TCRAP_Public/030311.mbx        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, March 11 2003, Vol. 6, No. 49

                         Headlines

A U S T R A L I A

AUSTRALIAN PLANTATION: Gains $30.7M Profit From DOCA
COLES MYER: Sells Sydney Central Plaza to Westfield for $390M
GOODMAN FIELDER: BPC Received T/O Bid Acceptances
STRAITS RESOURCES: GM Approves Nifty Copper Operation Disposal
TELEVISION & MEDIA: Discloses January Report

VOICENET (AUST): Mr Sanford Replaces Chairman Silver's Post


C H I N A   &   H O N G  K O N G

CENTURY COMPUTER: Winding Up Petition Set for Hearing
CIL HOLDINGS: Requests Trading Suspension
EMPEROR CHINA: Special General Meeting Set on March 28
FULL JOYFUL: Winding Up Sought by Bank of China
HUA YUN DA: Winding Up Petition to be Heard

INNOVATIVE INTERNATIONAL: Exec Director Hui Shan Resigns
LONDON RESTAURANT: Winding Up Hearing Scheduled on March 19
MANSION HOLDINGS: Unaware of Why Shares Price Decreased
SKYROOT INDUSTRIAL: Winding Up Petition Pending
WING LEE: April 3 SGM Scheduled


I N D O N E S I A

GT PETROCHEM: Reaches $440M Debt Restructuring With Creditors
SATELINDO INT'L: Adjourns Creditors' Meeting

* IBRA Refuses Debt Settlement With SBH


J A P A N

ATELIER SAB: Clothing Firm Enters Rehabilitation Proceedings
AOZORA BANK: Cerberus Makes Y100B Offer for Shares
DAIEI INC.: Selling Fukuoka Dome, Hotel by Feb 2004
HAZAMA CORPORATION: Asks For Capital Injection
HANKYU CORPORATION: S&P Downgrades Rating to 'BBpi'

MITSUBISHI PAPER: Sees Y15B Group Net Loss
TOSHIBA CORP.: Intends to Pay End-of-Term Dividend For 2003


K O R E A

DOOSAN HEAVY: Chairman Faces Probe Over Labor Feud
DOOSAN HEAVY: May Temporarily Close Changwon Plant
HYNIX SEMICONDUCTOR: Infineon Criticizes Bailout Package
HYUNDAI CORPORATION: In State of Capital Impairment


M A L A Y S I A

AUTOWAYS HOLDINGS: Changes Registered Address
KSU HOLDINGS: February Interest Default Hits RM20,499,499.77
KSU HOLDINGS: Posts EGM Results
MGR CORPORATION: 17th AGM Fixed on March 31
NCK CORPORATION: Completes Proposed Disposals

PAN MALAYSIA: Judgment Application Hearing Set on April 29
PARIT PERAK: SC's Proposals Approval Pending
PROMET BERHAD: Inks Corp Restructuring Agreement With Vendors
SAP HOLDINGS: Unit Serves Notice of Demand Over Unpaid Debt
TAJO BERHAD: SC Rejects Proposed Restructuring Appeal

TECHNO ASIA: Financial Regularization Status Remains Unchanged
WEMBLEY INDUSTRIES: Awaits Regularization Plan Approvals


P H I L I P P I N E S

BW RESOURCES: SEC Vows to Re-file Case vs. Top Executives
NATIONAL BANK: Director Resigns Post
PHILIPPINE LONG: AT&T Remains Obstinate, Won't Agree to Any Hike
PHILIPPINE TELEGRAPH: Director Lorna Pangilinan Resigns


S I N G A P O R E

BIL INT'L: S&P Places 'BB' Rating on CreditWatch Negative
CHARTERED SEMICONDUCTOR: Director's Shareholding Changes
DATACRAFT ASIA: Updates Trading Conditions


T H A I L A N D

JASMINE INT'L: Posts Debt Rehabilitation Classification Summary
KGI SECURITIES: Discloses BOD Meeting Resolutions
KGI SECURITIES: TRIS Affirms Rating at `BBB-'
MEDIA OF MEDIAS: Reports Rehabilitation Plan Status
PRASIT PATANA: SEC Extends 2002 F/S Submission to April 17

* SET Transfers Losing Companies to REHABCO Category

     -  -  -  -  -  -  -  -

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


AUSTRALIAN PLANTATION: Gains $30.7M Profit From DOCA
----------------------------------------------------
The Directors of Australian Plantation Timber Limited report a
profit after tax of $30.5 million for the six months ended 31
December 2002. The profit comprised a once-off net gain of $30.7
million arising from the cancellation of debts as part of the
Deed of Company Arrangement (DOCA) approved by creditors and
shareholders in the first half of 2002, offset by a post-
administration operating loss incurred between 6 August and 31
December 2002 of $263,000 as shown below:
                                                 $000

Gain on finalisation  of DOCA                    30,772
Operating loss                                     (263)
Net Profit after tax                            $30,509

The operating loss arose during a period characterized by low
levels of sales of managed investments. The Company intends to
issue a new prospectus for plantation investments shortly to
generate increased revenue during the traditional investment
period to 30 June.

The implementation of the DOCA resulted in the company issuing
50% of its share capital to Integrated Tree Cropping Limited
(ITC) and 15% of its share capital to a trust for the benefit of
the APT creditors. This transaction also entailed the
acquisition by APT of 100% of the share capital of ITC Project
Management Limited. The company will continue its core business
of plantation establishment and management, and has entered into
contracts with its parent, ITC, to provide forestry management
and expertise.

The successful completion of the Administration has allowed the
company to emerge on a sound foundation with financing
facilities provided by ITC. The period of receivership and
administration saw the majority of the company's assets sold to
settle its outstanding liabilities, with the losses from these
disposals accounted for in previous periods. During the period
from 1 July 2002 to 6 August 2002, the remainder of the asset
disposals was finalized and the write down of the debt owing to
unsecured creditors was made, which resulted in a net gain in
this period of $30,772,000.

In accordance with the Corporations Act the Company has altered
its year end from 30 June to 31 December to align it with that
of its parent.


COLES MYER: Sells Sydney Central Plaza to Westfield for $390M
-------------------------------------------------------------
Coles Myer announced Monday that it has sold Sydney Central
Plaza to Westfield Trust.

The sale price of $390 million is a record for the sale of an
individual Australian retail property and is a reflection of
robust competition in a strong commercial property market.

Coles Myer CEO, John Fletcher said that the sale was an
important milestone in the execution of Coles Myer's five-year
strategy, which included capital management initiatives to
divest non-core assets and reinvest in higher returning retail
assets.

Under fair value accounting the property was revalued at the
half year ended 2003 and accordingly the profit on sale of the
property will not be material.

The cash from the sale will be used to fund the new store growth
program, reduce debt and other strategic initiatives.

"The transaction also highlights the property market's
confidence in the Myer Grace Bros business, which will continue
operating in the Sydney Central Plaza under a long-term lease,"
Mr Fletcher said.


GOODMAN FIELDER: BPC Received T/O Bid Acceptances
-------------------------------------------------
GOODMAN FIELDER LIMITED advised that as at 7:00 pm on March 7,
2003, BPC1 Pty Limited has received acceptances of its takeover
offer for Goodman Fielder Ltd from a total of more than 6,100
Goodman Fielder Ltd shareholders and a relevant interest in
approximately 43.9% of Goodman Fielder Ltd shares.


STRAITS RESOURCES: GM Approves Nifty Copper Operation Disposal
--------------------------------------------------------------
The directors of Straits Resources Limited advised that at the
General Meeting of Shareholders held at 10:30 on March 6, 2003
in accordance with the Notice of Meeting and Explanatory
Statement issued to shareholders on 3 February 2003, the
following resolution was passed on a show of hands.

RESOLUTION: DISPOSAL OF THE NIFTY COPPER OPERATION AND OTHER
ASSETS

"THAT for all purposes including ASX Listing Rule 11.2, the
Company's members approve the sale by Straits of the following
assets to Hindalco Industries Limited or its Nominee on the
terms described in the Explanatory Statement accompanying the
Notice of Meeting:

   (a) 100% of the share capital of Straits (Nifty) Pty Ltd, the
proprietor of the Nifty Copper Operation; and,

   (b) Straits interest in the Maroochydore Joint Venture, held
by Straits Exploration (Australia) Pty Ltd."

CONTACT INFORMATION: James Dracopoulos
                     Company Secretary
                     Tel (08) 9480 0500
                     Fax (08) 9480 0516
                     www.straits.com.au


TELEVISION & MEDIA: Discloses January Report
--------------------------------------------
Television & Media Services Limited posted its monthly report
for January 2003:
                        APPENDIX 4C
                       MONTHLY REPORT

Name of entity
Television & Media Services Limited

ABN                        Month ended (current month)
83 004 160 249                31/01/2003

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows related to                     Current   Year to date
operating activities                      Month   (7 months)
                                          AUD'000      AUD'000

1.1  Receipts from customers              3,391       72,871
1.2  Payments for
       (a) staff costs                    (1,415)     (21,166)
       (b) advertising & marketing           -        (116)
       (c) research & development            -            -
       (d) leased assets                   (759)      (1,203)
       (e) other working capital           (2,623)     (51,710)
1.3  Dividends received                      -            -
1.4  Interest and other items of
     a similar nature received               4            4
1.5  Interest and other costs of
     finance paid                           (700)      (1,795)
1.6  Income taxes paid                        -            -
1.7  Other (provide details if material)      -            -

1.8  Net Operating Cash Flows               (2,102)      (3,115)

Cash flows related to investing activities
1.9  Payment for acquisition of:
       (a) businesses (item 5)                 -            -
       (b) equity investments                  -            -
       (c) intellectual property               -            -
       (d) physical non-current assets         -            -
       (e) other non-current assets            -            -
1.10  Proceeds from disposal of:
       (a) businesses                          -          800
       (b) equity investments                  -            -
       (c) intellectual property               -            -
       (d) physical non-current assets         -            -
       (e) other non-current assets            -       19,400
1.11 Loans to other entities                   -            -
1.12 Loans repaid by other entities            -            -
1.13 Other - CAPEX                           (39)        (962)

     Net investing cash flows                (39)       19,238

1.14 Total operating and
     investing cash flows                   (2,141)       16,123

Cash flows related to financing activities
1.15 Proceeds from issues of
     shares, options, etc.                     -            -
1.16 Proceeds from sale of
     forfeited shares                          -            -
1.17 Proceeds from borrowings                  -        2,062
1.18 Repayment of borrowings                   -     (25,915)
1.19 Dividends paid                            -            -
1.20 Other (provide details if material)       -            -

     Net financing cash flows                  0     (23,853)

     Net increase (decrease) in cash held   (2,141)      (7,730)

1.21 Cash at beginning of month
     year to date                             584        6,163

1.22 Exchange rate adjustments to item 1.21   -           10

1.23 Cash at end of month                   (1,557)      (1,557)

PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE
RELATED ENTITIES
                                             Current Month
                                                AUD'000

1.24 Aggregate amount of payments to
     the parties included in item 1.2             -

1.25 Aggregate amount of loans to the
     parties included in item 1.11                -

1.26 Explanation necessary for an understanding
     of the transactions                          -

NON-CASH FINANCING AND INVESTING ACTIVITIES

2.1  Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities but
did not involve cash flows         None

2.2  Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest           None

FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.
(See AASB 1026 paragraph 12.2)
                                        Amount       Amount
                                      available       used
                                        AUD'000      AUD'000

3.1  Loan facilities                     59,446       56,960
3.2  Credit standby arrangements         -            -

RECONCILIATION OF CASH

Reconciliation of cash at the end       Current     Previous
of the quarter (as shown in the         month         month
consolidated statement of cash flows)   AUD'000      AUD'000
to the related items in the accounts
is as follows.

