TCRAP_Public/030320.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

           Thursday, March 20 2003, Vol. 6, No. 56

                         Headlines


A U S T R A L I A

AMP LIMITED: Former Adviser Banned for Two Years
ARISTOCRAT LEISURE: S&P Affirms BBB- Rating on Negative Outlook
BALLARAT GOLDFIELDS: Sells Small Shareholdings
BRANDRILL LIMITED: SA Operation Sale Completion Underway
CRANSWICK PREMIUM: Removed From ASX's Official List

CRANSWICK PREMIUM: Schemes of Arrangement Completed
ENERGY WORLD: Issues Half-Yearly Report, Accounts
FORTLAND HOTEL: Fails to Lodge Half-Yearly Report
VOICENET (AUST): Releases Preliminary Final Report

* ASX Suspends Companies From Official Quotation


C H I N A   &   H O N G  K O N G

ASIA GLOBAL: Asks More Time on Plan Exclusivity Through May 1
DONG FANG: Hires Broker for Odd Lot Arrangement
FAIRSON CONSULTANTS: Winding Up Sought by Fairson Consultants
GUO XIN: Narrows 2002 Operations Loss to HK$7.534M
NG FUNG: Winding Up Petition Pending

PACIFIC RISE: Petition to Wind Up Scheduled
PEARL RIVER: 2002 Operations Loss Swells to HK$13.29M
YUEN KEE: Winding Up Hearing Scheduled April 16


I N D O N E S I A

BANK DANAMON: IBRA Hopes Share Price Jumps Above Book Value
BANK DANAMON: State Minister Suggests Divestment Delay
INDOCEMENT TUNGGAL: Debt Buyback Concluded


J A P A N

ALL NIPPON: R&I Assigns BBB+ Rating
JAPAN OIL: Set to File for Sheltered Rehabilitation
KOBE STEEL: Combining Environmental Businesses
MITSUBISHI MATERIALS: Expects Y23B Group Net Loss
NEC CORP.: Strengthens Product for Fiber Optic Transceivers

SHOWA SHELL: Moody's Cuts Showa Shell Outlook To Negative


K O R E A

CHOHUNG BANK: May Complete Government Stake Sale by Mid-April
HYUNDAI HEAVY: Exhibits New Electronically-Controlled Engine
HYUNDAI HEAVY: Unveils 29th Stockholders Meeting Results
SK GLOBAL: Domestic Debts Valued at W6.6 Trillion
SK GLOBAL: Lenders Discuss $5.4B Debt Freeze


M A L A Y S I A

AKTIF LIFESTYLE: KLSE Grants Requisite Announcement Extension
BUKIT KATIL: SC Grants Proposed Bonus Issue Approval
HO WAH: Placement Shares Fixed at RM1.00 Per Share
KSU HOLDINGS: Provides Additional Material Litigation Info
KUALA LUMPUR: Unit JMSB Faces Winding Up Over Unpaid Debts

LONG HUAT: Winding Up Petition Hearing Adjourned to May 5
LONG HUAT: Winding-Up Petition Sought by Exim Bank
MBF CAPITAL: PM Securities Appointed as Independent Adviser
MISC AGENCIES: Under Voluntary Winding Up, Appoints Liquidator
MOL.COM BERHAD: Trade Restriction Lifted

PRO FUTURES: Ceasing Business Operations April 8
SATERAS RESOURCES: Changes Registered Address
SENG HUP: FIC Extends Time to Meet 30% Bumputera Shares
SIME DARBY: Inks Second Supplemental Reorganization Agreement
TECHNO ASIA: EAPML Aborts Civil Case Against Unit WPKL


P H I L I P P I N E S

ATLAS CONSOLIDATED: Appoints New Officers
BENPRES HOLDINGS: Pressuring Government
MANILA ELECTRIC: Quezon's Power Purchase to Revoke Contract
MULTINATIONAL TELECOM: Senate Sends Baladjay to Jail
PHILIPPINE LONG: AT&T Liable for Disruption in Calls, Jimenez


S I N G A P O R E

ACHIEVA LIMITED: Posts S$8M Loss For 2002
ASIA PULP: Unveils 2002 Unaudited Results
CAPITALAND LIMITED: Unit Enters Voluntary Liquidation
PRESSCRETE HOLDINGS: Appoints Directors


T H A I L A N D

KRISDAMAHANAKORN PUBLIC: Omits 2002 Dividend Distribution
NATURAL PARK: Gains Bt12.32M From Debt Restructuring
NATURAL PARK: Securities Trading Still Suspended
THAI PETROCHEMICAL: EPL Continues Efforts to Recover Funds

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Former Adviser Banned for Two Years
------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr Kevin John Lehman of Semaphore Park, South Australia,
from acting as a representative of a securities dealer or
investment adviser for two years.

ASIC was concerned that Mr Kevin Lehman advised on and dealt
with AMP Limited superannuation and insurance products when he
was not authorized to do so, and in particular that he
deliberately offered the products despite being aware that he
did not have the authority to do so.

ASIC found that Mr Lehman:

   * breached the law by acting as if he was a representative of
AMP when in fact he did not hold a proper authority from the
company;

   * failed to disclose certain commissions and fees to clients,
and/or the extent of them; and

   * recommended investments to his clients without giving
sufficient consideration to their best interests.

Mr Kevin Lehman conducted his financial advice business in
conjunction with his son, Mr Klinton Jay Lehman, who was an AMP
property authority holder between 5 February 2001 and 9 April
2002. AMP terminated Mr Klinton Lehman's authorization on 9
April 2002 and reported his conduct to ASIC.

In February 2003 ASIC banned Mr Klinton Jay Lehman from acting
as a representative of a securities dealer or of an investment
adviser for four years, in part for his actions in conducting
his business in conjunction with an unauthorized third party
(his father).

Mr Kevin Lehman has the right to appeal to the Administrative
Appeals Tribunal (AAT) for a review of ASIC's decision.


ARISTOCRAT LEISURE: S&P Affirms BBB- Rating on Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services said Monday that it has
affirmed its 'BBB-' rating on Aristocrat Leisure Ltd.
(Aristocrat) and removed it from CreditWatch with negative
implications, where it was placed on Feb. 9, 2003. The outlook
is negative, reflecting Standard & Poor's concern that
Aristocrat's U.S. expansion could further weaken the company's
financial profile, with pricing pressures and growing working
capital requirements likely to affect margins, returns, and debt
levels.

The rating on Aristocrat reflects its leading position in the
Australian gaming equipment market, which generates strong free
operating cash flow and helps fund the company's expansion into
offshore markets. "While Aristocrat has a demonstrated track
record in developing viao gaming systems and software in
Australia, it faces significant challenges in pursuing its
offshore growth ambitions, given the significantly larger
competitors in the U.S. and Japan that have established supplier
relationships, and the increasingly integrated nature of the
industry globally," said Andrew Lally, associate director,
Corporate & Infrastructure Finance Ratings. Indicative of the
competitive pressure the company faces, Aristocrat's operating
income to sales in its North American operations declined to 18%
in fiscal 2002 from 25% the previous year.

Aristocrat's strong funds from operations (FFO) in its domestic
business historically has enabled the company to use minimal
debt to fund growth. However, the acquisition of Casino Data
Systems Inc. in 2001 and the substantial working capital
requirements to fund the company's rapid growth in the U.S. and
Japan have resulted in increased debt usage, with lease adjusted
EBITDA interest coverage falling to 8x in 2002 from 14x in
2001, and FFO to debt declining to 25% from 35% in the same
period.

Aristocrat's credit protection measures remain satisfactory, and
underpin its above-average rating for the gaming industry.
"Aristocrat will need to ensure that its expansion into the U.S.
and Japan, whether by acquisition or organic growth, does not
cause further deterioration in its 2002 credit protection
measures," Mr. Lally said.

Despite a lumpy debt maturity profile, Aristocrat's liquidity
profile is adequate, with A$143 million in committed undrawn
debt facilities and no significant maturing debt until 2005.

Aristocrat will need to ensure that rising debt levels
associated with its offshore expansion are stabilized through
profitable growth, working capital improvements, and
conservatively funded acquisitions. If the company's ratios
deteriorate further in the next 12 months, the rating could be
lowered.


BALLARAT GOLDFIELDS: Sells Small Shareholdings
----------------------------------------------
As announced on 22 January 2003, Ballarat Goldfields NE ACN U06
245 441 has been encouraging small shareholders to allow their
shares to be sold through a facility established by BGF in
accordance with the ASX Listing Rules and BGF's Constitution.
This is a service to small shareholders (as BGF will pay for all
brokerage costs relating to the sale) and in order to reduce the
expense to BGF associated with the administration of small
shareholdings.

A total of 4,519 shareholders holding less than a marketable
parcel of shares ($500) participating in the sale of small
shareholdings facility. A total of 8,457,350 of shares are
representing 2.07% of BGF's issued capital will be placed on the
market for sale on 18 March 2003 through the broker, Bell Potter
Securities Ltd.

It is anticipated that the sale proceeds will be sent to
shareholders participating in the sale of small shareholdings on
24 March 2003.

The sale of small shareholdings will result in BGF having
approximately 4,300 shareholders.


BRANDRILL LIMITED: SA Operation Sale Completion Underway
--------------------------------------------------------
Brandrill Limited recorded a small profit of $20,000 for the
first half. The successful closing of the $14.9 million Note
Issue in December and the cash generated from operations of $5.1
million allowed a $18 million improvement in working capital.
The company has contracted for the sale of its South African
operations and this will further improve its financial condition
when completed. The Company continues to receive the support of
the Commonwealth Bank, as major lender, and other creditors and
customers throughout this difficult period.

The results for the first half reflected the difficulties of
operating under financial constraints, but there were areas of
good performance. The Australian contracting division comprises
surface operations, underground operations and PCF(TM) related
civil engineering. Overall revenue from Australian contracting
matched the previous six months to June 2002. The surface
operations performed well and showed good growth, especially in
the iron ore and gold sectors. There has been both new work won
and rollovers of existing contracts. Australian records were set
for drilling in both iron ore and coal. There is continued
potential in surface drill and blast operations and the Company
expects good growth for the remainder of the year and beyond in
this sector.

There was also good results obtained from the major civil
project at Bondi junction where the use of PCF(TM) has enhanced
excavation productivity. This joint venture has been equity
accounted and hence sales are not included in revenue.

The Australian underground operations performed satisfactorily
until late in the half when two major contracts suffered
reverses due to contractual issues that have resulted in
substantial claims and variations. These will take some months
to resolve and under Brandrill's new accounting policy can not
be brought into revenue until agreed. It is likely that the
margins in this sector will continue to be constrained and hence
our emphasis in the future will be on new projects where there
is a high proportion of stopping, an activity in which Brandrill
is clearly recognized as a leader.

As part of Brandrill's restructuring, increased emphasis was
placed on achieving world wide sales growth of existing RockTek
products, rather than on major research and development
projects. The South African continuous mining project with
Impala Platinum was suspended in September reflecting this
change in emphasis, and limited successes to date. Sales of
QuikDraw(TM) continued to grow particularly in North America.
Growth of PCF(TM) was slower than planned but still above
comparable previous levels, excluding sales for research and
development. There is increasing acceptance of the products in
the global mining industry, with PCF(TM) being used for niche
applications. The emphasis is now on the use of PCF(TM) in
civil engineering applications and great interest is being shown
by designers and specifiers for PCF(TM) to be used in a number
of major projects in North America and Europe. Growth will be
slow to start but there are major markets to be won for PCF(TM)
worldwide in this sector.

Its South African mining subsidiary, Brandrill Torrex recorded a
profit for the half year. Sales revenue for the half grew by 30%
and BTX has continued to win significant new work. The company
has recently submitted two tenders each of which is around $200
million. In positioning for this new growth BTX has strengthened
the commercial and financial management of the company.

A contract for sale of Brandrill's South African operations to a
group of South African investors was signed on 29 January 2003.
The sale price is confidential but is consistent with previously
stated expectations of around A$10 million. A R4 million deposit
has been received and the sale is expected to be completed
shortly. The sale is subject to approvals from the South African
Competition Commission and Reserve Bank and from lenders. These
are being sought.

A significant component of the turn around strategy has been
cost cutting and the reduction of other expenditures. Most of
this work has been completed with expenditure reduction of over
$1.0 million per month being achieved compared to 2001-2002.
There are some further savings and efficiencies to be made.

