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

                   A S I A   P A C I F I C

         Thursday, November 27, 2003, Vol. 6, No. 235

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Cobalt Marketing Agreement Extended
ANACONDA NICKEL: Shareholders Support Name Change
ANALYTICA LIMITED: Assessing Acquisition Opportunity
ATLANTIC 3: Court Orders Winding Up
AUSTRALIAN MAGNESIUM: ASIC Acts Against Unlicensed Dealer

HENRY KAYE: Receiver, Administrator Appointed
INVESTA PROPERTY: S&P Lowers POF Credit Rating to 'BBB+'
TOWER LIMITED: Posts Chairman O'Duill Address
TOWER LIMITED: Rebuilding on Track; Q203 Returns to Profit


C H I N A  &  H O N G K O N G

CHINA NAN: Petition to Wind Up Scheduled
CRYSTAL CRAFT: Winding Up Hearing Scheduled in December
FONG ON: Hearing of Winding Up Petition Set
SUN'S GROUP: Nov 21 Board Meeting Postponed
TRANSTEL ENGINEERING: Creditors to Prove Debt Before Dec 4

UNION BANCAIRE: Posts Notice to Creditors to Prove Debts


J A P A N

JAPAN AIRLINES: R&I Assigns BBB Rating
KOBE STEEL: Sells Y72B Bonds to Repay Debt
MATSUSHITA ELECTRIC: Seeks Delisting From Five Exchanges
RESONA HOLDINGS: Incurs 1H03 Y1.77Tr Net Loss
SKYNET ASIA: Expects Larger Net Loss

TOSHIBA CORP.: Raises Semiconductor Capital Expenditure for 2003


K O R E A

HANBO IRON: Indian Firm Eyes Takeover
LG CARD: Aims for Additional Capital by March
LG CARD: Cutting 3,600 Positions by Year-end


M A L A Y S I A

ACTACORP HOLDINGS: Releases Third Quarter Report
AUTOINDUSTRIES VENTURES: Incurs Q303 Loss of RM1.21M
BERJAYA TIMES: Embarks on Proposed Debt Settlement
FABER GROUP: Unit Inks Service Agreement With Telkom
FURQAN BUSINESS: RCLS Interest Due on Next Payment Date

FW INDUSTRIES: To Appeal KLSE's De-listing Decision
INNOVEST BHD: Proposed Rescue Scheme Extension Approval Pending
MYCOM BERHAD: Q303 Loss Swells to RM28.2M
OLYMPIA INDUSTRIES: Cuts Q303 Loss to RM1.6M
SBC CORPORATION: RAM Reaffirms RM49.60M Bond Rating at BBB2

TAJO BERHAD: Narrows Q303 Loss to RM7.236M
TIME DOTCOM: JVSA Parties Extends Initial Business Plan Period


P H I L I P P I N E S

ASIAN CAPITAL: Clients File Complaint to PSE
NATIONAL BANK: Expects to Generate PhP100M in Property Auction
PHILIPPINE AIRLINES: Posts Huge Net Loss in Second Quarter


S I N G A P O R E

AUTOMATION LEASING: Creditors Must Submit Claims by December 22
I.H.C. PRIVATE: Releases Dividend Notice
GOODWOOD PARK: Answers SGX Query
HUA KOK: E&Y Audits 1H03 Financial Statement
NETVALUE (SINGAPORE): Issues Dividend Notice

POPULAR LOGISTICS: Issues Winding Up Order Notice
SCOTTS INVESTMENTS: Releases Intended Dividend Notice
UGOTACALL PTE: Releases First & Final Dividend


T H A I L A N D

BANGKOK LAND: Raises Over Bt3.86b Billion in Private Placement
HEMARAJ LAND: Posts Warrants Exercise Notice
MDX PUBLIC: Clarifies Q3/2003 Financial Statement
TPI POLENE: Director Leophairatana Resigns

* SET Still Suspends Securities Trading

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANACONDA NICKEL: Cobalt Marketing Agreement Extended
----------------------------------------------------
Anaconda Nickel Limited announced Wednesday that the cobalt
marketing agreement previously ratified by shareholders on the 9
January 2002, which was due to expire on 31 December 2003, has
now extended more favorable terms to Anaconda. The term of the
agreement will now coincide with the nickel marketing agreement,
which has a renewal date of 30 November 2006.


ANACONDA NICKEL: Shareholders Support Name Change
-------------------------------------------------
On Wednesday's Annual General Meeting in Perth, Anaconda Nickel
shareholders overwhelmingly approved two milestone resolutions
to:

   * conduct a 15:1 consolidation of the Company's ordinary
issued shares, and

   * change the company's official title to Minara Resources
Limited.

The 15:1 share consolidation is effective from tomorrow when
trading will commence on a deferred settlement basis under the
ASX code ANLDA. Deferred settlement trading ends on 10 December
2003 when the code reverts to ANL.

The Australian Stock Exchange expects that Minara Resources
Limited shares will be officially quoted under the new code MRE
as of the 12 December 2003.

The Company's new website address is www.minara.com.au
Commenting on the shareholder vote, CEO Peter Johnston said,
"Minara Resources is a new name and a new beginning for the
Company. I hope shareholders, employees and the market embrace
our new identity."

Mr Johnston said, "Minara Resources begins its new life at an
opportune time in the commodity cycle, with strengthening nickel
prices, improving plant reliability and production trends,
minimal debt, a clean balance sheet and the share capital base
restored to pre-rights issue levels."

CONTACT INFORMATION: John Quayle
        Company Secretary
        Ph: (08) 9212 8400


ANALYTICA LIMITED: Assessing Acquisition Opportunity
----------------------------------------------------
Analytica Limited announced Wednesday that it has commenced
negotiations to acquire Brewer Retractable Technologies
(Brewer), a privately owned business specializing in the
research and development of medical devices. Analytica and
Brewer have executed a Memorandum of Understanding to this
effect.

Analytica is proposing to purchase all of Brewer's assets and
intellectual property, including its patents and patent
applications.

Brewer owns international patents for a vacuum-activated
retractable syringe design, which is designed to replace the
current spring mechanism technology.

Under the terms of the proposed agreement, consideration for the
acquisition will be:

   ú  75 million Analytica shares upon execution of the purchase
agreement;

   ú  50 million Analytica shares upon successful completion of
a clinical trial for the retractable syringe;

   ú  50 million Analytica shares upon successful
commercialization of the syringe, which is defined as the first
commercial sales, a license of the technology to a third party
or a complete sale of the company.

This maximum number of 175 million Analytica shares will be
issued at nil cost.

While discussions are progressing satisfactorily, there are a
number of conditions that need to be met before the agreement
can be completed.

These include completion of detailed due diligence, relevant
shareholder and regulatory approval and the raising of $2.5
million by Analytica.

CONTACT INFORMATION: Ron van der Pluijm
        Managing Director
        Analytica Limited
        Phone: 02 9659 8652


ATLANTIC 3: Court Orders Winding Up
-----------------------------------
The Supreme Court of Queensland has made orders determining the
winding up of Atlantic 3 Financial (Aust) Pty Ltd (Atlantic 3),
following an application by the Australian Securities and
Investments Commission (ASIC).

The application to wind up Atlantic 3 was listed for a five-day
trial commencing on 24 November 2003, before the Honorable
Justice Mullins.

Ms Maree Ann Henry and Mr Grant Dene Sparks of SimsPartners,
have been appointed as liquidators to wind up the company.

The liquidation is to commence on 12 January 2004. In the
meantime, undertakings were given to the court by the company
that it would preserve the assets of the company until
commencement of the liquidation.

Background

Between late 1999 and May 2003 Atlantic 3 operated and continued
to operate a number of unregistered managed investment schemes
(in the nature of mortgages) without holding the necessary
licenses, in contravention of the Corporations Law and
Corporations Act.

ASIC commenced action in relation to Atlantic 3 in May 2003. At
that time, the Supreme Court of Queensland accepted
interlocutory undertakings from Atlantic 3 and its directors, Dr
Fredric Acker and Ms Gerilyn Polanski. Messrs Greg Moloney and
Peter Geroff of Ferrier Hodgson (QLD) were appointed as
Investigative Accountants over the allegedly unregistered
managed investment schemes, and were required to prepare a
report, which was prepared and filed with the Court on 24 June
2003.

Atlantic 3 and its directors also provided a number of
undertakings to the court in relation to the operation and
management of the managed investment schemes.

In July 2003, ASIC obtained orders in the Supreme Court of
Queensland, Brisbane, for the appointment of Messrs Moloney and
Geroff as interim receivers to the property of various managed
investment schemes operated by Atlantic 3, until the Court
determined who should conduct the winding up.

At that time, Atlantic 3 and its current directors, Dr Fredric
Acker and Ms Gerilyn Polanski, conceded the schemes were
unregistered managed investment schemes under the Corporations
Act, and made an application to the Court to have the schemes
wound up by Atlantic 3.

On 19 August 2003, the Supreme Court ordered that Messrs Moloney
and Geroff wind up five of the unregistered schemes and the
remaining 10 schemes be wound up by Atlantic 3 with the
supervision of Messrs Moloney and Geroff. The five schemes to be
liquidated by Messrs Moloney and Geroff represent the larger
proportion by dollar value of all the schemes operated by
Atlantic 3.


AUSTRALIAN MAGNESIUM: ASIC Acts Against Unlicensed Dealer
---------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained undertakings from Nimbus Mines Limited (Nimbus) and its
managing director, Mr Christopher John Daws, in the Queensland
Supreme Court, regarding an offer being promoted by Nimbus Mines
and Mr Daws in relation to the ordinary shares of Australian
Magnesium Corporation Limited (AMC).

The undertakings were made with the consent of both Nimbus and
Mr Daws.

ASIC alleged that the offer, which involved various lending and
borrowing arrangements for AMC shares, amounted to the offering
of a financial service by Nimbus Mines and Mr Daws, however
neither of these parties are licensed to provided those
services. Mr Daws was also permanently banned as a securities
representative and proper authority holder in May 2001.

ASIC further alleges that the failure by Nimbus Mines to
disclose this information to shareholders, as well as some of
the representations made by Nimbus in their letter of
invitation, was potentially misleading and deceptive.