4.1  Cash on hand and at bank           (2,670)        (525)
4.2  Deposits at call                     -            -
4.3  Bank overdraft                       -            -
4.4  Other (provide details)            1,113        1,109

Total: cash at end of month (item 1.22)   (1,557)          584

ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES

                                 Acquisitions        Disposals
                                 (item 1.9(a))      (Item
1.10(a))

5.1 Name of entity               -                 -

5.2 Place of incorporation
    or registration              -                 -

5.3 Consideration for
    acquisition or disposal      -                 -

5.4 Total net assets             -                 -

5.5 Nature of business           -                 -


VOICENET (AUST): Mr Sanford Replaces Chairman Silver's Post
-----------------------------------------------------------
Voicenet (Aust) Ltd announces the retirement of its Chairman, Mr
Michael Silver. Mr Silver retires due to health considerations.
The Company's Managing Director, Mr Lindsay Sanford, will assume
the position of Chairman. The Board takes this opportunity to
thank Mr Silver for his valuable contribution to the Company in
a difficult phase in its history.

The Company is pleased to announce the appointment of two new
directors.

Mr Philip Hall is the inventor of the Microgenix system and a
director of Microgenix Technologies Limited, the joint venture
vehicle between Mr Hall and the Company. Mr Hall is a
substantial shareholder in the Company. He brings his technical
expertise and previous board experience to this appointment.

Mr Philip Kelso is a solicitor and company director of several
publicly listed companies. He has wide experience in corporate
and legal matters.

According to Wrights Investors' Service, at the end of 2001,
Voicenet (Australia) Limited had negative working capital, as
current liabilities were A$7.88 million while total current
assets were only A$6.50 million. It also reported losses
during the previous 12 months and has not paid any dividends
during the previous 6 fiscal years.


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


CENTURY COMPUTER: Winding Up Petition Set for Hearing
-----------------------------------------------------
The petition to wind up Century Computer Embroidery Company
Limited is set for hearing before the High Court of Hong Kong on
March 26, 2003 at 10:00 in the morning.

The petition was filed with the court on February 12, 2003 by
Bank of China (Hong Kong) Limited (the successor of all the
undertakings of Sin Hua Bank Limited by virtue of the Bank of
China (Hong Kong) Limited (Merger) Ordinance, Cap. 1167) of 14th
Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong.


CIL HOLDINGS: Requests Trading Suspension
-----------------------------------------
CIL Holdings Limited requested trading in its shares to be
suspended with effect from 9:30 a.m. Monday, March 10, 2003,
pending the release of the announcement of the Company in
relation to the result of the winding up petition.


EMPEROR CHINA: Special General Meeting Set on March 28
------------------------------------------------------
Emperor (China Concept) Investments Limited notified that its
special general meeting will be held at 28th Floor, Emperor
Group Center, 288 Hennessy Road, Wanchai, Hong Kong on 28th
March, 2003 at 10:00 a.m for the purposes of considering and,
if thought fit, passing, with or without modification, the
following resolutions of the Company:

1. SPECIAL RESOLUTION 1

"THAT, conditional upon the Listing Committee of The Stock
Exchange of Hong Kong Limited approving the listing of, and
granting the permission to deal in, shares of HK$0.001 each in
the issued share capital of the Company upon the Capital
Reorganization (as defined below) becoming effective, with
effect from 9:30 a.m. on the next business day (not being
a Saturday) following the date on which this resolution is
passed (the "Effective Date"):

   (a) the issued share capital of the Company be reduced by
canceling paid up capital to the extent of HK$0.4999 on each of
the shares of HK$0.50 each in the capital of the Company in
issue on the Effective Date (the "Capital Reduction") so that
each issued share in the capital of the Company shall be treated
as one fully-paid up share of HK$0.0001 each in the capital of
the Company (the "Reduced Share") and any liability of the
holders of Reduced Shares to make any further contribution
to the capital of the Company on each such Reduced Share shall
be treated as satisfied;

   (b) subject to and forthwith upon the Capital Reduction
taking effect, the credit amount arising from the Capital
Reduction be credited to the contributed surplus account
of the Company and the directors of the Company be and are
hereby authorized to apply such sum to eliminate the accumulated
losses of the Company as at 30th September, 2002 (the
"Application of Credit");

   (c) subject to and forthwith upon the Capital Reduction
taking effect, all of the authorized but unissued shares of
HK$0.50 each in the capital of the Company (including the
authorized but unissued share arising from the Capital
Reduction) be sub-divided into five thousand (5,000) Reduced
Shares (the "Subdivision");

   (d) subject to and forthwith upon the Capital Reduction and
Subdivision taking effect, every ten (10) Reduced Shares be
consolidated into one (1) share of HK$0.001 each in the capital
of the Company (the "Consolidation"); and

   (e) the directors of the Company be and are hereby authorized
generally to do all such acts, deeds and things as they shall,
in their absolute discretion, deem appropriate to effect and
implement the Capital Reduction, the Application of Credit, the
Subdivision and the Consolidation (collectively, the "Capital
Reorganization").

2. ORDINARY RESOLUTION 2

"THAT, conditional upon passing of resolution numbered 1 above

   (a) the general mandate granted to the directors of the
Company (the "Directors") to exercise the powers of the Company
to allot, issue and deal with shares of the Company ("Shares")
as approved by the shareholders of the Company at the annual
general meeting of the Company held on 27th August, 2002 be and
is hereby revoked (without prejudice to any valid exercise of
such general mandate prior to the passing of this resolution);

   (b) the exercise by the Directors during the Relevant Period
(as hereinafter defined) of all the powers of the Company to
allot, issue and deal with additional Shares and to make or
grant offers, agreements and options which might require the
exercise of such powers be and is hereby generally and
unconditionally approved;

   (c) the approval in paragraph (b) above shall authorize the
Directors during the Relevant Period to make or grant offers,
agreements and options which might require the exercise of such
powers after the end of the Relevant Period;

   (d) the aggregate nominal amount of share capital of the
Company allotted or agreed conditionally or unconditionally to
be allotted (whether pursuant to an option or otherwise) by the
Directors pursuant to the approval in paragraph (b) above,
otherwise than pursuant to (i) a Rights Issue (as hereinafter
defined), or (ii) an issue of shares upon the exercise of the
subscription rights attaching to any warrants of the Company,
or (iii) an issue of Shares upon the exercise of options granted
under option scheme or similar arrangement for the time being
adopted for the grant or issue to officers and/or employees of
the Company and/or any of its subsidiaries of Shares or rights
to acquire Shares, or (iv) any scrip dividend or similar
arrangement providing for the allotment of Shares, or (iv) any
script dividend or similar arrangement providing for the
allotment of Shares in lieu of the whole or part of the dividend
in accordance with bye-laws of the Company, not exceed the
aggregate of 20% of the aggregate nominal amount of the share
capital of the Company in issue immediately following
the Capital Reduction and the Consolidation (each as defined in
special resolution numbered 1 above) and the said approval shall
be limited accordingly; and

   (e) for the purpose of this resolution:

"Relevant Period" means the period from the date of passing of
this resolution until whichever is the earliest of:

   (i) the conclusion of the next annual general meeting of the
Company; or

   (ii) the expiration of the period within which the next
annual general meeting of the Company is required by the bye-
laws of the Company or the Companies Act 1981 of Bermuda or any
other applicable law to be held; or

   (iii) the passing of an ordinary resolution by shareholders
of the Company in general meeting revoking or varying the
authority given to the Directors by this resolution; and
"Rights Issue" means an offer of shares in the Company open for
a period fixed by the Directors to holders of shares in the
Company or any class thereof whose names appear on the register
of members of the Company on a fixed record date in proportion
to their then holdings of such shares or class thereof (subject
to such exclusion or other arrangements as the Directors may
deem necessary or expedient in relation to factional
entitlements or having regard to any restrictions or obligations
under the laws of, or the requirements of any recognized
regulatory body or any stock exchange in, any territory
applicable to the Company)."

3. ORDINARY RESOLUTION 3

"THAT, conditional upon the passing of ordinary resolution
numbered 1 above

   (a) the general mandate granted to the directors of the
Company (the "Directors") to exercise the powers of the Company
to repurchase shares of the Company ("Shares") as approved by
the shareholders of the Company at the annual general meeting of
the Company held on 27th August, 2002 be and is hereby revoked
(without prejudice to any valid exercise of such general mandate
prior to the passing of this resolution);

   (b) the exercise by the Directors during the Relevant Period
(as defined below) of all the powers of the Company to
repurchase Shares on the Stock Exchange or on any other stock
exchange on which the securities of the Company may be listed
and which is recognized by the Securities and Futures Commission
of Hong Kong and the Stock Exchange of this purpose, subject to
and in accordance with all applicable laws and/or the
requirements of the Rules Governing the Listing of Securities on
the Stock Exchange or of any other stock exchange as amended
from time to time, be and is hereby generally and
unconditionally approved;

   (c) the aggregate nominal amount of Shares repurchased by the
Company pursuant to paragraph (b) above during the Relevant
Period shall not exceed 10% of the aggregate nominal amount of
the share capital of the Company in issue immediately following
the Capital Reduction and the Consolidation (each as defined in
special resolution numbered 1 above) and the authority pursuant
to paragraph (b) above shall be limited accordingly;

   (d) for the purposes of this resolution:

"Relevant Period" means the period from the date of passing of
this resolution until whichever is the earliest of

   (i) the conclusion of the next annual general meeting of the
Company; or

   (ii) the expiration of the period within which the next
annual general meeting of the Company is required by the bye-
laws of the Company or the Companies Act 1981 of Bermuda or any
other applicable law to be held; or

   (iii) the passing of an ordinary resolution by shareholders
of the Company in general meeting revoking or varying the
authority given to the Directors by this resolution."

