TCRAP_Public/030312.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

           Wednesday, March 12, 2003, Vol. 6, No. 50

                         Headlines

A U S T R A L I A

AMP LIMITED: Moody's Revises LT Ratings Outlook to Negative
AMP LIMITED: Comments on Moody's Ratings
ANALYTICA LIMITED: H102 Results Shows Revenue of $589,451
AUSTRIM NYLEX: Director Bronwyn Constance Steps Down From Post
GOODMAN FIELDER: Board Representation Condition Time Extended

KINGSTREAM STEEL: EGM to Consider Proposed Reconstruction
POWERTEL LIMITED: Announces Non-Cash Asset Write-Down
STRAITS RESOURCES: Nifty Copper Operations Sale Completed
TELEVISION & MEDIA: Writes Off-Non Current Assets
TRANSURBAN GROUP: S&P Assigns CARS 'BBB' Rating


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Executive Director Koo Fook Sun Resigns
ASIA GLOBAL: Now to Operate as Asia Netcom
ASIA RESOURCES: Appoints KCG for Odd Lots Trading Service
CHIEFUND PAPER: Winding Up Petition Slated for Hearing
CHINA ASSOCIATES: Petition to Wind Up Pending

HUDSON HOLDINGS: No Apparent Reason for Share Price Decrease
LAI SUN: Price, Turnover Movements Unexplainable
MERRY HOT: Winding Up Hearing Scheduled
NEW WORLD: Winding Up Petition Hearing Set Today
TOP FORM: April 4 SGM Scheduled

TOP FORM: Proposes Reduction of Share Premium Account
TUNG HOP: Winding Up Sought by Honest Profit
WING LEE: Proposes Capital Reorganization


I N D O N E S I A

ASTRA AGRO: Selling Non-CPO Units by Third Quarter
BANK DANAMON: Gudang Garam Participates in Stake Bid


J A P A N

HAZAMA CORPORATION: Ando May Inject Y1.0B
HAZAMA CORPORATION: MTFG Provides Support, Debt Waiver
NIKKO CORDIAL: Rating Unaffected by NSSB Probe, S&P
NISSHO IWAI: Receives Welding Machine Order From Russia


K O R E A

HYUNDAI MERCHANT: FSS Reports Firm to Prosecutors This Week
SK CORPORATION: Prosecutors Indict Chairman Chey


M A L A Y S I A

ASSOCIATED KAOLIN: Danaharta OKs Modified Workout Proposal
CRIMSON LAND: CEO Tan Tien Owns 50% of Shares
KSU HOLDINGS: Receives Injunction Notice Restraining Defendants
MALAYSIAN PACIFIC: US Unit Under Voluntary Winding-Up
PAN MALAYSIA: Singaporean Units Under Voluntary Liquidation

RAHMAN HYDRAULIC: Posts AGM Results
SEAL INCORPORATED: Appoints Wan Lin as Audit Committee Member
SIME DARBY: FIC Revokes Proposed Reorganization Scheme Condition
UNITED CHEMICAL: Provides Defaulted Facilities Status Update
WOO HING: Changes Registered Business Address


P H I L I P P I N E S

FILSYN CORPORATION: Seeks Return of License to Sell Securities
MANILA ELECTRIC: Collects Additional PPA Charge of 0.115Php/kwh
PHILIPPINE LONG: Issues Statement in Response to US FCC Decision
PHILIPPINE LONG: No Reason for FCC to Side With ATT, Worldcom
VICTORIAS MILLING: Chairman Tenders Resignation, Asked to Stay

VICTORIAS MILLING: Gotianun Family Offers P300M in Fresh Capital


S I N G A P O R E

ASIA PULP: May Finalize Debt Deal
ASIA PULP: Some Bondholders Won't Revise Debt Plan
PRESSCRETE HOLDINGS: Posts Notice of Director's Interest
OVERSEA-CHINESE: Dissolves Dormant Unit
UNITED INDUSTRIAL: Widens FY02 Net Loss to S$134M

WEE POH: Issues EGM Results Concerning Capital Reduction
YONGNAM HOLDINGS: Updates Current Status


T H A I L A N D

CHRISTIANI & NIELSEN: Plan Consideration Hearing Moved to April
PREMIER ENTERPRISE: Clarifies Non-Opinionated Audited Report
SAHAVIRIYA RIVERSIDE: Business Reorganization Petition Filed
TANAYONG PUBLIC: Official Receiver Orders Final Meeting April 2

* SET Temporarily Suspends Securities Trading



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


AMP LIMITED: Moody's Revises LT Ratings Outlook to Negative
-----------------------------------------------------------
Moody's assigned on Friday a negative outlook to the ratings for
the AMP Group. The negative outlook largely reflects the
potential for continued pressure on earnings for AMP overall,
and in particular the ongoing issues in returning the Group's UK
operations to sustainable profitability.

In February 2003, AMP announced an A$896M loss for 2002, largely
reflecting the impact of weak investment losses, as well as
substantial write-downs on valuations for some operations. AMP's
UK businesses are undergoing a period of substantial
restructuring, including the closure of Pearl Assurance to new
business, and the separation of the UK operations into
Contemporary and Mature business lines, and UK operational
earnings have fallen. In addition, like many of their UK peers,
AMP's UK life operations have come under considerable
capitalization pressure as equity markets have continued to
fall.

"While AMP's financial strength remains sound, we expect AMP's
earnings generation to continue to be pressurized in the short-
term. In particular, the restructuring of the UK businesses is
likely to continue to restrict the Group's profitability. In
addition, the UK operations' continued, albeit reduced, exposure
to UK equity market conditions continues to create some
uncertainty. More positively, AMP's Australian businesses are
likely to continue to provide strong earnings opportunities.
Moody's negative outlook for the ratings of the AMP Group
reflects these earnings pressures," Moody's commented.

Negative outlooks were placed on the following ratings:

AMP Life LtdAa3 insurance financial strength
AMP Group Holdings LtdA3 senior debt
AMP (UK) Finance Services LtdA3 senior debt
AMP Group Finance Services plcA3 senior debt
Baa1 subordinated debt

AMP Henderson Global InvestorsBaa2 subordinated debt

Pearl Assurance plcA3 insurance financial strength
National Provident LifeA3 insurance financial strength
NPI Finance plcBaa2 subordinated debt
The following ratings were confirmed with a stable outlook
AMP Group Holdings LtdP-2 commercial paper
AMP Group Finance ServicesP-2 commercial paper
AMP (UK) Finance Services plcP-2 commercial


AMP LIMITED: Comments on Moody's Ratings
----------------------------------------
AMP Limited notes the ratings action announced on Friday, March
7, 2003 by Moody's.

Moody's has announced that it has assigned a negative outlook to
the long term ratings for the AMP Group.

AMP Chief Executive Officer Andrew Mohl said this was consistent
with the actions of other ratings agencies, and reflected
information that AMP had already provided to the market.

"This decision reflects a wider concern about the earnings
outlook for the UK life industry and will have no impact on the
day-to-day operations of the company," he said.

Mr Mohl welcomed Moody's acknowledgement of the Group's
financial strength and the continuing earnings opportunities for
the Australian business.

"AMP's capital position has not changed and we remain soundly
capitalized," he said.


ANALYTICA LIMITED: H102 Results Shows Revenue of $589,451
---------------------------------------------------------
Biotechnology Company Analytica Ltd released its six months
results for the period ending 31 December 2002.

After the restructure of the Company in the second half of the
last financial year, this period was signified by the re-
quotation of the Company in September. This re-quotation was
achieved after the successful completion of a fully underwritten
rights issue raising $1.3 million.

The acquisition of the diagnostic business has turned out to be
successful. Sales were up 2.5% compared to the same period last
year.

The Company has embarked upon a strategy of growth through new
product development and acquisitions. The first two new products
were launched in November and another three are expected before
the middle of this year, which will result in a more than
doubling of its product range.

The Company has been successful in obtaining grants under the
NSW BioFirst program for these development programs.

The Company also executed a sub-license agreement with a US
Company for its gluten antibody, which the Company has licensed
from the CSIRO.

Apart from the diagnostic activities, the Company owns Graesser,
which manages the SPLA2 R&D syndicate. This Syndicate is close
to being wound-up which means that all Intellectual Property
will revert back to Graesser.

The financial statements show revenue of $589,451, whilst the
Company incurred a loss of just over $1.1 million. The majority
of this loss, almost $0.8 million, relate to the amortization of
the SPLA2 Intellectual Property and goodwill associated with the
diagnostic business. This amortization is in line with the
conservative policy adopted by the board in realizing and
amortizing intangibles. Although a comparison with the previous
year is not strictly relevant as the business changed, the
financial results are a strong improvement over the previous
year.

Below is its half-year report:

                 HALF YEARLY REPORT

Name of entity
Analytica Limited

ACN, ARBN, ABN or ARSN  Half    Preliminary       Half Year
ended
                   yearly     final          ('current period')
                     X
12 006 464 866                                       31/12/2002

FOR ANNOUNCEMENT TO THE MARKET
AUD$
Extracts from this report for announcement to the market (see
note 1).

Revenues from ordinary activities
(item 1.1)                           up      44.3% to   559,451

Profit (loss) from ordinary activities
after tax attributable to members
(item 1.22)                          down   65.9% to (1,136,713)

Profit (loss) from extraordinary items
after tax attributable to members
(item 2.5(d))                     gain/loss of   -% to         -

Net profit (loss) for the period
attributable to members
(item 1.11)                       down      65.9% to (1,136,713)

DIVIDENDS (DISTRIBUTIONS)    AMOUNT PER SECURITY  FRANKED AMOUNT
                                   (cents)        PER SECURITY
                                                     (cents)
Final dividend (Preliminary final report
only - item 15.4)
Interim dividend (Half yearly report
only - item 15.6)                         -             -

Previous corresponding period (Preliminary
final report - item 15.5; half yearly
report - item 15.7)                        -             -

Record date for determining entitlements to the
dividend, (in the case of a trust, distribution)
(see item 15.2)                                   -

Brief explanation of any of the figures reported above (see Note
1) and short details of any bonus or cash issue or other item(s)
of  importance not previously released to the market:

Sales revenue for the prior period only included 1 month's sales
of the companies Diagnostics business as it was acquired on 1
December 2001. Prior period revenue also included sales of
subsidiaries disposed in that period.


AUSTRIM NYLEX: Director Bronwyn Constance Steps Down From Post
--------------------------------------------------------------
The Directors of Austrim Nylex Limited announced the resignation
of the Group's Finance Director, Mrs Bronwyn Constance.

Mrs Constance has advised that she will not extend her contract,
which expires on 30th April. The board of directors is currently
conducting an external search for a replacement.

Chairman of Austrim Nylex, Mr Dick Nitto, said "Bronwyn joined
the company to assist in its restructure. We regret her decision
and appreciate the significant role she has played in the
turnaround of Austrim Nylex. Over the last two years and with
Bronwyn's assistance, the group has negotiated new bank
financing arrangements, exited a number of non-core businesses
and reduced group debt by nearly 20 percent. She has developed
an excellent head office team and introduced systems and
reporting structures to ensure our good corporate governance."

Mrs Constance said "I have enjoyed the challenge of working for
Austrim Nylex over the last two years and believe the group is
well placed to generate significant, further benefits from its
continued restructuring program."

