TCRAP_Public/030409.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Wednesday, April 09 2003, Vol. 6, No. 70

                         Headlines

A U S T R A L I A

AUSTAR UNITED: Welcomes Approval of UGC-CHAMP Proposal
BRANDRILL LIMITED: Dir Ken Perry Assumes Company Secretary Role
BRISBANE BRONCOS: AGM Date Changed to May 19
CAPE RANGE: Reinstated to Official Quotation
EXOTIC TIMBERS: Geoffrey Finch of KPMG Appointed as Receiver

FORTLAND HOTEL: Lodges Half Yearly Report
PHONEWARE LIMITED: Sirius Issues Shares to Administrator
QUIKTRAK NETWORKS: Posts Results of Meeting/Constitution

* ASIC Cancels Brisbane Liquidator's Registration


C H I N A   &   H O N G  K O N G

ARTS DRY: Winding Up Sought by Cheng So
ASIA RESOURCES: Capital Reorganization Effectuated
ASIA RESOURCES: Undergoes Share Consolidation
CHANCE RIGHT: Winding Up Petition Pending
CHINA SOUTHERN: Winding Up Petition to be Heard

DENG'S CORPORATION: Winding Up Petition Hearing Set
PCCW LIMITED: HKSE OKs De-Minimis Concession Application
SHANGHAI MERCHANTS: 2002 Operations Loss Swells to HK$49.994M
TACK HSIN: GDT's Liquidation Won't Affect Business Operations


I N D O N E S I A

BANK LIPPO: ICW Filing Suit Against Bapepam for Case Mishandling
TEXMACO GROUP: BNI, IBRA to Control L/C Payment  


J A P A N

KUMAGAI GUMI: Rehab Deal Fails to Impress Analysts
MATSUSHITA ELECTRIC: Expects Y23.5B Loss For 2002
NIPPO KENSETSU: Construction Firm Enters Rehab Proceedings
TOSHI KANKYO: Golf Course Enters Rehab Proceedings
UFJ HOLDING: Sees FY03 Net Loss of Y650B


K O R E A

JINRO CO.: Creditors File Objection to Receivership
KUMHO GROUP: Pension Fund May Become Unit's Largest Shareholder
SK GLOBAL: UBAF Seeks to Wind Up Singapore Arm


M A L A Y S I A

ANSON PERDANA: Dir Chai Dealing in Shares Within Closed-Period
CSM CORPORATION: Provides March Defaulted Payment Status Update
DEWINA BERHAD: Changes Name to `MTD Infraperdana Bhd'  
GLOBAL CARRIERS: Dato' Hashim Resigns as Audit Committee Member
GLOBAL CARRIERS: SC Extends Revised Scheme Completion Date

KUALA LUMPUR: Provisional Liquidator Appointed for Unit MECB
LAND & GENERAL: Unit's JV Not Subject to Shareholders Approval
L&M CORP.: Unit's Winding Up Petition Hearing Set on May 30
METROPLEX BERHAD: Unit Proposes Land Disposal to Reduce Debts
MGR CORPORATION: Discloses Notice of Book Closure

MGR CORP.: SC OKs Restructuring Scheme Implementation Extension
PANCARAN IKRAB: Confirms Andersen's Investigative Audit Done
PANCARAN IKRAB: SC OKs Proposed Restructuring Scheme
PENAS CORPORATION: Changes Registered Address
REPCO HOLDINGS: Restructuring Agreement With Vendors Terminated

TIME DOTCOM: EGM, 6th AGM Scheduled on April 30
YTL POWER: Unit Plans Bond Sale Next Month to Restructure Debts


P H I L I P P I N E S

BENPRES HOLDINGS: Clarifies "MWSS Demands P4.5B" Report
MANILA ELECTRIC: Should Avoid Arbitration With Napocor, Perez
NEGROS NAVIGATION: Annual Stockholders' Meeting Set For April 30
UNITED COCONUT: Considers Subordinated Debt Issue to PDIC
UNITED COCONUT: UCPB Bailout Seen Within Second Quarter


S I N G A P O R E

BOUSTEAD SINGAPORE: Posts Notice of Shareholder's Interest
EXCEL MACHINE: Evaluating Plans For Capital Reduction
LKN-PRIMEFIELD: Update on Debt Restructuring Progress


T H A I L A N D

ADVANCE PAINT: Notifies Resolutions Passed at SGM No 1/2003   
GOLDEN SANDS: Files Business Reorganization Petition
MEDIA OF MEDIAS: Creditors Meeting Set Today
MDX PUBLIC: Court Appoints Rehabilitation Plan Administrator

     -  -  -  -  -  -  -  -

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


AUSTAR UNITED: Welcomes Approval of UGC-CHAMP Proposal
------------------------------------------------------
Austar United Communications (AUSTAR) announced on April 4, 2003  
that its Banking Syndicate has approved the proposal announced
on 22 December 2002 by its parent company UnitedGlobalCom (UGC)
and private equity fund Castle Harlan Australian Mezzanine
Partners (CHAMP), under which CHAMP will become a substantial
shareholder in AUSTAR.

As part of the approval, the Banking Syndicate has agreed,
subject to final documentation, to make certain revisions to the
existing $400 million Bank Facility arrangements. While the core
elements of the Bank Facility will remain unchanged, a key
modification is the revision of certain covenants. The revised
covenants more realistically reflect AUSTAR's long range plan in
light of current market conditions. Further, the Banking
Syndicate has agreed to waive outstanding breaches of subscriber
covenants under the previous arrangements. Finally,
approximately $30 million of the Facility will be repaid by the
end of this transaction, including a portion of the proceeds
from the recently announced sale of the company's shares in
TelstraClear.

AUSTAR's Banking Syndicate approval was the final step required
for finalization of the Plan of Reorganization for United
Australia/Pacific Inc (UAP). The Plan previously received
approval from the creditors of UAP and the US Bankruptcy Court
in March 2003.

Accordingly, CHAMP will assume UAP's majority interest in United
Austar Inc., which is jointly owned by UAP and UGC. As a result,
UGC and CHAMP will together own and control 81.3% of the shares
in AUSTAR.

As disclosed previously, in accordance with ASIC requirements,
CHAMP will make a follow-on offer to the shareholders of AUSTAR.
The follow-on price will be equivalent to the effective price
CHAMP paid under the Plan to the US bondholders for the AUSTAR
shares they controlled through UAP. At Friday's exchange rate
that price would be approximately AUD16 cents per share. The
follow-on offer is likely to commence at the beginning of May
2003.

