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

                   A S I A   P A C I F I C

         Tuesday, February 3, 2004, Vol. 7, No. 22

                         Headlines

A U S T R A L I A

BROADTEL COMMUNICATION: Implements Restructuring Scheme
NATIONAL AUSTRALIA: CEO Frank Cicutto Resigns
NATIONAL AUSTRALIA: Wins Over Pollock Lease on Land
NATIONAL AUSTRALIA: Appoints John Stewart as New CEO
NOVUS PETROLEUM: Medco Extends Takeover Bid


C H I N A  & H O N G K O N G

EASTERN SHEEN: Faces Winding up Petition
HIN FULL: Winding Up Hearing Set March 10
KINSIWAY LIMITED: Faces Winding Up Petition


J A P A N

DAIE INC.: Daiei Subsidiaries Settle Loan Dispute
FURUKAWA CO.: JCR Assigns BB+ Rating to Bonds
KANEBO LIMITED: Kanebo Corp. May Acquire Firm
LAOX CO.: R&I Downgrades to BB-
MITSUBISHI TOKYO: Reorganizes Asset Management Units

TOKYO TATEMONO: JCR Assigns BBB-/J-2 on Bonds
TOSHIBA CORPORATION: Plans US$284 3-Yr Bond Issue


K O R E A

LG CARD: Koram Yet to Approve Bailout
LG CARD: Ministry Warn Creditors Over Rescue Delay
SK CORPORATION: Pledges to Improve Corporate Governance
SK NETWORKS: SK Corporation Blames Unit on Losses
SSANGYONG MOTOR: Union Protests May Delay Sale


M A L A Y S I A

BESCORP INDUSTRIES: Issued Default Payment Update  
GULA PERAK: RAM Places B2(s) Rating on RCSN Notes
HAP SENG: Proposes Rationalization of Businesses
HOTLINE FURNITURE: Seeks ICULS Listing Revision
PAN MALAYSIA: Issues Announcement Correction

MALAYSIA MINING: Unit Enters Share Sale Agreement With Etika
SASHIP HOLDINGS: KLSE Denies Appeal Against Delisting Decision
TAP RESOURCES: Releases Investigative Audit Findings  
TENCO BERHAD: Releases Status on Default Payment


P H I L I P P I N E S

BACNOTAN STEEL: Receivers OK Recovery Plan
BAYAN TELECOMMUNICATIONS: Creditors Oppose BNY Rehab Plan
MANILA ELECTRIC: US$24M Debt Due This Year
MANILA ELECTRIC: Revives Plan to Sell Idle Assets
PHILIPPINE LONG: ADR Down US$0.82 on Friday


S I N G A P O R E

ASIA FOOD: Issues Debt Restructuring Update
CLSM PTE: Issues Dividend Notice
EI-NETS LTD.: Clarifies Winding Up Filing Report
EXCEL VISION: Petition to Wind Up Pending
JTA MOTORS: Issues Preferential Dividend Notice

KOHWIN INVESTMENTS: Creditors Meeting Set for February 26
L&M GROUP: Unveils January 31 AGM Resolutions
MULTI-CHEM LIMITED: Transfers Shares in Subsidiary
WEE POH: Appoints Ng Choon Kiat as Alternate Director


T H A I L A N D

DATAMAT PUBLIC: Issues Capital Increase Update
NATURAL PARK: Increases Capital to 2 Million Baht
SINO-THAI: Releases Tender Offer Update
TPI POLENE: Clarifies New Shares Offering Report

* BOND PRICING: For the week of February 2 - February 6, 2004

     -  -  -  -  -  -  -  -

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


BROADTEL COMMUNICATION: Implements Restructuring Scheme
-------------------------------------------------------
The Board of Directors of BroadTel Communication Limited
announced that following the resignation of the previous Chairman
and the Company Secretary/CFO in December 2003, the new Board has
reviewed and considered all of the operations of BroadTel and has
begun to implement a restructure which will immediately and
considerably reduce operating costs and change the model of
delivery of telephony services from a retail to a more wholesale
approach, whereby many of the bundled telephony services will be
outsourced to channel partners and resellers.

This in turn will considerably reduce operating expenses and the
deteriorating cash position that prevailed in the second quarter
to December 31,2003. In fact, since the commencement of the
restructure, the net operating cash flow for the month of January
2004 has improved considerably.

However, the board anticipates that despite the restructure, the
Company is unlikely to achieve claims made by the previous
management and Board about ' a net cash improvement of $800,000
for the Company for the full year', which was included in a cash
earnings forecast for 2003-2004 released to the market on August
5, 2003.  The main reason for this is the poorer operating cash
flow position for the December 2003 quarter.

The adoption of the wholesale model is now agreed to and in place
and should take effect in full from February 1, 2004, with much
of the ongoing liabilities and staff commitments and sales force
being transferred to companies to whom the services are
outsourced.  However, the extent of the benefits can only be
fully measured over the next quarter, when a full three-month
result will be available.

The Board announced that it has secured a $500,000 credit
facility to assist with any finding requirement during the
restructure.

(b) Resignation of CEO and Director and Appointment of New   
    Director

The Board advised that as a consequence of the restructure and
the possible relocation of all operations into single premises in
due course, the need for a CEO and separate State Managers no
longer exists.  Thus, Mr. Anthony Farrah, who served as CEO and
Director, has tendered his resignation effective February 1,
2004.

The Board wishes to thank Mr. Farrah for his contribution during
his term as CEO and Director and in particular for his assistance
in the restructure of the Company since early January.  Mr.
Farrah has resigned on his own accord, having unselfishly
recognized that the new direction of the Company could not
support additional management positions.

The Board announced the appointment of Stephen Athanasiou as
Director of the Company effective from February 1, 2004.  Mr.
Athanasiou, who holds in IT&T and Finance in Australia and the UK
and has served as State Manager and acting CFO to BroadTel in
recent weeks and substantially assisted in the restructure being
currently implemented.


NATIONAL AUSTRALIA: CEO Frank Cicutto Resigns
---------------------------------------------
Frank Cicutoo, National Australia Bank Chief Executive Officer
(CEO), resigned Monday in the wake of the bank's $360 million
foreign exchange trading scandal. According to The Age, Mr.
Cicutto will receive a resignation payment of $3.27 million,
which includes a payment in lieu of six months notice.

"I regret the decision was necessary but I believe it is in the
best interests of the bank," Mr. Cicutto said this morning.

"I am proud of the contribution I have made to its development as
Australia's leading banking and wealth management business.

"I am comfortable in the knowledge that I am handing over a
company that is well positioned for future growth."

Mr. Cicutto will forgo $1.293 million in matching shares as a
result of his resignation.

The rogue trading furore, which was unearthed on January 13, has
rocked the nation's biggest bank, costing it $360 million in pre
tax losses - double the amount in first indicated.

The bank's shares fell to seven-week lows on January 21 as
mortgage brokers started to question the credibility of the
bank's senior management in light of the spiraling scandal.

But the shares recovered after the bank sold its stake in AMP,
AMP's UK spin-off HHG and St George Bank, pocketing a pre-tax
profit of $993 million and a net profit of $322 million.

NAB shares closed on Friday at $30.56.

NAB Chairman Charles Allen said today Mr. Cicutto had made a
"significant contribution" to the bank in his 37 years, including
the last five as chief executive officer.

"He will be missed by his colleagues and we wish him well for the
future," Mr. Allen said.

But this latest scandal is not the first to plague Mr. Cicutto's
tenure at NAB.

On the thick end of the growing wedge of mishaps under Mr.
Cicutto's watch is NAB's notorious foray into the US mortgage
distribution business, culminating in the $4 billion HomeSide
write down in 2000/01.

Then there's the bank's $100 million-plus exposure to collapsed
NSW bus company King Bros, millions more in unforeseen costs for
restructuring its UK pension arm, and its botched attempt to
snare

Fifteen percent of financial services group AMP last year.

Meanwhile four separate investigations into the unauthorized
trades are underway.

PricewaterhouseCoopers (PwC) is conducting an independent probe
on behalf of the bank, while the Australian Prudential Regulation
Authority, the Australian Securities and Investments Commission
and the Australian Federal Police are also conducting separate
investigations.

The findings of the PwC investigation are expected by the end of
February.


NATIONAL AUSTRALIA: Wins Over Pollock Lease on Land
---------------------------------------------------
Despite the rogue trading scandal, the National Australia Bank
somehow has good news -- the much-needed victory in its 10-month
campaign to recover some of its $50 million-plus exposure to the
failed business empire of mulch mogul Kevin Pollock.

In the West Australian news, a blow to rival financier Police &
Nurses Credit Society's bid to cut its Pollock exposure, a
Supreme Court judge has ruled NAB has precedence over the credit
union in claiming control of land at Perth International Airport
leased by Pollock-linked company Westgroup Pty Ltd.

The decision clears the way for NAB-appointed receivers at Taylor
Woodings to try to sell Westgroup's leasehold interest in about
20 hectares of land at the corner of Abernethy and Talbot roads
in Hazelmere.