4. ORDINARY RESOLUTION 4

"THAT subject to the passing of ordinary resolutions numbered 2
and 3 above, the general mandate granted to the directors of the
Company (the "Directors") and for the time being in force to
exercise the powers of the Company to allot, issue and deal with
additional shares of the Company ("Shares") pursuant to
resolution numbered 2 above set out in the notice convening this
meeting be and is hereby extended by the addition to the
aggregate nominal amount of the Shares which may be allotted or
agreed conditionally or unconditionally to be allotted by the
Directors pursuant to such general mandate of an amount
representing the aggregate nominal amount of the Shares
repurchased by the Company under the authority granted pursuant
to resolution numbered 3 set out above, provided that such
extended amount shall not exceed 10% of the share capital of the
Company in issue immediately following the Capital Reduction and
the Consolidation (each as defined in special resolution
numbered 1 above)."

5. ORDINARY RESOLUTION 5

"THAT the agreement dated 14th February, 2003 (a copy of which
has been produced to the meeting and signed by the Chairman of
the meeting for the purpose of identification) ("Lacework
Agreement") entered into between Lavergem Holdings Limited, a
wholly owned subsidiary of the Company, and Achieve Perfect
Group Limited, a wholly-owned subsidiary of Emperor
International Holdings Limited which is a substantial
shareholder of the Company regarding the disposal of the entire
issued share capital of Lacework Profits Limited and the Loan
(as defined in the circular of the Company dated 5th March,
2003) be approved and THAT the directors of the Company be and
are hereby authorized on behalf of the Company (a) to sign,
seal, execute, perfect and deliver all such documents and do all
such deeds, acts, matters and things as they may in their
discretion consider necessary or desirable for the purpose of in
connection with the implementation of the Lacework Agreement;
(b) to exercise or enforce all of the Company's rights under the
Lacework Agreement; and (c) to complete the Lacework Agreement
in accordance with its terms."


FULL JOYFUL: Winding Up Sought by Bank of China
-----------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Full Joyful Development Limited.  The petition was filed on
January 29, 2003, and will be heard before the High Court of
Hong Kong on March 19, 2003 at 10:00 in the morning.

Bank of China holds its registered office at 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong.


HUA YUN DA: Winding Up Petition to be Heard
-------------------------------------------
The petition to wind up Hua Yun Da Group (Hong Kong) Limited
will be heard before the High Court of Hong Kong on March 12,
2003 at 10:00 in the morning.  The petition was filed with the
court on January 17, 2003 by Ng Cheuk Hang of 3/F., 38 Pak Tai
Street, Tokwawan, Kowloon, Hong Kong.


INNOVATIVE INTERNATIONAL: Exec Director Hui Shan Resigns
--------------------------------------------------------
The Board of Directors of Innovative International (Holdings)
Limited announces that Mr. Hui Ching Shan has resigned as
Executive Director of the Company with effect from 5 March,
2003.

The Board would like to take this opportunity to express its
appreciation for the valuable contributions of Mr. Hui to the
Company.


LONDON RESTAURANT: Winding Up Hearing Scheduled on March 19
------------------------------------------------------------
The High Court of Hong Kong will hear on March 19, 2003 at 9:30
in the morning the petition seeking the winding up of London
Restaurant Limited.

Yan Sun Wai of Room 718, Fu Wen House, Fu Cheong Estate,
Shamshuipo, Kowloon, Hong Kong filed the petition on January 22,
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.


MANSION HOLDINGS: Unaware of Why Shares Price Decreased
-------------------------------------------------------
The Board of Directors of Mansion Holdings Limited notes the
recent decrease in the share price of the Company and states
that it is not aware of any reasons for such change.

The Board also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are disclose able under paragraph 3 of the Listing
Agreement, nor is the Board aware of any matter disclose able
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price sensitive
nature.

According to Wrights Investors' Service, at the end of 2001,
Mansion Holdings had negative working capital, as current
liabilities were HK$76.41 million while total current assets
were only HK$72.16 million. It has paid no dividends during the
previous 3 fiscal years and also reported losses during the
previous 12 months.


SKYROOT INDUSTRIAL: Winding Up Petition Pending
-----------------------------------------------
Skyroot Industrial Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on April 9, 2003 at 9:30 in the morning.

The petition was filed on February 14, 2003 by Regent Star
Industrial (HK) Co. Ltd. whose registered office is situated at
9/F., EW International Tower, 120-124 Texaco Road, Tsuen Wan,
New Territories, Hong Kong.


WING LEE: April 3 SGM Scheduled
-------------------------------
Wing Lee Holdings Limited advised that its Special General
Meeting will be held at Marco Polo Hong Kong Hotel, Fung Shui
Room II, 6/F, Harbour City, Tsim Sha Tsui, Kowloon, Hong Kong,
on 3rd April, 2003 at 10:00 a.m. for the purposes of considering
and, if thought fit, passing the following resolutions:

SPECIAL RESOLUTION

1. "THAT, conditional upon (a) the Listing Committee of The
Stock Exchange of Hong Kong Limited granting the listing of and
permission to deal in the Reorganized Shares (as defined below),
(b) compliance by the Company with the notice requirements of
Section 46 of the Companies Act 1981 of Bermuda, and (c) a
director of the Company confirming that there are no reasonable
grounds for believing that the Company is, or after the Capital
Reduction (as defined below) would be unable to pay its
liabilities as they become due, with effect from 4:00 p.m. on
the date on which this resolution is passed:

   (a) every four shares of HK$0.50 each in the issued capital
of the Company (Existing Shares) be consolidated (Share
Consolidation) into one share of HK$2.00 (Consolidated Share);

   (b) thereafter, the issued share capital of the Company be
reduced by canceling paid up capital to the extent of HK$1.50 on
each Consolidated Share in issue (Capital Reduction) so that
each issued Consolidated Share in the capital of the Company
shall be treated as one fully paid up ordinary share of HK$0.50
in the capital of the Company (Reorganized Share);

   (c) the credit standing to the share premium account of the
Company as at 30th September, 2002 of approximately
HK$31,986,000 be cancelled (Share Premium Reduction);

   (d) the credit arising in the books of the Company as a
result of the Capital Reduction and the Share Premium Reduction
in an amount of approximately HK$73,986,000 be credited to the
contributed surplus account of the Company and the directors of
the Company be authorized to apply such surplus in any manner
permitted by the laws of Bermuda and the bye-laws of the
Company:

(the Share Consolidation, the Capital Reduction and the Share
Premium Reduction are collectively referred to as the "Capital
Reorganization");

   (e) the directors of the Company be and are hereby authorized
generally to do all such acts, deeds and things as they may, in
their absolute discretion, deem necessary, desirable or
appropriate to effect and implement any of the foregoing."

ORDINARY RESOLUTIONS

2. "THAT conditional on the passing of Special Resolution No. 1
as set out in the notice convening the special general meeting
at which this resolution is proposed and the Capital
Reorganization (as defined in the said Special Resolution No. 1)
becoming effective:

   (a) the general mandate granted to the directors of the
Company (Directors) to exercise the powers of the Company to
allot, issue and deal with the Existing Shares as approved by
the shareholders of the Company pursuant to an ordinary
resolution passed at the annual general meeting of the Company
held on 22nd January, 2003 be and is hereby revoked (without
prejudice to any valid exercise of such general mandate
prior to the passing of this Resolution);

   (b) subject to paragraph (d) below, the exercise by the
Directors during the Relevant Period (as hereinafter defined) of
all the powers of the Company to allot, issue and deal with
additional shares in the share capital of the Company and to
make or grant offers, agreements and options which would or
might require the exercise of such powers, be and is hereby
generally and unconditionally approved;

   (c) the Directors be and are hereby authorized during the
Relevant Period to make or grant offers, agreements and options
which would or might require the exercise of such powers after
the end of the Relevant Period;

   (d) the aggregate nominal amount of share capital allotted or
agreed conditionally or unconditionally to be allotted (whether
pursuant to an option or otherwise) and issued by the Directors
pursuant to the approval in paragraph (b) above, otherwise than
pursuant to: (i) a Rights Issue (as hereinafter defined); (ii)
the exercise of rights of subscription or conversion under the
terms of any securities, which are convertible into shares of
the Company; (iii) the exercise of options granted under the
share
option scheme adopted by the Company; or (iv) an issue of shares
as scrip dividends pursuant to the bye-laws of the Company from
time to time, shall not exceed 20% of the aggregate nominal
amount of the share capital of the Company in issue on the
date of this Resolution following the Capital Reorganization
becoming effective and as enlarged by the issue of the Rights
Shares, details of which are set out in the announcement of the
Company dated 14th February, 2003, or otherwise, the aggregate
nominal amount of the share capital of the Company in issue on
the date of this Resolution following the Capital Reorganization
becoming effective, and the said approval shall be limited
accordingly; and

   (e) for the purposes of this resolution, "Relevant Period"
means the period from the passing of this resolution until
whichever is the earliest of:

     (i) the conclusion of the next annual general meeting of
the Company; or

     (ii) the expiration of the period within which the next
annual general meeting of the Company is required by the bye-
laws of the Company or any applicable law of Bermuda to be held;
or

     (iii) the revocation or variation of the authority given
under this Resolution by an ordinary resolution of the
shareholders of the Company in general meeting; and

