/raid1/www/Hosts/bankrupt/TCRAP_Public/030326.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Wednesday, March 26 2003, Vol. 6, No. 60

                         Headlines


A U S T R A L I A

AMP LIMITED: Warns Securities Holders to Reject NEPL's Offers
AMP SHOPPING: Westfield Trust Ratings Remains Despite Investment
ANACONDA NICKEL: Discloses Top 20 Shareholders
AUSTAR UNITED: Welcomes CHAMP Proposal Court Approval
BLUNDELL & ASSOCIATES: Court Orders Liquidator Appointment

ENVIROSTAR ENERGY: EGM Scheduled on April 15
FORTLAND HOTEL: Issues Distribution Outlook
GOODMAN FIELDER: BPC Hires New Zealand Broker to Handle Fees
PASMINCO LIMITED: Cockle Creek Smelter Closure Brought Forward
SUPERSORB ENVIRONMENTAL: Issues AGM Results


C H I N A   &   H O N G  K O N G

CDC SOFTWARE: Takes Action to Secure Asset-Based Senior Loan
COSCO INTERNATIONAL: 2002 Net Loss Swells to HK$538.056M
PCCW LIMITED: Forecasts Record HK$7B Loss
SYNTEC NETWORK: Winding Up Sought by ATL Telecom


I N D O N E S I A

TUNAS FINANCINDO: Issues Bonds to Refinance Debt


J A P A N

AOZORA BANK: Relocates HQ
CESAR CO.: Real Estate Firm Goes Bust
ISHIKAWA BANK: Financial Firms Acquire Bank
KONAMI CO.: S&P Downgrades Rating to 'BBBpi'
SEIBU DEPARTMENT: May Sell Y10B of New Shares


K O R E A

CHOHUNG BANK: Delays Plan to Raise Funding to Mid-April
CHOHUNG BANK: Trims Costs By 5%-10% On Iraq War
DAEWOO MOTOR: GM Denies Bupyong Plant Takeover Report
SK GLOBAL: Creditors Hire Cleary Gottlieb as Advisor


M A L A Y S I A

CEMPAKA MEWAH: Danarharta Approves Workout Proposals
DATAPREP HOLDINGS: Unit Faces Winding-Up Petition
GENERAL LUMBER: KLSE Grants LR Time Extension
GLOBAL CARRIERS: KLSE Grants Compliance Time Extension
KELANAMAS INDUSTRIES: Dormant Unit Serves Writ of Summons

KUALA LUMPUR: Submits Revised Proposals to SC
PARIT PERAK: Proposes Placement to Distributors, Director
PERAK CORP.: Proposes Renewal of Existing Shareholders' Mandate
PUNCAK PERMATA: Directors Propose Voluntary Winding Up
SAP HOLDINGS: Air Hitam Summons Expected Loss Amounts RM80,218

SAP HOLDINGS: Provias PTL Summons Info
SAP HOLDINGS: Replies KLSE's Summon Query on Unit TPGR
SRIWANI HOLDINGS: SC Grants Proposed ESOS/Scheme Approval
TAI WAH: Appoints Ng Chong as Audit Committee Chairman
TONGKAH HOLDINGS: Proposes Litigation Settlement

TRANSWATER CORPORATION: Announces EGM


P H I L I P P I N E S

MANILA ELECTRIC: Government OKs PHP0.054/KWh Rate Hike
MANILA ELECTRIC: Reverts to ERC For Clarification on Increase
NATIONAL POWER: Sells Zero-Coupon Bonds to Goldman
NEGROS NAVIGATION: Posts FY02 P102M Profit
PHILIPPINE LONG: Cuts 2002 Debt by US$204M

PHILIPPINE LONG: Sees 2003 Net Profit Up 20-25%
VICTORIAS MILLING: Asking 60-Day Extension to Secure Capital
VICTORIAS MILLING: Clarifies Takeover Report


S I N G A P O R E

ASIA PULP: IBRA to Resume Talks on Workout Deal
ASIA FOOD: Slashes Full-Year Net Loss to S$1.6M
FLEXTECH HOLDINGS: Posts Changes in Shareholder's Interest
NEPTUNE ORIENT: Posts Notice of Shareholder's Interest


T H A I L A N D

CENTRAL PAPER: Not to Pay 2002 Diviand; Apr 28 OGM Scheduled
EASTERN WIRE: Fails to Meet Principal Repayment to Creditors
ITALIAN-THAI DEVELOPMENT: Terminates 2002 Diviand Payment
MDX PUBLIC: Planner Clarifies Auditors' Disclaimer of Opinion
THAI DURABLE: Appoints Phillip Securities as Financial Adviser

THAI DURABLE: Seeks Shares Re-listing Under REHABCO Category
UNION MOSAIC: Omitting 2003 Diviand Payment


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


AMP LIMITED: Warns Securities Holders to Reject NEPL's Offers
-------------------------------------------------------------
AMP Reset Preferred Securities and AMP Income Securities holders
have now been targeted by David Tweed's National Exchange
Proprietary Ltd (NEPL), which is offering to buy their
securities at prices significantly below their market price.

The new unsolicited offers to securities holders follow previous
offers by National Exchange Proprietary Ltd to AMP retail
shareholders to buy their AMP ordinary shares.

National Exchange Proprietary Ltd is offering AMP Reset
Preferred Securities and Income Securities holders a mere A$10
per security. Last week, these securities closed on the
Australian Stock Exchange at A$96.85 and A$77.05, respectively.
They should not be confused with AMP ordinary shares.

AMP Chief Executive Officer, Andrew Mohl, said: "AMP Reset
Preferred Securities and Income Securities holders should
exercise extreme caution before acting on such unsolicited
offers in light of their low offer price."

He said AMP welcomed proposed Commonwealth legislation making it
compulsory for any share dealer offering to buy shares and other
securities to state the current market price.

National Exchange Proprietary Ltd has accessed the personal
information of AMP Reset Preferred Securities and Income
Securities holders from AMP under Chapter 2C of the Corporations
Act.

Under the Act, National Exchange Proprietary Ltd can obtain
security holder details from any publicly listed company. These
details include: security holders' names, addresses, number of
securities held and date on register.

Mr Mohl said it was important that AMP Reset Preferred
Securities, Income Securities holders and shareholders always
check the current trading price of AMP securities as well as
consult an independent financial adviser before accepting any
unsolicited offer.


AMP SHOPPING: Westfield Trust Ratings Remains Despite Investment
----------------------------------------------------------------
Standard & Poor's Ratings Services said Sunday that there is no
change to Westfield Trust's A/Stable/A-1 ratings at this time
following its A$247 million investment in AMP Shopping Centre
Trust (ART; A/Watch Neg/A-1). The 16.9% strategic investment in
ART is comfortably funded from Westfield's committed bank
facilities and within the trust's 40% gearing policy (net debt-
to-total assets less cash ratio).

The investment does not dilute the quality of Westfield's retail
portfolio, with ART's retail portfolio comprising nine prime
retail shopping centers. Should Westfield make a formal takeover
bid for ART, Standard & Poor's will assess the proposed funding
structure and impact on Westfield's credit protection measures.

Last week, Troubled Company Reporter - Asia Pacific reported
that Standard & Poor's Ratings Services has placed its 'A/A-1'
corporate credit ratings on AMP Shopping Centre Trust (ART) on
CreditWatch with negative implications, following Centro
Property Trust (Centro, not rated) 19.9% stake acquisition in
ART and plans to make an off-market bid for the remaining units
in ART.


ANACONDA NICKEL: Discloses Top 20 Shareholders
----------------------------------------------
Anaconda Nickel Limited announces that at the completion of the
acceptances for the MatlinPatterson Global/Mongoose takeover
offer for ANL securities the distribution schedule of
shareholders is:

HOLDING               NO. HOLDING            UNITS
1 to 1000                   739            502,765
1001 to 5000               1453          4,059,823
5001 to 10000               573          4,691,182
10001 to 100000            1558         61,634,368
100001+                     718      6,851,645,507

Total                      5041      6,922,533,645

The significant shareholders schedule showing the Top 20 Holders
is as follows:

CLASS: ORD/ORDINARY FULLY PAID SHARES
HOLDER NO NAME                          UNITS  % Issued/Capital

1 GLENCORE INTERNATIONAL AG                3,206,603,611  46.32
2 MONGOOSE PTY LIMITED (see below)         2,891,499,114  41.77
3 PAN AUSTRALIAN NOMINEES PTY                105,859,695  1.53
4 PERMANENT TRUSTEE AUSTRALIA                65,953,302  0.95
5 NATIONAL AUSTRALIA TRUSTEES                40,947,367  0.59
6 ANZ NOMINEES LIMITED                       26,082,206  0.38
7 EMICHROME PTY LTD                          19,861,666  0.29
8 F & B INVESTMENTS PTY LTD                  17,518,872  0.25
9 A AND D WIRE LIMITED                       16,664,885  0.24
10 CITICORP NOMINEES PTY LIMITED             15,125,183  0.22
11 MCNEIL NOMINEES PTY LIMITED               14,706,981  0.21
12 NORBERT LIPTON                            13,000,000  0.19
13 NATIONAL NOMINEES LIMITED                 10,637,843  0.15
14 J P MORGAN NOMINEES AUSTRALIA              7,200,046  0.10
15 MERRILL LYNCH (AUSTRALIA) NOMINEES PTY LTD 7,094,248  0.10
16 STRAMIG PROPERTIES PTY LTD                 6,650,000  0.10
17 MR PATRICK HAW YEONG WONG                  6,066,666  0.09
18 COMMUNICATIONS POWER                       6,053,600  0.09
19 MR KIE CHIE WONG                           5,950,000  0.09
20 TOLRIC PTY LIMITED                         5,164,615  0.07

*** TOTAL                                6,488,639,900  93.73
*** REMAINDER                               433,893,745  6.27
*** GRAND TOTAL                          6,922,533,645  100.00

Note: Mongoose shareholding will be reduced to either 35.05 or
35.63% depending upon the outcome of matters currently before
the Takeovers Panel.

FINANCIAL RESTRUCTURING

Section 304 proceedings in the Federal Court in USA have now
been finalized with the Court granting the motion for a final
injunction against any further actions in respect of the Schemes
of Arrangement restructuring of the Anaconda Group companies.
There was no opposition to the motion.

CONTACT INFORMATION: John Quayle
                     Company Secretary
                     +61 8 9212 8400 or

                     Tony Dawe
                     Ward Holt Corporate Communication
                     +61 8 9221 8722


AUSTAR UNITED: Welcomes CHAMP Proposal Court Approval
-----------------------------------------------------
Austar United Communications Limited noted last week that,
further to its company announcement on 22 December 2002, the
United States Bankruptcy Court has approved the Plan of
Reorganization for United Australia/Pacific 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.

