TCRAP_Public/030319.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Wednesday, March 19 2003, Vol. 6, No. 55

                         Headlines


A U S T R A L I A

ANACONDA NICKEL: Discloses 2002 Half-Yearly Report
AUSTAR UNITED: Achieves $100 Million EBITDA Turnaround in 2002
AUSTAR UNITED: Takeovers Panel Declines Pondale's Application
GOODMAN FIELDER: Remaining Takeover Bid Roadblocks Removed
HORIZON ENERGY: Books 2002 Net Loss of A$67.3M

MAXIS CORPORATION: Writes Down Non-Current Assets
MCINTYRE GROUP: Noosa Businesswoman's Assets Restrained
PASMINCO LIMITED: Incurs H202 Net Loss of A$184.4M
SUPERSORB ENVIRONMENTAL: ASIC Extends H102 F/S Filing Time
TELEVISION & MEDIA: Seeks Proposed Recapitalization Approval

* ASIC Obtains Winding Up Orders Against Property Schemes


C H I N A   &   H O N G  K O N G

ASIA GLOBAL: Lazard Freres Approved as Financial Adviser
BRIGHT FIDELITY: Winding Up Hearing Scheduled Today
CENTRAL NORTH: New Management, Arrangement Underway
DONG FANG: Consolidates Shares
JOYFUL CONSTRUCTION: Winding Up Sought by United Reliance

KWONG SANG: Widens 2002 Net Loss to HK$264.99M
NATION WISE: Faces Winding Up Petition
QUID PRO: Hearing of Winding Up Petition Set
TECHNICA INTERNATIONAL: Winding Up Petition Pending


I N D O N E S I A

WIJAYA KARYA: Pefindo Ups Bond II/1996 Rating to "idBBB-"

* 1,463 Investors Submit Bids in PPAP2


J A P A N

DAIEI INC.: February Sales Drop 0.8%
HONJO COUNTRY: Golf Course Enters Bankruptcy
ISUZU MOTORS: Delays Plan to Close Factory
KONDO SHOTEN: Closing Main Store in Ginza
MARUBENI CORPORATION: R&I Downgrades to BB+

N. A. KENSETSU: Real Estate Firm Enters Rehab Proceedings
NETSU-KOGYO: Suspends Bank Transactions
SUMITOMO MITSUI: Merges With Wakashio Bank


K O R E A

INCHEON OIL: Creditors Liquidate Bankrupt Oil Refinery
SK GLOBAL: Assets to Be Sold Worth KRW1.51T
SK GROUP: Chey Tae-won May Lose Control of Group
SK GLOBAL: Files Lawsuit Against Auditor
SK GLOBAL: SK Corp. Will Not Offer Affiliate Blanket Support


M A L A Y S I A

ABRIC BERHAD: Joint Liquidators Appointed for Unit
ACTACORP HOLDINGS: Awaits SC's Proposed Workout Scheme Approval
ASSOCIATED KAOLIN: Seeks Approvals on Proposals Revisions
AUTOINDUSTRIES VENTURES: March Defaulted Payment Reaches RM14.6M
BESCORP INDUSTRIES: FIC Approves Corporate Proposals

GENERAL LUMBER: Court Convened Creditors' Meeting Set on Apr 10
KUALA LUMPUR: Summons Served on Subsidiary Company
PARIT PERAK: Enters Supplemental Restructuring Agreement
PENAS CORP.: SC Extends Audit Firm Appointment Time Completion
PROMET BERHAD: Shareholders, Related Agreements Terminated

TAT SANG: Proposed Restructuring Scheme Negotiation Underway
WING TIEK: MITI Grants Proposed CDRS Approval


P H I L I P P I N E S

MONDRAGON INTERNATIONAL: Reschedules ASM to September 15
NATIONAL POWER: Debt Balloons to P394B
PHILIPPINE LONG: Meeting AT&T Over Rate Dispute March 19-20


S I N G A P O R E

BIL INTERNATIONAL: Posts FY03 Interim Loss of US$18M
CHARTERED SEMICONDUCTOR: May Not Be Competitive in Chip Industry
FHTK HOLDINGS: Posts Changes in Substantial Shareholder
NATSTEEL LTD: Announces Dividend and Books Closure Date
NATSTEEL LTD: Returns to Profitability in 2002


T H A I L A N D

RATTANA REAL: Invests Preferred Shares in Great China
TANAWIWAT ASSOCIATE: Business Reorganization Petition Filed
TONGKAH HARBOUR: SET Reinstating Securities Trading on Mar 25

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Discloses 2002 Half-Yearly Report
------------------------------------------------
Anaconda Nickel Limited released its Appendix 4B Half-Yearly
Report for the year 2002:

                     APPENDIX 4B
                 HALF YEARLY REPORT

Name of entity
Anaconda Nickel Limited

ABN                   Half    Preliminary       Half Year ended
                    yearly     final          ('current period')
                    (tick)    (tick)
23 060 370 783           X                            31/12/2002

FOR ANNOUNCEMENT TO THE MARKET                          AUD000

Extracts from this report for announcement to the market (see
note 1).

Revenues from ordinary activities
(item 1.1)                       up/down       % to         -

Profit (loss) from ordinary activities
after tax attributable to members
(item 1.22)                      up/down       % to         -

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

Net profit (loss) for the period
attributable to members
(item 1.11)                      up/down       % to         -

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

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

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

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

Directional and percentage changes in section 1 have been
omitted as changes in accounting policies in the prior year in
relation to the treatment of exploration and evaluation
expenditure, inventories and the carrying value of non current
assets have had a material impact on losses incurred for the
prior comparative period.

Go to http://bankrupt.com/misc/TCRAP_ANL0319.pdffor details of
the Company's 2002 half year report.


AUSTAR UNITED: Achieves $100 Million EBITDA Turnaround in 2002
--------------------------------------------------------------
Austar United Communication Limited (AUSTAR), regional
Australian subscription television proviar, released Tuesday its
fourth quarter and annual results for the year ending 31
December 2002. The results show that the company achieved $22.6
million in earnings before interest, tax, depreciation and
amortization (EBITDA) for the year, representing a $100.7
million turnaround from the previous year. All figures exclude
TVSN results, which were deconsolidated in June 2002.

HIGHLIGHTS FOR THE FULL YEAR TO 31 DECEMBER 2002

   * Positive EBITDA of $22.6 million was achieved, representing
a $100.7 million improvement from the previous year.

   * Gross margin contribution increased by 31% to $147.3
million from $112.3 million.

   * Operating, general and administrative expenses reduced by
35% to $120.2 million, from $185.7 million in 2001.

   * Capital expenditure reduced by 59% from $101.5 million to
$42.1 million.

HIGHLIGHTS FOR THE THREE MONTHS TO 31 DECEMBER 2002

   * Positive EBITDA of $13.0 million was achieved for the
quarter, representing a $6.6 million improvement from the third
quarter 2002.

   * Gross margin contribution increased to $39.4 million from
$38.1 million in Q3.

   * Operating, general and administrative expenses reduced by
17.2% to $25.3 million, from $30.6 million in Q3.

   * Capital expenditure reduced by $2.3 million to $8.7 million
for the quarter.

AUSTAR's CEO, Mr John Porter said, "Measures implemented by
AUSTAR throughout 2002 improved the company's operational
performance, which has resulted in stronger financial results
for the year. These operational improvements complemented the
cost reductions accrued from the major restructure of business
at the end of 2001.

"Our television, mobile and data services each contributed
positive gross margin during the year. The contribution from our
television service improved by 14%, which was achieved despite
recording a 7% decline in the number of television subscribers.
In addition, our mobile and data services combined returned a
$19.5 million improvement in gross margin contribution for the
year. Mobile in particular achieved a solid result, with a 65%
increase in customers from the previous year.

"Looking forward, AUSTAR will seek to consolidate this
turnaround in performance, on the back of improved market
conditions and a more rational subscription television industry,
as well as our improved capital structure," Mr Porter said.

To see a copy of the Company's Statement of Financial
Performance, Management Discussion and Analysis of the Results
of Operations and Consolidated Financial Staternenfs as at 31
December 2002, go to http://bankrupt.com/misc/TCRAP_AUN0319.pdf.

CONTACT INFORMATION: Deanne Weir
                     GROUP DIRECTOR
                     CORPORATE DEVELOPMENT AND LEGAL AFFAIRS
                     Austar United Communications
                     Telephone: 02 9394 9897
                     dweir@austar.com.au


AUSTAR UNITED: Takeovers Panel Declines Pondale's Application
-------------------------------------------------------------
The Takeovers Panel advises that it has declined an application
in relation to the affairs of Austar United Communications
Limited (Austar). The application was made on 28 February 2003
by a shareholder in Austar, Pondale Properties Pty Limited
(Pondale).

The Panel declined the application because, while it considered
that the applicant had made out some of the concerns it alleged,
the Panel believed that those concerns were addressed by the
recent issue of a detailed media release to the market, and the
disclosure to the market of a copy of an agreement (Shareholders
Agreement) between the future controllers of 81% of Austar in
supplementary substantial shareholding notices.

The application was in relation to the acquisition by CHAMP SPV
Pty Ltd and its related entities (CHAMP Group) of a relevant
interest of approximately 81% of the shares in Austar (the
Austar Shares) for the sum of US $34.5 million. The CHAMP Group
acquired the relevant interest in the Austar Shares through
funding a US Chapter 11 debt restructure of a subsidiary of
United Asia/Pacific Communications Inc (UAPC). A US court will
consider the Chapter 11 proceedings on 18 March 2003.

Pondale asserted in the application that the market was not
adequately informed about the ultimate ownership and control of
the CHAMP Group. It alleged that the acquisition by the CHAMP
Group of a controlling interest in Austar will not take place in
an efficient, competitive and informed market.

Specifically, Pondale's application raised four issues:

1. OWNERSHIP AND CONTROL OF CHAMP GROUP:

Pondale asserted that the market, and Austar shareholders, was
inadequately informed about the ownership and control of the
CHAMP Group. Pondale asserted that the ultimate ownership and
control of the CHAMP Group (to the extent that additional
entities have a relevant interest in the Austar Shares) should
be disclosed.

As a result of the Austar Proceedings, the CHAMP Group issued a
detailed media release to the market on 5 March 2003 dealing (in
part) with this matter, while the controlling shareholders of
CHAMP P/L(1) (the 100% parent of CHAMP SPV) gave substantial
shareholding notices on 13 March 2003, concerning their
substantial holding in Austar as owners of more than 20% each of
CHAMP P/L, CHAMP SPV being the entity which entered the
agreement with UAPC.

The Panel considers that the media release and the substantial
shareholding notices given by owners of CHAMP P/L now adequately
disclose their interests and substantial holdings in the Austar
Shares and there is no longer a need for the Panel to consider
whether their failure to lodge substantial shareholding notices
in December 2002 constituted unacceptable circumstances.

The funding structure, which the CHAMP GROUP has put in place to
fund the acquisition of its interests in the Austar Shares, will
include a number of Belgian limited liability companies. The
identities of the investment companies were disclosed in the
CHAMP Group substantial shareholding notices of 23 December 2002
(but not the individual investors in the funds which will invest
in the investment companies).

The CHAMP Group advises that none of the investors in the CHAMP
investment funds will have an interest in the Austar Shares,
which the Corporations Act would require to be disclosed. The
CHAMP Group advises that the investors in the CHAMP investment
funds will not have relevant interests in the Austar Shares, in
a similar way to sub 20% shareholders in any entity owning
shares in a public company.

The Panel considers that the advice proviad by the CHAMP Group
as to the dispersed ownership of the investment funds(2)
supports the claim by the CHAMP Group that substantial
shareholding notices are not currently required from the
investors in the investment funds. Changes in the structure or
relationships of the CHAMP Group or the investment funds may
bring about different disclosure requirements, but that is not a
question currently before the Panel.

2. DISCLOSURE OF THE SHAREHOLDERS AGREEMENT

Pondale asserted that the Shareholders Agreement, entered into
by CHAMP SPV, UAPC and United Austar Inc (the direct holder of
the Austar Shares) on 23 December 2002 (US time) was required to
have been attached to the substantial shareholding notice given
by CHAMP SPV on 23 December 2002 (Australian time). CHAMP SPV
had entered into two separate agreements (the Master Agreement
and the Reorganization Agreement) on 20 December 2002 (US time),
which had given CHAMP SPV the substantial shareholding in the
Austar Shares. CHAMP SPV was then required to give its
substantial shareholding notice on or before the end of 24
December 2003. It gave the substantial shareholding notice
on 23 December 2002 at 2.00 pm or thereabouts Sydney time. CHAMP
SPV attached both the Master Agreement and the Reorganization
Agreement to its substantial shareholding notice on 23 December
2002, but not the Shareholders Agreement, which was still in the
process of finalization.

