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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

         Tuesday, November 4, 2003, Vol. 6, No. 218

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Update on Settlement Deed Payment
ASHBURTON MINERALS: Nov 28 AGM Scheduled
AUSTAR UNITED: Incurs $7.9M Q303 Operating Loss
AUSTRALIAN GAS: NGC Shareholders Approve Capital Return
AUSTRALIAN GAS: Rejects Report on Electricity Pricing

COLES MYER: Seeks Shareholders Approval on CEO Options
HEALTH CARE: S&P Lowers Rating to 'BB' After Mayne Downgrade
JUPITERS LTD: S&P Ups Ratings to 'BBB+' Following Tabcorp T/O
TRANZ RAIL: Accepts $50M Loan From Toll to Pay Back Government

* Panel Posts Financing Arrangements Guidelines for T/O Bids


C H I N A  &  H O N G K O N G

APP CHINA: Creditors OK Debt-to-Equity Swap
CENTRAL INDUSTRY: Winding Up Petition Hearing Set Tomorrow
CHONGQING TAIJI: Xinhua Assigns BB+ (pi) LT Credit Rating
EXCELLENCE (CHINA): Nov 19 Winding Up Hearing Scheduled
LINGYUAN IRON: Xinhua Assigns BBB-(pi) Rating; Stable Outlook

RICH SOURCE: Hearing of Winding Up Petition Set
TOP TREASURE: Winding Up Hearing Scheduled Next Wednesday
WEALTH FULL: Faces Winding Up Petition


I N D O N E S I A

ASIA PULP: Discloses Master of Restructuring Agreement Details
ASTRA INTERNATIONAL: Net Income Ups 28% Higher, to Rp3.70T


J A P A N

ALL NIPPON: Returns to Profit in First Half
MITSUI MINING: Mining Firm Receives IRCJ Aid
MITSUBISHI TOKYO: Dissolves Subsidiary
NEC CORPORATION: Affiliate Enters Alliance With Lenel Team
NEC CORPORATION: Intends to Slash Debt

NIPPON TELEGRAPH: Issues Notice of Shares Repurchase
TOSHIBA CORPORATION: Sells Holding in Shibaura Mechatronics


K O R E A

HYNIX SEMICONDUCTOR: Wins Tariff Break in Europe
SK CORPORATION: BP Buys 10% of Power Generation Unit
SK GLOBAL: Togut Segal Seeking Approval for Interim Compensation


M A L A Y S I A

ANCOM BERHAD: Obtains Tamco's Proposed Listing Approval
BELOGA SDN: Lot 1806 Excluded From Proposed Acquisitions
BESCORP INDUSTRIES: September Default Amounts to RM58.061M
BUKIT KATIL: Updates Defaulted Loan Facilities Status
GEAHIN ENGINEERING: Discloses Investigative Audit Findings

GEORGE KENT: Restructures Loan Facilities
JASATERA BHD: Approves Revised Proposed Recapitalization
KEMAYAN CORPORATION: Files Stay of Execution Application
RNC CORP.: Proposed Scheme Period Extended Until April 2004
SATERAS RESOURCES: KLSE Awaits Application Approvals

TAJO BERHAD: Investigative Audit Time Completion Extended
TAJO BERHAD: Provides Default in Payment Status Update
TONGKAH HOLDINGS: Posts Unaudited, Audited Accounts Variance
WAH SEONG: Proposed Internal Restructuring Completed
WING TIEK: Interlocutory Injunction Hearing Fixed on Nov 6


P H I L I P P I N E S

ABS-CBN BROADCASTING: Issues PDRs Listing and Monitoring
MANILA ELECTRIC: Clarifies Foreign Group Aid Report
MANILA ELECTRIC: Okays Transition Supply Deal With Napocor
MUSIC CORPORATION: Revises Number of Allocated Share Options
UNITED COCONUT: Firing Over 500 Workers


S I N G A P O R E

ASPAC ENGINEERING: Petition to Wind Up Pending
BIL INTERNATIONAL: Post Changes in Shareholder's Interest
CHEAP & GOOD: Issues Dividend Notice
CORE INVESTMENT: Issues Notice of Final Meeting
GOLDEN AGRI-RESOURCES: Issues Debt Rescheduling Update

FHTK HOLDINGS: AGM Set November 18
LIGHTWEIGHT CONCRETE: Winding Up Petition Set November 14
MULTICO-ORCHIDS: Releases Winding Up Order Notice
RAMCO-YKK (SINGAPORE): Creditors Must Submit Claims by Nov. 26
RAMCO-YKK (SINGAPORE): Unveils October 20 AGM Resolutions

SEINO MERCHANTS: Releases Notice of Preferential Dividend


T H A I L A N D

MDX PUBLIC: Implementing Business Reorganization Plan
MILLENNIUM STEEL: SET Grants Listed Securities
POWER-P PUBLIC: Reports Restructuring Program Progress
PREMIER RESORT: TRIS Cuts Bt850M Debentures to BBB
SIAM SYNTECH: Notifies Shareholders General Meeting Resolutions

THAI PETROCHEMICAL: SET Temporarily Prohibits Margin Trading

* BOND PRICING: For the week of November 3 - November 7, 2003

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Update on Settlement Deed Payment
--------------------------------------------------
Queste Communications Ltd (Queste) and its 48.817% controlled
entity Central Exchange Ltd (Central Exchange) provided Monday a
weekly update on the status of the possible payment by Anaconda
Nickel Ltd (Anaconda) to Central Exchange of the sum of
$19,071,610 (as indexed by United States Consumer Price Index
(US CPI)) - pursuant to a settlement deed (the Settlement
Deed) between Anaconda and Central Exchange.

Settlement Deed Payment Calculations

                        Current         Last        Change since
                    (to 31 Oct 2003)  Announcement      Last
                                   (to 24 Oct 2003) Announcement
(1) Current LME nickel
price - 31 October 2003 US$5.3890/lb US$5.0760/lb $0.3130 higher
                         $11,880/tonne $11,190/tonne $690 higher
(2) Current US CPI
indexed LME nickel
Trigger Price           US$4.1077/lb     US$4.1077/lb    Same

(3) 12 month average LME
nickel price to 31
October 2003            US$3.9422/lb US$3.9040/lb $0.0382 higher

(4) Shortfall/Gap between
LME nickel Trigger Price
And 12 month Average LME
nickel price            US$0.1655/lb US$0.2037/lb $0.0382 less

(5) Current 5 day average
LME nickel price - 27 to 31
October 2003            US$5.1980/lb US$5.0910/lb $0.1070 higher

(6) Estimated date when
Trigger Price is attained
(i.e. the date when the
12 month Average LME nickel
price would exceed the
Trigger Price) if (5) is
sustained and US CPI remains
at 185.2        3 December 2003  4 December 2003 One day earlier

The projected date when the Trigger Date is attained in (6)
assumes that the LME nickel price in the 5 days prior to the
date of this announcement is sustained and the latest published
September 2003 US CPI remains unchanged.

The $19m Settlement Deed amount will become due and payable to
Central Exchange if at a relevant "Review Date" the 12 month
average LME nickel price exceeds the US CPI indexed LME nickel
Trigger Price. Under the terms of the Settlement Deed, Anaconda
is required to provide an audited "Review Date Notice" within 14
business days of a "Review Date" and if the Trigger Price on
such date is attained, to effect payment within a further 14
business days after service of such notice (if neither party
disputes any matter in such notice).

Therefore, according to Anaconda's view (based on its public
statements and correspondence to Central Exchange), the $19m
Settlement Deed amount would be payable to Central Exchange at
the Review Date of the 28th of a relevant month if the average
LME nickel price in the 12 months prior to the 28th of such
month exceeded the Trigger Price on such date. Anaconda is
required to confirm this in a Review Date Notice within 14
business days after the relevant Review Date and effect payment
of the $19m amount within a further 14 business days after
service of such notice.

For further information, please contact William Johnson or
Victor Ho on telephone (08) 9214 9797.


ASHBURTON MINERALS: Nov 28 AGM Scheduled
----------------------------------------
Notice is hereby given that the Annual General Meeting of
Ashburton Minerals Ltd Company") will be held at 10:00 am on
Friday, 28 November 2003, at Novotel Langley Perth Hotel, 221
Adelaide Terrace, Perth, Western Australia 6000.

AGENDA

RECEIPT OF ANNUAL REPORT AND ACCOUNTS

To receive and consider the Annual Report for the Company for
the year ended 30 June 2003 comprising the Financial Report,
Directors' Report, Review of Operations, and Independent Audit
Report.

RESOLUTION 1 - RE-ELECTION OF MR RJ DUNN AS A DIRECTOR

To consider and, if thought fit, to pass with or without
amendment, the following resolution as an ordinary resolution:

"That Mr Rodney John Dunn, who retires as a director in
accordance with clause 13.2 of the Company's Constitution and,
being eligible, offers himself for re-election, be re-elected as
a director."

RESOLUTION 2 - RATIFICATION OF PLACEMENT

To consider and, if thought fit, to pass with or without
amendment the following resolution as an ordinary resolution:

"That pursuant to Listing Rule 7.4 of the Listing Rules of the
Australian Stock Exchange Limited the Company ratifies the
allotment and issue of 10,250,000 fully paid ordinary shares at
an issue price of 0.8 cents per share on 8 August 2003 to:

        Allottee                         Number of Shares

      CDC Copeland Investments Pty Ltd    4,500,000
      Muriel Copeland                     2,000,000
      Ragged Range Mining Pty Ltd         3,750,000

The Company will disregard any votes cast on Resolution 2 by any
of the abovementioned parties and any of the associates of those
parties. However the Company need not disregard a vote if:

   (i) it is cast by a person as a proxy for a person who is
entitled to vote, in accordance with the directions
on the Proxy Form; or

   (ii) it is cast by the person chairing the meeting as proxy
for a person who is entitled to vote, in accordance with a
direction on the Proxy Form to vote as the proxy decides.

OTHER BUSINESS

To deal with any other business which may be brought forward in
accordance with the Constitution and the Corporations Act.

Go to http://bankrupt.com/misc/ASH1104.pdffor a full copy of
the AGM Notice, Proxy Form and Explanatory Memorandum.


AUSTAR UNITED: Incurs $7.9M Q303 Operating Loss
-----------------------------------------------
Austar United Communications released on Friday its third
quarter statement of cash flows and unaudited summary results
for the period ended 30 September 2003.

A highlight for the quarter was the increase in subscribers to
AUSTAR's television business to 421,694, up 14,424 from the
previous quarter. In addition, churn reduced to 1.64%,
representing a decrease of 15.0% from the June quarter.

AUSTAR's Chief Executive Officer Mr John Porter said, "During
the third quarter, AUSTAR's focus was on sustainable growth and
continuous operational improvement. In particular, the company
concentrated on taking advantage of the growth opportunities
created by the transition to the new C1 satellite. As a result
of these efforts, the number of subscribers to AUSTAR's
television business increased by more than 14,000 during the
quarter and we reduced churn to our lowest ever level of 1.64%.
These factors contributed to a continuing improvement at the
revenue and gross margin lines, quarter on quarter."

AUSTAR recorded positive earnings before interest, taxation,
depreciation and amortization (EBITDA) of $9.4 million in Q3
2003. As expected, increased marketing and sales efforts,
and a foreign exchange loss due to hedging arrangements impacted
EBITDA during the quarter. For the nine month period to 30
September 2003, AUSTAR achieved EBITDA of $37.1 million,
representing a $27.4 million increase from the previous
corresponding period.

Gross margin continued to rise, with $42.7 million recorded for
the quarter representing a 2.7% improvement over the previous
quarter. For the nine month period, AUSTAR achieved $123.2
million in gross margin, a 14% improvement from the previous
year.

As expected, significant capital expenditure continued during
Q3, with $20.0 million recorded compared with $22.3 million in
Q2 2003. This was due primarily to the purchase of additional
customer equipment required to cater for AUSTAR's extended
satellite coverage area and upgraded smartcards.

An operating loss of $7.9 million was recorded for Q3, compared
with a loss of $6.0 million in Q2. Over the nine months to 30
September 2003 AUSTAR achieved an operating profit of $0.8
million, which represents a $116.4 million improvement from the
previous year, and includes the proceeds from the sale of
AUSTAR's stake in TelstraClear.

Total cash held by the company increased by $34.1 million to
$64.3 million during the quarter. This increase consisted
primarily of the rights issue proceeds, and was recorded after
debt repayment of $18.8 million and a $10.6 million repayment to
UnitedGlobalCom.

Commenting on AUSTAR's outlook, Mr Porter said, "Moving into
2004, our key area of focus will be on product and service
delivery improvements as we continue to grow our business at
sustainable levels."

To see complete copy of the Appendix 4C - Quarterly report
for entities admitted on the basis of commitments, go to
http://bankrupt.com/misc/AUS1104.pdf.

CONTACT INFORMATIONL Deanne Weir
        Group Director
        Corporate Development & Legal Affairs
        Tel: 02 9295 0103
        E-mail: dweir@austar.com.au


AUSTRALIAN GAS: NGC Shareholders Approve Capital Return
-------------------------------------------------------
The proposal by NGC Holdings Limited, a 66% owned subsidiary of
the Australian Gas Light Company (AGL), to make a $525 million
capital return to shareholders was approved by shareholders at
the Company's annual meeting in Wellington on 30 October 2003.

Shareholder approval of the return was required under initial
orders of the High Court relating to a scheme of arrangement for
the proposed cancellation of three shares for every seven
shares, at a payment to shareholders of $1.58 per cancelled
share. NGC is now seeking final orders from the High Court to
allow the capital return to proceed. Subject to these final
orders, the capital return is expected to be made on or about 4
December 2003.

In his remarks to shareholders, the Chairman, Mr Greg Martin,
said a Court-approved scheme of arrangement was the most
effective and equitable means of returning capital to
shareholders. He added: "The proposed return is part of the
development of a new capital structure that will be both more
efficient and appropriate for NGC's business."

Mr Martin said the capital return will be funded initially
through re-drawing on NGC's existing bank facilities, but in the
longer term it will be part funded by an issue of up to $200
million of fixed rate bonds proposed for later this year.

The bond issue is intended to establish a funding mix that
optimizes cost, duration and diversity of NGC's funding sources.
Mr Martin said he was not able to elaborate on the proposed bond
issue, beyond what has already been announced, prior to the
expected registration of a prospectus tomorrow.

However, he told shareholders there would be a mechanism for
them to invest in the bonds, if they so choose, by way of
reinvestment of the capital return payment.

Commenting on the strong financial performance of NGC during the
year, Mr Martin said: "As NGC accelerates use of its tax losses
and prior year tax prepayments, the Board expects to return to
full dividend imputation for the 2003/04 interim dividend and
thereafter." The Board will consider the amount of interim
dividend in February next year.