CONTACT INFORMATION: Deanne Weir
         Group Director, Corporate Development and Legal Affairs
         Austar United Communications
         Telephone: 02 9394 9897
         E-mail: dweir@austar.com.au


BLUNDELL & ASSOCIATES: Court Orders Liquidator Appointment
----------------------------------------------------------
Following an application by the Australian Securities and
Investments Commission (ASIC), the Supreme Court of New South
Wales has appointed a liquidator to wind up the affairs of
Blundell & Associates Pty Ltd (Blundell & Associates), an
insurance broking company.

This follows the appointment on 17 March of the same liquidator
to wind up Blundell Coleman Insurance Brokers Pty Ltd (Blundell
Coleman).

The directors of both companies consented to the appointment of
the liquidator, Mr Anthony Sims of Sims Partners, Sydney.

Tuesday's appointment follows orders made by the Supreme Court
on 10 February 2003 that Blundell & Associates be permanently
restrained from conducting an insurance broking business in
contravention of sections 19 and 21 of the Insurance (Agents and
Brokers) Act 1984.

At that time the court also ordered that Blundell Coleman be
permanently restrained from conducting a financial services
business in contravention of section 911A of the Corporations
Act 2001.

Additionally, the Court also ordered that Mr Paul John Blundell
and Mr Matthew Clive Coleman, who were each directors of
Blundell Coleman, be permanently restrained from providing a
financial service on behalf of another person who carries on a
financial services business, in contravention of section 911B of
the Corporations Act.


ENVIROSTAR ENERGY: EGM Scheduled on April 15
--------------------------------------------
Notice is hereby given that the 2002 Annual General Meeting of
shareholders of EnviroStar Energy Limited (Administrators
Appointed) will be held on 2:00pm Tuesday, 15 April 2003 at The
Commercial Travellers' Business Club Limited MLC Centre, Martin
Place, Sydney, NSW 2000.

AGENDA

Welcome and Chairman's Address

ORDINARY BUSINESS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE, 2002.

To receive and consider the financial statements for the year
ended 30th June, 2002, copies of which have been circulated to
shareholders

By a letter dated 3 December 2002, ASIC granted to the Company
relief from the requirement to present audited financial
statements to the Annual General Meeting on the condition that
the Administrators provia to shareholders a statement of current
affairs of the Company together with extracts from the following
documents:

   * Statement of Financial Position;
   * Statement of Financial Performance;
   * Cashflow Statement; and
   * ASIC Form 507 - Report as to Affairs.

RESOLUTION 1 - ISSUE OF SHARES IN THE COMPANY

To consider and if thought fit to pass the following resolution
as an Ordinary Resolution:

"That, for the purposes of Listing Rule 7.1 of the Australian
Stock Exchange Limited and section 611 of the Corporations Act
2001 (Cth) the issue of 204,000,000 fully paid ordinary shares
in the capital of the Company at a price of 0.8656863 cents per
share being a total consideration of $1,765,999.90 to the
following persons (Subscribers);

SUBSCRIBERS                      NUMBER OF SHARES   ISSUE PRICE

Great Pacific Financial Group Pty Ltd     50,000,000  432,843.15
Surich Investments Ltd                    26,000,000  225,078.43
Pioneer States Investment Ltd             26,000,000  225,078.43
Skyworth Investments Group Ltd            26,000,000  225,078.43
Ace Bond Ltd                              26,000,000  225,078.43
Mr Paul Ho                                26,000,000  225,078.43
Fook Lam Investments Ltd                  24,000,000  207,764.71

TOTAL                                  204,000,000  1,765,999.90

is hereby approved.

RESOLUTION 2 - CHANGE OF COMPANY NAME

To consider and if thought fit to pass the following resolution
as a Special Resolution:

"That, subject to Resolution 1 being passed, the Company change
its name from "Envirostar Energy Limited" to "Green Pacific
Energy Limited".

RESOLUTION 3 - ELECTION OF ALFRED WONG AS A DIRECTOR

To consider and if thought fit to pass the following resolution
as an Ordinary Resolution:

"That, subject to Resolution 1 being passed and in accordance
with Clause 98 of the Company's Constitution, Mr Alfred Wong
being eligible and having offered himself for election, be
appointed as a Director of the Company."

RESOLUTION 4 - ELECTION OF RICHARD NOTT AS A DIRECTOR

To consider and if thought fit to pass the following resolution
as an Ordinary Resolution:

"That, subject to Resolution 1 being passed and in accordance
with Clause 98 of the Company's Constitution, Mr Richard Nott
being eligible and having offered himself for election, be
appointed as a Director of the Company."

RESOLUTION 5 - ELECTION OF DANNY AU YEUNG AS A DIRECTOR

To consider and if thought fit to pass the following resolution
as an Ordinary Resolution:

"That, subject to Resolution 1 being passed and in accordance
with Clause 98 of the Company's Constitution, Mr Danny Au Yeung
being eligible and having offered himself for election, be
appointed as a Director of the Company."

RESOLUTION 6 - RE-ELECTION OF ALFRED HERBERT SMITH AS A DIRECTOR

To consider and if thought fit to pass the following resolution
as an Ordinary Resolution:

"That Alfred Herbert Smith, having retired as a director of the
Company pursuant to Clause 95 of the Company's Constitution and
being eligible, having offered himself for re-election, be
appointed as a Director of the Company."

RESOLUTION 7 - ELECTION OF CHRISTOPHER STEVEN COUDOUNARIS AS A
               DIRECTOR

To consider and if thought fit to pass the following resolution
as an Ordinary Resolution:

"That in accordance with Clause 93 of the Company's Constitution
Christopher Steven Coudounaris, who was appointed a Director of
the company on 28th December, 2001 and being eligible, having
offered himself for election, be appointed as a Director of the
Company."

RESOLUTION 8 - ELECTION OF MALCOLM ANTHONY CARSON AS A DIRECTOR

To consider and if thought fit to pass the following resolution
as an Ordinary Resolution:

"That in accordance with Clause 93 of the Company's Constitution
Malcolm Anthony Carson, who was appointed a Director of the
Company on 18th July, 2002 and being eligible, having offered
himself for election, be appointed as a Director of the
Company."


FORTLAND HOTEL: Issues Distribution Outlook
-------------------------------------------
DDH Graham Limited, the Responsible Entity of Fortland Hotel
Property Trust, advises that there will be no distribution for
the quarter ended 31 March 2003.

As a result there will be no Record Date required to identify
unitholders entitled to the distribution.

The Troubled Company Reporter - Asia Pacific reported last week
that the Trust is currently in the process of refinancing its
loan facility, which is currently proviad by Westpac. An offer
of finance from another lender has been received and accepted by
the Responsible Entity. The new facility is subject to due
diligence by the lender.


GOODMAN FIELDER: BPC Hires New Zealand Broker to Handle Fees
------------------------------------------------------------
Burns, Philp & Company Limited (Burns Philp) refers to the
takeover bid by its wholly owned subsidiary BPCl Pty Limited
(BPC1), for all the Goodman Fielder Limited (Goodman Fielder)
ordinary shares (the Offer).

Burns Philp confirms that Burns Philp will pay a commission to
members of NZSE Ltd (Brokers) of 0.75% of the amount payable by
Burns Philp upon acceptance of the Offer by Goodman Fielder
retail shareholders from March 24, 2003 and until the scheduled
close of the Offer on 28 March 2003. A retail shareholder is one
that held fewer than 200,000 Goodman Fielder shares as at 20
March 2003. The maximum fee payable is A$750.

The fee is payable to Brokers only and no part of the fee can be
passed on or paid to Goodman Fielder shareholders. Brokers are
not entitled to receive the fee in respect of any Goodman
Fielder shares in which they, or any associate, holds a relevant
interest (within the meaning of those terms in the Corporations
Act 2001).

The fee is payable within 14 days of production of an acceptance
form bearing the broker's stamp. No fee is payable in respect of
acceptances that are withdrawn. Burns Philp reserves the right
to aggregate any acceptances in determining the handling fees
payable to any Broker if Burns Philp believes that a party has
structured holdings of Goodman Fielder shares to take advantage
of the handling fee.


PASMINCO LIMITED: Cockle Creek Smelter Closure Brought Forward
--------------------------------------------------------------
Pasminco Limited and its Deed Administrators, John Spark and
Peter McCluskey of Ferrier Hodgson said Tuesday that the closure
of Pasminco's Cockle Creek Smelter near Newcastle in New South
Wales had been brought forward to September 2003.  It had
previously been announced that closure would occur between 2006
and 2008.

Pasminco Chief Executive Officer, Greig Gailey said, "Cockle
Creek's financial performance has been marginal for a number of
years.  Unexpected movements in a combination of factors that
affect business results have meant the smelter's already weak
financial performance, has been worse than anticipated.  This
has resulted in the closure being brought forward."

"The major factors have been lower treatment charges, the
strengthening value of the Australian dollar, higher than
expected capital expenditure requirements for meeting future
environmental standards and the increasing difficulties in
meeting production targets while operating an ageing plant for a
finite period," he said.

"We particularly regret the impact of this earlier closure on
employees and appreciate their efforts in maintaining the
smelter's operations over so many years.  Employee entitlements
will be met in full as and when they fall due," Mr Gailey said.
"Employees will be offered assistance over the next six months,
including outplacement services and some training opportunities.
A group representing employees has been established to advise on
these issues."

Mr Gailey said Pasminco would be working closely with the NSW
Government and other community representatives to minimize the
regional economic impact of closure.  "At this stage a
combination of light industrial and open space uses appear to be
the favored end-use for our site, although no final plans have
been agreed with the relevant authorities."

Mr Gailey emphasized that Pasminco was committed to working with
the NSW Environment Protection Authority and relevant government
agencies to develop a comprehensive remediation plan.  "Pasminco
has made substantial investments over the life of Cockle Creek
to stay in step with changes in community and regulators'
expectations of environmental standards.  It is our intention to
continue this approach.  We anticipate that remediation works
will draw substantially on local services and suppliers, which
will aid the employment and economic transition of the region
following the smelter's closure," he said.

Cockle Creek's earlier closure is not expected to affect the
Elura mine sale negotiations.  Pasminco and Consolidated Broken
Hill are finalizing a number of sale transaction documents which
anticipated closure of Cockle Creek during the course of the
planned mine life under CBH ownership.

"Cockle Creek's closure, together with the pending sale of the
Elura mine and the announced closure of our US mines, will
largely complete the wholesale rationalization of Pasminco's
asset base which began with the sale of the Broken Hill mine in
June 2002.

"The breadth of this re-structuring over the last 18 months has
substantially transformed Pasminco and leaves the company well
placed to return to the public market as soon as conditions
permit," Mr Gailey said.

CONTACT INFORMATION: Trevor Shard
            General Manager Investor and Community Relations
            ++ 61 (3) 9288 9186
            0419 584 515

            Stephen Baines
            Manager Public Affairs
            ++ 61 (3) 9288 0215
            0418 992 651


SUPERSORB ENVIRONMENTAL: Issues AGM Results
-------------------------------------------
The Directors of Supersorb Environmental NL are pleased to
announce that all six resolutions put to the Annual General
Meeting of the Company were passed.