The Panel accepts that the Shareholders Agreement had not been
executed at the time the CHAMP SPV substantial shareholding
notice was given. On the other hand, it considers it highly
likely that the material terms of the agreement were
sufficiently well developed that section 671B(4)(b) of the
Corporations Act (Act) required CHAMP SPV to have attached a
written description of the Shareholders Agreement to its
substantial shareholding notice. The owners of CHAMP P/L have
attached a copy of the Shareholders Agreement to their
substantial shareholding notices dated 13 March 2003.

The Panel considers that the better view is that the CHAMP
Group, or the owners of CHAMP P/L, were in breach of the
disclosure required under the substantial shareholding
provisions, and section 602 of the Act, for nearly 3 months.
Because they volunteered to make full disclosure once they fully
understood the Panel's interpretation of section 671B(4)(b) of
the Act, the Panel was not required to decide whether or not to
make a declaration of unacceptable circumstances in this
instance.

The Panel considers that where a commercial transaction is the
subject of a number of interlinked agreements, and the
obligation to give a substantial shareholding notice is
triggered by entry into the first agreement, with negotiations
proceeding on subsequent documents, it will frequently be likely
that section 671B(4)(b) will require disclosure of a written
description of the agreements still under negotiation. It is
likely that commercially, the onus will be on the person giving
the substantial shareholding notice to explain why, having
entered the triggering agreement, the parties have not reached
sufficient consensus on the terms of the other agreements to
bring section 671B(4)(b) into play. Thus, it is likely that the
decision in New Ashwick Pty Ltd v Wesfarmers Ltd (2000) 35 ACSR
263 in many cases will have effect in requiring the disclosure
of the related agreements (or a summary of them if they are not
yet concluded) despite any timing anomalies arising out of one
agreement being signed before the others have been concluded.

The Shareholders Agreement contains provisions relating to,
inter alia:

   - The number of CHAMP Group and UAPC nominee directors
elected to the   Austar board;

   - Future independent directors on the Austar board;

   - The chairmanship of the Austar board;

   - The CEO of Austar;

   - The make-up of the underwriting agreement for a proposed
future rights issue by Austar;

   - Restrictions on transfer of Austar shares controlled by
CHAMP Group and UAPC;

   - Management fees in relation to Austar; and

   - Standstill agreements between UAPC and CHAMP Group.

The CHAMP Group disclosed a summary of aspects of the
Shareholders Agreement on 5 March 2003 in supplementary
disclosures through its media release to the market.

3. DIFFERENCE BETWEEN PERCENTAGE EXEMPTED UNDER ASIC RELIEF AND
CHAMP GROUP SUBSTANTIAL SHAREHOLDING NOTICES

On 20 December 2002, ASIC granted CHAMP Group an exemption from
section 606 of the Act (the 20% threshold ) to allow CHAMP Group
to enter the debt restructure agreements under which it acquired
relevant interests in the Austar Shares. The relief is
conditional on CHAMP Group making takeover offers for the 18.1%
of shares in Austar held by the public. The percentage specified
in the ASIC instrument did not include two parcels of Austar
shares: 0.6% owned directly by UAPC and 0.000196% held by an
associate director of the CHAMP Group.

The CHAMP Group's initial substantial shareholding notice did
not disclose its interest in either of these parcels of shares.
The CHAMP Group subsequently gave amended substantial
shareholding notices on 18 and 20 February 2003 disclosing the
CHAMP Group's associates' relevant interest in the two
additional parcels of shares.

It is unclear whether or not the 0.6% parcel should have been
included in the relief. However, the Panel does not consider in
these circumstances that a breach (if any) of section 606
occasioned by the ASIC relief relating only to 80.7% of Austar
would constitute unacceptable circumstances.

4. CHAMP GROUP'S INTENTIONS FOR AUSTAR

Pondale asserted that the market for control of Austar is
uninformed because the CHAMP Group has not made detailed
disclosures about its intentions for the future of Austar.

The Panel considers that ASIC's relief requires CHAMP Group to
make takeover offers for the publicly held shares in Austar and
that the proper time for the CHAMP Group to make such
disclosures is when it issues its bidder's statement. The Panel
considers that in the present circumstances, the market and
Austar shareholders have been properly informed of CHAMP Group's
substantial shareholding and of the requirement in ASIC's relief
for a follow-on bid.

5. PONDALE'S STANDING

An issue of concern to the Austar Panel, which was not raised by
Pondale, was Pondale's standing, and good faith, in making its
application.

Pondale is the owner of 3,000 shares in Austar. It paid $622 for
the shares, which it acquired on 23 January 2003 (almost a month
after the CHAMP Group announcements and first substantial
shareholding notice). Pondale is a private company of the
solicitor acting for Pondale.

The Panel was concerned that it know the identity of any person
bringing an application before the Panel. It therefore sought
information from Pondale, and its solicitors, as to any person
who had given instructions to Pondale in relation to the
application that Pondale had made. Pondale has advised the Panel
that a client of Watson Mangioni (Pondale's solicitors)
requested Watson Mangioni to acquire shares in Austar, to
acquire those shares through a vehicle connected with Watson
Mangioni i.e. Pondale, and to commence the application. The
client agreed to pay all of Pondale's costs of the application.

Pondale gave none of this information to the Panel in its
initial application.

The Panel seriously considered declining the application when
advised of the instructions behind Pondale's application.
However, as Pondale formally had standing, the Panel decided to
consider whether the issues raised by the Pondale application
raised issues, which would properly concern the market for
Austar shares, and Austar shareholders. It decided that at least
two of the issues raised were, of themselves, sufficiently
material to the market for Austar shares to proceed with the
application, regardless of the hands behind Pondale.

The Panel is continuing with its enquiries concerning the
instructions given to Watson Mangioni in relation to the
application by Pondale and may make further comment in its
published reasons.

The Panel considered it was appropriate to publish its decision,
and the outline of its reasons, to allow Austar to give the
decision to the US court considering the Chapter 11 arrangements
to reassure the US court that it need not make any provision for
any decision by the Panel in the US court's considerations.

The Panel will publish its reasons on its website when
finalized.

The President of the Panel appointed Nerolie Withnall, Alice
McCleary and Michael Ashforth to be the Sitting Panel to
consider the application.

CONTACT INFORMATION: Nigel Morris
                     DIRECTOR, Takeovers Panel
                     Level 47 Nauru House,
                     80 Collins Street, Melbourne VIC 3000
                     Ph: +61 3 9655 3501
                     nigel.morris@takeovers.gov.au

(1) Castle Harlan Australian Mezzanine Partners Pty Ltd.

(2) In its statement dated 5 March 2003, CHAMP P/L stated that
no investor in either the Australian investment funds or
overseas funds managed by CHAMP P/L holds more than 20% of
either funds, nor more than 11% of the combined funds. CHAMP P/L
advised that the purchases of Austar shares will be funded by
capital calls on the existing investors based on their existing
capital commitments.


GOODMAN FIELDER: Remaining Takeover Bid Roadblocks Removed
----------------------------------------------------------
Reference is made to BPC1 Pty Limited (BPC1), a subsidiary of
Burns, Philp & Company Limited (Burns Philp), in relation to
BPCl's off-market takeover bid for all the ordinary shares in
Goodman Fielder Limited.

Pursuant to paragraph 630(5)(b) of the Corporations Act, BPC
posted the notice required by subsection 630(3) of the
Corporations Act in relation to the status of defeating
conditions.

BPC1 PTY LIMITED (ABN 45 101 665 918)
COMPANY NOTICE - SUBSECTION 630(3) CORPORATIONS ACT 2001
NOTICE OF STATUS OF DEFEATING CONDITIONS

To: Goodman Fielder Limited (Goodman Fielder); and
Australian Stock Exchange Limited.

For the purposes of subsection 630(3) of the Corporations Act
2001, BPC1 Pty Limited (BPC1) (a wholly owned subsidiary of
Burns, Philp & Company Limited - ASX code: BPC gives notice, in
relation to its offers for all the ordinary shares in Goodman
Fielder (offers), that:

   1 the defeating conditions to its offers, set out in sections
9.6(a), 9.6(b), 9.6(c), 9.6(d) and 9.6(e) of its bidder's
statement dated 19 December 2002, have been fulfilled;

   2 its offers have been freed from the defeating conditions
set out in sections 9.6(f), 9.6(g), 9.6(h), 9.6(i), 9.6(j)
9.6(k), 9.6(l), 9.6(m), 9.6(n), 9.6(o), 9.6(p), 9.6(q) and
9.6(r) of its bidder's statement dated 19 December 2002;

   3 its offers are no longer subject to any defeating
conditions; and

   4  as at the date of this notice, its voting power in Goodman
Fielder is 60.69%.


HORIZON ENERGY: Books 2002 Net Loss of A$67.3M
----------------------------------------------
The Directors of Horizon Energy Investment Management Limited
(HEIML), the manager for Horizon Energy Investment Group
(Horizon), released the financial results for the 6 months
ended 31 December 2002. The key financial results for Horizon
for the period were:

   * Horizon's Net Result for the period was a loss of $67.3
million, after the writedown of $65.1 million in the value of
Horizon's investment in LYP;

   * Horizon's available cash, after allowance for creditors, at
30 June 2002 was approximately $1.0 million; and

* There were no distributions paid to investors during the
period.

LYP is due to make a $500 million bullet repayment of debt
facilities in May 2003. The funding of this payment is expected
to be resolved via the completion of one or both of the
following activities:

   * The potential sale of all or a portion of the partners'
interests in LYP. Implicit in this sale will be the repayment of
the debt facilities or the assumption of the liability for those
facilities by the purchaser; or

   * Ongoing negotiations with LYP's lenders to achieve a
satisfactory debt restructure together with institutional
capital injection.

LYP has appointed ABN Amro, Macquarie Bank and Morgan Stanley as
joint financial advisers in relation to the potential sale or
restructure.

Subsequent to the end of the half-year there have been
negotiations with two parties in relation to purchasing the
partnership. Recently, one party has withdrawn its non-binding
indicative proposal. If a sale is concluded, it is possible that
the partnership and each of the partner companies will be sold.
Any such sale will be subject to Horizon shareholder approval.

Should the LYP partners be unable to successfully complete a
sale they will seek to introduce institutional capital to
complete a debt restructure, and discussions with potential
proviars of this capital have commenced in parallel with the
proposed sale.

As a result of these events, the Directors have determined that
the HEIL Group's investment in the partnership should be
classified as a current asset.

At the time of this report, audited financial results for LYP
were not available. As a result, the Directors have determined
to include the results for the partnership from the most recent
audited and published financial information, being the
partnership's financial report for the year ended 30 June 2002.
The impact to the HEIL Group by using LYP's 30 June 2002 rather
than the 31 December 2002 financial results is nil as the
carrying value of the investment will be written down to the
Directors' view of its recoverable amount.

The Directors have determined that the carrying value of the
investment in LYP exceeds its recoverable amount. The Directors
have applied a provision for diminution in value against the
carrying value of the investment in order to reflect the
Directors' view of its recoverable amount. This has been
determined by reference to the estimated net proceeds from sale
of LYP on the basis that this is, in the Directors' view, the
most likely course of events in relation to the investment.

There are a number of inherent uncertainties that impact the
valuation of the investment in LYP going forward. These include
the outcome of ongoing discussions with potential purchasers and
with LYP's senior lenders, the events which may ensue if no
agreement is reached before the Bullet A repayment is due,
electricity pool prices, the fact that Horizon is a minority
shareholder in the partnership, the world-wide market for
electricity assets and the financial situation of the other LYP
partners.

The impact (if any) of the proposed sale and the restructuring
of the debt facilities on the Horizon Group is not known at the
date of this report. The LYP partners have commenced discussions
with the banking group about potential alternative agreements.
If none of these courses of action are resolved satisfactorily
before the Bullet A repayment becomes due on 12 May 2003 and no
alternative agreement can be reached between LYP and its
lenders, LYP's (and as an LYP partner, Horizon's) debt would
become due and payable and would be unable to be repaid. LYP's
lenders would at this time be in a position to exercise their
security under the LYP financing documentation. The Directors
are not in a position to ascertain the likely outcome of
this at the date of this report.

