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

                   A S I A   P A C I F I C

           Thursday, March 13, 2003, Vol. 6, No. 51

                         Headlines

A U S T R A L I A

AUSTAR UNITED: Enters New Arrangements With Telstra
KALREZ ENERGY: Issues Oseil Oilfield Production Update
NATIONAL TELECOMS: In Loan Repayment Talks With Directors
TEN NETWORK: Secures Private Debt Placement in US
TRANSURBAN GROUP: CARS Distribution Rate Set at 7% Per Annum

WESTRALIA AIRPORTS: S&P Ups Ratings to 'BBB-/A-3'; Off Watch
ZIMBABWE PLATINUM: Makwiro Platinum Reduces Debt


C H I N A   &   H O N G  K O N G

ASIA GLOBAL: Books Consolidated Operating Loss of $18.1M
CHINA CONSTRUCTION: Court Adjourns Petition Hearing to July 14
CIL HOLDINGS: Courts Adjourns Petition Hearing to April 14
COMMERCIAL INTELLIGENCE: Winding Up Sought by S.E Asia
FAMOUS ZONE: Faces Winding Up Petition

KENWHOLE LIMITED: Hearing of Winding Up Petition Set
RICH CITY: Winding Up Petition Pending
SOUNDWILL HOLDINGS: Proposes Capital Consolidation, Reduction
SOUNDWILL HOLDINGS: SGM Set on April 3
WING KWAI: Winding Up Hearing Scheduled in March 19

WING LEE: Capital Reorganization Circular Dispatched


I N D O N E S I A

INDAH KIAT: Narrows 2002 Pulp Sales to 1.165M Tons


J A P A N

AOZORA BANK: Cerberus Likely to Outbid Sumitomo Mitsui
BONHEUR SHOJI: Shoe Firm Enters Rehabilitation Proceedings
FUJIYA CO.: Expects Y6B Net Loss
HAZAMA CORPORATION: Receives Reorganization Plan Approval
MIZUHO HOLDINGS: Dissolves Two U.S. Units

NEC CORPORATION: Dissolves In-House Firms
NEC CORPORATION: Unveils New Management Structure


K O R E A

DOOSAN HEAVY: Union Agrees to End Strike
KOREA THRUNET: Receives a Nasdaq Staff Determination
SK CORPORATION: Shares Plunge, Hit by Accounting Problems


M A L A Y S I A

AUSTRAL ENTERPRISES: Discloses Notice of Book Closure
CRIMSON LAND: MBSB Extends Proposed Debt Workout Completion Time
GENERAL LUMBER: Court Grants Restraining Order Extension
KSU HOLDINGS: Boon Poh Ceases to be an Audit Committee Member
MALAYSIAN AIRLINE: Appoints Boardroom Director Datuk Abdillah

MALAYSIAN GENERAL: SC OKs Proposed Restructuring Scheme Appeal
NYLEX (MALAYSIA): FIC Approves Tamco Proposals
PILECON ENGINEERING: April Winding-Up Petition Hearing Scheduled
SEAL INCORPORATED: Posts Change in Sub-Committees
SIN HENG: SC's Decision on Conditions Appeal Still Pending

TECHNO ASIA: Principal Agreement Further Extended Until Sept 6
TECHNOLOGY RESOURCES: DeTe Files Arbitration Request
UCP RESOURCES: Answers KLSE's Winding Up Petition Query
UNITED CHEMICAL: High Court Grants Restraining Order


P H I L I P P I N E S

BENPRES HOLDINGS: Issues Debt Restructuring Update
DIGITAL TELECOM: Clarifies "FCC in Favor of US Carriers" Report
NATIONAL POWER: Planning to Borrow US$2B
PHILIPPINE LONG: IB Takes Action Re US-Philippine Route
PHILIPPINE LONG: Threatens to Block US Calls

PHILIPPINE LONG: Shares Lower After FCC Ruling


S I N G A P O R E

ASIA PULP: Creditors Seek Megawati's Help on Debt Talk
CHARTERED SEMICON: Reaffirms First Quarter Revenue Projection
PRESSCRETE HOLDINGS: Khoon Changes Substantial Shareholding


T H A I L A N D

DATAMAT PUBLIC: SET Temporarily Suspends Trading
GENERAL ENGINEERING: Changes Venue for Shareholders' Meeting
THAI CHEW: Files Reorganization Petition to Bankruptcy Court
THAI DURABLE: Explains 2002 F/S Actual, Projection Variance
THAI-GERMAN: Explains Auditor's 2003 F/S Opinion

     -  -  -  -  -  -  -  -

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


AUSTAR UNITED: Enters New Arrangements With Telstra
---------------------------------------------------
Austar United Communications Limited (Austar) and Telstra
Corporation Limited (Telstra) announced Wednesday new
arrangements, which will allow both companies to leverage their
respective strengths for future growth.

Telstra will move to full ownership of the parties' New Zealand
joint venture, TelstraClear Limited. In a separate agreement the
parties have also agreed in principle to allow Telstra to resell
the Austar subscription television service to Telstra customers
in regional Australia.

TELSTRACLEAR

Subject to the satisfaction of various conditions including New
Zealand Overseas Investment Commission approval, Telstra will
acquire full ownership of TelstraClear.

Telstra CEO Dr Ziggy Switkowski said the agreement to purchase
the remaining 42% shareholding in TelstraClear for $A25m
($NZ26.86m) was a reflection of Telstra's confidence in the
business.

"TelstraClear is making solid progress towards profitability and
has become a significant player in the New Zealand
communications market. It's a promising business that brings
Telstra's Trans Tasman strength to New Zealand to the benefit of
New Zealand customers. This deal demonstrates that New Zealand
is a pivotal part of Telstra's long term strategy."

Austar CEO Mr John Porter said "Since its early days,
TelstraClear has been about challenging the status quo, and
Austar is proud to have been a major part in bringing
competition to the New Zealand market. Given where the company
is today, it is a natural point of exit for Austar, particularly
as we focus on our core business of providing subscription
television services to regional Australia."

Dr Switkowski said there would be no changes to TelstraClear's
management team, with the business continuing to be managed in
New Zealand and to trade under the well-recognized TelstraClear
brand.

PAY TV ARRANGEMENTS

The parties have signed a Heads of Agreement which, subject to
regulatory and other approvals, will allow regional Australians
to acquire Austar subscription television services with
Telstra's telephony services.

Mr Porter said, "As a company that has invested over $1 billion
dollars to provide services to regional Australia, we are
pleased to be working with Telstra to allow customers to have
increased choice and opportunities."

It is expected that the bundling arrangements will be made
available later in the year once operational requirements have
been finalized.

CONTACT INFORMATION: Deanne Weir
                Group Director
                Corporate Development & Legal Affairs
                Austar United Communications
                Mobile : 0402 865 300
                E-mail : dweir@austar.com.au

TELSTRACLEAR

TelstraClear Limited is New Zealand's second largest full
service communications company, providing innovative market
leading products, services and customer focus to the business,
government, wholesale and residential sectors. As at January
2002, TelstraClear serves over 300,000 business and residential
customers in every central business district and over 30
regional centers. This represents more than 11% of the New
Zealand market through a full voice, data, Internet Protocol and
cable TV product range. Created from the acquisition of CLEAR
Communications Limited by TelstraSaturn Limited in December
2001, TelstraClear provides a real choice in the New Zealand
communications market, and seamless services to trans-Tasman
customers. For further information visit www.telstraclear.co.nz


KALREZ ENERGY: Issues Oseil Oilfield Production Update
------------------------------------------------------
Kalrez Energy Limited is a 2.5% shareholder in the Seram Joint
Venture that operates the Oseil oilfield. The major shareholder,
and Operator of the JV, is KUFPEC (Indonesia) Limited with
97.5%.

Production from the Oseil oilfield commenced on December 30th
2002, with processing taking place through a Temporary
Production System (TPS) nominally rated to approximately 12,000
barrels per day throughput.

The TPS facility is a temporary process facility to be utilized
until the permanent facilities currently being installed are
completed. Current expectations are that the permanent
facilities will be available during April 2003.

REPORTING PERIOD               FROM MIDNIGHT      TO MIDNIGHT
                               2nd March 2003    9th March 2003

Oil produced for the period         66,941        barrels of oil

Average daily production for the
period                             9,563        barrels of oil

Cumulative oil produced from
31/12/2002                       590,838        barrels of oil

Oil sold during the period        296,557        barrels of oil

Oil in stock                      52,982        barrels of oil

The above represent total production from the Oseil oilfield as
reported by the Operator. Kalrez entitlement is 2.5% of this
production after deducting operating costs and Indonesian
government entitlements.

COMMENTS

All three wells Oseil #1, Oseil #2 and Oseil #4 on production.

Current operations are continuing production through the TPS
system.


NATIONAL TELECOMS: In Loan Repayment Talks With Directors
---------------------------------------------------------
On 18 February the Board of National Telecoms Group Limited
announced that it had approved a restructure of the NTG business
under which the existing sales operations would be separated
into independent businesses. Under the restructure, NTG would
concentrate on the delivery of a wholesale product package
including telephone and office equipment, software for call
tracking and unified messaging, installation and ongoing
service and support to those independent businesses. NTG would
also continue to offer telephone calls to its existing customers
and the customers of the independent businesses.

The Board confirms that the restructure is largely complete and
that the majority of sales staff has transferred to the
independent businesses. In taking on these staff, these
independent businesses have assumed all employee obligations.

Under this new business model, NTG expects to be cash flow
positive from April 2003. The company is reliant on the
continuation of the current funding provided by companies
controlled by two of NTG's directors and major shareholders,
Tony Hakim and Morry Fraid, in the form of shareholder loans.

The company is currently in negotiations with Messrs Hakim and
Fraid regarding the terms of repayment of those loans and the
alternative funding options available to the company.
Messrs Hakim and Fraid have agreed in principle to extend the
period of their loans pending the company entering into
satisfactory alternative funding options.

The company will make a further announcement as soon as possible
about progress in relation to these negotiations and the
proposed funding arrangements.


TEN NETWORK: Secures Private Debt Placement in US
-------------------------------------------------
Ten Network Holdings Limited announced that The Ten Group Pty
Ltd (TEN) had successfully placed US$125 million ten-year senior
unsecured notes in the United States private placement market.

TEN's Executive Chairman Nick Falloon and General Manager -
Finance John Kelly recently undertook a roadshow in the US
presenting to major institutional lenders.

"We received an outstanding response to the TEN story with the
offering at the initial levels significantly oversubscribed
leading to even more competitive pricing," Mr Falloon said.

"TEN had originally been seeking US$100 million but in view of
the excellent pricing and the enthusiasm of the participants we
decided to increase the placement to US$125 million."

"Most importantly this new ten year funding arrangement provides
the Network with long term certainty and security, as well as
diversification in its debt commitments."

The placement was done at a US dollar ten year fixed coupon of
5.38% and the funds have been fully swapped into Australian
dollars at a margin of 1.285% (128.5 basis points) above the
Bank Bill Swap Rate (BBSW). The funds will be used to reduce
TEN's existing bank loans.

"This pricing is extremely competitive and a ringing endorsement
of TEN's current performance and our strategies for the future,"
Mr Falloon said.

Mr Falloon also said the contribution of TD Securities as the
sole arranger of the transaction was a key factor in the
successful deal.


TRANSURBAN GROUP: CARS Distribution Rate Set at 7% Per Annum
------------------------------------------------------------
Transurban Infrastructure Management Limited, in its capacity as
Responsible Entity of Transurban CARS Trust (TCT) announced
that it has successfully completed the institutional component
of its $430 million Convertible Adjusting Rate Securities (CARS)
offer through a bookbuild completed on 6 March 2003. The
Distribution Rate on the CARS has been fixed until the first
Reset Date (14 April 2007) at 7.00% per annum.

Approximately $378 million was raised in the bookbuild through
an institutional entitlement offer of approximately $303 million
and a placement of $75 million.

"Transurban is delighted with the demand for the CARS from
institutional investors," said Kim Edwards, Managing Director of
Transurban.

"This also shows strong support for Australia's premier new toll
road, the Western Sydney Orbital."

Existing institutional Transurban Security Holders have
demonstrated strong support for the CARS offer, taking up
approximately 84% of their entitlements. Existing Transurban
Security Holders, new institutional investors and Retail
Syndicate Members provided further support for the CARS offer,
which resulted in the institutional component being
substantially oversubscribed.