Shareholders approved all of the resolutions set out in the
Notice of Meeting. These included approval of an increase in
total Directors' fees from $300,000 to $400,000 per year, and an
associated change to NGC's Constitution, withdrawing a provision
for Directors' retirement allowances.

Mr Martin concluded: "As a result of the capital restructure,
the industry repositioning of NGC and initiatives already taken
to develop NGC's ongoing businesses, the Company is well placed
to harness its cash and earnings strengths to generate
sustainable and predictable returns for shareholders."

Sir Ross Jansen Retires

Sir Ross Jansen retired as a Director at the Annual Meeting. Sir
Ross has served as a Director since NGC Holdings Limited was
listed in 1992. NGC is currently seeking a suitably qualified
candidate to fill the resulting casual vacancy.

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


AUSTRALIAN GAS: Rejects Report on Electricity Pricing
-----------------------------------------------------
The Australian Gas Light Company (AGL) rejected the preliminary
findings of an independent report commissioned by the Essential
Services Commission of SA (ESCOSA) entitled "2004 Electricity
Standing Contract Price Discussion Paper".

General Manager AGLSA Sandy Canale said, "AGL does not accept
that the preliminary findings accurately represent the realities
of operating in the South Australian electricity market. AGL is
committed to providing its customers with electricity at
reasonable prices and has always endeavored to ensure that its
prices accurately reflect the costs incurred in delivering
electricity."

"Residential customers' bills are higher in South Australia than
Victoria due predominantly to the high network charges levied on
all customers. These network charges account for the major
component of the average electricity bill (43 per cent).

"Prior to the privatization of the electricity businesses, the
network assets were revalued upwards significantly. This has
resulted in network charges now being 40-50 per cent higher in
SA than Victoria," Mr Canale added.

This is substantiated by recent comments in the media (Professor
Dick Blandy 5AA, October 23, 2003 - "If you treble the value of
poles and wires, you're going to have some impact on the cost of
electricity.)

Specifically in response to comments made in the reports of
ESCOSA and its consultant:

   * AGL has managed its contracting position in SA in a prudent
manner given the market risk it inherited when it bought the
business in January 2000.

   * AGL believes that if it had not taken this approach to
contracting, electricity prices may well have been higher.

   * It fails to recognize the full cost of wholesale
electricity in the SA market, which has the greatest load
variability in Australia.

   * AGL's costs would be further increased by the regulated
Murraylink and a new network outage management system.

   * AGL rejects outright comments that it has sought to recover
additional operating costs as a result of new SA office
facilities.

"AGL intends to address these issues in its submission to
ESCOSA," Mr Canale concluded.

CONTACT INFORMATION: Jane McAloon
        Group Manager External Affairs
        Direct: (02) 9922 8349
        Mobile: 0419 447 384


COLES MYER: Seeks Shareholders Approval on CEO Options
------------------------------------------------------
The shareholders of Coles Myer Limited will be asked to approve
a grant of 1,500,000 share options with rigorous performance
hurdles to CEO John Fletcher at this year's Annual General
Meeting on 26 November 2003.

CML Chairman Rick Allert said that the Board would recommend
that the options be granted to Mr Fletcher to bring his
remuneration to a market competitive level over the remaining
three years of his current contract.

Mr Allert said that the Board had commissioned independent
advice from Mercer Human Resource Consulting on CEO and senior
executive remuneration which showed that the existing long-term
performance incentive for Mr Fletcher was at a level less than
the median of the market for similar roles.

Accordingly, directors were recommending the grant of a further
1,500,000 options with rigorous performance hurdles.

The new share options would be additional to the grant of
2,500,000 options at the time of Mr Fletcher's appointment as
CEO in September 2001.

Mr Allert said the performance hurdles attached to the proposed
grant of options reflected the Board's commitment to linking
senior executive reward with the creation of long-term
shareholder value.

"The Board is delighted with the significant performance
improvement already achieved by John Fletcher and his team and
the progress being made in the implementation of the Group's
five year strategy," he said.

Details of the recommendation to be put to the AGM are attached
at http://bankrupt.com/misc/CML1104.pdf.


HEALTH CARE: S&P Lowers Rating to 'BB' After Mayne Downgrade
------------------------------------------------------------
Standard & Poor's Rating Services said on Friday that it has
lowered its long-term credit rating on the asset-backed notes
issued by Health Care Trust No.1 to 'BB' from 'BBB-', and
removed it from CreditWatch, where it was placed on Aug. 29,
2003.

This rating action follows the lowering of the ratings on the
Mayne Group Ltd. (Mayne) to 'BB/B' from 'BBB-/A-3', and their
removal from CreditWatch on the same day, and reflects the role
of Mayne as a rating dependent in this transaction. Health Care
Trust No. 1 noteholders are paid from rental proceeds received
by Mayne Finance Ltd. in relation to the Joondalup Health
Campus, WA.


JUPITERS LTD: S&P Ups Ratings to 'BBB+' Following Tabcorp T/O
-------------------------------------------------------------
Standard & Poor's Ratings Services on Mondau raised its
corporate credit ratings on Jupiters Ltd. (Jupiters) and
Jupiters' US$135 million bonds to 'BBB+' from 'BB+' following
the successful takeover of Jupiters by Melbourne-based gaming
company TABCORP Holdings Ltd. (TABCORP; BBB+/Negative). At the
same time, the 'BBB+' ratings on TABCORP are affirmed. A 'BBB+'
debt rating is assigned to TABCORP's A$1.464 billion revolving
senior unsecured syndicated bank facility, and also to its A$600
million senior unsecured bilateral bank facility, which have
been set up to fund the transaction and refinance existing debt
facilities. The ratings on TABCORP and Jupiters are now
equalized following all conditions of the takeover bid having
been met, including shareholder and legal approval, and
financing.

The successful merger of TABCORP and Jupiters has consolidated
TABCORP's position as the largest gaming company in Australia.
The rating outlook on TABCORP and Jupiters, however, is
negative, reflecting the significant integration risks
associated with the Jupiters acquisition, the sizable debt
financing of the transaction, and the evolving regulatory
landscape, which has the potential to affect the merged entity's
cash flows in the short to medium term. If TABCORP is able to
restore and sustain conservative credit-protection measures
through the successful integration of Jupiters and by applying
free cash flow to debt reduction over the next 12 months, the
outlook could be moved to stable.


TRANZ RAIL: Accepts $50M Loan From Toll to Pay Back Government
--------------------------------------------------------------
Tranz Rail Holdings advised last week that it has accepted a
loan from Toll Group (NZ) Limited "Toll" for $50M.

The loan will enable repayment of the Crown loan of $44M, and
provide additional working capital for committed capital
replacement and wagon maintenance programs.

A waiver in respect of the loan has been granted by the New
Zealand Exchange Limited Market Surveillance Panel.


* Panel Posts Financing Arrangements Guidelines for T/O Bids
------------------------------------------------------------
The Takeovers Panel released on Thursday public comment a draft
Guidance Note on financing arrangements for takeover bids. The
Guidance Note aims to assist bidders and the market to determine
the funding arrangements that may give rise to unacceptable
circumstances. The Guidance Note also provides some guidance on
the obligation to disclose funding arrangements in bidder's
statements.

The principle underlying the Guidance Note is that a bidder
should only announce a takeover offer after careful and
responsible consideration and when it has every reason to
believe that it will be able to implement the offer.

If a bidder proposes to pay for shares with borrowed funds, it
must have funding arrangements in place with a lender when it
announces and makes its offers. Although those arrangements need
not necessarily at those times be formally documented or free of
conditions precedent, they need to provide the bidder with a
reasonable basis for believing that it will be able to pay for
acceptances under the bid. Formal documentation should be
completed prior to the offers being sent to target shareholders.

It will be unacceptable for a bid to be declared unconditional
with material conditions to the funding remaining outstanding
unless the bidder has reasonable grounds for believing that
those conditions will be satisfied and unless the status of
those conditions is properly disclosed.

Deficient funding arrangements will create unacceptable
circumstances because they will lead to a false market in the
target's securities, contrary to the policy in section 602 of
the Corporations Act of having efficient, competitive and
informed markets.

The Panel thanks the sub-committee members, Mr Braddon Jolley,
Mr Kevin McCann and Dr Tro Kortian. The Panel is especially
grateful for the input and assistance received from external
sub-committee members, Mr Rod Halstead, Mr Trevor Rowe and Mr
Jason Lee.

Comments are sought on the policy by Thursday 11 December 2003.
The policy is available on the Panel's website at:
http://www.takeovers.gov.au/Content/consultation/consultation.as
p.

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


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


APP CHINA: Creditors OK Debt-to-Equity Swap
-------------------------------------------
The creditors of Asia Pulp & Paper Co. (APP) decided to take
control of 99% of APP China Group Ltd., APP's 's Chinese holding
company, in exchange for its $660 million debt, Asian Wall
Street Journal reports, citing an unnamed company executive.

According to the executive, "holders of 89% of APP China's debts
endorsed the proposal at a meeting in Bermuda on October 30,
2003. The proposal, initially made in September, needed 75%
approval to take effect. Holders of about 10% of the debt voted
against the offer."

The debt-to-equity swap is a move to untangle Singapore-based
APP's total $13.9 billion unpaid debt, which has been in default
since March 2001. APP said that there was no alternative to the
debt-to-equity swap because the China holding company unit was
effectively insolvent and Chinese bank creditors were
threatening to foreclose.

The AWSJ noted that creditors have also complained that even as
APP contends it is unable to repay its Chinese debt, it
acknowledges that it is moving ahead with plans to invest about
$1.6 billion in new paper-making facilities on China's Hainan
Island. APP executives defend their continuing investment in
China, noting that it is mainly financed by long-term loans at
low interest rates from government-run development banks.

"It's impossible to pay for Hainan from our own cash flow," APP
Chairman Teguh Ganda Widjaja said, adding that the Chinese
government regards the Hainan project as important for national
development and wants it to continue. "We have an obligation to
creditors, but we also have an obligation to the farmers."


CENTRAL INDUSTRY: Winding Up Petition Hearing Set Tomorrow
----------------------------------------------------------
The petition to wind up Central Industry H.K. Limited is set for
hearing before the High Court of Hong Kong tomorrow, November 5,
2003 at 9:30 in the morning.

The petition was filed with the court on September 8, 2003 by
Wong Yuet Hung of Flat D, 21st Floor, Begonia Court, Fuller
Garden, Tai Po, New Territories, Hong Kong.


CHONGQING TAIJI: Xinhua Assigns BB+ (pi) LT Credit Rating
---------------------------------------------------------
Xinhua Far East China Credit Ratings assigned last week the BB+
(pi) long term credit rating Chongqing Taiji Industry (Group) Co
Ltd. The rating outlook is stable.

In Xinhua Far East's opinion, Taiji Group's long-term credit
rating mainly reflects the Company's integrated operating scale
that encompasses the research & development (R&D), production
and sales operations of itself and its two listed subsidiaries.
The Company's GMP accreditation and huge investment in R&D
maintain its leading edge in Chinese traditional patent
medicine; Southwest Pharmaceutical Co Ltd (SWP) expands the
Company's production to western medicine and biological
medicine; its subsidiary Chongqing Tong Jun Ge Co Ltd (TJG)
provides a good drug-retailing network of over thousands selling
points for the Company. Moreover, Taiji Group boasts 'Qumei'
which is the first weight-loss drug to obtain China's
'Yaozhunzi' mark for medicines.

However, the Company's core product Qumei is exposed to
intensifying market competition, while Taiji Group's lack of
independent R&D capability will restrict its long-term
development. The evolving regulations in China's pharmaceutical
industry also adversely affect the Company's operation.
Declining drug prices, in particular, will squeeze the Company's
profit margins. Moreover, the increasing proportion of revenue
from drug retailing and comparatively poor financial results of
the newly-merged SWP will further reduce the Company's gross
margin. The Company's operating cashflow has not increased in
tandem with the growth of turnover, while large investment
expenditures are raising the Company's debt burden. Although the
Company has good access to capital markets due to its stakes in
three listed companies, Xinhua Far East thinks the Company's
current capital structure will change little in the next three
years.

Considering the Company's scale in Sichuan province and
Chongqing municipality, especially TJG's retailing scale in the
region bringing stable cash-inflow to the Company, Xinhua Far
East assigns Taiji Group the rating outlook of stable.

Taiji Group is a limited company founded in November 1993
through the reorganization of the former state-owned Sichuan
Fuling Pharmaceutical Plant. The Company is principally engaged
in the production and sales of Chinese patent medicines, western
medicine, health care products and medical appliances, etc.  Its
core products include Qumei (weight-loss drug), Jizhi Julep (for
acute bronchitis), Er Kang Ning (for children's anorexia),
Huoxing Zhengqi Oral Rehydration (for heatstroke and dyspepsia)
and Tongtian Oral Rehydration (for headache caused by gore).

Taiji Group is a large cap company ranking the 177th in the
Xinhua/FTSE China A 200 Index. As of October 28, 2003, the total
market cap of the constituent accounted for RMB 3.91 billion
yuan (USD 483 million) with the investible market cap of RMB
1.17 billion yuan (USD 145 million).


EXCELLENCE (CHINA): Nov 19 Winding Up Hearing Scheduled
-------------------------------------------------------
The High Court of Hong Kong will hear on November 19, 2003 at
9:30 in the morning the petition seeking the winding up of
Excellence (China) Limited.

Bank of China (Hong Kong) Limited  of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong filed the petition on
September 17, 2003. Koo and Partners represents the petitioner.

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


LINGYUAN IRON: Xinhua Assigns BBB-(pi) Rating; Stable Outlook
-------------------------------------------------------------
Xinhua Far East China Credit Ratings, the pioneering undertaking
to rank credit risk among Chinese corporations using
international standards, assigned on Thursday BBB- (pi) long
term credit rating to Lingyuan Iron & Steel Co Ltd. The rating
outlook is stable.

In Xinhua Far East's opinion, the long-term credit rating of
BBB- (pi) forLingyuan Steel is based on the booming demand for
steel products along with the stable development of China's
national economy. In particular, the Company's core product of
strip steel has been bolstered by vibrant market condition since
2002 and the favorable trend continued in 2003. Lingyuan
Steel's comprehensive technology upgrading has already been
completed, indicating that the Company will continue to maintain
stable operations over the next several years. Meanwhile, as a
result of focused core business and products, the Company's
profitability is relatively high among industry peers. Lingyuan
Steel has stable operating cashflow, a solid capital structure
and sound solvency.

