/raid1/www/Hosts/bankrupt/TCRAP_Public/031103.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, November 3, 2003, Vol. 6, No. 217

                            Headlines


A U S T R A L I A

AMP LIMITED: Chief Defends AU$38.4M Bonus for Key U.K. Staff
MAYNE GROUP: Ratings Removed from Watch Negative, Cut to 'BB'


C H I N A  & H O N G K O N G

CANDESON (CHINA): Bank of China Files Winding up Petition
DIAMOND SELECT: Court Sets Winding up Hearing November 12
JIMTECH INTERNATIONAL: Wind up Hearing Set November 26
PO KWONG: Winding up Hearing Set November 26


I N D O N E S I A

ASIA PULP: Second Lawsuit in New York Endangers Debt Pact


J A P A N

AICHI ELECTRIC: METI OKs Rehab Plan
DAIE INC.: Asks for Y20B Debt Forgiveness
FUJI ELECTRIC; R&I Assigns BBB+ Rating
FUKUOKA MATSUYA: Golf Course Enters Bankruptcy
MISAWA HOMES: UFJ Considers Y100B Aid

MITSUBISHI MOTORS: Suspends U.S. Expansion on Slow Demand
MITSUBISHI MOTORS: Chairman Takashi Sonobe Passes Away
MITSUBISHI MOTORS: Unveils September 2003 Sales Result
NEC CORPORATION: Discloses Mid-Term Growth Strategy
NEC CORP.: Conducts World's First Quantum Logic Gate Device

NICHIBO K.K.: Real Estate Firm Enters Rehabilitation
NISSAN MOTOR: Recalls 2.56M Vehicles Worldwide


K O R E A

HYNIX SEMICONDUCTOR: Setup Production Plant in China
KOOKMIN BANK: Issues W618B ABS
SK GROUP: Chairman Quits Federation   


M A L A Y S I A

BESCORP INDUSTRIES: MITI OKs Revised Restructuring Proposal
DATAPREP DISTRIBUTION: Answers KLSE Query
GEORGE KENT: Completes Debt Restructuring Scheme
JOHAN HOLDINGS: Completes Debt Restructuring Scheme
MYCOM BERHAD: Shareholder's OK EGM Resolutions

OLYMPIA INDUSTRIES: Creditors OK Restructuring Scheme
PUNCAK NIAGA: Clarifies Dispute Settlement Report
SRIWANI HOLDINGS: Auditor Completes Investigation
UNIPHOENIX CORPORATION: SC May Approve Rescue Scheme Proposal


P H I L I P P I N E S

ABS-CBN BROADCASTING: Prices US$150M Senior Notes Thursday
NATIONAL POWER: Asset Transfer Likely Next Year
NATIONAL STEEL: Takeover Talks Almost Complete

   
S I N G A P O R E

ASIA PULP: Ex-Im Bank Files Lawsuit Against Firm
BBR GEOTECHNIC: Creditors Meeting Set November 13
PENTON INTERNATIONAL: Withdraws Scheme of Arrangement
ST ASSEMBLY: Shares Slide 12% on Fund-raising Plans


T H A I L A N D

BANK OF AYUDHYA: Fitch Affirms 'B+' Rating; Outlook Positive
POWER-P: Posts Update on Restructuring Program
TPI POLENE: Chooses Late November for Date of Public Offer

     -  -  -  -  -  -  -  -  

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


AMP LIMITED: Chief Defends AU$38.4M Bonus for Key U.K. Staff
------------------------------------------------------------
AMP Limited CEO Andrew Mohl admitted late last week the demerger
plan hinges on Henderson fund managers staying put in the U.K.
business, a fact that prompted the board to set an AU$38.4
million incentive bonus for them.

In an interview with The Age, Mr. Mohl said it is necessary to
keep key staff at Henderson Global Investors, as it is the only
profitable business in Britain.

"If we had lost key people, and particularly if we had lost the
asset managers, then the Henderson business in the U.K. would
have been severely impaired, the demerger proposal would have
come to a halt, our strategic options would have narrowed and
the position for shareholders would have been far worse than it
is today," he told The Age.

He clarified, however, that these retention payments are subject
to performance hurdles.  The details of which remains
undisclosed, according to The Age.  But Mr. Mohl said: "In terms
of the details and the quantums and so on, as one major investor
said to me the other day, we have to trust management and the
board."

The remuneration has been highly criticized by shareholders,
especially in Australia, the report said.

Meanwhile, Mr. Mohl is confident that the demerger will likely
get the necessary backing from shareholders.  The company will
take out ads and embark on a roadshow in the coming weeks to
drum up support for the plan in Australia and New Zealand.

"If shareholders do not approve the demerger, Mr. Mohl is likely
to lose part or most of his AU$2.25 million share of the
retention payment pool.  And he would almost certainly lose his
job, as would AMP directors, who have unanimously recommended
the demerger," The Age said.


MAYNE GROUP: Ratings Removed from Watch Negative, Cut to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered the corporate credit
and guaranteed-debt issue ratings on Mayne Group Ltd. (Mayne) to
'BB/B' from 'BBB-/A-3', and the rating on Mayne's bank loan to
'BB' from 'BBB-'. The ratings are removed from CreditWatch with
negative implications, where they were placed on Aug. 29, 2003.
The outlook is stable.

"The lowering of the ratings reflects Mayne's narrower business
focus following the sale of its hospital businesses and the
potential sale of its pharmacy services business; the risks
associated with its growth strategy, which increasingly will
focus on the global specialty pharmaceuticals industry given
uncertain management ability in this industry; and management's
poor track record, as evident in its fiscal 2003 results and
most recent asset sales, which have been executed at
significantly written down values," said Standard & Poor's
credit analyst Brenda Wardlaw, director, Corporate &
Infrastructure Finance Ratings.

Mayne will retain its Australian diagnostics and pathology
businesses, although future growth potential in these sectors
will be limited. While the sale of hospitals and the potential
sale of pharmacy services will allow Mayne to focus on its new
growth strategy in the global specialty pharmaceutical industry,
its ability to manage growth in this competitive, consolidating
sector is unproven. Further, the intention to return a
substantial proportion of proceeds from the sale of hospitals to
shareholders is regarded as shareholder friendly, and will
restrict the funds available for future growth (through
acquisitions in specialty pharmaceuticals and in-house R&D), as
well as diminish the company's financial flexibility to weather
any adversities.

Mayne's cash generation and return on capital relative to its
weighted average cost of capital have been weak over recent
years, and the company has yet to demonstrate an ability to
improve returns, although the sale of the hospitals business
will assist. Given a large proportion of sales proceeds is
expected to be returned to shareholders, a reversal of these
trends will be critical if Mayne is to create a strong basis for
further investment in specialty pharmaceuticals. While recent
acquisitions in specialty pharmaceuticals are viewed as
positive, Mayne will need to demonstrate its ability to
successfully integrate these businesses and effectively manage
its growth in this industry, given the challenges associated
with developing and managing a strong product pipeline,
outsourcing some manufacturing, regulatory issues, research and
development, and longer-term changes in the types of treatment
used. The rating acknowledges that expansion will necessarily be
offshore, and provides latitude for further acquisitions with
associated transaction and integrations risks.