The CARS Minimum Conversion Number was set at 17, and therefore
holders of the CARS will participate in growth in Transurban
stapled securities above a price of approximately $6.03.

The retail component of the entitlement offer (approximately $52
million) is now to be completed. The Record Date for the
entitlement offer was 5 March 2003. The CARS are expected to
commence trading on a deferred settlement basis on 14 April
2003* under the ASX code "TCSPA". Full details of the CARS offer
will be contained in an Offer Document which is expected to be
sent to all eligible Transurban Security Holders on or about the
12 March 2003*.

The CARS offer of $430 million has been fully underwritten by
the Joint Lead Managers and Underwriters Macquarie Equity
Capital Markets Limited and Salomon Smith Barney Australia
Securities Pty Limited.

* These dates are subject to change


WESTRALIA AIRPORTS: S&P Ups Ratings to 'BBB-/A-3'; Off Watch
------------------------------------------------------------
Standard & Poor's Rating Services said Friday that it has raised
its corporate credit ratings on Westralia Airports Corp. Pty.
Ltd. (WAC), owner and operator of Perth airport, to 'BBB-/A-3'
from 'BB+/B', following the company's debt restructuring and the
consequent improvement in its liquidity profile. At the same
time, the ratings have been removed from CreditWatch with
positive implications, where they were placed on Feb. 18, 2003,
following the company's announcement of a debt restructuring.
The outlook is stable.

"The debt restructuring has released WAC from an equity lock-up
position and its recent breach of debt covenants, improving its
access to surplus operating cash flow and external funds," said
Parvathy Iyer, associate director, Corporate & Infrastructure
Finance Ratings. "These changes, together with the expected
improvement in the company's financial discipline and an unused
A$50 million new bank line, should assist in maintaining an
adequate level of liquidity. Until recently, WAC was subject to
mandatory repayment of its cash flows following a covenant
breach in December 2001 that constrained its liquidity," Ms.
Iyer said.

WAC has repaid all of its bank debt through the proceeds of A$45
million 12-year convertible notes that are majority held by its
shareholders, put in place a new A$50 million bank facility, and
has removed onerous clauses in its lending documents. The
flexibility to defer coupon payments on the notes and the
limited rights of noteholders distinguish the notes from "pure"
debt and improve WAC's financial flexibility. Importantly, the
company intends to substantially reduce its reliance on bank
debt and utilize internal funds for future capital expenditure,
which should aid a slow improvement in its financial measures.

The flexibility afforded by the notes is important in the
current environment, when it is difficult to predict traffic
growth due to a potential conflict in the Gulf. In terms of
near-term uncertainty in traffic growth, Perth airport is no
worse off than its Australian peers, partly because its reliance
on the Bali tourist market has steadily declined over the past
three years, which has alleviated its historic exposure to this
market.

The stable outlook on WAC's ratings reflects the expectation
that the company will restrain debt usage and adhere to its
financial discipline. Also incorporated in the outlook is the
expectation that any potential decline in traffic due to the
current geopolitical uncertainties will not be very substantial
or prolonged and that traffic growth will be restored to
historic strong trends in the medium term.


ZIMBABWE PLATINUM: Makwiro Platinum Reduces Debt
------------------------------------------------
Zimbabwe Platinum Mines Limited (Zimplats) announces that its
70% owned operating company, Makwiro Platinum Mines (Private)
Limited, has effected the first repayment installment of US$8.6
million against the US$30 million loan facility secured from
Absa Bank Limited for the part funding of the Ngezi/SMC
Project. The payment was effected on the due date, 10 March
2003.

Three further repayments of US$8.6 million each are scheduled
over the following 18 months, with the next payment due in
September 2003.

CONTACT INFORMATION: Greg Sebborn
            FINANCE DIRECTOR
            Tele:  +263 4 332 591
            Fax:   +263 4 332 496
            Email: greg.sebborn@zimplats.co.zw


================================
C H I N A   &   H O N G  K O N G
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ASIA GLOBAL: Books Consolidated Operating Loss of $18.1M
--------------------------------------------------------
Asia Global Crossing Ltd. and Subsidiaries (In Provisional
Liquidation in the Supreme Court of Bermuda) has released its
monthly operating report for January, filed March 3 2003, with
the U.S. Bankruptcy Court in Manhattan.

Go to http://bankrupt.com/misc/TCRAP_AsiaGlobal0313.pdfto see a
copy of the Company's Consolidated Balance Sheet, Statement of
Operations, and Statement of Cash Flows for the period from
January 1, 2003 through January 31, 2003.

BACKGROUND

Asia Global Crossing Ltd. provides bandwidth and value-added
data services to enterprise and carrier customers in Asia. It
has substantially built a network across Asia consisting of
subsea cables, terrestrial connections (commonly known as
backhaul) to landing sites and facilities to house equipment
owned by various carriers (commonly known as telehouses). The
network currently connects Japan, Hong Kong, Taiwan, Korea and
Singapore to each other and to the United States. The Company
has also established commercial arrangements that allow us to
provide customers bandwidth and telecommunications services to
China, Australia and New Zealand.

BANKRUPTCY FILING

On November 17, 2002 (COMMENCEMENT DATE), AGCL and one of its
subsidiaries, Asia Global Crossing Development Co. (AGCDC and
together with AGCL, the DEBTORS), filed voluntary petitions for
relief under chapter 11 of title 11 of the United States Code
(BANKRUPTCY CODE) in the United States Bankruptcy Court for the
Southern District of New York (BANKRUPTCY COURT) (Case Nos. 02-
15749 through 02-15750 (SMB)). Other subsidiaries of AGCL are
not debtors in these chapter 11 cases. The Debtors continue to
manage their properties and operate their businesses as "debtors
in possession" under the jurisdiction of the Bankruptcy Court
and in accordance with the applicable provisions of the
Bankruptcy Code.

On November 18, 2002, AGCL commenced insolvency proceedings in
the Supreme Court of Bermuda (BERMUDA COURT) (Case No.
2002:464). On that date, the Bermuda Court granted an order
appointing Jamie Smith and Mark Smith as Joint Provisional
Liquidators (JPLS) in respect of AGCL. The Bermuda Court granted
the JPLs the power to oversee the continuation and
reorganization of AGCL's business under the control of its board
of directors and under the supervision of the Bankruptcy Court
and the Bermuda Court.

On July 19, 2002, Pacific Crossing Ltd., a majority-owned
subsidiary of AGCL, which owns and operates a subsea cable
system connecting the west coast of the United States and Japan,
Pacific Crossing-1, and its subsidiaries and an affiliate
(collectively, PCL) filed voluntary petitions for relief under
chapter 11 of the Bankruptcy Code in the United States
Bankruptcy Court for the District of Delaware (DELAWARE
BANKRUPTCY COURT). Pacific Crossing Ltd. and certain of its
subsidiaries owe $703.2 million to a consortium of banks
under a bank facility. This bank facility is not guaranteed by,
and is non-recourse to, the Company. PCL's bankruptcy
proceedings are being administered separately from and are not
being consolidated with the Company's proceedings. PCL has
announced that no recovery is expected for its shareholders. As
a result, effective July 19, 2002, the Company deconsolidated
the financial position and results of operations of PCL and its
subsidiaries, and began reporting the net assets of PCL as an
investment using the cost method. The accompanying financial
statements reflect $270,744 as the cost basis of the investment
in PCL, and have not been adjusted to reflect the fact that no
recovery is expected to shareholders of PCL. On or about
November 12, 2002, the Delaware Bankruptcy Court authorized PCL
to engage CXO, L.L.C. to manage PCL.

Under the Bankruptcy Code, the collection against the Debtors of
certain claims in existence prior to the Commencement Date is
automatically stayed while the Debtors continue business
operations as debtors in possession. The estimated amounts of
those claims are reflected in the financial statements as
"liabilities subject to compromise". Additional "liabilities
subject to compromise" may arise subsequent to the filing date
resulting from rejection of executory contracts, including
leases, and from the determination by the Bankruptcy Court (or
agreed to by parties in interest) of allowed claims for
contingencies and other disputed amounts. The collection of
secured claims against the Debtors' assets (SECURED CLAIMS) also
is stayed, although the holders of such claims have the right to
move the Bankruptcy Court for relief from the automatic stay.
Secured Claims are secured primarily by liens on the common
equity of certain subsidiaries of the Company. Legal actions
against AGCL, which is also subject to provisional liquidation
in Bermuda, are stayed in accordance with the Bermuda Companies
Act.

The Debtors currently estimate that the total claims that will
be restructured in their chapter 11 cases are approximately
$1,419,657 as of January 31, 2003. The Company will continue to
evaluate the amount and classification of its pre-petition
liabilities through the remainder of its chapter 11 cases. As a
result, `liabilities subject to compromise' is subject to
change. Claims classified as "liabilities subject to compromise"
represent secured as well as unsecured claims.


CHINA CONSTRUCTION: Court Adjourns Petition Hearing to July 14
--------------------------------------------------------------
China Construction Holdings Limited announced that on 10 March
2003, the High Court of the Hong Kong Special Administrative
Region adjourned the petition hearing for the winding up of CIH
to 14 July 2003. CIH will be allowed to implement the
alternative security arrangement for an asset in The People's
Republic of China in order to settle outstanding conditions
precedent, following which the notice to convene a meeting of
Noteholders for the purpose of approving the revised proposal to
deal with the outstanding issues under the restructure and
setting a new closing date will be issued.

A further announcement on the progress will be released in due
course.


CIL HOLDINGS: Courts Adjourns Petition Hearing to April 14
----------------------------------------------------------
Reference is made to the announcements made by CIL Holdings
Limited on 8th October 2001, 12th November 2001, 14th January
2002, 18th March 2002, 29th April 2002, 6th May 2002, 17th June
2002, 29th July 2002, 26th August 2002, 4th November 2002, 16th
December 2002, 6th January 2003, 10th February 2003 and 24th
February 2003 in relation to the winding-up petition (the
"Petition") issued against the Company by Star Dragon Securities
Limited as the substituted petitioner.

Reference is also made to the announcement made by the Company
on 15th February 2002 regarding the Restructuring Proposal. On
31st May 2002, the Company dispatched the Circular to its
Shareholders, which addressed all of the above matters. On 2nd
August 2002, the Company had dispatched the Scheme document to
Scheme Creditors and, for information only, the Shareholders and
claimants of the Disputed Claims. On 28th November 2002, the
Company had dispatched the supplemental Scheme document to
Scheme Creditors and, for information only, the Shareholders and
claimants of the Disputed Claims.

During the hearing of the Petition held on 10th March 2003, the
Company has made an application to the Hong Kong Court for an
adjournment of the Petition to allow time for the Company to
implement the Scheme with the Scheme Creditors.

Pursuant to the Company's application for the adjournment of the
Petition as mentioned above, the Hong Kong Court made an order
to adjourn the Petition to 14th April 2003. In this connection,
the Company will make further announcement as and when
necessary.

RECENT DEVELOPMENT OF THE SCHEME

The hearing of the Petition for the sanctioning of the Scheme in
Hong Kong took place on 4th March 2003. The Hong Kong Court had
raised an issue, which is of technical legal nature relating
to the rights and interests of the creditors of the Disputed
Claims and, required time to consider the matter. Therefore, a
Court Order was made to adjourn the hearing to a date to be
fixed and it is expected that the adjourned hearing will take
place on or around 2nd April 2003. In this connection, the
Company will make further announcement as and when necessary.
Trading in the Shares was suspended from 9:30 a.m. on 10th March
2003 at the request of the Company pending the release of this
announcement and application has been made to the Stock
Exchange for the resumption of trading in the Shares from 9:30
a.m. on 11th March 2003.

Investors are advised to exercise caution when dealing in the
Shares.


COMMERCIAL INTELLIGENCE: Winding Up Sought by S.E Asia
------------------------------------------------------
Commercial Intelligence S.E. Asia Pte Ltd. is seeking the
winding up of Commercial Intelligence (Hong Kong) Limited . The
petition was filed on February 20, 2003, and will be heard
before the High Court of Hong Kong on April 16, 2003 at 9:30 in
the morning.

Commercial Intelligence S.E. Asia Pte Ltd holds its registered
office at 83 Cemenceau Avenue, #13-01 Ue Square, Singapore
239920.


FAMOUS ZONE: Faces Winding Up Petition
--------------------------------------
The petition to wind up Famous Zone 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.


KENWHOLE LIMITED: Hearing of Winding Up Petition Set
----------------------------------------------------
The petition to wind up Kenwhole Limited is scheduled to be
heard 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.