Xinhua Far East believes the following risk factors have
constrained Lingyuan Steel's rating:

     * Lingyuan Steel's operating scale does not reach the scale
of economies of the steel industry.

     * The Company's major production lines have all reached or
substantially exceeded design production capability, and cannot
be sharply enhanced in the next several years.

     * Strip steel producers are concentrated in the Company's
major sales markets, making market competition fierce.

Lingyuan Iron & Steel Group Co Ltd is the Company's
controlling shareholder, holding 57.58% of the Company. After
Lingyuan Steel went public, the Company has acquired 880mm mid-
width hot-rolled strip steel production line and the entire
continuous steel rod production line from the Group. Currently,
the Company's core products are mid-width hot-rolled strip
steel and steel rod, which accounted for 54.6% and 35.5% of the
Company's turnover in 2002 respectively. The Company's
production of steel and steel products in 2002 was 1.31 million
tons and 1.33 million tons, respectively. Lingyuan Steel is a
small to medium sized steel enterprise in China. Lingyuan Steel
is a mid cap companies in the Xinhua/FTSE China A 400 Index.

As of October 29, 2003, the total market cap of the constituent
accounted for RMB 4.01 billion yuan (USD 495 million) with the
investible market cap of RMB 1.60 billion yuan (USD 198
million).


RICH SOURCE: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Rich Source Technology Limited is set
for hearing before the High Court of Hong Kong on November 5,
2003 at 10:00 in the morning.

The petition was filed with the court on September 15, 2003 by
Tang Yung Shu David Johnson of Room 605, Kwai Ching House, Kwai
Fong Estate, New Territories, Hong Kong.


TOP TREASURE: Winding Up Hearing Scheduled Next Wednesday
---------------------------------------------------------
The High Court of Hong Kong will hear on November 12, 2003 at
9:30 in the morning the petition seeking the winding up of Top
Treasure Engineering Limited.

Leung Kin Shing of Room 722, Lee Yip House, Shun Lee Estate,
Kowloon, Hong Kong filed the petition on September 17, 2003.
Tam Lee Po Lin, Nina represents the petitioner.

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


WEALTH FULL: Faces Winding Up Petition
--------------------------------------
The petition to wind up Wealth Full Technology Limited was heard
before the High Court of Hong Kong on October 22, 2003 at 10:00
in the morning.

The petition was filed with the court on August 6, 2003 and an
Amended Petition was filed at the said Court on the 24th day of
September 2003 by Koninklijke Philips Electronic N.V. whose
principal place of business is at Groenewoudseweg 1, 5621 BA
Eindhoven, The Netherlands.


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


ASIA PULP: Discloses Master of Restructuring Agreement Details
--------------------------------------------------------------
Indonesia Bank Restructuring Agency (IBRA) and Asia Pulp & Paper
Co (APP) foreign creditors including IBRA on Thursday, 30
October 2003 officially signed the Master of Restructuring
Agreement (MRA) of APP debt restructuring agreement valued +/-
US$6.7 Billion. The debt restructuring agreement is one of the
biggest in the world and takes +/- 16 months of negotiations in
which IBRA acts as the lead negotiator. Accordingly, IBRA's
success in leading the negotiations between the creditors and
the Sinar Mas Group within less than 1 « years is a remarkable
achievement as a milestone in Indonesian economic recovery
efforts.

The MRA is a follow-up to the Agreed Final Position (AFP) dated
25 September 2003, which is a refinement of the Summary of Key
Terms Restructuring signed on 10 June 2003 by IBRA, Export
Credit Agencies (ECA), Trustees of the Rupiah Bond Holders and
APP-Indonesia. The signing of the Summary of Key Terms
Restructuring was also witnessed by the State Minister of State
Corporations - Laksamana Sukardi who in his introductory speech
put emphasis on the importance of the debt restructuring in
Indonesian economy.

Just as a reminder to the APP debt restructuring process, the
chronology of handling the APP debt restructuring can be divided
into two main parts, namely the first part when IBRA was not
involved in the restructuring process and the second part where
IBRA has been elected as the leader to lead the restructuring
process.

In the period without IBRA's involvement in the Restructuring
Process as from 12 March 2001, APP Group - Indonesia when APP
declared non-payment of its obligations to the Creditors (Stand
Still). Since the Stand Still, negotiation process of debt
restructuring did not achieve any significant progress due to
fragmented negotiations so as to cause the creditors be
positioned in uncertainty.

Due to the insignificant progress, Deutsche Bank Singapore
Branch & BNP Paribas Singapore Branch filed for judicial
management on APP Group at the Singapore court but was declined
by the Singapore court.

After IBRA received transfer of obligations from Bank
Internasional Indonesia on 5 November 2001, ECA (Export Credit
Agency) requested IBRA for direct involvement and lead the
negotiation process of APP Group debt restructuring along with
the Combined Steering Committee. IBRA started debt restructuring
process with the signing of MOU (Memorandum Of Understanding)
between IBRA and ECA on 15 June 2002. Among the items agreed
are:

   * Settlement acceleration of APP Indonesia debt restructuring
scheme

   * Increase in the control function on the companies.

Continuing the implementation steps of the MOU, on 15 September
2002 it was agreed that the creditors appoint Financial
Controller whose function is to put all creditors in a secured
position. On 25 September 2002, IBRA (for the interests of
Creditors) took initiative to sign Escrow Account Agreement
first to ensure that every use of escrow account must be by
approval of IBRA and is communicated to ECA. The position as of
30 September 2003, the fund pooled in the escrow account reached
USD 376 Million. Total payment of professional fees including
financial and legal consultants of the Creditors and APP has
been settled with the use of fund obtained from the escrow
account.

Following the escrow account establishment, negotiations went
on, producing a number of agreements such as the Bali Accord I
on 28 September 2002, Settlement Agreement on 18 December 2002,
Summary of Key Terms Restructuring on 10 June 2003 and the
latest is the Agreed Final Position on 25 September 2003. In
addition to the major momentums of agreement, there are other
agreements of equal importance throughout the negotiation
marathon, so as to come up with the restructuring scheme, as
detailed at http://bankrupt.com/misc/APP1104.pdf.

With the success in APP Indonesia debt restructuring, it is
expected that the efforts for economic recovery, influx of
investment and revival of the industrial sector in Indonesia can
soon be achieved.


ASTRA INTERNATIONAL: Net Income Ups 28% Higher, to Rp3.70T
----------------------------------------------------------
PT Astra International Tbk net revenue for the nine-month period
2003 (January - September) reached Rp24.2 trillion, or 4.6%
higher compared to previous year in the same period. In the
meantime, operating income also increased by 25.0% from Rp2.07
trillion in 2002 to Rp2.59 trillion in 2003, as a result of
stronger earnings from automotive, primarily Toyota, financial
services and agribusiness.

The Company booked 28% higher net income from Rp2.88 trillion in
2002 to Rp3.70 trillion in 2003 due to a reduction in net
financing charges, an increase in gain on sales of investments
and offset by a decrease in the gain on foreign exchange. Budi
Setiadharma, President Director, said "We are pleased that Astra
can achieve good results from its nine-month performance. It
reflects the increase in our revenue, operating income and net
income mainly contributed from automotive, financial services
and agribusiness divisions."

The Company's four-wheeler automotive business division sales
rose to 112,642 units in 2003 from 103,744 units in 2002, or 8%
higher. The main increase came from Toyota and followed by
Daihatsu, Isuzu, BMW, Peugeot and Nissan-Diesel Truck. However,
Company's market share slightly reduced from 43.1% in 2002 to
41.9% in 2003, mainly due to sales decline in Isuzu diesel
engine vehicles.

Two wheeler sales 12.6% higher

Meanwhile, the Honda motorcycle business experienced higher
growth compared to four wheelers. It recorded domestic sales
volume of 1,179,909 units in 2003 or 12.6% higher compared to
2002. Honda is still the leading brand in the two-wheeler market
with 52.6% market share for the nine-month period to 30
September 2003.

The components division total sales slightly increased to Rp1.44
trillion in 2003 from Rp1.38 trillion in 2002. The major revenue
contribution came from replacement market, followed by original
equipment market and export sales.

Along with the increase in domestic automotive sales, both
automobile and motorcycle financing booked higher sales by 25.8%
and 13.0% respectively, financing 41,298 car units and 351,687
motorcycle units in the nine-month period.

Agribusiness revenue 20% higher

As at end September 2003, the agribusiness division achieved
revenue of Rp1.74 trillion or 20.4% higher than 2002, mostly due
to increase in production and crude palm oil (CPO) price. CPO
production rose 16.8% from 330,720 tons in 2002 to 386,388 tons
in 2003, while average selling price of CPO increased by 7.6%.

Corporate Actions in 2003

The Company repurchased its Series III debts in February 2003
amounting USD 10.7 million and Rp34.2 billion with average price
69% from Bond Sinking Funds and its Series II debts in July 2003
in the amount of USD 114,1 million and Rp35,9 million with
average price 97.5% from rights issue proceeds. In March, June
and September 2003, the Company paid its regular Series II debts
amounting to US$ 65.2 million and Rp81 billion. To date, the
Company debt has reduced from USD 690 million and Rp878.14
billion in December 2002 to USD 506 million and Rp751 billion.

Following Astra shareholders' approval dated 22 May 2003 with
regard to Company's plan to sell shares in PT Toyota-Astra Motor
to Toyota Motor Corporation (TMC), a Sale and Purchase Agreement
was signed between the two companies on 4 July 2003 valuing
Astra's 46% interest in the manufacturing business of the joint
venture at US$ 226 million. The transaction was completed on 30
September 2003 and Astra maintains its 51% interest in the newly
established sole and exclusive distribution company for Toyota
products in Indonesia whereas its ownership in the Toyota
manufacturing business has now reduced to 5%. The proceeds of
the sale, paid by TMC on 30 September 2003, will be applied to
accelerate payment of Series II and III debts.

Budi Setiadharma also said that "By the time Astra has paid the
debt from routine payments and the Toyota transaction proceeds,
it will be released from restrictions required under the debt
restructuring agreement. The Company will be able to concentrate
on developing its business and in increasing value to
shareholders, for instance by distributing dividends starting
from the financial year 2003."

As previously reported, in the absence of unforeseen
circumstances, it is possible for Astra to pay a total final
dividend for 2003 of around 25% of the net profit excluding
extraordinary income. This would include an interim dividend for
the financial year 2003 of Rp.50,- per share, anticipated to be
paid in December 2003.

Note: All figures are taken from January-September 2003
unaudited financial statements and compared with the same period
in 2002 year on year.


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


ALL NIPPON: Returns to Profit in First Half
-------------------------------------------
All Nippon Airways (ANA) Group posted a consolidated net profit
of 20.5 billion yen for the first six months of fiscal 2003
(April 1 - September 30), a considerable improvement over the
8.1 billion yen loss posted for the same period last year, a
Company statement said.

Revenues for the period under review were Y608.3 billion,
operating profit Y14.4 billion and recurring profit Y14.3
billion.

" This is proof that we are on track," said ANA President and
CEO, Yoji Ohashi, "and that despite one of the worst years in
aviation history, and a very difficult operating environment at
home, our restructuring efforts and our determination to reduce
costs are paying off."

In the first quarter of the current fiscal year, revenues from
international passenger operations were greatly affected by SARS
and the Iraq war. Demand for domestic individual travel also was
weaker than expected, even given the ongoing economic malaise in
Japan. Total revenue fell by Y13.7 billion year-on-year to
Y608.3 billion. However, despite this drop in revenue, ANA was
able to achieve a net profit by forging ahead with its Three
Year Cost Reduction Plan (fiscal 2003 - fiscal 2005),
particularly relating to personnel costs, as well as by
restructuring the route network and rationalizing the
utilization of its fleet.

The ANA Group is made up of five airlines*, aviation-related
businesses, travel services and a chain of hotels, amongst other
businesses. On a parent Company basis, ANA (All Nippon Airways
Co., Ltd.) posted a net profit of Y7.4 billion, revenues of
Y481.3 billion, an operating profit of Y8.9 billion, and a
recurring profit of Y9.8 billion.

Airlines within the ANA Group carried 24.3 million passengers on
international and domestic routes over 27.7 billion Revenue
Passenger Kilometers (RPKs). Passenger numbers for the six-month
period were down 3.9 percent compared with last year, and RPKs
down 6.4 percent, both of which can be accounted for by SARS and
the Iraq war. Cargo carried was up by 9.3 percent to 305,000
tonnes, thanks to strong demand, especially in the China market,
which continued unabated throughout the SARS crisis.

ANA will press ahead with its plan to reduce yearly costs by Y30
billion by the end of fiscal 2005 (March 31, 2006). In light of
this, and the fast rebound of traffic after SARS, as well as the
expectation of continued growth in traffic between Japan and
China, ANA has revised upwards its initial net profit forecast
for the present fiscal year, ending March 31, 2004, to Y17.5
billion yen from Y15 billion. This is despite a forecast drop in
revenues from an initial Y1.24 trillion to Y1.21 trillion.

*ANA (All Nippon Airways), ANK (Air Nippon), AJX (Air Japan), A-
Net (Air Nippon Network), ADK (Air Hokkaido)


MITSUI MINING: Mining Firm Receives IRCJ Aid
---------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) will
bail out Mitsui Mining Co. under a fresh restructuring plan
worked out by the struggling developer of natural resources,
according to Kyodo News. The decision follows the IRCJ's
retraction of its September 1 decision to support Mitsui Mining
because the Company had losses larger than initially estimated
under an earlier restructuring plan.


MITSUBISHI TOKYO: Dissolves Subsidiary
--------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President:
Shigemitsu Miki) announced that The Bank of Tokyo-Mitsubishi,
Ltd. (BTM), a member bank of MTFG, has decided to dissolve Japan
Coupon Service Co., Ltd. (JCS), a subsidiary of DC Card Co.,
Ltd., which is a subsidiary of BTM. Dissolution of JCS is
expected by the end of November 2003.

1. Outline of JCS

(1) Address: 11-13, Ebisu 1-chome, Shibuya-ku, Tokyo

(2) Managing Director: Akira Yamashita

(3) Capital: Japanese yen 90 million

(4) Business: Factoring business

2. Reason for Dissolution

It has been decided to discontinue the business of JCS and as a
result the decision to dissolve JCS has been taken.