"Rights Issue" means an offer of shares open for a period fixed
by the Directors to the holders of shares on the register of
members of the Company on a fixed record date in proportion to
their then holdings of such shares (subject to such exclusions
or other arrangements as the Directors may deem necessary or
expedient in relation to fractional entitlements or having
regard to any restrictions or obligations under the laws of, or
the requirements of any recognized regulatory body or any stock
exchange)."Ů

3. "THAT conditional on the passing of Special Resolution No. 1
as set out in the notice (the Notice) convening the special
general meeting at which this resolution is proposed and the
Capital Reorganization (as defined in the said Special
Resolution No. 1) becoming effective:

   (a) the general mandate granted to the directors of the
Company (Directors) to exercise the powers of the Company to
purchase issued shares of the Company as approved by the
shareholders of the Company pursuant to an ordinary resolution
passed at the annual general meeting of the Company held on 22nd
January, 2003 be and is hereby revoked (without prejudice to any
valid exercise of such general mandate prior to the passing of
this Resolution);

   (b) subject to paragraph (d) below, the exercise by the
Directors during the Relevant Period (as defined in Ordinary
Resolution No.2 as set out in the Notice) of all the
powers of the Company to purchase issued shares of the Company
on The Stock Exchange of Hong Kong Limited (≠ÝStock Exchange≠Ů)
or any other stock exchange on which the shares of the Company
may be listed and recognized by the Securities and Futures
Commission of Hong Kong and the Stock Exchange for this purpose,
subject to and in accordance with all applicable laws and/or the
requirements of the Stock Exchange or any other stock exchange
as amended from time to time, be and is hereby generally and
unconditionally approved;

   (c) the approval in paragraph (b) shall be in addition to any
other authorization given to the Directors and shall authorize
the Directors on behalf of the Company during the Relevant
Period to procure the Company to purchase its shares at a price
determined by the Directors; and

   (d) the aggregate nominal amount of shares of the Company
which are authorized to be purchased by the Company pursuant to
the approval in paragraph (b) above during the Relevant Period
shall not exceed 10% of the aggregate nominal amount of the
issued share capital of the Company in issue on the date of this
Resolution following the Capital Reorganization becoming
effective and as enlarged by the issue of the Rights Shares,
details of which are set out in the announcement of the Company
dated 14th February, 2003, or otherwise, the aggregate nominal
amount of the issued share capital of the Company in issue on
the date of this Resolution following the Capital Reorganization
becoming effective, and the said approval shall be limited
accordingly."

4. "THAT conditional upon the passing of Special Resolution No.
1 and Ordinary Resolutions No. 2 and 3 in the notice (the
Notice) convening the special general meeting at which this
resolution is proposed, the aggregate nominal amount of the
shares in the capital of the Company which are purchased by the
Company pursuant to and in accordance with the said Ordinary
Resolution No. 3 shall be added to the aggregate nominal amount
of the share capital of the Company that may be allotted or
agreed conditionally or unconditionally to be allotted by the
directors of the Company pursuant to and in accordance with
Ordinary Resolution No. 2 set out in the Notice."


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


GT PETROCHEM: Reaches $440M Debt Restructuring With Creditors
-------------------------------------------------------------
PT GT Petrochem Industries, a subsidiary of Gajah Tunggal Group,
had reached an agreement with its creditors to restructure $440
million of its debt, Dow Jones reported Friday.

Under the proposed restructuring the debt will be reduced to
US$248 million with interest rate of Singapore Interbank Offered
Rate (SIBOR) plus one or two percentage points.

The company's debts including in 6-year floating rate notes
(FRN), 10-year fixed to floating rate notes and zero coupon
notes, could be converted after approval from its shareholders
or repaid after full repayment of the FRN debt.

The foreign creditors include Hypo-und Vereinsbank AG, Lehman
Brothers Commercial Corporation Asia Limited, Raiffeisen
Zentralbank Oesterreich AG, Transpacific Financial Services and
UBS AG.

The restructuring agreement was reached through the mediation of
the Jakarta Initiative.


SATELINDO INT'L: Adjourns Creditors' Meeting
--------------------------------------------
Satelindo International Finance BV would postponed the meeting
with creditors scheduled for March this year due to some
unsettled problems, Bisnis Indonesia reports, citing Atje M.
Darjan, the company Director of Finance.

He said that the meeting will not be conducted not until
Satelindo holds meeting with its financial advisors, concludes
designing of new business plan, and vertical merger between
Satelindo, PT Indosat Multi Media Mobile into PT Indosat.

Atje added that creditors completely don't mind about the
suspension. "The most important thing for them is that we settle
our debt."

Johny Swandi Sjam, President Director of Satelindo, said earlier
that the Company is holding talks with creditor on removal of
covenant or lending limit from new creditors. "Investment limit
had been removed since Indosat injected fund of US$ 75 million
but now there comes another one saying that if Satelindo obtain
new credit from new creditors, then 75% of the loan should be
given to the old creditors," he said, adding that Satelindo
would only have 25% left for investment.

The Company's debt stands US$360 million.


* IBRA Refuses Debt Settlement With SBH
----------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) rejects debtors'
request for a 70% offset of their debt with Rights Certificate
(SBH) despite 30% payment in cash, Bisnis Indonesia reports,
quoting Legal representative of The Tje Min, Hermawan Pamungkas.
, adding that his client was supposed to settle its debt on
March 7, 2003 as required.

"We did not know why IBRA made a refusal to the payment. We
supposed to have been freed from any debt by now if the agency
took it," Hermawan Pamungkas said.

Hermawan also expressed dissatisfaction over IBRA's
irresponsiveness to Kaharudin Ongko proposal. "We have explained
about our client's problems in surrendering assets but no
response given so far."

Ongko is one of debtors signing Shareholders Debt Settlement
Agreement (PKPS) under Master of Refinancing and Notes Issuance
Agreement (MRNIA) with debt reaching Rp8 trillion.


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


ATELIER SAB: Clothing Firm Enters Rehabilitation Proceedings
------------------------------------------------------------
Atelier Sab Co. Limited, which has total liabilities of 12
billion yen against a capital of 160 million yen, recently
applied for civil rehabilitation proceedings, according to Tokyo
Shoko Research. The women's clothing firm is located at Shibuya-
ku, Tokyo, Japan.


AOZORA BANK: Cerberus Makes Y100B Offer for Shares
--------------------------------------------------
Cerberus Partners LP will offer 100 billion yen ($854 million)
to acquire shares in Aozora Bank held by Softbank Corporation,
the Asahi newspaper reported Monday. Cerberus Japan K.K.
President Lou Forster did not comment on the report.

Cerberus has told other major shareholders in Aozora that it
will keep its stake in the bank at less than 50 percent, Asahi
said. If Cerberus purchases all Aozora shares held by Softbank,
its stake would exceed 50 percent of total shares, the report
said. Therefore, Cerberus is considering to whom it would sell
Aozora shares after obtaining them, the report said.

Softbank has accepted an offer from Sumitomo Mitsui to acquire
the Company's 49 percent stake in Aozora. Softbank Chief
Executive Masayoshi Son declined to say how much the offer was.
He had wanted at least 100 billion yen.


DAIEI INC.: Selling Fukuoka Dome, Hotel by Feb 2004
---------------------------------------------------
Daiei Inc. will sell the Fukuoka Dome and a nearby hotel by
February 2004 to reduce its interest-bearing debt, the Nihon
Keizai Shimbun and AFX Asia reported, quoting Daiei President
Kunio Takagi.

The two properties, managed by wholly owned subsidiary Fukuoka
Daiei Real Etate Inc, are burdened with 130 billion yen in
interest-bearing debt. Takagi added that the sale of Fukuoka
Daiei Real Estate shares and the recapitalization for the
Company are under consideration.

The Company had not intentions of letting go of the baseball
team, but added that the company is likely to make a request for
loan forgiveness from its primary lender, Bank of Fukuoka, and
other creditors.


HAZAMA CORPORATION: Asks For Capital Injection
----------------------------------------------
Hazama Corporation has asked construction firm Ando Corporation
for a capital injection as it embarks on a three-year
restructuring plan, the Financial Times said on Friday. The
amount of the capital injection was not stated in the report.

The Company will also slash its workforce by 37 percent to 1,948
and raise 10 billion yen through a debt-for-equity swap by March
2004 and pare its debts to 16.4 billion yen in 3 years time from
199.4 billion yen at the end of last March.


HANKYU CORPORATION: S&P Downgrades Rating to 'BBpi'
---------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on
Japanese railway operator Hankyu Corporation to 'BBpi' from
'BB+pi', based on the likelihood that the company's plans to
provide additional support to development projects and railway
subsidiaries will cause a substantial deterioration in its
consolidated financial profile.

Hankyu has recently announced additional expenditures not
included in the restructuring program it began in April 2002.
The company will set aside investment loss provisions of 105
billion yen (on a company-only basis) for projects such as the
Nakajima development in Osaka, in which it has participated
through an affiliate company, and will also consolidate this
company as a subsidiary. Hankyu has also announced that it will
fully consolidate its real estate subsidiary Hankyu Realty Co.
Ltd. These actions, together with other restructuring costs, are
expected to cause its debt burden (excluding debt from financial
businesses) to increase to 1.12 trillion yen in March 2003 from
891.9 billion yen in March 2002, and its ratio of total debt to
capital to deteriorate to 83.2% from 75.0%.

"It is unlikely that Hankyu will be able to recover its
financial profile over the next few years, in view of its
sizable property development plans and the ongoing recession in
the Kansai region," said Masako Kuwahara, a credit analyst at
Standard & Poor's in Tokyo.

Hankyu expects to reduce its debt burden by 90 billion yen by
March 2005 through asset disposals. However, it is uncertain
whether the company will be able to execute its property
disposals as planned.


MITSUBISHI PAPER: Sees Y15B Group Net Loss
------------------------------------------
Mitsubishi Paper Mills Limited expects a group net loss of 15
billion yen and a group pretax loss of 3.5 billion yen, versus
earlier projections of 3.5 billion yen and 2.0 billion yen,
respectively, Kyodo News reports.

The Company cited the ballooning of latent losses on shares in
its chief financial ally, Mitsubishi Tokyo Financial Group Inc
(MTFG), and lower profits at two German arms.


TOSHIBA CORP.: Intends to Pay End-of-Term Dividend For 2003
-----------------------------------------------------------
Toshiba Corporation announced at a meeting of its Board of
Directors the intention to pay an end-of-term dividend for the
fiscal year ending March 31, 2003. The decision was taken in
line with the company's recovery in the present fiscal year.