The sale of hospitals and potential sale of pharmacy services
will result in a narrower business focus. While Mayne is the
number two player in both the Australian diagnostics and
pathology sectors, it is a relatively small player in the global
specialty pharmaceuticals market, although it has a stronger
position in the oncology injectable segment.

Mayne's results for fiscal 2003 were weak, principally
reflecting significant asset write-downs of A$513 million.
Weaker returns on capital employed, higher working capital, and
weaker segment EBIT margins reflect the continuing challenges
faced by management in operating key business divisions, despite
evidence of a slight improvement in reported cash flows. While
gearing currently is low, future significant acquisitions could
potentially see leverage as measured by total debt to EBITDA
increase to 2.0x to 2.5x over time.

Mayne will need to carefully manage its expansion in the global
pharmaceuticals industry, and lift its performance in its
domestic diagnostics and pathology businesses. With the sale of
its under-performing hospitals business and the potential sale
of the lower margin pharmacy services business assisting in
improving the underlying margins and cash flows, a solid
performance of its remaining business should underpin stable
credit quality in the next few years.


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


CANDESON (CHINA): Bank of China Files Winding up Petition
---------------------------------------------------------
The High Court of Hong Kong will hear on November 29, 2003 at
10:00 a.m. the petition seeking the winding up of Candeson
(China) Limited.

Bank of China (Hong Kong) Limited of 14/F., Bank of China Tower,
No. 1 Garden Road, Central, Hong Kong filed the petition on
September 24, 2003.  Arthur K.H. Chan & Co. represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Arthur K.H.
Chan & Co., located at Unit C1, 15th Floor, United Centre, No.
85 Queensway Hong Kong.


DIAMOND SELECT: Court Sets Winding up Hearing November 12
---------------------------------------------------------
The High Court of Hong Kong will hear on November 12, 2003 at
10:00 a.m. the petition seeking the winding up Diamond Select
Jewellery & Goldsmith Company Limited.

Lee Chi Yung of Room 3004, Kwong Nga House, Kwong Tin Estate,
Lam Tin, Kowloon, Hong Kong filed the petition on September 19,
2003.  Chung & Kwan represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Chung & Kwan,
which holds office at Rooms 1601-1606, 16th Floor, ING Tower,
308-320 Des Voeux Road Central Hong Kong.


JIMTECH INTERNATIONAL: Wind up Hearing Set November 26
------------------------------------------------------
The High Court of Hong Kong will hear on November 26, 2003 at
9:30 a.m. the petition seeking the winding up of Jimtech
International Group Company Limited.

Tan Jimmy Torres of 5846 189th Street, Cloverdale B.C., Canada
V3S 7T2 filed the petition on September 25, 2003.  Chong &
Partners represents the petitioner.  

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Chong &
Partners, which holds office at Room 3512, 35/F., The Center, 99
Queen's Road Central Hong Kong.


PO KWONG: Winding up Hearing Set November 26
--------------------------------------------
The High Court of Hong Kong will hear on November 26, 2003 at
10:00 a.m. the petition seeking the winding up of Po Kwong
Marble Construction Co. Limited.

Tanveer Muhammad of Flat E, 9/F., Wai Yin Building, 432 Castle
Peak Road, Kwai Chung, New Territories, Hong Kong filed the
petition on October 6, 2003.  Tam Lee Po Lin, Nina represents
the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 34th Floor, Hopewell
Centre, 183 Queen's Road East, Wanchai Hong Kong.


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


ASIA PULP: Second Lawsuit in New York Endangers Debt Pact
---------------------------------------------------------
The U.S. Export-Import Bank filed a lawsuit in New York late
last week as Asia Pulp & Paper Co. and some of it major lenders
signed the final agreement of its debt-restructuring in
Indonesia.

The suit, filed by the U.S. attorney's office in New York, seeks
debt recovery of about US$104 million, partly guaranteed by APP.  
Although this debt only represents about 1% of APP's total debt
  thus cannot block the debt pact concluded last week, Dow
Jones said the "[bank's] clout among global bond investors could
stymie the plan or force APP to craft a more favorable offer."

"This will prompt even more lawsuits," Dan Fan, who follows APP
at DebtTraders Ltd., a Hong Kong debt-trading house, told Dow
Jones in an interview.  "Eventually APP will have to give
something better to the secured creditors."

The U.S. Ex-Im Bank rejects the current debt pact, alleging its
terms are unfair.  "We believe that the final debt-restructuring
proposal is not fair and equitable to APP's creditors, and its
repayment structure does not adequately reflect APP's ability to
service its debts," Ex-Im Bank's Chief Financial Officer James
Hess told Dow Jones.

Last week, a New York court affirmed the legal claims of three
fund managers -- GE Capital Corp., Oaktree Capital Management
LLC and Gramercy Advisors -- which are collectively owed US$250
million.

In Indonesia, however, the debt pact received the support of the
export-credit agencies of Japan and several European nations and
the Indonesian Bank Restructuring Agency, APP's largest
creditor.  They will now convince all other creditors to support
the plan.  APP and IBRA officials plan to travel to Europe and
the U.S. to talk to debtholders about the terms and hope to
gather enough support to make the deal effective by March 31,
Dow Jones said.


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


AICHI ELECTRIC: METI OKs Rehab Plan
-----------------------------------
The Ministry of Economy, Trade and Industry (METI) has accepted
a rehabilitation plan for Aichi Electric Works Co., according to
Kyodo News. Japan Asia Investment Co. submitted the plan to the
Ministry, as sponsor of the troubled electronics device maker.


DAIE INC.: Asks for Y20B Debt Forgiveness
-----------------------------------------
Struggling retailer Daiei Inc. is asking creditor banks Sumitomo
Mitsui Financial Group SMFG and UFJ Bank to forgive 20 billion
(US$185 million) in debt after rejecting the Industrial
Revitalization Corporation of Japan's help, a blow to the
government-appointed restructuring agency, the Financial Times
reports.

Daiei is still saddled with 1.193 trillion yen of interest-
bearing debt, despite receiving a steady flow of debt relief
measures and selling off non-retail assets such as hotels and
real estate.


FUJI ELECTRIC; R&I Assigns BBB+ Rating
--------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned a
BBB+ preliminary Long-term Debt Preliminary Rating for the Shelf
Registration scheme of Fuji Electric Holdings Co. Ltd.

ISSUE: Bonds to be Rated: Str. Bonds
Issue Amount: Yen 100,000 million (Shelf Amount)
Issue Period: Two years from October 23, 2003

RATIONALE:

Fuji Electric Holdings is a second-tier heavy electrical
equipment producer. The Company has special strengths in fields
such as water treatment facilities, low-pressure circuit
breakers, vending machines and power electronics. On October 1,
the Company introduced a pure holding Company system, and four
core business units, including Fuji Electric Systems, are
subsidiaries of Fuji Electric Holdings.

Consolidated sales during the first half of the current year
declined year on year due to a slump in the electric system
division, but rationalization, including cuts in selling,
general and administrative expenses, has taken effect, resulting
in a slight reduction in the Company's operating loss to 8
billion yen. Due to the nature of its business, sales are
concentrated during March, and the Company generally operates in
the red during the first to third quarters of the year. Earnings
for the full year appear to be recovering largely due to the
contribution of the electronics division, but there are also
uncertainties in the operating environment, including price
competition in the vending machine segment and the impact of the
appreciation of the yen on the hard disc business.