OUTLOOK

The profit for the full year will be determined by a number of
variables including the following factors:

   1. The outcome of the sale of the South African operations.
It is now expected that a significant accounting profit will be
achieved on this sale. The amount of profit is subject to
variations in the Rand exchange rate. In recent times the Rand
has strengthened against the Australian dollar enhancing both
the profit and cash return to Brandrill. Once the completion
date is known it is intended to take exchange cover on the Rand
to secure the Australian dollar returns.

   2. Recovery of claims. As stated above, there are substantial
claims and variations being negotiated on two major underground
contracts plus some other amounts for which recovery is being
sought.

   3. Satisfactory operating performance in the remainder of the
business.

The full year result is difficult to estimate bearing in mind
the large number of variables that cannot be properly quantified
at this time. The forecast in the company's prospectus dated 24
October 2002 was for a net profit after tax of $5.1 million. On
the information available at present, the Board expects the full
year result will fall short of the prospectus forecast.

The constrained performance in the half year, and the Board's
expectation for the full year, focus attention on progressing
and refining the company's turnaround strategy. The plan moving
forward is to complete the sale of the South African operation,
then take advantage of the company's renewed financial stability
to drive growth, primarily in the surface drill and blast
operations. RockTek sales will continue to be a growth focus,
with the emphasis being on major civil engineering projects in
sensitive urban environments. Underground contracting in
Australia will receive close attention to improve operating
efficiencies.

While progress has been made in the last six months to
revitalize Brandrill, there is still much to be done to restore
the capacity of Brandrill to deliver returns to shareholders,
but the work is well under way.


CRANSWICK PREMIUM: Removed From ASX's Official List
---------------------------------------------------
Cranswick Premium Wines Limited was removed from the official
list of Australian Stock Exchange Limited as from the close of
trading on Tuesday, 18 March 2003, under listing rule 17.11,
at the request of the Company.

The removal follows the acquisition of the Company by Evans &
Tate Limited via schemes of arrangement.


CRANSWICK PREMIUM: Schemes of Arrangement Completed
---------------------------------------------------
Evans & Tate Limited announced Tuesday the completion of the
acquisition of Cranswick Premium Wines Limited by Shemes of
Arrangement at close ob business at March 17, 2003.

Franklin Tate, Chairman and Chief Executive Officer of Evans &
Tate Limited, said "Today is an exciting day and represents the
first day of new Evans & Tate. The process had been a long one
and our enlarged team is now focused on a number of key
activities including re-launching the Salisbury brand in
Australia, UK and Europe and expanding the distribution of
Cranswick products domestically through its current distribution
networks."

Holding statement and cash consideration was forwarded to
securityholders on March 18, 2003.


ENERGY WORLD: Issues Half-Yearly Report, Accounts
-------------------------------------------------
Energy World Corporation Ltd posted below its Half Yearly Report
and Half Yearly Account:

                HALF YEARLY REPORT

Name of entity
Energy World Corporation Ltd

ABN                     Half    Preliminary    Half Year ended
                        yearly     final      ('current period')
                        (tick)    (tick)
34 009 124 994            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)                           down       4% to    12,872

Profit (loss) from ordinary activities
after tax attributable to members
(item 1.22)                          down         to   (46,137)

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

Net profit (loss) for the period
attributable to members
(item 1.11)                          down         to  (46,137)

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:

The percentage movement has been omitted as a result of the
current period result being a loss and the prior period a
profit.

On February 24, the Troubled Company Reporter - Asia Pacific
reported that the Company has executed an Amending Deed to amend
the Facility Agreement with the Commonwealth Bank of Australia
(CBA).  This agreement formalizes the extensive discussions
between EWC and CBA in relation to the extension of the banking
facilities until 31st December 2003 on the proviso that certain
agreed milestones being met by EWC.


FORTLAND HOTEL: Fails to Lodge Half-Yearly Report
-------------------------------------------------
The Responsible Entity of Fortland Hotel Property Trust (the
Trust) advised the following in relation to the lodgment of the
Half Yearly Report for the six months ended 31 December 2002.

As previously advised, the Trust is currently in the process of
refinancing its loan facility, which is currently providesd by
Westpac. An offer of finance from another lender has been
received and accepted by the Responsible Entity. The new
facility is subject to due diligence by the lender.

Based on the proposed refinancing, Westpac has agreed to extend
its facility until 22 April 2003 to allow due diligence and loan
documentation to be completed.

As part of its due diligence process, the new lender requires
that updated valuations of the Trust properties be obtained.
These valuations are currently underway and are expected to be
completed by early April 2003.

In finalizing the Trust's financial statements for the half year
ended 31 December 2002, the Responsible Entity, after
consultation with the Trust's auditors, has determined that it
is appropriate to await the result of the independent valuations
referred to above before signing off on the carrying value of
the Trust's investment properties. The valuations will not be
available in sufficient time to allow lodgment of the Trust's
Half Yearly Report by the deadline required by ASX Listing
Rules.

As a result of the delay in lodging the Trust's Half Yearly
Report, the Responsible Entity acknowledges that trading in
units in the Trust be suspended until such time as the Report is
lodged which is expected to be no later than 4 April 2003.

Subject to any adjustments, which may arise from the review of
the carrying values of investment properties referred to above
and completion of the independent audit review, the Trust
expects to report a half year operating profit of approximately
$100,000.


VOICENET (AUST): Releases Preliminary Final Report
--------------------------------------------------------
Voicenet (Aust) Limited posted its preliminary final report for
the year.

              HALF YEARLY/PRELIMINARY FINAL REPORT

Name of entity
Voicenet (Aust) Limited

ACN, ARBN, ABN Half    Preliminary  Half/Financial Year ended
or ARSN                yearly       final     ('current period')
                        (tick)    (tick)
33 004 701 062                       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)                           down (26.710)% to    17,280

Profit (loss) from ordinary activities
after tax attributable to members
(item 1.22)                          down (88.310)% to   (4,986)

Profit (loss) from extraordinary items
after tax attributable to members
(item 2.5(d))                        gain/loss of  % to   6,108

Net profit (loss) for the period
attributable to members
(item 1.11)                          up         % to     1,122

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)                                    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: -

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


* ASX Suspends Companies From Official Quotation
------------------------------------------------
The securities of the following entities was suspended from
Official Quotation from the commencement of trading starting
Monday, 17 March 2003, following failure to lodge their half-
yearly reports for the period ended 31 December 2002 in
accordance with listing rules.
                                                ASX CODE

Commsoft Group Limited                          CSGDA
ECSI Limited                                    ECS
Fortland Hotel Property Trust                   FHT
M2M Corporation Limited                         MCL


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


ASIA GLOBAL: Asks More Time on Plan Exclusivity Through May 1
-------------------------------------------------------------
Asia Global Crossing Ltd., and Asia Global Crossing Development
Co., asks the U.S. Bankruptcy Court for the Southern District of
New York to extend their exclusive time period to file a chapter
11 plan through May 1, 2003 and to solicit acceptances on that
plan through June 30, 2003.

The Debtors note that the Committee has consented to the
requested extension and that cause exists to extend their
exclusive periods.

The Debtors relate that because Asia Netcom Transaction
constituted a sale of substantially all of the assets of AGCL
and fixed a finite amount of cash that would be retained by
AGCL's estate for distribution to its creditors, filing of a
plan and disclosure statement could not occur prior to the
consummation of the Asia Netcom Transaction.

Although the Debtors' counsel recently completed a draft
liquidating plan of reorganization, management's attention and
time over the last month has been devoted almost exclusively to
issues relating to the closing of the Asia Netcom Transaction
and issues relating to the negotiation of the settlement and
compromise between AGCL and Global Crossing Ltd.

With the closing of the Asia Netcom Transaction and the
successful negotiation of the AX-GX Settlement now completed,
management can turn its focus to the liquidating plan of
reorganization, review the plan with Debtors' counsel and engage
the Committee in a dialogue aimed at reaching agreement on its
provisions. To deny the Debtors a brief extension of the
Exclusive Periods in order is to defeat the very purpose of
section 1121 of the Bankruptcy Code, the Debtors assert.

Moreover, the Debtors assure the Court that they have made
progress towards development of a consensual plan.  To this end,
the Debtors have been successful with:

(A) Negotiating With Creditors

Although AGCL was not in default of any material obligation or
covenant of the indenture governing AGCL's 13.375% Senior Notes
due 2010, AGCL negotiated with an ad hoc committee of holders of
the Senior Notes in connection with the restructuring of
AGCL. The Ad Hoc Committee had significant input in AGCL's
prepetition restructuring activities

  (B) Establishing Auction Procedures and Confirming the Sale

      The Debtors were able to obtain court approval
      establishing procedures for an auction of the Acquired
      Assets. Consequently, Asia Netcom Transaction was
      approved.

  (C) Key Vendor Negotiations

      To ensure such service and maximize the integrity of the
      telecommunications network for the benefit of all parties
      in interest, and to satisfy a requirement under the Sale
      Agreement, AGCL successfully negotiated with KDDI
      Submarine Cable Systems Inc., and NEC Corporation, its key
      vendors, the extinguishments (as to AGCL) of the vendors'
      substantial potential claims against AGCL and the basis
      for an ongoing commercial relationship.

  (D) Settlement with Global Crossing

      Global Crossing is the majority shareholder of AGCL.
      Global Crossing is AGCL's single most important commercial
      relationship. Global Crossing's network providess the
      necessary and uninterrupted worldwide services for AGCL's
      customers. After a number of months of intensive
      negotiations, AGCL and Global Crossing have reached a
      universal settlement.

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,
providess 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.


DONG FANG: Hires Broker for Odd Lot Arrangement
-----------------------------------------------
Dong Fang Gas Holdings informed that in order to facilitate the
trading of odd lots of Consolidated Shares, the Company has
procured a broker to arrange for the sale and purchase of odd
lots of Consolidated Shares on behalf of the Shareholders, at
prevailing market prices.

Based on the current expected timetable, the odd lots
trading arrangement will be available from 18th March, 2003 to
24th April, 2003 (both dates inclusive). Shareholders should
note that the sale and purchase of odd lots of Consolidated
Shares are not guaranteed and all related transaction costs and
commission shall be payable by the Shareholders.

Holders of odd lots of Consolidated Shares who wish to take
advantage of this facility in order to dispose of odd lots or to
top-up odd lots to board lots should contact Ms. Samantha Chan
of Tai Fook Securities Company Limited at 25th Floor, New World
Tower, 16-18 Queen's Road Central, Hong Kong (telephone no. 2160
9928) within the aforesaid period.

If Shareholders are in any doubt, they are recommended to
consult your stockbroker or other registered dealer in
securities, bank manager, solicitor, professional accountant or
other professional adviser.


FAIRSON CONSULTANTS: Winding Up Sought by Fairson Consultants
-------------------------------------------------------------
Fairson Consultants Limited is seeking the winding up of Fairson
Consultants Limited. The petition was filed on February 18,
2003, and will be heard before the High Court of Hong Kong on
April 9, 2003 at 9:30am.

Fairson Consultants holds its registered office at Room 603, 6th
Floor, Alliance Building, Nos. 130-136 Connaught Road Central,
Hong Kong.


GUO XIN: Narrows 2002 Operations Loss to HK$7.534M
--------------------------------------------------
Guo Xin Group Limited posted its unaudited financial results for
the year end date 30 June 2003, as follows:

Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Auditors
                                                (Unaudited)
                             (Unaudited)        Last
                             Current            Corresponding
                             Period             Period
                             from 01/07/2002    from 01/07/2001
                             to 31/12/2002      to 31/12/2001
                             Note  ('000)       ('000)
Turnover                           : 1,358              17,630
Profit/(Loss) from Operations      : (7,534)            (9,302)
Finance cost                       : (4)                N/A
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (7,538)            129,595
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0027)           0.2348
         -Diluted (in dollars)     : N/A                0.173
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (7,538)            129,595
Interim Dividend                   : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Interim 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:

The calculation of the basic and diluted (loss) earnings per
share is based on the following data:
                                                    2002    2001
                                                 HK$'000 HK$'000
(Loss) earnings for the purposes of basic and diluted (loss)
  earnings per share                             (7,538) 129,595
                                                 _______ _______

                                               Number     Number
                                            of shares of shares
                                               '000    '000
Weighted average number of ordinary shares for the
purpose of basic (loss) earnings per share    2,818,464  551,944
Effect of dilutive warrants                     N/A     197,283
                                              _________  _______
Weighted average number of ordinary shares for the
  purpose of diluted (loss) earnings per share   N/A     749,227
                                            _________    _______

The weighted average number of ordinary shares for the purposes
of basic and diluted (loss) earnings per share has been adjusted
for the share consolidation on 25 November 2002.