Performance of Loy Yang Power

Horizon's only investment is its 25% interest in the Loy Yang
Power partnership (LYP). LYP's key operating results (which are
unaudited) for the period are shown in the table below:

                        6 MONTHS TO    6 MONTHS TO
                        31 DEC '02     31 DEC '01

Generation revenue*       $300.9 m      $272.1 m
Other revenue               $26.3m       $28.2 m
REVENUE                    $327.2m       $300.3m

Generation Sold           7,422 GWh     7,555 GWh
Average generation
revenue per MWh            $40.55       $36.02

* Net of in-house electricity costs

LYP's generation revenue for the period of $300.9 million was
10.6% higher than the previous corresponding period. The
increase in generation revenue reflects both stronger pool
prices and stronger contract revenue for the period.


MAXIS CORPORATION: Writes Down Non-Current Assets
-------------------------------------------------
The Directors of Maxis Corporation Limited enclosed the results
for the first six months of this year. At the operating level,
the group performance was much improved with EBITDA from
continuing operations more than doubling to $2.4 million for the
six months.

At the same time, the group has taken the opportunity to write
down the remaining underperforming assets. The Balance Sheet now
includes no intangibles and indeed only includes $0.4 million of
fixed assets at realistic values.

Most of the write downs relate to the communications business
and the combination of its operating losses and closure costs
totaled $1.9 million. Significant termination costs of $1
million were incurred as the Company slimmed down the
organization.

Results can be summarized as:
                               DEC 2002                DEC 2001
                             SIX MONTHS               SIX MONTHS

Net Loss per 4B                    (1,591)             (1,650)

Add back non-continuing costs
- communications division /closure 1,921               2,092
- redundancies & related costs     1,057                  -
                                      1,387               442

Interest and Tax                       37                  53
Depreciation and Amortization       1,017                 682

EBITDA from continuing operations  $2,441              $1,177

The Group is seeking to diversify its business so as not to be
overly reliant on one income stream and is actively assessing
opportunities. The proposed Senteq acquisition will be a key
element of the new business once approved by shareholders at the
April general meeting.

APPENDIX 4B
HALF YEARLY REPORT

Name of entity
Maxis Corporation Limited

ABN                    Half    Preliminary     Half Year ended
                        yearly     final      ('current period')
                        (tick)    (tick)
52 009 239 285           x                       31/12/2002

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

Revenues from ordinary activities
(item 1.1)                           up       41% to   6,526,031

Profit (loss) from ordinary activities
after tax attributable to members
(item 1.22)                          down      4% to   1,590,427

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

Net profit (loss) for the period
attributable to members
(item 1.11)                          down         4% to  90,427

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

Previous corresponding period (Preliminary
final report - item 15.5; half yearly
report - item 15.7)                        nil             nil
Record date for determining entitlements to the
dividend, (in the case of a trust, distribution)
(see item 15.2)                                    N/A

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

Wrights Investors' Service reports that at the end of 2002,
Maxis Corporation Limited had negative working capital, as
current liabilities were A$2.82 million while total current
assets were only A$2.56 million. It has also reported losses
during the previous 12 months and has not paid any dividends
during the previous 2 fiscal years.


MCINTYRE GROUP: Noosa Businesswoman's Assets Restrained
-------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
successfully applied to the Supreme Court of Queensland for
orders that the assets of Ms Jana Rajnoch, a Noosa
businesswoman, be restrained until the final hearing of a civil
penalty action against Ms Rajnoch, her husband Mr Jamie McIntyre
and companies related to Mr McIntyre (the McIntyre group).

The McIntyre group comprises Visual Changes Pty Ltd, Cashflow
Creation Pty Ltd, JNMAC Pty Ltd, JNMAC2 Pty Ltd and Jaymac
Communications Aust No2 Pty Ltd. (McIntyre group). ASIC alleges
that the group conducted wealth creation seminars under the name
21st Century Academy throughout Australia.

ASIC is seeking the appointment of a liquidator to Visual
Changes, Cashflow Creation, JNMAC and JNMAC2.

ASIC successfully sought the appointment of a provisional
liquidator to these four McIntyre group companies in May 2002.
Mr Bradley Hellen, of Calabro Partners, was appointed
provisional liquidator. The Court, on application by, wound up
the fifth company, Jaymac Communications Aust No2 ASIC, in June
2002.

The Supreme Court of Queensland in Brisbane will hear an
application for the winding up of the four remaining companies
on 7 April 2003.


PASMINCO LIMITED: Incurs H202 Net Loss of A$184.4M
--------------------------------------------------
Pasminco recorded a loss after tax of $184.4 million for the six
months ended 31 December 2002 after providing for one-off
significant items of $78.4 million.

The loss after tax in the corresponding six-month period in 2001
was $272.1 million, including significant items of $177.4
million.

One-off significant items for the six months ended December 2002
included restoration provisions of $57 million, administration
and restructure costs of $26.7 million, asset writedowns of $2.9
million and gains on foreign currency debt of $7.6 million.

Commenting on the result Greig Gailey, Pasminco Chief Executive
Officer said, "Our results for the six months reflect the
difficult environment in which we have operated. Zinc and lead
prices remain at historically low levels and the US/Australian
dollar exchange rate has appreciated. Notwithstanding the
difficult external environment our operations continue to
perform well. Although a first half loss has been recorded, we
have further lowered our costs, and increased output and
achieved a break even operating cash flow.

"Importantly, we remain committed to our plans to restructure
Pasminco's asset base in preparation for a re-float of the
company when market conditions are appropriate."

Borrowing costs, which includes accruing interest on debts
frozen by the administration, were $110.9 million for the
period, an increase of $31.4 million over the previous
corresponding six-month period, reflecting the higher interest
rates, and the continuing build up of debt as interest is
predominantly capitalized.

The company returned to an EBIT positive position in the half-
year before one-off significant items. Earnings before interest,
tax and individually significant items were $7.4 million,
compared with a loss of $15.2 million for the corresponding
period in 2001, an increase of $22.6 million.

The major variances to earnings were:

   Lower costs - the ongoing benefit of improvement programs
across the group, contributed $39 million to earnings.

   Lower amortization and depreciation charges - write-down of
asset values in recent previous periods, contributed $33 million
to earnings.

   Higher production volumes - total production for the six
months ended December 2002 was 2% higher than the corresponding
period in 2001, excluding the impact of the sale of the Broken
Hill mine in May 2002, which contributed $14 million to
earnings.

   Lower metal premiums - reflecting weak demand in Pasminco's
major markets, which reduced earnings by $9 million.

   Lower metal prices - the zinc price averaged US$769 per tonne
in the December half compared with US$796 per tonne in the
previous corresponding period, while the lead price averaged
US$432 in the December half compared with US$474 per tonne in
the previous corresponding period. Lower metal prices reduced
earnings by $13 million.

   Higher US/Australian dollar exchange rate - the US/Australian
dollar exchange rate appreciated from US51.38 cents to US55.53
cents, reducing revenue by $38 million.

   The favorable impact of the sale of Broken Hill mine in May
2002, which is excluded from the current period earnings and
expenses, but contributed a loss in the corresponding six-month
period.

Total net cash outflows for the period before financing costs
but after capital expenditure and administration and restructure
costs were $27.3 million. Before administration and restructure
costs, cash flow was approximately break-even for the period.

Cash flows from operating activities were $80.9 million, an
increase of $139.5 million compared to the previous
corresponding period. The operating cashflows for the
comparative period were adversely impacted by the cessation of
the debtors securitization program which decreased receipts by
approximately $100 million, and also by an increase in payments
to suppliers of approximately $47 million on going into
administration. Net receivables and payables are largely
unchanged during the current period.

Restructure Initiatives

With regard to the restructure being implemented for Pasminco,
the sale process for the Elura mine, near Cobar in New South
Wales, is continuing. Consolidated Broken Hill Ltd (CBH) has
completed its due diligence. Negotiations between Pasminco and
CBH are now substantially complete and transaction documents are
now being drafted.

In late 2002, Pasminco announced the closure of its US mines at
Gordonsville and Clinch Valley, Tennessee and its Cockle Creek
lead smelter at Boolaroo in New South Wales.

Market Outlook

Demand for zinc and lead continues to be weak in most developed
economies and prices remain at historically low levels. Global
zinc metal stocks remain steady at 1.1 million tonnes, which is
about 8 weeks global consumption. Lead stocks are approximately
0.5 million tonnes, around 5 weeks consumption. Metal markets
generally have been adversely impacted by fears of military
conflict in Iraq. The announcement of a number of zinc/lead
supply side cutbacks and closures was greeted positively by the
market and should lend support to a price rally when demand
conditions improve.

To see a copy of the Deed Administrators' Report and Appendix 4B
Half Yearly Report, go to
http://bankrupt.com/misc/TCRAP_Pasminco0319.pdf.


SUPERSORB ENVIRONMENTAL: ASIC Extends H102 F/S Filing Time
----------------------------------------------------------
The Directors of Supersorb Environmental NL confirm that a
recent application to ASIC to approve an extension of the time
required to lodge the Companys December 2002 Half Year Financial
Statements has been approved under sub section 340(1) of the
Corporations Law.

ASIC has granted an extension to 31 March 2003.

The Director's had taken the action of applying for an extension
of time for the lodging of Half Year Financial Statements as a
result of the significant upheaval the company has experienced
over the past 7 months. It has been this upheaval together with
certain practical restrictions, which have constrained the
ability of the Director's in their efforts to properly prepare
Half Year Financial Statements for distribution to shareholders
and in complying with the normal statutory deadlines.

A recently distributed Quarterly Report 'December 2002' set out
the current status of the group and progress in recovery from
Receivership and Administration. The Directors will continue to
appraise Shareholders of progress over the coming months.


TELEVISION & MEDIA: Seeks Proposed Recapitalization Approval
------------------------------------------------------------
Television & Media Services Limited ABN 83 004 160 249 advised
that its general meeting will be held on 15 April 2003 in the
offices of PricewaterhouseCoopers, Level 10, 201 Sussex Street,
Sydney, NSW at 11:00am for the purpose of transacting the
business set out in this Notice of Meeting.

AGENDA: APPROVAL OF RECAPITALISATION AND TRANSACTIONS

To consider and, if thought fit, pass the following resolution:

"That approval is given for the Recapitalization and the
Transactions (described in Section 6) which include, but are not
limited to, the following matters and matters ancillary to the
following matters:

   (a) the Share Placements (described in Section 6.3)
comprising the issue to:

     (1) ANZ or ANZ Nominee of 100 million New Shares;
     (2) PBL of 170 million New Shares; and
     (3) Ten of 170 million New Shares,

at an issue price of $0.025 cents per New Share;

   (b) the issue to:

     (1) CPH of 28,590,000 New Shares;
     (2) PBL of 42,991,183 New Shares; and
     (3) Ten of 44,531,535 New Shares,

at an issue price of $0.025 per New Share upon them accepting
their Entitlements under the Rights Issue or subscribing for the
Substitute Shares pursuant to the Placement Prospectus
(described in Sections 6.4 and 9.1.3);

   (c) the Option Placements (described in Section 6.5)
comprising the grant to:

     (1) ANZ or ANZ Nominee of 50 million Placement Options;
     (2) PBL of 50 million Placement Options; and
     (3) Ten of 50 million Placement Options,

each Placement Option entitling the holder to subscribe for one
New Share at an exercise price of $0.03 per Placement Option;

   (d) the issue to ANZ or ANZ Nominee, of up to 50 million New
Shares upon the exercise of the Placement Options (adjusted for
any capital reconstruction in accordance with the terms of the
Placement Options);

   (e) the grant of the Funding Options (described in Section
6.6) to PBL and Ten;

   (f) the acquisition by any or all of PBL, Ten and TNH of
Relevant Interests in any New Shares issued upon any exercise by
any person of any of the Placement Options or Funding Options,
where such Relevant Interest arises as a result of that exercise
being made by PBL or Ten or an entity controlled by either of
them, or as a result of the operation of the First Right of
Refusal Deed or the Shareholders Agreement;

   (g) the transactions contemplated by the First Right of
Refusal Deed between ANZ, PBL and Ten including the grant to PBL
and Ten of a first right of refusal to purchase and the exercise
of those rights to purchase the Placement Shares and Placement
Options to be acquired by ANZ under the Placements, New Shares
issued on exercise of the Placement Options and certain other
securities in TMS subsequently acquired by ANZ (described in
Section 9.1.5);

   (h) the arrangements contemplated by the Umbrella Agreement
including in particular the Funding Options and shareholder
loans by PBL and Ten to TMS by means of which the outstanding
Junior Debt may be repaid to ANZ (described in Sections 6.6 and
9.1.4);

   (i) the arrangements contemplated by the CanWest Side Letter
and the acquisition by CanWest and the Asper Interests of a
Relevant Interest in any Shares in which Ten has or acquires a
Relevant Interest, pursuant to the CanWest Side Letter, any of
the Transactions or arrangements referred to in this Resolution
(described in Section 9.1.14);

   (j) the arrangements contemplated by the Shareholders
Agreement (described in Section 9.1.15);

   (k) the payment of $2.5 million to, or at the direction of,
the Exhibitors under the Share Sale Agreement (described in
Section 9.1.9);

   (l) the extension of the Ten Production Agreement (described
in Section 9.1.8);

   (m) TMS giving ANZ a financial benefit in the form of the
right to acquire New Shares under the Share Placements and the
grant of the Placement Options to acquire New Shares under the
Option Placements referred to in paragraphs (a) and (c) of this
Resolution (described in the Explanatory Statement referred to
below and, in particular, Sections 6.3, 6.5, 7.4 and 7.6); and

   (n) the acquisition by CPH and the CPH Interests of a
Relevant Interest in any Shares issued to CPH or in which PBL
has or acquires a Relevant Interest, pursuant to any of the
Transactions or arrangements referred to in this Resolution,

and such approval is given for all purposes including, without
limitation, for the purposes of the general law, Rules 7.1,
10.1, 10.11 and 11.1 of the Listing Rules of the Australian
Stock Exchange Limited, Item 7 of Section 611 of the
Corporations Act 2001 (Cth) and Chapter 2E.1 Division 3 of the
Corporations Act 2001 (Cth).

