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

                   A S I A   P A C I F I C

         Tuesday, November 11, 2003, Vol. 6, No. 223

                         Headlines

A U S T R A L I A

ENERGY WORLD: Discloses 2003 AGM Results
JUPITERS LID: Moody's Reviews Rating for Possible Upgrade
SIRTEX MEDICAL: Notes Increase in U.S. Medicare Reimbursement
WATTLE GROUP: Administrators Plead Guilty


C H I N A  &  H O N G K O N G

FORTUNE FOCUS: Nov 19 Winding Up Hearing Scheduled
G-PROP (HOLDINGS): Petition to Wind Up Pending
KIN DON: Price, Turnover Movements Unexplainable
KIN YIP: Hearing of Winding Up Petition Set
MANSION HOUSE: Acknowledges Exceptional Turnover Movement

ORIENTAL METALS: Restructuring Proposal Circular Dispatch
PCCW LTD: European Style Warrants Dealings to Close Wednesday
S & HAPPY: Winding Up Petition Hearing Set


I N D O N E S I A

INDOFARMA TBK: Considering Rights Issue
INDONESIAN SATELLITE: Settles Satelindo, IM3 Loan


J A P A N

HITACHI LTD: Consolidates Hard Drive Manufacturing in Singapore
HITACHI LIMITED: Drops Seniority-based Annual Pay Raise System
KAWASAKI HEAVY: Incurs 1H03 Y3.4B Loss
MATSUSHITA ELECTRIC: Halts Domestic Picture Tube Production
MATSUSHITA ELECTRIC: Executives Conduct Share Repurchase

MATSUYA DENKI: Selects Shinsei Bank as Rehab Sponsor
RESONA HOLDINGS: Reaches Deal With Diamond Lease
TOMEN CORPORATION: Swings to Y6.38B Profit
TOMEN CORPORATION: Unveils Medium-term Management Plan Update
TOSHIBA CORPORATION: Halts Cathode Ray Tubes Production in Japan


K O R E A

HANARO TELECOM: Cutting Executives Via Retirement Scheme
SK NETWORKS: Signs Compromise With Creditors
SSANGYONG MOTOR: Up for Sale Through Open Bidding


M A L A Y S I A

ACTACORP HOLDINGS: MITI OKs Proposed Acquisition of Shipyard
AKTIF LIFESTYLE: Answers KLSE's Proposed Disposal Query
ANCOM BERHAD: 34th AGM Scheduled on Nov 21
CSM CORP.: Revises Proposed Rescue Cum Restructuring Scheme
CSM CORPORATIONL Issues Loan Repayments Status Update

HIAP AIK: Proposed GCR Disposal Part of Restructuring Scheme
FORESWOOD INDUSTRIES: Faces Writ of Summon Over Default
KSU HOLDINGS: Court Sets Inter-Partes Hearing on Nov 18
LONG HUAT: Winding Up Petition Hearing Fixed in December
MBF CORPORATION: Sets Up Nomination, Remuneration Committee

NCK CORPORATION: Unit MSC Placed Under Voluntary Liquidation
PICA (M) CORPORATION: Proposed Composite Scheme Approved
SOUTH MALAYSIA: Settlement Issue Acceptance Deadline Extended
SOUTHERN PLASTIC: KLSE Awaits De-listing Appeal Decision
TIMBERMASTER INDUS.: Proposed Scheme Extended Until Next June

UNITED CHEMICAL: Provides Defaulted Payment Status Update
WAH SEONG: Undertakes Proposed Acquisition
WING TIEK: Interlocutory Injunction Hearing Postponed to Nov 21


P H I L I P P I N E S

MAYNILAD WATER: IAC Orders P6B Payments
PHILIPPINE LONG: Plans to Issue Php15B in Bonds in 2004
PHILIPPINE REALTY: Update on Financial Status


S I N G A P O R E

CSC HOLDINGS: Issues 444.9 Million Ordinary Shares
INTERMAT PTE: Issues First & Final Dividend Notice
KYOKUTO FUTURES: Creditors Must Submit Claims by December 8
PETITJEAN ASIA: Creditors to Submit Claims by December 8
SIGMA FOOD: Releases Winding Up Order Notice

SUNNEX TRADING: Winding Up Hearing Set November 21
ST ASSEMBLY: Offers US$115M in Convertible Notes Due 2008
THAI HIN: Issues Winding Up Order Notice
TRILLION STARS: Petition to Wind Up Pending


T H A I L A N D

NAKORNTHAI STRIP: Cuts Registered, Paid-up Capital
NAKORNTHAI STRIP: Explains Auditor Disclaiming Q303 F/S Opinion
NAKORNTHAI STRIP: SET Grants Listed Securities
RAIMON LAND: Notifies BOD No. 8/2003 Resolutions
SIKARIN PUBLIC: SET Grants Listed Securities

* BOND PRICING: For the week of November 10 - 14, 2003

     -  -  -  -  -  -  -  -

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


ENERGY WORLD: Discloses 2003 AGM Results
----------------------------------------
Pursuant to Listing Rule 3.13.2 Energy World Corporation Ltd
wishes to advise that the Shareholders approved the following
resolutions put to the Annual General Meeting on Monday:

Ordinary Resolution 1: Election of a Director "That Dr Brian
Littlechild, a Director retiring by rotation in accordance with
Regulation 53.1 of the Constitution of the Company, is re-
elected a Director of the Company."

Ordinary Resolution 2: Election of a Director "That Ms Kwan Ming
Ling, a Director retiring in accordance with Regulation 52.2 of
the Constitution of the Company, is re-elected a Director of the
Company."

Ordinary Resolution 3: Election of a Director "That Mr Richard
Eller, a Director retiring in accordance with Regulation 52.2 of
the Constitution of the Company, is re-elected a Director of the
Company."

Ordinary Resolution 4: Re-appointment of Auditor "That KPMG be
reappointed as auditor of the Company."

The Troubled Company Reporter - Asia Pacific reported on July 9
that EWC reached an agreement with the Commonwealth Bank of
Australia (CBA) on the arrangements for the payment of the
balance of the Multi Option Facility (MOF). After the
formalization of the arrangements, the outstanding level of the
MOF will be further reduced from A$27 Million to A$21.6 Million.


JUPITERS LID: Moody's Reviews Rating for Possible Upgrade
---------------------------------------------------------
Moody's Investors Service continued the rating review of
Jupiters Limited (Jupiters), which was put on review for
possible upgrade on March 5, 2003. The merger of Jupiters with
TABCORP Holdings Limited (TABCORP) was effected on October 31,
2003.

The review is being continued, however, given TABCORP's
announcement on November 5, 2003, that it has proposed a A$2.3
billion merger with TAB Limited, for a combination of cash and
script. The merger, if completed, could materially alter
TABCORP's financial and operational risk profile, and the
continuing review will focus on this aspect and the impact it
may have on Jupiters' credit profile.

Ratings on review for possible upgrade are:

   * Senior Implied Rating, Ba2
   * US$135 million Senior Unsecured Notes due 2006, Ba2
   * Issuer Rating, Ba3


SIRTEX MEDICAL: Notes Increase in U.S. Medicare Reimbursement
-------------------------------------------------------------
Sirtex Medical Limited is pleased to announce that the Centers
for Medicare & Medicaid Services (CMS) in the USA has advised
that it has increased the payment to hospitals for SIR-Spheresr
to US$9615.50 effective from January 1st 2004.

Sirtex previously announced that CMS had increased its payment
from US$6,485.37 to US$8,870.88 effective from January 1st 2004.
Sirtex then made a further application to CMS for additional
funding and this latest increase in CMS payment is a result of
that application.

The CMS payment is what hospitals receive from CMS for SIR-
Spheresr when used to treat Medicare patients. However, Sirtex
has continued to invoice and receive US$14,000 for each dose of
SIR-Spheresr used in USA hospitals for all patients, including
Medicare patients.

Medicare patients represent approximately 35% of patients
treated to date with SIR-Spheresr in USA. The remaining 65% of
patients are covered by a variety of commercial health insurance
plans that reimburse hospitals for the cost of SIR-Spheresr
and related procedures.

Sirtex announced on 24 October 2003 that the current CMS
reimbursement rate for 2003 of US$6,485.37 was resulting in some
resistance to wider use of the product. The increased CMS
payment rate that will be effective from 2004 will assist the
company in marketing SIR-Spheresr in the USA.

According to Wrights Investors' Service, the company has paid no
dividend during the previous 2 fiscal years and also reported
losses during the previous 12 months. During the 12 months
ending 12/31/02, the company has experienced losses totaling
A$0.04 per share.


WATTLE GROUP: Administrators Plead Guilty
-----------------------------------------
Mr William Ross Jackson, a director of Brisbane-based Spectrum
Fund Administration Pty Ltd, has pleaded guilty in the Brisbane
District Court to six charges of being knowingly concerned in
the promotion of prescribed interests, in contravention of the
Corporations Act.

The charges, which were brought by the Australian Securities and
Investments Commission (ASIC), relate to six investors who lost
approximately $178,108 invested in the failed Wattle Scheme.
Spectrum Fund Administration Pty Ltd received trailing
commissions from the Wattle Group of 30 per cent per annum on
the funds it sourced from investors.

The proceedings against Mr Jackson were adjourned to a sentence
hearing on 23 January 2004.

Mr Graeme Charles Coote, a director of Brisbane-based The Fund
Administrators Pty Ltd (TFA), also pleaded guilty in the
Brisbane District Court on 4 November 2003 to 11 charges of
being knowingly concerned in the promotion of prescribed
interests, in contravention of the Corporations Act.

The charges relate to six investors who lost approximately
$465,000 invested in the Wattle scheme. TFA received trailing
commissions from the Wattle Group of 40 per cent per annum on
the funds it sourced from investors.

The proceedings against Mr Coote were adjourned to a sentence
hearing on 1 December 2003.

Mr David Christopher Smith, also a former director of both TFA
and Spectrum Fund Administration, was conjointly charged with Mr
Coote and Mr Jackson. Mr Smith did not enter a plea during the
proceedings.

Mr Jackson, Mr Coote and Mr Smith were charged following an
investigation by ASIC into the failed Wattle Group.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


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


FORTUNE FOCUS: Nov 19 Winding Up Hearing Scheduled
--------------------------------------------------
The High Court of Hong Kong will hear on November 19, 2003 at
9:30 in the morning the petition seeking the winding up of
Fortune Focus Development Limited

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

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


G-PROP (HOLDINGS): Petition to Wind Up Pending
----------------------------------------------
The petition to wind up G-Prop (Holdings) Limited is set for
hearing before the High Court of Hong Kong on November 12, 2003
at 10:00 in the morning.

The petition was filed with the court on September 19, 2003 by
Zuchowski, Sam and Lee, Sze Kwong William of Apartment 25B, No.
3 Kennedy Road, Hong Kong and Room 1001, Boss Commercial Cenre,
No. 28 Ferry Street, Kowloon, Hong Kong respectively.


KIN DON: Price, Turnover Movements Unexplainable
------------------------------------------------
The Board of Directors of Kin Don Holdings Limited has noted the
recent increases in the price and the trading volume of the
shares of the Company and is not aware of any reasons for
such increases save for the Company's announcement dated 17
October 2003.

The Company confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


KIN YIP: Hearing of Winding Up Petition Set
-------------------------------------------
The petition to wind up Kin Yip Company Limited will be heard
before the High Court of Hong Kong on November 19, 2003 at 9:30
in the morning.

The petition was filed with the court on September 26, 2003 by
Kan Shiu Cheong Frederick of Flat 17A, Ming Wai Garden, 45
Repulse Bay Road, Hong Kong.


MANSION HOUSE: Acknowledges Exceptional Turnover Movement
---------------------------------------------------------
Mansion House Group Limited noted the recent increase in the
trading volume of the shares of the Company and stated that it
is not aware of any reasons for such increase.

Save as the Placing of Existing Shares and Subscription of New
Shares disclosed in the announcement dated 6 November 2003, the
Company confirmed that there are no negotiations or agreements
relating to intended acquisitions or realizations which are
discloseable under paragraph 3 of the Listing Agreement, neither
is the Board aware of any matter discloseable under the general
obligation imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price-sensitive nature.

The Board of Directors of Mansion House Group Limited
individually and jointly accepts responsibility for the accuracy
of this statement.


ORIENTAL METALS: Restructuring Proposal Circular Dispatch
---------------------------------------------------------
Reference is made to the joint announcement (the Announcement)
by China Minmetals H.K. (Holdings) Limited, Coppermine Resources
Limited and Oriental Metals (Holdings) Company Limited dated 16
October 2003 in respect of, among other things, the
Restructuring Proposal, the application for the Whitewash Waiver
and the Special Deal Consent.

DISPATCH OF THE CIRCULAR

Reference is made to the Announcement. The Circular dated 6
November 2003 issued jointly by the Company, Minmetals HK and
Coppermine, which contains details of the Restructuring
Proposal, the application for the Whitewash Waiver and the
Special Deal Consent, and a notice convening the EGM to
approve, among other things, the Subscription, the Capital
Restructuring, and the application for the Whitewash Waiver and
the Special Deal Consent, has been dispatched to the
Shareholders on 6 November 2003. A letter from the IBC
containing its advice to the Independent Shareholders and a
letter of advice from the IFA containing its opinion to the IBC
regarding, among other things, the Subscription, the grant
of the Whitewash Waiver and the Special Deal Consent are also
contained in the Circular.

Shareholders are recommended to consider the information
contained in the Circular, among other things, the letter from
the IBC and the letter of advice from the IFA before voting at
the EGM.