The EPS for the period ended 31 December 2001 has been adjusted
due to the share consolidation on 25 November 2002.

                                         Number          Share
                                 Notes   of shares       capital
                                         '000            HK$'000
Ordinary shares, issued and fully paid:

At 30 June 2002, shares of HK$0.01 each  26,861,831      268,618
Issue of shares                  (1)     4,370,000       43,700
Share consolidation, shares
of HK$0.1 each                    (2)     (28,108,648)    -
                                         __________      _______
At 31 December 2002, share of HK$0.1 each 3,123,183     312,318
                                         __________      _______
Notes:

(1) Issue of shares

On 18 October 2002, an agreement was made for a placing and
subscription of 4,370,000,000 new ordinary shares of HK$0.01
each in the Company at a price of HK$0.011 per share, which
represented a discount of approximately 8.33% to the closing
price per share of HK$0.012 as quoted on the Stock Exchange on
17 October 2002 and a discount of approximately 11.29% over
the average closing price of the shares for the last ten trading
days of HK$0.0124 per share.

These shares ranked pari passu with all other shares in issue in
all respects.

(2) Share consolidation

Pursuant to the circular dated 7 November 2002, every ten issued
shares of HK$0.01 each in the capital of the Company were
consolidated into one new share of HK$0.1 each.  Accordingly, on
this basis, issued share capital of approximately HK$312,318,000
is diviad into approximately 3,123,183,000 shares of HK$0.1 each
upon the share consolidation.


NG FUNG: Winding Up Petition Pending
------------------------------------
Ng Fung Handbags Mfy. Co. Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on April 2, 2003 at 10:00 in the morning.

The petition was filed on February 24, 2003 by Yu Hung Ha of
Room 323, Lok Sam House, Lung Hang Estate, Tai Wai, Shatin, New
Territories, Hong Kong.


PACIFIC RISE: Petition to Wind Up Scheduled
-------------------------------------------
The petition to wind up Pacific Rise Enterprise Limited is set
for hearing before the High Court of Hong Kong on April 2, 2003
at 9:30 in the morning.

The petition was filed with the court on February 18, 2003 by
Liu Hui of Room 510, Block H4, 8, Shuntai Apartments, Tianan
Digital City, Chegongmiao, Shenzhen, PRC.


PEARL RIVER: 2002 Operations Loss Swells to HK$13.29M
-----------------------------------------------------
Pearl River Tyre (Holdings) Limited posted its results summary
announcement, as follows:

(stock code: 1187)
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified
                                                  (Restated)
                                                  (Audited)
                                 (Audited)        Last
                                 Current          Corresponding
                                 Period           Period
                                 from 1/1/2002    from 1/1/2001
                                 to 31/12/2002    to 31/12/2001
                                 ('000)           ('000)
Turnover                             : 345              3,032
Profit/(Loss) from Operations        : (13,291)         (3,573)
Finance cost                         : (8)              (13)
Share of Profit/(Loss) of Associates : 6,526            6,827
Share of Profit/(Loss) of
  Jointly Controlled Entities        : -                -
Profit/(Loss) after Tax & MI         : (8,119)          3,161
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (7.7 cents)      3.0
cents
         -Diluted                    : -                -
Extraordinary (ETD) Gain/(Loss)      : -                -
Profit/(Loss) after ETD Items        : (8,119)          3,161
Final Dividend per Share             : NIL              NIL
(Specify if with other options)      : -                -
B/C Dates for Final Dividend         : N/A
Payable Date                         : N/A
B/C Dates for Annual General Meeting : 25/4/2003
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

Remarks:

(1) The above results are the audited consolidated results of
Pearl River Tyre (Holdings) Limited and its subsidiaries (the
Group) for the financial year ended 31 December 2002 (the
current year) together with the comparative figures for the last
corresponding financial year ended 31 December 2001 (the
previous year).

(2) The results of Guangzhou Pearl River Rubber Tyre Limited
(the Joint Venture) have been included under the heading "Share
of Profit/(Loss) of Associates". The Joint Venture, a Sino-
foreign equity joint venture established in the People's
Republic of China (the PRC) which is 70% owned by a wholly-owned
subsidiary of the Company and 30% owned by a state-owned
enterprise established in Guangzhou City, the PRC. Investment
in the Joint Venture is accounted for in the financial
statements of the Group using the equity method. The Group's
interest in the Joint Venture is 70% (2001 - 70%).

The share of profit of the Joint Venture and associate is stated
before taking into account the Group's share of income tax of
the Joint Venture and associate.

(3) The Group changed its accounting policy with respect to the
treatment of warranties for its tire products. Previously,
warranties were recognized in the financial statements of the
Joint Venture when incurred. The change in the accounting policy
is to be consistent with the treatment prescribed by Statement
of Standard Accounting Practice 28, Provisions, Contingent
Liabilities and Contingent Assets, where warranty cost is
accrued when the tires are sold. The warranty cost is accrued as
a provision, based on the historical trend of the warranty
claims. In changing from an expense to provision policy,
retrospective adjustments were made to the brought forward
balances, as if the provisions had been in effect throughout the
years. The change in the accounting policy had the following
effects on the financial statements of the Group:

        (i)   increase the profit after taxation for the current
year by HK$1,358,000;
        (ii)  reduce the profit after taxation for the previous
year by HK$1,463,000; and
        (iii) reduce the retained profits brought forward from 1
January 2001 by HK$6,637,000.

(4) The Company is listed on The Stock Exchange of Hong Kong and
the Australian Stock Exchange. The financial statements of the
Group are prepared in HK$ and Australian Dollar ("A$") for
purposes of the reporting requirements that apply in Hong Kong
and Australia. The financial statements of the Group denominated
in A$ have been prepared in accordance with all applicable
accounting standards issued by the International Accounting
Standards Committee (IASC), interpretations issued by the
Standing Interpretations Committee of the IASC. This represents
a change in the accounting policies adopted, where in previous
years, the financial statements of the Group were prepared in
accordance with all applicable Australian Accounting Standards,
other authoritative pronouncements of the Australian Accounting
Standards Board (AASB), Urgent Issues Group Consensus Views and
the Corporations Act, 2001.

The change in the adoption of International Accounting Standards
(IAS) has however no significant impact on the results of the
Group, as the accounting policies are substantially the same
under IAS and AASB.

(5) The comparative figures of the Group's results have been
restated to show the changes in accounting policies set out in
(3) and (4) above, the details of which are as follows:
                                                   As Previously
                                   As Restated     Reported
                                   HK$'000         HK$'000

        Turnover                         3,032         4,572
        Share of Profit of Associates    6,827         8,831
        Profit after Taxation & MI       3,161         4,624
        EPS - Basic                      3.0 cents     4.4 cents
        Profit after ETD Items           3,161         4,624
                                        ========================

(6) For better understanding of the Group's results, the results
of the Joint Venture for the current year together with the
comparative figures for the previous year are set out below:

                                                As Restated
                                        2002    2001
                                        HK$'000 HK$'000

        Turnover                        543,616 477,413
                                        ===============
        Profit from operations          12,159  16,122
        Finance cost                    (8,642) (9,541)
                                        --------------
        Profit before taxation          3,517   6,581
        Taxation                         (1,395) 773
                                        ------------
        Profit after taxation           2,122   7,354
                                        =============

(7) The calculation of the basic (loss)/earnings per share is
based on the consolidated loss after taxation of HK$8,119,000
(2001 - consolidated profit after taxation of HK$3,161,000) for
the current year and on 105,116,280 ordinary shares of A$0.20
each in issue during the current year.

There is no dilutive effect on the basic (loss)/earnings per
share for the current year and the previous year.

(8) With effect from 14 March 2003, the Registered Office of the
Company is situated at 43 Victoria Street, Hamilton HM 12,
Bermuda.

(9) The register of members will be closed on 25 April 2003 for
purposes of determining the members who are eligible to receive
the annual reports and to attend the ninth annual general
meeting.


YUEN KEE: Winding Up Hearing Scheduled April 16
-----------------------------------------------
The High Court of Hong Kong will hear on April 16, 2003 at 9:30
in the morning the petition seeking the winding up of Yuen Kee
Noodle Limited.

Li Sau Lin of Room 948, Sau Lam House, Tsui Lam Estate, Tseung
Kwan O, New Territories, Hong Kong filed the petition on March
3, 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.


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


BANK DANAMON: IBRA Hopes Share Price Jumps Above Book Value
-----------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has asked
bidders for Bank Danamon's shares to offer a price above the
shares' book value, Antara reports, quoting IBRA Chairman
Syafruddin Temenggung.

"The price-to-value ratio must be above one, if possible above
last BCA's ratio of 1 to 1. That is the standard we adhere to,"
Temenggung said, adding that any bidder considering to offer
below 1:1 had better not to continue its bid.

"Consortiums must be solid ones and consist of commercial banks
with financial good track records. We do not want to see
consortiums, which are actually a mere special vehicle with an
unclear origin. We do not like consortiums that borrow money
from local banks," he said.

So far, five consortiums have submitted preliminary bids for 51
percent of government shares in the bank, namely Artha Graha and
Gudang Garam consortium, Bhakti Capital Investama consortium,
Bhakti Investment Management, Singapore's Temasek and Deutsche
Bank consortium and Hong Kong Shanghai Bank Corporation
consortium.


BANK DANAMON: State Minister Suggests Divestment Delay
------------------------------------------------------
State Minister Kwik Kian Gie suggests to delay the divestment of
51 percent of the government's shares in Bank Danamon, Bisnis
Indonesia reports.

Kwik said that it was better for the government to delay
Danamon's divestment until the bank cleaned out its restructured
bonds worth Rp40 trillion and has independent capabilities to
generate profits.

"The authority is still in the government's hands as the owner
of the bank. The divestment can be started once the bank can
generate its own profits and use the funds to pay the
restructured bonds," Kwik said.

However, State Minister for Revenues and State Enterprises
Laksamana Sukardi said the government would continue the
divestment. He further said that credibility was one major
factor to select suitable investor.

"We will see how the bidders will provides the bank with added
value and what it is going to do with Bank Danamon," Sukardi
stated.

According to the plan, IBRA would announce the short-listed
investors for Bank Danamon this week.


INDOCEMENT TUNGGAL: Debt Buyback Concluded
------------------------------------------
PT Indocement Tunggal Perkasa Tbk has concluded its debt buyback
using the US$39.2 million of fund on hand, Bisnis Indonesia
reports, citing Danny Kasmara, Indocement Investor Relations
Officer.

"We made the buyback with the allocated US$ 39.2 million of
fund," adding that the company has managed to conclude the
program as scheduled.

Indocement relied on proceeds from divestment of subsidiaries -
PT Indominco Mandiri and PT Wisma Nusantara International - to
finance the buyback. Proceeds from the divestment plus
operational cash of US$7.97 million presents Indocement with
US$39,22 million of fund in its debt buyback account.

An unnamed analyst said the buyback would lessen the Company's
debt burden in the future. The higher discount it can get, the
more it can buy back its debt.

The Company made debt buyback of US$8.95 million last year with
discount of 29 percent, using the proceeds from divestment of
8.8 percent share in PT Citra Marga Nusaphala Persada Plc.

Indocement plans to allocate more fund for debt installment of
US$30 million this year, as it gained surplus in last year
operational cash and got proceeds from divestment of
subsidiaries.


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


ALL NIPPON: R&I Assigns BBB+ Rating
-----------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
following ratings of All Nippon Airways Co. Limited as follows:

Long-term Debt
Preliminary Rating for the Shelf Registration Scheme
ISSUE: Bonds to be Rated: Str. Bonds
Issue Amount (mn): Yen 200,000 (Shelf Amount)
Issue Period: Two years from Mar 26, 2002

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 16 Mar 25, 2003 Mar 25, 2009 Yen 10,000
Unsec. Str. Bonds No. 17 Mar 25, 2003 Mar 25, 2011 Yen 10,000

Senior Long-term Credit Rating: BBB+

Note/Financial covenants:

1) Negative pledge clause, which covers other unsecured domestic
bonds the firm issued or may issue in the future, except those
with a change of security status clause.

