------------------------
EMC Power Co., Ltd., the plan administrator of EMC Public
Company Limited, informed that Ploy Assets Management Co., Ltd.,
(PAMCL) the company's second major shareholder holding
10,287,328 shares in the proportion of 17.35 % of paid-up
capital, has  transferred all of the shares to Mr. Suracahi
Songsermsujarit on September 29, 2003.

The result of such transfer of shares is the change of majors
shareholder, Mr. Suracahi Songsermsujarit will be the second
major shareholder of EMC instead of Ploy Assets Management Co.,
Ltd.


JASMINE INTERNATIONAL: Bankruptcy Court OKs Unit's Rehab Plan
-------------------------------------------------------------      
Chaengwatana Planner Co., Ltd., Plan Administrator of Jasmine
International Public Company Limited, informed that on 30
September 2003 at 9:00 a.m. the Central Bankruptcy Court
rendered the order to approve the Business Rehabilitation Plan
(Plan) of Jasmine International Overseas Company Limited (JIOC),
the Company's subsidiary, and has appointed Pakkret Planner Co.,
Ltd. as JIOC's Plan Administrator of the Company. All of the
rights, powers and duties of Pakkret Planner Co., Ltd. as the
Planner shall be vested in the Plan Administrator from the date
hereof onwards. The Central Bankruptcy Court and the Creditors'
meeting at 86.10% have approved the Plan. The summary is as
follows:          

   (1) Creditors Classification and Treatment

The Plan classifies the creditors into 5 groups, being 1 group
of secured creditors and 4 groups of unsecured creditors,
details of which are as follows:

Group 1 Secured Creditors: This group consists of a number of
creditors each of which has a debt amount less than 15% of the
total indebtedness and having the JIOC's pledged assets as
collateral. The amount of debts in this group accounts for
approximately 71.26% of the total indebtedness. Each of Group 1
Creditors will be treated on an equal basis according to its
right under (i) the Debt-to-Secured Asset (Non-core) Swap
Program (Section 7.3 (2) of the Plan); and (ii) the Partial Debt
Repayment Program (Section 7.3 (3) of the Plan) as follow:            

   (a) Debt-to-Secured Asset (Non-core) Swap Program                

   - JI Default Shares and JI New Shares (altogether 60 million
shares) will be transferred to creditors in proportion to their
debts in lieu of debt repayments;                 

   - On the commencement date of this program, the remaining
debts, accrued interests and outstanding fees of JIOC as pledgor
shall be written off entirely;                

   - Upon the commencement date of this program, if the debt
amounts are not yet confirmed, JIOC will transfer the secured 60
million shares to a newly established SPV;                

   - SPV will initially issue a share confirmation contract to
each of the creditors, and then make a relevant share transfer
to each of the creditors upon the amount of debt shall have been
confirmed; and                

   - As to the creditors who are also creditors under the Debt
Restructuring Agreement, such creditors are eligible to the debt
repayment under the Partial Debt Repayment Program.            

   (b) Partial Debt Repayment Program                

   - All principal and accrued interest owned by JIOC (in the
amount of Bt30 million) under the Debt Restructuring Agreement
will be converted to SPV's new debt owing to the creditors:
                 
     (i) 97.5 million shares in ACeS (Thailand) Company Limited;

     (ii) 15 million shares in ACeS International Company
Limited; and

     (iii) capital increase proceed in the amount of Bt30
million will be transferred to the SPV;                  

   - All of remaining principal, accrued interest and
outstanding fees under the Debt Restructuring Agreement will be
written off entirely;                 

   - Upon the foregoing, all given security/collateral will be
released and discharged accordingly; and                 

   - SPV will issue a separate debt acknowledgement agreement to
evidence the amount of new debts, and will make transfer of
SPV's shares to relevant creditors in proportion to their debts.

Group 2 Unpaid Share Contribution Creditor: This is an unsecured
creditor whose debt is an outstanding amount with respect to
unpaid share contribution. The amount of debts in this group
accounts for approximately 15.62% of the total indebtedness. The
creditor in this group will be treated under the Partial Debt-
to-Equity Swap Program as follows:        

   - Debts of Groups 2, 3 and 5 Creditors collectively will be
swapped to JIOC's 8,538,462 shares at Bt10 per share. The debt-
to-equity swap will be made to creditors in proportion to their
debts; and        

   - All of remaining principal, accrued interest and
outstanding fees will be written off.