Last week, the Troubled Company Reporter - Asia Pacific reported
that the Company announced a reduction of losses for the group
in the six months to December 31, 2002. The group's net loss was
reduced 50 per cent from $28.5 million to $14.2 million,
following a 2 per cent rise in revenue from ordinary activities
to $571.1 million.


GOODMAN FIELDER: Board Representation Condition Time Extended
-------------------------------------------------------------
Burns, Philp & Company Limited (Burns Philp) refers to the
takeover bid by its wholly owned subsidiary BPC1 Pty Limited
(BPC1) for all the ordinary shares in Goodman Fielder Ltd
(Goodman Fielder).

On 4 March 2003 Burns Philp announced that it would (subject to
certain provisos) declare the Offer unconditional if:

   * Burns Philp receives acceptances of the Offer taking its
relevant interest to more than 50% of Goodman Fielder shares on
or before 5:00pm on 10 March 2003; and

   * Following receipt of these acceptances, on Tuesday 11
March, or as soon as possible thereafter, the Board of Goodman
Fielder gives Burns Philp majority representation on the Goodman
Fielder Board (Board Representation Condition).

As at Monday evening, BPC1 had received acceptances of its
takeover offer for Goodman Fielder (Offer), which takes its
relevant interest in Goodman Fielder, shares to 51.79%.

Burns Philp announces that it will extend the time for
satisfaction of the Board Representation Condition to 14 March
2003. Accordingly, if the Board Representation Condition is
satisfied or waived by Burns Philp on or before 14 March 2003,
then provided that no condition of the Offer has been triggered
before then, Burns Philp will declare the Offer unconditional.

In accordance with the Company's announcement of 4 March 2003,
if the Offer is declared unconditional, Burns Philp will
continue to pay acceptances received on or before 4 March 2003
by 25 March 2003, and all subsequent acceptances within 21 days
of receipt.

The extension of the Board Representation Condition is intended
to address any concerns Goodman Fielder shareholders who have
accepted the Offer may have that the Goodman Fielder Board may
require more time to consider its position given that Burns
Philp has acquired a majority interest in the company under its
Offer.


KINGSTREAM STEEL: EGM to Consider Proposed Reconstruction
---------------------------------------------------------
The Deed Administrators of Kingstream Steel Limited (Subject to
Deed of Company Arrangement) advised that they are convening a
general meeting of the shareholders of the Company on 10
April 2003 to consider the reconstruction and re-capitalization
proposal before the Company.

The members of the Company will be asked to ratify the
reconstruction and re-capitalization proposal contained within
the Reconstruction Deed entered into by the Company and
Koolanooka Pellets Pty Ltd as previously announced on 11
November 2002.

Go to http://bankrupt.com/misc/TCRAP_KSM0312.pdfto see a copy
of the Letter from the Deed of Administrators, Explanatory
Memorandum, Notice of Meeting and Proxy Form together with the
31 December 2001 Annual Report.


POWERTEL LIMITED: Announces Non-Cash Asset Write-Down
-----------------------------------------------------
In view of the general decline in asset values in the
telecommunications sector, both in Australia and
internationally, PowerTel Limited Directors have taken the
decision to write down network assets in PowerTel's books by
$106.9 million to $181.1 million.

The revaluations are accounting adjustments and do not affect
the company's cash balance or business operations.

Announcing the decision, Chairman Miller Williams said the Board
reviewed assets regularly in keeping with Australian Accounting
Standards. "In view of the substantial decline in values of
global telecommunications networks, the PowerTel Board took a
conservative approach in its latest review of the company's non-
current assets.

"PowerTel will have the advantage of reducing future
depreciation, enabling the company to reach after-tax
profitability sooner," Mr Williams added.

As required by the accounting standards, the write-down is based
on an assessment of the recoverable value of individual assets,
as well as a review of the level of future benefits expected to
be generated by plant and equipment owned by PowerTel.

Mr Williams said PowerTel had doubled sales revenue in the year
to 31 December 2002 from $49.8 million to $102.5 million.
Financial results for the full year will incorporate this asset
write-down.  They are due to be announced this Friday.


STRAITS RESOURCES: Nifty Copper Operations Sale Completed
---------------------------------------------------------
The Directors of Straits Resources Limited announced the
successful completion of the sale of the Nifty Copper Operations
and related assets in Western Australia's Pilbara region, for a
net consideration of A$89.8 million.

The purchaser is the Aditya Birla group, headquartered in
Mumbai, India.

Straits acquired Nifty in 1998 from Western Mining Corporation
and since then has expanded production and substantially
enhanced the total copper resource.

Mr Milan Jerkovic, Chief Executive of Straits Resources said,
"this sale demonstrates Straits' capacity to take an under-
performing mineral property and turn it into an asset of great
value."

"Straits now has a strong balance sheet for reinvestment in new
resource opportunities, while maintaining our income producing
coal assets in Indonesia, our copper assets at Whim Creek, and
our very prospective exploration ground.

"We will now look to grow our portfolio of mining assets,
focusing on projects which can deliver superior returns to our
shareholders," he said.

CONTACT INFORMATION: Mr Milan Jerkovic
                     CHIEF EXECUTIVE
                     Mob: 0418 412 628


TELEVISION & MEDIA: Writes Off-Non Current Assets
-------------------------------------------------
The Directors of Television & Media Services Limited, announced,
as part of the ongoing restructure of the TMS Group, that a
review of the carrying value of intangible assets and other
non-current assets held by Global Television Pty Limited has
been carried out.

Following this review, the Directors have decided to write-down
these assets by a total of approximately $27.7M. These write-
downs will have a one-off non-cash impact on the half-year
results to 31 December 2002.

It is proposed that the results for the six months ending 31
December 2002 for TMS will be announced on Friday 14th March
2003.

The Directors further advise that progress on the
recapitalization of TMS continues according to plan, with a
shareholders meeting scheduled for April 2003.


TRANSURBAN GROUP: S&P Assigns CARS 'BBB' Rating
-----------------------------------------------
Standard & Poor's Ratings Services said Friday that it has
assigned its 'BBB' long-term rating to the A$430 million
convertible adjusting rate securities (CARS) to be issued by
the Transurban CARS Trust (TCT), a special purpose vehicle for
Transurban group's (Transurban) investment in the Western Sydney
Orbital (WSO) toll road project.  The outlook on the rating is
stable. The assignment of the final rating follows the
confirmation of final pricing and execution of the documents,
including the underwriting of the total issue amount.

The presale report on Transurban CARS Trust, highlighting the
rationale for the CARS rating, can be found on RatingsDirect,
Standard & Poor's Web-based credit analysis system. It can also
be found on Standard & Poor's Australian and New Zealand Web
site at www.standardandpoors.com.au. Select Fixed Income, then
News & Analysis. Details on TFC's rating are also available from
Standard & Poor's press release dated Jan. 17, 2003, which can
be found on RatingsDirect.


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


401 HOLDINGS: Executive Director Koo Fook Sun Resigns
-----------------------------------------------------
The board of directors of 401 Holdings Limited announced that
Mr. Koo Fook Sun, Louis resigned as an Executive Director of the
Company with effect from 6th March, 2003.

Te Board would like to take this opportunity to express its
sincerest thanks to Mr. Koo for his valuable contribution to the
Company during his term of office.

According to Wrights Investors' Service at the end of 2002, the
Company had negative working capital, as current liabilities
were HK$84.35 million while total current assets were only
HK$36.23 million. It has paid no dividends during the previous 6
fiscal years and also reported losses during the previous 12
months.


ASIA GLOBAL: Now to Operate as Asia Netcom
------------------------------------------
Asia Global Crossing and China Netcom Corporation (Hong Kong)
announced Tuesday that the Asia Netcom transaction has been
completed.

Under the terms of the transaction, Asia Netcom, a company
organized by China Netcom on behalf of a consortium of
investors, acquired substantially all of Asia Global Crossing's
operating subsidiaries, excluding Pacific Crossing Ltd. and
related entities. Details of the consortium are currently being
finalized.

"As Asia emerges as a regional economy and China's prominence in
the marketplace expands, it is evident that data demand between
China and the rest of Asia will accelerate. Asia Netcom links
its unparalleled pan-Asian network with China Netcom's vast
mainland capabilities to create a first-ever comprehensive
broadband network for the region," said Edward Tian, chairman
and chief executive officer of Asia Netcom and chief executive
officer of China Netcom Corporation. "I am very excited about
our new network and strategy and have full confidence in our
current management team."

"We began our restructuring process to create a solid foundation
for the company's future, and are pleased that we have
successfully completed the endeavor expeditiously and,
importantly, in a way that has not adversely affected our
customers and employees," said Jack Scanlon, chief executive
officer and vice chairman of the seller, Asia Global Crossing.

"From today forward, quite simply no other company will be able
to serve the data communications needs of enterprises and
carriers in Asia better than Asia Netcom. The value, reach,
flexibility, and responsiveness we offer are now further
enhanced by our relationship with China Netcom," said Bill
Barney, Asia Netcom president and chief operating officer. "We
have complete continuity of management and aim to work closely
with China Netcom not only to capture a large share of traffic
originated and terminated in China but also to extend the reach
of our service offering to both our own and China Netcom's
domestic customers."

The existing Asia-based Asia Global Crossing executive team will
continue to manage the operations of the company as employees of
Asia Netcom.

With the sale transaction completed, the Asia Global Crossing
Ltd. estate intends to submit a plan of reorganization to the
Bankruptcy Court. The plan will provide the framework for
distributing the assets of Asia Global Crossing's estate to Asia
Global Crossing's creditors.

Lazard served as financial advisor to Asia Global Crossing.
Salomon Smith Barney was the financial advisor to the Asia
Netcom consortium.


ASIA RESOURCES: Appoints KCG for Odd Lots Trading Service
---------------------------------------------------------
The Directors of Asia Resources Holdings Limited announced that
the existing board lot size of 2,000 Existing Shares will be
changed to 6,000 Existing Shares for trading in the Existing
Shares with effect from Friday, 14th March, 2003.

The reason for the change in board lot size is to avoid the
creation of fractional entitlements under the existing board lot
size of 2,000 Existing Shares as a result of the Share
Consolidation under the Capital Reorganization. The Directors
are of the opinion that the Capital Reorganization is in the
interest of the Company and the Shareholders, as such, the
change in board lot size is in the interest of the Company and
the Shareholders. The change in board lot size will not result
in any change in the relative rights of the Shareholders.

In order to alleviate the difficulties in trading odd lots of
Existing Shares arising from the change in the existing board
lot size of the Existing Shares, the Company has appointed KCG
Securities Asia Limited (KCG) as an agent to provide matching
services to those Shareholders who wish to top up or sell their
holdings of odd lots of Existing Shares during the period from
Friday, 14th March, 2003 to Monday, 7th April, 2003 (both days
inclusive). The Company has also appointed KCG as an agent to
provide matching services to those Shareholders who wish to top
up or sell their holdings of odd lots of New Shares (as a result
of the Capital Reorganization) during the period from Tuesday,
8th April, 2003 to Monday, 19th May, 2003 (both days inclusive).
Holders of Existing Shares / New Shares in odd lots who wish to
take advantage of this facility either to dispose of their odd
lots of Existing Shares / New Shares or to round them up to a
full new board lot may contact Ms. Joe Kwan (Tel.: 2842-1838 and
Fax: 2801-6288) of KCG at Rooms 1914-1917, 19th Floor, Hutchison
House, 10 Harcourt Road, Central, Hong Kong during the aforesaid
period.