The letter of invitation was sent to ordinary shareholders of
AMC who held at least 34,000 shares. Nimbus Mines and Mr Daws
offered to purchase the ordinary shares of AMC shareholders. If
the shareholders accepted, the proceeds of the sale were to be
used to purchase AMC's Distribution Entitled Securities (DES).

At the time of the offers, these DES were entitled to receive
three remaining capital payments (each of 3.2 cents totaling 9.6
cents) with the last distribution scheduled for November 2004.
These securities convert to ordinary shares in December 2004.

ASIC alleges that Nimbus and Mr Daws intended to provide these
converted shares to the original shareholders who lent their
ordinary shares to Nimbus Mines Limited. ASIC alleges that the
effect of the transaction is to lock in the arbitrage between
the ordinary shares and the DES, for the sole benefit of Nimbus
Mines .

Nimbus Mines and Mr Daws have undertaken to the Court that they
will not engage in conduct which involves distributing the offer
to any shareholder of AMC, registering any share transfer as
part of the offer, or selling or transferring any shares which
have been registered in either of their names, as part of the
offer.

Nimbus Mines and Mr Daws have further undertaken to notify the
Australian Stock Exchange Limited and shareholders of AMC who
received the offer, about the terms of the undertakings provided
to the Court.

"ASIC has acted to ensure that securities are traded on a fully
informed basis, and to ensure that financial services are
provided by suitably qualified licensees and representatives of
those licensees", ASIC Director of Enforcement, Mr Allen Turton
said.

"ASIC warns investors against accepting unsolicited offers for
the purchase of shares, and recommends that investors only deal
with a licensed securities dealer or investment adviser", Mr
Turton said.


HENRY KAYE: Receiver, Administrator Appointed
---------------------------------------------
On 20 October 2003 ASIC commenced an investigation into the
operations of National Investment Institute Pty Ltd (NII) and
other companies related to Henry Kaye including the financial
position of NII.

On Tuesday, NII was placed into both administration and
receivership following the appointments of:

   * Andrew Hewitt of Grant Thornton as administrator by the
directors of NII; and

   * Andrew McLellan of PPB as receiver by Group Corporate
Services Pty Ltd, a company connected to Mr Kaye.

Mr Hewitt has also been appointed as administrator of Empower
Group (Vic) Pty Ltd.

NII has ceased trading as a result of these appointments.

ASIC is considering the affect of these appointments on the
current proceedings in the Federal Court and on the compensation
process under an enforceable undertaking by NII and Mr Kaye.

ASIC's investigation into the operations of NII and related
companies is continuing.

Background

ASIC commenced proceedings in October 2003 against Henry Kaye
and NII in the Federal Court of Australia. ASIC is alleging that
NII and Mr Kaye have breached the compensation provisions of an
enforceable undertaking (EU) given by NII, Mr Kaye and others on
30 July 2003. Mr Kaye and NII are scheduled to file defenses in
this proceeding by Friday and the matter will return to the
Federal Court on 2 December 2003.

The compensation provisions in the EU require NII to compensate
consumers who paid for NII training courses in reliance on an
ASIC approval statement.

The EU arose as a result of a court ordered mediation of earlier
litigation (in which undertakings were also given to the Federal
Court) commenced by ASIC against NII, Mr Kaye and others in
March 2003. In those proceedings, ASIC had alleged that NII, Mr
Kaye and others had disseminated false information and
misleading and deceptive information in connection with
mezzanine mortgage lending facilities and the related NII
training courses. ASIC's concerns also related to statements
that investment opportunities and training programs allegedly
promoted by NII were approved by ASIC, which they were not.


INVESTA PROPERTY: S&P Lowers POF Credit Rating to 'BBB+'
--------------------------------------------------------
Standard & Poor's Ratings Services assigned on Tuesday its
'BBB+/A-2' corporate credit ratings to Investa Property Group
(IPG) following its successful takeover of Principal Office
Fund (POF) in October 2003. The outlook is positive. At the same
time, POF's long-term corporate credit rating and debt issues
were lowered to 'BBB+' from 'A-', and removed from CreditWatch,
where they were placed on May 27, 2003. POF's 'A-2' short-term
rating was also affirmed. The corporate credit ratings on POF
now reflect the ratings on IPG.

The ratings on IPG reflect the group's strong market position as
Australia's largest office sector-specific property trust; the
group's high quality core portfolio of premium and high A-Grade
office buildings; a well-spread lease maturity profile; and
strong asset, tenant, and geographic diversity. These positive
factors are offset by the group's high gearing (debt to total
assets) post the October 2003 acquisition of POF (although
gearing is expected to reduce in the near term); its inherent
exposure to cyclical office space demand; and modest exposure to
property development risk and lower grade office buildings. IPG
is a stapled security, comprising the units of Investa Property
Trust (BBB+/Positive/A-2) and Investa Properties Ltd.

"The positive outlook on IPG reflects the expectation of a
significant reduction in debt in the near term to bring gearing
back to the manager's 30% target level,' said Standard & Poor's
credit analyst Paul Draffin, associate director, Corporate &
Infrastructure Finance Ratings.

"Accordingly, significant progress in reducing debt levels and
the successful integration of the POF assets could see the
group's long-term rating raised to 'A-' within the next 6
months-12 months. The rating also anticipates that IPG's
portfolio will continue to be underpinned by a high proportion
of premium and high quality A-Grade office assets in the medium
term."

Importantly also, POF's unsecured medium-term note (MTN) holders
are not considered to be materially disadvantaged by the amount
of secured debt within the IPG group. POF's MTN holders would
rank ahead of IPG debtholders in a liquidation of POF.


TOWER LIMITED: Posts Chairman O'Duill Address
---------------------------------------------
Tower Limited has provided the following speech for Chairman
Olaf O'Duill:

Over the last 12 months the Board and management have and are
continuing to address a number of fundamental issues to improve
TOWER's position and performance.

I am pleased to report TOWER has returned a profit of NZ$5.5
million after including one-offs in the second half.

While well short of what we expect to see in the future, it is a
significant improvement on the large losses incurred in the two
previous six monthly periods.

Following those losses we raised equity quickly to restore our
capital position while simultaneously and aggressively embarking
on a course of remedial action to change our fortunes.

We were fortunate that by this time we had GPG as a cornerstone
shareholder prepared to underwrite a capital raising. This
occurred after much hard work on the part of the Board and
management by August 2003.

Actions taken since our AGM last March include:

   - Following the appointment as Directors of Mr Tony Gibbs and
Mr Gary Weiss at the AGM, the Board has since selected and
appointed Mr Maurice Loomes and Mr John Spencer. One more
appointment remains to be made as part of this renewal process.
It will mean that two thirds of the Board will have been
replaced since the exit of the former CEO in July2002.

   - Reviewed and upgraded governance standards.

   - Mr Keith Taylor was appointed Group Managing Director.

   - The so called fleet of ships was abandoned. With the
exception of an independent Board for TOWER Trust Australia for
statutory reasons and one for Bridges for operational reasons
there is now one main Board to which all businesses report.

   - The senior executive team was culled, appropriate
appointments made of experienced and highly capable people with
the number of direct reports to the Group Managing Director
reduced from 10 to 5. These executives face regular questioning
from the Board.

   - Our strategic imperatives have been narrowed to some basic
essentials, which Keith Taylor will talk about. We are in the
risk business (INSURANCE) and the wealth management business
where we are carving out our position as a non-bank aligned
provider of service.

   - We have further focused operations by disposing of a
business, TOWER Trust NZ which did not fit our corporate goals
and shutting down lines of business such as annuities that we
felt no longer were a desirable part of the portfolio.

   - We are tidying up areas of our compliance and
administration, particularly in Australia where in the past we
have made errors or not integrated acquired businesses well
enough. Needless to say as with any remedial process we have had
our little surprises on the way through but the revamped
management team have tackled all they have found with zeal and
commitment.

   - As Keith Taylor will tell you we have had a singularly
better second half to September 03 although not as profitable as
we had hoped. We are still cleaning house and the second half
year figures reflect that.

   - The programmed of action the Board and management have set
themselves is a 2 year one of which 9 months or so has already
elapsed. We are rebuilding TOWER from the ground up and this
takes time. Improvement is clearly evident in all our business.
We are paying particular attention to Australia and look forward
to delivery of reasonable results for the coming year.


TOWER LIMITED: Rebuilding on Track; Q203 Returns to Profit
----------------------------------------------------------
TOWER Limited on Wednesday reported a return to profitability
with an audited NZ$5.5 million net profit for the second half of
2003. The full year result of a net loss of NZ$148.9 million was
affected by significant changes in accounting policy included in
the first half results.

The significant turnaround in current period profit reflects
more favorable investment conditions and the reduced impact of
one-off items including write-downs in carrying values.

The trans-Tasman Group's total operating revenue improved 69% to
$838 million from $581 million in 2002, reflecting a marked
improvement in investment income in the second half of the year.
While premium income was down slightly, assets under management
as at 30 September 2003 were a solid NZ$20.8 billion, a net
increase of 6% on the previous year.

Chairman Olaf O'Duill said the result showed that TOWER was
making progress with initiatives to strengthen the profitability
of its insurance and wealth management businesses in Australia
and New Zealand.

"Twelve months ago, TOWER's position was a difficult one. Today
it has been significantly improved through decisive remedial
action. The Group is nine months into what we anticipate will be
a two-year rebuilding process and to a large extent the net loss
for the year reflects tough decisions we've taken to put the
Group on a better footing for the future. We now have a stronger
balance sheet, a highly-focused Board and management, and
effective strategies for building TOWER's performance in key
markets on both sides of the Tasman.

"The Directors have reviewed the carrying value of subsidiaries
as required under the accounting standards. The net overall
change in carrying value in the second half (through
amortization and revaluation of life company subsidiaries) was a
net reduction of $0.7 million.

"Additional equity was raised in this year's NZ$210 million
rights issue and used to repay senior debt, reducing gearing
from 45% to 22%. Other positives include major management
restructures resulting in the simplification of the Group into
four key operating divisions from 12 operating companies. The
Board has been revitalized as I promised, and recently we
welcomed John Spencer and Maurice Loomes to the TOWER Board. The
Board and management are clear about the demands of the year
ahead and our response to them will continue to have an absolute
sense of urgency," he said.