The company will pay a dividend of three yen on each outstanding
share. End-of-term Dividend for fiscal year 2002 (April 1, 2002
- March 31, 2003)

The press release is located at
http://www.toshiba.co.jp/about/press/2003_03/pr0702.htm


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


DOOSAN HEAVY: Chairman Faces Probe Over Labor Feud
--------------------------------------------------
Park Yong-sung, Chairman of Doosan Heavy Industries and
Construction, has been asked to appear before a Labor Ministry
tribunal by March 13 to face questioning over his alleged
involvement in the Company's unfair anti-labor activities, the
Korea Herald reports.

In February, the Ministry of Labor's special investigative team
concluded that the management of the Company had engaged in
illegal crackdowns on labor activities, leading to the high-
profile suicide of a labor union leader in January.


DOOSAN HEAVY: May Temporarily Close Changwon Plant
--------------------------------------------------
Doosan Heavy Industries and Construction Co. may temporarily
close its plant in the southern city of Changwon if the Korean
Confederation of Trade Unions (KCTU) squad steps in during the
general strike planned by the labor group, Doosan spokesman YC
Choi told Agence France-Presse.

The Company's plant has been hit by labor disputes since a
boiler plant worker burned himself to death on January 9 to
protest the Company's alleged crackdown on union activity.

Meanwhile, the Korea Herald reported that the temporary shutdown
would deal a severe blow to the Company's business already
suffering from declining orders. Doosan group, which was under
probe by the prosecutor's office for alleged illegal insider
trading, stands accused of retaliating against union workers and
not allowing them to work overtime.

Doosan Heavy, which produces equipment for power plants, fresh-
water and other industrial facilities, is now operating at less
than 80 percent of its full capacity.

According to Wright Investor's Service, at the end of 2001,
Doosan Heavy Industries & Construction C had negative working
capital, as current liabilities were 1.84 trillion Korean Won
while total current assets were only 1.76 trillion Korean Won.


HYNIX SEMICONDUCTOR: Infineon Criticizes Bailout Package
--------------------------------------------------------
Infineon Technologies reacted negatively to the recent bailout
package for Hynix Semiconductor on Friday, saying it meant
unfair competition in an already pressured sector, Internet.com
and Reuters reported.

Hynix creditors agreed on Monday to keep the chipmaker afloat by
swapping some $1.6 billion in debt into equity and rescheduling
a further three trillion won ($2.51 billion) of maturing debt.

Rival chipmakers, including Infineon and U.S. peer Micron
Technologies, have been bitterly critical of a series of rescue
packages involving state-run Korean banks that have kept Hynix
in business during the industry's worst-ever slump.


HYUNDAI CORPORATION: In State of Capital Impairment
---------------------------------------------------
Hyundai Corporation has impaired its capital because its
liabilities have exceeded its total assets, Asia Pulse reports.

Hyundai Group revealed that losses posted for last year and bad
debts incurred in 2001 amounted to 161.7 billion won (US$140.0
million). The group was unable to recoup insolvent bonds from
its Iraqi business venture, while 38.8 billion won had to be
set-aside in the form of reserves for other bad debts.

Losses incurred on its investments in excess of 10 billion won
also contributed to the rise in liabilities.

Hyundai Corp. meanwhile had reported in its 2002 balance sheet
that net losses were 83.3 billion won, while ordinary losses
were 53.4 billion won. Sales toped 17.42 trillion won, though
operating profits were tallied at 20.1 billion won.

The Company is expected to hold a meeting with creditor
institutions late this week to examine business options for the
future.


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


AUTOWAYS HOLDINGS: Changes Registered Address
---------------------------------------------
Autoways Holdings Berhad posted this Change of Address Notice:

Change description : Registrar
Old address        : Level 22, Menara Milenium,
                     Jalan Damanlela,
                     Pusat Bandar Damansara,
                     Damansara Heights,
                     50490 Kuala Lumpur.
New address        : Level 7, Menara Milenium,
                     Jalan Damanlela,
                     Pusat Bandar Damansara,
                     Damansara Heights,
                     50490 Kuala Lumpur.
Name of Registrar  : Securities Services (Holdings) Sdn Bhd
Telephone no       : 03-20957077
Facsimile no       : 03-20949940
E-mail address     : ssklnet@tm.net.my
Effective date     : 03/03/2003
Remark             : This announcement is made in compliance
with the directive from Kuala Lumpur Stock Exchange (KLSE) and
the KLSE Listing Requirements.

COMPANY PROFILE

On 21 May 1999, Autoways announced a proposed restructuring
scheme to enable it to continue as a going concern and return it
to profitability.

The Shah Alam High Court granted the Company and subsidiary,
Autoways Construction Sdn Bhd, a restraining order pursuant to
Section 176 (10) of the Companies Act, 1965, which had been
extended and expired on 19 December 2000. The Company and the
Group are currently formulating a revised proposed restructuring
scheme. Details and timing of the scheme are pending
finalization.


KSU HOLDINGS: February Interest Default Hits RM20,499,499.77
------------------------------------------------------------
As required by the KLSE Practice Note 1/2001, the Board of
Directors of KSU Holdings Bhd (KSUH) provided an update on the
details of all the facilities currently in default, as enclosed
in Appendix A at http://bankrupt.com/misc/TCRAP_KSU0311.pdf.

The default by KSUH as at 28 February 2003 amounted to
RM106,315,379.17 of principal sum and RM20,499,499.77 of
interest for term/bridging loans and overdraft facilities.

There is no other new development since its previous
announcement with regards to this Practice Note.


KSU HOLDINGS: Posts EGM Results
-------------------------------
The Board of Directors of KSU Holdings Berhad announced that on
7 March 2003, the shareholders of the Company have put to vote
the ordinary resolutions which were set out in the Notice of
Extraordinary General Meeting (EGM) dated 17 February, 2003.

The results are follows:

Resolution     Ordinary Resolution                 Result

2. THAT Mr Chan Seng Fatt be appointed as Director
   of the Company.                                 Not Carried

3. THAT Mr Kumaraveloo s/o Venayagam be removed
   as director of KSU Holdings Berhad with immediate
   effect.                                         Not Carried

4. THAT Mr Ching Pong Hua be appointed as Director
   of the Company.                                 Not Carried

5. THAT Mr Ong Boon Poh be removed as director of
   KSU Holdings Berhad with immediate effect.      Carried

6. THAT Mr Boey Tak Kong be appointed as Director
   of the Company.                                 Not Carried

7. THAT Mr Lim Tuck Sing be removed as director of
   KSU Holdings Berhad with immediate effect.      Not Carried
8. THAT Encik Abd Hamid Bin A Samad be appointed as
   Director of the Company.                        Not Carried
9. THAT Mr Liew Tip Chan be removed as director of
   KSU Holdings Berhad with immediate effect.      Not Carried
10. THAT Mr Siow Kim Kee be appointed as Director
    of the Company.                                Not Carried
11. THAT Mr Ng Chor Hor be removed as director of
    KSU Holdings Berhad with immediate effect.     Not Carried
12. THAT Mr Tong Teek Yam be appointed as Director
    of the Company.                                Not Carried
13. THAT Encik Ismail Bin Rautin Ibrahim be removed
    as director of KSU Holdings Berhad with
    immediate effect.                              Carried
14. THAT Yang Berhormat Dato' Abdullah Bin Mohd Zain
    be removed as director of KSU Holdings Berhad
    with immediate effect.                         Carried
15. THAT Mr Ng Seng Geng be removed as director of
    KSU Holdings Berhad with immediate effect.     Not Carried

Any Other Business

Removal of any other Directors 16. THAT all such persons (if
any) appointed as directors of the Company at any time or times
between the date of this requisition notice and before the
commencement of the Extraordinary General Meeting be removed
with immediate effect from their respective offices a directors
of the Company.

In regard to Resolution 1, the Board wishes to announce that as
Mr Yeoh Kee Pin had resigned on 10 January 2003, the motion
relating to the removal of Mr Yeoh Kee Pin as Director of the
Company was dropped.

In regard to Resolution 16, the Chairman ruled that as the
provision of Section 153 of the Companies Act, 1965 regarding
special notice was not complied with, the resolution shall not
be tabled.


MGR CORPORATION: 17th AGM Fixed on March 31
------------------------------------------
MGR Corporation Berhad notified that its Seventeenth Annual
General Meeting of the Company will be held at Function Room 1,
Level 3, Sutera Harbour Resort & Spa, Pacific Wing, 1 Sutera
Harbour Boulevard, Sutera Harbour, Kota Kinabalu, Sabah, on
Monday, 31st March 2003 at 10:00 a.m. to transact the following
business:

1. To receive and adopt the audited financial statements for the
year ended 30th September 2002 and the Report of the Directors
and Auditors thereon.  RESOLUTION 1


2. To approve the payment of Directors' fees. RESOLUTION 2

3. To re-elect Dato' Haji Abdul Aziz Bin Mohamed who retires in
accordance with the Company's Articles of Association and,
being eligible, offers himself for re-appointment. RESOLUTION 3

4. To re-appoint PricewaterhouseCoopers as Auditors of the
Company and to authorize the Special Administrators and the
Directors to fix their remuneration. RESOLUTION 4

5. To transact any other ordinary business of the Company for
which due notice shall have been given in accordance with the
Company's Articles of Association and the provisions of the
Companies Act, 1965.


NCK CORPORATION: Completes Proposed Disposals
---------------------------------------------
On behalf of NCK Corporation Berhad (Special Administrators
Appointed), Alliance Merchant Bank Berhad, announced the
completion of the following proposals, details of which are as
follows:

   (i) Proposed disposal of assets by NCK Aluminium Extrusion
Sdn Bhd (Special Administrators Appointed) to Yee Po Lam for a
cash consideration of RM5,300,000 by NCK Aluminium on 26
February 2003; and

   (ii) Proposed disposal of assets by Ng Choo Kwan & Sons
Hardware Sdn Bhd (Special Administrators Appointed) to Puncak
Stamaz Sdn Bhd for a cash consideration of RM14,929,000 by NCK
Hardware on 28 February 2003.