Terms used in this Resolution have the same meaning as in the
Explanatory Statement dated 7 March 2003 which accompanied the
Notice of Meeting convening the meeting at which this Resolution
was passed."


* ASIC Obtains Winding Up Orders Against Property Schemes
---------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained permanent orders in the Supreme Court of Queensland
against Mr Kevin Young, Mrs Kathleen Young and the four
companies of which they are directors, The Investors Club Ltd,
Lisson Pty Ltd, Self Help Investors Group Pty Ltd and Club Loans
Pty Ltd (The Club).

The orders relate to the operation of two unregistered managed
investment schemes, and the offering of financial services
without an Australian Financial Services License (AFSL).

"This action has been taken by ASIC to protect the interests of
investors and to ensure that schemes which are being run in
breach of the law are removed from the market", ASIC Director
Enforcement, Mr Allen Turton said.

The Club is a Queensland-based property club that offers members
throughout Australia and New Zealand property investment
opportunities and services that include the Joint Venture
Projects (JVP Scheme) and the No Tenant? No Problem? Program
(NTNP Scheme).

Justice Muir made permanent injunctions restraining Mr and Mrs
Young and the four companies that form The Club from further
promoting or operating the JVP and NTNP schemes, and from
carrying on a financial services business.

The Court further ordered that the respondents, under the
supervision of ASIC, wind up the JVP Scheme and the NTNP Scheme.

The costs of the litigation are to be paid by the Respondents,
as ordered by the court.

The wind-up orders result from declarations by Justice Muir that
the JVP Scheme and the NTNP Scheme were managed investment
schemes and thereby financial services products that were not
exempt under the Corporations Act. The Court found that The
Club, and Mr and Mrs Young, had promoted and operated the
schemes in breach of the Corporations Act.

"Under the law, managed investment schemes must be operated by a
responsible entity, namely, a public company that holds an
Australian Financial Services License, and must comply with the
Managed Investment Scheme provisions of the Act. The rights of
investors are only fully protected when a scheme fully complies
with the law", ASIC Director Enforcement, Mr Allen Turton said.

Background

On 29 January 2003, ASIC obtained undertakings from The
Investors Club and associated companies, and Mr and Mrs Young,
which prevented them from borrowing money, or accepting further
investments in relation to the JVP and NTNP schemes.

The respondents also endeavor not to encumber any property in
relation to the JVP scheme, or to sell any units to people or
companies associated with the scheme, subject to certain
exclusions.

On 21 February 2003, the court made preliminary findings that
the JVP scheme and the NTNP scheme were unregistered Managed
Investment schemes, pursuant to the Act and needed to be wound
up. The matter was adjourned to enable the parties to negotiate
a process for winding up the schemes. As no agreement was
reached, Muir J made subsequent orders to wind up the schemes.


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


ASIA GLOBAL: Lazard Freres Approved as Financial Adviser
--------------------------------------------------------
Asia Global Crossing Ltd., and its debtor-affiliates sought and
obtained approval from the U.S. Bankruptcy Court for the
Southern District of New York to employ Lazard Freres & Co., LLC
as Financial Advisors and Investment Bankers.

In its capacity, Lazard Freres will:

     a. review and analyze the Debtors' businesses, operations
        and financial projections;

     b. evaluate the Debtors' potential debt capacity in light
        of their projected cash flows;

     c. assist in the determination of an appropriate capital
        structure for the Debtors;

     d. assist in the determination of a range of values for the
        Debtors on a going concern and liquidation basis;

     e. advise the Debtors on tactics and strategies for
        negotiating with their various groups of creditors;

     f. render financial advice to the Debtors and participate
        in meetings or negotiations with the creditors in
        connection with any Restructuring Transaction;

     g. advise the Debtors on the timing, nature, and terms of
        any new securities, other consideration or other
        inducements to be offered to its creditors in connection
        with any restructuring transaction and provia
        investment banking services reasonably related to the
        sale and placement of private or public debt and/or
        equity;

     h. assist the Debtors in preparing documentation within
        Lazard's area of expertise that is required in
        connection with the implementation of any restructuring
        transaction including preparation of documents
        associated with any bankruptcy proceeding;

     i. provia financial advice and assistance to the Debtors
        in developing and obtaining confirmation of a plan of
        reorganization, and as the same may be modified from
        time to time;

     j. assess the possibilities of bringing in new lenders or
        investors to replace, repay or settle with any of the
        creditors;

     k. advise the Debtors with respect to the structure of and
        negotiations relating to a sale transaction, including
        any potential sale of all or a portion of the Debtors'
        assets or securities to, or any merger or consolidation
        of all or a portion of the Debtors with and into, any
        other person or entity;

     l. assist in arranging financing (including debtor- in-
        possession or exit financing for the Debtors);

     m. advise and attend meetings of the Debtors' board of
        directors; and

     n. provia testimony, as necessary, in any proceeding in
        any judicial forum.

Lazard will be entitled to receive:

     a) Monthly Financial Advisory Fees of $250,000;

     b) Restructuring Transaction Fee of $3.5 million; and

     c) In the event that the Debtors consummate a Sale
        Transaction, the Debtors shall pay Lazard a Sale
        Transaction fee of $3.5 million.

Asia Global Crossing Ltd., through its direct and indirect
subsidiaries, as well as through a number of in-country joint
ventures and commercial arrangements with Asian partners,
provias the Asia Pacific region with a broad range of integrated
telecommunications and IP services.  The Company filed for
chapter 11 protection on November 17, 2002 (Bankr. S.D.N.Y.Case
No. 02-15749).  David M. Friedman, Esq., at Kasowitz, Benson,
Torres & Friedman LLP represents the Debtors in their
restructuring efforts.  When the Company filed for protection
from its creditors, it listed $2,279,771,000 in total assets and
$2,616,316,000 in total debts.


BRIGHT FIDELITY: Winding Up Hearing Scheduled Today
---------------------------------------------------
The High Court of Hong Kong will hear today, March 19, 2003, at
9:30 in the morning the petition seeking the winding up of
Bright Fidelity Engineering Limited.

Wong Yau Lun of 9/F., 335 Tai Nam Street, Sham Shui Po, Kowloon,
Hong Kong filed the petition on January 22, 2003.  Tam Lee Po
Lin, Nina represents the petitioner.

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


CENTRAL NORTH: New Management, Arrangement Underway
---------------------------------------------------
Fletcher Challenge Forests has received advice that the
Receivers of the Central North Island Forest Partnership
(CNIFP), a joint venture between China International Trust &
Investment Corp. (CITIC) and Fletcher Challenge's forest
division, are progressing the establishment of a new entity to
manage the assets of the CNIFP, and that the Receiver is
targeting mid 2003 for the implementation of the new
arrangements.

As previously advised, there are a number of legal and
commercial issues to be resolved with Fletcher Challenge Forests
in relation to this proposal, including the nature of the
transition arrangements, before implementation.

Further information on Fletcher Challenge Forests can be found
at http://www.fcf.co.nz.


DONG FANG: Consolidates Shares
------------------------------
Dong Fang Gas Holdings Limited requested market participants to
note that its shareholders have approved the consolidation of
shares on the basis of 40 then existing ordinary shares
(Old Shares) of DONG FANG GAS into 1 new ordinary shares (New
Shares).

Effective from Tuesday (18/March/2003), a temporary counter
under stock code 2917 and stock short name "DONG FANG GAS" will
be established for trading in board lots of 50 New Shares each
to replace the previous counter (stock code: 432) for trading in
board lots of 2,000 Old Shares each.

Wrights Investors Service reports that at the end of 2002, Dong
Fang Gas had negative working capital, as current liabilities
were HK$454.90 million while total current assets were only
HK$156.86 million. The company also reported losses during the
previous 12 months and has not paid any dividends during the
previous 2 fiscal years.


JOYFUL CONSTRUCTION: Winding Up Sought by United Reliance
---------------------------------------------------------
United Reliance Corporation Limited is seeking the winding up of
Joyful Construction Company Limited. The petition was filed on
January 29, 2003, and will be heard before the High Court of
Hong Kong on March 19, 2003 at 10:00 in the morning.

United Reliance holds its registered office at 12th Floor,
Guardian House, 32 Oi Kwan Road, Wanchai, Hong Kong.


KWONG SANG: Widens 2002 Net Loss to HK$264.99M
----------------------------------------------
The Kwong Sang Hong International Limited released its
unqualified financial statement with the year end date of
November 30, 2002.

Currency: HKD
Auditors' Report: Unqualified
                                                  (Audited)
                               (Audited)          Last
                               Current            Corresponding
                               Period             Period
                               from 1/12/2001     from 1/12/2000
                               to 30/11/2002      to 30/11/2001
                               Note  ('000)       ('000)
Turnover                           : 49,044             141,269
Profit/(Loss) from Operations      : (150,846)          (61,786)
Finance cost                       : (2,526)            (2,659)
Share of Profit/(Loss) of
  Associates                       : (1,093)            (12,444)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (264,994)          (70,972)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.276)            (0.074)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (264,994)          (70,972)
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

1. Basis of presentation and comparative figures

The Group has adopted for the following new and revised
Statements of Standard Accounting Practice (SSAPs) issued by the
Hong Kong Society of Accountants in advance of its effective
date in preparation of the financial statements for the current
year.

The Group has adopted the following SSAPs during the year.

  SSAP 1 (Revised)        Presentation of Financial Statements
  SSAP 11 (Revised)       Foreign Currency Translation
  SSAP 15 (Revised)       Cash Flow Statements
  SSAP 34   Employee Benefits

The adoption of these new and revised standards has resulted in
a change in the format of presentation of the cash flow
statement, an inclusion of a statement of changes in equity and
no material effect on the results for the current or prior year.
Accordingly, no prior year adjustment has been required.

In preparing the financial statements, the directors have given
careful consideration to the future liquidity of the Group in
light of its net current liabilities as at 30th November, 2002.
The directors are satisfied that the Group has access to
sufficient funding and facilities to be able to meet in full its
liabilities as they fall due for the foreseeable future.
Accordingly, the financial statements have been prepared on a
going concern basis.

2. Turnover

Turnover represents the aggregate of the amounts received and
receivable from sales of properties, property rental income and
cosmetics goods sold to outside customers less returns.

3. Loss per share

The calculation of the basic loss per share is based on the loss
for the year of HK$264,994,000 (2001: HK$70,972,000) and on
959,899,416 (2001: 959,899,416) ordinary shares in issue during
the year.


NATION WISE: Faces Winding Up Petition
--------------------------------------
The petition to wind up Nation Wise Company Limited is set for
hearing before the High Court of Hong Kong today, March 19, 2003
at 10:00 in the morning.

The petition was filed with the court on January 27, 2003 by
Bank of China (Hong Kong) Limited (the successor corporation to
The National Commercial Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.


QUID PRO: Hearing of Winding Up Petition Set
--------------------------------------------
The petition to wind up Quid Pro Quo Limited is scheduled 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 Ng
Ila Magbaniag of 16/F., Woodlands Court, 2-3 Woodland Terrace,
Mid-levels, Hong Kong.


TECHNICA INTERNATIONAL: Winding Up Petition Pending
---------------------------------------------------
Technica International Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on March 19, 2003 at 9:30 in the morning.