RICH CITY: Winding Up Petition Pending
--------------------------------------
Rich City Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on March
12, 2003 at 9:30 in the morning.

The petition was filed on January 15, 2003 by Chan Yee Chun of
Room 921, 9/F., Hip Wo House, Wo Che Estate, Shatin, New
Territories, Hong Kong.


SOUNDWILL HOLDINGS: Proposes Capital Consolidation, Reduction
-------------------------------------------------------------
Soundwill Holdings Limited announced on 26th February 2003 the
Capital Reorganization Proposals under which the existing
Ordinary Shares of the Company will be consolidated followed by
cancellation of part of the paid up amount on the issued
Ordinary Shares. The amounts of the paid up capital so cancelled
under the Capital Reduction will be credited to the contributed
surplus account of the Company. It has also been proposed to
renew the General Mandates and to appoint the New Auditors to
fill the vacancy arising from the resignation of Auditors. The
Capital Reorganization Proposals and the renewal of the General
Mandates and appointment of the New Auditors to replace the
resigning Auditors require the approval of shareholders of the
Company at the Special General Meeting.

THE CAPITAL REORGANIZATION PROPOSALS

Issued Share Consolidation

It is proposed that, every 50 issued Ordinary Shares of HK$0.01
each will be consolidated into one Adjusted Ordinary Share of
HK$0.50 each. All fractions of Adjusted Ordinary Shares in issue
after the Share Consolidation will be aggregated and sold for
the benefit of the Company.

Capital Reduction

It is proposed that, conditional upon the Issued Share
Consolidation becoming unconditional and effective, the par
value of the Adjusted Ordinary Shares will be reduced from
HK$0.50 each to HK$0.10 each by the cancellation of HK$0.40 of
the paid up share capital on each Adjusted Ordinary Share and
the amount arising from the cancellation of issued paid up share
capital of HK$24,931,217.20, on the basis of 3,116,402,151
Ordinary Shares in issue as at the Latest Practicable Date and
assuming no Ordinary Shares are issued prior to the Latest
Practicable Date, will be credited to the contributed surplus
account of the Company where it may be utilized in accordance
with the bye-laws of the Company and all applicable laws.

Authorized Share Consolidation

As the par value of the authorized ordinary shares of the
Company is currently HK$0.01 each, it is necessary to
consolidate each of the authorized but unissued Ordinary Shares
to bring them in line with the new par value of the issued
ordinary shares after the Capital Reduction. As such, it is
proposed that every ten (10) authorized but unissued Ordinary
Shares of the Company of HK$0.01 each (including those Ordinary
Shares arising from the Capital Reduction) be consolidated into
one Reorganized Ordinary Share.

EFFECTS OF THE CAPITAL REORGANIZATION PROPOSALS

At present, the authorized share capital of the Company is
HK$500,000,000.00 comprising 50,000,000,000 Ordinary Shares of
HK$0.01 each, of which 3,116,402,151 Ordinary Shares have
been issued and are fully paid or credited as fully paid.
On the basis of 3,116,402,151 Ordinary Shares presently in issue
and that no further Ordinary Shares will be issued after the
date of this circular but before the Capital Reorganization
Proposals become effective, a credit of HK$24,931,217.20 will
arise as a result of the Capital Reduction. Such credit will be
transferred to the contributed surplus account of the Company.

The amounts transferred to the contributed surplus account may
be applied by the Company in any manner permitted by Bermuda law
and the Bye-laws. The present intention of the Directors is to
apply the entire amount credited to the contributed surplus
account arising from the Capital Reduction to partially
eliminate the accumulated losses of the Group which amounted to
HK$1,314,567,000.00 as at 31st December 2001 and
HK$1,409,669,000.00 as at 30th June 2002.

Upon the Capital Reorganization Proposals becoming unconditional
and effective, the authorized share capital of the Company will
be HK$500,000,000.00 divided into 5,000,000,000 Reorganized
Ordinary Shares, of which 62,328,043 Reorganized Ordinary Shares
(assuming that no further Ordinary Shares are issued before the
Capital Reorganization Proposals become effective) will be in
issue fully paid or credited as fully paid.

The Ordinary Shares are presently traded in board lots of 2,000
Ordinary Shares and it is proposed that the board lot size for
the Reorganized Ordinary Shares after the Capital Reorganization
Proposals will be 2,000 Reorganized Ordinary Shares. Other than
the expenses incurred relating to the Capital Reorganization
Proposals, implementation of the Capital Reorganization
Proposals will not, by itself, alter the underlying assets,
business operations, management or financial position of the
Company or the interests of the Shareholders. The Directors
believe that the Capital Reorganization Proposals will not have
any material adverse effect on the financial position of the
Group.

REASONS FOR THE CAPITAL REORGANIZATION PROPOSALS

The Group has been operating at a loss and the net loss of the
Group for the financial year ended 31st December 2001 amounted
to HK$237,830,000.00. The accumulated losses of the Group as at
31st December 2001 was HK$1,314,567,000.00 and that as at 30th
June 2002 was HK$1,409,669,000.00. In order to reduce the
accumulated losses of the Group, the Board proposes that the
entire amount credited to the contributed surplus account of the
Company arising from the Capital Reorganization Proposals will
be applied to partially eliminate the accumulated losses of
Group as at the date when the Capital Reorganization Proposals
becoming effective. If the Capital Reorganization Proposals
are approved at the SGM by the Shareholders, it will enable the
Company to reduce the accumulated losses of the Group and reduce
the transaction costs of the Shareholders.

CONDITIONS OF THE CAPITAL REORGANIZATION PROPOSALS

The Capital Reorganization Proposals are conditional upon:

   (i) the passing by the Shareholders of a special resolution
approving the Capital Reorganization Proposals; and

   (ii) the Listing Committee of the Stock Exchange granting
listing of and permission to deal in the Reorganized Ordinary
Shares resulting from the Capital Reorganization Proposals.

Assuming all the above conditions are fulfilled, it is expected
that the Capital Reorganization Proposals will become effective
on 4th April 2003, being the business day immediately following
the date of the Special General Meeting.


SOUNDWILL HOLDINGS: SGM Set on April 3
--------------------------------------
Soundwill Holdings Limited notified that its special general
meeting will be held at 9:30 a.m. on Thursday, 3rd April 2003 at
11/F, Soundwill Plaza, 38 Russell Street, Causeway Bay, Hong
Kong for the purpose of considering and, if thought fit, passing
the following resolutions which, except for special resolution
no. 1 which will be proposed as a special resolution, will be
proposed as ordinary resolutions:

SPECIAL RESOLUTION NO. 1

"THAT conditional upon the Listing Committee of The Stock
Exchange of Hong Kong Limited approving the listing of, and
granting the permission to deal in, shares of HK$0.10 each in
the issued share capital of the Company upon the Capital
Reorganization (as defined below) becoming effective,
with effect from 9:30 a.m. on the date falling on the next
business day (not being a Saturday) after the date on which this
resolution is passed (the "Effective Date"):

   (a) every fifty (50) issued shares of HK$0.01 each be
consolidated into one (1) share of HK$0.50 in the capital of the
Company (the "Issued Share Consolidation");

   (b) subject to and forthwith upon the Issued Share
Consolidation becoming effective, the issued share capital of
the Company be reduced by canceling paid up capital to the
extent of HK$0.40

on each of the shares of HK$0.50 each in the capital of the
Company in issue on the Effective Date (the "Capital Reduction")
so that each issued share in the capital of the Company shall be
treated as one fully-paid up share of HK$0.10 in the capital of
the Company (the "Reduced Share") and any liability of the
holders of the Reduced Shares to make any further contribution
to the capital of the Company on each such Reduced Share shall
be treated as satisfied;

   (c) subject to and forthwith upon the Capital Reduction
becoming effective, the credit arising from the Capital
Reduction be credited to the contributed surplus account of the
Company where it may be utilized in accordance with the bye-laws
of the Company and all applicable laws, including to partially
eliminate the accumulated losses of the Company as at the
Effective Date (the "Application of Credit");

   (d) subject to and forthwith upon the Capital Reduction
becoming effective, every ten (10) authorized but unissued
shares of HK$0.01 each (including the authorized but unissued
shares of HK$0.01 each arising from the Capital Reduction) be
consolidated into one (1) share of HK$0.10 in the capital of the
Company (the "Authorized Share Consolidation"); and

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

ORDINARY RESOLUTION NO. 1

"THAT:

   (a) subject to the following provisions of this resolution,
the exercise by the directors of the Company (the "Directors")
during the Relevant Period (as defined in paragraph (d) below)
of all the powers of the Company to allot, issue and deal with
additional shares in the capital of the Company and to make or
grant offers, agreements and options including warrants, bonds
and debentures convertible into shares of the Company which
might require the exercise of such powers be and is hereby
generally and unconditionally approved in substitution for and
to the exclusion of any existing authority previously
granted; and

   (b) the approval in paragraph (a) shall authorize the
Directors during the Relevant Period to make or grant offers,
agreements, and options including warrants, bonds and debentures
convertible into shares of the Company which might require the
exercise of such powers after the end of the Relevant Period;
and

   (c) the aggregate nominal amount of share capital allotted or
agreed conditionally or unconditionally to be allotted (whether
pursuant to an option or otherwise) by the Directors pursuant to
the approval in paragraph (a) of this resolution, otherwise than
pursuant to (i) a Rights Issue (as hereinafter defined), (ii)
the exercise of the conversion rights attaching to any
convertible securities issued by the Company, (iii) the exercise
of options granted under any ordinary share option scheme
adopted by the Company or (iv) an issue of shares of the Company
in lieu of whole or part of a dividend on shares of the Company
in accordance with the bye-laws shall not exceed 20 per cent. of
the aggregate nominal amount of the ordinary share capital of
the Company in issue either (a) at the date of passing of this
resolution or, (b) if the capital reduction and share
consolidation (each as defined in the special resolution no. 1
set out in the notice of special general meeting of the Company
dated 11th March 2003, of which this resolution forms part
become unconditional and effective, as at the date of the
passing of this resolution as reduced by the capital reduction
and the share consolidation, as the case may be, and the said
approval shall be limited accordingly;

   (d) for the purpose of this resolution:

"Relevant Period" means the period form the date of the passing
of this resolution until which ever is the earliest of:

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

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

   (iii) the time at which the authority set out in this
resolution is revoked or varied by way of ordinary resolution of
the company in general meeting."

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

ORDINARY RESOLUTION NO. 2

"THAT:

   (a) subject to the following provisions of this resolution,
the exercise by the directors of the Company (the "Directors")
during the Relevant Period (as defined in paragraph (d) below)
of all powers of the Company to repurchase issued shares in the
capital of the Company on The Stock Exchange of Hong Kong
Limited (the "Stock Exchange") or any other stock exchange on
which the securities of the Company may be listed and recognized
by the Securities and Futures Commission of Hong Kong and the
Stock Exchange for this purpose ("Recognized Stock Exchange")
subject to and in accordance with all applicable
laws and the requirements of the Rules Governing the Listing of
Securities on the Stock Exchange or those of any Recognized
Stock Exchange as amended from time to time be generally and
unconditionally approved in substitution for and to the
exclusion of any existing authority previously granted;

   (b) the approval in paragraph (a) shall authorize the
Directors on behalf of the Company during the Relevant Period to
procure the Company to repurchase its shares at a price
determined by the Directors;

   (c) the aggregate nominal amount of share capital of the
Company repurchased or agreed conditionally or unconditionally
to be repurchased by the Company pursuant to the approval in
paragraph (a) during the Relevant Period shall not exceed 10 per
cent. of the aggregate nominal amount of the ordinary share
capital of the Company in issue either (a) as at the date of
passing of this resolution or (b) if the capital reduction and
the share consolidation (each as defined in the special
resolution no. 1 set out in the notice of special general
meeting of the Company dated 11th March 2003, of which this
resolution forms part become unconditional and effective, as at
the date of the passing of this resolution as shall be reduced
by the capital reduction and the share consolidation, as the
case may be;

   (d) for the purpose of this resolution:

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

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

   (ii) the expiration of the period within the next annual
general meeting of the Company is required by the bye-laws of
the Company or any applicable law of Bermuda to be held; or
(iii) the revocation or variation of this resolution by any
ordinary resolution of the shareholders of the Company in
general meeting."

