TCRAP_Public/030325.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

            Tuesday, March 25, 2003, Vol. 6, No. 59

                         Headlines

A U S T R A L I A

COLES MYER: Launch of Petrol Offer Likely This June
VITA LIFE: Survival Pegged on Convertible Unsecured Notes


C H I N A   &   H O N G  K O N G

AGGRESSIVE ELECTRONICS: Wind up Hearing Set Next Month
BESTROUND INDUSTRIES: Winding up Hearing Next Week
CHIAO TAI: Winding up Hearing Scheduled for Mid-April
COSMOS WIN: Bank of China Seeks Wind up; Hearing on April 2
EASTWARD HOLDINGS: Court to Hear Winding up Petition April 9

EVER-GROWTH HANDBAG: Winding up Sought; Hearing Next Week
FITZROYA FINANCE: Wai Shun Files Winding up Petition
GFT FASHION: High Court to Hear Winding Pp Petition April 9
HO NAM: Taiwanese Creditor Files Winding up Petition in HK
LAI SUN: Gives up 20% Stake in Development Site to Cut Debt

LIWEAR GARMENT: Benefun International Lodges Wind up Suit
PCCW LIMITED: Observers See Deeper Slump as Firm Delays Dividend
WEL-EXPRESS DEVELOPMENT: Court Sets Hearing on Wind Up Petition
WELL LOK: Petition Seeking Wind up to be Heard April 16


I N D O N E S I A

BERAU COAL: Creditors Grant Firm Five-year Breathing Spell
KALBE FARMA: Won't Junk Igar Jaya Stake Sale, Says Spokesman
KALBE FARMA: Asks Creditors to Extend Due Date to 2010


J A P A N

AOZORA BANK: Stake Sale Unlikely Before End-March
FUJITSU LIMITED: Eyes HDD Tie Up With Other Firms
JAPAN AIRLINES: Seeks 10% Domestic Fare Hike
JAPAN AIRLINES: Introduces Special Procedures for Int'l Tickets
MITSUBISHI TOKYO: Discloses Adjustment in Preferred Shares


K O R E A

DAEWOO SECURITIES: Woori Denies Takeover Report
HYUNDAI CORPORATION: Gets Debt Repayment Deferral
HYUNDAI CORP.: KSE Issues Investment Warning
KOREA ELECTRIC: Pays Cash Dividend
POSCO CO.: Adopts Five-day Workweek

SK GLOBAL: Revises 2001 Financial Result
SK GLOBAL: Foreign Banks to Sue Firm


M A L A Y S I A

HIAP AIK: Plan to Regularize Finances Still Lacks Approval
MENTIGA CORPORATION: KLSE Raps Firm for Announcement Oversight
METROPLEX BERHAD: Says Negotiations with Creditors Ongoing
PLANTATION & DEVELOPMENT: Howarth Named Independent Auditor
SRI HARTAMAS: Gives up Hope for Recovery, Names Liquidators

* 2002 Bankruptcies Break Record Set in 1985


P H I L I P P I N E S

NATIONAL POWER: Seeks Proposals for $250 Million Bond
NATIONAL BANK: Annual Stockholders' Meeting on May 27
PHILIPPINE AIRLINES: Undecided on Fare Hike at This Stage
PHILIPPINE LONG: Clarifies Telecom Row Settlement Report
PHILIPPINE LONG: Investors' Briefing Set For Today

VICTORIAS MILLING: JGS Offers to Acquire Milling Firm For P2B


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Finances May Fluctuate Drastically
CHARTERED SEMICONDUCTOR: Explains Infrastructure-related Risks
SEE HUP: Dormant Unit Struck-off From SGX
WEE POH: Sets EGM on April 7
WEE POH: Issues Update on Re-capitalization Plan


T H A I L A N D

THAI PETROCHEMICAL: Family Not Indebted to Firm, Says Prachai

     -  -  -  -  -  -  -  -

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


COLES MYER: Launch of Petrol Offer Likely This June
---------------------------------------------------
Coles Myer expects to finalize its own fuel discount program,
calculated to lure back customers from rival Woolworths, by June
this year, Asia Pulse said late last week.

Citing CEO John Fletcher's pronouncement that the details of the
complex fuel deal are "telephone books deep," FW Holst analyst
David Spry, in an interview with Asia Pulse, agreed with the
timeline.

According to Mr. Spry, the snag that's holding up the deal --
purportedly with Shell -- is that the latter wants to get rid of
all its canopies or sites while Coles Myer only wants the ones
near its supermarkets.  He said the market would take a negative
view if Coles Myer took on all of Shell's 2000 petrol stations.

"Shell would like to get rid of them all, there is just no money
in them," Mr. Spry said.  "No oil company wants to be in retail,
the only reason they have them is so they can sell their own
products."

"I am sure Coles doesn't want to take them all - that's probably
what the sticking point is," Mr. Spry told Asia Pulse.

Meanwhile, he warned a petrol offer won't solve all of Coles
Myer's problems:  "They should be looking for some
differentiation rather than following the leader."

Mr. Fletcher has admitted that the planned petrol offer is in
response to Woolies' four cents a liter offer for customers
buying AU$30 or more worth of supermarket goods.  He
acknowledges that it is not the be-all and end-all to their
problems.  He said there also was a need to change the
perception that Woolworths was cheaper. Basket checks made every
week showed that the two operated close to each other, Asia
Pulse said.

Coles Myer estimates that it has lost two percent in sales to
Woolworths by losing customers attracted to its fuel offer.
It calculates it can pull in an additional AU$1 billion in
revenue with petrol as a lure.


VITA LIFE: Survival Pegged on Convertible Unsecured Notes
---------------------------------------------------------
Chairman Vanda Gould issued this candid letter regarding the
Company's condition and future plans:

As you are aware, 2002 was a difficult year for Vita Life
Sciences Limited.  The Company has survived and we all hope that
the most difficult issues to be faced are behind it.  All of us
at Vita are now looking forward towards securing the Company's
future via the Rights Issue of Convertible Unsecured Notes.

Many of the issues the Company has faced have been well
documented and I do not intend to go through them again here.
Rather, I would like to give you an insight into what the
Company hopes will be its future.