Mr O'Duill confirmed that a dividend would not be paid. He
reiterated that the Board intends to recommence payment of
dividends when appropriate levels of profitability are met.

TOWER Group Managing Director, Keith Taylor commented:

"The year has been extremely challenging but TOWER is making
steady progress through a rigorous programmed in which each of
its businesses have refocused on their core competencies. This
is evidenced by the following initiatives:

   - Major restructuring of the Group into four operating
divisions, each with its own management team and clearly defined
reporting lines;

   - Simplified and strengthened management structure at the
Group level;

   - Completion of the Group's NZ$210 million rights issue,
leading to a stronger year-end statement of financial position;

   - Substantial improvement in the capital adequacy level of
TOWER Australia;

   - Reductions in ongoing operating costs in TOWER Australia,
and strong growth in sales of risk products following a re-
launch of the retail risk product range;

   - Substantial profit increases in the New Zealand businesses
of TOWER Insurance and TOWER Health & Life;

   - Superior investment performance by TOWER Asset Management,
with an increased profit contribution from this business; and

   - Sale of TOWER Trust in New Zealand above carrying value.

TOWER Australia is making steady progress in refocusing its
product offering, raising customer service and reducing
expenses. However there continues to be significant cost in
repositioning TOWER Australia and in carrying out remedial
actions in respect of compliance issues. The improvement in
retention levels evident in the first half result has not been
maintained in the second half and is the subject of considerable
management activity.

This coming year we are concentrating our resources on
maintaining the momentum which has begun to emerge in the second
half and, most importantly, returning the company to a
satisfactory level of profitability. This has been a turbulent
period but we are confident that the steps that have been taken
over the past year will provide a sound base for the company's
future growth," Mr Taylor concluded.


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C H I N A  &  H O N G K O N G
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CHINA NAN: Petition to Wind Up Scheduled
----------------------------------------
The petition to wind up China Nan Feng Group Limited is set for
hearing before the High Court of Hong Kong on December 3, 2003
at 9:30 in the morning.

The petition was filed with the court on October 8, 2003 by
Alfred Siu Wing Fung of the Penthouse, 38th Floor, Times Tower,
391-407 Jaffe Road, Wanchai, Hong Kong.


CRYSTAL CRAFT: Winding Up Hearing Scheduled in December
-------------------------------------------------------
The High Court of Hong Kong will hear on December 24, 2003 at
9:30 in the morning the petition seeking the winding up of
Crystal Craft Limited.

Tsang Kai Chor of Room 536, Ming Shun Lau, Jat Min Chuen,
Shatin, New Territories, Hong Kong filed the petition on
November 3, 2003. Tam Lee Po Lin, Nina represents the
petitioner.

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


FONG ON: Hearing of Winding Up Petition Set
-------------------------------------------
The petition to wind up Fong On Construction And Engineering Co.
Limited is scheduled for hearing before the High Court of Hong
Kong on December 3, 2003 at 10:00 in the morning.

The petition was filed with the court on October 20, 2003 by the
company of Unit 1A, 1st Floor, Vulcan House, 21-23 Leighton
Road, Causeway Bay, Hong Kong.


SUN'S GROUP: Nov 21 Board Meeting Postponed
-------------------------------------------
Market participants are requested to note that the board meeting
to approve the final results of The Sun's Group Limited for the
year ended 31/12/2002 originally scheduled on 21st November,
2003 has been postponed until further notice.


TRANSTEL ENGINEERING: Creditors to Prove Debt Before Dec 4
----------------------------------------------------------
Transtel Engineering (H.K.) Limited (In Members' Voluntary
Liquidation) notified that its Creditors, whose debts or claims
have not already been admitted, are required on or before the
3rd day of December 2003 to prove by affidavit their debts or
claims. The Creditors should send in their names, addresses and
descriptions and full particulars of their debts or claims in
accordance with Form 63A of the Companies (Winding-up) Rules,
and the names and addresses of their Solicitors (if any) to:

   Julian Kai Wo CHOW
   Joint and Several Liquidator
   28/F, Bank of East Asia Harbour
   View Centre, 56 Gloucester Road,
   Wanchai, Hong Kong

or

   Natalia SENG
   Joint and Several Liquidator
   28/F, Bank of East Asia Harbour
   View Centre, 56 Gloucester Road,
   Wanchai, Hong Kong.

In default of complying with the above, the creditors will be
excluded from the benefit of any distribution made before such
debts or claims are proved and/or from objecting to any
distribution made before such priorities are established.


UNION BANCAIRE: Posts Notice to Creditors to Prove Debts
--------------------------------------------------------
Julian Kai Wo CHOW and Natalia SENG, Joint and Several
Liquidators of Union Bancaire Privee (Asia) Limited (In Members'
Voluntary Liquidation) posted this notice:

NOTICE IS HEREBY GIVEN that the Creditors of the above named
Company, whose debts or claims have not already been admitted,
are required on or before the 17th day of December 2003 to prove
by affidavit their debts or claims by sending in their names,
addresses and descriptions and full particulars of their debts
or claims in accordance with Form 63A of the Companies
(Winding-up) Rules, and the names and addresses of their
Solicitors (if any) to the undersigned Liquidators of the said
Company, and, if so required by notice in writing from the said
Liquidators, are personally or by their Solicitors or duly
authorized Representative, to come and prove their said
debts or claims and to establish any title they may have to
priority at such time and place as shall be specified in such
notice. In default of complying with this Notice, such creditors
will be excluded from the benefit of any distribution made
before such debts or claims are proved and/or from objecting to
any distribution made before such priorities are established.

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


JAPAN AIRLINES: R&I Assigns BBB Rating
--------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
following ratings of Japan Airlines System Corporation as
follows:

Senior Long-term Credit Rating
Preliminary Rating for the Shelf Registration scheme
R&I RATING: BBB (Newly Assigned)

ISSUE: Bonds to be Rated: Str. Bonds
Issue Amount: Yen 150,000 million (Shelf Amount)
Issue Period: Two years from November 13, 2003

RATIONALE:

Japan Airlines System Corporation is the pure holding Company
for the Japan Airlines System Group (JAL Group) established in
October 2002, and its two core subsidiaries are Japan Airlines
and Japan Air System. The reorganization of the group's two
airlines into a Company for international routes (Japan Airlines
International) and a Company for domestic routes (Japan Airlines
Domestic) in spring 2004 and the implementation of system
integration are approaching.

Japan Airlines System, which is the holding Company, has control
over the operating subsidiaries in terms of capital, personnel,
business planning, funding and other areas, and there is strong
integration within the group. Japan Airlines System functions as
the fundraiser for the entire group in bonds and long-term
borrowing, which are the primary means of fund raising, and it
re-leases the funds it raises to Japan Airlines and Japan Air
System. As new fund raising at Japan Airlines System progresses,
interest-bearing debt at the operational subsidiaries will be
shifted to the holding Company. Japan Airlines System plays an
extremely important role in the management of the group's
finances, and the integration of the group is likely to increase
further due to the centralization of financing. Moreover, as
there are plans for Japan Airlines (Senior Long-term Credit
Rating = BBB) and Japan Air System to provide guarantees for
bonds issued by Japan Airlines System, this rating also assumes
a guarantee from the two companies.


KOBE STEEL: Sells Y72B Bonds to Repay Debt
------------------------------------------
Kobe Steel Limited will sell at least 72 billion yen (US$658
million) of bonds next year to repay debt, Bloomberg reports,
citing Tsuguto Moriwaki, Executive Vice President of the
Company. The sales come as the Company plans to cut bank loans
to half its debt, from 70 percent in March, the Company said.

In May, the Company sold its first bonds since June 2001,
according to Bloomberg data. Since then it sold 61.2 billion yen
of debt. In the six months to the end of September, Kobe Steel
said it increased the proportion of bonds to bank loans to 36
percent of all debt from 30 percent.


MATSUSHITA ELECTRIC: Seeks Delisting From Five Exchanges
--------------------------------------------------------
Matsushita Electric Industrial Co., Ltd., known for its
"Panasonic" brand products, resolved to submit applications to
five stock exchanges for the delisting of the Company's shares.

DETAILS OF THE DELISTING ARE AS FOLLOWS:

1. Stock exchanges to which Matsushita will submit applications
for delisting

Matsushita will submit applications to delist its shares from
the following five stock exchanges:

In Japan: Fukuoka Stock Exchange and Sapporo Securities Exchange

Overseas: Pacific Exchange (U.S.), Euronext Paris Stock Exchange
(France) and Dusseldorf Stock Exchange (Germany)

2. Reasons for delisting the Company's shares

In view of recent trends toward borderless capital markets, as
well as the reorganization and integration of overseas stock
exchanges, Matsushita aims to establish a more strategic and
effective global listing structure by concentrating the listing
of its shares on a limited number of stock exchanges. Regarding
the delisting of its shares from the above-mentioned five stock
exchanges, the Company noted that trading volume of Matsushita's
shares on these exchanges is extremely low, and that the
delistings would cause no substantial inconvenience to the
Company's shareholders and investors.

3. Schedule

Applications for the delisting of the Company's shares will be
submitted to the relevant stock exchanges beginning in December
2003. The Company expects to complete the delisting process
between March and April 2004.

Stock exchanges on which Matsushita will continue to be listed

In Japan: Tokyo Stock Exchange, Osaka Securities Exchange and
Nagoya Stock Exchange

Overseas: New York Stock Exchange, Euronext Amsterdam Stock
Exchange and Frankfurt Stock Exchange

CONTACT:

Panasonic Finance (America), Inc.
Akihiro Takei, 212-698-1365


RESONA HOLDINGS: Incurs 1H03 Y1.77Tr Net Loss
---------------------------------------------
Resona Holdings Inc. incurred a group net loss of 1.76 trillion
yen in the first half of fiscal 2003 mainly because it incurred
more than 1.30 trillion yen in loan-loss charges, according to
Kyodo News on Wednesday. The staggering loss figure at the
banking group, which was partially nationalized due to a capital
infusion of 1.96 trillion yen earlier this year, stands in sharp
contrast with a net profit of 13.52 billion yen a year earlier.


SKYNET ASIA: Expects Larger Net Loss
------------------------------------
Skynet Asia Airways Co. expects larger net loss than the earlier
projected 600 million yen for the business year to March 31,
according to Kyodo News, citing Company President Shoji Shimoda.