ORDINARY RESOLUTION NO. 3

"THAT subject to the passing of the ordinary resolutions nos. 1
and 2 set out in the notice convening this meeting (the
"Notice"), the general mandate granted to the directors of the
Company to allot, issue and deal with additional shares pursuant
to the ordinary resolution no.1 set out in the Notice be and is
hereby extended by the addition thereto of an amount
representing the aggregate nominal amount of shares in the
capital of the Company repurchased by the Company under the
authority granted pursuant to the ordinary resolution no.2 set
out in the Notice, provided that such amount of shares so
repurchased shall not exceed 10 per cent. of the aggregate
nominal value of the issued share capital of the Company at the
date of passing of this resolution."

ORDINARY RESOLUTION NO. 4

"THAT the resignation of Messrs. Moores Rowland, Certified
Public Accountants, ("Moores Rowland") the existing auditors to
take effect on 20th February, 2003 be accepted and approved and
ratified and the appointment of Messrs. Grant Thornton,
Certified Public Accountants ("Grant Thornton") as the new
auditors of the Company to fill the vacancy arising from the
resignation of Moores Rowland to take effect from 6th March,
2003 be accepted, approved and ratified."


WING KWAI: Winding Up Hearing Scheduled in March 19
---------------------------------------------------
The High Court of Hong Kong will hear on March 19, 2003 at 9:30
in the morning the petition seeking the winding up of Wing Kwai
Engineering Limited.

Wong Kin Ming of 1st Floor, 94 Wang Tong Tsuen, Mui Wo, New
Territories, Hong Kong filed the petition on January 24, 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.


WING LEE: Capital Reorganization Circular Dispatched
----------------------------------------------------
Reference is made to the announcement made by Wing Lee Holdings
Limited dated 14th February, 2003 in respect of, among other
things, the proposed Capital Reorganization.

The Directors wish to announce that copies of the circular in
relation to the Capital Reorganization have been dispatched to
Shareholders on 10th March, 2003. The Circular contains,
among other things, (i) further information regarding the
Capital Reorganization including the odd lot trading facility
and arrangements for free exchange of share certificates and
(ii) a notice to convene the SGM.

Trading Arrangements in respect of Odd Lots

In order to alleviate the difficulties arising from the
existence of odd lots of Reorganized Shares, the Company will
appoint Sun Hung Kai Securities Limited to match the sales and
purchases of odd lots of the Reorganized Shares or to offer a
top-up arrangement on a best efforts basis to the holders of
such odd lot holdings as a direct consequence of the Capital
Reorganization during the period from Tuesday, 22nd April, 2003
to Thursday, 15th May, 2003 (both dates inclusive). Holders of
odd lots of the Reorganized Shares who wish to take advantage of
this arrangement 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 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.


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


INDAH KIAT: Narrows 2002 Pulp Sales to 1.165M Tons
--------------------------------------------------
PT Indah Kiat Pulp & Paper, a subsidiary of Asia Pulp & Paper Co
Ltd (APP), incurs sale of 1.165 million tons of pulp in 2002,
down from 1.239 million in 2001, AFX-Asia reports.

In terms of production, pulp volume rose 1.812 million tons in
2002 from 1.797 million in the previous year, packaging rose to
1.182 million tons from 979,000, and paper rose to 631,000 tons
from 589.

On December last year, the Troubled Company Reporter - Asia
Pacific reported that four Indonesian units of Asia Pulp & Paper
Co Ltd including PT Indah Kiat Pulp & Paper, signed a debt
restructuring agreement with the Indonesian Bank Restructuring
Agency (IBRA) and some other creditors.

According to DebtTraders, Indah Kiat's 11.875% bonds due on 2002
(IKPP02IDN1) are trading between 35 and 37. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=IKPP02IDN1
for real-time bond pricing.


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


AOZORA BANK: Cerberus Likely to Outbid Sumitomo Mitsui
------------------------------------------------------
US investment fund Cerberus Group may offer Softbank Corporation
100 billion yen for the latter's stake in Aozora Bank,
surpassing the bid by Sumitomo Mitsui Financial Group Inc, the
Nihon Keizai Shimbun reported and AFX Asia reported. The firms
are now in the final stage of talks over the price.

Since Cerberus is likely to come up with a bid by mid-April that
at least meets the price offered by Sumitomo Mitsui, the 12
percent stake it already has in Aozora would make it the leading
candidate to buy Softbank's stake.

Aozora Bank has a total of 469.7 billion yen in bad loans as of
June, down 19.9 billion yen from the end of March 2002, the
Troubled Company Reporter-Asia Pacific reported recently.

Aozora Bank (formerly Nippon Credit Bank) was the second
Japanese credit bank nationalized in the wake of Asia's
financial crisis after the Long-Term Credit Bank of Japan (now
Shinsei Bank, owned by US investor group Ripplewood Holdings).
Bad loans and Japan's "Big Bang" financial deregulation added to
the bank's troubles.


BONHEUR SHOJI: Shoe Firm Enters Rehabilitation Proceedings
----------------------------------------------------------
Bonheur Shoji K.K., which has total liabilities of 6.2 billion
yen against a capital of 97 million yen, recently applied for
civil rehabilitation proceedings, according to Tokyo Shoko
Research. The shoe firm is located at Yachiyo-shi Chiba, Japan.


FUJIYA CO.: Expects Y6B Net Loss
--------------------------------
Confectioner Fujiya Co. expects a group net loss of 6 billion
yen against the earlier projected profit of 200 million yen due
to sluggish sales and appraisal losses on shareholdings, Kyodo
News reports.

According to Wright Investor's Service, at the end of 2002,
Fujiya Co Ltd had negative working capital, as current
liabilities were 22.91 billion yen while total current assets
were only 16.22 billion yen.


HAZAMA CORPORATION: Receives Reorganization Plan Approval
---------------------------------------------------------
The reorganization plan was approved on Monday under "Guideline
for Multi-Creditor Out-of-Court Workouts" of Hazama Corporation,
which has transactions with subsidiaries of Mizuho Holdings,
Inc., Mizuho Corporate Bank, Ltd. and Mizuho Asset Trust &
Banking Co., Ltd.

Notice is hereby given that, as a result of this development,
the possibility has arisen that certain claims against the real
estate operating Company, which will be split from the Company
under the reorganization plan, may be delayed or become
irrecoverable.

Mizuho Corporate Bank, Ltd., its main financing bank, will
continue to support the Company's effort to achieve the
reorganization plan.

1. Outline of the Company

(1) Address 5-8, Kita-aoyama 2-chome Minato-ku, Tokyo
(2) Representative Mr. Fumiya Yamato
(3) Capital JPY 24,253 million

2.Details of Relevant Developments

The reorganization plan under, "Guideline for Multi-Creditor
Out-of-Court Workouts" was approved on Monday by all related
creditors including Mizuho Corporate Bank, Ltd. Based on this
reorganization plan, in October 2003, the Company will be split
into two companies: a construction operating Company and a real
estate operating Company.

3.Amount of claims, which may be delayed or become irrecoverable

Mizuho Corporate Bank, Ltd. Estimated claims of JPY 98,944
million against the real estate operating Company out of claims
of JPY 145,487 million against the Company Mizuho Asset Trust &
Banking Co., Ltd. Estimated claims of JPY 386 million against
the real estate operating Company out of claims of JPY 843
million against the Company

Total amount of loss will be determined after the real estate
operating Company will sell out all of its assets.

4.Effect of this Development on Profit/Loss of Mizuho Holdings,
Inc.

Mizuho Corporate Bank, Ltd. and Mizuho Asset Trust & Banking
Co., Ltd. will make a necessary financial preparation against
uncovered portion of the claims to the real estate Company in
this fiscal year. This development will have no effect on
Mizuho's previously announced earnings estimate for this fiscal
year.


MIZUHO HOLDINGS: Dissolves Two U.S. Units
-----------------------------------------
Mizuho Holdings, Inc. has announced that its wholly-owned
subsidiary, Mizuho Corporate Bank, Ltd MHCB, decided to dissolve
IBJTC & Leasing (USA) Inc., and Delphi Corporation, subsidiaries
of MHCB, as follows.

1. (1) The Subsidiary to be Dissolved

Corporate Name IBJTC & Leasing (USA) Inc.
Location 1251 Avenue of the Americas, New York, NY 10020, U.S.A.
Representative Hajime Nakai

(2) Reason for Dissolution

The companies will go into dissolution as part of
rationalization of MHCB's operations in US.

(3) Outline of the Subsidiary

Business Leasing
Date of Establishment July 1987
Capital Stock USD 200 thousand
Number of Stock Issued 200 thousand stocks
Total Assets (December 2001) USD 140 thousand
Number of Employees (December 2002) 0
Shareholders Mizuho Corporate Bank (USA)  80 percent
IBJ Leasing Co., Ltd.  20 percent
Performance Ordinary Profit  USD 0 thousand
(Fiscal Year Ended in December 2001) Net Income  USD 0 thousand

(4) Scheduled Date of Dissolution

By December 2003

(5) This decision will have no material effect on the profit and
loss for this fiscal year of Mizuho Holdings, Inc. (consolidated
or non-consolidated)

2. (1) The Subsidiary to be Dissolved

Corporate Name Delphi Corporation
Location One State Street, New York, NY 10004, U.S.A.
Representative Masahiro Watanabe, Chairman

(2) Reason for Dissolution

The Company has sold its entire investments in fund.

(3) Outline of the Subsidiary

Business Fund Investment
Date of Establishment October, 1998
Capital Stock USD 100 thousand
Number of Stock Issued 1 thousand stocks
Total Assets (February 2003) USD 97 thousand
Number of Employees (February 2002) 0
Shareholders 100 percent owned by MHCB
Performance Ordinary Loss  USD 101 thousand
(Fiscal Year Ended in December 2002) Net Loss  USD 84 thousand

(4) Schedule Date of Dissolution

By July 2003

(5) This decision will have no material effect on the profit and
loss of this term of Mizuho Holdings, Inc. (Consolidated or non-
consolidated).


NEC CORPORATION: Dissolves In-House Firms
-----------------------------------------
NEC Corporation will dissolve its two in-house companies and
merge their operations in nine business divisions to cope better
with growing overlap between the computer and telecommunications
markets, Japan Times said on Wednesday. The divisions will deal
with such sectors as system services and mobile infrastructure,
the major electronics firm said.

In April 2000, NEC formed three in-house companies covering the
fields of computers and system architecture, telecom and
networks, and semiconductors and electronic devices.

The computer maker, which posted a record loss of 312 billion
yen in the year to March, had planned to sell shares in the unit
to raise money to shrink its 2.1 trillion yen of debt, the
Troubled Company Reporter-Asia Pacific reported recently.


NEC CORPORATION: Unveils New Management Structure
-------------------------------------------------
NEC Corporation announced that as of April 1, 2003 it will
transition from an in-house Company system to a flat management
structure, undertaking "Open and Flat Management" which is
characterized by business lines and will promote "IT/Network
Integrated Solutions' that will form the core of NEC's growth
strategies.

Beginning with this reorganization, NEC will promote the
integration of IT and Networks to operate as an integrated
solutions provider and sharpen its customer-oriented management,
which includes the establishment of a new solutions system and
the development of middleware and IT/Network, integrated
products.

i Outline of the Reorganization

1) Open and Flat Management Structure

NEC will eliminate the in-house Company system or umbrellas of
NEC Solutions and NEC Networks and transit to an open and flat
business line structure that will cover the following nine
business lines: Domestic Sales, Industrial Sales, Systems
Services, Software, Computers, Broadband Solutions, Social
Infrastructure, Mobile, and Personal Solutions. Simultaneously,
NEC will further delegate authority to each business line to
enable rapid decision-making that closely adheres to customers'
needs and market trends.

2) Appointment of Corporate Officers to Head IT/Network
Integration

Executive Directors will be assigned to head IT/Network
integrated business areas including system integration,
middleware and hardware in order to establish an IT/Network
integrated solutions structure and strengthen integrated
software and hardware development.

3) Integration and Strengthening of Domestic Sales Divisions

NEC will implement integration of the business structure
starting from the domestic sales divisions, the point of contact
with customers and the market. To promote sales in the expanding
IT/Network integrated market, NEC will integrate the Domestic
Sales Division of NEC Solutions with the Network Sales Division
and Government Sales Division of NEC Networks, and with its
Corporate Domestic Sales Promotion Division.

4) Strengthening Solutions Business Through BIGLOBE

To enhance NEC's services business, the Personal BIGLOBE
services operation unit will become independent and a Personal
Solutions business line will be established to strengthen the
alliance with NEC's personal computer business. Additionally,
NEC's Business BIGLOBE Services Operations Unit will be
incorporated into the Systems Services business line with the
aim of reinforcing its outsourcing function.