R&I will continue to pay attention to reform accompanying the
conversion into a holding Company accelerates, enabling the
Company to achieve an early improvement in profitability and the
status of reduction in interest bearing debt.


FUKUOKA MATSUYA: Golf Course Enters Bankruptcy
----------------------------------------------
Fukuoka Matsuya K.K. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The real estate firm located at
Okayama-shi, Okayama, Japan has 40 million yen in capital
against total liabilities of 6.07 billion yen.


MISAWA HOMES: UFJ Considers Y100B Aid
-------------------------------------
UFJ Holdings Inc. is considering providing more than 100 billion
yen in financial aid to Misawa Homes Holdings Inc., according to
Kyodo News on Thursday. Misawa Homes plans to eliminate latent
losses on its real estate holdings, including those incurred on
golf courses, the sources said, confirming a newspaper report.


MITSUBISHI MOTORS: Suspends U.S. Expansion on Slow Demand
---------------------------------------------------------
Mitsubishi Motors Corp. (MMC) will suspend plans to expand
production capacity at a U.S. plant until demand recovers in
North America, Channel News Asia reported on Thursday. The
automaker initially planned to invest US$200 million to boost
annual production capacity by 25 percent at its plant in Normal,
Illinois.

Last week Standard and Poor's downgraded its corporate credit
rating on Mitsubishi Motors to 'B-plus pi' from 'BB-minus pi'
due to the Company's poor sales in North America.


MITSUBISHI MOTORS: Chairman Takashi Sonobe Passes Away
------------------------------------------------------
Mitsubishi Motors Corporation (MMC) Chairman Takashi Sonobe
passed away in a Tokyo city clinic at 8.25 in the afternoon on
October 28 due to heart failure following a short illness. He
was 62 years old, a Company statement said.

"The sudden death of Chairman Takashi Sonobe has come as a shock
to everyone at Mitsubishi Motors and our group companies," said
MMC President and CEO Rolf Eckrodt. "Takashi Sonobe has been
crucial in bringing together people of different cultural
backgrounds and thus reviving our Company since 2000. His
lifetime achievements and huge contributions to the prosperity
of Mitsubishi Motors and our group companies command our utmost
respect," he said.

During Mr. Sonobe's 39-year career he held a number of key
positions in the Company's international business operations
before becoming President and CEO in November 2000 and then
Chairman of the Board in June 2002.  


MITSUBISHI MOTORS: Unveils September 2003 Sales Result
------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced production, sales,
and export results for September 2003 and the six months ended
September 30, 2003. MMC's expanded lineup helped push domestic
sales up 4.4 percent for the six-month period to 170,274 units.


SEPTEMBER 2003 RESULTS

Global production in September totaled 142,385 units, down 8.7
percent from a year earlier. Domestic production rose 4.7
percent on year to 76,816 units, marking the first gain in three
months.

Total offshore production, meanwhile, declined 20.5 percent to
65,569 units. Asia excluding Japan dropped 17.9 percent to
41,831 units, while Europe declined 7.4 percent to 6,986 units.
Despite the drop in European production, sales in the region
continue to post strong results, surging 19.4 percent on
September last year.

North American production declined 34.6 percent to 11,885 units
as the Company continued to ease off production to bring
inventory at US dealers down to a satisfactory level.

Domestic sales including minicars grew 0.9 percent for the month
to 40,247 units. Registrations, which exclude minicars, continue
to enjoy robust growth, surging 38.5 percent for the tenth
straight monthly gain. MMC's share of the domestic market
remained relatively unchanged at 7 percent.

Exports from Japan totaled 41,786 units, down 14.4 percent from
the same month last year. By area, exports to Asia totaled 4,665
units, North America 11,482 units, and Europe 10,130 units. As a
result of the spin-off of MMC's truck and bus operations in
January 2003, regional year-on-year comparisons are not
available due to a change in the system used to tally exports.

APRIL TO SEPTEMBER 2003 RESULTS

Total worldwide production for the six months ended September
30, 2003 came to 779,387 units, a drop of 6.4 percent compared
to the same period last year.

Production in Japan rose 1.5 percent on year to 358,469 units.
This second straight year-on-year gain for the period comes on
the back of an expanded product portfolio which includes the
Colt compact car launched in November last year and the Grandis
minivan that was rolled out in May this year. A year-on-year
increase of 10 percent in production of the Company's popular eK
Wagon minicar also contributed to the overall production
increase.

Overseas production declined 12.3 percent on year to 420,918
units, marking the first decline in two years for the six-month
period. By area, production in Asia excluding Japan came to
272,325 units, off 6.4 percent from last year.

North America saw a drop in production of 23.8 percent for a
total of 83,989 units. This is the result of a strategic
decision to pull back inventory at US dealers to an appropriate
level.

Europe also saw a decline in production for the period as the
Company's NedCar plant in the Netherlands stopped production in
late April and early May to retool in the lead up to the start
of production of the Mitsubishi Colt and smart forfour compact
cars next year. The plant also closed for an extra week over the
summer for retooling. Production declined 16.8 percent to 37,490
units.

Total domestic sales rose 4.4 percent on year to 170,274 units,
marking the first increase for the six-month period in four
years. In particular, registrations of vehicles other than
minicars jumped 30 percent on year, helped largely by the
introduction of the Colt and Grandis. MMC's domestic market
share rose 0.3 percentage points to 6.2 percent.

Exports from Japan came to 175,992 units, a decrease of 13.5
percent on year. By area, exports to Asia totaled 26,311 units,
North America 39,272 units, and Europe 52,514 units. As a result
of the spin-off of MMC's truck and bus operations in January
2003, regional year-on-year comparisons are not available due to
a change in the system used to tally exports.

For more information, go to
http://media.mitsubishi-
motors.com/pressrelease/e/corporate/detail907.html


NEC CORPORATION: Discloses Mid-Term Growth Strategy
---------------------------------------------------
NEC Corporation announced that having shifted from an in-house
Company system to a business line-based system on April 1, 2003,
it has now established a new mid-term growth strategy.

In Japan, driven by consumer demand, the development of the
mobile and broadband market is progressing ahead of the rest of
the world, and as a result the Japanese IT/network market is
growing. It is expected that this development will spread from
Japan to the rest of the world. With this in mind, NEC
Corporation aims to secure growth opportunities, building on its
already established track record in the Open architecture
Mission Critical Systems (OMCS) portion of the systems
integration (SI) business, and in the systems and equipment
communications sector. In order to seek further growth NEC
Corporation aims to expand its business globally by leveraging
its advanced capabilities in Japan, as well as to create and
secure new growth opportunities with the advent of the
ubiquitous networked society.

NEC Corporation aims to achieve operating income margins of 7
percent, ROE of 15 percent, and a D/E ratio (gross) of 1.0 in
the mid-term, through the implementation of the following
measures.

1. Securing Reliable Profits and Stable Growth in the Japanese
Market.  

  (1) Securing a reliable profit foundation based on SI
services.  