Behind the deteriorated earnings were bigger-than-expected
expenses needed for a new route that was opened in August
between Kumamoto and Tokyo's Haneda airport, although the
Company received 300 million yen in financial aid from the local
association of cities, towns and villages in Miyazaki
Prefecture.


TOSHIBA CORP.: Raises Semiconductor Capital Expenditure for 2003
----------------------------------------------------------------
Toshiba Corporation announced a boost in its semiconductor
business capital expenditure that will expand memory production
at Oita Operations in Kyushu. The additional investment, of
approximately 12-billion yen, will raise capex on semiconductors
in this fiscal year from 118 to 130 billion yen, and allow
Toshiba to meet increased demand for memories, particularly
flash memory for personal digital products, including digital
still cameras and cellular phones with cameras.

Toshiba's memory business centers on high value products,
including flash memory, SRAM for multi-chip devices, and high-
end Rambus DRAM for embedded applications. At Yokkaichi
Operations in Mie prefecture, its main memory production base,
the Company is supporting expanding production of flash memories
and multi-chip packages, in advance of construction of new 300mm
lines, and will reinforce this program by expanding memory
production at Oita.

Mr. Shigeo Koguchi, Company President of Toshiba's Semiconductor
Company at Toshiba Corporation said, "The decision to expand the
memory production line in Oita, which is Toshiba's main
production site for Systems LSIs, reflects greater-than-expected
demand for memories. Alongside expanding production at
Yokkaichi, the Oita investment will assure Toshiba maintains
leadership in key segments of the memory market."

In addition to System LSIs, Oita also produces small quantities
of memory products, including SRAM. The new investment in the
facility will enhance its production of memories.

Alongside its investments in new semiconductor production lines,
including the forthcoming 300mm wafer production site at
Yokkaichi, Toshiba will continue to enhanced memory production
capabilities by developing advanced process technology and
raising efficiency through outsourcing.

ABOUT TOSHIBA CORPORATION

Toshiba Corporation is a leader in the development and
manufacture of electronic devices and components, information
and communication systems, consumer products and power systems.
The Company's ability to integrate wide-ranging capabilities,
from hardware to software and innovative services, assure its
position as an innovator in diverse fields and many businesses.
In semiconductors, Toshiba continues to promote its leadership
in the fast growing system-on-chip market and to build on its
world-class position in NAND flash memories, analog devices and
discrete devices. Toshiba has approximately 166,000 employees
worldwide and annual sales of over US$47 billion. For further
information, please visit the Toshiba Corporation home page at:
www.toshiba.co.jp/index.htm

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, TCR-AP reported recently.

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.

Contact:
Toshiba Corporation
Midori Suzuki
midori.suzuki@toshiba.co.jp
03-3457-2105


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


HANBO IRON: Indian Firm Eyes Takeover
-------------------------------------
India's Tata Iron & Steel said it will acquire Hanbo Iron &
Steel Co. in an attempt to increase its annual steel production
to 12 million tons from the current 4 million tons by 2010,
according to Asia Pulse. The Indian firm recently visited South
Korea several times to discuss the terms of the deal with
creditors of the debt-ridden steel maker.

On November 18, the sale of Hanbo fell through when Korea's AK
Capital-led consortium failed to meet a payment deadline for
Hanbo Iron & Steel Company. AK Capital signed a 452.4 billion
won (US$382.27 million) deal in February to take over Hanbo, but
deferred full payment because of a shortfall of 64.4 billion won
in July and August.

Hanbo has been up for sale since its bankruptcy in January 1997,
which experts say was partially responsible for the onset of the
1997-98 financial crisis.


LG CARD: Aims for Additional Capital by March
---------------------------------------------
LG Card Co. will try to attract additional capital from domestic
and foreign strategic investors by coming March to resolve its
liquidity crisis, the Maeil Business Newspaper said on Tuesday.
The Company also announced plans to cut its workforce by 2,100
(25 percent) before the year ends and lower the number of
branches by half to 50.


LG CARD: Cutting 3,600 Positions by Year-end
--------------------------------------------
Following the creditors' extension of a 2 trillion won rescue
fund on Monday, LG Card announced it will shed about 3,600
employees by the end of this year, and reducing the number of
its branches from the 109 to 50 by the end of this year,
according to Digital Chosun. The firm also plans to cut back its
yearly 1.3 trillion won in marketing expenses to about 300
billion won.

To bring an end to its liquidity shortage problem, LG Card also
plans to attract investments from domestic and foreign strategic
investors, by the end of next March.


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


ACTACORP HOLDINGS: Releases Third Quarter Report
------------------------------------------------
Actacorp Holdings Berhad disclosed its Quarterly report for the
financial period ended 30 September 2003. Below is an excerpt
from the report:

Review of Perfomance

For the first quarter ended 30th September 2003, the Group's
revenue was solely derived from rental income as the Company is
still undergoing restructuring.

Comment on Financial Results (current quarter compared with the
preceding quarter)

Loss before tax for the first quarter ended 30th September 2003
reduced by more than 100% due to underprovision of expenses in
proceeding quarter.

Current Year Propects

The group prospect hinges on the success of the proposed
restructuring scheme.

Go to http://bankrupt.com/misc/Actacorp1127.xlsfor the full
Quarterly Report.


AUTOINDUSTRIES VENTURES: Incurs Q303 Loss of RM1.21M
----------------------------------------------------
Autoindustries Ventures Berhad released its quarterly report for
the financial period ended 30 September 2003. Below is its
review of performance:

The Group achieved a turnover of RM27.15 million for the current
financial quarter ended 30 September 2003 which represents a
decrease of RM11.61 million or 30% as compared to the
corresponding financial quarter. The decrease is mainly due to
decrease in demand from the customer, mainly Perusahaan Otomobil
Nasional Berhad.

The Group recorded a loss before taxation and minority interest
of RM1.21 million for the current financial quarter ended 30
September 2003 as compared to profit before taxation and
minority interest of RM2.26 million in the corresponding
financial quarter ended 30 September 2002 which result from
decrease of turnover activities of the Group as mentioned above
due to one of the Group's major customers weakening demand.

Go to http://bankrupt.com/misc/Autoven1127.xlsand
http://bankrupt.com/misc/Autoven1127.docfor full copy of the
quarterly report.


BERJAYA TIMES: Embarks on Proposed Debt Settlement
--------------------------------------------------
On 19 November 2003, Bakat Rampai Sdn Bhd (BRSB), Dijaya
Corporation Berhad (DCB)'s wholly owned subsidiary, received a
letter of invitation from Tan Sri Dato' Seri Tan Chee Yioun
(TSVT) to sell BRSB's entire shareholding in BTSSB together with
TSVT and the other shareholders of Berjaya Times Square Sdn Bhd
(BTSSB) on an en bloc basis to Matrix International Berhad
(MIB). The proposal is an offer to sell the entire equity
interest in BTSSB comprising 320,613,490 BTSSB shares for a
total consideration of RM993,901,819 or at RM3.10 per BTSSB
share to MIB (Offer) to be satisfied by the issuance of
709,929,871 new ordinary shares (Consideration Share) of MIB at
an issue price of RM1.40 per Consideration Share.

As an integral part of the Proposed Disposal, BTSSB will embark
on a Proposed Debt Settlement. It is also proposed that MIB will
settle on behalf of BTSSB the debts due to the property
purchasers (LAD Creditors) amounting to RM266.661 million which
arose from the liquidated ascertained damages (LAD) due to the
late delivery of vacant possession of BTS via issuance of
190.472 million new ordinary shares in MIB at an issue price of
RM1.40 per share as a full and final settlement of the said
debts due to the LAD Creditors. (Proposed Debt Settlement)

Upon completion of the Proposed Disposal, TSVT's direct equity
interest in MIB will increase from 1.69% to 58.8%. Thereby
triggering a mandatory general offer (MGO) to acquire the
remaining MIB shares not already held by him. BRSB shall not be
a party acting in concert with TSVT with respect to the proposed
exercise, unless the Securities Commission or any other relevant
authorities deem or consider BRSB as such. In the case of the
former, BRSB is prepared to undertake that, subject to the
approvals of its shareholders and the shareholders of DCB, in
the event that TSVT is required to extend a MGO to BRSB's block
of shares in MIB, BRSB shall not accept the offer.

BRSB currently holds 36,081,980 ordinary shares of RM1.00 each
in BTSSB representing approximately 11.25% equity interest in
BTSSB. The Proposed Disposal translates to RM111,854,138 in sale
consideration to BRSB (Sale Consideration) to be satisfied by
issuance of 79,895,813 Consideration Shares of MIB at the issue
price of RM1.40 per share.

The Consideration Shares shall, upon issuance, be free from all
encumbrances of any nature whatsoever and credited as fully paid
up and rank pari-passu in all respects with the then existing
issued and paid up ordinary shares of MIB except that the
Consideration Shares shall not be entitled to any rights,
allotment, dividends and/ or other distribution the record date
of which is on or before the date of their issuance thereof.

Aseambankers Malaysia Berhad (Aseambankers), on behalf of the
Board of Directors of DCB, wishes to announce that BRSB and the
Board of Directors of DCB has accepted the invitation and has on
20 November 2003 extended a letter of offer (LO) to sell its
entire shareholding of 36,081,980 ordinary shares of RM1.00 each
in BTSSB (Offer Shares), representing approximately 11.25%
equity interest, to MIB for the Sale Consideration which is to
be satisfied by the issuance of 79,895,813 Consideration Shares
in MIB.

RATIONALE

The Proposed Disposal would serve as an avenue for BTSSB to
resolve its financial issues with the LAD Creditors. Up to 31
July 2003, BTSSB has provided about RM266.661 million of LAD
claims in its book. BTSSB is not expected to be able to settle
these claims in cash in the near term. Through the Proposed
Disposal which is conditional upon the Proposed Debt Settlement,
BTSSB could benefit from the "non-cash" debt settlement proposed
therein to significantly reduce its gearing.

Based on the indicative projections of the restructured MIB, the
return to DCB in terms of dividends and/ or capital gains in the
short to medium term may be limited. Nonetheless, the corporate
exercise is critical to restructure the debt of BTSSB.