ABOUT AUSTAR UNITED COMMUNICATIONS

Background can be obtained at www.austarunited.com.au.

CONTACT INFORMATION: Deanne Weir
        GROUP DIRECTOR, CORPORATE DEVELOPMENT AND LEGAL AFFAIRS
        Telephone: 02 9394 9897
        E-mail: dweir@austar.com.au


BRANDRILL LIMITED: Dir Ken Perry Assumes Company Secretary Role
---------------------------------------------------------------
As required by ASX Listing Rule 3.16, Brandrill Limited advised
that effective April 4, 2003 Managing Director Mr Ken Perry will
also assume the role of Company Secretary of Brandrill Limited.

The Troubled Company Reporter - Asia Pacific reported last month
that the successful closing of the $14.9 million Note Issue in
December and the cash generated from operations of $5.1 million
allowed a $18 million improvement in working capital. The
Company continues to receive the support of the Commonwealth
Bank, as major lender, and other creditors and customers
throughout the difficult first half period.


BRISBANE BRONCOS: AGM Date Changed to May 19
--------------------------------------------
Brisbane Broncos Limited advised that the date previously
advised for its Annual General Meeting has been changed. The
meeting will no longer be held on Friday 16 May 2003.

The new details for the Annual General Meeting are as follows:

   DATE:       Monday 19 May 2003

   VENUE:      Broncos Leagues Club
               D'Arcy Mitchell Room
               Fulcher Road
               RED HILL QLD 4059

   TIME:       9:00 a.m.

The Notice of Meeting will be sent to shareholders along with
the company's Annual Report within the next 2 weeks.

Wrights Investors' Service At the end of 2001, Brisbane Broncos
Limited had negative working capital, as current liabilities
were A$3.24 million while total current assets were only A$2.29
million. This company has paid no dividends during the last 12
months. The company has not paid any dividends during the
previous 2 fiscal years.


CAPE RANGE: Reinstated to Official Quotation
--------------------------------------------
Cape Range Wireless Limited's securities were reinstated to
official quotation from the commencement of trading on Monday 7
April 2003 following the release of the Company's audited
accounts for the period ended 31 December 2002.

The Company's securities were suspended from Official Quotation
from the commencement of trading since April 1, 2003, due to
failure to lodge its full year accounts for the period ended 31
December 2002 in accordance with listing rules.

According to Wrights Investors, at the end of 2001, the Company
had negative working capital, as current liabilities were A$3.25
million while total current assets were only A$1.16 million. It
has reported losses during the previous 12 months and has not
paid any dividend during the previous 2 fiscal years


EXOTIC TIMBERS: Geoffrey Finch of KPMG Appointed as Receiver
------------------------------------------------------------
The Federal Court in Brisbane has ordered that Mr Geoffrey
Donald Finch of KPMG, Darwin, be appointed as receiver and
manager to Exotic Timbers of Australia Ltd (ETAL) and two
managed investment schemes it operates, the NT1 and NT3 schemes.

This appointment follows an earlier application by the
Australian Securities and Investments Commission (ASIC) on 13
March 2003, when ETAL, its director Mr Joseph Karra and a former
director Mrs Christine Karra provided a number of undertakings
to the Court.

The undertakings remain in place until the trial of ASIC's
proceedings, which have been set down for hearing in the Federal
Court in Brisbane on 23 June 2003.

ASIC alleges that ETAL, Mr Karra and Mrs Karra have failed to
exercise their powers and carry out their duties as responsible
entity and officers of the NT1 and NT3 schemes and have not
complied with their statutory obligations to lodge financial
statements for the company and the schemes, for the year ending
30 September 2002.

ASIC is also concerned that ETAL is in breach of the conditions
of its securities dealers license and is seeking Court
declarations that ETAL and Mr and Mrs Karra's conduct
contravened the Corporations Act and that ETAL be wound up.

Mr Finch has been ordered to report to the Court within 56 days
on a number of issues including:

   * the solvency of ETAL, the NT1 Scheme and the NT3 Scheme;
the assets and liabilities of ETAL, the NT1 Scheme and the NT3
Scheme;

   * the nature of the property identified;

   * the progress made in collecting and securing the property;
potential claims available to or against third parties in
relation to the property;

   * whether ETAL has kept proper records; and

   * whether there are grounds to suspect any of either ETAL,
Joseph Karra or Christine Karra or any other officers of ETAL
have contravened the Corporations Act.

Background

The NT1 and NT3 are agricultural schemes producing sandalwood,
neem, white cedar and mahogany trees on behalf of a large number
of investors throughout Australia. Over 800 woodlots have been
sold through the schemes and over AUS$6 million has been
invested by Australians.

The schemes are the only agricultural managed investment schemes
operating in the Northern Territory. The plantations are located
in Batchelor, about 100 kilometers south of Darwin.


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

As previously advised, in finalizing the Trust's financial
statements for the half year ended 31 December 2002, the
Responsible Entity, after consultation with the Trust's
auditors, determined that it was appropriate to await the result
of the independent valuations currently commissioned by the new
lender to the Trust before signing off on the carrying value of
the Trust's Investment properties. The valuations were expected
to be received by 4 April 2003.

The valuer has now advised that he will not be able to finalize
the valuations by 4 April 2003. The valuations are well advanced
and site visits have been undertaken at all properties.

The Responsible Entity will provide further advice as soon as
possible as to when the valuations are expected to be completed.
Once completed, the half yearly report will lodged immediately
thereafter.


PHONEWARE LIMITED: Sirius Issues Shares to Administrator
--------------------------------------------------------
Sirius Telecommunications Limited (Sirius) advises that
4,500,000 shares issued to the Administrator of Phoneware
Limited on 19 April, 2002 as part of the acquisition by Sirius
of certain operating subsidiaries of Phoneware Limited, will
become unrestricted as from 19 April, 2003.

Roger Mason, Managing Director of Sirius, commented that: "it
was pleasing that a number of new larger shareholders would now
be coming onto the Sirius share register and that they had
indicated their intention to retain their shareholdings in
anticipation of continued improving performance by Sirius."