The appointed agent, KCG, is an independent third party not
connected with any of the directors, chief executive, or
substantial shareholders of the Company or any of its
subsidiaries or associates (as defined in the Listing Rules).
Holders of Existing Shares in odd lots should note that
successful matching of the sale and purchase of odd lots of
Existing Shares would not be guaranteed. The Shareholders are
advised to consult their professional advisers if they are in
doubt about the above procedures.

All existing certificates of Existing Shares in board lots of
2,000 Existing Shares will continue to be evidence of
entitlement to such Existing Shares and be valid for delivery,
transfer and settlement purpose. There will be no new share
certificate issued as a result of the change in board lot size,
and therefore no arrangement for free exchange of existing share
certificates in board lots of 2,000 Existing Shares for new
share certificates in board lots of 6,000 Existing Shares. As
from Friday, 14th March, 2003, new certificates of Existing
Shares will be issued for Existing Shares traded in board lot
size of 6,000 Existing Shares (except for odd lots or where the
Company's share registrars are otherwise instructed). Save and
except for the change in the number of Existing Shares for each
board lot, new certificates of for the new board lot size of
6,000 Existing Shares will have the same format and color as the
existing certificates of Existing Shares.

Subject to the Capital Reorganization becoming unconditional and
effective, Shareholders may submit their existing certificates
for Existing Shares in exchange for new certificates for New
Shares, on the basis of 30 Existing Shares for one New Share,
free of charge at Secretaries Limited, G/F., Bank of East Asia
Harbour View Centre, 56 Gloucester Road, Wanchai, Hong Kong
during business hours from 8th April, 2003 to 22nd May, 2003.
Thereafter, the existing certificates for Existing Shares will
be accepted for exchange only on payment of a fee of HK$2.50 for
each new certificate to be issued.

It is expected that new certificates for New Shares will be
available for collection within a period of two weeks or so from
the date of submission of the existing certificates of Existing
Shares to Secretaries Limited for exchange. Shareholders are
reminded to submit their existing certificates in exchange for
new certificates for New Shares on 8th April, 2003 if they would
like to have their new certificates ready on 24th April, 2003.

Wrights Investors Service reports that at the end of 2002, Asia
Resources had negative working capital, as current liabilities
were HK$55.67 million while total current assets were only
HK$29.05 million.  It has reported losses during the previous 12
months and has not paid any dividends during the previous 2
fiscal years.


CHIEFUND PAPER: Winding Up Petition Slated for Hearing
------------------------------------------------------
The petition to wind up Chiefund Paper Manufacturing Co.,
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 of 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.


CHINA ASSOCIATES: Petition to Wind Up Pending
---------------------------------------------
The petition to wind up China Associates Limited is scheduled
for hearing before the High Court of Hong Kong today, March 12,
2003 at 9:30 in the morning.

The petition was filed with the court on January 16, 2003 by
Peter Geoffrey de Krassel of 51 Sheung Sze Wan, Sai Kung, New
Territories, Hong Kong.


HUDSON HOLDINGS: No Apparent Reason for Share Price Decrease
------------------------------------------------------------
Hudson Holdings Limited notes the recent increases in trading
volume and decreases in the price of the shares of the Company
and states that save as disclosed in the Company's announcements
dated 13 February 2003 in relation to the termination of
proposed disposal of a 49% interest in a joint venture and the
connected transaction in relation to the debt settlement
agreement and dated 21 February 2003 in relation to the pledge
of shares by the chairman of the Company, the Company is not
aware of any reasons for such changes.

Save as disclosed above, the Company confirms that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the board aware of any matter
disclose able under the general obligation imposed by paragraph
2 of the Listing Agreement, which is or may be of a price-
sensitive nature.


LAI SUN: Price, Turnover Movements Unexplainable
------------------------------------------------
Lai Sun Development Company Limited notes the recent decrease in
the price and the increase in the trading volume of the shares
of the Company and states that it is not aware of any reasons
for such changes.

The Company also confirms that, save for the matters disclosed
in the respective announcements of the Company dated 19th
February, 2003 and 20th February, 2003, there are no
negotiations or agreements relating to intended acquisitions or
realizations which are disclose able under paragraph 3 of
the Listing Agreement, neither 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.

DebtTraders reports that Lai Sun International (1997)
4.000 percent convertible bonds due on 2002 (LAIS02HKS1) are
trading between 20 and 30. For more real-time bond pricing info,
go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=LAIS02HKS1.


MERRY HOT: Winding Up Hearing Scheduled
---------------------------------------
The High Court of Hong Kong will hear on March 12, 2003 at 9:30
in the morning the petition seeking the winding up of Merry Hot
Limited.

Yeung Yuk Lin of 2/F., 318 Pai Tau Tsuen, Shatin, New
Territories, Hong Kong filed the petition on January 15, 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.


NEW WORLD: Winding Up Petition Hearing Set Today
------------------------------------------------
The New World Entertainment Company Limited is facing a winding
up petition, which is slated to be heard before the High Court
of Hong Kong today, March 12, 2003 at 10:00 in the morning.

The petition was filed on January 22, 2003 by Bank of China
(Hong Kong) Limited  of 14th Floor, Bank of China Tower, No. 1
Garden Road, Central, Hong Kong.


TOP FORM: April 4 SGM Scheduled
-------------------------------
Top Form International Limited advised that its special general
meeting of the shareholders will be held at 10:00 a.m. on 4th
April, 2003 at Function Room, 8/F, Royal Plaza Hotel, 193 Prince
Edward Road West, Kowloon, Hong Kong, for the purpose of
considering and, if thought fit, passing the following
resolution as a special resolution of the Company:

SPECIAL RESOLUTION

"THAT

with effect from the date on which this resolution is passed,
the entire amount standing to the credit of the share premium
account of the Company be cancelled and the credit arising there
from be applied towards eliminating the accumulated losses of
the Company as at 31st December, 2002 with the balance credited
to the distributable reserve of the Company and the directors of
the Company be and are hereby authorized generally to do all
things appropriate to effect and implement the foregoing."


TOP FORM: Proposes Reduction of Share Premium Account
-----------------------------------------------------
The Board of Directors of Top Form International Limited
announced on 21st February, 2003 that it intended to put forward
to the Shareholders a proposal to reduce the share premium
account of the Company.

THE PROPOSAL

The Board intends to put forward to the Shareholders a proposal,
whereby the entire unaudited amount of approximately HK$282.4
million standing to the credit of the Share Premium Account as
at 31st December, 2002 will be cancelled and the credit of
approximately HK$282.4 million arising therefrom will be applied
to set off against the unaudited Accumulated Losses of
approximately HK$230.6 million and the remaining balance of
approximately HK$51.8 million will be credited to a
distributable reserve account of the Company. As advised by the
Company's Bermudan counsel, under Bermuda law, contributed
surplus, being a distributable reserve, may be used for any
purpose as the Directors may think fit and approve, taking into
account the best interest of the Company.

There is no specific provision in the Companies Act 1981 of
Bermuda which specifies the use of contributed surplus save that
the Company cannot make a distribution out of contributed
surplus to its members if there are reasonable grounds for
believing that the Company is, or would after the payment be,
unable to pay its liabilities as they become due or the
realizable value of the Company's assets would thereby be less
than the aggregate of its liabilities and its issued share
capital and share premium accounts.

REASON FOR THE PROPOSAL

As at 30th June, 2002, the Group recorded an audited share
premium of approximately HK$249.5 million and an audited
accumulated losses of approximately HK$292.0 million
respectively. As published in the latest interim results of the
Company, the Group recorded an unaudited share premium of
approximately HK$282.4 million and an unaudited accumulated
losses of approximately HK$230.6 million respectively as at 31st
December, 2002.

Since the completion of the Group's business and debt
restructuring exercise in January 1998, the Company has kept
strengthening its business and financial position and returned
to profitability since the financial year ended 30th June, 2000.
Despite the Group had returned to profitability and recorded a
net profit of approximately HK$71 million and HK$65 million for
the year ended 30th June, 2002 and for the six months ended 31st
December, 2002 respectively, the Group still had an unaudited
Accumulated Losses of approximately HK$230.6 million as at 31st
December, 2002. According to the articles of association of the
Company, the Company may only pay dividends out of profits
available for the purpose, and these are its accumulated
realized profits, so far as not previously utilized by
distribution or capitalization, less its accumulated realized
losses, so far not previously written off in a reduction or
reorganization of capital duly made by the company.

In view of the profit trend of the Company in the past years and
the amount of accumulated losses standing in the accounts of the
Group, the Directors believe that it may take some time for the
Company to generate sufficient amount of profit to offset the
Accumulated Losses. Accordingly, the Board considers that the
Proposal will allow the Group to eliminate the Accumulated
Losses in full and, as a result, will enable the Company to
declare dividends to the Shareholders in the future when the
Board considers appropriate, than by generating profit to offset
such losses.

As stated in the interim results of the Company for the six
months ended 31st December, 2002: (i) the restructuring
agreement the Company entered into five years ago ceased in
January 2003; (ii) the gearing ratio, which is measured by net
borrowing to net worth, of the Company as at 31st December,
2002 has been substantially reduced to 22% as compared to 318%
as at 30th June, 2002; and (iii) the Company has attained a
positive net worth of approximately HK$150.4 million as at 31st
December, 2002 as compared to a negative net worth of
approximately HK$13.3 million as at 31st December, 2001. Given
the Group's strengthened financial position, the Directors
believe that it is an appropriate time to put forward the
Proposal for the Shareholders to consider. Accordingly, the
Board proposes the Reduction of Share Premium Account and to
apply the amount standing to the credit of the Share Premium
Account to set off against the Accumulated Losses.

At present, the Board has no intention to declare any dividend.
However, if and when the Board considers appropriate to declare
any dividend, the Company will ensure to comply with the
relevant regulatory requirements under the Listing Rules.

EFFECT OF THE PROPOSAL

The Directors believe that the Proposal will not affect the
profit and loss account, the net asset value and the cash flow
of the Group and the implementation of the Proposal will not, in
itself, alter the underlying assets, business operations,
management of the Company or the interests of the Shareholders.

CONDITION OF THE PROPOSAL

The Reduction of Share Premium Account is conditional upon the
passing by the Shareholders of a special resolution to approve
the Reduction of Share Premium Account at the SGM and compliance
with section 46(2) of the Companies Act 1981 of Bermuda
(including the publication of a notice in an appointed newspaper
in Bermuda).

The Proposal is expected to become effective as soon as the
resolution to approve the Reduction of Share Premium Account is
passed (that is, on or about 4th April, 2003).


TUNG HOP: Winding Up Sought by Honest Profit
--------------------------------------------
Honest Profit Industrial Limited is seeking the winding up of
Tung Hop Shing Construction Company Limited.  The petition was
filed on January 30, 2003, and will be heard before the High
Court of Hong Kong on March 26, 2003 at 9:30 in the morning.

Honest Profit holds its registered office at Room 1102, Cameron
Commercial Centre, 468 Hennessy Road, Causeway Bay, Hong Kong.


WING LEE: Proposes Capital Reorganization
-----------------------------------------
On 14th February, 2003, Wing Lee Holdings Limited
announced the proposed Capital Reorganization. At the SGM to be
held on 3rd April, 2003, resolutions will be proposed to approve
the proposed Capital Reorganization and to grant to the
Directors the General Mandates.