The Proposed Disposal is an opportunity for the existing
shareholders of BTSSB to convert their investment and non-listed
shares held in BTSSB into liquid and tradable shares of MIB.

The issue price of the Consideration Shares of RM1.40 per share
represents a premium of 8 sen or 6% over the 5-day weighted
average market price of MIB share at RM1.32 as at 21 November
2003. The slight premium on the issue price is accorded as the
Proposed Disposal will be considered a related party
transaction.

Given the size of the assets, i.e. BTS, the overhang in the
property market and the yet to be proven long term viability of
the recently opened BTS, the potential buyers for the assets as
a whole may be limited. As such, the disposal of BTS at a
significant discount to its market value is necessary to realize
its value.

The Proposed Disposal will also bring about an estimated
unrealized gain of RM75,771,185 or RM0.29 per share in 31
December 2004 to DCB on the assumption that the Proposed
Disposal is completed by financial year ending 31 December 2004.
This will translate into an indicative increase of the NTA per
share from RM1.68 to RM1.97.


FABER GROUP: Unit Inks Service Agreement With Telkom
----------------------------------------------------
On behalf of the Board of Directors of Faber Group Berhad,
Commerce International Merchant Bankers Berhad (CIMB) wishes to
announce that FMS, a subsidiary of FGB, has on 21 November 2003,
entered into a conditional Managed Network Service Agreement
(Service Agreement) with Telekom in relation to the provision,
installation, testing and commissioning of an internet protocol-
virtual private network (IP-VPN) to provide internet protocol
data connectivity to all locations specified by FMS (Sites) via
a wide area network (WAN)(Services) for a period of five (5)
years at a total contract sum of RM6,371,133 (Contract Sum).

DETAILS OF THE PROPOSED APPOINTMENT

FMS's principal activity is the provision of hospital support
services under a 15-year concession granted by the Government of
Malaysia commencing from 28 October 1996 (Concession). Pursuant
to the Concession, FMS is required to provide a communication
link between all 72 hospitals falling within the Concession and
FMS's head office in Kuala Lumpur. Regional offices, incinerator
and laundry plants are also linked for effective monitoring of
the support services provided under the Concession. The WAN will
provide the necessary data connectivity between all 81 sites
presently under the Concession and will form the backbone of
FMS's IT network and management information system.

The Proposed Appointment involves the engagement of Telekom by
FMS for the provision of the Services to all Sites falling
within the Concession.

The salient terms of the Service Agreement, are as follows:

Telekom agrees to, for the benefit of FMS or any such other body
as FMS directs:

   (i) complete the installation of the Services;
   (ii) test and commission the relevant Services; and
   (iii) provide the relevant Services
upon the terms and conditions contained in the Service
Agreement.

Telekom also undertakes to provide the Services at all times in
accordance with a service level guarantee (SLG). Under the SLG,
Telekom shall guarantee a minimum level of "uptime" for the
sites.

Telekom shall, after due consultation with FMS, institute and
maintain a properly documented system of quality
assurance/quality control programmed to ensure that the Services
are at all times provided in compliance with the SLG in the form
of an online Customer Service Monitor System. Telekom agrees
that it shall make such alterations to the quality
assurance/quality control programmed as are reasonably requested
by FMS.

FMS shall be entitled, at its sole discretion, to review and/or
assess the performance of Telekom in providing the Services
under the Service Agreement at monthly intervals to ensure that
the SLG undertaken by Telekom is maintained.

In the event that the Services fail to meet the SLG for two (2)
consecutive months, FMS shall be entitled to deduct from the
Contract Sum such sums as is calculated in accordance with a
rebate scheme, which shall be based on the availability of the
Services per month per site.

The Contract Sum shall be paid by FMS to Telekom within 60 days
from the receipt by FMS of invoices for each respective month at
the end of each month over the tenure of the contract after the
Services have been duly rendered by Telekom in accordance with
the SLG.

FMS is entitled to terminate the Service Agreement in part,
which shall include the termination of Services in respect of
any two (2) particular Sites at anytime during a period of 12
months. In such event, FMS shall continue to pay the monthly
charges in respect of these two (2) terminated Sites for the
remaining portion of the said 12 month period.

Telekom shall provide post-acceptance support services,
technical advice and guidance on the operation and use of the
Services at no extra charge. In addition, FMS shall be entitled
to:

   (i) any and all upgrade, improvement, enhancement and/or
advancement in the relevant technologies in relation to arising
from or otherwise in connection with the Services implemented by
Telekom; and

   (ii) any or all substitution or replacement or variation or
change in technology resulting in an improvement or enhancement
of the Services provided by Telekom.

Any alteration or variation to the Services in relation to
additional Sites or new installations shall be made based on the
terms agreed by FMS and Telekom and the cost of any additional
Sites shall not exceed:

   (i) RM13,600 per annum for a 64 kilo bytes per second (Kbps)
line speed requirement;

   (ii) RM20,600 per annum for a 128Kbps speed requirement; and

   (iii) RM2,600 per Site for installation and cabling works.

FMS and/or Telekom may be relieved of its/their obligations
under the Service Agreement in the event of force majeure. Under
the Service Agreement, an event of force majeure shall include,
amongst others, war, acts of terrorism, sabotage or criminal
damage, natural catastrophes and riots, disorders, stickers, or
other industrial disturbances affecting the performance of this
Service Agreement.

Save for FMS's obligation to pay the Contract Sum, no other
liabilities are expected to be assumed by FMS pursuant to the
Proposed Appointment.

RATIONALE OF THE PROPOSED APPOINTMENT

FMS presently outsourcers the installation and management of the
WAN and related services to a managed network service (MNS)
provider. By outsourcing the installation and management of the
WAN and related services to MNS provider, FMS is able to realize
substantial cost savings and mitigate concerns of technology
obsolescence, lease line failures and other administrative
issues.

The current service agreement for the installation and
management of FMS's WAN had expired in October 2003 and is
presently being extended on a monthly basis. Accordingly, FMS
had undertaken a closed tender exercise for the selection of a
MNS provider to install and manage its WAN on a long term
contract basis. A total of five (5) MNS providers were
identified to submit bids for the installation and management of
FMS's WAN.

Pursuant to the tender exercise and in consultation with an
independent network consultant appointed to assist in the
evaluation and recommendation of the MNS provider, Telekom's bid
for the installation and management of FMS' WAN was selected on
the following basis:

(i) Telekom's bid was the lowest bid received whilst offering
300% extra bandwidth while achieving savings of 26% over FMS'
current annual IT network cost;

(ii) Telekom's solution offers the latest technology available;

(iii) Telekom's has the requisite infrastructure to support FMS'
IT network; and

(iv) Telekom's scalable solution caters for future growth in
FMS' business.

The management of FMS estimates that the Proposed Appointment
will allow FMS to realize cost savings of approximately RM2.5
million per annum over the tenure of the Service Agreement as
compared to the installation and management of the WAN by FMS on
an in-house basis.

FINANCIAL EFFECTS OF THE PROPOSED APPOINTMENT

Share Capital, Substantial Shareholders' Shareholdings and Net
Tangible Assets

The Proposed Appointment will not have any effect on the share
capital and substantial shareholders' shareholdings of FGB and
will not have material effect on the net tangible assets of the
Faber group of companies (Faber Group).

Earnings

The Proposed Appointment will give rise to savings of
approximately RM524,697 per annum for the FGB Group, being the
difference between the cost per annum under the Proposed
Appointment and the cost per annum of FMS's previous WAN
installation and management contract of RM1,785,884 per annum.

CONDITIONS OF THE PROPOSED APPOINTMENT

The Proposed Appointment is subject to the approval of the
shareholders of FGB at an extraordinary general meeting to be
convened.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

Khazanah Nasional Berhad (Khazanah) is a substantial shareholder
of Faber through its wholly-owned subsidiary, Syarikat Danasaham
Sdn Bhd, which in turn holds approximately 100% of United
Engineers (M) Berhad (UEM). UEM in turn holds 97,242,268
ordinary shares of RM1.00 each in FGB representing 47.28% of the
issued and paid-up share capital of FGB as at 31 October 2003.

Khazanah is also a substantial shareholder of Telekom by virtue
of its holding of 1.080 billion ordinary shares of RM1.00 each
in Telekom, representing 34.04% of the issued and paid-up share
capital of Telekom as at 15 October 2003.

In addition, Dato' Anwar bin Haji @ Aji (Dato' Anwar), Dato'
Ikmal Hijaz bin Hashim (Dato' Ikmal), Ms. Elakumari a/p Kantilal
(Ms. Elakumari) and Azmanuddin Haq bin Ahmad (Encik Azmanuddin)
are nominee directors of UEM on the Board of Directors of FGB.
As such, Dato' Anwar , Dato' Ikmal, Ms. Elakumari and Encik
Azmanuddin are deemed interested in the Proposed Appointment
(Interested Directors). Accordingly, pursuant to Chapter 10.02
of the Listing Requirements of Kuala Lumpur Stock Exchange
(KLSE), the Proposed Appointment is deemed a related party
transaction.

Based on the above, the Interested Directors have abstained and
will continue to abstain from the Board of Directors of FGB's
deliberation and voting on the Proposed Appointment.

UEM, the Interested Directors and persons connected to them will
abstain from voting on the Proposed Appointment at an
extraordinary general meeting to be convened.

Save as disclosed above, none of the Directors and/or major
shareholders or persons connected to them has any interest,
direct or indirect, in the Proposed Appointment.

DIRECTORS' RECOMMENDATION

The Directors of FGB, after careful deliberation, are of the
opinion that the Proposed Appointment is in the best interest of
Faber Group.

INDEPENDENT ADVISER

Pursuant to Chapter 10.08 of the Listing Requirements of KLSE,
the Board of Directors of FGB (save for the Interested Directors
who abstained) have appointed K&N Kenanga Bhd as the Independent
Advisers to advise the Independent Directors and minority
shareholders of FGB on the Proposed Appointment.

DEPARTURE FROM THE SC'S GUIDELINES

The Board of Directors of FGB is not aware of any departure from
the SC's Policies and Guidelines on Issue/Offer of Securities in
respect of the Proposed Appointment.