The first resolution was passed following the calling of a poll,
which was called by the Chairman. The results of the first
resolution which considered the re election of Dr Parry are set
out below for the information of Shareholders.

For: 73,681,320 Against: 17,807,443 Abstain: 97,257

All other resolutions were passed on a show of hands of those
present at the meeting.

The successful outcomes of this shareholder meeting now means
that all key conditions for the Deed of Company Arrangement
(DOCA) of Supersorb Minerals NL to proceed have now been
satisfied.

The anticipated finalization of the DOCA in the near future will
allow the Directors to seek a lifting of the suspension of
trading of the Company's shares on the ASX.

The Troubled Company Reporter - Asia Pacific reported last week
that the a recent application to ASIC to approve an extension of
the time required to lodge the Company's December 2002 Half Year
Financial Statements has been approved under sub section 340(1)
of the Corporations Law.


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


CDC SOFTWARE: Takes Action to Secure Asset-Based Senior Loan
------------------------------------------------------------
CDC Software Corporation, a subsidiary and software unit of
chinadotcom corporation announced Friday that, based upon the
occurrence of certain events of default under its US$7 million
asset-based senior secured loan to Sagent Technology, Inc.
(Nasdaq: SGNT), CDC Software has notified Sagent that CDC
Software has exercised its rights as a secured lender to enforce
its security interest in certain loan collateral and has
filed a complaint for damages against Sagent, and against one of
Sagent's directors, in the United States District Court for the
Northern District of California.

About CDC Software

CDC Software is the software unit of chinadotcom corporation
(Nasdaq: CHINA), a leading integrated enterprise solutions
company in Asia. CDC Software integrates a series of
chinadotcom's self-developed products developed in the two
software development centers in China, which include
PowerBooks, PowerHRP (Human Resources and Payroll), PowerATS
(Attendance Tracking System), Power-eHR, PowerPay+, PowerCRM and
Power eDM (a double-byte e-mail marketing technology). In
addition, the company also broadens its serving offerings in
software arenas by establishing strategic partnerships with
leading international software vendors to localize and
resell their software products in the Greater China region.

chinadotcom's software arm currently has 600+ enterprise
software customers in the Asia Pacific region with over 1,000
installations. Selected multinational and domestic customers
include ACNeilsen, Carrefour, Legend Computer, Microsoft (China)
Co., Ltd., Shenzhen Airlines, Swire Beverages and Shangri La
Hotels and Resorts.

For more information about chinadotcom corporation and CDC
Software, please visit the Web site http://www.corp.china.com.


COSCO INTERNATIONAL: 2002 Net Loss Swells to HK$538.056M
--------------------------------------------------------
COSCO International Holdings Limited announced on 25 March 2003:

Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified
                                                  (Audited)
                                (Audited)          Last
                                Current            Corresponding
                                Period             Period
                                from 1/1/2002      from 1/1/2001
                                to 31/12/2002      to 31/12/2001
                               Note  ('000)       ('000)
Turnover                           : 583,508        1,844,845
Profit/(Loss) from Operations      : (507,837)      (106,964)
Finance cost                       : (32,442)       (51,241)
Share of Profit/(Loss) of
  Associates                       : 1,947          76
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 7,242          (2,169)
Profit/(Loss) after Tax & MI       : (538,056)      (168,098)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.3859)       (0.121)
         -Diluted (in dollars)     : N/A            N/A
Extraordinary (ETD) Gain/(Loss)    : N/A            N/A
Profit/(Loss) after ETD Items      : (538,056)      (168,098)
Final Diviand                     : NIL            NIL
  per Share
(Specify if with other             : N/A            N/A
  options)

B/C Dates for
  Final Diviand                   : 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:

Loss per share

The calculation of loss per share is based on the Group's loss
attributable to shareholders of HK$538,056,000
(2001:HK$168,098,000) and the 1,394,389,291 (2001: the weight
average of 1,389,789,044) shares in issue during the year.

There is no potential dilutive shares in issue during the year.
For 2001, no diluted loss per share was presented as the effect
of the potential shares would have been anti-dilutive.


PCCW LIMITED: Forecasts Record HK$7B Loss
-----------------------------------------
PCCW Limited is expected to report a significant fall in market
share in its core fixed-line telephone business when it unveils
a net loss estimated at more than HK$7B on Friday.

The company will announce its second loss in three years after
it said it would make about HK$10B in provisions on its troubled
undersea cable joint venture Reach and a loss from last year's
sale of mobile arm CSL.

Three United States brokerages forecast PCCW could make a
headline loss of HK$7.5B to HK$8B, while shrinking turnover to
HK$20B.  But the main challenge remains on how PCCW can defend
its deteriorating fixed-line business, which provias more than
90% of revenue and profits

To see a full & detailed copy of the Company's financial report
with the year ended December 31, 2002, go
http://bankrupt.com/misc/TCRAP_PCCW0326.pdf.


SYNTEC NETWORK: Winding Up Sought by ATL Telecom
------------------------------------------------
ATL Telecom Limited is seeking the winding up of Syntec Network
Technology & Services Co. Limited.  The petition was filed on
February 2, 2003, and will be heard before the High Court of
Hong Kong today, March 26, 2003 at 10:00 in the morning.

ATL Telecom holds its registered office at Cypress Drive,St.
Mellons, Cardiff, Wales, CF3 0EG, United Kingdom.


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


TUNAS FINANCINDO: Issues Bonds to Refinance Debt
------------------------------------------------
PT Tunas Financindo Sarana, a unit of PT Tunas Ridean Tbk, will
use 60 percent of Rp300 billion to Rp400 billion it raised from
the bond issuance to refinance part of its debt, Bisnis
Indonesia reports, quoting Director Satyakumara Jayaputra,
adding that the multi-finance company would pay its non-
revolving debt to the bank with high interest rate.

"We will use the money we raise from the bond issuance to pay
our banking debt. If the interest rate of those debts were so
high, we should accelerate the payment of the debt so that it
would not add the company with some more burdens," Jayaputra
said after signing a contract to list the bonds of Tunas
Financindo in Bursa Efek Surabaya (PT BES).

PT BES's President Director Hindarmojo Hinuri mentioned that BES
had signed some contracts with five companies planning to issue
their bonds.

The five companies were PT Wijaya Karya (Rp200 billion), PT Bank
Bumiputera Indonesia Tbk (Rp250 billion), PT Adira Dinamika
Multi Finance (Rp500 billion), PT Putra Sumber Utama Timber
(Rp200 billion), and PT Tunas Financindo Sarana (Rp300 billion).

Meanwhile, Miranti H. Andiyana, Tunas Ridean's Corporate
Secretary, said that the company would use 60% of the money from
the bonds issuance to refinance its debt, while the rest would
be added to the company's working capital.

She added that Indonesian Rating Agency Pefindo had not issued a
rating for the planned bond.

"Hopefully the rating will be BBB, and the bond will be on the
market early on April," Andiyana concluded.


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


AOZORA BANK: Relocates HQ
-------------------------
Aozora Bank, the reincarnation of failed Nippon Credit Bank
(NCB), relocated its headquarters in the Kudan area of Tokyo's
Chiyoda Ward to a new building in the same neighborhood, Kyodo
News said Monday.

The sale of a major stake in Aozora Bank may not be completed
this month, the Troubled Company Reporter-Asia Pacific reported
recently, 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.


CESAR CO.: Real Estate Firm Goes Bust
-------------------------------------
Cesar Co. recently filed for protection from creditors under the
fast-track Civil Rehabilitation Law at the Tokyo District Court,
Kyodo News reports. The real estate firm has total liabilities
of 70 billion yen. The district court accepted the application
the same day.


ISHIKAWA BANK: Financial Firms Acquire Bank
-------------------------------------------
Five Japanese banks took over the operations of Ishikawa Bank on
Monday, 15 months after the Kanazawa-based second-tier regional
bank failed, the Japan Times reports. The banks are Hokuriku
Bank, First Bank of Toyama, Kanazawa Shinkin Bank, Noto Shinyo
Kinko and Hokkoku Bank.

The state-run Resolution and Collection Corp. took over the
assets of Ishikawa Bank that had not been taken on by the
financial institutions. Ishikawa Bank went under in late
December 2001. It had a negative net worth of about 22.8 billion
yen as of the end of that September.


KONAMI CO.: S&P Downgrades Rating to 'BBBpi'
--------------------------------------------
Standard & Poor's Ratings Services had lowered its rating on
game maker Konami Co. Ltd. to 'BBBpi' from 'BBB+pi', reflecting
a projected deterioration in the Company's financial profile,
due mainly to the devaluation of goodwill related to its sports
club subsidiary.

On March 20, 2003, Konami announced a substantial downward
revision to its forecasted business results, projecting a
consolidated operating loss of 21.5 billion yen in fiscal 2002
(ending March 2003), compared with previous forecasts of 25
billion yen in profits. The revision reflects an impairment loss
of 46.5 billion yen, stemming mainly from the devaluation of
goodwill related to Konami Sports Corp. Standard & Poor's
believes the devaluation was prompted by reduced profitability
forecasts for Konami Sports, which has suffered declining
revenues amid Japan's prolonged economic downturn.

"The impairment loss will reduce Konami's capital base and
weaken its overall financial profile," said Takahiro Saimen, a
credit analyst at Standard & Poor's in Tokyo. Although Konami's
total debt is expected to remain unchanged, its capital
structure is likely to deteriorate, with consolidated debt to
capital rising to over 30 percent from 28 percent.

Standard & Poor's expects that the profitability of Konami's
Exercise Entertainment segment will remain pressured.
Nevertheless, Konami maintains a strong market position and
profitability in its core home viao game business, which
accounts for over 50 percent of its total sales. The Company
also generates sound earnings from the production and sales of
goods based on characters from its viao games.

Konami's liquidity is sufficient for the current rating,
supported by 60.7 billion yen in cash and equivalents as of
December 2002.


SEIBU DEPARTMENT: May Sell Y10B of New Shares
---------------------------------------------
Seibu Department Stores Ltd. may sell 10 billion yen ($82.9
million) in new shares to six corporate investors, including its
merger partner Sogo Co., Nikkei English News and Bloombeg
reported Tuesday. Sogo, which is scheduled to complete its
merger with Seibu in June, may buy about 5 billion yen of the
new shares. After the purchase, Sogo will become the biggest
shareholder of Seibu with a stake exceeding 40 percent.

A Mizuho Financial Group Inc. investment fund and the
Development Bank of Japan may each acquire 1.6 billion yen worth
of shares, while Seibu Railway Co. is may buy 1 billion yen.
Itochu Corp., an existing shareholder, may buy 700 million yen
and NTT Data Corp., another shareholder, will probably invest
100 million yen, the report said.

In February, the retailer received a 230 billion yen bailout
from creditors. Sogo emerged from bankruptcy in January.


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


CHOHUNG BANK: Delays Plan to Raise Funding to Mid-April
-------------------------------------------------------
Chohung Bank has delayed its plan to increase funding to mid-
April from March, Reuters and BasisPoint reported Monday. The
bank is now expecting to next tap the market for a one-year loan
and/or Floating Rate Note (FRN) for about US$150 million.