CAPITAL REORGANISATION

The Board proposes that, subject to the conditions set out
below:

   (a) every four Existing Shares of HK$0.50 each in issue be
consolidated into one Consolidated Share of HK$2.00;

   (b) thereafter, the nominal value of each of the issued
Consolidated Shares will be reduced in value from HK$2.00 to
HK$0.50 each by canceling HK$1.50 of the capital paid up thereon
so as to form one Reorganized Share of HK$0.50. The aggregate
amount cancelled will be approximately HK$42,000,000;

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

   (d) the credit arising in the books of the Company from the
Capital Reorganization in the aggregate amount of approximately
HK$73,986,000 will be credited to the contributed surplus
account of the Company and the Directors be authorized to apply
such surplus in any manner permitted by the laws of Bermuda and
the Bye-Laws.

The unissued share capital of the Company before and after the
Capital Reorganization will remain ordinary shares of HK$0.50
each. The Board currently has no plan as to the use of the
amount to be transferred to the contributed surplus account of
the Company. The Existing Shares are presently traded in board
lots of 2000. It is proposed that following the implementation
of the Capital Reorganization, the Reorganized Shares will be
traded in board lots of 2000.

Any fraction of Reorganized Shares arising from the Capital
Reorganization will be aggregated and sold (if a premium, net of
expenses, can be obtained) for the benefit of the Company. The
Reorganized Shares will rank pari passu in all respects with
each other.

Conditions of the Capital Reorganization

The Capital Reorganization will be conditional upon:

   (a) the passing at the SGM of a special resolution approving
the Capital Reorganization;

   (b) the Listing Committee of the Stock Exchange granting
listing of, and permission to deal in, the Reorganized Shares;
and

   (c) compliance by the Company with the notice requirements of
Section 46 of the Companies Act 1981 of Bermuda.

Reasons for the Capital Reorganization

The Board believes that the Capital Reorganization is beneficial
to the Company and the Shareholders as a whole. The Board is of
the opinion that the Capital Reorganization will provide the
Company with greater flexibility for the issue of new
Reorganized Shares in the future and the credit in the
contributed surplus account arising as a result of the Capital
Reorganization may, in appropriate circumstances, be applied in
the future for distribution to the Shareholders. The Board
currently has no intention to make any distributions to the
Shareholders.

Effect of the Capital Reorganization

The Board is of the view that other than the expenses in
relation to the Capital Reorganization, the implementation of
the Capital Reorganization will not, by itself, alter the net
asset value, business operations, management or financial
position of the Group or the approximate proportionate interests
of the Shareholders and is in the interests of the Company and
the Shareholders as a whole.

Free exchange of certificates for Reorganized Shares and
parallel trading arrangements Subject to the Capital
Reorganization becoming effective, the arrangements proposed for
dealings in the Reorganized Shares are expected to be as
follows:

   (a) with effect from 9:30 a.m. on Friday, 4th April, 2003,
the original counter for trading in the Existing Shares in board
lots of 2,000 Existing Shares will be closed temporarily and a
temporary counter for trading in the Reorganized Shares in board
lots of 500 Reorganized Shares (in the form of existing share
certificates in blue) will be set up. Accordingly, four
Existing Shares will represent one Reorganized Share. Existing
share certificates for the Existing Shares may only be traded at
this counter;

   (b) with effect from 9:30 a.m. on Tuesday, 22nd April, 2003,
the original counter for trading in the Reorganized Shares in
board lots of 2,000 Reorganized Shares (in the form of new share
certificates in pink) will be reopened. Only new share
certificates for the Reorganized Shares can be traded at this
counter;

   (c) during the period from Tuesday, 22nd April, 2003 to
Thursday, 15th May, 2003 (both dates inclusive), there will be
parallel trading in the above two counters. In order to
alleviate the difficulties arising from the existence of
Reorganized Shares as a result of the Capital Reorganization,
the Company has procured Sun Hung Kai Securities Limited to
stand in the market to provide matching services on a best
efforts basis for the sale and purchase of odd lots of the
Reorganized Shares by the odd lots holders of such shares at
their own cost during the period from Tuesday, 22nd April, 2003
to Thursday, 15th May, 2003 (both dates inclusive) to make up a
full board lot or to dispose of their holdings of odd lots of
Reorganized Shares. Holders of odd lots of the Reorganized
Shares who wish to take advantage of this arrangement either to
dispose of their odd lots of the Reorganized Shares or to top up
their odd lots to a full board lot of 2,000 Reorganized Shares
may contact Ms. Lee Nga Yee of Sun Hung Kai Securities Limited
at Suite 1101-1106, One Pacific Place, 88 Queensway, Hong Kong
(telephone no. (852) 2822 5695) as soon as possible starting
from Tuesday, 22nd April, 2003 to Thursday, 15th May, 2003 (both
dates inclusive). Holders of odd lot Existing Shares or
Reorganized Shares should note that matching of odd lots is not
guaranteed and they are recommended to consult their
professional advisors if in doubt about the aforementioned
arrangement; and

   (d) with effect from 9:30 a.m. on Friday, 16th May, 2003,
trading will only be in the Reorganized Shares in board lots of
2,000 Reorganized Shares (in the form of new share certificates
in pink) and the temporary counter for trading in the
Reorganized Shares in board lots of 500 Reorganized Shares (in
the form of existing share certificates in blue) will be closed
after the close of trading at 4:00 p.m. on Thursday, 15th May,
2003.

Subject to the Capital Reorganization becoming effective,
Shareholders may, during business hours from Friday, 4th April,
2003 to Tuesday, 20th May, 2003 (both dates inclusive), submit
their certificates for the Existing Shares to the Company's
branch registrar in Hong Kong, Tengis Limited, at Ground Floor,
Bank of East Asia Harbour View Centre, 56 Gloucester Road,
Wanchai, Hong Kong, in exchange for certificates for the
Reorganized Shares (on the basis of every four Existing Shares
for one Reorganized Share) free of charge. Thereafter, share
certificates for the Existing Shares will be accepted for
exchange only on payment of a fee of HK$2.50 (or such higher
amount as may from time to time be specified by the Stock
Exchange) for each new certificate issued for the Reorganized
Shares or each old share certificate submitted. Existing
certificates for Existing Shares will only be valid for trading
and settlement purposes for the period up to 4:00 p.m. on 15th
May, 2003 (i.e. the last day for parallel trading) but will
continue to be good evidence of legal title to the shares held
in the Company and valid for registration purposes on the basis
of four Existing Shares for one Reorganized Share.

It is expected that new share certificates for the Reorganized
Shares will be available for collection on or about the 10th
business day from the date of submission of the existing share
certificates for the Existing Shares to the Company's branch
share registrar in Hong Kong. Unless otherwise instructed, new
share certificates for the Reorganized Shares will be issued in
board lots of 2,000 Reorganized Shares.


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


ASTRA AGRO: Selling Non-CPO Units by Third Quarter
--------------------------------------------------
PT Astra Agro Lestari is anticipating to finish its sale of non-
crude palm oil units by the end of the third quarter of this
year to help focus on its core business, which is the crude palm
oil industry, Dow Jones reports, quoting the Company's Vice
President Director Benny Tjoeng.

"We want to finish the sale of the cocoa, tea and rubber units
by the third quarter of this year," Tjoeng said, adding that the
total size of the plantations for sale is around 24,000
hectares. He declined to reveal how much money Astra Agro will
raise from the sales.

Astra Agro, which has 12 such units in Java, Sumatra and
Kalimantan islands, does Indonesian auto group PT Astra
International own 63.93%.

Wrights Investors' Service reports that at the end of 2001, PT
Astra Agro had negative working capital, as current liabilities
were Rp427.52 billion while total current assets were only
Rp254.05 billion The fact that the company has negative working
capital could indicate that the company will have problems in
expanding.


BANK DANAMON: Gudang Garam Participates in Stake Bid
----------------------------------------------------
PT Gudang Garam has joined PT Bank Artha Graha consortium to bid
for a 51 percent stake in PT Bank Danamon Indonesia, Bisnis
Indonesia reports citing Artha Graha President Anton Hudyana.

"We join hands with several investors for the purpose. You have
sharp ears if you can know that one of them is Gudang Garam,"
Hudyana said, although declined to mention other consortia that
Bank Artha Graha had formed alliances with.

The Indonesian Bank Restructuring Agency (IBRA) has extended the
deadline for preliminary bids for acquiring a 51 pct stake in PT
Bank Danamon Indonesia to March 14 from the earlier deadline of
third week of February to allow commercial banks to participate
in the bidding.

IBRA said it has received letters of interest from 14 investors,
mostly from non-bank financial institutions.

Head of Division Communication for IBRA, Raymond van Beekum,
affirmed that Artha Graha was one of 15 tender participants of
the tender consisting of nine local investors and six foreign
investors.

"Actually, there [wa]s another local investor, but we wr[ote] it
off last week," Raymond van Beekum said without mentioning the
investor's name.


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


HAZAMA CORPORATION: Ando May Inject Y1.0B
-----------------------------------------
Ando Corporation has agreed to forge a capital tie-up with
Hazama Corporation, offering to inject 1 billion yen through the
purchase of preferred shares, Japan Times said on Tuesday.

The deal grants Ando an option to buy a stake of up to 51
percent in Hazama. The announcement came after Hazama won
approval from 43 creditor banks earlier in the day for a three-
year revival plan.

Hazama will split its debt-ridden real estate division and
construction operations into different companies on October 1.
The real estate unit will assume its interest-bearing debts,
which stood at 286.7 billion yen as of September 30. Hazama also
secured a financial rescue package worth 139 billion yen from
the banks.


HAZAMA CORPORATION: MTFG Provides Support, Debt Waiver
------------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President:
Shigemitsu Miki) announced that its subsidiary The Mitsubishi
Trust and Banking Corporation (MTBC) has decided, at the request
of Hazama Corporation (Hazama), to provide support to HAZAMA
including the waiving of repayment of loans. As a result, credit
provided by MTBC to HAZAMA may not be repaid.

1. Outline of Hazama

(1) Head office address: 5-8, Kita Aoyama 2-chome, Minato-ku,
Tokyo, Japan
(2) Representative:           Fumiya Yamato
(3) Capital:                 Japanese yen 24,253 million
(4) Business:               Construction

2.  Event

At the request of HAZAMA, MTBC has decided to provide support to
HAZAMA includes the waiving of repayment of loans.

3.  Outstanding credit balance

MTBC:  Japanese yen 78,464 million*

*Please note that the amount to be waived has not yet been
settled.

4.  Influence on MTFG's business results

This event is not expected to have any material effect on MTFG's
previously announced business forecast for the current fiscal
year.

For further information, please contact:
Masahiko Tsutsumi, Chief Manager, Public Relations Office
Tel: 81-3-3240-8136


NIKKO CORDIAL: Rating Unaffected by NSSB Probe, S&P
---------------------------------------------------
Standard & Poor's Ratings Services said that its rating on Nikko
Cordial Securities Inc. (BBB/Negative/A-3) would not be affected
by possible punitive actions against Nikko Salomon Smith Barney
Ltd. (NSSB) for alleged manipulation of stock prices. The
potential sanctions against NSSB would not have a direct
significant impact on Nikko Cordial Securities' profits.
However, the imposition of sanctions might strain customer
relations, which would impair Nikko Cordial Securities' asset-
gathering strategy in the long term.

On March 7, 2003, NSSB announced that it had received a notice
of audit results from the Japanese Securities and Exchange
Surveillance Commission (SESC) containing the assertion that
certain equity purchases executed by NSSB in 2002 were intended
to create market levels that did not represent actual supply and
demand. Based on the audit results, the SESC recommended to the
Financial Services Agency that administrative sanctions be
imposed on NSSB.

