TCRAP_Public/030324.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

           Monday, March 24 2003, Vol. 6, No. 58

                         Headlines


A U S T R A L I A

AUSTAR UNITED: Welcomes CHAMP Proposal Court Approval
BRANDRILL LIMITED: Gulf War Prompts Purchaser to Suspend Payment
EARTH SANCTUARIES: Reinstated to Official Quotation
OBJECTIF TELECOM: Administrators Execute Sales Agreement
ONE.TEL: Former Director Keeling Banned for 10 Years

PASMINCO LIMITED: Issues Elura Mine Update
SOUTHCORP LIMITED: Appoints John Ballard as New CEO
STRAITS RESOURCES: Director Jerkovic Claims 2002 A Trying Year
UNITED ENERGY: Replies to AFR Article Re AlintaGas Transaction
VILLAGE ROADSHOW: In Discussions on UK Cinema Circuit


C H I N A   &   H O N G  K O N G

APPLIED GOLD: Winding Up Sought by Billion Pine
BESCA LIMITED: Winding Up Petition Hearing Set
DELUXE BLIND: Winding Up Petition Pending
DONG FANG: No Apparent Reason for Share Price Increase
GETSTAR BUILMAT: Winding Up Hearing Scheduled April 9

HANG ON: Winding Up Petition to be Heard
MANSION HOLDINGS: Price, Turnover Movements Inexplicable
PRIME INVESTMENTS: Trims H202 Net Loss to HK$2.463M


I N D O N E S I A

LIPPO BANK: Government Intends to Change Auditor

* IBRA Expects Proceeds of More Than Rp600B From PPAP2


J A P A N

DAIEI INC.: Asks Government to Invest in Failing Fukuoka Unit
DAINIPPON SCREEN: R&I Places Rating on Monitor Scheme
JAPAN AIRLINES: May Raise Domestic Air Fares by 11% in June
SANYO ELECTRIC: Unveils Management Organization, System Reform
TOKYO ELECTRIC: Inspecting Nuclear Power Plants


K O R E A

HYNIX SEMICON: EU May Impose Tariffs Up to 35% on Chip Imports
HYUNDAI MULTICAV: Stock May Wind Up on Supervised Share List
KOOKMIN CREDIT: Reporting W100B in Monthly Losses
POSCO CO.: Launches Emergency Measures to Monitor Effects of War
POSCO CO.: Slashes Debt by W1.2T

SK GLOBAL: Creditors Choose Samil Accounting for Adviser


M A L A Y S I A

AMSTEEL CORPORATION: Proposed Capital Reconstruction Effectuated
HONG LEONG: Undergoes Internal Restructuring Exercise
LION INDUSTRIES: Issues RM Denominated Bonds, New Shares
LONG HUAT: Answers KLSE's Winding Up Petition Query
MYCOM BERHAD: Regulatory Approvals on Workout Scheme Pending

OLYMPIA INDUSTRIES: KLSE Awaits Regulatory Authorities Decision
OLYMPIA INDUSTRIES: Seeks Proposed HSSB Acquisition Waiver
PAN MALAYSIA: FIC Extends Time to Up Bumiputera Shares
PDX.COM SDN: Faces Winding-up Petition Over Defaulted Payment
PDX COMPUTERS: Petition Hearing Filed by Pilecon Set on June 26

RAHMAN HYDRAULIC: Grants PKNK Proposed Disposal Time Extension
SAP HOLDINGS: Unit SAP Air Hitam Serves Damages Summons
SENG HUP: Provides Defaulted Payment Status Update
SISTEM TELEVISYEN: Court Approves TV3 Scheme of Arrangement
SRI HARTAMAS: Inks Second Supplemental Reconstruction Agreement

UCP RESOURCES: FIC OKs Proposed Corp, Debt Restructuring Scheme
ZAITUN BERHAD: Posts Change in Boardroom Notice


P H I L I P P I N E S

ALL ASIA: Depositors Seek More Time to File Rehab Plan
MANILA ELECTRIC: Senate Approves 25-Year Franchise
NATIONAL POWER: Defers Sale of Assets Worth P10B
NATIONAL POWER: Likely to Postpone Sale of Mile Long Property
NATIONAL POWER: Mediated Meralco-Napocor Talks to Start Soon

PHILIPPINE AIRLINES: May Raise Fares Next Month
VICTORIAS MILLING: JG Summit May Take Over Firm


S I N G A P O R E

ASIA PULP: Court Gives Second Chance to Avoid Management Change
CHARTERED SEMICON: May Lose Customers on FAB Plans
CHARTERED SEMICON: Recognizes Top Suppliers at Annual Event
ENERSAVE HOLDINGS: FY02 Net Loss Widens TO S$3.214M
LC DEVELOPMENT: Narrows H102 Net Loss to S$1.465M


T H A I L A N D

ASIA HOTEL: Cancels Dividend Payment Distribution
KRISDAMAHANAKORN PUBLIC: Omits Dividend Payment; Apr 23 OGM Set
M.E.C. CRAIN: Files Bankruptcy Reorganization Petition
SINO-THAI RESOURCES: Discloses AGM No.25/2003 Resolutions

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AUSTAR UNITED: Welcomes CHAMP Proposal Court Approval
-----------------------------------------------------
Austar United Communications (AUSTAR) noted Wednesday that,
further to its company announcement on 22 December 2002, the
United States Bankruptcy Court has approved the Plan of
Reorganization for United AustralialPacific Inc (UAP) which was
filed with the Court in December.

This Court approval completes a further stage in the process by
which Castle Harlan Australian Mezzanine Partners (CHAMP) will
become a Substantial shareholder in AUSTAR.

About AUSTAR United Communications

AUSTAR United Communications (Australian Stock Exchange "AUN")
is a leading provider of subscription television services in
Australia. Its cure business, AUSTAR Communications, is
Australia's second largest subscription TV operator, providing
principally satellite delivered services to regional and rural
Australia. AUSTAR also provides communications services to its
customers, bundling mobile telephony and internet services with
its television product. In addition, AUSTAR was the first
company in Australasia to launch digital interactive television.


BRANDRILL LIMITED: Gulf War Prompts Purchaser to Suspend Payment
----------------------------------------------------------------
Brandrill Limited previously announced that it entered into a
contract for the sale of its wholly-owned subsidiary Brandrill
South Africa (Pty) Ltd, which holds 51% of the South African
contracting business, Brandrill Torrex (Pty) Ltd (BTX). It also
announced recently that a sale deposit was received.

Brandrill received Friday a communication from the purchaser.
Extracts are set out below:

"In view of the imminent Gulf War, our investment consortium has
decided to suspend the payment of any funds until at least
Tuesday March 25, 2003. The approach is simply that this is not
a commercially astute time to bring the transaction into effect.
The parties involved are concentrating mainly on their global
exposures and making sure their existing positions/businesses
are protected as far as possible. As you may be aware, the
general view from Europe and the USA is tinged with more anxiety
(as opposed to Australia and South Africa).

Note further, that we have been asked to relay the fact that
Brandrill should not regard this delay as any form of renege
and/or withdrawal. This transaction remains steadfast and it is
our firm intention to bring it to finality, with respect to the
other datelines agreed upon as far as possible.

Please be assured that we remain fully committed to the
acquisition."

The purchaser has also advised that in conjunction with its
decision to place the transaction on hold it stopped payment on
the deposit cheque.

Brandrill remains in close contact with the purchaser. However,
immediate developments are unlikely, given that the purchaser's
review is dependent on clarification of the
international situation and its impact.

Meanwhile, BTX has continued to win significant new work and
recently submitted two tender offers each of which is for
contracts with revenue of around $200 million.


EARTH SANCTUARIES: Reinstated to Official Quotation
---------------------------------------------------
The suspension of trading in Earth Sanctuaries Limited's
securities will be lifted immediately, following filing of the
ASIC Statutory Accounts for the half year ended 31 December
2002.

The securities were suspended from Official Quotation from the
commencement of trading 18 March 2003, following the Company's
failure to lodge their full half-yearly accounts for the period
ended 31 December 2002 in accordance with listing rules.

According to Wrights Investors' Service, at the end of 2002,
Earth Essence had negative working capital, as current
liabilities were A$5.60 million while total current assets were
only A$5.43 million. The company has paid no dividends during
previous 2 fiscal years and reported losses during the previous
12 months.


OBJECTIF TELECOM: Administrators Execute Sales Agreement
--------------------------------------------------------
Adrian Duncan of Knights Insolvency Administration, the Joint &
Several Administrator of Objectif Telecommunications Limited
(Administrators Appointed) A.C.N. 056 482 636, released on
Friday Circular to the Creditors.

As stated in the Circular, the Joint and Several Administrators
executed a sale agreement with Jeff and Penny Mills on
Wednesday, 19 March 2003. Under the sale agreement, Jeff and
Penny Mills have entered into a licensing agreement with the
Administrators to operate the business until such time as they
make the final payment for the business on 19 April 2003.

To see a copy of the Circular, go to
http://bankrupt.com/misc/TCRAP_OBJ0324.pdf.


ONE.TEL: Former Director Keeling Banned for 10 Years
----------------------------------------------------
Mr David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), announced Friday that Mr Justice
Bryson of the NSW Supreme Court has made orders giving effect to
the settlement of ASIC's civil claim against Mr Bradley Keeling.

Pursuant to the orders, Mr Keeling:

   * is banned from being a director, or otherwise being
involved in the management of any corporation, for 10 years. Mr
Keeling has been granted a two-month stay of the order to allow
him time to organize his affairs;

   * is liable to pay compensation of $92 million to One.Tel
(ASIC claims that all four defendants are jointly and severally
liable for this compensation); and

   * has agreed to pay ASIC's costs of $750,000.

The orders follow an application made to the court on Thursday
13 March and submissions made on behalf of ASIC, Mr Keeling, Mr
Jodee Rich and Mr Mark Silbermann. The orders and declarations
made in relation to Mr Keeling do not affect any other defendant
in the proceedings.

"Today's orders are a very important outcome in the One.Tel
proceedings", Mr David Knott said.

"Mr Keeling has taken responsibility for his actions, and has
expressed his contrition and regret for what he acknowledges was
a serious failure to discharge a number of his core
responsibilities as a director. These include the quite
fundamental obligations of taking reasonable steps to be aware
of the company's true financial position and circumstances, and
of taking care to ensure that the board was informed of those
matters", Mr Knott said.

"Mr Keeling's decision to agree to this settlement without
necessitating further costly proceedings has been important in
our dealings with him. ASIC agreed to support a submission to
the court that the length of the ban against him should be
reduced because of his contrition and cooperation", Mr Knott
said.

"The ban of 10 years is a significant punishment, which we
regard as completely appropriate in the circumstances", he said.

"ASIC's court actions have the dual purpose of enforcing the
Corporations Act and, to the extent possible, recovering funds
for investors and creditors. The settlement with Mr Keeling has
advanced both of those objectives", Mr Knott said.

"The order against Mr Keeling for compensation now provides the
liquidator of One.Tel with a legal basis to seek recovery of
funds from Mr Keeling and his insurers. All proceedings relating
this recovery will be managed by the liquidator as part of their
broader role in the administration of the One.Tel liquidation",
Mr Knott said.

The proceedings against the three remaining defendants are
continuing.

The finalization of the settlement on Friday follows Mr Justice
Austin's ruling on 24 February 2003 to reject an application by
Mr Greaves for the dismissal of proceedings against him.


PASMINCO LIMITED: Issues Elura Mine Update
------------------------------------------
Consolidated Broken Hill Limited (CBH) advises it is nearing
completion of documentation with Pasminco Australia Limited
(subject to a Deed of Company Arrangement) for the purchase of
the Elura Mine and associated assets. Off-take agreements with
Pasminco for concentrate output from the mine are currently
being finalized.

In its 14 March 2003 release, Pasminco reported; "With regard to
the restructure being implemented for Pasminco, the sale process
for the Elura Mine, near Cobar in New South Wales, is
continuing. Consolidated Broken Hill has completed its due
diligence. Negotiations between Pasminco and CBH are now
substantially complete and transaction documents are now being
drafted."

The Elura Mine is an important producer of zinc, lead and silver
with a 2002 output of 85,000 tonnes zinc, 45,000 tomes lead and
1 million ounces silver in concentrates. CBH proposes to improve
the operating performance and extend the mine life based on
existing mine resources. "There is considerable exploration
upside for extensions to the known ore bodies.


SOUTHCORP LIMITED: Appoints John Ballard as New CEO
---------------------------------------------------
The Board of Southcorp announced Thursday the appointment of
John Charles Ballard as Chief Executive Officer of Southcorp. Mr
Ballard will also join the Board of the Company. He will
commence with Southcorp on 28 April 2003.