The Korean government will likely complete the sale of its 80.04
percent stake in Chohung Bank (CHB) around the middle of April,
the Troubled Company Reporter-Asia Pacific reported recently.
The Shinhan Financial Group will soon begin final
negotiations with the Korea Deposit Insurance Corp. (KDIC) to
acquire the government stake, which will likely end around mid-
April.


CHOHUNG BANK: Trim Costs By 5%-10% On Iraq War
----------------------------------------------
Chohung Bank is planning to trim its costs by 5-10 percent this
year in the wake of the war in Iraq, Dow Jones reports. Local
banks' business conditions and profitability are likely to
deteriorate amid uncertainties at home and abroad.

The bank has been put up for sale by the government, also plans
to upgrade its credit risk management and other systems to
reduce its credit card and household lending delinquencies, it
said in a statement.


DAEWOO MOTOR: GM Denies Bupyong Plant Takeover Report
-----------------------------------------------------
GM Daewoo Automotive & Technology Co. denied a Seoul Economic
Daily report saying General Motors Corp. (GM), on behalf of GM
Daewoo, has started talks to acquire Daewoo Incheon Motor Co.
Daewoo Incheon, a plant of bankrupt Daewoo Motor Co. based in
Bupyong city, Dow Jones reports.

GM excluded Daewoo Incheon from its purchase of major Daewoo
Motor assets in 2002, mostly due to the plant's outdated
facilities and low productivity stemming from frequent labor
strikes. However, GM said it would consider acquiring the plant
within six years if productivity and management-labor relations
improve during the period.


SK GLOBAL: Creditors Hire Cleary Gottlieb as Advisor
----------------------------------------------------
SK Global creditors including Hana Bank hired New York law firm
Cleary Gottlieb Steen & Hamilton to advise them in talks with
foreign creditors of the unit of SK Group, the Maeil Business
Newspaper reported Monday.

Cleary Gottlieb will send lawyers to Seoul in Korea to work with
SK Global and UBS Warburg, the financial advisor to local
creditors, on how to resolve its debt problems, the report said.
Hana Bank and other creditors last week agreed not to call in
debt to SK Global for 3 months and are trying to persuade SK
Global's foreign lenders to give the Company more time to pay
its debt.

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


CEMPAKA MEWAH: Danarharta Approves Workout Proposals
----------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB) gave
notice that the Workout Proposal of its wholly owned subsidiary
Cempaka Mewah Sdn Bhd (In Provisional Liquidation) 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 14
December 2001 and 28 December 2001 respectively. Pursuant to the
Workout Proposal and following the debt settlement, it was
proposed that the Company be liquidated.

The directors of the Company on 21 March 2003 resolved:

   * that the Company cannot by reason of its liabilities
continue its business and that it be wound up voluntarily;

   * 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

   * 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.


DATAPREP HOLDINGS: Unit Faces Winding-Up Petition
-------------------------------------------------
Dataprep Distribution Sdn Bhd (DDSB), a subsidiary of Dataprep
Holdings Bhd (DHB), had on 19 March 2003 received a winding-up
petition or Notice pursuant to Section 218 of the Companies Act
1965.

The particulars of the claim under the petition including the
amount claimed for under the petition and the interest rate are:

Summary Judgment against DDSB was entered into by Fujitsu
Systems Business (M) Bhd (Fujitsu). The amount claimed under the
petition is RM3,214,004.00 (principal sum) and overdue interest
of RM210,606.51 until 5th November 1996 and interest of 1.5% of
the principal sum a month from 1st January 1997 until full
settlement including cost of RM350.00.

Details of default or circumstances leading to the filing of the
winding-up petition against the Company

Fujitsu obtained summary judgment against DDSB on 23 September
1997.

The financial and operational impact of the aforesaid petition
on the DHB Group (the Group)

There is no financial and operational impact of the aforesaid
petition on the Group.

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

There are no expected losses arising from the winding-up
proceedings.

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

The Company is not considering to set aside the winding-up
petition.


GENERAL LUMBER: KLSE Grants LR Time Extension
---------------------------------------------
The Board of Directors of General Lumber Fabricators & Builders
Bhd announced that the Exchange has on 21 March 2003, granted
the Company's application for an extension of time to release
the following reports by the deadline stipulated by Paragraph
9.23 of the LR :

   (a) 2 months until 30 June 2003 to submit the annual audited
accounts for the financial year ended 31 December 2002 (2002
Annual Audited Accounts) and

   (b) 1 month until 31 July 2003 to release the annual report
for the financial year ended 31 December 2002 (2002 Annual
Report)

The Company is not able to release the 2002 Annual Audited
Accounts and 2002 Annual Report by the deadline stipulated by
Paragraph 9.23 of the LR and hence had requested for extension
of time from the Exchange due to:

     i) the resignation of PricewaterhouseCoopers as the
Company's Auditors as per their letter of resignation dated 6
January 2003 has left the Company with the procedural
requirement to appoint new Auditors in place thereof. As per
announcement dated 14 March 2003 BDO Binder was appointed the
Auditors of the Company in place of PricewaterhouseCoopers
during the Extraordinary General Meeting convened on the even
date

     ii) the Company is at the same time finalizing the
completion of its Proposed Restructuring Scheme (Scheme), as per
various announcements made by the Company's main advisor , PM
Securities Sdn Bhd.


GLOBAL CARRIERS: KLSE Grants Compliance Time Extension
------------------------------------------------------
Utama Merchant Bank Berhad (UMBB), on behalf of the Board of
Directors of Global Carriers Berhad, announced that GCB had on
19 March 2003 received the approval from the Kuala Lumpur Stock
Exchange (KLSE) for an extension of time of six (6) months from
the date of re-quotation of GCB shares on the KLSE, to comply
with the 25% public shareholding spread requirement (Extension
of Time).

Duration of Extension of Time

The Extension of Time for compliance with the public
shareholding spread requirement will begin on the date of
requotation of GCB shares on the KLSE and will lapse six (6)
months thereafter.

Details of the Plan to meet the Public Shareholding Spread
Requirement

Upon completion of the Proposed Revised Scheme, certain
creditors of GCB will become new major shareholders. The
following new major shareholders have given their undertakings
to the KLSE to sell down their shareholdings in GCB as shown, or
any other quantum required, during the six (6) months period to
allow the Company to meet the public spread requirement.

Refer to Table 1 found at
http://bankrupt.com/misc/TCRAP_Global0326.pdf.

Currently, the new major shareholders have indicated to GCB
their intention to sell down their respective shareholdings to
meet the public shareholding spread requirement. Therefore,
based on this plan, no approvals are required for the sell down.
However, details of the planned sell down including the
tentative timetable and quantum have not been finalized at this
point of time. GCB shall make an announcement of the detailed
plan on how to meet the public shareholding spread requirement
in due course.

Any other conditions imposed by the KLSE

There are no other conditions imposed by the KLSE in granting
the Extension of Time except that GCB must make follow-up
announcement on a bi-monthly basis and no later than fourteen
(14) days from the expiry of the two (2) month period. The
announcement must state:

   (a) The status of its plan to meet the 25% public spread. In
this respect, GCB must explain the progress it has made within
the last two (2) months in relation to its plan to comply with
the 25% public spread;

   (b) If no, an explanation of the reason as to the lack of
progress;

   (c) An explanation of any steps GCB has taken in respect of
its lack of progress.

Upon requotation, GCB shares shall be subject to a trading
restriction in that full payment must be made before purchase of
its securities can be effected. The trading restriction will be
uplifted upon confirmation from GCB that it has met the 25%
public shareholding spread requirement.

Other Approvals Required for the Proposed Revised Scheme

UMBB on behalf on GCB, had previously applied to the SC for an
extension of time up to 31 March 2003 to complete the Proposed
Revised Scheme, and an exemption from complying with the public
spread requirement for a period of six months from the date of
requotation of GCB shares on the KLSE.

SC in its letter dated 24 December 2002 approved the requests
subject to GCB submitting a plan on how it intends to meet the
public shareholding spread requirement. GCB is currently
liaising with the SC to conclude the matter.

UMBB, on behalf of GCB had on 11 March 2001 applied to the SC
for a further extension of time of one month to complete the
Proposed Revised Scheme.


KELANAMAS INDUSTRIES: Dormant Unit Serves Writ of Summons
---------------------------------------------------------
The Board of Directors of Kelanamas Industries Berhad announces
that a writ of summons was served by Kerajaan Malaysia against
XL Industries Sdn Bhd (XLI), a 51% subsidiary of KIB, on 21
March 2003.

An action was commenced by Lembaga Hasil Dalam Negeri of
Kerajaan Malaysia against XLI in the amount and particulars of
claim RM4,191,575.00 together with interest 8% per annum until
the date of full settlement, due to outstanding Income Tax
Assessments for the Years of 1992 and 1993.

Currently, XLI is a dormant company and the Directors of the
Company is in the midst of resolving the above matter.


KUALA LUMPUR: Submits Revised Proposals to SC
---------------------------------------------
Kuala Lumpur Industries Holdings Berhad (Special Administrators
Appointed) refers to its announcement on 24 September 2002,
wherein the Company announced the approval of the Securities
Commission (SC) for:

   (i) Proposed establishment of Equine Capital Berhad (ECB) and
a special purpose vehicle company to facilitate the
implementation of the corporate and debt restructuring exercise
of KLIH;

   (ii) Proposed capital reduction and consolidation of KLIH
involving the cancellation of RM0.99 of the par value of each
ordinary share of RM1.00 in KLIH (KLIH Share) and the subsequent
consolidation of every 100 ordinary shares of RM0.01 each in
KLIH into one (1) KLIH Share (Proposed Capital Reduction and
Consolidation);

   (iii) Proposed share exchange of one (1) new ECB ordinary
share of RM1.00 (ECB Share) for every one (1) KLIH Share held
after the Proposed Capital Reduction and Consolidation (Proposed
Share Swap);

   (iv) Proposed internal reorganization of ECB;

   (v) Proposed acquisition by ECB of 100% of the equity
interest of Taman Equine (M) Sdn Bhd (Equine) comprising
12,002,150 ordinary shares of RM1.00 each for a purchase
consideration of RM172,000,000 to be satisfied by the issuance
of 94,600,000 new ECB Shares and RM77,400,000 nominal value ECB
irredeemable convertible unsecured loan stocks (ECB ICULS)
(Proposed Equine Acquisition);

   (vi) Proposed restructuring of the debts of KLIH (Proposed
Debt Restructuring);

   (vii) Proposed transfer of the listing status of KLIH to ECB;

   (viii) Proposed rights issue of up to 27,338,319 new ECB
Shares to the existing shareholders of KLIH at an issue price of
RM1.00 per ECB Share on the basis of nine (9) new ECB Shares for
every one (1) ECB Share held after the Proposed Share Swap
(Proposed Rights Issue); and

   (ix) Proposed offer for sale of up to 24,962,409 ECB Shares
by the unsecured creditors of KLIH and up to 17,200,000 ECB
Shares by certain Equine vendors to the public and/or Bumiputera
investors on a best effort basis.