CONTACT INFORMATION: Roger Mason
        Sirius Telecommunications Limited
        Phone: (03) 9520 7800


QUIKTRAK NETWORKS: Posts Results of Meeting/Constitution
--------------------------------------------------------
Quiktrak Networks Limited announced that at General Meetings of
Shareholders held Monday, Special Resolutions relating to a
selective reduction of the Company's capital were passed by
shareholders. As the selective reduction was approved, it
was not necessary to put the Resolution for an equal reduction
to the Meeting.

Also passed was a Special Resolution adopting a new Constitution
of the Company.  A copy of this Constitution can be found at
http://bankrupt.com/misc/TCRAP_QTK0409.pdf.


* ASIC Cancels Brisbane Liquidator's Registration
-------------------------------------------------
Following an application by the Australian Securities and
Investments Commission (ASIC), the Companies Auditors and
Liquidators Disciplinary Board (the CALDB) has cancelled the
registration of Mr Ian Melville West as a liquidator.

Mr West, the sole practitioner of chartered accounting firm West
& Company in Brisbane, consented to the cancellation of his
registration.

The CALDB ordered the cancellation of Mr West's registration as
a liquidator after determining that he failed to adequately and
properly carry out his duties in relation to the external
administrations of eight different companies.

The companies included Computer Solutions (Tas) Pty Ltd, Peter
Joy & Company Pty Ltd, Somerville & Partners Pty Ltd, Harney
Electrical Pty Ltd, Logan Lions Limited, The IMB Group Pty Ltd,
Australian Fund and Property Managers Pty Ltd and Watlington Pty
Ltd.

The CALDB found that in the external administration of some of
the companies, Mr West failed to:

   * report possible offences by officers of the companies to
ASIC;

   * lodge copies of Deeds of Company Arrangement with ASIC as
soon as practicable, as well as notify ASIC of their subsequent
termination;

   * lodge minutes of meetings of creditors;

   * lodge notification of administrator becoming liquidator;

   * lodge accounts within required time-frames;

   * hold annual and final meetings of creditors; and

   * finalize liquidations in a timely manner.

The CALDB found that in the external administration of Peter Joy
& Company Pty Ltd, Mr West failed to state in his opinion to
creditors whether the alternative courses of action available to
creditors were in their interests, and the reasons for those
opinions.

"It is the legal responsibility of insolvency practitioners to
ensure they manage external administrations in a timely manner,
for the benefit of creditors. Liquidators who fail in their
duties to provide timely reports to creditors, to notify ASIC
about the progress of their administrations, and who fail to
report suspected contraventions of the Corporations Act to ASIC
will be referred to the CALDB for appropriate disciplinary
action", ASIC's Deputy Executive Director of Enforcement, Ms Jan
Redfern said.


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C H I N A   &   H O N G  K O N G
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ARTS DRY: Winding Up Sought by Cheng So
---------------------------------------
Cheng So is seeking the winding up of Arts Dry Cleaners Limited.
The petition was filed on March 19, 2003, and will be heard
before the High Court of Hong Kong on April 30, 2003 at 10:00 in
the morning.

Cheng So holds its registered address at Room 1114, High Block,
Lei Moon House, Ap Lei Chau Estate, Ap Lei Chau, Hong Kong.  


ASIA RESOURCES: Capital Reorganization Effectuated
--------------------------------------------------
Reference is made to the joint announcements made by Asia
Resources Holdings Limited and Gaurdwell Investments Limited
dated 21st February, 2003, 7th March, 2003 and 14th March, 2003
(the Announcements) and the circular of the Company dated 14th
March, 2003 (the Circular).

RESULTS OF THE SGM

At the SGM, all resolutions proposed thereat approving:

   (i) the Subscription & Option Agreement, the allotment and
issue of the Subscription Shares, the grant of the Option and
the allotment and issue of the Option Shares upon the exercise
of the Option;

   (ii) the Whitewash Waiver;
   
   (iii) the Repayment of Bonds;

   (iv) the Capital Reorganization; and

   (v) the general mandates to issue and repurchase New Shares
were duly passed by the shareholders of the Company.

Each of the resolutions relating to the Subscription & Option
Agreement, the Whitewash Waiver and the Repayment of Bonds, were
taken by way of a poll and an aggregate of 144,650,000 Existing
Shares, representing approximately 98.4% in value of the total
of 146,971,318 Existing Shares held by Independent Shareholders
present either in person or by proxy, voted in favor of these
ordinary resolutions. Independent Shareholders, holding an
aggregate of 2,321,318 Existing Shares, representing
approximately 1.6% in value of the total of 146,971,318 Existing
Shares held by Independent Shareholders present either in person
or by proxy, voted against the ordinary resolutions aforesaid.

CAPITAL REORGANISATION

All conditions of the Capital Reorganization have been fulfilled
on 7th April, 2003 and the Capital Reorganization will become
effective on Tuesday, 8th April, 2003.

GENERAL

The public shareholding of the Company upon completion of the
First Subscription will be about 18.78% comprising Unichina
Enterprises Limited and the existing public shareholders. The
Directors (including the new Director) and the director of the
Investor have jointly and severally undertake to the Stock
Exchange that appropriate steps will be taken to ensure that
sufficient public float exists for the New Shares immediately
following completion of the First Subscription. Depending on the
market conditions, such steps may involve issue and / or
placement of the New Shares. The First Subscription and the
Second Subscription have not been completed as at the date of
this announcement. Further announcements will be made as and
when appropriate.


ASIA RESOURCES: Undergoes Share Consolidation
---------------------------------------------
Market participants are requested to note that the shareholders
of Asia Resources Holdings Limited (ASIA RESOURCES) have
approved the consolidation of shares on the basis of 30 then
existing ordinary shares (Old Shares) of ASIA RESOURCES into 1
new ordinary shares (New Shares).  

Effective from Tuesday, (08/April/2003), a temporary counter
under stock code 2925 and stock short name "ASIA RESOURCES" will
be established for trading in board lots of 200 New Shares each
to replace the previous counter (stock code: 899) for trading in
board lots of 6,000 Old Shares each.


CHANCE RIGHT: Winding Up Petition Pending
-----------------------------------------
Chance Right Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on April
30, 20003 at 9:30 in the morning.

The petition was filed on March 10, 2003 by Bank of China (Hong
Kong) Limited (the successor corporation to Sin Hua Bank Limited
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap. 1167) of 14th Floor, Bank of China Tower, 1 Garden Road,
Central, Hong Kong.