The Executive Chairman of Southcorp Limited, Brian Finn said: "I
am very pleased to announce John's appointment. John has built
his career in the branded consumer goods sector. He was
responsible for manufacturing and sales operations of
APD/Snackfoods (now the Smith's Snackfoods Company) encompassing
Asia, the Pacific, Germany and Italy. John built Smith's
Snackfoods to command a pre-eminent market position, with seven
top-ten selling brands."

"He has extensive experience in the delivery of consumer
products through various distribution channels, including the
grocery sector, as well as the route trade encompassing liquor
outlets and a range of on-premise establishments." Mr Ballard
has had a career working in the international branded consumer
goods sector, serving as Managing Director, APD/Smith's
Snackfoods Company and Managing Director of United Biscuits,
Asia Pacific, between 1986 to 1997. Since 1997, Mr Ballard has
been a Director of Woolworths and Chairman of Wattyl Limited and
a Director of CSR Limited. Mr Ballard will relinquish these
directorships over the coming weeks.

"John's knowledge of retail strategy and his relationships with
the retail sector will be important attributes in strengthening
Southcorp's relationships with our customers, and building the
strength of our global brands. His organizational and management
skills will play a major role in focusing Southcorp on achieving
more profitable growth for our shareholders and mutually
beneficial relationships with our customers. It is widely
acknowledged that John built Smith's Snackfoods to be an
extremely well run company, with a highly professional
management team, an enviable market position and strong
financial performance," Mr Finn said.

John Ballard said: "I am very excited at the opportunity to
return to an executive role in a company with such superb global
brands. Southcorp's viticultural assets, wine making quality and
distribution, position it to become a truly global Australian
success story."

On February 27, the Troubled Company Reporter - Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
'BBB+' long-term and 'A-2' short-term corporate credit ratings
on Southcorp Ltd. to 'BBB' and 'A-3', respectively, following
the wine company's worse-than-expected financial results for the
first half of 2003.


STRAITS RESOURCES: Director Jerkovic Claims 2002 A Trying Year
--------------------------------------------------------------
Mr Milan Jerkovic, Director of Straits Resources Limited, said
that the year 2002 was a difficult year for both the company's
copper and coal operations. On the copper side, a modest
recovery in demand combined with the gradual effects of supply
side restraint and consolidation, saw copper prices stage a mild
recovery at the beginning of 2002. Prices peaked at just over
US$1700 per tonne through the middle of the year but failed to
gain any further momentum due to fundamental resistance in the
markets. By the final quarter of the year the uncertainty in
global equity markets and geopolitical concerns combined to
force copper back under US$1500 per tonne resulting in an
average LME cash settlement over the year of US$1556 per tonne,
approximately 1.5% down on the level achieved in 2001 (US$1578
per tonne).

In addition to the unfavorable market conditions, Nifty's
cathode production rates failed to meet expectation due to the
flow-on effect of the shortfall in tonnes of ore stacked onto
the heap leach pads. The problem which mainly impacted the
second half of the year, was the result of the underperformance
of the crushing and stacking equipment owned and operated by the
crushing contractor. Several "false starts" occurred whilst
attempting to rectify the problems during the second half of the
year, with apparent success achieved during the first quarter of
2003.

Copper production at Girilambone exceeded expectations, but at
only approx 130 tonnes of copper cathode produced per month,
even 10 or 20% over achievements remain quite insignificant in
terms of the group's annual targets. The operation continues to
be cash positive, but it is unlikely to remain so beyond the
first half of 2003, which
will provide the opportunity to prepare the plant for relocation
to the Whim Creek Copper Project.

On the coal side in Indonesia, the mine and process plant
performed very strongly during the year, reaching record levels
of coal mined, coal produced and coal sold. Unfortunately, the
coal market did not allow us to make the most of the strong
production performance, with coal prices softening somewhat
compared to 2001. While demand for coal in the Asian region
recovered slightly in the early part of the year, supply was
increased by Indonesian and Australian producers, with prices
falling further during mid 2002 before a slight recovery later
in the year. Exacerbating the pressure on revenue was the impact
of government facilitated fuel and labor cost escalations which
were significantly higher than expectations. In addition, the
company chose to adopt a very conservative approach to the
treatment of Value Added Tax (VAT) in the financial statements,
following a purported amendment to the VAT regulations around
which a great deal of debate currently exists.

Whilst the overall performance of the group was disappointing
for 2002, the outlook for 2003 and onwards looks decisively
promising. In particular,

   * the sale of the Nifty Copper Operation and associated
assets in March 2003 will result in a significant profit being
reported, and the sale proceeds banked will enable the company
to take advantage of attractive investment and acquisition
opportunities (refer Subsequent Event note on page 21);

   * with the improved working capital position of the Company,
the Sebuku Coal Operation will have the flexibility to improve
efficiencies to allow the optimization of the coal reserve;

   * the company has very prospective exploration ground and has
planned detailed exploration programmers targeting:

     - gold at the Kingston (WA) and Kuda Gold (Indonesia)
prospects, and

     - copper-gold at Bushranger and Tottenham (NSW).

   * the Whim Creek project area which is ready for
construction, pending appropriate economic conditions.
Identified copper sulphide resources below the Whim Creek and
Mons Cupri oxide ores are being re-examined for their resource
upgrade and economic potential.

Further details of the company's performance for 2002 will be
presented in the Annual Report to be released in April. The
Annual Report will also provide more detail on the company's
operational performance and outlook for the future.

Below is the Company's Preliminary Final Report:

                      PRELIMINARY FINAL REPORT

Name of entity
Straits Resources Limited

ACN, ARBN, ABN or ARSN Half   Preliminary   Financial Year ended
                      yearly     final      ('current period')
                      (tick)    (tick)
22 056 601 417                    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       8% to   142,312

Profit (loss) from ordinary activities
after tax attributable to members
(item 1.22)                          down     N/A  to   (9,913)

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     N/A  to   (9,913)

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 omission of directional and percentage
changes to profit in accordance with Note 1 and short details of
any bonus or cash issue or other item(s) of importance not
previously released to the market:  -


UNITED ENERGY: Replies to AFR Article Re AlintaGas Transaction
--------------------------------------------------------------
In response to speculation contained in Thursday's Australian
Financial Review, United Energy wishes to comment:

As previously announced on 47 December 2002 and 27 February
2003, United Energy has been involved in negotiations with
AlintaGas Limited, AMP Henderson and Aguila Inc regarding
Aquila's Australian assets;

The Independent Directors of United Energy are involved in these
negotiations, which are incomplete. No agreement has been
reached;

The Independent Directors will not agree to any proposal unless
they consider it to be in the best interests of United Energy
shareholders; and

United Energy has retained Deloitte Corporate Finance to provide
an Independent Expert's Opinion in the event that a formal
agreement is reached. As a formal agreement has not been reached
at this point in time, Deloitte Corporate Finance has offered no
opinion on the incomplete negotiations undertaken to date.

As previously stated, United Energy will advise the market of
any material developments in accordance with its disclosure
obligations.

CONTACT INFORMATION: Andrew Gould
        General Manager Corporate
        Development
        Phone: (+61 3) 9222 8559
        Mobile 0404 009 427
        Fax: (+61 3) 9222 9161
        e-mail: agould@ue.com.au


VILLAGE ROADSHOW: In Discussions on UK Cinema Circuit
-----------------------------------------------------
Village Roadshow Limited and Warner Bros confirmed last week
that they were in discussions with a third party for the
possible sale of their jointly owned cinema circuit in the
United Kingdom.

Village Roadshow Directors confirm that a further announcement
will be made if there is a resultant commitment to proceed or,
alternatively, if the discussions are terminated.

The Troubled Company Reporter - Asia Pacific reported that last
month that the comprehensive restructuring of financing
arrangements of Village Roadshow Pictures, the Company's
production arm, had been completed. This involves committing to
a revolving fund of US$1b which is composed of borrowings of
US$900m and US$100m of equity.

Last month, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Village Roadshow Ltd. to
'BB' from 'BB+' and its debt issue rating on the company's
convertible subordinated notes to 'B+' from 'BB-'. At the same
time, the ratings were removed from CreditWatch Negative, where
they were placed on Jan. 23, 2003.


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C H I N A   &   H O N G  K O N G
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APPLIED GOLD: Winding Up Sought by Billion Pine
-----------------------------------------------
Billion Pine Enterprise Limited is seeking the winding up of
Applied Gold Corporation Limited.  The petition was filed on
February 28, 2003, and will be heard before the High Court of
Hong Kong on April 16, 2003 at 9:30 in the morning.

Billion Pine holds its registered office at Room 504-5, Unicom
Trade Centre, 131 Des Voeux Road Central, Hong Kong.


BESCA LIMITED: Winding Up Petition Hearing Set
----------------------------------------------
The petition to wind up Besca Limited is set for hearing before
the High Court of Hong Kong on April 9, 2003 at 9:30 in the
morning.  The petition was filed with the court on February 26,
2003 by Bank of China (Hong Kong) Limited of 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong.


DELUXE BLIND: Winding Up Petition Pending
-----------------------------------------
Deluxe Blind Manufactory 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 9:30 in the morning.

The petition was filed on February 18, 2003 by Bank of China
(Hong Kong) Limited (the successor of all the undertakings of
Sin Hua Bank Limited by virtue of the Bank of China (Hong Kong)
Limited (Merger) Ordinance, Cap. 1167) of 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong.


DONG FANG: No Apparent Reason for Share Price Increase
------------------------------------------------------
Dong Fang Gas Holdings notes the recent increases in the price
of the shares of Company and states that the Company is not
aware of any reasons for such increase.

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

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


GETSTAR BUILMAT: Winding Up Hearing Scheduled April 9
-----------------------------------------------------
The High Court of Hong Kong will hear on April 9, 2003 at 9:30
in the morning the petition seeking the winding up of Getstar
Builmat Limited.

GeoLogistics Limited, whose registered office is situated at
19th Floor, Broadway Centre, No. 93 Kwai Fuk Road, Kwai Chung,
New Territories, Hong Kong,  filed the petition on February 26,
2003. C.P. Cheung & Co. represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing C.P. Cheung &
Co., Room 2301, 23rd Floor Golden Centre, 188 Des Voeux Road
Central, Hong Kong.


HANG ON: Winding Up Petition to be Heard
----------------------------------------
The petition to wind up Hang On Riches Development Limited is
scheduled for hearing before the High Court of Hong Kong on
April 23, 2003 at 9:30 in the morning.

The petition was filed with the court on March 6, 2003 by Bank
of China (Hong Kong) Limited of 14th Floor, Bank of China Tower,
No. 1 Garden Road, Central, Hong Kong.


MANSION HOLDINGS: Price, Turnover Movements Inexplicable
--------------------------------------------------------
The Board of Directors of Mansion Holdings Limited has noted the
recent decrease in the share price and increase in the trading
volume of the shares of the Company and wishes to state that it
is not aware of any reasons for such changes.

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

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


PRIME INVESTMENTS: Trims H202 Net Loss to HK$2.463M
---------------------------------------------------
Prime Investments Holdings Limited posted its unaudited
financial statement:

Year end date: 30/06/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                              (Unaudited)
                           (Unaudited)        Last
                           Current            Corresponding
                           Period             Period
                           from 1/7/2002      from 1/7/2001
                           to 31/12/2002      to 31/12/2001
                           Note  ($)          ($)
Turnover                        : 3,508,967          1,384,329
Profit/(Loss) from Operations   : (2,366,653)        (2,514,673)
Finance cost                    : (97,132)           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    : (2,463,785)        (2,514,673)
% Change over Last Period       : N/A       %
EPS/(LPS)-Basic (in dollars)    : (0.0616)           (0.0629)
         -Diluted (in dollars)  : N/A                N/A
Extraordinary (ETD) Gain/(Loss) : N/A                N/A
Profit/(Loss) after ETD Items   : (2,463,785)        (2,514,673)
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 loss per share is based on the net
loss for the period attributable to shareholders of HK$2,463,785
(2001: 2,514,673) and 40,000,000 (2001:  40,000,000) ordinary
shares during the period.

No diluted loss per share for 2002 and 2001 is presented as
there were no dilutive effects on the basic loss per share for
the period.


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LIPPO BANK: Government Intends to Change Auditor
------------------------------------------------
The government would replace public accountant Ernst & Young
Prasetio, Sarwoko & Sandjaja as the auditor if PT Bank Lippo,
Bisnis Indonesia reports.

"Yes, we will replace the accountant of Bank Lippo," said
Minister of State Owned Enterprises Laksamana Sukardi, adding
that that the government, as the major shareholder of Bank
Lippo, would be strict in dealing with public accountant of the
bank.

Early this month, the Capital Market Supervisory Board (Bapepam)
just sentenced the public accountant auditing the third quarter
financial report of Lippo with Rp3.5 million fine, while the
accountant of the bank was free from any penalty.

