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

                   A S I A   P A C I F I C

         Thursday, November 6, 2003, Vol. 6, No. 220

                         Headlines

A U S T R A L I A

AMP LIMITED: To Retain Cobalt/Gordian Business
ANALYTICA LIMITED: Posts Q303 Review of Operations
AUSTRALIAN GAS: NGC Registers Bonds Prospectus
AUSTRALIAN GAS: NGC Sets Bond Rate at 6.81%
BALLARAT GOLDFIELDS: Posts General Meeting Results


C H I N A  &  H O N G K O N G

CIL HOLDINGS: Annual Report Dispatch, Publication Deferred
FAMOUS ISLAND: Winding Up Petition Pending
FOREVER RICH: Nov 12 Winding Up Hearing Scheduled
FUJIAN GROUP: Nov 25 Creditors' Meeting Scheduled
JIMTECH INTERNATIONAL: Winding Up Petition Slated for Hearing

MAYLEX LIMITED: Winding Up Sought by Hui Chow Kwan
VASTHEME INTERNATIONAL: Petition to Wind Up Scheduled

I N D O N E S I A

ANEKA TAMBANG: On Bauxite Project Investor Hunt


J A P A N

DAIEI INC.: Posts Y40B in Revenues
MITSUBISHI MOTORS: May Post 1H03 Loss on Customer Defaults
NISSHO IWAI-NICHIMEN: Dissolves Subsidiary
NISSHO IWAI-NICHIMEN: Unit Reaches Deal With BeMax


K O R E A

CHOHUNG BANK: Posts 3Q03 US$638.57M Net Loss
HANARO TELECOM: Transfers Business With Major Affiliate
SK NETWORKS: SK Corp. OKs Compromise to Save Firm


M A L A Y S I A

AKTIF LIFESTYLE: Defaulted Payment Status Remains Unchanged
BRIDGECON HOLDINGS: Placed Under Creditors' Voluntary Winding Up
CONSTRUCTION AND SUPPLIES: Extends Restructuring Scheme MOU
CSM CORPORATION: Currently Revising Restructuring Scheme
DENKO INDUSTRIAL: PCDRS Implementation Currently Pending

EPE POWER: Further Defaults on RM711,840 Credit Facility
HOTLINE FURNITURE: Proposed Acquisition Completion Date Extended
FACB RESORTS: Fails to Meet Sinking Fund Obligations Again
GENERAL SOIL: Restructuring Scheme Finalization Underway
KILANG PAPAN: Revising Proposed Restructuring Scheme

MENTIGA CORPORATION: Financial Statement Finalization Underway
MENTIGA CORPORATION: MITI Okays Proposed Debt Settlement
NCK CORP.: OSK Securities Replaces Alliance as Corporate Adviser
PARIT PERAK: Submits De-listing Uplifting Application to KLSE
PICA (M) CORPORATION: Acquires 60% Shareholding in UV Resources

PICA (M) CORPORATION: Provides Credit Facilities Status Update
PROMET BERHAD: SC Rejects Proposed Restructuring Scheme
REKAPACIFIC BERHAD: Restructuring Proposal Remains Unchanged
SASHIP HOLDINGS: Seeks Requisite Announcement Time Extension
SRI HARTAMAS: Posts Financial Regularization Plan Oct Report

SRIWANI HOLDINGS: Auditor Submits Investigative Audit to SC
TECHNO ASIA: Releases Restructuring Scheme Docs
TONGKAH HOLDINGS: Bondholders Meeting Adjourned to Nov 13
TONGKAH HOLDINGS: MITI Conditionally Agrees to Waiver
UNIPHOENIX CORPORATION: SC's Rescue Scheme Approval Pending


P H I L I P P I N E S

MONDRAGON INT'L: In Talks With Prospective 'White Knight'
NATIONAL POWER: Lists Four Possible Lenders For 2004
NATIONAL POWER: Reduces 2004 Losses by PhP33B
NATIONAL STEEL: German Firm Offers Php7B Bid
PHILIPPINE LONG: CEO May Give Up Post Next Year

PHILIPPINE LONG: Declares Cash Dividends
PHILIPPINE LONG: Discloses 3Q03 Financing Activities
PHILIPPINE LONG: Unveils 3Q03 Results
PHILIPPINE REALTY: Clarifies Debt Report
PHILIPPINE REALTY: Discloses October 30 ASM Results


S I N G A P O R E

E&A CERAMICS: Issues Dividend Notice
GOLDTRON TECHNOLOGIES: Releases Dividend Notice
MERITCO DEVELOPMENT: Creditors Must Submit Claims by December 14
MULTI-CHEM LIMITED: Post Changes in Shareholder's Interest
MULTI-CHEM LIMITED: Answers SGX Query

SEATOWN CORPORATION: Issues Default Status Update
TAI THONG: Issues Winding Up Order Notice
UNION RUBBER: Releases First & Final Dividend Notice


T H A I L A N D

BANGKOK LAND: ESM OKs Registered Capital Reduction
EMC PUBLIC: Creditors Meeting Set on Nov 26
EMC PUBLIC: Seeks Rehabilitation Plan Revision
HOME PRODUCT: TRIS Assigns "BBB" Rating
SIAM UNITED: SET Requires Private Placement Clarification

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AMP LIMITED: To Retain Cobalt/Gordian Business
----------------------------------------------
AMP Limited has announced that it plans to retain its
Cobalt/Gordian portfolio of businesses, following an extensive
review of the business announced in December 2002.

AMP Chief Executive Officer Andrew Mohl said AMP has determined
that it is in the best interests of shareholders to retain the
business. The review included consideration of other options for
realizing value including a sale or partial sale, restructuring
and/or a reinsurance arrangement. AMP Chief Executive Officer
Andrew Mohl said that while AMP received proposals relating to
reinsurance agreements, they offered negligible benefits to
shareholders.

"None of the proposals to date have reflected the inherent value
of Cobalt/Gordian as they would give away all the upside but
provide continuing exposure through indemnities and warranties
on sale, or a contingent exposure through a reinsurance
arrangement," Mr Mohl said.

"We are not prepared to enter into a transaction unless it
delivers at least the value of the business to AMP. The value to
AMP lies in our continued ability to manage the business tightly
through cost control, and claims and capital management."
Cobalt/Gordian remains a solid business with total pro forma
operating margins for the six months to 30 June 2003 of A$27
million. The Explanatory Memorandum for AMP's proposed demerger
includes a forecast for full year 2003 operating margins of A$39
million. These margins do not include earnings on invested
capital.

At 30 June 2003, the business had net assets of A$725 million,
which includes AMP's general insurance runoff companies and the
Cobalt management company.

Cobalt/Gordian has $333 million in excess of minimum regulatory
capital requirements. In addition, AMP holds a further A$140
million provision net of tax at a corporate level against future
adverse variances. The intention to retain

Cobalt/Gordian has no impact on the proposed demerger.
Cobalt/Gordian will remain part of the Australian-based AMP
operations, reporting through to the Strategy and Development
division. Chief Financial Officer Paul Leaming will remain on
the Gordian Board while Andrew Mohl will also join this Board.


ANALYTICA LIMITED: Posts Q303 Review of Operations
--------------------------------------------------
Analytica Limited's strategy is to grow through mergers and
acquisitions of under-performing trading businesses in the life
sciences industry to create critical mass in this sector. In
July the Company made a takeover bid for the listed medical
device company SSH Medical Limited. Analytica subsequently
withdrew this takeover bid when the Board of SSH proposed a debt
funding facility for that company. Analytica's interest in SSH
however remains. During the quarter, the Company has:

   *  Paid out the Deed of Company Arrangement;

   *  Strengthened its balance sheet by Psiron converting its
      preference shares to ordinary shares;

   *  Completed a small placement raising approximately
      $350,000.

Cash at the end of the quarter was $462,000. Cash outflow from
operating activities was exceptionally high due to the final
Deed of Company Arrangement payment of $200,000. Excluding this
payment the cash outflow of normal activities is reduced to
$126,000 for the quarter.

For further information please contact Ron van der Pluijm,
Managing Director, on (02) 9659 8652.

Click http://bankrupt.com/misc/ALT1106.pdfto see full copy of
the Appendix 4c.


AUSTRALIAN GAS: NGC Registers Bonds Prospectus
----------------------------------------------
NGC Holdings Limited, a 66%-owned subsidiary of the Australian
Gas Light Company (AGL), registered a prospectus for the issue
of up to $200 million of fixed rate bonds.

The bonds, to be issued at a fixed rate of 6.81%, mature on 4
March 2009. They are being issued at a price of $1 each, with a
minimum subscription of 3,000, thereafter in multiples of 1,000.

A pool of 30 million of the bonds has been reserved for
subscription by NGC shareholders. The remainder have been
allotted to brokers and financial institutions under a firm
allocation process. General investors are able to subscribe for
the bonds through these brokers and financial institutions.

An Investment Statement will be sent to shareholders and to the
brokers/financial institutions in the next few days. The offer
opened on 3 November 2003, and closes for NGC shareholders on 21
November, and for general investors on 28 November 2003.

NGC Chief Executive, Phil James, said the Bonds will form an
important element of capital structure following the recent
successful completion of a corporate restructuring involving the
sale of non-core assets, and the refocusing on its
infrastructure and energy services businesses.

Following shareholder approval, NGC is separately finalizing
arrangements to return surplus capital of approximately $525
million to its shareholders by way of a High Court-approved
scheme of arrangement. Subject to receipt of final orders from
the High Court, the capital return will be effected on or about
4 December 2003.

The capital return will be funded primarily from redrawing of
existing bank facilities, but will ultimately be part-funded by
proceeds from the bond issue.

Mr James said: "In considering the financing objectives for NGC,
we have recognized the benefits of moving beyond traditional
bank funding arrangements and establishing a funding mix that
optimizes cost, duration and diversity of funding sources. This
issue into the debt capital markets will reduce dependency on
bank debt facilities and achieve funding flexibility."

It is intended that the bonds will be listed on the New Zealand
Exchange. Application has been made to New Zealand Exchange
Limited (NZX) for permission to list the proposed bonds, and all
requirements of the NZX relating thereto that can be complied
with on or before the date of this announcement have been duly
complied with. However, the NZX accepts no responsibility for
any statement in this announcement

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


AUSTRALIAN GAS: NGC Sets Bond Rate at 6.81%
-------------------------------------------
NGC Holdings Limited, a 66% owned subsidiary of the Australian
Gas Light Company (AGL), has set a rate of 6.81 percent for its
proposed issue of up to $200 million of fixed rate bonds. The
prospectus was lodged with the Companies Office on 31 October
2003.

The proposed bonds will mature in March 2009. The rate is 45
basis points above the five-and-a-quarter-year market swap rate.

NGC proposes to issue $150 million of the bonds, with the right
to accept oversubscriptions of up to a further $50 million.

It is intended that the bonds will be listed on the New Zealand
Exchange. Application has been made to New Zealand Exchange
Limited (NZX) for permission to list the proposed bonds, and all
requirements of the NZX relating thereto that can be complied
with on or before the date of this announcement have been duly
complied with. However, the NZX accepts no responsibility for
any statement in this announcement.

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


BALLARAT GOLDFIELDS: Posts General Meeting Results
--------------------------------------------------
A general meeting of fully paid ordinary shareholders of
Ballarat Goldfields NL held at Ballarat on 31 October, 2003 has
concluded.  All resolutions were passed on a show of hands and
for information purposes proxy votes were as follows:

RESOLUTION 2 Re-Election of Mr Colin Smith
FOR       70,981,936
AGAINST       51,383

RESOLUTION 3 Approval of previous share and option issues
FOR       75,079,676
AGAINST    2,167,034

RESOLUTION 4 Approval of proposed share issue
FOR       75,767,256
AGAINST    1,948,254

RESOLUTION 5 Remuneration of non-executive directors
FOR            56,247,625
AGAINST    1,776,054

RESOLUTION 6 Issue of options to Mr Laufmann
FOR       70,184,930
AGAINST    3,650,282

RESOLUTION 7 Issue of options to Mr Smith
FOR          66,326,553
AGAINST   3,468,062

RESOLUTION 8 Issue of options to Mr Mather
FOR          56,633,387
AGAINST   4,935,917

Wrights Investors' Service reports that at the end of 2002,
Ballarat Goldfields had negative working capital, as current
liabilities were A$3.40 million while total current assets were
only A$1.10 million. The fact that the company has negative
working capital could indicate that the company will have
problems in expanding. However, negative working capital in and
of itself is not necessarily bad, and could indicate that the
company is very efficient at turning over inventory, or that the
company has large financial subsidiaries.