CHINA SOUTHERN: Winding Up Petition to be Heard
-----------------------------------------------
The petition to wind up China Southern Cargo (HK) Limited is
scheduled for hearing before the High Court of Hong Kong on
April 30, 2003 at 9:30 in the morning.

The petition was filed with the court on March 8, 2003 by UT
Freight Service (Hong Kong) Limited whose registered office is
situated at Room 2216-2218, 22nd Floor, Tower A, Regent Centre,
63 Wo Yi Hop Road, Kwai Chung, New Territories, Hong Kong.


DENG'S CORPORATION: Winding Up Petition Hearing Set
---------------------------------------------------
The petition to wind up Deng's Corporation Limited is set for
hearing before the High Court of Hong Kong on April 30, 2003.

The petition was filed with the court on March 12, 2003 by Bank
of China (Hong Kong) Limited (the successor corporation to
Kincheng Banking Corporation pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank
of China Tower, 1 Garden Road, Central, Hong Kong.


PCCW LIMITED: HKSE OKs De-Minimis Concession Application
--------------------------------------------------------
The directors of PCCW Limited (the Company) wish to announce
that on April 3, 2003 The Stock Exchange of Hong Kong Limited
(HKSE) approved the Company's application for the continued
application of the De-minimis Concession and the Modified
Calculation Concession.

Reason for the Company's Application

As mentioned in the Company's announcement dated April 19, 2002,
the Company has negative net tangible assets as a result of the
requirement under the relevant accounting standards to write-off
to reserves HK$172,014 million goodwill arising from the
acquisition of certain subsidiaries, including the acquisition
of Cable & Wireless HKT Limited (now called PCCW-HKT Limited),
on August 17, 2000. The negative net tangible asset value of the
Company does not arise as a result of operational losses.
As a result, the Company may have difficulties in complying
fully with those provisions of the Listing Rules which require
comparisons to be made with its net tangible assets or net
assets as calculated under the requirements of the Listing
Rules.

During 2002 the Stock Exchange granted to the Company various
approvals (the 2002 Approvals) to apply the De-minimis
Concession and the Modified Calculation Concession for the
purposes of determining the "assets test" and the "consideration
test". The 2002 Approvals were granted by the Stock Exchange on
the condition that they ceased to apply from April 3, 2003 when
the Company published its 2002 Annual Report. Accordingly, the
Company made the application as described above which was
approved by the Stock Exchange on April 3, 2003.

Basis for the Company's Application

The Company's application as described above is based on its
audited consolidated balance sheet as at December 31, 2002,
which has been included in the Company's 2002 Annual Report.
Based on the Company's audited consolidated balance sheet as at
December 31, 2002, the "modified assets" of the Company are
approximately HK$37,717 million, being gross assets (HK$49,763
million) less intangibles (HK$3,042 million, being sum of
goodwill of HK$1,304 million and intangible assets of HK$1,738
million) and current liabilities (HK$9,004 million).


SHANGHAI MERCHANTS: 2002 Operations Loss Swells to HK$49.994M
-------------------------------------------------------------
Shanghai Merchants Holdings Limited posted its financial
statement summary for year end date of 31 December 2002:

Currency: HKD
Auditors' Report: Unqualified
                                               (Audited)
                            (Audited)          Last
                            Current            Corresponding
                            Period             Period
                            from 01/01/2002    from 01/01/2001
                            to 31/12/2002      to 31/12/2001
                            Note  ('000)       ('000)
Turnover                           : 403,749            38,140            
Profit/(Loss) from Operations      : (49,748)           (45,427)          
Finance cost                       : (582)              (1,622)           
Share of Profit/(Loss) of
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (49,994)           (45,558)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.2074)           (0.2278)          
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (49,994)           (45,558)          
Final Dividend                     : NIL                NIL               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for
  Final Dividend                   : N/A          
Payable Date                       : N/A       
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A          

Remarks:

LOSS PER SHARE

The calculation of the loss per share is based on the loss for
the year of HK$49,994,000 (2001: HK$45,558,000) and on a
weighted average number of 241,014,247 (2001: 200,000,000)
shares in issue during the year.

No diluted loss per share for the year ended has been presented
as the share options outstanding during the year would have an
anti-dilutive effect on the basic loss per share for the year.


TACK HSIN: GDT's Liquidation Won't Affect Business Operations
-------------------------------------------------------------
The Board of directors of Tack Hsin Holdings Company Limited
announces that the Company was notified by Deloitte & Touche in
the Cayman Islands, the appointed liquidators (the Liquidators)
of Global Diversified Trading Limited (GDT), by a letter from
Deloitte & Touche to the Company dated 21 March 2003 which the
Company received on 31 March 2003 that GDT has been
put into voluntary winding-up and that the Liquidators of GDT
are considering alternatives to dispose of the GDT's
shareholding interest of the Company in order to realize the
assets of GDT.

GDT, a mutual fund company registered in the Cayman Islands,
currently holds approximately 29,950,000 shares of the Company
(the Shares), representing approximately 9.97% of the existing
issued share capital of the Company, and 4,344,400 warrants of
the Company (the Warrants), representing approximately 1.21% the
issued share capital of the Company as enlarged by the Shares to
be issued upon full exercise of the total Warrants outstanding.
Assuming the Warrants held by GDT are exercised in full, GDT
will hold approximately 34,294,000 Shares, representing
approximately 11.25% of the enlarged issued share capital of the
Company based on a total of 304,666,020 Shares comprising
4,344,400 Shares to be issued upon full exercise of Warrants
held by GDT alone or approximately 9.52% of the enlarged
issued share capital of the Company based on a total of
360,063,360 Shares comprising 59,741,740 Shares to be issued
upon full exercise of the total Warrants outstanding. Other than
being a shareholder of the Company, GDT does not have any
relationship with the Company.

The Board considers that the voluntary winding-up of GDT will
not affect the assets, liabilities or business of the Company
and its subsidiaries (the Group), as the business of the Group
is operated independently from, and is not subject to any
guarantees or financial support from GDT. However, the
directors of the Company (including independent non-executive
Directors) (the Directors) consider that the intention of the
Liquidators of GDT to dispose of GDT's shareholding interest of
the Company might be reasonably expected to affect market
activity in and the price of the Shares. While the Liquidators
of GDT is considering alternatives to dispose of the GDT's
shareholding interest of the Company, the Directors and their
associates are not involved in the proposal of such disposal,
nor do they have any intention to purchase such shareholding
interest. Therefore, the Directors do not have any knowledge of
such alternatives or the timetable of such disposal.