Herry Purwanto, a partner of Ernst & Young Prasetio, Sarwoko &
Sandjaja accounting firm, failed to comment on the issue. "I am
sorry, I am in Singapore so that I don't know the development of
the issue. Please ask another partner like Pak Rudy Kusnadi."
However, Rudy Kusnadi, did not pick up his cellular phone when
Bisnis Indonesia called him.

When asked on whether the government would review all public
accountant of state owned banks, Sukardi said the government
would consider it.

The Troubled Company Reporter - Asia Pacific reported on
February 26 that the Attorney General's Office has formed a team
to investigate the controversial case of data manipulation and
publishing of double version financial report of Bank Lippo as
Bapepam has been unable to prove the alleged manipulation.


* IBRA Expects Proceeds of More Than Rp600B From PPAP2
------------------------------------------------------
Indonesia Bank Restructuring Agency (IBRA)  is expecting to
receive more than Rp600 billion through the Second Property-
Selling Program (PPAP2). This would reflect recovery rate of
136% compared to total floor price value of the whole property
assets offered.

As many as 722 property assets offered under PPAP2 were bid by
investors. A total of 14 investment grade assets and 708 retail
grade assets were bid by investors It is the latest result by
Thursday. No winners can be determined yet as IBRA still has to
conduct verification on the legal documentation and requirements
on the prospective investors.

Under 'investment grade assets', the highest number of bids on
its category A is on the asset A00001 which is a plot of land
located at Perum Puri Indah Kembangan Selatan complex (3 bids).
Meanwhile the for category B, the highest number of bids is on
the asset B00013 which is a building located on Jl. KH Mas
Mansyur No. 129 Jakarta (24 bids) and on category C, the highest
number of bids fall on the asset C00023 which is a plot of land
at Jl. Pangembak Ds. Sanur Kauh, Denpasar (9 bids).

Under 'investment grade retail , the highest number of asset
category D is on the asset D00138 which is a plot of land at Jl.
Jambu No. 12 and 12A, Gondangdia, Menteng Jakarta (34 bids).
Forcategory E is on the asset E00573 which is a house at Jl.
Cempaka Baru VI No. 49 Jakarta (34 bids), and category F, the
highest number of bids is on the asset F01494 ( 40 bids) which
is a plot of land at Tajurhalang, village, Cijeruk, Bogor.

The above results represent the total IBRA's calculation from
all bids received by IBRA Head Office and its Centers (Medan,
Lampung, Bandung, Semarang, Surabaya, Denpasar and Makassar).
All bids received by IBRA and its Centers were retrieved and
calculated using an integrated calculation system called FAME
(full access maximum entry) system, which proved to be reliable
in previous PPAP1.

Following the calculation of all entry bids and evaluation of
the highest bids, IBRA will conduct evaluation on the conditions
to be fulfilled by the investors, such as whether the investor
still has an outstanding obligation to IBRA etc. The
announcement on the winners is scheduled on 24 March 2003.

PPAP 2 is aimed as one of the so many effort of IBRA in meeting
its revenue target for the fiscal year 2003, revitalize the
secondary property sector and reduce overhead costs for
maintenance and security of the property assets.

Go to http://bankrupt.com/misc/TCRAPIBRA0324.pdf to see PPAP2
Summary Profile.


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


DAIEI INC.: Asks Government to Invest in Failing Fukuoka Unit
-------------------------------------------------------------
Daiei Inc. will ask leading firms and local governments in
Fukuoka Prefecture to invest in unit Fukuoka Daiei Real Estate
that owns a dome stadium and nearby hotel, so it can dispose of
the unprofitable operations, the Nihon Keizai daily and Xinhua
Financial News reported.

The Company will initially asks seven firms namely Kyushu
Electric Power Co., Saibu Gas Co., Nishi-Nippon Railroad Co,,
Kyudenko Corp., Bank of Fukuoka, Fukuoka City Bank and Nishi-
Nippon Bank - to inject capital into the real estate unit. The
three banks, which have already extended loans to the unit, are
expected to swap part of their loan claims for stock in the
Company.


DAINIPPON SCREEN: R&I Places Rating on Monitor Scheme
-----------------------------------------------------
Rating and Investment Information, Inc. (R&I), has placed the
following ratings of Dainippon Screen Mfg. Co. Limited on the
Rating Monitor scheme, with a view to downgrading them:

Senior Long-term Credit Rating; Long-term Bonds (1 Series)

Senior Long-term Credit Rating: (BBB-)
(Placed on the Rating Monitor scheme with a view to downgrading)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Conv. Bonds No. 2 Mar 13, 1996 Mar 31, 2003 Yen 15,000

R&I RATING: (BBB-)
(Placed on the Rating Monitor scheme with a view to downgrading)

ISSUE: Domestic Commercial Paper Program
Issue Limit: 10,000 million yen

R&I CP RATING: (a-2)

RATIONALE:

The results of restructuring are beginning to show in the both
the Company's CRT components business and the graphic arts
equipment business. However, as in the year to March 2003,
Dainippon Screen is expected to record another recurring deficit
in the year to March 2003 due to deterioration in the business
environment.

In addition, with equity capital under strain, interest-bearing
debt is a heavy burden, meaning that the Company less scope for
financial maneuvering. R&I considers that the decline in
financial durability will also affect the competitiveness of the
Company's core semi-conductor manufacturing equipment business
and has placed it on the Rating Monitor scheme with a view to
downgrading the rating.


JAPAN AIRLINES: May Raise Domestic Air Fares by 11% in June
-----------------------------------------------------------
Japan Airlines System Corporation is in final talks with the
Fair Trade Commission (FTC) for a hike of about 11 percent in
regular domestic airfares in June to carry it through hard times
for airlines expected during the war in Iraq, Kyodo News said
Friday.

Standard & Poor's Ratings Services on Wednesday placed its 'BB'
long-term ratings on Japan Airlines System Corp (JALS) and Japan
Airlines Co Ltd (JAL) on CreditWatch with negative implications,
amid rising concerns over the impact of a war in Iraq on the
airlines' earnings. S&P will also review its 'BB-pi' public
information ratings on All Nippon Airways Co Ltd (ANA) and Japan
Air System Co Ltd (JAS).


SANYO ELECTRIC: Unveils Management Organization, System Reform
--------------------------------------------------------------
Sanyo Electric Co., Ltd. (SANYO) a global leading manufacturer
of consumer electronics and IT related technologies announced it
will implement management organization and system reform
representing a group-wide business management shift from a 20th-
century business model to a business model geared towards the
21st-century effective April 1, 2003.

Since implementing the group wide company system in April of
1999 SANYO has moved forward with corporate organizational
reform to establish a management system capable of fast,
accurate, and bold action in the face of changing market needs
and established organizational reform aimed at ensuring a high
profit growth base.

However the 21st-Century has seen an increase in the speed of
global business change demanding the establishment of a new
business model. The SANYO group while retaining the goal of the
company system and in order to develop and implement a new
growth strategy will re-evaluate its business structure on a
group wide basis; implementing drastic reform for an innovative
management organization and system reform based on the concept
of a customer first (Customer Orientated) total solution 21-
Century business model.

The key characteristic of this reform lies in the point of
giving each business unit the ability to be aggressive, develop
a close working relationship with the customer, and making each
business unit individually responsible for profitability by
transferring complete responsibility and total authority over
its respective business field. The central points of the
organizational reform are:

1) Establish a customer-oriented organization

2) Organization clearly identifying goals & responsibility

3) Organization with easily identified profit & loss results

4) Organization allowing decision making with small decision
structures

5) Organization with a simple structure that allows personnel to
move forward without hesitation operating under a clearly
established business plan.

Another purpose of the system reform is to establish an
appropriate monetary award system based on performance and aim
to improve awareness of the necessity of meeting business plan
performance goals.

This organization and system reform will cultivate numerous
market number-1 businesses and be the foundation that promotes
growth strategy in order to succeed on the global market.

Outline of Management Organization and System Reform

- Introduction of the 4-Business Group System

The SANYO group will reorganize its current and future business
fields under four business groups including current core
companies, subsidiaries etc. to improve customer satisfaction.
Each business group will have under its management affiliated
companies pursing management independence, and core competence
for their respective product divisions and domestic and oversea
independent companies. In addition each business group will
include a "strategic headquarters" and a "sales headquarters" to
promote strengthened sales activities for strategic and highly
efficient management. The four business groups will be as
follows:

(1) Consumer Business Group (Product divisions aimed at the
general consumer)

(2) Commercial Business Group (Products and systems for
Commercial use aimed at the business customer)

(3) Component Business Group (Component business aimed at the
product-manufacturing customer)

(4) Service Business Group (While capitalizing on resources
accumulated in the manufacturing business, develop distribution,
financial, and service business units expanding the SANYO group
profit base).

- Headquarter Organization Reform

In connection with the implementation of the independent
"business group" system described in the preceding paragraph, it
will be necessary to reduce the number of staff located at the
headquarters. With this in mind the current headquarters will be
reorganized into the "strategic headquarter division" and the
"staff division".

- Implementation of the Business Unit System

Today's global competition makes it vital that a company's
organizational units compete having clear-cut goals within a
group comprised of a strong and independent organization.

In order to establish such a strong organization, all of the
SANYO group's organizations will be subdiviad into "business
units." These business units will be referred to as SBU (SANYO
Business Unit).

The business unit will establish [clearly defined goals and room
for unlimited challenge to achieve the set goals], [performance
evaluation & inquiry looking behind the reason for the
performance], [appropriate monetary award based on performance]
as well as the [accurate and timely subdivision] of business
units. For example, will withdraw from businesses expected to
have three consecutive years of defects, or will discontinue any
new businesses that has three consecutive years of defects,
focusing management resources on profitable business units.

In order to operate this type of business unit it is vital to
establish clear responsibility and authority under a central
business plan allowing members of the business unit to work
toward a common goal working without inefficiencies under a
simple transparent organization. The fact that each individual
business unit will not include indirect departments is a new
element not seen in previous organization subdivisions.

Each separate indirect business unit will be consolidated into a
single unit expected to contribute to group results operated,
managed and evaluated as a business unit. The total number of
business units will be 280 units.

- Implement A New Management Administration System

Together with implementation of the new management organization,
will reform the business performance evaluation system adopting
the "SANYO Edition EVA" as the criteria for business performance
evaluation that places importance on profit/loss, balance sheet,
cash flow and capital costs. This new business performance
evaluation will be referred to as "SVA".

- Implementation of A New Managerial & Global Personnel
Evaluation System

Under the rapidly changing business environment, the quality of
leaders at various levels of the corporation plays an important
part in the success of the company. The "business unit leader,"
the individual in charge of a single business unit is promoted
to managerial status and becomes a potential candidate to be
named officer on the board of directors and is included in a
group groomed for future executive positions to be selected by
performance. SANYO will revise the pay scale system for board of
director officer level positions as part of the management
administration reform.

(1) Business Unit Leader System

A business unit leader's term in office will be three years.
Will establish a clear reward system of incentives and penalties
such as promotion, demotion, and annual pay raise or pay cut
based on business performance.

The Unit leader pay scale system will be newly implemented as a
"Contract Salary System". The contract Salary system is a pay
scale system paid on the basis of 100% achievement of the
previously determined business plan. The pay scale will be
determined on the extent to which the business plan goals where
achieved with the corresponding salary received fluctuating up
or down within a 20% range of the predetermined annual salary.

The business unit is assigned a grade from 1 to 6 based on
quantitative measures and current and future market conditions
such as sales revenue, profit, and business growth potential
with each grade level assigned a standard contract annual salary
monetary value.

(2) Implementation of the New Company Officer System

In accordance with the management organization reform will
assign as company officers talented individuals putting them in
charge of business operations at subsidiary companies under the
umbrella of the respective business groups.

The current retirement system for company officers will be
replaced with a designated term system. In principle the term
will be set at three years (renewed on a yearly basis). In the
event that predetermined business goals are not achieved during
ones term the contract will not be renewed for the following
year. A ranking scale of 1 to 3 will be assigned to each officer
based on the evaluation of the business division the officer is
in charge of receiving a salary based on the contract annual
salary similar to the pay scale system established for the
business unit leader position.

Through implementing this system will aim to increase the
awareness of the importance of achieving the units' performance
goals of all those involved in the business unit beginning with
the company officers and unit leaders.

Press Contact:

SANYO Electric Co., Ltd.
Corporate Communications Team
Tel: (03) 3837-6206
Fax: (03) 3837-6381
E-mail: tokyo-pr@svnet.sanyo.co.jp

For more information, go to
http://www.sanyo.co.jp/koho/hypertext4-eng/0303news-e/0317-
e.html


The Company's white goods manufacturing business posted an
operating loss of 5.5 billion yen in the first half of this year
to September, versus a loss of 830 million posted in the year to
March, the Troubled Company Reporter-Asia Pacific reported in
December.