  - The Company will not only expand our SI businesses by
fulfilling the new needs of NEC's over 100,000 existing
customers, but will also seek new large corporate customers by
strengthening our consulting capabilities. The Company willalso
aim to strengthen the outsourcing business related to the SI
business and to expand the size of our outsourcing business.  

  - At the same time, The Company will reduce development costs
by fundamentally improving our development efficiency by such
measures as the standardization of the SI process through the
utilization of our CMMI level 5 expertises across the board. In
addition, the company intends to expand the scale of our
overseas development.
      
  (2) Expanding Network Solutions Business through Integration
with IT Business.  

  - The Company will shift the focus of our broadband business,
which to date has been a challenging business, from a business
based mainly on legacy communications products to an open
solutions business based on value-added software and services.
In particular, with the integration with IT business, The
Company attempt to focus on areas such as IP telephony, wide-
area Ethernet, local government networking, and network
outsourcing. In these areas, The Company aim to increase the
annual growth in turnover.  

  - In addition, The Company aims to integrate broadcasting and
communications technologies and products, and plan on expanding
next-generation integrated solutions, based on our large share
in the market of constructing backbone infrastructure of digital
terrestrial broadcasting.
      
  (3) Revitalizing Product Business.  

  - In order to create high value-added products that are
resilient against the downward pressure on prices, The Company
aims to continually cut costs by advancing cost reduction
activities throughout the whole value chain based on the three
pillars of "reform of the development process," "pursuit of
global supply chain management," and "concentration on customer
service and quality."

  - In the domestic mobile handset business, The Company aims to
increase the annual domestic growth rate. To this end, The
Company intends to strengthen the No. 1 position The Company
have already achieved in both the PDC handsets and 3G markets,
through strengthening product development and software
development capabilities and reforming the manufacturing
processes.  

  - In order to strengthen the broadband communications
business, The Company plan to reduce the number of NEC-developed
product models from 27 to 10, and focus on Ether network (from
core metro access to intra office networks) and IP telephony
related areas. Through promotion of a common platform for
development, The Company will improve development efficiency.  

2. Capturing New Growth Opportunities.
      
  (1) Global Business Expansion

  - The Company will actively expand our business globally by
taking advantage of Japan's advanced market. The Company are
aiming to increase our overseas business sales and the
proportion of overseas sales compared to domestic sales.

  - The Company will expand our mobile businesses in Europe and
the Greater China area by taking advantage of Japan's advanced
position in the mobile phone market. The Company are aiming at
an increase in mobile handset shipment volume for the overseas
markets by strengthening our collaboration with operators and
other business partners in the value chain. In addition, The
Company will strive for maximum progress at a minimum risk. In
particular, The Company will position China as a global
development base for NEC's 3G products and increase the number
of staff devoted to mobile related R&D to approximately 1,000 in
China.  

  - The Company will develop solutions business in the Southeast
Asia and Greater China markets based on advanced applications in
the Japanese market. The Company aim to expand solutions that
support global development of the manufacturing and distribution
industries and VoIP (Voice over Internet Protocol) solutions,
etc.  
      
  (2) Strengthening Measures to Prepare for the Ubiquitous
Networked Society in Japan

  - The Company intends to create a wide range of solutions for
the ubiquitous networked society by concentrating NEC's
technology and capabilities, in such areas as security,
verification/billing, and mission critical systems, which will
support the realization of new services offered by
national/local governments, telecom carriers, and enterprises.  

  - The Company possesses the capability and expertise to link
relevant services to customers. Utilizing such capability and
expertise, and strengthening alliances with home appliance
manufacturers, automobile manufacturers, and homebuilders, as
well as other companies, The Company aim to seize new market
opportunities.  
      
  (3) Combining NEC Group Core Competencies to Support Growth.

  - With regard to our core businesses such as integrated
IT/network solutions and semiconductor solutions, The Company
aim to maximize our corporate value by combining our various
core competencies, including human resources, software
development capabilities, intellectual assets, and research and
development capabilities.  

  - Various needs are arising, in particular for software
development relating to products ranging from electron devices
to handsets to network infrastructure. As demand for software
development increases, the key factor for product
differentiation is the value added by the software. The Company
will enhance the competitive edge of our products by taking
advantage of the software development resources that total
approximately 20,000 personnel across the NEC Group.  

  - Regarding highly volatile and under funded projects that The
Company are pursuing. The Company has promoted policies to
inject external capital for new growth. The Company will
continue to enhance such activities and pursue further growth.

About NEC Corporation

NEC Corporation is one of the world's leading providers of
Internet, broadband network and enterprise business solutions
dedicated to meeting the specialized needs of its diverse and
global base of customers. Ranked as one of the world's top
patent-producing companies, NEC delivers tailored solutions in
the key fields of computer, networking and electron devices, by
integrating its technical strengths in IT and Networks, and by
providing advanced semiconductor solutions through NEC
Electronics Corporation. The NEC Group employs more than 140,000
people worldwide and had net sales of approximately $40 billion
in the fiscal year ended March 2003. For additional information,
please visit the NEC home page at: http://www.nec.com.

NEC Press Contacts:
In Japan
Diane Foley
NEC Corporation
d-foley@ax.jp.nec.com
+81-3-3798-6511


NEC CORP.: Conducts World's First Quantum Logic Gate Device
-----------------------------------------------------------
NEC Corporation (President: Akinobu Kanasugi) and the RIKEN
Institute of Physical and Chemical Research (President: Ryoji
Noyori) announced today that in jointly conducted
experimentation a quantum logic gate operation has been
successfully demonstrated in a solid-state device consisting of
two-coupled quantum bit (qubits). This is a world's first, and
represents a major step toward the realization of practical
quantum computing. This result was achieved by the research
group headed by Jaw-Shen Tsai of the NEC Fundamental Research
Laboratory, and the RIKEN Institute of Physical and Chemical
Research (the Macroscopic Quantum Coherence Laboratory). The
details of present research results will be published in the
October 30 issue of the British science journal 'Nature'.

The quantum computer, when it is finally brought to fruition,
will likely far surpass the capabilities of even the most modern
of today's supercomputers, as it utilizes a "qubit," a quantum
superposition of the "0" and "1" states, as the basic
information unit. Information processing in a quantum computer
is conducted by a series of quantum gate operations to the
qubit, and it has been theoretically proven that only two kinds
of gate operations are sufficient for quantum computation, no
matter how complicated the algorithms are and no matter how many
qubits they require. The two gates are the one-qubit rotation
gate, which controls the state of one qubit, and the controlled-
NOT (C-NOT) gate, which works as a conditional gate for two
qubits. In 1999, NEC succeeded in controlling the quantum state
of one qubit made of small superconductors. This was the first
demonstration of the one-qubit rotation gate in solid-state
devices. Then in February of 2003, a joint NEC/RIKEN laboratory
demonstrated the world's first quantum entanglement in a 2-qubit
solid-state device. However, to date no one has succeeded in
realizing the above-mentioned two-qubit conditional gate. Now
NEC and RIKEN have proposed a new scheme to implement the C-NOT
gate using a similar type of two-qubit circuit made of
superconductors, and have experimentally demonstrated that it
works properly as a logic gate for two qubits.

