/raid1/www/Hosts/bankrupt/TCRAP_Public/030327.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Thursday, March 27 2003, Vol. 6, No. 6

                         Headlines

A U S T R A L I A

AMP LIMITED: Appoints Two Non-Executive Directors
COMMSOFT GROUP: Completes Intellectual Property Sale
COMMSOFT GROUP: Appoints Voluntary Administrators  
DAI-ICHI KANGYO: S&P Withdraws Credit Ratings
ENVIROSTAR ENERGY: Executes DOCA With Great Pacific

ERG LIMITED: Finalizes Proton World Sale Agreement With ST
FLOWCOM LIMITED: ASX Grants Put Option Shares Waiver
GOODMAN FIELDER: BPC Ups Stake to 81.95%
GOODMAN FIELDER: Discloses Employee Share Options Changes
PASMINCO LIMITED: Issues Elura Mine Update

SUPERSORB ENVIRONMENTAL: Allocates Shares to Reduce Loans
TOWER LIMITED: Posts Notice of Event Affecting Securities


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: No Apparent Reason for Share Price Increase
NEW WORLD: Debt Repayment Prompts S&P to Withdraw Rating
PCCW LIMITED: 2002 Net Loss Won't Affect Ratings, Says S&P
SKYNET INT'L: Winding Up Hearing Further Adjourned to June 9
TEEMFA TEXTILE: Petition to Wind Up Pending


I N D O N E S I A

MEDCO ENERGI: S&P Affirms 'B+' Rating; Outlook Stable

* IBRA Announces PPAP 2 Winners


J A P A N

AOZORA BANK: Sumitomo Mitsui Offers Y101B For Stake
HUIS TEN: Puts Off Bankruptcy to Await Recovery Rules
KINKI NIPPON: Facing Huge Extraordinary Loss
KUMAGAI GUMI: May Get Y300B Bailout Package
KUMAGAI GUMI: Shares Up on Bailout Report

MATSUSHITA ELECTRIC: Shutting Down Argentina Unit
NIPPON MEAT: Limiting Directors on Restructuring
PRIMA MEAT: To Employ Industrial Rehab Law Protection
SEIBU DEPARTMENT: Shareholders OK Rehab Plan
TOKYU DEPARTMENT: Posts Y11.3B Profit

TOKYU CONSTRUCTION: Spins Off Real Estate Division
YOROZU CORPORATION: JCR Assigns BBB- Rating


K O R E A

DAEWOO BUS: Likely to Sign MOU on Thursday
DAEWOO MOTOR: GM Set to Buy China Engine JV
DAEWOO SHIPBUILDING: Creditors To Sell 15% Stake Via GDRs
SK GLOBAL: Likely Faces Lawsuit Filed by South Korean Firms


M A L A Y S I A

GENERAL LUMBER: Seeks Court Convened Meeting Time Extension
GEORGE KENT: Narrows Net Loss to RM1.510M
GLOBAL CARRIERS: Incurs Q402 Net Loss of RM55.743M
KIARA EMAS: SC Approves Proceeds Utilization Applications
MALAYSIAN AIRLINE: Proposed Sale Time Implementation Extended

PAN MALAYSIA: Proposes Purchase of Own Shares
PANGLOBAL BERHAD: Posts February Mining Production  
PERNAS INTERNATIONAL: Still on Rating Watch
PLANTATION & DEVT: SC Conditionally Considers Proposed Exemption
SIN HENG: Hires Messrs Monteiro & Heng as Independent Auditors

TAP RESOURCES: KLSE OKs ICULS Listing, Quotation
TRANS CAPITAL: Court Further Grants Restraining Order Extension

P H I L I P P I N E S

NASIPIT LUMBER: PSE Delists Firm
PHILIPPINE LONG: May File Suit Against AT&T/Worldcom
PHILIPPINE LONG: Salim Group Supports Board Nominees
PHILIPPINE LONG: Smart Triples Dividend Payout to P4.3B
PHILIPPINE LONG: Writes Off Piltel Investments

VICTORIAS MILLING: Five Groups Pre-qualify For Investment  


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Unveils 1Q03 Earnings Release Date
FLEXTECH HOLDINGS: Halts Registration of Stock Holders
NEPTUNE ORIENT: Posts Notice of Shareholder's Interest
NEPTUNE ORIENT: Warns Customers of Freight Rate Increase


T H A I L A N D

DATAMAT PUBLIC: Won't Issue 2002 Dividend Payment
PICNIC GAS: Planner Proposes New Directors' Appointment
PREECHA GROUP: Omits Dividend Payment, Sets OGM on April 25
SIAM AGRO: Cancels Dividend Payment, Appoints New Director
T.C.J. Bankruptcy Court Appoints Rehabilitation Planner

THAI DURABLE: Major Shareholders Obliged to Deposit Shares
TPI POLENE: Newly Issued Shares Offering Period Extended

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AMP LIMITED: Appoints Two Non-Executive Directors
-------------------------------------------------
AMP Limited announced Tuesday the appointment of two new non-
executive Directors to the AMP Board.

The Directors, who both have extensive Board and senior
management experience, are Pat Handley, formerly Chief Financial
Officer of Westpac; and Meredith Hellicar, who has broad
business and Board experience. Resumes are attached.

Meredith Hellicar's appointment is effective immediately, while
Pat Handley will be joining the Board 2 April 2003.

AMP Chairman Peter Willcox said he was pleased the company had
attracted two Directors with the diverse backgrounds,
experiences and skills necessary to participate effectively with
the new Board.

"Both Directors have carried out intensive due diligence on AMP
prior to their decision and have been given full access to all
financial information," Mr Willcox said.

"This has the important benefit of enabling them to make an
immediate contribution."

Mr Willcox said that after reviewing a number of excellent
candidates, the Board had focused on Mr Handley and Ms Hellicar
because of their broad managerial skills and experience in
dealing with challenging situations. This was as much a
determining factor as their experience of financial services.

"Pat Handley has hands-on experience of decision-making as Chief
Financial Officer of a leading Australian bank when it faced a
number of issues," Mr Willcox said.

"Meredith Hellicar has exceptional experience as both an
executive and Director, and demonstrated leadership and the
ability to deal with difficult decisions."

To avoid the potential for conflicts of Interest, Mr Handley has
resigned on Tuesday from his position on the Suncorp Metway
Board.

Mr Willcox said the Board had moved quickly to appoint new
Directors to ensure that shareholders would have the opportunity
to vote on their appointment at the forthcoming Annual General
Meeting an 15 May 2003.

This means shareholders will vote on the appointment of seven
Directors at the Annual General Meeting. There are eight
candidates and the order in which they will appear on the proxy
form is;

   Lord Killearn
   Peter Willcox
   Roger Yates
   Ri chard Grellman
   Andrew Mohl
   Stephen Mayne
   Pat Handley
   Meredith Hellicar

The order of candidates was determined by a ballot, which was
conducted by independent legal advisers.

The appointment of new Directors follows the Board restructure
announced on 25 February 2003. The restructure is aimed at
creating a new Board with a fresh approach to reinvigorate the
company.

Paul Mazoudier has resigned from the Board on Tuesday, while the
leaving dates for Sir Malcolm Bates and Ian Renard are yet to be
determined.

RESUMES

ROGER PATRICK (PAT) HANDLEY

Pat Handley is a company Director with significant financial
services experience.

His career in financial services began with a Citicorp Venture
Capital subsidiary called Management Horizons Data Systems,
where he was quickly promoted to the position of Vice President
of Finance and Administration.

He later joined what is now Banc One Corporation in the US as
Chief Financial Officer, with responsibility for all aspects of
financial management and acquisitions for that company.

He later became Chairman of an investment company called
Muirfield Fund Incorporated, that focused on investing in and
turning around under-valued financial institutions.

In 1993 he was approached by Bob Joss to assist him in the
turnaround of Westpac, joining as Chief Financial Officer. Here
he had line responsibility for all aspects of the financial
function including treasury, management information systems, tax
and risk management. Over the next seven years, he played a key
role in the turnaround of Westpac. He Implemented EVA reporting
measures and led the development of new risk management
processes. He also led the rationalization and streamlining of
the bank's back office activities and was instrumental in the
formulation of the bank's long term growth strategy.

After a seven year career with Westpac, Mr Handley retired on
good terms to pursue other opportunities. He is currently
advising PrireWaterhouseCoopers and is Chairman of Pacific
Brands, and has announced his retirement from the Suncorp Metway
Board to join AMP.

He has a Bachelor of Arts, majoring in Economics and
Mathematics, from Indiana University (USA) and a Masters of
Business Administration majoring in Finance from Ohio State
University (USA).

He is married with two sons and enjoys a variety of outdoor
activities.

MEREDITH HELLICAR

Meredith Hellicar is a company Director and consultant
specializing in change management. She has 27 years' experience
in the telecommunications, resources, logistics, legal services
and financial services sectors, spanning both the private and
public sectors. For the last fifteen years she has led
organizations within Australia and Asia through business
building and structural, operational and cultural change, with
an emphasis on the effective provision of business to business
services. She is also an experienced company director of public
and, more recently, private companies.

She has held the positions of Chief Executive of Corrs Chambers
Westgarth, Managing Director of TNT Logistics Asia, Managing
Director of InTech Financial Services and Executive Director of
the New South Wales Coal Association. She has also held various
executive positions with Esso, OTC and the Foreign Service.

Meredith is a Director of James Hardie Industries, the Southern
Cross Airports Group and HCS and is Chairman of HLA
Envirosciences and the Sydney Institute. She is an Honorary
Member of the Business Council of Australia, chairing its
Greenhouse and Energy Taskforce and is a member of the Takeovers
Panel and of the Foreign Affairs Council. She serves on several
voluntary Boards, including the Garven Institute Foundation and
the Australia and New Zealand Intensive Care
Foundation.

Meredith has a Bachelor of Arts (Italian major), Master of Laws
(Hons) in International Business Law and a Licentiate of Music
of Australia (pianoforte). She was Australia's 1993 Eisenhower
fellow to the United States to study change management in major
corporations.

She is married with one daughter and enjoys politics, ballet,
theatre, the Swans and trying to keep fit.


COMMSOFT GROUP: Completes Intellectual Property Sale
----------------------------------------------------
The Directors of CommSoft Group Limited advised Monday that the
sale of the Intellectual Property to ISS Limited is complete.
The existing secured creditors have all approved of this
transaction, so the sale of all Commsoft copyrights to ISS is
now complete and free of all liens and charges.

The shareholders at the EGM already approved of this sale on
10th March. CSG retains a 20% interest in a new private company,
Commsoft NZ Ltd, which will look after sales, development and
support in the Australasia region and also provide the second
line of support to the rest of the world.


COMMSOFT GROUP: Appoints Voluntary Administrators  
-------------------------------------------------
The Directors of CommSoft Group Limited advised Tuesday, that at
a directors meeting they resolved to appoint Max Donnelly and
Barry Taylor of Ferrier Hodgson as Joint Administrators of
CommSoft Group Limited.