Despite the numerous difficulties encountered in 2002, all of us
at Vita are optimistic about its prospects for 2003 and beyond.
In 2003, the Company is budgeting to increase sales revenue to
over AU$37 million with expected growth in both the Medical and
Health divisions, which is hoped should deliver a small profit
before tax and positive cashflow from operations.  We believe
that such an outcome can be delivered as a result of the
substantial positive changes implemented, and achievements made
by the Company over recent months, including:

     (i) Material changes to the management group, including a
         new Managing Director of the Vita Health business,
         replacement of many of the Malaysian management, sales
         and marketing teams and the appointment of a Chief
         Financial Officer to the Company;

    (ii) A significant reduction in headcount and employee
         costs;

   (iii) A balance sheet restructure, involving asset write-
         downs and extinguishing overdrafts and senior debt.
         Subject to the continual improvement review process and
         the successful Rights Issue, which will provide Vita
         with the necessary funds to develop its products and
         strategic growth opportunities, the Company believes
         this restructure is mostly complete;

    (iv) Progress in the various legal cases involving Vita.
         Although no guarantees can be given, the Company is
         optimistic of successful outcomes;

     (v) Better results at Vita Medical, with improved trading
         in its European joint venture and in the development of
         new markets, such as Canada where approval to
         distribute Technegas was recently obtained. The roll
         out of Technegas generators and the sale of consumable
         kits is expected to increase significantly in 2003 as a
         result;

    (vi) Commencement of FDA Phase III clinical trials for
         Technegas in Australia in order to complete the
         submission of a New Drug Application (NDA) for approval
         to sell the Technegas system in the USA. It is expected
         that the NDA submission to the FDA will be filed before
         the end or the year;

   (vii) Implementation of plans in Vita Health's Asian business
         to overcome the negative impact of the various alleged
         fraudulent activities and mismanagement perpetrated
         against Vita.  Combined with the continued profitable
         growth of its Australian subsidiary, Herbs of Gold,
         Vita Health is budgeted to return to profitability in
         2003; and

  (viii) Relocation of Head Office to Sydney in April to be
         closer to Vita's Australian operational assets.

In summary, it has been a very challenging year and the Company,
its Shareholders, Directors, management and staff look forward
to a much-improved 2003.

Whilst there are still substantial risks associated with the
Company, I recommend that you consider taking up your
Entitlement pursuant to the Prospectus.  I will be taking up my
entitlement in full.

Vanda Gould
Chairman


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


AGGRESSIVE ELECTRONICS: Wind up Hearing Set Next Month
------------------------------------------------------
A petition seeking the winding up of Aggressive Electronics
Limited is scheduled for hearing before the High Court of Hong
Kong on April 9, 2003 at 9:30 in the morning.

ENW Electronics Limited of Unit 108, 1/F., Hewlett Centre, 54
Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong filed the petition
on February 24, 2003.  S.Y. Fung represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing S.Y. Fung,
which holds office at Flat D, 10/Flr, Full Win Commercial
Centre, 573 Nathan Road, Kowloon Hong Kong.


BESTROUND INDUSTRIES: Winding up Hearing Next Week
--------------------------------------------------
The High Court of Hong Kong will hear on April 2, 2003 at 9:30
in the morning the petition seeking the winding up Bestround
Industries Limited.

Bank of China (Hong Kong) Limited, the successor corporation of
the China and South Sea Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance of 14/F., Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong filed the petition
on December 30, 2002.  K.W. Ng & Co. represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing K.W. Ng & Co.,
which holds office on the 11th Floor, Wings Building, 110
Queen's Road, Central Hong Kong.


CHIAO TAI: Winding up Hearing Scheduled for Mid-April
-----------------------------------------------------
Chiao Tai Chen Trading (HK) Co. Limited faces a winding up
petition, which will be heard by the High Court of Hong Kong on
April 16, 2003 at 9:30 in the morning.

Bank of China (Hong Kong) Limited (the successor corporation to
Kincheng Banking Corporation pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank
of China Tower, 1 Garden Road, Central, Hong Kong filed the
petition on March 5, 2003.  Koo and Partners represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Koo and
Partners, which holds office on the 21st-22nd Floors, Bank of
China Tower, No. 1 Garden Road, Central Hong Kong.


COSMOS WIN: Bank of China Seeks Wind up; Hearing on April 2
-----------------------------------------------------------
A petition seeking the winding up of Cosmos Win Enterprises
Limited is scheduled for hearing before the High Court of Hong
Kong on April 2, 2003 at 9:30 in the morning.

Bank of China (Hong Kong) Limited (the successor corporation to
The China and South Sea Bank Limited, Hong Kong Branch, pursuant
to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.
1167) of 14th Floor, Bank of China Tower, 1 Garden Road,
Central, Hong Kong filed the petition on February 14, 2003.  Chu
& Lau represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Chu & Lau,
which holds office on the 2nd Floor, The Chinese General Chamber
of Commerce Bldg., 24-25 Connaught Road, Central Hong Kong.


EASTWARD HOLDINGS: Court to Hear Winding up Petition April 9
------------------------------------------------------------
A petition seeking the winding up of Eastward Holdings Limited
will be heard by the High Court of Hong Kong on April 9, 2003 at
9:30 in the morning.

The Incorporated Owners of Kam Ming Court of Kam Ming Court,
Nos. 12 & 14 Playing Field Road, Mongkok, Kowloon, Hong Kong
filed the petition on February 24, 2003.  C.L. Chow & Macksion
Chan represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing C.L. Chow &
Macksion Chan, which holds office at Rooms 501-3, 5th Floor,
Hang Seng Building, 77 Des Voeux Road Central Hong Kong.


EVER-GROWTH HANDBAG: Winding up Sought; Hearing Next Week
---------------------------------------------------------
The High Court of Hong Kong will hear on April 2, 2003 at 9:30
in the morning the petition seeking the winding up of Ever-
Growth Handbag Factory Company Limited.

Bank of China (Hong Kong) Limited (the successor corporation to
Sin Hua Bank Limited, Hong Kong Branch, pursuant to Bank of
China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong
filed the petition on February 14, 2003. Chu & Lau represents
the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Chu & Lau,
which holds office on 2nd Floor, The Chinese General Chamber of
Commerce Bldg., 24-25 Connaught Road, Central Hong Kong.


FITZROYA FINANCE: Wai Shun Files Winding up Petition
----------------------------------------------------
Fitzroya Finance Company Limited faces a winding up petition,
which will be heard by the High Court of Hong Kong on April 9,
2003 at 9:30 in the morning.

Wai Shun Construction Company Limited (In Compulsory
Liquidation) of 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong filed the petition on
February 28, 2003.  Tanner De Witt represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tanner De
Witt, which holds office at 208-9, Tower 2, Lippo Centre, 89
Queensway, Hong Kong.


GFT FASHION: High Court to Hear Winding Pp Petition April 9
-----------------------------------------------------------
The High Court of Hong Kong will hear on April 2, 2003 at 10:00
in the morning the petition seeking the winding up of GFT
Fashion Limited.