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


CIL HOLDINGS: Annual Report Dispatch, Publication Deferred
----------------------------------------------------------
The Board of Directors of CIL Holdings Limited announced there
will be a delay in the publication of the results of the Group
for the year ended 30 June 2003. The delay is caused by shortage
of accounting personnel which has been disclosed in the
announcement of the Company made on 11 September 2003 regarding
to the further delay in publication of the results of the Group
for the six months ended 31 December 2002 and dispatch of the
interim report. Despite that additional staff has been recruited
to resolve the issue, the backlog of previous accounting work
bought forward leads to the Company having to take more time to
prepare the financial statements for audit.

The Company expects that the current year audit will commence
shortly and the final results will be published on or before 31
January 2004 and dispatch of the annual report will take place
approximately three weeks thereafter. The Company is now in
the process of finalizing its management accounts for the year
ended 30 June 2003 and will make a further announcement on or
before 30 November 2003 to publish the unaudited consolidated
final results.

The delay in publication of the audited consolidated final
results, dispatch of the annual report and publication of the
unaudited consolidated final results constitute a breach
of paragraphs 8(1), 11(1) and 11(3)(i)(c) of Appendix 7B to the
Listing Rules. In this regard, the Stock Exchange of Hong Kong
Limited (the Stock Exchange) reserves its right to take
appropriate action against the Company and/or its directors (the
Directors). Pursuant to a subscription agreement entered into on
30 January 2002 between the Company, Mr. Ke Jun Xiang (Mr. Ke, a
director of the Company) and Trade Honor Limited (Trade Honor),
a company wholly and beneficially owned by Mr. Ke, the Company
has allotted 3,500,000,000 shares of the Company which
represents 56.7% of the entire issued capital of the Company to
Trade Honor upon completion of the creditors' scheme of
arrangement (the Scheme) on 16 May 2003.

Details of the Scheme are elaborated in the circular of the
Company dated 31 May 2002.

Save as the above, the Directors confirm that they have not
dealt in the shares of the Company since 1 June 2002 and will
undertake to the Stock Exchange that they will not deal in the
shares of the Company until the final results of the Group for
the year ended 30 June 2003 are released and published.
The shareholders of the Company and investors are reminded to
execute caution when dealing in the shares of the Company.


FAMOUS ISLAND: Winding Up Petition Pending
------------------------------------------
Famous Island International Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on November 12, 2003 at 9:30 in the morning.

The petition was filed on September 17, 20032 by Tai Wai Man of
Room 339, Block 1, Kwai Shing West Estate, Kwai Chung, New
Territories, Hong Kong


FOREVER RICH: Nov 12 Winding Up Hearing Scheduled
-------------------------------------------------
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
Forever Rich Limited.

Tang Wai Keung of 4/F., 49 Lion Rock Road, Kowloon City,
Kowloon, Hong Kong filed the petition on October 25, 2002.  Tam
Lee Po Lin, Nina represents the petitioner.

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


FUJIAN GROUP: Nov 25 Creditors' Meeting Scheduled
-------------------------------------------------
Reference is made to the composite document of Fujian Group
Limited (Provisional Liquidators Appointed) and the Investor
dated 9 October 2003 in relation to, among other things, the
Proposed Restructuring and the Whitewash Waiver.

The Company is pleased to announce that all resolutions set out
in the notice of the EGM contained in the Composite Document
were duly passed by the Shareholders at the EGM held on 3
November 2003.

The resolutions in respect of the Restructuring Agreement,
Capital Restructuring and Whitewash Waiver were taken by way
of a poll. Voting papers representing in aggregate of
344,887,756 Shares (or about 32.1% of the total issued share
capital of the Company) were received from seven Independent
Shareholders either in person or by proxy. All of the seven
Independent Shareholders voted for these resolutions.

The resolution to change the name of the Company was duly passed
by the Shareholders at the EGM. Subject to the approval
of the Registrar of Companies in Hong Kong, the English name and
the Chinese name of the Company will be changed to "Fujian
Holdings Limited" A further announcement will be made as and
when appropriate.

The Creditors' Meeting, originally scheduled for 19 November
2003, has been rescheduled. Subject to the approval of
the HK Court, the Creditors' Meeting will be held at 10:00 a.m.
on 25 November 2003.

Trading in the Shares was suspended at the request of the
Company with effect from 10:00 a.m. on 16 February
2001 and will remain suspended until all of the conditions
imposed by the Listing Committee on the Proposed Restructuring
are fulfilled.


JIMTECH INTERNATIONAL: Winding Up Petition Slated for Hearing
-------------------------------------------------------------
The petition to wind up Jimtech International Group Company
Limited is set for hearing before the High Court of Hong Kong on
November 26, 2003 at 9:30 in the morning.

The petition was filed with the court on September 25, 2003 by
Tan Jimmy Torres of 5846 189th Street, Cloverdale B.C., Canada
V3S 7T2.


MAYLEX LIMITED: Winding Up Sought by Hui Chow Kwan
--------------------------------------------------
Hui Chow Kwan is seeking the winding up of Maylex Limited. The
petition was filed on June September 22, 2003, and will be heard
before the High Court of Hong Kong on November 19, 2003 at 9:20
in the morning.

Hui Chow Kwan holds its registered address at Room 405, TinChu
House, Shun Tin Estate, Kowloon, Hong Kong.


VASTHEME INTERNATIONAL: Petition to Wind Up Scheduled
-----------------------------------------------------
The petition to wind up Vastheme International Company Limited
was heard before the High Court of Hong Kong on November 5, 2003
at 9:30 in the morning.

The petition was filed with the court on August 10, 2003 by Bank
of China (Hong Kong) Limited of 14th Floor, Bank of China Tower,
1 Garden Road, Central, Hong Kong.


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I N D O N E S I A
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ANEKA TAMBANG: On Bauxite Project Investor Hunt
-----------------------------------------------
PT Aneka Tambang Tbk (Antam) is searching for strategic
investors to finance its project to develop bauxite plant
Alumina Tayan in West Kalimantan valued at US$175 million to
USD180 million, Bisnis Indonesia reports, quoting President
Director D Aditya Sumanagara.

"Previously we [were] talking with [an] investor from Japan, but
we could not realize the plan so that we are now searching for
other strategic investors," Sumanagara said, adding that the
company could not finance the project as the company's debt is
significant.

"Therefore we have to be careful in finding the financing
solution for the project," he added, revealing that there had
been some investor interested in financing the project and to
establish the unit.

He also stated the company is now preparing a bankable
feasibility study to prepare the project financing scheme.


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


DAIEI INC.: Posts Y40B in Revenues
----------------------------------
Daiei Inc. made more than 40 billion yen in revenues from an
eight-day nationwide sale commemorating the Daiei Hawks winning
the Japan Series baseball championship, according to Kyodo News.
The revenues marked about a 100 percent jump from the same
eight-day period a year earlier.

The proposed rehabilitation of Daiei Inc.'s Fukuoka hotel,
ballpark and baseball business will feature the sale of assets
and financial aid from six main banks including UFJ Bank, Mizuho
Corporate Bank and Sumitomo Mitsui Banking Corporation, TCR-AP
reported recently.


MITSUBISHI MOTORS: May Post 1H03 Loss on Customer Defaults
----------------------------------------------------------
Mitsubishi Motors Corporation expects to post an 80 billion yen
loss (US$725 million) in the first half of this year after it
took a special charge for customer loan defaults in the United
States, where sales were slumping, Bloomberg reported on
Wednesday.

Mitsubishi is taking a special loss of 50 billion yen in the
first half ending in September 30, on top of a 36 billion yen
charge last year. The Company's U.S. finance unit remains
burdened by losses from a drop in used-car prices, Goldman Sachs
Japan Ltd. analyst Kunihiko Shiohara said.


FORECAST TABLES

Bloomberg Survey: Mitsubishi 1st-Half March 2004 Forecasts

     Sales    Op. Prof. Cur. Prof.  Net Income  yen/$   yen/euro
1H   1.24 tln  -15 bln   -35 bln     -80 bln    N/A      N/A
     -24 percent        N/A       N/A         N/A

Mitsubishi March 2004 First-Half Forecasts (Released July)
1H   Sales     Op. Prof.  Cur. Prof.  Net Income yen/$
yen/euro
    1.25 tln   -15 bln      -35 bln     -80 bln   120      125

Mitsubishi March 2003 First-Half Results
1H   Sales    Op. Prof  Cur. Prof.   Net Income  yen/$
yen/euro
    1.619 tln   23.5 bln  18.9 bln    6.64 bln    N/A       N/A

Bloomberg Survey: Mitsubishi Full Year March 2004 Forecasts
     Sales   Op. Prof   Cur. Prof.   Net Income  yen/$
yen/euro
3/04 2.69 tln  45.3 bln   25.8 bln     5.9 bln    N/A      N/A
      -31%      -45%        -53%        -84%

Mitsubishi March 2004 Full Year Estimates: (Released July)
     Sales   Op. Prof   Cur. Prof.   Net Income  yen/$
yen/euro
3/04 2.72 tln  60 bln     35 bln        10 bln    120      125
      -30%      -28%       -36%          -73%

Mitsubishi March 2003 Full-Year Results
     Sales    Op. Prof   Cur. Prof.  Net Income  yen/$
yen/euro
3/03 3.88 tln  82.8 bln   54.3 bln    37.4 bln   N/A      N/A


                        ANALYSTS' ESTIMATES

Koji Endo, Credit Suisse First Boston Japan Inc.
     Sales    Op. Prof   Cur. Prof.   Net Income yen/$
yen/euro
1H   1.197 tln -15 bln     -35 bln       -80 bln   118    133
3/04 2.707 tln  42 bln      10 bln         9 bln   115    130

Tsuyoshi Mochimaru, Daiwa Securities Group Inc.
     Sales   Op. Prof.     Cur. Prof.  Net Income  yen/$
yen/euro
1H   1.235 tln  -16 bln      -37 bln     -81 bln    N/A    N/A
3/04 2.664 tln   50 bln       31 bln       6 bln    116    132

Kurt Sanger, ING Securities Japan Ltd.
     Sales     Op. Prof    Cur. Prof.  Net Income  yen/$
yen/euro
3/04 2.64 tln   48.5 bln     28.3 bln    5.8 bln     N/A    N/A

Kunihiko Shiohara, Goldman Sachs Japan Ltd.
     Sales     Op. Prof    Cur. Prof.  Net Income yen/$ yen/euro
1H   1.25 tln   -15 bln      -35 bln     -80 bln      N/A    N/A
3/04 2.9212tln    41 bln      23.3 bln     2.8 bln    115.5  129


NISSHO IWAI-NICHIMEN: Dissolves Subsidiary
------------------------------------------
Nissho Iwai-Nichimen Holdings Corporation (NNH) announced that
Nissho Iwai Corporation, a wholly owned subsidiary of NNH,
determined to dissolve its consolidated subsidiary, Nippon Crown
House Co., Ltd.

1. OUTLINE OF NIPPON CROWN HOUSE CO., LTD.

(1) Headquarters: 11-11 Oaza-Okazato, Sowa-machi, Sashima-gun,
Ibaragi
(2) Representative: Satoshi Hasegawa
(3) Business: Sales of wood-frame housing construction materials
(4) Established: December 1972
(5) Capital: JY 60 million
(6) Major shareholders: Nissho Iwai Corporation 100 percent

2. REASON FOR DISSOLUTION

The Company's business has been dull due to the intensifying
cost competition in the housing industry and decrease in the
order, and Nissho Iwai has made effort to dissolve the Company.
With reaching an agreement with Seihoku Co., Ltd. about transfer
of assets and trade rights, Nissho Iwai decided to dissolve the
Company.

3. FORECAST

Liquidation will be completed by March 2004. Though the
dissolution of the Company will give rise to net loss, no effect
is anticipated on NNH's earnings forecast for the fiscal year
ending March 2004 since reserves have already been appropriated.

On April 1, Nissho Iwai and trading house Nichimen Corporation
integrated their management under a holding Company Nissho
Iwai-Nichimen Holdings Corporation in a bid to rebuild the
struggling businesses, TCR-AP reported recently. Nissho Iwai
has begun restructuring efforts and has decided to cut the
salaries of its management staff by about 20 percent.
On April 1, Nissho Iwai and trading house Nichimen Corporation
integrated their management under a holding Company Nissho
Iwai-Nichimen Holdings Corporation in a bid to rebuild the
struggling businesses, TCR-AP reported recently. Nissho Iwai
has begun restructuring efforts and has decided to cut the
salaries of its management staff by about 20 percent.

Inquiries: Shinichi Taniguchi, General Manager
Public Relations Dept.
TEL: +81 (3) 5446-1061


NISSHO IWAI-NICHIMEN: Unit Reaches Deal With BeMax
--------------------------------------------------
Nissho Iwai-Nichimen Holdings Corporation (NNH) has announced
that Nissho Iwai Corporation (Nissho Iwai), a wholly owned
subsidiary of NNH, has reached a basic agreement with BeMax
Resources NL (BeMax) and Sons of Gwalia Ltd. (SGW; a NIMSA joint
venture partner), that its subsidiary Nissho Iwai Mineral Sands
Group (NIMSA), which conducts in Australia the mining of mineral
sands (ilmenite, rutile and zircon) for use in the production of
titanium dioxide, will be merged with BeMax, and that Nissho
Iwai has commenced negotiations to work out the details of the
merger.