As at 2 April 2003, the last trading day of the Stock Exchange
immediately preceding the suspension of trading in Shares
pending the release of this announcement (the Last Trading Day),
the closing price and trading volume of the Shares were
approximately HK$0.17 per Share and nil Shares respectively.

The average closing price and trading volume of the Shares for
the 10 trading days up to and including the Last Trading Day
were approximately HK$0.183 per Share and 46,000 Shares
respectively.

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

According to Wrights Investors' Service, at the end of 2002,
Tack Hsin had negative working capital, as current liabilities
were HK$93.23 million while total current assets were only
HK$39.91 million. It has reported losses during the previous 12
months and has not paid any dividends during the previous 3
fiscal years.


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I N D O N E S I A
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BANK LIPPO: ICW Filing Suit Against Bapepam for Case Mishandling
----------------------------------------------------------------
Indonesia Corruption Watch (ICW) will file lawsuit against
Chairman of the Capital Market Supervisory Agency (Bapepam) for
its failure to handle Bank Lippo case, Bisnins Indonesia
reports, quoting ICW Coordinator Teten Masduki.

"Examination has so far been only on formal eviance and is tend
to be procedural. No further step taken to scrutinize modus and
motives behind the case," ICW Coordinator Teten Masduki said.

"I haven't received the letter yet. But I have asked the legal
affairs and regulation bureau to check what it is all about,"
Bapepam Chairman Herwidayatmo said, stressing that his office
however is grateful for ICW great concern on the country capital
market industry.

Responding to claims that Bapepam only scrutinizes formal
eviance and takes procedural steps in handling the case,
Herwidayatmo clarified that his office has several times made
public explanation about that.

"We have since the very beginning explained that the process
hasn't final yet. Bapepam still continues the scrutinizing on
controversial financial report with DJLK finding as the
reference including the alleged market manipulation," he
explained.


TEXMACO GROUP: BNI, IBRA to Control L/C Payment  
-----------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) and Bank Negara
Indonesia (BNI) feel the need for financial control on Texmaco
Group's Letter of Credit (L/C) payment, Bisnis Indonesia
reports, citing IBRA Chairman Syafruddin A. Temenggung.

"IBRA tries to drive out all the possible obstacles in the
refinancing process that everything could stay in commercial
corridor. BNI demanded everything to be set under right
arrangement as Texmaco has in the last several months made no
payment," Temenggung said, adding that Texmaco restructuring had
actually finished but still a problem lingers regarding BNI
refinancing.

BNI demanded a stop to L/C for Texmaco for conviction that the
latter would not fulfill its obligation. In response to this
complaint, IBRA has pushed Texmaco to implement financial
control and will soon place personnel to secure creditors'
interest including BNI.

"In this case both IBRA and BNI have the right to do, control,
and perform their function. BNI has a credit of IDR28 trillion
in Texmaco given in the form of L/C, of which is guaranteed by
IBRA," Temenggung said.

The amount of repayable L/C was left undisclosed as it's still
in calculation process.


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


KUMAGAI GUMI: Rehab Deal Fails to Impress Analysts
--------------------------------------------------
The joint rehabilitation plan that contractors Kumagai Gumi Co.
and Tobishima Corporation is not impressing analysts, the Asahi
Shimbun reports. Kumagai Gumi continues to struggle even after
receiving 430 billion yen aid from its lenders and is set to
receive another round of debt pardons in its three-year
rehabilitation scheme.

The integration plan, in which one struggling contractor is
placing its hope in another struggling contractor, does not make
either Company look good, unnamed analysts said. Tobishima is
still under rehabilitation, even after two rounds of financial
assistance from creditors. Kumagai is planning to ask major
creditor Sumitomo Mitsui Banking Corp. (SMBC) and others for
another 300 billion yen in financial assistance. The Company
will also cut some 60 percent of its work force, and on October
1 will spin off money-losing real estate operations so it can
focus on construction.


MATSUSHITA ELECTRIC: Expects Y23.5B Loss For 2002
-------------------------------------------------
Matsushita Electric Industrial Co. expects a group net loss of
23.5 billion yen for 2002 ending in March 31, the Japan Times
said on Tuesday. The Company blamed the forecast on a write-down
of 37 billion yen to reflect the declining value of its
shareholdings.

Bank shares are estimated to comprise most of the evaluation
loss. The bulk of these shares are believed to be those of
Sumitomo Mitsui Financial Group Inc. The Company also said it
will book a one-time charge of 27 billion yen to reflect a
change in its corporate tax scheme.


NIPPO KENSETSU: Construction Firm Enters Rehab Proceedings
----------------------------------------------------------
Nippo Kensetsu Kogyo K.K., which has total liabilities of 5.4
billion yen against a capital of 132 million yen, recently
applied for civil rehabilitation proceedings, according to Tokyo
Shoko Research. The construction and civil engineering firm is
located in Sapporo-shi, Hokkaido, Japan.


TOSHI KANKYO: Golf Course Enters Rehab Proceedings
--------------------------------------------------
Toshi Kankyo Kaihatsu K.K., which has total liabilities of 24.3
billion yen against a capital of 70 million yen, recently
applied for civil rehabilitation proceedings, according to Tokyo
Shoko Research. The golf course is located in Chuo-ku, Tokyo,
Japan.


UFJ HOLDING: Sees FY03 Net Loss of Y650B
----------------------------------------
UFJ Holding Co. Ltd expects a net loss of 650 billion yen for
the year to March 2003, reversing an earlier projection of a 70
billion yen profit, AFX Asia reports. The sharp deterioration in
its earnings was due to a rise in bad-debt write-offs, as well
as latent securities losses.

Bad-debt write-offs will increase by 260 billion yen to 740
billion as the Company decided to adopt a stricter approach to
assess its bad debts. The Company will book around 620 billion
yen in losses in connection with its stock holdings during the
period.


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


JINRO CO.: Creditors File Objection to Receivership
---------------------------------------------------
Domestic creditors of liquor maker Jinro Co. opposed an
application for the firm to be placed under court receivership,
Asia Pulse said on Monday. The move is aimed at countering the
application by an affiliate of U.S. financial services group
Goldman Sachs with a Seoul court on April 3.