EXPECTED TIMETABLE

The Directors wish to remind the Shareholders of the expected
timetable and trading arrangements in shares of the Company,
details of which are set out in this announcement.

Latest time for lodging forms of
proxy for the EGM                11:00 a.m. on 1 December 2003

EGM                              11:00 a.m. on 3 December 2003
Announcement of results of EGM
on or around                     4 December 2003

Hearing of petition for confirmation
of the Capital Reduction by the Court
expected to be on                6 January 2004

The following events are dependent
upon, among others, the outcome of
the Court hearing:

   Effective date of the Capital
   Restructuring (note)          7 January 2004

   First day for the designated broker
   to stand in the market to provide
   matching services for odd lots trading   7 January 2004

Closure of original counter for trading in
the Existing Shares (represented by existing
share certificates) in board lots
of 2,000 each                   9:30 a.m. on 7 January 2004

Opening of temporary counter for trading
in the New Shares (represented by existing
share certificates) in board lots of
200 each                        9:30 a.m. on 7 January 2004

First day for free exchange of
share certificates for the Existing
Shares for new share certificates
for the New Shares               7 January 2004

Re-opening of original counter for trading
in the New Shares (represented by new
share certificates) in board lots
of 4,000 each                   9:30 a.m. on 21 January 2004

Parallel trading commences      9:30 a.m. on 21 January 2004

Closure of temporary counter
for trading in the New Shares
(represented by existing share
certificates) in board lots of
200 each                        4:00 p.m. on 13 February 2004

Parallel trading ends           4:00 p.m. on 13 February 2004

Last day for the designated broker
to stand in the market to provide
matching services               13 February 2004

Last day for free exchange of
share certificates for the Existing
Shares for new certificates for the
New Shares                          18 February 2004

Note: The Capital Reduction will become effective upon the
registration by the Registrar of Companies in Hong Kong of an
office copy of the order of the Court confirming the reduction
and a minute of order containing the particulars required under
the Companies Ordinance. Shareholders should note that the above
timetable is subject to change.

SHARE CERTIFICATES AND TRADING ARRANGEMENTS

(a) Parallel trading

Subject to the Capital Restructuring becoming effective,
dealings in the New Shares are expected to commence on 7 January
2004 and all certificates for the Existing Shares will be
replaced with certificates for the New Shares for the purposes
of trading in the market. It is intended that the board lot for
trading in the New Shares on the Stock Exchange will be changed
to 4,000 New Shares.

Under the Capital Restructuring, certificates for the Existing
Shares in issue will continue to be effective as documents of
title and continue (up to 13 February 2004) to be valid for
trading, settlement and delivery purposes, on the basis of ten
Existing Shares for one New Share. Parallel trading arrangements
have been established with the Stock Exchange and parallel
trading will be permitted from 9:30 a.m. on 21 January 2004 to
4:00 p.m. on 13 February 2004, both dates inclusive.

The temporary counter for trading in the New Shares in board
lots of 200 each (represented by certificates for the Existing
Shares) will be removed after the close of business at 4:00 p.m.
on 13 February 2004 and thereafter, trading will be in board
lots of 4,000 New Shares in the form of new certificates only
and the existing certificates for the Existing Shares will cease
to be good for delivery, transfer and settlement purposes.
However, such existing certificates will continue to be good
evidence of legal title to the New Shares on the basis of ten
Existing Shares for one New Share.

Subject to the Capital Restructuring becoming effective,
Shareholders are urged to submit their old certificates for
Existing Shares in exchange for new certificate for the New
Shares free of charge at the Company's share registrar (the
"Registrar"), Computershare Hong Kong Investor Services Limited,
at Room 1901-5, 19th Floor, Hopewell Centre, 183 Queen's Road
East, Hong Kong, during business hours from 9:00 a.m. on 7
January 2004 until 4:00 p.m. on 18 February 2004. Thereafter,
old certificates for the Existing Shares will be accepted for
exchange only on payment to the registrar of a fee of HK$2.50
(or such higher amount as may be stipulated in the Listing Rules
from time to time) for each new certificates issued in exchange
for the old certificates.

It is expected that certificates for the New Shares will be
available for collection on or after the tenth business day from
the date of the submission of the certificates for the Existing
Shares to the Registrar. Unless otherwise instructed, new
certificates will be issued in the board lots of 4,000 New
Shares each.

All certificates for the Existing Shares will, after 4:00 p.m.
on 13 February 2004, continue to be good evidence of legal title
to the New Shares on the basis of ten Existing Shares for one
New Shares but will cease to be valid for trading and settlement
purposes.

(b) Arrangement for odd lot trading

In order to facilitate the trading of odd lots of New Shares as
a result of the Capital Restructuring, the Company has appointed
BNP Paribas Peregrine Securities Limited at 36th Floor, Asia
Pacific Finance Tower, 3 Garden Road, Central, Hong Kong
(Telephone number: (852) 2825 1838) to act as agent in providing
a "matching service" to those Shareholders who wish to top-up or
sell their holdings of odd lots of the New Shares during the
period from 9:30 a.m. on 7 January, 2004 to 4:00 p.m. on 13
February, 2004, both dates inclusive. Holders of New Shares in
odd lots who wish to take advantage of this facility either to
dispose of or top up their odd lots to a board lot may, directly
or through their brokers, contact Mr. Hugo Leung of BNP Paribas
Peregrine Securities Limited during such period.

Shareholders should note that successful matching of the sale
and purchase of odd lots of New Shares is not guaranteed and
will depend on there being adequate amounts of odd lots of New
Shares available for such matching. Shareholders are recommended
to consult their professional advisers if they are in any doubt
about the matching facility described above.

CONNECTED TRANSACTIONS

Prior to the signing of the various agreements relating to the
Restructuring Proposal, the Company has entered into the
Framework Agreement on 21 January 2003 with China Minmetals
Nonferrous Metals Company Limited for the sale of an aggregate
of 180,000 metric tonnes of alumina (+/-5%) by the Company to
China Minmetals Nonferrous Metals Company Limited, a non-wholly
owned subsidiary of China Minmetals, during the year of 2003.
Pursuant to the Framework Agreement, the following contracts
have been signed:

(a) a contract dated 27 February 2003 for the sale of
approximately 30,000 metric tonnes of alumina by the Company to
China Minmetals Nonferrous Metals Company Limited for an amount
of US$6,750,000 (equivalent to approximately HK$52,650,000);

(b) a contract dated 14 May 2003 for the sale of approximately
30,000 metric tonnes of alumina by the Company to Minmetals
North-Europe AB, a wholly owned subsidiary of China Minmetals,
for an amount of US$8,550,000 (equivalent to approximately
HK$66,690,000);

(c) a contract dated 17 July 2003 for the sale of approximately
30,000 metric tonnes of alumina by the Company to Minmetals
Germany GMBH, a wholly owned subsidiary of China Minmetals, for
an amount of US$8,430,000 (equivalent to approximately
HK$65,754,000);

(d) a contract dated 10 September 2003 for the sale of
approximately 25,000 metric tonnes of alumina by the Company to
Minmetals Inc. U.S.A., a wholly owned subsidiary of China
Minmetals, for an amount of US$6,975,000 (equivalent to
approximately HK$54,405,000); and

(e) a contract dated 24 September 2003 for the sale of
approximately 25,000 metric tonnes of alumina by the Company to
China Minmetals Nonferrous Metals Company Limited, a subsidiary
of China Minmetals, for an amount of US$7,200,000 (equivalent to
approximately HK$56,160,000).

As at 4 November 2003, being the latest practicable date of the
Circular (LPD), approximately 140,000 metric tonnes of alumina
had been sold and the Company pursuant to the Framework
Agreement and the above-mentioned contracts had delivered
114,750 metric tonnes of alumina. Of the five contracts stated
above, contracts (a) to (c) were completed as at the LPD and the
Directors estimate that gross profit amounting to approximately
HK$60 million will be recognized in the Group's accounts for the
year ending 31st December, 2003 as a result of completion of
these three contracts.

Contracts (a) and (b) were completed and the amounts involved
were recognized in the Group's unaudited accounts for the six
months ended 30th June, 2003 in accordance with the Group's
accounting policy, which was published in the Group's interim
report 2003. Contract (c) was completed and the relevant
amounts were recognized in the Group's management accounts of
August 2003 in accordance with Group's accounting policy.
Contracts (d) and (e) have not been completed and the Group
accordingly has not booked any amount relating thereto in its
management accounts.

As Coppermine will become a substantial Shareholder of the
Company following the completion of the Restructuring Proposal,
if any transactions under the Framework Agreement continue after
the completion of the Restructuring Proposal, such transactions
will constitute connected transactions of the Company and the
Company will take appropriate steps in respect of such
transactions (if any) in compliance with the Listing Rules.
Further announcement will be made as and when appropriate.


PCCW LTD: European Style Warrants Dealings to Close Wednesday
-------------------------------------------------------------
Market participants are requested to note that dealings in the
2003 European Style (Cash Settled) Call Warrants relating to
existing issued ordinary shares of HK$0.25 each of PCCW Limited
issued by Credit Suisse First Boston (stock code: 9637) will
cease after the close of business on Wednesday, 12/11/2003 and
listing of which will be withdrawn after the close of business
on Tuesday, 18/11/2003.

Wrights Investors' Service reports that at the end of 2002, the
Company had negative common shareholder's equity of -HK$5.92
billion. It also reported losses during the previous 12 months
and has not paid any dividends during the previous 6 fiscal
years.


S & HAPPY: Winding Up Petition Hearing Set
------------------------------------------
The petition to wind up S & Happy Jewellery Limited is scheduled
for hearing before the High Court of Hong Kong on November 19,
2003 at 9:30 in the morning.

The petition was filed with the court on September 23, 2003 by
Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.


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


INDOFARMA TBK: Considering Rights Issue
---------------------------------------
PT Indofarma Tbk is considering issuing a rights issue by early
2005 to get funds for working capital, Bisnis Indonesia reports,
quoting President Director M. Dani Pratomo.

"It is difficult for us to only rely on loans from banks. It
will be another story if the shareholders don't demand us
recover the company and pay dividend," Pratomo said after
signing the loan agreement worth Rp250 billion with publicly
listed PT Bank Negara Indonesia on Friday.

He said the value of the rights issue was at least the same as
the amount of loans obtained from banks. He also added that the
company could also use the funds to pay loans from banks.

Concerning the plan to issue bonds, Pratomo revealed that
Indofarma could take the measure as one of the efforts to pay
short-term banking loans.

So far, he added, Indofarma had not informed the rights issue
plan to the shareholders.


INDONESIAN SATELLITE: Settles Satelindo, IM3 Loan
-------------------------------------------------
PT Indonesian Satellite Corporation Tbk (Indosat) had settled
the loan of PT Satellite Palapa Indonesia (Satelindo) valued at
US$320 million, Bisnis Indonesia reports, quoting President
Director Widya Purnama.

"We have settled the loan of Satelindo valued at US$320 million
using the funds Indosat just raised," Purnama said, adding that
the Company also settled PT Indosat Multi Media Mobile (IM3)'s
loan as a part of refinancing scheme to support the vertical
merger plan of the companies.

The company just got some Rp7 trillion in funds from the
issuance of bonds (Rp2.5 trillion), syndicated loans (Rp3.1
trillion) and bonds emission (US$300 million).

Indosat will conduct a shareholders meeting today to get
approvals from the shareholders on the vertical merger plan of
Satelindo, Indosat Multimedia Mobil and Bimagraha Telekomindo
into Indosat. To support the plan, Indosat would settle the
syndicated loan of IM3 valued of Rp1.5 trillion.

Purnama said that Indosat planned to settle the debt before the
year's end.


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


HITACHI LTD: Consolidates Hard Drive Manufacturing in Singapore
---------------------------------------------------------------
Hitachi Global Storage Technologies (Hitachi GST), one of the
world's leading hard disk drive suppliers, announced that it has
begun transferring a significant portion of its enterprise hard
drive manufacturing operations from Laguna, Philippines to its
Singapore Global Centre. The Singapore plant will eventually be
used to manufacture Hitachi's next-generation 10,000 rpm and
15,000 rpm enterprise drives. The Company also announced that it
would consolidate its 10,000 rpm product portfolio one
generation earlier than originally anticipated. These actions
are expected to improve efficiency of global resources,
ultimately accelerating Hitachi's development schedule for small
form factor enterprise hard drives and other Ultrastar products.

The manufacturing move will have a negligible impact on overall
manufacturing activity at Hitachi GST's Laguna, Philippines
facility. Hitachi GST plans to continue manufacturing the
Ultrastar DK32EJ at the site through 2Q '04, at which time,
Hitachi GST plans to increase the facility's head slider
manufacturing production. Head sliders are a component of the
hard drive that support the read/write head above the surface of
the disk. Hitachi GST also plans to continue manufacturing its
current-generation 15,000 rpm enterprise hard drive, the
Ultrastar 15K73, in the Philippines.

Hitachi Ltd. acquired IBM's hard disk drive business in December
2002 and launched Hitachi GST on January 1, 2003. The enterprise
hard drive manufacturing initiative is an essential element of
Hitachi GST's overall plan to integrate its operations.

"Singapore is of extreme strategic importance to Hitachi GST as
we continue to strengthen our position in the enterprise hard
drive market," said Fumio Kugiya, general manager, Server
Business Unit, Hitachi Global Storage Technologies. "We intend
to leverage the substantial resources and technical knowledge
available in Singapore across all of Hitachi GST's enterprise
hard drive programs."