DAI-ICHI KANGYO: S&P Withdraws Credit Ratings
---------------------------------------------
Standard & Poor's Ratings Services on Wednesday has withdrawn
its BBB/Negative/A-3 counterparty credit ratings on Dai-Ichi
Kangyo Australia Ltd. (Dai-Ichi Kangyo) at the request of the
company.

The withdrawal of Dai-Ichi Kangyo's ratings reflects its entry
into voluntary liquidation given the reorganization of the
Mizuho Financial Group entities in Australia following the
formation of Mizuho Corporate Bank Ltd. on April 1, 2002.


ENVIROSTAR ENERGY: Executes DOCA With Great Pacific
---------------------------------------------------
Envirostar Energy Limited (Administrators Appointed) ACN 004 119
304 announces that it has executed a Deed of Company
Arrangement (DOCA) between the Company, the Administrators and
Great Pacific Financial Group Pty Ltd (Great Pacific). The key
terms of the Deed of Company Arrangement are as follows:

   1. The investment-related provisions of the Deed have no
force or effect until the shareholders of the Company approve
the proposed allotment of shares to Great Pacific on the terms
announced to the ASX on 24 February 2003. A resolution in those
terms will be put to the Company's AGM on 15 April 2003.

   2. Adrian Stewart Duncan and Nicholas David Seaton are
appointed as the administrators of the Deed.

   3. Subject to the above, the Deed gives effect to the
proposed investment by Great Pacific in the Company and the
application of the funds to be received upon that investment, in
the terms announced to the ASX on 24 February 2003.

To see a copy of Chairman Alfred Wong's letter to the
shareholders in relation to the Proposal for Shareholders
Approval at 2002 Annual General Meeting, go to
http://bankrupt.com/misc/TCRAP_EEL0327.pdf.


ERG LIMITED: Finalizes Proton World Sale Agreement With ST
----------------------------------------------------------
ERG Group of Australia (ERG) announced Wednesday that it has
finalized an agreement with micro-chip manufacturer
STMicroelectronics (ST) for the sale of ERG's 100% interest in
Belgian-based Proton World (PW). Pursuant to the transaction, ST
will grant ERG global rights to use the Proton technologies in
ERG's transit smart card systems for 20 years through a license
agreement. In addition, ERG will retain exclusive access to a
short-list of nominated transit customers for a five-year term.

Under the terms of the agreement, ERG will sell all its shares
in PW to ST for a consideration of approximately A$110 million
(e60 million). After settlement of all inter-company accounts
and payments for the global rights to the Proton technology, ERG
will receive cash proceeds of approximately A$60 million (e37
million) at settlement. A milestone fee of approximately A$40.9
million (e22.5 million) is payable to ERG on deferred terms tied
to milestones over the next ten years. The milestones relate to
the sale to ERG or its customers of smart cards that incorporate
an ST chip.

Settlement of the transaction is expected sometime in April.

PW develops and delivers high-security smart card technology.
These technology products allow ERG's transit ticketing smart
cards to include additional applications such as payment and
identification. Under ST ownership, PW will continue to develop
these technologies to which ERG will have access for its own
smart card projects by virtue of a global license. ERG Chief
Executive, Peter Fogarty, said the transaction makes good
commercial sense for all parties.

"For ERG the transaction results in ERG retaining global access
to the Proton technologies for 20 years, and returns
approximately A$60 million cash which can be redeployed to our
core business. It also improves operating results by eliminating
approximately A$15 million in annual goodwill amortization
charges and removing the need to fund Proton's R&D," he said.

"At the same time, once owned by ST, PW will have the resources
to fast track further development of its technology and this, in
turn, will more rapidly expand the multifunction nature of ERG's
smart cards under the global license agreement.

"ST is one of the world's major chip producers. Its purchase of
PW will mean it can combine development of advanced chips with
software in smart cards to accelerate adoption of smart card
technology.

"The sale is part of our strategy to bolster ERG's balance
sheet.

"As well, the transaction allows the two companies to establish
a broader alliance and to collaborate on development of more
advanced contactless smart card and chip technology.

"ERG remains committed to Proton technology and will continue to
work closely with ST and the former PW shareholdersAmerican
Express, Banksys, Interpay and Visawho remain large shareholders
in ERG," Mr Fogarty said.

Regarding Proton, Mr Fogarty said: "Proton is a powerful
technology that still has capacity for further development, and
one that relies on close cooperation with integrated circuit
(chip) manufacturers. ST has been one of the major suppliers of
ICs on cards used in ERG's and PW's card rollouts and will be
able to drive and accelerate the further development of the
Proton technology."

Proton World Chief Executive, Dr Armand Linkens, said: "Being
part of the ERG Group has proven that the multi-application
strategy in which Proton World is engaged is the right one, with
Proton deployments in Germany and United Kingdom that would not
have been possible without the synergy with the transit sector.
We are particularly pleased with the continuation of that
strategic vision through the long-term licence with ERG. On the
other hand, being part of an even larger company will allow us
to tackle markets such as China and Japan that have previously
been out of our reach and to remain at the forefront of
technical developments in the field of multi-application smart
cards with our Proton Prisma range of cards."

The sale negotiations were announced on Thursday, 6 March 2003
in conjunction with ERG's results for the half-year to 31
December 2002. In contemplation of the sale, ERG announced at
that time it had made a provision in its half-year results of
A$52.4 million compared with its book value as at 31 December
2002. This provision has been made before any milestone
payments, which will be brought to account as earned.


FLOWCOM LIMITED: ASX Grants Put Option Shares Waiver
----------------------------------------------------
The Australian Stock Exchange Limited (ASX) has granted Flowcom
Limited a waiver from listing rule 7.3.2 to allow the Company to
issue shares under a put option granted by Crown Financial Pty
Limited after the 3 month period specified in that listing rule.
Shareholder approval to the issue of shares under this put
option shall be sought at the Company's General Meeting to be
held on 17 April 2003.

The terms of the waiver are as follows:

   1. Subject to resolution 2 and based solely on the
information provided, ASX grants the Company a waiver from
listing rule 7.3.2 to the extent necessary to permit the Company
to state in its notice of meeting to seek shareholder approval
for entry by the Company into a put option granted by Crown
Financial Pty Limited (Crown) under a Facility Deed dated 25
February 2003, for the issue of ordinary shares to satisfy the
principle of the residual debt calculated as at the date of the
meeting and owing at the time the put option is exercised, to
state that the securities will be issued on the earlier
of 5 business days after the put option has been validly
exercised by the Company, and 21 January 2006.

   2. The waiver referred to in resolution 1 is subject to the
following conditions:

     2.1 During each reporting period during which the put
option remains to be exercised, the Company includes a statement
in its annual report setting out the maximum number of ordinary
shares that may be issued pursuant to the put option and a
summary of the terms of the put option, including the conversion
formula.

     2.2 The Company releases the terms of this waiver to the
market.

     3. ASX has considered listing rule 7.3.2 only and makes no
statement as to the Company's compliance with other listing
rules.

Last month, Troubled Company Reporter - Asia Pacific reported
that FlowCom Limited signed the final agreements with Crown
Financial Pty Limited - CapX Limited supporting the Debt
Restructure. The agreements, following shareholder approval,
will enable both reduction of debt (via a debt-equity
conversion), and an injection of working capital through share
placement.


GOODMAN FIELDER: BPC Ups Stake to 81.95%
----------------------------------------
Burns, Philp & Company Limited increased its relevant interest
in Goodman Fielder Limited on 25/03/2003, from 938,838,179
ordinary shares (78.14 percent)* to 985,184,547 ordinary shares
(81.95 percent)**.

(*  based on 1,201,487,666 ordinary shares on issue)
(** based on 1,202,187,666 ordinary shares on issue)


GOODMAN FIELDER: Discloses Employee Share Options Changes
---------------------------------------------------------
Goodman Fielder Limited informed on the changes in Employee
Share Options.

1. The following Employee Share Options have been exercised:

NO OF          EXERCISE         REGISTRY        FINAL EXPIRY
OPTIONS        PRICE            CODE            DATE
                                                

700,000         1.54             OAE99          31.03.2009
700,000         TOTAL

2. The following Employee Share Options have lapsed:-

NO OF          EXERCISE         REGISTRY        FINAL EXPIRY
OPTIONS        PRICE            CODE            DATE

NIL             TOTAL

3. Movement of Options since last notification can be summarized
as follows:

Balance bought forward 21.3.2003        12,845,400
Issued                                         NIL
Lapsed                                         NIL
Exercised                                  700,000
Balance carried forward 25.3.2003       12,145,400

4. Following these changes, the 12,145,400 Share Options, which
remain on issue is made up as follows:

NO OF          EXERCISE         REGISTRY        FINAL EXPIRY
OPTIONS        PRICE            CODE            DATE

   600,000      2.14             EIG97          12.12.2007
1,325,000      1.95             OAE[NZ]97      22.12.2007
4,384,400      2.39             OAU[NZ]98      31.03.2008
2,086,000      2.10             OAE[NE]98      22.12.2008
1,000,000      1.76             OAH98          04.12.2006
   750,000      1.54             OAE99          31.03.2009
2,000,000       *               OAB01          16.11.2011
12,145,400

* Exercise Price to be set on 16th November, 2003. If
applicable, right to exercise may be determined in November
2003.

4. Changes to the Issued Capital can be summarized as follows:

Previous Notice : ASX confirmation 19th March, 2003.    
            1,201,487,666
Shares issued - Exercise of Options                 700,000

Balance C/F     : 25th March, 2003            1,202,187,666


PASMINCO LIMITED: Issues Elura Mine Update
------------------------------------------
Following Tuesday's announcement by Pasminco Limited and its
Deed Administrators on the planned September 2003 closure of the
Cockle Creek Smelter near Newcastle in New South Wales,
Consolidated Broken Hill Ltd advises that the Elura Mine sale
and purchase agreement and the concentrate offtake agreements
have been designed to accommodate a possible early closure of
the Cockle Creek Smelter and the announcement by Pasminco does
not require any substantial changes to the arrangements now
being finalized.


SUPERSORB ENVIRONMENTAL: Allocates Shares to Reduce Loans
---------------------------------------------------------
The Directors of Supersorb Environmental NL are pleased to
announce that, they have resolved to allot 483,828,579 ordinary
fully paid shares in the company. This follows the approval by
shareholders, at the recently held Annual General Meeting, of
Board changes and the proposed conversion of $2.1 million in
loan funding to new equity.

This allotment will satisfy key conditions of the Deed of
Company Arrangement (DOCA) entered into by operating subsidiary
Supersorb Minerals NL and significantly reduce the amount of
loans that had been advanced to the group over the past seven
months.

Instructions have been given to the company's share registry to
issue shares to the allottees and or their nominees and attached
to this announcement is an Appendix 3B applying for quotation of
these shares.

In addition, an initial notice 'Appendix 3x' in respect of each
of the new Director's Mr Brad Sounness and Mr Martin
Shuttleworth are attached for release.

Both Appendix 3B (New Issue Announcement, Application for
Quotation of Additional Securities and Agreement) and Appendix
3x (Initial Director's Interest Notices) can be found at
http://bankrupt.com/misc/TCRAP_SUP0327.