Domestic creditors are against putting liquor firm Jinro Co. the
Company under court receivership because it would force them to
give up a considerable portion of their claims. The retrieval
rate of loans from a Company under court receivership is usually
about 40 percent, and it takes more than 10 years to retrieve
them, he added.

Creditors like Samsung Securities are scheduled to hold an
emergency meeting on April 9 to fine-tune their positions on the
proposed receivership. Jinro's domestic creditors believe such a
court ruling would put them in a disadvantageous position in
terms of their ability to retrieve their loans from the Company.
The total debts of Jinro, now under a court-mediated debt
workout plan, are estimated at 1.80 trillion won (US$1.43
billion).


KUMHO GROUP: Pension Fund May Become Unit's Largest Shareholder
---------------------------------------------------------------
The Military Mutual Aid Association, a pension fund for military
personnel, may become the largest shareholder of the tire-
manufacturing unit of Kumho Industries, a core subsidiary of the
Kumho Group, Digital Chosun reports. The group has been in
negotiations with the association since last year, after talks
on the sale with a U.S. consortium of Carlyle and JP Morgan
broke down in August 2002. The acquisition contract will be
signed around April 15. Sources said the firm would cost about
1.6 trillion won.

Kumho Group has suffered from mounting debt and losses in its
affiliates and units, including an air carrier Asiana Airlines
Inc. and Kumho Industrial, the Troubled Company Reporter-Asia
pacific reported. Kumho Group had about 5.5 trillion won in debt
at the end of 2001.


SK GLOBAL: UBAF Seeks to Wind Up Singapore Arm
----------------------------------------------
Union de Banques Arabes et Francaises (UBAF) is asking
Singapore's High Court to wind up the Singaporean arm of SK
Global, Channel News Asia reports. UBAF, which is 44 percent
owned by Credit Lyonnais, wants to recover money it says the
unit owes it. The name of the Singaporean unit was not mentioned
in the report.

UBAF also added that it would not join a group of creditors
meeting in Tokyo on April 8 to discuss ways to restructure SK
Global's debts of at least US$5.3 billion (S$9.4 billion). The
lawsuit in Singapore is the second filed by the bank against SK
Global, which ran into trouble with creditors after it mis-
stated its 2001 financial results.


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


ANSON PERDANA: Dir Chai Dealing in Shares Within Closed-Period
--------------------------------------------------------------
Soo Tian Chai, a Director of Anson Perdana Berhad, informed that
he intends to deal in the shares of Anson during the closed-
period in respect of the pending announcement of Anson's
quarterly results for the second quarter ended 28 February 2003.

His current shareholdings in Anson is indicated at the table
below:

Interest       No. of Shares     % of Issued Capital
Direct         5,895,860         5.96%

COMPANY PROFILE

The 1997 financial crisis adversely affected the operations of
Anson Perdana, and in year 2000, the Group's plantation
interests in Perak were disposed of for cash to meet working
capital requirements. In view of the adverse financial
conditions, the Company had developed an integrated debt-
restructuring scheme with financial institutions, trade and
other creditors.

The High Court of Malaya granted the Company and certain
subsidiaries a Stay and Restraining Order pursuant to Section
176(10) of the Companies Act, 1965. At the Court convened
creditors' meetings held on 15 March 2001 and 27 March 2001, the
majority of creditors approved the Scheme in terms of number and
value. On 24 October 2001, the Company submitted to the SC its
application in respect of the Scheme, which is now being
processed. The FIC approved the Scheme via its letter of 18
January 2002.

CONTACT INFORMATION: No. 21 & 23, Jalan Hussein (Ground Floor)
                     30250 Ipoh, Perak
                     Tel : 05-2415633
                     Fax : 05-254157


CSM CORPORATION: Provides March Defaulted Payment Status Update
---------------------------------------------------------------
Pursuant to the KLSE Practice Note No. 1/2001, CSM Corporation
Berhad provided an update on the status of default in interest
payments and principal loan repayments of the CSM Group bank
borrowings as at 31 March 2003.

To see details of the said default, go to
http://bankrupt.com/misc/TCRAP_CSM0409.pdf.


DEWINA BERHAD: Changes Name to `MTD Infraperdana Bhd'  
-----------------------------------------------------
Further to shareholders' approval at the Extraordinary General
Meeting of Dewina Berhad held on 21 March, 2003 and subsequent
announcement made on 21 March 2003 on the above, the Board of
Directors informed that the Companies Commission of Malaysia had
on 3 April 2003 issued the Certificate of Incorporation on
Change of Name of Company (Form 13) in respect of the change of
name of Dewina to MTD InfraPerdana Bhd.

In view thereof, the Company's name has been changed to MTD
InfraPerdana Bhd with effect from 3 April 2003.

COMPANY PROFILE

Dewina is involved in the manufacturing of food products and in
the industrial catering/food services sector. It is an OEM of
sauces for Sainsburys, a UK supermarket chain. Dewina currently
provides catering services to Universiti Putra Malaysia and five
military cook houses of the Malaysian Armed Forces. The Group
has also been awarded several food and beverage concessions at
KLIA.

In accordance with Practice Note 4/2001 of KLSE Listing
Requirements, the Company is an affected listed issuer, and is
required to undertake a restructuring. As such, on 3.4.2001, the
Company, a Director, entered into a MOU and substantial
shareholder of the Company, Hj Ibrahim bin Hj Ahmad, and MTD
Capital Sdn Bhd (MTDC).

The proposal involves (1) the acquisition by the Company of MTD
Prime, a wholly-owned subsidiary of MTDC. MTD Prime is the
concessionaire engaged in improving and upgrading the existing
Kuala Lumpur-Karak Highway (KLK) on a privatization basis as
well as providing all related toll, tunnel and other facilities
to operate and maintain KLK for an initial period of 27 years.
The initial concession period was further extended for five
years that shall end on 27 July 2026. (2) The proposal also
involves the disposal of all the Company's subsidiaries to Hj
Ibrahim bin Hj Ahmad.