SINGAPORE GLOBAL CENTRE

IBM originally established enterprise hard drive manufacturing
operations in Singapore in 1994. Hitachi GST opened its
Singapore Global Centre in January 2003 and now employs more
than 2,000 people. These positions span across manufacturing,
sales, marketing, finance and management. In addition to
enterprise hard drive manufacturing, the facility serves as
Hitachi GST's Asia-Pacific regional headquarters.

Using Hitachi GST's Singapore Global Centre as a worldwide
manufacturing hub will result in numerous operational benefits
and cost reductions. The Company's supply chain is expected to
benefit from a significant reduction in the management and
transportation of drive components from multiple Hitachi GST
sites.

ABOUT HITACHI GLOBAL STORAGE TECHNOLOGIES

Hitachi Global Storage Technologies was founded in 2003 as a
result of the strategic combination of Hitachi's and IBM's
storage technology businesses. The Company's vision is to enable
users to fully engage in the digital lifestyle by providing
access to large amounts of storage capacity in formats suitable
for the office, on the road and in the home.

The Company offers customers worldwide a comprehensive range of
storage products for desktop computers, high-performance servers
and mobile devices. For more information on Hitachi Global
Storage Technologies, please visit the Company's Web site at
http://www.hgst.com.

ABOUT HITACHI, LTD.

Hitachi, Ltd. (NYSE:HIT), headquartered in Tokyo, Japan, is a
leading global electronics Company, with approximately 326,500
employees worldwide. Fiscal 2002 (ended March 31, 2003)
consolidated sales totaled 8,191.7 billion yen (US $68.3
billion). The Company offers a wide range of systems, products
and services in market sectors, including information systems,
electronic devices, power and industrial systems, consumer
products, materials and financial services. For more information
on Hitachi Ltd., please visit the Company's Web site at
http://www.hitachi.com.

CONTACTS

Hitachi Global Storage Technologies
Kevin Kimball, 408-256-7548
kevin.kimball@hgst.com
or
Weber Shandwick
Rebecca Yip, (+852) 2533-9928
ryip@webershandwick.com
Liz Underhill, (+852) 2533-9913
eunderhill@webershandwick.com


HITACHI LIMITED: Drops Seniority-based Annual Pay Raise System
--------------------------------------------------------------
Hitachi Limited will end a traditional seniority-based annual
pay raise system in favor of a merit-based system starting in
April 2004, in a move to boost motivation and business as the
nation's economy continues to struggle, AP Online reports,
citing Hitachi spokesman Keisaku Shibatani. Under the new wage
system, Hitachi's some 30,000 non-managerial workers in Japan
can no longer expect the automatic annual pay raises that they
had long enjoyed.

The Hitachi Group is pushing ahead with the restructuring of its
business portfolio based on its medium-term management plan, the
"i.e. Hitachi Plan II", a three-year plan ending in fiscal 2005
aimed at pushing through major reforms of its operating
framework and focusing on highly profitable businesses, TCR-AP
reported recently. Hitachi, Ltd. is realigning its business
portfolio by exiting and restructuring certain businesses and
expanding targeted business domains.


KAWASAKI HEAVY: Incurs 1H03 Y3.4B Loss
--------------------------------------
Shipbuilder and heavy machinery maker Kawasaki Heavy Industries
Limited incurred a 3.40 billion yen group net loss in the first
half of this year ending in September as a cut in the allowable
sum of deferred tax assets (DTA) offset the favorable effects of
greater operating profitability, Kyodo News reports.

Kawasaki Heavy Industries Limited posted a consolidated net loss
of 3.49 billion yen in the first half of 2002, versus a loss of
2.33 billion yen a year earlier, TCR-AP reports. The result was
due to the yen's appreciation and weaker aircraft-related demand
since the September 11 terrorist attacks in the United States.
The heavy machinery and engineering Company posted the loss as
it tends to book profitable orders in the second half of the
fiscal year instead of the first half.


MATSUSHITA ELECTRIC: Halts Domestic Picture Tube Production
-----------------------------------------------------------
Matsushita Electric Industrial Co. and Toshiba Corporation will
discontinue domestic production of picture tubes for televisions
by the end of September 2004, due to price competition with
South Korean and Chinese manufacturers and a shrinking market
for cathode-ray tubes (CRT) for television sets, the Nihon
Keizai Shimbun reports. The conventional TV market is shrinking
rapidly because of the proliferation of flat-panel TVs.

Matsushita Electric will end picture tube production at its
Takatsuki plant, which now produces 500,000 units a year, and
instead focus its domestic output on high-definition plasma
panels. Toshiba, which produces 2 million units a year of five
large types of picture tubes at a factory in Hyogo Prefecture,
will cease production as well.


MATSUSHITA ELECTRIC: Executives Conduct Share Repurchase
--------------------------------------------------------
Matsushita Electric Industrial Co., Limited, best known for its
"Panasonic" brand products, announced that it has purchased a
portion of its own shares from the market in conformity with
provisions of Article 210 of the Japanese Commercial Code.

Details of the share repurchase are as follows:

1.     Class of shares: Common stock

2.     Period of purchase: Between October 1, 2003 and October
10, 2003

3.     Aggregate purchase amount: 9,999,869,000 yen

4.     Aggregate number of shares purchased: 7,061,000 shares

5.     Method of purchase: Shares were purchased on the Tokyo
Stock Exchange

(Reference 1)

1) The following are the resolutions that were approved at the
ordinary general meeting of shareholders held on June 27, 2003:

   -     Class of shares: Common stock
   -     Aggregate number of shares to be purchased: Up to 200
million shares
   -     Aggregate purchase amount: Up to 200 billion yen

2) Cumulative total of shares repurchased through October 10,
2003:

Media Contacts:
Akira Kadota / Wilson Solano
International PR, Tokyo
(Tel: 03-3578-1237, Fax: 03-5472-7608)


MATSUYA DENKI: Selects Shinsei Bank as Rehab Sponsor
----------------------------------------------------
The state-backed Industrial Revitalization Corporation of Japan
(IRCJ) has decided that the ailing home electrical appliance
retailer Matsuya Denki Co. qualifies to receive preferential
treatment such as cuts in the real estate acquisition tax under
the industrial revitalization law, according to Kyodo News. Last
month, the Osaka-based operator of the chain of retail outlets
said it selected the Shinsei Bank group as the sponsor to
facilitate its rehabilitation.


RESONA HOLDINGS: Reaches Deal With Diamond Lease
------------------------------------------------
Resona Holdings, Inc. announced that it reached a basic
agreement with Diamond Lease Co., Ltd. (DL) to transfer the
stocks of The Daiwa Factor and Leasing Co., Ltd. (DFL), which
Resona Group companies own at present. Details for the transfer
will be discussed hereafter and the both parties plan to sign a
transfer contract by December 25, 2003.

1. Purpose of the Basic Agreement

Resona Group aims at establishing a business model in which we
differentiate ourselves with the convenience, quality and speed
of services and respond fully to the needs of customers in each
of our home markets. As part of these efforts, we are
implementing a zero-base review of our affiliated companies.
Based on a basic policy of selection and focus, we will
streamline the operations and strengthen the functions of our
affiliated companies.

AcCompanying the transfer of stocks, DFL will be excluded from
consolidation and at the same time become a subsidiary of DL.
However, Resona Group will continue owning approximately 5
percent of DFL's shares.

After the transfer, DFL will be able to utilize the highly
sophisticated product development capability and leasing
functions of DL, which is the largest Company in the leasing
industry, and fully respond to the diversifying needs of its
customers.

2. Business Development

DFL is offering services mostly to the customers of Resona Bank
in the Osaka region at the moment. DFL can benefit from DL's
products, consulting and procurement capabilities by becoming a
DL's subsidiary. Resona Group intends to continue its business
alliance with DFL as a business partner for the Group. DFL plans
to spin off its two businesses, factoring and collection of
bills and receivables, effective on December 1, 2003, and such
separated businesses will be integrated with Asahi Bank Finance
Service Co., Ltd., which is also a Resona Group Company. (Asahi
Bank Finance Service plans to change its corporate name to
Resona Kessai Service Co., Ltd. on the same date.)

3. Schedule

November 7, 2003 Conclusion of a basic agreement

December 25, 2003 (Planned) Conclusion of a transfer contract
Middle of January 2004 (Planned) Delivery of stock certificates

4. Company outline of DFL

Corporate Name: The Daiwa Factor and Leasing Co., Ltd.
Representative: Seiichi Hazama
Address: 5-28 Kyutaromachi 2-chome, Chuo-ku, Osaka
Establishment Date: January 12, 1982
Principal Business: General leasing
Account Settlement: March
Employees: 85 (as of the end of March 2003)
Place of Business: Head office, Tokyo Office, Fukuoka Office
Capital amount Y2,500 million
Number of shares: issued 9,000,000 shares
Principal shareholder: Resona Bank, Ltd. 8,250,000 shares (91.7
percent)

5. Outline of the Transferee

(1) Corporate Name Diamond Lease Co., Ltd.
(2) Representative President: Yasuyuki Hirai
(3) Address 3-1, Marunouchi 3-chome, Chiyoda-ku,
Tokyo
(4) Principal Business General leasing
(5) Relationship with Resona Group None

6. Other

With the conclusion of a basic agreement mentioned above, three
leasing subsidiaries of Resona Group will become non-affiliated
companies. Resona Group continues its alliance relationships
with these companies as business partners for the Group.

Each of the transferees occupy leading positions in the leasing
industry and thus we expect we can offer higher quality leasing
services to Resona Group's customers.


TOMEN CORPORATION: Swings to Y6.38B Profit
------------------------------------------
Trading house Tomen Corporation made a group net profit of 6.38
billion yen for the half year to September 30 from a year-
earlier loss of 88.74 billion yen, due to lower costs and debt
burdens, according to Kyodo News.

Tomen traced the turnaround to cost reductions, cuts in
interest-bearing debts and one-time gains from unloading
shareholdings after Japan's stock market strongly rebounded from
20-year lows.


TOMEN CORPORATION: Unveils Medium-term Management Plan Update
-------------------------------------------------------------
For the first half period ended September 2003, Tomen
Corporation completed major steps of its medium-term management
plan as follows:

Billions of Yen

Items based on   March 31, 2003  Progress at   Target figures at
Consolidated bases               Sept 30, 2003 March 31, 2006

1. Total assets          971.7          861.4           735.0
2. Interest-bearing debt 659.9          561.9           463.0
3. Shareholders' equity  13.9            37.7            45.0

For the first half period ended September 2003, Tomen completed
major steps of the plan including:

1. Reduction in total assets

Tomen reduced its total assets on a consolidated basis to 861.4
billion yen at September 30, 2003 from 971.7 billion yen at
March 31, 2003. The target for the mid-term plan is 735.0
billion at March 31, 2006.

2. Reduction in interest-bearing debt

Tomen reduced its interest-bearing debt on a consolidated basis
to 561.9 billion yen at September 30, 2003 from 659.9 billion
yen at March 31, 2003. The target for the mid-term plan is 463.0
billion yen at March 31, 2006.

3. Increase in shareholders' equity

Tomen's consolidated shareholders' equity increased to 37.7
billion yen at September 30, 2003 from 13.9 billion yen at March
31, 2003. In September 2003, Tomen completed 10 billion yen of
capital increase by third-party allotment to Toyota Tsusho Corp.
and Toyota Motor Corp. The target for the mid-term plan is 45.0
billion yen of the shareholders' equity at March 31, 2006.

Information on Tomen's Medium-Term Management Plan can be
reviewed on our Investor Relations website at
http://www.tomen.co.jp/investor/index.html.

About Tomen Corporation

Tomen is an international Company with 80 offices worldwide and
is headquartered in Japan. It is listed on the Tokyo, Osaka and
Nagoya stock exchanges. It maintains a leadership position in
chemicals and plastics, foodstuffs, textiles, electronics and
plant projects business fields, where it seeks to provide
innovative services to its customers and business partners. In
March 2003, Tomen started the "Tomen Group Medium-term
Management Plan" to strengthen its business structure and cost
competitiveness and to prepare for its integration with Toyota
Tsusho in coming years. As of September 2003, the Toyota Group
became Tomen's largest shareholder, with about 35 percent equity
in the Company. The alliance includes business expansion by
combining Tomen's marketing strength and Toyota Tsusho's
operational strengths as well as the consolidation of some
offices overseas.


TOSHIBA CORPORATION: Halts Cathode Ray Tubes Production in Japan
----------------------------------------------------------------
Toshiba Corporation will halt the manufacturing of cathode ray
tubes (CRTs) for use in television sets at its plant in Hyogo
Prefecture by September 30, 2004, thus ending the firm's CRT
output operations in Japan, Kyodo News reported on Friday.

The burgeoning popularity of liquid crystal display and plasma
display TVs has forced cutbacks in the prices and sales
quantities of CRT monitors. However, Toshiba will continue to
manufacture CRT monitors at the overseas factory of Toshiba
Matsushita Display Technology Co., its Osaka-based joint venture
with Matsushita Electric Industrial Co., it added.


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


HANARO TELECOM: Cutting Executives Via Retirement Scheme
--------------------------------------------------------
Hanaro Telecom Inc. (HANA) plans to reduce the number of Company
executives via a voluntary retirement scheme as part of its
reorganization scheme, Dow Jones reports. Last month, the
Company secured US$1.1 billion in financing from Newbridge
Capital and American International Group Inc.