TOWER LIMITED: Posts Notice of Event Affecting Securities
---------------------------------------------------------
Pursuant to Appendix 7 of Listing Rules in relation to the
Payment of Interest on the Capital Bonds, Tower Limited posted
this notice:  

            NOTICE OF EVENT AFFECTING SECURITIES

Full name of Issuer:                   Tower Finance Limited

Nature of event:                       Interest

Existing securities affected by this:  Capital Bonds

Monies Associated with Event - Date Payable: 15/04/2003

Timing - Record Date:                  28/03/2003

A copy of the full notice can be found at
http://bankrupt.com/misc/TCRAP_Tower0327.pdf.


================================
C H I N A   &   H O N G  K O N G
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CIL HOLDINGS: No Apparent Reason for Share Price Increase
---------------------------------------------------------
CIL Holdings Limited notes the recent increase in the share
price of the shares of the Company and states that the Board of
Directors are not aware of any reasons for the increase.

Save as disclosed in the announcements of the Company dated 10th
March, 2003 relating to winding-up hearing and the recent
development of Scheme, as defined in the circular of the Company
dated 31st May, 2002, and dated 10th February, 2003 relating to
the further delay in the publication of the results of the
Company for the year ended 30th June, 2002 and dispatch
of the annual report, the Company confirms that there are no
negotiations or agreements relating to the intended acquisitions
or realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.

On March 13, Troubled Company Reporter - Asia Pacific reported
that during the hearing of the Winding-Up Petition, issued
against the Company by Star Dragon Securities Limited, held on
10th March 2003, the Company has made an application to the Hong
Kong Court for an adjournment of the Petition to allow time for
the Company to implement the Scheme with the Scheme Creditors.


NEW WORLD: Debt Repayment Prompts S&P to Withdraw Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said Tuesday that it has
withdrawn its 'BB+' corporate credit rating on New World
Infrastructure Ltd. (NWI).

As a result of the company's recent reorganization efforts, NWI
has repaid debt of about Hong Kong dollar 8.3 billion, which
represents almost all of the company's previous corporate level
debt.

"In particular, NWI's rated 1% convertible bonds due 2003 were
retired in early March 2003," said Standard & Poor's director,
Raymond Woo.

NWI's total debt to equity fell below 15 percent after the
reorganization. The remaining assets of NWI consist of
telecommunications, media, and technology investments.
     

PCCW LIMITED: 2002 Net Loss Won't Affect Ratings, Says S&P
----------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on PCCW-
HKT Telephone Ltd. (HKTC; BBB/Positive/--) would not be affected
by a US$995 million net loss incurred by the company's parent,
PCCW Ltd., in 2002, because of the non-cash nature of the loss.
During the year the company wrote-off US$1.059 billion in
impairment losses as a result of reduced goodwill attributable
to the company's investment in Reach Ltd.

PCCW Ltd.'s revenue fell 8.4% to US$2.578 billion in 2002 from
US$2.815 billion in 2001, primarily as a result of further
declines in HKTC's international direct dial earnings and fixed
line market share, which dropped to 82% at the end of 2002 from
89% in 2001. However, improved operating efficiencies resulted
in better operating margins and a 10% increase in EBITDA to
US$1.041 billion in 2002 from US$948 million in 2001. Further
cost cutting could be more challenging. Sales at a PCCW real
estate development project, Cyberport, are proceeding well, with
no additional investment expected above the company's original
budget of about US$650 million. Proceeds from Cyberport sales
should help improve PCCW's cash flow over the next few years.
While further erosion to HKTC's market share is anticipated,
Standard and Poor's expects the company to maintain its dominant
market position in Hong Kong's fixed line market.


SKYNET INT'L: Winding Up Hearing Further Adjourned to June 9
------------------------------------------------------------
In reference to the previous announcements of Skynet
(International Group) Holdings Limited in relation to the
winding up petition HCCW 1197 of 2002 (Petition) filed by
Lombard Asian Private Investment Company LDC (Lombard) against
the Company on 30 October 2002, the Company explains:

The petition alleges the failure of the Company in its capacity
as guarantor under a subscription agreement dated 28 June 2000
entered into by Skynet Limited, the Company and Lombard. Skynet
Limited was to pay the redemption amount of HK$93,600,000 for
the convertible cumulative redeemable participative preferred
shares of Skynet Limited held by Lombard and the orders of the
Court for the adjournment of the hearing of the Petition made on
15 January 2003, 12 February 2003 and 17 February 2003. Skynet
Limited was an approximately 57.9% subsidiary of the Company at
28 June 2000 and is an approximately 68.9% subsidiary of the
Company at the date of this announcement.

On 17 March 2003, the Court ordered a further adjournment of the
hearing of the Petition from 17 March 2003 until 9 June 2003 at
the application of the solicitors for Lombard to allow more time
for the Company to effect its restructuring proposal. An
announcement will be made by the Company in respect of the order
made by the Court at the hearing on 9 June 2003.

At the request of the Company, trading in the shares of the
Company (Shares) on The Stock Exchange of Hong Kong Limited has
been suspended with effect from 9:30 a.m. on 6 March 2003.
Trading in the Shares will remain suspended pending the release
of an announcement in respect of a restructuring proposal of the
Company. Information on the restructuring proposal will be
announced by the Company as soon as practicable.

Shareholders and potential investors of the Company are advised
to exercise caution when dealing in the Shares.


TEEMFA TEXTILE: Petition to Wind Up Pending
-------------------------------------------
The petition to wind up Teemfa Textile Limited was scheduled for
hearing before the High Court of Hong Kong on March 26, 2003 at
10:00 in the morning.

The petition was filed with the court on February 12, 2003 by  
The Hongkong and Shanghai Banking Corporation Limited whose
registered office is situated at No. 1 Queen's Road Central,
Hong Kong.


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MEDCO ENERGI: S&P Affirms 'B+' Rating; Outlook Stable
-----------------------------------------------------
Standard & Poor's said Wednesday that it has affirmed its 'B+'
corporate credit rating on Indonesian upstream oil and gas
company, P.T. Medco Energi Internasional Tbk. (Medco). The
outlook is stable.

The rating on Medco reflects the company's short proved reserves
life of 4.9 years, which explains the company's aggressive push
to acquire producing oil blocks in 2003 to immediately add to
its proved reserves base and production volumes. "With reserves
declining due to the faster-than-expected maturity of Medco's
fields, the company is also expected to incur significant
capital costs and face various execution risks to convert its
substantial probable reserves into proved reserves," said Ee-Lin
Tan, Associate Director, Corporate & Infrastructure Finance
Ratings. Production and proved reserves growth remain highly
dependent on the materialization of gas sales contracts, or the
development of gas infrastructure in Indonesia, to absorb the
company's large uncommitted gas reserves.

Although the direction of policy in Indonesia is largely
positive, the full operational impact of expected changes
remains to be seen. Uncertainly in the regulatory environment
will therefore continue in the near-to-medium term. Medco does,
however, enjoy a degree of insulation from sovereign debt risks.
Despite its own difficulties, the Indonesian government in
recent years has not sought to impose a debt moratorium or
interfere with local companies accessing the foreign exchange
markets to service their foreign currency obligations. Further,
Medco's enjoys some insulation from currency instability and
weaknesses in the Indonesian banking system as its oil prices
and revenues are denominated in U.S. dollars, which are
deposited mainly in offshore bank accounts.

The rating on Medco also reflects the company's favorable cost
structure and production track record. The large size of Medco's
operating areas, low labor costs, and proximity to oil and gas
supply infrastructure contribute to its better-than-average cost
structure. Lifting cost in 2002 was US$2.86 per barrel of oil
equivalent (boe), compared with the global average of US$4-US$5
per boe. The company also has moderate, although increasingly
aggressive, debt leverage and strong credit measures. Total
debt to capital of 50%-60% is possible, depending on development
and acquisition opportunities.

The stable outlook is based on the expectation that debt usage
will increase to fund Medco's capital expenditure. The rating
also assumes that the acquisition of petroleum assets in 2003
will cost between US$150 million and US$180 million, can
immediately contribute meaningfully to the company's proved
reserves base, and that corresponding production volumes
can be realized in a timely manner. Securing long-term gas sales
contracts would allow the company to convert its probable gas
reserves into proved reserves. This could result in a modest
improvement in Medco's overall credit quality, if coupled with
an improving country risk environment.


* IBRA Announces PPAP 2 Winners
-------------------------------
Indonesia Bank Restructuring Agency has selected the winners of
Property Asset Sales Program 2 (PPAP 2) on 24 March 2003. The
public or investors keen on finding out the names of winners of
PPAP 2 can access to the IBRA website www.bppn.go.id or read the
announcement displayed at IBRA head office and BPPN Centers.

IBRA has selected winners for 713 property units. Meanwhile for
7 assets a re-bid is required due to same bidding prices. The
assets to re-bid consist of 1 investment asset and 6 retail
assets. The investment asset is asset A00007 in form of land
plot at Jl. Bulevar Bukit Gading Raya, Kelapa Gading, Jakarta.

The retail assets to be re-bid are:

   * E00256 a land plot at Komplek Puri Ayu Pratama, Jl Tenis
Arcamanik, Bandung

   * F01100 a land plot at Perumahan Taman Permata Cikunir,
Bekasi, Kav B4-8, Jakarta

   * F01219 a land plot at Telaga Kahuripan A1/11, Bogor

   * F01499 a land plot at Komplek Perumahan Citra 5 Blok C-3,
Kav. No. 21, Jakarta

   * F01872 a land plot at Pertokoan Pasar Baru Ngopak, Jl. Raya
Kedaung Wetan, Blok D no. 2, Pasuruan

   * F01895 a land plot at Perumahan Pantai Mentari Blok B-34,
Surabaya.

Of the 713 property assets of which the winners have been
elected (as of 24 March 2003) IBRA has earned provisional
revenue of Rp588.39 billion, consisting of investment asset
Rp336.31 billion and retail asset Rp252.08 billion.

The revenue will grow in line with the increase in income from
the re-bid 7 assets of which the names of winners will be
announced not later than 7 April 2003.


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


AOZORA BANK: Sumitomo Mitsui Offers Y101B For Stake
---------------------------------------------------
Sumitomo Mitsui Financial Group Inc. offered 101.145 billion
($845 million) in cash for Softbank Corp.'s 49 percent stake in
Aozora Bank Limited, Bloomberg said Wednesday.

Softbank wants to sell its Aozora stake to help repay debt,
which amounted to 307.4 billion yen as of September 30. Softbank
spokeswoman Chitose Nii declined to comment.

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.


HUIS TEN: Puts Off Bankruptcy to Await Recovery Rules
-----------------------------------------------------
Huis Ten Bosch Co. will file a new application with the Tokyo
District Court on April 1, when the Corporate Rehabilitation Law
will be amended to make it easier for insolvent firms to bypass
creditors, the Japan Times reports.

The Dutch theme park operator sought court protection from
creditors on February 26. It had debts of 228.9 billion yen and
a negative net worth of 3.7 billion yen as of December 31.