The above are collectively referred to as the "Proposals".

On behalf of the Board of Directors of KLIH, Commerce
International Merchant Bankers Berhad wishes to announce that
the Company has submitted a revised proposal to the Securities
Commission (SC) in order to facilitate the implementation of the
Proposals.

DETAILS OF THE REVISED PROPOSALS

REVISED PROPOSED RIGHTS ISSUE

Due to the recent lacklustre performance of the Kuala Lumpur
Stock Exchange and the difficulty in procuring underwriting for
the Proposed Rights Issue, ECB proposes a minimum subscription
amount of RM25.0 million (Minimum Subscription) for the Proposed
Rights Issue. The Minimum Subscription takes into consideration
the minimum funding requirement of ECB, details of which are set
out in Table 1 at http://bankrupt.com/misc/TCRAP_KLIH0326.gif.

A minimum of 25,000,000 ECB Shares are therefore required to be
subscribed pursuant to the revised terms of proposed rights
issue ("Revised Proposed Rights Issue"), to raise gross proceeds
of RM25.0 million. This represents 91.45% of the 27,338,319 new
ECB Shares proposed to be issued under the Proposed Rights
Issue. Funds raised in excess of the Minimum Subscription will
be used for the working capital of ECB and the excess shares
will not be underwritten.

As an integral part of the terms of the Revised Proposed Rights
Issue, Datuk Patrick Lim Soo Kit has given an irrevocable
undertaking to subscribe for up to 25,000,000 of the rights
shares not subscribed for by the shareholders of ECB.

CHANGE IN THE DENOMINATION OF THE ECB REDEEMABLE CONVERTIBLE
SECURED LOAN STOCKS A (ECB RCSLS A) AND ECB ICULS (PROPOSED
CHANGE IN DENOMINATION)

Pursuant to the Proposed Equine Acquisition and Proposed Debt
Restructuring, ECB previously proposed to issue the ECB ICULS
and ECB RCSLS A in denominations of not less than RM1,000 to the
vendors of Equine and the unsecured creditors of KLIH
respectively. The SC has, on 30 April 2002, abolished the
requirement for private debt securities to be issued in
denominations of not less than RM1,000. Accordingly, it is now
proposed that the ECB ICULS and ECB RCSLS A be issued to the
said parties in denominations of not less than RM1.00 to
facilitate the implementation of the Proposals.

Save for the above changes, all other terms in the Proposals
remain unchanged.

The Revised Proposed Rights Issue and the Proposed Change In
Denomination are also subject to the approval of Pengurusan
Danaharta Nasional Berhad.


PARIT PERAK: Proposes Placement to Distributors, Director
---------------------------------------------------------
Reference is made to the announcements dated 22 October 2002 and
18 November 2002 with regard to the Proposals, which includes:

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

Parit Perak Holdings Berhad (Special Administrators Appointed)
had further announced on 12 March 2003 that the Securities
Commission (SC) had, via its letter dated 10 March 2003,
approved the Proposals, with conditions attached.

As part of the Proposals, Liqua (M) Sdn Bhd and Align Matrix Sdn
Bhd (collectively, the Promoters) had proposed to place out such
number of ordinary shares of RM0.50 each in Joycity Holdings Sdn
Bhd (Joycity) (Joycity Shares) as may be necessary in order to
ensure that the 25% public shareholding spread requirement of
the Kuala Lumpur Stock Exchange (KLSE) is met (Proposed
Placement). This is as upon the completion of the Proposals, the
Promoters will collectively hold approximately 75.48% of the
enlarged issued and paid-up share capital of Joycity.

The Special Administrators Appointed now wish to announce that
an application has been made on 21 March 2003 to the SC to seek
its approval for a proposal by the Promoters to place out an
additional 20,000,000 Joycity Shares to eligible distributors,
directors and employees of Liqua at an indicative placement
price of RM0.75 per share (Proposed Placement to Distributors/
Directors/ Employees), as detailed below.

Further, in addition to the Proposed Placement to Distributors/
Directors/ Employees, the Promoters also wish to undertake the
placement of up to 20,000,000 Joycity Shares by way of private
placement to investors to be identified at an indicative
placement price of RM0.75 per share (Proposed Private
Placement). The Proposed Private Placement is to be made to
excluded persons under Schedules 2 and 3 of the Securities
Commission Act, 1993 (SCA).

DETAILS OF THE PROPOSED PLACEMENTS

Details of the Proposed Placement to Distributors/ Directors/
Employees

As stated above, the Promoters are now proposing to undertake
the Proposed Placement to Distributors/ Directors/ Employees.
The salient terms of the Proposed Placement to Distributors/
Directors/ Employees are as follows:

   (i) It will be jointly undertaken by both the Promoters in
equal proportion, i.e. both Liqua (M) and Align Matrix will
place out 10,000,000 Joycity Shares each to the eligible
distributors, directors and employees of Liqua Health Marketing
(M) Sdn Bhd (Liqua);

   (ii) It will be undertaken at an indicative placement price
of RM0.75 per share, which is the same as the offer price under
the Proposed Restricted Offer for Sale;

   (iii) The Proposed Placement to Distributors/ Directors/
Employess will be offered to the eligible distributors,
directors and employees of Liqua via a prospectus that will also
be issued to the existing shareholders of PPHB for the Proposed
Restricted Offer for Sale, a copy of which will be furnished to
the SC for its review.

The total number of Joycity Shares proposed to be allocated to
the eligible distributors, directors and employees under the
Proposed Placement to Distributors/ Directors/ Employees will
represent approximately 7.4% of the total enlarged issued and
paid-up share capital of Joycity upon the implementation of the
Proposals;

   (iv) The Proposed Placement to Distributors/ Directors/
Employees will be allocated to the eligible distributors,
directors and employees of Liqua on an equitable basis based on
the ranking of the eligible distributors and employees (no
ranking for directors) as at a cut-off date to be determined,
which shall be similar to the allocation basis for eligible
employees under the "pink form" allocation for a typical initial
public offering (IPO); and

   (v) The Proposed Placement to Distributors/ Directors/
Employees will be fully underwritten by underwriters. In the
event of an under-subscription of the Proposed Placement to
Distributors/ Directors/ Employees as well as the Proposed
Restricted Offer for Sale, the underwritten shares may be placed
out by the underwriters as necessary.

Details of the Proposed Private Placement

In addition to the Proposed Placement to Distributors/
Directors/ Employees, the Promoters also wish to undertake an
additional private placement of up to 20,000,000 Joycity Shares
to identified investors at an indicative placement price of
RM0.75 per share through a placement agent to be appointed. As
the private placement will be made in respect of Joycity Shares
to be issued to the Promoters pursuant to the Proposals and to
excluded persons under Schedules 2 and 3 of the SCA, the
approval of the SC is not required.

RATIONALE FOR THE PROPOSED PLACEMENT TO DISTRIBUTORS/ DIRECTORS/
EMPLOYEES

The Proposed Placement was proposed to be undertaken in order
for Joycity to meet the minimum 25% public shareholding spread
requirement. In undertaking the Proposed Placement To
Distributors/ Directors/ Employees, Joycity will also be able to
meet this requirement.

Further, the Proposed Placement to Distributors/ Directors/
Employees is intended to enable the eligible distributors,
directors and employees of Liqua to have an opportunity to
participate in the equity of Joycity. Such equity participation
in Joycity by the eligible distributors, directors and employees
of Liqua will instill a greater sense of belonging both to
encourage them to contribute to the future growth of the Joycity
Group as well as to motivate them to increase their productivity
for the long-term benefit of the Joycity Group. This will in
turn increase the level of commitment, dedication and loyalty
amongst the eligible distributors, directors and employees to
the Joycity Group for the Group's long-term benefit.


PERAK CORP.: Proposes Renewal of Existing Shareholders' Mandate
---------------------------------------------------------------
Perak Corporation Berhad proposes to seek the approval of its
shareholders for the Proposed Renewal of Existing Shareholders'
Mandate and Proposed New Shareholders' Mandate for Recurrent
Related Party Transactions of a revenue or trading nature
(Proposal) at the Company's forthcoming Annual General Meting.

A Circular to shareholders, which set out details of the
Proposal, will be dispatched in due course.

On March 14, Troubled Company Reporter - Asia Pacific reported
that the Securities Commission (SC) has approved the Proposals,
which involve:

   - Proposed private placement of 10,000,000 new ordinary
shares of RM1.00 each (share(s)) representing approximately
14.29% of the existing issued and paid-up share capital of PCB
at an issue price to be determined later (Proposed Private
Placement);

   - Proposed transfer of the listing of and quotation for the
entire issued and paid-up share capital of PCB from the Second
Board to the Main Board of the Kuala Lumpur Stock Exchange
(KLSE) upon completion of the Proposed Private Placement
(Proposed Transfer); and

   - Proposed bonus issue of 20,000,000 new shares on the basis
of one (1) new share for every four (4) existing shares held in
PCB after the Proposed Private Placement at a date to be
determined later (Proposed Bonus Issue)


PUNCAK PERMATA: Directors Propose Voluntary Winding Up
------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB) hereby
give notice that the Workout Proposal of Puncak Permata Sdn Bhd
(In Provisional Liquidation), its 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:

   * that the Company cannot by reason of its liabilities
continue its business and that it be wound up voluntarily;

   * 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

   * 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.


SAP HOLDINGS: Air Hitam Summons Expected Loss Amounts RM80,218
--------------------------------------------------------------
SAP Holdings Berhad, in reference to Query Letter by KLSE
reference ID : NM-030320-36364 on Summons against SAP Air Hitam
Properties Sdn Bhd (SAP Air Hitam), a subsidiary of the Company,
proviad herewith the following as requested:

1. The date of Summons was served - 18th March 2003

2. The Plaintiff is claiming for interest at the rate of 8% on
RM67,496.14 from 22nd December 2000 to the date of realization.

3. Expected loss is estimated at RM80,218.70, which comprised of
the principal amount claimed and interest at the rate of 8%
calculated from 22nd December 2000 to the date of the case fixed
for mention, 30th April 2003.

4. No operational impact on the group. However, we expect a cash
outflow of the said sum of RM80,218.70.

5. The LAD Committee, which was set up to address the LAD issue,
has negotiated with the Plaintiffs before they filed the
summons. The parties failed to reach an amicable settlement. SAP
Air Hitam will proceed to negotiate further with the Plaintiffs.

6. As disclosed in the Statement of Claim, by a Sale and
Purchase Agreement (SPA) dated 16th December 1996, the
Plaintiffs purchased a unit of bungalow lot at Lestari Perdana
from Defendant. The terms of the SPA inter alia the Defendant
shall deliver the property within 24 calendar months from the
date of the SPA failing which the Plaintiffs shall be entitled
to liquidated damages to be calculated from day to day at the
rate of ten per cent per annum on the amount paid. The
Plaintiffs alleged that the Defendant has failed to deliver the
property within the time and the property was only delivered to
the Plaintiffs on 21st December 2000. The Plaintiffs are
claiming for late delivery damages of RM67,496.14.