Joachim Wolfgang Starke of House 1, Silver Chalet, Lot 379, DD
224, Serenity Path, Silverstrand, Clear Water Bay, Hong Kong
filed the petition on February 20, 2003.  Robertsons represents
the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Robertsons,
which holds office on the 57th Floor, The Center, 99 Queen's
Road, Central Hong Kong.


HO NAM: Taiwanese Creditor Files Winding up Petition in HK
----------------------------------------------------------
A petition seeking the winding up of Ho Nam Marine Trading
Company Limited will be heard by the High Court of Hong Kong on
April 9, 2003 at 9:30 in the morning.

Hung Hsing Yu of 120 Kang Pu 2nd Road, Lin Yuan Hsiang,
Kaohsiung Hsien, Taiwan, R.O.C filed the petition on February
14, 2003.  Sit Fung Kwong & Shum represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Sit Fung Kwong
& Shum, which holds office at Suite 4428 COSCO Tower, Grand
Millennium Plaza, 183 Queen's Road, Central Hong Kong.


LAI SUN: Gives up 20% Stake in Development Site to Cut Debt
-----------------------------------------------------------
Subsidiaries of CapitaLand and American International Group have
agreed to buy a 20% stake of Lai Sun Development in a prime lot
located at the heart of Hong Kong's business district.

According to The Standard, the disposal is part of Lai Sun's
attempt to cut debts, which stood at HK$8.19 billion at the end
of July 2002.  More importantly, the HK$463.3 million
transaction will also scale down Lai Sun's debt to the companies
to HK$208.3 million.  The deal includes a prepayment premium of
HK$46.7 million.

Following the deal, the shareholdings of CapitaLand and AIG will
be boosted to 45% each in the development site where Furama
Hotel used to stand.  Lai Sun retains 10%, according to The
Standard.  A HK$4 billion, 39-storey AIG Tower is expected to
rise on the site by 2005.

With only HK$766 million in July last year, the company had to
drastically adopt a debt-restructuring plan that eventually
forced it to sell in December a 32.75% stake in loss-making Asia
Television.  Last month, Lai Sun offered 28 HK cents a share, or
HK$79.99 million in total, to buy a 50.01 per cent stake in its
media and technology subsidiary eSun and make it wholly-owned.
The deal wiped out HK$1.5 billion in outstanding loans it owes
to eSun.

The company blames its debt woes to the HK$7 billion purchase of
Furama Hotel Enterprises in 1997 and the Asian financial crisis
that followed soon after that caused property values to plunge.

Lai Sun first sold a 65 percent stake in the development site
for HK$1.88 billion in March 2000 to CapitaLand and AIG -- about
a fifth of what it paid three years earlier.  The 20 percent
stake it has agreed to sell produced a net loss of HK$161
million for the year ending July 31, compared with a net profit
of HK$53 million a year ago.  It lost HK$169.1 million on the
shareholders' loans as well in the last financial year, the
paper said.

"This transaction allows CapitaLand to increase its stake in a
premium office at an attractive price," CapitaLand said. "Hong
Kong is a strategic gateway to China and multinational companies
will continue to occupy choice properties located in the prime
central business district."


LIWEAR GARMENT: Benefun International Lodges Wind up Suit
---------------------------------------------------------
A petition seeking the winding up of Liwear Garment Co. Limited
will be heard by the High Court of Hong Kong on April 9, 2003 at
9:30 in the morning.

Benefun International Holdings Limited whose principal place of
business in Hong Kong is located at 23rd Floor, Sing Ho Finance
Building, 166-168 Gloucester Road, Wanchai, Hong Kong filed the
petition on February 22, 2003.  Messrs. Li, Wong & Lam
represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs. Li,
Wong & Lam, which holds office at Unit 2602, 26th Floor, Tower
One, 89 Queensway Hong Kong.


PCCW LIMITED: Observers See Deeper Slump as Firm Delays Dividend
----------------------------------------------------------------
Market analysts expect the value of PCCW Limited stocks to slump
further following the company's decision to cancel its first
dividend payout originally scheduled for next year.

Bloomberg says the announcement is a big blow to shareholders,
who, in October last year, were assured of as much as 4.5%
yield.  The company blamed an unpredictable global outlook for
the delay.

Already, the company's stock value has fallen 97% from its peak
in 2000.  CLSA Ltd's Francis Cheung told Bloomberg, "there is
little incentive [now] to hold the shares."  He rates the stock
to "sell."

J.P. Morgan Securities Asia Pacific also downgraded the stock to
"underweight" from "neutral," Bloomberg said.  "Without a
dividend, the share will have no downside support," said Edison
Lee, head of telecommunications research for J.P. Morgan in
Asia.

Analysts attribute the delay to owner Richard Li's switching of
priority to acquisition.  Last month, he made an abortive
takeover approach to British phone company Cable & Wireless Plc,
prompting some investors to say he should instead focus on
cutting the US$4.2 billion net debt left from his purchase of
Cable & Wireless's Hong Kong unit two years ago.

"It's hard not to conclude that the delaying of dividends is
related to the company's new acquisition strategy," Mr. Cheung
says.

Meanwhile, the company posted recently a bigger-than-expected
2002 loss of US$995 million.   The loss includes a US$1.1
billion write-off at Reach Ltd., the company's undersea-cable
venture, and an 8.5 percent decline in sales.  Its fixed-line
business, which accounts for nine-tenths of sales, posted a 9
percent drop in revenue as its market share shrank to 82 percent
from 89 percent, Bloomberg says.

Operating profit rose 9 percent after the company cut jobs and
trimmed costs.  It produced US$430 million "free cash flow" for
the year, the company said, beating its target of US$250
million.  Mr. Li said the company would use cash to reduce debt.
He also adds that the company would still pay dividend in the
"medium term."  Analysts say this means as far back as 2006.

J.P. Morgan predicts the firm's earnings to drop 19% this year
and 16 percent in 2004, adding that earnings at cable unit Reach
will fall by half this year before interest, taxes, depreciation
and amortization.

Reach, a venture with Telstra Corp of Australia, has been hurt
by a price slump caused by a glut of undersea-cable capacity,
Bloomberg says.  The venture contributed HK$738 million (US$95
million) in pretax profit to PCCW last year, compared with
HK$706 million in the 11 months ended December 31, 2001.

A further write-off at Reach could delay PCCW's first dividend
to as late as 2006 because it will take even longer for PCCW to
return to positive equity, J.P. Morgan and Credit Suisse First
Boston told Bloomberg.  The company had a shareholders' deficit
of HK$5.9 billion at the end of 2002, a legacy of Mr. Li's
acquisition of Cable & Wireless HKT Ltd.