KINKI NIPPON: Facing Huge Extraordinary Loss
--------------------------------------------
Kinki Nippon Railway Co. expects an extraordinary loss of 106
billion yen for 2002, because of appraisal losses suffered on
resort facilities and a downsizing program, Japan Times said
Wednesday. The firm will book a 52 billion yen loss tied to
appraisal losses from its Shima Peninsula resort facilities.

Meanwhile, the railway operator's board of directors has
approved Vice President Masanori Yamaguchi as the firm's new
President, contingent on approval at a shareholders' general
meeting slated for late June. Current President Akio Tsujii, who
has spearheaded the Company's business improvement program, will
assume the Chairmanship.


KUMAGAI GUMI: May Get Y300B Bailout Package
-------------------------------------------
Sumitomo Mitsui Banking Corp. of the Sumitomo Mitsui Financial
Group Inc. is in the final stages of talks with other leading
banks for a bailout package of 300 billion yen for struggling
general contractor Kumagai Gumi Co., reports the Asahi Shimbun
and Dow Jones on Wednesday.

The banks will likely demand that Kumagai Gumi spin-off its
debt-laden real estate operations, focus more on its
comparatively stable construction operations and take more
drastic restructuring steps, including staff cuts, the report
said.


KUMAGAI GUMI: Shares Up on Bailout Report
-----------------------------------------
Shares in Kumagai Gumi Co. increased 11 percent on Wednesday
after media reports that Sumitomo Mitsui Financial Group (SMFG)
was putting together a 300 billion yen ($2.5 billion) bailout
package, Reuters and Asahi Shimbun said Wednesday.

SMFG planned to shoulder around 250 billion yen or more of the
package for Kumagai, its second-largest borrower. Other Kumagai
creditors would provide the rest. The package would consist
mostly of a debt waiver and involve debt-for-equity swaps.
Kumagai is currently operating under a 12-year restructuring
plan and needed the first debt waiver to return to the black in
2001/02 after nine years of losses.


MATSUSHITA ELECTRIC: Shutting Down Argentina Unit
-------------------------------------------------
Matsushita Electric Industrial Co., Ltd. announced plans to
discontinue operations at Panasonic Argentina, S.A. (PARSA), a
sales subsidiary located in Argentina, on March 31, 2003.

Responsibility for sales activities in Argentina will be shifted
to Matsushita's manufacturing and sales subsidiary, Panasonic do
Brasil Ltd. (PANABRAS), which will establish a new Argentina
sales office.

This move is part of Matsushita's organizational restructuring
of its South American operations in response to a sudden and
severe contraction of the market in Argentina, caused by the
economic turmoil in that country that began in late 2001.

Matsushita Electric Industrial Co., Ltd. is one of the world's
leading producers of electronic and electric products for
consumer, business and industrial use, which it markets around
the world under the "Panasonic," " National," "Technics" and
"Quasar" brand names. Matsushita's shares are listed on the
Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, New York, Pacific,
Euronext Amsterdam, Euronext Paris, Frankfurt and Dusseldorf
stock exchanges. For more information, visit the Matsushita web
site at the following URL: http://www.panasonic.co.jp/global/  

Basic Information for PARSA (as of February 28, 2003)

Company name                 Panasonic Argentina, S.A.
Representative               Hidetsugu Uji, President
Location of head office      Buenos Aires, Argentina
Date of incorporation        April 1, 1980

Principal business: Import and sales of TVs, audio equipment,
telephones, facsimile machines, etc.

Share capital                U.S.$13 million
Shareholders (% ownership)   Matsushita Electric Industrial Co.,
                             Ltd. (100%)

Basic Information for PANABRAS (as of February 28, 2003)

Company name                 Panasonic do Brasil Ltda.
Representative               Masahiro Seyama, President
Location of head office      Sao Paulo, Brazil
Date of incorporation        October 24, 1967

Principal business:  Manufacture and sales of TVs, VCRs, audio
equipment, camcorders, DVD players, microwave ovens, car audio
equipment, telephones and batteries, as well as import sales
(systems, industrial-use products).

Share capital                U.S.$51 million

Last year, Matsushita incurred a group operating loss of 211.81
billion yen as it fell victim to the slump in the information
technology industry, the Troubled Company Reporter-Asia Pacific
reported.

CONTACT: Panasonic Finance (America), Inc.
Akihiro Takei, 212/698-1365
10:11 EST   MARCH 25, 2003


NIPPON MEAT: Limiting Directors on Restructuring
------------------------------------------------
Nippon Meat Packers Inc. will reduce its directors to 11 from
the current 16 to restructure operations following a beef-
labeling scandal last year, Kyodo News reports, citing Nippon
Meat President Yoshikiyo Fujii.

Nippon Meat projected a group net loss of 1 billion yen on sales
of 900 billion yen for the year to March, the Troubled Company
Reporter-Asia Pacific reported recently. The Company attributes
the loss to the impact of a meat-labeling scandal last year.

In August, it was discovered that the Company obtained
government subsidies by repackaging imported beef as Japanese
beef. The government subsidies were introduced as part of a meat
buyback scheme in the wake of an outbreak of mad-cow disease in
Japan.


PRIMA MEAT: To Employ Industrial Rehab Law Protection
-----------------------------------------------------
Prima Meat Packer will next month ask the government to give it
preferential treatment under the Industrial Rehabilitation Law
to bolster its ongoing restructuring efforts, reports the Asahi
Shimhun and Dow Jones.

The meat packer aims to cut the amount of taxes it must pay on
the 68 million new common shares worth 3.2 billion yen that it
will issue to trading house Itochu Corporation in April.

According to a report from Japan Today, the major meat processor
based in Shinagawa-ku, Tokyo revealed a group net loss of 15.19
billion yen in fiscal 2001 compared with a loss of 7.88 billion
yen the previous year.

Group pretax loss also more than doubled to 5.93 billion yen
from 2.41 billion yen, with sales falling 2.1 percent to 275.52
billion yen.


SEIBU DEPARTMENT: Shareholders OK Rehab Plan
--------------------------------------------
Seibu Department Stores Ltd. won approval Tuesday from
shareholders on a new share issuance and a debt-for-equity swap,
paving the way for its management rehabilitation program, the
Japan Times reports.

Under the plan, Seibu will raise about 10 billion yen by
reducing capital by roughly 95 percent and issuing new shares
through third-party allotment. Sogo Inc. Company will buy new
shares worth about 5 billion yen. It will become Seibu's largest
shareholder after integrating its business operations with
Seibu, possibly in June.

Seibu will receive a debt-for-equity swap worth 9.8 billion yen
from the corporate group led by Credit Saison Co., an affiliated
consumer credit Company. The troubled department store chain
expects to eliminate its negative net worth by the end of
February 2005.


TOKYU DEPARTMENT: Posts Y11.3B Profit
-------------------------------------
Tokyu Department Store Co. posted a net profit of 11.367 billion
yen for the year to January 31, versus a loss of 8.699 billion
yen a year earlier, due to an aggressive restructuring drive,
according to Kyodo News on Tuesday. Its group pretax profit more
than doubled to 3,562 million yen from 1,584 million yen.

The Company sought 500 workers or 20 percent of its workforce to
voluntarily retire in May, to help save 1.6 billion yen in fixed
costs a year, the Troubled Company Reporter-Asia Pacific
reported in February.

The department store operator has already carried out similar
job-cuts three different times in the past, but the latest
announced figure is the largest. With the additional
retirements, the number of its regular employees will fall to
1,700.


TOKYU CONSTRUCTION: Spins Off Real Estate Division
--------------------------------------------------
Tokyu Construction Co. will spin off its real estate division
into a separate Company so it can accelerate rehabilitation of
its mainstay construction business, Kyodo News reports. The
Company will seek financial aid worth 100 billion yen from its
parent firm Tokyu Corporation and its lenders boost its capital.


YOROZU CORPORATION: JCR Assigns BBB- Rating
-------------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB- rating to
the following senior debts of Yorozu Corporation, affirming the
bonds outstanding.

Senior debts
Issue Amount (bn) Issue Date Due Date Coupon
Convertible bonds no.1 Y8/Aug. 9, 1996/Sept. 30, 2003/0.45%

RATIONALE:

Alliance with the U.S. Tower Automotive will create synergies
over the intermediate term in joint procurement and R&D. The
alliance has not paid off yet as expected before. Tower
Automotive incurred loss for two years in a row, recording
restructuring charges. JCR will follow up the operating
performance of the U.S. partner of Yorozu.

Yorozu's earnings have been declining sharply since it peaked
out in fiscal 1996 ended March 31, 1997. The cost reductions
allowed the domestic operations to get out of the worst period.
However, the North America's operations are expected to incur a
loss for the current fiscal year ending March 31, 2003,
following the previous three years. YAT, core of the Company's
operations in North America, has been incurring loss with the
production inefficient, although the business size has been
expanding since its start-up in 1986. Yorozu has been pushing
ahead with the changes to correct the size of plants in North
America. Issue for the Company is turnaround of the operations
in North America.

It will take time for the earnings to recover, given the
uncertainty over the market in North America as well as Nissan's
cutback in its procurement costs, although Nissan's plan to
increase sales in North America and an increase in sales to
Honda are expected to underpin the operating results. Interest-
bearing debt has been increasing recently, reflecting
investments in North America. Yorozu plans to reduce the debt
over the intermediate term.


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


DAEWOO BUS: Likely to Sign MOU on Thursday
------------------------------------------
A contract for the sale of ailing Daewoo Bus Corp. will be
concluded on March 27, Asia Pulse said on Tuesday. Incheon
District Court's bankruptcy division plans to approve the
contents of a memorandum of understanding (MOU), submitted
earlier by creditors. Following the approval, creditors and a
consortium led by YoungAn Development Co. will sign a contract
as late as Thursday.

Last August, Daewoo Motor Co., a big shareholder of Daewoo Bus,
concluded a provisional MOU to sell the bus Company to the
consortium for 140 billion won (US$111.86 million). That sum is
expected to rise to 148.3 billion won in the final contract.

Under the MOU, the consortium agreed to pay 56.4 billion won in
cash and assume 91.9 billion won of the bankrupt Company's
liabilities. In return it will receive the Busan factory, the
Busan factory's receivables and Daewoo Motor's 60 percent stake
in a joint-venture factory in the Chinese city of Guilin.

Declaring independence last October under the restructuring
program of bankrupt Daewoo Motor Co., Daewoo Bus takes nearly
half of the domestic market. The Busan and Guilin factories'
capacities are 6,000 and 3,000 buses respectively.


DAEWOO MOTOR: GM Set to Buy China Engine JV
-------------------------------------------
Daewoo Motor Co. said General Motors Corporation (GM) was set to
buy its engine joint venture in China, according to Reuters. GM
and partners took a majority stake in ailing Daewoo Motor last
year for $251 million to create GM Daewoo Automotive and
Technology Co.

"Price negotiation is underway for the China joint venture," an
executive at Daewoo Motor, which is in the process of
liquidating its remaining assets, told Reuters by telephone.
"It'll take some more time to narrow differences (in price)."