KLSE's Query Letter content:

We refer to your announcement dated 19 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 date the summons was served on SAHPSB.
2) The interest rate on the amount claimed for, if any.
3) Expected loss, if any, arising from the summons.
4) Financial and operational impact on the group, if any,
arising from the summons.
5) The steps that your Company has taken and will take with
regards to the summons.
6) The details of default or circumstances leading to the filing
of the summons.

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


SAP HOLDINGS: Provias PTL Summons Info
---------------------------------------
Sap Holdings Berhad, in reply to the Query Letter by KLSE
reference ID: NM-030320-35669 on the summons against Perangsang
Templer Landscape Sdn Bhd (PTL), a subsidiary of the Company,
appended, as requested:

1. As disclosed in the Statement of Claim, the Plaintiff alleges
that for Year of Assessment 1993 a sum of RM93,559.00 Real
Property Gains Tax payable to the Plaintiff. Since the Defendant
failed to pay the said sum of RM93,559.00 within 30 days of
service of the Assessment Notice, a penalty sum of 10% on the
principal sum was charged and made up to contending that RPGT
does not apply to PTL as the nature of business of the company
at the material time was the sale and purchase of real property.

2. The Summons was served on PTL on 17th March 2003.

3. The Plaintiff is claiming for interest on RM102,914.90 at the
rate of 8% per annum from the date of judgment to the date of
realization.

4. The Company has instructed its Tax Agent to write to Inland
Revenue Board to get clearance from the said Authority.

KLSE's Query Letter content:

We refer to your announcement dated 19 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 details of circumstances leading to the filing of the
summons.
2) The date the summons was served on PTLSB.
3) The interest rate on the amount claimed for, if any.
4) The steps that your Company has taken and will take with
regards to the summons.

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


SAP HOLDINGS: Replies KLSE's Summon Query on Unit TPGR
------------------------------------------------------
In reply to Query Letter by KLSE reference ID: NM-030320-36616
on the Writ of Summons against Templer Park Golf & Resort Berhad
(TPGR), a subsidiary of SAP Holdings Berhad, filed by Mohamad
Naguib Mahfodz, SAP Holdings appended, as requested:

1. Expected loss from reversal of profit recognized in the
previous years, post rescissionary damages and liquidated
damages for late delivery - RM181,863.55.

2. No operational impact on the Group. Financially we expected
cash outflow of RM280,000.00.

3. 8% on the Judgment sum from the date of judgment to the date
of realization.

4. The purported cause of action as disclosed in the Plaintiff's
affidavit is founded on the alleged failure of TPGR to deliver
vacant possession of Lot No. B33 Peatland Paradise at the time
stipulated in the Sale and Purchase Agreement dated 22nd October
1996. The Plaintiff is seeking for a declaration that the Sale
and Purchase Agreement is rescinded, claiming for the refund of
RM223,007.15 paid to the Defendant, damages, interest, cost and
other relief.

Below is KLSE's Query Letter content:

We refer to your announcement dated 19 March 2003 in respect of
the aforesaid matter. In connection, kindly furnish the Exchange
immediately with the following additional information for public
release:

1) Expected loss, if any, arising from the writ of summons.
2) Financial and operational impact on the group, if any,
arising from the writ
of summons.
3) The interest rate on the amount claimed for.
4) The details of default or circumstances leading to the filing
of the writ of summons.

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


SRIWANI HOLDINGS: SC Grants Proposed ESOS/Scheme Approval
---------------------------------------------------------
Sriwani Holdings Berhad refers to the announcement dated 24
December 2002 pertaining to the Proposed Employees' Share Option
Scheme for Eligible Employees and Executive Directors of SHB and
its Subsidiaries and on behalf of SHB, Commerce International
Merchant Bankers Berhad hereby announces that the Securities
Commission (SC) on 21 March 2003 approved:

   (i) the establishment of an employees' share option scheme
(ESOS or Scheme) for the offer of ordinary shares of RM1.00 each
in SHB (SHB Shares) to the eligible employees and Executive
Directors of SHB and its subsidiaries, of up to 10% of the
issued and paid-up share capital of SHB at any time; and

   (ii) the exemption of the Proposed ESOS from the condition
imposed earlier by the SC that SHB is not allowed to implement
any corporate exercises which will change the percentage
shareholding of Multi Esprit Sdn Bhd (MESB) in SHB before the
conversion of the irredeemable convertible preference shares
(ICPS)-A, ICPS-B1 and ICPS-B2 and the acquisition of ordinary
shares of RM1.00 each in SHB (SHB Shares) pursuant to the
Proposed Converted SHB Share Call Option Arrangement, Proposed
SHB Share Call and Put Option Arrangement and Proposed Converted
SHB Share First Right Arrangement (definitions of these
proposals are as set out in the earlier announcement on 28 June
2002 and the circular to shareholders dated 14 March 2003) by
MESB which would result in an obligation on MESB to extend a
mandatory offer. All conditions imposed in the letter dated 18
November 2002 from the SC remain valid.

The approval of the SC for the Proposed ESOS is however subject
to the following conditions:

   (i) The submission of the following documents to the SC:

     (a) a final copy of the bye-laws under which the ESOS is
constituted (Bye-Laws) from SHB to the SC for its record;

     (b) a confirmation letter from the adviser that the
Company:

       ú has fulfilled the SC's condition of approval for the
Scheme and that the Bye-Laws do not contravene the guidelines on
ESOS as stipulated under the Policies and Guidelines on
Issue/Offer of Securities of the SC (SC Guidelines); and

       ú the Proposed ESOS has been approved by all relevant
parties for the Scheme and has complied with all conditions
imposed.

The date on which the confirmation letter is submitted to the SC
will be the effective date for the implementation of the
Proposed ESOS.

   (ii) SHB is required to comply fully with other relevant
requirements for the implementation of the Proposed ESOS as set
out in the SC Guidelines.

   (iii) SHB must comply fully with other relevant requirements
under the SC Guidelines and in particular, Chapter 16 and 25 of
the SC Guidelines.


TAI WAH: Appoints Ng Chong as Audit Committee Chairman
------------------------------------------------------
Tai Wah Garments Manufacturing Berhad posted this Change in
Audit Committee notice:

Date of change : 21/03/2003
Type of change : Appointment
Designation    : Chairman of Audit Committee
Directorate    : Independent & Non Executive
Name           : Ng Kian Chong
Age            : 51
Nationality    : Malaysian
Qualifications :
1. Malaysian Institute of Accountants - Chartered Accountant
[CA(M)]
2. Malaysian Institute of Taxation - Fellow member [FTII]
3. Chartered Institute of Management Accountants, UK - Associate
Member [ACMA]

Working experience and occupation  :

Carpet International (M) Bhd (1978 - 1979)
(Occupation : Cost Accountant)
Syarikat Brahim Chok Ching Sdn Bhd (1980 - 1984)
(Occupation : Senior Accountant)
Por Ooi & Co (1984 to present)
(Occupation : Manager/Partner)

Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

Composition of Audit Committee (Name and Directorate of members
after change) :
1. Ng Kian Chong (Independent Non Executive Director)
2. N. Sivagurunathan a/l V. Narayanasamy (Independent Non
Executive Director)
3. Zainal Abidin Bin Kasim (Managing Director)

Last week, the Troubled Company Reporter - Asia Pacific reported
that the decision by Ramatex Berhad to terminate the Sale of
Shares Agreement (SPA) and foreclose the entire equity shares of
Tai Wah Garments Industry Sdn Bhd (TWGI) pursuant to their
rights under the Share Charge Agreement dated 8 October 2001
would obviously affect the cash settlement to the scheme
creditors under the Proposed Debt Settlement.


TONGKAH HOLDINGS: Proposes Litigation Settlement
------------------------------------------------
Further to the announcement dated 15 January 2002 in respect to
the Kuala Lumpur High Court Suit filed against Tongkah
Electronics Sdn Bhd And Tongkah Holdings Berhad by RHB Bank
Berhad, Tongkah Holdings Berhad announced that the Deputy
Registrar of the Kuala Lumpur High Court had on 20 March 2003,
allowed RHB Bank Berhad's (Bank) application for summary
judgment against the Company.

The claim by the Bank against the Company is for the amount of
RM14,280,000 in pursuance of a corporate guarantee proviad to
the Bank in consideration of banking facilities proviad to
Tongkah Electronics Sdn Bhd, a former subsidiary.

The Company proposes to settle the claim under its Proposed
Restructuring Scheme as announced on 30 September 2002.

COMPANY PROFILE

The Group has been involved in manufacturing, financial services
and healthcare support services.

On 6 September 2001, the Company announced that it was an
affected issuer under Practice Note 4 of KLSE Listing
Requirements.

Losses incurred and continued difficult business conditions
necessitate the rationalization of the Group's activities. In
line with this, the Company disposed of Tongkah Electronics Sdn
Bhd and Tongkah Mouldings Technologies Sdn Bhd to contain
losses. The Group is also disposing of its entire equity
interest in Kestrel Securities Sdn Bhd in line with the
consolidation of the stock broking industry. Bonds A holders and
shareholders have approved the disposal of Kestrel Securities to
Allied Avenue Assets Securities Sdn Bhd on 19.12.2001. Efforts
are being put in place to regularize the financial condition of
the Company.

CONTACT INFORMATION: 10th Floor, Tower Block
            Kompleks Antarabangsa
            Jalan Sultan Ismail
            50250 Kuala Lumpur
            Tel : 03-2454337
            Fax : 03-2415757


TRANSWATER CORPORATION: Announces EGM
-------------------------------------
Transwater Corporation Bhd notified that its Extraordinary
General Meeting (EGM) will be held at the Conference Room,
Ground Floor, 83 Jalan SS25/2 Taman Bukit Emas, 47301 Petaling
Jaya, Selangor on Wednesday, 9 April 2003 at 9.30 a.m..

The full text of the Notice of EGM can be found at
http://bankrupt.com/misc/TCRAP_TCorp0326.doc,for your
attention.

COMPANY PROFILE

Based in Selangor, Transwater Group of Companies are specialist
engineers and contractors for water and waste water works, for
the supply and installation of pumping equipment, industrial
machinery, process equipment and systems, cooling towers and oil
and gas equipment and systems.

Following its classification in February 2001 as an `affected
listed issuer' under Practice Note 4/2001, Transwater is still
currently in the process of formulating and evaluating plans to
regularize its financial condition. On 4 September 2001, KLSE
granted Transwater a two-month extension to 22 October 2001 for
it to release the requisite announcement detailing its proposal
to restore its financial viability.