Having succeeded in realizing both the one-qubit rotation gate
and the two-qubit conditional gate, the research laboratory will
continue to strive toward achieving further integration of the
qubit to demonstrate quantum algorithm, an effort, which is
expected to contribute significantly to the practical
realization of a quantum computer.

ABOUT NEC CORPORATION

NEC Corporation is one of the world's leading providers of
Internet, broadband network and enterprise business solutions
dedicated to meeting the specialized needs of its diverse and
global base of customers. Ranked as one of the world's top
patent-producing companies, NEC delivers tailored solutions in
the key fields of computer, networking and electron devices, by
integrating its technical strengths in IT and Networks, and by
providing advanced semiconductor solutions through NEC
Electronics Corporation. The NEC Group employs more than 140,000
people worldwide and had net sales of approximately $40 billion
in the fiscal year ended March 2003. For additional information,
please visit the NEC home page at: http://www.nec.com.


About RIKEN (The Institute of Physical and Chemical Research)
RIKEN is a public corporation supported by the government. It is
engaged in research over a wide range of fields such as physics,
chemistry, bioscience, engineering, etc. from a very fundamental
level to immediate application. For additional information,
please visit the RIKEN home page at http://www.riken.go.jp/.

PRESS CONTACT:

NEC Corporation
Diane Foley
Corporate Communications Division
Phone: +81-3-3798-6511(direct)
Fax:   +81-3-3457-7249
Email: d-foley@ax.jp.nec.com

RIKEN
Hidehiro Komai
Public Relations Office
Phone: +81-48-467-9272(direct)
Fax:   +81-48-462-4715
Email: h-komai@postman.riken.go.jp


NICHIBO K.K.: Real Estate Firm Enters Rehabilitation
----------------------------------------------------
Nichibo K.K., which has total liabilities of 11 billion yen
against a capital of 66 million yen, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The real estate firm is located in Fukuoka-shi, Fukuoka, Japan.


NISSAN MOTOR: Recalls 2.56M Vehicles Worldwide
----------------------------------------------
Nissan Motor Co. will recall 2.56 million vehicles worldwide,
including some 1.03 million units in Japan, due to defective
engine sensors, according to Japan Times. Nissan will book 15
billion yen to 16 billion yen in recall-related expenses for the
year to March 31, she said.

The recall will affect 25 models in Japan, including Mazda Motor
Corp.'s Familia and Fuji Heavy Industries Ltd.'s Subaru Leone,
produced by Nissan on an original equipment-manufacturing basis,
according to Nissan. The vehicles subject to the recall in Japan
were manufactured between April 1998 and May 2003, Nissan said.

Nissan Motor Co. plans to reduce the number of domestic sales
companies from the current 170 to around 100 as part of the
rationalization of its sales structure and cut costs, TCR-AP
reported recently. Nissan plans to boost domestic sales, the
final undertaking of its structural reforms under President
Carlos Ghosn.


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


HYNIX SEMICONDUCTOR: Setup Production Plant in China
----------------------------------------------------
Hynix Semiconductor, the world's third largest computer chip
producer, is going to setup a DRAM chip production plant in
China, DebtTraders reports. The Company is proceeding fast with
the plan to bypass anti-dumping duties recently levied by major
importers and to boost production. The Chinese government has
expressed keen interest in the project because this could lead
to DRAM processing technology transfer to China's own
chipmakers.


KOOKMIN BANK: Issues W618B ABS
------------------------------
Kookmin Bank recently issued a total of 618 billion won
(US$524.6 million) worth of asset backed securities (ABS)
through a special purpose Company, according to Reuters. In a
filing to regulators, Kookmin said the ABS issue consisted of 13
tranches, backed by corporate and personal loans secured by real
estate assets.

Of the total, 355 billion won was issued in senior tranches and
the remaining 263 billion won sold in subordinate tranches.


SK GROUP: Chairman Quits Federation   
-----------------------------------  
SK Group Chairman Son Kil-seung resigned Thursday as head of the
Federation of Korean Industries over a controversy surrounding
the group's alleged illegal funding of politicians, the Korea
Herald reported on Friday. The lobby group for chaebol, or
family-controlled conglomerates, said it named Kang Shin-ho,
Chairman of Donga Pharmaceutical Co., as its acting Chairman.

The National Tax Service recently accused Son of evading taxes
by covering up more than 400 billion won in profits at SK
Shipping Co., where he serves as Chairman. The accusation
followed a chain of other allegations, including those on
accounting misconduct at SK Networks Co., the group's trading
arm formerly called SK Global, and SK Shipping, as well as the
conglomerate's alleged bribery of government officials.


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


BESCORP INDUSTRIES: MITI OKs Revised Restructuring Proposal
-----------------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
refers to the announcement made on behalf of the Company by
Commerce International Merchant Bankers Berhad (CIMB) on 15
August 2003 (Announcement) in relation to the Corporate
Proposals.

On behalf of the Company, CIMB announced that the Ministry of
International Trade and Industry (MITI) has, via its letter
dated 28 October 2003, which was received on 30 October 2003,
approved the Revised Corporate Proposals (save for the Proposed
Liquidation) and Proposed Acquisition of the remaining 50
percent equity interest in Labur Bina Sdn Bhd as stated in the
said Announcement.

The approval of the MITI is conditional upon the approval of the
Securities Commission (SC) being obtained for the Revised
Corporate Proposals (SC's Approval) and compliance of the
Malaysian Code on Take-Overs and Mergers, 1998.

The allocation of the 24,700,000 ordinary shares of RM0.50 each
in WCT Land Berhad (formerly known as WCT Realty Sdn Bhd) to
Bumiputera investors to be nominated by the MITI pursuant to the
Proposed Offer for Sale shall be separately determined upon
receipt of the SC's Approval.

Hereinafter Collectively Referred To As The "Corporate
Proposals" Are As Follows:

- Proposed Share Split;
- Proposed Share Exchange;
- Proposed Cash Payment;
- Proposed Capitalization;
- Proposed Conversion Of Advances;
- Proposed Offer For Sale;
- Proposed Transfer Of Listing;
- Proposed Exemption; And
- Proposed Liquidation


DATAPREP DISTRIBUTION: Answers KLSE Query
-----------------------------------------
Dataprep Distribution Sdn Bhd refers to the Kuala Lumpur Stock
Exchange (KLSE) query dated 28th October 2003, which was
received on 29th October 2003. As requested, we furnish herewith
the additional information requested for public release:

1. Date of presentation of the winding-up petition.

The winding-up petition was presented to the Company on 27th
October 2003.

QUERY LETTER CONTENT:

We refer to your announcement dated 27 October 2003, in respect
of the aforesaid matter.

In this connection, kindly furnish the Exchange immediately with
the following additional information for public release:

1. The date of presentation of the winding-up petition.
Kindly furnish the Exchange with your reply within two (2)
market days from the date hereof.

TAN YEW ENG
Sector Head, Issues & Listing
TYE/WSW/NZ
Copy to: Securities Commission (via fax)


GEORGE KENT: Completes Debt Restructuring Scheme
------------------------------------------------
George Kent (Malaysia) Berhad refers to the announcements dated
22 March 2002, 10 September 2002 and 27 June 2003 in relation to
the Debt Restructuring.

On behalf of the Board of Directors of GKM, Aseambankers
Malaysia Berhad announced that the Company has completed the
Debt Restructuring.