On October 28, 51 executives submitted resignations to help
expedite a its reorganization after Hanaro shareholders approved
a plan to issue US$500 million worth of new shares to Newbridge
and AIG. The new share issue will give the foreign group a key
39.6 percent stake in the high-speed Internet access provider.


SK NETWORKS: Signs Compromise With Creditors
--------------------------------------------
SK Networks Co. finally signed a deal with creditors October 2,
2003, wherein creditors will reorganize debt and swap some loans
into shares of SK Networks, according to Bloomberg
News.

As SK Networks' stock resumed trading, shares surged by their
daily limit.  Bloomberg reports that the shares jumped 15
percent to 1,590 won at 9:15 a.m. in Seoul on October 2.  The
Company "plans to write off most of its shares by mid-November
before creditors swap debt for equity."

Pursuant to the compromise, the Company also promised to sell
1.1 trillion won of assets by 2007.  For starters, SK Networks
Co. will sell 10,000,000 shares of parent SK Corp. this October,
according to Maeil Business Newspaper.

Bloomberg reports that the stake held by SK Networks is worth
166 billion won or $144,000,000 based on the October 2, 2003's
closing stock price for SK Corp.

Maeil Business Newspaper further discloses that SK Group may
also sell SK Securities Co. and two other finance units.  As
part of the compromise, SK Group reportedly agreed to "focus its
resources on its energy and chemicals and information and
telecommunications businesses."

Maeil Business Newspaper reports that SK Network will continue
to function as a distribution channel of SK Group. (SK Global
Bankruptcy News, Issue No. 6; October 10, 2003)


SSANGYONG MOTOR: Up for Sale Through Open Bidding
-------------------------------------------------
Creditor banks of the utility vehicle maker Ssangyong Motor Co.
will hold an international auction to sell the troubled
carmaker, Asia Pulse reports, citing Samil Accounting Company.
The accounting firm is in charge of managing the sale.

Prospective domestic and foreign investors would be allowed to
offer bids by November 19. The accounting Company will choose a
preferred bidder on December to start talks on the sale. Reports
said Ssangyong Motor may be acquired by a foreign investor
because Hyundai Motor Co. and other domestic carmakers are not
interested in buying it.


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


ACTACORP HOLDINGS: MITI OKs Proposed Acquisition of Shipyard
------------------------------------------------------------
Actacorp Holdings Berhad refers to the announcements dated 26
September 2003 and 10 October 2003 relating to the Proposed
acquisition of a shipyard comprising two (2) pieces of
industrial land together with buildings erected thereon from
Penang Shipbuilding & Construction Sdn Bhd, a wholly-owned
subsidiary of PSC Industries Berhad, for a purchase
consideration of RM55.70 million (Proposed Acquisition of
Shipyard).

PM Securities Sdn Bhd, on behalf of the Board of Directors of
AHB, is pleased to announce that the Ministry of International
Trade and Industry (MITI) had, via its letter dated 31 October
2003 (which was received on 6 November 2003), approved the
Proposed Acquisition of Shipyard. The aforesaid approval from
MITI is subject to the condition that the approval of the
Securities Commission (SC) be obtained and compliance with the
relevant guidelines on the acquisition of assets, mergers and
take-overs.

The Company is also required to notify the MITI on the
completion of the proposed restructuring scheme of AHB.


AKTIF LIFESTYLE: Answers KLSE's Proposed Disposal Query
-------------------------------------------------------
Aktif Lifestyle Corporation Bhd, in reply to the Query Letter by
KLSE reference ID: NS-031106-35701 on Proposed Disposal of the
entire issued and paid-up share capital of Aktif Lifestyle
Stores Sdn Bhd (ALS) of RM31,000,000 comprising of 31,000,000
ordinary shares of RM1.00 each to CP Properties Sdn Bhd (CP), a
wholly-owned subsidiary of Lion Diversified Holdings Berhad
(formerly known as Chocolate Products (Malaysia) Berhad for a
Nominal Cash Consideration of RM1.00 (Proposed Disposal),
furnished the following additional information as requested by
the Kuala Lumpur Stock Exchange:

1. Particulars of all liabilities to be assumed by CP, arising
from the Proposed Disposal

Save for the following, there are no other liabilities to be
assumed by CP:

   (i) All liabilities as disclosed in the balance sheets of ALS
and its group of companies; and

   (ii) Corporate guarantees totaling RM20.0 million granted by
Aktif in favor of RHB Bank Berhad and OCBC Bank (Malaysia)
Berhad for two banking/credit facilities granted by the said
banks to ALS, as stated in Section 3.6(v) of the announcement
made on 3 November 2003.

2. A statement whether the Proposed Disposal has departed from
the Securities Commission's Policies and Guidelines on
Issue/Offer of Securities

The Proposed Disposal does not depart from the Securities
Commission's Policies and Guidelines on Issue/Offer of
Securities.

KLSE's Query Letter content:

We refer to your Company's announcement dated 3 November 2003,
in respect of  the aforesaid matter.

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

1) Particulars of all liabilities to be assumed by CP, arising
from the Proposed Disposal; and

2) Statement whether the Proposed Disposal has departed from the
Securities Commission's Policies and Guidelines on Issue/Offer
of Securities.

Please furnish the Exchange with your reply within two (2)
market days from the date hereof.

Yours faithfully,
TAN YEW ENG
Sector Head, Issues & Listing
TYE/NZ
copy to:- Securities Commission (via fax)


ANCOM BERHAD: 34th AGM Scheduled on Nov 21
------------------------------------------
Ancom Berhad wishes to announce that an Extraordinary General
Meeting will be held on Friday, 21 November 2003 immediately
after the conclusion of the 34th Annual General Meeting of the
Company which will be held at 10:00 a.m. on the same day at
Junior Ballroom 1, Level 2, Hotel Nikko Kuala Lumpur, 165 Jalan
Ampang, 50450 Kuala Lumpur to consider the Proposals involving
Proposed Renewal of Share Buy-back Mandate and Proposed RRPT
Mandate.

The Notice of EGM, which was also published in The Sun on 6
November 2003, is attached at
http://bankrupt.com/misc/Ancom1111.doc.


CSM CORP.: Revises Proposed Rescue Cum Restructuring Scheme
-----------------------------------------------------------
Reference is made to CSM Corporation Berhad's Requisite
Announcement dated 5 June 2003 and subsequent announcement dated
1 July 2003 (collectively referred to as the RA) pursuant to the
Practice Note 4/2001 of the Listing Requirements of the KLSE.
The Board of Directors of CSM wishes to announce that the
Company proposes to undertake certain revisions in relation to
the proposed rescue cum restructuring scheme of CSM, which are
as follows:

(a) the purchase consideration pertaining to the Proposed CSMV
Acquisition (as defined in the RA) shall be revised from
RM120,000,000 to RM115,000,000 (Revised Proposed CSMV
Acquisition); and

(b) the number of 10-year zero coupon irredeemable convertible
unsecured loan stocks (ICULS) for the settlement of debts due to
the unsecured creditors under the Proposed Debt Restructuring
(as defined in the RA) shall be revised from RM9,171,123 nominal
amount of ICULS to RM10,147,439 nominal amount of ICULS (Revised
Proposed Debt Restructuring).

The Revised Proposed CSMV Acquisition and Revised Proposed Debt
Restructuring are collectively referred to hereinafter as the
"Revised Scheme".

DETAILS OF THE REVISED SCHEME

Revised Proposed CSMV Acquisition

The original Proposed CSMV Acquisition involves the acquisition
by Dutarama (as defined in the RA) of the entire equity interest
in CSMV comprising 24,000,000 shares from CSM for a total
purchase consideration of RM120,000,000 to be wholly satisfied
by the issuance of:

   - RM110,828,877 nominal amount of 5-year 2% redeemable
convertible secured loan stocks A (RCSLS-A) in Dutarama; and

   - RM9,171,123 nominal amount of ICULS in Dutarama.

In consultation with the Asset Valuation Audit Department of the
Securities Commission (SC), Messrs. Colliers, Jordan, Lee &
Jaafar, an independent firm of professional valuer, has revised
the valuation amount of Jaya Shopping Centre (as defined in the
RA) to RM115,000,000 from RM120,000,000.

In view of the above, CSM and Dutarama have agreed to revise the
purchase consideration pursuant to the Proposed CSMV Acquisition
based on the aforesaid revised valuation and to enter into a
supplementary agreement to effect the said revision.

The revised purchase consideration of RM115,000,000 will be
satisfied by the issuance of RCSLS-A and ICULS by Dutarama to
CSM as follows:

   - RM110,828,877 nominal amount of RCSLS-A in Dutarama; and

   - RM4,171,123 nominal amount of ICULS in Dutarama.

Revised Proposed Debt Restructuring

CSM Group has conducted a proof of debt exercise, which closed
on 9 September 2003 to ascertain the amount of debts outstanding
as at 31 December 2002. It has resulted in a slight increase of
debts to be settled and therefore, the number of ICULS to be
used as settlement of the debts owing to the unsecured creditors
shall be revised to RM10,147,439 nominal amount of ICULS instead
of RM9,171,123 nominal amount of ICULS as per the RA.

FINANCIAL EFFECTS OF THE REVISED SCHEME

Since Dutarama will be taking over the listing status of CSM and
the shareholders of CSM will become the shareholders of Dutarama
upon completion of the proposed rescue cum restructuring scheme,
the financial effects presented herein are only in respect of
Dutarama.

DIRECTORS' OPINION ON THE REVISED SCHEME

The Directors of CSM are of the opinion that the Revised Scheme
is in the long-term to the best interest of CSM and its
shareholders.


CSM CORPORATIONL Issues Loan Repayments Status Update
-----------------------------------------------------
Pursuant to the Kuala Lumpur Stock Exchange Practice Note No.
1/2001, CSM Corporation Berhad provided an update on the status
of default in interest payments and principal loan repayments of
the CSM Group bank borrowings as at 31st October 2003. Click
http://bankrupt.com/misc/CSM1111.pdffor details.


HIAP AIK: Proposed GCR Disposal Part of Restructuring Scheme
------------------------------------------------------------
Further to the announcement made on 5 November 2003 with regard
to the disposal of 750,000 ordinary shares of RM1.00 each
representing 100% equity interest in Green Crescent Resources
Sdn Bhd, a wholly owned subsidiary of Hiap Aik Construction
Berhad (Special Administrators Appointed) (HACB) to Temasya Jaya
Sdn Bhd (Proposed GCR Disposal).

Hiap Aik Construction announced that the Proposed GCR Disposal
is an integral part of the Proposed Restructuring Scheme, which
is stated in the Workout Proposal of HACB. The Workout Proposal
of HACB was approved in accordance with Pengurusan Danaharta
Nasional Berhad Act 1998 (Danaharta Act) on 9 May 2003. In
addition, the Securities Commission approved the Proposed
Restructuring Scheme of HACB with conditions on 7 August 2003.

Pursuant to Section 47(3) of the Danaharta Act, the approval of
the shareholders of HACB is not required for the Proposed GCR
Disposal.


FORESWOOD INDUSTRIES: Faces Writ of Summon Over Default
-------------------------------------------------------
Foreswood Group Berhad) wishes to announce that on 7 November
2003, it was informed by PricewaterhouseCoopers Advisory
Services Sdn Bhd (PW), Receiver and Managers appointed of its
wholly owned subsidiary, Foreswood Industries Sdn Bhd (the
Company) that its has on 13 October, 2003, received a Writ of
Summons dated 5 September 2003 indorsed with Statement of Claim
dated 29 August 2003 for the High Court Suit No. 22-99-2003-
III(1) initiated by EON Bank Berhad (The Bank) against the
Company.

The Bank claimed against the Company the total sum of
RM8,108,871.82 (including interest calculated up to 19.5.2003 at
3.5% per annum above the Base Lending Rate which is currently at
6% per annum thereby rendering interest to be chargeable at the
rate of 9.5% per annum), interest and costs allegedly due and
payable by the Company under the facilities.

The facilities granted by the Bank has been accounted into the
accounts, and hence, the Company does not expect to incur any
further losses from the Litigation.

The Litigation arises due to default in repayment of the credit
facilities extended.

The Company has instructed its Solicitors to defend the
Litigation case.

FGB is a PN4 Company.


KSU HOLDINGS: Court Sets Inter-Partes Hearing on Nov 18
-------------------------------------------------------
Further announcement in relation to the appointment of Receiver
& Manager pursuant to the Kuala Lumpur High Court Suit No: D2-
22-1592-03, KSU Holdings Berhad wishes to announce the
followings:

1. Appointment of Receiver and Manager (R&M)

The appointment of Mr Rabindra Singh A/L Kaher Singh as the R&M
over the Company on 15 October 2003, which was further subject
to the inter-partes hearing on 5 November 2003 has now been
postponed to 18 November 2003. During the interim period until
the matter is heard on 18 November 2003, the High Court of
Malaya at Kuala Lumpur on 5 November 2003 has granted an ad
interim order appointing Mr Rabindra Singh A/L Kaher Singh as
the R&M of the Company with the powers as set out in the earlier
Court Order dated 15 October 2003.