NSSB is a sister Company of Nikko Cordial Securities Inc. under
the common holding Company Nikko Cordial Corp. NSSB focuses
mainly on wholesale businesses, while Nikko Cordial Securities
is chiefly involved in retail businesses.

TCR-AP reported that Nikko Cordial Corporation fell into the red
for the year ending March 31 due to a drop in brokerage and
underwriting commission fees resulting from a slump in stock
markets.

The Company chalked up a group net loss of 36.36 billion yen
($286 million) in the three months ended March from 2.5 billion
yen a year earlier.


NISSHO IWAI: Receives Welding Machine Order From Russia
-------------------------------------------------------
Nissho Iwai Corporation and Mitsubishi Electric Corporation have
been awarded an order for two units of welding machines to be
installed on the continuous pickling and cold-rolling lines at
the Novolipetsk Iron & Steel Corporation in Russia.

This is the first time for large-scale welding machines
manufactured in Japan to be installed at iron works in Russia
for the said lines. The order amount is approximately 1.5
billion yen, and installation work will commence in the spring
of 2004 with the planned operation commencement in July of the
same year.

The 'NMW Type C Flash Welder' machine manufactured by Mitsubishi
Electric possesses high machine reliability, and enables the
stable running of lines. Its main features are as described
below:

1. Equipped with fully automatic trimming, annealing and non-
oxidation welding functions, and realizes the world's fastest
welding speed and highest welding accuracy.

2. Capable of welding steel plates of different thicknesses
through its fully automatic electrode height and trimming height
adjustment devices.

3. Provides improved machine operability and maintainability
through its automatic storage maintenance deck and the optimum
layout of the main equipment.

There are few manufacturers in the world that offer large-scale
welding machine for pickling and cold rolling lines, and
Mitsubishi Electric holds top market share among such
manufacturers. Since its development in 1979, forty-four units
of the 'NMW Type C Flash Welder' have been installed at iron
works in seven countries around the world, including Japan.
These points were highly evaluated and resulted in receipt of
the order, although up until now Novolipetsk Iron & Steel
Corporation has been using welding machines manufactured in
Germany.

Since the 1970s, Nissho Iwai and Mitsubishi Electric have
delivered various iron making equipment to Novolipetsk Iron &
Steel Corporation, and have established an amicable and close
relationship over the years. In order to modernize the existing
facility, the said iron works has plans for massive investments
in equipment during the period 2000 to 2005, and Nissho Iwai and
Mitsubishi Electric were also awarded an order in 2001 for
continuous hot-dip galvanizing line control equipment worth 1
billion yen.

The Russian economy is well on its way to recovery, and shows
healthy signs such as expansion of domestic demand for building,
oil and gas-related materials in the iron industry, and an
increase in the export of steel plates to Southeast Asia, China
and Europe. Nissho Iwai and Mitsubishi Electric will continue to
aim at new market development, utilizing Japanese high
technology as leverage.

With over 80 years of experience in providing reliable, high-
quality products to both corporate clients and general consumers
all over the world, Mitsubishi Electric Corporation (FTSE:
6503q.l) is a recognized world leader in the manufacture,
marketing and sales of electrical and electronic equipment used
in information processing and communications, space development
and satellite communications, consumer electronics, industrial
technology, energy, transportation and building equipment. The
Company has operations in 35 countries and recorded consolidated
group sales of 3,649 billion yen (US$27.4 billion) in the year
ended March 31, 2002. For further information, please visit the
Mitsubishi Electric Corporation home page at:
www.mitsubishielectric.com/index.php

Nissho Iwai Corporation, one of Japan's sogo shosha (general
trading companies), deals in a variety of products around the
world, from industrial machinery to agricultural commodities and
consumer goods. Its metals unit, which distributes a variety of
steel products, is its biggest revenue producer. Other
activities include automobile export and distribution, aircraft
sales, and logistics. Nissho Iwai also deals in lumber for the
housing industry and builds condominiums. In addition, the
Company has launched information technology businesses. Nissho
Iwai has agreed to combine its operations with those of fellow
Japanese trading Company Nichimen. For further information,
please visit the Nissho Iwai Corporation home page at:
www.nisshoiwai.co.jp/nic/E-nic.html

Nissho Iwai Corporation will not pay bonuses to non-management
staff in the business year starting April 1, effectively cutting
their annual salaries by 20 percent, according to the Troubled
Company Reporter-Asia Pacific.

The proposal is aimed at accelerating restructuring ahead of its
April business integration with Nichimen Corporation.

Contact:
Ms. Yuko Inoguchi,
Corporate Communications
Nissho Iwai Corp.
Tel. +81-3-5520-2380


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


HYUNDAI MERCHANT: FSS Reports Firm to Prosecutors This Week
-----------------------------------------------------------
The Financial Supervisory Service (FSS) is likely to report
Hyundai Merchant Marine (HMM) to prosecutors this week for
concealing accounting books involving a 400 billion won loan
from Korea Development Bank (KDB), Digital Chosun reports.

FSS made a working-level decision to report HMM on charges of
hiding accounting books including the US$200 million payoff to
North Korea, after nine repeated requests by the FSS for the
documents.

The same official said that the organization would hold a
meeting Wednesday of top brass in the Securities and Futures
Commission to make a final decision.


SK CORPORATION: Prosecutors Indict Chairman Chey
------------------------------------------------
South Korean prosecutors indicted SK Corporation Chairman Chey
Tae-Won and SK Group Chairman Son Kil-Seung on Tuesday for their
involvement in alleged illegal stock transactions among the
group's key affiliates, reports online news provider Edaily and
Dow Jones. Ten executives, including Chey and Son, were
indicted, the report said.

Separately, prosecutors found accounting irregularities worth
about 1.55 trillion won at SK Group affiliate SK Global Co., the
report said. SK officials declined to comment.


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


ASSOCIATED KAOLIN: Danaharta OKs Modified Workout Proposal
----------------------------------------------------------
Reference is made to the announcements dated 26 September 2001,
2 October 2001, 3 October 2001, 29 January 2002, 22 February
2002, 15 July 2002 and 17 January 2003 on the Proposals, which
involves:

   i. Proposed Capital Reduction;

   ii. Proposed Termination of Aki's Outstanding Warrants
1996/2005;

   iii. Proposed Share Exchange of 5,465,023 Ordinary Shares of
RM1.00 each in AKI (Aki Shares) on the basis of one (1) Ordinary
Share of RM1.00 each in Greatpac Holdings Berhad (GHB) (GHB
Shares) for every one (1) AKI Share (Proposed Share Exchange);

   iv. Proposed Renounceable Rights Issue of up to 16,395,070
New GHB Shares on the basis of three (3) New GHB Shares for
every one (1) existing GHB share held after the Proposed Share
Exchange at an issue price of RM1.00 per GHB Share (Proposed
Rights Issue);

   v. Proposed Special Bumiputera Issue (SBI) of 25,000,000 New
GHB Shares to Bumiputera investors at an issue price of RM1.00
per GHB Share (Proposed SBI);

   vi. Proposed Acquisition of the entire equity interest in
Greatpac Sdn Bhd (GPSB) by GHB for a total consideration of
RM72,000,000 to be satisfied by the issuance of 72,000,000 New
GHBb Shares at an issue price of RM1.00 per GHB Share (Proposed
GPSB Acquisition);

   vii. Proposed Acquisition of the entire equity interest in
Success Profile Sdn Bhd (Success Profile) by GGB for a total
consideration of RM17,727,272 to be satisfied by the issuance of
17,727,272 New GHB Shares at an issue price of RM1.00 per GHB
Share (Proposed Success Profile Acquisition);

   viii. Proposed Debt Restructuring of AKI;

   ix. Proposed Waiver from Undertaking a Mandatory General
Offer (Proposed Waiver); and

   x. Proposed Transfer of Listing Status of AKI To GHB
(Proposed Transfer Listing)

On 17 January 2003, on behalf of Associated Kaolin Industries
Berhad (Special Administrators Appointed), Commerce
International Merchant Bankers Berhad (CIMB) announced that the
AKI's Special Administrators (SA) have accepted the principal
terms and conditions of the revisions to the Proposals proposed
by the Promoters (i.e. the vendors of GPSB and Success Profile)
as stated in their letters dated 1 December 2002 and 7 January
2003. The proposed revisions entail changes to the Proposed
Rights Issue, Proposed SBI, Proposed Debt Restructuring and the
Proposed Waiver, which form parts of the Proposals approved by
the SC via its letter dated 11 July 2002. The other principal
terms of the Proposals remained unchanged.

Presently, CIMB announced that Pengurusan Danaharta Nasional
Berhad (Danaharta) had via its letter dated 7 March 2003
approved AKI's Modified Workout Proposal dated 29 January 2003
prepared by the Special Administrators of AKI pursuant to
Section 46(4)(b) of the Danaharta Act 1998. The Modified Workout
Proposal sets out the proposed revisions to the Proposals.

CIMB also wishes to announce the financial effects of the
proposed revisions to the Proposals as follows:

Share Capital

The effects of the proposed revisions to the Proposals on the
share capital of AKI and GHB are set out in Table 1.

Net Tangible Assets (NTA)

The effects of the proposed revisions to the Proposals on the
proforma consolidated NTA of AKI and GHB based on the audited
consolidated accounts of AKI Group as at 30 June 2002 are set
out in Table 2.

Earnings

The Proposals are not expected to have any material effect on
the earnings of AKI for the current financial year ending 30
June 2003. However, the Proposals are expected to contribute
positively to the earnings of GHB thereafter.

Substantial Shareholders

The effects of the Proposals on the shareholding of the
substantial shareholders of AKI and GHB (holding at least 5%
interest of the issued and paid-up share capital) based on the
Register of Substantial Shareholders of AKI as at 31 December
2002 assuming that the Proposals were effected on that date are
set out in Table 3.

Tables 1 to 3 could be found at
http://bankrupt.com/misc/TCRAP_AKI0312.doc.


CRIMSON LAND: CEO Tan Tien Owns 50% of Shares
---------------------------------------------
Crimson Land Berhad informed that Mr. Tan Jee Tien, the Chief
Operating Officer of the Company, has informed that he has
acquired a total of 200,000 shares representing 0.10 percent of
the equity interest in the Company during the period from 28
February 2003 to 6 March 2003. His direct interest in the
Company is now 1,000,000 shares or 0.50 percent.

Mr. Tan Jee Tien's total interests in the Company as at 6 March
2003 is 32,306,000 shares and 2,954,000 warrants.

CONTACT INFORMATION: 5, Persiaran Lidcol
                     Off Jalan Yap Kwan Seng
                     50450 Kuala Lumpur
                     Tel : 03-2162 8099;
                     Fax : 03-2162 8711/2161 5045

COMPANY PROFILE

Crimson was incorporated on 30 March 1974 in Malaysia as
Malaysian Containers (1974) Bhd. On 20 December 1985, the
Company changed its name to MCB Holdings Berhad following the
change of its business as a manufacturer of glass and other
types of containers to that of an investment holding company.

Since 1985, the Company, through acquisitions, has ventured into
property investment and development and manufacturing.

During the period from 1977 to 1999, the Company undertook a
rationalization exercise to streamline the Group's assets, which
involved the divestment of certain subsidiaries and the disposal
of its manufacturing concern. Following the rationalization, the
Company changed its name to Crimson Land Berhad on 25 January
2000.