DOCUMENTS AVAILABLE FOR INSPECTION

The Service Agreement in relation to the Proposed Appointment is
available for inspection at the registered office of the Company
at 20th Floor, Menara 2, Faber Towers, Jalan Desa Bahagia, Taman
Desa, Off Jalan Kelang Lama, 58100 Kuala Lumpur during normal
business hours from Mondays to Fridays (except public holidays)
for a period of three (3) months from the date of this
announcement.


FURQAN BUSINESS: RCLS Interest Due on Next Payment Date
-------------------------------------------------------
The Board of Directors of Furqan Business Organisation Berhad
wishes to inform that the first interest payment in respect of
2% Redeemable Convertible Secured Loan Stocks 2002/2005 (RCSLS)
which is payable on 19 December 2003 shall be accumulated and
payable at the next payment date pursuant to Clause 4.4 of the
Trust Deed dated 18 November 2002.


FW INDUSTRIES: To Appeal KLSE's De-listing Decision
---------------------------------------------------
The Board of Directors of FW Industries Berhad wishes to make
the following announcement for immediate public release:

On 21 November 2003, the Exchange in exercise of its power under
paragraph 16.17 of the Exchange's Listing Requirements has
decided to de-list the securities of the Company from the
Official List of the Exchange. The securities of the Company
will be removed from the Official List of the Exchange at 9:00
a.m. on Monday, 8th December 2003. (`D' date)

The Company will appeal to the Exchange on its decision.
However, the Company upon advice from its advisers is confident
that they are committed to submit the Proposed Restructuring
Scheme without fail before the `D' date in order to regularize
its financial position.


INNOVEST BHD: Proposed Rescue Scheme Extension Approval Pending
---------------------------------------------------------------
Innovest Berhad refers to the announcement made on 23 September
2003 in relation to the Proposed Rescue Scheme. Pursuant to
Section 5.1(6) of Practice Note 4/2001 of the Listing
Requirements of the Kuala Lumpur Stock Exchange (KLSE), the
application to the authorities in relation to the Proposed
Rescue Scheme has to be submitted on 21 November 2003 as the
Requisite Announcement was made on 23 September 2003.

On behalf of the Board of Directors of Innovest, Southern
Investment Bank Berhad had on 14 November 2003 sought an
extension of time from the KLSE up to 12 December 2003
(Extension Sought) to submit the application for the Proposed
Rescue Scheme to the relevant authorities. The decision from the
KLSE on the Extension Sought is still pending as at the date of
this announcement.


MYCOM BERHAD: Q303 Loss Swells to RM28.2M
-----------------------------------------
The Kuala Lumpur Stock Exchange posted the quarterly report of
Mycom Berhad for the financial period ended 30 September 2003.
Below is an excerpt from the report:

Review of performance

The group's revenue dipped RM9.2 million or 14% from RM64.6
million reported in the corresponding quarter last year. The
decline was mainly due to the adverse performance from the
granite quarry division.

In tandem with the reduced revenue, the group posted a higher
loss before taxation of RM28.2 million for the quarter under
review.

Material changes in quarterly results

The group reported a lower loss before taxation for the quarter
ended 30 September 2003 as compared with the immediate preceding
quarter mainly due to lower loss registered by the granite
quarry division.

Current year prospect

Pending implementation of the Proposed Restructuring Scheme, the
Group's results are not expected to register any material
improvement for the financial year ending 30 June 2004.

For full Quarterly Report, click
http://bankrupt.com/misc/Mycom1127.xlsand
http://bankrupt.com/misc/Mycom1127.doc.


OLYMPIA INDUSTRIES: Cuts Q303 Loss to RM1.6M
--------------------------------------------
Olympia Industries Berhad submitted its quarterly report for the
financial period ended 30 September 2003 to the Kuala Lumpur
Stock Exchange. Below is its Review of Operation:

Revenue for the current quarter at RM49.6 million was higher by
6.5% compared to the preceding year corresponding quarter of
RM46.6 million due to higher sales registered by the financial
services and gaming divisions. The loss after tax attributable
to members of the Company for the current quarter to date
atRM22.8 million shows a decrease of 6.4% or RM1.6 million
compared to the preceding year corresponding quarter.

Click http://bankrupt.com/misc/Olympia1127.xlsand
http://bankrupt.com/misc/Olympia1127.docfor full Quarterly
Financial Results.


SBC CORPORATION: RAM Reaffirms RM49.60M Bond Rating at BBB2
-----------------------------------------------------------
Rating Agency Malaysia Berhad (RAM) has reaffirmed the long-term
rating of BBB2 for SBC Corporation Berhad's (SBC) RM49.60
million Al-Bai Bithaman Ajil Bonds (Bonds). SBC, formerly known
as Siah Brothers Corporation Bhd, is principally an investment
holding company with business interests largely in property
development, civil engineering and general building
construction.

Having built a name as a developer of affordable housing, the
Group has benefited from the various perks introduced by the
Government to spur property sales. Despite the tougher operating
environment, response to most of SBC's new launches has
continued to be encouraging, with the Company achieving an
average sales rate of 80% within 12 months of launch.
Undeniably, the fairly good locations of its developments have
also played a crucial role in generating interest. However, RAM
notes that SBC has been cautious in its launches in the past
year. Citing market uncertainties as the primary reason for its
prudence, most of the launches planned for 2002 had been
deferred. Even so, for those that crystallized, relatively few
units were offered as SBC concentrated on clearing off unsold
stock.

Financially, SBC turned in a relatively impressive pre-tax
profit of RM5.42 million for FYE 31 March 2003 (FY 2003), almost
double that of the previous year despite a substantial 30%
decline in its operating profit before depreciation, interest
and tax (OPBDIT). The better performance was largely driven by
higher contribution from its 40%-owned associate, Paling
Industries Sdn Bhd, and lower interest expenses. However, RAM
notes that the drop in OPBDIT was also partly due to a one-off
allowance for doubtful debt in relation to the construction of
Plaza Phoenix in Kuala Lumpur. RAM expects SBC's results for FY
2004 to be markedly better, fuelled by the anticipated
completion of the construction work for Taman Damansara Emas in
Kota Damansara. As it stands, the Group had already raked in
RM2.81 million of pre-tax profit on the back of a RM29.22
million turnover for 1Q FY 2004.

Meanwhile, RAM notes that an unsettled amount arising from a
related-party transaction by the Group, involving Smart Homes
Sdn Bhd - a company with a common director - has remained
outstanding since 1996. The proposed settlement via the transfer
of 54 acres of land in Batang Kali, 4.06 acres in Gombak and
6,108 square meters in Setapak for RM34.26 million, with the
balance in cash, was approved by SBC's Board of Directors on 23
September 2003.

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


TAJO BERHAD: Narrows Q303 Loss to RM7.236M
------------------------------------------
Tajo Berhad and principal subsidiaries recorded a turnover of
RM3.442 million for the third quarter ended 30 September 2003 as
compared to RM5.065 million as announced for 30 September 2002.
Subsequently, in the announcement for 31 December 2002, the
following adjustments were made in relation to the cumulative
quarter ended 30 September 2002 :

   1. An elimination of inter-company sales between Tajo Berhad
and Tajo Marketing Sdn Bhd of RM2.170 million from 1 January
2002 to 30 September 2002 (9 months); and

   2. A reclassification of RM1,659 million of deferred land
cost written back from revenue to other operating income. This
amount was recognized as revenue in 30 September 2002.

Hence, effectively, turnover for the third quarter ended 30
September 2003 is higher as compared to the same period last
year. The increase is attributable to the gradual improvement in
demand and increase in brick prices during the year.

Comparison of current quarter ended 30 September 2003 against
the same quarter in comparison in 2002, i.e. the quarter ended
30 September 2002.

The Group's loss before taxation for the current quarter ended
30 September 2003 was RM7.236 million as compared to a loss of
RM14.750 million for the same period last year. The higher
losses last year was attributed to provision for impairment loss
of fixed assets of RM8.556 million made during the quarter ended
30 September 2002.

For compete Quarterly report for the financial period ended 30
September 2003, go to http://bankrupt.com/misc/Tajo1127.xlsand
http://bankrupt.com/misc/Tajo1127.doc.


TIME DOTCOM: JVSA Parties Extends Initial Business Plan Period
--------------------------------------------------------------
TIME dotCom Berhad (TdC) refers to the Joint Venture And
Shareholders' Agreement dated 20 March 2003 (JVSA) between TT
dotCom Sdn Bhd (TT dotCom), a wholly-owned subsidiary of TdC,
And Maxis Broadband Sdn Bhd (Maxis Broadband), a wholly-owned
subsidiary of Maxis Communications Berhad, pursuant to the Sale
and Purchase Agreement dated 18 September 2002 for the Disposal
of TdC's 100% Equity Interest in TIMECel Sdn Bhd (SPA).

On 20 March 2003, it was announced that TT dotCom and Maxis
Broadband (JVSA Parties) have entered into the JVSA which will
involve the formation of a private limited company (JV Company)
to carry out the business which shall be limited to projects as
may be agreed between the JVSA Parties and undertaken by the JV
Company on a case by case basis, or more particularly described
in the initial business plan to be mutually agreed between the
JVSA Parties (Initial Business Plan).

In the same announcement, it was also announced that the JVSA
will be terminated if the JVSA Parties do not agree to the
Initial Business Plan by the end of four (4) months from
completion of the SPA i.e. by 6 September 2003 or by any
extension thereof as may be mutually agreed in writing and / or
upon the termination of the SPA.

In this respect, the Company is pleased to announce that the
JVSA Parties have on 21 November 2003 mutually agreed to extend
the period for the JVSA Parties to agree and finalize the
Initial Business Plan by another six (6) months i.e. from 7
September 2003 until 6 March 2004 or until further extended in
writing by the JVSA Parties. Consequently, the JVSA is deemed
extended and shall continue to be binding on the JVSA Parties
from 7 September 2003.

Save and except for the abovementioned extension, all other
terms and conditions of the JVSA remain valid and binding.

Early this year, the Troubled Company Reporter - Asia Pacific
reported that the Company proposed Capital Repayment. To know
more about it, refer to Troubled Company Reporter - Asia
Pacific, Thursday, January 23, 2003, Vol. 6, No. 16 issue.


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


ASIAN CAPITAL: Clients File Complaint to PSE
--------------------------------------------
Seven unnamed clients of Asian Capital Equities Inc. (ACE) have
formally lodged their complaints against the brokerage firm
before the Philippine Stock Exchange (PSE) and are reportedly
demanding to get their money and securities back, according to
the Manila Times. The seven clients have combined transaction
with ACE amounting to about 14 million pesos.