"The operations are currently under pressure from falling white
goods prices. In order to survive such a severe business
environment, it is necessary to improve our competitiveness," an
unnamed Company spokesman said. He added that the restructuring
plan targets operating profits after the year to March 2004.
The plan involves the transfer of 1,400 workers in the white
goods business to other group firms, but added no other details
have been decided at this stage.


TOKYO ELECTRIC: Inspecting Nuclear Power Plants
------------------------------------------------
Tokyo Electric Power Co. (TEPCO) has been checking the condition
and safety of its nuclear power plants since the announcement
last August about inappropriate management in the safety records
of TEPCO's self-imposed inspections.

A subcommittee of an advisory council to the Minister of
Economy, Trade and Industry, which is to assess the condition of
the facilities, has been evaluating cracks that were identified
in the nuclear power plants. The Nuclear and Industrial Safety
Agency (NISA) submitted the interim report to the subcommittee
on March 10. This concerns an assessment of cracks on the
shrouds and the pipes of the primary loop re-circulation system
at TEPCO's nuclear power plants.

Based on the conclusions of NISA's interim report, TEPCO has
announced its basic approach to the maintenance of cracks, which
is as follows:

(Cracks on the shrouds)

-The subcommittee concluded that the cracks on the shrouds do
not need to be immediately repaired. However, it is necessary
for the cracks to be examined with appropriate regularity so
that any development in the cracks can be identified.

-Based on this conclusion, TEPCO will remove all cracks except
very small ones and ones that will not affect the condition of
the shroud.

(Cracks on the pipes of primary loop re-circulation system)

-TEPCO will remove the cracks on the pipes of the primary loop
re-circulation system by eliminating the cracks or replacing the
pipes, since it will take some time to carry out another
assessment of the condition of the plant, after confirming the
reliability of the examination data obtained through the
improved ultrasonic test.

TEPCO will explain its approach to maintenance work, as well as
the results of comprehensive checks on the appropriateness of
past inspections and progress on preventative measures, both to
residents in the vicinity of nuclear power stations, and to all
parties involved.

Status of Nuclear Power Plant Operation (as of March 11)

Station          Plant      Status   Date of Suspension

Fukushima Daiichi #1 at a halt       Oct. 26, 2002 -
                  #2 in operation    Mar. 31, 2003 - (plan)
                  #3 at a halt       Jul. 18, 2002 -
                  #4 at a halt       Sep. 16, 2002 -
                  #5 at a halt       Feb. 11, 2003 -
                  #6 in operation    Apr. 15, 2003 - (plan)

Fukushima Daini   #1 at a halt       Jan. 7, 2003 -
                  #2 at a halt       Sep. 3, 2002 -
                  #3 at a halt       Sep. 16, 2002 -
                  #4 at a halt       Oct. 13, 2002 -

Kashiwazaki -Kariwa #1 at a halt     Sep. 3, 2002 -
                  #2 at a halt       Sep. 20, 2002 -
                  #3 at a halt       Aug. 10, 2002 -
                  #4 at a halt       Jan. 7, 2003 -
                  #5 at a halt       Mar. 1, 2003 -
                  #6 at a halt       Jan. 27, 2003 -
                  #7 in operation    Mar. 29, 2003 - (plan)

For a copy of the press release, go to
http://www.tepco.co.jp/index-e.html


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


HYNIX SEMICON: EU May Impose Tariffs Up to 35% on Chip Imports
--------------------------------------------------------------
The European Union may impose tariffs up to 35 percent on chip
imports from Hynix Semiconductor Inc., the Financial Times
reported.

European Commission officials proposed the tariffs after an
eight-month investigation into allegations that the chipmaker
sells chips at below the cost of production. The proposal may be
approved by mid-April, the report said.

Infineon Technologies AG, Europe's second-biggest chipmaker,
complained to the European Commission that South Korean
government aid allows Hynix to sell random access memory
semiconductors below the cost of production.


HYUNDAI MULTICAV: Stock May Wind Up on Supervised Share List
------------------------------------------------------------
Hyundai MultiCAV Co Ltd. said that its stock would be put on the
supervised share list unless it raises capital to make up for
the eroded shareholder equity base by the end of this month, AFX
Asia said on Thursday.

The Company has been in negotiations with its shareholders for
new rights issues to avoid this situation after finding that its
shareholder equity base was eroded by 88.4 percent due to
continued net losses.

In 2002, the Company booked a net loss of 12.3 billion won,
compared with a loss of 32 billion a year earlier, with sales
falling to 101.6 billion from 155.6 billion.


KOOKMIN CREDIT: Reporting W100B in Monthly Losses
-------------------------------------------------
Kookmin Credit Card Co. Limited, a unit of Kookmin Bank, posted
monthly losses of about 100 billion won, forcing the bank to
look for measures to resolve the problems facing the unit,
according to AFX Asia, citing Kookmin Bank President Kim Jung-
Tae. Kookmin Bank recently hired UBS Warburg as an advisor to
resolve its credit card unit's problems.

"We are looking for solutions... either selling it or merging it
(with Kookmin Bank)," Kim said. "We left doors open for both
sale and merger." Kim said the bank would do its utmost to
normalize Kookmin Credit Card as the credit card unit is hurting
profits at Kookmin Bank.

Kookmin Bank also received shareholder approval for a 2002
dividend of 1,000 won per share at the Annual General Meeting
(AGM).


POSCO CO.: Launches Emergency Measures to Monitor Effects of War
----------------------------------------------------------------
Immediately after the war in Iraq broke out on March 20, POSCO
launched an Emergency Task Force to monitor and quickly respond
to any possible developments affecting the Company.

The Emergency Task Force, led by Executive Vice President Soung-
Sik Cho, is composed of executives in charge of marketing and
raw materials as well as department managers in charge of
financing and corporate strategic planning.

The task force will meet every Monday at 10:00 a.m. until the
end of the war with the purpose of fully understanding any
impact to countries that purchase its products or supply us with
raw materials. The team will also develop appropriate
countermeasures according to the war's development.

The war is expected to have little impact on POSCO's management
due to the fact that the Middle East is not a major trading area
for the company. The task force, however, is prepared to handle
any possible situation including failures of both product and
raw material deliveries, fluctuating steel prices and overall
deterioration of global financial markets.

As a precaution, POSCO has established increased security
measures including strict control over entering and exiting the
Seoul office, the Pohang Works and the Gwangyang Works as well
as enhanced walk-around inspections of potential risk areas. The
company has also implemented personnel security measures such as
a ban on any business trips to the Middle East and the
evacuation of POSCO employees currently on business trips in the
area.

The press release is located at
http://www.posco.co.kr/en/press/releases_view.jsp


POSCO CO.: Slashes Debt by W1.2T
--------------------------------
POSCO Co., formerly known as Pohang Iron & Steel Company
Limited, planned to repay 1.2 trillion won ($955 million) in
debt maturing this year ahead of schedule using its own cash
reserves, Reuters said on Friday.

The steel maker will repay 200 billion won in privately placed
debt, 50 billion yen worth of Samurai bonds and $174 million in
Yankee bonds. After repayments, the Company's debts would be
lowered to three trillion won.


SK GLOBAL: Creditors Choose Samil Accounting for Adviser
--------------------------------------------------------
Creditors of SK Global Co. has hired Samil Accounting
Corporation as adviser to conduct due diligence on the Company's
assets and liabilities, and to determine its viability, Dow
Jones reports, citing creditor Hana Bank. Samil Accounting is a
member firm of PricewaterhouseCoopers.

The creditors also named Shin & Kim as legal adviser. Creditors
plan to appoint a financial adviser on March 21, the report
said, without identifying the candidates. Meanwhile, the Maeil
Business Newspaper reported that creditors would likely choose
between UBS Warburg Ltd. (U.UBS) and Lazard Asia Ltd.

The Company's financial trouble surfaced after prosecutors early
last week uncovered accounting irregularities worth KRW1.55
trillion.

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
===============


AMSTEEL CORPORATION: Proposed Capital Reconstruction Effectuated
----------------------------------------------------------------
The Board of Directors of Amsteel Corporation Berhad announces
that following satisfaction of the conditions precedent to the
Proposed Corporate And Debt Restructuring Exercise (Proposed ACB
Scheme), as set out in section 11 of the Circular to
Shareholders issued by ACB dated 9 January 2003 (Subject
Circular), the following have been effected:

   i) the Proposed Corporate Restructuring Exercise (including
the Proposed Capital Reconstruction for ACB but excluding (a)
the proposed renounceable restricted offer for sale of up to
approximately 226.85 million shares in Lion Corporation Berhad
(LCB) by ACB to eligible shareholders of LCB; and (b) the
proposed issue of approximately 251.92 million new 4 years
warrants to shareholders of ACB, both of which will be
implemented later); and

   ii) the issuance of the RM denominated Bonds, USD denominated
consolidated and rescheduled debts and new ordinary shares by
ACB to the ACB Scheme Creditors.

Pursuant to item (i) above, Lion Industries Corporation Berhad
(formerly known as Lion Land Berhad), Posim Berhad, Lion
Diversified Holdings Berhad (formerly known as Chocolate
Products (Malaysia) Berhad), Silverstone Corporation Berhad
(formerly known as Angkasa Marketing Berhad) and Silverstone
Berhad, and their respective subsidiary companies have ceased to
be subsidiary companies of ACB.

Refer to the Troubled Company Reporter - Asia Pacific Monday,
February 10, 2003, Vol. 6, No. 28 issue for further details of
the Proposed ACB Scheme.


HONG LEONG: Undergoes Internal Restructuring Exercise
-----------------------------------------------------
Hong Leong Industries Berhad informed that it had
undertaken/proposed to undertake an internal restructuring
exercise involving:

   1) transfer of its entire equity interests in five (5)
subsidiary companies to its wholly-owned subsidiary, Guocera
Tile Industries (Kluang) Sdn Bhd (GTI (Kluang)), for a total
consideration of RM42,078,910.00 (Consideration). The
Consideration is satisfied by the issuance and allotment of
4,200 new redeemable preference shares (RPS) in GTI (Kluang) at
an issue price of RM10,000.00 per RPS comprising a nominal value
of RM100.00 and a premium of RM9,900.00 each, credited as fully
paid-up, and cash payment of RM78,910.00 (Transfer of Shares).

Particulars of the five (5) subsidiaries are as follows:

                                   % Of Issued
Companies                          Share Capital

Guocera Tile Industries (Kapar)        100%
Sdn Bhd (GTI (Kapar))
Ceramic Research Company Sdn Bhd       100%
Guocera Marketing Sdn Bhd              100%
Guocera Tile Industries (Labuan)        70%
Sdn Bhd
Guocera Tile Industries (Meru)          64%
Sdn Bhd (GTI (Meru)).

   2) transfer of GTI (Kluang)'s business of manufacture and
sale of ceramic tiles (Business) and assets (excluding land and
building) (Assets) to GTI (Kapar), for a sum equivalent to the
unaudited net tangible asset (NTA) value of GTI (Kluang)'s
Business and Assets as at 31 March 2003 (Transfer of Business
and Assets).

(The Transfer of Shares and Transfer of Business and Assets are
collectively referred to as "Restructuring Exercise").

The Restructuring Exercise is undertaken in order to streamline
the operations of the ceramic tiles division of HLI.

The Restructuring Exercise would not have any material impact on
the NTA and earnings per share of the HLI Group for the
financial year ending 30 June 2003.

As the transaction is between HLI and its wholly-owned
subsidiary, none of the Directors, major shareholders and
persons connected with them are interested in the Restructuring
Exercise.

Approvals of the Ministry of International Trade and Industry
(MITI) and Foreign Investment Committee would be sought in
relation to the Transfer of Shares while the transfer of shares
in GTI (Meru) is pending approval of the remaining shareholder
of GTI (Meru). MITI had, via its letter dated 7 January 2003
approved the Transfer of Business and Assets.

The Board of Directors of the Company is of the opinion that the
Restructuring Exercise is in the best interest of the Company.


LION INDUSTRIES: Issues RM Denominated Bonds, New Shares
--------------------------------------------------------
The Board of Directors of Lion Industries Corporation Berhad
(LICB), formerly known as Lion Land Berhad, announces that
following satisfaction of the conditions precedent to the
Proposed Corporate and Debt Restructuring Exercises (Proposed
LICB Scheme) as set out in Section 11 of the Circular to
Shareholders issued by LICB dated 9 January 2003 (Subject
Circular), the following have been effected:

   i) the Proposed Corporate Restructuring Exercise (including
the Proposed Capital Reconstruction Exercise for LICB); and

   ii) the issuance of the RM denominated Bonds, USD denominated
consolidated and rescheduled debts and new ordinary shares by
LICB to the LICB Scheme Creditors.