Realization of this merger will remarkably improve synergistic
effects by combining the facilities, technologies and marketing
know-how of NIMSA, which has over 40 years of operating
experience, with the promising world-class mineral sand reserve
mining area BeMax possesses in the Murray Basin (southeast
Australia). This will lead to realization of a higher business
value.

The formal merger will be contingent upon the results of
scheduled business scrutiny/assessment, approval at the BeMax
general shareholders' meeting, and the acquisition of approvals
and licenses from the relevant authorities.

1. BENEFITS OF THE MERGER:

(1) The merger will ensure that BeMax owns more than half of the
mineral sand resources, which presence has been confirmed
especially in the northern part of the Murray Basin, where
world-class mineral sand deposits exist.

(2) The merger will allow BeMax to utilize the infrastructure
assets owned by NIMSA and to expedite the development of the
Pooncarie Project (mining area) in the Murray Basin, which
mining area is owned by BeMax, and a significant reduction in
capital development costs.

(3) BeMax will produce approximately 10 percent of the titanium
material industry world demand, which will ensure a higher
presence.

2. Basic conditions for the merger:

Nissho Iwai will receive cash and part of the new Company's
shares in compensation for its NIMSA shares. The share
assignment method, transfer price and settlement method are
currently under negotiation.

3. The merger agreement: Expected to be executed in December
2003

4. Transfer of stock:

The targeted timing for the stock transfer, around February
2004, awaits planned business scrutiny/assessment, approval at
the BeMax general shareholders' meeting and acquisition of
approvals and licenses.

5. Impact on forecast for FY2003

This matter is currently under negotiation, and the transfer
price and so forth are not yet determined. At this stage, there
is no change in the already-announced NNH's earnings forecast
for the current fiscal year ending March 31, 2004.

2. OUTLINE OF EACH COMPANY

Nissho Iwai Mineral Sands Group

Headquarters: Perth, Australia

Representative: Masato Takei

NIMSA is a wholly owned subsidiary of the Nissho Iwai
Corporation. NIMSA, the mining Company group, conducts the
development, production and sales of mineral sands, which is
known as RZM/CABLE SANDS Group in Australia. Certain areas of
the Company business are operated together with SGW in the form
of joint venture.

BeMax Resources NL

Headquarters: Brisbane, Australia

Representative: Stephen C. Everett
BeMax is an ASX (Australian Stock Exchange)-listed exploration
Company, possessing major mining rights in the Murray Basin. The
largest shareholder is Cristal Australia Pty. Ltd. (Brisbane,
Australia), a wholly owned subsidiary of Saudi Arabian titanium
dioxide manufacturer, The National Titanium Dioxide Co. Ltd.
Sons of Gwalia Ltd.

Headquarters: Perth, Australia

Representative: Peter Lalor

Sons of Gwalia Ltd. is an ASX-listed mining Company, which
manufactures and sells gold and tantalum. Since 2001, the
Company has been operating Murray Basin Titanium Pty. Ltd.
(mineral sand production), a joint venture (50:50) with NIMSA,
in the Murray Basin.

Inquiries: Shinichi Taniguchi, General Manager
Public Relations Dept.
TEL: +81 (3) 5446-1061


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


CHOHUNG BANK: Posts 3Q03 US$638.57M Net Loss
--------------------------------------------
Chohung Bank incurred a net loss of 758.4 billion won (US$638.57
million) in the third quarter of 2003, versus a net income of
11.2 billion won in the equivalent period of the preceding year,
which was mainly due to a significant rise in provision for
possible loan losses, a Company statement said. The increase in
provision for loan losses was mainly the result of increased
provisioning for consumer loans, including the credit card
sector, and for SK Network, formerly SK Global.


HANARO TELECOM: Transfers Business With Major Affiliate
-------------------------------------------------------
Hanaro Telecom, Inc. announced its contract with Dreamline
Corporation for the acquisition of the latter's broadband
business in certain areas, the closing for which has been
changed from November 1 to December 1, 2003, filed with the
Korea Securities Dealers Association Automated Quotation Market
and the Financial Supervisory Commission on November 3, 2003.

TRANSFER OF BUSINESS WITH MAJOR SHAREHOLDERS OR AFFILIATES

1. Company name:  Dreamline Corporation

  - Relationship: Affiliated Company

   a. Date of Transfer                    December 1, 2003

2. Details of
Transfer of business

b. Subject of Transfer

-Broadband Internet access infrastructure in the Transfer Area
except for HFC lines

- Service contracts signed between Dreamline and Dreamline
subscribers in the 'Transfer Area'

- Service contract signed between Dreamline and broadcasting
companies in the Transfer Area

*Transfer Areas: Suwon, Ohsan, Byunjum, Kunpo

C. Purchase Price (KRW)

3. Purpose of Transfer: To strengthen Hanaro's broadband
business

4. Impact of Transfer: Increase in the number of broadband
subscribers and revenues

5. Shareholders' Meeting
-

6. Matters regarding Stock Options
-

7. Date of Board Resolution
September 26, 2003

    - Attendance of Independent Directors        Attendance: -
Absence: -

    - Attendance of Auditor
No

8. Subject to the Fair Trade Act
No

9. Others: The Purchase Price is subject to change up to the
date immediately prior to the Date of Transfer depending on the
subscribers' agreement to such transfer.

The date of board resolution is the date of signing.

The transfer of business hereto does not require a Shareholders'
Meeting since it is not subject to Article 374 of Commercial
Law, Article 190-2-2 of Securities and Exchange Act, and Article
84-8-1 of such Directives.

Date of relevant local filing: September 8, 2003


SK NETWORKS: SK Corp. OKs Compromise to Save Firm
-------------------------------------------------
SK Corporation board members approved a compromise to save its
trading affiliate, SK Networks Co., formerly known as SK Global
Co. SK Corp. will swap KRW850,000,000,000 or $723,000,000 of SK
Networks debt into stock.

SK Corp. is SK Networks' biggest shareholder and South Korea's
fourth largest oil refiner.

Ian King of Bloomberg News reports that all 11 Board Members
voted in favor of a June 15, 2003 pledge to aid SK Networks. The
Board lived up to its word to ensure that SK Networks generates
preset cash flow levels and to annul a March 2003 purchase of SK
Networks gas stations, the Company said in an e-mailed
statement. Securing SK Corp.'s support means SK Networks will
stay in business because its creditors' demand that SK Corp.
shoulder the bulk of the burden is finally met.

But union leaders at SK Corp. are worried that the debt-to-
equity swap with SK Networks may jeopardize SK Corp.'s
profitability and lead to job cuts. (SK Global Bankruptcy News,
Issue No. 7; Bankruptcy Creditors' Service, Inc., 609/392-0900)


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


AKTIF LIFESTYLE: Defaulted Payment Status Remains Unchanged
-----------------------------------------------------------
Under PN4/2001, Aktif Lifestyle Corporation Berhad is required
to announce the status of its plan to regularize its financial
condition on the first market day of each month.

The Board of Directors of Aktif wishes to inform that
negotiations are still in progress between Aktif and the lenders
in order to reach mutual agreements.

On 6 October 2003, the Company announced that it had been served
a Show Cause Notice by KLSE requesting the Company to make
written representations on why its securities should not be
removed from the Official List of the Exchange. The Company had
replied this in its letter dated 13 October 2003 and has met
with the Listing Sub-Committee on 30 October 2003 to make oral
representations on why the Company should not be de-listed.

The Company also announced that there has been no change in
status with respect to the default in payment. The Company will
keep its shareholders informed of any pertinent development.


BRIDGECON HOLDINGS: Placed Under Creditors' Voluntary Winding Up
----------------------------------------------------------------
The Board of Directors of Bridgecon Holdings Berhad (In
Liquidation) and Bridgecon Engineering Sdn Bhd (In Liquidation)
would like to announce that a general meeting of the members of
BHB and BESB was deemed convened and held at Business Suite 19A-
23-3, Level 23 UOA Centre, No. 19 Jalan Pinang, 50450 Kuala
Lumpur to pass the following resolutions:

BHB

Special Resolution

i) RESOLVED that the Company be wound up by way of creditors'
voluntary winding up pursuant to Section 254(1)(b) of the
Companies Act, 1965

Ordinary Resolution

i) RESOLVED that Mr Tan Kim Leong, JP (I/C No 391205-05-5105) of
Business Suite 19A-30-2, Level 30 UOA Centre, No. 19 Jalan
pinang, 50450 Kuala Lumpur, be appointed as Liquidator of the
Company for the purpose of a creditors' voluntary winding up.

ii) FURTHER RESOLVED that the Committee of Inspection be setup.


BESB

Special Resolution

i) RESOLVED that the Company be wound up voluntarily pursuant to
Section 254(1)(b) of the Companies Act, 1965.

Ordinary Resolution

i) RESOLVED that Mr Tan Kim Leong, JP (I/C No 391205-05-5105) of
Business Suite 19A-30-2, Level 30 UOA Centre, No. 19 Jalan
pinang, 50450 Kuala Lumpur, be appointed as Liquidator of the
Company for the purpose of a creditors' voluntary winding up.

ii) FURTHER RESOLVED that the Committee of Inspection be setup.


CONSTRUCTION AND SUPPLIES: Extends Restructuring Scheme MOU
-----------------------------------------------------------
Construction and Supplies House Berhad refers to the
announcement dated 1 October 2003 in relation to the status of
its plan to regularize its financial condition and the entering
into a Memorandum of Understanding (MOU) with the vendors of
Oricon Sdn Bhd (Vendors) with a view to restructure the Company.

Further to the above-mentioned announcements, the Listing Sub-
Committee of the KLSE has on 20 October 2003 decided to de-list
the securities of the Company from the Official List of the KLSE
as the Company does not have an adequate level of financial
condition to warrant continued listing on the Official List of
the KLSE. Accordingly, the securities of the Company will be
removed from the Official List of the KLSE at 9.00 a.m. on
Tuesday, 4 November 2003.

In line with Practice Note No. 4/2001 of the KLSE Listing
Requirements which requires an announcement on the status of an
affected listed issuer's plan to regularize its financial
condition to be made on the first market day of each month,
AmMerchant Bank Berhad, on behalf of the Company, wishes to
announce that the Vendors and the Company have mutually agreed
to extend the MOU for another three (3) months to finalize a
restructuring scheme for the Company.


CSM CORPORATION: Currently Revising Restructuring Scheme
--------------------------------------------------------
Reference is made to CSM Corporations Berhad's Requisite
Announcement dated 5 June 2003 and subsequent announcement dated
1 July 2003 (RA). Pursuant to the PN4/2001 of the Listing
Requirements of the Kuala Lumpur Stock Exchange (KLSE), the
Board of Directors of CSM wishes to announce that in
consultation with the Asset Valuation Audit Department of the
Securities Commission (SC), Messrs. Colliers, Jordan, Lee &
Jaafar has revised the valuation amount of Jaya Shopping Centre
(as defined in the RA) to RM115,000,000 from RM120,000,000 as
per the RA.

Accordingly, the Company is in the midst of revising its
restructuring scheme to reflect the same. A further announcement
on the said revised scheme will be made shortly.

Save for the above, there is no other new development on the
Company's plan to regularize its financial condition since the
last monthly status announcement dated 2 October 2003.


DENKO INDUSTRIAL: PCDRS Implementation Currently Pending
--------------------------------------------------------
Denko Industrial Corporation Berhad refers to the announcements
on 1 October 2003 and 15 October 2003.

Denko filed the Petition for Capital Reduction together with the
supporting affidavit on 2 October 2003 at the High Court in
Kuala Lumpur and the hearing of the Petition is fixed on 14
November 2003.

Apart from the above, Denko wishes to inform that there has been
no change in the status of Denko's plan to regularize its
financial condition pursuant to paragraph 5.1 of the PN4 of the
KLSE Listing Requirements. The Proposed Corporate and Debt
Restructuring Scheme (PCDRS) is currently pending
implementation.


EPE POWER: Further Defaults RM711,840 Credit Facility
-----------------------------------------------------
EPE Power Corporation Berhad refers to the announcement dated 2
October 2003 regarding the default in interest and principal
payment (PN1) and continuing announcement on Practice Note
4/2001 (PN4).

On 15 October 2003, EPE had obtained the Kuala Lumpur High
Court's directions in respect of EPE's petition for the proposed
capital reduction and the hearing for the said petition is fixed
on 4 December 2003 as stated in the announcement to KLSE made by
Commerce International Merchant Bankers Bhd (CIMB) on 21 October
2003.

On 21 October 2003, EPE had obtained the Securities Commission's
approval on the application for waiver for EPE and Ranhill
Berhad from undertaking a mandatory general offer pursuant to
Practice Note 2.9.6 and 2.9.3 respectively of the Malaysian Code
on Take-Overs and Mergers as stated in the announcement to KLSE
made by CIMB on 23 October 2003.