3. Impact on MTFG's business forecast

This event is not expected to have any material effect on MTFG's
previously announced business forecast for the current fiscal
year.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Seiji Itai, Chief Manager, Corporate Communications Office
Tel.: 81-3-3240-8136


NEC CORPORATION: Affiliate Enters Alliance With Lenel Team
----------------------------------------------------------
NEC Solutions (America), Inc. and Lenel Systems International,
Inc. announced that they have signed a joint agreement designed
to increase the availability of computer servers supporting many
of our nation's public and private security systems. Under the
agreement, Lenel will offer HA-OnGuard(TM) as a new, optional
level of availability for its OnGuard(R) comprehensive, ever-
expanding suite of security management applications--including
access control, alarm monitoring, digital video, intrusion
detection, asset tracking, information security integration,
credential production and employee/visitor management
functionality. HA-OnGuard will utilize NEC's Express5800/320Lb
High Availability (fault tolerant) servers.
"Availability" refers to the percentage of time that an
application can perform its functions according to its
performance specifications, including both planned and unplanned
downtime over the application's lifetime. Together, Lenel's and
NEC's award-winning technologies have been designed to deliver
up to 99.999% or better availability, which translates into less
than five minutes of unplanned downtime per year. Because NEC's
servers are designed to withstand multiple hardware failures
while maintaining uninterrupted operation, the servers deliver
true fault tolerance. By contrast, the servers on which security
systems have traditionally been run have offered availability
rated at 99% (48 hours or more of downtime per year).

Redundant security systems are often deployed with a group of
servers connected together, called clustered servers. Those
clustered systems require extensive application programming and
maintenance at the time of installation and with every software
upgrade. Combining integrated security and high availability
technologies simplifies installation and ongoing security
network management because the NEC servers run Microsoft
Windows-based applications in a high availability state directly
out of the box, without requiring any application programming or
ongoing maintenance.

"Combining NEC's high availability servers with Lenel's security
products will further simplify security for end users while
reducing the costs for delivering availability," said Mike
Mitsch, senior director of marketing at NEC Solutions America.
"The choice to go with fault tolerant servers will also
eliminate the need to custom-code applications, further reducing
deployment and management costs."

"Lenel has established a market leadership position because of
the technological edge, flexibility and robustness built into
our products. Now, integrating NEC's High Availability servers
with OnGuard security systems will simplify long-term management
for our customers while making the networks more stable and
resilient against hardware failure," said Rudy Prokupets,
Lenel's Chief Technology Officer and Executive Vice President of
Research and Development. "This approach radically reduces time
to deployment, and removes the customer networking headaches
that traditionally have been part of the third-party networking
systems used in all security systems. It's a decisive step
forward for the security industry, and Lenel is proud to be
leading the way with the help of NEC."

NEC Solutions High Availability Servers

The NEC High Availability server series is designed to deliver
continuous availability computing using 24x7 fault tolerant
technology with industry-standard hardware and software. The
servers provide among the highest levels of system availability
(up to 99.999% uptime) and data integrity for Microsoft(R)
Windows 2000(R) and Server(TM) 2003 environments. The innovative
lockstep technology uses duplicated, fault-tolerant hardware
components that process the same instructions and computation at
the same time. In the event of a hardware fault, the duplicated
component acts as an active spare and continues normal operation
with no interruption in processing, and no loss of performance
or data integrity experienced by end users. More information on
NEC's High Availability server series is available at
www.necsam.com/servers.

Availability

The Lenel HA-OnGuard high availability solution is available
today for customers requiring immediate deployment of
simplified, high availability security solutions, as well as
those seeking to upgrade existing OnGuard Security servers.
Those interested in exploring the benefits of 99.999%
availability can find more information on Lenel's web site at
www.lenel.com/99999. Contact information for Lenel's Technology
Relationship Managers can be found at: www.lenel.com/sales.

About Lenel

Lenel(R) Systems International, Inc. is a global leader in the
development and delivery of scalable, integrated systems for the
commercial security market.. Lenel's unique vision--its Total
Security Knowledge Management Solution(TM)--consists of
seamlessly integrating synergistic technologies through open
architecture. The company's award-winning family of products,
Lenel OnGuard(R), is a comprehensive yet ever-expanding suite of
applications, encompassing access control, alarm monitoring,
credential management, intrusion detection, asset tracking,
digital video management, visitor management, remote
administration, IT security, biometrics, mobile enterprise, and
smart card functionality. With more than 6,500 system
implementations in 50 countries, Lenel solutions have become the
preferred choice of such security-conscious organizations as
Cisco Systems, LaGuardia, John F. Kennedy and Newark Airports,
Microsoft and the United States Navy. Lenel is headquartered in
Rochester, New York, with sales and support coverage in all
major world markets. More information about Lenel and its
products can be found on the company's website at www.lenel.com.

About NEC Solutions (America), Inc.

NEC Solutions (America), Inc. is a premier provider of
integrated solutions for the Connected Enterprise in North
America. As an affiliate of NEC Corporation (NASDAQ: NIPNY)
(FTSE: 6701q.1), NEC Solutions America taps into a global
resource network to help clients leverage technology to achieve
a competitive edge. From mobile enterprise computing systems,
biometric security solutions, business intelligence,
presentation systems, business service management and IT
professional services, the expertise is delivered with the
personal attention needed to address individual situations. With
headquarters in Rancho Cordova, California, NEC Solutions
America maintains research, marketing, sales and support
facilities throughout the United States. Information regarding
NEC Solutions America can be found at www.necsolutions-am.com.

CONTACTS:

Aspire Communications
John Fitzsimmons, 781-863-1333
johnf@aspirepr.com
or
Lenel (press only)
Rudy Prokupets, 585-248-9720
pro@lenel.com
or
Lenel
Josh Philips, 585-248-9720
jphillips@lenel.com


NEC CORPORATION: Intends to Slash Debt
--------------------------------------
NEC Corporation aims to cut its debt-to-equity ratio to one from
a current 3.54, in an effort to shore up a badly weakened
balance sheet, according to Reuters. The Company's equity-to-
asset ratio remains below 10 percent, compared with nearly 20
percent a decade ago, due in part to the lingering effects of
record losses in 2001/2002 and an under funded pension plan.


NIPPON TELEGRAPH: Issues Notice of Shares Repurchase
----------------------------------------------------
Nippon Telegraph and Telephone Corporation (NTT) announced that
it repurchased its own shares pursuant to Article 210 of the
Japanese Commercial Code. The details of the repurchase are as
follows:

1.  Repurchased period
    From October 16, 2003 to October 31, 2003

2.  Number of repurchased shares
    46,143 shares

3.  Total value of repurchased shares
    23,498,027,000 yen

4.  Method of repurchase
    Acquisition at the Tokyo Stock Exchange

(FURTHER INFORMATION)

1. The resolutions on repurchase of NTT shares decided by the
shareholders at the 18th ordinary general meeting on June 27,
2003 were as follows:

(1) Class of shares: Common stock

(2) Number of shares to be repurchased: 200,000 shares (maximum)

(3) Total value of shares to be repurchased: 100 billion yen
(maximum)

2. The progress of repurchase to date

(1) Total number of repurchased shares: 118,524 shares

(2) Total value of repurchased shares: 62,511,386,000 yen

For inquiries, please contact:
Investor Relations Group
Department IV
Nippon Telegraph and Telephone Corporation
Attn: Ogata (Mr.) or Hanai(Mr.)
Tel: 03-5205-5581
E-mail: investors@hco.ntt.co.jp


TOSHIBA CORPORATION: Sells Holding in Shibaura Mechatronics
-----------------------------------------------------------
On October 24, 2003, Toshiba Corporation announced that it
proposed to sell off part of its holding in Shibaura
Mechatronics Corporation (Headquarters: Yokohama City, Kanagawa,
President: Hiroo Okuhara, Stock Code: 6590). The sale of the
stock is scheduled for November this year.

In addition to that announcement, we hereby inform you of the
following:

1. Toshiba's November sale of Shibaura Mechatronics' stock will
dilute Toshiba's holding from 46.92 percent to 37.93 percent.
After the sale, and in accordance with accounting principles
generally accepted in the United States of America, Shibaura
Mechatronics will become an affiliated Company of Toshiba, a
change from its current status as consolidated subsidiary.

2. Toshiba and Shibaura Mechatronics will nonetheless work
together under the same corporate philosophy of Toshiba group.

For the reference, the following provides a brief outline of
Toshiba's October 24 announcement.

1. Number of Stock to be sold:  4,500,000 *

* 8.99 percent of Shibaura Mechatronics' total outstanding
stock.

2. Timing for Sellout:

The timing of the sale will be made with consideration for its
impact on the stock market.

3. Reason for Sellout:

The sale of the stock will support Toshiba in its effort to
reduce liabilities. It will also bring greater liquidity to
Shibaura Mechatronics' stock by widening ownership and
increasing its marketability. Toshiba and Shibaura Mechatronics
mutually agreed the decision on the sale.

Press Contact: Corporate Communications Office:
press@toshiba.co.jp


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


HYNIX SEMICONDUCTOR: Wins Tariff Break in Europe
------------------------------------------------
The United Kingdom's Customs and Excise Agency recently decided
that Hynix Semiconductor Inc.'s dynamic random access memory
modulem (DRAM), made with silicon wafers produced in its Eugene,
Oregon plant, should be excluded from countervailing duties
levied by the European Union because the modules are made in the
United States, JoongAng Daily reports.

In August, the EU imposed a 35-percent penalty tariff on
products produced by Hynix in Korea, in retaliation for
government subsidies to the chipmaker.

The chipmaker asked the U.K. government to exclude its DRAM
modules that used wafers produced in the United States from the
tariffs. Since the decision by the United Kingdom will also
apply to other EU members, Hynix will be able to export the
modules to Europe without the countervailing duties, said Kim
Il-su, an official at the South Korean Embassy in London.


SK CORPORATION: BP Buys 10% of Power Generation Unit
----------------------------------------------------
BP Plc, the world's third-largest oil Company, has signed a
preliminary agreement to buy more than 10 percent of a power
generation unit of SK Corporation, according to Reuters. SK Corp
declined to disclose how much the British Company would invest
in the unit.

Moody's Investors Service recently confirmed the Ba2 long-term
ratings of SK Corporation and the guaranteed debt of Momenta
(Cayman). The confirmation considers the recent decision by SK
Corp's board of directors to participate in a proposed workout
plan to normalize operations at SK Networks (formerly SK Global
Co; unrated). The rating outlook is negative. This concludes the
review, which commenced on March 18, 2003.


SK GLOBAL: Togut Segal Seeking Approval for Interim Compensation
----------------------------------------------------------------
Togut, Segal & Segal, LLP, the SK Global America Debtors'
Chapter 11 counsel, asked the Court to approve their
compensation application for the period beginning July 21, 2003
through August 31, 2003. SK Global America is a unit of South
Korea's troubled SK Networks Company. Togut Segal seeks payment
equal to $125,692 for legal fees -- representing 80 percent of
$157,116 -- and $3,390 for actual and necessary expenses, for a
total of $129,082.

Scott E. Ratner, a member of Togut Segal, relates that during
the Compensation Period, the firm has been:

(a) participating in extensive correspondence, telephone
conferences and meetings with the Debtor's personnel, its
outside professional advisors, representatives of the Debtor's
Parent SK Global Co. Ltd, and the U.S. Trustee concerning the
commencement of the Chapter 11 case;

(b) obtaining Court approval of first-day applications and
motions for Orders:

(i) authorizing the Debtor to maintain its existing cash
management system, existing bank accounts and business forms;

(ii) authorizing an extension of the Debtor's time to file
schedules of assets and liabilities and statement of financial
affairs;

(iii) authorizing the Debtor to pay prepetition payroll and
related employee benefits;

(iv) deeming utility service providers adequately assured of
future performance and establishing procedures for requests for
additional adequate assurances;

(v) authorizing the Debtor to employ Togut Segal as bankruptcy
counsel; and

(vi) authorizing the Debtor to retain Bankruptcy Services LLC as
claims and noticing agent;

(c) participating in extensive correspondence, telephone
conferences and meetings with the Debtor's personnel, SK Global
Co.'s representatives and others, concerning the request by the
Foreign Bank Steering Committee to appoint an examiner;

(d) assisting the Debtor in responding to inquiries from the
Foreign Bank Steering Committee, the U.S. trustee and other
parties-in-interest;

(e) participating in extensive correspondence, telephone
conferences or meetings with the Debtor's personnel and the U.S.
Trustee concerning the employment of certain professionals,
including KPMG LLP and other ordinary course professionals;

(f) participating in extensive communications with the Debtor's
personnel concerning duties and responsibilities of a debtor-in-
possession, operations under Chapter 11 and related matters;

(g) participating in extensive correspondence, telephone
conferences or meetings with the Debtor's creditors, including
landlords, vendors or their professional advisors, concerning
the Debtor's Chapter 11 filing and the status of the case;

(h) assisting the Debtor in obtaining Court authorization to
reject several office leases for premises not necessary to
continued operations;

(i) participating in extensive correspondence, telephone
conferences and meetings with the Debtor's personnel, outside
professional advisors, and SK Global Co.'s representatives
concerning status of SK Global Co.'s global restructuring;

(j) reviewing and analyzing loan documentation concerning
security interests and claims asserted by Korea Exchange Bank
and Cho Hung Bank against the Debtor;

(k) participating in extensive correspondence, telephone
conferences or meetings with the Debtor's personnel, outside
professional advisors, and SK Global Co.'s representatives
concerning the extent and validity of Cho Hung Bank and Korea
Exchange Bank security interests;

(l) participating in extensive correspondence, telephone
conferences or meetings with the Debtor's personnel, outside
professional advisors, and SK Global Co.'s representatives
concerning Cho Hung Bank and Korea Exchange Bank's demand for
adequate protection as condition to the Debtor's use of its
purported cash collateral, including preparation of Cash
Collateral Stipulations and related pleadings and extensive
telephone conferences and correspondence with Cho Hung and Korea
Exchange Bank's counsel concerning the matter;

(m) assisting the Debtor in obtaining the release of $70,000,000
frozen by Bank One pursuant to a prepetition restraining notice
issued on behalf of Kookmin Bank by the New York State Court;
and

(n) participating in correspondence, conferences or meetings
with the Debtor's personnel regarding strategies for existing
Chapter 11.