The petition was filed on December 16, 2002 by Dupont Textiles
and Interiors (Singapore) Pte Limited (formerly known as Du Pont
Singapore Pte Limited) whose registered office is situated at
No. 1 Maritime Square, #07-01, World Trade Centre, S(099253),
Singapore.


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


WIJAYA KARYA: Pefindo Ups Bond II/1996 Rating to "idBBB-"
---------------------------------------------------------
Indonesian Credit Rating PT Pefindo updated both corporate and
long-term debt ratings of PT Wijaya Karya (WIKA) and its Bond
II/1996 to "idBBB-". At the same time, PEFINDO assigned the same
rating for WIKA's proposed Bonds III amounting to Rp200 billion.
The rating reflects the company's weak financial profile despite
its favorable market position and business diversification
within the industry.

WIKA, established on March 11, 1960, is one of the largest
state-owned contractors in Indonesia. WIKA started its business
in electricity project and has emerged to become a diversified
contractor company.

Currently, WIKA serves concrete products through PT WIKA Beton,
trading and manufacturing through PT WIKA Intrade, and property
through PT WIKA Realty. In addition, WIKA has three joint
ventures, PT Inti Karya Persada Teknik, PT WIKA-NGK Insulator's,
and PT Sinarwijaya Ekapratista.


* 1,463 Investors Submit Bids in PPAP2
--------------------------------------
Indonesian Bank Restructuring Agency (IBRA) has received on
Monday at least 1,463 NIPs (Participant Index Number) in bid for
property assets on offer at the Property Asset Sales Program 2
(PPAP2). The closing time for bid submission was extended from
02:00 pm to 04:00 pm.

By the type of assets in demand, as many as 1,386 NIP show
interest on retail assets (Categories D, E, F). Meanwhile 77 NIP
show interest on investment assets (categories A, B, C). As
announced earlier, it is for the first time investment assets
are put on offer through PPAP 2. Such property assets are
intended for commercial activities, which in general are located
in strategic locations, large scale and at relatively little
supply.

IBRA will then conduct processing of the submitted bidding
envelopes witnessed by notaries. Only investors with bidding
prices at the minimum price equal to the floor price are
eligible for the processing. Processing is conducted in optimal
manner assisted by the Full Access Maximum Entry (FAME) system,
which enables monitoring of the bidding fluctuation of certain
assets from the IBRA Head Office and IBRA Centers in Medan,
Lampung, Bandung, Semarang, Surabaya, Denpasar and Makassar. The
winners will be announced on 24 March 2003.

Just as announced, PPAP 2 offers property assets in form of land
plots, houses, villas, shop houses, kiosks, office space,
hotels, buildings, warehouses, apartments and ex factories
located throughout Indonesia. All assets are offered on "as is"
basis upon "free and clear" condition which means unoccupied and
completed with documents. IBRA has done its best to provia "Free
and Clear" status of the assets During progress of PPAP 2, as
many as 47 assets have to be withdrawn from the sales list,
making the total assets on offer amounting to 1,851 units.

PPAP 2 is aimed to help meeting the IBRA revenue target in the
fiscal year of 2003, revitalize the secondary property sector
and reduce overhead costs for maintenance and security of the
property assets.


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


DAIEI INC.: February Sales Drop 0.8%
------------------------------------
Sales by Daiei Inc. fell 0.8 percent on a same-store basis in
February versus a year earlier for the sixth straight month of
decline, according to Kyodo News on Tuesday.

But sales of food, a main pillar of Daiei's reconstruction
drive, increased 0.7 percent as both the number of customers and
sales per customer rose above year-earlier levels.


HONJO COUNTRY: Golf Course Enters Bankruptcy
--------------------------------------------
Honjo Country Kurabu, K.K. has been declared bankrupt, according
to Tokyo Shoko Research Limited. The golf course, located at
Tano-gun, Gunma, Japan has 10 million yen in capital against
total liabilities of 5.5 billion yen.


ISUZU MOTORS: Delays Plan to Close Factory
------------------------------------------
Isuzu Motors Limited will delay an earlier plan to shut down a
main factory in Kawasaki, Kanagawa Prefecture, by the end of
February 2004 as its trucks are in good demand, Kyodo News said
on Tuesday.

The truck maker, in the throes of corporate rehabilitation, is
experiencing strong exports to Asia as well as a rise in
replacement demand domestically for more environment-friendly
trucks, as Tokyo and other local governments are to tighten
control on exhaust emissions from this October.

Isuzu Motors Ltd., the Japanese partner of American car giant
General Motors, slashed last week by 20 percent its worldwide
sales target for 2003, TCRAP reports.

The cutback was blamed on the reduction of the Company's
overseas sport utility business.  Isuzu said it plans to produce
430,000 vehicles worldwide this year, down 6 percent from 2002.
Although its domestic production volume will decrease 21 percent
to 182,000 units in 2003, its overseas production is estimated
to rise 11 percent to 248,000 units.


KONDO SHOTEN: Closing Main Store in Ginza
-----------------------------------------
Bookstore operator Kondo Shoten will close its main store in
Ginza, Tokyo on April 15 due to financial difficulties, the
Yomiuri Shimbun said on Monday.

According to the bookstore, the shutdown is a temporary measure
for remodeling the main store, and Kondo Shoten's four Tokyo
branches will remain open. However it is uncertain when the main
store will reopen.

"The current financial difficulties are my fault as my
management was too dependent on the building's rental income,"
Kondo Shoten Chairman Jiro Matsuda said. "But it has become
difficult to sell books lately as they're now considered mere
consumer goods rather than cultural objects."


MARUBENI CORPORATION: R&I Downgrades to BB+
-------------------------------------------
Rating and Investment Information, Inc. (R&I) has downgraded the
following ratings of Marubeni Corporation as follows:

Senior Long-term Credit Rating: BB+ (Downgraded from BBB-)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Reverse Dual Currency
Bonds No. 1 Oct 05, 1995 Oct 05, 2005 Yen 20,000
Unsec. Str. Bonds No. 8 Mar 31, 1997 Mar 13, 2003 Yen 10,000
Unsec. Conv. Bonds No. 8 Nov 06, 1996 Mar 31, 2006 Yen 100,000

R&I RATING: BB+ (Downgraded from BBB-)
ISSUE: Bonds Rated Issue Amount (mn)
Euro Medium-term Note Program $ 2,000
R&I RATING: BB+ (Downgraded from (BBB-)
ISSUE: Domestic Commercial Paper Program
ISSUE LIMIT: 1,700,000 million yen

R&I CP RATING: a-3 (Downgraded from a-2)
ISSUER: Marubeni Europe plc
Marubeni America Corp.
Marubeni International Finance p.l.c.
Marubeni Finance Holland B.V.

ISSUE: Bonds Rated Issue Amount (mn)
Joint Medium-term Note Program $ 5,000
(Notes issued by Marubeni Europe plc, Marubeni America Corp.,
Marubeni International Finance p.l.c. and Marubeni Finance
Holland B.V. are supported by Keepwell agreements with Marubeni
Corp.)
R&I RATING: BB (Downgraded from BB+)

ISSUER: MIF ASIA LTD.
ISSUE: Bonds Rated Issue Amount (mn)
Asia Medium-term Note Program $ 1,000
(with Keepwell Agreement with Marubeni Corp.)
R&I RATING: BB (Downgraded from BB+)

RATIONALE:

Downward pressure on the creditworthiness of the general trading
companies is mounting in the increasingly tough external
environment for finance and the economy. Improvements in profits
and finances are essential for them to maintain their current
level of creditworthiness.

Marubeni has improved its current flow earnings by withdrawing
from unprofitable businesses and cutting sales and general
administration expenses. On the other hand, the withdrawal costs
incurred in the restructuring process so far are ballooning and
financial durability has declined. In addition, with Japan's
deflationary economy still unchecked, the loss in the value of
assets, including investments, loans, accounts receivable and
real estate is continuing, and concerns that losses will also
arise in the future cannot be eradicated. Given these changes in
the external environment, R&I has decided that it is necessary
to review the recovery scenario based on flow and stock analysis
that formed the premise for the rating.

An important consideration in the assessment of the ratings for
the general trading companies is the level and quality of equity
capital able to act as a risk buffer and the balance between
equity capital and net interest bearing debts. As of September
30 2002, Marubeni's consolidated equity capital was 257.9
billion yen. However, 179.5 billion yen in deferred tax assets
was recorded as assets, amounting to 70 percent of consolidated
equity capital, so the quality of equity capital is low. Taken
together with the potential losses in the value of assets
mentioned earlier, the equity capital that R&I recognize in the
rating assessment is lower than the actual accounting figures.
Although the net interest bearing debt which amount to 2.5127
trillion yen has been decreasing, when it is compared to the
real equity capital, the financial base is weak, and it will
take some time to improve.

This review also took account of concerns over the deterioration
in conditions in the financial system. Due to the nature of
their operations, the general trading firms require a large
amount of funds, and they rely on Japanese banks for much of
their fund procurement.

However, there has been a marked decline in the financial
strength of Japanese banks that are burdened with non-performing
loans (NPLs). There are concerns that financial risk at general
trading firms with a relatively weak financial base will
increase due to the decline in the capacity of Japanese banks to
supply funds. The fact that will inevitably restrict the
development of operations in the future has been reflected in
the rating assessment more strongly than in the past.
R&I announced that it had commenced a review of the ratings for
the four general trading firms Marubeni Corp., Nichimen Corp.,
Nissho Iwai Corp., and Tomen Corp in November 2002. The
downgrading of the ratings for Marubeni is part of this general
review.


N. A. KENSETSU: Real Estate Firm Enters Rehab Proceedings
---------------------------------------------------------
N. A. Kensetsu K.K., which has total liabilities of 33.739
billion yen against a capital of 1 billion yen, recently applied
for civil rehabilitation proceedings, according to Tokyo Shoko
Research. The real estate firm is located at Yokohama-shi,
Kanagawa, Japan.


NETSU-KOGYO: Suspends Bank Transactions
---------------------------------------
Resona Holdings, Inc. (Resona HD) announced that Netsu-Kogyo
Co., Ltd., which is a customer of its subsidiary bank, Resona
Bank, Ltd. (Resona Bank, President: Yasuhisa Katsuta), failed to
honor its bills and was declared suspension of transactions with
banks. As a result of this development, there arose a concern
that the claims to the Company may become irrecoverable or their
collection may be delayed.

Details are announced as follows:

1. Outline of the Company
(1) Address 2-27-14 Yaguchi, Ota-ku, Tokyo, Japan
(2) Representative Tsuyoshi Hasegawa
(3) Amount of capital 30 million yen
(4) Line of business Manufacturing and Sales of Industrial Dryer
for Printing Machines

2. Fact Arisen to the Company and Its Date
Suspension of transactions with banks declared on March 10, 2003

3. Amount of Claims to the Company

Exposure of Resona Bank: Loans 3.0 billion yen
Other subsidiaries of Resona HD, Saitama Resona Bank, Kinki
Osaka Bank, and Nara Bank have no claims to the Company.

4. Impact of This Development on the Forecasted Earnings of
Resona HD

This development does not affect the earnings forecast of Resona
HD for the fiscal year ending March 31, 2003 which was announced
on February 12, 2003.


SUMITOMO MITSUI: Merges With Wakashio Bank
------------------------------------------
Sumitomo Mitsui Banking Corporation (SMBC, President and CEO:
Yoshifumi Nishikawa) and the Wakashio Bank, Ltd. (Wakashio Bank,
President and CEO: Hiroyasu Ichikawa) announced that SMBC and
Wakashio Bank obtained regulatory approval for the merger on
March 17, 2003. The license has been granted in accordance with
Article 30-1 of the Banking Law.

Saddled by a huge non-performing loan portfolio, Sumitomo Mitsui
Financial Group Inc. unveiled last month a plan to issue an
additional 300 billion yen in preferred shares, TCRAP reported.

Of the total issue, 100,000 preferred shares would be gobbled up
by overseas affiliate SMFG Finance (Cayman) Ltd at 3 million yen
each.  The latter will then repackage the shares for sale to
institutional investors, the paper said.

In November, Sumitomo Mitsui estimated that it had disposed of
some 700 billion yen in bad loans during the fiscal year. This
amount is expected to increase, however, following special
inspections of its assets by financial authorities, according to
some financial analysts.


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


INCHEON OIL: Creditors Liquidate Bankrupt Oil Refinery
------------------------------------------------------
Creditors of bankrupt Incheon Oil Refinery will liquidate the
oil firm and opposed its continued court receivership, Asia
Pulse reports. The oil refinery tumbled into financial trouble
due to worsening profitability and rising financial costs.