Also with regards to PN1 obligation, EPE wishes to inform that
the Company has further defaulted in the payment of monthly
interest of RM711,840.75 due to several financial institutions
(FIs) under its revolving credit (RC) facilities.


HOTLINE FURNITURE: Proposed Acquisition Completion Date Extended
----------------------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Hotline
Furniture Berhad, is pleased to announce that HFB, Mahajaya and
the Vendors had on 30 October 2003, via an exchange of letters
agreed to extend the date of completion of the Proposed
Acquisitions to 31 January 2004.

In addition, HFB had on even date submitted an application to
the Court to extend the time to convene a meeting for its
shareholders for the purpose of considering and, if thought fit,
approving with or without modification the Proposed Share
Exchange pursuant to Section 176 of the Companies Act, 1965 for
three (3) months, from 27 November 2003 to 27 February 2004.

Further thereto, the advising solicitors, Messrs Tay & Helen
Wong, on behalf of Mahajaya, had on 9 October 2003, written to
the Financial Institution Creditors to seek their indulgence to
extend the completion date of the debt settlement agreement
which was executed on 22 August 2003, for three (3) months, from
31 October 2003 to 31 January 2004. However, as at to-date,
approvals from the majority of the Financial Institution
Creditors (being 75% in value of the Outstanding Debts and five
(5) in number) are still pending. An announcement will be made
in due course once the approvals from the majority of the
Financial Institution Creditors have been obtained.


FACB RESORTS: Fails to Meet Sinking Fund Obligations Again
----------------------------------------------------------
On 12 October 2003, FACB Resorts Berhad (FACB) announced that it
was in discussion with Abrar Discounts Bhd, the sole bondholder,
to reschedule the required deposit of RM70 million into the
Sinking Fund Account due on the same date for the redemption of
its RM420 million nominal value 4-year Zero Coupon Redeemable
Secured Bonds (RSB). Concurrently, the next RM40 million due on
31 December 2003 will also be rescheduled.

Although it can be construed as an event of default under the
Trust Deed, RAM understands that the sole bondholder has
instructed the Trustee, PB Trustee Services Bhd, not to serve
any notice of default to FACB. In fact, Abrar Discounts Bhd has
agreed to defer the entire RM110 million to 30 April 2004.

Prior to this, the bondholder had twice granted indulgence for
the rescheduling of the obligations. Under the terms of the
Trust Deed, FACB was supposed to have remitted the initial 2
installments of RM40 million each into the Sinking Fund Account
on 12 October 2002 and 30 April 2003. The accumulated RM80
million had then been deferred to 30 June 2003. It was again
rescheduled to 31 December 2003 and 30 April 2004, with RM40
million to be paid on each due date. With the latest indulgence,
FACB's sinking fund obligations due next 30 April 2004 will add
up to RM150 million.

In view of the developments, RAM is maintaining the Rating Watch
on the long-term rating of B1(s) for FACB's RSB, with a negative
outlook.

CONTACT INFORMATION: Chan Lai Fong
        RAM Analyst
        Tel: 03-7628 1038
        E-mail: laifong@ram.com.my


GENERAL SOIL: Restructuring Scheme Finalization Underway
--------------------------------------------------------
Further to the announcement dated 1 October 2003, the Board of
Directors of General Soil Engineering Holdings Berhad wishes to
inform that the Company has released its Requisite Announcement
(RA) on 14 October 2003.

The RA among others, state that the Company has entered into a
Supplemental Agreement with KTI Vendors and DJM Vendors to vary
the terms and condition of Restructuring Scheme.

The Company is in the midst of finalizing the details of the
submission to the Securities Commission and other relevant
authorities within the stipulated time frame.


KILANG PAPAN: Revising Proposed Restructuring Scheme
----------------------------------------------------
AmMerchant Bank Berhad, on behalf of Kilang Papan Seribu Daya
Berhad (Special Administrators Appointed), wishes to announce to
the Kuala Lumpur Stock Exchange that KPSD is currently revising
the proposed restructuring scheme to incorporate the revision
approved by the Securities Commission (SC) and will submit the
revised scheme to SC for its consideration and approval in due
course.

Save as disclosed above, there is no material change to the
Company's plan to regularize its financial condition.


MENTIGA CORPORATION: Financial Statement Finalization Underway
--------------------------------------------------------------
Further to the status report made on 1 October 2003, Mentiga
Corporation Berhad advised that it is still in the process of
finalizing the financial statements for the financial year ended
31 December 2002.

On 15 September 2003, Commerce International Merchant Bankers
Berhad (CIMB) announced on behalf of Mentiga that the Company
proposed to implement the following Proposals:

(i) Proposed debt settlement via the issuance of new ordinary
shares of RM1.00 each in Mentiga (Mentiga Shares) as settlement
of an amount owing by Mentiga to its shareholder, Amanah Saham
Pahang Berhad (ASPA) (Proposed Debt Settlement);

(ii) Proposed restricted issue of 20,000,000 redeemable
convertible preference shares of RM1.00 each in Mentiga (RCPS)
to ASPA (Proposed Restricted Issue);

(iii) Proposed partial waiver of the outstanding principal and
interest amounts of certain borrowings of Mentiga and its
subsidiaries (Mentiga Group) due to certain financial
institution creditors (Proposed Debt Waiver);

(iv) Proposed increase in the authorized share capital of
Mentiga (Proposed Increase In Authorized Share Capital); and

(v) Proposed amendments to the Memorandum and Articles of
Association of Mentiga (Proposed Amendments).

On 15 September 2003, CIMB also announced on behalf of Mentiga
that the Company and the Board of Trustees of Yayasan Pahang
have mutuallly terminated the conditionally Property Sale
Agreement (PSA) dated 30 December 2002 for the acquisition of an
oil palm estate located in the District of Rompin, Pahang Darul
Makmur for a total consideration of RM95,000,000.00 (Proposed
Acquisition. Therefore, Mentiga proposed to abort the Proposed
Acquisition and retract the application to the Securities
Commission dated 31 December 2002 in relation thereto.

On 9 October 2003, CIMB further announced on behalf of Mentiga
that RM16.893 million of the total advance from ASPA amounting
to RM20.0 million has been utilized to repay the financial
institution creditors of the Mentiga Group (FI Creditors)
participating in the Proposed Debt Waiver, as full and final
settlement of the relevant amounts owing to the FI Creditors.
The advance from ASPA of RM20.0 million will be settled through
the Proposed Restricted Issue. In view of the aforesaid, the
Proposed Debt Waiver has crystallized and is completed.

KLSE had, via its letter dated 23 October 2003, rejected the
Company's application for an extension of time of 8 weeks after
the completion of the annual audited accounts for the financial
year ended 31 December 2002 to release the Company's annual
reports for the financial years ended 31 December 2001 and 31
December 2002 respectively.


MENTIGA CORPORATION: MITI Okays Proposed Debt Settlement
--------------------------------------------------------
Mentiga Corporation Berhad refers to the announcements dated 15
September 2003 and 9 October 2003 in relation to the Proposals
entailing:

(i) Proposed Debt Settlement via the Issuance of New Ordinary
Shares of Rm1.00 Each in Mentiga (Mentiga Shares) as Settlement
of an amount owing by Mentiga to its Shareholder, Amanah Saham
Pahang Berhad (ASPA) (Proposed Debt Settlement);

(ii) Proposed Restricted Issue of 20,000,000 Redeemable
Convertible Preference Shares of Rm1.00 Each in Mentiga (RCPS)
to ASPA (Proposed Restricted Issue);

(iii) Proposed Partial Waiver of the Outstanding Principal and
Interest Amounts of Certain Borrowings of Mentiga and its
Subsidiaries (Mentiga Group) due to Certain Financial
Institution Creditors (Proposed Debt Waiver);

(iv) Proposed Increase in the Authorized Share Capital of
Mentiga (Proposed Increase in Authorized Share Capital); and

(v) Proposed Amendments to the Memorandum and Articles of
Association of Mentiga (Proposed Amendments)

On behalf of Mentiga, Commerce International Merchant Bankers
Berhad is pleased to announce that the Ministry of International
Trade and Industry (MITI) has vide its letter dated 31 October
2003 approved the Proposed Debt Settlement and Proposed
Restricted Issue.

The approval of the MITI is however subject to approval being
obtained from the Securities Commission (SC) for the Proposed
Debt Settlement and Proposed Restricted Issue.

The Proposals are still subject to approvals being obtained from
the following:

(i) SC for the Proposed Debt Settlement, Proposed Restricted
Issue and for the listing of and quotation for the new Mentiga
Shares to be issued pursuant to the Proposed Debt Settlement and
from the conversion of the RCPS to be issued pursuant to the
Proposed Restricted Issue;

(ii) SC (on behalf of the Foreign Investment Committee) for the
Proposed Debt Settlement and Proposed Restricted Issue;

(iii) shareholders of Mentiga for the Proposed Debt Settlement,
Proposed Restricted Issue, Proposed Increase in Authorized Share
Capital and Proposed Amendments at an Extraordinary General
Meeting to be convened; and

(iv) Kuala Lumpur Stock Exchange for the listing of and
quotation for the new Mentiga Shares to be issued pursuant to
the Proposed Debt Settlement and upon conversion of the RCPS to
be issued pursuant to the Proposed Restricted Issue.


NCK CORP.: OSK Securities Replaces Alliance as Corporate Adviser
----------------------------------------------------------------
Further to the announcements dated 1 November 2002 and 20
November 2002 as announced by Alliance Merchant Bank Berhad, NCK
Corporation Berhad (Special Administrators Appointed) wishes to
announce that following the approvals received from the
Securities Commission, the Foreign Investment Committee and the
Ministry of International Trade and Industry for its
Restructuring Scheme, the Restructuring Scheme is currently
being implemented by the Company.

Further to an application made by Alliance Merchant Bank Berhad
on 5 May 2003, the Securities Commission had on 22 May 2003
approved an extension of six (6) month to 15 November 2003, for
the Company to implement the Proposed Restructuring Scheme.

In addition, further to an application made by Alliance Merchant
Bank Berhad on 30 June 2003 on behalf of the Company, the
Securities Commission had on 3 July 2003 approved for an
additional two (2) months to 13 September 2003 to complete the
investigative audit by Messrs Horwath. Two (2) sets of the
investigative audit reports were submitted to the Securities
Commission on 15 September 2003. The audit findings of the
report will be announced in due course.

On 3 October 2003, Encik Megat Abdul Munir bin Megat Abdullah,
one of the potential Bumiputera investors in relation to the
special issue which forms part of the Proposed Restructuring
Scheme, filed a Writ of Summons, Statement of Claim and Summons
in Chambers dated 1 October 2003 in the High Court of Malaya at
Kuala Lumpur against both APB Resources Berhad (formerly known
as Lamquest Holdings Berhad and previously known as Kekal
Sepakat Berhad) (APB) and Alliance Merchant Bank Berhad
(Alliance), being the white knight and the Adviser respectively
in respect of the Proposed Restructuring Scheme of NCK. The High
Court has fixed 12 November 2003 for the hearing of the Summons
in Chambers.

On 31 October 2003, Alliance Merchant Bank Berhad gave notice to
the Special Administrators of NCK of withdrawal of its services
to NCK and consequently, termination of its appointment as the
advising merchant banker to NCK for the Proposed Restructuring
Scheme, with immediate effect.

The Special Administrators of NCK, had on 31 October 2003,
appointed OSK Securities Berhad as the new corporate adviser to
replace Alliance Merchant Bank Berhad.


PARIT PERAK: Submits De-listing Uplifting Application to KLSE
-------------------------------------------------------------
On 23 February 2001, Parit Perak Holdings Berhad (Special
Administrators Appointed) announced that PPHB is considered an
"affected listed issuer" pursuant to PN4 issued by the KLSE.

On 18 November 2002, Alliance Merchant Bank Berhad (Alliance),
on behalf of PPHB, announced that the Company had formulated a
plan to regularize its financial condition by implementing
certain proposals (Proposals) which include, amongst others, the
proposed acquisition of 100% equity interest in Liqua Health
Marketing (M) Sdn Bhd (Liqua) by Liqua Health Corporation Berhad
(formerly known as Joycity Holdings Sdn Bhd) (LHCB), the company
proposed to take over PPHB's listing status. The Proposals have
since been approved by the Securities Commission (SC) vide its
letters dated 10 March 2003, 14 April 2003, 22 April 2003 and 5
September 2003, the Foreign Investment Committee (FIC) vide its
letter dated 30 December 2002 and Pengurusan Danaharta Nasional
Berhad (Danaharta) vide its letter dated 14 April 2003.