Togut Segal provides a summary of its out-of-pocket and direct
expenses incurred from July 21, 2003 through August 31, 2003:

  Expense Item Amount Incurred
  ----------------------------
  Facsimile $119
  Ground Transportation 345
  Photocopying Charges 1,902
  Long-Distance Telephone 6
  Working Meals 57
  Messenger Service 54
  Overnight Courier 146
  Postage 762
  -------
  TOTAL $3,390

Mr. Ratner relates that for the provision of the services, 13
professionals rendered 408.4 hours for the Covered Period,
resulting in total time charges of $157,116:

  Professional Title Hours Worked
  ------------ ----- ------------
Albert Togut Partner 38.4
Frank A. Oswald Partner 0.9
Scott E. Ratner Partner 92.8
Gerard DiConza Associate 145.3
William Reid Associate 17.5
Daniel Geoghan Associate 7.7
Dawn Person Paralegal 45.5
Jay Baribeau Clerk 19.9
Dana Hong Clerk 1.0
Melissa Smith Associate 4.0
Matthew Marlott Associate 16.5
Kate Goebel Associate 6.7
Sarah Stocker Associate 12.2
  ------
  Total 408.4

(SK Global Bankruptcy News, Issue No. 7; Bankruptcy Creditors'
Service, Inc., 609/392-0900)


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


ANCOM BERHAD: Obtains Tamco's Proposed Listing Approval
-------------------------------------------------------
Ancom Berhad refers to the announcements made on 3 September
2002 and 20 February 2003 in relation to the Disposals of the
Entire Issued and Paid-Up Share Capital of four (4) wholly-owned
subsidiaries of Ancom, namely Perusahaan Kimia Gemilang Sdn Bhd,
Fermpro Sdn Bhd, Kumpulan Kesuma Sdn Bhd and Wedon Sdn Bhd, to
Nylex (Malaysia) Berhad (Nylex) for a Total Sale Consideration
of RM64,427,000 to be satisfied by the Issuance of 64,427,000
New Ordinary Shares of RM1.00 in Nylex at an Issue Price of
RM1.00 Per Share Credited as Fully Paid-Up (Disposals).

On behalf of Ancom, Aseambankers Malaysia Berhad is pleased to
announce that Tamco Corporate Holdings Berhad (Tamco) has
obtained the approvals of the Securities Commission and the
Kuala Lumpur Stock Exchange (KLSE) via their letter dated 28
October 2003 and 29 October 2003 respectively for the proposed
listing of Tamco on the Mesdaq Market of the KLSE.

The Disposal is now conditional upon Nylex obtaining the Court's
sanction for its proposed capital reduction.


BELOGA SDN: Lot 1806 Excluded From Proposed Acquisitions
--------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Chin Foh Berhad, wishes to
announce to the Kuala Lumpur Stock Exchange that the Securities
Commission (SC) had, via its letter dated 28 October 2003,
approved the Proposed Acquisitions based on the revised
financial forecasts and projections of CF Metal Recycling Sdn
Bhd (formerly known as CF Beloga Sdn Bhd), and CFB's application
for extension of time for the completion of the Proposed
Acquisitions of Assets Of Beloga Sdn Bhd (Special Administrators
Appointed) to 30 November 2003.

The SC also approved the possibility that CFB may not be
acquiring Lot 1806, Mukim of Kajang, District of Hulu Langat,
Selangor Darul Ehsan (Lot 1806). On behalf of CFB, AmMerchant
Bank also wish to announce to the Kuala Lumpur Stock Exchange
that the parties to the conditional Sale And Purchase Agreement
entered into on 18 October 2000, have mutually agreed to exclude
Lot 1806 from the Proposed Acquisitions. The purchase
consideration for the Proposed Acquisitions would thus be
adjusted accordingly. CFB would proceed to issue 8,706,173 new
CFB Shares as settlement of the remaining consideration.


BESCORP INDUSTRIES: September Default Amounts to RM58.061M
----------------------------------------------------------
As required by the Kuala Lumpur Stock Exchange Practice Note
1/2001, Bescorp Industries Berhad (Special Administrators
Appointed) hereby provides an update on its default in payment,
as enclosed in Appendix A at
http://bankrupt.com/misc/Bescorp1104.xls.

The default by BIB as at 30 September 2003 amounted to
RM58,061,510.63 made up of a principal sum of RM32,220,139.42
plus RM25,841,371.21 in interest for revolving credit
facilities.

As at 30 September 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 RM164,442,328.05 made up of a principal sum of
RM60,905,258.44 plus RM41,606,476.08 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities, and RM61,930,593.53 for overdraft
facilities.


BUKIT KATIL: Updates Defaulted Loan Facilities Status
-----------------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad wishes to
announce that BK Plantations Sdn Bhd, a wholly owned subsidiary,
has defaulted in payments of principal and interest to Alliance
Merchant Bank Berhad in respect of a Revolving Credit facility.

BKATIL as the holding company has given a Corporate Guarantee to
Alliance Merchant Bank Berhad to the extent of the outstanding
principal and interest owing by BK Plantations Sdn Bhd. The
facility is unsecured.

The Board of Directors of BKATIL updated on the following loan
facilities.

Bumiputra-Commerce Bank Berhad

The company is presently making attempts to obtain refinancing
from other financial institutions for the repayment of the
defaulted sums.

OCBC Bank (Malaysia) Berhad

The foreclosure proceedings for the sale of the company's land
held under Grant Reg No. 31, Lot No 5058 Mukim Gunung Semanggol,
Daerah Krian, Negeri Perak and charged to OCBC Bank (Malaysia)
Berhad has been fixed for decision on 14 November 2003. The
Company's efforts to procure alternative financing to fully
settle the outstanding facilities are still pending a successful
outcome.

The Board of Directors of BKATIL would like to further provide
an update on the details of all facilities currently in default
in compliance with Section 3.1 of Practice Note 1/2001.

Borrowings in default as at 30 September 2003 with Bumiputra-
Commerce Bank Berhad, OCBC Bank (Malaysia) Berhad and Alliance
Merchant Bank Berhad can be seen at
http://bankrupt.com/misc/BKatil1104.doc.


GEAHIN ENGINEERING: Discloses Investigative Audit Findings
----------------------------------------------------------
Geahin Engineering Berhad refers to the announcements dated 26
December 2002 whereby Geahin obtained the approval of the
Securities Commission (SC) for its Proposed Restructuring
Scheme. One of the conditions imposed by the SC in its approval
for the Proposed Restructuring Scheme was that Geahin is
required to appoint an independent audit firm to conduct a
investigative audit on the past losses of Geahin and its
subsidiary companies (Group).

On 21 February 2003, the Company appointed Messrs Anuarul Azizan
Chew & Co (AAC) to carry out the investigative audit as
announced in the monthly announcement dated 3 March 2003. The
investigative audit on the Group, which covered the financial
years from 31 December 1998 to 31 December 2002, was completed
and submitted to the SC on 30 October 2003.

The Board of Directors of Geahin announced a summary of the
findings of the investigative audit as extracted from the
Executive Summary prepared by AAC. The extract is solely based
on the limitations as set out in the investigative audit report.

Summary of findings

Geahin was classified as an affected listed issuer pursuant to
Practice Note 4/2001 company by virtue of its deficit in
shareholders funds, which amounted to RM139.2 million as at 31
December 2002. The investigation identified that the losses
incurred of approximately RM254.82 million in the period under
review is predominantly attributable to the following:

                                                     Cumulative
                                                      expenses
                                                     from 1998
                                                      to 2002
                                                       RM'000

Finance cost                           Note (I)          86,293

Bad & doubtful debts written off/provided Note (iii)     39,190

Attributable losses for projects/write
off of construction cost deemed not
recoverable on completed projects:     Note (ii)

   - Hualon and Hong Kong Airport projects                           30,367
   - other projects   11,295

Provision for foreseeable losses             Note (iv)               15,157

Depreciation of property, plant and
equipment (PPE)                                         20,113

Development expenditure written off                      1,340

PPE written off
2,656

Revaluation deficit                                      2,559

Staff cost (exclude director)                           31,479

Provision on impairment loss on PPE
722

Rental of plant and machinery                           13,645

Total losses/expenses identified                       254,816


(i) Finance Cost

Over the last five (5) years, the Group has incurred finance
cost amounted to a total of RM86.3 million. As a result of the
deteriorating operational performance and weak financial
position, Geahin has been experiencing severe financial
constraints and is unable to repay its financial obligations.
Borrowings comprise bankers acceptances, revolving credits,
overdrafts, fixed loans and hire purchase. Approximately 91.7%
of borrowings are in respect of bankers acceptances, overdraft
and revolving credits utilized for working capital purposes.
Interest has been continuously charged at prevailing market
rates on outstanding and accumulated borrowings, which stood at
approximately RM199.9 million at 31 December 2002.

(ii) Attributable loss suffered for Hong Kong Airport project
and write off of construction cost deemed not recoverable
The Group has been suffering gross loss since 1999 ranging from
-3.79% to -20.52%. Approximately 68.9% of the total gross loss
of RM44.09 million are in respect of an overseas project namely
Hong Kong Airport Project with a loss of RM10.09 million and
also an amount of RM20,622,953 charged to the income statement
as an exceptional item in year 1999 which arose from the
adjustment of final accounts for projects taken in prior years.

(iii) Bad and doubtful debts written off/provided

The Group experienced bad and doubtful debts at the height of
the financial crisis amounted to RM39,190,000. Approximately 85%
of total bad and doubtful debts written off/provided are in
respect of the Group's involvement in an overseas project
amounted to RM8.92 million and a sum of RM4.17 million involving
a local sub-contractor. The Group is in the process of
recovering the bad debts by legal means. In addition a total sum
of RM20,054,452 million (including interest elements of
RM3,909,558) was written off over two failed development
projects after settlement with Joint Venture partners due to the
inability of the Group to commence works because of failure by
the Group to secure the loans from various institutions.

(iv) Provision for foreseeable losses

Geahin has provided RM9,402,932 and RM5,753,657 foreseeable
losses in year 2001 and 2002 respectively. This was due mainly
to the Group's weak financial position where labors and
materials purchased were generally higher than the tendered cost
as suppliers and sub-contractors took a caution approach when
dealing with the Group.

In some of the projects, Geahin has bid the job with the
assumption that there will be substantial cost saving by using
alternative design for certain part of construction work, which
was subsequently not approved. The Group suffered substantial
losses as it has to incur additional cost without any price
adjustment.

Generally the factors that cause the actual cost to be higher
are as follows:

   (i) delay of completion of the project
   (ii) increase of prices of building materials;
   (iii) shortage of skilled workers; and
   (iv) additional cost incurred during the defect liability
period.

Conclusion

Based on AAC's investigation, they found no evidence of any
breach of act or guidelines.


GEORGE KENT: Restructures Loan Facilities
-----------------------------------------
With the completion of the Debt Restructuring of George Kent
(Malaysia) Berhad (GKM), GK-Hardie Sdn Bhd (GK-H) and GK
Equities Sdn Bhd (GKE) on 30 October 2003, the loan facilities
of GKM have been restructured into a Syndicated Term Loan and
Working Capital Facilities for a duration of 6 years whilst the
various loan facilities of GK-H and GKE were considered as fully
repaid and discharged.

As such, GKM, GK-H and GKE have ceased with immediate effect to
be in default position in respect of their loan facilities.


JASATERA BHD: Approves Revised Proposed Recapitalization
--------------------------------------------------------
Reference is made to para 4.1 (b) of PN 4/2001 where the listed
issuer is required to announce the status of its financial
position on a monthly basis until further notice from the KLSE.

Jasatera Berhad had already obtained the approvals from the
Securities Commission, the Ministry of International Trade and
Industry and the Foreign Investment Committee for the Revised
Proposed Recapitalisation Exercise.

With regard to the Proposed Exemption sought pursuant to PN
2.9.1 of the Malaysian Code on Takeovers & Mergers 1998, the
Securities Commission had replied that it will consider the
Proposed Exemption subject to the fulfillment of the conditions
as per announcement dated 24 February 2003.

The implementation of the Revised Proposed Recapitalisation
Exercise is currently in progress.


KEMAYAN CORPORATION: Files Stay of Execution Application
--------------------------------------------------------
Further to the announcement on 24 January 2003 and 30 September
2003 in relation to the Kuala Terengganu High Court Originating
Summons No. 24-166-2002: Malaysia Building Society Berhad Vs
Kemayan Resort Villa Sdn Bhd, subsidiary of Kemayan Corporation
Berhad.

The Board of Directors of Kemayan Corporation announced that the
Company has on 29 October 2003 filed an application for a Stay
of Execution at Court of Appeal via a "Notis Usul" for the
abovementioned suit.

Refer to the Troubled Company Reporter - Asia Pacific Monday,
January 27, 2003, Vol. 6, No. 17 issue for details of the
summons on Kemayan Resort.


RNC CORP.: Proposed Scheme Period Extended Until April 2004
-----------------------------------------------------------
RNC Corporation Berhad (Special Administrators Appointed) refers
to the earlier announcements dated 18 April 2003, 16 May 2003,
22 May 2003, 13 June 2003, 7 July 2003, 11 July 2003, 4 August
2003, 10 September 2003, 3 October 2003 and 20 October 2003 in
relation to the Proposed Corporate and Debt Restructuring Scheme
(Proposed Scheme).

The Special Administrators of RNC announced that the Securities
Commission via its letter dated 30 October 2003, had approved a
further extension of time to 16 April 2004, for the
implementation of the Proposed Scheme.


SATERAS RESOURCES: KLSE Awaits Application Approvals
----------------------------------------------------
The Board of Directors of Sateras Resources (Malaysia) Berhad
wishes to announce that, with regard to the Company's appeal
against the de-listing of Sateras's securities from the Official
List of the Kuala Lumpur Stock Exchange, the KLSE has via its
letter dated 31 October 2003 decided that, given the development
in Sateras's regularization plan including the fact that Sateras
had made a submission of its regularization plan to the relevant
authorities for approval on 1 July 2003 and Sateras's
representation that Sateras had obtained the approval of its
regularization plan from the Ministry of International Trade and
Industry on 21 August 2003, the Exchange will await the outcome
of Sateras' application to the relevant authorities.


TAJO BERHAD: Investigative Audit Time Completion Extended
---------------------------------------------------------
In the Monthly Announcement, it was stated that the Securities
Commission (SC), via its letter dated 29 August 2003, approved
the extension of time to 31 October 2003 for Anuarul Azizan Chew
& Co. (AAC) to complete the investigative audit on Tajo.

Public Merchant Bank Berhad (PMBB), on behalf of Tajo Berhad,
wishes to announce that PMBB had on 31 October 2003 made an
application for an extension of time to the SC, seeking its
approval for an extension from 31 October 2003 to 30 November
2003 for AAC to complete the investigative audit on Tajo.


TAJO BERHAD: Provides Default in Payment Status Update
------------------------------------------------------
Tajo Berhad (Tajo) is pleased to inform that on 30 September
2003, a Debt Settlement and Restructuring Agreement (DSA) was
signed between Tajo Berhad, Mithril Berhad and the Lenders of
Tajo Group. Tajo Berhad in the process of implementing the
conditions of the DSA. Per the DSA, the settlement amount of
RM175.582 million will be satisfied by 31 March 2004.