PAN MALAYSIA: Judgment Application Hearing Set on April 29
----------------------------------------------------------
Reference is made to the announcement on 6 November 2002
pertaining to the Kuala Lumpur High Court, Suit No. D5-22-1723-
2002 between PM Securities Sdn Bhd (PM Sec), a 99.99%-owned
subsidiary of Pan Malaysia Capital Berhad and Chai Chon Mui,
Ling Yew Ung, Wong Hung Sing, Sistem Etika Sdn Bhd and Tan Sri
Dato' Paduka (Dr.) Ting Pek Khiing.

Pan Malaysia Capital Berhad informed that PM Sec's application
for summary judgment has been fixed for hearing on 29 April
2003.


PARIT PERAK: SC's Proposals Approval Pending
--------------------------------------------
On 23 February 2001, Parit Perak Holdings Berhad (Special
Administrators Appointed) announced that PPHB is considered an
"affected listed issuer" pursuant to PN4 issued by the KLSE.

On 22 October 2002, Alliance Merchant Bank Berhad had announced
on behalf of PPHB that the Company had on 21 October 2002,
entered into a Restructuring Agreement (RA) with Liqua Health
(M) Sdn Bhd, Align Matrix Sdn Bhd, Chan Wan Cheong, Teh She
Ling, Lim Paik Gaik, Lee Chai Hua, Mohd Fadzil bin Mohd Ali,
Muhammad bin Md Ali and Rafizah bte Abu Hassan, (collectively
referred to as the "Vendors") for the implementation of a
proposal to regularize its financial position.

On 18 November 2002, Alliance, on behalf of PPHB, announced that
the Company had formulated a plan to regularize its financial
condition by implementing certain proposals (Proposals) which
include, among others, the proposed acquisition of 100% equity
interest in Liqua Health Marketing (M) Sdn Bhd by Joycity
Holdings Sdn Bhd, the company proposed to take over PPHB's
listing status.

On 19 November 2002, Alliance further announced that the
relevant applications have been made to the Securities
Commission (SC) and Foreign Investment Committee (FIC) for their
approval of the Proposals. The FIC, via its letter dated 30
December 2002, received on 3 January 2003, had stated that it
had no objections to the Proposals. The approval of the SC for
the same is currently pending.


PROMET BERHAD: Inks Corp Restructuring Agreement With Vendors
-------------------------------------------------------------
On 29 January 2003, Promet Berhad had entered into a Memorandum
of Agreement with Dato' Mahmud bin Ali and Mohd Shafie bin
Mahmud, on behalf of the shareholders of Mersik (M) Sdn Bhd
(Mersik), for the purpose of undertaking a restructuring scheme
of the Company.

Pursuant to the above, on behalf of PB, Southern Investment Bank
Berhad (SIBB) announced that the Company had on 28 February 2003
entered into a corporate restructuring agreement (Agreement)
with Titan Element Sdn Bhd (TESB), Dato' Mahmud bin Ali and Mohd
Shafie bin Mahmud, on behalf of the shareholders of Mersik
(Mersik Vendors), Rajana Vensya Sdn Bhd (Kajang Plaza Vendor)
and Ong Chin Hoe & Sons Sdn Bhd (OCH Vendor) to undertake a
proposed restructuring scheme to regularize the financial
condition of the Company pursuant to PN4/2001.

The proposed restructuring scheme comprises the following:

   * Proposed Capital Reconstruction;
   * Proposed Share Exchange;
   * Proposed Debt Settlement;
   * Proposed Acquisitions;
   * Proposed Exemption;
   * Proposed Disposal;
   * Proposed Placement and/or Proposed Offer for Sale; and
   * Proposed Listing Status Transfer.

(collectively known as the Proposed Restructuring Scheme)

Further information on the Proposed Restructuring Scheme is set
out in the attachment found at
http://bankrupt.com/misc/TCRAP_Promet0311.doc.


SAP HOLDINGS: Unit Serves Notice of Demand Over Unpaid Debt
-----------------------------------------------------------
SAP Holdings Berhad announced that its subsidiary SAP Air Hitam
Properties Sdn Bhd (SAP Air Hitam) has on 25th February 2003
been served with a notice of demand pursuant to Section 218
Companies Act 1965 by YWC Engineers & Constructors Sdn Bhd
(YWC).

By the said Notice, YWC is claiming for the sum of RM3,074,264-
84 being the sum allegedly due and owing to YWC pursuant to a
Progress Payment Certificate No. 15 issued on 22nd November 2002
in respect of work known as "Design Of 120,000 PE Sewerage
Treatment Plant And Construction Of 40,000 PE Module 1 STP For
The Proposed Residential, Commercial And Recreation Development
(Zone 1 to 5) At Lestari Perdana, Mukim Of Petaling, Selangor
Darul Ehsan" to be paid within 21 days of the receipt of the
said Notice failing which it would be deemed that SAP Air Hitam
is unable to pay its debt and a winding-up petition would be
commenced against SAP Air Hitam.

SAP through its Solicitors is now negotiating with YWC and a
settlement scheme will be proposed in issuance of the Section
218 Notice referred above.


TAJO BERHAD: SC Rejects Proposed Restructuring Appeal
-----------------------------------------------------
Tajo Berhad refers to the announcement on the Securities
Commission's (SC) approval for the Proposed Restructuring
Exercise dated 31 December 2002.

On 23 January 2003, Public Merchant Bank Berhad (PMBB), had
announced that PMBB, had on behalf of Tajo, submitted an appeal
to the SC on the following:

   (i) to waive the condition imposed on the Saferay Vendors,
namely Mr. Ong Kah Huat and Mr. Cheong Chee Yun, which states
that the agreed dividend of RM2.5 million as stated in the sale
and purchase agreement of Saferay Sdn Bhd dated 7 July 2002 will
be forfeited if the profit guaranteed by the Saferay Vendors
amounting to RM18 million is not achieved; and

   (ii) to approve the valuations of the properties to be
acquired by Tajo from Malaysian Assurance Alliance Berhad (MAA)
and Tokojaya Sdn Bhd (Tokojaya) as proposed.

In relation thereto, PMBB wishes to announce that the SC had via
its letter dated 3 March 2003 (which was received on 5 March
2003) rejected the appeal as summarized above.

The Saferay Vendors, MAA and Tokojaya (Vendors) are currently
deliberating on the SC's decision with regards to the appeal and
an announcement will be made in due course in relation to the
Vendors' decision.


TECHNO ASIA: Financial Regularization Status Remains Unchanged
--------------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Techno Asia Holdings Berhad
(Special Administrators (SA) Appointed), announced that there
had been no other major changes to the status of TAHB's plan to
regularize its financial position i.e. the Company is presently
preparing the necessary documentation for the implementation of
the proposed restructuring of TAHB.

The valuation reports as requested by the Securities Commission
(SC) (as detailed in the announcement dated 4 December 2002)
have been completed and shall be submitted to the SC in due
course.


WEMBLEY INDUSTRIES: Awaits Regularization Plan Approvals
--------------------------------------------------------
On 23 February 2001, Wembley Industries Holdings Berhad
announced to the Kuala Lumpur Stock Exchange (the Exchange) that
the Company is an affected listed issuer pursuant to Practice
Note No. 4/2001 (PN4) as the Auditors of the Company had
expressed a disclaimer opinion of the going concern of the
Company and its subsidiaries. As an affected listed issuer, the
Company has its obligations under PN4.

The Requisite Announcement as required under PN4 was made to the
Exchange on 31 July 2002.

The applications for its regularization plan were submitted to
the Securities Commission (SC) and Foreign Investment Committee
(FIC) on 29 October 2002.

On 7 January 2003, the FIC approved the Company's regularization
plan subject to the condition that the FIC would review the
equity structure of the Company's shares three (3) years after
the completion of the Proposals.

On 27 January 2003, the SC approved the regularization plan
subject to the conditions as set out in the SC's approval letter
dated the same. The details of the SC's conditions are set out
in the Company's announcement dated 5 February 2003.

The regularization plan is now pending the approvals of the
shareholders of the Company and any other relevant authorities.

The Company has received a notice dated 2 January 2003 from the
Exchange noting that the Company has failed to obtain all
regulatory approvals necessary for the implementation of its
regularization plan by 31 December 2002 pursuant to paragraph
5.0 of PN4.

Given the above, the Exchange has suspended the trading of the
securities of the Company pursuant to paragraphs 8.14 and 16.02
of the Listing Requirements with effect from 9.00 a.m., Friday,
10 January 2003 until further notice.

OTHER MATTERS IN RESPECT OF PRACTICE NOTE NO. 10/2001 (PN10)

On 7 September 2001, the Company announced to the Exchange that
the Company is deemed an affected listed issuers pursuant to
paragraph 2.1(c) of PN10. Under paragraph 2.1(c) of PN10, a
listed issuer, who has insignificant business or operations, is
deemed to have inadequate level of operations. Insignificant
business or operations means business or operations, which
generates revenue on a consolidated basis that represents 5 % or
less of the issued and paid up share capital of the listed
issuer.

As an affected listed issuer under PN10, the Company must comply
with the obligations set out in paragraph 6 of PN10. The
Exchange has informed the Company that since the Company is also
an affected listed issuer under PN4, the requirements and
obligations of PN4 would prevail over those of PN10. It is
expected that the Company's regularization plan would address
both its financial condition (PN4) and the level of Operations
(PN10) to warrant a continuing listing on the Official List.


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


BW RESOURCES: SEC Vows to Re-file Case vs. Top Executives
---------------------------------------------------------
Conspirators in the largest stock manipulation case in
Philippine history are not yet completely off the hook, says
Securities and Exchange Commission Chairperson Lilia Bautista,
who pledged to re-file the case against them.

The Department of Justice dropped last week the criminal charges
against principal Dante Tan and other top honchos of Best World
Resources Corporation, citing insufficient evidence.  In its
resolution, the department criticized the SEC complaint as
"based on mere conjectures and purely speculative."

But Ms. Bautista says the commission will pursue the case: "We
would substantiate further the pieces of evidence that we
gathered previously and make them stronger."  She said a meeting
this week between the SEC and the DOJ is being arranged by
Finance Chief Jose Isidro N. Camacho to discuss the case.

"[S]ince the dismissal is not without prejudice, and since the
offense has not yet prescribed, the commission still has an
option of filing criminal complaints against the individuals and
may include others and additional evidence deemed appropriate in
accordance with the findings of the DOJ panel," Ms. Bautista
said.