Among the Group's property development projects, Taman Seri
Lembahyung comprising 528 units of low cost flats and 18 units
of shops located in Shah Alam, was completed in November 2000,
while D'aman Crimson comprising 1,068 units of medium cost
apartments and 68 shop lots located in Ara Damansara, was
completed in April 2001.

In April 2000 and August 2000, subsidiary RV Management Sdn Bhd
launched Phase IA and Phase 1B of Taman Krubong Jaya in Malacca,
respectively. Scheduled completion dates are April 2002 and
August 2002 respectively. In March 2001, subsidiary, Crimson
Attraction Sdn Bhd launched D'aman Ria, located in Ara Damansara
comprising a 26-storey building with 420 units of medium cost
apartments and some commercial space together with 782 units of
car parks. Expected completion is in March 2004.

On 26 January 2000, the Company announced a proposed corporate
exercise involving rights issues of ordinary shares and loan
stocks, acquisition of Linggi Park Resorts Sdn Bhd,
restructuring of RM90m debts and special issue to Bumiputera
investors. Following this, on 11 May 2000, subsidiary Machap
Development Sdn Bhd proposed to acquire 538 acres of land in
Kluang, Johor, while the Company proposed to acquire Citraplus
Sdn Bhd.

The FIC, MITI and SC except for the Proposed Acquisition, which
was rejected by the SC, have approved the Proposed Corporate
Exercise. The SC has approved an extension of time for
completion of the exercise.

In addition, on 5 October 2001, Crimson entered into a
conditional SPA for the disposal of its entire stake in MCB
Farmland Sdn Bhd and Binaan MCB Sdn Bhd as part of the Company's
continuing rationalization exercise. FIC approval was obtained
in December 2001.


KSU HOLDINGS: Receives Injunction Notice Restraining Defendants
---------------------------------------------------------------
KSU Holdings Berhad (KSUH) announced that it and its
subsidiaries, Earnest Equity Development Berhad (EEDB) and
Kumpulan Sepang Utama Sdn Bhd (KSUSB) received a notice dated 3
March 2003 from BGH rescinding its sale to EEDB of 1010 acres of
land in Beranang, Ulu Langat (Abaco Land) pursuant to various
agreements (Agreements) dated 15 December 1998, 27 July 1999 and
27 July 2001 for the sale and purchase of the Abaco Land and
dated 29 October 1999, 11 June 2001 and 27 September 2001 for
the issue of shares as consideration for the Abaco Land. KSUH
and its subsidiaries EEDB, KSUSB and Abaco Estates Sdn Bhd
(AESBare also co-defendants together with 38 other parties in
Kuala Lumpur High Court Civil Suit No. D5-22-337-2003 (BGH
Suit). Service of process of the BGH Suit was effected on KSUH
and EEDB on 6 March 2003.

EEDB's purchase of the Abaco Land formed part of the Rescue Cum
Restructuring Scheme (Scheme) for May Plastics Industries
Berhad. The Scheme was completed on 10 May 2002 when KSUH was
listed. BGH claimed that the injection of the Abaco Land to
enhance KSUH Group's land bank was critical to the success of
the Scheme as envisaged, conceived, promoted and implemented by
Mr Foo Kum Yuen, Mr Oye Kheng Hoon, Mr Chia Tack Kee, Mr Low Kah
Khuen and Dato' Ng Mann Cheong (Promoters), directors of KSUSB
at one time or another and also as regards Mr Oye Kheng Hoon and
Mr Chia Tack Kee, directors of EEDB at the material time.

BGH cited, among others, as grounds for its rescission:

   i) fraudulent misrepresentation and breach of covenants by
the Promoters, EEDB and KSUSB as to the financial state and
business affairs of EEDB and KSUSB;

   ii) the commission of fraud by the Promoters, EEDB and KSUSB
in making untrue representations, warranties and covenants and
concealing the true facts from BGH;

   iii) breach by the Promoters of their fiduciary duties to BGH
in not disclosing the precarious financial condition and
business affairs of KSUSB; and

   iv) the exertion on BGH of undue influence by the Promoters
as fiduciaries in inducing BGH to enter into the Agreements.

BGH claimed that there was non-disclosure to BGH and active
concealment from BGH of, among others:

   i) defaults by KSUSB on its credit facilities from Malaysia
Building Society Berhad (MBSB) when the Scheme was being put in
place in June 1999;

   ii) excessive overstatements of profits by KSUSB through over
certifications of works for its Taman Kenanga Project,
unaccounted property sales by KSUSB and non-provision for
accrued liquidated ascertained damages for late delivery to its
property purchases;

   iii) stoppage of work as early as October 1999 in KSUSB's
Taman Kenanga Project, non-payment to KSUSB's contractors and
claims by them; and

   iv) non-payment of staff salaries, statutory contributions
and installments by KSUSB.

The relief sought by BGH in the BGH Suit include a declaration
that it had validly rescinded the Agreements, a declaration that
BGH is the beneficial and legal owner of the Abaco Land, the
withdrawal by KSUSB of its caveat against the Abaco Land and a
declaration that BGH's Power of Attorney to AESB for certain
powers in relation to the Abaco Land in null and void.

KSUH also received on 6 March 2003 notice of an injunction
granted to BGH to restrain 36 of the Defendants in the BGH Suit
from exercising rights at KSUH's Extraordinary General Meeting
on 7 March 2003 and whether by themselves or their proxy,
attorney, representative or otherwise, all voting rights
attached to portions of their shares in KSUH.


MALAYSIAN PACIFIC: US Unit Under Voluntary Winding-Up
-----------------------------------------------------
Malaysian Pacific Industries Berhad informed that it had, on 28
February 2003, placed Dyna-Craft Marketing, Inc (DCMI), a
corporation incorporated in California and a wholly-owned
Company subsidiary, under member's voluntary winding-up pursuant
to Section 331 of the Internal Revenue Code of the United States
of America. Pursuant to Section 1905 of the California
Corporation Code, Mr Chris Loo of 208 South 1st St. #306
Alhambra, CA 91801 has been appointed as the local agent to
assume all known debts and liabilities including any tax
liabilities of DCMI.

DCMI was principally involved in the marketing of leadframes and
ceased operation during the financial year ended 30 June 2002.
DCMI had remained dormant since then and there are no plans to
activate it.

There is no loss arising from the voluntary winding-up of DCMI.

The voluntary winding-up of DCMI will not have any material
impact on the net tangible assets and earnings per share of the
MPI Group for the financial year ending 30 June 2003.


PAN MALAYSIA: Singaporean Units Under Voluntary Liquidation
-----------------------------------------------------------
Pan Malaysia Holdings Berhad notified that the Liquidator of
GCIH (Singapore) Pte Ltd, Heng's Food & Beverage Industries Pte
Ltd and Welland Investments Pte Ltd has informed the Company
that subsequent to the respective final meeting of these three
companies which were held on 10 March 2003, the Liquidator had
on 10 March 2003 lodged with the Registrar of Companies and the
Official Receiver the relevant returns pursuant to Section
308(3) of the Companies Act, (Cap. 50).

Pursuant to Section 308(5) of the Companies Act, (Cap. 50), on
the expiration of three months after the lodging of the
aforesaid returns, GCIH (Singapore) Pte Ltd, Heng's Food &
Beverage Industries Pte Ltd and Welland Investments Pte Ltd
shall be dissolved.

GCIH (Singapore) Pte Ltd, Heng's Food & Beverage Industries Pte
Ltd and Welland Investments Pte Ltd were incorporated in
Singapore on 10 October 1986, 7 October 1980 and 11 August 1990
respectively. PMH had an effective interest of 54.53% in GCIH
(Singapore) Pte Ltd and 84.12% in Heng's Food & Beverage
Industries Pte Ltd and Welland Investments Pte Ltd respectively
prior to their dissolution.

The dissolution of GCIH (Singapore) Pte Ltd, Heng's Food &
Beverage Industries Pte Ltd and Welland Investments Pte Ltd is
not expected to have any material effect on the operations,
earnings and net liabilities of the PMH Group.


RAHMAN HYDRAULIC: Posts AGM Results
-----------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
announced that both the Ordinary Resolutions stated below,
tabled at the EGM of the Company held on Monday, were lost:

ORDINARY RESOLUTION 1

Acquisition of 57,771,000 Ordinary Shares in Kuala Lumpur
Industries Holdings Berhad (Special Administrators Appointed)
for a cash consideration of RM202,112,374.

ORDINARY RESOLUTION 2

Acquisition of Bangunan Bee Hin by Exaland Corporation Sdn.
Bhd., a wholly-owned subsidiary company of Rahman Hydraulic Tin
Berhad (Special Administrators Appointed), from Bee Hin Holdings
Sdn. Bhd. (Special Administrators Appointed), a wholly-owned
subsidiary company of Kuala Lumpur Industries Holdings Berhad
(Special Administrators Appointed), for a cash consideration of
RM4.5 million.


SEAL INCORPORATED: Appoints Wan Lin as Audit Committee Member
-------------------------------------------------------------
Seal Incorporated Berhad posted this Change in Audit Committee
Notice:

Date of change : 10/03/2003
Type of change : Appointment
Designation    : Member of Audit Committee
Directorate    : Independent & Non Executive
Name           : Wan Heng Lim
Age            : 47
Nationality    : Malaysian
Qualifications : Diploma in London Chamber of Commerce (LCC)

Working experience and occupation  :

1980-1988 - Finance and Administration Officer
            of Metroplex Berhad
1989-1997 - Finance and Administration Officer
            of Perdana Beach Sdn. Bhd.
1998-2002 - Self employed

Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Nil

Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

Composition of Audit Committee (Name and Directorate of members
after change) :

1. Ong Khaik Hean - Independent and Non-Executive Director
2. Ong Wee Meng - Executive Director
3. Wan Heng Lim (appointed on 10 March 2003) - Independent and
   Non-Executive Director

Early last week, the Troubled Company Reporter - Asia Pacific
reported that as at 28 February 2003, the Group's total default
in payments to financial institutions in respect of various
credit facilities is RM3.06 million.


SIME DARBY: FIC Revokes Proposed Reorganization Scheme Condition
----------------------------------------------------------------
Sime Darby Berhad refers to its announcement dated 9 December
2002, whereby it was announced that the Foreign Investment
Committee (FIC) had approved the Proposed Reorganization of the
Corporate Structure and Businesses of DMIB (Proposed
Reorganization Scheme), subject to, inter-alia, Sime SembCorp
Engineering Sdn Bhd (Sime SembCorp) and Chubb Malaysia Sendirian
Berhad (Chubb) maintaining at least fifty-one (51) percent
Bumiputera equity interest at all times. Pursuant thereto, the
Company had appealed to the FIC on the said condition in respect
of Sime SembCorp and Chubb.

In this connection, Alliance Merchant Bank Berhad, on behalf of
Sime Darby and DMIB Berhad, announced that the FIC has, vide its
letter dated 7 March 2003, revoked the above said condition as
Sime SembCorp and Chubb are licensed manufacturing companies.


UNITED CHEMICAL: Provides Defaulted Facilities Status Update
------------------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
informed that there are no new significant developments in
relation to the various defaults in payment further to the
announcement on 10 February 2003.

The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note 1/2001. Go to
http://bankrupt.com/misc/TCRAP_UCI0312.xlsto see status update.