5) Improving Staff Efficiency

NEC will integrate the current corporate staff divisions and the
in-house Company staff divisions to create an efficient
organization and promote management that can closely work with
business line operations.

Please see Organization Chart below for detail on the new
organization.

ii Corporate Officers

Additionally, executives in charge of the nine business lines
and the IT/Network integrated business areas will be appointed
as follows:

1) Corporate Officers in Charge of Business Lines

1.  Domestic Sales    Senior Vice President     Kazumasa Fujie
2.  Industrial Sales  Senior Vice President     Hiroshi Takakuta
3.  Systems  Services Senior Vice President     Kenji Ikehara
4.  Software          Associate Senior          Koichi Ikumi
                      Vice President
5.  Computers         Senior Vice President     Tadao Kondo
6.  Broadband Solutions Senior VP               Kazunori Kiuchi
7.  Social Infrastructure Senior VP             Kazumasa Fujie
8.  Mobile          Senior Vice President and  Tsutomu Nakamura
                    Member of the Board
9.  Personal Solutions  Senior Vice President  Kenji Yoshiyama


2) Corporate Officers in Charge of IT/Network Integration

1.  IT/Network Integrated  Executive Vice President Kaoru Yano
    Solutions and Member of the Board Executive Vice President
Toshiro Kawamura and Member of the Board

2.  Solutions    Senior Vice President  Kazunori Kiuchi
                 Senior Vice President  Kenji Ikehara

3.  Products     Associate Senior      Masatoshi Aizawa
                 Vice President
                 Senior Vice President  Kazuhiko Kobayashi

4.  Middleware   Associate Senior      Masahiko Yamamoto
                 Vice President
                 Associate Senior      Koichi Ikumi
                 Vice President

NEC Corporation http://www.nec.comis one of the world's leading
providers of broadband and mobile Internet solutions dedicated
to meeting the specialized needs of its diverse and global base
of customers. Ranked as a Global Fortune 500(R) Company and one
of the world's top patent-producing companies, the NEC group
delivers tailored solutions in the core technologies and
services required in a networked world, ranging from advanced
semiconductor solutions, to high-speed, large-capacity mission
critical systems, system integration, and broadband and mobile
technologies. The NEC group employs more than 140,000 people
worldwide and had net sales of approximately $39 billion in the
fiscal year ended March 2002.


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


DOOSAN HEAVY: Union Agrees to End Strike
----------------------------------------
Doosan Heavy Industries & Construction Co.'s labor union has
ended its strike action after the Company agreed to reinstate
some former employees and provide compensation to workers,
reports the Maeil Business Newspaper.

Under the pact, Doosan Heavy will reinstate five of the 18
employees were been laid off and provide 50 percent of the wages
the employees didn't get due to the strike. The union began
strike after a union member committed suicide in January.

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


KOREA THRUNET: Receives a Nasdaq Staff Determination
----------------------------------------------------
Korea Thrunet Co., Ltd., a major provider of broadband Internet-
access services in Korea, announced Tuesday that the Company
received a Nasdaq Staff Determination on March 4, 2003,
indicating that as a result of the Company's filing of a
petition for a stay order and a petition for commencement of
reorganization proceedings with the Bankruptcy Division of the
Seoul District Court (the Filing), the Company no longer meets
the requirement for continued listing set forth in Marketplace
Rule 4450(f) (the Rule), and that the Nasdaq Listing
Qualifications Panel will consider the Company's Filing in
rendering its decision regarding delisting of the securities
from the Nasdaq National Market.

The Company plans to make a written submission to the Nasdaq
Listing Qualifications Panel on Tuesday, explaining the
background and the purpose of the Filing. There can be no
assurance that the Panel will grant the Company's request for
continued listing.

Joseph Yoon, Ph.D, Executive Vice President of the Company, who
is in charge of Investor Relations, stated, "The purpose of the
reorganization proceedings is to allow the Company an
opportunity to overcome its financial difficulties and continue
normal commercial operations. If the court approves the
Company's petition for reorganization proceedings, it will
provide Thrunet with an opportunity for the restructuring of
debt repayment obligations and allow Thrunet to continue
providing quality Internet access services to customers on the
stable cash basis earned from operating activities."

Founded in July 1996, Korea Thrunet Co., Ltd. is a major
provider of broadband Internet access services in Korea. The
first to offer broadband Internet services in Korea, Thrunet has
1,293,541 paying end-users at the end of February 2003. Thrunet
service features "always-on" Internet access at speeds up to 100
times faster than traditional dial-up Internet access.


SK CORPORATION: Shares Plunge, Hit by Accounting Problems
---------------------------------------------------------
Shares in SK Corporation plunged to its limit low to 7,910 won,
down 15 percent on Wednesday, after an investigation revealed
$1.2 billion in accounting irregularities in the group a day
earlier, Reuters said on Tuesday.

As many as 10 executives from the SK Group were charged with
falsifying accounts, according to prosecutors on March 11. The
officials charged include Chairman Son Kil-seung and SK Group
Vice Chairman and SK Corp. Chairman Chey Tae-won.

Prosecutors questioned Son last week, while Chey is in jail
pending trial for allegedly misusing Company funds.

According to Wright Investor's Service, at the end of 2001, SK
Corporation had negative working capital, as current liabilities
were 14.35 trillion Korean Won while total current assets were
only 13.34 trillion Korean Won.


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


AUSTRAL ENTERPRISES: Discloses Notice of Book Closure
-----------------------------------------------------
Austral Enterprises Berhad refers to its announcements dated 18
February 2002, 3 July 2002, 19 July 2002, 8 October 2002, 31
October 2002 and 10 February 2003 as well as the Explanatory
Statement to shareholders of AEB dated 9 October 2002 in
relation to the Scheme of Arrangement.

On behalf of Austral Enterprises Berhad, Commerce International
Merchant Bankers Berhad announced the Notice of Book Closure,
the full text of which is set out below:

"NOTICE IS HEREBY GIVEN THAT the Register of Members of AEB will
be closed at 5.00 p.m. on 31 March 2003 (Entitlement Date) for
the purpose of determining the shareholders of AEB, other than
I&P, who are entitled to participate in the Scheme of
Arrangement involving the cancellation of AEB Shares and the
issuance of new I&P Shares on the basis of 1.5 I&P Shares for
every 1 AEB Share held in consideration of the aforesaid shares
cancellation.

A shareholder of AEB other than I&P shall qualify for
entitlement to participate in the Scheme of Arrangement only in
respect of the following:

   (i) Shareholders of AEB whose names appear in the Register of
Members or Record of Depositors of AEB at the close of business
at 5:00 p.m. on 31 March 2003 shall be entitled to participate
in the Scheme of Arrangement.

   (ii) For the purpose of facilitating the cancellation of AEB
Shares and crediting of new I&P Shares via the Central
Depository System (CDS), depositors shall qualify for
entitlement to participate in the Scheme of Arrangement only in
respect of the following:

     (a) AEB Shares deposited into the respective depositors'
CDS accounts before 12:30 p.m. on 27 March 2003 (in respect of
shares, which are exempted from mandatory deposits);

     (b) AEB Shares transferred into the respective depositors'
CDS account before 4:00 p.m. on 31 March 2003, in respect of
ordinary transfers; and

     (c) AEB Shares bought on the Kuala Lumpur Stock Exchange
(KLSE) according to the Rules of the KLSE.

In order to facilitate the cancellation of the AEB Shares and
issuance of new I&P Shares pursuant to the Scheme of
Arrangement, the trading of AEB Shares on the Main Board of the
KLSE will be suspended with effect from 9:00 a.m. on 25 March
2003, which is three (3) clear Market Days prior to the
Entitlement Date. Accordingly, the last day of trading for the
AEB Shares on the KLSE shall be 24 March 2003.

Shareholders of AEB are NOT REQUIRED TO TAKE ANY ACTION to
effect the cancellation of the AEB Shares pursuant to the Scheme
of Arrangement. A circular on the cancellation of AEB Shares and
issuance of new I&P Shares pursuant to the Scheme of Arrangement
will be dispatched to the shareholders of AEB today (Wednesday).

The crediting of new I&P Shares into the CDS accounts and the
dispatch of notices of allotment of the new I&P Shares to all
entitled AEB shareholders and an application for the listing of
and quotation for such new I&P Shares will be made to the KLSE
within fifteen (15) market days from the Entitlement Date or
such period as may be prescribed by the KLSE.

Any inquiries concerning the above notice of book closure should
be made or addressed to AEB's share registrar at

Austral Enterprises Berhad
Share Registration Department
24-31, Jalan Setiawangsa 8
Taman Setiawangsa
54200 Kuala Lumpur
Telephone No.: 03 4256 7100

Attention: En. Mahadzir Azizan

By Order of the Board
AUSTRAL ENTERPRISES BERHAD

Mahadzir Azizan (LS 000548)

Kuala Lumpur
12 March 2003"

According to Wrights Investors' Service, at the end of 2002,
Austral Enterprises, which principal activities are the
production of palm oil, kernel and fresh fruit bunches, had
negative working capital, as current liabilities were RM47.84
million while total current assets were only RM41.39 million.


CRIMSON LAND: MBSB Extends Proposed Debt Workout Completion Time
----------------------------------------------------------------
Crimson Land Berhad refers to the announcement dated 26 July
2002 in respect of the Proposals, which includes Proposed Rights
ICULS Issue, Proposed Acquisition, Proposed Debt Restructuring,
and Proposed Increase in Authorized Share Capital.

In connection with the settlement of the outstanding debts with
Malaysia Building Society Berhad (MBSB) under the Proposed Debt
Restructuring, MBSB has agreed, inter-alia, to waive all
subsequent interest charges on the amounts owing to MBSB from 1
December 2001 to 30 November 2002.

On 9 January 2003, Crimson made a written request to MBSB for
the following:

   (a) extension of the waiver period for all subsequent
interest charges in respect of the amounts owing to MBSB "from 1
December 2001 to 30 November 2002" to "from 1 December 2001 to
31 March 2003"; and

   (b) extension of time for the completion of the Proposed Debt
Restructuring of the outstanding loan with MBSB from 30 November
2002 to 31 March 2003.

On behalf of the Board of Directors of Crimson, Alliance
Merchant Bank Berhad, announced that MBSB has vide its letter
dated 7 March 2003 informed Crimson that they are agreeable to
grant to Crimson an extension of time up to 30 April 2003 for
the completion of the Proposed Debt Restructuring of the
outstanding loan with MBSB, subject to, inter-alia, the
following conditions:

   (a) Crimson to revert to MBSB with an alternative proposal
for the restructuring/settlement of the outstanding loan with
them; and

   (b) there shall be no further waiver of interest beyond the
period of 1 December 2001 to 30 November 2002.


GENERAL LUMBER: Court Grants Restraining Order Extension
--------------------------------------------------------
Further to the previous announcements on the proposed
restructuring scheme (Proposed Restructuring Scheme) on 4
December 2002 and 10 December 2002, PM Securities Sdn Bhd, on
behalf of the Board of Directors of General Lumber Fabricators &
Builders Bhd announced that the High Court of Malaya (Court) had
on 10 March 2003 granted the application for an extension of the
restraining order pursuant to Section 176(10) of the Companies
Act, 1965 (Act) restraining further proceedings in any action or
proceeding against the Company, for an additional period of
ninety (90) days from 3 March 2003, except with leave and
subject to such terms as may be imposed by the Court.

The aforementioned order shall, within seven (7) days, be lodged
with the Registrar of Companies and a notice of the said order
shall be published in The Star.

On a separate matter, pursuant to paragraph 5.1(c) of Practice
Note 4/2001 (PN4) of the Kuala Lumpur Stock Exchange (KLSE)
Listing Requirement, GLFB is expected to obtain all approvals
necessary for the implementation of GLFB's Proposed
Restructuring Scheme within four (4) months from the date of
submission of the Proposed Restructuring Scheme for approval
i.e. by 12 March 2003. However, at this juncture, as GLFB has
yet to receive all the necessary approvals for the
implementation of the Proposed Restructuring Scheme, PM
Securities had on 10 March 2003, on behalf of the Board of
Directors of the Company, sought the approval of the KLSE for an
extension of time to obtain all necessary approvals from the
relevant authorities/parties for the full implementation of the
Proposed Restructuring Scheme of GLFB to on or before 30 June
2003.