The Proposals, which are detailed in PPHB's information circular
to shareholders dated 16 September 2003, are currently in the
process of being implemented. Further, the Kuala Lumpur Stock
Exchange (KLSE) had, vide its letter dated 9 September 2003,
given its approval-in-principle for the listing of the entire
issued and paid-up share capital of LHCB (including warrants and
shares to be issued pursuant to the exercise of warrants).

With the above, LHCB will take over the listing status of PPHB,
and PPHB will be de-listed from the Official List of the Main
Board of the KLSE. Alliance, on behalf of PPHB, has made an
application to the KLSE for the uplifting of PPHB's PN4 status,
which is currently pending.


PICA (M) CORPORATION: Acquires 60% Shareholding in UV Resources
---------------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad wishes to
make the following announcement for public release:

THAT on 3 November 2003, the Company had acquired 60%
shareholding in UV Resources Sdn. Bhd. (Company No. 621619-V)
(UVR) through two (2) of its wholly-owned subsidiaries as
follows:

"(1) Timur Tegas Sdn. Bhd. (Company No. 186288-K) which had been
allotted and issued 30,000 ordinary shares of RM1.00 each in
UVR, upon full payment of a total cash consideration of
RM30,000.00 only, representing 30% of the total issued and paid-
up capital of RM100,000.00 divided into 100,000 ordinary shares
of RM1.00 each in UVR; and

(2) Pica Venture Capital Sdn. Bhd. (Company No. 594995-T) which
had been allotted and issued 30,000 ordinary shares of RM1.00
each in UVR, upon full payment of a total cash consideration of
RM30,000.00 only, representing 30% of the total issued and paid-
up capital of RM100,000.00 divided into 100,000 ordinary shares
of RM1.00 each in UVR.

By virtue of the above, UVR which is currently dormant shall be
a subsidiary of Pica."


PICA (M) CORPORATION: Provides Credit Facilities Status Update
--------------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad wishes to
make the following announcement for public release:

1. RM60 Million Guaranteed Revolving Underwriting Facility

Further to the Company's announcement on the status of the above
matter, the Court has fixed 16 December 2003 for further mention
in relation to the Defendant's striking out application. Apart
from the above, the legal proceeding is still pending in court.

2. RM5 Million Revolving Credit Facility & RM7 Million Short
Term Loan

Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been postponed to 22 December 2003. Apart from the above, the
legal proceeding is still pending in court.

3. RM50 Million Term Loan Facility

Further to the Company's announcement, the Company wish to
inform that Plaintiff's summary judgment application has been
postponed to 9 December 2003 for mention. Apart from the above,
the legal proceeding is still pending in court.

4. RM4 million Revolving Credit Facility & RM7 million Overdraft
Facility

Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been further fixed for mention on 9 December 2003. Apart from
the above, the legal proceeding is still pending in court.

5. Approx RM3 million Credit Facility Claimed by Arab-Malaysian
Bank

Further to the Company's announcement, the Company wish to
inform that the Company has filed in its Statement of Defense
and the Plaintiff's summary judgment application has been
further fixed for hearing on 6 November 2003. Apart from the
above, the legal proceeding is still pending in court.


PROMET BERHAD: SC Rejects Proposed Restructuring Scheme
-------------------------------------------------------
On behalf of the Board of Directors of Promet (Promet Board),
Southern Investment Bank Berhad (SIBB) wishes to announce that
the Securities Commission (SC) had issued its decision in
respect of the Proposed Restructuring Scheme, via its letter
dated 29 October 2003, which was received on 31 October 2003.

The SC has decided to reject the application in relation to the
Proposed Restructuring Scheme. In arriving to its decision, the
SC had taken into consideration factors as summarized below.

1. In its letter, the SC noted that Titan Element Sdn Bhd
(TESB)'s core business would be in construction, through the
activities of Perembun (M) Sdn Bhd (PMSB) and Mersik Engineering
& Supply Sdn Bhd (MESSB), as wholly-owned subsidiaries of TESB.
However, the SC noted the following:

   * the number and the value of projects undertaken by PMSB

   * MESSB had not undertaken construction activities prior to
the financial year ended 31 December 2002

   * the value of the remaining secured contracts by PMSB and
MESSB as at 31 August 2003 and the status of anticipated
projects, which may affect the achievability of the companies'
financial projections and future progress

   * the unsatisfactory historical profit track record of PMSB
and MESSB

   * the sub-contracting activities undertaken by PMSB and MESSB
for secured projects

   * PMSB's and MESSB's dependency on Government projects.

2. Potential conflict of interest between PMSB and Mersik (M)
Sdn Bhd (Mersik), a company that has similar directors and
controlling shareholders with MESSB, cannot be excluded.

Promet, PMSB and MESSB intend to appeal to the SC on its
decision.


REKAPACIFIC BERHAD: Restructuring Proposal Remains Unchanged
------------------------------------------------------------
The Board of Directors of RekaPacific Berhad would like to make
the following announcement in relation to the status of the
Restructuring Proposal (the Thirty Third Monthly Status
Announcement):

1. There is no change in the status of the Restructuring
Proposal as the Company's listed status remains uncertain.

2. In respect of the Company's judicial review proceedings
against the Kuala Lumpur Stock Exchange and the Securities
Commission in their decision to de-list the Company on 12
December 2001, the matter remains pending before the High Court
of Malaya at Kuala Lumpur.

3. In respect of the Notice of De-Listing dated 7 April 2003
(details as per the Company's announcement dated 5 February
2003), the outcome of the said de-listing remains pending before
the Listing Sub-Committee of the Exchange.


SASHIP HOLDINGS: Seeks Requisite Announcement Time Extension
------------------------------------------------------------
The Special Administrators wish to announce that AmMerchant Bank
Berhad, had on 3 November 2003, on behalf of Saship Holdings
Berhad (Special Administrators Appointed), announced the
Requisite Announcement, which sets out the proposals to
regularize the Company's financial conditions (Proposals). The
Requisite Announcement was dated 31 October 2003 but was only
released on 3 November 2003 due to certain technical problems.

The Special Administrators and the Company's advisers are
currently finalizing the workout proposal as well as preparing
the applications to the relevant authorities for the Proposals
which are intended to be submitted to the authorities within two
(2) months from the date of the Requisite Announcement i.e. by
end December 2003. As announced on 21 October 2003, the Company
is required by the Kuala Lumpur Stock Exchange (KLSE) to submit
its regularization plans within fourteen (14) days from the date
of the Requisite Announcement. Accordingly, the Company will be
seeking an extension of time of two (2) months from the KLSE to
submit the said applications.


SRI HARTAMAS: Posts Financial Regularization Plan Oct Report
------------------------------------------------------------
Sri Hartamas Berhad (Special Administrators Appointed) refers to
the Practice Note No. 4/2001 on the criteria and obligations
pursuant to paragraph 8.14 of the Listing Requirements. The
Company set out below the monthly report for the month of
October 2003 for your kind attention:

"On behalf of SHB, Commerce International Merchant Bankers
Berhad (CIMB) had on 16 October 2003 announced that the
Securities Commission (SC) has, via its letter dated 10 October
2003, which was received on 13 October 2003, rejected the appeal
made on 26 June 2003 by CIMB on behalf of the Concert Parties,
namely FACB Resorts Berhad (FACB), certain subsidiaries of FACB,
Lipkland Holdings Sdn Bhd, Tan Sri Dr. Chen Lip Keong, Puan Sri
Lee Chou Sarn and parties acting in concert, to consider
approving the waiver from the mandatory offer to purchase the
remaining Hartamas Group Berhad (HGB) Shares not already owned
by them in respect of the future obligation of the Concert
Parties in relation to the exercise of the HGB warrants by the
Concert Parties and/or the exercise of the put option by the
creditors of SHB to sell the HGB Shares to the Concert Parties,
without the need to carry out the white-wash procedures under
Practice Note 2.9.1 of the Malaysian Code on Take-overs and
Mergers 1998. The reasons cited by the SC were, amongst others,
that the waiver without the white-wash procedure is not in line
with the SC's policy towards waivers on events, which involve
future obligations that may trigger the mandatory offer. In this
regard, the conditions imposed, as set out in the Approval
Letter, which were previously announced by CIMB on 3 June 2003,
continues to be applicable.

In this respect, the Special Administrators of SHB and the
management of FACB continue to take the necessary steps to
fulfill all the conditions relating to the Proposed Scheme of
Arrangement of SHB."


SRIWANI HOLDINGS: Auditor Submits Investigative Audit to SC
-----------------------------------------------------------
In compliance with the requirements of Paragraph 4.1 (b) of PN
4/2001, Commerce International Merchant Bankers Berhad on behalf
of Sriwani Holdings Berhad, announced that the following events
have taken place since the last announcement on 1 October 2003
pertaining to SHB's plan to regularize its financial condition:

(i) SHB has fulfilled all the conditions precedent as set out in
the Debt Restructuring Agreements dated 26 June 2002 and 28 June
2002 in relation to its proposed debt restructuring scheme;

(ii) SHB has obtained the approval of the Securities Commission
(SC) for an extension of time to 30 June 2004 to complete the
implementation of the proposed restructuring scheme; and

(iii) Messrs. Anuarul Azizan Chew & Co, the independent auditor
engaged by SHB to conduct an investigative audit on the previous
losses of SHB and its subsidiaries, has completed the
investigative audit and a copy of the report has been submitted
to the SC on 30 October 2003.


TECHNO ASIA: Releases Restructuring Scheme Docs
-----------------------------------------------
Further to the announcements made on 1 October 2003 and 17
October 2003, AmMerchant Bank Berhad, on behalf of Techno Asia
Holdings Berhad (Special Administrators Appointed), wishes to
announce the status of TAHB's plan to regularize its financial
position (Restructuring Scheme of TAHB).

a) Yu Neh Huat Bhd (YNHB) (the white knight of TAHB in relation
to the Restructuring Scheme of TAHB) had on 30 October 2003
issued a Prospectus for the offer for sale of:

   (i) 2,000,000 ordinary shares of RM1.00 each to the Malaysian
public at an offer price of RM1.00 per ordinary share of RM1.00
each payable in full on application; and

   (ii) 50,000,000 ordinary shares of RM1.00 each via placement
at the price of RM1.00 per ordinary share of RM1.00 each payable
in full on application,

pursuant to its listing on the Main Board of the KLSE. The
tentative listing date of YNHB is on 9 December 2003.

b) TAHB had on 3 November 2003 issued the following
documents/notice in relation to the Restructuring Scheme of
TAHB:

   (i) Information Circular in relation to the Restructuring
Scheme of TAHB; and

   (ii) Announced the Notice of Books Closure Date and issued
the Recalling and Cancellation Circular for the:

     aa) Recalling and reduction of the existing issued and
paid-up share capital of TAHB from RM207,597,589 comprising
207,597,589 ordinary shares of RM1.00 each (TAHB Shares) to
RM5,189,940 comprising 207,597,589 ordinary shares of RM0.025
each, representing a capital reduction of RM0.975 for every
existing ordinary share of RM1.00 each. Thereafter, forty (40)
ordinary shares of RM0.025 each will be consolidated into one
(1) ordinary share of RM1.00 each (Consolidated Shares) totaling
5,189,940 Consolidated Shares in TAHB (Capital Reduction and
Consolidation); and

     bb) Exchange of all the 5,189,940 Consolidated Shares in
TAHB for 5,189,940 new ordinary shares of RM1.00 each in YNHB on
the basis of one (1) ordinary share of RM1.00 each in YNHB for
every one (1) Consolidated Share held in TAHB pursuant to a
workout proposal under the Pengurusan Danaharta Nasional Berhad
Act, 1998 as amended from time to time, in conjunction with the
Restructuring Scheme of TAHB (Share Exchange).

The new YNHB Shares will be allotted and issued to the existing
shareholders of TAHB not later than ten (10) market days after
the Books Closure Date (on 7 November 2003) and the shares will
be credited into the respective TAHB shareholders' Central
Depository System (CDS) Accounts before the listing of YNHB.


TONGKAH HOLDINGS: Bondholders Meeting Adjourned to Nov 13
---------------------------------------------------------
Tongkah Holdings Berhad refers to its announcement made on 1
October 2003 in respect of the status plan to regularize its
financial condition in accordance with Practice Note 4/2001 (PN
4) and the status of the default in payments by THB in
accordance with Practice Note 1/2001 (PN 1).

Further thereto, THB informed that it has obtained the approval
of its Warrant Holders at the Adjourned Warrant Holders Meeting
held on 22 October 2003 to amend certain provisions of the Deed
Poll dated 27 August 1999 and shareholders at the Adjourned
Extraordinary General Meeting held on 27 October 2003 on the
Proposed Restructuring Scheme, Proposed Share Exchange and
Proposed Scheme of Arrangement with the Scheme Creditors. On 28
October 2003, the Company obtained the order of court
sanctioning the Proposed Share Exchange and Proposed Debt
Restructuring.

The adjourned meetings of the ICULS Holders and fresh meetings
of the Bonds A, Bonds B and ICULS Holders, will be convened on
13 November 2003.