WOO HING: Changes Registered Business Address
---------------------------------------------
Woo Hing Brothers (Malaya) Berhad advised that its business and
registered address at Lot B-1, Block B, 1st Floor, Kuala Lumpur
Plaza, 179 Jalan Bukit Bintang, 55100 Kuala Lumpur will be
changed to the following with effect from 10 March 2003:

         c/o Ferrier Hodgson MH Sdn Bhd
         22-M Jalan Tun Sambanthan 3
         50470 Kuala Lumpur
         Tel: 03-2273 6227
         Fax: 03-2273 7503

COMPANY PROFILE

WHB offers a wide range of watches. It has Agency Rights
(exclusive rights) for the distribution of selected brands of
time pieces in Malaysia and Dealership Rights (exclusive and
non-exclusive rights to be dealers for selected brands of time
pieces in Malaysia). These Agency and Dealership Rights have no
expiry period and terms of renewal. The Agency Rights allow WHB
to appoint other retailers as dealers whilst the Dealership
Rights are assigned solely to the WHB Group. The Group has also
expanded into the wholesale of watches.

The origins of the Company (WHB) may be traced to Woo Hing
(Singapore) Pte Ltd, in Singapore. Its first retail outlet in
Kuala Lumpur was established at Jalan Bukit Bintang in November
1951. From this beginning, the WHB Group now has five retail
outlets in Kuala Lumpur.

With effect from 2 March 2000, Pengurusan Danaharta Nasional Bhd
has appointed Special Administrators (SA) for the Company to
assume full control of the Company's affairs and assets. The SA
have entered into a MOU with Jiwa Ragam Sdn Bhd on 28 August
2000, with a view to restructure the Company so as to settle
and/or manage its debts. A due diligence exercise on the assets
to be injected into the Company under the restructuring exercise
is being carried out and is expected to be completed in August
2001.

The debt moratorium of 12 months, which took effect from the
appointment of the SA on 2 March 2000, has been extended for
another 12 months.


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


FILSYN CORPORATION: Seeks Return of License to Sell Securities
--------------------------------------------------------------
Filsyn Corporation has asked the Securities and Exchange
Commission (SEC) to return its license to sell securities to the
public as it blamed its external auditor Sycip Gorres Velayo &
Co. (SGV) for failure to submit its 1996 audited financial
statements, the Philippines Star said on Tuesday.

SGV submitted to the SEC only the audited financial statements
of Filsyn for the years ended Dec. 31, 1992 to 1995 and for
1997. Filsyn also asked for the reduction of the 2.14 million
pesos penalty assessed by the SEC.

Filsyn is the only producer of polyester in the Philippines. Its
supplies polyester fiber and yarn, a major raw material
requirement of the textile industry. The PSE is now reviewing
whether it should delist the Company from the roster of traded
stocks considering it has been insolvent over the past years.


MANILA ELECTRIC: Collects Additional PPA Charge of 0.115Php/kwh
---------------------------------------------------------------
The Manila Electric Co. (Meralco) will collect from its
customers an additional purchased power adjustment (PPA) rate of
0.115 pesos per kilowatthour this month due to higher fuel and
foreign exchange costs, AFX Asia reports, citing the Energy
Regulatory Commission. Meralco's total PPA charge for March
stands at 2.899 pesos per kwh, compared to 2.784 pesos in
February.

Meralco president Jesus Francisco said the increase in PPA
charge this month can be attributed to the shutdown of Quezon
Power facilities for 21 days. But Francisco said the higher PPA
charge should be temporary.

The PPA is a cost recovery mechanism that allows utilities to
pass on to customers additional charges from independent power
producers (IPPs) which, on the other hand, take into account
changes in the prices of fuel used in generating electricity and
in the foreign exchange rate on which they base their selling
prices to utility companies.


PHILIPPINE LONG: Issues Statement in Response to US FCC Decision
----------------------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) management is
extremely disappointed at the decision of the United States
Federal Communications Commission (FCC) to require U.S. carriers
to stop payment to all Philippine telecommunications companies
for calls sent from the United States as requested by AT&T and
MCI Worldcom. This act of intervention by the FCC overturns
nearly 10 months of negotiations and discussions with U.S.
carriers for new rates terminating on the PLDT Network, most of
who have already agreed with PLDT.

The decision by the FCC granting AT&T and MCI Worldcom's request
will be detrimental to the Philippines, its people, and its
economy which AT&T and MCI Worldcom should be held responsible
for:

"The US FCC, AT&T and MCI Worldcom should be held responsible
for any disruption of calls originating from the US to the
Philippines," explained PLDT management. "No Company in its
right mind can continue to provide service knowing that it will
not be paid."

"Any complaints about service disruptions should be addressed to
AT&T and MCI Worldcom whom lobbied the FCC to have this stop
payment order implemented," PLDT Management added.

PLDT stands by the decision of the National Telecommunications
Commission (NTC) that "absent any provisional or interim
arrangement or agreement, there would be termination of service
between the parties..."

For more information, go to
http://bankrupt.com/misc/tcrap_pldt0311.pdf


PHILIPPINE LONG: No Reason for FCC to Side With ATT, Worldcom
-------------------------------------------------------------
The Philippine Long Distance Telephone Co. (PLDT said there is
no reason for the US Federal Communications Commission (FCC) to
side with AT&T and WorldCom concerning a dispute over rates for
inbound calls from the US, BPI Securities reports.

The dispute stemmed from AT&T and WorldCom's refusal to pay
higher rates of US$0.12 per minute for inbound calls from the
United States, claiming local carriers blocked their calls after
they refused the termination rate increase. In a letter to the
FCC, PLDT said it was informed by AT&T that it would not pay
termination rates above US$0.08 per minute.


VICTORIAS MILLING: Chairman Tenders Resignation, Asked to Stay
--------------------------------------------------------------
Omar Byron Mier, the Chairman of Victorias Milling Co. Inc., has
tendered his resignation but has been asked by the board to
stay, AFX Asia said on Monday. Victorias Milling gave no other
details about Mier's move in its disclosure to the stock
exchange.

It added it had no knowledge of any plans by Company President
Arthur Aguilar to resign.


VICTORIAS MILLING: Gotianun Family Offers P300M in Fresh Capital
----------------------------------------------------------------
The Gotianun family wants to acquire Victorias Milling Co. and
offered to inject 300 million pesos in fresh capital to keep it
afloat, BusinessWorld reports, citing Victorias Chairman Omar
Mier, Dow Jones said on Tuesday. The Gotianun family is the
major shareholder of medium-sized commercial bank East West
Bank.

The Gotianuns want to take the lead in the Company's management
in exchange for the capital infusion. Under its rehabilitation
plan, Victorias needs to raise 300 million pesos by April 15.

Victorias, which is in the middle of a 15-year rehabilitation
program, is required to come up with an additional 300 million
pesos in 120 days from the election of a new board, which took
place December 16. The money will be used to improve management
efficiency and to pay off more retrenched workers.

In December, creditor banks officially took over the sugar
Company after a 2.5-billion pesos debt-for-equity swap two
months earlier. The debt settlement arrangement gave creditor
banks 69.5 percent in the sugar firm.


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


ASIA PULP: May Finalize Debt Deal
---------------------------------
Indonesia's Bank Restructuring Agency (IBRA) said on Monday a
March 31 deadline can be met to finalize a multi-billion-debt
deal for Asia Pulp & Paper (APP), according to Reuters, citing
IBRA Chairman Syafruddin Temenggung.

Last week, IBRA received proposals from a group of foreign
creditors to change a debt deal forged in 2002, which covers
around $6.6 billion, or just under half APP's total debt.

Temenggung said there were just two key issues that needed to be
ironed out among the group of lenders, mainly export credit
agencies, before the deal could be finalized. The $6.6 billion
deal must be signed by a majority of creditors.


ASIA PULP: Some Bondholders Won't Revise Debt Plan
--------------------------------------------------
Some rupiah bondholders of Asia Pulp & Paper Co. (APP) objected
to any revision of their five-year plan repayment terms as
demanded by overseas creditors, Bloomberg reports.

APP subsidiaries namely PT Tjiwi Kimia and PT Pindo Deli Pulp &
Paper, agreed last year to repay 400 billion rupiah ($45
million) by end of 2006, while in the meantime servicing the
coupons. Overseas creditors were promised a 10-year debt plan,
and are in a standstill on the rest of more than $13 billion of
the group's debt.

"They cannot drop any of the already agreed terms. We should
just go by both versions of the repayment terms," said Satino,
President of PT Jasa Marga's pension fund, which holds bonds of
Asia Pulp's Indonesian units.

Representatives of the rupiah bondholders will meet with
Indonesian Bank Restructuring Agency this week to express their
demand, said Satino. The agency, which has been active in trying
to mediate local and overseas creditors, is owed about $1
billion by the group.

Last week, the bondholders failed to reach a decision because
there weren't enough bondholders that showed up for a meeting to
reach a required two-thirds quorum, he added.


PRESSCRETE HOLDINGS: Posts Notice of Director's Interest
--------------------------------------------------------
Presscrete Holdings Limited posted a notice of Director and
substantial shareholder Dr. Neo Roland Bah's interests:

Date of notice to company: 06 Mar 2003
Date of change of interest: 06 Mar 2003
Name of registered holder: Neo Investment Pte Ltd and
Neo Corporation Pte Ltd

Circumstance(s) giving rise to the interest: Others
Please specify details: Issue of New Shares in relation to the
Acquisition of the entire issued and paid-up share capital of
Neocorp Innovations Pte Ltd from Neo Investment Pte Ltd and Neo
Corporation Pte Ltd

Information relating to shares held in the name of the
registered holder:
No. of shares, which are the subject of the transaction:
300,000,000
% of issued share capital: 66.3
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.06
No. of shares held before the transaction: 584,000
% of issued share capital: 0.5
No. of shares held after the transaction: 300,584,000
% of issued share capital: 66.5

Holdings of Director / Substantial Shareholder including direct
and deemed interest
                                           Deemed Direct
No. of shares held before the transaction: 584,000
% of issued share capital:                 0.5
No. of shares held after the transaction:  300,584,000
% of issued share capital:                 66.5
Total shares:                              300,584,000

The percentage of the number of shares held after the change of
the issued share capital is based on the enlarged issued and
paid-up share capital of 452,313,613 ordinary shares of S$0.06
each in the share capital of the Company following the
Acquisition.


OVERSEA-CHINESE: Dissolves Dormant Unit
---------------------------------------
Oversea-Chinese Banking Corporation Limited (OCBC Bank)
announced that The Ho Hong Steamship Company (1932) Limited (In
Members' Voluntary Liquidation), a wholly-owned dormant
subsidiary of OCBC Bank, was liquidated and dissolved on March
9, 2003.

The Ho Hong Steamship Company (1932) Limited ceased to be a
wholly owned subsidiary of OCBC Bank with effect from March 9,
2003.


UNITED INDUSTRIAL: Widens FY02 Net Loss to S$134M
-------------------------------------------------
United Industrial Corporation widened its full year net loss to
S$134 million versus a loss of S$21.5 million a year earlier,
Channel News Asia reports. The massive red ink is due to S$207
million being written off the value of UIC's investment
properties.

Going forward, UIC says the outlook for the office property
market in Singapore remains soft, while its non-property
businesses, like detergent and travel, are expected to be
relatively stable.


WEE POH: Issues EGM Results Concerning Capital Reduction
--------------------------------------------------------
Further to the Company's Circular to Shareholders dated 13
February 2003, the Directors are pleased to announce that at the
Extraordinary General Meeting (EGM) held Monday, all resolutions
set out in the Notice of the EGM dated 13 February 2003 in
relation to:

1. The Capital Reduction; and
2. The subsequent restoration of the authorized share capital of
the Company to S$50,000,000;

Were duly passed by Shareholders without modification.