The justice department agrees the case against Mr. Tan may still
be re-filed.  It noted in its resolution last week that Mr. Tan
"has not been absolved from criminal liability and is in fact
considered the mastermind in the largest stock price
manipulation scandal in Philippine history."

It added Mr. Tan faces seven criminal cases for violations of
the Revised Securities Act of 1982, including "non-disclosure of
beneficial ownership," "squeezing the market float," "broker-
director rule," "wash sales," "matched orders," "marking the
close" and "abusing the EQ trade facility."

According to the Manila Times, the BW Resources scam almost
triggered the collapse of the Philippine stock market in 1999
when its share prices went up dramatically from only PHP0.80 in
early 1999 to PHP145 per share in the latter part of that year.
In the SEC compliant filed with the DOJ in February 2001, the
commission implicated 149 participants in the scam composed of
individuals, corporate entities and securities firms.

The number of defendants has now been reduced as several of them
have opted to settle their case by paying administrative fines.
The penalties due to various violations range from as low as
PHP2,000 to as high as PHP2.75 million.  To date, the SEC has
already collected PHP17.47 million from brokers and individuals
who were involved in the scam.  It expects to collect a total of
PHP21,266,750 in penalties, the Manila Times said.


NATIONAL BANK: Director Resigns Post
------------------------------------
The Board of Directors of the Philippine National Bank, in its
meeting held on February 28, 2003, approved the honorable
cessation from service of Senior Vice President Renato M. de
Guzman effective March 1, 2003.

The Philippine National Bank (PNB) is on the way to a "very
strong recovery," due to the various cost-cutting and revenue-
generating initiatives of the bank since the start of its
rehabilitation, the Troubled Company Reporter-Asia Pacific
reports, citing PNB Chairman Francisco "Paquito" Dizon.

Dizon said PNB aims to break even if not earn money, this year.


PHILIPPINE LONG: AT&T Remains Obstinate, Won't Agree to Any Hike
----------------------------------------------------------------
AT&T Corp. has closed it doors to any discussions regarding the
plan by Philippine Long Distance Telephone Co. to increase
termination rates, board member and lead counsel Ray Espinosa
told the Inquirer News Service recently.

"The issue of increasing the rates is non-negotiable to them, to
the extent that even the old rates are non-negotiable.  They are
saying that it has to be lower than the old rate, and they will
only talk to us on the basis of a lower rate.  Effectively,
they're saying take it or leave it because there is no room or
range of possibilities," Mr. Espinosa said.

Last month, U.S. phone giants AT&T and WorldCom filed separate
complaints with the U.S. Federal Communications Commission,
alleging that Philippine phone companies were blocking calls to
and from the U.S. using their services.  Local phone firms have
denied the allegations.

The legal spat traces its roots from the proposal of local phone
companies, including PLDT, to increase termination rates.  AT&T
and WorldCom, whose agreements with local telecoms expired last
year, are opposed to the plan, which calls for a hike of the
current 8 US cents a minute for landline phones and 12 US cents
for mobile phones.

According to the Inquirer, PLDT lawyers have already advised the
U.S. Commission that all attempts to "negotiate in good faith"
with AT&T would be a waste of time and that the US Company's
actions were just "designed to set up PLDT for a whipsawing
complaint."

Last week, WorldCom entered into interim rate agreements with
PLDT and Smart Communications Inc., the Inquirer said.


PHILIPPINE TELEGRAPH: Director Lorna Pangilinan Resigns
-------------------------------------------------------
The Board of Directors of the Philippine Telegraph and Telephone
Corporation (PT&T) has accepted the resignation of Ms. Lorna
Pangilinan as its Director Ex-Officio. On the same meeting, the
board accepted the appointment of Atty. Conrado Gloria, Jr. as
her replacement.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_pt&t0306.pdf

PT&T incurred a net loss of about 960 million pesos in 2001,
according to the Troubled Company Reporter-Asia Pacific.  The
Company signed a master restructuring agreement with 12
creditors representing more than 75 percent of its 8.8 billion
pesos total debt.


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


BIL INT'L: S&P Places 'BB' Rating on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services said Friday that it placed
its 'BB' rating on Singapore-headquartered investment holding
company, BIL International Ltd. (BIL), on CreditWatch
with negative implications. This action follows BIL's
announcement of its plans to acquire the remaining shares in its
45.8%-owned associate, Thistle Hotels PLC (Thistle). Thistle
owns 18 four-star hotels in the U.K., with book value of about
ú1 billion.

BIL intends to offer cash of 115 pence per share to acquire the
remaining 54.2% stake in Thistle. Total acquisition cost,
assuming 100% acceptance of the company's offer, will amount to
ú300.5 million (US$482.3 million), and is expected to be fully
financed by a loan underwritten by its financial advisor, HSBC
Bank PLC (AA-/Stable/A-1+), and United Overseas Bank Ltd.
(A+/Stable/A-1). Full terms and conditions of the offer will be
released within the next three to four weeks.

Until the offer documents are released and management's strategy
with regard to its Thistle asset articulated, it is uncertain
how the proposed transaction will affect BIL's credit quality.
On one hand, the deterioration over the past years in BIL's
credit profile might be halted or reversed in the event of a
successful transaction, whereby BIL is able to assume full
control of Thistle. The hotel company is in a strong net cash
position (with total debt of ú260 million and cash of ú367
million as at Dec. 29, 2002), which arose from its disposal of
37 hotels for nearly ú600 million in April 2002.

On the other hand, the rating could be lowered if the bid price
for Thistle is raised substantially, if the loan financing terms
and conditions are onerous, or if BIL raises its own debt levels
through an increased shareholding, but fails to achieve 100%
control of Thistle. Standard & Poor's also believes that such a
partial acquisition could put further pressure on BIL's cash
flows. Standard & Poor's will monitor the situation and review
the CreditWatch when the full terms and conditions of the offer
and loan financing are released, and a better understanding of
management's investment strategy is obtained.


CHARTERED SEMICONDUCTOR: Director's Shareholding Changes
--------------------------------------------------------
Chartered Semiconductor Manufacturing Limited posted a notice of
changes in Chartered Silicon Partners Pte Ltd's Director Leow
Kim Keat's shareholdings:

Date of notice to company: 05 Mar 2003
Date of change of interest: 03 Mar 2003

Name of registered holder: Leow Kim Keat

Circumstance(s) giving rise to the interest: Others
Please specify details: Acquired shares pursuant to the exercise
of rights to purchase shares granted under the Chartered's
Employee Share Purchase Plan 2001.

Information relating to shares held in the name of the
registered holder: -
No. of shares, which are the subject of the transaction: 23,390
% of issued share capital: 0.0009
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.61
No. of shares held before the transaction: 42,170
% of issued share capital: 0.0017
No. of shares held after the transaction: 65,560
% of issued share capital: 0.0026

Holdings of Director including direct and deemed interest

                                           Deemed Direct
No. of shares held before the transaction: 0      42,170
% of issued share capital:                 0      0.0017
No. of shares held after the transaction:  0      65,560
% of issued share capital:                 0      0.0026
Total shares:                              0      65,560

Leow Kim Keat is a Director of Chartered Silicon Partners Pte
Ltd, a subsidiary of Chartered Semiconductor Manufacturing Ltd
Chartered.

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
89 and 91. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1


DATACRAFT ASIA: Updates Trading Conditions
------------------------------------------
In the interest of keeping the investment community updated on
the business conditions relating to Datacraft Asia Limited in a
timely manner, the Board would like to provide the following
commentary on its current operations and outlook:

Trading conditions in most countries remain challenging. Demand
from enterprise and telecom service provider customers is
subdued in the face of continuing economic and geo-political
uncertainties whilst competitive pressure, especially on
hardware, remains intense. Gross margin for the Group, which
declined throughout FY02, has stabilized in the first half of
FY03 at about the same level as the last quarter of FY02, being
approximately 15 percent. In the first half of FY03 it is
expected that the majority of the Group's operations will be
profitable with particularly strong performances from India and
Thailand; however, this is likely to be offset by losses in a
few countries, mainly China and Korea.

Based on current projections, the Group expects to be around
break-even at the operating pretax level (excluding goodwill
amortization) for the first half of FY03. In addition, current
expectations are that the Group will incur one-time charges for
restructuring costs expected to be in the region of US$3.5m to
US$3.8m. The group is also merging and rationalizing some of its
cabling and i-commerce businesses. In line with the new
accounting standards, this will result in an asset impairment
charge expected to be approximately US$8m.

Despite a challenging external environment, the Group continues
to invest in new service offerings, such as network storage,
call center integration, and IP telephony in order to capture a
higher proportion of its customers' IT expenditure. In the short
term, the investments in additional resources for these new
areas have had some impact on margin, however, the Group
believes such investments are appropriate in order to position
itself for the future.

In the face of continuing market uncertainty, the Group is
focused on returning all operations to profitability and on the
continued generation of cash from operations. The group is
expecting to close the current half year with a higher net cash
balance compared to the end of the prior financial year, and the
balance sheet also continues to show improvements in the areas
of inventory reductions and accounts receivable management.
There is a continuing high focus on services business in line
with its Application Networks strategy and on improving margins
through productivity gains and enhanced cost controls.

The Group will report its interim results for the 6 months
ending March 2003 in mid-May 2003.


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


JASMINE INT'L: Posts Debt Rehabilitation Classification Summary
---------------------------------------------------------------
Jasmine International Public Company Limited requested to be
rehabilitated under the Central Bankruptcy Court on August 9,
2002. Later, the Court accepted the request on September 17,
2002 and approved Chaengwatana Planner Company Limited to be
JASMIN's planner (Planner).

The Planner informed that the rehabilitation plan of JASMIN
(Plan) was approved in the statutory creditor meeting on March
6, 2003. About 59.76% of total debts under the Plan and 3
special-vote groups of creditors voted to accept the Plan.

All JASMIN's creditors will receive more than the liquidation
value. The debt classifications and their treatments under the
Plan are summarized as follows:

Creditor Grouping

Total debts under the Plan of Bt11,800 million have been
classified into 8 groups, including 3 groups of secured
creditors and 5 groups of unsecured creditors.

Treatment

Treatments for each group of creditor debts are different. The
treatments include debt-to-asset swap for non-core assets,
principal and accrued interest haircut, debt buy back at
discount, mandatory debt-to-equity swap, and amortizing loans.
All treatments will be completed in 10 years. Under the Plan,
total debts of JASMIN will be reduced from Bt11,800 million to
approximately Bt3,200 million. The recovery rate for each group
is also different. However, the recovery rate for all creditors
will definitely be more than the liquidation value.