RATIONALE:

All Nippon Airways Co., Ltd. is one of Japan's major domestic
airlines. With the management integration of Japan Airlines Co.,
Ltd. and Japan Air System Co., Ltd., the number of competitors
in the domestic market has been reduced from three to two and
now the two groups each have a share of roughly half of the
domestic market. In the midterm, there is a likelihood that
pressure to discount prices will ease and competition will cool,
due to the reduction in the number of major operators. All
Nippon Airways will probably be able to maintain a strong
business base, particularly in the domestic market.
However, in the short term, competition will remain strong. Fare
discounting will unavoidably have a deteriorating effect on
profits while an increase in the burden of various advertising
campaign costs will exert pressure on earnings.

As an international airline, the Company has concentrated
business resources in investment in Narita Airport but it will
take some time before this investment will actually contribute
to earnings. With uncertainty over the Iraq situation
continuing, the business environment will remain difficult. R&I
foresees a situation where business will remain particularly
vulnerable to international and domestic competition as well as
the external environment and will watch to see what impact these
have on All Nippon Airways.


JAPAN OIL: Set to File for Sheltered Rehabilitation
---------------------------------------------------
Japan Oil Development Co. will file for court protection from
creditors on March 19, with an estimated debt of more than 400
billion yen, Japan Times said on Wednesday.

The oil development Company, which operates under the umbrella
of the government-affiliated Japan National Oil Corp., has
abandoned efforts to rebuild its operations on its own.

After reducing its debt, the Company is expected to integrate
its operations with Inpex Corp. and Sakhalin Oil Development
Cooperation Co. Japan Oil Development owns a 12 percent
concession on five oil fields off the coast of Abu Dhabi.

The Company booked a net profit of 11.4 billion yen on revenues
of 242.8 billion yen for the business year that ended December
31. But its financial standing has been deteriorating due to the
huge investment for acquiring the concession as well as interest
payments on heavy borrowings.

Company Profile:
Japan Oil Development Co., Ltd.
Established on February 22, 1973

Head Office
Kayabacho Tower
21-2, Shinkawa 1-Chome,
Chuo-ku, Tokyo 104-0033, Japan
Phone: +81-3-5541-3155
Telex: J26159 (AAB:NJODCO J26159)
Facsimile: +81-3-5541-3159
Cable: JAPOILDEV

CAPITAL

Authorized capital---380 billion Yen (38 million shares)
Paid-up capital----365.2 billion Yen (36.52 million shares)

SHAREHOLDERS:

Shareholders Amount in thousand Yen

Japan National Oil Corp.                  328,100,100
Overseas Petroleum Corp.                   17,318,400
ITOCHU Oil Exploration Co., Ltd.            3,090,400
Sumitomo Petroleum Development Co., Ltd.    3,090,400
Toyo Oil Development Corp.                  3,090,400
Fuyo Petroleum Development Corp.            3,090,400
Mitsui Oil Exploration Co., Ltd.            3,090,400
Mitsubishi Corporation                      3,090,400
Japan Petroleum Exploration Co., Ltd.         619,600
Teikoku Oil Co., Ltd.                         619,600

TOTAL:                                    365,200,000


KOBE STEEL: Combining Environmental Businesses
----------------------------------------------
Kobe Steel Ltd. plans to combine its environmental business with
the operations of its subsidiary, Shinko Pantec Co., in January
next year to strengthen its competitive edge as a group in the
field, Kyodo News said on Wednesday. The steel maker has
strengths in such areas as waste and wastewater treatment on the
back of a variety of waste-melting furnaces as well as advanced
technologies for sewage treatment, including sludge reduction.

TCRAP reported that Kobe Steel posted a group net loss of 28.52
billion yen in 2002 ending March 31 from a profit of 6.50
billion yen the previous year. The Shinagawa-ku, Tokyo-based
steel maker attributed the poor earnings to a hefty
extraordinary loss resulting from appraisal losses on securities
holdings amid the stock market slump and charges to cover
shortages in reserves for retirement benefits.

Kobe Steel Limited www.kobelco.co.jp/index_e_wi.htm is one of
Japan's leading steel makers and producers of aluminum and
copper products. Other businesses include welding consumables,
infrastructure and plant engineering, machinery, and real
estate.


MITSUBISHI MATERIALS: Expects Y23B Group Net Loss
-------------------------------------------------
Mitsubishi Materials Corporation expects a group net loss of 23
billion yen for the year to March 31 due to 18 billion yen in
appraisal losses on shareholdings, revising its net profit of 1
billion yen projected last November, according to Kyodo News.

It will be the second year in a row for the nonferrous metal
smelter to post a group net loss.


NEC CORP.: Strengthens Product for Fiber Optic Transceivers
-----------------------------------------------------------
NEC Corporation recently announced the introduction of new fiber
optic transceivers that will be displayed at the OFC 2003 show
in Atlanta. The three new breakthrough products are:

(1) The world's first 10Gbps optical transponder with built-in
semiconductor optical amplifier for 80km long-reach applications

(2) 2.5Gbps SFP transponder for 40km reach applications

(3) 1.25Gbps E-PON transceiver for optical access applications

The product features include:

1. 10Gbps optical transponder with built-in semiconductor
optical amplifier for 80km long- reach applications. (OD-J8967)

The product is the world's first 10 gigabit per second (Gbps)
optical transponder capable of long reach transmission to 80
kilometers that meets the Telcordia OC-192 LR-2b/ITU-T G.691 L-
64.2b specification and is compliant with the mechanical and
electrical standards of the 300-pin Multi-Source Agreement (MSA)
for 10Gbps optical transponders.

The new 104mm x 89mm x 16mm (4in x 3.5in x .63in) component is
expected to bring about a significant reduction in the size and
cost of long reach transmission systems, as the need for
external optical amplifiers such as erbium-doped fiber
amplifiers (EDFA) or additional passive dispersion compensation
devices is eliminated.

The critical breakthrough in the transponder is a fully
integrated transmitter module that is comprised of a modulator-
driver chip, an EML chip (electro-absorption modulator
integrated DFB-laser) and Genoa's new second-generation single-
chip linear optical amplifier (LOA), all combined on a common
substrate. The LOA loaded optical module was jointly developed
by NEC and Genoa Corporation (URL: http://www.genoa.com/).

A live demonstration of long reach transmission using the
transponder will be conducted at the upcoming OFC '2003 exhibit
at Atlanta in USA, March 25-27 (Booth#3152).

The new product will be sold worldwide. Volume production of the
product will begin in May, 2003. NEC is targeting sales of more
than 2000 10Gps transceiver module units over the next 2 years.

2. 2.5Gbps SFP transponder for 40km reach applications (OD-
J8842)

This product consists of a compact 2.5 gigabit per second (Gbps)
optical transponder packaged in an SFP (small form factor
pluggable) module, capable of long reach transmission to 40
kilometers that meets the Telcordia OC-48 LR-1/ITU-T G.957 L-
16.1 specification and is ideally suited for Metro applications.

The new 56.5mm x 13.5mm x 8.5mm component makes possible a
significant reduction in the size and cost of long reach
transmission systems.

The critical breakthrough in the transponder is a fully
integrated transceiver module that is comprised of a high
sensitivity APD (avalanche photodiode) essential for long
distance transmission, its bias generation circuits and bias
control circuits.

The new product will be sold worldwide. Mass production of the
product will begin in April 2003. NEC is targeting sales of the
2.5Gbps to exceed 20,000 units within the next 2 years.

3. 1.25Gbps E-PON transceiver for optical access applications
(OD-B1222-N21, OD-B1222-L21)

The products are transceiver modules for optical network unit
(ONU) and optical line terminal (OLT), suitable to Ethernet PON
systems. NEC has started sample delivery of these transceiver
modules to PON system equipment vendors.

The critical breakthrough in the transceiver modules is a fully-
integrated transceiver module that is comprised of planar
lightwave circuits with WDM function loaded with a LD and a PD
by its passive alignment technique, essential for mass
production at low cost. The modules are also loaded with a
burst-mode transmitter LSI and a burst-mode receiver LSI
designed and developed by NEC for high-speed data transmission
at 1.25Gbps.

The new product will be sold worldwide. Mass production of the
product will begin in June 2003. NEC expects to ship more than
150,000 units of all PON transceivers, including existing
products, within a year.

"Conforming transponders that meet the Telcordia OC-192 LR-
2b/ITU-T G.691 L-64.2b specification for high-optical-loss 80km,
long reach, applications have been unavailable without external
amplification of the optical signal. By incorporating Genoa's
new, high-power, linear optical amplifier directly into the
module, we overcame this problem." stated Keiichi Takahashi,
general manager of NEC Corporation's Fiber Optic Devices
Division. "Our new 10Gbps optical transponder now enables us to
offer approximately 20 percent less power consumption, 50
percent smaller size and lower-cost, than our conventional ones
in a simple, easy-to-use, industry-standard form factor."

"Also conforming SFP transceivers that meet the Telcordia OC-48
LR-1/ITU-T G.957 L-16.1 specification for high-optical-loss
40km, long reach, applications have been difficult thus far. By
incorporating high sensitivity APD and miniaturization of bias
generation and bias control circuits based on our high density
mounting technology, we overcame this problem," Takahashi
commented. "Our new 2.5Gbps optical transponder now enables us
to offer 60 percent less power consumption, 75 percent smaller
size and lower-cost, than our conventional ones in a simple,
easy-to-use, industry-standard SFP."

"With increasing demand for broadband access networks, the
optical access systems business is expected to grow rapidly. The
Ethernet PON system is one of the most promising systems among
various optical access systems, and is now under standardization
process in the IEEE," Takahashi said. "Our new 1.25Gbps optical
transceivers now offer one of the best solutions as transceivers
for such Ethernet PON systems."

The new products are another example of NEC's quality design and
their addition to NEC's existing lineup is expected to enable
NEC to further expand its optical components sales worldwide.

Product Features

(1) 10Gbps optical transponder with built-in semiconductor
optical amplifier for 80km long- reach applications. (OD-J8967)
- Compliant with 300-pin MSA for both electrical performance and
mechanical requirements
- Meets Telcordia OC-192 LR-2b / ITU-T G.691 L-64.2b
specification for long reach (80km at 1.55m)
- Fully integrated, internally cooled EML module, built-in
modulator driver IC and linear optical amplifier (LOA) chip
- Built-in 16:1 MUX and 1:16 DEMUX
- Compact size: 104mm x 89mm x 16mm
- Operating case temperature (Tc): -5C to 70C
- Power consumption: 8.0W (Tc=25C), 12.0W(Tc=70C)

(2) 2.5Gbps SFP transponder for 40km reach applications (OD-
J8842)
- Meets Telcordia OC-48 LR-1 / ITU-T G.957 L-16.1 specification
for long reach (40km at 1.3 m)
- Fully integrated, uncooled DFB-LD module, built-in APD
receiver circuits
- Built-in digital diagnostic function
- Compact size: 56.5mm x 13.5mm x 8.5mm
- Operating case temperature (Tc): 0C to 75C
- Power consumption: 1.0W (Tc=25C), 1.2W(Tc=75C)

(3) 1.25Gbps E-PON transceiver for optical access applications
(OD-B1222-N21)
- Bit rates: 1.25Gbps burst-mode transmitter at 1.3 m, 1.25Gbps
continuous-mode receiver at 1.5 m
- Transmitter response time for burst signal: less than 16bits
for rise time, less than 1bit for fall time
- Compact size: 55mm x 40mm x 8.5mm
- Operating case temperature (Tc): -40C to +85C
- Power consumption: 1.4W (worst condition)

(OD-B1222-L21)
- Bit rates: 1.25Gbps continuous-mode transmitter at 1.5 m,
1.25Gbps burst-mode receiver at 1.3 m
- Receiver response time for burst signal: less than 24bits
recovery time
- Compact size: 55mm x 36mm x 10mm
- Operating case temperature (Tc): 0C to +70C
- Power consumption: 2.0W (worst condition)

NEC Corporation www.nec.com is one of the world's leading
providesrs of Internet, broadband network and enterprise
business solutions dedicated to meeting the specialized needs of
its diverse and global base of customers. Ranked as one of the
world's top patent-producing companies, NEC delivers tailored
solutions in the key fields of computer, networking and electron
devices, through its three market-focused, in-house companies:
NEC Solutions, NEC Networks and NEC Electron Devices. NEC
Corporation employs more than 140,000 people worldwide and had
net sales of approximately $39 billion in the fiscal year ended
March 2002.

NEC Corporation will dissolve its two in-house companies and
merge their operations in nine business divisions to cope better
with growing overlap between the computer and telecommunications
markets, the Troubled Company Reporter-Asia Pacific reported
recently. The divisions will deal with such sectors as system
services and mobile infrastructure.