The Directors wish to advise that the Company will be proceeding
to apply to the High Court of the Republic of Singapore (the
High Court) for the confirmation of the Capital Reduction
pursuant to Section 73 of the Companies Act, Chapter 50 of
Singapore.

The outcome of the Company's application to the High Court for
the confirmation of the Capital Reduction and the effective date
for the Capital Reduction will be announced in due course.


YONGNAM HOLDINGS: Updates Current Status
----------------------------------------
Yongnam Holdings Limited, subsequent to the release by the
escrow agent of 5,571,252 of the Bilateral Shares in 2 tranches
and the payment by the Group of an amount of approximately S$1.2
million in cash installments under the Bilateral Agreements, the
Group experienced cash flow difficulties and consequently
defaulted on its obligations there under. As a result of the
default, the balance of 28,586,748 of the Bilateral Shares held
by the escrow agent have not been released and shall be deemed
un-issued.

As at the date of this Announcement, of the approximately S$16.4
million owed to the Group's unsecured creditors under the
Bilateral Agreements, approximately S$2.3 million has been
discharged of which approximately S$2.2 million was attributable
to YNEC. In relation to YNEC, the Company had also issued
corporate guarantees to 2 trade creditors of Yongnam Engineering
& Construction (Private) Limited (YNEC), which are owed
approximately S$8.0 million as at the date of this Announcement.
In view of the above, the Board is proposing to restructure the
debts owed to all the Unsecured Creditors of YNEC by converting
such debts into new shares of the Company by way of the Scheme
after the Capital Reduction has been effected, further details
of which are set out beneath.

To facilitate the Scheme, YNEC has on 27 February 2003 applied
to the High Court of the Republic of Singapore (the "Court") and
obtained an order of Court allowing YNEC to convene a meeting of
the Unsecured Creditors by 18 June 2003 to consider and approve
the Scheme. In conjunction with the aforesaid application, the
Court has also granted a stay of all present, pending,
contingent or fresh suits, actions, proceedings against YNEC
including but not limited to winding up proceedings, judicial
management proceedings, arbitrations, the appointment of a
receiver and/or manager (by way of execution or otherwise) or
the enforcement or execution against or recovery of any assets
of YNEC or monies due to YNEC (including garnishee proceedings),
be restrained and/or stayed forthwith except by leave of the
Court or subject to the order of Court.

In addition, as part of its on-going measures to stabilize the
Group's financial position, the Directors are evaluating the on-
going viability of the Group's operating subsidiary in Malaysia.
In respect of this Malaysian operating subsidiary, the Company
had issued corporate guarantees to 2 Malaysian banks, which had
provided approximately RM7.0 million in secured loans and
banking facilities.

THE SCHEME

Subject to the Capital Reduction being affected, it is proposed
that the Scheme be implemented with the Unsecured Creditors
pursuant to section 210 of the Act to restructure the debts owed
to them by YNEC, a principal subsidiary of the Company. The
other subsidiaries of the Company are not involved in the
Scheme.

Under the terms of the Scheme, the Unsecured Creditors
participating in the Scheme would be issued up to 320,000,000
new ordinary shares of S$0.01 each (New Shares) in the Company
at an issue price of S$0.10 in full and final settlement of all
debts owed to them.

The Scheme is subject, inter alia, to the approval of the
Unsecured Creditors, the Shareholders and the relevant
authorities, including the SGX-ST and the Court.


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


CHRISTIANI & NIELSEN: Plan Consideration Hearing Moved to April
---------------------------------------------------------------
According to the Court order for Business Reorganization of
Christiani & Nielsen (Thai) Public Company Limited and the
Creditor's meeting special resolution to accept the
Reorganization Plan, the Court had set a date to consider the
plan on 3 March 2003.

CN Advisory Company Limited, as the Planner of Christiani &
Nielsen (Thai) Public Company Limited, informed that the plan
consideration hearing is postponed to 11 April 2003 due to
Creditors submitting objections to the Court.  The Court then
ordered the Planner to submit the explanation within 7 days.


PREMIER ENTERPRISE: Clarifies Non-Opinionated Audited Report
------------------------------------------------------------
Premier Planner Company Limited, as the Plan Administrator of
Premier Enterprise Public Company Limited, clarified the
operation regarding the Company's Rehabilitation Plan, which has
been approved by the supreme court on August 2, 2002, that the
essence of the settlement of loans, accrued interest and
guarantee commitments in the amount of Bt28,028.20 million under
the plan is as follows:

1. Repayment of debts shall be divided in respect to type of
security as follows:

Group 1  The loans of Bt1,483.20 million will be re-paid in
yearly basis within 10 years together with the interest as the
rate of 2.5% p.a. for the first 2 years, 4.5% p.a. for the years
3 and 4, and at the MLR rate of the Industrial Finance
Corporation of Thailand (IFCT) or the entitling creditor,
whichever is the lower for the rest period.

Group 2  The debts for hire purchase business with the principal
and the interest of Bt163.40 million shall be repaid in
quarterly basis within 4 years together with the interest of MLR
rate of  IFCT or of the entitling creditor whichever is the
lower.

Group 3  The debts for purchase of vehicles of Bt1.1 million
shall be repaid upon the sale of the vehicles collated and
subject to the interest of MLR rate of IFCT or of the entitling
creditor whichever is the lower.

Group 4  The debts for investments of Bt26.5 million shall be
repaid in yearly basis within 10 years together with the
interest at the same rate with Group 1.

Group 5  The debts secured by pledge of shares by the other
companies of Bt26.3 million shall be repaid in yearly basis
together with the interest at the same rate with Group 1.

2. Conversion of debt to equity has been arranged by increase of
the registered capital for Bt3,200 million, issue of shares at
par value of Bt10, being 80% of the registered capital, and
allocate to the entitling creditors. The objective of such
conversion of debt to equity is to maintain an appropriate debt
to equity ratio. And this conversion of debt is applicable for
all debts of the company other than those specified in 1 above.

3. All debts remaining after repayment and conversion to equity
will be released.

The other previous operation under the Plan is the increase of
registered capital from Bt1,000 million to Bt4,000 million on
September 17, 2002. And the company has also increase its paid
up capital from Bt800 million to Bt2,981.7 million on December
11, 2002 resulting from the conversion of debts to the share
equity of 218,172,555 shares with  par values of Bt10 each.

After the conversion of debt, the liabilities of the company
decreased to Bt26,403.3 million and the company gained the
profit of Bt14,977 million.

The remaining liabilities of the company is the debts payable
under the plan for the period of 10 years and the debt pending
for conversion to equity of Bt524.1 million, which is now in the
process of paid up capital registration and may be completed
with in the 1st quarter of 2003.

For the contingent liabilities of the company under the letter
of guarantee to which the creditors has not claimed, the company
has already issued the share to satisfy the part of liabilities.
If there is any claimed from such creditor, the creditor will be
entitled received the issued shares.

Accordingly, since The Supreme Court granted the approval to the
plan, the company has operated in line will the plan, and the
source of fund to satisfaction the payment of debt along the
period of 10 years will be as follow:

   1. Incomes from management fees and royalty fees from
subsidiary companies.

   2. Incomes from rental of office building and showrooms from
subsidiary companies and other persons.

   3. Income from hire-purchase business and the sale of
vehicles forfeited from the defaulting customer.

   4. Incomes from sale of vehicles, which is the security to
the loan.

   5. Other incomes from non-core business and dividend.

Consequently, the company has launched the following strategies
for purpose of completion of the targets under the plan:

   1. Increase the strength of all lines of business.
   2. Cost and operation expenses control at the competitive
level.
   3. Development of internal management by usage of information
technology, modern technology including e-business.
   4. Improve the personnel development process to maintenance
of key personnel by fair and appropriate remuneration and
welfare in respect to financial status of the company.

For the status of rehabilitation process of a subsidiary
company, the Planner is in the process of preparing the
rehabilitation plan may be submitted to the Court within the 2nd
quarter of 2003. The commitment of the company to such
subsidiary company will not be officiated as the company has
increased the capital and issue a number of shares, which fully
cover the contingent liability under the guarantee to such
company, to its creditor who may claim against the company in
the future.


SAHAVIRIYA RIVERSIDE: Business Reorganization Petition Filed
------------------------------------------------------------
Real Estate Developer Sahaviriya Riverside Garden Company
Limited (DEBTOR)'s Petition for Business Reorganization was
filed to the Central Bankruptcy Court:

    Black Case Number 342/2545

    Red Case Number 991/2545

Petitioner: SAHAVIRIYA CITY PUBLIC COMPANY LIMITED BY CHURCHILL
PRYCE PLANNER COMPANY LIMITED, THE PLANNER BY MISS SUCHADA
SANGSAHUANG AND ASSOCIATES

Debts Owed to the Petitioning Creditor : 2,809,687,916.17Baht

Date of Court Acceptance of the Petition : February 28, 2002

Date of Examining the Petition: March 25, 2002 at 9.00 A.M.

Court had set the date for the Next Examination on June 13, 2002

Court had issued an order cancelled the Petition for Business
Reorganization on June 25, 2002

Contact : Ms. Bang-Orn Tel, 6792525 ext. 112


TANAYONG PUBLIC: Official Receiver Orders Final Meeting April 2
---------------------------------------------------------------
Pursuant to the filed Business Reorganization Petition of
Tanayong Public Company Limited on January 22, 2002 with the
Central Bankruptcy Court, and subsequently the Court order on
February 18, 2002 for the appointment of Tanayong Planner
Company Limited as the Planner of Tanayong Public Company
Limited. Accordingly, the Plan has been prepared by the Planner
and sent to the Official Receiver, as well as to all the
creditors having the voting rights.

The Official Receiver then called for a meeting of creditors
with voting rights on September 27, 2002 at 9:30 a.m. at YWCA
Building, No.13 South Sathorn Road, Bangkok, in order to discuss
the Plan. Since there were some material amendments to the Plan,
the Planner and some creditors requested that the meeting be
postponed and the Official Receiver gave an order to postpone
the meeting again to be on November 25, 2002, January 9, 2003,
February 14, 2003 and March 7, 2003 respectively.

At this latest meeting the debtor proposed material revisions of
the plan and requested for postponement of the meeting. After
due consideration, the Official Receiver ordered that the
next and final meeting is scheduled to be held on April 2, 2003
at 9:30 a.m. at meeting room number 1105, floor 11th of the
Bangkok Insurance Building, 25 South Sathon Road, Bangkok.


* SET Temporarily Suspends Securities Trading
---------------------------------------------
Previously, the Stock Exchange of Thailand  (SET) posted the
"NP' (Notice Pending) sign on the securities of the following
companies effective from March 4, 2003 because they have failed
to submit their financial statements as of December 31, 2002
within the deadline specified by the SET:

   1. Modern Home Development Public Company Limited (M-HOME)
   2. Natural Park Public Company Limited (N-PARK)
   3. National Fertilizer Public Company Limited (NFC)
   4. Prasit Patana Public Company Limited (PYT)
   5. Roynet Public Company Limited (ROYNET)

As these companies have failed to submit their financial
statements for more than 5 business days, the  SET  has posted
an "SP" (Suspension) sign to temporary suspend the trading
of the companies' securities effective on March 11, 2003
until the companies submit the required financial statements.


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

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