The Chinese unit, which was set up in 1999 with the Shandong
government and Daewoo holding 50 percent each, is capable of
producing 240,000 engines and transmissions respectively a year.
Its paid-up capital stands at $228 million.


DAEWOO SHIPBUILDING: Creditors To Sell 15% Stake Via GDRs
---------------------------------------------------------
Two major creditors of South Korea's Daewoo Shipbuilding &
Marine Engineering are planning to sell a 15 percent stake in
the Company's global depository receipts in the second half of
2003, Dow Jones reports, citing an unnamed Korea Asset
Management Corp. official. The creditors have appointed JP
Morgan as the lead manager.

KAMCO currently owns a 26 percent stake in Daewoo while the
state-run Korea Development Bank holds 42 percent via debt-to-
equity swaps. Kamco will sell off 5 percent via the GDR issue
and Korea Development Bank plans to divest a 10 percent stake.

The Company was spun off from Daewoo Heavy Industries in 2000.
The Company ended its debt workout program in August 2001 as its
financial fundamentals improved. According to Wright Investor's
Service, at the end of 2001, Daewoo Shipbuilding & Marine
Engineering had negative working capital, as current liabilities
were 1.99 trillion Korean Won while total current assets were
only 1.30 trillion Korean Won.


SK GLOBAL: Likely Faces Lawsuit Filed by South Korean Firms
-----------------------------------------------------------
Several South Korean investment trust management firms which
have debt exposure to SK Global Co. may file a lawsuit against
the Company this week to collect part of the debt owed to them,
Dow Jones reports.

The investment trust management companies are CJ Investment
Trust Management, Hyundai Investment Trust Management, LG
Investment Trust Management, Kyobo Investment Trust Management
Co., KEB Commerz Investment Trust Management Co. and Hanwha
Investment Trust Management Co., the official at CJ Investment
Trust Management said.

SK Global must pay the debt that matured March 12-19 as the
three-month deferment of its debt only officially went into
effect March 19. Prosecutors have discovered accounting
irregularities worth 1.55 trillion won in the Company.


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


GENERAL LUMBER: Seeks Court Convened Meeting Time Extension
-----------------------------------------------------------
PM Securities Sdn Bhd (PM Securities), on behalf of the Board of
Directors of General Lumber Fabricators & Builders Bhd,
announced that GLFB had on 24 March 2003 applied to the High
Court of Malaya for an extension of time for a period of six (6)
months from 11 April 2003 to convene the court convened meetings
for the purpose of considering, and if thought fit, approving
with or without modification to the schemes of arrangement
involving the existing shareholders and scheme creditors of GLFB
respectively pursuant to Section 176(1) of the Companies Act,
1965.

In addition, pursuant to the announcement released on 5 February
2003, PM Securities, on behalf of the Board of Directors of GLFB
wish to announce that the Company had appointed Messrs Afrizan
Tarmili Khairul Azhar on 25 March 2003 as the independent audit
firm to perform an investigative audit on the previous losses
incurred by GLFB. The appointment of Messrs Afrizan Tarmili
Khairul Azhar to conduct the above mentioned investigative audit
is one of the conditions imposed by the Securities Commission
(SC) in its approval letter dated 28 January 2003 for GLFB's
proposed restructuring scheme.

The investigative audit is to be concluded within six (6) months
from the date of appointment of Messrs Afrizan Tarmili Khairul
Azhar. Upon the completion of the investigative audit, an
announcement on the findings would be made in due course and two
(2) copies of the investigative report would be submitted to the
SC upon the completion of the said investigative audit.


GEORGE KENT: Narrows Net Loss to RM1.510M
-----------------------------------------
George Kent (Malaysia) Berhad, in reference to its unaudited
quarterly report for the financial period ended 31 January 2003,
booked a net loss of RM1.510 million for the 3 months ended 31
January 2003 compared to RM54.228 million net loss for the same
period last year.

Go to http://bankrupt.com/misc/TCRAP_George0327.xlsand  
http://bankrupt.com/misc/TCRAP_TCRAP_GeorgeNotes0327.doc,to see  
a copy of its Interim Financial Report ended 31 January 2003 and
Notes to the Interim Financial Report ended 31 January 2003,
respectively.

According to Wrights Investors, at the end of 2002, George Kent
had negative working capital, as current liabilities were
RM201.42 million while total current assets were only RM129.91
million. It also reported losses during the previous 12 months.
And last paid a dividend during fiscal year 1998, when it paid
dividends of 0.01 per share.


GLOBAL CARRIERS: Incurs Q402 Net Loss of RM55.743M
--------------------------------------------------
Global Carriers Berhad released its financial reporting
statement for the fourth quarter ended 31 December 2002. The net
loss for the quarter ended 31 December 2002 was RM55.743 million
compared to RM41.537 million for the year ended 31 December
2001. To see a copy of the Company's complete financial
statements, i.e. Condensed Consolidated Cash Flow Statements,
Condensed Consolidated Income Statements, Condensed Consolidated
Statements of Changes in Equity, and Condensed Consolidated
Balance Sheets, go to
http://bankrupt.com/misc/TCRAP_Global0327.xls.

NOTES TO THE FINANCIAL STATEMENTS

(A)  Notes required under MASB 26 (Paragraph 16)

   (a) The same policies and methods are followed by Global
Carriers Berhad in this quarterly financial statement as
compared with the annual financial statement for the year ended
31 December 2001.

This quarterly financial report has been prepared in accordance
with MASB 26 Interim Financial Reporting and Chapter 9 part K of
the Listing Requirements of Kuala Lumpur Stock Exchange.

   (b) The qualifications stated in the Auditors' Report of 2001
Annual Report arose from the inherent uncertainties facing the
Global Carriers Berhad group of companies in the light of the
group's restructuring exercise pursuant to Section 176 of the
Companies Act, 1965.

The restructuring exercise has been approved by the Securities
Commission on 31 July 2001, the shareholders on 31 December
2001, and the creditors on 18 April 2002, 28 May 2002 and 3 June
2002. With the court sanction obtained on 30 August 2002, the
restructuring exercise is now at the final stages of completion.

   (c)  The operations of the GCB Group are generally not
affected by seasonality or cyclically of operations.

   (d)  There are no items affecting assets, liabilities,
equity, net income, or cash flows that are unusual because of
their nature, size, or incidence.

   (e)  There are no changes in estimates of amounts reported in
prior interim periods of the current financial year or changes
in estimates of amounts reported in prior financial years, which
may have a material effect in the current interim period.

   (f)  There are no issuances, cancellations, repurchases,
resale and repayments of debt and equity securities.

   (g)  No dividend has been paid during the current period or
year.

   (h) Segmental reporting by industries of the Group for the
current financial quarter to-date is set out below:

                         Turnover Pre-tax Loss  
                         RM'000 RM'000

Shipping          75,566 48,870  
Property Investment   1,735 6,873   
                         -------- --------
                           77,301 55,743
                         ======== ========

Segment reporting is not disclosed by geographical regions as
the Group's activities are pre-dominantly conducted from and/or
in Malaysia.

   (i)  The valuations of the property, plant and equipment have
been brought forward, without amendment from previous financial
statements.

   (j)  There are no material events subsequent to the end of
the  interim period that have not been reflected in the
financial statements for the interim period.

   (k)  During the interim period, there are no changes in the
composition of the enterprise including business combination,
acquisition or disposal of subsidiaries and long-term
investments, restructurings and discontinuing operations.

   (l)  There are no changes in the Group's contingent
liabilities since the last annual balance sheet date.

(B) Notes required under the KLSE listing requirements
(Revised Part A of Appendix 9B)

   1. In the opinion of the Directors, there are no material
factors affecting the earnings of the Company or Group, which
may have occurred between the end of the reporting period and
the latest practicable date prior to this announcement.

   2. There are no material changes in the earnings for the
quarter reported on as compared with the immediate preceding
quarter.  The losses still are largely attributable to the high
interest charges, and high depreciation and amortization
charges, all of which are non-cash items. The losses are also
due to overcapacity in the global market leading to the
declining freight rates, particularly for the containerships
sector.  

   3. The Directors are of the view that the performance of the
Group's operations in both the tanker and containership
divisions will be affected by the slowdown in the global
economy, which has not seen any signs of firm recovery in the
year post "September 11, 2001" event.  The uncertainties over
the likelihood or unlikelihood of war in the coming months have
to some extent stifled any chance recovery globally.

Whilst some of the Group's vessels, particularly the product
tankers, may not be affected by the above in the short term, the
longer term impact of war has not been quantified.  The Group's
vessels are expected to be on continuous charters throughout the
year.  However, the rates will certainly reflect the economic
and political conditions in the coming months.

As mentioned in previous reports, the GCB Group shall continue
to focus on expanding its core business of providing shipping
freight services, even after the completion of its restructuring
exercise.  Having been in the tanker, dry bulk and containership
business since its inception, the management of GCB is of the
view that the strength of the Group lies more particularly in
the domestic tanker sector and hence, shall be its focus in the
near future.

   4. Not applicable.  The Company did not provide a profit
forecast or profit guarantee in a public document.

   5. There are no provisions for tax liabilities during the
period under review.

   6. There is no profit/loss on the sale of unquoted
investments and/or properties for the current financial year to-
date.

   7. There is no purchase/disposal of quoted securities by the
company or any of its subsidiary companies.

   8. The Company and its affected subsidiaries had on 30 August
2002 secured the sanction of the court for the Proposed
Composite Scheme, the Proposed BSNCL Settlement Scheme and the
Proposed Non-Financial Creditors Settlement Scheme.  The above
schemes of arrangement have also been approved by the Securities
Commission on 31 July 2001 and the shareholders on 31 December
2001.  The Company had on 24 December 2002 also obtained the
approval of the Securities Commission for an extension of 6
months, from listing date, to comply with the 25% public spread
requirement.  The Company is now awaiting the Exchange's
approval for the same.

   9. The Group borrowing, all of which are in Ringgit-
denominated, as at the end of this quarter are set out below:-
RM'000

      Bank Overdrafts          10,559
   Revolving                      13,510
Term Loans (Principal portion) 375,362
                                    --------
Total                          399,431
                               ========

Certain bank overdrafts of the Group amounting to RM100,000 are
secured by fixed deposits. The revolving credit facility is
secured by a corporate guarantee from GCB.

The term loan facilities are secured by legal charges over the
buildings, assignment of rights and titles of the vessels,
assignment of insurance, property rental and certain charter
hire proceed, and specific debenture over the fixed assets of
the Group. The Group has defaulted on the repayment of the above
facilities, resulting in all term loans becoming due and
payable. Presently, the Group has obtained the approvals from
the affected financial institutions to restructure the above
borrowings.

   10.  There are no financial instruments with off balance
sheet risks.

   11.  There are no changes in the material litigation of the
Group since the last annual balance sheet date.

   12.  No dividend shall be paid for the financial year.   

   13.  The loss per share of the Group as at the end of this
quarter is as follows:

Loss after tax (RM'000) (13,470)
Share Capital (no. of shares in issue) 19,999,998
      Loss Per Share - Basic (sen) (67.35)
                    - Diluted (sen) n.a

   14. The corporate restructuring exercise is at its final
stages of completion. Upon completion of the exercise, the
company's paid-up capital will be increased to RM230,265,945 and
will thereby comply with the minimum paid-up of at least RM40
million by year end, as set by Securities Commission for second
board companies.