TONGKAH HOLDINGS: MITI Conditionally Agrees Waiver
--------------------------------------------------
Tongkah Holdings Berhad refers to the announcement dated 30
April 2003, wherein, the Ministry of International Trade and
Industry (MITI) had via its letter dated 11 April 2003 approved
the Proposed Restructuring Scheme of THB, subject to inter-alia,
Prime Granite (Malaysia) Sdn Bhd (PGMSB), a 51% wholly owned
subsidiary of THB, to surrender its manufacturing license to
Malaysia Industrial and Development Authority (MIDA).

Presently, the operations of PGMSB has been taken over by the
Receiver and Manager (R&M) which was appointed by RHB Bank
Berhad, a creditor of PGMSB, on 20 July 2001. THB has been
notified by the R&M vide a letter dated 6 October 2003 that
PGMSB is still in operation and requires the manufacturing
license to carry out its operations. In this respect, THB had on
21 October 2003, written to MITI to waive the aforementioned
condition.

Pursuant thereto, Public Merchant Bank Berhad, on behalf of the
Board of THB, is pleased to announce that the MITI had via its
letter dated 31 October 2003, received on 3 November 2003,
agreed to the waiver sought subject to the following conditions:

(i) the new company (Newco) which will take-over the operations
of PGMSB is required to obtain a new license (change in name)
should PGMSB change its name under the new management in due
course;

(ii) PGMSB is required to inform the MITI and to surrender its
manufacturing license to MIDA, should it cease its manufacturing
operations; and

(iii) the Newco is required to inform the MITI after the
abovementioned matters have been completed.


UNIPHOENIX CORPORATION: SC's Rescue Scheme Approval Pending
-----------------------------------------------------------
Uniphoenix Corporation Berhad discloses under Practice Note
4/2001 and Practice Note 10/2001 of the Listing Requirements of
the Kuala Lumpur Stock Exchange the following:

1. Practice Note 4/2001 (PN4)

Pursuant to the Paragraph 4.1(b) of PN4 and our announcement
dated 2 June 2003, the Company wishes to announce to the
Exchange that the application in relation to the Proposed Rescue
Scheme is pending approval from the Securities Commission and
Foreign Investment Committee.

2. Practice Note 10/2001 (PN10)

On 30 October 2003, the Company announced to the Exchange that
UCB is deemed an affected listed issuer pursuant to paragraph
2.1(c) of PN10.

Since the Company is also an affected issuer under PN4, the
requirements and obligations of PN4 would prevail over those of
PN10. It is expected that the Company's regularization plan
would address both its financial condition (PN4) and the level
of operations (PN10) to maintain a continuing listing on the
Official List.


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


MONDRAGON INT'L: In Talks With Prospective 'White Knight'
--------------------------------------------------------
Mondragon International Philippines, Inc. is in talks with an
unnamed prospective "white knight" that will either form a
partnership with the Gonzales group and infuse much-needed
capital into the firm, or buy out the firm's stakeholder
altogether, Business World reports.

Mondragon is the parent firm of Mimosa Leisure and Resorts
Corp., which used to manage the 235-hectare Mimosa estate inside
the former Clark Air Base in Pampanga, Central Luzon. Mimosa was
shut down in March 1998 after the leisure Company's failure to
pay lease obligations to government-controlled CDC and
Philippine Amusement and Gaming Corp. that reached nearly PhP400
million. The firm was also weighed down by unpaid taxes and
maturing debts.


NATIONAL POWER: Lists Four Possible Lenders For 2004
----------------------------------------------------
Cash-strapped National Power Corporation (Napocor) has already
listed four potential lenders - Japan Bank for International
Cooperation (JBIC), Asian Development Bank (ADB), Credit
Lyonnais and ING Barings - for its proposed US$2.0 billion worth
of borrowings next year, the Manila Bulletin reports.

Napocor recently submitted its proposal for 2004 borrowings to
the Department of Finance for approval. The Company has some
US$633 million worth of loans falling due next year; but the
figures are not even adjusted yet to prevailing foreign exchange
rates.


NATIONAL POWER: Reduces 2004 Losses by PhP33B
---------------------------------------------
The National Power Corporation (Napocor) will adopt cost cutting
measures to cut its projected loss of 113 billion pesos to 80
billion pesos for 2004, the Business World reports. Among the
cost cutting measures that will be imposed next year is the
prioritization of the contracts that Napocor would purchase from
independent power producers.

The firm will also be rationalizing right-of-way spending, which
takes up a big chunk of Napocor's budget. Napocor also aims to
be more efficient in collecting receivables.

Meanwhile, Napocor is still hoping the Asian Development Bank
would allow it to avail of the partial credit guarantee facility
for a US$250-million bond issuance. The bond issue was supposed
to have been scheduled this year, but was deferred.


NATIONAL STEEL: German Firm Offers Php7B Bid
--------------------------------------------
German steel manufacturer LNM Holdings N.V. has offered a bid of
7 billion pesos to rehabilitate National Steel Corporation
(NSC), the Philippine Daily News reports. LNM is willing to pay
2.9 billion pesos up front out of the seven-billion-peso bid.

LNM has steel-making facilities in 12 countries and expects its
revenue to exceed 12 billion dollars this year. There were about
three or four original bidders for the contract to reopen NSC
but only two were left on the shortlist.

The NSC plant was closed down in November 1999 after failing to
service debts of about 18 billion pesos. The other creditors
include Credit Agricole Indosuez, Land Bank of the Philippines,
China Banking Corp., Rizal Commercial Banking Corp.,
Metropolitan Bank and Trust Co., Equitable PCI Bank, United
Coconut Planters Bank, Export and Industry Bank, and Wise
Capital Investment & Trust Co.


PHILIPPINE LONG: CEO May Give Up Post Next Year
-----------------------------------------------
Manuel Pangilinan, President and Chief Executive Officer of the
Philippine Long Distance Telephone Co. (PLDT), may resign his
post early next year to focus on managing parent firm First
Pacific Co. Ltd. of Hong Kong, according to Reuters.

Pangilinan said a management transition plan would be put in
place in which he would become Chairman of PLDT and a senior
Company executive, Napoleon Nazareno, would become President.


PHILIPPINE LONG: Declares Cash Dividends
----------------------------------------
In compliance with the disclosure requirements of the Philippine
Stock Exchange, we advise that during the meeting of the Board
of Directors of the Philippine Long Distance and Telephone Co.
(PLDT) on November 4, 2003, the following cash dividends were
declared:

1. P1.00 per outstanding share of the Company's Series C 10%
Cumulative Convertible Preferred Stock, for the annual period
ending October 31, 2003, payable on November 28, 2003 to the
holders of record on November 18, 2003.

2. P1.00 per outstanding share of the Company's Series D 10%
Cumulative Convertible Preferred Stock, for the annual period
ending October 31, 2003, payable on November 28, 2003 to the
holders of record on November 18, 2003.

3. P1.00 per outstanding share of the Company's Series J 10%
Cumulative Convertible Preferred Stock, for the annual period
ending October 31, 2003, payable on November 28, 2003 to the
holders of record on November 18, 2003.

4. P1.00 per outstanding share of the Company's Series T 10%
Cumulative Convertible Preferred Stock, for the annual period
ending October 31, 2003, payable on November 28, 2003 to the
holders of record on November 18, 2003.

5. P1.00 per outstanding share of the Company's Series X 10%
Cumulative Convertible Preferred Stock, for the annual period
ending October 31, 2003, payable on November 28, 2003 to the
holders of record on November 18, 2003.

6. P1.00 per outstanding share of the Company's Series G 10%
Cumulative Convertible Preferred Stock, for the annual period
ending November 30, 2003, payable on December 29, 2003 to the
holders of record on November 29, 2003.

7. P1.00 per outstanding share of the Company's Series N 10%
Cumulative Convertible Preferred Stock, for the annual period
ending November 30, 2003, payable on December 29, 2003 to the
holders of record on November 29, 2003.

8. P1.00 per outstanding share of the Company's Series P 10%
Cumulative Convertible Preferred Stock, for the annual period
ending November 30, 2003, payable on December 29, 2003 to the
holders of record on November 29, 2003.

9. P1.00 per outstanding share of the Company's Series S 10%
Cumulative Convertible Preferred Stock, for the annual period
ending November 30, 2003, payable on December 29, 2003 to the
holders of record on November 29, 2003.


PHILIPPINE LONG: Discloses 3Q03 Financing Activities
----------------------------------------------------
On a consolidated basis, Philippine Long Distance and Telephone
Co. used net cash of Php24,571 million for financing activities
in the first nine months of 2003, compared to Php23,325 million
in the same period in 2002. On a non-consolidated basis, net
cash used in financing activities in the first nine months of
2003 was Php18,167 million, compared to Php16,592 million in the
same period in 2002. The higher net cash used in financing
activities in the first nine months of 2003 was mainly
attributable to debt repayments by PLDT in line with its ongoing
debt reduction program. On a stand-alone basis, Smart's
financing activities in the first nine months of 2003 used net
cash of Php9,986 million for debt amortization, compared to
Php6,627 million in 2002.

DEBT FINANCING

Additions to our consolidated long-term debt during the first
nine months of 2003 totaled Php9,018 million, consisting of
PLDT's drawings totaling Php8,800 million, primarily from loan
facilities extended and/or guaranteed by various export credit
agencies and refinancing facilities used to repay maturing
debts, and Smart's drawings of Php218 million, under its loan
facilities with HypoVereinsbank and Credit Lyonnais.

On a consolidated basis, proceeds from short-term borrowings
amounted to Php1,330 million during the first nine months of
2003 as compared to payments of Php4,703 million during the same
period in 2002. This was primarily due to the issuance by PLDT
of One-Year Peso Notes in April and May 2003.

Our consolidated indebtedness as of September 30, 2003 was
Php158,532 million, representing a decrease of Php9,991 million,
or 6%, compared to Php168,523 million as of December 31, 2002.
This decrease was mainly due to the reductions of Php5,464
million and Php4,027 million in PLDT's and Smart's indebtedness,
respectively. PLDT's indebtedness decreased by 4% to Php134,580
million as of September 30, 2003 from Php140,044 million as of
December 31, 2002, due to PLDT's debt payments in line with the
thrust to reduce PLDT's overall indebtedness. Smart's
indebtedness as of September 30, 2003 was Php18,864 million, a
decrease of 18% from Php22,891 million as of December 31, 2002.

As of September 30, 2003, PLDT had undrawn committed dollar-
denominated long-term credit facilities in the aggregate amount
of US$173 million, inclusive of the US$55 million undrawn
portion of the US$149 million KfW refinancing facility, the
US$19 million and JPY3,191 million undrawn portions of the
US$145 million syndicated multicurrency term loan facility, US$8
million undrawn portion of the US$12 million term loan facility
extended by DEG-Deutsche Investitions-und
Entwicklungsgesellschaft mbH, or DEG, under an agreement dated
May 29, 2003 and the undrawn JPY5,615 million syndicated term
loan facility supported by Nippon Export and Investment
Insurance of Japan under an agreement dated June 11, 2003. Smart
also had undrawn committed dollar-denominated long-term credit
facilities in the aggregate amount of US$106 million, which
includes a US$100 million five-year term loan facility supported
by Nippon Export and Investment Insurance of Japan obtained by
Smart in November 2002. In addition, Smart still has available
facilities under its 50 million euros Framework Agreement with
HypoVereinsbank up to a maximum aggregate amount of ?44 million.

After giving effect to the anticipated application of existing
refinancing facilities, the scheduled maturities of our
outstanding long-term debt as of September 30, 2003 are as
follows:

                       Consolidated        Non-consolidated
Maturity                     (in Millions)

2003(1)                  Php3,475      Php1,697

2004                       23,108        15,613

2005                       29,649        22,114

2006                       27,688        21,146

2007 and onwards           72,518        72,126

(1)  October 1, 2003 through December 31, 2003.

Approximately Php83,920 million principal amount of our
consolidated outstanding long-term debt as of September 30, 2003
is scheduled to mature over the period from October 2003 to
December 2006. Of this amount, approximately Php60,570 million
is attributable to PLDT, Php18,472 million to Smart, and the
remainder to Mabuhay Satellite, MaraTel and ePLDT.

On January 25, 2002, PLDT signed two loan agreements with KfW
that provide PLDT with a US$149 million facility to refinance in
part the repayment installments due under its existing loans
from KfW due from January 2002 to December 2004. The facility
consist of two nine-year loans, inclusive of a three-year
disbursement period and a two-year grace period during which no
principal is payable. It partly enjoys the guarantee of HERMES,
the export credit agency of the Federal Republic of Germany.
Disbursements under this facility, which are made as the KfW
loans to be repaid fall due, are currently available. As of
September 30, 2003, drawings under this facility totaled US$94
million (Php5,171 million).