The area is suitable only for commercial and industrial purposes
but not for residential development because of its proximity to
the airport flight path.

Parties close to the deal are refusing to provide any information
on the length of Westgroup's lease or the potential value of the
leasehold interest.

Police & Nurses has been unwinding its exposure to Mr. Pollock
and his associates over the past six months in the wake of the
collapse of the businessman's core group of companies with debts
totaling about $100 million.

NAB, which appointed receivers to 14 of Mr. Pollock's companies,
is the biggest creditor with about $50 million in debts that
arise from a close, decade-long relationship between Mr. Pollock
and late NAB manager Viv Jenaway.

Police & Nurses Chief Executive Fred Huis estimated in May his
society's exposure to the Pollock group totaled about $8 million.

Mr. Huis said last week the exposure had been reduced below $2
million and this included loans over the Swan Brewery apartment
where Mr. Pollock lived.

He said the credit union would appeal against the judgment in
favor of NAB relating to the airport land. The credit union also
had other means of recovering its exposure to Westgroup, but he
would not go into details.

Police & Nurses took a mortgage over Westgroup's leasehold
interest in the land in February last year, more than six years
after NAB took a debenture over Westgroup's assets and four years
after Westgroup acquired its airport leases.

Police & Nurses had approval from Westralia Airports Corporation
for its mortgage but NAB's debenture did not have the
corporation's consent.

Police & Nurses claimed that NAB's debenture fell foul of Federal
laws passed in 1996 for the privatization of the airport because
those laws prevented airport land being encumbered without
Westralia's consent.

But Justice Christopher Pullin ruled NAB's claim over the land
was not affected by the legislation and said the bank was
entitled to the proceeds of any sale of the lease.

Taylor Woodings partner Ian Francis declined to comment.


NATIONAL AUSTRALIA: Appoints John Stewart as New CEO
----------------------------------------------------
The Chairman of the National Australia Bank, Mr. Charles Allen,
announced that the Board of Directors appointed Mr. John Stewart
as Managing Director and Chief Executive Officer (CEO), following
the resignation of Mr. Frank Cicutto.

"The Board of Directors is pleased that John Stewart, currently a
Director on the Principal Board and Executive Director of the
National's business in the United Kingdom, has accepted our offer
to become the Managing Director and Chief Executive Officer of
the Group in Melbourne," Mr. Allen said.

"Mr. Stewart is an outstanding executive with international
banking experience.  John has demonstrated strong leadership
skills, financial acumen and a successful track record in retail
banking.  He is widely respected in the international banking
community and within National."

"Mr. Cicutto has made a very significant contribution to the
National over the last 37 years, including the last five as
Managing Director and Chief Executive Officer.  He will be missed
by his colleagues and we wish him well for the future."

In discussion with the Chairman, Mr. Cicutto expressed his desire
to resign.  "I regret the decision was necessary but I believe it
is in the best interest of the bank," Mr. Cicutto said.  "I am
proud of the contribution I have made to its development as
Australia's leading banking and wealth management business.  I am
comfortable in the knowledge that I am handling over a company
that is well positioned for future growth."

Mr. Stewart said he looked forward to working with the Board and
the management team to build on the National's record of
achievement through further integration of banking and wealth
management, and development of the UK business.

"We have some short term issues to manage but I am confident that
the Board and the management team will tackle these head on and
that the National will continue to improve," Mr. Stewart said.  
"We will all work hard to implement our strategies and deliver
benefits for shareholders, customers and employees of the
National."

Mr. Allen said that the Board was continuing its search for
additional Directors with relevant financial services experience.

To view full copy of this press release, click
http://bankrupt.com/misc/national_australia.pdf
                 

NOVUS PETROLEUM: Medco Extends Takeover Bid
-------------------------------------------
The Indonesian bidder for Novus Petroleum Limited on Friday
extended its off-market takeover bid for the Company by two
weeks, dismissing an independent expert's valuation of Novus as
"materially flawed".

PT Medco Energi Internasional Tbk, through its wholly owned
Australian subsidiary Medco Energi (Australia) Pty Ltd, has
extended its $326 million takeover bid for all the issued
ordinary shares in Novus from February 10 to February 24.

Medco Energi left provision to extend its offer further, stating
the closing date would be 7pm (Melbourne time) on February 24,
"unless further extended".

Medico Energi Chief Executive Hilmi Panigoro said the decision to
extend the takeover period followed the release of additional
information by Novus in recent days.

In an interview with The Age, Mr. Panigoro said that they have
made the decision to extend their offer period to enable them to
give due consideration to the additional information that has
become available to them, including material in the Novus
Target's Statement, as well as some of the confidential
information provided to other interested parties to which Novus
has given access this week.

Medco Energi made a $1.74 a share offer for Novus in late
December, but was trumped earlier this month by a Hong Kong-based
consortium led by Novus managing director Bob Williams, with a
$1.77 a share offer.

Novus's independent directors later issued a statement advising
shareholders to take no action in relation to either offer.

The company last week released a Target Statement which included
a report from independent expert valuer Grant Samuel & Associates
Pty Ltd, pricing Novus' shares between $1.96 and $2.75 per share
- way above either of the two bids.

The valuer said at the time Medco's offer attributed no value to
Novus's exploration upside, concluding the offer was "neither
fair nor reasonable."

But in a response to the statement, Mr. Panigoro said he had been
surprised by the expert's valuation.

"We are extremely surprised at the very high valuation range in
the Grant Samuel Independent Expert's Report," Mr. Panigoro said.

"We believe that it is materially flawed."

Novus shares closed one cent higher at $1.88.


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


EASTERN SHEEN: Faces Winding up Petition
----------------------------------------
The High Court of Hong Kong will hear on March 17, 2004 at 9:30
A.M. the petition seeking the winding up of Eastern Sheen (Hong
Kong) Limited.

Bank of China (Hong Kong) Limited at 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong filed the petition
on January 7, 2004.  Messrs. Deacons represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs Deacons
at 5th Floor, Alexandra House, 16-20 Chater Road, Hong Kong.


HIN FULL: Winding Up Hearing Set March 10
-----------------------------------------
The High Court of Hong Kong will hear on March 10, 2004 at 9:30
A.M. the petition seeking the winding up of Hin Full Development
Limited.

Nanyang Commercial Bank, Limited at 151 Des Voeux Road Central,
Hong Kong filed the petition on December 19, 2004.  Messrs.
Deacons represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs Deacons
at 5th Floor, Alexandra House, 16-20 Chater Road, Hong Kong.


KINSIWAY LIMITED: Faces Winding Up Petition
-------------------------------------------
The High Court of Hong Kong will hear on March 10 at 10 A.M. the
petition seeking the winding up of Kinsiway Limited.

Bank of China (Hong Kong) Limited whose registered office is
located at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong, filed the petition on January 7, 2004.  
Gallant Y.T. Ho & Co. represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Gallant Y.T. Ho
& Co. at 4th Floor, Jardine House, No. 1 Connaught Place, Hong
Kong.


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


DAIE INC.: Daiei Subsidiaries Settle Loan Dispute
-------------------------------------------------
Two units of Daiei Inc. reached an out-of-court settlement on
Friday with Park Credit Management Co. to repay 92 percent of
overdue loans to the Cayman Islands-based investment firm,
according to Japan Times. The Tokyo District Court in August
ordered the subsidiaries to repay 1.38 billion yen in overdue
loans to Park Credit.

The two firms are in charge of the Daiei group's Fukuoka Dome
baseball stadium and the adjacent Sea Hawk Hotel and Resort and
commercial complex. According to a complaint filed by Park
Credit, K.K. Fukuoka Dome and K.K. Fukuoka Daiei Real Estate
borrowed 1.4 billion yen from the failed Chiyoda Mutual Life
Insurance Co. between 1995 and 1997. Claims on the loans were
later sold to Park Credit after Chiyoda went bankrupt in October
2000. But the Daiei firms repaid only a small part of the total.


FURUKAWA CO.: JCR Assigns BB+ Rating to Bonds
---------------------------------------------
Japan Credit Rating Agency (JCR) assigned BB+ ratings to Furukawa
Co. Limited.

Issue Amount (billion) Issue Date Due Date Coupon
Bonds no.3 Y5 Oct. 18, 2000 Oct. 18, 2005 1.91%
Bonds no.4 Y5 Dec. 20, 2000 Dec. 20, 2004 1.45%
Bonds no.5 Y5 Dec. 20, 2000 Dec. 20, 2007 2.21%
Covenants: Negative Pledge
Commissioned Company: No

RATIONALE:

JCR downgraded the ratings for Furukawa (from #BBB- to #BB+) with
Credit Monitor being placed continually) on October 10, 2003 when
the amount of loss from the discontinued operations arising from
the shutdown of PKC was fixed. Then, JCR removed the ratings from
Credit Monitor on December 25 when 19 companies made payments for
subscription for shares of Furukawa in full. Negotiations on sale
of PKC have been under way. If the negotiations fail, additional
loss may incur. JCR believes, however, that the impairment of
equity capital could be covered to a large extent by sell-offs of
other assets. Sales of the truck-mounted crane increased rapidly
in fiscal 2003 due to growing demand for the products as a result
of stricter exhaust gas regulations. There is concern about
possibility of the sharp rebound in fiscal 2004 after the
increase in fiscal 2003. However, Furukawa's earnings power is
expected to improve with the red-ridden PKC being removed.