Collectively referred to as "Debt Restructuring" are as follows:

- Debt Restructuring of GKM;
- Debt Restructuring of GK-Hardie Sdn Bhd;
- Debt Restructuring of GK Equities Sdn Bhd; And
- Call Option


JOHAN HOLDINGS: Completes Debt Restructuring Scheme
---------------------------------------------------
John Holdings Berhad refers to the announcements dated 22 March
2002, 10 September 2002 and 27 June 2003 in relation to the Debt
Restructuring.

On behalf of the Board of Directors of JHB, Aseambankers
Malaysia Berhad announced that the Company has completed the
Debt Restructuring.

Collectively referred to as "Debt Restructuring" are as follows:

- Debt Restructuring of JHB;
- Debt Restructuring of Prestige Ceramics Sdn Bhd;
- Debt Restructuring of Johan Equities Sdn Bhd; And
- Call Option


MYCOM BERHAD: Shareholder's OK EGM Resolutions
----------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors of Mycom Berhad (Mycom), announced that the
shareholders of the Company have at the Extraordinary General
Meeting (EGM) held on Friday, approved all the special
resolutions and ordinary resolutions which were set out in the
Notice of EGM dated 29 September 2003 in relation to the
proposals.

Further, the Proposed Mycom Scheme of Arrangement pursuant to
Section 176 of the Companies Act, 1965 (Act) has also been
approved by the shareholders of the Company at the Court
Convened Meeting (CCM) held on 30 October 2003.

Mycom has obtained the requisite approval from a majority in
number representing three-fourths in value of the members
present and voting either in person or by proxy for the Proposed
Mycom Scheme of Arrangement in accordance with Section 176(3) of
the Act.

The results of the CCM as confirmed by the independent
scrutineers for said meeting are as follows:

    No. of Shareholders/proxy   Nominal Value of Ordinary Shares
                                 holders present and voting
           Number         %         RM                   %

For        73            92.4       36,589.033             99.8
Against     6             7.6           58.166              0.2
Total      79           100.0       36,647.199            100.0

The Proposed Mycom Scheme of Arrangement will be subject to the
approval of the High Court.

In addition, Alliance on behalf of the Mycom, also announced
that the Company has obtained the approval in-principle from
97.2 percent of its financial institution creditors for the
Proposed Restructuring Scheme.


OLYMPIA INDUSTRIES: Creditors OK Restructuring Scheme
-----------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors of Olympia Industries Berhad (OIB), announced that
the shareholders of OIB have at the Extraordinary General
Meeting (EGM) held on Friday, approved all the special
resolutions and ordinary resolutions which were set out in the
Notice of EGM dated 29 September 2003 in relation to the
proposals.

In addition, Alliance on behalf of the Company, also announced
that OIB has obtained the approval in-principle from 100 percent
of its scheme creditors for the Proposed Restructuring Scheme.


PUNCAK NIAGA: Clarifies Dispute Settlement Report
-------------------------------------------------
Puncak Niaga Holdings Berhad refers to the Kuala Lumpur Stock
Exchange's letter dated 29th October 2003 and to our earlier
announcement, which was released to the Kuala Lumpur Stock
Exchange on 14th August 2003. In relation to the Exchange's
query on the above article, which appeared on page 3 of StarBiz
on Wednesday, 29th October 2003, we wish to clarify as follows:

1. Due to the delay by the Selangor State Government to pay for
treated water supplied by Puncak Niaga (M) Sdn Bhd (PNSB), a
wholly owned subsidiary of the Company, PNSB consequently had to
delay payment of the O & M fees to CGE Utilities (M) Sdn Bhd
(CGE), its sub-contractor who is responsible for the operation
and management of 26 out of the 28 water treatment plants in the
State of Selangor and the Federal Territory of Kuala Lumpur (the
Facilities).

2. As previously announced to the Exchange on 14th August 2003,
CGE had on 12th August 2003 filed an action in court against
PNSB for the sum of RM84,466,976.08 allegedly due to it together
with cost and late interest charges and PNSB had engaged a legal
firm, Messrs. Zul Rafique & Partners to defend the action.

3. At about the same time, due to the failure of CGE to carry
out proper operating and maintenance works at the Facilities,
PNSB had pursuant to Clause 5.2 of the Operation and Maintenance
Sub-Contract ('OMSC') signed with Mandai Sari Sdn Bhd, CGE and
Veolia Water on 31st May 1995, issued a seven (7) days' notice
of termination of the OMSC to CGE on 10th October 2003.

4. The seven (7) days' notice was subsequently extended to 23rd
October 2003 in view of CGE's request to resolve the matter in
dispute amicably.

5. After a series of meetings, PNSB and CGE reached an agreement
on late evening of 23rd October 2003, to amicably resolve all
outstanding issues, whereby the following were agreed: -

a) The expiry date of the OMSC had been brought forward from
31st December 2020 to 31st December 2004.

b) Both parties agree to withdraw all legal proceedings against
each other within fourteen (14) days from 23rd October 2003,
with no order as to cost and no liberty to file afresh.

c) PNSB will pay the outstanding O & M payment under the OMSC of
RM59,628,068.93 representing invoices issued by CGE until 31st
May 2003 less payments made by PNSB until 23rd October 2003,
without any interest and/or other claims such as cost, in three
(3) equal annual installments, beginning with the first
installment payable by 1st April 2004 and the next and
subsequent payments payable latest by the anniversary dates
thereof.

d) All other terms are as privately agreed between the parties
in arriving at the amicable settlement.

6. As at to-date, both parties have already instructed their
respective solicitors to withdraw all legal proceedings against
each other.

7. GOING FORWARD

a) PNSB has a proven track record in overseeing the operation
and maintenance of the Facilities, which has a combined designed
capacity of 907.56 million litres per day ('MLD') since 1994. In
addition to the Facilities, PNSB also directly operates, manages
and maintains the Sg. Selangor Phase 2 Water Treatment Plant and
the Wangsa Maju Water Treatment Plant respectively which have a
combined designed capacity of 995 MLD.

b) With its technical and management expertise, which had been
built up over the years since 1994, PNSB is confident that it is
capable of undertaking the operation and management of the
Facilities. In addition, PNSB has 133 employees who were
seconded to assist CGE in the operation and maintenance of the
Facilities, and these employees, which includes all the plant
superintendents, will form the core personnel who will manage
and operate the Facilities from 1st January 2005 onwards.

c) PNSB has also put in place, an action plan to assume the
operation and management responsibilities over the 26 water
treatment plants to ensure their smooth operation and
management, without any disruptions, which may cause
inconvenience to the consumers.

This announcement is dated 30th October 2003.

QUERY LETTER CONTENT:

We refer to the above news article appearing on page 3, StarBiz
of Star, on Wednesday, 29 October 2003, a copy of which is
enclosed for your reference.

In particular, we would like to draw your attention to the
underlined sentences, which are reproduced as follows:-
"Puncak Niaga Holdings Bhd is believed to have settled its legal
dispute with CGE Utilities (M) Sdn Bhd over the operations and
maintenance contract that they signed in December 1995."
"...Puncak Niaga was expected to pay the money it owes CGE
Utilities as part of an amicable settlement reached by both
parties..."