On May 2, 2002, PLDT issued 10.625% Notes due 2007 in the
aggregate principal amount of US$100 million and 11.375% Notes
due 2012 in the aggregate principal amount of US$250 million.
The net proceeds from this debt issue were used mainly to (1)
repurchase US$63 million principal amount of 8.5% Notes due 2003
and US$117 million principal amount of 10.625% Notes due 2004
through our tender offer, and US$10 million principal amount of
10.625% Notes due 2004 and US$6 million principal amount of
9.875% Notes due 2005 from the open market and (2) prepay or
repay various loans including US$53 million (JPY6,260 million)
pertaining to the Japanese yen term loan which matured on June
18, 2003 and US$52 million pertaining to the US$150 million term
loan maturing in December 2003.

On July 26, 2002, PLDT signed a loan agreement with JBIC for a
JPY9,760 million credit facility under JBIC's Overseas
Investment Loan program. This fully drawn facility will amortize
beginning March 21, 2005 and will mature on March 21, 2008.

On September 4, 2002, PLDT signed an agreement with a syndicate
of banks for a US$145 million multicurrency term loan facility
consisting of Japanese yen and U.S. dollar commitments of
JPY10,914 million and US$53 million, respectively. This facility
has been split into two tranches. Tranche A was drawn on June
18, 2003 in the amount of JPY7,723 million and US$34 million to
refinance a portion of the Japanese yen syndicated term loan
which matured on the same date. Tranche B which amounts to
JPY3,191 million and US$19 million, is to be drawn in December
2003 and is intended to refinance a portion of US$52 million
principal amount outstanding under the U.S. dollar term loan
falling due in December 2003. This new syndicated facility will
amortize semi-annually beginning June 2004 and will mature in
December 2006.

On May 29, 2003, PLDT obtained a US$12 million term loan
facility from DEG, of which US$4 million was drawn as of
September 30, 2003.

On June 11, 2003, PLDT also signed a JPY5,615 million syndicated
term loan facility supported by Nippon Export and Investment
Insurance of Japan. As of September 30, 2003, we have not made
any drawdowns under this facility.

In addition, PLDT issued One-Year Peso Notes in the Philippines
in two tranches on April 28, 2003 and May 14, 2003, generating
an aggregate of Php1,803 million in net proceeds.


PHILIPPINE LONG: Unveils 3Q03 Results
-------------------------------------
In a filing to the Securities and Exchange Commission, the
Philippine Long Distance Telephone Company (PLDT) announced its
preliminary and un-audited financial results for the first nine
months of 2003.

Driven by Smart Communications Inc.'s (SMART) net income of
P10.3 billion for the period, PLDT's consolidated core net
income before provisions stood at P11.3 billion compared with
P4.7 billion in the first nine months last year, an increase of
140%. Consolidated revenues in the first nine months of 2003
rose by 21% to P70.4 billion and consolidated adjusted EBITDA
improved to P39.9 billion from P33.6 billion in the same period
last year, up by 19%. The Company's consolidated net income,
after provisions for manpower reduction expenses and non-
recurring charges for certain investments, stood at P5.8 billion
versus P3.7 billion last year, an improvement of 58%.

Even after making significant manpower reduction related
payments, the Company's consolidated free cash flow increased to
P14.3 billion in the first three quarters of the year from P12.9
billion last year. As a result, the Group reduced total debt by
US$247 million during the period versus debt reduction
aggregating US$204 million for the year 2002.

For further information, please contact:

Anabelle L Chua Anna V Bengzon Menardo Jimenez, Jr
Tel No: 816-8213 Tel No: 816-8024 Tel No: 816-8468
Fax No: 844-9099 Fax No: 810-7138 Fax No: 893-5174

About PLDT

PLDT is the leading telecommunications provider in the
Philippines. Through its three principal business groups - fixed
line, wireless and information communications technology - PLDT
offers a wide range of telecommunications services across the
Philippines' most extensive fiber optic backbone and fixed line,
cellular and satellite network.

PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and
its American depositary shares are listed on the New York Stock
Exchange (NYSE:PHI) and the Pacific Exchange. PLDT has one of
the largest market capitalizations among Philippine listed
companies.

Further information can be obtained by visiting the web at
www.pldt.com.ph.


PHILIPPINE REALTY: Clarifies Debt Report
----------------------------------------
This is in reference to the news article entitled "Philrealty to
cut debts to PhP1B from P2.7B before yearend" published in the
November 3, 2003 issue of the BusinessWorld (Internet Edition).

The article reported that "high-end property developer
Philippine Realty Corp. (PhilRealty) expects to cut debts to
PhP1B from PhP2.7 B through dacion en pago arrangements, or
payments in kind, with creditors before the end of the year.

The Company wants to bring debts on negotiations with individual
banks. The Company already have a preliminary agreement on
dacion with two banks,' PhilRealty President Amador C. Bacani
told BusinessWorld at the sidelines of the firm's annual
stockholders meeting.

Philippine Realty & Holdings Corporation (RLT), in its letter to
the Exchange dated November 3, 2003, stated as follows: "This is
to confirm what was stated in the BusinessWorld article on our
expectation to cut our company's debt to P1B from P2.7 B, based
on ongoing negotiations with creditor banks. We also confirm
that we have reached preliminary agreements on dacion with two
banks, which the Company is submitting to the court for
approval. We shall make necessary disclosure as soon as the
court approves the agreements."


PHILIPPINE REALTY: Discloses October 30 ASM Results
---------------------------------------------------
During the Annual Stockholders' Meeting of the Corporation held
on 30 October 2003 at 4:00 in the afternoon, the following were
voted as the new set of Directors for the ensuing year:

Mr. Gerardo O. Lanuza, Jr.
Mr. Juan Antonio Lanuza
Mr. Antonio O. Olbes
Mr. Walter W. Brown
Mr. Gerard H. Brimo
Ms. Annabelle P. Brown
Mr. Amador C. Bacani
Mr. Jose Ma. R. Francisco
Mr. Miguel O. Ortigas, Jr.
Mr. Ramon Cuervo III - Independent Director
Mr. Manuel O. Orros - Independent Director

ELECTION OF OFFICERS

The Organizational Meeting of the Board of Directors of
Philippine Realty & Holdings Corporation was also held on 30
October 2003, after the Annual Stockholders' Meeting.

The following were elected as officers of the Corporation for
the ensuing year:

Gerardo O. Lanuza, Jr. - ChairmanJuan Antonio Lanuza - Vice -
ChairmanAntonio O. Olbes - Vice - ChairmanAmador C. Bacani -
PresidentJose Ma. R. Francisco - Treasurer

Ma. Sharon Ramos - Pe¤aflorida - Corporate Secretary.


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


E&A CERAMICS: Issues Dividend Notice
------------------------------------
E&A Ceramics Pte Ltd. (In Creditors' Voluntary Liquidation)
issued a notice of intended dividend as follows:

Address of Registered Office: 44 Sungei Kadut Loop
Singapore 729428.

Last day for receiving proofs: 17th November 2003.

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

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

Dated this 31st day of October 2003.
CHEE YOH CHUANG
LIM LEE MENG
Liquidators.


GOLDTRON TECHNOLOGIES: Releases Dividend Notice
-----------------------------------------------
Goldtron Technologies Pte Ltd (In Creditors' Voluntary
Liquidation) issued a notice of intended dividend as follows:

Address of Registered Office: c/o 149 Rochor Road #05-07 Fu Lu
Shou Complex Singapore 188425.

Last Day for Receiving Proofs: 14th November 2003.

Name of Liquidators: Teo Seng Chee and Pang Te Huey

Address: c/o 149 Rochor Road
#05-07 Fu Lu Shou Complex
Singapore 188425.

TEO SENG CHEE
Liquidator.


MERITCO DEVELOPMENT: Creditors Must Submit Claims by December 14
----------------------------------------------------------------
The creditors of Meritco Development Pte Ltd (In Members'
Voluntary Liquidation), which is being wound up voluntarily, are
required on or before the 4th day of December 2003 to send in
their names and addresses, with particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidator of the said Company, and, if
so required by notice in writing by the said Liquidator, are by
their solicitors, or personally, to come in and prove their 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.

SEET KEONG HUAT
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048544.


MULTI-CHEM LIMITED: Post Changes in Shareholder's Interest
----------------------------------------------------------
Multi-Chem Limited issued a notice of changes in Director Han
Juat Hoon 's interest:

Date of notice to Company: 04 Nov 2003
Date of change of interest: 04 Nov 2003
Name of registered holder: Foo Suan Sai

Circumstance(s) giving rise to the interest: Open market
purchase

Information relating to shares held in the name of the
registered holder: -
No. of shares which are the subject of the transaction:
1,042,000
% of issued share capital: 0.3324
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: 0.24191
No. of shares held before the transaction: 114,871,500
% of issued share capital: 36.643
No. of shares held after the transaction: 115,913,500
% of issued share capital: 36.975

Holdings of Director including direct and deemed interest

                                           Deemed      Direct
No. of shares held before the transaction: 114,871,500
86,104,500
% of issued share capital:                 36.643      27.467
No. of shares held after the transaction:  115,913,500
86,104,500
% of issued share capital:                 36.975      27.467
Total shares:                              115,913,500
86,104,500

No. of Warrants
No. of Options
No. of Rights
No. of Indirect Interest


MULTI-CHEM LIMITED: Answers SGX Query
-------------------------------------
At the request of the Singapore Exchange Limited (SGX), Multi-
Chem Limited sets out below the query from the SGX in relation
to the third quarter financial statement and dividend
announcement for the period ended 30 September 2003 (Q3 Results)
and the Company's response to it:

QUERY FROM SGX

Please provide the reasons for the increase in "Trade creditors
and accruals" and "Other creditors" as noted in item 1(b)(i) of
your announcement.

Reply from the Company

$'000                           Group           Company

                     30/09/03    31/12/03    30/09/03  31/12/03

Trade creditors and
accruals              3,518      2,083        1,156    1,095

Other creditors       1,887        729        3,879    2,451

1) Trade creditors and accruals increased from $2.1m to $3.5m
mainly due to increase in purchases for the IT security business
and the increase in staff strength of the Group that contributed
to the increase in accruals for salary and commission. The
increase in the Company level was not significant.

2) Other creditors for the Group and Company increased mainly
due to the purchase of new CNC drilling machines at the
beginning of the year, in which payment was due in October 2003.

QUERY FROM SGX

The Company mentioned that Item 9 of the announcement is not
applicable. However, we would like to draw your attention to
Item 10 of your Q2 Results announced on 31 July 2003 - " A
commentary at the date of this announcement of the competitive
conditions of the industry in which the group operates and any
known factors or events that may affect the group in the next
reporting period and the next 12 months". The Company provided
commentary on the future operations relating to Group. In this
regard, please provide confirmation whether there has been any
variance between the actual performance for the financial year
and the prospects provided in the Q2 Results.

REPLY FROM THE COMPANY

There was no variance between the actual performance for the
financial year and the prospects provided in the second quarter
financial statement and dividend announcement for the period
ended 30 June 2003.


SEATOWN CORPORATION: Issues Default Status Update
-------------------------------------------------
The Board of Directors of Seatown Corporation Ltd refers to the
announcements released by the Company on 1 July 2003, 5 August
2003, 3 September 2003 and 7 October 2003 regarding the state of
the banking facilities obtained by the Company's subsidiaries
and, which are currently in default.

The Directors make this announcement to confirm that there have
been no further developments since the date of the earlier
announcements.


TAI THONG: Issues Winding Up Order Notice
-----------------------------------------
Tai Thong Hung Plastics Industries (Pte) Ltd. issued a winding
up order notice made on the 17th day of October 2003.

Name and Address of Liquidators: Mr Mah Kah Eng Roland/
Mr Mah Kah Leong Jason c/o MGI Chan-Ma & Co 51 Anson Road
#02-57/#02-59 Anson Centre
Singapore 079904.

ACIES LAW CORPORATION
Solicitors for the Petitioners.


UNION RUBBER: Releases First & Final Dividend Notice
----------------------------------------------------
Union Rubber Brokers (Private) Limited (In Liquidation) first
and final dividend notice to unsecured creditors as follows:

Name of Company: Union Rubber Brokers (Private) Limited.

Address of Registered Office: Formerly of 122 Robinson Road
Chiang Hong Building #04-00 Singapore 068903.

Amount Per Centum: 8.1587 per centum.

First and Final or otherwise: First and Final.

When Payable: 5th November 2003.

Where Payable: KPMG 16 Raffles Quay #22-00 Hong Leong Building
Singapore 048581.

Dated this 4th day of November 2003.
MICHAEL NG WEI TECK
Liquidator.