Source of Fund for Repayment

   - Cash flow from operation over 9-year period of
approximately Bt4,400 million.

   - Capital increase of approximately Bt300 million.

   - Newly issued common shares of 18 million shares for
mandatory debt-to-equity swap.

   - Newly issued preferred shares of 20 million shares for
voluntary debt-to-equity swap (if any).


KGI SECURITIES: Discloses BOD Meeting Resolutions
-------------------------------------------------
The Board of Directors Meeting of KGI Securities (Thailand) Plc.
No.2/2003, held on 6th March 2003, has resolved as follows:

1. To recommend to shareholders to consider and approve the
complete elimination of all of the Company's retained loss in
its entirety.

2. To recommend to shareholders to consider and approve the
directors' remuneration.

3. To recommend to shareholders to consider and approve the
renewal of EGM 1/2001's approval (which will lapse in April
2003) for the Company to engage in derivatives business and be
an issuer of derivatives warrants, and to acknowledge the risk
and the Company's risk management policy relating to the issue
of derivative warrants.

4. To amend the agenda of  Annual General Meeting of
Shareholders No. 1/2003 that will be held on April 24th 2003,at
2:00 p.m., at Montien Hotel, 2nd Floor, 54 Surawongse Road,
Bangkok 10500 to be  as follows:

    4.1 To Certify the Minutes of the Extraordinary General
Meeting of Shareholders No. 1/2003 held on January 9th 2003.

    4.2 To consider and acknowledge the operating results of the
Company during the year 2002 and to approve the Directors'
report.

    4.3 To consider and approve the audited financial statements
of the Company and its subsidiaries for the year ended December
31st 2002.

    4.4 To consider and approve the non-distribution of
dividend.

    4.5 To consider and approve the re-election of directors who
retire by rotation, and directors' remuneration.

    4.6 To consider and approve the appointment of auditors and
the auditing fee.

    4.7 To consider and approve the amendment to the company's
articles of association to be consistent with the Amendment to
Treasury Stock Rule.

    4.8 To consider and approve the complete elimination of all
of the Company's retained loss.

    4.9 To consider and approve the renewal of EGM 1/2001's
approval (which will lapse in April 2003) for the Company to
engage in derivatives business and be an issuer of derivatives
warrants, and to acknowledge the risk and the Company's risk
management policy relating to the issue of derivative
warrants.

    4.10 To consider other business (if any)


KGI SECURITIES: TRIS Affirms Rating at `BBB-'
---------------------------------------------
TRIS Rating has affirmed the company rating of KGI Securities
(Thailand) PLC (KGI) at "BBB-" due to KGI's improved performance
in 2002 with higher contribution from brokerage income. The
rating also takes into consideration KGI's recapitalization plan
and returning capital to shareholders. Furthermore, the rating
takes into account the liquidation of KGI's investment in
debentures from KGI Securities (Thailand) International Holdings
Ltd. (HOLDCO), its wholly owned subsidiary in Hong Kong, and
some other liquid assets of KGI, to fund the capital return.
KGI's net capital ratio (NCR) after completing the
recapitalization plan is expected to be sufficient for further
business expansion.

TRIS Rating Co., Ltd. reported that on 4 December 2002, KGI's
board of directors amended the company's articles of association
to support its capital restructuring plan. The key contents of
this plan consist of reducing retained losses, reducing par
value by Bt2.50 per share from Bt10.00 per share, and returning
the Bt2.50 per share to shareholders in cash. To fund most of
the Bt4,333 million capital return, KGI expects to sell
debentures issued by KGI International Holdings Ltd. (KGII) and
held by HOLDCO, worth the equivalent of Bt3,100 million to
another Koos group company, KG Investment Holding Ltd. (KGIH).
Selling other liquid assets, of which, will fund the rest
KGI has more than Bt2,900 million in cash and near cash assets
as of September 2002. Under the capital restructuring plan, KGI
foregoes the stable income it derived from the 6% coupon rate
from its overseas debenture investments. In the future, without
a stable flow of interest income from these overseas debentures,
KGI will rely heavily on securities and securities related
businesses.

TRIS Rating said, better economic conditions in 2002 caused
average daily trading volume on the Stock Exchange of Thailand
(SET) to increase from Bt6,440 million in 2001 to Bt8,415
million as of December 2002. In addition, KGI expanded its
brokerage market share from 5.11% in 2001 to 7.56% as of
December 2002, while its brokerage income as of September 2002
grew 229% over the year before. KGI earned Bt22 million net
profit in 2001 and Bt456 million for the first nine months of
2002.

However, during 2000 to 2002, TRIS Rating has seen that KGI has
shifted its business direction every year. The original business
strategy was to position KGI as the parent firm in the Asian
region, then diversify its business risk into fixed income
investments. The latest strategy is to shift and expand its
earning base from overseas investments to concentrate on the
domestic securities business in Thailand. Though the company's
performance has improved since 2001, TRIS Rating remains
concerned about the unexpected changes in KGI's business
direction. The highly volatile securities business may also
affect the consistency of the company's earnings.


MEDIA OF MEDIAS: Reports Rehabilitation Plan Status
---------------------------------------------------
Pursuant to the approval of the Business Rehabilitation Plan of
Media of Medias Public Company Limited by the Bankruptcy Court
on January 15,2002, K.Y.S. Holding Co., Ltd., the Company's Plan
Administrator, reported the progress of the rehabilitation
status for the fourth quarter up to December, 2002 as follows:

Payments of principal and interests

Principal repayments are made according to the plan. During this
quarter the company started to pay the first principal repayment
of  Strategic Important Creditors ( Group 4 ) on October
31,2002. Interest payment for Interest carried debt has been
made every month, payment for Hanging debt and Convertible
debenture has been made every 6 months.

The total amount paid to creditors during the fourth quarter of
the year 2002  is as follows:

Interest repayments                     Bt0.519 million
Principal repayments                    Bt2.093 million


PRASIT PATANA: SEC Extends 2002 F/S Submission to April 17
----------------------------------------------------------
PricewaterhouseCoopers Corporate Restructuring Limited, as the
Plan Administrator of Prasit Patana Public Company Limited,
advised that in the process of implementing the Company's
approved Rehabilitation Plans, it is required that substantial
replacement or upgrades are undertaken to their operating and
financial information systems and that upgraded and coordinated
computer systems are installed on which to run these systems.

Implementation of these new systems has contributed, along with
other aspects of plan implementation, to delays in compilation
of the annual financial statements of the group for the year
ended 31 December 2002.

The SEC has accordingly approved an extension of time for
submission of the 2002 year end financial statements, to 17
April 2003.


* SET Transfers Losing Companies to REHABCO Category
----------------------------------------------------
The Stock Exchange of Thailand (SET) has established
procedures and guidelines for listed company to be transferred
to the category named Companies Under Rehabilitation (REHABCO)
by considering Listed company's financial statements showing
negative shareholders' equity on its balance sheet. However, it
should be noted that any unrealized losses that occurred as a
result of the of 1997 change in the exchange rate system can be
used to adjust  its shareholders' equity.

In addition, in case the auditor has issued a qualified
opinion, or a disclaimer, or an adverse opinion on the financial
statements, the SET may consider the financial condition of the
listed company by including the adjusted condition from the
auditor's report. If company shareholders' equity is less than
zero, the SET will transfer the listed company to the REHABCO
category.

The SET has considered the audited annual financial statements
ending 31 December 2002 filed by listed companies. As a result
that two listed companies are subjected to rehabilitation plan
preparation  because of reporting negative shareholders' equity:

   1. Thai Wire Products Public Company Limited (TWP), which is
subjected to rehabilitation plan preparation

   2. T.C.J. Asia Public Company Limited (TCJ), which has
submitted a petition of business rehabilitation to the Central
Bankruptcy Court

Therefore, the SET will proceed under the requirements of
the Rule Governing Delisting of Securities, 1999 as indicated in
the two groups below:

   1. The SET will transfer the securities of two listed
companies, TWP and TCJ to REHABCO category on 13 March 2003 and
temporarily post an SP (suspension) sign for 30 days from the
date of announcement from 10 March 2003 to 8 April 2003 to
suspend further trading. This is to give the companies'
management time to make prudent decisions that benefit all
parties concerned.

   2. In case of TWP

     2.1 The company must inform the SET by 8 April 2003
whether they have decided to prepare a  rehabilitation plan to
propose to the company shareholders; or whether they would like
to ask for voluntary delisting; or whether it would like to
attempt rehabilitation under new Bankruptcy Act; or whether it
would like to try other options which will benefit all company
stakeholders involved. The company must also provide the SET
with a time schedule to implement its decisions.

     2.2  In case the company decides to prepare a
rehabilitation plan to propose to the shareholders, the company
must proceed as follows:

       (1) Appoint an independent financial advisor to assist
management in the preparation of the rehabilitation plan.

       (2) Co-operate fully with the independent financial
advisor in organizing a meeting to present the rehabilitation
plan to analysts and shareholders, and then also propose it to
the shareholders for approval.

       (3) Co-operate with the independent financial advisor in
reporting every three months to the SET on its actual
implementation progress, as compared to the rehabilitation
plan until the causes of possibly being delisted are eliminated.

     3. In case these listed companies which securities are
transferred to REHABCO submit petitions under the Bankruptcy
Act, the companies are able to implement the rehabilitation plan
approved by the creditors and the court in place of the plan
approved by the companies' shareholders. However, the companies
still have the duty to report the SET about the implementation
progress (see No 2.2 (3)).

     4. The SET will allow trading of the securities of two
listed companies, TCJ and TWP under the REHABCO category from 9
April 2003 to 8 May 2003 after the SET disseminates the
companies' decisions. This is to give all shareholders a chance
to trade the securities, before further suspension during the
companies have implemented the rehabilitation plan.

     5. The SET will post an SP (suspension) sign to prohibit
the trading of two listed companies, TCJ and TWP on 9 May 2003
onward until the cause of remedy problem has been solved.

The SET requests that all shareholders and general investors
study the complete set of the financial statements published in
the R-SIMS system. The SET also recommends that they follow
up on the rehabilitation plan progress.


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., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

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

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

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

                 *** End of Transmission ***