In related development, Deputy Chairman Francis Yuen told
Bloomberg recently that PCCW would pay US$900 million debt at
the HKT unit within two years to lift a dividend restriction
imposed by banks.  The repayment will lower the unit's ratio of
debt to earnings before interest, taxes, depreciation and
amortization to 2.5 times, allowing it to pay 100 percent
dividends to PCCW, Mr. Yuen said.


WEL-EXPRESS DEVELOPMENT: Court Sets Hearing on Wind Up Petition
---------------------------------------------------------------
Wel-Express Development Limited faces a winding up petition
lodged before the High Court of Hong Kong.  A hearing has been
scheduled for April 16, 2003 at 9:30 in the morning.

Bank of China (Hong Kong) Limited (the successor corporation to
Po Sang Bank Limited pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of
China Tower, 1 Garden Road, Central, Hong Kong filed the
petition on February 26, 2003.  Koo and Partners represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Koo &
Partners, which holds office on the 21st-22nd Floors, Bank of
China Tower, No. 1 Garden Road, Central Hong Kong.


WELL LOK: Petition Seeking Wind up to be Heard April 16
-------------------------------------------------------
The High Court of Hong Kong will hear on April 16, 2003 at 9:30
in the morning the petition seeking the winding up of Well Lok
Printing Limited.

Bank of China (Hong Kong) Limited (the successor corporation to
Sin Hua Bank Limited, Hong Kong Branch, pursuant to Bank of
China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong
filed the petition on February 28, 2003.  Tsang, Chan & Wong
represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tsang, Chan &
Wong, which holds office on the 16th Floor, Wing On House 71 Des
Voeux Road Central
Hong Kong.


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


BERAU COAL: Creditors Grant Firm Five-year Breathing Spell
----------------------------------------------------------
PT Berau Coal, which has been in technical default since
December, has reportedly succeeded in asking creditors to extend
payment on US$29.15 million debts until 2008, Asia Pulse said
yesterday.

Citing insiders privy to the deal, the agreement with creditors
was reached last weekend.  According to Bisnis Indonesia, the
company had been negotiating with five creditors since
defaulting on the debt in December.

The coal miner is one of the subsidiaries of publicly listed
heavy equipment company, PT United Tractors, which has also
defaulted on US$88 million debts, Asia Pulse says.  United
Tractors has been largely unsuccessful in peddling its stake in
the company.


KALBE FARMA: Won't Junk Igar Jaya Stake Sale, Says Spokesman
------------------------------------------------------------
Indonesian pharmaceutical company, PT Kalbe Farma Tbk, will
continue to peddle its stake in PT Igar Jaya Tbk despite earlier
setbacks, Asia Pulse said yesterday.

A number of prospective local and foreign bidders recently
backed out from the deal after failing to agree with Kalbe Farme
on a reasonable price, the report said.  An unnamed spokesman
told Asia Pulse the company is now seeking new strategic
investors that would offer a better price for the asset.

The company is currently negotiating the rollover of about US$85
million in outstanding debts.  In June last year, the company
also asked creditors to extend repayments from 2005 to 2010,
with a grace period until 2007.


KALBE FARMA: Asks Creditors to Extend Due Date to 2010
------------------------------------------------------
Kalbe Farma will meet creditors next month to consider a debt
rollover proposal that will extend repayment of some US$85
million debt until 2010.

About 35 creditors -- led by a steering committee representing
the Royal Bank of Scotland, ABN Amro, Deutsche Bank, West LB,
and Sumitomo Mitsui -- will study the proposal prepared by
PricewaterhouseCoopers, according to company director
Vidjongtius.

The debt subject of the proposal is due for repayment in January
2005, Asia Pulse said.  The report did not say where the meeting
would take place or the exact date of the meeting.


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


AOZORA BANK: Stake Sale Unlikely Before End-March
-------------------------------------------------
The sale of a major stake in Aozora Bank may not be completed
this month, Reuters reported Monday, citing Aozora Bank
President Hiroshi Maruyama.

Softbank Corporation has put a 49 percent stake in Aozora up for
sale. Among the contenders are Cerberus Capital Management, a
U.S. fund, and Japanese bank Sumitomo Mitsui Financial Group.

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

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


FUJITSU LIMITED: Eyes HDD Tie Up With Other Firms
-------------------------------------------------
Fujitsu Limited plans a tie up with other firms in the field of
hard disk drive (HDD) development and production but is also
considering selling its HDD operations, Kyodo News reported.

The report said talks related to the HDD division are under way
with both Japanese and foreign companies and that Fujitsu want
to engineer a tie-up arrangement by March 2004.

Fujitsu Limited will lower wages in all levels of the Company by
reducing the size of standard annual pay hikes, the Troubled
Company Reporter-Asia Pacific reported recently.

The move is expected to affect 30,000 union members, who
currently receive an annual raise of 1 to 1.5 percent of their
base pay, the paper said, noting that the move is a drastic step
for a major Japanese firm, which traditionally increase their
employees' base pay automatically each year.

The Company hopes to reduce overhead and improve its
competitiveness in the international arena. This, as the Company
has suffered severely from poor performance in recent months.


JAPAN AIRLINES: Seeks 10% Domestic Fare Hike
--------------------------------------------
Japan Airlines System Corporation has sought approval from the
Fair Trade Commission (FTC) to raise domestic airfares by about
10 percent to make up for higher fuel costs after oil prices
rallied on concern over war in Iraq, the Nihon Keizai Shimbun
(Nikkei) and Reuters said on Friday.

Japan Airlines expects a second straight annual operating loss
after a slowdown in international flight reservations due to
worries over the Iraq war. The airline expects a group operating
loss of two billion yen ($16.63 million) for the business year
ending in March. The group aims to cut an additional 600 jobs,
or 2.8 percent of its workforce, by March 2006. To reduce costs
and overlap from the merger, it said last year it would reduce
its workforce by 3,000 staff.

Japan Airlines (JAL) and Japan Air System (JAS) merged to form
Japan Airlines System in October 2002.


JAPAN AIRLINES: Introduces Special Procedures for Int'l Tickets
---------------------------------------------------------------
In view of the current situation in Iraq, effective March 18,
2003, the following special procedures are introduced for JAL
Group airlines' international tickets, and apply to passengers
holding individual discount and promotional tickets such as "JAL
Goku" etc.