CONTACT INFORMATION: No.83, Jalan SS25/2
          Taman Bukit Emas
          47301 Petaling Jaya
          Selangor
          Tel : 03-703 3131
          Fax : 03-703 9989


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


MANILA ELECTRIC: Government OKs PHP0.054/KWh Rate Hike
------------------------------------------------------
The Energy Regulatory Commission (ERC) has approved Manila
Electric Co.'s unbundled distribution rate, resulting in a
smaller than expected rate increase from the power distributor,
Dow Jones reports.

"The overall average tariff rate increase we approved for
Meralco was 0.054 peso ($1=PHP54.469) a kilowatt-hour," ERC
Chairwoman Leticia Ibay said. The increase was way below the
PHP1.12/kWh Meralco envisaged under the unbundled rate it
submitted to the ERC late in 2001.

The rate unbundling is required under the Electric Power
Industry Reform Act of 2001. Under the law, electric utilities
must present to the ERC a revised rate to reflect the real cost
of providing or distributing power. The unbundled rates will
also detail the items that go into Meralco's charges.


MANILA ELECTRIC: Reverts to ERC For Clarification on Increase
-------------------------------------------------------------
Manila Electric Co (Meralco) said an Energy Regulatory
Commission (ERC) decision on its rate unbundling might be
subject to correction due to certain "inconsistencies." The ERC
had announced it would allow MER to raise rates by an average
P0.22 per kilowatthour, much lower than the P1.12 per kwh
increase sought by the Company, BPI Securities reports.

MER noted, "Several material inconsistencies in the decision
which may be the subject of corrections that the ERC said would
be forthcoming this week." Pending those corrections, the
Company is in consultation with its lawyers and creditors
regarding the rate increase approval.


NATIONAL POWER: Sells Zero-Coupon Bonds to Goldman
--------------------------------------------------
The National Power Corporation (Napocor) has sold $400 million
worth of zero-coupon bonds to investment bank Goldman Sachs,
Reuters reported Monday. Napocor would use the proceeds of the
bond issuance, which carry a term of seven and a half years, for
its operating expenses.

Zero coupon bonds allow investors to deduct the interest rate
upfront instead of the usual practice of paying the coupon upon
maturity. Thus, out of the $400 million that Napocor sold, it
would only get between $195 million and $197 million, the report
said.


NEGROS NAVIGATION: Posts FY02 P102M Profit
------------------------------------------
Negros Navigation Co Inc. (Nenaco) booked a net profit of 102
million pesos in 2002, versus a net loss of 1.36 billion pesos a
year earlier, the Manila Times reported, citing the Company's
Chief Executive Officer Seumas Gallacher.

He attributed the gains to the disposal of Nenaco's non-core and
non-performing assets. Nenaco's parent Metro Pacific Corp
earlier expected its shipping business unit to report a net
profit of 100 million pesos for 2002, with cost reduction,
elimination of petty graft and corruption at the Manila North
Harbour, implementation of efficient controls and reporting
system helping boost earnings.

The shipping firm posted a net profit of 67.34 million pesos in
the nine-month period of 2002 compared with a year-earlier net
loss of 538.11 million, the Troubled Company Reporter-Asia
Pacific reported.

According to Wright Investor's Service, at the end of 2001,
Negros Navigation Company Limited had negative working capital,
as current liabilities were 1.69 billion Philippine Pesos while
total current assets were only 445.74 million Philippine Pesos.


PHILIPPINE LONG: Cuts 2002 Debt by US$204M
------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) and unit Smart
Communications Inc. reduced their debts by a total of U$204
million in 2002, AFX Asia said Monday. Last year, US$127 million
reduced PLDT's fixed line debts, with free cash flow used to pay
down debt. Reductions on capital expenditure and investment
created free cash flow of 9.2 billion pesos from a negative
position in 2001.

PLDT's cash operating expenses dropped to 15.7 billion pesos in
2002 from 16.3 billion a year earlier, while capex fell to 6.9
billion or about 15 percent of revenues from almost 10 billion
in 2001.


PHILIPPINE LONG: Sees 2003 Net Profit Up 20-25%
-----------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) expects the full-
year 2003 net profit to increase 20-25 percent year-on-year, AFX
Asia reports, citing PLDT President Manuel Pangilinan. PLDT
earlier reported a net profit after provisions of 3.118 billion
pesos for 2002, compared with 2.828 billion in the previous
year. Excluding provisions, the Company's profit was 7.228
billion pesos against 5.872 billion in 2001.

PLDT plans to reduce group-wide debt this year to below US$3
billion from US$3.185 billion at the end of 2002, officials
said.


VICTORIAS MILLING: Asking 60-Day Extension to Secure Capital
------------------------------------------------------------
Victorias Milling Corporation will asks the Securities and
Exchange Commission (SEC) for a 60-day extension of its April 15
deadline to secure fresh capital of about 300 million pesos, AFX
Asia reported Monday. Victorias would also ask the SEC to
approve its plan to solicit bids for the capital injection.

JG Summit Holdings Inc (JSH) recently offered to acquire all the
creditor-banks' shares and the liabilities of the Company for
2.0 billion pesos. JSH It also offered to put the 300-million
pesos in additional funding.


VICTORIAS MILLING: Clarifies Takeover Report
--------------------------------------------
This is in reference to the news article entitled "JG Summit
eyes takeover of sugar producer Victorias with P2-B offer"
published in the March 21, 2003 issue of the BusinessWorld.

Victorias Milling Company, Inc. clarified that: "...We are not
yet privy to the formal offer of J.G. Summit through Argosy. The
offer has yet to be discussed by the VMC Board during their
scheduled meeting on March 21, 2003. ..."


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


ASIA PULP: IBRA to Resume Talks on Workout Deal
-----------------------------------------------
Indonesia's Bank Restructuring Agency (IBRA), Asia Pulp & Paper
(APP)'s single biggest creditor, would resume talks over a
multi-billion dollar workout for APP Indonesia debts ahead of a
looming deadline to finalize the deal, according to Reuters.

IBRA said it would freeze talks over the deal until creditors
clarified a letter sent to Indonesian President Megawati
Sukarnoputri. The letter, signed by eleven countries with
creditors involved in the deal, urged Megawati to intervene.

"It's been resolved...(we) have clarified (the issue) with the
ambassadors. They said this is a commercial issue and asked the
team to resume work," IBRA deputy Chairman Mohammad Syahrial
told reporters, adding he was optimistic a March 31 deadline for
the debt restructuring deal could be met.

APP creditors planned to meet on March 27 to discuss the
restructuring deal, which covers debts at APP's Indonesian units
of around $6.6 billion -- around half APP's total debt.


ASIA FOOD: Slashes Full-Year Net Loss to S$1.6M
-----------------------------------------------
Debt-ridden Asia Food and Properties narrowed its full-year net
loss to just S$1.6 million from its previous massive loss of
S$317 million, Channel News Asia reports.

The improved performance was partly due to better showing by
subsidiary Golden Agri-Resources, which reported a full-year net
profit of US$23 million or S$41 million, compared to a loss of
US$54 million previously.

The Company expects to be operationally profitable this year.


FLEXTECH HOLDINGS: Posts Changes in Shareholder's Interest
----------------------------------------------------------
Flextech Holdings Limited posted a notice of changes in
substantial shareholder Michael Loh's interests:

Date of notice to Company: 20 Mar 2003
Date of change of interest: 18 Mar 2003
Name of registered holder: DB Nominees (S) Pte Ltd
Circumstance(s) giving rise to the interest: Others
Please specify details: Placement of New Shares

Information relating to shares held in the name of the
registered holder:
No. of shares which are the subject of the transaction:
37,500,000
% of issued share capital: 21.88
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.16
No. of shares held before the transaction: 0
% of issued share capital: 0
No. of shares held after the transaction: 37,500,000
% of issued share capital: 21.88

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed Direct
No. of shares held before the transaction: 0          0
% of issued share capital:                 0          0
-
No. of shares held after the transaction:  37,500,000 0
% of issued share capital:                 21.88      0
Total shares:                              37,500,000 0


NEPTUNE ORIENT: Posts Notice of Shareholder's Interest
------------------------------------------------------
Neptune Orient Lines Limited posted a notice of changes in
substantial shareholder Temasek Holdings (Private) Ltd's
interests:

Date of notice to Company: 20 Mar 2003
Date of change of deemed interest: 14 Mar 2003
Name of registered holder: CDP : DBS VICKERS SEC
Circumstance(s) giving rise to the interest: Others
Please specify details: Securities Lending/Borrowing Transaction

Information relating to shares held in the name of the
registered holder:
No. of shares which are the subject of the transaction: 20,000
% of issued share capital: 0
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: -
No. of shares held before the transaction: 1
% of issued share capital:
No. of shares held after the transaction: 2
% of issued share capital:

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed    Direct
No. of shares held before the transaction: 4,023,304 383,465,362
% of issued share capital:                 0.34      32.6
No. of shares held after the transaction:  4,043,304 383,465,362
% of issued share capital:                 0.34      32.6
-
Total shares:

Note: Under "Shares held in the name of registered holder",
Temasek will revert with the figures for 1 & 2 when they are
available.

Based on NOL's paid up capital of 1,176,133,887 as at
07/03/2002.


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


CENTRAL PAPER: Not to Pay 2002 Diviand; Apr 28 OGM Scheduled
-------------------------------------------------------------
The Board of Directors of Central Paper Industry Plc.(CPICO) at
a meeting (#2/2003) held on March 21st, 2003 passed the
following resolutions :

1. To certify the Minutes of the Board of Directors meeting
No.2/2003
2. To consider and approve the audited financial statements
for the year ending December 31,2002.
3. To consider that no diviand shall be paid in 2002 due to
its loss in operation of the company.
4. To consider the appointment  of auditor and remuneration.
5. To set the Ordinary General Meeting of Shareholders be
held on April 28th,2003 at Narai Hotel 222 silom Road,
Bangrak, Bangkok with the following agendas:

      (1) To certify the Ordinary General Meeting of 2002 on
          April 25th,2002.
      (2) To consider and acknowledge the result of operating
          business of the company during the year of 2002.
      (3) To consider and approve the audited financial
          statements for the year ended December 31st,2002.
      (4) To consider that no diviand shall be paid.
      (5) To consider the appointment of new directors to
          replace those who retire by rotation.
      (6) To consider the appointment of the auditor and the
          remuneration.
      (7) To consider and acknowledge the report on the
          progress of Debt Restructuring with TAMC.
      (8) To consider any other business (if any).

6. To set the date for closing the company share register for
the right to attend the meeting will be on April 8th, 2003
at 12:00 A.M. until the completion of the meeting.


EASTERN WIRE: Fails to Meet Principal Repayment to Creditors
------------------------------------------------------------
With reference to the Business Reorganization Plan of Eastern
Wire Public Company Limited, which was approved by the Central
Bankruptcy Court and appointed Mr. Phiraphan Phalusuk to be a
Plan Administrator on June 21, 2001.

The plan administrator would like to inform the progress of
business reorganization plan for the seventh period as follows:

1. Release of mortgage machine

Mortgage machine has not been release since Siam City Bank
Public Company Limited did not complete mortgage release
documents.