2. Service of the Writ of Summons

The solicitor of Mr Low Kah Khuen had served the Writ of Summons
and Statement of Claim on all the Defendants save for the 10th
Defendant (Yeoh Kee Pin) by personal service on the following
dates:

No.            Name                            Date

1.    KSU Holdings Berhad                       16 October 2003
2.       Ban Guan Hin Realty Sdn Bhd                   16 October 2003
3.    Ng Seng Geng                                                22 October
2003
4.    Kumaraveloo s/o Venayagam                 27 October 2003
5.    Lim Tuck Sing                        27 October 2003
6.    Liew Tip Chan                        18 October 2003
7.    Ng Chor Hor                                                   23
October 2003
8.    Ramachandran a/l Kenaparasi Pillai   16 October 2003
9.    Yap Ping Kon                                                27 October
2003

As the solicitor has not been able to serve the Writ of Summons
and the Statement of Claim on the 10th Defendant Yeoh Kee Pin,
an order has been obtained on 4 November 2003 to serve the Writ
of Summons and the Statement of Claim by way of substituted
service i.e. advertising in the newspaper and posting at the
Court's Notice Board as well as at the last known address on the
10th Defendant Yeoh Kee Pin. The solicitor are presently
awaiting the extraction of the sealed order and upon extraction
of the same, they will proceed to effect the service.


LONG HUAT: Winding Up Petition Hearing Fixed in December
--------------------------------------------------------
Long Huat Group Berhad refers to the earlier announcement on 3
November 2003 in relation to the Notice of Winding-up Order
served on Long Huat Development Sdn Bhd (LHDSB) a wholly owned
subsidiary of LHuat, by Sim Huat Timber & Hardware Sdn Bhd (Sim
Huat) and LTT Veneer (Singapore) Pte Ltd (LTT Veneer).

The details of the order are as follows:

1) Date of presentation and serving of the winding-up

The petition was presented at Kuala Lumpur High Court on 25
September 2003 by Sim Huat and LTT Veneer, and served to LHDSB
on 16 October 2003.

2) Particulars of the Claim and Amount

According to the winding-up petition, the petitioners are
claiming an outstanding amount of RM115,824.50. The breakdown of
the Claim is as follows:

   i.  principal RM109,380.50 (up to 30 July 2002)
   ii. default interest RM5,000.00 (up to 12 November 2000 at 1%
       interest per month)
   iii. other cost RM1,444.00

3) Details of the Default

According to the summon dated 30 July 2002, LHDSB was required
to pay the petitioners for outstanding amounts of RM115,824.50.

From the time of the notice of summon was served, no payment was
made by LHDSB. Accordingly, Sim Huat and LTT Veneer had on 25
September 2003, presented a notice of winding petition to LHDSB
at Kuala Lumpur Session Court.

4) Cost of investment in LHDSB

Cost of investment by LHuat in LHDSB is RM3,000,000.00.

5) Financial and Operation Impact

The winding-up order would not have a material impact on the
Group, since LHDSB had ceased its major business i.e. timber
moulding, related machining activities, manufacturing spiral,
circular stairs and 'knock-down' furniture.

6) Expected losses

There is no further expected material loss to LHDSB save for
legal costs and other costs related to the proceedings.

7) Steps taken and proposed in respect of the winding-up
proceedings

LHUAT is seeking legal advice from its solicitors on the notice
of winding-up petition.

8) Date of hearing of the petition

The hearing date of the petition is fixed on 11 December 2003.


MBF CORPORATION: Sets Up Nomination, Remuneration Committee
-----------------------------------------------------------
The Board of Directors of MBF Corporation Berhad wishes to
announce that it had set up the following committees:

Members of the Nomination Committee

Tunku Dato Seri Iskandar bin Tunku Abdullah (Independent Non-
Executive Director)
Dato' Yap Ping Kon (Independent Non-Executive Director)
Datuk Azizan bin Abdul Rahman (Managing Director)

Members of the Remuneration Committee

Tunku Dato Seri Iskandar bin Tunku Abdullah (Independent Non-
Executive Director)
Dato' Loy Teik Ngan (Non-Executive Director)
Datuk Azizan bin Abdul Rahman (Managing Director)

Tunku Dato Seri Iskandar bin Tunku Abdullah is the Chairman for
both the Committees


NCK CORPORATION: Unit MSC Placed Under Voluntary Liquidation
------------------------------------------------------------
NCK Corporation Bhd (Special Administrators
Appointed)(NCK)wishes to announce that Multi-Success Builder Sdn
Bhd (MSB), a subsidiary of Perumahan Nck Sdn Bhd, which in turn
is a subsidiary of NCK, is proposed to be wound up voluntarily
by way of creditors' voluntary liquidation and Mr Lim Tian Huat
and Mr Adam Primus Varghese bin Abdullah of Messrs Ernst & Young
be appointed jointly and severally as Provisional Liquidators
for the purpose of the Creditors' Voluntary Liquidation pursuant
to Section 255 of the Companies Act, 1965 with effect from 7
November 2003.


PICA (M) CORPORATION: Proposed Composite Scheme Approved
--------------------------------------------------------
Pica (M) Corporation Berhad refers to the announcement on 31
October 2003 in relation to the Proposals, which entails the
following:

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

Commerce International Merchant Bankers Berhad is pleased to
announce, on behalf of the Company, that on 7 November 2003 at
the Court Convened Meetings of Pica, Pica has obtained the
approvals from the requisite majority in number representing 75%
in value of the outstanding debts to be restructured for
creditors of both schemes A and B under the proposed composite
scheme to be implemented under Section 176 of the Companies Act,
1965.


SOUTH MALAYSIA: Settlement Issue Acceptance Deadline Extended
-------------------------------------------------------------
Further to the announcement on 23 December in relation to the
Issue of up to RM20,335,000 nominal value of irredeemable
convertible unsecured loan stocks (ICULS) to the owners of the
387 sold Kelana Square (formerly known as Kelana Entrepreneurs'
Exchange) units as settlement of the liquidated ascertained
damages thereof ("LAD") on the basis of RM1.225 nominal value of
ICULS for every RM1.00 of LAD (Settlement Issue).

Alliance Merchant Bank Berhad on behalf of South Malaysia
Industries Bhd, wishes to announce that the last day and time
for acceptance of the Settlement Issue has been extended from 18
November, 2003 at 5.00 p.m. to 15 December, 2003 at 5.00 p.m.


SOUTHERN PLASTIC: KLSE Awaits De-listing Appeal Decision
--------------------------------------------------------
The Board of Directors of Southern Plastic Holdings Bhd wishes
to announce that the company has received a faxed letter dated 6
November 2003 from the Kuala Lumpur Stock Exchange, the contents
of which are as follows:

The Exchange's letter dated 30 May 2003 and the company's
written representations in respect of the Company's failure to
obtain the Securities Commission's (SC) approval of its
regularization plans.

With respect to the Company's request to make oral
representations before the Listing Sub-committee (LSC) of the
Exchange, the LSC decided upon due consideration of all facts
and circumstances that the request be rejected as the matter can
be adequately dealt with based on written representations.

After due consideration of all facts and circumstances of the
matter including the fact that the Company had via its letter
dated 23 October 2003 lodged an appeal (the Appeal) to the SC
against the SC's decision to reject the company's application
for approval of its regularization plans on 24 September 2003
and that as at 30 October 2003 the SC has not reverted on the
Appeal, the LSC decided that the Exchange will await the outcome
of the Appeal.

The Exchange's decision to await the outcome of the appeal is
without prejudice to the Exchange's right to de-list the
securities of the company from the Official List of the Exchange
in the event.

   (a) the appeal is not allowed by the SC ; or
   (b) the Company fails to obtain the approval from any of the
other regulatory authorities necessary for the implementation of
its regularization plans.

In the event, SPHB obtains all authorities' approvals necessary
for the implementation of its regularization plans, SPHB must
proceed to implement its regularization plans expeditiously
within the time frame stipulated by the relevant authorities.
The Exchange's decision is without prejudice to the Exchange's
right to proceed to de-list the securities of SPHB from the
Official List of the Exchange in the event the company fails to
implement its regularization plans within the time frame or
extended time frames stipulated time frame stipulated by the
relevant regulatory authorities.

The Exchange also decided that in the event any one of the
circumstances set out below occurs, the de-listing of the
securities of the Company from the Official List of the Exchange
will be effected without any further representations from the
Company and without further consideration of the matter by the
Exchange and the securities of the Company shall be removed from
the Official List of the Exchange upon the expiry of fourteen
(14) days from the date of the occurrence of any one of the
circumstances set out below or such date to be specified by the
Exchange:

   (a) SPHB's appeal to the SC is not allowed; or
   (b) SPHB fails to obtain the approval from any of the other
regulatory authorities necessary for the implementation of its
regularizations.

The Exchange further decided that if the Company has obtained
the relevant authorities' approval but fails to implement its
regularization plans within the time frames prescribed (the
prescribed time frames) by the relevant authorities the Exchange
will consider any written representations that are filed by the
company (if any) provided that the same is made within seven (7)
days from the expiry of the prescribed time frames and then
proceed to decide on whether the securities of the company
should be de-listed from the Official List of the Exchange.


TIMBERMASTER INDUS.: Proposed Scheme Extended Until Next June
-------------------------------------------------------------
Timbermaster Industries Bhd (Special Administrators Appointed)
refers to the announcement dated 10 December 2002 in relation to
the Proposed Restructuring Scheme.

Aseambankers Malaysia Berhad, on behalf of the Company, is
pleased to announce that the Securities Commission had via its
letter dated 7 November 2003 approved an extension of time to 2
June 2004 for TMIB to complete its Proposed Restructuring
Scheme.


UNITED CHEMICAL: Provides Defaulted Payment Status Update
---------------------------------------------------------
The Board of Directors of United Chemicals Industries Berhad
(UCI) wishes to inform that there are no new significant
developments in relation to the various defaults in payment
further to the announcement on 20 October 2003.

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

Details are as per Table A at
http://bankrupt.com/misc/UCI1111.xls.


WAH SEONG: Undertakes Proposed Acquisition
------------------------------------------
On behalf of the Board of Directors of Wah Seong Corporation
Berhad (Board), Commerce International Merchant Bankers Berhad
(CIMB) is pleased to announce that the Company proposes to
undertake the Proposals.

DETAILS OF THE PROPOSALS

Proposed PPI Acquisition

On 7 November 2003, WSIH entered into a Shares Sale Agreement
(SSA I) with HHB for the following acquisitions of up to
12,901,975 PPI Shares representing up to 29.86% equity interest
in PPI:

(a) the acquisition of 12,637,531 PPI Shares representing 29.25%
equity interest in PPI (Sale Shares I), being HHB's PPI Shares
allocated for sale to WSIH, for a cash consideration of
RM29,874,860 (Purchase Price I) which may be funded internally
and/or via borrowings; and

(b) the acquisition of the balance 264,444 PPI Shares
representing up to 0.61% equity interest in PPI (Sale Shares
II), being HHB's PPI Shares allocated for sale to the remaining
shareholders of PPI (other than WSIH) i.e. Nippon Steel
Corporation (NSC) and Marubeni-Itochu Steel Incorporated (MSI)
in the event NSC and MSI shall decide not to purchase such
shares or such number of the Sale Shares II allocated to WSIH by
PPI in the event either NSC or MSI shall decide not to purchase
such shares allocated to it, for a cash consideration of
approximately RM2.363979 per PPI Share or a total of up to
RM625,140 (Purchase Price II) which may be funded internally
and/or via borrowings.

Salient Terms of the SSA I

The Sale Shares I and Sale Shares II will be acquired by WSIH
free from any charge, lien, claim, equity, trust, third party
right, option, right of pre-emption or any other encumbrances,
priority or security interest of whatsoever nature together with
all rights attached thereto including the right to receive all
dividends and distributions declared, made or paid on or after
the date of completion of the SSA I.

Pursuant to the SSA I, the Purchase Price I is payable as
follows:

(a) on execution of the SSA I, a sum of RM2,987,486 shall be
payable to an interest bearing stakeholder account; and

(b) the balance of RM26,887,374 is payable in the following
manner:

   (i) within ninety (90) days from the Unconditional Date I, if
the Unconditional Date I falls not later than 90 days from the
date of the SSA I; or

   (ii) within the Condition Period as set out in Section 7
hereof, if the Unconditional Date I falls at any time after 90
days from the date of the SSA I; or

   (iii) within fourteen (14) days from the Unconditional Date I
in the event the Unconditional Date I falls at any time during
the Extended Condition Period as set out in Section 7 hereof
provided that the balance Purchase Price I shall be paid within
the Extended Condition Period.

For the purpose hereof, Unconditional Date I means the date on
which the last of the conditions precedent set out in the SSA I
is fulfilled.

Meanwhile, the Purchase Price II is payable as follows:

(a) on execution of the SSA I, a sum of RM62,514 shall be
payable to an interest bearing stakeholder account; and

(b) the balance of RM562,626 is payable in the following manner:

   (i) within ninety (90) days from the Unconditional Date II,
if the Unconditional Date falls not later than 90 days from the
date of the SSA I; or

   (ii) within the Condition Period as set out in Section 7
hereof, if the Unconditional Date II falls at any time after 90
days from the date of the SSA I; or

   (iii) within fourteen (14) days from the Unconditional Date
II in the event the Unconditional Date II falls at any time
during the Extended Condition Period as set out in Section 7
hereof provided that the balance Purchase Price II shall be paid
within the Extended Condition Period.

For the purpose hereof, Unconditional Date II means the date on
which the last of the conditions precedent set out in the SSA I
is fulfilled or the date the Waiver of Pre-emptive Rights I set
out in Section 7 hereof is given whichever shall be the later
date.

The completion of the sale and purchase of the Sale Shares I is
not conditional upon the completion of the sale and purchase of
the Sale Shares II.

Basis of arriving at the Purchase Consideration

The Purchase Price I and Purchase Price II were arrived at on a
willing buyer willing seller basis after taking into
consideration the historical earnings track record and future
earnings potential of PPI, its subsidiaries and associates.