CONTACT INFORMATION: 8359 Jalan Batu Caves
                     68100 Batu Caves, Selangor
                     Tel : 03-61899022
                     Fax: 03-61871435


GLOBAL CARRIERS: Dato' Hashim Resigns as Audit Committee Member
---------------------------------------------------------------
Global Carriers Berhad posted this Change in Audit Committee
Notice:

Date of change : 07/04/2003  
Type of change : Resignation
Designation    : Member of Audit Committee
Directorate    : Executive
Name           : Dato' Dr. Mohamad bin Hashim
Age            : 57
Nationality    : Malaysian
Qualifications : Bachelor of Social Science (Economics), Waikato
      University, New Zealand; Masters of Business  
      Administration (Finance), Hull University, UK; and
      Doctorate of Business Administration, Southern Cross
      University, Australia.
Working experience and occupation  : Director of Global Carriers
      Berhad and its group of companies.
Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Dato' Dr. Mohamad bin Hashim and the
      Deputy Managing Director, Encik Sarfuddin bin Othman,
      are family members.
Details of any interest in the securities of the listed issuer
or its subsidiaries : Direct interest of 22.02%, and indirect
      interest of 44.91% in Global Carriers Berhad
Composition of Audit Committee (Name and Directorate of members
after change) : Kamil bin Datuk Haji Abdul Rahman (Independent
      Director, and Chairman of Audit Committee);
      Mohamad Shah bin Abu Bakar (Independent Director, and
      Member of Audit Committee); Dato' Dr. Mohd. Nasir bin
      Ismail (Independent Director, and Member of Audit
      Committee); and Mohamad Isa bin Abdullah (Non-Independent
      Non-Executive Director, and Member of Audit Committee)


GLOBAL CARRIERS: SC Extends Revised Scheme Completion Date
----------------------------------------------------------
Utama Merchant Bank Berhad (UMBB), on behalf of the Board of
Directors of Global Carriers Berhad, is pleased to announce that
GCB had on 3 April 2003 received the approval from Securities
Commission (SC) for the following:

   (i) an exemption from furnishing a detailed timeframe for
implementation of each part of GCB's plan to meet the 25% public
shareholding spread requirement; and

   (ii) a further extension of time of one month until 30 April
2003 to complete the Proposed Revised Scheme.

The approval is conditional upon AmFinance Berhad, AmBank
Berhad, Amanah International Finance Sdn Bhd and BSNC Leasing
(M) Sdn Bhd submitting, prior to the requotation of GCB Shares
on the Kuala Lumpur Stock Exchange (KLSE), irrevocable Letters
of Undertaking to the SC that they will deposit a certain amount
of GCB Shares with a Placement Agent. These GCB Shares will
subsequently be placed to the public investors within six (6)
months from the date of requotation of GCB Shares on the KLSE,
to allow GCB to meet the public shareholding spread requirement.


KUALA LUMPUR: Provisional Liquidator Appointed for Unit MECB
------------------------------------------------------------
The Special Administrators of Kuala Lumpur Industries Holdings
Berhad (Special Administrators Appointed) (KLIH) has on 4 April
2003 received a notification from the Provisional Liquidator of
Malaysia Electric Corporation Berhad (Provisional Liquidator
Appointed)(MECB), a subsidiary company of KLIH that the Special
Administrators of MECB have been discharged on 24 March 2003
pursuant to the successful implementation of the restructuring
exercise of MECB.

With the uplifting of the Special Administration, Mr Lim Tian
Huat of Messrs Ernst & Young, 4th Floor, Kompleks Antarabangsa,
Jalan Sultan Ismail, 50250 Kuala Lumpur was appointed as
Provisional Liquidator of MECB on the same day.


LAND & GENERAL: Unit's JV Not Subject to Shareholders Approval
--------------------------------------------------------------
Land & General Berhad (L&G), further to the announcement made by
on 4 April 2003 in relation to the Joint Venture entered into
between Overseas & General Limited, a 51% subsidiary of L&G, and
Protonweb Solutions Limited to carry on the business of
information technology (IT)- enabled services in India,
specifically in the industry sub-sector of business process
outsourcing (BPO), informed that the Joint Venture is not
subject to the approval of the shareholders of L&G and the
relevant regulatory bodies.


L&M CORP.: Unit's Winding Up Petition Hearing Set on May 30
-----------------------------------------------------------
The Special Administrators of L&M Corporation Berhad hereby
announce that a winding up petition No. D7-28-266-2003 against
L&M Geotechnic Sdn Bhd (LMG), a wholly-owned subsidiary of L&M,
has been presented to the High Court of Malaya at Kuala Lumpur
on 21 March 2003 by Supermix Concrete (Malaysia) Sdn Bhd
(Supermix). LMG received the winding-up petition on 4 April 2003
when it was served at its registered office.

The amount claimed by Supermix is RM55,792.78 consisting the
judgment sum of RM41,006.93; interest charge of RM14,421.85 as
at 18 February 2003 and RM364.00 being costs as per the
Judgment.

Following the expiry of the Restraining Order on 30 September
2002 under Section 176 of the Companies Act 1965 granted to LMG,
LMG was unable to repay the total amount owing to Supermix
prompting the latter to continue legal action against LMG to
recover the amount outstanding.

The total cost of investment by L&M and amount due by LMG has
been fully written-down in L&M's accounts.

LMG is no longer in operation and therefore there would be no
operational or financial impact on the Group.

The winding-up petition is scheduled for hearing on 30 May 2003.

The Directors of LMG are evaluating and considering to defend
the winding-up petition.


METROPLEX BERHAD: Unit Proposes Land Disposal to Reduce Debts
-------------------------------------------------------------
The Board of Directors of Metroplex Berhad wishes to announce
that Metroplex Centrepoint Sdn Bhd, a wholly-owned subsidiary of
MB (the Vendor) had on 5 April 2003, entered into a conditional
Sale & Purchase Agreement with Pusat Pakar Tawakal Sdn Bhd (the
Purchaser) for the proposed disposal of three (3) pieces of land
(hereby collectively referred to as "the Land") measuring in
aggregate approximately 12,331.10 square meters situated at
Section 85A, Town of Kuala Lumpur, District of Kuala Lumpur for
a total cash consideration of RM28,271,681.70 (Proposed
Disposal).

Details of Proposed Disposal

Details of the Land

The Land consists of three (3) pieces of land held under Geran
4396 Lot No. 62, Geran 4426 Lot No. 92, Geran 11332 Lot No. 128,
all of Section 85A, Town of Kuala Lumpur, District of Kuala
Lumpur, State of Wilayah Persekutuan, Kuala Lumpur collectively
measuring 12,331.10 square meters (hereinafter called "the
Land").

Basis of Consideration

The consideration of RM28,271,681.70 was arrived at on a
"willing buyer willing seller basis."