The computer maker, which posted a record loss of 312 billion
yen in the year to March, had planned to sell shares in the unit
to raise money to shrink its 2.1 trillion yen of debt.

Contact:
NEC Corporation
Daniel Mathieson
d-mathieson@bu.jp.nec.com
+81-3-3798-6511


SHOWA SHELL: Moody's Cuts Showa Shell Outlook To Negative
---------------------------------------------------------
Moody's Investors Service has changed the Baa1 senior unsecured
debt-rating outlook of Showa Shell Sekiyu K.K. (Showa Shell) to
negative from stable.

The rating outlook change is prompted by Moody's concern that
Showa Shell's ability to continue to improve its operating
performance, which is needed to support its Baa1 rating, may be
constrained in the intermediate term despite the Company's
rationalization efforts.

The oil industry's consolidation and restructuring efforts to
reduce overcapacity in refining facilities and distribution
networks have not resulted in desired positive impact as
expected. Moody's is also concerned that the additional
restructuring measures currently reported may not lead to
substantial improvements in the industry's profitability.

The arising risk of war in the Middle East may further pressure
Showa Shell's profit margins. Moody's will continue to assess
Showa Shell's strategies to improve its financial profile under
such operating environment, in addition to a continuously weak
domestic economy.

Showa Shell Sekiyu K.K., headquartered in Tokyo, is one of the
major oil refiners and distributors in Japan.


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


CHOHUNG BANK: May Complete Government Stake Sale by Mid-April
-------------------------------------------------------------
The Korean government will likely complete the sale of its 80.04
percent stake in Chohung Bank (CHB) around the middle of April,
an official at the Ministry of Finance and Economy said
yesterday. The Shinhan Financial Group will soon begin final
negotiations with the Korea Deposit Insurance Corp. (KDIC) to
acquire the government stake, which will likely end around mid-
April.

The government, however, will stick to Shinhan Financial's
original offering price of its bank stake, although CHB's share
price has plunged recently due to unstable economic conditions,
the report said.


HYUNDAI HEAVY: Exhibits New Electronically-Controlled Engine
------------------------------------------------------------
Hyundai Heavy Industries (HHI) and Swiss engine maker Warsila of
Switzerland co-hosted a "Customer Day" event to exhibit their
new series of electronically controlled Sulzer RT-flex low speed
marine diesel engines on March 6, 2003.

The exhibition was held in audience of representatives from
classification societies and shipyards as well as 150 related
parties at HHI to make a presentation of the new model and
demonstrate the official shop test of its 22,470bhp
electronically-controlled engine (Model: HYUNDAI-SULZER 7RT-
flex60C), which will be equipped on the Chinese-Polish Joint
Stock Shipping Co.'s (Chipolbrok) 1,100TEU container ship. The
new engine awaiting delivery to Shanghai shipyard in China is a
next generation artificially intelligent electronically
controlled engine developed by Wartsila for the first time in
the world.

The Sulzer RT-flex system has the benefits of electronically
controlled common-rail fuel system such as fuel-savings,
environmental friendliness with up to 55% reduction in
emissions, and steady running of the engine at various speeds.

The first of these engines, 17,340bhp electronically-controlled
engine (Sulzer 6RT-flex58T-B), developed by HHI under license
with Wartsila in 2001, has been in service in the US Gypsum
Transportain's bulk carrier, logging 5,300 operation hours with
excellent results.

Following the introduction of electronically controlled engines,
shipowners have shown preferences for these engines, with HHI
having already received orders for five.

In accordance with the current trend, HHI will expand its
production of engines from 20,000-30,000bhp to 80,000bhp by
supplementing its engine technology.

At the exhibition, HHI also drew positive interests from
participants as its in-house developed Hyundai HiMSEN engine,
marine pump and other marine-related products were on display.

The press release is located at
http://www.hhi.co.kr/English/default.html


HYUNDAI HEAVY: Unveils 29th Stockholders Meeting
------------------------------------------------
The 29th Annual Stockholders' Meeting (ASM) of Hyundai Heavy
Industries Co. (HHI) was held in the Hanmaeum Center with 500
people in attendance, a Company press release said on Wednesday.

At the meeting HHI announced to achieve its management goal for
this year via healthy growth, technological superiority, harmony
and cooperation. By newly appointing outside directors and
members of audit committee, HHI has built responsible management
system focused on the board of directors.

Five bills including approval of financial statement were passed
under the optimistic atmosphere during the two-and-a-half hour
meeting. This shows the stockholder's strong expectation to HHI
as a global leader in the heavy industries after its
disaffiliation from the Hyundai Group.

Hyundai Heavy Industries Co. revised last year's net income to a
loss of 245.4 billion won ($206 million) to reflect losses from
its stake in Hynix Semiconductor Inc., the Troubled Company
Reporter-Asia Pacific reported in February.

The Company reflected losses of 408.2 billion won from its Hynix
holding, compared with only 174 billion won when it reported a
preliminary net income last month. The wider Hynix losses pushed
the shipbuilder to a net loss from a profit, the shipbuilder
said in a statement.

For more information, go to
http://www.hhi.co.kr/English/default.html


SK GLOBAL: Domestic Debts Valued at W6.6 Trillion
-------------------------------------------------
Creditors of SK Global, the trading unit of the SK group,
revealed that the Company has total debts of 6.6 trillion won
within South Korea, Digital Chosun reports. Creditors also said
that the estimated value of the real-estate products, shares and
bonds that SK Global offered for its self-rescue plan reached
1.5 trillion won.

Of the 6.6 trillion won of debt, SK Global owed 5.24 trillion
won to banks, 204.6 billion won to foreign banks based in Korea,
and 1.13 trillion won to non-banking financial organizations,
the report said. All creditor actions on their exposure to SK
Global are to be suspended for three months starting March 19,
in accordance with corporate restructuring rules.


SK GLOBAL: Lenders Discuss $5.4B Debt Freeze
--------------------------------------------
Creditors of SK Global Co. will meet on March 19 to decide
whether to freeze $5.4 billion of its debt for the next three
months to keep it afloat, Reuters said Tuesday.

The Company is at the center of a $1.2 billion accounting fraud
that rocked Korea last week. The creditors would decide on a
three-month reprieve on the repayment of 6.7 trillion won ($5.4
billion) in liabilities SK Global owed to domestic financial
institutions and local branches of foreign banks, main creditor
Hana Bank said. Interest would be paid as usual during the
freeze. Hana added that local creditors had started to meet
payments on maturing overseas debt, following redemption calls
from foreign lenders.

The banks would also set up a steering committee made up of 11
domestic creditors and select an outside financial adviser to
lead talks with foreign lenders on the restructuring.

DebtTraders reports that SK Corp.'s 7.500% bond due in 2006
(YUKO06KRN1) trades between 76 and 86. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=YUKO06KRN1


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


AKTIF LIFESTYLE: KLSE Grants Requisite Announcement Extension
-------------------------------------------------------------
Southern Investment Bank Berhad, on behalf of Aktif Lifestyle
Corporation Berhad, had on 22 January 2003, submitted an
application to the KLSE for a further extension of time for a
period of three (3) months from 7 February 2003 to 7 May 2003
for Aktif to make a requisite announcement which contains
detailed plans, the implementation of which will enable Aktif to
regularize its financial condition (Requisite Announcement).

Southern Investment announced on behalf of the Board of
Directors of Aktif, that the Company had received on Wednesday a
letter dated 17 March 2003 from the KLSE approving the extension
of time to make the Requisite Announcement from 7 February 2003
to 7 May 2003.

Last month, Troubled Company Reporter - Asia Pacific reported
that the Company is still in negotiations with RHB Bank Berhad
and OCBC Bank (Malaysia) Berhad to restructure the facilities in
conjunction with a proposed scheme to regularize its financial
affairs.


BUKIT KATIL: SC Grants Proposed Bonus Issue Approval
----------------------------------------------------
Reference is made to the announcement on the Proposed Bonus
Issue made on behalf of the Board of Directors of Bukit Katil
Resources Berhad (Board) by Southern Investment Bank Berhad
(SIBB) on 16 October 2002.

On behalf of the Board, SIBB is pleased to announce that the
Securities Commission (SC) had via its letter dated 17 March
2003 approved the Proposed bonus issue of 22,050,000 new
ordinary shares of RM1.00 each in BKRB credited as fully paid-
up, on the basis of one (1) new BKRB Share for every two (2)
existing BKRB Shares as follows:

   i) Bonus Issue of 22,050,000 new ordinary shares of RM1.00
each in BKRB (BKRB Shares) on the basis of one (1) new share for
every two (2) existing shares held, to be capitalized from the
following accounts, which could be found at
http://bankrupt.com/misc/TCRAP_Bukit0320.gif.

   ii) The listing of and quotation for the 22,050,000 new BKRB
Shares to be issued pursuant to the Proposed Bonus Issue.

The above approval of the SC is subject to SIBB/BKRB complying
with requirements in relation to the implementation of the
Proposed Bonus Issue as set out in the SC's Policies and
Guidelines on Issue/Offer of Securities.

The shareholders of BKRB at the extraordinary general meeting
held on 27 February 2003 approved the Proposed Bonus Issue.


HO WAH: Placement Shares Fixed at RM1.00 Per Share
--------------------------------------------------
The Board of Directors of Ho Wah Genting Berhad intends to make
available up to 10% of its issued and paid up share capital to
identified investors in tranches as and when investors are
identified. The second tranche of the Proposed Private Placement
will entail a placement of 3,800,000 Placement Shares.

The Board of Directors of HWGB has, on 18 March 2003, fixed the
price of the 3,800,000 Placement Shares at RM1.00 per share,
being the par value of the shares. The price of RM1.00
represents a premium of 46.2% over the five (5)-day weighted
average market price up to 17 March 2003 (being the latest
practicable date prior to the price fixing date) of RM0.684.
This is in compliance with the Securities Commission's
guidelines which require that the placement shares be priced at
a discount of not more than 10% from the five (5)-day weighted
average market price of HWGB shares prior to the price fixing
date or RM1.00, the par value of the shares, whichever is
higher.

On July last year, the Troubled Company Reporter - Asia Pacific
reported that the Ministry of International Trade and Industry
(MITI) has, approved HWGB's application for the Proposed Private
Placement of up to 10 % of the Issued and Paid Up Capital of
HWGB. The MITI approval is subject to these conditions:

   (a) Approval be obtained form FIC for the Proposed Private
Placement. (obtained on 27 March 2002).

   (b) Approval be obtained from the SC for the Proposed Private
Placement. (obtained on 17 April 2002).


KSU HOLDINGS: Providess Additional Material Litigation Info
----------------------------------------------------------
In reply to Query Letter by KLSE reference ID: NM-030314-36234
on the following matters:

   i) Commencement of litigation against the vendors of shares
in Earnest Equity Development Berhad (EEDB) and the vendors of
shares in Kembangan Alam Berhad (KAB) pursuant to the various
share sale agreements entered into as part of the scheme for
restructuring of May Plastics Industries Berhad (MPI)
(Litigation Against Vendors of Shares in EEDB and KAB)

   ii) Legal proceedings by Ban Guan Hin Realty Sdn Bhd (BGHRSB)
against EEDB, KSU Holdings Berhad (KSU), Abaco Estates Sdn Bhd
(AESB) and Kumpulan Sepang Utama Sdn Bhd (KSUSB) (Legal
Proceedings by BGHRSB)

KSU Holdings Berhad, submitted the following information
relating to the respective announcements:

Litigation Against Vendors of Shares in EEDB and KAB

   The principal effects of the reliefs asked for under this
suit are as follows:

     a. That the shares issued by KSU pursuant to the various
share sale agreements signed with the respective vendors of
shares in EEDB and KAB be returned to KSU;

     b. That the Court should direct if these shares, 18,386,500
KSU shares issued for the EEDB acquisition and 11,863,000 KSU
shares for the KAB acquisition, be cancelled and the KSU share
register be rectified accordingly;

     c. That the ownership of KSUSB and KAB be vested with the
vendors of shares in EEDB and KAB, thereby leaving the ownership
of EEDB (which owns the 1,010-acre land (the "Abaco Land")
acquired from BGHRSB) with KSU;

     d. That in the alternative, the Abaco Land be transferred
to KSU and the vendors of shares in EEDB and KAB be vested with
full ownership of EEDB.