Pursuant to item (i) above, Posim Berhad and Lion Diversified
Holdings Berhad (formerly known as Chocolate Products (Malaysia)
Berhad) and their respective subsidiary companies have become
subsidiary companies of LICB.

Further details of the Proposed LICB Scheme, refer to the
Troubled Company Reporter - Asia Pacific Monday, February 10,
2003, Vol. 6, No. 28 issue.


LONG HUAT: Answers KLSE's Winding Up Petition Query
---------------------------------------------------
Long Huat Group Berhad, in reference to the Query Letter by KLSE
reference ID: MN-030319-28855 Subject on the Winding-up Petition
against filed by Export-Import Bank Malaysia Berhad (Exim Bank),
replied on the matter as follows:

1. The interest rates on the amount claimed under the bank
facility mentioned therein, is at 5.0% (fixed rate) per annum
whilst the default rate is at 2.0% per annum plus 5.0% per
annum.

Below is the KLSE Query Letter content:

We refer to your Company's announcement dated 18 March 2003 in
respect of the aforesaid matter.

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

1) The interest rate on the amount claimed for.

Yours faithfully
TAN YEW ENG
Senior Manager, Listing Operations
WSW/TYE/LMN
copy to: Securities Commission (via fax)


MYCOM BERHAD: Regulatory Approvals on Workout Scheme Pending
------------------------------------------------------------
Reference is made to the announcement by Alliance Merchant Bank
Berhad on 6 February 2003 made on Mycom Berhad's behalf in
respect of an application to the Kuala Lumpur Stock Exchange
(KLSE) for an extension of time to obtain all the necessary
approvals from the regulatory authorities from the date of
submission to the Securities Commission of the Proposed
Variations in relation to the Proposed Restructuring Scheme on 6
February 2003 to 6 June 2003 pursuant to Practice Note No.
4/2001.

The Board of Directors of Mycom Berhad now wishes to announce
the KLSE in its letter dated 20 March 2003 has informed, as the
outcome of the Company's application to the regulatory
authorities for approval of its plan to regularize its financial
condition has yet to be determined, the Exchange will await the
outcome of the Company's application to the relevant regulatory
authorities without prejudice to the Exchange's right to
commence de-listing procedures against the Company in the event
any of its application is not approved by the regulatory
authorities.

In addition, the KLSE in the same letter, related that where
regulatory approvals are obtained, the Company must proceed to
implement its plan to regularize its financial condition
expeditiously within the time frame stipulated by the regulatory
authorities and where any regulatory authorities are not
obtained, the Exchange will proceed with the de-listing
procedures against the Company.


OLYMPIA INDUSTRIES: KLSE Awaits Regulatory Authorities Decision
---------------------------------------------------------------
The Board of Directors of Olympia Industries Berhad announced
that the KLSE in its letter dated 20 March 2003 has informed
that, as the outcome of the Company's application to the
regulatory authorities for approval of its plan to regularize
its financial condition has yet to be determined, the Exchange
will await the outcome of the Company's application to the
relevant regulatory authorities without prejudice to the
Exchange's right to commence de-listing procedures against the
Company in the event any part of its application is not approved
by the regulatory authorities.

In addition, the KLSE in the same letter, also said that where
regulatory approvals are obtained, the Company must proceed to
implement its plan to regularize its financial condition
expeditiously within the time frame stipulated by the regulatory
authorities and where any regulatory authorities are not
obtained, the Exchange will proceed with the de-listing
procedures against the Company.


OLYMPIA INDUSTRIES: Seeks Proposed HSSB Acquisition Waiver
----------------------------------------------------------
Olympia Industries Berhad stated the March 8 approval of the SC
for the Proposed restructuring Scheme included, amongst others,
the proposed acquisition by OIB of 100,000 ordinary shares of
RM1.00 each or 78.0% equity interest in Harta Sekata Sdn Bhd
(HSSB) (HSSB Shares) for a purchase consideration of
RM48,360,000 to be satisfied by the issuance of 48,360,000 new
ordinary shares in OIB at an issue price of RM1.00 per share
(Proposed HSSB Acquisition). The condition imposed by the SC,
amongst others, in respect of the Proposed HSSB Acquisition is
as follows:

"The proposed acquisition of HSSB as stated in paragraph
2(vi)(b) of the SC Letter, can be implemented only if all land
held by HSSB are free of demand, charge, lien, caveat,
encumbrances and equity."

The HSSB Shares will be acquired on the basis that HSSB will be
free from all assets and liabilities whatsoever, other than the
land currently held by HSSB, comprising 2 plots of land
measuring approximately 19.65 acres located at P.T. Nos 242 (PT
242) & 243 (PT 243), H.S. (D) 114558 & 114559, Town of Petaling
Jaya, District of Petaling, State of Selangor (HSSB Land).

The HSSB Land is encumbered with:

   (a) PT 242 - lien holder's caveat in favor of Am Finance
Berhad (formerly known as Arab-Malaysian Finance Berhad
(AmFinance)), registered on 31 March 1998; and

   (b) PT 243 - various lien-holder's and private caveats.

Pursuant to the conditional restructuring and acquisition
agreement signed on Wednesday between Bukit Seremban Jaya Sdn
Bhd (BSJ), the vendor of HSSB, and OIB and announced on even
date, the Proposed HSSB Acquisition is on the basis that the
relevant security interests over PT 243 are to be discharged and
released prior to the completion of the Proposed HSSB
Acquisition.

Further details on the HSSB Land are set out in Table 1, which
can be found at http://bankrupt.com/misc/TCRAP_Olympia0324.gif.

PROPOSED WAIVER RELATING TO THE ENCUMBRANCE OF HSSB LAND

PT 242 is currently attached with a lien-holder's caveat
registered on 31 March 1998 in favor of AmFinance in relation to
the guaranteed revolving underwritten notes issuance facility
(GRUNIF) granted to Jupiter Securities Sdn Bhd (Special
Administrators Appointed) (JSSB), a 60% owned subsidiary of OIB.
The lien-holder's caveat in favor of AmFinance arose from the
guarantee provided by AmFinance in relation to the GRUNIF, which
has since crystallized. As such, AmFinance is now a direct
creditor of JSSB.

As at the financial year ended 30 June 2002, the amount owing by
JSSB to AmFinance in relation to the GRUNIF amounted to
RM24,073,324.

Under the workout proposal formulated by the Special
Administrators appointed to JSSB which was approved by the SC on
14 August 2000 (Workout Proposal), part of the amount owing to
AmFinance arising from the crystallized guarantee totaling
RM900,000 is proposed to be novated to OIB and restructured into
RM900,000 principal amount of restructured term loan (RTL) of
OIB.

The existing lien-holder's caveat will remain on PT 242 and the
obligations of OIB to AmFinance as the lien-holder will be based
on the terms and conditions in respect of the RTL addressed
under the Workout Proposal until the RTL is fully repaid. The
Workout Proposal has been incorporated into the Proposed
Restructuring Scheme. The remaining amount owing to AmFinance in
relation to the crystallized guarantee will remain in JSSB as
unsecured borrowings of JSSB and shall be addressed and
restructured in accordance with JSSB's Workout Proposal.

Hence, on even date, OIB sought a waiver from the SC from
compliance with the condition as imposed by the SC in its letter
dated 8 March 2002 whereupon the Proposed HSSB Acquisition can
be implemented only if the HSSB Land is free of demand, charge,
lien, caveat, encumbrances and equity (Proposed Waiver).

RATIONALE

Since the lien-holder's caveat on PT 242 relates to the GRUNIF
of JSSB, which will be restructured pursuant to the Workout
Proposal, it would not be cost efficient for OIB nor prudent for
AmFinance to request for or accept a discharge of the
encumbrance prior to the completion of the Proposed HSSB
Acquisition with a recharge on PT 242 immediately after the
completion of the Proposed HSSB Acquisition. It would also not
be feasible to consider settling in full the debt owing to
AmFinance prior to the completion of the Proposed HSSB
Acquisition as such arrangement will be considered preferential
treatment to one creditor which is against the principle of
settlement of creditors under both the Proposed Restructuring
Scheme and the Workout Proposal.

As such, the Proposed HSSB Acquisition should be completed with
the HSSB Land being free of demand, charge, lien, caveat,
encumbrances and equity, save and except for the lien-holder's
caveat in favor of AmFinance on PT 242.

FINANCIAL EFFECTS

The Proposed Waiver has no financial effect on OIB's share
capital, shareholding structure, net tangible assets, gearing
and earnings.

APPROVAL REQUIRED

The Proposed Waiver is subject to the approval of the SC, of
which an application to the SC was made on Wednesday.

DIRECTORS' OPINION

After taking into consideration the current financial position
of the OIB Group, the Directors of OIB are of the opinion that
the Proposed Waiver is in the best interest of the OIB Group and
its shareholders.


PAN MALAYSIA: FIC Extends Time to Up Bumiputera Shares
------------------------------------------------------
Reference is made to the announcement of 27 March 2001 in
respect of the acquisition by Lembaran Megah Sdn Bhd, a wholly
owned subsidiary of Pan Malaysia Corporation Berhad, of 46.0
million ordinary shares of RM1.00 each representing
approximately 12.9 percent of the issued and paid-up share
capital of Chemical Company of Malaysia Berhad (CCM). In the
said announcement, the Company had, inter-alia, announced that
PMC was required to comply with the equity condition imposed
previously by the Foreign Investment Committee, that being, to
increase its Bumiputera shareholding to 19.23 percent by 31
December 2001.

Pan Malaysia Corporation Berhad informed that the FIC had, via
its letter dated 10 March 2003 granted an extension of time up
to 31 December 2004 for the Company to increase its Bumiputera
shareholding to 19.23%.


PDX.COM SDN: Faces Winding-up Petition Over Defaulted Payment
-------------------------------------------------------------
Industronics Berhad announced that a winding-up petition (no.
MT3-28-19-2003) that had been presented at the Shah Alam High
Court on 22 January 2003 against PDX.com Sdn Bhd (PDX.com), a
wholly-owned subsidiary of PDX Computers Sdn Bhd (PDX Computers)
in which the Company is holding 23% equity interest, was on 20
March 2003 served onto PDX.com for a claim of RM7,701,062.14.

1. Details of default or circumstances leading to the filing of
the winding up petition against PDX.com

The petition was filed by Hewlett-Packard Sales (Malaysia) Sdn
Bhd (Helwett-Packard) against PDX.com. PDX.com had defaulted its
repayment of indebtedness under the terms of Settlement
Agreement executed between PDX.com, PDX Computers and Hewlett
Packard.

2. The financial and operational impact on the Company:

The winding up petition should not have any impact on the
financial and operations of the Company. The Company had
written-off its entire investment in PDX Computers in the
accounts.

3. The expected losses:

The Company does not expect any losses arising from the winding-
up proceedings.

4. The amount of interest claimed: Nil

5. The date of hearing of the winding-up petition: 17 July 2003

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

PDX.com is seeking legal advice from its solicitors and
appropriate actions shall be taken in response to it.


PDX COMPUTERS: Petition Hearing Filed by Pilecon Set on June 26
---------------------------------------------------------------
Industronics Berhad wishes to announce that a winding-up
petition (no. MT5-28-21-2003) that had been presented at the
Shah Alam High Court on 23 January 2003 against PDX Computers
Sdn Bhd (PDX Computers), an associated company in which
Industronics is holding 23% equity interest, was on 20 March
2003 served onto PDX Computers for a claim of RM2,068,691.85.

1. Details of default or circumstances leading to the filing of
the winding up petition against PDX Computers:

The petition was filed by Pilecon Engineering Berhad (Pilecon)
against PDX Computers. Pursuant to an agreement executed on 15
December 1998 between PDX Computers, Industronics, IntegerVest
Sdn Bhd and Pilecon, PDX Computers is under obligation to
progressively reduce the utilization of the facilities granted
in which Pilecon is a corporate guarantor. However, failure of
PDX Computers to do so resulted HSBC Bank Malaysia Berhad
instituting a civil suit at the KL High Court for the sum of
RM2,068,691.85 against Pilecon as corporate guarantor. Pilecon
is now claiming, as a guarantor, for the said sum.

2. The financial and operational impact on the Company:

The winding up petition should not have any impact on the
financial and operations of the Compnay. The Company had
written-off its entire investment in PDX Computers in the
accounts.

3. The expected losses:

The Company does not expect any losses arising from the winding-
up proceedings.

4. The amount of interest claimed: Nil

5. The date of hearing of the winding-up petition: 26 June, 2003

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

PDX Computers is seeking legal advice from its solicitors and
appropriate actions shall be taken in response to it.