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


BANGKOK LAND: ESM OKs Registered Capital Reduction
--------------------------------------------------
The Extraordinary Shareholders Meeting of Bangkok Land Public
Company Limited No. 1/2546 held on 3 November 2003 has passed
the resolutions as follows:

1. Approved and adopted the Minutes of the Annual General
   Shareholders Meeting No. 31.

2. Approved the transfer of the capital reserve, legal reserve
and share premium reserve to reduce the accumulated losses of
the Company as at 30 September 2003  in part and authorized the
Board of Directors or the Chairman of the Board and/or person(s)
authorized by the Board of Directors or the Chairman of the
Board to have the power to do all acts and things necessary for
or in connection with the transfer of the said reserves in all
respects in order to ensure that the transfer of those reserves
will be made in compliance with the law including, without
limitation, to contact with the Company's auditor in order to
verify the amount of accumulated losses of the Company as at 30
September 2003.

3. Approved the reduction of the registered capital of the
Company from Bt10,000,000,000 to Bt6,000,000,000 by cancellation
of the 400,000,000 authorized but unissued shares with the par
value of Bt10 in order for the Company to further increase the
registered capital to other amount.

4. Approved the amendment to Clause 4 of the Memorandum of
Association of the Company with respect to the registered
capital of the Company.

5. Approved the change in  par value of shares from Bt10 per
share to Bt1 per share whereby the registered capital of the
Company will remain the same as stated in Clause 2 above, that
is Bt6,000,000,000. However, the total number of the ordinary
shares of the Company will increase from 600,000,000 shares, par
value Bt10 each to 6,000,000,000 shares, par value of Bt1 each.

6. Approved the amendment to Clause 4 of the Memorandum of
Association of the Company with respect to the registered
capital of the Company in order to be in line with the change of
the par value.

7. As there was a shareholder proposition the Meeting to
consider allotting additional 1,500,000,000 new ordinary shares
to be offered on a private placement basis from 2,500,000,000
shares to be 4,000,000,000 shares, the Meeting unanimously
approved the increase of the registered capital of the Company
from Bt6,000,000,000 to Bt12,000,000,000 by issuing
6,000,000,000 new ordinary shares at a par value of Bt1 each.

8. Approved the amendment to Clause 4 of the Memorandum of
Association of the Company with respect to the registered
capital of the Company to be in line with the increase of
capital.

9. Approved the issuance and offer of the warrants to purchase
ordinary shares of the Company in the amount of not more than
2,000,000,000 units to the shareholders whose names appeared in
the share register book as at 20 October 2003.

10. Approved the allotment of 6,000,000,000 new ordinary shares
at a par value of Bt1.

11. Approved the amendment to the Articles of Association of the
Company by amending Article 12 and Article 25 paragraph one and
adding Article 45 for more flexibility in the management and in
order to be in line with the Regulations of the Office of the
Securities and Exchange Commission.

12. Approved the appointment of Mr. Shui Pang Kanjanapas as a
new director.

13. Approved the relocation of the registered office of the
Company to No. 47/569-576 Moo 3, 10th Floor New Geneva Industry
Condominium, Popular 3 Road, Tambol Bannmai, Amphur Bakkred,
Nonthaburi 11120.

14 Approved the amendment to Clause 5 of the Memorandum of
Association of the Company with respect to the registered office
of the Company in order to be in line with the relocation of the
registered office.


EMC PUBLIC: Creditors Meeting Set on Nov 26
-------------------------------------------
EMC Publice released a recent notice regarding its upcoming
creditors meeting:

Subject:  Voting Date on the Application for Revision of
Business Reorganization Plan

Attention:  The Managing Director

Dear Sirs,

Please refer to our letter to you dated 31 October 2003 re:
Notice of Filing of Application for Revision of Rehabilitation
Plan.

The Plan Administrator of the Business Reorganization Plan of
EMC Public Company Limited (EWC) would like to report to you
that the meeting of creditors to consider the application for
revision of the Business Reorganization Plan will held at 13:00
pm., 26 November 2003 at Evergreen Hotel, Sathorn Road, Bangkok.

Yours faithfully,
Komol Wongpornpenpap
Chairman


EMC PUBLIC: Seeks Rehabilitation Plan Revision
----------------------------------------------
According to the Court's approval order of the Rehabilitation
Plan of EMC Public Company Limited (EMC) on 15 May 2001, the
Plan Administrator of EMC filed an application for revision of
the Rehabilitation Plan on 30 October 2003 as the following
essential elements:

1. Capital Restructuring of EMC

EMC will decrease its registered capital by decreasing the par
value of Ten Baht per share to One Baht per share. After the
decrease, the shareholding proportion of the Existing
Shareholders must not be less than ten percent of the paid-up
capital after capital decrease. EMC shall increase the
registered capital by an amount not less than Bt360,000,000 by
issuing not less than 360,000,000 ordinary shares, with the
price of One Baht per share, for the following purposes:

   (i) to conduct the private placement of not less than
230,00,000 shares;

   (ii) to convert debt into equity by converting the long-term
loan for WS that remains unpaid to the lender of new working
capital, numbering 30,000,000 shares, into equity, and to
support the conversion of 50,000,000 convertible bonds; and

   (iii) to support the exercising of share purchasing rights in
accordance with the warrants representing the right to purchase
shares, numbering 50,000,000 units.

In this regard, EMC shall give the amount received from such
increment of capital under the Rehabilitation Plan to the
Creditors, deposit it with the Security Agent to secure debt
repayment, and use it as working capital.

2. Sale of Shares of Affiliated Company

EMC shall sell the shares in its affiliated company to any
person and shall use the proceeds gained from such sale as EMC's
working capital.

3. Management with Guarantee Burden of EMC Subsidiaries

After EMC increases and reduces its capital the second time, the
creditors in the Creditor Group Class 3, only to the extent of
those who choose the debt repayment method specified in Clause
6.1.3 (b), shall have the right to receive debt repayment from
EMC, upon which EMC shall pay principal amount or issue new
ordinary shares to such certain creditors.

4. New Investor

The Plan Administrator shall seek new investors through the
increment of the capital of EMC by way of newly issuing not less
than 230,000,000 ordinary shares for sale to such new investors
at the price of One Baht per share. EMC shall apply the proceeds
gained from such sale of shares for the debt repayment to
Creditor Groups Classes 1, 2 and 5, long-term loan for WS, and
Creditor Group Class 8.

5. Issuance of Warrants Representing the Right to Purchase
Shares

To induce EMC's employees to work to their full capacity and to
subsequently encourage the stability of EMC's business and
timely business reorganization, EMC may issue warrants
representing the right to purchase shares, numbering not
exceeding 50,000,000 units, to its employees. The holders of the
warrants shall have the right to purchase ordinary shares at the
price of One Baht per share (if it is apparent that the closing
price on the SET as at any date is not less than Three Baht per
share), and shall obtain such right within five years of the
date of issuance of the warrants.

6. Condition of Accomplishment of the Rehabilitation Plan

The Rehabilitation Plan shall be deemed as having been
accomplished upon occurrence of the following events, i.e. EMC
has undergone the capital restructuring and it is shown in the
balance sheets of EMC that EMC has assets exceeding liabilities.

7. Conversion of Long-Term Loan for WS into Equity

If new investors purchase newly issued shares within 120 days of
the date of the Court's approval of the application for revision
of the Rehabilitation Plan or within the period of time extended
as the lender of new working capital deems appropriate, the
lender of working capital agrees to convert the long-term loan
for WS of Bt30,000,000 into the equity of EMC. In this regard,
EMC shall issue new ordinary shares with the price of One Baht
per share, at the debt-to-equity conversion price of One Baht
per share.

8. Conversion of Convertible Bonds issued to Lenders of New
Working Capital

After completing the capital restructuring, EMC shall amend the
terms regarding the rights and duties of convertible bonds to
enable one convertible bond to convert into 1,000 ordinary
shares.

Such other details will be as appear in the application for
revision of the Rehabilitation Plan dated 30 October 2003. The
Plan Administrator expects the Meeting of Creditors to pass a
resolution and considers the application for revision of the
Rehabilitation Plan in December 2003.


HOME PRODUCT: TRIS Assigns "BBB" Rating
---------------------------------------
TRIS Rating Company Limited assigns the rating of Home Product
Center PLC (HMPRO) at "BBB". The rating reflects the company's
leading position in the modern home improvement business, its
successful record of store expansion, a wide range of products
provided for both existing and new homeowners, and its flexible
management strategy. These strengths are partially offset by the
company's relatively low profitability and concerns about the
impact of zoning regulations on the firm's expansion plan.

HMPRO is the market leader in modern home improvement centers
under brand name "HomePro". It was incorporated in 1995 as a
joint venture between Land & House Group (LH), American
International Assurance Co., Ltd. (AIA), and the Sarasin family
to develop and operate one-stop shopping home centers. As of
June 2003, its major shareholders were Land & House PLC
(29.28%), Quality House PLC (23.02%), and AIA (5.20%). The
company caters primarily to buy-it-yourself (BIY) homeowner
customers by offering more than 60,000 stock-keeping units
(SKUs) of construction materials, home decoration and
furnishings, tools and hardware, electrical and lighting
products, garden tools, furniture, and home entertainment
products. The wide range of products and convenient store format
differentiate the company from other traditional home
improvement retailers.

In response to the recovering Thai economy, the company
aggressively expanded the number of stores by opening three
stores in 2000, three stores in 2001 and two stores in 2002.
Currently, HMPRO operates 15 stores with a total of 97,200
square meters (sq.m.) of sales area. Twelve stores are in
Bangkok and three are in the upcountry area. The company expects
to open one additional store in Pattaya in 2003 and plans to
open six stores each year to reach 30 stores by the year 2005.
The company's aggressive growth strategy has driven average
sales growth of 45% per annum over the past three years, which
is a combination of new store openings and increases in
comparable-store sales. Its same-store sales growth during 2000-
2002 averaged 10% per year. However, the growth rate is expected
to be lower as it will open more new stores and more competitors
enter into the modern home improvement market.

HMPRO's market share ranks number one among the major players in
the modern home improvement market, which mainly refers to the
large and convenient home improvement centers like "homeWorks",
"Boonthavorn", and "Index Living Mall". HMPRO is more than twice
as big as "homeWorks", its nearest direct competitor, in terms
of both store size and store sales.

Despite the success shown by the high growth rate of sales,
HMPRO's net profit margin held virtually constant at around 2.3%
over the past four years, a level considered low compared to
other industries. However, home improvement centers typically
have lower cyclicality compared to the market for housing,
because repair and remodeling work on existing homes could
offset a slowdown in new home purchases. Nevertheless, the
company plans to improve inventory management by establishing a
new distribution center and outsourcing warehouse management to
a third party. Centralized purchasing is expected to be more
productive and help the company reduce its inventory carrying
cost.

The company's store expansion plan and operation efficiency
improvement plan both require heavy capital spending, which will
require ongoing external financing. However, management is
expected to continue its prior financial policy by maintaining
its target financial debt to equity ratio of less than two
times.

TRIS Rating is concerned about the possible effect of new zoning
regulations. Though as yet inconclusive, the new regulations may
affect the company's expansion plan because large-scale
retailers may be banned from selecting the most suitable
locations. However, it is currently believed that the
regulations will mostly affect basic consumer products retailers
such as discount stores and supermarkets.


SIAM UNITED: SET Requires Private Placement Clarification
---------------------------------------------------------
The Board of Directors' Meeting of Siam United Services Public
Company Limited (SUSCO) and the Extraordinary Meeting of
shareholder being held on October 7, 2003 passed the resolution
concerning the allotment of 500,000,000 newly common shares to:

1. CLSA Equity Capital Markets Limited, together with Seamico
Securities Public Company Limited amount of the 200 million
common shares which are allocated to a selected group of 12
investors (Private Placement), offering price at Bt1.37 per
share, which is 16.63% discount from the average 10-day closing
price of the share before this Board of Directors' Meeting and
had set the  payment dates for share subscription during 22-24
October, 2003.

2. Mc Carthy Ventures Ltd., amounts of 300 million common shares
will be allocated at Bt2 per share after the shareholders have
approved the capital increase. Mc Carthy Ventures Ltd. will,
therefore, deposit Baht10 Million within 10 days after receiving
the notification from the Company that the shareholders have
approved the capital increase (the details are on SETSMART dated
15 September 2003 and 8 October 2003)

Since the aforementioned allotment might have impacts on the
existing shareholders' decision, the SET requires SUSCO to
clarify the additional information regarding the allotment of
common shares to the said investors, the policy of the board of
directors of the company in selecting the 12 investors and the
criteria to define the selling price that is lower than the
market price as follows:

   1. Specify criteria or conditions in selecting the 12
investors and identify their relationship with the company
including brokerage fee.

   2. Specify criteria and reasons in setting the offering price
that is lower than the market price.

   3. The use of the proceeds of capital increase.

   4. Benefits that SUSCO shall receive from the coming of
new investors as new shareholders.

The SET would like to inform SUSCO's shareholders and general
investors to follow the additional information of SUSCO, which
will be disseminated to the public via SETSMART.


S U B S C R I P T I O N  I N F O R M A T I O N

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

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