The financial effects of the above would result in KSU issued
share capital being reduced by 30,249,500 shares and KSU's
investment in subsidiaries would be reduced by RM30,249,500. At
the KSU Group accounts level the investment in EEDB and KAB
would be reduced by RM43.986 million as per the accounts at 31
December 2001. In the alternative, KSU would own the Abaco Land
directly with a cost of RM178,093,000. Operation-wise, KSU would
not have to deal with the disastrous financial state of KSUSB,
and it would thus leave KSU to concentrate on its development of
the Abaco Land. However, in the event that the ownership of EEDB
rests with KSU, KSU would have to seek legal advice on the
legality of the corporate guarantee given by EEDB to Malaysian
Building Society Berhad (MBSB) in respect of an additional RM26
million bridging loan facility given by MBSB to KSUSB.

Legal Proceedings by BGHRSB

   In its suit, BGHRSB has sought a declaration that it has
validly rescinded its sale of the Abaco Land under the Land
Agreements and the Share Sale Agreements under the Rescue cum
Restructuring Scheme of May Plastics Industries Berhad as the
said agreements were tainted by material fraud and/or
misrepresentations.

   If the suit is successful, BGHRSB would re-claim full
ownership of the Abaco Land and would make a return of
54,998,541 KSU shares itself, together with a return of
61,486,462 KSU shares by various Renouncees under various
renounciation agreements forming part of KSU listing exercise,
to EEDB. The return of the 61,486,462 KSU shares is part of the
relief that BGHRSB has sought in its suit. Operation-wise, KSU
would be left with no viable operation as KSUSB is in a
disastrous financial state.

   As a result of these various suits, KSU has now to study in
its entirety the validity of the Rescue cum Restructuring Scheme
of May Plastics Industries Berhad as originally conceptualized.

Below is the KLSE's Query Letter content:

We refer to the your Company's announcements on Litigation
Against Vendors of Shares in EEDB and KAB and Legal Proceedings
by BGHRSB dated 5 and 7 March 2003 respectively.

In this connection, kindly furnish the Exchange with the
following information for public release:

1. The operational and financial impact on the group, if any,
arising from the Litigation Against Vendors of Shares in EEDB
and KAB and Legal Proceedings by BGHRSB respectively.

Kindly furnish the Exchange with your reply within two (2)
market days from the date hereof.

Yours faithfully,
INDERJIT SINGH
Senior Manager
Listing Operations
IS/WSW/NMA


KUALA LUMPUR: Unit JMSB Faces Winding Up Over Unpaid Debts
----------------------------------------------------------
The Special Administrators of Kuala Lumpur Industries Holdings
Berhad announced that Jiwa Murni Sdn Berhad (JMSB), a wholly-
owned subsidiary of the Company, has on 13 March 2003 received a
Notice pursuant to Section 218 of the Companies Act, 1965 dated
13 March 2003.

The Notice was served by Messrs S.C. Yong & Associates, the
solicitors for United Soil Engineering Sdn Bhd (USESB) whereby
JMSB is required to pay or secure or compound to the
satisfaction of for USESB the sum of RM8,176.60 together with
interest thereon within three (3) weeks from the date of receipt
of the Notice, failing which JMSB shall be deemed to be unable
to pay the debts and appropriate action will be taken for the
winding-up of JMSB.


LONG HUAT: Winding Up Petition Hearing Adjourned to May 5
---------------------------------------------------------
Long Huat Group Berhad refers to the Winding-up Petitions
against LHuat by HSBC Bank (Malaysia) Berhad, which was fixed
for Mention on 7th March 2003.

The solicitor, Messrs T.A Fadzil, Hairul & Associates, had
informed that the Mention date has been adjourned to 5th May
2003.

The Troubled Company Reporter - Asia Pacific reported on August
last year that the claim in the winding-up petition on L.Huat
was in relation to the overdraft facility and term loan granted
by HSBC to Long Huat Marketing Sdn Bhd (LHM), a wholly-owned
subsidiary of L.Huat. The loan facilities were secured by inter-
alia, a corporate guarantee by L.Huat for a sum not exceeding
RM8.2 million.


LONG HUAT: Winding-Up Petition Sought by Exim Bank
--------------------------------------------------
Long Huat Group Berhad announced that Export-Import Bank
Malaysia Berhad had served the Company with winding-up petition
on 20th February 2003.

The petition was served on LHuat as the guarantor for the amount
outstanding under a bank facility to Long Huat Furniture Sdn Bhd
(LHF), which had been defaulted.

The details of the winding-up petition are as follows:

   1) Date of presentation of the winding-up petition

The winding-up petition was presented at the Kuala Lumpur High
Court on 20th February 2003 by Exim Bank's solicitors Messrs
Abdul Raman Saad & Associates and will be heard at the Kuala
Lumpur High Court on 23rd April 2003.

   2) Particulars of the claim and amount

According to the petition, the sum due and amount owing to Exim
Bank of approximately RM143,000 in respect of the guarantee by
LHuat to LHF under a banking facility of LHF which had been
defaulted, was in relation to a judgment dated 31st May 2002
obtained against LHuat in the proceeding of Kuala Lumpur Section
Court.

   3) Details of the Default

LHuat is a guarantor pursuant to a banking facility granted to
LHF. The petitioner had obtained a final judgment against LHuat
in the Kuala Lumpur Section Court on 31st May 2002.

From the time the final judgment was entered, no payment has
been made either by LHuat. Accordingly, Exim Bank had on 20th
February 2002 via Messrs Abdul Raman Saad & Associates served
the winding-up petition against LHuat.

   4) Details of LHuat

LHuat is an investment holding company, which has various
subsidiaries, which were previously involved in the
manufacturing of timber moldings, veneer, veneer wrapped
moldings, furniture parts, furniture and trading of shoes. It
was listed on the Second Board of Kuala Lumpur Stock Exchange
with an authorized and issued paid-up capital of RM50,000,000
and RM37,344,000, respectively.

   5) Financial and Operation Impact

The winding-up process would not have a material impact on the
financials and operations of LHuat since the LHuat Group had
ceased its business operations.

   6) Expected losses

There is no further expected material loss to LHuat save for
legal costs and other costs related to the winding-up
proceedings.

   7) Steps taken and proposed in respect of the winding-up
petition

The Board of Directors of LHuat is in the process of instructing
its solicitors to set aside the petition against LHuat as it is
in the process of restructuring the Company for the purpose to
regularize the financial position of the Company.


MBF CAPITAL: PM Securities Appointed as Independent Adviser
-----------------------------------------------------------
PM Securities Sdn Bhd announced that the Securities Commission
(SC) had, via its letter dated 14 March 2003, approved the
appointment of PM Securities as the Independent Adviser of MBf
Capital Berhad, in relation to the proposed exemption to Leisure
Holiday Holdings Sdn Bhd from its obligation to extend a
mandatory offer for the remaining ordinary shares in Perfect
Utilization Sdn Bhd (PUSB) arising from the exercise of the put
and call options for up to 13,332,000 ordinary shares of RM1.00
each in PUSB (Proposed Exemption).

PM Securities' appointment is pursuant to the SC's letter of
approval dated 30 December 2002, whereby the SC had requested
for the appointment of a competent Independent Adviser to advise
the independent shareholders of MBf Capital/PUSB on the Proposed
Exemption in accordance with sub-sections 5(b)(i) and (iv) of
the Practice Note 2.9.1 of the Code on Take-Overs and Mergers,
1998.


MISC AGENCIES: Under Voluntary Winding Up, Appoints Liquidator
--------------------------------------------------------------
Malaysia International Shipping Corporation Berhad informed that
the Members' Voluntary Winding Up proceeding of MISC Agencies
(Trengganu) Sdn. Bhd. (MISAC), 100% owned subsidiary of the
Corporation through MISC Agencies Sdn. Bhd. commenced on 17
March 2003.

The Members' Voluntary Winding Up proceeding is part and parcel
of the MISC Group's Transformation & Restructuring exercise to
streamline its operations and focus on its core business.

En Chong Chee Fern, Manager Management Accounts was appointed
the liquidator for the winding up of MISAC on 17 March 2003.


MOL.COM BERHAD: Trade Restriction Lifted
----------------------------------------
The trade restriction in the form of full payment before
purchase on the securities of Mol.com Berhad will be uplifted as
the Company is currently implementing a rights issue pursuant to
its restructuring scheme to regularize its financial condition
in accordance with Practice Note No 4/2001, effective from 9:00
am Wednesday, 19 March 2003.

COMPANY PROFILE

The Company is principally involved in providing engineering and
contracting services for electrical and theatrical machinery and
apparatus; distribution of electrical products; and manufacture
and trading of fluorescent lighting and lamps, wires and cables.
The bulk of its trading stocks and a major part of its product
components are imported. Operations are located in Subang Jaya,
Kota Bharu, Penang, Johor Bahru, Senawang and Klang. The Group's
products are sold locally.

In early 2000, the Company began to invest in Internet
companies. The main business, MOL Online Sdn Bhd (popularly
known as Malaysia Online), serves as an aggregator site for the
Company's contents and streamlines its branding strategy.
Following the acquisition of various other Internet- related
businesses, the Company changed name to MOL.Com to better
reflect its strategic shift towards investments in IT
particularly related to the Internet and its objective to become
a major Internet incubator.

During FYE 30 June 2001, the Group consolidated and streamlined
its operations in both the industrial products and ICT sectors
to strengthen its financial position through the disposal of :
100% equity stake in LKH Lamps Sdn Bhd, 51% equity stake in
Dijaya Ceil Sdn Bhd, freehold land and building, plant and
machinery and stocks in LKH Wires & Cables Sdn Bhd and 41% in
Mcities.com Sdn Bhd.

Due to losses incurred by the Group up to 31 December 2001,
shareholders' funds after excluding reserves on consolidation
are in deficit by RM31.7m. The Company on 18 April 2001
announced, inter-alia, a rights issue of two for one at par,
which will result in an issue of approx. 150,674,600 shares,
raising RM150,674,000. The application is pending approval from
the relevant authorities. Completion of the rights issue will
significantly strengthen the financial position of the Group. As
at 31 December 2001, Tan Sri Dato' Tan Chee Yioun (TSVT), the
major controlling shareholder of the Company, has advanced
principal amount of RM125.05m to the Group. TSVT has indicated
that the whole of these advances will be applied towards the
subscription of his entitlement of the rights issue and has
further stated his intention to subscribe for any remaining
rights shares that are not taken up by other shareholders.


PRO FUTURES: Ceasing Business Operations April 8
------------------------------------------------
Pro Futures Sdn Bhd (Pro Futures) (60255-U), is a wholly owned
subsidiary of Welli Edible Oil Sdn Bhd (45515-V), a wholly owned
subsidiary of Fourseason (Malaysia) Berhad (Fourssn) (246388-W).

Pro Futures will cease its futures trading business operation
with effect from 18 April 2003.

Information

Pro Futures is principally engaged as licensed futures brokers
in the Malaysian Derivatives Exchange mainly trading in crude
palm oil futures. It has an authorized capital of RM5.0 million
with an issued of RM3.6 million and paid-up capital of RM2.5
million.

Rationale

In view that there is no long term prospect in continuing its
futures trading business, the Board of Directors of Pro Futures
therefore has recommended for the Cessation.

Financial Effects

The Cessation does not significantly affect the earning per
share of Fourssn for the financial year ending December 31,
2003.

However, the directors of Fourssn are of the opinion that the
cessation of Pro Futures will enable the group to focus on its
core business and that it is in the best interest of the company
and the group.


SATERAS RESOURCES: Changes Registered Address
---------------------------------------------
Sateras Resources (Malaysia) Berhad posted this notice:

Change description : Correspondence
Old address        : Office Suite 19-17-1, Level 17
                     UOA Centre 19 Jalan Pinang
                     50450 Kuala Lumpur
New address        : Business Suite 19A-11-3, Level 11,
                     UOA Centre, 19 Jalan Pinang,
                     50450 Kuala Lumpur
Name of Registrar  :
Telephone no       : 03-21625288
Facsimile no       : 03-21618529
E-mail address     : Nil
Effective date     : 18/03/2003

COMPANY PROFILE

The Company's (SRM) principal activity prior to 1984 was the
manufacture and sale of PVC resins and compounds. SRM
diversified into property investment in November 1982 with the
acquisition of Development Securities (DSSB), which owned an
office building known as Bangunan Sateras. A year later, with
the acquisition of Sarawak Motor Industries Bhd (SMI), the
Company became involved in timber operations and property
development, and held contracts to assemble Hino and other heavy
commercial vehicles as well as franchises to assemble and sell
Toyota land cruisers, Toyota Dyna and BMW passenger cars.
Subsequently, SRM transferred its PVC manufacturing operations
to then subsidiary Industrial Resins (Malaysia) Sdn Bhd (IRM),
transforming itself into an investment holding company. However,
due to shrinking business and non-renewal of timber licenses,
SRM disposed of SMI, Bangunan Sateras and IRM between 1988-89.