KSU HOLDINGS: Boon Poh Ceases to be an Audit Committee Member
-------------------------------------------------------------
KSU Holdings Berhad posted this Change in Audit Committee
Notice:

Date of change : 07/03/2003
Type of change : Cessation
Designation    : Member of Audit Committee
Directorate    : Non Independent & Non Executive
Name           : Ong Boon Poh
Age            : 60
Nationality    : Malaysian
Qualifications :

(i) B. A. (Hons) University of Malaya
(ii) Associate Member of The Institute of Chartered Secretaries
& Administrators (U.K.)

Working experience and occupation  :

(i) Worked in Malaysia Building Society Berhad (MBSB) from 1966
to 1997 (on retirement) in various capacities:

   (a) Assistant to Branch Manager, Manager, Loans
Administration and Company Secretary
   (b) Branch Manager of MBSB's Penang Branch and Ipoh Branch
   (c) Controller, Supervision Division
     - Taking charge of credit control including loan recovery,
debt restructuring, project rehabilitation and securitization of
loans.
   (d) Controller, Operations Division
     - Taking charge of credit evaluation of projects for
approval of term / bridging loans to developers, and finance
approval, loan disbursements, monitoring of development progress
and various aspects of loans administration.

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) :
(i) Liew Tip Chan @ Liew Choong Chau (Independent Non-Executive
Director)
(ii) Lim Tuck Sing (Independent Non-Executive Director)

Remarks : Ong Boon Poh ceased as member of the Audit Committee
following the removal of his directorship in KSU Holdings Berhad

Early this week, the Troubled Company Reporter - Asia Pacific
reported that the Company's default as at 28 February 2003
amounted to RM106,315,379.17 of principal sum and
RM20,499,499.77 of interest for term/bridging loans and
overdraft facilities.


MALAYSIAN AIRLINE: Appoints Boardroom Director Datuk Abdillah
-------------------------------------------------------------
Malaysian Airline System Berhad posted this Change in Boardroom
Notice:

Date of change : 10/03/2003
Type of change : Appointment
Designation    : Director
Directorate    : Independent & Non Executive
Name           : Datuk Abdillah @ Abdullah B Hassan @ S Hassan
Age            : 53
Nationality    : Malaysia
Qualifications : Bachelor of Arts (Hons) Degree
Working experience and occupation  :

He started his career as an Administrative Officer, Chief
Minister's Department, Sabah Branch in 1974 and was subsequently
appointed as District Officer, Kudat in 1977. In 1980, he was
transferred to the Ministry of Culture, Youth and Sports as
Permanent Secretary. In 1984, he served as Secretary of Internal
Affairs & Research before being posted as Director of State's
Public Service Department in 1994. Subsequently, he moved on to
serve as the Deputy State Secretary in 1996 before assuming his
present position as Permanent Secretary, Ministry of Finance.

Directorship of public companies (if any):

Sabah Development Bank Berhad
Borneo Housing Mortgage Finance Berhad
Perbadanan Pinjaman Sabah
Progressive Insurance Berhad

Family relationship with any director and/or major shareholder
of the listed issuer : N/A
Details of any interest in the securities of the listed issuer
or its subsidiaries : N/A

Wrights Investors' Service reports that at the end of 2002,
Malaysian Airline had negative working capital, as current
liabilities were RM8.84 billion while total current assets were
only RM2.44 billion. The company has paid no dividends during
the last 12 months and reported losses during the previous 12
months.


MALAYSIAN GENERAL: SC OKs Proposed Restructuring Scheme Appeal
--------------------------------------------------------------
Malaysian General Investment Corporation Berhad's Proposed
Restructuring Scheme comprises the following:

   a) Proposed exchange of all the existing ordinary shares of
RM1.00 each (Shares) in MGIC with new Shares in Sumatec
Resources Berhad (SRB) on the basis of one (1) new Share in SRB
for every five (5) existing Shares held in MGIC;

   b) Proposed debt settlement exercise between MGIC and its
creditors, save for the trade creditors (Creditors), involving
the issuance of new Shares in SRB to the Creditors as full and
final settlement of the outstanding debts due from MGIC to the
Creditors;

   c) Proposed acquisition of the entire issued and paid-up
share capital of Sumatec Corporation Sdn Bhd (Sumatec)
comprising 10,000,000 Shares for a purchase consideration of
RM95,000,000 to be satisfied by the issuance of 95,000,000 new
Shares in SRB at an issue price of RM1.00 per Share (Proposed
Acquisition Of Sumatec Group);

   d) Proposed waiver to the vendor of the Sumatec Group, Tekad
Mulia Sdn Bhd (Tekad Mulia), and parties acting in concert with
it, from the obligation to extend an unconditional mandatory
general offer for all the remaining Shares not already owned by
them in SRB after the Proposed Acquisition Of Sumatec Group;

   e) Proposed offer for sale / placement of the SRB Shares held
by the Creditors and Tekad Mulia (if required);

   f) Proposed admission of the entire enlarged issued and paid-
up share capital of SRB to the Official List of the Kuala Lumpur
Stock Exchange and proposed delisting of MGIC; and

   g) Proposed liquidation of MGIC and all of its subsidiaries.

On 22 January 2003, AmMerchant Bank Berhad had, on behalf of the
Company, submitted an appeal to the Securities Commission (SC)
to waive certain conditions imposed vide their approval letter
dated 24 December 2002 on the Proposed Restructuring Scheme,
namely on the requirement for AmMerchant Bank to comment on the
reasonableness of the purchase consideration for the Proposed
Acquisition Of Sumatec Group and the reasonableness of the
liquidation of MGIC and its subsidiaries in the Company's
Circular to shareholders / Prospectus. In this respect, on
behalf of the Company, AmMerchant Bank is pleased to announce
that the SC has approved the appeal.


NYLEX (MALAYSIA): FIC Approves Tamco Proposals
----------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of
Nylex (Malaysia) Berhad, announced that the Foreign Investment
Committee, via its letter dated 5 March 2003 (which was received
on 11 March 2003) informed that is has no objections towards the
Tamco Proposals, which involves:

   ú Proposed Capital Restructuring of Tamco Corporate Holdings
Berhad (Tamco), a wholly-owned subsidiary of Nylex (Malaysia)
Berhad (Nylex);

   ú Proposed Placement of up to 35,000,000 ordinary shares of
RM0.50 each in Tamco; and

   ú Proposed Listing and Quotation of Tamco on the Malaysian
Exchange of Securities Dealing and Automated Quotation (Mesdaq)
Market of the Kuala Lumpur Stock Exchange (Mesdaq Market).


PILECON ENGINEERING: April Winding-Up Petition Hearing Scheduled
----------------------------------------------------------------
Pilecon Engineering Berhad announced that a winding-up petition
had been presented at the Kuala Lumpur High Court on 13 February
2003 against the Company and served onto the Company on 11 March
2003 for a claim of RM686,369.60.

1. The Details of default or circumstances leading to the filing
of the winding-up petition against the Company:

The petition was filed by Bumimex Sendirian Berhad (Bumimex)
against the Company. Bumimex was appointed the sub-contractor to
supply, deliver, install, test and commission the electrical,
telephone wiring, generator set, P.A. system earthing, lightning
protection and fireman's intercom services for a project known
as "The proposed 16-Storey Office with underground Mechanical
Parking System of Lots 141, 104, 105, 106, 115 & 118, Section
12, Leboh Ampang, Kuala Lumpur for Messrs MBSB Properties Sdn
Bhd". Bumimex alleged that a sum of RM686,369.60 is due and
owing by the Company.

2. The financial and operational impact on the Company:

In the event the winding-up petition succeeds, the Company would
be wound-up and subsequently liquidated.

3. The expected losses: The Company is expected to incur legal
fees of approximately RM15,000.00

4. The amount of interest claimed: Nil

5. The date of hearing of the winding-up petition: 9 April 2003

6. The steps taken and proposed to be taken by the Company in
respect of the winding-up proceedings:

Since a Restraining Order pursuant to Section 176(10) of the
Companies Act, 1965 has been obtained by the Company from the
High Court of Malaya, the winding-up petition is currently
stayed. Meanwhile, the Company is seeking legal advice from its
solicitors as to the legality of the winding-up petition and the
appropriate actions to be taken in response to it. The Company
will make the necessary announcement in due course.


SEAL INCORPORATED: Posts Change in Sub-Committees
-------------------------------------------------
Seal Incorporated Berhad announced that the composition of the
following Sub-Committees have been changed:

NOMINATING COMMITTEE

Chuah Chong Ewe has resigned as a member of the Nominating
Committee on 10 March 2003 and Wan Heng Lim was appointed in his
place.

The new composition of the Nominating Committee is as follows:

Ong Khaik Hean -Independent Non-Executive Director
Wan Heng Lim -Independent Non-Executive Director

REMUNERATION COMMITTEE

Chuah Chong Ewe has resigned as a member of the Remuneration
Committee on 10 March 2003 and Wan Heng Lim was appointed in his
place.

The new composition of the Remuneration Committee is as folows:

Tuan Haji Abdul Hamid bin Mohd Hassan -Executive Director
Ong Khaik Hean -Independent Non-Executive Director
Wan Heng Lim -Independent Non-Executive Director

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.


SIN HENG: SC's Decision on Conditions Appeal Still Pending
----------------------------------------------------------
On behalf of the Special Administrators of Sin Heng Chan
(Malaya) Berhad (Special Administrators Appointed), Southern
Investment Bank Berhad announced that the Securities Commission
(SC) had vide its letter dated 7 March 2003, which was received
on 11 March 2003:

   (a) Approved the Company's application for a variation from
the condition imposed pursuant to paragraph 5(ii) of the SC's
letter dated 27 December 2002 for the submission of the
valuation reports for review and approval of the SC prior to the
actual disposal of the properties; and

   (b) Not approved the Company's appeal for the waiver of the
SC's condition on SHCM to appoint an independent audit firm to
conduct an investigative audit on the Company's previous
business losses.

In addition to the application by SHCM for a variation/waiver on
the conditions imposed by the SC on the Proposals as described
in (a) and (b) above, the Company had also appealed on the
imposition of conditions pursuant to paragraph 7(i)-(v) of the
SC's letter dated 27 December 2002 (Conditions 7(i)-(v)).

Conditions 7(i)-(v) are in relation to conditions imposed by the
SC to consider exemption from the mandatory obligation that will
arise in the future on Alor Setar Industry Holdings Sdn Bhd
(ASIH) and parties acting concert with it upon conversion of
convertible securities and exercise of option agreement on
ordinary shares of RM1.00 each in SHCM that might be acquired by
ASIH pursuant to the Proposals.

Presently, the SC's decision on SHCM's appeal on Conditions
7(i)-(v) is still pending. An appropriate announcement will be
made in due course.

All other terms and conditions as imposed by the SC on the
Proposals vide its letter dated 27 December 2002 remain
unchanged.


TECHNO ASIA: Principal Agreement Further Extended Until Sept 6
--------------------------------------------------------------
Further to the announcement made on 1 October 2002, AmMerchant
Bank Berhad, on behalf of Techno Asia Holdings Berhad (Special
Administrators (SA) Appointed), announced that the parties to
the Principal Agreement and the Novation Agreement namely TAHB,
Dr. Yu Kuan Chon, Semai Warnasari Sdn Bhd and Yu Neh Huat Berhad
(formerly known as Giant Express Sdn Bhd) had on 6 March 2003
mutually extended the Principal Agreement for a further period
of six (6) months, commencing 7 March 2003 to 6 September 2003.


TECHNOLOGY RESOURCES: DeTe Files Arbitration Request
-----------------------------------------------------
Reference is made to the announcement dated 18th February 2003
on the Amended and Restated Supplemental Agreement dated 4 April
2002 between Technology Resources Industries Berhad, DeTe Asia
Holding GmbH, Celcom (Malaysia) Bhd. and TR International Ltd.
(the Supplemental Agreement)

Celcom (Malaysia) Bhd. informed that on 10th March 2003, at
approximately 7:30pm, it received a faxed letter dated 10th
March 2003 from DeTe Asia Holding GmbH (DeTe) wherein DeTe
informed the Company that it had that day filed a Request for
Arbitration with the Secretariat of the International Court of
Arbitration of the International Chamber of Commerce in Paris.
The Request for Arbitration was filed pursuant to Clause 8.6 of
the Supplemental Agreement.

In its Request for Arbitration, DeTe is seeking damages in an
amount to be calculated by reference to the provisions of
Schedule 1 to the Supplemental Agreement, together with interest
at 8% per annum from 16 October 2002 and costs.