RAHMAN HYDRAULIC: Grants PKNK Proposed Disposal Time Extension
--------------------------------------------------------------
Reference is made to announcement on 23 January 2003 in relation
to the Proposed Disposal of Pinang Tunggal Estate, together with
buildings erected thereon and motor vehicles, to Perbadanan
Kemajuan Negeri Kedah (PKNK) for a total cash consideration of
RM80,000,000 (Proposed Disposal).

Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
wishes to announce that it has agreed to grant PKNK's request
for an extension of time until 31 March 2003 to obtain all the
necessary approvals from the relevant authorities to complete
the Proposed Disposal.


SAP HOLDINGS: Unit SAP Air Hitam Serves Damages Summons
-------------------------------------------------------
SAP Holdings Berhad announced that its subsidiary SAP Air Hitam
Properties Sdn Bhd (SAP Air Hitam) has been served with a
summons by Rasaselvan a/l Ramasamy & two (2) others via Shah
Alam Sessions Court Suit No. 52-702-2003.

The Plaintiffs are demanding liquidated damages in the sum of
RM67,496.14 for the alleged late delivery of a unit of bungalow
lot known as Lot 280, Zone 4 Lestari Perdana.


SENG HUP: Provides Defaulted Payment Status Update
--------------------------------------------------
As required by the KLSE Practice Note 1/2001, Seng Hup
Corporation Bhd (Special Administrators Appointed) (SHCB)
provided an update on its default in payment, as set out at
http://bankrupt.com/misc/TCRAP_SengHup0324.xls.

The default by SHCB as at 28 February 2003 amounted to
RM56,684,648 made up of principal sums, plus RM29,273,274 in
interest for revolving credit facilities, trade financing and
overdraft.

P.T. Krisindo Mas, a subsidiary of SHCB had as at 28 February
2003, defaulted USD2,280,000 made up of a principal sum plus,
USD1,307,489 in interest, in respect of its property loan.

Dasar Jernih Sdn Bhd and Nazar Holdings Sdn Bhd, both
subsidiaries of SHCB have respectively defaulted in the
principal repayment of their property loans amounting to
RM5,728,000 and RM1,180,000 together with interest of
RM2,653,794 and RM643,226 respectively as at 28 February 2003.


SISTEM TELEVISYEN: Court Approves TV3 Scheme of Arrangement
-----------------------------------------------------------
On behalf of the Board of Directors of Sistem Televisyen
Malaysia Berhad, AmMerchant Bank Berhad (formerly known as Arab-
Malaysian Merchant Bank Berhad), announced:

   1. The High Court of Malaya (Court) has on Thursday given its
sanction for TV3's scheme of arrangement pursuant to section 176
of the Companies Act, 1965 (TV3 Scheme of Arrangement). The TV3
Scheme of Arrangement will be binding on TV3 shareholders and
scheme creditors of TV3 once the certified true copy of the
order of the Court approving the TV3 Scheme of Arrangement is
lodged with the Companies Commission of Malaysia or such other
date as the Court may determine.

   2. The proof of debt exercise in relation to the settlement
of the outstanding debts owing to scheme creditors of TV3 (TV3
Debt Settlement) has been completed. Details of the settlement
are set out in Table found at
http://bankrupt.com/misc/TCRAP_TV30324.doc.


SRI HARTAMAS: Inks Second Supplemental Reconstruction Agreement
---------------------------------------------------------------
Commerce International Merchant Bankers Berhad announced that
Sri Hartamas Berhad (Special Administrators Appointed) entered
into a second supplemental reconstruction agreement with FACB
Resorts Berhad (FACB) and Hartamas Group Sdn Bhd (HGB) on 20
March 2003 (Second Supplemental Reconstruction Agreement). The
Second Supplemental Reconstruction Agreement, which supplements
the reconstruction agreement dated 23 May 2001 and the
supplemental reconstruction agreement dated 25 September 2001
serves to vary the manner of implementing the Proposed
Restricted Renounceable Rights Issue by HGB (as defined herein)
which form part of the Proposed Scheme of Arrangement.

As the Second Supplemental Reconstruction Agreement merely aims
to facilitate the implementation of the Proposed Restricted
Renounceable Rights Issue by HGB, it does not revise the
existing terms of the Proposed Scheme of Arrangement that was
approved by the Securities Commission (SC) via its letter dated
9 July 2002.

DETAILS OF THE SECOND SUPPLEMENTAL RECONSTRUCTION AGREEMENT

The Second Supplemental Reconstruction Agreement provides for,
amongst others, the following:

   (i) FACB will procure underwriter(s) for at least 20 million
ordinary shares of RM1.00 each in HGB (HGB Shares) (Rights
Shares) together with 20 million warrants in HGB (Rights
Warrants) pursuant to the Proposed Restricted Renounceable
Rights Issue by HGB. From the proceeds to be received, up to
RM10 million will first be used to pay the expenses relating to
the Proposed Scheme of Arrangement and to finance the working
capital requirements of HGB and its subsidiary (HGB Group). The
remaining RM10 million shall be made available for repayment to
the creditors of SHB.

Meanwhile, the creditors of SHB will participate in the Proposed
Scheme of Arrangement (Subscribers) and provide an undertaking
that in the event the Proposed Restricted Renounceable Rights
Issue by HGB is undersubscribed, the Subscribers via an agent to
be appointed by Pengurusan Danaharta Nasional Berhad or the
Special Administrators (Creditors' Agent) shall subscribe for up
to 40 million of the Rights Shares and up to 40 million of the
Rights Warrants as direct settlement of up to RM40 million of
the RM50 million payable to them under the proposed cash payment
to SHB's creditors by HGB which is originally proposed
(Subscription Arrangement).

The maximum of 40 million Rights Shares and the maximum of 40
million Rights Warrants to be subscribed by the Creditors' Agent
pursuant to the Subscription Arrangement shall be referred to as
the "Creditors' Shares" and "Creditors' Warrants" respectively.

   (ii) Pursuant to the Subscription Arrangement, the Special
Administrators and FACB have entered into a put/call option
arrangement, whereby:

     (a) The Creditors' Agent shall be entitled to sell the
Creditors' Shares in the market anytime during the period of
twelve (12) months from the date of listing and quotation of the
HGB Shares on the Official List of the Kuala Lumpur Stock
Exchange (KLSE) (Open Period) provided that the selling price is
not lower than RM1.30 per Creditors' Share. The Creditors' Agent
shall also be entitled to sell an equivalent number of
Creditors' Warrants, i.e. based on the number of Creditors'
Shares disposed, in the open market without any price
restriction.

     (b) FACB shall write a put option (Put Option) to the
Creditors' Agent which provides the Creditors' Agent with the
right but not the obligation to sell all the remaining
Creditors' Shares together with the Creditors' Warrants at a put
exercise price of RM1.08 for one (1) Creditors' Share plus one
(1) Creditors' Warrant to FACB within a period of 30 days
immediately after the Open Period.

     (c) In return for FACB writing the Put Option to the
Creditors' Agent, the Creditors' Agent will write a call option
(Call Option) to FACB which provides FACB with a right but not
an obligation to acquire the Creditors' Shares together with the
Creditors' Warrants held by the Creditors' Agent anytime within
the Open Period at an exercise price of RM1.13 for one (1)
Creditors' Share plus one (1) Creditors' Warrant.

     (d) FACB shall provide collateral security for the Put
Option and the Call Option of one (1) HGB Share for every one
(1) Creditors' Share (Security Ratio) held by the Creditors'
Agent (Collateral Security). This Security Ratio shall be
maintained at all times, whereby any excess security of HGB
Shares shall immediately be released to FACB and FACB shall
immediately provide sufficient number of HGB Shares as
Collateral Security in the event that there are insufficient HGB
Shares as Collateral Security. In the event that the proceeds
received from the disposal of the entire Collateral Security are
insufficient to satisfy the put/call obligation, the Creditors'
Agent may dispose the Creditors' Shares to settle the shortfall.
FACB shall also provide a corporate guarantee (Corporate
Guarantee) to pay for any shortfall that may arise from the
exercise of the Put Option and/or Call Option, in the event the
Put Option and/or Call Option are exercised by a third party
nominated by FACB. The Corporate Guarantee will be called upon
only after the Creditors' Agent has fully disposed of the entire
Collateral Security and such number of Creditors' Shares which
have been served by FACB or notified by the Creditors' Agent
pursuant to the Call Option and the Put Option respectively.

The agreements relating to the Put Option, the Call Option, the
charge over the Collateral Security and the Corporate Guarantee
have been entered into by SHB, via the Special Administrators,
and FACB on the same date as the Second Supplemental
Reconstruction Agreement.

   (iii) The basis of the Proposed Restricted Renounceable
Rights Issue by HGB has also been reworded. Details can be found
at http://bankrupt.com/misc/TCRAP_Sri0324.doc. The Second
Supplemental Reconstruction Agreement is meant to facilitate the
implementation of the Proposed Scheme of Arrangement and does
not constitute a change in the existing terms of the Proposed
Scheme of Arrangement.

RATIONALE FOR THE SECOND SUPPLEMENTAL RECONSTRUCTION AGREEMENT

It was originally intended that the Proposed Restricted
Renounceable Rights Issue by HGB be implemented only after the
other proposals under the Proposed Scheme of Arrangement have
been implemented. However, in order to facilitate the
implementation of the Proposed Scheme of Arrangement and to
allow the Rights Shares to be listed on the KLSE, it has been
proposed that the Proposed Restricted Renounceable Rights Issue
by HGB be implemented concurrently with the other proposals
under the Proposed Scheme of Arrangement. The Second
Supplemental Reconstruction Agreement is necessary to facilitate
the implementation of the above arrangement.

OTHER SALIENT TERMS OF THE SECOND SUPPLEMENTAL RECONSTRUCTION
AGREEMENT

The Second Supplemental Reconstruction Agreement is subject to
the execution of certain agreements and approvals as follows:

   (i) the approval of the SC for the variation to the terms of
the Proposed Scheme of Arrangement, if required; and

   (ii) the approval of the modified workout proposal of SHB by
Pengurusan Danaharta Nasional Berhad and the secured creditors
of SHB pursuant to Section 48 of the Pengurusan Danaharta
Nasional Berhad Act 1998, if required.

EFFECTS OF THE SECOND SUPPLEMENTAL RECONSTRUCTION AGREEMENT

The Second Supplemental Reconstruction Agreement will not change
the proforma effects of the Proposed Scheme of Arrangement on
the issued and paid-up share capital, net tangible assets,
earnings, shareholding structure and gearing of the SHB group
and HGB Group.


UCP RESOURCES: FIC OKs Proposed Corp, Debt Restructuring Scheme
---------------------------------------------------------------
Reference is made to UCP Resources Berhad's announcements on the
Proposed Corporate and Debt Restructuring Scheme, which
collectively refers to the:

    Proposed Share Exchange
    Proposed Debt Settlement
    Proposed Acquisitions
    Proposed Rights Issue
    Proposed Placement
    Proposed Transfer of Listing
    Proposed Liquidation
    Proposed Exemption

Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Directors of UCP (the Board) is pleased to announce the
following:

   * The Foreign Investment Committee (FIC) had, via its letters
dated 30 December 2002 and 14 March 2003 (which was received by
PMBB on 18 March 2003) respectively, approved the Proposed
Corporate and Debt Restructuring Scheme as well as the revised
structure to the Proposed Corporate and Debt Restructuring
Scheme, as announced on 31 December 2002.

In addition, the FIC had via its letter dated 14 March 2003,
granted Goldenseal Resources Sdn Bhd (GRSB), being the new
company incorporated to assume the listing status of UCP
pursuant to the Proposed Corporate and Debt Restructuring
Scheme, a grace period of up to two (2) years from the date of
the listing and quotation of GRSB shares on the Second Board of
the Kuala Lumpur Stock Exchange, to fulfill the minimum 30%
Bumiputera equity interest requirement.

   * PMBB had on 17 February 2003 on behalf of the Board,
submitted an application to the Bank Negara Malaysia (BNM) for
the proposed issuance of shares to secured and unsecured bank
lenders of UCP and its subsidiaries (UCP Group) pursuant to the
Proposed Corporate and Debt Restructuring Scheme.

In relation thereto, PMBB, on behalf of the Board, is pleased to
announce that BNM had via its letter dated 25 February 2003
approved the proposed issuance of shares to the following bank
lenders of the UCP Group:

   (a) Affin Bank Berhad;
   (b) RHB Bank Berhad;
   (c) OCBC Bank (Malaysia) Berhad;
   (d) Standard Chartered Bank Malaysia Berhad; and
   (e) Aseambankers Malaysia Berhad.