Major creditors Korea Development Bank, Chohung Bank, Shinhan
Bank and Woori Bank, will try to sell off its oil-refining
division. The oil firm's total liabilities amounted to 2
trillion won (US$1.61 billion), exceeding its assets by around
300 billion won.


SK GLOBAL: Assets to Be Sold Worth KRW1.51T
-------------------------------------------
Creditors banks of SK Global Co. estimated the value of the
trading Company's assets to be sold off at 1.51 trillion won,
reports the Korea Economic Daily and Dow Jones.

The banks with exposure to SK Global debt estimate the Company's
360 gas stations to be worth about 1.03 trillion won, its stake
in SK Group affiliated companies as well as other listed
companies at 465 billion won, and other assets at 15 billion
won. Some 56-creditor institutions have about 6.6 trillion won
worth of debt exposure to the trading Company.


SK GROUP: Chey Tae-won May Lose Control of Group
------------------------------------------------
SK Group Vice Chairman and SK Corporation Chairman Chey Tae-won,
may be forced to lose his control of the group, due to an
accounting scandal involving group's trading arm SK Global, the
Korea Times said on Monday.

Creditors said once the fraud-ridden trading arm of the group
stands on its own feet, creditors would return all SK stakes the
jailed Chey entrusted to them. Chey has a 0.11 percent stake in
SK Corporation, 3.31 percent in SK Global, 7.5 percent in SKC,
6.84 percent in SK Chemical, all of which amounts to 111 billion
won. It will be entirely up to creditors to decide whether Chey
will retain or lose control over SK subsidiaries.

The total liabilities of SK Global, which is struggling after
its $1.2 billion accounts book cooking was discovered, are
estimated at 8.27 trillion won, including payment guarantees
overseas, Hana Bank said.


SK GLOBAL: Files Lawsuit Against Auditor
----------------------------------------
Creditors of SK Global are seeking to file a lawsuit against
auditor Young Wha Corporation, the local member accounting firm
of Ernest & Young, Korea Times said on Monday.

The creditors include Hana Bank and Shinhan Bank.

The banks said that because the accounting firm is in charge of
audits on SK Global, it should bear some responsibility for its
client's accounting fraud totaling 1.55 trillion won.

Accountants at Young Wha said they were unable to detect the
fraud because SK Global took steps to hide cover up their
actions, including the concealment of another accounting books,
but creditors insist the accounting firm overlooked unfair
profit-inflating activities.

Though the Company distorted its accounting books by converting
its borrowings of 20 billion won into profits, Young Wha did not
order the Company to correct the financial statements in its
books.


SK GLOBAL: SK Corp. Will Not Offer Affiliate Blanket Support
------------------------------------------------------------
SK Corporation will not make any unjustified financial support
to its sister firm SK Global, the key unit in the recent
accounting fraud scandal, Digital Chosun reports. SK Global is
the largest stakeholder in the trading unit of the group.

The announcement came in response to a report Sunday that the
creditor group of SK Global has called for the other
subsidiaries of the group to extend a rescue package to the
unit, in the midst of financial woes.

SK Corporation will cooperate with its sister unit, so that SK
Global could resume normal operations as early as possible, but
the Company would not adopt measure that would impair the profit
structure of SK Corporation.


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


ABRIC BERHAD: Joint Liquidators Appointed for Unit
--------------------------------------------------
Further to the announcement dated 20 February 2003 in relation
to the Voluntary Winding-Up of Encrypta Electronics Limited, a
subsidiary of Abric Worldwide Sdn Bhd, which is a wholly owned
subsidiary of Abric Berhad.

The Board of Directors of Abric Berhad announced that Ross
Connock and Cedric Marsden Clapp, of Baker Tilly, 55 Queens
Square, Bristol, BS1 4LH, United Kingdom were appointed as Joint
Liquidators for the purpose of such winding-up.


ACTACORP HOLDINGS: Awaits SC's Proposed Workout Scheme Approval
---------------------------------------------------------------
Further to the announcement dated 3 March 2003 on the proposed
restructuring scheme (Proposed Restructuring Scheme), PM
Securities Sdn Bhd, on behalf of Actacorp Holdings Berhad
announced that the Foreign Investment Committee (FIC) had via
its letter dated 8 March 2003 (which was received on 14 March
2003) approved the Proposed Restructuring Scheme of Actacorp, as
proposed.

Meanwhile, the Company is awaiting approvals from the Securities
Commission and the Ministry of International Trade and Industry
for the Proposed Restructuring Scheme of Actacorp.


ASSOCIATED KAOLIN: Seeks Approvals on Proposals Revisions
---------------------------------------------------------
Reference is made to the announcements dated 26 September 2001,
2 October 2001, 3 October 2001, 29 January 2002, 22 February
2002, 15 July 2002, 17 January 2003 and 10 March 2003 in
relation to the Proposals, which comprises the following:

   i. Proposed Capital Reduction;

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

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

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

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

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

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

   viii. Proposed Debt Restructuring of AKI;

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

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

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

On behalf of AKI, CIMB also wishes to announce that the
applications in relation to the revisions to the Proposals dated
12 March 2003 have been made to the relevant authorities.


AUTOINDUSTRIES VENTURES: March Defaulted Payment Reaches RM14.6M
----------------------------------------------------------------
Further to the announcements made on 14 December 2001 and
subsequently on every month, the position of Autoindustries
Ventures Berhad and the Group in respect of its default in
payments in the month of March, 2003 is as follows:

Name of Creditor Principal (RM) Interest (RM) Total (RM)

i) Financial Institutions  14,616,064.04 - 14,616,064.04

As mentioned in the announcement made to the Kuala Lumpur Stock
Exchange last February, the conversion of the loan documents is
now in the process of being signed by the Bankers.


BESCORP INDUSTRIES: FIC Approves Corporate Proposals
----------------------------------------------------
Reference is made to the announcements made on behalf of Bescorp
Industries Berhad (Special Administrators Appointed) by Commerce
International Merchant Bankers Berhad (CIMB) on 13 December 2002
and 27 December 2002, in relation to the Corporate Proposals,
which consists of:

   * Proposed Share Split;
   * Proposed Share Exchange;
   * Proposed Cash Payment;
   * Proposed Capitalization;
   * Proposed Conversion of Advances;
   * Proposed Restricted Offer for Sale/Private Placement;
   * Proposed Transfer of Listing;
   * Proposed Exemption; and
   * Proposed Liquidation

On behalf of the Company, CIMB is pleased to announce that the
Foreign Investment Committee (FIC) has, via its letter dated 29
January 2003, which was received on 13 March 2003, approved the
Corporate Proposals.

The approval of the FIC is conditional upon WCT Realty Sdn Bhd,
a wholly-owned subsidiary of WCT Engineering Berhad, having at
least 33.43% Bumiputera equity interest at the time of its
flotation on the Kuala Lumpur Stock Exchange.


GENERAL LUMBER: Court Convened Creditors' Meeting Set on Apr 10
---------------------------------------------------------------
Further to the announcement released on 3 March 2003, PM
Securities Sdn Bhd, on behalf of General Lumber Fabricators &
Builders Bhd, announced that the Court Convened Creditors'
Meetings pursuant to Section 176(1) of the Companies Act 1965
(Act) to consider the proposed schemes of arrangement between
the Company and three (3) separate classes of scheme creditors
of GLFB (Scheme Creditors) (Proposed Creditors' Schemes) will be
held at Level 9, Wisma General Lumber, Block D, Peremba Square,
Saujana Resort, Section U2, 40150 Shah Alam, Selangor Darul
Ehsan on Thursday, on 10 April 2003 (CCMs). The times of the
meetings on the date are set out below.

The Explanatory Statement to the Scheme Creditors dated 17 March
2003 in relation to the Proposed Creditors' Schemes and the
notices of the CCMs have been dispatched to the Scheme Creditors
on 17 March 2003.

Meetings Appointed Time

Scheme A - Preferential Creditors of GLFB 9.30 a.m. or any
adjournment thereof.

Scheme B - Secured Creditors of GLFB 10.15 a.m. or immediately
after the conclusion of the preceding Meeting or any adjournment
thereof.

Scheme C - Unsecured Creditors of GLFB 11.00 a.m. or immediately
after the conclusion of the preceding Meeting or any adjournment
thereof.

The Explanatory Statement cum Circular to shareholders for the
proposed scheme of arrangement between GLFB and its shareholders
and the proposed restructuring scheme of GLFB will be dispatch
in due course at an appropriate date.


KUALA LUMPUR: Summons Served on Subsidiary Company
-------------------------------------------------
The Special Administrators wish to announce that KLI Management
Sdn Berhad (KLIM), a wholly-owned subsidiary of Kuala Lumpur
Industries Holdings Berhad, has on 12 March 2003 received a
Summons dated 19 February 2003 from the Government of Malaysia.

The Summons was served on KLIM for a claim of RM156,898.61 in
respect of the outstanding income tax for the year of assessment
1997 and 1998 due from KLIM to the Inland Revenue Board. KLIM is
required to present in Court on 24 April 2003.


PARIT PERAK: Enters Supplemental Restructuring Agreement
--------------------------------------------------------
On 22 October 2002, Alliance Merchant Bank Berhad (Alliance), on
behalf of Parit Perak Holdings Berhad (Special Administrators
Appointed), had announced that the Company had entered into a
restructuring agreement with the vendors of Liqua Health
Marketing (M) Sdn Bhd (collectively, "the Vendors") for the
purpose of undertaking the Proposals, which involves:

    Proposed PPHB Acquisition;
    Proposed Liqua Acquisition;
    Proposed Buyback;
    Proposed Put and Call;
    Proposed Restricted Offer for Sale;
    Proposed Debt Settlement;
    Proposed Disposal;
    Proposed Placement;
    Proposed Transfer of Listing Status; and
    Proposed Waiver

The Proposals were subsequently submitted to both the Securities
Commission (SC) and the Foreign Investment Committee (FIC) and
had received their respective approvals on 10 March 2003 and 30
December 2002 respectively.

On behalf of PPHB, Alliance now wishes to announce that PPHB had
on 17 March 2003 entered into a supplemental restructuring
agreement with the Vendors (Supplemental Agreement) to vary
certain terms of the Restructuring Agreement in relation to the
financing arrangement to be procured by Liqua Health (M) Sdn Bhd
and Align Matrix Sdn Bhd (collectively, the Promoters) in
relation to the following:

   (i) The proposed buyback by the Promoters from the Creditors'
Agent of 18,000,000 ordinary shares of RM0.50 each in Joycity
(Joycity Shares) and 3,600,000 warrants in Joycity (Warrants) to
be issued to the Creditors' Agent to be held for the benefit of
the creditors of PPHB, at an indicative purchase price of RM0.75
per Joycity Share and RM0.10 per Warrant (Proposed Buyback); and

   (ii) The proposed put and call arrangement between the
Promoters and the Creditors' Agent whereby the Creditors' Agent
gives an option to the Promoters to acquire from the Creditors'
Agent an additional 18,000,000 Joycity Shares and 3,600,000
Warrants at any time during the call option period and the
Promoters give an option to the Creditors' Agent to sell the
above number of Joycity Shares and Warrants during the put
option period (Proposed Put and Call).

The salient terms of the Supplemental Agreement are as follows:

   (i) As security for the performance of the Promoters'
obligations under the Proposed Buyback, a bank guarantee for the
amount of RM13,860,000 shall be issued by a financial
institution in favor of the Creditors' Agent within forty-five
(45) days from the date of receipt of the SC's approval for the
Proposals (Bank Guarantee A);

   (ii) As security for the performance of the Promoters'
obligations under the Proposed Put and Call, a bank guarantee
for the amount of RM13,860,000 shall be issued by a financial
institution in favor of the Creditors' Agent on the date of
listing of Joycity Holdings Sdn Bhd (Joycity) on the Main Board
of the Kuala Lumpur Stock Exchange (KLSE) (Listing Date) (Bank
Guarantee B), failing which the Promoters shall immediately on
the Listing Date pledge 18,000,000 Joycity Shares and 3,600,000
Warrants (Security Shares and Warrants) with the Creditors'
Agent. The Promoters shall ensure that the Security Shares and
Warrants shall be free from any moratorium imposed pursuant to
the Securities Commission's Policies and Guidelines on
Issue/Offer of Securities or any encumbrances or restrictions in
dealings;

   (iii) Notwithstanding (ii) above and the pledge of the
Security Shares and Warrants, the Promoters shall procure Bank
Guarantee B within twenty-one (21) days of the Listing Date, and
upon the issuance of the said guarantee, the Security Shares and
Warrants shall be released to the Promoters.