Celcom further informed that the Request for Arbitration is an
event which would entitle Telekom Malaysia Berhad (Telekom) to
invoke Clause 13.1 of the Sale and Purchase Agreement dated 28th
October 2002 (the Sale and Purchase Agreement) between Telekom
and Celcom for its purchase of the entire issued and paid up
share capital of TM Cellular Sdn Bhd, which provides that in the
event any arbitration proceedings of a material nature is
commenced against Celcom, Telekom shall in its own discretion be
entitled, by written notice to Celcom, to terminate the Sale and
Purchase Agreement.

In the event Telekom does not exercise its abovementioned right
to terminate the Sale and Purchase Agreement, and if damages are
awarded against Celcom on completion of the arbitration
proceedings taken by DeTe, Celcom in accordance with Clause 13.2
of the Sale and Purchase Agreement shall issue such number of
shares equivalent to the amount of such damages awarded (the
Adjustment Shares) to be calculated based on the formula stated
in the Sale and Purchase Agreement provided that the number of
Adjustment Shares shall not exceed 100,000,000 shares in Celcom.

Celcom confirmed that the receipt of the Request for Arbitration
does not affect the approvals that have been received from the
Securities Commission and the Foreign Investment Committee for
the Acquisition.

Subject to any notice received from Telekom to terminate the
Sale and Purchase Agreement, Celcom confirmed that the
Extraordinary General Meeting called for 20th March 2003 will
proceed as planned.

Celcom is presently studying the documents relating to the
arbitration served on it by DeTe and will make a further
announcement on the same. Based on legal advice, Celcom believes
and is confident that it is in a strong position to resist
DeTe's claims in the arbitration proceedings.

COMPANY PROFILE

Originally identified with the manufacture and sale of "Sharp"
brand electrical products in JV with Sharp Japan, Trusmadi Sdn
Bhd and the Roxy Group of Companies, the Company (TRI) made a
bold move in 1993 to divest its non-telecommunications related
businesses and focus solely on telecommunications related areas.

In line with its vision of becoming a fully integrated
communications company, TRI has since undergone further
restructuring that has seen the development of seven core
business thrusts namely mobile services, transmission,
international gateway, fixed network, value added
services/multimedia applications, data group/other services and
international ventures.

The Group's telecommunications operations are carried out
through subsidiary Cellular Communications Network (Malaysia)
Sdn Bhd (Celcom), the first private operator involved in
cellular telecommunication besides Telekom Malaysia Bhd. Entry
into the international telecommunications scene followed via JVs
and other arrangements with companies in Cambodia, China,
Tanzania, Bangladesh and Canada.

The Company is currently in the final stage of a debt
restructuring exercise in respect of US$375m convertible bonds
and RM50m Danaharta loan. A consolidated trust deed agreement
has been signed on 23 November 2000 with the trustee of the
bondholders which stipulates revised terms and conditions of the
Company's financial obligation. The trust deed is pending
approval from shareholders and the relevant regulatory
authorities.

Subsequent to this, the Company has on 28 June 2001, announced
to undertake a proposed restricted issue, rights issue, early
redemption option, debt refinancing and internal restructuring.
The early redemption option proposal is with regards to the
restructured US$200m bonds due 2004 (now US$ variable rate bonds
due 2002), restructured US$175m bonds due 2004 (now US$ variable
rate bonds due 2002) and restructured RM50m overdraft and
revolving credit facility with Danaharta Urus Sdn Bhd. The
proposed debt refinancing is with regards to the debt
obligations of Celcom (Malaysia) Sdn Bhd of approx. RM2b.

Pursuant to the proposed internal reorganization, Celcom would
become the new holding company, which would assume the listing
status of TRI and emerge as the new listing vehicle of the
restructured TRI Group.


UCP RESOURCES: Answers KLSE's Winding Up Petition Query
-------------------------------------------------------
UCP Resources Berhad, in reply to Query Letter by KLSE reference
ID: MZ-030310-41313 on Creditors' Voluntary Winding-Up of its
unit UCP Geotechnics (M) Sdn Bhd (UCP Geo), furnished the
following information for public release:

1) The date of the special resolution to wind up UCP Geo
voluntarily was on 7 March 2003.

2) There will be no major financial and operational impact of
the winding-up proceedings on UCP Resources Berhad group. A
total amount of RM43,120,487.74, which consist of investment
cost, and amount due by UCP Geo to UCP Resources Berhad group
had already been fully provided for in its Statutory Accounts
for the financial year ended 30 June 2002.

3) Except for the recoverability of the amounts due from UCP Geo
to UCP Manufacturing (M) Sdn Bhd and UCP Cementation (M) Sdn Bhd
amounting to RM10,657,702.57 as at 31 January 2003, no
additional losses are expected to be incurred.

Below is KLSE's Query Letter content:

We refer to your announcement dated 7 March 2003.
In this connection, kindly furnish the Exchange with the
following additional information for public release:

1. The date of the special resolution to wind up UCP Geo
voluntarily;

2. The financial and operational impact of the winding-up
proceedings on UCP Resources Berhad group; and

3. The expected losses, if any, arising from the winding-up
proceedings.

Please furnish the Exchange with your reply immediately.

Yours faithfully
TAN YEW ENG
Senior Manager, Listing Operations
TYE/MZZ
c.c. Securities Commission


UNITED CHEMICAL: High Court Grants Restraining Order
----------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
announced that the High Court of Malaya at Ipoh, on 10 March
2003, granted a Restraining Order (RO) to the Company, pursuant
to Section 176 (10) of the Companies Act, 1965.

The RO is valid for ninety (90) days effective from 10 March
2003 and is to facilitate the finalization of the Company's
proposed corporate restructuring scheme.

Further details pertaining to the Company are proposed corporate
restructuring scheme were contained in the Company's requisite
announcement dated 18 December 2002.


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


BENPRES HOLDINGS: Issues Debt Restructuring Update
--------------------------------------------------
Benpres Holdings expects that shareholders will give the Company
the mandate to negotiate with creditors to restructure debts
worth US$596.9 million, AFX Asia said. The Company is scheduled
to hold a special shareholder meeting on March 13.

Dealers said Benpres' gains will be capped by concerns that unit
Bayan Telecommunications' revenues may be hit by the US Federal
Communications Commission's order to US carriers to stop payment
of termination fees to their Philippine counterparts due to a
dispute over the rates.

All Suerte research consultant Ron Rodrigo said although the US
FCC ruling may hit revenues of BayanTel, earnings contributions
from the telecom unit have not been significant for Benpres,
which has major interests in power distribution and generation
as well as the media.


DIGITAL TELECOM: Clarifies "FCC in Favor of US Carriers" Report
---------------------------------------------------------------
This is in reference to the news article entitled "FCC rules in
favor of US carriers" published in the March 12, 2003 issue of
Today. The article reported that: "The Federal Communications
Commission (FCC) has ruled in favor of US carriers in suspending
all payments for termination services to six Philippine carriers
pending restoration of all circuits and services on the US-
Philippine route."

Digital Telecommunications Philippines, Inc. (DGTL), in its
letter dated March 12, 2003, stated that:

"We would like to confirm that, as stated in the said news
article, that FCC Bureau had issued an order authorizing the US
carriers to withhold all payments for termination services to
six Philippine carriers pending restoration of all circuits and
services on the US-Philippine route.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_0713_DGTL.pdf


NATIONAL POWER: Planning to Borrow US$2B
----------------------------------------
The National Power Corporation (Napocor) is planning to borrow
US$2 billion from the international markets to finance its
expenditure program this year, the Manila Bulletin and AFX Asia
reported.

The report said Napocor need to raise funds also to settle
costly power contracts with several independent power producers.

DebtTraders reports that National Power Corporation's 9.750%
bond due in 2009 (NATP09PHN1) trades between 104.892 and
106.358. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=NATP09PHN1


PHILIPPINE LONG: IB Takes Action Re US-Philippine Route
-------------------------------------------------------
The International Bureau (IB) recently issued an order to
protect U.S. consumers and U.S. carriers from potential harm
resulting from anticompetitive and retaliatory behavior against
U.S. carriers offering telecommunications services between the
U.S. and the Philippines. The International Bureau issued an
Order directing all U.S. carriers providing facilities-based
service on the U.S.-Philippines route to suspend all payments
for termination services to six carriers pending restoration of
all circuits and service on the U.S.-Philippines route. These
carriers are Philippines Long Distance Telephone Company PLDT,
Globe Telecom, Inc. Globe, Bayan Telecommunications Company
BayanTel, Digitel Telecommunications Philippines, Inc. Digitel,
Smart Communications, Inc. Smart, and Subic Telecom
(collectively referred to as "Philippine carriers.

The Bureau found that the Philippine carriers' behavior
constitutes "whipsawing" of U.S. carriers, which is contrary to
the public interest and violates the purpose of the Commission's
longstanding International Settlements Policy ISP. The ISP is a
framework intended to protect U.S. carriers from the abuse of
market power by carriers on the foreign end of a U.S.-
international route. "Whipsawing" generally involves the abuse
of market power by a foreign carrier to play U.S. carriers
against one another in order to gain unduly favorable terms and
benefits. This type of anticompetitive behavior could lead to
higher costs for U.S. carriers and result in higher calling
prices and poorer service quality for U.S. consumers.

According to the record, on February 1, 2003, Philippine
carriers began to disrupt the U.S.-Philippines networks of AT&T
Corp. AT&T and WorldCom, Inc. WorldCom. The record shows that
the Philippine carriers' actions were taken in retaliation for
AT&T's and WorldCom's refusals to agree to the Philippine
carriers' demand for rate increases for termination services on
their networks in the Philippines. The record shows that the
Philippine carriers have not engaged in retaliation against the
networks of carriers that have agreed to the
demanded rate increases.

As a result of the Philippine carriers' actions, the
International Bureau, in addition to suspending all payments,
enforced the provisions of the ISP on all U.S. carriers
providing facilities-based service on the U.S.-Philippines route
in order to ensure nondiscriminatory treatment of U.S. carriers.
Today's action also removed the Philippines from the
Commission's list of approved routes for more flexible
International Simple Resale ISR agreements, pending U.S. carrier
compliance with the conditions set forth in the Order and
absence of further anticompetitive behavior.

For a copy of the press release, go to
http://hraunfoss.fcc.gov/edocs_public/attachmatch/DOC-
231916A1.pdf.


PHILIPPINE LONG: Threatens to Block US Calls
--------------------------------------------
The Philippine Long Distance Telephone Company (PLDT) and other
Manila-based telecoms may bar calls from the United States after
the Federal Communications Commission (FCC) ordered AT&T and MCI
WorldCom to cease payments to Philippine counterparts while a
settlement rates dispute remained unresolved, according to the
Financial Times.

The two US carriers alleged that Philippine telcos had blocked
traffic from the US after disagreement over a unilateral
increase in settlement rates implemented by Philippine
operators.

PLDT denied it had blocked calls, saying the volume of inbound
traffic from the US had fallen by only 9 per cent since it
raised its settlement rate from 8.5 US cents a minute to 12 US
cents on February

However, PLDT said it reserved the right to terminate incoming
calls if US carriers stopped making settlement payments.

Philippine carriers have been seeking to increase their share of
the 21-25 US cents per minute charged by US long-distance
carriers on calls made to the Philippines. PLDT said the
increase of roughly 50 per cent in the Philippine settlement
rate to 12 US cents a minute was within allowed rate
adjustments.


PHILIPPINE LONG: Shares Lower After FCC Ruling
----------------------------------------------
Philippine Long Distance Telephone Co. shares were lower
Tuesday, after the US Federal Communications Commission ordered
US carriers to stop payments to their local counterparts, AFX
Asia reports.

At 10.27 am, PLDT was down 5.00 pesos at 285 on volume of 12,940
shares.

FCC issued the order after PLDT and the other carriers were
found to have engaged in "whipsawing", or forcing US carriers to
compete unfairly, by charging higher termination rates for
inbound calls from the US beginning February. The rates were
raised to US$0.12 per minute from US$0.08.

AT&T and WorldCom had refused to accept the higher rates, but
other US carriers agreed to the new tariff. The two accused
local carriers of blocking their traffic to the Philippines but
PLDT and other telecommunications companies rejected the
accusation.


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


ASIA PULP: Creditors Seek Megawati's Help on Debt Talk
------------------------------------------------------
Asia Pulp & Paper Co.'s creditors have asked for Indonesian
President Megawati Soekarnoputri's help in the restructuring of
the Company, Bloomberg reports.