There are no liabilities to be assumed by WSIH pursuant to the
Proposed PPI Acquisition.

Proposed PPSC-I Acquisition

On 7 November 2003, PPI entered into a Shares Sale Agreement
(SSA II) with HHB for the following acquisitions of up to
2,738,572 PPISC-I Shares representing up to 20.29% equity
interest in PPI:

(a) the acquisition of 1,742,282 PPSI-I Shares representing
12.91% equity interest in PPSC-I (Sale Shares III), being HHB's
PPS-I Shares allocated for sale to PPI, for a cash consideration
of RM31,110,225 (Purchase Price III) which may be funded
internally and/or via borrowings; and

(b) the acquisition of the balance 996,290 PPSC-I Shares
representing up to 7.38% equity interest in PPSC-I (Sale Shares
IV), being HHB's PPSC-I Shares allocated for sale to the
remaining shareholders of PPSC-I (other than PPI) i.e. Socotherm
S.P.A (SSPA) and Giancarlo Maccagno (GM) in the event SSPA and
GM shall decide not to purchase such shares or such number of
the Sale Shares IV allocated to PPI by PPSC-I in the event SSPA
or GM shall decide not to purchase such shares allocated to it,
for a cash consideration of approximately RM17.856021 per PPSC-I
Share or a total of up to RM17,789,775 (Purchase Price IV) which
may be funded internally and/or via borrowings.

Salient Terms of the SSA II

The Sale Shares III and Sale Shares IV will be acquired by PPI
free from any charge, lien, claim, equity, trust, third party
right, option, right of pre-emption or any other encumbrances,
priority or security interest of whatsoever nature together with
all rights attached thereto including the right to receive all
dividends and distributions declared, made or paid on or after
the date of completion of the SSA II.

Pursuant to the SSA II, the Purchase Price III is payable as
follows:

(a) on execution of the SSA I, a sum of RM3,111,022 shall be
payable to an interest bearing stakeholder account; and

(b) the balance of RM27,999,203 is payable in the following
manner:

   (i) within ninety (90) days from the Unconditional Date III,
if the Unconditional Date III falls not later than 90 days from
the date of the SSA II; or

   (ii) within the Condition Period as set out in Section 7
hereof, if the Unconditional Date III falls at any time after 90
days from the date of the SSA II; or

   (iii) within fourteen (14) days from the Unconditional Date
III in the event the Unconditional Date III falls at any time
during the Extended Condition Period as set out in Section 7
hereof provided that the balance Purchase Price III shall be
paid within the Extended Condition Period.

For the purpose hereof, Unconditional Date III means the date on
which the last of the conditions precedent set out in the SSA II
is fulfilled.

Meanwhile, the Purchase Price IV is payable as follows:

(a) on execution of the SSA II, a sum of RM1,778,978 shall be
payable to an interest bearing stakeholder account; and

(b) the balance of RM16,010,797 is payable in the following
manner:

   (i) within ninety (90) days from the Unconditional Date IV,
if the Unconditional Date IV falls not later than 90 days from
the date of the SSA II; or

   (ii) within the Condition Period as set out in Section 7
hereof, if the Unconditional Date IV falls at any time after 90
days from the date of the SSA II; or

   (iii) within fourteen (14) days from the Unconditional Date
IV in the event the Unconditional Date IV falls at any time
during the Extended Condition Period as set out in Section 7
hereof provided that the balance Purchase Price IV shall be paid
within the Extended Condition Period.

For the purpose hereof, Unconditional Date IV means the date on
which the last of the conditions precedent set out in the SSA II
is fulfilled or the date the Waiver of Pre-emptive Rights II set
out in Section 7 hereof is given whichever shall be the later
date.

The completion of the sale and purchase of the Sale Shares III
is not conditional upon the completion of the sale and purchase
of the Sale Shares IV.

Basis of arriving at the Purchase Consideration

The Purchase Price III and Purchase Price IV were arrived at on
a willing buyer willing seller basis after taking into
consideration the historical earnings track record and future
earnings potential of PPSC-I, its subsidiaries and associates.

There are no liabilities to be assumed by PPI pursuant to the
Proposed PPSC-I Acquisition.

INFORMATION ON PPI AND PPSC-I

Information on PPI

PPI was incorporated on 16 June 1982 as a private limited
company in Malaysia under the Companies Act, 1965 under the
present name. It is principally involved in the production and
sale of welded steel pipes and related products. Its present
authorized share capital is RM60,000,000 comprising 60,000,000
ordinary shares of RM1.00 each of which RM43,200,000 have been
issued and fully paid-up comprising 43,200,000 ordinary shares
of RM1.00 each as at the date hereof.

The latest consolidated net tangible assets (NTA) and
consolidated net profit after taxation and minority interest of
PPI for the financial year ended 31 December 2002 is RM148.936
million and RM19.413 million respectively.

WSIH currently owns approximately 68.70% equity interest in PPI.
Upon completion of the Proposed PPI Acquisition, WSIH's equity
interest in PPI will be increased to up to 98.56%.

Information on PPSC-I

PPSC-I was incorporated on 29 October 2002 as a private limited
company in Malaysia under the Companies Act, 1965 under the
present name. It is principally an investment holding company
whilst its subsidiaries are mainly engaged in coating of pipes,
general trading and marketing of coated pipes as well as
provision of pipe coating services for oil and gas industry. Its
present authorized share capital is RM25,000,000 comprising
25,000,000 ordinary shares of RM1.00 each of which RM13,500,001
have been issued and fully paid-up comprising 13,500,001
ordinary shares of RM1.00 each as at the date hereof.

The 13,500,001 ordinary shares of PPSC-I were issued by PPSC-I
as a purchase consideration for the purchase of 13,500,001
ordinary shares of RM1.00 each in PPSC Industries Sdn Bhd (PPSC)
from PPI, HHB, SSPA and GM, which was completed on 28 March 2003
as part of the internal restructuring exercised implemented by
WSC and its subsidiaries (WSC Group) on 24 January 2003.

The first audited financial statements of PPSC-I for the period
ending 31 December 2003 since its incorporation are yet to be
available as at the date hereof.

PPI currently owns approximately 50.71% equity interest in PPSC-
I. Upon completion of the Proposed PPSC-I Acquisition, PPI's
equity interest in PPSC-I will be increased to up to 71.00%.

INFORMATION ON HHB

HHB, a wholly owned subsidiary of DRB-HICOM Berhad ("DHB") was
incorporated on 11 March 1910. In 1993, The New Serendah Rubber
Company Berhad undertook a reverse takeover exercise by
acquiring 100.0% equity interest in HICOM Berhad and
subsequently changed its name to the present name.

HHB's present authorized share capital is RM3,000,000,000
comprising 2,999,999,999 ordinary shares of RM1.00 each and 1
special rights redeemable preference share of RM1.00 each of
which RM1,100,253,628 have been issued and fully paid-up
comprising 1,100,253,627 ordinary shares of RM1.00 each and 1
special rights redeemable preference share of RM1.00 each

HHB is principally an investment holding company engaged in
identification, initiation, planning, implementation and
management of projects in the automotive, property and
construction and services sector including the provision of
management services to DHB and its subsidiaries. HHB is also
involved in the cultivation of rubber and oil palm.

Details of the date and cost of investment of HHB in PPI and
PPSC-I are set out in Table 1.

RATIONALE OF THE PROPOSALS

WSC was listed on the Main Board of the Kuala Lumpur Stock
Exchange on 9 July 2002 with an objective to transform the WSC
Group as a major Asian/Global industrial group majoring in oil
and gas service infrastructure sector. The strategic
transformation of the WSC Group over the next five (5) years'
period may require amongst others, an annual growth rate of
around twenty five percentage (25%).

Based on the divisional performance of the WSC Group for the
financial year ended 31 December 2002, oil and gas division
which is spearheaded by pipe-coating specialist accounted for
approximately 42% of the WSC Group's turnover and contributed
approximately 71% of the WSC Group's profit before tax during
the year under review.

Therefore, the Proposals will enable and offer the WSC Group the
following:

   (i) to invest its resources in businesses which are proven
and familiar to the WSC Group as well as to improve the
profitability of the WSC Group; and

   (ii) opportunity for the WSC Group to achieve its objective
by establishing a stronger foothold or market share in the oil
and gas industry.

EFFECTS OF THE PROPOSALS

Share Capital and Shareholdings of Substantial Shareholders

The Proposals will not have any effects on the issued and paid-
up share capital and shareholdings of substantial shareholders'
of WSC.

NTA

The proforma effects of the Proposals on the WSC Group based on
the audited consolidated financial statements of WSC, PPI and
PPSC as of 31 December 2002 had the Proposals been effected on
31 December 2002 are set out in Table 2.

Tables 1 and 2 can be found at
http://bankrupt.com/misc/Wah1111.pdf.

Earnings

The Proposals will not have any material effect on the
consolidated earnings of WSC for the financial year ending 31
December 2003 as they would only be completed after WSC's
financial year ending 31 December 2003.

However, barring any unforeseen circumstances, the Proposals are
expected to contribute positively to the future earnings of the
WSC Group.

APPROVALS REQUIRED

The Proposals are conditional upon the following approvals being
obtained within six (6) months from the dates of the SSA I and
SSA II (Condition Period), falling which another three (3)
months from the last day of the Condition Period or such other
date as may be mutually agreed by both parties (Extended
Condition Period):

   (i) the Foreign Investment Committee;
   (ii) the Ministry of International Trade and Industry;
   (iii) the shareholders of WSC for the Proposals at its
forthcoming Extraordinary General Meeting (EGM) to be convened;
   (iv) the shareholders of DHB, the holding company of HHB, at
its forthcoming EGM to be convened, if required;
   (v) NSC's and/or MSI's waiver of their respective pre-emptive
rights to the purchase of the Sale Shares II (Waiver of Pre-
emptive Rights I), as the case may be;
   (vi) SSPA's and/or GM's waiver of their respective pre-
emptive rights to the purchase of the Sale Shares IV (Waiver of
Pre-emptive Rights II), as the case may be; and
   (vii) any other relevant authorities, if required.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Save a disclosed below, none of the Directors or substantial
shareholders of WSC and persons connected to them have any
interest, direct or indirect, in the Proposals.

Proposed PPI Acquisition

Directors

None of the Directors of WSC and persons connected to them have
any interest, direct or indirect, in the Proposed PPI
Acquisition.

Substantial Shareholders

HHB is a substantial shareholder of PPI by virtue of its direct
shareholding of 29.86% equity interest in PPI and it holds
directly 877,800 ordinary shares of RM0.50 each representing
approximately 0.260% equity interest in WSC as at 30 September
2003.

Accordingly, HHB is deemed interested in the Proposed PPI
Acquisition and will abstain from voting on the resolution
pertaining to the Proposed PPI Acquisition in respect of its
direct and/or indirect shareholdings in WSC at the forthcoming
EGM. HHB shall ensure that the persons connected with it will
abstain and continue to abstain from voting on the resolution in
respect of the Proposed PPI Acquisition.

Proposed PPSC-I Acquisition

Directors

GM is a director of both PPSC-I and PPI and is a substantial
shareholder of PPSC-I by virtue of his direct shareholding of 5%
equity interest in PPSC-I as at 30 September 2003.

GM also holds directly 13,515,706 ordinary shares of RM0.50 each
representing approximately 3.998% equity interest in WSC as at
30 September 2003.

As such, GM is deemed interested in the Proposed PPSC-I
Acquisition. GM has abstained and will continue to abstain from
voting and deliberating on the Proposed PPSC-I Acquisition at
the relevant Board meetings of PPSC-I and PPI.

GM will also abstain from voting on the resolution pertaining to
the Proposed PPSC-I Acquisition in respect of his direct and/or
indirect shareholdings in WSC at the forthcoming EGM. In
addition, GM shall ensure that the persons connected with him
will abstain and continue to abstain from voting on the
resolution in respect of the Proposed PPSC-I Acquisition.

Substantial Shareholders

HHB is a substantial shareholder of PPI and PPSC-I by virtue of
its direct shareholdings of 29.86% and 20.29% equity interest in
PPI and PPSC-I respectively. HHB also holds directly 877,800
ordinary shares of RM0.50 each representing approximately 0.260%
equity interest in WSC as at 30 September 2003.

Accordingly, HHB is deemed interested in the Proposed PPSC-I
Acquisition and will abstain from voting on the resolution
pertaining to the Proposed PPSC-I Acquisition in respect of its
direct and/or indirect shareholdings in WSC at the forthcoming
EGM. HHB shall ensure that the persons connected with them will
abstain and continue to abstain from voting on the resolution in
respect of the Proposed PPSC-I Acquisition.

APPOINTMENT OF MAIN ADVISER AND INDEPENDENT ADVISER

In view that the Proposals represent a related party
transaction, WSC had appointed CIMB as its Main Adviser and
AmMerchant Bank Berhad as the Independent Adviser to advise the
minority shareholders of WSC.

DEPARTURE FROM THE SECURITIES COMMISSION'S POLICIES AND
GUIDELINES ON ISSUE/OFFER OF SECURITIES

To the best knowledge of the Board, there is no departure from
the applicable Securities Commission's Policies and Guidelines
on Issue/Offer of Securities in respect of the Proposals.

DIRECTORS' RECOMMENDATION

The Board, having considered all aspects of the Proposals, is of
the opinion that the Proposals are in the best interest of WSC.

EXPECTED DATE OF COMPLETION OF THE PROPOSALS

The Proposals are expected to be completed by the third quarter
of year 2004.