ZAITUN BERHAD: Posts Change in Boardroom Notice
-----------------------------------------------
Zaitun Berhad posted this notice:

Date of change : 19/03/2003
Type of change : Demised
Designation    : Chairman
Directorate    : Executive
Name           : DATO SERI MUTIARA DR MOHD EUSUFF TEH
Age            : 82
Nationality    : MALAYSIAN
Qualifications : DOCTOR BY PROFESSION
Working experience and occupation  : SPECILISES IN HOMEOPETHIC
MEDICINE
Directorship of public companies (if any) : NIL
Family relationship with any director and/or major shareholder
of the listed issuer : HUSBAND TO DATIN SERI MUTIARA ROKIAH
ABDULLAH, VICE CHAIRMAN
Details of any interest in the securities of the listed issuer
or its subsidiaries : NIL

COMPANY PROFILE

The Group's core business consists of the manufacturing and
marketing of toiletries, cosmetics and food products under its
own brand name of "Zaitun". The Group is the pioneer producer
and the market leader for toiletries and cosmetic products in
the Muslim market segment. The Group's products mainly cater to
Muslim men and women with household incomes of RM500 and above.
The products are also exported to countries such as Brunei,
Singapore, Indonesia and China.

Zaitun's products are distributed through high traffic outlets,
retailers and wholesalers. These main outlets are serviced by 30
sales representatives and executives operating from seven branch
offices in West Malaysia.

Most of the Group's raw materials are imported, while some are
procured from local suppliers. However, the imported raw
materials are currently supplied by local distributing houses.

Following the termination of the last exclusive distributorship,
the Group has commenced distributing and selling its own
products. The Group has not been successful in appointing
another sole agent to distribute its products.

In January 2001, the Company had announced its proposal to
undertake a comprehensive fund raising exercise, including a
rights issue, aimed at restoring the financial health of the
Group. The Company subsequently had to abort the exercise owing
to the prevailing market conditions. Nevertheless, the Board
continues in its effort to devise another workable financial
plan to strengthen the Group's financial position.

CONTACT INFORMATION: Suite 16.09, Tingkat 16
                     Plaza Pengkalen
                     Batu 3, Jalan Ipoh
                     51200 Kuala Lumpur
                     Tel : 03-4433422
                     Fax : 03-4424653


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


ALL ASIA: Depositors Seek More Time to File Rehab Plan
------------------------------------------------------
Depositors of the closed All Asia Bank have asked the Philippine
Deposits Insurance Corp. (PDIC) to extend the March 31 deadline
for the submission of the rehabilitation plan for the thrift
bank, Business World reports.

In a manifesto signed March 17, the depositors said the PDIC
must give would-be investors ample time to find other investors
that will help rehabilitate the bank based on a plan acceptable
to the agency and the depositors.

"We are calling the attention of our government officials in the
land to help us in our pursuit for justice in recovering our
deposits," said the All Asia Bank Depositors Association (AABDC)
in the manifesto.

Among the government officials whose help they solicited was
Davao (First District) Rep. Prospero Nograles. The AABDC, on
March 18, informed Mr. Nograles that the PDIC was to liquidate
the bank by March 31.

Their request came after the PDIC rejected their demand for the
extension of the March 31 deadline.


MANILA ELECTRIC: Senate Approves 25-Year Franchise
--------------------------------------------------
The Senate approved on Thursday a 25-year franchise for the
Manila Electric Co. (Meralco) to continue operating an
electricity distribution system in Metro Manila and nearby
provinces, the Philippine Star reports.

Its retail rates are to be regulated by the Energy Regulatory
Commission and shall be made public and transparent. The so-
called mega-franchise will include at least 50 franchises
covering 111 cities and towns all over Luzon.

According to De la Pea, at least 11 of the 50 franchises were
set to expire on March 24. These are Malabon City, Mandaluyong
City, Makati City, Paraaque City, Caloocan City, Las Pias
City, Manila, Navotas, Pasay, Quezon City, and San Juan.


NATIONAL POWER: Defers Sale of Assets Worth P10B
------------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
has deferred plans to sell property and transportation assets of
the National Power Corporation (Napocor) worth 10 billion pesos,
because it may be unable to get favorable prices under the
current environment, AFX Asia reported, citing PSALM President
Edgardo del Fonso said.

The agency is also focusing first on the sale of Napocor's
transmission and generation assets, which are scheduled to go in
July and early 2004. Napocor had earlier planned to sell 12
hectares of real estate in the Makati financial district, and
other assets in Manila and the Visayas and Mindanao islands. It
also planned to sell two power barges worth 100 million pesos
each, as well as a helicopter worth 440 million pesos.

The National Power Corporation (Napocor)'s debt ballooned to
$7.2 billion (P394 billion) as of 2002 from $6.1 billion a year
earlier, the Troubled Company Reporter-Asia Pacific reported
recently.

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


NATIONAL POWER: Likely to Postpone Sale of Mile Long Property
-------------------------------------------------------------
The National Power Corp. (Napocor) may defer this year the
disposal of P3.4 billion its real estate assets in Mile Long,
Makati, the Manila Times reported, citing the Power Sector
Assets and Liabilities Management Corp. (psalm). The Mile Long
property in Makati includes Ecology Village, Mile Long, and
parts of Don Bosco Church, Meralco Substation, Makati Post
Office and Makati Fire Station.

"Our focus is our major assets. Its not our priority this year,"
psalm president Edgardo S. Del Fonso said Friday. For this year,
psalm is giving priority in the privatization of transmission
assets with estimated proceeds of $2 billion.

Napocor has 2.6 hectares of its commercial and residential
properties in Makati with a total value of P3.4 billion. This
would support the financial needs of Napocor. As of 1997, the
property was valued at P125, 000 a square meter.

Meanwhile, at least 14 firms expressed interest to bid out the
transmission assets in July. Del Fonso said that a consortium or
consortia could bid for the transmission assets. Of the 14
firms, six local investors and eight foreign investors will
participate for the bidding.


NATIONAL POWER: Mediated Meralco-Napocor Talks to Start Soon
------------------------------------------------------------
Mediated negotiations between the National Power Corporation
(Napocor) and the Manila Electric Co. (Meralco) are expected to
start in the next few days following the appointment of two
mediators earlier this week, the Business World reports.

Meralco President and Chief Operating Officer Jesus P. Francisco
said Meralco and Napocor have agreed on who will sit as
mediators to settle disputes over their 10-year power supply
agreement. Francisco declined to identify the two mediators, but
said both were former government officials, who are now in the
private sector.

Industry sources, however, identified the two as ambassador and
former Justice Secretary Sidfrey Ordoez, for Napocor, and
former World Energy Council President Antonio del Rosario, for
Meralco. The dispute started in January 2002 when Meralco
unilaterally revoked its 10-year power supply contract with
Napocor by buying less power from the state-owned firm than the
agreed levels.


PHILIPPINE AIRLINES: May Raise Fares Next Month
-----------------------------------------------
Philippine Airlines Inc. may raise fares next month should other
international carriers follow through with plans to increase
fares, BusinessWorld and Bloomberg reported, citing President
Avelino Zapanta.

Members of the International Air Transport Association, which
represents 96 percent of airlines servicing the international
routes, plan to increase fares by 3 percent on April 15, the
newspaper said. The airline slashed by half its profit forecast
for the fiscal year ending this month to 500 million pesos ($9
million) because of higher oil prices and other operating costs.

Philippine Airlines Inc. expects to post a net income of 500
million pesos in the year ending March, because it sold more
tickets, the Troubled Company Reporter-Asia Pacific reported
recently, quoting PAL President Avelino Zapanta.

The airline has cut its debt to $1.2 billion from $2.2 billion
when it was reorganized in 2000. The Company earned 46 million
pesos that year, and 419 million pesos in 2001. The estimated
profit for this year is half of what Philippine Airlines
predicted in November.


VICTORIAS MILLING: JG Summit May Take Over Firm
-----------------------------------------------
JG Summit Holdings Inc., the investment-holding group of
Philippine tycoon John Gokongwei, offered to acquire Victorias
Milling Co. for 300 million pesos in the form of senior loan
convertible into equity, Dow Jones reported Friday. Being a
senior loan, JG Summit's offer will have prior claim to the
existing obligations of Victorias Milling.

Victorias Milling needs to raise 300 million pesos in fresh
capital by April 15 to pursue its rehabilitation program, which
was put in place after its near collapse six years ago under the
weight of its heavy debt load. JG Summit said Argosy Advisers is
serving as its financial advisor in the ongoing negotiations to
take over the sugar concern.


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


ASIA PULP: Court Gives Second Chance to Avoid Management Change
---------------------------------------------------------------
In Indonesia, Asia Pulp and Paper was given a second chance to
avoid its existing management being replaced, DebtTraders
reports. The Singapore court rejected Deutsche Bank and BNP's
appeal for judicial management.

It is not difficult to understand why the Singapore court does
not want to touch the hot potato. A judicial management would
effectively break the APP group into three separate entities
geographically and stop the ongoing debt restructuring process
with Export Credit Agencies of Japan, Germany, Austria, Canada,
Spain, Sweden, Italy, France, Denmark, Finland and the United
States (ECAs) and the Indonesian Bank Restructuring Agency
(IBRA).


CHARTERED SEMICON: May Lose Customers on FAB Plans
--------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. (CSM) may lose
customers as a result of the Company's fab rationalization
plans.

In February 2003, CSM announced plans to phase out Fab 1, our
only 150-mm fab, and consolidate its business into Fab 2 over an
estimated 13-month transition period, with the aim of
significantly reducing our fixed cost base as CSMll as
consolidating all Singapore fab operations onto our main campus
in Woodlands. While CSM are working towards a smooth transfer of
customers from Fab 1 to Fab 2, CSM cannot assure you that CSM
will be successful in transferring our customers from Fab 1 to
Fab 2, and as a result, CSM may lose these customers, which
could seriously harm our Company. For more information on this,
please see "Item 4. Information on Our Company - Optimize Our
Capacity Base".

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


CHARTERED SEMICON: Recognizes Top Suppliers at Annual Event
-----------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three silicon foundries, has honored several semiconductor
manufacturing equipment, materials and services suppliers for
their outstanding contributions in 2002. The awards ceremony was
held recently during Chartered's Supplier Day, an annual event
started in 1998 to foster and further strengthen relationships
with Chartered's global network of suppliers. This year's event,
entitled "Strengthening Our Partnership," was well attended by
more than 300 people, representing approximately 120 companies.

Chartered presented its Gold award for material suppliers to
Tosoh Singapore Pte. Ltd., which was also the Gold award
recipient last year. The Silver and Bronze awards were given to
Tokuyama Electronics Chemicals Pte. Limited and Komatsu
Electronics Metals Co. Ltd., respectively. Best Overall Supplier
awards went to Tokyo Electron Ltd. and Varian Semiconductor
Associates Asia, Ltd. for their equipment support on 150mm and
200mm manufacturing respectively; while PeopleSoft Asia Pte.
Ltd. received the Best Overall Supplier award for its
information technology support. In addition, Sumitomo Mitsubishi
Silicon Group and Nikon Precision Singapore Pte. Limited were
recognized as the Most Improved Suppliers. Chartered based its
evaluations on several criteria including quality, service,
innovation, delivery and cost.

"With the semiconductor industry transitioning rapidly toward a
fab-lite and fabless model, customers are requiring their
foundry partner to deliver integrated services and solutions to
help accelerate time to market," said Ang Kay Chai, senior Vice
President of fab operations at Chartered. "In line with
Chartered's effort to be a leading first-source solutions
provider, we are committed to strengthening our relationships
with suppliers that exemplify a high degree of integration and
seamless coordination, thus delivering a robust technology
platform and the best customer service in the industry."

About Chartered

Chartered Semiconductor Manufacturing, one of the world's top
three silicon foundries, is forging a customized approach to
outsourced semiconductor manufacturing by building lasting and
collaborative partnerships with its customers. The Company
provides flexible and cost-effective manufacturing solutions for
customers, enabling the convergence of communications, computing
and consumer markets. In Singapore, Chartered operates five
fabrication facilities and has a sixth fab, which will be
developed as a 300mm facility.


ENERSAVE HOLDINGS: FY02 Net Loss Widens TO S$3.214M
---------------------------------------------------
Enersave Holdings Ltd. booked a net loss of S$3.872 million in
2002 versus a net loss of S$3.214 million a year earlier, due to
continuing problems with bad and doubtful receivables as well as
losses at its manufacturing and furnishing divisions, AFX Asia
and the Xinhua Financial News reported.

Sales rose to 45.21 million from 42.441 million, boosted by
contributions from its engineering division.


LC DEVELOPMENT: Narrows H102 Net Loss to S$1.465M
-------------------------------------------------
LC Development Ltd. said its first half to December net loss
narrowed to S$1.465 million, versus 1.783 million a year
earlier, due to improvement in the results from its hotel and
service residence sectors, AFX Asia reported Friday.