Subsequently, on 22 October 2003, an Extraordinary General
Meeting for shareholders and Court Convened Meetings for
shareholders and warrantholders were held. The shareholders and
warrantholders approved all resolutions mentioned in the Notice
of EGM of Tajo Berhad dated 30 September 2003 and Notice of
Meetings of Shareholders and Warrantholders of Tajo Berhad dated
30 September 2003.

A) REASON FOR DEFAULT IN PAYMENT

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

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

The Lenders of Tajo Group has signed a Debt Settlement and
Restructuring Agreement with Tajo Berhad and Mithril Berhad on
30 September 2003. The company is currently undergoing the
necessary procedures to settle the agreed amount of RM175.582.

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

In view of the agreement from all Lender on the settlement of
the debts due via the DSA, Tajo does not foresee and legal
implications.

There will be no financial implications arising save and except
as disclosed in Table A at
http://bankrupt.com/misc/Tajo1104.xls.

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

Nil

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
Nil


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

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

The Lenders have refrained from taking any legal action since
the signing of the DSA on 30 September 2003.

With regards to the Notice pursuant to Section 218 of the
Companies Act 1965 (the Notice) dated 9 June 2003 which was
issued and served on a subsidiary of the Company namely, Alpha
Glow Sdn Bhd (the Defendant) by Messrs N. K. Tan & Rahim on
behalf of their client, AFFIN-ACF Finance Berhad (the
Plaintiff), Tajo is in the midst of obtaining a withdrawal from
the Plaintiff. There is however, no material impact on the
operational and financial position of the Company arising from
the Notice in view that the Defendant has ceased operations and
the creditor has no recourse against the Company or any of its
subsidiaries other than the Defendant.


TONGKAH HOLDINGS: Posts Unaudited, Audited Accounts Variance
------------------------------------------------------------
Tongkah Holdings Berhad announced that it has recorded a
negative variance of 23.9% in the Company's consolidated losses
after taxation and minority interest (LAT) for the financial
year ended 30 June 2003, between its unaudited accounts as
announced on 29 August 2003 and its audited accounts dated 27
October 2003, which was released to the Exchange on 31 October
2003. The LAT as reported in the unaudited accounts was
RM141.616 million, whereas the audited accounts reported the LAT
at RM175.499 million.

The main reasons for the variation were due to:

1. Adjustment relating to impairment of assets was made in order
to reflect the value of the Company's land and building based on
the open market value as valued by a firm of professional
valuers.

2. Under provision of interest expense whereby the interest
payable on the outstanding RM186,558,296 nominal value of 5-year
1%-2% redeemable secured convertible Bond A 1999/2004 (Bond A),
RM275,980,363 nominal value of 5-year 1%-2% redeemable secured
convertible Bond B 1999/2004 (Bond B) and RM161,996,151 nominal
value of 5-year 1%-2% irredeemable convertible unsecured loan
stocks 1999/2004 (ICULS), was revised to include computation of
default interest at the rate of 2% plus base lending rate of
Malayan Banking Berhad in addition to the coupon rate of 1% to
2% as provided under the respective Trust Deeds each dated 27
August 1999. Computation of interest in the unaudited accounts
was based on the coupon rate of 1% to 2% of the outstanding Bond
A, Bond B and ICULS respectively.

3. Adjustment was made to write back provision for diminution in
value of investments in quoted shares.

4. The increase in claim on corporate guarantee was made by HSBC
Bank (Malaysia) Berhad, a creditor under the debt-restructuring
scheme currently being implemented by the Company. This
additional claim was notified to the Company after the
announcement of the unaudited results.

The reconciliation for the variance can be seen at
http://bankrupt.com/misc/Tongkah1104.doc.


WAH SEONG: Proposed Internal Restructuring Completed
----------------------------------------------------
Wah Seong Corporation Berhad refers to the announcements dated
24 January 2003, 21 March 2003, 28 March 2003, 30 April 2003,
and 16 July 2003.

On behalf of Wah Seong Corporation Berhad, Commerce
International Merchant Bankers Berhad is pleased to announce
that the Proposed Internal Restructuring has been completed save
as for the Proposed Acquisition XI of which was rescinded on 31
October 2003.

In respect of the latter, PPSC Industrial Holdings Sdn Bhd
(PPSC-I) and PPSC Industries Sdn Bhd (PPSC) have mutually
entered into a Deed of Revocation on 31 October 2003 (Deed) to
terminate the Shares Sale Agreement entered by PPSC-I and PPSC
on 24 January 2003 in relation to the Proposed Acquisition XI
from the date of the Deed.


WING TIEK: Interlocutory Injunction Hearing Fixed on Nov 6
----------------------------------------------------------
On 29 October 2003, Ang Siew Kian and Chan Poh Ngo collectively,
the Petitioners) who are shareholders of Wing Tiek Holdings
Berhad have filed an Originating Petition at the Kuala Lumpur
High Court against the Company, Anjur Wawasan Sdn Bhd (AWSB) and
Lembaga Tabung Haji (LTH) to request:

1. For a declaration that AWSB and/or LTH:

   (i) are conducting the affairs of the Company in a manner
that is oppressive to and/or in disregard of the interests of
the Petitioners;

   (ii) have procured and/or caused to be done and/or are
threatening to procure and/or cause to be done acts of the
Company which have and/or will unfairly discriminate against or
which is and/or will be otherwise prejudicial to the
Petitioners;

2. That the resolutions of the Company dated 24 September 2003
be varied to reflect the approval of the proposed corporate and
debt restructuring scheme (Scheme) by the Company, by
discounting the votes of AWSB and/or LTH;

3. Alternatively, that the resolutions of the Company dated 24
September 2003 be cancelled and an Order for another Court
Convened Meeting and Extraordinary General Meeting for members
be held with respect to the same resolutions thereat and that
AWSB and/or LTH be compelled to vote in favor of the Scheme at
such Meetings.

The Petitioners have also filed an interlocutory application at
the Kuala Lumpur High Court against the Company, AWSB and LTH to
seek the following relief:

   1. An injunction to restrain the Company and/or AWSB and/or
LTH from howsoever acting upon or exercising any rights or
powers pursuant to Sections 144 and 145 of the Companies Act,
1965 (Act) in respect of requisitions by AWSB and/or LTH dated
30 September 2003 and 15 October 2003;

   2. An injunction to restrain the Company and/or AWSB and/or
LTH from howsoever acting upon or exercising any rights or
powers pursuant to Sections 144 and 145 of the Act for the
removal of the directors of the Company.

The hearing of the above application for interlocutory
injunction is fixed on 6 November 2003 and the Originating
Petition is fixed for hearing on 10 December 2003.

The cause papers were served on the Company on 31 October 2003
and the Company has instructed its solicitors to advise on the
course of action to be taken.


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


ABS-CBN BROADCASTING: Issues PDRs Listing and Monitoring
--------------------------------------------------------
The Philippine Stock Exchange (PSE) approved on September 8,
1999, subject to either actual issuance or exercise of
Philippine Deposit Receipts (PDRs), the listing application of
ABS-CBN Holdings Corporation to list a maximum of 272,000,000
PDRs, a Company statement said.

The Company's PDR agent has received notices from the ABS-CBN
shareholders for the exchange of 100,000 ABS-CBN common shares
to 100,000 PDRs. In view thereof, the listing of the 100,000
PDRs as represented by PDR Certificate Nos. 1236 is set on
Friday, October 31, 2003. This brings the number of PDRs listed
arising from the exchange of 100,000 ABS-CBN shares to a total
of 270,470,900 PDRs. The designated PDR Agent is hereby
authorized to record and register in its books the above-
mentioned number of PDRs.


MANILA ELECTRIC: Clarifies Foreign Group Aid Report
---------------------------------------------------
Manila Electric Co. (Meralco) refers to the news article
entitled "Meralco Eyes 2 Foreign Groups to Finance P11-B Debt
Next Year" published in the October 30, 2003 issue of The
Philippine Star.

The article reported that: "The Manila Electric Co. (Meralco) is
eyeing two foreign financial groups to partially finance its
P11-B maturing debts next year, a ranking Meralco official said
yesterday. In a press briefing, Meralco chief finance officer
Daniel Tagaza said they have been 'in discussions with these two
foreign private investors with tie-ups with foreign banks.' 'We
could tap other financial groups for our refinancing
requirements this year. 'For this year, we are talking with our
existing creditors led by Citibank and BPI. But for next year,
we would wan to have some leverage so we would not depend solely
on our existing lenders,' he said. Meralco treasurer Rafael
Andrada said they would be paying at least $50 M worth of
maturing obligations in the first half of 2004 and another $50 M
in the second semester. Andrada said Meralco is currently
seeking the approval of the Energy Regulatory Commission (ERC)
for the refinancing of its 2004 debts.

"Manila Electric Company, in a letter dated October 31, 2003,
stated that:

We would like to clarify the first two paragraphs of the said
article. In the said press briefing Meralco mentioned that we
are in current discussions with two types of lenders in
addressing our liability management program. These are current
creditors of the Company and prospective new lenders. The rest
of the article is substantially correct."


MANILA ELECTRIC: Okays Transition Supply Deal With Napocor
----------------------------------------------------------
National Power Corporation (Napocor) has approved the terms for
its transition supply contract (TSC) with the Manila Electric
Co. (Meralco), the Philippine Star reports. The two firms have
agreed to file a joint application with the Energy Regulatory
Commission (ERC) for the approval of the new supply contract.

Under the contract, Meralco should source not less than 85
percent of 3,600 MW power from Napocor. As of end-December 2002,
however, Meralco has not been meeting the required minimum power
prompting Napocor to slap penalties amounting to more than 12
billion pesos.


MUSIC CORPORATION: Revises Number of Allocated Share Options
------------------------------------------------------------
In finalizing the Proxy Statement for the annual meeting of
stockholders of Music Corporation for 2003 scheduled for 17
December 2003, it was noted that part of our 15 October 2003
referred to an allocation of 6,000,000 share options, instead of
the actual allocation of 8,000,000 share options due to a
typographical error, the Company said in a statement.

Accordingly the disclosure should have read:

d. To approve an allocation of 8,000,000 share options from the
increase in the authorized capital stock to be granted and
distributed upon recommendation of the Compensation Committee.


UNITED COCONUT: Firing Over 500 Workers
---------------------------------------
United Coconut Planters Bank (UCPB) plans to cut its workforce
by 10 to 15 percent next year as part of its cost cutting
scheme, the Manila Times report, citing UCPB President Jose L.
Querubin. With a 3,600-strong workforce, the reduction would
mean as many as 540 jobs lost.

The rehabilitation plan is aimed at stemming the bank's
financial losses even as the bank's unresolved ownership
prevents it from raising more capital. The PCGG sequestered UCPB
because it believes the money used in putting up the bank-the
so-called coconut levy fund - is government-owned. In July 11,
the Sandiganbayan, in an 84-page decision, ruled that the bank
is in fact government-owned.


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


ASPAC ENGINEERING: Petition to Wind Up Pending
----------------------------------------------
The petition to wind up Aspac Engineering Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
November 14, 2003 at 10 o'clock in the morning. Consmat Metallic
Pte Ltd., a creditor, whose address is situated at 27 Foch Road
#02-06, Hoa Nam Building, Singapore 209264, filed the petition
with the court on October 20, 2003.

The petitioners' solicitors are Messrs Raymond Lam & Lim
Partnership of 39A Duxton Road, Singapore 089503. Any person who
intends to appear on the hearing of the petition must serve on
or send by post to Messrs Raymond Lam & Lim Partnership a notice
in writing not later than twelve o'clock noon of the 13th day of
November 2003 (the day before the day appointed for the hearing
of the Petition).


BIL INTERNATIONAL: Post Changes in Shareholder's Interest
---------------------------------------------------------
BIL International Limited issued a notice of changes in Director
Quek Leng Chan's interests:

Date of notice to Company: 30 Oct 2003
Date of change of deemed interest: 28 Oct 2003
Name of registered holder:

Circumstance(s) giving rise to the interest: Others
Please specify details: Deemed interest.

(1) Purchase of 326,000 15/10/2004 8.75 percent BIL Finance
Limited Capital Notes for NZ$322,367.58.

(2) Purchase of 82,000 15/10/2004 10 percent BIL Finance Limited
Capital Notes for NZ$81,992.08.

Information relating to shares held in the name of the
registered holder:

No. of BIL Finance Limited Capital Notes which are the subject
of the transaction:
% of issued share capital:
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:
No. of BIL Finance Limited Capital Notes held before the
transaction:
% of issued share capital:
No. of BIL Finance Limited Capital Notes held after the
transaction:
% of issued share capital:

Holdings of Director including direct and deemed interest
                                                    Deemed
Direct
No. of BIL Finance Limited Capital Notes held before the
transaction: 0 % of issued share capital:
No. of BIL Finance Limited Capital Notes held after the
transaction: 408,000
% of issued share capital:
Total shares:

Quek Leng Chan's direct interest in the shares of BIL
International Limited is 150,000 ordinary shares (0.01 percent)
and deemed interest is 402,382,449 ordinary shares (29.41
percent).


CHEAP & GOOD: Issues Dividend Notice
------------------------------------
Cheap & Good Trading Pte Ltd. issued a dividend notice as
follows:

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

Court: High Court of Singapore.

Number of Matter: 207 of 1998.

Amount per centum: 1.2 cents per Dollar.

First and final or otherwise: Second and Final.

When payable: 5th November 2003.

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


CORE INVESTMENT: Issues Notice of Final Meeting
-----------------------------------------------
Notice is hereby given pursuant to section 308 of the Companies
Act (Chapter 50), that a Final Meeting of the Members of Core
Investment Pte Ltd (In Members' Voluntary Liquidation) will be
held at 138 Cecil Street #15-00, Cecil Court, Singapore 069538
on the 28th day of November 2003 at 10.00 a.m. for the purpose
of laying before the Meeting an account showing how the winding
up has been conducted, and the property of the Company disposed
of and of hearing any explanation that may be given by the
Liquidator, and also of determining by resolution the manner in
which the books, accounts and documents of the Company and of
the Liquidator shall be disposed of.

Dated this 27th day of October 2003.
STEVEN TAN CHEE CHUAN
DOUGLAS TAN KAY YEOW
Joint Liquidators.

Note: Pursuant to section 181 of the Companies Act (Chapter 50),
a member entitled to attend and vote at this Meeting is entitled
to appoint another person or persons (whether a member or not)
as his proxy to attend and vote in his stead.


GOLDEN AGRI-RESOURCES: Issues Debt Rescheduling Update
------------------------------------------------------
Further to our last announcement dated 30 September 2003 (on
debt rescheduling status up to 29 September 2003), the
respective Boards of Directors of Asia Food & Properties Limited
(AFP) and Golden Agri-Resources Ltd (GAR) wish to advise that
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 our debt rescheduling efforts.