KANEBO LIMITED: Kanebo Corp. May Acquire Firm
---------------------------------------------
Shares of Kanebo Ltd. increased 2.4 percent to 2,320 yen after
Kao Corporation expressed interest in buying the cosmetics
business for 400 billion yen (US$3.8 billion), Business News
reported on Friday. A merger or sale would give unprofitable
Kanebo a chance to raise money to pare its 682 billion yen debt.

The Company, which had short-term debt of 427 billion yen at the
end of March, had a 67 billion yen loss in its fiscal first half
compared with a profit of 135 million yen a year earlier.


LAOX CO.: R&I Downgrades to BB-
-------------------------------
Rating and Investment Information, Inc. (R&I) has downgraded the
senior long-term credit rating of Laox Co. Ltd. to BB from BBB-.

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Conv. Bonds No. 5 Nov 07, 1994 Mar 31, 2004 Yen 13,000

RATIONALE:

Laox Co. Ltd. is a mass retailer of home electrical appliances
with its base in Akihabara, Tokyo. It has strengths in computers
and computer-related products, but because of Akihabara's
declining ability to attract customers, the slump in the personal
computer market and intensifying competition from other
retailers, the company ended the March 31, 2003 year with a
current account deficit for the second year running. Sales at its
flagship store, The Computer Kan, have dropped off markedly and
its other large stores like The Digital Kan and its Sendai store
had no choice but to make an early withdrawal from the market.
Performance at stores in the metropolitan suburbs and at
affiliated subsidiaries also continues to be poor in general.

On the financial side, Laox's equity capital for the six months
ended September 30, 2003 was maintained at 40 percent. However,
judging from the Company's real estate acquisition period, R&I
believes that there are considerable latent losses where asset
impairment risk is involved.

Furthermore, there has been no progress in the recovery of large
scale investments made during the latter half of the 1990s and
interest bearing debt is increasing to cover needs for operating
funds due to deterioration in the turnover of stock and debts for
goods purchased.

In view of the retailer's poor cash flow, R&I must recognize that
financial stability has declined considerably. In 2005, mass
retailer Yodobashi Camera plans to make inroads into Akihabara,
making the surrounding environment for Laox even more austere.
Laox is currently making efforts to improve its earnings
structure by cutting staff costs and closing unprofitable stores,
but R&I believes that it will take some time for a recovery in
profitability and its financial structure, and has downgraded the
rating accordingly to BB.


MITSUBISHI TOKYO: Reorganizes Asset Management Units
----------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. plans to integrate and
reorganize the operations of its asset management subsidiaries,
Tokyo-Mitsubishi Asset Management Ltd (TMAM) and Mitsubishi Trust
Asset Management Co., Ltd. (MTAM).

This integration and reorganization is part of MTFG's ongoing
measures to shift to more consolidated and integrated Group
management, and is intended to facilitate the provision of higher
quality asset management services to customers.

1. Outline of integration and reorganization

i. Merger of TMAM and MTAM
ii. Integration of the investment advisory and discretionary
management operations of TMAM into The Mitsubishi Trust and
Banking Corporation (MTBC)

2. Aim of integration and reorganization

Although the market for asset management services is forecast to
grow, competition within the sector is expected to increase, and
asset management companies need to strengthen their asset
management capabilities and increase business efficiency. MTFG's
decision to integrate and reorganize its asset management
subsidiaries is aimed at creating a structure that can respond
flexibly to such changes in the market environment.

By drawing on the strengths of MTBC and the newly merged asset
management subsidiary, MTFG will construct a strong asset
management capability and efficient business structure that can
provide customers with higher quality value-added services.

3. Asset management services under the new structure

The existing asset management operations of MTBC are highly rated
by customers, as evidenced by rankings such as its top market
share of corporate pension assets. Under the planned integration
and reorganization, MTBC's asset management infrastructure and
resources, such as its research functions, will be utilized
jointly throughout the Group to improve asset management
capabilities and boost business efficiency.

Growth in the markets for publicly and privately offered
investment trusts, variable annuities and defined contribution
pension funds is expected, and in these and other areas MTFG aims
to create a comprehensive product line up through which it can
meet the broadest range of customer needs, while at the same time
increasing customer service and convenience. This can be achieved
by combining the corporate pension fund management experience of
MTBC with the investment trust and investment advisory and
discretionary management expertise of TMAM and MTAM.

Asset management services currently provided to customers by each
company will continue after the planned integration and
reorganization.

4. Schedule

It is planned to complete the merger of TMAM and MTAM, along with
the integration of the investment advisory and discretionary
management operations of TMAM into MTBC, by October 2004. A
planning committee will be established to determine matters such
as the name, ownership structure and management of the newly
merged asset management subsidiary.

MTFG will pursue further synergies between the high quality
products and services and the strong customer bases of The Bank
of Tokyo-Mitsubishi, Ltd. (BTM) and MTBC.

MTFG will also seek to further improve business efficiency and
consolidate its position as a leading asset management Group.

About Mitsubishi Tokyo Financial Group

Mitsubishi Tokyo Financial Group, Inc. (MTFG) is the holding
company established in April 2001 to oversee the operations of
The Bank of Tokyo-Mitsubishi, Ltd., The Mitsubishi Trust and
Banking Corporation and their subsidiaries. Its primary
responsibilities center on facilitating business synergies among
the entities of the MTFG, on setting the Group's overall
strategic direction, and on managing the Group's risk globally.
Shares of the holding company trade on the Tokyo, Osaka, New York
(NYSE: MTF), and London stock exchanges. For further information,
please visit the Mitsubishi Tokyo Financial Group home page at:
www.mtfg.co.jp/english

Contact:
Seiji Itai, Chief Manager,
Corporate Communication Office
Tel: 81-3-3240-8136


TOKYO TATEMONO: JCR Assigns BBB-/J-2 on Bonds
---------------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the preliminary
BBB- and the J-2 ratings on the bonds of Tokyo Tatemono amounting
to 20 billion yen and CP program of the issuer, respectively.

Preliminary: bonds to be issued amounting to 20 billion yen
CP:
Maximum: Y30 billion
Backup Line: 0%

RATIONALE:

Tokyo Tatemono is a real estate developer that belongs to the
Fuyo group. The earnings have been increasing, supported by brisk
sales of condominiums. Although the financial structure improved
with the interest-bearing debt being reduced, the financial
strength remains weak. Tokyo Tatemono takes a business strategy
that aims to develop low-fund and highly efficient business using
SPC. Real estate securitization reduced concerns about raising
funds and an increase in debt associated with development
projects. The securitization business using SPC, however,
requires high returns on investments on an ongoing basis. Exit
strategy is also important. JCR will pay attention to the project
development conditions and management performance continually.


TOSHIBA CORPORATION: Plans US$284 3-Yr Bond Issue
-------------------------------------------------
Toshiba Corporation plans to issue 30 billion yen (US$284
million) in three-year, domestic straight bonds for retail
investors, according to Reuters. The payment date was tentatively
set for February 27, with maturity on February 28, 2007. Nomura
Holdings Inc. would be the lead manager for the new issue. A
coupon rate has yet to be set, while details of how Toshiba would
use the funds were not available.


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K O R E A
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LG CARD: Koram Yet to Approve Bailout
-------------------------------------
Koram Bank has not yet decided whether to agree to the LG Card
bailout package ironed out between its creditors, LG Group and
government mediators, according to Asia Pulse. Korea Exchange
Bank, the only other bank that has not yet approved the bailout,
is expected to specify its position after its new head, Robert
Fallon, officially takes the post Friday.

The two banks were dragging their feet on issuing an approval
from their respective board of directors that would allow the
injection of fresh funds into the ailing card Company. The
government said that a failure to follow through on a bailout
package could result in 27 trillion won ($2.3 billion) in losses
for the financial sector.


LG CARD: Ministry Warn Creditors Over Rescue Delay
--------------------------------------------------  
The Ministry of Finance and Economy has warned two domestic
creditors of LG Card Co. to make good on their pledges to help
normalize the credit card issuer by the mid-point of this week,
reports the Korea Herald. The ultimatum came as Korea Exchange
Bank (KEB) and KorAm Bank (Koram) have yet to secure board
approvals for their portions of rescue package.

KEB has provisionally agreed to inject 61.4 billion won into LG
Card, while KorAm has promised 35.1 billion won, as part of the
1.65 trillion won pledged by the 16 domestic creditor banks. KEB
and KorAm are controlled respectively by U.S. private equity
funds Lone Star Funds and Carlyle Group.