EGM

A Circular, setting out details of the Proposals, together with
the notice convening the EGM will be dispatched to shareholders
of WSC in due course.

DOCUMENTS AVAILABLE FOR INSPECTION

The SSA I and SSA II are available for inspection at the
registered office of the Company at Suite 2-1, 2nd Floor, Menara
Penang Garden, 42A Jalan Sultan Ahmad Shah, 10050 Penang during
the normal business hours from Monday to Friday (except public
holidays) for a period of three (3) months from the date of this
announcement.


WING TIEK: Interlocutory Injunction Hearing Postponed to Nov 21
---------------------------------------------------------------
Further to the announcement dated 31 October 2003 in relation to
the Kuala Lumpur High Court Originating Petition No.: D6-26-70-
03: Ang Siew Kian & Chan Poh Ngo V. Wing Tiek Holdings Berhad,
Anjur Wawasan Sdn Bhd & Lembaga Tabung Haji.

On 6 November 2003 the hearing of the application by Ang Siew
Kian and Chan Poh Ngo (collectively "Petitioners") for
interlocutory injunction was postponed to 20 November 2003 and
21 November 2003 together with the applications by Anjur Wawasan
Sdn Bhd (2nd Respondent) to strike out the Originating Petition,
for fortification and for security for costs.

Bangkok Bank Berhad has filed an application to intervene and to
support the Originating Petition and the application for
interlocutory injunction.

By consent of the parties, the Kuala Lumpur High Court has
ordered that no notice pursuant to the requisitions dated 30
September 2003 and 15 October 2003 for Extraordinary General
Meeting (EGM) will be issued before 20 November 2003 and
consequently no EGM pursuant to these requisitions will be fixed
before 20 November 2003.


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


MAYNILAD WATER: IAC Orders P6B Payments
--------------------------------------
The International Arbitration Court (IAC) has ordered Maynilad
Water Services Inc. to pay more than 6 billion pesos (US$109
million) dues to the government and must maintain its 25-year
concession agreement, after the utility tried to pull out of the
concession last year, the Manila Times reports.

The ruling requires Maynilad to continue its services within its
concession area in cooperation with the state water regulator,
the Metropolitan Water and Sewerage Services (MWSS). The water
firm is a joint venture between the Benpres Holdings Corp. of
the politically-prominent Lopez family, and an affiliate of
French, multinational, Suez Lyon-naise des Eaux.


PHILIPPINE LONG: Plans to Issue Php15B in Bonds in 2004
-------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) plans to issue 15
billion worth of bonds next year to refinance maturing foreign-
currency obligations, reports the Philippine Daily Inquirer.
PLDT President and Chief Executive Officer Manuel Pangilinan has
offered members of the Investment Houses Association of the
Philippines the opportunity to underwrite the peso-denominated
bonds as a club deal.

The bonds, which will be issued in tranches over a one-year
period, will have a maturity of five years and be listed at the
country's fixed income exchange that is expected to operational
by the second quarter of 2004.


PHILIPPINE REALTY: Update on Financial Status
---------------------------------------------
Philippine Realty & Holdings Corporation (RLT), in its letter
dated November 3, 2003, informed the Philippine Stock Exchange
of the following update:

"In our petition for Corporate Rehabilitation (Special
Proceeding No. Q-02-033), which is now pending before the
Regional Trial Court of Quezon City, Branch 93, we initially
submitted our Rehabilitation Plan, which proposed three (3)
options to our creditors for the full settlement of our loan
obligations, as follows: 1) debt to equity conversion, 2) dacion
en pago, and 3) full restructuring at soft terms. After several
hearings, a majority of our creditor banks manifested that they
are agreeable to a dacion en pago mode of settlement, provided
that the valuation of the properties offered for this mode of
payment is acceptable. In view of the said manifestation, the
Court instructed us to submit an Amended Rehabilitation Plan,
which centers on the dacion en pago mode of settlement, with
restructuring, if necessary. To date, we reached preliminary
agreements with two (2) of our five (5) creditors banks, which
will settle a total of P329 M out of our total loan obligations
pursuant to the above-mentioned Amended Rehabilitation Plan.
Further, the said two (2) Banks, in addition to the dacion en
pago mode of settlement, agreed to not charge interest from the
time we filed our above-mentioned petition and to lower the rate
of interest for the period before our said filing. With regard
to our remaining three (3) creditor banks, while they all agreed
to a dacion en pago mode of settlement, the main stumbling block
of our negotiations is the valuation of the properties offered
for dacion en pago.

In the event that we do not agree on the valuation of the
properties offered for dacion en pago, the Court will have to
settle the issue. However, we are hopeful that before the end of
the year, we shall reach agreements with the remaining three (3)
creditor banks, with the amount to be restructured of P500 M to
P1 B in loan obligations. With the gradual improvement of the
real estate market, third parties have expressed interest for
joint venture agreements for the development of our Fort
Bonifacio and other properties, which, under our Amended
Rehabilitation Plan, will retain. To date, there are on-going
negotiations with the said parties for an equitable sharing of
proceeds from the said proposed joint ventures agreements, which
we plan to use for the completion of the Skyline Tower of our
Andrea North project in Quezon City.

Based on the foregoing developments, we believe that we remain
viable, with sufficient assets to support our continued
operations. At the end of the second quarter of this year, our
stockholders' equity stood at P1.822 B, which will be boosted by
the expected reversal of interest expense that continued to
accrue even after the filing of our above-mentioned petition for
corporate rehabilitation."


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


CSC HOLDINGS: Issues 444.9 Million Ordinary Shares
--------------------------------------------------
The Board of Directors of CSC Holdings Limited refers to the
non-underwritten renounceable rights issue by the Company of
444,956,780 new ordinary shares of $0.01 each in the capital of
the Company at an issue price of $0.02 for every rights share on
the basis of one (1) rights share for every one (1) ordinary
share of $0.01 each in the capital of the Company held as at 18
September 2003 (the Rights Issue), which closed on 7 October
2003.

The Board announced that the Company has utilized a sum of
$980,000 from the proceeds of the Rights Issue to fully repay a
loan owed by Ching Soon Construction Pte Ltd to Chionh Chye
Hion, a shareholder of the Company.


INTERMAT PTE: Issues First & Final Dividend Notice
--------------------------------------------------
Intermat Pte Limited issued a notice of first and final dividend
as follows:

Address of Registered Office: Formerly of 105 Cecil Street #04-
04 The Octagon Singapore 069534.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 112 of 1990.

Amount Per Centum: 7.93 percent.

First and Final or otherwise: First & Final Dividend.

When Payable: 1st November 2003.

Where Payable: The Official Receiver

The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Dated: 7th November 2003.
TOH HWEE LIAN
Assistant Official Receiver.


KYOKUTO FUTURES: Creditors Must Submit Claims by December 8
-----------------------------------------------------------
Notice is hereby given that the creditors of Kyokuto Futures
(Singapore) Pte, Ltd. (In Members' Voluntary Liquidation), which
is being wound up voluntarily, are required on or before the 8th
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.

Dated this 7th day of November 2003.
LOKE POH KEUN
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.


PETITJEAN ASIA: Creditors to Submit Claims by December 8
--------------------------------------------------------
The creditors of Petitjean Asia Pacific Private Limited (In
Members' Voluntary Liquidation), which is being wound up
voluntarily, are required on or before the 8th 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 from 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.

Dated this 7th day of November 2003.
LOKE POH KEUN
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.


SIGMA FOOD: Releases Winding Up Order Notice
--------------------------------------------
Sigma Food Products Pte Ltd issued a notice of winding up order
made on 31st October 2003.

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

Dated this 3rd day of November 2003.
RAJAH & TANN
Solicitors for the Petitioner.


SUNNEX TRADING: Winding Up Hearing Set November 21
--------------------------------------------------
The petition to wind up Sunnex Trading Co. Private Limited is
set for hearing before the High Court of the Republic of
Singapore on November 28, 2003 at 10 o'clock in the morning.
United Overseas Bank Limited, a creditor, whose address is
situated at 80 Raffles Place, UOB Plaza 1, Singapore 048624,
filed the petition with the court on October 31, 2003.

The petitioners' solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620. Any person who
intends to appear on the hearing of the petition must serve on
or send by post to Drew & Napier LLC a notice in writing not
later than twelve o'clock noon of the 27th day of November 2003
(the day before the day appointed for the hearing of the
Petition).


ST ASSEMBLY: Offers US$115M in Convertible Notes Due 2008
---------------------------------------------------------
ST Assembly Test Services Ltd (the "Company) is pleased to
announce that its offering of US$115,000,000 principal amount of
convertible notes due 2008 (the Notes) has successfully closed
on November 7.

The Notes have a yield to maturity of 4.25 per cent. The Notes
will be convertible into new ordinary shares of S$0.25 each (New
Shares) in the capital of the Company or, subject to certain
limitations, American Depositary Shares (ADSs) (each of which
represents ten ordinary shares) at a conversion price of S$3.05
per New Share (at a fixed exchange rate on conversion of
S$1.7403 = US$1.00). The Company may also elect to satisfy its
obligations to deliver New Shares or ADSs through delivery of
cash in accordance with the terms of the Notes.

The Notes constitute senior unsecured obligations of the Company
and shall at all times rank pari passu without preference or
priority amongst themselves. The payment obligations of the
Company under the Notes shall, save for such exceptions as may
be provided by mandatory provisions of applicable laws and the
terms of the Notes themselves, rank pari passu with all of the
Company's other existing and future unsecured and unsubordinated
obligations.

The New Shares to be issued upon conversion of the Notes, when
allotted and issued, will rank pari passu in all respects with
the existing ordinary shares of S$0.25 each in the capital of
the Company as of the date of their issue.

The Notes will be admitted to the Official List of the Singapore
Exchange Securities Trading Limited with effect from 9.00 a.m.
on Monday, 10 November 2003.

This announcement is not an offer of securities for sale in the
United States or in Singapore. Securities may not be sold in the
United States unless they are registered or are exempt from
registration.


THAI HIN: Issues Winding Up Order Notice
----------------------------------------
Thai Hin Long Group (Singapore) Pte Ltd issued a notice of
winding up order made on 31st October 2003.

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

Dated this 3rd day of November 2003.
RAJAH & TANN
Solicitors for the Petitioner.


TRILLION STARS: Petition to Wind Up Pending
-------------------------------------------
The petition to wind up Trillion Stars Vision Pte Ltd. is set
for hearing before the High Court of the Republic of Singapore
on November 21, 2003 at 10 o'clock in the morning. Turf City Pte
Ltd., a creditor, whose address is situated at 67/67A Brighton
Crescent, Singapore 559212, filed the petition with the court on
October 28, 2003.

The petitioners' solicitors are LEGAL21 LLC of 4 Robinson Road
#10-01, Singapore 048543. Any person who intends to appear on
the hearing of the petition must serve on or send by post to
LEGAL21 LLC a notice in writing not later than twelve o'clock
noon of the 20th day of November 2003 (the day before the day
appointed for the hearing of the Petition).


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


NAKORNTHAI STRIP: Cuts Registered, Paid-up Capital
--------------------------------------------------
Nakornthai Strip Mill Public Co., Ltd. (NSM) has informed the
SET that it has completed the legal process required for
decreasing the company's registered capital and paid-up capital,
by decreasing the par value from Bt10 to Bt8.25 without any
changes in number of shares.

As a result, effective from November 11, 2003 onwards, the par
value of the "NSM" security in the trading system will be
changed from Bt10 to Bt8.25.

Remark: Since the "NSM" security is still suspended from
trading, "NSM" can be trade under the new par value of Bt8.25
when the "NSM" is allowed to  resume for trading.


NAKORNTHAI STRIP: Explains Auditor Disclaiming Q303 F/S Opinion
---------------------------------------------------------------
Maharaj Planner Company Limited, as the plan Administrator of
Nakornthai Strip Mill Public Company Limited, with reference to
the financial statement of Nakornthai Strip Mill Public Company
Limited for the Third quarter of 2003, posted the explanation
for the auditor disclaiming opinions:

1. Auditor does not express an opinion on Creditors filed claims
significantly greater than the Company's account.

Explanation: In the process of rehabilitation under The
Bankruptcy Act, the claims filed against the Company by certain
creditors greater than the book are pending judgment of Official
Receivers and pending appeal under the Bankruptcy Court.

However, the amount of such claims are subject to payment
schedule under the Reorganization Plan. The payment of the debts
are subject to the fulfillment of condition precedent and
accordance with the Reorganization Plan.

Although the Company has fulfilled the conditions precedent,
since certain claims are still pending, the Company is unable to
pay to those claims and may not adjust any additional liability
for the excess claim.

2. Auditor does not express an opinion on "Deferred Charges"

Explanation: The deferred charges includes transaction cost
incurred in relation to issuance of some debt instruments. The
Company's approved restructuring plan, calls for part of such
instruments to be converted to equity of the Company. Such
conversion is also subjected to fulfillment of condition
precedent as per the Reorganization Plan.

Although the Company has fulfilled the condition precedents,
however, the date in the financial statement is on before the
date the Company fulfilled the condition precedent, the
financial statement does not show the amount of write off
necessitated against conversion of such instruments.


NAKORNTHAI STRIP: SET Grants Listed Securities
----------------------------------------------
Starting from November 10, 2003, the Stock Exchange of Thailand
(SET) allowed the securities of Nakornthai Strip Mill Public
Company Limited (NSM) to be listed on the SET after finishing
capital  increase procedures.