Details of the total debt rescheduled during the period July
2001 to 30 October 2003, being the latest practicable date, for
AFP and GAR Groups are as follows:

Unaudited balance as at             AFP           GAR   Total
30 September 2003 (in US$ million) (Excluding GAR)      AFP

(Consolidated)

Total rescheduled debt           559.2            320.9  880.1
and debt which do not
require rescheduling (A)

Total debt which                  53.4            155.4  208.8
require rescheduling (B)

Total debt outstanding (C)       612.6            476.3  1,088.9

(A) / (C) - in % age             91.3%            67.4%   80.8%

(B) / (C) - in % age              8.7%            32.6%   19.2%

The total debt of AFP Group (excluding GAR Group) amounted to
US$612.6 million (equivalent to S$1,059.2 million), which
comprised long-term debt of US$453.2 million (equivalent to
S$783.6 million) and short-term debt (including current
maturities of long term debt) of US$159.4 million (equivalent to
S$275.6 million).

The total debt of GAR Group amounted to US$476.3 million
(equivalent to S$823.5 million), which comprised long-term debt
of US$215.4 million (equivalent to S$372.4 million) and short-
term debt (including current maturities of long term debt) of
US$260.9 million (equivalent to S$451.1 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,
third and fourth 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
May 2003 - October 2003 36.5
Aggregate repayment by October 2003 113.5

The aggregate total repayment payable by October 2003 to AFP
Group including GAR Group, is US$113.5 million.

As at 30 October 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.


FHTK HOLDINGS: AGM Set November 18
----------------------------------
The Annual General Meeting of FHTK Holdings Ltd will be held at
20 Harbour Drive #06-02 PSA Vista, Singapore 117612 on 18
November 2003 at 12 in the afternoon to transact the following
business:

1. To receive and adopt the Directors' Report and the Audited
Accounts of the Company and the Group for the year ended 30 June
2003.

2. To approve the payment of Directors' Fees in respect of the
year ended 30 June 2003.

3. To re-elect the following Directors retiring by rotation
pursuant to Article 91 of the Company's Articles of
Association:-

a) Mrs. Lee Suet Fern
b) Mr. Manuel J Sanchez Ortega

4. To re-elect the following Directors retiring from office
pursuant to Article 97 of the Company's Articles of
Association:-

a) Mr. Tan Yam Pin
b) Mr. Chia Choon Peng
c) Mr. Wong Heng Tew

5. To consider and, if thought fit, to pass the following as an
ordinary resolution:

"That pursuant to Section 153(6) of the Companies Act, Cap. 50,
Mr Lim Soo Peng be and is hereby re-appointed Director of the
Company, to hold office until the next Annual General Meeting."

6. To re-appoint Messrs Deloitte & Touche, Certified Public
Accountants, Singapore as Auditors of the Company and to
authorize the Directors to fix their remuneration.

7. As Special Business

To consider and, if thought fit, to pass the following as an
ordinary resolution:

AUTHORITY TO ISSUE SHARES
"That pursuant to Section 161 of the Companies Act, Cap. 50,
approval be and is hereby given to the Directors to issue shares
in the Company at any time to such persons upon such terms and
conditions and for such purposes as the Directors may in their
absolute discretion deem fit, provided that the aggregate number
of shares to be issued pursuant to this ordinary resolution
shall not exceed fifty per cent (50 percent) of the issued share
capital of the Company for the time being, of which the
aggregate number of shares issued other than on a pro-rata basis
to existing shareholders shall not exceed twenty per cent (20
percent) of the Company's issued share capital for the time
being and such authority shall continue in force until the
conclusion of the Company's next Annual General Meeting."

8. To transact any other business that may be transacted at an
Annual General Meeting.

Chia Lay Beng
Secretary

NOTES: A member of the Company entitled to attend and vote at
the above meeting is entitled to appoint not more than two
proxies to attend and vote in his stead. A proxy need not be a
member of the Company and where there is more than one proxy,
the proportion (expressed as a percentage of the whole) of his
shareholding to be represented by each proxy must be stated.

The instrument appointing a proxy must be deposited at the
Company's Registered Office at 20 Harbour Drive #05-03, #06-02
PSA Vista, Singapore 117612 not less than 48 hours before the
time for holding the Meeting.

EXPLANATORY NOTES

Mr. Tan Yam Pin, if re-appointed, will remain as Audit Committee
Chairman. Mr. Chia Choon Peng, if re-appointed, will remain as
an Audit Committee Member.


LIGHTWEIGHT CONCRETE: Winding Up Petition Set November 14
---------------------------------------------------------
The petition to wind up Lightweight Concrete Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
November 14, 2003 at 10 o'clock in the morning. Liang Huat
Aliminium Ltd., a creditor, whose address is situated at 51
Benoi Road, #07-05 Liang Huat Industrial Complex, Singapore
629908, filed the petition with the court on October 22, 2003.

The petitioners' solicitors are Messrs Wee Swee Teow & Co. of
No. 65 Chulia Street, #27-00 OCBC Centre, Singapore 049513. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Wee Swee Teow & Co. a notice
in writing not later than twelve o'clock noon of the 13th day of
November 2003 (the day before the day appointed for the hearing
of the Petition).


MULTICO-ORCHIDS: Releases Winding Up Order Notice
-------------------------------------------------
Multico-orchids Pte Ltd. releases a winding up order notice made
on the 3rd day of October 2003.

Names and address of Liquidators: The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118.

SHOOK LIN & BOK
Solicitors for the Petitioner.
(Ref: PRP/2030214/RHB)


RAMCO-YKK (SINGAPORE): Creditors Must Submit Claims by Nov. 26
--------------------------------------------------------------
The Creditors of Ramco-YKK (SINGAPORE) Pte Ltd, which is being
wound up voluntarily, are required on or before 26th November
2003 to send in their names and addresses and the particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any), to the undersigned, the Joint Liquidators
of the Company, and if so required by notice in writing from the
said Joint Liquidators or by their Solicitors or personally to
come in and prove their said debts or claims at such time and
place as shall be specified in such notice or in default thereof
they will be excluded from the benefit of any distribution made
before such debts are proved.

Dated this 25th day of October 2003.
STEVEN TAN CHEE CHUAN
and DOUGLAS TAN KAY YEOW
Joint Liquidators.
138 Cecil Street #15-00
Cecil Court
Singapore 069538.


RAMCO-YKK (SINGAPORE): Unveils October 20 AGM Resolutions
---------------------------------------------------------
At a General Meeting of RAMCO-YKK (SINGAPORE) PTE LTD duly
convened and held at 138 Cecil Street #15-00, Cecil Court,
Singapore 069538, on 20th October 2003, the following
Resolutions set out below were duly passed:

AS SPECIAL RESOLUTIONS:

(a) That the Company be wound up voluntarily pursuant to section
290 (1) (b)of the Companies Act (Chapter 50), and that Mr Steven
Tan Chee Chuan and Mr Douglas Tan Kay Yeow of 138 Cecil Street
#15-00, Cecil Court, Singapore 069538, be and are hereby
appointed as Joint Liquidators for the purpose of such winding-
up.

(b) That the Liquidators be and are hereby authorized (when and
as soon as the debts and liabilities of the Company have been
paid and satisfied or duly provided for) to distribute the
assets in specie or kind among the contributories of the Company
in accordance with their respective rights and interests; and

(c) That the Liquidators be and are hereby authorized to
exercise any of the powers given by section 272 (1) (b), (c),
(d) and (e) of the Singapore Companies Act (Chapter 50).

AS ORDINARY RESOLUTION:

That the Liquidators, Messrs Steven Tan Chee Chuan and Douglas
Tan Kay Yeow, be remunerated for the work of winding-up of the
Company on their normal scale of fees and that the Liquidators,
be indemnified by the Company against all costs, charges,
losses, expenses and liabilities incurred or sustained by them
in execution and discharge of their duties in relation thereto.

MASAHIRO YAMAZAKI
Director.
Dated this 25th day of October 2003.


SEINO MERCHANTS: Releases Notice of Preferential Dividend
---------------------------------------------------------
Seino Merchants Singapore Pte Ltd. (In Creditors' Voluntary
Liquidation) issued a notice of preferential dividend as
follows:

Address of Registered Office: c/o 8 Cross Street
#17-00 PWC Building Singapore 048424.

Amount per centum: 100 percent.

First and final: First and final preferential dividend pursuant
to section 328 (1) (b), (e) and (f) of the Companies
Act (Chapter 50).

When payable: 31st October 2003.

Where payable: c/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424.
Dated this 31st day of October 2003.


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


MDX PUBLIC: Implementing Business Reorganization Plan
-----------------------------------------------------
The Central Bankruptcy Court (the Court) issued an order
approving the business reorganization plan (the Plan) of MDX
Public Company Limited (the Company) on April 1, 2003, in which
Wittayu Planner Company Limited was appointed to act as plan
administrator (the Plan Administrator) as previously
provided.

After the Court's approval, the Plan Administrator has performed
its duties set forth in the Bankruptcy Act B.E. 2483 (1940) (its
amendment B.E. 2543 (2000)), in respect of the business
reorganization of the Company. The Plan Administrator has taken
the following action as set forth in the Plan:

1) Transfer the assets pledged as collateral to creditor group 1
before July 30, 2003 as follows:

   * Transfer the land for development to creditor group 1.1,
Creditors who provided Syndicated Loan to the Company and hold
the mortgages over the Company's land, to offset the loan at 70
% of market price.

   * Transfer shares capital to creditors group 1.2, creditors
who hold the pledges over shares in related companies,
subsidiaries and affiliates, to offset the loan at 70 % of
market price while using par value for those without
market price.

2)  Allocate debt repayment option to creditors group 4, group
5, group 6, group 7, group 8, group 10 and shortfall from
secured asset swap of creditors group 1.

3)  Prepare the draft Shareholders Agreement, including the
Memorandum of Association and Articles of Association of the
special purpose company and propose the same to the Creditors
Meeting, just for creditors who have to transfer the claim over
debts to the special purpose company. The Creditors Meeting
resolved to approve the draft Shareholders Agreement, the
Memorandum of Association and Article of Association on July 11,
2003.

4)  Complete registration of the special purpose company, namely
MDX Asset Company Limited on July 29, 2003, with registered and
paid up capital of Bt100,000 comprising of 10,000 shares at Bt10
par value.

5)  Repay creditor group 9, employees, for the amount not
exceeding Bt100,000.

Furthermore, the company has fixed the date for signing the
Shareholders Agreement of the special purpose company on 14-16
October 2003. Up to present, all steps have been done according
to the schedule set forth in the plan.


MILLENNIUM STEEL: SET Grants Listed Securities
----------------------------------------------
Starting from November 4, 2003, the Stock Exchange of Thailand
(SET) allowed the securities of Millennium Steel Public Company
Limited (MS) to be traded on the SET after finishing capital
increase procedures.

    Name           : MS
    Issued and Paid up Capital
     Old           : 5,445,463,627 Baht
                        - Common Shares
                     3,841,714,922 shares
                        - Preferred Shares
                     1,603,748,705 shares
     New           : 5,578,061,839 Baht
                        -  Common Shares
                     3,974,313,134 shares
                        - Preferred Shares
                     1,603,748,705 shares
   Par Value       : 1 Baht
   Allocate to     : NTS Shareholders
                     62,082,483 common shares.
   Ratio           : 1 NTS common share : 1 MS common share
   Selling Price   : 1.41 *
   Subscription Date   : 18 August - 10 October 2003
                   : Cementhai Holdings Company Limited (CHC)
   Ratio           :  -
   Selling Price   :   1.41 *
   Subscription Date: 20-21 October 2003

Note : MS's preferred shares are not listed on the SET
* No cash payment under the transaction due to a mean of share
swap


POWER-P PUBLIC: Reports Restructuring Program Progress
------------------------------------------------------
Power-P Planners Co., Ltd., as the Plan Administrator of Power-P
Public Company Limited, previously reported that the Company
settled its debts with Debtors Group 8 (Company Employees) and
Group 1 and 2 (Debtors possessing security pledges). No
settlement was made to the remaining Groups because some debtors
of these Groups had appealed the resolution of the Central Court
of Solvency to the High Court.

While the case is still pending at 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.

The Planner also reported 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.


PREMIER RESORT: TRIS Cuts Bt850M Debentures to BBB
--------------------------------------------------
TRIS Rating Co., Ltd downgrades the issue rating of the senior
secured debentures of Premier Resort Krabi Co., Ltd. (PRK) to
"BBB" from "BBB+", as a result of the company's significantly
weakening financial profile. The rating still reflects PRK's
high quality resort property, the experienced management team
from Starwood Hotels & Resorts Worldwide, Inc. (Starwood), and
the good medium- to long-term outlook for the Thai tourism
industry. However, these strengths are partially offset by its
low EBITDA, the risk associated with being a single asset
operator, high competition in the hotel businesses, and the
cyclical nature of the hotel industry, which is highly sensitive
to external factors. The issue rating is also enhanced by well-
secured collateral and provisions that protect the company's
cash flow for the debentureholders.

PRK is the owner of Rayavadee, a 103-room luxury resort on Pra
Nang peninsula, Krabi, in southern Thailand. The resort is
spread over 26 acres (60 rai) of coconut trees, surrounded by
towering limestone cliffs and three national park beaches. With
only Rayavadee in its portfolio, which is a luxury class hotel
tapping high-end customers, PRK's performance was significantly
impacted by adverse external events during the first half of
2003, such as the Iraq war and Severe Acute Respiratory Syndrome
(SARS). Revenue from hotel operations in the second quarter of
2003 was Bt49.7 million, a 22.4% decrease year-on-year, and a
56.5% reduction quarter-on-quarter. As a result, the company's
funds from operations (FFO) dropped dramatically to Bt12 million
for the first half of 2003.

Opening in 1993 as a high-end resort hotel, Rayavadee was
managed by a well-known Thai operator. However, the company
broke with that operator in 1999 and took over management of its
resort in late 1999. PRK appointed Starwood to manage this
resort in February 2002. Rayavadee has been positioned in the
Starwood Luxury Collection, which is distinguished from other
Starwood properties by the high quality of services, magnificent
locations, and elegant designs, styles and surroundings.
Starwood is one of the top ten hotel operators worldwide in
terms of the number of rooms under its management. In addition
to its effective reservation network system and highly regarded
guest retention programs, Starwood has helped Rayavadee improve
its property management system and has provided extensive
training programs to the company's employees.