SK CORPORATION: Pledges to Improve Corporate Governance
-------------------------------------------------------
SK Corporation vowed Friday to improve its corporate governance
practices as it seeks to fend off a challenge by its largest
foreign shareholder Sovereign Asset Management to remove current
board members during elections in March, according to the Korea
Herald. Sovereign Asset Management, which owns 14.99 percent in
SK Corporation, is planning to remove a handful of board members
who approved the decision to bail out sister affiliates SK
Networks, formerly SK Global, and SK Shipping. The Monaco-based
equity fund said the decision ran against the interests of
minority shareholders.

In response, SK Corporation said it would fill half its board
seats with outside directors this year, and raise the share to 70
percent by 2006. Two independent panels will choose the
directors. The Company also vowed to establish a management
transparency committee controlled by outside directors that will
oversee operations.

The Company booked a net loss of 73.5 billion won (US$62.7
million) for the last three months of last year, significantly
lower than the 345.2 billion won losses it reported in the same
period of 2002. Sales declined to 3.64 trillion won from 3.69
trillion won.


SK NETWORKS: SK Corporation Blames Unit on Losses
-------------------------------------------------
In the fourth quarter of 2003, SK Corporation booked W73.5
billion in losses mainly due to the two financially weak unit
firms SK Networks and SK Shipping, Digital Chosun reports.
Operating profit, however, jumped 92 percent on-year to W307
billion, while sales slipped 1 percent to W3.64 trillion. SK Corp
also announced that its board of directors has approved a cash
dividend of W750, down from the previous year's W800. Shares of
SK Corp. drop by 3,300 won to 34,700 won on Friday.


SSANGYONG MOTOR: Union Protests May Delay Sale
----------------------------------------------
Opposition from the carmaker's unionists is delaying procedures
for a takeover of Ssangyong Motor Co. by a Chinese petrochemical
producer China National Bluestar Group Corporation, according to
Asia Pulse. Ssangyong creditors recently agreed with China
National Bluestar Group Corporation (CNBGC) to hold a meeting
sooner or later to reschedule the procedures. On December 22,
Ssangyong creditors and Lanxing signed a memorandum of
understanding on the sale of the ailing automaker.

The Chinese firm originally planned to start due diligence on
Ssangyong's operations and finances for three weeks from early
last month and present its final bid price at the end of last
month to Ssanyong creditors, who plan to conclude a main contract
by the end of next month. CNBGC has reportedly completed its
study of Ssangyong's financial health in general, but has yet to
be able to make on-site inspections as the unionized workers have
blocked Lanxing officials from entering their factory in
Pyeongtaek, about 70 kilometers south of Seoul, since the
beginning of the year.


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


BESCORP INDUSTRIES: Issued Default Payment Update  
-------------------------------------------------
Bescorp Industries Berhad (BIB) provides an update on its default
status as follows:

The default by BIB as at 31 December 2003 amounted to
RM59,436,672.20 made up of a principal sum of RM32,220,139.42
plus RM27,216,532.78 in interest for revolving credit facilities.

As at 31 December 2003, the remaining subsidiary companies of
BIB, namely Bescorp Construction Sdn Bhd (In Liquidation),
Bescorp Piling Sdn Bhd (In Liquidation), Bescorp Concrete Sdn Bhd
(In Liquidation), Bespile Sdn Bhd (In Liquidation), Farlil Sdn
Bhd (In Liquidation) and Waktu Cerah Sdn Bhd, defaulted on a
total sum of RM168,418,976.43 made up of a principal sum of
RM60,905,258.44 plus RM43,911,256.18 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities, and RM63,602,461.81 for overdraft
facilities.

There were no further developments since our previous
announcement with regard to this Practice Note.

To view full copy of this press release, click
http://bankrupt.com/misc/0202bescorp.xls


GULA PERAK: RAM Places B2(s) Rating on RCSN Notes
-------------------------------------------------
Rating Agency Malaysia (RAM) has placed the long-term enhanced
rating of B2(s) for Gula Perak Berhad (Gula Perak)'s RM288.82
million redeemable convertible secured notes (2003/2008) (RCSN)
on Rating Watch with a negative outlook.

The Gula Perak Group is principally involved in hotel operations
and management, property development and plantation. The rating
watch is premised on the Gula Perak Group's stretched finances,
characterized by high borrowings relative to its weak operating
cash flow. Should the Group fail to dispose assets as well as to
restructure its interest and other borrowings, it will be hard
pressed to meet its immediate interest payments of more than RM8
million in the next 12 months. In 1H FYE 31 March 2004, the Group
registered a RM48.48 million deficit in net operating cash flow,
against the high debt level of RM403.08 million as at end-
September 2003.

RAM's Rating Watch highlights possible changes to the existing
rating for an issuer's debt. It focuses on identifiable events,
including mergers, acquisitions, regulatory changes and
operational developments that put a rated debt under special
surveillance by RAM. In a broader sense, it covers any event that
may result in changes relating to the risk factors in respect of
the payment of interest and principal on a rated debt instrument.

RAM's Rating Watch, however, does not mean that the existing
rating will be changed. It only means that a rating is under
evaluation by RAM and a final affirmation is expected to be
announced.


HAP SENG: Proposes Rationalization of Businesses
------------------------------------------------
Hap Seng Malaysia Mosaic Berhad (MMMB) proposed the
rationalization of its property businesses as follows:

(I) Proposed Acquisition By Hap Seng (Or Its Subsidiary To Be
Nominated) Of 5,000,000 Ordinary Shares Of Rm1.00 Each
Representing The Entire Equity Interest In Agritim Corporation
Sdn Bhd From Mmb For A Cash Consideration Of Rm206,245,044
("Proposed Acquisition Of Agritim");

(Ii) Proposed Acquisitions By Hap Seng Realty Sdn Bhd (Formerly
Known As Syarikat Pengangkutan Bunga Raya Tawau Sdn Bhd) (A
Wholly-Owned Subsidiary Of Hap Seng) Of Landed Properties
Belonging To Certain Wholly-Owned Subsidiaries Of Gek Poh For A
Total Cash Consideration Of Rm28,920,000 ("Proposed Acquisition
Of Gek Poh Properties"); And

(Iii) Proposed Acquisition By Hap Seng Of 8,000,000 Ordinary
Shares Of Rm1.00 Each Representing The Entire Equity Interest In
Otentik Sdn Bhd From Gek Poh For A Cash Consideration Of
Rm19,000,000 ("Proposed Acquisition Of Otentik")

(Hereinafter Collectively Referred To As The "Proposals")


We refer to the announcements made on behalf of Hap Seng dated 23
October 2003, 23 December 2003, 30 December 2003, 15 January 2004
and 16 January 2004 in relation to the Proposals.

On behalf of the Board of Directors of Hap Seng, Commerce
International Merchant Bankers Berhad is pleased to announce
that:

(a) The Proposed Acquisition of Gek Poh Properties and the
Proposed Acquisition of Otentik were completed on 29 January 2004
in accordance with the terms of the respective sale and purchase
agreements entered into in respect thereof; and

(b) The Proposed Acquisition of Agritim was completed on 30
January 2004 in accordance with the terms of the sale and
purchase agreement entered into in respect thereof.

This announcement is dated 30 January 2004.


HOTLINE FURNITURE: Seeks ICULS Listing Revision
-----------------------------------------------
Hotline Furniture Berhad (HFB), Mahajaya Berhad (Mahajaya) and
the vendors of the acquiree companies, namely Tan Ming Wai, Tan
Ming Ban, Muhamad Shapiae Bin Mat Ali, Fokus Alur (M) Sdn Bhd,
and Winmin Property Sdn Bhd, had on 17 December 2003, made an
application to the Securities Commission (SC) to seek its
approval to revise the RM49,123,000 nominal value of irredeemable
convertible unsecured loan stocks (ICULS) from to be listed on
Malaysia Securities Exchange Berhad as originally proposed and
approved to non-listed (Variation). Save for the Variation, the
other salient terms of the ICULS as originally proposed and
approved by the SC remain unchanged.

Pursuant thereto, Public Merchant Bank Berhad (PMBB), on behalf
of the Board of HFB, announced that the SC had vide its letter
dated 20 January 2004 which was received on 29 January 2004,
approved the above Variation subject to the following conditions:

(i) PMBB is required to inform all parties involved in the
issuance of ICULS, and if necessary, obtain their approvals on
the Variation;

(ii) PMBB and HFB/Mahajaya are required to undertake the
necessary due diligence on the Variation;

(iii) PMBB is required to furnish the SC a copy of the latest
complete "Principal Terms and Conditions" of the ICULS
(containing all the terms and conditions as approved by the SC)
in a hard copy and diskette [in "PDF" format, "Font Arial", Font
Size 11, Margin (top, bottom, left, right) 1.25" and single line
spacing]; and

(iv) PMBB is required to furnish the SC a written confirmation
pertaining to the compliance of the terms as set out above.