A copy of the Supplemental Agreement is available for inspection
at the registered office of PPHB on the 12th Floor (Right Wing),
Menara Kemayan, 160 Jalan Ampang, 50450 Kuala Lumpur from
Mondays to Fridays (except public holidays) from 9:00 a.m. to
5:00 p.m. for a period of fourteen (14) days from the date of
this announcement.


PENAS CORP.: SC Extends Audit Firm Appointment Time Completion
--------------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Penas Corporation Berhad,
in relation to the Proposals, announced that the Securities
Commission (SC) has via its letter dated 12 March 2003 (which
was received on 14 March 2003) approved the Company's
application for an extension of time for two (2) months up to 2
April 2003 for the appointment of the independent audit firm to
conduct an investigative audit on the Company's previous
business losses.

The SC has also advised the Company to take speedy and
appropriate measures to adhere to the approved timeframe for the
appointment of the independent audit firm as the SC will not
approve any further application for extension of time for this
matter.

The Proposals collectively refers to:

   (1) Proposed Composite Scheme of Arrangement and
Compromise Repayment to Pencorp's Creditors and
Members Pursuant to Section 176 of the Companies Act
1965 (Proposed Scheme);

   (2) Proposed Acquisitions of Vintage Tiles Industries Sdn Bhd
(VTI) and Vintage Tiles Holdings Sdn Bhd (VTH) (collectively
Vintage Group) by VTI Vintage Berhad (VVB) (Proposed Acquisition
of Vintage Group);

   (3) Proposed Disposal of Pencorp;

   (4) Proposed Public Issue and Proposed Offer for Sale;

   (5) Proposed Placement of Irredeemable Convertible
Unsecured Loan Stocks (ICULS); and

   (6) Proposed Transfer of Listing Status of Pencorp to VVB.


PROMET BERHAD: Shareholders, Related Agreements Terminated
----------------------------------------------------------
Promet Berhad informed that Promet International Limited (PIL),
a wholly-owned subsidiary of PROMET had on 10th March 2003
received a letter from its 30% joint-venture partner, Locifan
Trust (LOCIFAN) notifying PIL of the termination of the
Shareholders and Related Agreements signed between the two
parties (in April 1997) in respect of Fairoak Investment
Holdings (Pvt) Ltd (FAIROAK). FAIROAK is a 70 % subsidiary of
PIL and principally involved in a property development project
in Johannesburg, South Africa. FAIROAK was acquired from LOCIFAN
in April 1997 for a consideration of Rand 18,152,000 (RM8.45
million).

LOCIFAN alleges that in view of the debt restructuring exercise
in PROMET and PIL, PIL is in breach of the Shareholders
Agreement entered into in April 1997 and that LOCIFAN is
entitled to carry out a valuation of FAIROAK and tendered an
amount of Rand 5,641,600 to acquire PIL's interest.

Based on legal advice received, there are no grounds for the
termination and valuation indicated by LOCIFAN. PIL intends to
dispute the action and take the necessary legal action. In the
event that LOCIFAN is successful to terminate the agreements and
enforce acquiring PIL's interest at LOCIFAN's indicated
valuation, the loss to PIL and PROMET is estimated to be Rand
12.5 million (estimated RM 5.8 million).


TAT SANG: Proposed Restructuring Scheme Negotiation Underway
------------------------------------------------------------
On 17 September 2002, Tat Sang Holdings Berhad made its First
Announcement in accordance Practice Note No. 4/2001 (PN4/2001)
issued by the KLSE pursuant to Paragraph 8.14 of the KLSE
Listing Requirements and the obligations of an affected listed
issuer. One of the obligations pursuant to Paragraph 4.1 (b) of
PN4/2001 is to announce within 6 months from the date of the
first announcement, i.e. 16 March 2003, a detailed plan to
regularize the Company's financial position (Requisite
Announcement.)

To date, the Company is still in the midst of negotiations and
evaluating the proposed restructuring scheme with a view of
entering into a Memorandum of Understanding (MOU). The Company
anticipates that the deadline for the Requisite Announcement of
16 March 2003 is unlikely to be met and the Board of Directors
of TSHB had on 11 March 2003 applied to the KLSE for an
extension of time for a period of six months to make the
Requisite Announcement.

The outcome of the application will be announced in due course.


WING TIEK: MITI Grants Proposed CDRS Approval
---------------------------------------------
Further to the announcement made on January 28, 2003 in relation
to the Proposed Corporate and Debt Restructuring Scheme
(Proposed CDRS), the Board of Directors of Wing Tiek Holdings
Berhad announced that the Ministry of International Trade &
Industry (MITI) has, via its letter dated 12 March 2003,
received on 14 March 2003, approved the Proposed CDRS that was
previously announced by the Company, subject to inter-alia, the
following:

   (i) the approvals of the Securities Commission (SC) and the
Foreign Investment Committee (FIC) for the Proposed WTSP
Acquisition, which were both obtained on 2 January 2003.

(ii) the existing equity condition imposed on WTSP of at least
70% of the shares of the company is acquired and held by
Malaysian citizen, including at least 30% reserved, shall
remain.

(iii) WTHB, WTDIP, WBH and WTMI are also required to surrender
their respective manufacturing licenses to the Malaysian
Industrial Development Authority.

The Proposed CDRS remains pending the receipt of the following
approvals:

   (i) the Scheme Creditors in respect of their respective
schemes of arrangement under the Proposed CDRS pursuant to
Section 176 of the Act;

   (ii) the shareholders of WTHB at the Court-convened meeting
to be held pursuant to Section 176 of the Act and at the EGM to
be held;

   (iii) the shareholders of WTMI, WTDIP, WBH, VS and WTSP at
their respective EGMs;

   (iv) the Proposed CDRS being sanctioned by the Court pursuant
to Section 176 of the Act;

   (v) the KLSE for the listing of and quotation for the entire
enlarged issued and paid-up share capital of JAKS Resources; and

   (vi) any other relevant authorities, if required.

For details of the Proposed CDRS, refer to Troubled Company
Reporter - Asia Pacific, Tuesday, September 03, 2002, Vol. 5,
No. 174 issue.


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


MONDRAGON INTERNATIONAL: Reschedules ASM to September 15
--------------------------------------------------------
The Annual Stockholders Meeting of Mondragon International
Philippines, Inc. is rescheduled From March 17, 2003 to:

September 15, 2003
9:00 A.M.
Mondragon House Ballroom
324 Sen. Gil Puyat Avenue Makati City

The meeting was rescheduled to allow the Company enough time to
pursue negotiations with concerned government entities as well
as investors who will provide additional funds both to settle
its obligations to the government and normalize operations
within the Mimosa Leisure Estate.

TCR-AP reported last year that that the casino firm has total
debts of PP7.5 billion, of which P5.3 billion is owed to
creditor banks namely Metropolitan Bank and Trust Co., Far East
Bank and Trust Co., Asian Banking Corp., United Coconut Planters
Bank and Land Bank of the Philippines.

It also owes Clark Development Corp (CDC) P325 million in lease
rental fees, another P82 million to Pagcor and about P23 million
to the BIR.


NATIONAL POWER: Debt Balloons to P394B
--------------------------------------
The National Power Corporation (Napocor)'s debt ballooned to
$7.2 billion (P394 billion) as of 2002 from $6.1 billion a year
earlier, the Philippine Star said on Tuesday.

Power Sector Assets and Liabilities Management Corp. (PSALM)
President Edgardo del Fonso said the loans will be transferred
to PSALM once it gets approval from the three multilateral
creditors namely Asian Development Bank, Japan Bank for
International Cooperation and the World Bank.

"We hope there will be decision that will be made more
expeditiously by the end of the first half or before we actually
close the Transco privatization," he said.

Bulk of the debts of Napocor consists of foreign loans, bonds
payable, borrowings from the Philippine government and its
agencies. For the first half of the year, the Company, through
the Power Sector Assets and Liabilities Management Corp.
(PSALM), intends to borrow $500 million through a bond flotation
in the international market.

The huge debts of Napocor could only be reduced through
privatization wherein the government will no longer be burdened
with providing financing requirement for the power generation
firm.


PHILIPPINE LONG: Meeting AT&T Over Rate Dispute March 19-20
-----------------------------------------------------------
Representatives of Philippine Long Distance Telephone Company
(PLDT) are planning to meet with AT&T officials on March 19-20
in Hong Kong, to resolve a dispute on termination rates for
inbound calls from the United States, AFX Asia reports, citing
PLDT Vice-President for Media Menardo Jimenez Jr said.

Following a petition filed by AT&T, the US Federal
Communications Commission banned US carriers from making
payments to Philippine carriers, ruling that the increase in
local termination rates caused unfair competition between AT&T
and its peers. The ruling has been opposed by Philippine
telecommunication firms, including PLDT and unit Smart
Communications, both of which warned that call traffic from the
US may be disrupted due to the ban on payments. The local
carriers have said they are not bound to continue to service
calls from US carriers without any agreements being struck under
the new rate structure.

DebtTraders reports that Philippine Long Distance Telephone's
11.375 percent bond due in 2012 (TELP12PHS1) trades between 92
and 94. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1


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


BIL INTERNATIONAL: Posts FY03 Interim Loss of US$18M
----------------------------------------------------
BIL International reported an interim 2003 loss of US$18 million
compared to a net profit of US$5.1 million in the previous
corresponding period.  BIL reported a loss per share of US 0.013
cents, Kelive reports.

BIL's interim loss stemmed primarily from net interests and
financing costs of US$16.1m and foreign exchange losses of
US$12.4m.  BIL continues to believe that its core investment in
Thistle Hotels has not performed to its potential, and
subsequently made an offer in March to acquire all remaining
shares in Thistle.  However, Thistle Hotels recently rebuffed
BIL's offer and plans to privatize the chain of London hotels
remains in doubt.  BIL is presently trading at a discount to its
net assets per share of US$0.52, but lacks a catalyst in the
near term.


CHARTERED SEMICONDUCTOR: May Not Be Competitive in Chip Industry
----------------------------------------------------------------
Chartered Semiconductor Manufacturing announced that it may not
be able to compete successfully in the industry.

The worldwide semiconductor foundry industry is highly
competitive. The Company competes with dedicated foundry service
providers such as Taiwan Semiconductor Manufacturing
Corporation, or TSMC, and United Microelectronics Corporation,
or UMC, as well as the foundry operation services of some
integrated device manufacturers or IDMs such as IBM. IDMs
principally manufacture and sell their own proprietary
semiconductor products, but may offer foundry services. Further,
there have been a number of new entrants to the semiconductor
foundry industry.

In particular, foundries in Korea, Malaysia and China are now
becoming increasingly significant. Competitors may have greater
access to capital and substantially greater production, research
and development, marketing and other resources than The Company
do. As a result, these companies may be able to compete more
aggressively over a longer period of time than The Company can.
A number of semiconductor manufacturers, including its primary
competitors have announced plans to increase their manufacturing
capacity (including setting up fabrication facilities in
Singapore). Although some of these plans may have been delayed
as a result of the industry downturn, The Company expects that
they will be initiated when the economic and industry conditions
improve. As a result, The Company expects that there will be a
significant increase in worldwide semiconductor capacity over
the next five years. If growth in demand for this capacity fails
to match the growth in supply, or occurs more slowly than
anticipated, there may be more intense competition and pressure
on the pricing of its services may result. Any significant
increase in competition may erode its profit margins and weaken
earnings.

The principal elements of competition in the wafer foundry
market include technical competence, time-to-market, research
and development quality, available capacity, device yields,
customer service, price, design services, access to intellectual
property and electronic design automation, or EDA, tool support.
The Company cannot assure that it will be able to compete
successfully in the future, which could seriously harm the
Company.