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentences after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentences or any other part of the
above reported article, you are required to set forth facts
sufficient to clarify any misleading aspects of the same. In the
event you confirm the above sentences or any other part of the
above reported article, you are required to set forth facts
sufficient to support the same.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully
INDERJIT SINGH
Sector Head
Issues & Listing CKM
Copy to: Securities Commission (via fax)


SRIWANI HOLDINGS: Auditor Completes Investigation
-------------------------------------------------
Sriwani Holdings Berhad refers to the announcements dated 5
November 2002, 30 June 2003 and 8 September 2003. The Securities
Commission (SC) had through its letter of approval dated 5
November 2002, inter-alia, imposed the appointment of an
independent auditor to conduct an investigative audit on the
previous losses of SHB and its subsidiaries.

Commerce International Merchant Bankers Berhad, on behalf of
SHB, hereby announces that Messrs. Anuarul Azizan Chew & Co, the
independent auditor has completed the investigative audit and a
copy of the report has been submitted to the SC on 30 October
2003.

(Collectively Referred To As The "Proposals)

- Proposed Capital Reduction And Consolidation;
- Proposed Restricted Issue;
- Proposed Rights Issue;
- Proposed Debt Restructuring Scheme;
- Proposed Assets Injection;
- Proposed Ma Sepang Debt Settlement; And
- Proposed Additional Issue


UNIPHOENIX CORPORATION: SC May Approve Rescue Scheme Proposal
-------------------------------------------------------------
The Board of Directors of Uniphoenix Corporation Berhad (UCB)
announced to the Kuala Lumpur Stock Exchange that UCB is an
affected listed issuer pursuant to paragraph 2.1(c) of the
Practice Note No. 10 of the Listing Requirements of the Kuala
Lumpur Stock Exchange (PN 10). Under paragraph 2.1(c) of PN10, a
listed issuer who has an insignificant business or operations is
deemed to have inadequate level of operations. Insignificant
business or operations means business or operations which
generates revenue on a consolidated basis that represents 5
percent or less of the issued and paid-up share capital of the
listed issuer based on its latest audited accounts.

UCB previously announced to the Exchange that it is an affected
listed issuer under Practice Note No. 4 of the Listing
Requirements of Kuala Lumpur Stock Exchange (PN4). Since UCB is
a PN4 Company, the requirements and obligations of PN4 would
prevail over those of PN10. The Company is therefore required to
strictly comply with the provisions of PN4, particularly the
timeframe prescribed therein for the regularization of its
financial condition.

The requisite announcement as required under PN4 was made on 16
January 2003.

The applications to regularize the financial position of the
Company were submitted to the authorities on 31 May 2003. The
Proposed Rescue Scheme of the Company is pending approvals from
Securities Commission and Foreign Investment Committee.

It is expected that the Company's regularization plan would
address both its financial condition (PN4) and the level of
operations (PN10) to maintain a continuing listing on the
Official List of the Exchange.


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


ABS-CBN BROADCASTING: Prices US$150M Senior Notes Thursday
----------------------------------------------------------
Broadcasting network ABS-CBN Broadcasting Corporation expects
the US$150 million senior notes it is offering to fetch a coupon
of between 9 percent and 9.25 percent when it is priced
Thursday, Dow Jones reports. The senior notes will likely have a
five-year term. The Company had also considered a seven-year
maturity for the senior notes.

The Company will use the proceeds to pay maturing debts, fund
additional investments in its cable television business, and for
capital spending.


NATIONAL POWER: Asset Transfer Likely Next Year
-----------------------------------------------
The transfer of the debts and assets of National Power
Corporation (Napocor) will likely be delayed until next year,
with the Department of Finance yet to issue a guarantee to
creditors that debts will be paid, BusinessWorld reports.

These assets were supposed to have been transferred to the
National Transmission Corp. and the Power Sector Assets and
Liabilities Management Corp., an agency tasked to oversee
Napocor's privatization, by the end of this year.


NATIONAL STEEL: Takeover Talks Almost Complete
----------------------------------------------
Philippine Trade Secretary Manuel A. Roxas II assured that talks
between the winning bidders for the reopening of the National
Steel Corporation (NSC) in Iligan City and its creditors led by
Philippine National Bank (PNB) and Credit Agricole are nearing
completion, the Manila Times reported on Friday.

Initially there were four firms participating in the bidding for
the plant. The number has been reduced to two "deep-pocketed"
companies financially capable of reopening it.
The two companies-one based in the United Kingdom and the other
in India-are affiliated with Ispat Industries Ltd., a global
steel production firm involved in the production of core and
finish steel products, Roxas said.

The trade department would spend some P30 million to
rehabilitate the old plant and make it ready for operations.

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


ASIA PULP: Ex-Im Bank Files Lawsuit Against Firm
------------------------------------------------
The United States Attorney's Office for the Southern District of
New York filed a lawsuit on Wednesday on behalf of the Export-
Import Bank of the United States (Ex-Im Bank) against Asia Pulp
& Paper Co., Ltd. (APP) and three of its operating subsidiaries
located in Indonesia. Ex-Im Bank is seeking to recover
approximately $104 million of credits extended to these
subsidiaries on which they have defaulted. Several of these
transactions were guaranteed by APP itself.

In announcing the decision to file a lawsuit, Ex-Im Bank's Chief
Operating Officer and General Counsel Peter Saba said, "Ex-Im
Bank has attempted to avoid litigation against APP, but
negotiations did not conclude satisfactorily. Therefore, we have
decided that the best course of action for the Bank to recover
the debt owed the U.S. taxpayers is to pursue litigation in the
federal courts."

Ex-Im Bank decided to oppose the final restructuring plan that
has been negotiated between APP and certain of its other
creditors after having been actively involved in discussions
with the Company and other creditors for over two years. Ex-Im
Bank has participated in extensive discussions among the
creditors and APP in an attempt to reach an acceptable
consensual restructuring solution. On a number of occasions over
the last year, Ex-Im Bank has communicated its concerns to APP
and other creditors related to the terms and conditions of the
proposed restructuring plan.

"We had hoped that the ongoing discussions and negotiations
would lead to improvements in those elements of the debt
restructuring proposal that were unsatisfactory to Ex-Im Bank
and as to which many other creditors also had concerns.
Unfortunately, we believe that the final debt restructuring
proposal is not fair and equitable to APP's creditors, and its
repayment structure does not adequately reflect APP's ability to
service its debt," said James Hess, Ex-Im Bank's Chief Financial
Officer.

In March 2001, APP announced a standstill on the payment of
debts totaling approximately $13.9 billion. Of those debts,
approximately $6.7 billion relates to its Indonesian operations,
principally through its four Indonesian operating subsidiaries
PT Indah Kiat Pulp & Paper Tbk, PT Pabrik Kertas Tjiwi Kimia
Tbk, PT Lontar Papyrus Pulp and Paper Industry and PT Pindo Deli
Pulp and Paper Mills. Ex-Im Bank's lawsuit covers debt owed by
each of these subsidiaries except PT Lontar.

Ex-Im Bank is an independent federal government agency that
helps create and sustain U.S. jobs by financing the sale of U.S.
exports, primarily to emerging markets throughout the world, by
providing loan guarantees, export credit insurance, and direct
loans. In fiscal year 2003, Ex-Im Bank authorized financing to
support approximately $14.2 billion of U.S. exports worldwide.