PAN MALAYSIA: Issues Announcement Correction
--------------------------------------------
Further to the earlier announcement made on January 20, 2004, Pan
Malaysia Holdings Berhad informed that the last paragraph of the
said announcement should read as follows:

Shareholders of Metrojaya Berhad (MJB) are advised that pursuant
to paragraph 8.15(5) under the Listing Requirements of the
Malaysia Securities Exchange Berhad (MSEB) in relation to a take-
over offer for the acquisition of the listed shares of a listed
issuer pursuant to the Code as defined under Chapter 11, upon the
announcement by the offeror that acceptances have been received
resulting in the offeror holding 90 percent of the listed shares
of the said listed issuer, all the securities of the listed
issuer may be removed from the Official List of the Exchange.

c.c. Mr. Wong Wing Seong
Securities Commission


MALAYSIA MINING: Unit Enters Share Sale Agreement With Etika
------------------------------------------------------------
The Board of Directors of Malaysia Mining Corporation Berhad
(MMCD) announced that its 99.99 percent subsidiary, MMC
Engineering Group Berhad (MMCEG), has on even date entered into a
Share Sale Agreement (SSA) with Etika Strategi Sdn Bhd for the
proposed sale of 700,000 ordinary shares of RM1.00 each (Sale
Shares) representing 70 percent equity interest in MMC Defence
Sdn Bhd (MMCD) for a cash consideration of RM2.835 million
(Proposal).

2. DETAILS OF THE PROPOSAL

2.1 Background Information

MMCD was incorporated on 28 November 1987 as Tepat Teknik
(Urusan) Sdn Bhd and on 8 February 2001 changed its name to MMCD.
MMCD is a wholly owned subsidiary of MMCEG and the principal
activity of the company is in specialised engineering works,
particularly in the refurbishment and upgrading of armoured
vehicles.

2.2 The financial highlights of MMCD for the past 3 financial
years ended (FYE) 31 January 2003 are as in the Table below.

2.3 The date(s) and the original cost(s) of investment of MMCEG
are as follows:

As at 30 January 2004, the cost of investment of MMCEG's 70%
equity interest in MMCD is RM17,500 comprising 17,500 ordinary
shares of RM1.00 each. In addition, MMCD had on 28 October 2002
implemented the bonus issue exercise by allotting 682,500 bonus
shares of RM1.00 each.
2.4 Basis of arriving at the sale consideration

The sale consideration was based on the discounted cash flow
method of valuation.

2.5 Status of MMCD Shares

The MMCD Shares to be acquired by Etika, shall be free from all
claims, charges, liens, encumbrances and equities whatsoever
together with all rights attached thereto including all
dividends, rights and distributions declared in respect thereof
on the date of completion of the Proposal.

2.6 Utilization of the Proceeds

The proceeds will be utilized by MMCEG for its working capital
purposes.

2.7 Salient features of the SSA

The salient terms of the SSA, inter alia, are as follows:

The total purchase consideration of RM2.835 million (Purchase
Consideration) in relation to the Proposal is to be satisfied by
cash. A deposit of RM283,500 being ten per cent (10%) of the
Purchase Consideration shall be paid to MMCEG upon the execution
of the SSA. The balance of the Purchase Consideration amounting
to RM2,551,500 shall be paid to MMCEG on the completion of the
Proposal, being fourteen (14) days after the fulfillment of the
Conditions Precedent (as defined in the SSA) or such further
extension thereof.

The Conditions Precedent include the approval of the Foreign
Investment Committee for the acquisition of the Sale Shares being
obtained by the Purchaser and the results of the Due Diligence
(as defined in the SSA) being satisfactory to the Purchaser.

2.8 Departure from the Securities Commission's Policies and
Guidelines on Issue/Offer of Securities ("SC Guidelines")

The Proposal has not departed from the SC Guidelines.

2.9. Estimated time frame

The time frame for the completion of the Proposal is estimated to
be within 4 months from the date of execution of the SSA.

3. DETAILS OF PURCHASER

3.1 Etika Strategi Sdn Bhd (80084-U) was incorporated on 14
January 1982 with an authorised capital of RM1,000,000 and the
paid-up capital is RM300,000. The principal activity of Etika is
that of an investment holding company.

4. RATIONALE

4.1 The Proposal is consistent with MMC's strategy to focus its
engineering operations on core segments, business lines and
markets it intends to grow rapidly. The Proposal also allows
growth opportunities for MMCD and brings about synergy in the
defence contracting market with the new strategic partnership.

5. APPROVAL REQUIRED

5.1 The Proposal does not require the approval of MMC's
shareholders. However, the Purchaser is required to seek the
approval of the Foreign Investment Committee on the Proposal.

6. FINANCIAL EFFECTS OF THE PROPOSAL

6.1 Share Capital and Major Shareholding
The Proposal will not have any effect on the share capital and
the major shareholding of MMC as the consideration is to be
satisfied entirely in cash.

6.2 Earnings and Net Tangible Assets (NTA)
The Proposal will not have any material impact on the earnings
and NTA of the MMC Group for the financial year ending 31 January
2004.

7. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
7.1 As at the date hereof, none of the Directors, major
shareholders and/or persons connected to the Directors or major
shareholders of the Company has any interests, direct or
indirect, in the Proposal.

8. STATEMENT BY THE BOARD OF DIRECTORS
8.1 After careful deliberations and considering all aspects of
the Proposal, the Board of MMC is of the opinion that the
Proposal is in the best interest of the Company and the Group.

9. DOCUMENTS FOR INSPECTION
9.1 The SSA is available for inspection at the registered office
of the Company at Level 10, Block B, Wisma Semantan, No. 12,
Jalan Gelenggang, Bukit Damansara, 50490 Kuala Lumpur from Monday
to Fridays (except public holidays) up to one (1) month from the
date of this announcement.

This announcement is dated 30 January 2004.


SASHIP HOLDINGS:  KLSE Denies Appeal Against Delisting Decision
---------------------------------------------------------------
Saship Holdings Berhad was notified on November 17, 2003 that its
securities would be removed from the Official List of the
Singapore Stock Exchange. The Company had submitted an appeal
against the decision of the Exchange to delist its securities
from the Official List of the Exchange.

After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission, the
Exchange has decided that the Appeal be disallowed and that the
securities of the Company be de-listed from the Official List of
the Exchange as the Company does not have an adequate level of
financial condition to warrant continued listing on the Official
List of the Exchange.

Accordingly, please be informed that the securities of the above
Company will be removed from the Official List of the Exchange at
9 A.M. on Wednesday, 4 February 2004.

With respect to the securities of the Company which are deposited
with the Malaysian Central Depository Sdn Bhd (MCD), please be
informed that the securities of the Company may remain deposited
with MCD notwithstanding the de-listing of the securities of the
Company from the Official List of the Exchange. It is not
mandatory for the securities of the Company to be withdrawn from
MCD.

Shareholders of the Company who intend to hold their securities
in the form of physical certificates can withdraw these
securities from their Central Depository System accounts with
MCD, at anytime after the securities of the Company have been de-
listed from the Official List of the Exchange. This can be
effected by the shareholders submitting an application form for
withdrawal in accordance with the procedures prescribed by MCD.

Shareholders of the Company can contact any Participating
Organization of the Exchange and/or MCD's help line at 03-
20717711 or 03-20717723 for information on the withdrawal
procedures.


TAP RESOURCES:  Releases Investigative Audit Findings  
-----------------------------------------------------
Tap Resources Berhad (TAP) refer to its announcement dated
December 1, 2003 in relation to the approval from the Securities
Commission (SC) for an extension of time up to 31 January 2004
for Messrs BDO Binder to complete the investigative audit and
submit the Investigative Audit Report (IAR) to the SC.

On behalf of the Board of Directors, TAP wishes to announce that
Messrs BDO Binder has completed the abovementioned investigative
audit and two (2) copies of the IAR were submitted to the SC by
MIMB on behalf of TAP on 30 January 2004.

The summary of the investigative audit findings (as extracted
from the IAR) which contributed to the past losses of TAP and its
subsidiary companies (TAP Group) are attached herewith under
Appendix A.

Based on the interim review of the IAR, the Board has not noted
evidence of any breach to any laws, rules, guidelines and/or
Memorandum and Articles of Association by the directors of TAP or
other parties, which resulted to the past losses of TAP Group.

The Board will review and examine the investigative audit
findings of the IAR in details and will take the necessary
measures, if deemed appropriate and necessary.

To view full copy of this press release click,
http://bankrupt.com/misc/tapresources0202.htm


TENCO BERHAD: Releases Status on Default Payment
------------------------------------------------
The Board of Directors of Tenco Berhad announced that there is no
material development to the status of default payment to lenders
as announced previously on December 31, 2003.


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


BACNOTAN STEEL: Receivers OK Recovery Plan
------------------------------------------
Danilo Conception, the court-appointed receiver of Bacnotan Steel
Industries, Inc., supported the rehabilitation plan of the debt-
saddled firm and has recommended its approval despite objections
of Ayala-led Bank of the Philippine Islands (BPI), Business World
reports. Conception is the former Securities and Exchange
Commission (SEC) Commissioner.