KIARA EMAS: SC Approves Proceeds Utilization Applications
---------------------------------------------------------
On 27 December 2002, AmMerchant Bank Berhad (formerly known as
Arab-Malaysian Merchant Bank Berhad) had, on behalf of Kiara
Emas Asia Industries Berhad, announced that the Securities
Commission (SC) had via a letter dated 24 December 2002 approved
the Proposals and Proposed Exemption. The Proposals collective
refers to:

   i. Proposed Shareholders' Scheme
   ii. Proposed Creditors' Scheme
  iii. Proposed Disposal
   iv. Proposed Acquisition
    v. Proposed Special Issue
   vi. Proposed Restricted Issue
  vii. Proposed Mandatory Offer
viii. Proposed Transfer Of Listing Status

Pursuant to one of the conditions in the above-mentioned
approval letter, the SC's approval is required to be obtained
for any changes to the utilization of proceeds of the Proposed
Special Issue and Proposed Restricted Issue if such changes
involve the utilization of the proceeds for purposes other than
the core business of Major Team Holdings Sdn Bhd (MTHSB).

AmMerchant Bank wishes to announce that the SC has on 18 March
2003 approved the Company's application to change the
utilization of the proceeds of the Proposed Special Issue and
Proposed Restricted Issue in the following manner:

   (a) To increase the amount of the proceeds of the Proposed
Special Issue and Proposed Restricted Issue to be used to
satisfy 50% of the interest accruing on the total amount owing
to the bank creditors of Kiara Emas as at 31 March 2001, for the
period commencing on 1 April 2001 and ending on the date of the
issuance of the redeemable convertible unsecured loan stocks
(RCULS) by MTHSB, inclusive of both dates, by up to RM225,000
per month; and

   (b) The amount of RM2,000,000 which was originally required
to defray the estimated expenses of the Proposals and Proposed
Exemption, will no longer be required as Kiara Emas has obtained
sufficient funds to pay for the estimated expenses of the
Proposals and Proposed Exemption from the proceeds of disposal
of the property held under GM121, Lot 837 (New Lot No. 3085),
Mukim and District of Petaling, which was owned by Hup Lee
Coachbuilders Sdn Bhd, one of the subsidiaries of Kiara Emas. As
such, the amount of RM2,000,000 which was intended to pay for
the estimated expenses of the Proposals and Proposed Exemption,
will be used for working capital of the MTHSB Group.


MALAYSIAN AIRLINE: Proposed Sale Time Implementation Extended
-------------------------------------------------------------
Malaysian Airline System Berhad (MAS) refers to the
announcements dated 30 July 2002, 31 July 2002, 26 September
2002, 12 October 2002, 17 October 2002 and 5 November 2002 on
the Proposed Sale/Reimbursement and Subsequent Lease/Sub-Lease
of certain properties of MAS to Asset Global Network Sdn. Bhd.
(AGN) (formerly known as Terusan Timur Barat Sdn. Bhd.)
(Proposed Sale and Leaseback of Properties).

On behalf of the Board of Directors of MAS, Commerce
International Merchant Bankers Berhad is pleased to announce
that the Securities Commission had, via its letter dated 24
March 2003, approved the extension of time for the
implementation of the Proposed Sale and Leaseback of Properties
for another six (6) months to 25 September 2003.

For further details of Proposed Sale and Leaseback of
Properties, refer to the Troubled Company Reporter - Asia
Pacific Monday, June 3, 2002, Vol. 5, No. 108 issue.

Wrights Investors' Service reports that at the end of 2002,
Malaysian Airline had negative working capital, as current
liabilities were RM8.84 billion while total current assets were
only RM2.44 billion. The company has paid no dividends during
the last 12 months and reported losses during the previous 12
months.


PAN MALAYSIA: Proposes Purchase of Own Shares
---------------------------------------------
The Board of Directors of Pan Malaysia Corporation Berhad
announced that the Company intends to seek shareholders'
approval on the following proposals at an Extraordinary General
Meeting to be convened:

   1. Proposed purchase of own shares by the Company; and

   2. Proposed renewal of shareholders' mandate for recurrent
related party transactions of a revenue or trading nature.

A circular to shareholders containing details of the above
proposals will be dispatched to the shareholders of the Company
in due course.

The Troubled Company Reporter - Asia Pacific reported on March
12 that the Liquidator of its units GCIH (Singapore) Pte Ltd,
Heng's Food & Beverage Industries Pte Ltd and Welland
Investments Pte Ltd has informed the Company that subsequent to
the respective final meeting of these three companies which were
held on 10 March 2003, the Liquidator had on 10 March 2003
lodged with the Registrar of Companies and the Official Receiver
the relevant returns pursuant to Section 308(3) of the Companies
Act, (Cap. 50).


PANGLOBAL BERHAD: Posts February Mining Production  
--------------------------------------------------
PanGlobal Berhad wishes to announce that the production volume
of coal of its wholly-owned subsidiary, Global Minerals
(Sarawak) Sdn Bhd for the month of February 2003 was
43,769.36mt.

COMPANY PROFILE

The Group's principal activities include general insurance
business, extraction of logs, sawmilling and manufacturing of
veneer, coal mining, property investment and development, rental
of office and commercial premises and operation of hotel
apartments.

The Company was originally a housing developer. In 1966, the
Company disposed of these activities and entered into the towel
and yarn manufacturing business. Over the years, the Company
diversified its activities into property development, computers
and insurance. The Company maintains its insurance operations
through PanGlobal Insurance Bhd, with head office in Kuala
Lumpur and branches in 12 states. It transferred its towel
manufacturing operations to one of its subsidiaries in 1987,
thus becoming a purely investment holding company. Subsequently,
the Company, in 1994, disposed of its property development
division and computer division and, in 1995, its textile
operations.

Following this, the Company became involved in timber extraction
and related activities and operation of a coal mine. Both
activities are carried out in Sarawak.

An affected listed issuer under Practice Note 4/2001 of KLSE's
Listing Requirements, the Company has submitted a proposed
composite scheme of debt arrangement to the SC and the relevant
authorities. The proposals are awaiting approval from SC, the
High Court of Malaya and shareholders. A Restraining Order under
Section 176 of the Companies Act, 1965, granted to PanGlobal
together with four of its subsidiaries (PanGlobal Properties Sdn
Bhd, Menara PanGlobal Sdn Bhd, Global Minerals (Sarawak) Sdn Bhd
and Limbang Trading (Limbang) Sdn Bhd) has been extended to 15
November 2002. This Restraining Order affects only banking
creditors.

CONTACT INFORMATION: Level 27, Menara IMC
                     8 Jalan Sultan Ismail
                     50250 Kuala Lumpur
                     Tel : 03-2019199
                     Fax : 03-2023977


PERNAS INTERNATIONAL: Still on Rating Watch
-------------------------------------------
Ratings Agency Malaysia Berhad (RAM) has maintained the Rating
Watch (with a developing outlook) on the BBB3(s) ratings of both
Pernas International Holdings Bhd's (PIHB) RM200 million
Redeemable Secured Bonds (2000/2005) and RM100 million
Redeemable Secured Bonds (2000/2008). This is premised on PIHB's
new proposed restructuring exercise, which could potentially
reduce its borrowings of RM2.59 billion as at FYE 31 December
2002 (FY 2002) to approximately RM1.5 billion before the end of
the year.

With the Company having changed hands twice since its last
rating review in September 2001, the management of PIHB has been
unable to proceed with its corporate restructuring proposals.
Efforts to reduce its massive debt have been held back since
Perbadanan Nasional Bhd (PNS) "reacquired" its 32%-stake from
Fernrite Sdn Bhd in October 2001, as a result of the Settlement
Agreement to terminate the Sale and Purchase Agreement of 19
August 1996 between the 2 parties. Plans to address the Group's
problem were again stalled pending the completion of its
takeover by Restu Jernih Sdn Bhd from PNS, following the signing
of a Sale of Shares Agreement on 5 April 2002. The change in
ownership was finally completed on 9 January 2003.

RAM notes that the new management is actively seeking solutions
to trim its borrowings. Led by the newly reconstituted Board of
Directors, the new management team has moved quickly to address
PIHB's balance sheet woes. Shortly after the change in
shareholders, the new management disposed of PIHB's stake in
Arena Johan Sdn Bhd, which holds Menara Exxon-Mobil, bringing a
cash inflow of approximately RM120 million. In addition, a few
other properties and some quoted shares in Tradewinds (M) Bhd
had earlier been sold for some RM15 million. RAM expects a more
comprehensive restructuring plan to be carried out in the next 6
months, as follows:

   * Proposed conversion of Arena Target Sdn Bhd's (Arena
Target) [70%-owned subsidiary] Redeemable Cumulative Convertible
Preference Shares (RCCPS) due to Khazanah Nasional Bhd,
amounting to RM678 million in the form of principal redemption,
redemption premium and dividend outstanding, into a significant
equity holding in the former. PIHB will consolidate all 10 of
its hotel properties under Arena Target.

   * Proposed disposal of 3 plantation companies under Pernas
Securities Sdn Bhd (100% subsidiary of PIHB) to Tradewinds (51%
subsidiary of PIHB) for approximately RM155 million.

   * Proposed disposal of assets including liquid investments
and properties in Singapore and London for approximately RM90
million.

   * Proposed acquisition of other businesses amounting to some
RM500 million via the issuance of Irredeemable Convertible
Unsecured Loan Stocks and securities. These businesses are
expected to contribute a respectable level of sustainable
operating cash flow to the Group.

Upon the successful implementation of its restructuring plan,
RAM expects PIHB's financial profile to be more manageable with
the reduced debt. Its gearing ratio is anticipated to drop to
approximately 0.7 as opposed to 1.86 as at end-FY 2002.
Accordingly, interest cost, which has been burdening the Group,
will also be trimmed down to a level more comfortably met by its
cash flow. Nonetheless, principal repayments would depend on
further asset sales or injection of fresh equity capital from
the new shareholders.

Meanwhile, PIHB's turnover rose by 11% (to RM284.40 million) in
4Q FY 2002 and 6% (to RM1,081.76 million) for FY 2002, mainly
lifted by higher contributions from its plantations division,
which had benefited from higher palm product prices and
increased production of fresh fruit bunches. However, this was
partly offset by lower contributions from its hotel division,
mainly due to the closure of Mutiara Kuala Lumpur for
renovations. Despite the Group's improved operating performance,
it suffered a significant pre-tax loss of RM98.35 million for
the quarter under review and RM147.72 million for the entire
year. This was primarily due to exceptional items, which mainly
comprised the impairment of hotel properties, i.e. Mutiara Kuala
Lumpur (RM62 million) and Mutiara Pedu Golf & Lake Resort (RM9
million). This was further exacerbated by the reclassification
of dividends and the redemption premium on its RCCPS to finance
cost. For 4Q FY 2002 and FY 2002, PIHB's finance costs soared by
almost 87% (to RM43.58 million) and 45% (to RM136.53 million),
respectively.