Group 3 Share Pledge Creditor: This is an unsecured creditor who
pledges its assets to secure the debt repayment of JIOC. The
amount of debts in this group accounts for approximately 1.01%
of the total indebtedness. The creditor in this group will be
treated under the Partial Debt-to-Equity Swap Program similar to
Groups 2 and 5 Creditors.

Group 4 Professional Creditors: This group of creditors consists
of unsecured creditors whose debts are advisory fees,
professional fees and expenses. The amount of debts in this
group accounts for approximately 0.01% of the total
indebtedness. The creditors in this group will be treated under
the Professional Fees Debt Repayment Program as follows:         

   - The creditors will be given a hair-cut of 5% of the
principal and accrued interests and outstanding fees; and         

   - The remaining 95% of principal and interests will be repaid
within a period of 60 days from the date on which the court
approved the Plan.

Group 5 Creditor with Specific Nature: This is an unsecured
creditor whose debts may be repaid after other creditors' debts
shall have been fully repaid. The amount of debts in this group
accounts for approximately 12.10% of the total indebtedness. The
creditor in this group will be treated under the Partial Debt-
to-Equity Swap Program similar to Groups 2 and 3 Creditors. If
business rehabilitation under the Plan is successfully
completed, JIOC will be able to write-off of all indebtedness
claimed by creditors.         

(2) Actions Regarding JIOC's Share Capital             

The Plan provides for number of actions regarding the share
capital of JIOC as follows:            

   (a) Capital Reduction to Bt10 or any other lowest possible
level allowed by laws, by way of reduction of number of shares
or any other method permitted by laws. A single shareholder
holding greatest amount of JIOC shares as of the date on which
the court approved the Plan shall be the shareholder of JIOC
after such capital reduction;            

   (b) Capital increase of Bt30 million by issuing 3 million
newly issued common shares of JIOC, the proceed of which shall
be used in the Partial Debt Repayment Program; and            

   (c) Capital increase of not more than Bt85,384,620 by issuing
not more than 8,538,462 newly issued common shares of JIOC for
debt-equity conversion in the Partial Debt-to-Equity Swap
Program.        

(3) Release of Collateral Assets (In Case of Secured Creditors)

Immediately upon the debt release or repayment under the
relevant debt repayment programs (whether in cash, by way of
debt-to- equity conversion or otherwise) under the Plan, it
shall be deemed that relevant secured creditors shall have

   (i) waived all of their rights over the collateral assets;
and

   (ii) released or discharged all security assets under the
Debt Restructuring Agreement or any other security assets
provided as collateral in accordance with any other agreements
or contractual documents.


NATIONAL FERTILIZER: Reports Rehabilitation Plan Progress
---------------------------------------------------------
C.J. Morgan Company Limited, as the Planner of National
Fertilizer Public Company Limited, reported the progress of the
Company's rehabilitation process, as follows:

   1. The Central Bankruptcy Court issued an order (Red Case
No.1587/2546) on September 8, 2003 to approve the rehabilitation
of National Fertilizer Public Company Limited and has appointed
C.J. Morgan Company Limited is the prepare of the rehabilitation
plan of the Company. In this commencing date, the authority to
manage the Company's affair and assets and all eligible rights
of the shareholders (except dividend right) is given to the
Planer as stipulated in the Section 90/25 of the Bankruptcy Act
B.E. 2483.

   2.  To appoint the following authorized persons to report to
the Securities Exchange of Thailand:

    1.  Mr. Chamni Janchai
    2.  Mr. Kijja Smunyahirun
    3.  Mrs. Sarinthip Kittiwongsophon
    4.  Mr. Surapun Mekvibul


THAI CANE: Posts 2nd Warrants Exercise Results
----------------------------------------------
Thai Cane Paper Public Company Limited issued and offered
warrants to subscribe for new ordinary shares of the Company in
the amount of 9,999,999 units to the unsecured creditors of the
Company on March 31, 2003.  The warrant holders are entitled to
exercise their right to subscribe shares on a quarterly basis of
the accounting year of the Company, i.e., on March 31, June 30,
September 30 and December 31 of every year throughout the
terms of warrants.  If the exercise date is not a business day,
such date shall be the next following business day.

The Company would like to inform the SET that, for the second
exercise of warrants as of September 30, 2003, there were
warrant holders exercise their rights, as follows:

                Thai Nationality    Foreign Nationality   Total

Number of warrant    4                    -                4
holders exercising
their rights

Number of exercised  1,313,475            -            1,313,475
warrants

Number of allotted   1,313,475            -            1,313,475
ordinary shares

The number of the remaining warrants are 7,336,647 units,
representing 73.37 percentage of the total issued warrants.


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.

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