Earlier this week, the SEC issued a cease and desist order (CDO)
against ACE for violating some of the provisions of the
Securities Regulation Code (SRC), particularly the rule on
fraudulent transactions. SEC general counsel Vernette G. Umali-
Paco, said the violations committed by ACE has resulted to
Company's dwindling finances, which as of end September, has a
negative net worth amounting to 65 million pesos.


NATIONAL BANK: Expects to Generate PhP100M in Property Auction
--------------------------------------------------------------
The Philippine National Bank (PNB) asset management group
expects to generate 100 million pesos from its third public
auction of foreclosed and idle real estate properties on
November 26, Business World reports. The bank already generated
80 million pesos from the first two auctions of properties held
in August and September.

CB Richard Ellis, PNB's auction manager, scheduled the auction
on November 26, a special non-working holiday, to accommodate
requests of some parties interested in participating in the
auction. The PNB auction will be held at 2 P.M., at the
penthouse of the BA Lepanto Building, along Paseo de Roxas in
Makati City.


PHILIPPINE AIRLINES: Posts Huge Net Loss in Second Quarter
----------------------------------------------------------
Philippine Airlines (PAL) incurred a net loss of 383.8 million
pesos in the second quarter of this year, versus a net loss of
37.3 million pesos for the same period last year, Channel News
Asia reports. The national carrier said that the period is a
traditionally lean season for passenger traffic. In its fiscal
first quarter, it recorded a net loss of "over 900 million
pesos" as its passenger volume was adversely affected by the
SARS outbreak.


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


AUTOMATION LEASING: Creditors Must Submit Claims by December 22
---------------------------------------------------------------
Notice is hereby given that the creditors of Automation Leasing
& Consultancy Private Limited (In Members' Voluntary
Liquidation), which is being wound up voluntarily are required
on or before the 22nd day of December 2003 to send in their
names and addresses and 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 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 21st day of November 2003.

LEE KHENG NAM
Liquidator.
c/o 77 Science Park Drive
#02-15 Cintech III
Singapore Science Park
Singapore 118256.


I.H.C. PRIVATE: Releases Dividend Notice
----------------------------------------
I.H.C. Private Limited (In Compulsory Liquidation) issued a
notice of intended dividend as follows:

Address of Registered Office: 8 Cross Street #11-00 PWC Building
Singapore 048424.

Court: High Court of Singapore.

Number of Matter: Companies Winding Up No. 600315 of 2001.

Last Day for Receiving Proofs: 5th December 2003.

Name of Liquidators: Gautam Banerjee Yeoh Oon Jin.

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

Dated this 21st day of November 2003.


GOODWOOD PARK: Answers SGX Query
--------------------------------
Goodwood Park Hotel Limited (GPH) refers to the queries from SGX
dated 18 November 2003 as set out below:

(a) Disclose whether the figures in the financial statements
have been reviewed. If so, attach the relevant auditor's report.

(b) Circumstance(s) giving rise to the amount realizable on
liquidation of subsidiaries and Investee Company of $322.7
million and $224 million respectively.

(c) You have stated in paragraph 4 of your Full Year Results
announcement that the Group has applied the same accounting
policies and methods of computation in the financial statements
for the current financial year as those of the audited financial
statements for the financial year ended 30 September 2003.
Clarify whether the underlined phrase should read as "30
September 2002."

(d) You have disclosed under paragraph 1(b)(i) of your
announcement that "The variances in these balances were mainly
due to deconsolidation of subsidiaries....". Please clarify
which balances you are referring to.

(e) You have disclosed in your announcement that "the Directors
estimate that the 2004 Income Statement of the Group will
include an exceptional profit of approximately $310.9 million
.....". Please explain how $310.9 million was arrived at.

THE COMPANY'S REPLY TO THE ABOVE QUERIES AS FOLLOWS:

(a) The financial statements have not been reviewed by the
auditors.

(b) Liquidation of subsidiaries

Pursuant to the voluntary liquidations of the Group's
subsidiaries, Hotel Malaysia Limited (HML), Maryland Enterprises
(Pte.) Ltd and Goodwood Gourmet Market Enterprises Private
Limited, the Group will receive distribution in cash and certain
investments in-specie. The directors have estimated the amounts
recoverable by the Group from the liquidations of the
subsidiaries to be $322,701,000 based on the best information
available to the directors. The amounts ultimately recovered may
be different as they are dependent on many inherent
uncertainties which impact the values of the investments held by
these subsidiaries

In the preparation of the consolidated financial statements, the
Group's entitlement to the investments which will be received
in-specie, and which were included in non-current assets-
investments available for sale, in the previous year, are
included in non-current assets-amount realizable on liquidation
of subsidiaries ($277,241,000), as they will not have been
acquired principally for the purpose of generating a profit from
short-term fluctuation in prices nor has management expressed
intention to sell them within the next twelve months. The
remaining balance of distributions receivable in cash had been
included in current assets-amounts realizable on liquidation of
subsidiaries ($45,460,000).

LIQUIDATION OF AN INVESTEE COMPANY

The investee Company, Central Properties Limited (CPL), was
placed in voluntary liquidation on 29 September 2003. Pursuant
to the voluntary liquidation of CPL, the Group expects to
receive distribution in cash and certain investments in-specie.
As the distribution is principally expected to be in the form of
investments, there is no reclassification to current assets. The
directors have estimated the amounts recoverable by the Group
from the liquidation of the investee Company to be approximately
$224,000,000 based on the best information available to the
directors. The amounts ultimately recoverable may be different
as they are dependent on many inherent uncertainties which
impact the values of the investments held by the investee
Company.

(c) The underlined phrase should read 30 September 2002.

(d) The major variances in balances arising from the de-
consolidation of subsidiaries include the following:

i) Reclassification of balances comprising amount realizable on
liquidation of subsidiaries under current and non-current assets
and amount realizable on liquidation of an investee Company
under non-current asset;

ii) Increase in trade and other payables due mainly to amount
owing to subsidiary, HML, amounting to $42,990,000 which was
previously eliminated on consolidation; and

iii) Elimination of minority interests balance.

(e) The principal activity of the subsidiaries in liquidation is
investment holding. As the underlying principal investments of
these subsidiaries will be retained by the Group by way of its
entitlements to the in-specie distributions, the gains arising
from changes in the fair values of the investments have been
included in the fair value reserve account, which is consistent
with the accounting policy adopted by the Group in respect of
investments available-for-sale, and the liquidations of the
subsidiaries have no significant impact on the net result of the
Group in the current financial year. When the Group's
entitlements to the distributions declared by the liquidators
are accounted for, which will be in the financial year when the
distributions are declared, the amounts held in the fair value
reserve account together with further gains or losses will
correspondingly, be taken to the income statements.

Similarly, the gains arising from changes in the fair value of
the investment in the investee Company have been included in the
fair value reserve account and therefore the liquidation of the
investee Company has no significant impact on the net result of
the Group in the current financial year. When the Group's
entitlements to the distributions declared by the liquidators
are accounted for, which will be in the financial year in which
the distributions are declared, the amounts held in the fair
value reserve account together with further gains or losses will
be taken to the income statements.

Based on the directors' estimates of the amounts recoverable,
referred to above, the income statement of the Group will
include a gain of approximately $310,959,000.

                                                $'000
Estimated distributions from liquidations
of subsidiaries and an investee Company         546,701

Less: Investments at carrying value            (546,701)
                                                   -

Transfer from fair value reserves
upon realization of investments
in subsidiaries and investee Company            310,959

Total realized gain                             310,959


HUA KOK: E&Y Audits 1H03 Financial Statement
--------------------------------------------
The Board of Directors of Hua Kok International Ltd. announced
that Ernst & Young, without qualifying their opinion, have
included an emphasis of matter paragraph in their Auditors'
Report on the consolidated financial statements of the Company
and its subsidiary companies for the year ended 30 June 2003.
The Auditor's Report is reproduced in full as follows:

"AUDITORS' REPORT TO THE MEMBERS OF HUA KOK INTERNATIONAL LTD

Ernst & Young (E&Y) have audited the financial statements of Hua
Kok International Ltd and consolidated financial statements of
the Company and its subsidiary companies (the Group) set out on
pages 29 to 76. The financial statements comprise the balance
sheets of the Company and of the Group as at 30 June 2003, the
profit and loss accounts and the statements of changes in equity
of the Company and of the Group and statement of cash flows of
the Group for the financial year ended 30 June 2003, and notes
thereto. These financial statements are the responsibility of
the Company's directors. The auditor's responsibility is to
express an opinion on these financial statements based on its
audit.

E&Y conducted its audit in accordance with Singapore Standards
on Auditing. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by the directors, as well as
evaluating the overall financial statement presentation. We
believe that E&Y's audit provides a reasonable basis for its
opinion.

Without qualifying its opinion, E&Y draw attention to Note 1 of
the financial statements. As at 30 June 2003, the Company and
the Group were in net current liability positions of $6,890,835
and $11,202,188 respectively. The net loss of the Group
attributable to the shareholders of the Company amounted to
$12,968,087 and $12,510,110 for the years ended 30 June 2003 and
2002 respectively. In addition, the Company and certain
subsidiary companies in respect of bank overdraft breached
financial covenants, bills payable, hire purchase and bank loan
facilities granted as disclosed in Note 16 to the financial
statements. The financial statements of the Company and the
consolidated financial statements of the Group have been
prepared on a going concern basis on the assumption that the
Company and the Group will be able to achieve profitable
operations in the future and that sufficient funding will be
made available by the bankers of the Group, such that the
Company and the Group will be able to meet their liabilities as
and when they fall due. If the Company and the Group are unable
to continue in operational existence for the foreseeable future,
the Company and the Group may be unable to discharge their
liabilities in the normal course of business and adjustments may
have to be made to reflect the situation that assets may need to
be realized other than in the normal course of business and at
amounts which could differ significantly from the amounts at
which they are currently recorded in the balance sheet.

In addition, the Company and the Group may have to reclassify
non-current assets and liabilities as current assets and
liabilities respectively. The financial statements of the
Company and the consolidated financial statements of the Group
do not include any such adjustments that may be required.