However, higher losses incurred by the Company's property sector
had partially offset the improved performance from the hotel and
service residence sectors.

The Company expects its net loss in the year to June 2003 to
significantly widen from the previous year due to a substantial
reevaluation deficit and changes in accounting standards.


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


ASIA HOTEL: Cancels Dividend Payment Distribution
-------------------------------------------------
The board of directors of Asia Hotel Public Company Limited at a
meeting no. 4/2546 (#4/2003) held on 20 March 2003 passed these
resolutions:

1. That the Company will omit dividend payment for the operation
from 1 January 2002 to 31 December 2002 because the Company had
net loss for the year 2002.

2. That an ordinary general meeting of shareholders no.41 should
be held on 29 April 2003 at 3:00 p.m. at King Petch Room, Asia
Hotel, 296 Phayathai Road, Ratchatevi, Bangkok. The agenda for
the meeting will be as follows:

     2.1 Certify the minutes of the AGM no. 40

     2.2 Certify the Company's annual report and the board of
directors' report for 2002

     2.3 Approve the balance sheets, statements of income,
statements of cash flow and the auditor's report of the Company
and its subsidiaries

     2.4 Consider not to allocate net profit for legal reserves
and dividend omissions for the year 2002's operating results

     2.5 Appoint directors to succeed those completing their
terms

     2.6 Approve directors' remuneration fees for the year 2003

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

     2.8 Consider other issues (if any)

3. That the date for closing the company share register for the
right to attend the meeting will be on 8 April 2003 at 12:00
p.m. until the meeting has been duly convened.


KRISDAMAHANAKORN PUBLIC: Omits Dividend Payment; Apr 23 OGM Set
---------------------------------------------------------------
Krisdamahanakorn Public Company Limited reported on the
resolutions made at a Board of Directors Meeting No 2/2002,
which was held on March 17, 2003 at 2nd Floor Krisdamahanakorn
PLC., auditorium. The details of the resolutions are as follows:

1. That an ordinary general meeting of shareholders No 1/2003
should be held on April 23,2003 a.m. at The Royal River Hotel,
Bongkotrat A Room, Soi Charnasanitwong 66/1, Chanransanitwong
Rd., Bangplad, Bangkok.

2. That an 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 No 1/2003.

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

THAI ASSET MANAGEMENT CORPORATION(TAMC) 182,169,216 SHARES.
KRUNGTHAI BANK PUBLIC COMPANY LIMITED 123,943,472 SHARES.
(Amount of shares in Extra Ordinary Meeting of Shareholder's
resolution 1/99)

4. That the agenda for the meeting will:

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

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

   4.3 To report the progress of the restructuring plan.

   4.4 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.

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

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

   4.7 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 (amount of shares in Extra Ordinary Meeting of
Shareholder's resolution 1/99)

   4.8 Consider other issues (if any)

5.  To report restructuring to Finance company's creditors and
other creditors.

        5.1 Provident fund Bangkok Bank Already Registered
752,500 shares (Preferred share)

        5.2 The Provident fund Associated Press, already
Registered 226 shares (Preferred share)

        5.3 The Provident fund ANA Grand Pacific Hotel, already
Registered 9,406 shares (Preferred share)

        5.4 Bangkok Capital Alliance 15,000,000 shares (common
share)

        5.5 Mrs. Jarunee Amarttayakul  29,353 shares (common
share)

6.Consider Independence director get proxy from shareholder, Mr.
Puchchong Chanthanakij.

7. Consider and change Internal Audit for 2003, Pipat &
Associated Company limited.


M.E.C. CRAIN: Files Bankruptcy Reorganization Petition
------------------------------------------------------
The Petition for Business Reorganization of M.E.C. Crain
Corporation Company Limited (DEBTOR), engaged in sale and lease
of Heavy Machine used in general building, was filed to the
Central Bankruptcy Court:

   Black Case Number 200/2544

   Red Case Number 279/2544

Petitioner : M.E.C. CRAIN CORPORATION COMPANY LIMITED

Planner : M.E.C. CRAIN PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor : Bt638,397,877.57

Date of Court Acceptance of the Petition : March 20, 2001

Date of Examining the Petition: April 18, 2001 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner : April 18, 2001

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : June 5, 2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: September 5, 2001

Planner postponed the date of submitting the reorganization plan
#1st to October 5, 2001

Planner postponed the date of submitting the reorganization plan
#2nd to November 5, 2001

Appointment date for the Meeting of Creditors to consider the
Reorganization Plan : December 6, 2001 at 9:30 a.m. Convention
Room 1104, 11th Floor, Bangkok Insurance Building, South Sathorn
Road

Appointment date for the Meeting of Creditors to consider the
plan had been postponed to December 24, 2001 at 9:30 a.m.
Convention Room 1103, 11th Floor, Bangkok Insurance Building,
South Sathorn Road

The Meeting of Creditors had a resolution accepting the
Reorganization Plan

Court had issued an Order for the Official Receiver to call on
the New Meeting of Creditors for considering the Reorganization
Plan

Appointment date for the New Meeting of Creditors to consider
the Reorganization Plan : March 25, 2002 at 9.30 am. Convention
Room 1104, 11th Floor, Bangkok Insurance Building, South Sathorn
Road

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

Court had issued an Order Cancelled the Order for Business
Reorganization since April 5, 2002

Announcement of Court Order Cancelled the Order for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: April 23, 2002

Announcement of Court Order Cancelled the Order for Business
Reorganization in Government Gazette : May 7, 2002

Contact : Ms. Umaporn Tel, 6792525 ext. 142


SINO-THAI RESOURCES: Discloses AGM No.25/2003 Resolutions
---------------------------------------------------------
Sino-Thai Resources Development Public Company Limited, in
reference to the convened Annual General Meeting of Shareholders
No. 25/2003 between on March 20, 2003, reported the resolutions
adopted at the said meeting, as follows:

1. Approval of the Minutes of Annual General Meeting of
Shareholders No. 24/2002 held on April 23, 2002.

2. Approval of the Board of Directors'' report on the Company's
Operating Results for the year ending December 31, 2002 and the
Company's Annual Report for 2002.

3. Approval of the Balance Sheet and Profit and Loss Statements
for the fiscal period ended December 31, 2002.

4. Approval of the non-issue of dividend payment for 2002.

5. Approval of the reappointment of Mr. Pricha Attavipach and
Mr. Sivawong Changkasiri as the directors and the audit
committees of the Company for an additional term and the
appointment of Mr. Chavarat Charnvirakul as a new director.

6. Approval of the appointment of Mr. Narong Puntawong C.P.A.
License No. 3315 and/or Mr. Ruth Chaowanagawi C.P.A. License No.
3247 and/or Mr. Sophon Permsirivallop C.P.A. License No. 3182
and/or Mr. Suphachai Panyawatthano C.P.A. License No. 3930, all
of Ernst & Young Office Limited as auditors of the Company for
2003 with the auditor's remuneration of Bt330,000.

7. Approval of fixing the Remuneration of Directors and Audit
Committee for 2003 as follows:

      Board of Directors                   Remuneration

   1.  For the Chairman                    10,000  Baht/meeting
   2.  For each Director                    5,000  Baht/meeting

       Audit Committee                      Remuneration

   1.  For the Chairman of Audit Committee  20,000 Baht/meeting
   2.  For each Audit Committee             10,000 Baht/meeting

8. Approval of the debt restructuring scheme with the Siam
Commercial Bank Public Company Limited (the Bank), details as
follows:

        8.1  The Company will transfer the ownership of land and
building in total value of Bt107.80 million to the Bank.  The
details of land and building are as follows:

        Group 1 the Mortgaged Property

        (1) Land and building on title deed no. 146, approximate
area 16-1-24 rai, located at Sakdidej Road, Tambol Rangae,
Amphur Muang Phuket Province. The transfer price is 82.0 Million
Baht.
        (2) Land and building on title deed no. 2613,
approximate area 6-3-51.3 rai, located at Soi Saphanhin, Tambol
Taladyai, Amphur Muang, Phuket Province. The transfer price is
Bt20.0 million.

        Group 2 the Unencumbered Property

        (1) Empty land under Nor. Sor. 3 nos. 274/271 and
275/271, approximate area 4-2-45 rai, located on Sainarang-
borrang Road, Tambol Vichit, Amphur Muang, Phuket Province.  The
transfer price is Bt4.40 million.

        (2) Empty land under Nor. Sor. 3 Kor. nos. 1632, 1702,
1704, 1731, 1735, 1736, 1737, 1739, 1740, 1741, 1742, 1797,
1952, 1953 totaling 14 parcels, the approximate area 72-0-57 rai
and possessory right no. 165 amounting to 1 parcel, the
approximate area 14-3-50 rai, located at Tambol Wangyai, Amphur
Thepa, Songkhla Province.  The transfer price is Bt1.40 million.

        8.2 The Company will pay cash amounting to Bt20.0
million.

        8.3 The Company will return all original Letters of
Guarantee, which have been retained by the Company to the Bank.

        8.4 The Company will convert the debt-to-equity
amounting to 1,000,000 shares at the Market price on the
conversion date by July 21, 2003. The Company shall enter into
the First amendment of the Debt Restructuring Agreement with the
Bank.


9.  Approval of the conversion of debt-to-equity under the debt
restructuring scheme amounting to 1,000,000 shares at the Market
price on the conversion date to the Siam Commercial Public
Company Limited. The conversion of debt-to-equity scheme shall
be in accordance with the ministerial rules and regulations
regarding the procedure for the issuance of shares for repayment
and the conversion of debt-to-equity scheme for the debt
restructuring.

10. Approval of the increase of the registered capital and the
allotment of the new shares as follows:

    Registered Capital :  From   Bt130,000,000
                          To     Bt200,000,000
    Number of new ordinary shares issued :  7,000,000 Shares

       -  Par value per share : Bt10
       -  Total number of capital to be increased : Bt70,000,000

The allotment of new shares in the amount of 7,000,000 shares is
as follows:

        -  Allotment of 1,000,000 shares to the Siam Commercial
Bank Public Company Limited in accordance with the conversion of
debt-to-equity scheme under the debt restructuring.

        -  Allotment of 6,000,000 shares to private placement in
accordance with the notification of the Securities Exchange
Commission No. Kor.Jor. 12/2000 regarding the criteria,
conditions and procedures in relation to the offer of new
shares. The offering price not be lower than Bt3 per share. The
Board of Directors or the person who is assigned by the Board of
Directors has authorized to determine the conditions for the
issuance and offer of such shares, the subscription date and
time, the payment and the other details.

11.  Approval of the amendment of Clause 4 of the Company's
Memorandum of Association as follows:

        Clause 4.  The Registered Capital : Bt200,000,000
                   Diviad into           : 20,000,000 Shares
                   Par Value per share    : Bt10
                   Ordinary Shares        : 20,000,000 Shares
                   Preferred Share        :   -none-

12.  Approval of the amendment of the Articles 6 and 11 and the
addition of Article 60 to the Company's Articles of Association
as follows:

        Article 6

   All shares shall be paid-up in full by one payment.  In
making payment for shares, a shareholder or a subscriber shall
not offset any debts with the Company.

   Such provision is not applicable to the case whereby new
shares are issued to creditors in the course of debt
restructuring under a debt-to-equity scheme approved by a vote
of not less than three-fourths of the total votes of
shareholders attending the meeting and who have the right to
vote.  The issuance of the new shares for repayment and the
debt-to-equity scheme shall be comply with the ministerial rules
and procedure.

        Article 11

   The Company shall own its shares in the following cases:

    (1) The Company may repurchase its shares from shareholders
who vote against the resolution of amendments to the Company's
regulation with regard to the voting rights and the rights to
receive dividend, which such shareholders deem as unfair.

    (2) The Company may repurchase its shares for financial
management reasons. Shares held by the Company shall not be
asserted in the quorum of a Shareholders Meeting and shall not
carry any voting rights or the right to receive dividends.

For shares repurchased under paragraph 1, the Company must
dispose of them  within the period prescribed by the ministerial
rules.  If the disposal of shares does not take place or is not
in total, the Company must reduce the paid-up capital by
decreasing the number of the registered shares, which have not
been purchased.

   For repurchase of shares under paragraph 1, the disposal and
decreasing of shares under paragraph 3 shall comply with the
rules and procedure prescribed by the Ministry.

        Article 60

   In the case that the Company or a subsidiary company agrees
to enter into a connected transaction or a transaction in
relation to acquisition or disposal of assets of the Company or
of the subsidiary company, as described in the Stock Exchange of
Thailand Regulations governing connected transactions of listed
companies or the acquisition or the disposal of assets of listed
companies as the case may be, then the Company shall comply with
the criteria and procedures prescribed in the respective
aforementioned regulations.


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
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                 *** End of Transmission ***