* For passengers holding international tickets, which have fare
rule restrictions issued on and before March 18, 2003, for
travel before April 8, 2003, one change may be made to the
travel schedule and at no charge. Changes must be for
itineraries to be completed up until and including December 31,
2003. (The above procedures also apply to mileage award tickets
of JAL/JAA/JAS flights. It may not be possible to meet your
desired travel requirements depending on seat availability and
applicable fare conditions. Changes may not be possible on
flights of airlines other than those of the JAL Group).

* Passengers wishing to postpone their itinerary should contact
Japan Airlines, Japan Air System or Japan Asia Airways up until
the day before the original departure date shown on their
ticket. Reservations may be cancelled in the normal manner if no
contact is received before the applicable date.

* The above procedures will also apply to changes to unused
ticket coupons of passengers who have already departed.

For more information and details on these special procedures
please contact Japan Airlines, Japan Air System or Japan Asia
Airways as below:

Japan Airlines: 0120-25-5931
Japan Air System: 0120-7-11283
Japan Asia Airways: 0120-747-801

(For information on Mileage Award tickets)
Japan Airlines, Japan Asia Airways:0120-747-103
Japan Air System:0120-4-55283


MITSUBISHI TOKYO: Discloses Adjustment in Preferred Shares
----------------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President:
Shigemitsu Miki) announced that, pursuant to the terms and
conditions of Class 2 Preferred Shares provided in the Articles
of Incorporation, the initial conversion price as well as the
Conversion Ceiling Price and the Conversion Floor Price of the
Class 2 Preferred Shares will be adjusted as stated below, UK
Wire reports.

1. Adjustment of the Initial Conversion Price

Type of shares
Class 2 Preferred Shares Initial conversion price after
adjustment Japanese Yen 1,357,559.2- Initial conversion price
before adjustment Japanese Yen 1,359,784.5-

2. Adjustment of the Conversion Ceiling Price

Type of shares
Class 2 Preferred Shares
Conversion Ceiling Price after adjustment Japanese Yen
1,357,559.2-
Conversion Ceiling Price before adjustment Japanese Yen
1,359,784.5-

3. Adjustment of the Conversion Floor Price

Type of shares
Class 2 Preferred Shares
Conversion Floor Price after adjustment    Japanese Yen
696,898.5-
Conversion Floor Price before adjustment   Japanese Yen
698,040.9-

4: Effective Date

On and after March 27, 2003

Mitsubishi Tokyo Financial Group Inc. said that latent losses on
domestic shares held by its group banks totaled 723.6 billion
yen at the end of December, amid the protracted slump in the
Tokyo stock market, the Troubled Company Reporter-Asia Pacific
reported.

The total broke down into 464 billion yen for the Bank of Tokyo-
Mitsubishi and 259.6 billion yen for Mitsubishi Trust & Banking
Corporation.

Saddled with unprofitable investments and loans, the bank is
also considering auctioning some to investors.

For further information, please contact:
Kohei Tsushima, General Manager, Public Relations Office
Tel: 81-3-3240-8149


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


DAEWOO SECURITIES: Woori Denies Takeover Report
-----------------------------------------------
Woori Financial Group denied reports that a deal to acquire
Daewoo Securities is in the offing, the Korea Herald reported
Monday. The group is still in talks with state-run Korea
Development Bank (KDB) to acquire Daewoo Securities. Nothing has
been decided yet, including the method of payments.

Meanwhile, media reports indicate that Woori Financial Group is
planning to pay KDB in cash for the stake purchase.

The Troubled Company Reporter Asia-Pacific reported in November
that Hana Bank would revive plans to acquire Daewoo Securities
Co. by March 2003 to expand its brokerage business after its
merger with SeoulBank is completed in December of last year.

The brokerage, which is up for sale, posted a wider net loss of
36.7 billion won in the three months ending September 30,
compared with 11 billion won loss based on preliminary figures
announced in October.


HYUNDAI CORPORATION: Gets Debt Repayment Deferral
-------------------------------------------------
Hyundai Corporation, whose capital has been eroded completely
due to three consecutive years of losses, received a three-month
repayment reprieve on US$150 million debt owed to Korea
Development Bank and other banks, JoongAng Ilbo daily and AFX
Asia reported Sunday.

Korea Exchange Bank and Woori Bank will also roll over 150
billion won each in debt owed by the Company. The report said
other banks are also expected to provide debt repayment
deferrals to the Company as the Company is seen viable.


HYUNDAI CORP.: KSE Issues Investment Warning
--------------------------------------------
The Korea Stock Exchange (KSE) informed investors to be prudent
in investing in Hyundai Corporation stocks as its capital is in
the red by 50 billion won ($40 million), the Korea Times
reports. KSE said the Company's operating loss was 161 billion
won in 2002 versus a capital of 111 billion won.

The KSE ordered the general trading Company to recapitalize by
the end of this month. Its failure to do so will result in
blacklisting the firm's shares as issues to be supervised on the
KSE trading, it said.


KOREA ELECTRIC: Pays Cash Dividend
----------------------------------
Korea Electric Power Corporation (KEPCO) decided on a cash
dividend of 800 won or 16 percent of its share's par value at
its regular shareholders' meeting on March 21, Asia Times
reports. The dividend was higher than last year's 11 percent.

According to Wright Investor's Service, at the end of 2001,
Korea Electric Power Corporation (KEPCO) had negative working
capital, as current liabilities were 9.29 trillion Korean Won
while total current assets were only 5.37 trillion Korean Won.

DebtTraders reports that Korea Electric Power Corp.'s 8.250
percent bond due in 2005 (KORE05KRN1) trades between 112.504 and
113.066. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KORE05KRN1


POSCO CO.: Adopts Five-day Workweek
-----------------------------------
POSCO Co. will soon introduce a five-day workweek together with
other major Korean firms, Digital Chosun reports. The steel firm
currently gives its employees every other Saturday off.

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, The Troubled Company Reporter-Asia Pacific reported
recently.

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: Revises 2001 Financial Result
----------------------------------------
SK Global Co. has revised its 2001 net loss to 254 billion won
from the 131 billion won it had reported earlier, the Korea
Economic Daily and Dow Jones reports, quoting creditors.

After the revision, the Company's assets shrank to 6.79 trillion
won as of end-2001 from 6.88 trillion won, while liabilities
surged to 5.84 trillion won from 4.65 trillion won, the report
said.

The creditors earlier agreed to freeze the Company's debt
payment for three months after prosecutors discovered accounting
irregularities of 1.55 trillion won earlier this month.


SK GLOBAL: Foreign Banks to Sue Firm
-----------------------------------
Foreign creditors of SK Global will file lawsuits against SK
Global for its accounting fraud to get compensation for their
loans, the Korea Times said on Friday.