In the Auditor's Opinion,

(a) The financial statements are properly drawn up in accordance
with the provisions of the Singapore Companies Act (Act) and
Singapore Statements of Accounting Standard and so as to give a
true and fair view of:

(i) The state of affairs of the Company and of the Group as at
30 June 2003 and of the results and changes in equity of the
Company and of the Group and cash flows of the Group for the
year ended on that date; and

(ii) The other matters required by section 201 of the Act to be
dealt with in the financial statements and consolidated
financial statements;

(b) The accounting and other records, and the registers required
by the Act to be kept by the Company and by those subsidiary
companies incorporated in Singapore of which we are the auditors
have been properly kept in accordance with the provisions of the
Act.

E&Y have considered the financial statements of the subsidiary
companies of which we have not acted as auditors and the
financial statements of subsidiary companies which are not
required to present audited financial statements under the laws
of their respective countries of incorporation, being financial
statements included in the consolidated financial statements.
The names of these subsidiary companies are stated in Note 5 to
the financial statements.

E&Y are satisfied that the financial statements of the
subsidiary companies that have been consolidated with the
financial statements of the Company are in form and content
appropriate and proper for the purposes of the preparation of
the consolidated financial statements and we have received
satisfactory information and explanations as required by us for
those purposes.

The auditors' reports on the financial statements of the
subsidiary companies were not subject to any qualification and
in respect of subsidiary companies incorporated in Singapore did
not include any comment made under section 207(3) of the Act.

ERNST & YOUNG
Certified Public Accountants
Singapore
20 October 2003"


NETVALUE (SINGAPORE): Issues Dividend Notice
--------------------------------------------
NetValue (Singapore) Pte Ltd (In Members' Voluntary Winding Up)
issued a notice of intended dividend as follows:

Address of Registered Office: formerly of 122 Middle Road #08-09
Singapore 188973.

Court: N/A.

No. of Matter: N/A.

Last day for receiving proofs: 15th December 2003.

Name of Liquidators: John Teo Cheng Lok & Gerald Loong Sie
Kiong.

Address of Liquidators: 15 Beach Road
#03-10 Beach Centre
Singapore 189677.
Dated this 21st day of November 2003.


POPULAR LOGISTICS: Issues Winding Up Order Notice
-------------------------------------------------
Popular Logistics Pte Ltd issued a winding up order notice made
on 14th November 2003.

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

TAN PENG CHIN LLC
Solicitors for the Petitioner.


SCOTTS INVESTMENTS: Releases Intended Dividend Notice
-----------------------------------------------------
Scotts Investments (Singapore) Pte Ltd (In Compulsory
Liquidation) issued a notice of intended dividend as follows:

Address of Registered Office: 8 Cross Street #11-00 PWC Building
Singapore 048424.

Court: High Court of Singapore.

Number of Matter: Companies Winding Up No. 191 of 2000.

Last Day for Receiving Proofs: 5th December 2003.

Name of Liquidators: Gautam Banerjee Yeoh Oon Jin.

Address: c/o PricewaterhouseCoopers
8 Cross Street #17-00
PWC Building
Singapore 048424.
Dated this 21st day of November 2003.


UGOTACALL PTE: Releases First & Final Dividend
----------------------------------------------
Ugotacall Pte Ltd (In Creditors' Voluntary Liquidation) issued a
notice of first and final dividend as follows:

Address of registered office: 100 Cecil Street #11-01 The Globe
Singapore 069532.

Court:

Number of matter:

Amount per centum: 7.2%.

First and final or otherwise: First and final.

When payable: 28th November 2003.

Where payable: Singapore.


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


BANGKOK LAND: Raises Over Bt3.86b Billion in Private Placement
--------------------------------------------------------------
Bangkok Land Public Company Limited announced Wednesday that it
had successfully placed 2,346 million new ordinary shares,
raising Bt3.86 billion in new equity. The participants in the
Private Placement included Seamico Securities, which took a
total of Bt140 million of the issue.

BLAND has played a significant role in the development of
Thailand's property sector and in establishing Thailand as a
major Convention and Exhibition destination.

Recent announcements which have demonstrated BLAND's re-
emergence as a major force in Thailand, include:

   * The expansion of its IMPACT site by a further 50,000 square
meters.

   * The potential listing of IMPACT on the Stock Exchange of
Thailand.

   * The launch of a joint venture residential sites in
Srinakarin, jointly with Bouygues - a 1,550 rai up-market
housing site.

   * A rights warrants issue to existing shareholders on the
share registrar book on 20th October 2003.

Commenting on the capital raising, Khun Anant Kanjanapas,
Chairman of Bangkok Land, said "This marks the completion of our
capital restructuring and will enable us to repay a substantial
portion of our debt. It will also enable us to complete our
planned expansion of IMPACT and commence the development of our
Srinakarin project. We are delighted that investors have shown
such confidence in the Company, particularly due to the recent
fall in the SET index".

Bangkok Land is one of Thailand's leading property developers.
Its shares are listed on the Stock Exchange of Thailand and they
closed at 25th November 2003 at Bt1.6 per share.

Seamico Securities Plc. was sole Underwriter and Private
Placement Agent, respectively to the issue.

CONTACT INFORMATION: Mr. Peter Kanjanapas
        Managing Director, Bangkok Land Plc.
        2nd Floor, Bangkok Land Bldg.
        1091/290-4 Metro Shopping Centre New Petchburi Road,
        Bangkok 10400
        Tel: +66 (0) 2254-1031-40
        Fax: +66 (0) 2254-1026


HEMARAJ LAND: Posts Warrants Exercise Notice
--------------------------------------------
Hemaraj Land and Development Public Company Limited notified the
warrant holders regarding the exercise procedures as follows:

1. Exercise Date    : December 15, 2003
2. Exercise Period  : December 1, 2003 - December 14, 2003

   During Business day from 8:30 a.m. to 3.30 p.m.

3. Place

   Hemaraj Land and Development Public Company Limited
   18th Fl., UM Tower,
   9 Ramkhamhaeng Road,
   Suanluang, Bangkok 10250
   Tel. 0-2719-9555
   Fax. 0-2719-9546

   or the office of every Finance and Securities Companies
and/or every Securities Companies within the exercise period

4. Exercise ratio and exercise price :

1 warrant can be exercised to 1 common share at Bt0.283 per
share.


MDX PUBLIC: Clarifies Q3/2003 Financial Statement
-------------------------------------------------
Wittayu Planner Co., Ltd., the Plan Administrator of MDX Public
Co., Ltd., in relation to the Auditor's disclaimer opinion on
the Q3/2003 consolidated and financial statements MDX Public
Company Limited and its subsidiaries, clarified as follows:

1. Liabilities shown in MDX's financial statements and its
subsidiaries' consolidated financial statements are higher than
its assets, together with a high level of deficit.  All these
factors cause concern about the company's continued operation.

MDX is under implementation of Rehabilitation Plan, which has
already been approved by the Central Bankruptcy Court. After
completion of the Plan, MDX will have roughly about 16.43
percent of its principal liabilities left while its paid-up
capital will increase to Bt4,756.30 million. Furthermore, some
part of its deficit will be cleared off.

2. Financial statements of four subsidiary companies
incorporated in the consolidated balance sheet incurred loss
from operation and substantial deficit.

Two of them are inactive while others have large amount of
interest expense. These cause loss from operation on those
companies.

3. MDX did not record tax and penalty, which were assessed by
the Revenue Department for an amount of Bt156.57 million into
its liabilities.

The Revenue Department has assessed tax and penalty on MDX's
revenue for total amount of Bt286.22. However, MDX is quite
confident that the assessment is higher than it should be. MDX,
then, filed the petition to the Revenue Department's committee
for reinvestigation of the tax assessment. It is now under
consideration process of the committee.

4. The auditors have not reviewed the statement of income of an
associated foreign company, which was accounted for investment
by equity method.

Investment in another associated company was not recorded by
equity method in MDX's financial statements.

The reasons are that one associated company is a foreign company
while the other is not listed in the Stock Exchange of Thailand.
So, they are not obliged to prepare quarterly financial
statements as listed company. Furthermore, MDX can not
participate in management activities due to its limited
shareholding.

Due to the above factors, the auditor is, then, unable to assure
that the financial statements and consolidated financial
statements of MDX and its subsidiaries were presented in
accordance with generally accepted accounting principles.
However, MDX has already disclosed all sufficient information in
its financial statements.

Furthermore, MDX would like to clarify the main factors that
caused Q3/2003 operating result differ more than 20 percent from
those in 2002 as follows:

   1. In Q3/2003, MDX has a higher amount of Participating
Profit from Investment in one Associated Company than those of
last year.

   2. No Loss on Exchange Rate in Q3/2003.

   3. In 2003, MDX recorded bad debt expense less than those
recorded in 2002.


TPI POLENE: Director Leophairatana Resigns
------------------------------------------
TPI Polene Public Company Limited notified the Stock Exchange of
Thailand that Mrs. Orapin Leophairatana, the company's director
and executive director, submitted its resignation letter,
effective November 21, 2003.

The Troubled Company Reporter - Asia Pacific reported that the
SET has posted an "SP" (Suspension) sign to suspend trading on
the securities of TPI Polene on 17 November 2003 to enable
shareholders and general investors to have sufficient time to
scrutinize an auditors' report on the review of their financial
statements.

* SET Still Suspends Securities Trading
---------------------------------------
An `NP' (Notice Pending) sign was posted against the following
listed companies on November 17, 2003 due to auditors reports of
their inability to reach any conclusion regarding the companies'
third quarterly reviewed financial statements as of September
30, 2003 and the conclusion regarding the amendment is pending.

   1.Thai Wire Products Public Company Limited (TWP)
   2.Christiani & Nielsen (Thai) Public Company Limited (CNT)

Presently, The Securities and Exchange Commission (SEC) informed
the SET that it is not necessary to amend the above companies'
financial statements on the issue that auditors stated,
therefore, `NR' (Notice Received) sign is posted on TWP and
CNT's securities from November 25, 2003 to announce that the SET
receives the conclusion from the SEC.

However, the SET has still suspended trading all securities of
TWP, CNT until the causes of de-listing are eliminated.


                            *********


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

This material is copyrighted and any commercial use, resale or
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