Eleven governments, including Japan and the United States, whose
export credit agencies are creditors of Asia Pulp, sent a letter
to Megawati yesterday.

Asia Pulp, which owes more than $13 billion, stopped paying its
international creditors two years ago. The Indonesian Bank
Restructuring Agency (IBRA), owed about $1 billion, has been
trying to lead the debt talks. The Indonesian agency's
arrangements are "conceding too much to Asia Pulp," the
international creditors said in the letter.

"We advise you to direct your ministers to exercise the closest
possible supervision over IBRA to ensure a fair, commercially
reasonable and transparent restructuring of Asia Pulp," the
creditors said in the letter, which was signed by the
ambassadors of the 11 countries.


CHARTERED SEMICON: Reaffirms First Quarter Revenue Guidance
-----------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd., one of the world's
top three silicon foundries, reaffirmed its first-quarter
revenue guidance, which was originally provided on January 29,
2003.

"There continues to be a great deal of uncertainty in the global
economies; however, we still expect Chartered's total business
base revenues, which include our share of SMP, to increase
approximately 5 to 10 percent sequentially this quarter," said
George Thomas, Vice President & CFO of Chartered. "At the
customer level, we've seen only very minor changes in demand
this quarter. We continue to benefit from gains we are making in
0.18-micron and below product, and we still expect a revenue
percentage contribution in the low 40s this quarter, compared to
10 percent in first quarter 2002."

In its guidance update, the Company indicated that it has not
changed its first-quarter outlook for revenues, Average Selling
Price (ASP) and utilization. With regard to net loss, the
outlook is as follows:

- As indicated in Chartered's February 13, 2003 press release,
the Company expects to incur a charge of approximately $4
million in the first quarter in connection with the phase out of
Fab 1.

This was not included in the Company's original first-quarter
guidance, which was a net loss of approximately $96 million to
$99 million.

- Chartered expects to record a gain of approximately $29
million in the first quarter, including approximately $1.7
million attributable to Chartered's share of Silicon
Manufacturing Partners (SMP or Fab 5), associated with the
conclusion of its Economic Value Added (EVA) employee bonus
plan. Given the significant change in market conditions over the
last two years, the Company has decided to conclude the existing
EVA plan and replace it with a plan more appropriate for the
current conditions. The non-cash $29 million gain was not
included in the Company's original first-quarter guidance.

- Based on the $4 million Fab 1 related loss and the $29 million
bonus reversal impact, the Company's new guidance for first-
quarter net loss is approximately $71 million to $74 million.

In summary, Chartered's guidance for first quarter 2003, based
on current market and customer trends, is as follows:

- Revenues: down approximately 5-10 percent sequentially.

Revenues including Chartered's share of SMP, up approximately 5-
10 percent sequentially. SMP is a minority-owned joint venture
Company and therefore, under the Company's US GAAP reporting,
its revenues are not consolidated

- ASP: down approximately 10 percent sequentially. ASP including
Chartered's share of SMP, essentially flat sequentially

- Utilization: in the low 40s

- Net loss: approximately $71 million to $74 million ($96
million to $99 million loss excluding impact of Fab 1 phase out
and bonus reversal)

- Loss per ADS: approximately $0.28 to $0.30 ($0.38 to $0.40
loss excluding impact of Fab 1 phase out and bonus reversal)

Chartered will release its first-quarter 2003 earnings on April
17, 2003, Thursday, Singapore time.

Chartered Semiconductor Manufacturing, one of the world's top
three silicon foundries, is forging a customized approach to
outsourced semiconductor manufacturing by building lasting and
collaborative partnerships with its customers. The Company
provides flexible and cost-effective manufacturing solutions for
customers, enabling the convergence of communications, computing
and consumer markets.

In Singapore, Chartered operates five fabrication facilities and
has a sixth fab, which will be developed as a 300mm facility.

A Company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED). Chartered's 3,500
employees are based at 11 locations around the world.
Information about Chartered can be found at
www.charteredsemi.com.

Investor Contacts:
Suresh Kumar
(1) 408.941.1110
sureshk@charteredsemi.com
Clarence Fu
(65) 6360.4060
cfu@charteredsemi.com

Media Contacts:
Chartered U.S.:
Tiffany Sparks
(1) 408.941.1185
tiffanys@charteredsemi.com
Chartered Singapore:
Maggie Tan
(65) 6360.4705
tanmaggie@charteredsemi.com

Chartered's original guidance for first-quarter 2003 was
published in the Company's fourth-quarter 2002 earnings release
which can be found at
http://investor.charteredsemi.com/releases.cfm


PRESSCRETE HOLDINGS: Khoon Changes Substantial Shareholding
-----------------------------------------------------------
Presscrete Holdings Limited posted a notice of the cessation of
substantial shareholder Wong Meng Khoon's interests:

Date of notice to Company: 06 Mar 2003
Date of change of interest: 06 Mar 2003

Name of registered holder: DBS Vickers Securities (S) Pte Ltd
and Oversea-Chinese Bank Nominees 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:
% of issued share capital:
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:
No. of shares held before the transaction: 15,091,825
% of issued share capital: 12.7
No. of shares held after the transaction: 15,091,825
% of issued share capital: 3.3

Holdings of Director / Substantial Shareholder including direct
and deemed interest
                                           Deemed Direct
No. of shares held before the transaction:        15,091,825
% of issued share capital:                        12.7
No. of shares held after the transaction:         15,091,825
% of issued share capital:                        3.3
Total shares:  15,091,825

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.


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


DATAMAT PUBLIC: SET Temporarily Suspends Trading
------------------------------------------------
Previously, the Stock Exchange of Thailand posted the NP (Notice
Pending) sign on the securities of Datamat Public Company
Limited from the second trading session of March 5,2003 because
the company has publicly submitted the SET its audited financial
statement for the year 2002 ending December31 with the
Disclaimer of Opinion from auditor on DTM's and the SET is
waiting for the information whether the company have to amend
its financial statements.

The Securities and Exchange Commission (SEC) has informed the
SET that it has instructed DTM to amend its financial statements
within 15 days from March 11, 2003, therefore, the SET post "SP"
sign for suspended trading on DTM's securities on March 12, 2003
to enable general investors to have sufficient time to consider
the said information as a whole. The SET will later grant the
company permission to continue trading its securities and still
posts "SP" sign from March 13, 2003 until the company will
submit its amended financial for disseminating through the SET.


GENERAL ENGINEERING: Changes Venue for Shareholders' Meeting
------------------------------------------------------------
General Engineering Public Company Limited changed the place
for the Ordinary Shareholders' Meeting No.1/2003 from Eastin
Lakeside Hotel to Bangkok Golf Spa Resort Hotel, 99/3 Moo 2
Tivanon Road Bangkadi, Muang District, Pathumthani Province
12000, Thailand on April 24, 2003 at 9:30 in the morning.

The Troubled Company Reporter - Asia Pacific reported that the
Company has signed on August 15, 2002 a debt restructuring
agreement with Chatuchak Assets Management Company Limited
(CAMCL) of which the principal amount is Bt28 million, debt
repayment within five years period.


THAI CHEW: Files Reorganization Petition to Bankruptcy Court
------------------------------------------------------------
The Petition for Business Reorganization of Thai Chew
International Company Limited (DEBTOR), engaged in production of
dog food, was filed to the Central Bankruptcy Court:

   Black Case Number 1564/2544

   Red Case Number- /2545

Petitioner: THAI CHEW INTERNATIONAL COMPANY LIMITED

Debts Owed to the Petitioning Creditor : Bt397,000,000

Date of Court Acceptance of the Petition : November 19, 2001

Date of Examining the Petition: December 17, 2001 at 9.00 A.M.

Court has postponed the Date for Examining the Petition to
January 28, 2002

Court has postponed the Date for Examining the Petition to
February 25, 2002

Court had issued an Order for the Disposition of the case as the
Petitioner had withdrew the Petition for Reorganization on
February 27, 2002

Contact : Ms. Amornrhat Tel, 6792525 ext. 144


THAI DURABLE: Explains 2002 F/S Actual, Projection Variance
-----------------------------------------------------------
Pursuant to the announcement of the Stock Exchange of Thailand
(SET) that Thai Durable Textile Company Limited has faced
possible delisting from SET, the company has prepared the
rehabilitation plan, which had been approved by the
Extraordinary Shareholders' Meeting on February 5, 2003.  The
company explained the variations between the actual performance
and the financial projection for the year 2002, as follows:

Revenues

In the year 2002, the company had higher net sales than that of
the projection by the amount of Bt35.67 million or by 5.86%. The
main reasons are as follows:

    - The sale of fabric increased to Bt594.62 million which is
higher than the projection by the amount of Bt34.66 million.
This is because of higher export sale. Total fabric quantity
sold was 23.51 million yards which is higher than the projection
by 2.16 million yards or 10.12% higher. The average price per
yard was Bt25.29, which is only 3.66% lower than the projection.

   - The sale of yarn was for domestic only at the quantity of
1.35 million pounds, which is 0.08 million pounds lower or 5.59%
lower.  However, the sale totaled Bt49.23 million, 2.95%
higher than the projection. This is due to the actual average
price per pound was 36.56, which is 9.33% higher than that in
the projection.

Scrap Sales, Gain on Foreign Exchange, and Other Income

Actual scrap sales amounted to Bt11.31 million, which is close
to the projected value at Bt12.11 million. Actual gain on
foreign exchange was only Bt0.881 million and was already
included in the Other Income.  Actual Other Income was Bt9.53
million, which is close to the projected amount of Bt9.44
million.

Cost of Sales

Actual cost of Sales at Bt799.42 million was Bt10.16 million
higher than the projection of Bt789.26 million or only 1%
higher. This was due to higher Net Sales. However, the company
was able to lower cost of sales with better control. Thus the
Cost of Sales did not increase in the same proportion as
compared to the Net Sales. The increase was merely 1%.

Selling and Administrative Expenses

The actual Selling and Administrative Expenses amounted to
Bt143.81 million, which is Bt27.68 million higher or 23.84%
higher than the projection.  This was due to two main reasons as
follows:

   1. The company set additional allowance for bad debt of
Bt22.29 million or Bt14.28 million higher than projected.

   2. The company also set accrued expenses regarding the
consulting fee for debt restructuring at the amount of Bt11.47
million as compared to only 1.24 million in the projection.

Interest Expense

The actual interest expense was Bt5.70 million less than
projected.  This is due to the loan recently received from EXIM
Bank (Export-Import Bank of Thailand) in the middle of December
2002.  The line of credits utilized by the company (with
interest bearing such as Packing Credit) was less than
projected.  This resulted in less interest expense.

Equity in net loss of subsidiary and Extraordinary Items
The actual equity in net loss of subsidiary and Extraordinary
Items were the same as in the projection.

Net Profit (Net Loss)

Actual net loss of Bt32.26 million was Bt3.12 million higher or
10.69% higher than the projection. The main reasons are from the
higher Selling and Administrative Expenses as mentioned above.

The company would like to advise that the credit lines received
from EXIM Bank (Export-Import Bank of Thailand) in December 2002
was utilized in acquiring Machines and Spare parts of
approximately Bt120 million. These machines and spare parts are
expected to arrive by the second quarter of 2003.  The remaining
credit lines of Bt200 million were used as L/C's to purchase
cotton and DLC's to purchase Polyester domestically.


THAI-GERMAN: Explains Auditor's 2003 F/S Opinion
------------------------------------------------
Thai-German Products Public Company Limited had submitted
auditor's report and its consolidated financial statements and
its financial statements for the year ended December 31, 2002.
The auditor had disclaimed such financial statements because of
uncertainty on implementation of TGPRO re-organization plan in
the future, no confirmation debt under the organization plan
reply from creditors and also uncertainty from many legal issued
of its subsidiary company.  TGPRO explained these issues as
follows:

   1. TGPRO had followed all specification in the organization
plan since May 18, 2000.  The organization plan, however,
specified cash flow from operation in the future that TGPRO
had tried to generate cash flow based on the organization plan.

   2. In case of no confirmation debt reply, TGPRO had tried
very hard to coordinate and explain to major creditors regarding
confirmation reply.  TGPRO, however, can not control
every creditors to reply the confirmation.  The auditors had
used alternative procedures.

   3. At the moment, TGPRO's subsidiary company is in the
process of determination to appeal the result of legal issued
from banks and financial institution.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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                 *** End of Transmission ***