Concepcion said BPI has a large exposure in Bacnotan but did not
specify the extent of the liability. "[But] it does not represent
majority [of the liabilities]. Nonetheless, in our system, even
if BPI's exposure represents even 90 percent of the debt, if the
court is convinced the rehabilitation is feasible, the objection
of the creditor could still be disregarded," Mr. Concepcion said.

Bacnotan Steel is a subsidiary of listed holding firm Bacnotan
Consolidated Industries, Inc. A Makati court allowed the firm to
suspend payment of its PhP3-billion debt in October.


BAYAN TELECOMMUNICATIONS: Creditors Oppose BNY Rehab Plan
---------------------------------------------------------
Eleven creditors of Bayan Telecommunications, Inc. (BayanTel)
opposed the rehabilitation plan the Bank of New York (BNY) drew
up for the debt-saddled firm, Business World reports. Instead,
the creditors endorsed the "feasible" corporate recovery
blueprint that BayanTel itself submitted on December for approval
of the Pasig Regional Trial Court.

Of the 11 opposing creditors, nine were foreign entities, namely,
Asian Finance & Investment Corp., Bayerische Landesbank
(Singapore Branch), Clearwater Capital Partners Singapore Pte.
Ltd, Deutsche Bank AG, Express Investments III Private Ltd.,
Export Development Canada, J.P. Morgan Chase Bank, PT. Bank
Negara Indonesia (Persero) Tbk. (Hong Kong branch), and Standard
Chartered Bank. Local banks Metropolitan Bank and Trust Co. and
Rizal Commercial Banking Corp. also blocked the Bank of New York
petition.

"The rehabilitation plan makes use of figures and assumptions
which are incorrect, outdated and unrealistic, and if applied,
will have disastrous consequences for all the parties concerned,
including the bondholders represented by the Bank of NY. Indeed,
by not allowing for any debt forgiveness, the rehabilitation plan
will inevitably result in BayanTel defaulting on its restructured
indebtedness," said the opposing creditors, through counsel
Francis Ed. Lim.

Bank of New York in July 2003 filed the rehabilitation case
against BayanTel while negotiations for the restructuring of its
loans were ongoing. Bank of New York had sought court relief upon
the instructions of unsecured bondholders such as Avenue Asia
Investments, L.P.; Avenue Asia International Ltd.; Avenue Asia
Special Situations Fund II, L.P.; Avenue Asia Capital Partners,
L.P.; and Van Eck Global Opportunity Masterfund Ltd. As a group,
these bondholders have a US$200-million exposure on BayanTel. The
senior notes they hold earn a 13.5% interest.


MANILA ELECTRIC: US$24M Debt Due This Year
------------------------------------------
Manila Electric Co. (Meralco)'s 11 billion pesos worth of debts
will fall due in 2004, and the failure to refinance some of these
loans would result in a cash deficit of up to US$24 million in
the first quarter, AFX Asia reports. Meralco plans to issue
US$200 million worth of bonds in the international market to help
refinance this year's maturing debts. However this will have to
wait until the Supreme Court issues its final ruling on the
Company's suspended 0.12-pesos per kilowatt-hour rate increase.

The rate hike would have boosted Meralco's revenues by 1.9
billion pesos annually.

      
MANILA ELECTRIC: Revives Plan to Sell Idle Assets
-------------------------------------------------
The Manila Electric Co. (Meralco) has revived plans to sell some
1 billion pesos worth of idle assets to raise much-needed funds
to finance its capital expenses in 2004, the Philippine Star said
Monday, citing Meralco President Jesus Francisco. Early last
year, Meralco said it needed to sell some of its idle assets but
because of prevailing weak market condition, it has decided to
delay it.


PHILIPPINE LONG: ADR Down US$0.82 on Friday
-------------------------------------------
Philippine Long Distance Telephone (PLDT) was weaker in mid-
session following Friday's drop in its American Depositary
Receipt (ADR)'s in New York, AFX Asia reports. They noted that
overall market sentiment remains weak on lingering pre-election
political concerns. PLDT was top traded so far and down 30 pesos
to 835 on volume of 167,080 shares. Its ADR's fell US$0.82 to
15.09 on Friday.

PLDT President and Chief Executive Officer Manuel Pangilinan had
expressed confidence the Company hit, or even exceeded, its 10-
billion peso net profit goal, after provisions, for 2003 on the
back of the sustained robust performance of wireless unit Smart.
Net profit in 2002 stood at 3.1 billion pesos.
      

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


ASIA FOOD: Issues Debt Restructuring Update
-------------------------------------------
The Board of Directors of Asia Food & Properties Ltd (AFP)
announced the following matters:

(1) New Subsidiary

PT Purimas Sasmita (Purimas), has, through its subsidiaries,
subscribed for 13,000 shares of Rp 1,000,000 each at par or
equivalent to Rp 13,000,000,000 in the share capital of PT
Universal Transindo Mas (UTM), a company established in the
Republic of Indonesia. Following this transaction, UTM is a
subsidiary of Purimas.

Purimas is a subsidiary of Golden Agri-Resources Ltd (GAR), which
is in turn a subsidiary of the Company.

Details of UTM are as follows:

Authorised Capital (Rp) Paid-Up Capital (Rp) Principal Activity
13,000,000,000 13,000,000,000 Transportation

(2) Update on Debt Rescheduling
Further to our last announcement dated 31 December 2003 (on debt
rescheduling status up to 29 December 2003), we wish to advise
that AFP Group, including GAR Group, did not reschedule any
additional debts. The negotiations with its various creditors are
still ongoing. Announcements will be made on a timely basis when
there is further progress on our debt rescheduling efforts.

Cash and Time Deposits with BII Bank Limited, Cook Islands (BII
Bank Ltd)

Under the repayment and security package entered into with BII
Bank Ltd (announced on 2 November 2001), the first, second, third
and fourth aggregate repayments to AFP Group, including GAR
Group, were scheduled to be as follows:

Date of proposed repayment AFP Group
US$'million
May 2001 - April 2002 27
May 2002 - October 2002 25
November 2002 - April 2003 25
May 2003 - October 2003 36.5
Aggregate repayment by October 2003 113.5

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

As at 29 January 2004, the AFP Group, including GAR Group, has
reduced its principal cash and time deposits by US$116.1 million.
Of this reduction, US$76.7 million represents reductions of cash
and time deposits of GAR Group.

ABOUT ASIA FOOD & PROPERTIES
Listed on the Singapore Exchange Securities Trading Limited (SGX-
ST), Asia Food & Properties Limited (AFP) is involved in three
core businesses: Agri-business, Food and Property, through its
investments in Indonesia, China, Malaysia and Singapore.
Headquartered in Singapore, the AFP Group employs about 45,500
people. The Group turnover for the year 2002 was S$1.8 billion.

AGRI-BUSINESS
The Agri-business operations are located in Indonesia and China.

Through its SGX-ST listed subsidiary, Golden Agri-Resources Ltd
(GAR), the Group's Indonesia Agri-business is one of the world's
largest vertically integrated oil palm plantation companies. With
a total planted area of 282,000 hectares, GAR operates 24 palm
oil processing mills, two refineries and four kernel crushing
mills. The primary activities include oil palm tree cultivation
and harvest; processing of fresh fruit bunch into crude palm oil
(CPO) and palm kernel; and refining into value-added products
such as cooking oils, margarine and shortening.

The Group's China Agri-business operations include refineries,
port and oil-seed crushing facilities in Ningbo and Zhuhai,
China.

FOOD
The Group's Food operations, which are carried out by Zhuhai
Huafeng Food Industry (Group) Co., Ltd and its subsidiaries is
one of the largest manufacturers of instant noodles in China. Its
operations include the production, distribution and sale of
instant noodles throughout China.

PROPERTY
The Group's Property division in Indonesia is a leading developer
and is engaged in the development and construction of commercial,
residential and industrial properties, townships, hotels and
resorts. The Property division has long-term investments in major
commercial buildings, hotels and resorts, and is involved in
property sales, leasing and management of its real estate
development and investments in Indonesia, China, Singapore and
Malaysia.


CLSM PTE: Issues Dividend Notice
--------------------------------
CLSM Pte Ltd. issued a notice of intended preferential dividend
as follows:

Address of Registered Office: Formerly of 6 Harper Road, #03-06
Leong Huat Building, Singapore 369674.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 4 of 2000.

Last Day for Receiving Proofs: 13th February 2004.

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

Dated: 30th January 2004.
CHAN WANG HO
Assistant Official Receiver.


EI-NETS LTD.: Clarifies Winding Up Filing Report
------------------------------------------------
Ei-Nets Ltd refers to its announcement on January 30 requesting a
trading halt pending the clarification to the Singapore Stock
Exchange (SGX) in relation to a report in the Business Times on
30 January 2004 regarding a winding up petition filed by Yeo Nai
Meng against the Company.