Although the hotel occupancy rate (OR) picked up from 42.9% in
2001 to 47.6% in 2002, its average room rate (ARR) decreased
1.5% during the same period. OR in the first eight months of
2003 materially decreased to around 34%, mainly because of the
effect of SARS. Nonetheless, during the first eight months of
2003, ARR improved 18.3% from 2002, as the company did not use
price cutting to enhance sales.

Management's decision to use cash to buyback shares from some
shareholders, through its wholly-owned subsidiary, together with
the severe temporary deterioration in its internal cash
generation ability because of the unexpected SARS situation,
caused the company's financial profile to deteriorate
significantly from TRIS Rating's initial expectation. Its debt
to capitalization ratio will be above 50% at the end of 2003,
compared to 32.4% in 2002, and the ratio is not expected to
significantly improve during the next few years.

Tourism in Thailand still has favorable prospects during the
medium- to long-term as Thailand is an attractive tourist
destination with many beautiful and unspoiled natural locations.
The number of foreign tourists visiting Thailand has steadily
increased since the 1991 Gulf War. Despite a drop during the
first half of 2003 due to the war in Iraq and SARS, Thailand
continues to be ranked as one of the top ten holiday
destinations in the world. However, with an oversupply of rooms,
low hotel occupancy rates in Thailand, and lower demand for
tourism in the face of global uncertainty over the prospects of
terrorist attacks, competition in the tourism industry remains
intense.


SIAM SYNTECH: Notifies Shareholders General Meeting Resolutions
---------------------------------------------------------------
Siam Syntech Construction Public Company Limited notified the
resolutions of the Ordinary General Meeting of Shareholders No.
1/2003, held on 30 October 2003, as follows:

1. Unanimous approval for the acknowledgement of the performance
results of the Board of Directors for the previous year and the
Annual Report ended 30 June 2003.

2. Unanimous approval for adoption of the Balance Sheet and
Profit and Loss Accounts of the Company for the fiscal year
ended 30 June 2003.

3. Acknowledgement of no dividends payment to the Shareholders
for the performance results of the fiscal year ended 30 June
2003, due to the existence of accumulated losses.

4. Unanimous approval for fixing the Board of Directors to be 10
in number and the appointment of the following persons to be the
new Board of Directors of the Company.

        1. Mr. Bandhit Sotipalalit
        2. Mrs. Sawang Mankongchareon
        3. Mr. Chaiwat Atsawintarangkun
        4. Mr. Somchai Sirilertpanich
        5. Mrs. Angsana Weerachatsakul
        6. Mr. Paisarn Tangyuenyong
        7. Miss. Benjawan Sinkunakorn
        8. Mr. Tawee Kullertprasert
        9. Mr. Pornchai Prasartintara
        10. Miss. Manee Vorakitti

And unanimous approval for the Company to pay the remuneration
to the new Board of Directors of the Company for the year 2003
in the amount not exceeding Five Million Baht and the Board of
Directors shall be authorized to consider and allocate to each
director as deemed appropriate, with continuing effect until the
Shareholders meeting will otherwise resolve.

5. Unanimous approval for the Company to change the names and
number of authorized directors who can sign to bind the Company
to be "Mrs. Sawang Mankongchareon, Mr. Somchai Sirilertpanich,
Mrs. Angsana Weerachatsakul, Mr. Pornchai Prasartintara, and
Miss.  Manee Vorakitti any two of these five directors can sign
jointly to bind the Company and affixing the Company seal".

6. Unanimous approval for the appointment of Mr. Nirand
Lilamethwat or Mr. Narong Luktharn, the auditors from  KPMG
Phoomchai Audit Limited, as the auditors of the Company for the
fiscal year 2003, and fixing the remuneration of the auditors in
the amount not exceeding Bt500,000.

7. Unanimous approval for the Company to increase the registered
capital of the Company from the existing amount of Bt400,000,000
to Bt1,600,000,000; namely, to increase the registered capital
by another Bt1,200,000,000, by issuing 1,200,000,000 new
ordinary shares, par value of one Baht per share, and said whole
newly issued ordinary shares shall be allotted as follows:

   (1) 1,200,000,000 ordinary shares, par value of one Baht per
share, shall be allotted and offered to the existing
Shareholders at the ratio of one existing share to three new
shares, priced at one Baht per share, whereby the Shareholders
whose names appear in the Share Register during the closing
period will be entitled to subscribe for the said ordinary
shares and the date of subscription and payment for the capital
increase ordinary shares is fixed during 17-21 November 2003,
during 9.00-15.30 hrs., at the Company office No. 555/7-11 SSP
Tower, 8th Floor, Soi Sukhumvit 63 (Ekamai), Sukhumvit Road,
Kwaeng Klongton-Nua, Khet Wattana, Bangkok Metropolis.

    (2) In case the existing Shareholders do not fully subscribe
for the said allotted ordinary shares or there are remaining
shares in any case whatsoever, all the said remaining shares
shall be allotted and offered in one time to the existing
Shareholders who have subscribed and have made payment for the
ordinary shares for the amount exceeding his/her rights,
together with the subscription and payment of the ordinary
shares under Clause (1), at the price of one Baht per share; and
the Board of Directors or the Executive Board of Directors are
authorized to consider the allotment and offer of the said
remaining shares in whole to the existing Shareholders who have
subscribed and have made payment for the ordinary shares for the
amount exceeding his/her rights under the following terms and
conditions:

     2.1  Allotment to all the said existing Shareholders in
accordance with the number of the ordinary shares as subscribed
in the amount exceeding his/her rights.

     2.2  In case the number of the ordinary shares as
subscribed by the existing Shareholders for the amount exceeding
his/her rights aforesaid is more than the number of the
remaining shares, the allotment of the said remaining shares
shall be made among the said existing Shareholders who have
subscribed the ordinary shares in the amount exceeding his/her
rights, in proportion to the amount of shares existingly held by
each of such shareholders.  And if there is a decimal fraction
of the ordinary share in the computation of the said allotment
being less than 0.6, it shall be discarded.

Provided that the Company shall return the subscription money
without interest for the amount covering the unallotted
additional number of the ordinary shares of the relevant
existing Shareholders, on or before 11 December 2003.

     2.3 The Board of Directors or the Executive Board of
Directors shall be authorized to decide the allotment and
proceed with anything related to the said allotment of the said
remaining ordinary shares to the existing Shareholders who have
subscribed and made payment aforesaid as it may deem
appropriate.

    (3) The Company shall, from time to time, effect the
registration of change of the paid up capital with the Public
Companies Registrar, in accordance with subscription of the
subscribers in each occasions.

8. Unanimous approval for the amendment to Clause 4 of the
Memorandum of Association to be in line with the increase of the
registered capital as follows:

"Clause  4. Registered capital is  1,600,000,000  Baht
            Divided into 1,600,000,000  Shares
            With a par value of 1 Baht each.
            Shares are classified into:
            Ordinary Shares of 1,600,000,000   Shares
            Preference Shares  ---  Shares"

9. Unanimous approval for the amendment to Articles 11. and  49.
and by adding Article 57. of the Articles of Association of the
Company to read as follows:

"Article 11. The Company may not own its shares or take them in
         pledge except for in the case where the Company may
         buy-back the shares under the provisions of the laws
         related to the public limited companies.  In the case
         where the share repurchase does not exceed 10% of the
         paid-up capital, the Board of Directors of the Company
         has an authority to consider and approve the repurchase
         of shares without seeking approval from the
         Shareholders meeting.  In the case where the share
         repurchase is more than 10% of the paid-up capital, it
         shall be first approved by the Shareholders meeting.

  Article 49.  The accounting year of the Company shall commence
          and end on the 1st of January and 31st of December
          respectively.

  Article 57. In case the Company or its subsidiary agrees to
          enter into a connected transaction or a transaction
          related to the acquisition or disposal of the
          important assets of the Company or of its subsidiary
          as defined under the notifications of the Stock
          Exchange of Thailand governing the entering into a
          connected transaction of listed companies or
          acquisition or disposal of the important assets of the
          listed companies, as the case may be, the Company is
          required to comply with the said respective rules and
          procedures as prescribed by the said notification."


THAI PETROCHEMICAL: SET Temporarily Prohibits Margin Trading
------------------------------------------------------------
The Stock Exchange of Thailand (SET) has noted that there have
been extraordinary changes in both price and volume of Thai
Petrochemical Industry Public Company Limited securities during
15 to 31 October 2003, and the magnitude of these changes might
negatively impact the overall market.

To prevent such negative repercussions, member firms of the SET
are hereby prohibited from providing margin loans for the
Company's securities.

This prohibition shall be effective during 3 to 14 November
2003.


* BOND PRICING: For the week of November 3 - November 7, 2003
-------------------------------------------------------------

  Issuer                                Coupon   Maturity  Price
  ------                                ------   --------  -----

  AUSTRALIA
  ---------
Advantage Group Ltd                   10.000%     4/15/06     1
Amcor Ltd                              6.500%    10/29/49    12
Amcom Telecommunications Ltd          10.000%    10/28/07     1
APN News & Media Ltd                   7.250%    10/31/08     4
Australia Commonwealth Gov't Loans     3.000%     7/29/49    62
Austrim National Radiators Ltd         9.500%    10/31/04    48
Bendigo Bank Ltd                       8.000%     5/29/49     9
BIL Finance Ltd                        8.000%    10/15/07    10
BIL Finance Ltd                        8.250%    10/15/03    10
BIL Finance Ltd                        8.750%    10/15/04    10
BIL Finance Ltd                        8.750%    10/15/04    10
BIL Finance Ltd                        9.000%    10/15/05    10
BIL Finance Ltd                        9.250%    10/15/04    10
BIL Finance Ltd                        10.000%   10/15/03    11
Capital Properties NZ Ltd              8.500%     4/15/05     8
Capital Properties NZ Ltd              8.500%     4/15/07     9
Capital Properties NZ Ltd              8.500%     4/15/09     9
Consolidated Minerals Ltd              11.250%    3/31/05     1
Djerriwarrh Investments Ltd            7.500%     9/30/04     4
Evans & Tate Ltd                       8.250%    10/29/07     1
Fletcher Building Ltd                  7.900%    10/31/06     8
Fletcher Building Ltd                  8.300%    10/31/06     8
Fletcher Building Ltd                  8.500%     4/15/04     7
Fletcher Building Ltd                  8.600%     3/15/08     8
Fletcher Building Ltd                  8.750%     3/15/06     8
Fletcher Building Ltd                  8.850%     3/15/10     8
Fletcher Building Ltd                 10.500%     4/30/05     7
Fletcher Building Ltd                 10.800%    11/30/03     7
Feltex Carpets Ltd                    10.250%     9/15/08     1
Fernz Corp Ltd                         8.560%    10/15/06     8
Futuris Corporation Ltd                7.000%    12/31/07     2
Garratts Ltd                           12.000%    12/31/03    1
Gympie Gold Ltd                        8.500%     9/30/07     1
Hy-Fi Securities Ltd                   7.000%     8/15/08     7
Hy-Fi Securities Ltd                   8.750%     8/15/08     9
Hutchison Telecoms Australia           5.500%     7/12/07     1
JB Were Capital Markets Ltd            8.750%    12/31/03    31
Macquarie Bank Ltd                     1.800%     8/15/15    64
NPT Capital Ltd                        9.500%    11/30/04     9
Nuplex Industries Ltd                  9.300%     9/15/07     8
Pacific Retail Finance                 9.250%     9/15/07    10
Powerco Ltd                            8.150%      9/1/07     7
Powerco Ltd                            8.400%     5/22/07     7
Queensland Treasury Corporation        0.500%     5/19/10    71
Richmond Ltd                          10.750%    12/15/04     9
Salomon Smith Barney Australia         4.250%      2/1/09     9
Sky Network Television Ltd             9.300%    10/29/49     8
Straits Resources Ltd                 10.000%    12/31/03     1
Tower Finance Ltd                      8.750%    10/15/07     9
TrustPower Ltd                         8.300%     9/15/07     8
TrustPower Ltd                         8.500%     9/15/12     8

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

China Petrochemical Corp               1.000%       5/8/08   43
Teco Electric & Machinery Co Ltd       2.750%      4/15/04   74

  KOREA
  -----

Korea Electric Power Corporation       7.950       4/1/96    64
Kolon Industries Inc                   0.250%     12/31/04   52

  MALAYSIA
  --------

Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             1.000%      2/25/08    1
Crest Builder Holdings Bhd             3.000%      2/25/06    1
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Eox Group Bhd                          4.000%      1/10/06    1
Equine Capital Bhd                     3.000%      8/26/08    1
Gadang Holdings Bhd                    3.000%     10/21/07    4
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
Halim Mazmin Bhd                       8.000%      6/30/04    3
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    2
Kumpulan Emas Bhd                      7.000%     11/15/04    1
Kumpulan Jetson                        5.000%     11/28/12    1
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
Media Prima Bhd                        2.000%      7/18/08    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
MWE Holdings                           5.500%      10/7/04    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Pantai Holdings Bhd                    5.000%      3/28/07    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
POS Malaysia & Services Holdings Bhd   8.000%     11/26/04    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Time Engineering Bhd                   2.000%     12/25/05    1
Wah Seong Corporation Bhd              3.000%      5/21/12    3

  PHILIPPINES
  -----------

Bacnotan Consolidated Industries, Inc.  5.500%    6/21/04    43

  SINGAPORE
  ---------

CSC Holdings Ltd                        6.500%    4/27/05     1
Tampines Assets Ltd                      5.625%    12/7/06    1
Tincel Ltd                               5.000%    6/13/11    1
Tincel Ltd                               7.400%    6/13/11    1
Rabobank Singapore                       1.000%    1/15/13   69
Sengkang Mall Ltd                        4.880%   11/20/04    1

  THAILAND
  --------

Asia Credit PCL                          3.750%   11/17/03   54
Bangkok Bank PCL                         4.589%     3/3/04   64
Bank of Asia PCL                         3.750%     2/9/04   64
Kiatnakin Finance and Securities PCL     4.000%   11/30/03   58
MDX PCL                                  4.750%    9/17/03    8
Property Perfect PCL                     3.250%    3/25/49    8
Siam Commercial Bank PCL                 3.250%    1/24/04   64
Tanayong PCL                             3.500%    3/01/04    7

Tuesday's edition of the TCR-Asia Pacific delivers a list of
indicative prices for bond issues that reportedly trade well
below par.  Prices are obtained by TCR-AP editors from a variety
of outside sources during the prior week we think are reliable.
Those sources may not, however, be complete or accurate.  The
Tuesday Bond Pricing table is compiled on the Saturday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer or
solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR editor holds some
position in the issuers' public debt and equity securities about
which we report.


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., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Lyndsey Resnick, Mavy Nineza-Merlin, Ma. Cristina
Pernites-Lao, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***