For more information go to
http://www.shareholder.com/Common/Edgar/1095270/1145549-03-
278/03-00.pdf


FHTK HOLDINGS: Posts Changes in Substantial Shareholder
-------------------------------------------------------
FHTK Holdings Limited posted a notice of changes in substantial
shareholder Temasek Holdings (Private) Ltd's interests:

Date of notice to Company: 06 Mar 2003
Date of change of interest: 28 Feb 2003
Name of registered holder: CDP : DBS Nominees
Circumstance(s) giving rise to the interest: Others
Please specify details: pls see footnotes

Information relating to shares held in the name of the
registered holder:
No. of shares, which are the subject of the transaction: 624,518
% of issued share capital: 0.05
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: 0
No. of shares held before the transaction: 98,218,777
% of issued share capital: 7.98
No. of shares held after the transaction: 98,843,295
% of issued share capital: 8.03

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed     Direct
No. of shares held before the transaction: 98,218,777
% of issued share capital:                 7.98
No. of shares held after the transaction:  98,843,295
% of issued share capital:                 8.03
Total shares:                              98,843,295

Footnotes:

1. Reference is made to the announcement by FHTK Holdings Ltd.
on 1 October 2001 regarding completion of the Company's Debt
Restructuring Exercise. The Development Bank of Singapore
Limited is one of the Group's Creditor Banks referred to in the
announcement. A total of 74,942,047 ordinary shares of S$0.05
each in the capital of the Company (the Conversion Shares) have
been issued to The Development Bank of Singapore Limited
pursuant to the Company's Debt Restructuring Exercise. The
Conversion Shares represent approximately 6.09 percent of the
total outstanding shares of the Company.

2. Arthur Andersen Associates (S) Pte Ltd, as escrow agent,
holds the Conversion Shares for the benefit of The Development
Bank of Singapore Limited.

3. The Conversion Shares are registered in the name of UOB Kay
Hian Private Limited. UOB Kay Hian Private Limited, as
depositary agent, holds the Conversion Shares for the benefit of
Arthur Andersen Associates (S) Pte Ltd.

4. DBS Nominees (Private) Limited is the registered holder of
the Development Bank of Singapore Limited


NATSTEEL LTD: Announces Dividend and Books Closure Date
-------------------------------------------------------
The Board of Directors of NatSteel Ltd announced that in
addition to the first and final dividend of 110% ($0.55) per
ordinary share declared on 16th March 2003 for financial year
ended 31 December 2002, an interim dividend of 90 percent
($0.45) per ordinary share of par value S$0.50 of the Company
has been declared for the current financial year. This interim
dividend will be paid on 16 April 2003.

NOTICE IS HEREBY given that the Register of Members and Share
Transfer Books of the Company will be closed from 3 April 2003
to 5.00 p.m. on 10 April 2003 for the preparation of dividend
warrants. Duly completed transfers received by the Company's
Share Registrar, Macronet Information Pte Ltd, 4 Shenton Way,
#03-01, SGX Centre 2, Singapore 068807 up to the close of
business at 5.00 p.m. on 2 April 2003 will be registered to
determine shareholders' entitlements to the above dividend. In
respect of ordinary shares in securities accounts with The
Central Depository (Pte) Limited (CDP), the interim dividend
will be paid by the Company to CDP, which will in turn
distribute the dividend entitlements to shareholders.


NATSTEEL LTD: Returns to Profitability in 2002
----------------------------------------------
NatSteel Ltd (NatSteel) announced its full year 2002 results as
follows:

2002 Results Highlights

- NatSteel group returned to profitability with earnings of
S$183.5 million

- Total cash proceeds of S$589.0 million realized from the
disposal of NatSteel Broadway and NatSteel Brasil

- Profit before tax of S$42.0 million achieved for continuing
businesses in 2002 compared with S$10.1 million loss in 2001

Full Year 2002 Results

The NatSteel group completed in the second half of 2002 the sale
of its shareholding interests in NatSteel Broadway and NatSteel
Brasil, which realized an exceptional gain of S$291.8 million
and net proceeds of S$589.0 million.

Turnover for the NatSteel group's continuing businesses
increased by 23.9 percent to S$1.544 billion compared with 2001.
Profit before tax was S$42.0 million as against a loss of S$10.1
million in 2001. All three main business divisions of the
NatSteel group performed better.

The Steel Division turned around from an operating loss of
S$24.5 million in 2001 to an operating profit before tax of
S$25.9 million in 2002. The Industrial Division also turned
around from an operating loss of S$1.8 million to an operating
profit before tax of S$8.5 million in 2002. The operating profit
before tax of the continuing businesses in the Electronics
Division improved by 185% to S$11.4 million compared with 2001.

Dividend Recommendation

In December 2002, the then directors of NatSteel had recommended
a distribution of S$0.70 per NatSteel share plus a further
distribution of S$0.27 per NatSteel share. Following a review of
the financial position and projected expenditure of the NatSteel
group, the current NatSteel Board has decided to recommend a
total dividend payment amounting to S$1.00 per NatSteel share.
The dividend payment will comprise a final dividend of S$0.55
per NatSteel share for 2002 and an interim dividend of S$0.45
per NatSteel share for 2003.

2002 Final Dividend

Based on the cash position and the anticipated operating
cashflow of the NatSteel group and taking into consideration the
NatSteel group's borrowings, working capital requirements and
planned capital expenditure for 2003/2004, the NatSteel Board is
recommending a final dividend of S$0.55 per NatSteel share from
the surplus cash of the NatSteel group. Subject to requisite
approvals from shareholders, the 2002 final dividend is expected
to be paid on or about 30 June 2003.

2003 Interim Dividend

In line with the NatSteel Board's stated objective to return
value to shareholders, the Board is also declaring an interim
dividend of S$0.45 per NatSteel share for the 2003 financial
year. The 2003 interim dividend will be paid on 16 April 2003
and represents a distribution of approximately 50% of the net
proceeds received by NatSteel from the sale of its shareholding
interest in NatSteel Broadway. This 50% distribution is in line
with the amount distributed by the Company from the net proceeds
of the sale of NatSteel Electronics in 2001.

Further Dividends

The Board will continue to strike an appropriate balance between
cash distribution to shareholders and funding business operation
and investments requirements and intends to consider further
distributions as and when cash generated from the Group's
businesses or from disposals are in the Board's opinion, surplus
to such operational and investment requirements.

Outlook for 2003

The earnings of the Steel Division and the Industrial Division
for 2003 are expected to be lower than that for 2002. Subject to
customers' demand, the performance of the Electronics Division
in 2003 is expected to be comparable to that in 2002.

The Group's businesses can be adversely affected by continued
high oil prices and any adverse economic consequences arising
from a possible Iraq war. Barring these and other unforeseen
circumstances, the Group's overall pre-tax performance for 2003
could be maintained at 2002 level. However, profit after tax and
exceptional items is expected to be lower due to non-recurring
gains from disposal of NatSteel Broadway and NatSteel Brasil.

For more information, please contact:

Yvette Tan
Corporate Communications
NatSteel Ltd
Tel: (65) 6660-7957
Fax:(65) 6268-4830
Email:ytan@natsteel.com.sg


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


RATTANA REAL: Invests Preferred Shares in Great China
-----------------------------------------------------
Pursuant to the Extraordinary General Meeting of Shareholders
No. 1/2002 of Rattana Real Estate Public Company Limited as
convened on 30 August 2002, it had resolved for Rattana to enter
into a reciprocal agreement with Great China Millennium
(Thailand) Co., Ltd. in relation to the Pratunam Complex Project
which requires Rattana to invest in the Preferred Shares of
Greatchina in the amount of 3,000,000 shares, par value of Bt100
per share, total Bt300,000,000.

Presently, Rattana has invested in the Preferred Shares of
Greatchina, with the following particulars:

1. Joint Venture Company : Great China Millennium (Thailand)
                           Co., Ltd.
   2. Company Address       : 33/40, Surawong Road, Kwaeng
                              Suriyawong, Khet Bangrak,
                              Bangkok Metropolis.
   3. Registered Capital    : Bt900,000,000 divided into
                              6,000,000 ordinary shares, par
                              value of 100 Baht each and
                              3,000,000 preferred shares, par
                              value of Bt100 each.
   4. Type of Business      : Construction Business and Real
                              Estate Development.
   5. Shareholding Ratio    : Rattana holding 3,000,000
                              Preferred Shares, equivalent to
                              33.33% of the registered capital,
                              totaling Bt300,000,000.
   6. Investors and Shareholding Ratio :

Names of Shareholders                No. of shares    Percentage
1. Rattana Real Estate Public Company Limited 3,000,00033   .33
2. A D M Capital (Thailand) Co., Ltd.           900,000   10.00
3. Mr. Chaiwat Asawintarangkul                 900,000    10.00
4. Ms. Sumonmas Lipisonthorn                   900,000    10.00
5. Mr. Viritpol Oikasiwattana                  600,000     6.67
6. Mr. Preecha Keatkaew                        720,000     8.00
7. Mr. Maitee Yimyam                           720,000     8.00
8. Mr. Monchai Rungkwansiriroj                 660,000     7.33
9. Mr. Sichatchai Saengnark                    600,000     6.67
Total                                        9,000,000   100.00

Relationship between the Investors and Rattana/Directors: -None-

   7. Source of Funds         : Loan from Greatchina
   8. Benefits to the Rattana : In addition to dividends,
                      Rattana will enjoy from the joint venture
                      the benefits from debts restructuring and
                      the company opportunity to further develop
                      the project on the part of the Tower under
                      the conditions to be agreed in the
                      reciprocal agreement, it being considered
                      as beneficial to the real estate business
                      of Rattana also.
   9. Calculation of Size    : Size of Transaction is 12.61% of
                      the total of Transaction  assets of
                      Rattana, based on the Criteria of the
                      Total Value of Consideration.


TANAWIWAT ASSOCIATE: Business Reorganization Petition Filed
-----------------------------------------------------------
Tanawiwat Associate Company Limited (DEBTOR), engaged in real
estate business, filed its Petition for Business Reorganization
was filed to the Central Bankruptcy Court:

   Black Case Number 579/2544

   Red Case Number 595/2544

Petitioner : LAGUNA PARK VILLE COMPANY LIMITED BY MR. TRERAPHRUT
PETCHSUWAN, ATTORNEY OF THE CREDITOR

Planner: S. K. ACCOUNTANT SERVICES COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 338,114,467.38Baht

Date of Court Acceptance of the Petition : June 29, 2001

Date of Examining the Petition: July 30, 2001 at 9.00 AM; the
objection may be filed with the Central Bankruptcy Court not
less than three days prior to the trial date

Court Order for Business Reorganization and Appointment of
Planner : July 30, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner : in Matichon Public Company Limited
and Siam Rath Company Limited: August 16, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : September 6,
2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: December 6, 2001

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st : January 6, 2002

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #2nd : February 6, 2002

Appointment date for the Meeting of Creditors to consider the
Reorganization Plan : March 7, 2002 at 9.30 am. Convention Room
1104, 11th Floor, Bangkok Insurance Building, South Sathorn Road

The Meeting of Creditors had a resolution Not accepting the
Reorganization Plan

Court had issued an Order Cancelled the Order for Business
Reorganization since March 18, 2002

Announcement of Court Order Cancelled the Order for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: March 28, 2002

Announcement of Court Order Cancelled the Order for Business
Reorganization in Government Gazette : April 16, 2002

Contact : Mr. Attawut Tel : 6792525 ext. 127


TONGKAH HARBOUR: SET Reinstating Securities Trading on Mar 25
-------------------------------------------------------------
As the Board of Governors of the SET revised rules on allowing
securities trading of listed companies in the REHABCO sector
with the concept that the companies make certain level of
progress in solving their financial problems and fully disclose
relevant information to  investors.

Tongkah Harbour Public Company Limited (THL) has submitted
the petition for trading reinstatement to the SET because THL
has completed its debt restructuring agreement by more than 50%
worth of  total debts, and the rehabilitation plan has been
approved by its shareholders on 28 April 1998. In addition, THL
has already disclosed major elements of rehabilitation plan and
the progress of the plan as that complied with the SET's rules.
As of 31 December 2002, shareholders' equity of THL is Bt606.47
million and the company is in the process of implementing its
gold mining business. It expects that the total amount of 6 Gold
Mining Licenses required for implementation will be approved by
14 March 2003 and the gold mining business will generate its
revenue within the first quarter of 2004  (details as on Public
SIMS dated 14 March 2003).

Therefore, the SET decides to lift "SP" sign from THL on 25
March 2003 to allow the trading of such securities in REHABCO
sector. Shareholders and investors should follow the company's
debt restructuring and the progression of its rehabilitation
plan before making investment decision.

In addition, 3 shareholders of THL (Paron Resources Inc., Paron
Holdings Limited , and Sino Pac Investments (L) Limited) which
hold totaling 81,738,070 common shares or 17.08% of paid up
capital, voluntarily certify to the SET that their shares
will not be sold for the period of 6 months from the trading
date of the THL.

However, since this issue may affect the stock price of the
company in the market. Therefore, according to Clause 24 (3) and
(6) of the regulation on trading, clearing and settlement for
listed securities 1999, the ceiling and floor limits on the main
board of the securities of THL will be temporarily removed on 25
March 2003 to allow the market mechanism to work freely.


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

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

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

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

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

                 *** End of Transmission ***