The Board of Directors of the Company wishes to clarify the
position leading to the issuance of the winding up petition by
Yeo. The Company has already set aside the necessary funds to
meet the costs payable to Mr Yeo but due to an inability to agree
on the proposed date of payment made by the Company, Yeo
proceeded to file the winding up petition against the Company on
29 January 2004. The Company did not make an announcement
yesterday as the winding up petition was only served on the
Company at approximately 10.30 am this morning.

The Board of Directors wishes to announce that the full sum of
S$338,556.33 was paid to Yeo recently. The Directors and the
substantial shareholders have pledged their continued commitment
and financial support to the Company in the continuation of the
Company's operations on a going concern basis.

The Company also urges its shareholders to continue their support
to the Board of Directors in the various new business ventures,
which were announced recently, as well as the proposed new
business ventures that it intends to enter into in the coming
months. The Board of Directors assures the shareholders that this
episode will not interfere with the Company's plans to expand and
focus on the business plans previously announced.

The Company hereby requests the trading halt on its shares be
lifted as at 1400 hrs.


EXCEL VISION: Petition to Wind Up Pending
-----------------------------------------
The petition to wind up Excel Vision (S) Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
February 13, 2004 at 10 o'clock in the morning. Excel Vision (S)
Pte Ltd., a creditor, whose address is situated at 11 Canning
Walk, Singapore 178881, filed the petition with the court on
January 19, 2004.

The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs Rajah & Tann a notice in writing not
later than twelve o'clock noon of the 12th day of February 2004
(the day before the day appointed for the hearing of the
petition).


JTA MOTORS: Issues Preferential Dividend Notice
-----------------------------------------------
JTA Motors Pte Ltd. issued a notice of intended preferential
dividend as follows:

Address of Registered Office: 9 Gul Lane Singapore 629408.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 600148 of 2002.

Last Day for Receiving Proofs: 13th February 2004.

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

Dated: 30th January 2004.
KAMALA PONNAMPALAM
Assistant Official Receiver.


KOHWIN INVESTMENTS: Creditors Meeting Set for February 26
---------------------------------------------------------
Kohwin Investments Pte Ltd. announced that its creditors meeting
will be held at Ernst & Young, 10 Collyer Quay, #06-05 Turquand
Room, Ocean Building, Singapore 049315, at 10 A.M. on 26th
February 2004.

AGENDA

1. To receive the liquidators' report on the progress of the
liquidation.

2. To appoint a committee of inspection, if necessary.

3. Any other matters.

To entitle you to vote thereat, your proof of debt must be lodged
with me not later than 5 p.m. on 12th February 2004. Forms of
proof and of general and special proxies are enclosed herewith.
Proxies to be used at the meeting must be lodged with me not
later than 5 P.M. on 23rd February 2004.

Dated this 30th day of January 2004.
SESHADRI RAJAGOPALAN
Liquidator.
Kohwin Investments Pte Ltd
Address: c/o Ernst & Young
10 Collyer Quay
#23-05 Ocean Building,
Singapore 049315.


L&M GROUP: Unveils January 31 AGM Resolutions
---------------------------------------------
Pursuant to Clause 903(2) of the Stock Exchange of Singapore
Listing Manual, L&M Group Investments Limited announced that the
following resolutions as set out in the Notice of Annual General
Meeting (AGM) dated 16 January 2004 circulated to the
shareholders, were approved by the shareholders at the 22nd
Annual General Meeting held on 31 January 2004:

As Ordinary Business

1. To receive and adopt the Audited Accounts of the Company for
the financial period ended 30 September 2003 together with the
Reports of the Directors and the Auditors.

2. To re-elect Edwin Soeryadjaya, retiring by rotation pursuant
to Article 98 of the Articles of Association of the Company.

3. To re-elect Edward Seky Soeryadjaya, retiring by rotation
pursuant to Article 98 of the Articles of Association of the
Company.

4. To re-elect Husni Heron, retiring under the provisions of
Article 103 of the Articles of Association of the Company.

5. To re-elect Yeo Boon Siah, retiring under the provisions of
Article 103 of the Articles of Association of the Company.

6. That pursuant to Section 153(6) of the Companies Act, Cap. 50,
William Soeryadjaya, who is over 70 years of age, be and is
hereby authorized to continue in office as Directors of the
Company until the next annual general meeting of the Company.

7. That pursuant to Section 153(6) of the Companies Act, Cap. 50,
Lee Khoon Choy, who is over 70 years of age, be and is hereby
authorized to continue in office as Directors of the Company
until the next annual general meeting of the Company.

8. To approve Directors' fees of S$80,771 for the financial
period ended 30 September 2003.

9. To appoint Auditors and authorize the Directors to fix their
remuneration.

10. Bambang Sukmonohadi was not re-elected as Director as he had
declined to offer himself for re-election.

As Special Business

11. That pursuant to Section 161 of the Companies Act, Cap. 50,
approval be and is hereby given to the Directors to issue shares
in the Company at any time and upon such terms and conditions and
for such purposes and to such persons as the Directors may in
their absolute discretion deem fit provided that the aggregate
number of shares to be issued pursuant to this resolution does
not exceed 50 per cent. (50%) of the issued share capital of the
Company for the time being and that the aggregate number of
shares issued other than on a pro rata basis to existing
shareholders does not exceed 20 percent. (20%) of the Company's
issued share capital for the time being.


MULTI-CHEM LIMITED: Transfers Shares in Subsidiary
--------------------------------------------------
The Board of Directors of Multi-Chem Limited announced the
Company's transfer of 100,000 ordinary shares of S$1.00 each in
M.Tech Products Pte Ltd (M.Tech) at par to Ho Boon Chuan Wilson
(Transferee) for cash on January 30, 2004. M.Tech is a subsidiary
of the Company, which is principally engaged in the IT
distribution business.

The transfer represents 10 percent of the issued and paid-up
share capital of M.Tech. Following the transfer, the Company now
holds 800,000, representing 80 percent of the issued and paid-up
share capital of M.Tech while 3 key staff of M.Tech, including
the Transferee, holds the remaining 20 percent.

M.Tech is a subsidiary of the Company principally engaged in the
IT security business, which commenced operations in May 2002. The
Transferee is one of the pioneers in building up M.Tech and is
currently director of M.Tech responsible for its operations. The
transfer is intended to reward, retain & motivate the Transferee
whose direction and decision-making can influence M.Tech's
performance. Ownership of shares in M.Tech allows the
Transferee's interest to be aligned to the interest of the
Company as a shareholder.

As at 31 December 2003, the Net Book Value of M.Tech stood at
approximately S$1.68m or S$1.68 per share. The above transfer is
not expected to have any significant impact on the net tangible
assets or earnings per share of the Company for the current
financial year.

None of the Director or substantial shareholder of the Company
has any interest, direct or interest, in the above transfer.


WEE POH: Appoints Ng Choon Kiat as Alternate Director
-----------------------------------------------------
The Board of Directors of Wee Poh Holdings Limited announced the
appointment of Ng Choon Kiat as the Alternate Director to Chan
Wang Kin with effect from January 19, 2004. Ng Choon Kiat's
particulars had been announced separately on January 5, 2004 on
his appointment as the Deputy General Manager of the Company.



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


DATAMAT PUBLIC: Issues Capital Increase Update
----------------------------------------------
Datamat Public Co. Ltd. announced the recent increase in its
capital to 407,060,517.00 and revealed the uses of the fund as
follows:

1.  Expenses in relation to the Rights Issue Baht 183,534.00.

2.  Repayment to creditors Baht 172,475,860.48

Siam Commercial Bank Public Company Limited Baht 21,784,898.12
Krung Thai Public Company Limited Baht 126,447,760.09
Standard Chartered Nakornthon Public Company Limited Baht
19,308,851.80
Book Club Finance Public Company Limited Baht 4,934,350.47

3. Payment for subscription of Rights Issue of DVM TECHNOLOGY
SDN. BHD. Baht 25,355,616.44

4.  Payment to the Financial Advisor (Underwriter) Baht
11,641,930.56

5.  The remaining approximately Baht 183 million is used as the
Company's revolving operational capital.

For your information.
Sincerely yours,
Kusol Sangkananta
Director and Secretary to the Board


NATURAL PARK: Increases Capital to 2 Million Baht
-------------------------------------------------
Natural Park Public Company Limited has increased its shares
capital as follows:

1. According to the resolution of the Ordinary Shareholders'
Meeting No.1/2546, the Company has increased its capital by
allotting 20,142,928,473 shares totaling at 2,014.29 Million Baht
to Private Placement and Existing Shareholders. The Company has
reported the utilization with reference to the letter N-Park
0804/2546 on 5 August 2003.

2. According to the resolution of The Extraordinary Shareholders'
Meeting No.1/2546 the Company has increased its capital by
allotting 4,028,580,000 shares totaling at 4,028.58 Million Baht
to the Existing Shareholders.