PLANTATION & DEVT: SC Conditionally Considers Proposed Exemption
----------------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Plantation & Development
(Malaysia) Berhad, announced that in respect of the application
for the proposed exemption to Mujur Zaman Properties Sdn Bhd
(MZPSB) and parties deemed acting in concert with MZPSB from the
obligation to undertake a mandatory take-over (Proposed
Exemption) pursuant to the Proposed Restructuring Scheme of P&D,
the Securities Commission (SC) has set out that it could not
consider the Proposed Exemption under Practice Note 2.9.3 of the
Malaysian Code On Take-overs and Mergers, 1998 (Code) as applied
by P&D.

However, the SC has set out that it will consider the Proposed
Exemption under Practice Note 2.9.1 of the Code upon the
fulfillment of the following by MZPSB and parties deemed acting
in concert with MZPSB:

   - furnishing of statutory declarations to the SC that they
have not purchased shares of P&D in the six (6) months prior to
the posting of the circular relating to the Proposed
Restructuring Scheme of P&D to the shareholders of P&D but
subsequent to negotiation, discussion, understanding or
agreement with the Directors of the Company in relation to the
Proposed Settlement Of Debts To Creditors Of The Everange Group,
whichever is the earlier, and will not purchase shares of P&D
until the SC approves the Proposed Exemption. The Proposed
Settlement Of Debts To Creditors Of The Everange Group is the
relevant proposal within the Proposed Restructuring Scheme of
P&D that gives rise to the Proposed Exemption;

   - obtaining approval from the shareholders of P&D, on a poll,
at an extraordinary general meeting whereby interested parties,
if any, would abstain from voting at that meeting; and

   - provision of independent and competent advice to the
shareholders of P&D whereby the appointment of the independent
adviser and the contents of the independent adviser's circular
must have been approved by the SC.

There are no other material developments in the Proposed
Restructuring Scheme of P&D subsequent to the announcements
dated 3 March 2003 and 21 March 2003.


SIN HENG: Hires Messrs Monteiro & Heng as Independent Auditors
--------------------------------------------------------------
SHCM is pleased to announce that it has appointed Messrs
Monteiro & Heng as the independent auditors to carry out an
investigative audit on the Company's losses in the previous
years. This is in compliance with one of the conditions imposed
by the Securities Commission in approving the Proposals via its
letter dated 27 December 2002.


TAP RESOURCES: KLSE OKs ICULS Listing, Quotation
------------------------------------------------
Further to the announcement dated 20 February 2003 in relation
to the Proposals, the Board of Directors of TAP Resources Berhad
announced that the Kuala Lumpur Stock Exchange via its letter
dated 24 March 2003, has given its approval-in-principle for the
following:

   (i) Admission to the Official List and listing and quotation
of RM43,178,831 nominal value of Irredeemable Convertible
Unsecured Loan Stocks 2003/2006 (ICULS) to be issued pursuant to
the Debt Restructuring.

   (ii) Listing of and quotation for the following additional
ordinary shares:

     (a) 29,332,666 new ordinary shares of RM1.00 each in TAP to
be issued pursuant to the Rights Issue.

     (b) up to 79,812,831 new ordinary shares of RM1.00 each in
TAP to be issued pursuant to the conversion of RM43,178,831
nominal value of ICULS and RM36,634,000 nominal value of
Redeemable Convertible Secured Loan Stocks 2003/2006 (RCSLS).

The Company's Proposals involves Proposed Debt Restructuring,
Proposed Profit Guarantee Waiver and Proposed Rights Issue.


TRANS CAPITAL: Court Further Grants Restraining Order Extension
---------------------------------------------------------------
AmMerchant Bank, on behalf of the Board of Directors of Trans
Capital Holding Berhad (TCHB), wishes to announce that TCHB and
its subsidiaries, namely Trans Capital Sdn Bhd (In Receivership)
(TCSB) and Trans Capital Electronics Sdn Bhd (TCESB) were
granted by the High Court of Penang on 21 March 2003 a further
extension of six(6) months from 24 March 2003 for leave to
convene scheme meetings and for the Restraining Order (RO) under
Section 176 of the Companies Act 1965.

The RO restrains and stays all legal proceedings against TCHB,
TCSB and TCESB until 23 September 2003.

The Company's Proposed Corporate and Debt Restructuring Scheme
involves:  

   - Proposed Share Exchange
   - Proposed Debt Settlement Scheme
   - Proposed Acquisitions of Acquiree Companies
   - Proposed Restricted Issue
   - Proposed Placement and Public Issue
   - Proposed Transfer of Listing Status
   - Proposed waiver for certain of the Vendors from undertaking
a mandatory general offer for the remaining Shares in AWC


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


NASIPIT LUMBER: PSE Delists Firm
--------------------------------
The Philippine Stock Exchange (PSE) has delisted the shares of
Nasipit Lumber Company effective March 26 after the firm has
been liquidated, the Manila Bulletin reports. Last September,
the Manila Regional Trial Court declared that the Company was
insolvent and appointed a liquidator to handle the firm's assets
and liabilities.

Serious cash flow problems arising from difficult business
conditions forced it to cease operation six years ago. Nasipit
has assets worth a total of 758 million pesos and liabilities of
almost 1 billion pesos.


PHILIPPINE LONG: May File Suit Against AT&T/Worldcom
----------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) may file a lawsuit
against AT&T and WorldCom over unpaid dues amounting to US$7.3
million, BusinessWorld newspaper reported, citing PLDT Board
Member and legal team head Ray Espinosa. PLDT has receivables of
US$4.8 million from AT&T and 2.5 million from Worldcom.

Espinosa said on Tuesday that PLDT would not enter into any
interim agreement with the US carriers to settle their dispute
over termination rates unless they pay the dues. Espinosa added
that the deadline given by PLDT to the US carriers to pay the
dues lapsed last week.

The US Federal Communications Commission has ordered the US
carriers to stop payment to Philippine telecom companies, after
AT&T complained that the increase in termination rates imposed
by local carriers effective Feb 1 would cause unfair
competition.
      

PHILIPPINE LONG: Salim Group Supports Board Nominees
----------------------------------------------------
First Pacific Co. Ltd'.s major shareholder Anthoni Salim
supported the nominations of the current set of directors of
unit Philippine Long Distance Telephone Co., including President
Manuel Pangilinan, to the board, the Philippine Star reported.

Parties from both First Pacific and PLDT have rejected earlier
rumors the Salims were planning to oust Pangilinan from PLDT.


PHILIPPINE LONG: Smart Triples Dividend Payout to P4.3B
-------------------------------------------------------
Smart Communications Inc. plans to triple its dividend payout to
as much as 4.3 billion pesos ($79.2 million) to help parent
Philippine Long Distance Telephone Co. pay its debt, Bloomberg
reports.  Smart may post profit growth of at least 2 billion
pesos this year because of more customers. The Company also is
no longer burdened by write-downs from a shut analog network.

Philippine Long Distance Telephone, seeking to cut its $3.2
billion debt, has $235 million due this year and $285 million
due in 2004. The Company paid $204 million last year and
refinanced $644 million of debt, giving it more time to service
a debt burden that's twice its sales.


PHILIPPINE LONG: Writes Off Piltel Investments
----------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) wrote off 4.10
billion pesos in investments in Pilipino Telephone Corp.
(Piltel), whittling down profits to 3.12 billion pesos, the
Malaya Business Newspaper said on Wednesday. PLDT's investment
in Piltel is now zero and it will no longer impact on the
group's results.

President Manuel Pangilinan later told a news conference he
expected earnings to grow 20 to 25 percent this year from 2002.
PLDT hoped to cut group debt of $3.185 billion by around $300
million this year, he added. Piltel, which has been making
write-downs for analog assets as its customers switched to the
digital GSM technology of its sister mobile phone unit Smart
Communications Inc., has been a drag on PLDT's performance in
the past few years.

Piltel posted a 2002 net loss of 21.83 billion pesos, versus a
loss of 21.86 billion a year earlier, after it took a 16.79
billion pesos asset write-down charge.

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


VICTORIAS MILLING: Five Groups Pre-qualify For Investment  
---------------------------------------------------------
Victorias Milling Corporation Chairman Omar Meer said at least
five groups have prequalified for a prospective capital
investment worth 700 million pesos, AFX Asia said on Tuesday.

The prospective investors are JG Summit Holdings Inc; investment
house ATR Kim Eng Capital; a group represented by Buenaventura
Echauz & Partners; and two sugar trading groups led by Julio Sy
of Bukidnon Sugar Co and businessman Nelson Senoron. Victorias
is seeking fresh capital in return for shares to prospective
investors. The winning bid will be announced on Monday.


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


CHARTERED SEMICONDUCTOR: Unveils 1Q03 Earnings Release Date
-----------------------------------------------------------
Chartered Semiconductor announced:

Event: 1Q03 Earnings Release Date

Singapore: April 17, 2003
(Pre Singapore Mkt Open)

New York: April 16, 2003
(Post New York Mkt Close)

Start Date: April 17, 2003

Contact: Sandra Saucedo

Phone: 408-941-1184

Email: saucedos@charteredsemi.com

Chartered Semiconductor Manufacturing Ltd. may face several
risks in constructing and equipping new fabrication plants, a
Company statement said.

Where the Company expands by constructing new fabrication
plants, there will be certain uncontrollable events that could
delay the project or increase the costs of construction and
equipping, even if the Company takes the project management and
planning steps it believes are necessary to complete the new
fabrication plants on schedule and within budget.


FLEXTECH HOLDINGS: Halts Registration of Stock Holders
------------------------------------------------------
Flextech Holdings Limited announced:

NOTICE TO CLOSE REGISTER OF LOAN STOCK HOLDERS $22,000,000
PRINCIPAL AMOUNT OF UNSECURED LOAN STOCK

Pursuant to the Extraordinary Resolution (as defined in the
Trust Deed dated 2 October 1997 constituting the loan stocks)
passed by holders of the loan stock on 9 November 2002, the
maturity date of the restructured Loan Stock (the Varied Loan
Stock) has been postponed to 23 October 2007 with annual fixed
interest rate ranging from 3.75 percent per annum for the first
year to 6.0 percent per annum for the fifth year, payable semi-
annually on 23 April and 23 October of each year.

Interest at the rate of 3.75 percent per annum on the Varied
Loan Stock will be paid on 23 April 2003 for the period 24
October 2002 to 23 April 2003 (both dates inclusive).

Notice is hereby given that the Register and Transfer Books of
Loan Stockholders of the Company will be closed on 10 and 11
April 2003 (both dates inclusive) for the purpose of determining
persons entitled to the payment of interest on the Varied Loan
Stock on 23 April 2003.

Duly completed transfers of the Varied Loan Stock received by
the Company's Registrar, Lim Associates (Pte) Ltd, 10 Collyer
Quay #19-08, Ocean Building, Singapore 049315 up to 5.00 p.m. on
9 April 2003 will be registered for this purpose.