Union de Banques Arabes et Francaise (UBAF), a French based
commercial bank, has already filed a damage claim of $18.4
million (22.1 billion won) against the firm, and other foreign
banks, including HSBC, Citibank and Union Bank of California,
are likely to follow suit.

The moves by foreign lenders mean local banks could have no
choice but to delay placing SK Global under their control,
freezing its debts for the next three months. UBAF had issued a
letter of credit for $17 million and paid bills on February 5
and March 5, without being aware of SK Global's accounting
fraud. Local non-banking creditors are also said to be
considering lawsuits and the temporary seizure of the Company's
assets.


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


HIAP AIK: Plan to Regularize Finances Still Lacks Approval
----------------------------------------------------------
Reference is made to the announcement made by Hiap Aik
Construction Bhd on 9 April 2002 ("First Announcement"), the
announcement made by AmMerchant Bank Berhad (formerly known as
Arab-Malaysian Merchant Bank Berhad) ("AmMerchant Bank") on 14
November 2002 ("Requisite Announcement") and on 20 November
2002.

In accordance with Practice Note 4/2001 of the Listing
Requirements of Kuala Lumpur Stock Exchange ("PN4"), an affected
listed issuer, which has made the Requisite Announcement and
submitted its plan to regularize its financial condition to the
relevant authorities, must obtain all approvals necessary for
the implementation of such plan within four(4) months from the
date of submission of such plan for approval, i.e. by 20 March
2003.

AmMerchant Bank, on behalf of the Company, wishes to inform that
to date, the Company has only received an approval from the
Foreign Investment Committee on 30 December 2002. The remaining
relevant authority is currently in the midst of reviewing the
Proposed Restructuring Scheme. An application has been made to
the Kuala Lumpur Stock Exchange by the Company for an extension
of time of two(2) months, i.e. until 19 May 2003 to obtain the
necessary approvals for the implementation of the Proposed
Restructuring Scheme.


MENTIGA CORPORATION: KLSE Raps Firm for Announcement Oversight
--------------------------------------------------------------
The Kuala Lumpur Stock Exchange in consultation with the
Securities Commission, publicly reprimanded Mentiga Corporation
Berhad for breach of paragraph 9.19(19) of the Listing
Requirements (LR).

Paragraph 9.19(19) of the LR states that a public listed company
is required to make an immediate announcement to the Exchange
for public release for any application filed with a court to
wind up the company or any of its subsidiaries.

MENTIGA did not make an immediate announcement to the Exchange
pursuant to Paragraph 9.19(19) of the LR in respect of a
winding-up petition served on MENTIGA on 13 March 2002.

The public reprimand was imposed pursuant to paragraph 16.17 of
the LR after taking into consideration all relevant factors
including the fact that MENTIGA is a repeat offender of the LR
and after consultation with the Securities Commission.

The Exchange had publicly reprimanded and imposed a fine of
RM10,000 on MENTIGA on 6 October 2001 for breach of Section
60(b) of the Main Board Listing Requirements where the Company
failed to issue printed annual audited accounts within 4 months
from the close of the financial year end of the Company.

The Exchange views the above contravention seriously and hereby
cautions the Company and its Board of Directors of their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.


METROPLEX BERHAD: Says Negotiations with Creditors Ongoing
----------------------------------------------------------
This refers to the earlier announcement on 21 February 2003 in
relation to Metroplex Berhad's restraining order and proposed
debt restructuring.

We wish to advise that following the restraining order granted
by the High Court of Malaya, Metroplex Bhd is continuing to work
out its debt restructuring with its creditors.  An announcement
would be made to the Kuala Lumpur Stock Exchange once an
agreement has been reached on this.


PLANTATION & DEVELOPMENT: Howarth Named Independent Auditor
-----------------------------------------------------------
Reference is made to the announcement dated 31 January 2003,
made by AmMerchant Bank Berhad, on behalf of Plantation &
Development (Malaysia) Bhd, relating to the Securities
Commission's approval for the Proposed Restructuring Scheme of
P&D via its letter dated 28 January 2003 wherein the SC's
approval was subject to, inter-alia, the appointment by the
Company or Fountain View Development Berhad of an independent
audit firm within two (2) months from the date of the SC's
approval letter.

In this regard, AmMerchant Bank, on behalf of the Company, is
pleased to announce that the Company has appointed Messrs
Horwarth as the said independent audit firm on 19 March 2003.


SRI HARTAMAS: Gives up Hope for Recovery, Names Liquidators
-----------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad ("SHB") hereby
give notice that the Workout Proposal of the Company, a wholly
owned subsidiary, was approved in accordance with the Pengurusan
Danaharta Nasional Berhad Act 1998 ("Danaharta Act") by
Pengurusan Danaharta Nasional Berhad ("Danaharta") and the
Secured Creditors of the Company on 28 January 2002 and 29
January 2002 respectively.  Pursuant to the said Workout
Proposal and following the disposals of the assets and the debt
settlement, it was proposed that the Company be liquidated.

The directors of the Company had on 21 March 2003 resolved:

(i) That the Company cannot by reason of its liabilities
continue its business and that it be wound up voluntarily;

(ii) That pursuant to Section 255 of the Companies Act, 1965,
Gan Ah Tee and Ooi Woon Chee c/o KPMG Corporate Services Sdn
Bhd, 8th Floor, Wisma KPMG, Jalan Dungun, Damansara Heights,
50490 Kuala Lumpur, be and are hereby appointed jointly and/or
severally as Provisional Liquidators for the purpose of the
winding up; and

(iii) That separate meeting of members and creditors of the
Company be convened on 17 April 2003 pursuant to Section
255(1)(b) of the Companies Act, 1965.

Pursuant to Section 28(2) of the Danaharta Act, the Oversight
Committee, on the recommendation of Danaharta, has approved the
release and discharge of the Special Administrators of the
Company with effect from 21 March 2003.

In view of the above, notice is hereby given that the Special
Administrators of the Company have been released from their
appointment and discharged of all duties and liabilities with
effect from 21 March 2003. The moratorium in respect of the
Company is terminated with effect from 21 March 2003.

Yours faithfully
For and on behalf of
Sri Hartamas Berhad - Special Administrators Appointed

Ooi Woon Chee
Special Administrator


* 2002 Bankruptcies Break Record Set in 1985
--------------------------------------------
Analysts expect the number of corporate and personal
bankruptcies to rise further this year and might even upend the
2002 tally, a record high since 1985, Agence France Presse said
yesterday.