The suit was filed in the U.S. District Court for the Southern
District of New York on behalf of Ex-Im Bank.

Ex-Im on the web: www.exim.gov

CONTACT:
Phil Cogan or Bo Ollison
(202) 565-3200


BBR GEOTECHNIC: Creditors Meeting Set November 13
-------------------------------------------------
Take notice that a meeting of creditors of BBR Geotechnic (S)
Pte Ltd (In Liquidation) will be held at 18 Cross Street, #08-01
Marsh & McLennan Centre, Singapore 048423 on 13th November 2003
(Thursday), at 3:00 in the afternoon.

AGENDA

(1) To consider and if thought fit to appoint a committee of
inspection; and

(2) Any other business.

Dated this 30th day of October 2003.
CHEE YOH CHUANG
LIM LEE MENG
Liquidators.

c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

(1) Proxies to be used at the meeting must be lodged not later
than 4:00 pm on 12th November 2003.

(2) To entitle you to vote thereat, your proof must be lodged
with the liquidators not later than 4:00 pm on 11th November
2003 if you have not submitted your proof earlier.


PENTON INTERNATIONAL: Withdraws Scheme of Arrangement
-----------------------------------------------------
Penton international Ltd. has on 7 October 2003 filed an
application (under Section 210 of the Companies Act for leave to
convene a meeting of its creditors for the purpose of
considering a proposed Scheme of Arrangement). The application
was heard on 29 October 2003 and the Court has given the Company
leave to withdraw the Company's application.

This came about in view of the orders made by the Court pursuant
to the application filed by Regional Capital Pte Ltd and The
Earl and Elma Payton Revocable Family Trust for, inter alia, the
delivery of the share certificate(s) representing the Company's
shareholding in Atech Moulds Manufacturing Pte Ltd. The Company
intends to file another application with the Court for a
revised/modified Scheme of Arrangement in view of the orders
made by the Court pursuant to the aforementioned application
filed by Regional Capital Pte Ltd and The Earl and Elma Payton
Revocable Family Trust.


ST ASSEMBLY: Shares Slide 12 percent on Fund-raising Plans
---------------------------------------------------
ST Assembly shares weakened on Thursday, sliding 12 percent to a
two-month low after unveiling its fund-raising plans, according
to Channel News Asia. The drop in its share price came despite
finally returning to black in the latest quarter after 10
straight quarters of losses.

The microchip tester is issuing US$115 million worth of
convertible bonds and raising another US$115 million through a
share placement at S$2.40 a share.


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


BANK OF AYUDHYA: Fitch Affirms 'B+' Rating; Outlook Positive
------------------------------------------------------------
Fitch Ratings has affirmed Bank of Ayudhya's (BAY) ratings at
Long-term 'B+' with Positive Outlook, Short-term 'B', Individual
'D/E' and Support '4'.

BAY's ratings reflect the challenges facing the bank, which,
while easing, are likely to result in continued weak
profitability, due to additional provisioning.

The recent increase in equity in August 2003 goes some way
towards addressing Fitch's concerns over the bank's ability to
absorb further provisioning for loan losses, and should also
strengthen its core capital by refinancing THB13 billion of its
hybrid Tier 1 capital callable from 2004.

The remaining THB15bn of new capital, will be accumulated on the
conversion of the warrants, which is expected over the next two
to three years, after which the ratings will be reviewed again.

In 2002 BAY reported its first net profit since the 1997
crisis of THB2.2bn, due to lower provisions and an improvement
in net interest income, helped by further falls in funding
costs.     BAY continued to report improved performance in 1H03
with net income rising to THB2bn from THB1bn in 1H02. Net
interest margins (NIM), while improving, remain relatively weak
at 1.6%, reflecting low loan growth, competitive pressures and
the bad debt overhang, though margins should be boosted in 2004
on the back of subordinated debt and the hybrid repayment of
THB8bn and THB26bn, respectively.

Net loan loss reserves (LLR) at end-June 2003 totaled THB22bn.
This equates to about 29.5% of impaired loans or about 11.6% of
the combined impaired loans and outstanding restructured loans.

Its LLR coverage appears significantly lower than most other
Thai banks, underlining the risks of further large provisioning.
BAY attributes this difference to its lower level of impaired
syndicated loans and a higher percentage of collateral-backed
loans to small- and medium-sized businesses.

BAY's impaired loans stood at THB74.8bn at end-June 2003, down
from THB83.3bn at end-2002, due to improved economic conditions.

BAY reported a Tier 1 capital ratio of 6% at end-June 2003 and
total capital funds of 10.3% of risk-weighted assets. The equity
raising in August 2003 would likely improve the bank's Tier 1
and total capital ratios to 8.5% and 12.7%, respectively,
although these are expected to fall again in 2004 due to the
THB13bn Tier 1 hybrid repayment and additional provisioning.

The very high net impaired loans to equity ratio of 182.4%
underscores the weakness of the bank's reserve and capital
position.


POWER-P: Posts Update on Restructuring Program
----------------------------------------------
Subject : Report on Operation and Financial Status and Progress
          of Restructuring Program

To      : Director and Manager of SET

Further to our previous report that Power-P Public Company
Limited was only able to settle its debts with Debtors Group 8
(Company Employees) and Group 1 and 2 (Debtors possessing
security pledges) while there was no settlement to the remaining
Groups because some debtors of these Groups had appealed the
resolution of the Central Court of Solvency to the High Court.

Despite the pendency in the High Court, the Company is still
trying to come to terms with these unhappy Groups of Debtors and
at the same time looking for job opportunities with prospective
project owners so as to build up confidence of the Company's new
partners/investors. There are signs that negotiations with the
respective parties concerned would yield very promising results
and the company is expected to resume its normal activities
within the first quarter of 2004.

We would also report that, during this dormant period, The
Company is trying every means to cut its standing expenses that,
up to September 2003, only an additional small loss is recorded.

Kindly be guided accordingly.

Yours faithfully,


Mr. Veerachai Urvilaijit
Managing Director
Power-P Planners Co., Ltd.
Plan Administrator of Power-P Public Company Limited


TPI POLENE: Chooses Late November for Date of Public Offer
----------------------------------------------------------
The US$180 million share offering of TPI Polene PCL will take
place later this month, according to Dow Jones.

Tisco Securities, the lead underwriter of this public offer,
said the transaction will help the company book gains worth
around US$82 million from retiring debt.  Of the US$180 million
expected to be raised, the company will use US$160 million to
retire debt with a face value of US$197 million.  The accrued
interest worth US$45 million will be forgiven, a Tisco official,
who refused to be named, told Dow Jones.

"Analysts have estimated the price of the proposed offering in
the range of 34 baht to THB54 ($1=THB39.89) a share," Dow Jones
quoted TPI Polene CEO Prachai Leophairattana as saying.

The offering price, which will be finalized a few days ahead of
the subscription period set for late November, will be
determined in a bookbuilding process for institutional
investors, said Vanchai Manosuthi, managing director of Tisco
Securities.

At the end of June, the company's debt principal stood at US$950
million, excluding accrued interest of US$160 million, Dow Jones
said.


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