NSM is a listed company under REHABCO sector and is in
the rehabilitation process, therefore, the SET has still suspend
trading all securities of NSM until the causes of delisting
are eliminated. However,  the company could request the SET to
allow continued trading under the REHABCO category after it
completed the conditions specified by the Stock Exchange of
Thailand.

Name         : NSM
Issued and Paid up Capital
     Old     : Bt7,186,398,640
     New     : Bt71,863,986,410
Par Value    : Bt10
Allocate to  : Creditors under the Business Rehabilitation Plan
Number of Share : 6,467,758,777 common shares
Ratio           : -
Price per share : Bt2.92
Payment Date    : October 31, 2003


RAIMON LAND: Notifies BOD No. 8/2003 Resolutions
------------------------------------------------
Raimon Land Public Company Limited wishes to notify the
resolutions of the Board of Directors meeting No. 8/2003, held
on 6 November 2003, as follows:

1. Adoption of the Minutes of the Board of Directors meeting of
the Company No.7/2003.

2. Unanimous approval of the Balance Sheet and Profit and Loss
Accounts of the Company for the third quarter of the fiscal year
ended 30 September 2003.

3. Approval by a majority vote with Mr. Jeremy Lechemere King
abstaining from voting, (since Mr. Jeremy Lechemere King as the
manager of certain funds intending to subscribe the capital
increase ordinary shares) for fixing the offering price, the
offering period, other terms and conditions in offering
29,990,400 ordinary shares, par value of Bt5 per share, to
investors in private placement and/or institutional investors
categorized under the Notification of the Securities and
Exchange Commission, No.Kor.Jor.12/2543; Re: the Application and
Permission for Offering Newly Issued Shares, as authorized under
the resolutions of the Shareholders Meeting of the Company No.
1/2003 held on 14 October,2003 as follows:

    3.1  Offering Price : Bt7 per share, which price is not
lower than 90% of the market price of the Company as calculated
from the weighted average price of the trading of the Company
shares during 24 September 2003 to 5 November 2003, being 30
(thirty) business days before (but excluding) the date on which
the Board of Directors resolved under the conditions stipulated
by the Shareholders meeting of the Company No.1/2003.

    3.2  Subscription and Payment Period : 7 and 10 November
2003.

In this connection, the Board of Directors of the Company has
considered that in the offer of the ordinary shares to the
investors in private placement at the price lower than
the market price, it is made with the following criteria and
benefits of the Company.

   (1)  Criteria or conditions in adopting the offer of the
shares to the investors in private placement.

The Board of Directors of the Company has considered that the
offering of the shares to the investors in private placement
and/or institutional investors will make the company mobilize
funds sooner than the public offer and/or the existing
shareholders of the Company, which would take more time, coupled
with the necessity of the Company which is burdened with the use
of such proceeds from the offer to pay for the land under the
Agreement to Purchase and Sell for further development of the
Company.

   (2) Criteria of determining the offering price.

In order to create an incentive to the investors, the Company
make the offer by fixing the offering price lower than the
market price approximately 7.3%.

    (3) Benefits enjoyed by the Company from adopting an offer
to the investors in  private placement.

        (3.1) As a short-term mobilization of capital to enable
the Company to pay for the land for development as the Project
of the Company.

        (3.2) Expansion of the shareholders base in order to
strengthen the stability of the Company.

And approval by a majority vote with Mr. Jeremy Lechemere King
abstaining from voting, for the Company to offer the 29,990,400
capital increase ordinary shares to the investors in private
placement and/or institutional investors, whereby those
investors do not wish to participate in the management of the
Company and are not of the connected persons according to the
Notification of the Stock Exchange of Thailand Re: Rules,
Procedures and Disclosure of Connected Transactions of the
Listed Companies.

4. Since the offering of the capital increase ordinary shares to
the investors in private placement and/or the institutional
investors as per the details resolved by the meeting in item 4.
above, will affect such that the adjustment of the Exercise
Ratio and the Exercise Price of the holders of Warrants (RAIMON-
W) are required.  The meeting therefore unanimously resolved as
follows:

    4.1 Approval for authorization to Mr. Nigel John Cornick as
the representative of the Company to carry out the adjustment of
the Exercise Ratio and the Exercise Price of  the holders of
Warrants (RAIMON-W) in line with the conditions as provided in
the prospectus and to further notify the Warrant holders.

    4.2 In case of the adjustment of the Exercise Ratio
requiring the Company to reserve additional ordinary shares to
accommodate the exercise of the warrant holders, the matter
would be further submitted to the following shareholders meeting
or to the Ordinary General Shareholders Meeting to be held
within April 2004, for reservation of additional ordinary shares
for accommodation of the exercise of the warrant holders.

    4.3 During the period the Company has not held the
shareholders meeting for reservation additional ordinary shares
in item 2. above,  there are the warrant holders wishing to
exercise the warrants and the Company could not procure the
ordinary shares for the accommodation, the Company is required
to compensate the damages to the warrant holders as provided in
the conditions of the prospectus.

5. Unanimous approval for fixing the criteria and conditions of
making an early call of the Warrants (RAIMON-W); its being
additional particulars from the resolutions of the Board
of Directors Meeting 6/2003, held on 15 October 2003, which
resolved that the Company will not make an early call of the
Warrants (RAIMON-W), during the period from 15 October 2003
to 14 October 2004 and under the details in the letter of the
Company dated 22 October 2003, giving additional information
related to no making of an early call of the Warrants (RAIMON-
W), in order for the holders of the Warrants to understand
clearly about the criteria and  conditions of making an early
call with the details as follows:

    5.1 The Reference Price for calculating the share price to
give the Company the right to call the Warrants.

The Company previously defined the Reference Price as "the
weighted average  closing price of ordinary shares of the
Company for 30 consecutive days". However, the Company does not
clearly define the calculation method of such price.

Therefore, for the benefit of general investors in order to
obtain the Reference Price more conveniently direct from the
Stock Exchange of Thailand (the "SET"), the Board of Directors
has resolved to adjust the term of the Reference Price from
"the weighted average closing price of ordinary shares of the
Company for 30 consecutive days" to "the average market price of
the ordinary shares of the Company for the 30 consecutive
business days" by using the average price calculated by the
disclosed in the program SET Smart by the SET where investors
can obtain such information directly.

In this respect, the Company's Financial Advisor has the opinion
that the adjustment of the Reference Price does not make
material difference from the previous term but will help reduce
the confusion to the investors and enable the investors to
obtain the price from the information disclosed by the SET.
Therefore the adjustment shall benefit general investors.

   5.2 Procedure after the period of not calling of warrants
announced by the Company, which is from 15 October 2003 to 14
October 2004, is completed.

The Board of Directors has resolved that:

During the trading days of 30 consecutive days before and on 14
October 2004 which is the last day of the non-calling period, in
the event that:

      5.2.1 The average market price of the ordinary shares of
the Company for those 30 consecutive business days is higher
than the Exercise Price at the ratio of not less than 20% which
gives the Company the right to call the warrants, the Board
shall have a resolution on the next business day whether it
shall call the warrants or not. If it will not call, the Board
may announce the period of not call, or

      5.2.2  The average market price to the ordinary shares of
the Company for those 30 consecutive business days is below 120%
of the Exercise Price which gives the Company no right to call
the warrants, the Board will consider and disclose the policy on
the calling or not calling of warrants to the investors.

The Company shall disclose the resolution to the investors
through the Stock Exchange of Thailand immediately.

During any 30 consecutive business days that the Company has the
right to call the warrants, if it does not have the resolution
to the warrants on the next business day, it is deemed that its
right to call the warrants for that particular round has
terminated.

The Company shall have the right to call the warrants for the
next time when the average market price of the ordinary shares
of the Company for 30 consecutive business days before the day
of the Board meeting resolving the Call Option is higher than
the Exercise Price of not less than 20%.

In addition, the Board of Directors acknowledged from the
management regarding the time frame  and procedures than in case
the Company calls warrants partially which there shall be a
suspension of trading is order to close the registration book,
the Company will report the exercise result and the number of
the remaining warrants to the SET within 15 business days after
the exercise date in order to resume the trading.

6. At the Board Meeting No.2/2003, Seamico Securities Public
Company Limited, a major shareholder of the Company, was
appointed as the financial advisor of the Company in the offer
of the 29,990,400 capital increase ordinary shares to the
investors in private placement.


SIKARIN PUBLIC: SET Grants Listed Securities
--------------------------------------------
Starting from 11 November 2003, the Stock Exchange of Thailand
(SET) allowed the securities of Sikarin Public Company Limited
(SIKRIN) to be traded on the SET after finishing capital
increase procedures.

    Name             : SIKRIN
    Paid up Capital
        Old          : Bt900,000,000
        New          : Bt1,000,000,000
    Par Value        : Bt10
    Allocate to      : Private Placement 20 persons
                       10,000,000 shares
    Ratio            :   -
    Price Per Share  : Bt12.50 per share
    Payment Date     : 28-30 October 2003


* BOND PRICING: For the week of November 10 - 14, 2003
------------------------------------------------------

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

AUSTRALIA
---------
Advantage Group Ltd                   10.000%     4/15/06     1
Amcor Ltd                              6.500%    10/29/49    12
Amcom Telecommunications Ltd          10.000%    10/28/07     1
APN News & Media Ltd                   7.250%    10/31/08     4
Australia Commonwealth Gov't Loans     3.000%     7/29/49    62
Austrim National Radiators Ltd         9.500%    10/31/04    48
Bendigo Bank Ltd                       8.000%     5/29/49     9
BIL Finance Ltd                        8.000%    10/15/07    10
BIL Finance Ltd                        8.250%    10/15/03    10
BIL Finance Ltd                        8.750%    10/15/04    10
BIL Finance Ltd                        8.750%    10/15/04    10
BIL Finance Ltd                        9.000%    10/15/05    10
BIL Finance Ltd                        9.250%    10/15/04    10
BIL Finance Ltd                        10.000%   10/15/03    11
Capital Properties NZ Ltd              8.500%     4/15/05     8
Capital Properties NZ Ltd              8.500%     4/15/07     9
Capital Properties NZ Ltd              8.500%     4/15/09     9
Consolidated Minerals Ltd              11.250%    3/31/05     1
Djerriwarrh Investments Ltd            7.500%     9/30/04     4
Evans & Tate Ltd                       8.250%    10/29/07     1
Fletcher Building Ltd                  7.900%    10/31/06     8
Fletcher Building Ltd                  8.300%    10/31/06     8
Fletcher Building Ltd                  8.500%     4/15/04     7
Fletcher Building Ltd                  8.600%     3/15/08     8
Fletcher Building Ltd                  8.750%     3/15/06     8
Fletcher Building Ltd                  8.850%     3/15/10     8
Fletcher Building Ltd                 10.500%     4/30/05     7
Fletcher Building Ltd                 10.800%    11/30/03     7
Feltex Carpets Ltd                    10.250%     9/15/08     1
Fernz Corp Ltd                         8.560%    10/15/06     8
Futuris Corporation Ltd                7.000%    12/31/07     2
Garratts Ltd                           12.000%    12/31/03    1
Gympie Gold Ltd                        8.500%     9/30/07     1
Hy-Fi Securities Ltd                   7.000%     8/15/08     7
Hy-Fi Securities Ltd                   8.750%     8/15/08     9
Hutchison Telecoms Australia           5.500%     7/12/07     1
JB Were Capital Markets Ltd            8.750%    12/31/03    31
Macquarie Bank Ltd                     1.800%     8/15/15    64
New South Wales Treasury Corporation   0.500%     2/16/10    70
NPT Capital Ltd                        9.500%    11/30/04     9
Nuplex Industries Ltd                  9.300%     9/15/07     8
Pacific Retail Finance                 9.250%     9/15/07    10
Powerco Ltd                            8.150%      9/1/07     7
Powerco Ltd                            8.400%     5/22/07     7
Queensland Treasury Corporation        0.500%     5/19/10    69
Richmond Ltd                          10.750%    12/15/04     9
Salomon Smith Barney Australia         4.250%      2/1/09     9
Sky Network Television Ltd             9.300%    10/29/49     8
Straits Resources Ltd                 10.000%    12/31/03     1
Tower Finance Ltd                      8.750%    10/15/07     8
TrustPower Ltd                         8.300%     9/15/07     8
TrustPower Ltd                         8.500%     9/15/12     8

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

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

KOREA
-----

Korea Electric Power Corporation       7.950       4/1/96    60
Kolon Industries Inc                   0.250%     12/31/04   52

MALAYSIA
--------

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

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

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

SINGAPORE
---------

CSC Holdings Ltd                        6.500%     4/27/05    1
Land Transport Authority                 2.900%    6/19/23   73
Tampines Assets Ltd                      5.625%    12/7/06    1
Tincel Ltd                               5.000%    6/13/11    1
Tincel Ltd                               7.400%    6/13/11    1
Rabobank Singapore                       1.000%    1/15/13   69
Sengkang Mall Ltd                        4.880%   11/20/04    1

THAILAND
--------

Asia Credit PCL                          3.750%   11/17/03   54
Bangkok Bank PCL                         4.589%     3/3/04   64
Bangkok Land PCL                         3.125%    3/31/01   14
Bank of Asia PCL                         3.750%     2/9/04   64
Kiatnakin Finance and Securities PCL     4.000%   11/30/03   58
Property Perfect PCL                     3.250%    3/25/49    8
Siam Commercial Bank PCL                 3.250%    1/24/04   64
Tanayong PCL                             3.500%    3/01/04    7

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


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Lyndsey Resnick, Mavy Nineza-Merlin, Ma. Cristina
Pernites-Lao, Editors.

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

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

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

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