2. Principle repayment to the creditors

Cimic Finance and Securites Company Limited, the remaining
creditors, has not yet taken a payment because of liquidation.


ITALIAN-THAI DEVELOPMENT: Terminates 2002 Diviand Payment
----------------------------------------------------------
Italian-Thai Development Public Company Limited (ITD) informed
the resolutions made by Board of Directors' meeting No. 1/3/2003
held on March 21, 2003 as follows:

1. To consider to omit a diviand for 2002' s operating and to
close the share registration book for the right to attend the
annual general shareholders' meeting No.1/2003 from 12:00 a.m.
of April 8, 2003 until the shareholders' meeting ends.

2. To consider the resignation of a Directors, to appoint a new
director to replace a vacancy and to appoint two additional
directors.

The Board of Directors had considered and resolved to approve
the resignation of Mr. Adisorn Charanachitta, a director, to
appoint Mr. Yuthachai Charanachitta to replace him and to
appoint Mr. Boonmee Pisanuwongse and Mr. Pathai Chakornbundit
to be two additional directors.

3. To hold the annual general shareholders' meeting no.1/2003
at 9:30 a.m. on April 25, 2003 in the conference room of the
head office, 37th floor, Italthai Tower 2034/132-161 New
Petchburi Road, Bangkok.  The agenda of this meeting are as
follows:

1. To ascertain minutes of the Annual General Shareholders'
Meeting No.1/2001
2. To acknowledge the operation in 2002
3. To approve the company's balance sheets and profit/loss
statements for the fiscal year 2002
4. To approve the diviand omission for the fiscal year 2002
5. To appoint directors assume positions of those rotation
basis, to appoint two additional directors, to determine
the authority of directors and to consider the directors'
remuneration and audit committees' remuneration
6. To appoint the auditors and fix the auditing fee
7. To consider and approve the amendment of Article 8 of  the
Articles of Association of the Company
8. To consider and approve the amendment of clause 3 of the
Company's memorandum of Association by increasing clause
52,53 and 54 of the objects.
9. Other (if any)

4. To consider the amendment of Article 8 of the Articles of
Association of the Company

The Board of Directors had considered and resolved to approve
the amendment of Article 8 of the Articles of Association of
the Company by replacing the registered Article with the new
one stated as follows:

"Article  8   The Company may not hold its own shares or take
them in pledge, except a buy back of shares in the following
cases:

   (1) from any shareholder who objects to a shareholders'
resolution approving any amendments to the Articles of
Association concerning the voting rights and diviand
entitlements under which he/she considers that he/she is
unfairly treated; or

   (2) for the purposes of its financial management in case
where the Company has retained earnings and surplus liquidity,
but such share buy back must not cause any financial
difficulties to the Company.

The bought back shares will not be part of a quorum of a meeting
of shareholders, nor will the Company be eligible to cast votes
or to receive diviands.

The Company must sell or dispose of all of the bought back
shares within the period specified in the share buy back scheme.
After the specified period, the Company must proceed to cancel
the shares it holds through a reduction of paid-up capital.

The share buy back, the sale or disposal of the bought back
shares and the reduction of paid- up capital process in respect
of the bought back shares including the number of shares, the
purchase and disposal price or any other relevant procedures
must be made in accordance with the criteria and procedures
prescribed in the relevant ministerial regulations. If the
Company's shares are listed on the Stock Exchange of Thailand,
the Company will comply with the regulations, notifications,
orders and rules of the Stock Exchange of Thailand.

If the number of shares to be bought back is ten (10) per cent
of the total paid-up capital or less, the share buy back scheme
can be approved by the board of directors. If the number of
shares to be bought back is more than 10 per cent of the total
paid-up capital, the Company must obtain a resolution passed by
50 percent or more of the votes cast by the shareholders
attending and eligible to vote at the meeting. The Company must
proceed with the share buy back within one year after obtaining
the shareholders approval."

5. To consider the amendment of clause 3 of the Company's
memorandum of Association by increasing clause 52,53 and 54 of
the objects.

The Board of Directors had considered and resolved to approve
the amendment of clause 3 of the Company's memorandum of
Association by increasing clause 52,53 and 54 of the objects  as
follows:

(52) To carry out the business of establishment of a private
surveyors bureau pursuant to the Private Surveyors Act as well
as to provia contractor service of surveying, mapping of every
kind.

(53) To carry out the business of establishment of a private
surveyors bureau for the propose of proceeding pursuant to the
law relating to the private surveyors and other related laws.

(54) To carry out various kinds of the legal services, to
provia legal advice, to act as bailor, to bail out the alleged
offenders or defendants or to proceed with any legal
compliances.


MDX PUBLIC: Planner Clarifies Auditors' Disclaimer of Opinion
-------------------------------------------------------------
According to the Stock Exchange of Thailand, all listed
companies where the auditor's opinion on their financial
statements are Disclaimer or Adverse Opinion have to clarify the
reasons for doing those kind of statements. Wittayu Planner Co.,
Ltd., the Planner of MDX Public Co., Ltd. would like to clarify
the reasons as follows:

The auditors issued a Disclaimer of Opinion due to 4 factors:

1. The company's liabilities are higher than its assets.
Moreover, it is facing liquidity problem.  In the meantime, the
company is in rehabilitation process under the Central
Bankruptcy Court so the going concern of the company is relied
upon the success of the rehabilitation plan. The  financial
statements were, then, prepared on the basis of the continued
operation.

   The rehabilitation plan has been approved by creditors and
already submitted to the Court. The Court's order will be issued
on March 19, 2003.

2. Total liabilities in the company's record is less than the
amount claimed by creditors for amount of Bt 293.27 millions and
US$27.67 millions.

   The difference comes from import tax assessment, specific tax
assessment and liability from swap transaction to which the
company has already filed objections. They are under
investigation by the receivers.

3. Financial statements of four subsidiaries incorporated in the
consolidated balance sheet incurred loss from operation and
substantial accumulated loss. Total assets of those subsidiaries
in the consolidated balance sheet equal 4.44 percent and net
loss equals 17.86 percent of total consolidated net loss.

4. Bt89.37 millions investment in one associated company
accounting for 1.88 percent and 1.51 percent of total assets in
consolidated and the company financial statements respectively
was not recorded by equity method in the company's financial
statement.

   The reason for this is that the associated company is not
listed in the stock exchange of Thailand so it is not obliged to
submit financial statement within 60 days as listed companies.
Furthermore, it is only associated company, which the company
does not participate in management activities.

   All of the above reasons caused the auditor to issue a
disclaimer of opinion on the company's financial statements.
However, the company has already disclosed  all sufficient
information in the financial statements.


THAI DURABLE: Appoints Phillip Securities as Financial Adviser
--------------------------------------------------------------
Thai Durable Textile Company Limited has now appointed Phillip
Securities (Thailand) Public Company Limited as financial
advisor in regards to monitoring of the plan effective from
March 21, 2003.

As previously advised, Thai Durable Textile Company Limited had
appointed Seamico Securities Public Company Limited (Seamico) as
financial advisor in regards to the rehabilitation plan to
resolve the possible delisting from the Stock Exchange of
Thailand. The plan had been approved by the Extraordinary
Shareholders' Meeting on February 5, 2003.  The Company had
applied for the Relisting of shares under the REHABCO sector on
February 6, 2003.

On March 14, 2003, the Company had been notified by Seamico in
termination of the mandate as Financial Adviser in regards to
monitoring of the plan.  The Company is now at the stage of
seeking a new Financial Advisor that is qualified in accordance
with the rules and regulations of the Stock Exchange of Thailand
to monitor the plan. The Company expects to appoint the
financial advisor in the short period of time.


THAI DURABLE: Seeks Shares Re-listing Under REHABCO Category
------------------------------------------------------------
As the Extraordinary General Shareholders' Meeting No. 1/2003 of
Thai Durable Textile Public Company Limited approved on 5th
February 2003 the Rehabilitation Plan, the Company would like to
notify the SET that it has complied with the SET regulation
concerning the re-listing of its shares.  It therefore requests
that the Company's shares resume trading on the SET under the
REHABCO sector.

Details are summarized as follows:

1. Debt restructuring of more than 50 per cent of total debt.

The Company reached an agreement with BBL to restructure its
debt, which accounted for approximately 85 percent of total
debt, and signed the DRA and its amendment agreement on 27th
December 2000 and 24th May 2001, respectively.

Under the DRA, the Company completed debt conversion with BBL,
with the bank becoming a 10 percent shareholder of TDT on 1st
August 2002, and, in addition, the Company made repayment of
principal of Bt268 to BBL.  The Company will make four
repayments of outstanding principal to BBL in semi-annual
installments of not less than Bt48.7 million per installment
between June 2004 and December 2005, with the final repayment to
be made in the amount of Bt24 million in June 2006.

On 26th June 2002, the Company also entered into a compromise
agreement with BBC in which it would repay debt of Bt10 million
in July 2002 to settle the entire amount of its debt.

Details of the restructured debt:
                                             (Baht millions)
                                 Principal and Accrued Interest
                              under the restructuring agreement
BBL                                                814.38
BBC                                                113.86
Total                                              928.24

Percentage of total liabilities
of Bt1,071.93 million as at 31st December 2000     86.59%

As at 30th September 2002, the Company had total liabilities of
Bt405.61 million.

2. Rehabilitation Plan approved by the shareholders' meeting.

As mentioned above, On 5th February 2003, Extraordinary General
Shareholders' Meeting No. 1/2003 approved the Rehabilitation
Plan with unanimous voting rights of shareholders who attended
and had the right to vote. The Company submitted the
Notification of Shareholders resolution and the Summary of the
Rehabilitation Plan to the SET on 5th February 2003.

Therefore, the Company wishes to apply for the relisting of the
Company's shares so that the shares may be traded on the Stock
Exchange of Thailand under the REHABCO sector.


UNION MOSAIC: Omitting 2003 Diviand Payment
--------------------------------------------
The Board of directors of The Union Mosaic Industry Public
Company Limited had a meeting held on March 20,2003 passed the
following resolution:

1. That the Company will omit diviand payment for the operation
from January 1,2002 to December 31,2002 because the operational
result is loss.

2. That the 1/2003 general meeting of shareholders should be
held on Wednesday 23 April 2003 at 10:00 am. At the conference
room of the company 65 Chamnan Phenjati Business Center 29
floor.  The agenda for the meeting will:

1. Certify the minutes of ordinary meeting of shareholders
1/2002.
2. Approve the company's balance sheets and profit and loss
statements as of December 31,2002.
3. Consider the allocation of net profit and loss statements
   as of December 31, 2002.
4. Appoint new directors to succeed those completing their
      terms.
5. Appoint an auditor and fix the auditing fee for the year
   2003.
6. Any other issues.

3. The date of closing the share register to suspend share
transfers to determine the shareholders entitle to attend a
shareholders meeting will be at 12:00 pm. on April 3, 2003.


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
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USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2003.  All rights reserved.  ISSN: 1520-9482.

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