In searching for new a earnings base, SRM later branched into
the manufacture and sale of water meters, fishing, industrial
and agricultural nets, ropes, twines and rice husk boards as
well as cocoa planting, education, leisure, property and
information technology. Among the property projects associated
with the Group are the Hefei World Trade Center in China, the
18-hole Serendah Golf Resort and a mixed-development project in
Johor known as Cosmo City. In education, SRM holds a stake in
Kolej WIT Sdn Bhd (formerly known as WIT Education Holdings Sdn
Bhd) and Goon Institution Sdn Bhd. Meanwhile, SRM teamed up with
an Australian-incorporated company to jointly operate,
commercialize, promote and develop an electronic cash system
known as CYBANK, which offers commerce transactions on the
Internet.

Due to the recession, SRM has proposed a debt-restructuring
scheme, which has received approval-in-principle from 70% of its
creditors and financial institutions. The scheme proposed a
debts-for-equity swap with 12% accrued interest up to the date
of share issuance. In September 1999, the debt-restructuring
scheme was approved by the FIC and MITI while the SC's approval
was obtained in April 2000. On 7 November 2001, the SC approved
variations to the proposals and a further extension of time to
27 April 2002 for completion of the proposals. The proposals are
currently pending shareholders' approval at an EGM to be
convened.

CONTACT INFORMATION: 46th Floor, Empire Tower City
                     Square Center
                     182 Jalan Tun Razak
                     50400 Kuala Lumpur
                     Tel : 03-2625288
                     Fax : 2618529


SENG HUP: FIC Extends Time to Meet 30% Bumputera Shares
-------------------------------------------------------
Seng Hup Corporation Berhad (Special Administrators Appointed)
refers to the announcement made on 9 September 2002 (Requisite
Announcement) and 30 December 2002 by AmMerchant Bank Berhad
(AmMerchant Bank) on behalf of the Company with regards to the
Proposed Restructuring Exercise, which is comprised of:

   (i) Proposed acquisition by Salcon Sdn Bhd (SSB or Newco) of
the entire issued and paid-up share capital of SHCB involving
the issuance of 833,250 new ordinary shares of RM0.50 each in
SSB (SSB Shares) at an issue price of RM0.50 per SSB Share to
the existing shareholders of SHCB on the basis of one (1) new
SSB Share for every twenty four(24) ordinary shares of RM1.00
each in SHCB (SHCB Shares) held (Proposed Share Exchange);

   (ii) Proposed acquisition by SSB of the entire issued and
paid-up share capital of Salcon Engineering Berhad (SEB)
comprising 20,000,000 ordinary shares of RM1.00 each (SEB
Shares) from Kumpulan Emas Berhad (KEB), Mampu Alam Sdn Bhd
(MASB) and Eminent Triumph Sdn Bhd (ETSB) (collectively known as
SEB Vendors) for a total consideration of RM80,198,000 to be
satisfied by the issuance of 160,396,000 new SSB Shares at an
issue price of RM0.50 per SSB Share (Proposed Acquisition);

   (iii) Proposed public issue by SSB of 29,200,000 new SSB
Shares at an indicative issue price of RM1.20 per SSB Share to
the eligible directors and employees of SEB group of companies
and the public (Proposed Public Issue);

   (iv) Proposed offer for sale / placement by SEB Vendors of
17,920,000 SSB Shares to the public and potential investors at
an indicative offer price of RM1.20 per SSB Share (Proposed
Offer For Sale / Placement);

   (v) Proposed debt settlement to SHCB's respective creditors
for the outstanding debts due from SHCB to such creditors (SHCB
Creditors)(Proposed Debt Settlement);

   (vi) Proposed transfer of listing status of SHCB on the
Second Board of the KLSE to SSB (Proposed Transfer of Listing
Status);

   (vii) Proposed disposal of the entire issued and paid-up
share capital of SHCB to a special purpose vehicle (SPV) for a
consideration of RM1.00 and the subsequent liquidation of SHCB
and all of its subsidiaries (Proposed Disposal of SHCB to SPV);

   (viii) Proposed transfer of SSB Shares to the Main Board of
the KLSE (Proposed Transfer to Main Board); and

   (ix) Proposed Employee Share Option Scheme (Proposed ESOS).

   (x) The listing of and quotation on the Main Board of the
KLSE for the following:

     (a) The entire enlarged issued and paid-up share capital of
SSB of 191,262,502 SSB Shares; and

     (b) Up to 19,126,000 new SSB Shares to be issued upon the
exercise of ESOS options issued pursuant to the Proposed ESOS;

   (xi) Pledging of up to 80,198,000 SSB Shares representing the
entire amount of the Moratorium Shares (as described below), as
security to the financial institutions, i.e Bank Islam Malaysia
Berhad and Southern Bank Berhad, if required.

AmMerchant Bank, on behalf of the Company, announced that the
Foreign Investment Committee, via its letter dated 7 March 2003,
had approved for an extension of time of two(2) years from the
listing date of Salcon Berhad, the new company taking over
SHCB's listing status, to meet the 30% Bumputera equity
requirement.


SIME DARBY: Inks Second Supplemental Reorganization Agreement
-------------------------------------------------------------
Further to the Company's announcements dated 21 June 2002 and 12
August 2002, Alliance Merchant Bank Berhad, on behalf of the
Board of Directors of Sime Darby Berhad, announced that Sime
Darby, DMIB Berhad (DMIB), Sime Engineering Services Berhad
(SES) and SDC Tyre Sdn Bhd have, on 14 March 2003, entered into
a further Supplemental Reorganization Agreement (Second
Supplemental Reorganization Agreement) to amend and vary certain
terms of the Reorganization Agreement dated 21 June 2002, as
amended by the Supplemental Reorganization Agreement dated 8
August 2002.

The salient features of the Second Supplemental Reorganization
Agreement are:

   (i) The Reorganization Agreement shall be extended to
eighteen (18) months from the date of the Reorganization
Agreement dated 21 June 2002, and thus, shall expire on 21
December 2003; and

   (ii) Pursuant to the Second Supplemental Reorganization
Agreement dated 14 March 2003, DMIB has agreed and undertakes
that it will, at its own cost and expense, whether before or
after the completion date of the Proposed Reorganization Scheme,
do all such acts, assurance, deeds and things necessary to
procure the issuance of a certificate of fitness for occupation
by the Majlis Perbandaran Petaling Jaya in respect of DMIB's
complex of buildings comprising its factories and office
buildings located on the land to be disposed of by DMIB to SES
and the resolution of the issue relating to the discrepancy in
the area of the land to be disposed of by DMIB to SES.

DMIB shall also indemnify and hold harmless SES against all
liabilities, damages, claims and losses suffered or incurred by
SES with effect from the effective date of the Proposed
Reorganization Scheme, arising as a result of those matters.


TECHNO ASIA: EAPML Aborts Civil Case Against Unit WPKL
------------------------------------------------------
The Special Administrators of Techno Asia Holdings Berhad
announced that East African Power Management Limited (EAPML) has
agreed to discontinue the Mombasa High Court Civil Case No. 78
of 2002 against Westmont Power (Kenya) Limited (WPKL) with no
order as to costs.

Pursuant to a settlement reached between EAPML and WPKL, named
as the first defendant in the above proceedings, the solicitors
of WPKL have confirmed that a consent executed by solicitors
acting for both parties has been exchanged and duly endorsed by
the High Court of Kenya at Mombasa.

WPKL, a company incorporated in Kenya, is a subsidiary company
of Westmont Offshore Sdn. Bhd., which in turn is wholly-owned by
the Company.


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


ATLAS CONSOLIDATED: Appoints New Officers
-----------------------------------------
The Board of Atlas Consolidated Mining and Development
Corporation during the March 17, 2003 board meeting unanimously
appointed Mr. Alfredo C. Ramos, Company President, as Chairman
of the forthcoming General Stockholders Meeting to be held on
March 31, 2003.

In addition, the Board announces the following appointment
effective immediately:

1. Mr. Noel T. del Castillo, Director and currently Treasurer,
as Cooperate Secretary replacing Atty. Reginaldo L. Hernandez
who retires after more than three years of service.

2. Mr. Martin C. Buckingham, Director, previously Treasurer and
currently Chief Financial Officer, as Executive Vice-President.

3. Mr. Reginald Hare, Director and Chairman of the Audit
Committee, as Director for Exploration. Mr. Hare is a geologist
by profession and has more than 30 years of experience in
managing publicly listed mining and exploration companies in
Australia.

Atlas Consolidated Mining and Development Corporation recently
completed a debt-for-equity swap for debt totaling 878.8 million
pesos, Dow Jones said Wednesday. The Company issued 87.9 million
shares, each at 10 pesos, to cover its debts to Alakor
Corporation and Minoro Mining and Exploration Corporation.


BENPRES HOLDINGS: Pressuring Government
--------------------------------------
Benpres Holdings is pressing the Philippine government regarding
a decision on the Maynilad water concession, according to
DebTraders. It seems that the loss-making water concession is
one of Benpres' bargaining chips for Meralco to deal with the
power industry restructuring. The Philippine government is
forcing Meralco for a refund due to over-charging. In addition,
Meralco has been buying expensive electricity from National
Power Corporation (Napocor).

It seems that as soon as Benpres is able to arrive at agreements
with the Philippine government on the water and power subjects,
the holding company will be able to gain a better position to
negotiate with creditors. Separately, Benpres is restructuring
its business and to focus on core businesses, which may be
another step for reopening the negotiation with creditors.


MANILA ELECTRIC: Quezon's Power Purchase to Revoke Contract
----------------------------------------------------------
The Manila Electric Company is working to revoke its 10-year
contract with National Power Corporation (Napocor), DebtTraders
reports. If the contract is eventually amended to cut down power
purchase, it should be viewed as a credit positive for Quezon.

Meralco has been unable to buy the agreed quantity of
electricity from Napocor, because Napocor's tariff is the most
expensive compared to other three independent power producers,
including Quezon. If Meralco can cut down its purchase from
Napocor, Meralco will be able to buy more electricity from
Quezon and others. Quezon and other IPPs can also lower their
tariffs to Meralco due to higher efficiency.


MULTINATIONAL TELECOM: Senate Sends Baladjay to Jail
----------------------------------------------------
The Philippine Senate will turn over Rosario Baladjay, Vice
President of Multinational Telecom Corp. (Multitel), to the
court for incarceration until the charges of syndicated estafa
filed against her are resolved, the Malaya Newspaper said.

Senator Robert Jaworski said that Baladjay couldn't be held in
detention much longer by the Senate because the courts have to
try her for charges of syndicated estafa, which is not bailable.
Senate Vice President Frank Drilon would not reveal what
transpired in yesterday's hearing.

Before Baladjay could post bail, Jaworski ordered her detained
in the Senate holding cell for contempt. She was cited for
contempt for ignoring the three summonses issued by Jaworski's
committee.

In January, the SEC issued a cease order against Multitel for
performing unauthorized quasi-banking activities, such as
accepting deposits and lending to more than 19 persons without
permission from the Bangko Sentral (Central Bank), TCRAP
reports.

However, Multitel continued to solicit investments using sister
companies such as Multitel International Holdings, Inc. (MIHI)
and Multitel Telecom Investors Corp.


PHILIPPINE LONG: AT&T Liable for Disruption in Calls, Jimenez
-------------------------------------------------------------
Butch Jimenez, Philippine Long Distance & Telephone Co. (PLDT)
Vice President for Media and Communications, issued a statement
regarding the United States Federal Communications Commission
(FCC) ruling:

"The United States Federal Communications Commission (FCC)
recently ordered all US based carriers to stop paying all
Philippine telecommunications companies, including PLDT. The
decision was brought about by the complaint filed by AT&T and
MCI Worldcom against PLDT and other Philippine telcos due to our
decision to reasonably increase our rates for inbound
international calls terminating on our network from $ 0.085
cents to $ 0.12 cents.

We maintain that our new rates are reasonable and are much lower
than the benchmarks of both the FCC and the International
Telecommunications Union, which are at $0.19 cents and $0.23
cents respectively. Nearly 100 telecommunication companies
worldwide, as well as the broad base of the market have also
accepted the same rates.