"Bankruptcy numbers are lagging indicators for the economy, so
with the slow economic pick-up coming out of 2001 we may see
bankruptcies continue to rise," an economist told the news
agency.

Wong Chee Seng, senior economist at DBS Bank said: "Assuming
that the economy [this year] grows by the projected 4-5 percent,
the bankruptcy numbers will stabilize - but if there is sub-par
growth at two to three percent, the problem of rising
bankruptcies will come back."

For 2002, corporate and personal bankruptcy totaled 12,268, the
highest yearly figure since 1985 and up 5 percent from 11,685
cases in 2001, according to The Edge newspaper.  Last year's
bankruptcies also grew by more than 50 percent since 1998, when
the economy underwent its worst recession since the country's
independence in 1957, the paper adds.


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


NATIONAL POWER: Seeks Proposals for $250 Million Bond
-----------------------------------------------------
The National Power Corporation (Napocor) is seeking proposals
for a $250 million bond issuance next month to finance its
operating expenses, Dow Jones reports, citing Power Sector Asset
and Liabilities Management Corp. President Edgardo del Fonso.

Del Fonso said banks are expected to start submitting proposals
this week. The bond structure might either be in U.S. dollars,
euro or yen with a maturity of 15 to 20 years. The Asian
Development Bank (ADB) will provide cover on an agreed portion
of the total debt service, the report said.


NATIONAL BANK: Annual Stockholders' Meeting on May 27
-----------------------------------------------------
The Philippine National Bank (PNB) advised the Philippine Stock
Exchange (PSE) that the Board of Directors of the bank in its
regular meeting held on March 21, 2003, approved the holding of
the Annual Stockholders' Meeting on May 27, 2003 at 8:00 a.m. at
the Ballroom Upper Lobby, Century Park Hotel, 599 Pablo Ocampo
Sr. St. Malate, Manila.

The Agenda for the meeting are as follows:

1. Call to Order
2. Secretary's Proof of Notice and Quorum
3. Approval of the Minutes of the 2003 Annual Stockholders'
Meeting held on June 25, 2002
4. Report of the President on the Results of Operations for the
Year 2002
5. Approval of the 2002 Annual Report
6. Ratification of All Acts and Proceedings of the Board of
Directors and Corporate Officers since the 2002 Annual
Stockholder's Meeting
7. Election of Directors
8. Appointment of External Auditor
9. Other Matters
10. Adjournment

For this purpose, only stockholders of record as of April 28,
2003 will be entitled to vote at this meeting.

The press release is located at
http://www.pse.org.ph/html/disclosure/pdf/dc2003_0823_PNB.pdf


PHILIPPINE AIRLINES: Undecided on Fare Hike at This Stage
---------------------------------------------------------
The airline fares of Philippine Airlines (PAL) will stay at
their present levels for the moment according to PAL President
Avelino Zapanta, Asia Pulse reports.

"There are still no plans although we are studying it very
Carefully.  Remember, even if fuel prices have skyrocketed in
the previous months and our excise tax exemption for imported
jet fuel has been removed last month, we have not raised fares,"
Zapanta said.

PAL said the final decision would be known before April 15.


PHILIPPINE LONG: Clarifies Telecom Row Settlement Report
--------------------------------------------------------
This is in reference to the news article entitled "Telecom row
settlement seen" published in the March 21, 2003 issue of Today.
The article reported in part "It is likely that AT&T Corporation
will give in to the Philippine carriers' demand for higher
termination rates. Initial feedback from the Philippine Long
Distance Telephone Co.'s (PLDT) two-day meeting with AT&T in
Hong Kong has it that the US carrier is willing to talk things
over to come into a possible agreement that would likely end the
dispute. 'We are pleased that AT&T clearly understands our
position and is exploring all possible options to resolve the
dispute,' said PLDT Vice President for media Affairs Butch
Jimenez. He described the first day of discussions with AT&T as
exploratory in nature. PLDT stressed in the meeting that it will
not abide by the Abelson Order unless both parties agreeon a new
rate."

Philippine Long Distance Telephone Company (TEL), in its letter
dated March 21, 2003, advised the Exchange that:

"Upon the request of AT&T, a meeting was held between AT&T and
PLDT executive to discuss possible ways to resolve the dispute
on termination rates between the parties. The parties have
likewise agreed to hold continuing discussions on the matter."

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_0826_TEL.pdf


PHILIPPINE LONG: Investors' Briefing Set For Today
---------------------------------------------------
The Philippine Long Distance & Telephone Co. (PLDT) will hold an
investors' briefing to discuss the Company's full year 2002
financial and operating results on Tuesday, March 25, 2003 at
3:00 pm at the Camella Room, Mezzanine Floor, Dusit Hotel Nikko,
Makati City.

Philippine Long Distance Telephone Co (PLDT) expects to resume
dividend payments in the fist half of 2005, TCRAP reports,
citing Christopher Young, the firm's Chief Financial Adviser.
PLDT suspended payouts to ordinary shareholders in mid-2001 but
has kept up preferred dividend payments.

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


VICTORIAS MILLING: JGS Offers to Acquire Milling Firm For P2B
-------------------------------------------------------------
JG Summit Holdings (JGS) has offered to acquire the shares,
convertible notes and liabilities of Victorias Milling
Corporation (VMC) for 2 billion pesos, BPI Securities reports.
JGS also offered to inject 300 million to VMC in the form of a
senior loan convertible equity.

VMC was taken over by 25 creditor-banks last year under a 2.5
billion pesos equity-for-debt swap agreement. The banks have a
69.5 percent stake in the Company.


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


CHARTERED SEMICONDUCTOR: Finances May Fluctuate Drastically
-----------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd.'s revenues, expenses
and operating results have varied significantly in the past and
may fluctuate significantly from quarter-to-quarter in the
future due to a number of factors, many of which are outside our
control. These factors include, among others:

- The cyclical nature of both the semiconductor industry and the
markets served by our customers;

- Changes in the economic conditions of geographical regions
where our customers and their markets are located;

- Shifts by integrated device manufacturers, or IDMs, between
internal and outsourced production;

- Inventory and supply chain management of our customers;

- The loss of a key customer or the postponement of an order
from a key customer or the failure of a key customer to pay
accounts receivables in a timely manner;

- The occurrence of accounts receivables write-offs;

- The rescheduling or cancellation of large orders;

- The rescheduling or cancellation of planned capital
expenditures;

- Our inability to qualify new processes or customer products in
a timely manner;

- The return of wafers due to quality or reliability issues;

- Malfunction of our wafer production equipment;

- Unforseen delays or interruptions in our plans for new
fabrication facilities;

- The timing and volume of orders relative to our available
production capacity;

- Our ability to obtain raw materials and equipment on a timely
and cost effective basis;

- Environmental events or industrial accidents such as fires or
explosions;

- Our susceptibility to intellectual property rights disputes;

- Impairment charges on assets held and used;

- Our ability to continue with existing and entering into new
partnerships, technology and supply alliances on mutually
beneficial terms;

- Currency and interest rate fluctuations that may not be
adequately hedged; and

- Technological changes.