INTEREST WITHOUT TAX DEDUCTION

Under Section 45 of the Singapore Income Tax Act, Cap. 134,
Singapore income tax at 15 percent is deductible from interest
paid on the Varied Loan Stock to holders thereof not known to
the Company to be resident in Singapore for income tax purposes.

If you are resident of Singapore for income tax purposes and
wish to receive interest on your Varied Loan Stock without any
tax deductions, you should submit to Flextech Holdings Limited,
c/o The Company's Registrar (if you hold Loan Stock certificate)
or The Central Depository (Pte) Ltd CDP (if you are the
Depositor) not later than the close of business on 9 April 2003
a Declaration duly completed, and signed before a witness. The
Declaration is not a Statutory Declaration and therefore need
not be signed before a Commissioner for Oaths.

If you are a body corporate and are holding Varied Loan Stock as
a nominee, you should together with your Declaration, submit to
the Company's Registrar (if you hold Loan Stock certificate) or
the CDP (if you are a Depositor) a Letter of Undertaking.

If you are entitled to the Varied Loan Stock interest, and have
not received the form, you may obtain a copy from the CDP. If
your Declaration is in order, the interest due on your Varied
Loan Stock on 23 April 2003 will be paid to you without
taxation.


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: 24 Mar 2003
Date of change of deemed interest: 17 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: 10,000
% 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: 4,043,304 383,465,362
% of issued share capital:                 0.34      32.6
No. of shares held after the transaction:  4,053,304 383,465,362
% 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.


NEPTUNE ORIENT: Warns Customers of Freight Rate Increase
--------------------------------------------------------
Neptune Orient Lines is warning customers it could significantly
increase freight rates on its container services between North
America and the Middle East if its war-risk insurance charges
are raised, Channel News Asia reports.

At the moment, war-risk premiums remain the same and it has not
yet been notified of any changes so far by its insurers.

According to The Troubled Company Reporter-Asia Pacific, Neptune
Orient Lines Limited aims to return to profitability this year.
The Company reported a net loss of US$109 million in 2002 and
expects cost savings of up to US$200 million for this year.

The Company confirmed that 350 people would be laid off this
year, while the group was making a provision for severance for
the rest of the staff, which may come from the sale of its
businesses.


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


DATAMAT PUBLIC: Won't Issue 2002 Dividend Payment
-------------------------------------------------      
By resolution of Board of Directors' Meeting No. 2/2003 dated
March 24, 2003, the Board of Directors of Datamat Public Company
Limited revealed it plans to:

1. To schedule the Annual General Meeting of Shareholders No. 35
on 30th April 2003, 2:00 p.m., at The Westin Grande Sukhumvit
Hotel Ballroom B, 7th Floor at 259 Sukhumvit 19  Klongtoey Nua
Wattana Bangkok  to discuss the following agenda:

        1.1 To approval the Minutes of the Extraordinary
Shareholders Meeting No. 2/2002

        1.2 To acknowledge the Company's Operational Performance
for the year 2002

        1.3 To approval Balance Sheets and Financial Statements
ended 31st December 2002

        1.4 To consider for Dividend Payment

        1.5 To consider the appointment of Board Members

        1.6 To consider for Directors Remuneration

        1.7 To consider the appointment of the Company Auditors
and Compensation

        1.8 Other business  (If any)

2. To close the Share Register Book and restrict the transaction
of share transfer for the right of shareholders to attend the
Annual General Meeting of Shareholders No. 35 on April 8, 2003.

3. The Board of Directors resolved to support its subsidiary
company in Malaysia, E T Communication Sdn Bhd (421265 - H) to
apply for a listing status in the MESDAQ MARKET of Kuala Lumpur
Stock Exchange (KLSE). The application for admission to MESDAQ
official listing will be made on March 31, 2003. It is
anticipated that the Public Offering can be made during the
third quarter of 2003, subjected to the official approval.


PICNIC GAS: Planner Proposes New Directors' Appointment
-------------------------------------------------------      
The Board of Directors of Ultimate Key Company Limited, as Plan
Administrator of Picnic Gas and Chemicals Public Company
Limited, at a meeting No. 2/2546 passed the following
resolutions:

1. Appointing Ms. Supaporn Lapvisutisin and Mr. Theeratchanon
Lapvisutisin as Directors

2. Approving the changing of name and number of directors
empowered to sign on behalf of the company to be:

"The joint signatures of the two following Directors with the
company's seal affixed, namely, Ms.Supaporn Lapvisutisin and Mr.
Theeratchanon Lapvisutisin."


PREECHA GROUP: Omits Dividend Payment, Sets OGM on April 25
-----------------------------------------------------------      
Preecha Group Public Company Limited, informed that the BOD
Meeting held on March 21, 2003 passed the following resolutions:    

1. That the company will omit dividend payment for the operation
from January 1, 2002 to December 31, 2002.

2. That an ordinary general meeting of shareholders for the year
2003 should be held on April 25, 2003 from 9:00am. at 9th floor
Preecha Group Building, 1919 Pattanakarn Road, Suanluang,
Bangkok.  That the agenda for the meeting will:          

   (1)  Certify the minutes of the ordinary shareholders meeting
for the year 2002  
   (2)  Certify the company's annual report and the board of
directors report  for 2002
   (3)  Approve the company's balance sheets, profit and loss
statements, and cash flow statements as at December 31, 2002.         
   (4)  Consider the allocation of net profit of legal reserves
and dividend omission for the year 2002''s operational results.
   (5)  Consider the 2003 remuneration for the board of
directors.
   (6)  Appoint new directors to succeed those completing their
terms,  fix the number of directors and their authority.
   (7)  Appoint an auditor and fix the auditing fee for the year
2003.
   (8)  Consider other issues (if any)

3. That the date for closing the company share register for the
right to attend the ordinary general meeting of shareholders
will be on April 8, 2003 at 12:00pm until April 25, 2003.          


SIAM AGRO: Cancels Dividend Payment, Appoints New Director
----------------------------------------------------------      
The Board of Directors of The Siam Agro Industry Pineapple and
Others Public Company Limited at a Meeting No. 1/2003 held on 25
March 2003 passed these resolutions:
        
1. Approved the appointment of Mr. David Collaghan as Director
to replace a vacancy in the Board of Directors effective from
March 25, 2003 onwards.

2. That an Ordinary General Meeting of Shareholders No. 1/2003
should be held on 29 April 2003 at 10:00 a.m. at the Rotary
Center in Thailand Meeting Room, 32nd floor Ocean Tower 2, 75
Soi Sukhumvit 19 (Wattana) Sukhumvit Road, Klongtoey Nua   
Wattana, Bangkok 10110.

3. That the share register book will be closed for fixing the
right to attend the Ordinary General Meeting of Shareholders   
at 12:00 noon on 10 April 2003 until the meeting is adjourned.

4.  Mr. Praful Shah is appointed to have the power to undertake
necessary actions relating to the holding of the said Ordinary
General Shareholders Meeting including but not limited to   
amending and/or adding agenda or items thereto and/or changing
time and/or place and/or the date for closing of the share
register book.

5. That the Ordinary General Meeting of Shareholders No. 1/2003
to consider the following agenda:

   5.1 To certify the Minutes of the Ordinary General Meeting of
Shareholder No. 1/2002 held on 29 April 2002.

   5.2 To receive the company's annual report as to the
operation of the Company for the financial year ended 31
December 2002.

   5.3 To receive and approve the company's financial statements
and auditor's report for the financial year ended 31 December
2002.

   5.4 To acknowledge that there will be no dividends declared
and no appropriation to the reserve fund for the financial year
ended 31 December 2002 in accordance with the law and the
Articles of Association of the Company.

   5.5 To consider and re-elect those directors retiring under
the terms of the Company's Articles of Association and fix their
remuneration for the financial year ending 31 December 2003.

   5.6 To consider and approve the appointment of the auditor
and fix their remuneration for the financial year ending 31
December 2003.

   5.7 To consider and approve the extension of the Maturity
Date from 9 August 2003 to 8 August 2006 for the Transferable
Warrants issued on 10 August 2000.

   5.8 To transact such other business as may be transacted at
the Ordinary General Shareholder's Meeting.


T.C.J. Bankruptcy Court Appoints Rehabilitation Planner
-------------------------------------------------------      
T.C.J. Asia PLC (TCJ) informed that on March 24, 2003 the
Central Bankruptcy Court ordered TCJ to be under Rehabilitation
Process and has also appointed Miss Srivilai Chatjuthamard to be
the Planner of TCJ.

Shareholders will be further notified for any additional.

Last month, Troubled Company Reporter - Asia Pacific reported
that the BOD Meeting No. 1/2003 has approved the Company to
submit a petition of business rehabilitation with the Central
Bankruptcy Court. The reason for filing is due to mismatch cash
flow of the Company with the schedules of debt restructuring
repayments agreement dated June 30,2000.


THAI DURABLE: Major Shareholders Obliged to Deposit Shares
----------------------------------------------------------
Thai Durable Textile Company Limited applied for the Relisting
of shares under the REHABCO sector on February 6, 2003. The
company would like to carry out the recommendations that the
following group of major top ten shareholders will voluntarily
deposit their share holding on a pro-rata basis to make up 35%
of the total paid-up shares (300,510,000 shares) under the
Silent Period for 6 months from the trading date of shares. They
will not divest the shares out during the said period.

Name                       No. of Shares     No. of Shares for  
                                               SILENT PERIOD
Mr. Wei-Lieh Chueng           39,888,878           15,360,160
Intergerity Asset Management
(S.F.C.) Ltd.                 37,987,223           14,627,883
Ms. Yan Wai Man               36,972,292           14,237,060
Mrs. Srisamai Sornthip        31,875,525           12,274,428
Bangkok Bank Plc.             30,051,000           11,571,852
Mrs. Sumana Varongsurat       23,751,909            9,146,237
Mrs. Yen Denduangrudee        22,034,985            8,485,095
Ms. Tassawan Denduangrudee    21,387,501            8,235,765
Mrs. Duangjan Jongtiengtong   15,025,250            5,785,830
Mrs. Lalit Denduangrudee      14,164,013            5,454,190
Total                        273,138,576          105,178,500


TPI POLENE: Newly Issued Shares Offering Period Extended
--------------------------------------------------------      
TPI Polene Public Company Limited informed that it has been
granted approval from the Office of Securities and Exchange
Commission (the SEC) to extend the offering period of the equity
fund raising of at least US$180 million from March 19 - 25, 2003
to March 19 - 28, 2003. Any other terms and conditions contained
in the prospectus remain the same.

On February 25, Troubled Company Reporter - Asia Pacific
reported that the Company is in the preparation process of
equity fund raising by way of the public offering for the amount
of at least US$180 million at the offering price of Bt17 per
share and the offering period will be on March 19-25, 2003. In
case the Company can complete the equity fund raising as
mentioned above, it is expected that the Company's external
auditor is able to express his opinion of the Company's
financial statements and the Company credit rating will be
upgraded to "BBB-", which is classified as an investment grade.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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