The company would like to summarize and report the use of
increased capital as of December 31,2003 as follows

        Description              Actual used up as of December
                                 31,2003

                                                (Million Baht)
1. Investment in subsidiary and                         2,354
      Register Securities            

2. Repayment to creditors according to                   479
      Rehabilitation           

3. Rendering financial assistance by providing loan      163     
to subsidiary

   Total                                                2,996
   Balance                                              1,840

Please be informed accordingly.
Sincerely yours,
(Mr. Thowthawal Subhavanich)
Chief Financial Officer


SINO-THAI: Releases Tender Offer Update
---------------------------------------
The recent meeting of the Board of Directors of Sino-Thai
Resources Development Public Company Limited had a unanimous
resolution that the offering price of 10 Baht was appropriate.
The independent financial advisor agreed that the share value of
the Company should be suitably assessed by the book value method
and the adjusted book value method. Therefore the share value of
the companies under both methods is between 3.39-5.23 Baht per
share.

The offering prices higher than the assessed value so the
financial advisor believes that the tender offer was appropriate
but the shareholders may choose to accept or reject the tender
offer on their judgment and may look into the opinion of the
independent financial advisor to support their decision.

This announcement is dated February 2, 2004.
  
Please be informed accordingly.
Sincerely yours,
Vitoon Somboon
(Vitoon Somboon)
Assistant Managing Director


TPI POLENE: Clarifies New Shares Offering Report
------------------------------------------------
TPI Polene Public Company Limited clarified the news article
saying, "TPI Polene Public Company Limited would not apply the
proceeds of the public offering of the new shares of the Company
to repay its debts to its creditors."

The Company, at the mediation in the Black Case No. 1/2546 of the
Central Bankruptcy Court on 21 January 2004, actually stated to
the mediators that after the public offering of the new shares of
the company, the company has US$ 300 million available for
repayment at a discount to its creditors.  In relation to  
approximately US$ 450 million, the Company appointed its
financial advisor to conduct due diligence on the Company and
study feasibility of ability of repayment of the Company. At
present, preparation of a due diligence report was nearly
completed.  The Company requested for 6 months postponement so
that the Company would raise US$ 450 million to be used to repay
debts at a discount to the creditors.  

At present, the Debtor is prepared to apply US$300 million to
repay the debts at the discount to the creditors as the Court
considers appropriate.  The mediators had considered and
determined that the conduct of due diligence on the Company was
nearly completed and the case may be able to mediate. The
mediation was therefore postponed to 26 April 2004 at 9.30 hours
(details of which appear in attachments Nos. 1 and 2).

Please be advised accordingly.
Yours sincerely,
(Mr. Prachai Leophairatana)
Chief Executive Officer






* BOND PRICING: For the week of February 2 - February 6, 2004
-------------------------------------------------------------

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


AUSTRALIA
---------

Advantage Group                       10.000%    4/15/06      1
Amcom Telecommunications Ltd          10.000%    10/28/07     2
APN News & Media Ltd                   7.250%    10/31/08     4
Australia Commonwealth Gov't Loans     3.000%     7/29/49    63
Australian Food & Fibre Ltd      4.000%     12/05/08   10
Bendigo Bank Ltd                       8.000%     5/29/49     8
BIL Finance Ltd                        8.000%    10/15/07     9
BIL Finance Ltd                        8.250%    10/15/04     9
BIL Finance Ltd                        8.750%    10/15/04     9
BIL Finance Ltd                        8.750%    10/15/05     9
BIL Finance Ltd                        9.000%    10/15/04     9
BIL Finance Ltd                        9.250%    10/15/06     9
BIL Finance Ltd                        10.000%   10/15/04     9
Capital Properties NZ Ltd              8.500%     4/15/05     7
Capital Properties NZ Ltd              8.500%     4/15/07     9
Capital Properties NZ Ltd              8.500%     4/15/09     9
Consolidated Minerals Ltd              11.250%    3/31/05     1
Djerriwarrh Investments Ltd            7.500%     9/30/04     4
Evans & Tate Ltd                       8.250%    10/29/07     1
Fletcher Building Ltd                  7.800%    3/15/09      8
Fletcher Building Ltd                  7.900%    10/31/06     8
Fletcher Building Ltd                  8.500%     4/15/04     7
Fletcher Building Ltd                  8.600%     3/15/08     8
Fletcher Building Ltd                  8.750%     3/15/06     8
Fletcher Building Ltd                 8.850%      3/15/10     8
Fletcher Building Ltd                 10.500%     4/30/05     7
Feltex Carpets Ltd                    10.250%     9/15/08     1
Fernz Corp Ltd                         8.560%    10/15/06     8
Futuris Corporation Ltd                7.000%    12/31/07     2
Garratts Ltd                           12.000%    12/31/03    1
Gympie Gold Ltd                        8.500%     9/30/07     1
Hy-Fi Securities Ltd                   7.000%     8/15/08     9
Hy-Fi Securities Ltd                   8.750%     8/15/08    10
Hutchison Telecoms Australia           5.500%     7/12/07     1
Infrastructure and Utility             8.500%     9/15/13     9
JB Were Capital Markets Ltd            8.750%    12/31/03    29
Macquarie Bank Ltd                     1.800%     8/15/15    66
New South Wales Treasury Corporation   0.500%     2/16/10    72
NPT Capital Ltd                        9.500%    11/30/04     9
Nuplex Industries Ltd                  9.300%     9/15/07     8
Pacific Retail Finance                 9.250%     9/15/07    10
Port Douglas Reef Resorts Limited      9.000%     4/1/04      1
Powerco Ltd                            8.150%      9/1/07     7
Powerco Ltd                            8.400%     5/22/07     7
Queensland Treasury Corporation        0.500%     5/19/10    71
Richmond Ltd                          10.750%    12/15/04     9
Salomon Smith Barney Australia         4.250%      2/1/09     8
Sapphire Securities Ltd      9.250%    12/20/06     9
Sky Network Television Ltd             9.300%    10/29/49     7
Straits Resources Ltd                 10.000%    12/31/03     1
Strathfield Group Ltd                 11.000%    12/31/05     1
Tower Finance Ltd                      8.750%    10/15/07     9
TrustPower Ltd                         8.300%     9/15/07     8
TrustPower Ltd                         8.500%     9/15/12     8
Vision Systems Ltd                     9.000%     12/15/08    2


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

China Gov't Bond                       2.9000      5/24/32   74
Teco Electric & Machinery Co Ltd       2.750%      4/15/04   75


KOREA
-----

Korea Electric Power Corporation       7.950       4/1/96    69
Kolon Industries Inc                   0.250%     12/31/04   52


MALAYSIA
--------

Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Arus Murni Corporation Bhd              0.500%     8/24/06    1
Berjaya Group Bhd                       5.000%    10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             1.000%      2/25/08    1
Crest Builder Holdings Bhd             3.000%      2/25/06    1
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Eox Group Bhd                          4.000%      1/10/06    1
Equine Capital Bhd                     3.000%      8/26/08    1
Fountain View Development Sdn Bhd      3.500%      11/3/06    6
Gadang Holdings Bhd                    3.000%     10/21/07    3
Gadang Holdings Bhd                    2.000%     12/24/08    1
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    2
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
Halim Mazmin Bhd                       8.000%      6/30/04    3
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Kretam Holdings Bhd                    1.000%     8/10/10     1
Kumpulan Emas Bhd                      7.000%     11/15/04    1
Kumpulan Jetson                        5.000%     11/28/12    1
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
Lingkaran Trans                        7.150%      10/23/10  10
Media Prima Bhd                        2.000%      7/18/08    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
MWE Holdings                           5.500%      10/7/04    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Pahlawan Power                          5.150       1/31/05  10
Pantai Holdings                        5.000%       3/28/07   1
Patimas Computer Bhd                   6.000%      2/19/06    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
POS Malaysia & Services Holdings Bhd   8.000%     11/26/04    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
Rhythm Consolidated Bhd                5.000%      12/17/08   1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Time Engineering Bhd                  2.000%       12/25/05   1
VTI Vintage Bhd                        4.000%     8/22/06    2
Wah Seong Corporation Bhd              3.000%      5/21/12    3
Yu Neh Huat Bhd                        3.000%      9/2/08     1


PHILIPPINES
-----------
Bacnotan Consolidated Industries, Inc.  5.500%    6/21/04    46


SINGAPORE
---------

CSC Holdings Ltd                        6.500%     4/27/05    1
Tampines Assets Ltd                      5.625%    12/7/06    1
Tampines Assets Ltd                      6.000%    12/07/06   1
Tincel Ltd                               5.000%    6/13/11    1
Tincel Ltd                               7.400%    6/13/11    1
Rabobank Singapore                       1.000%    1/15/13   70


THAILAND
--------  

Bank of Asia PCL                         3.750%     2/9/04   64
Bangkok Bank         4.589      3/3/04   64
Bangkok Land              3.125      3/31/01  18
Bangkok Land          4.500     10/13/03  18
Siam Commercial Bank PCL                 3.250%    1/24/04   64


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










                  *********


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

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

Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

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

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

                 *** End of Transmission ***