PLDT believe that the decision of the FCC is abusive because:

- It overturns, intervenes and cancels valid agreements we
already have with numerous US based carriers including MCI
Worldcom and Sprint USA.

- The decision orders the US carriers to stop paying us not only
for services we have rendered after the February adjustment, but
also orders them to stop paying us their previous debts and
delinquent accounts.

- The order also demands that we open our circuits to the US
carriers without any guarantees of getting paid or without any
agreement.

- Finally, the decision threatens further sanctions and actions
against us if we don't comply.

In light of the shameful and grossly one-sided decision of the
FCC, we are left with no choice but to follow the directive of
the Philippine National Telecommunications Commission (NTC) that
"absent any provisional or interim arrangement or agreement,
there would be termination of service between the parties."

While we work towards a resolution to this issue, PLDT request
that you advise all your friends, relatives, and family in the
United States that if they experience any disruption in making
calls to the Philippines, to please direct their complaints to
their respective US based carriers or the US FCC which they can
reach via www.fcc.gov. They have to be made responsible. PLDT is
not to be blamed for any disruption in service. We cannot
continue service if they refuse to pay or unilaterally terminate
their existing agreements with us.

However, rest assured that PLDT should also abide by the
Philippine NTC directive to "seek other routes or options to
terminate traffic to the Philippines." PLDT shall also remain
open, as we have always been, to discussions with US based
carriers for alternative routes and options that will allow
traffic to flow so we can continue to provides our countrymen
with the best telecommunications service possible."


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


ACHIEVA LIMITED: Posts S$8M Loss For 2002
-----------------------------------------
Electronics and information technology firm Achieva Limited
posted a net loss of S$8 million in 2002, compared with a profit
of S$3.9 million a year earlier, Channel News reported on
Wednesday.

The Company said its personal computer peripherals business
suffered losses, as it had to reduce product margins in the face
of mounting competition. The Company also had to provided S$2.5
million for doubtful debts.


ASIA PULP: Unveils 2002 Unaudited Results
-----------------------------------------
Asia Pulp & Paper Company Ltd. announced the details of its un-
audited results for the six months ending June 30, 2002 and its
production volumes; sales volumes and average realized selling
prices for its Indonesian subsidiaries for 2002.

Asia Pulp & Paper Company Ltd (APP) announced, in relation to
its principal operating subsidiaries in Indonesia. PT Indah Kiat
Pulp and Paper Tbk Indah Kiat, PT Pabrik Kertas Tjiwi Kimia Tbk
Tjiwi Kimia, PT Pindo Deli Pulp and Paper Mills Pindo Deli and
PT Lontar Papyrus Pulp and Paper Industry Lontar Papyrus" and,
together with Indah Kiat, Tjiwi Kimia and Pindo Deli, the
"Indonesian Subsidiaries, details of (a) unaudited condensed and
consolidated financial results for the six months ended June 30,
2002 and (b) production volumes, sales volumes and average
realized selling prices for 2002. The unaudited condensed
financial statements for the six months ended June 30, 2002
supplement this press release.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2002

The unaudited condensed consolidated financial statements of
each of the Indonesian Subsidiaries for the six months ended
June 30, 2002 supplement this press release. The financial data
for the six months ended June 30, 2002 APP is releasing to the
public is subject to changes, some of which may be significant.
Therefore, you should not place undue reliance on the financial
and operating information set forth in this press release.

The debt restructuring exercise relating to APP and its
Indonesian Subsidiaries is complex and continues to involve
analysis of a myriad of complex transactions that span many
jurisdictions and laws and will likely take a lengthy period of
time to complete. Resolution of the issues relating to these
transactions could require the Indonesian Subsidiaries or other
companies in the APP group, to recognize additional liabilities
or penalties which have not been recognized or reflected on
their financial statements.

Contact: Joice Budisusanto
Tel: +62 (21) 392-5602
Fax: +62 (21) 392-5601
E-mail: joice_budisusanto@app.co.id

For a copy of the financial highlights of its Indonesian units,
go to
http://bankrupt.com/misc/tcrap_app0319.pdf


CAPITALAND LIMITED: Unit Enters Voluntary Liquidation
-----------------------------------------------------
The Board of Directors of CapitaLand Limited announced that its
55 percent indirect subsidiary, eNabled Homes Pte Ltd (EHPL) has
been placed under members' voluntary liquidation. EHPL's
principal activities are those related to the development and
management of an internet-based platform to interact, transact
and share information and the provision of information
technology value added services to the property market in the
residential sector.

The liquidation of EHPL is not expected to have any material
impact on the net tangible assets or earnings per share of the
CapitaLand Group for the current financial year ending 31
December 2003.


PRESSCRETE HOLDINGS: Appoints Directors
---------------------------------------
The Board of Directors of Presscrete Holdings Ltd announced the
appointment of Messrs. Koh Tai Joo Charlie as Finance Director
and Gurbachan Singh as Independent Director of the Company with
effect from 14 March 2003.

The Troubled Company Reporter-Asia Pacific reported that
Presscrete Holdings Limited posted a net loss of S$1.302 million
in the first half of 2002 from 3.254 million a year earlier due
to lower interest charges arising from the deconsolidation of
unit Ceramic Technologies Pte Ltd's debts.


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


KRISDAMAHANAKORN PUBLIC: Omits 2002 Dividend Distribution
---------------------------------------------------------
Krisdamahanakorn Public Company Limited reported on the
resolutions made at a Board of Directors Meeting (#2/2002)
held on March 17, 2003 at 2nd Floor Krisdamahanakorn PLC.,
auditorium. The details of the resolutions are as follow:

   1. That an ordinary general meeting of shareholders (#1/2003)
should be held on April 23,2003 a.m. at The Royal River Hotel,
Budsabongkot A Room, Soi Charnasanitwong 66/1, Chanransanitwong
Rd., Bangplad, Bangkok.

   2. That a date for closing the company share register for the
right to attend the meeting will be on April 3,2003 at 12:00
a.m. until ending of ordinary meeting of shareholders (#1/2003).

   3. That the agenda for the meeting will:

     3.1 Certify the minutes of the ordinary general meeting of
shareholders (#1/2002) held on April 29,2002.

     3.2 Consider the result of operation for the year ended
December 31,2002.

     3.3 To report the progress of the restructuring plan.

     3.4 Approve the company's balance sheets, profit and loss
statements for the year ended December 31,2002 and net profit
for dividend omissions for the year 2002's operational results.

     3.5 Appoint an auditor and fix the auditing fee for the
year 2003

     3.6 Appoint new director to succeed those completing their
terms, and fix number of directors and their authority.

     3.7 Consider allotment of Increased capital in convertible
Preferred shares conversion to common shares to THAI ASSET
MANAGEMENT CORPORATION (TAMC) and KRUNGTHAI BANK PUBLIC COMPANY
LIMITED.

     3.8 Consider other issues (if any)

   4.  Consider allotment of increased capital in Preferred
shares to Finance company's creditors.

   5.  Consider allotment of increased capital in common shares
to other creditors.

   6.  Consider allotment of increased capital in modify
creditor to capital in case restructuring.

   7.  Consider Independence director to get proxy from
shareholder.

   8.  Consider and change Internal Audit for 2003.


NATURAL PARK: Gains Bt12.32M From Debt Restructuring
----------------------------------------------------
Natural Park Public Company Limited, in reference to the audited
financial statements for the year ended December 31, 2002, which
showed a net profit was Bt11,884 million increased of Bt10,135
million comparing to prior year. The Company would like to
explain these details:

   1. Gain on debt restructuring conducted under the
rehabilitation plan amounting to Bt12,329 million.

   2. The decrease of net earned from reversal and recognition
of guarantee obligation to related parties of Bt2,449 million.

   3. Interest expenses decreased by Bt290 million.

Below is the Company's audited annual financial statement:

                    NATURAL PARK PUBLIC CO.,LTD.

Audited
Ending December 31,            (In thousands)
                                       For year
Year                                2002        2001

Net profit (loss)                 11,884       1,749
EPS (baht)                        20.43        4.63


NATURAL PARK: Securities Trading Still Suspended
------------------------------------------------
Natural Park Public Company Limited (N-PARK) has publicly
released to the SET and investors its financial statements for
the period ending 31 December 2002.

Therefore, the SET has lifted an "NP" sign and replaced it with
an "NR" sign on the securities of N-PARK effective from the
second trading session of 18 March  2003 onwards. The SET first
posted an "NP" and "SP" signs on N-PARK's securities on 4 and 11
March 2003 respectively while it waited for the firm to disclose
the required information to investors. However, the SET has
still suspended trading all securities of N-PARK until the
causes of delisting are eliminated.


THAI PETROCHEMICAL: EPL Continues Efforts to Recover Funds
----------------------------------------------------------
Effective Planners Limited (EPL), a wholly-owned subsidiary of
Ferrier Hodgson, a leading accounting, financial restructuring
and recovery firm, confirmed Wednesday that it is continuing its
efforts to recover more than 8.8 billion baht owed to Thai
Petrochemical Industry Public Company Limited (TPI).

As TPI's Plan Administrator, EPL's responsibilities include
recovering all monies loaned by TPI to third parties.

On July 30, 2002 EPL submitted a petition to the Official
Receiver under section 90/39 of the Bankruptcy Act to recover
money borrowed from TPI in the form of promissory notes.

The recipients of loans in the form of promissory notes and
total principal plus accrued interest for each loan are outlined
below.

Recipients of loans              Principal plus accrued interest
                                 (Baht)* (*as at March 18, 2003)

Pornchai Enterprises Co., Ltd.    4,777,418,837.00
TPI Holdings  Co., Ltd            2,692,867,731.00
TPI EOEG Co., Ltd                 1,369,590,218.00
Total                             8,839,876,786.00

The three largest shareholders in each of these companies and
the relevant equity stake held by each party is identified
below.

Pornchai Enterprises Co., Ltd's shareholders include* :
Leophairatana Enterprises Co., Ltd. (48%);  TPI (25%);  TPI
Polene (16%). Leophairatana Enterprises Co., Ltd. is 100% owned
by the Leophairatana family. *According to latest shareholders
list filed with the Ministry of Commerce.

TPI  Holdings Co., Ltd's shareholders include*:  Leophairatana
Enterprises Co., Ltd. (50.5 %);  Thanapornchai Enterprises
(7.5%); United Grain Industry Co.,  Ltd. (5%) * According to
latest shareholders list filed with the Ministry of Commerce.

TPI EOEG Co., Ltd's shareholders include*:  TPI Holdings Co.,
Ltd. (75%); TPI ( 25%). * According to latest shareholders list
filed with the Ministry of Commerce.

The loans were made during 1994-1997 and are repayable on
demand. TPI's former management determined these terms,
including interest rates. To date, none of the principal or
interest amounts owed have been returned to TPI.

Demands for payment were sent to these three companies on June
24, 2002. EPL has not received any response to these demands for
re-payment of borrowed funds by these companies, which are now
in default on the three loans.

Since the demands for repayment were made, the total accrued
interest on these promissory notes was in excess of 250 million
baht and accruing at a rate of approximately 36 million baht per
month.

EPL has resolved to recover these funds through all available
legal channels. According to section 90/39 of the Bankruptcy
Act, which is intended to provides an expedient way to help
companies under rehabilitation to collect outstanding debts, the
Official Receiver will review the petitions and upon concluding
what monies are owed, issue a notice for repayment to each
debtor.

Since EPL's filing of the petition seven months ago, the
Official Receiver has convened some hearings involving testimony
presented by the two witnesses submitted by EPL in support of
its petition. These hearings are expected to be completed by the
end of March 2003.

The defendants in this case who have not denied borrowing the
money have submitted the names of twenty three witnesses who are
expected to commence their testimony in April 2003.

EPL is the Plan Administrator of TPI and is a wholly-owned
subsidiary of Ferrier Hodgson, which operates throughout the
Asia Pacific region and specializes in financial restructuring,
corporate recovery, insolvency management and related services.
FH established a Bangkok office in March 1998. Since then, the
firm has developed a solid and growing presence in Bangkok with
50 specialists in diverse sectors including banking,
petrochemical, telecommunications, hotel, property and
transportation. In Thailand, FH has been involved in projects
acting for creditors (including major bank lenders) and
shareholders, with the total financial debts of transactions
exceeding US$12 billion.

CONTACT INFORMATION: Aziam Burson-Marsteller
                     James/Waraporn/ Satida
                     Tel. 0 2252 9871


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.

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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 ***