Due to the factors noted above and other risks discussed in this
section, many of which are beyond our control, you should not
rely on quarter-to-quarter comparisons to predict our future
performance. Unfavorable changes in any of the above factors may
seriously harm our company. In addition, it is possible that in
some future periods our operating results may be below the
expectations of public market analysts and investors. In this
event, the price of our securities may under perform or fall.

For more information, go to
http://www.shareholder.com/Common/Edgar/1095270/11455-49-03-
278/03-00.pdf


CHARTERED SEMICONDUCTOR: Explains Infrastructure-related Risks
--------------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. may face several
risks in constructing and equipping new fabrication plants, a
Company statement said.

Where we expand by constructing new fabrication plants, there
will be certain uncontrollable events that could delay the
project or increase the costs of construction and equipping,
even if we take the project management and planning steps we
believe are necessary to complete the new fabrication plants on
schedule and within budget. Such potential events include:

- A major design and/or construction change caused by changes to
the initial building space utilization plan or equipment layout;

- Technological, capacity and other changes to our plans for new
fabrication plants necessitated by changes in market conditions;

- Shortages and late delivery of building materials and facility
equipment;

- Delays in the installation, commissioning and qualification of
our facility equipment;

- A long and intensive wet season that limits construction;

- A shortage of foreign construction workers or a change in
immigration laws preventing such workers from entering
Singapore;

- Strikes and labor disputes;

- On-site construction problems such as industrial accidents,
fires and structural collapse;

- Delays in securing the necessary governmental approvals and
land lease;

- Delays arising from modifications in capacity expansion plans
as a result of uncertainty in economic conditions; and

- Delays arising from demand exceeding supply and long lead
times for delivery of equipment during periods of growth in the
industry.

For more information, go to
http://www.shareholder.com/Common/Edgar/1095270/11455-49-03-
278/03-00.pdf


SEE HUP: Dormant Unit Struck-off From SGX
-----------------------------------------
The Board of Directors of See Hup Seng Limited announced that an
application has been submitted to the Registrar of Companies for
its wholly-owned subsidiary, See Hup Seng (China) Limited SHS
China, to be struck-off from its Register.

SHS China is a dormant Company for which no business activity is
expected to carry out within the next few years. This striking-
off exercise is in line with the Group's policy to restructure
the group.


WEE POH: Sets EGM on April 7
----------------------------
The Extraordinary General Meeting (EGM) of Wee Poh Holdings
Limited will be held at Orchid Country Club, 1 Orchid Club Road,
Boardroom 1, Singapore 769162 on 7 April 2003 at 9.30 a.m. for
the purpose of considering and, if thought fit, passing the
following resolution, with or without any modifications:-

Ordinary Resolution

THAT, subject to the approval of shareholders of the Company
being obtained in general meeting for the proposed capital
reduction to reduce the par value of the Company's ordinary
shares from $0.20 to $0.005 each (the "Capital Reduction and
subsequent to the Capital Reduction being effected by the
Company, the Directors of the Company be and are hereby
authorized to allot and issue at least 40,000,000 but up to a
maximum of 80,000,000 new ordinary shares of $0.005 each (the
"Shares at an issue price of $0.05, credited as fully paid-up,
free from all liens, charges and other encumbrances and ranking
pari passu in all respects with the then existing Shares to the
WPC Creditors, or such number of them, for the settlement of
certain amounts owing to them by Wee Poh Construction Co. (Pte.)
Ltd., a subsidiary of the Company, of at least $2.0 million but
up to a maximum of $4.0 million (the Best Effort Debt
Conversion)

THAT the Directors of the Company be and are hereby authorized,
on their absolute discretion, to complete and do all such acts
and things including, without limitation, offering such number
of Conversion Shares to each WPC Creditor in settlement of such
portion of the amounts owing to them by Wee Poh Construction Co.
(Pte.) Ltd., executing all such documents and approving any
amendments, alterations or modifications to any documents as
they may consider necessary, desirable or expedient to give full
effect to the Best Effort Debt Conversion.


WEE POH: Issues Update on Re-capitalization Plan
------------------------------------------------
Further to the Announcement dated 10 February 2003, the
Directors of Wee Poh Holdings Limited announced to the
shareholders of the Company that, at the Court hearing on 21
February 2003 for the winding-up petition (the Petition) served
by Wili Marketing Pte Ltd on the Company's subsidiary, W&P
Piling Pte Ltd, on 4 February 2003 the Court had adjourned the
hearing of the Petition to 25 April 2003 pending due
consideration.

The Company will continue to update Shareholders on any further
developments on matters relating to the re-capitalization plan.


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


THAI PETROCHEMICAL: Family Not Indebted to Firm, Says Prachai
-------------------------------------------------------------
The report that his family would soon face a THB8.8 billion
demand is groundless, says Prachai Leophairattana, CEO and plan
administrator of TPI Polene.

In an interview with Business Day recently, Mr. Prachai said
Thai Petrochemical Industry never granted any loan to any member
of his family, branding the report traced to a director of
Effective Planners as malicious.  He admitted that while he was
the company's major shareholder, loans were made to some TPI
subsidiaries, but never to a family member as claimed by the
report.

He noted that loans were given to TPI subsidiary companies such
as TPI GIEC, TPI Holding, and Pornchai Enterprise. "Such loan
provisions given to those subsidiaries were undertaken in
earnest and in accordance with the law," he told Business Day.

He said after lending to its subsidiaries, TPI placed some of
its shares as a guarantee with financial institutions. "All the
obligatory financial documents that TPI had endorsed are with
court receivership officers and can be examined any time," he
assured.

Mr. Prachai suspects the damaging report has something to do
with the plan by TPI Polene to raise capital by another US$180
million through the sale of shares at 17 baht a piece.  In
addition, he also plans to urge the Central Bankruptcy Court to
revise key rehabilitation requirements on TPI and the
postponement of the sale of US$200 million worth of non-core
assets -- all of which contradict the proposals of Effective
Planners.



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,
Mavy Nieza-Merlin, Maria Cristina Pernites-Lao, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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The TCR -- Asia Pacific subscription rate is $575 for 6 months
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subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***