Original Cost of Investment

MB's original cost of investment in the Land, incurred in 1983
being the original date of investment, amounted to RM4,791,665.

Liabilities to be Assumed

The Purchaser will not assume any of MB's liabilities pursuant
to the Proposed Disposal.

Salient Terms of the Agreement

The salient terms of the Agreement are as follows:

   (i) The Vendor agrees to sell and the Purchaser agrees to
purchase the Land free from all encumbrances but subject to
whatever restrictions in interest and conditions whether
expressed or implied on the issue documents of title to the
Land;

   (ii) The Purchaser has paid to the Vendor RM2,827,168.17
being deposit and part payment of the purchase price;

   (iii) The balance of the purchase price amounting to
RM25,444,513.53 shall be paid to the Vendor's solicitors as
stakeholders within ninety (90) days from the date of the
Agreement or within thirty (30) days from the satisfaction of
the last of the conditions precedent as set out in the
Agreement, whichever is the latest;

   (iv) The sale and purchase of the Land is conditional upon
the following:

     (a) the Vendor procuring a court order pursuant to a
restraining order dated 22 October 2002 by the High Court of
Malaya affecting the Vendor;

     (b) the approval of the Foreign Investment Committee for
the purchase of the Land by the Purchaser;

     (c) the approval of the Board of Directors/shareholders of
the Purchaser for the purchase of the Land.

   (v) The estimated time frame for the completion of the
Proposed Disposal is six (6) months from the date of the
Agreement or within such longer period as the parties to the
Agreement may mutually agree in writing.

No Shareholders' Approval Required

The Proposed Disposal is not subject to the approval of
shareholders of the Company.

Proposed Utilization of Proceeds

The proceeds will be utilized by MB as working capital and to
partially reduce its borrowings.

Rationale for the Proposed Disposal

The Proposed Disposal will enable MB to partially reduce its
borrowings, which will also result in interest savings for the
Company. This will in turn improve the Company's gearing ratio.

Information on the Purchaser

Pusat Pakar Tawakal Sdn Bhd (Company No. 116086-D) is a company
incorporated in Malaysia and having its place of business at
202A, Jalan Pahang, 53000 Kuala Lumpur .

As at 7 April 2003, its authorized capital is 25,000,000
comprising 25,000,000 ordinary shares of RM1.00 each of which
9,195,003 ordinary shares of RM1.00 each are fully issued and
paid-up.
Its principal activity is operating a specialist medical center.

Financial Effects of the Proposed Disposal

The financial effects of the Proposed Disposal on the share
capital, earnings, net tangible assets and substantial
shareholdings of MB are as follows:

(i) Share Capital

The Proposed Disposal will not have any effect on the share
capital of MB.

(ii) Earnings

The Proposed Disposal is not expected to have any effect on the
earnings of MB group for the financial year ended 31January
2003.

However, based on the audited Net Book Value of the Land of
RM43,961,639.04 as at 31January, 2002, the Proposed Disposal is
expected to result in a net loss on disposal of RM15,689,957.34
after having deducted the estimated real property gains tax and
incidental expenses of the Proposed Disposal.

(iii) Net Tangible Assets (NTA)

The Proposed Disposal is not expected to have any significant
effect on the NTA on MB's Group NTA as at 31 January 2003.

(iv) Substantial Shareholders' Shareholdings

The Proposed Disposal will not have any effect on the
substantial shareholders' shareholdings of MB.

Directors' and Major Shareholders' Interest

None of the Directors, major shareholders of MB or person
connected with them has any interest, direct or indirect, in the
Proposed Disposal.

Directors' Recommendation

The Board, after careful deliberation on the Proposed Disposal,
is of the opinion that the Proposed Disposal is in the best
interests of the Company.

Departure From SC's Policies and Guidelines on the Issue/Offer
of Securities (SC Guidelines)

The Proposed Disposal does not depart from the SC Guidelines.

Documents for Inspection

A copy of the Sale and Purchase Agreement will be available for
inspection during normal business hours at the Registered Office
of the Company at Level 10, Grand Seasons Avenue, 72 Jalan
Pahang, 53000 Kuala Lumpur for a period of two weeks from the
date of this announcement.


MGR CORPORATION: Discloses Notice of Book Closure
-------------------------------------------------
MGR Corporation Berhad (Special Administrators Appointed)
discloses this Notice of Book Closure:  

EX-date          : 21/04/2003  
Entitlement date : 23/04/2003  
Entitlement time : 5:00:00 PM  
Entitlement subject :Offer for Sale
Entitlement description:  Non-renouceable offer for sale by Yong
       Soon Chow and Commerce Approach Sdn Bhd to former
       shareholders of MGR Corporation Berhad (Special
       Administrators Appointed) (MGR) of 7,900,000 ordinary
       shares of RM1.00 each in Crest Builder Holdings Berhad
       (CBHB) (CBHB Shares) at an offer price of RM1.00 each
       payable in full upon application (Share Offer)
Period of interest payment : to
For year ending/Period ending/ended  :
Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements  : to  
Registrar's name ,address, telephone no:
     Panama Resources Sdn Bhd
     No.23, Jalan Sri Hartamas
     Sri Hartamas
     50480 Kuala Lumpur
     Tel : (603) 6201 1120  
     Fax : (603) 6201 3121
Payment date  :  
   a) Securities transferred into the Depositor's Securities
Account before 4:00 pm in respect of transfers :23/04/2003
   b) Securities deposited into the Depositor's Securities
Account before 12:30 pm in respect of securities exempted from
mandatory deposit :23/04/2003
   c) Securities bought on KLSE on a cum entitlement basis
according to the Rules of the KLSE.
Number of new shares/securities issued (units) (If
applicable):7900000  
Entitlement indicator : Ratio
Ratio  : 999 : 1  
Rights Issues/Offer Price: 1

Remarks:

Further to the announcement dated 27 February 2003, AmMerchant
Bank Berhad (formerly known as Arab-Malaysian Merchant Bank
Berhad), on behalf of CBHB, hereby give notice of book closure
to the former shareholders of MGR in respect of the Share Offer.

The entitlement of the former shareholders of MGR to the Share
Offer will be determined on the basis of such number of CBHB
Shares required to top up their respective shareholdings of less
than 1,000 CBHB Shares held as at the Book Closure for the Share
Offer to lots of 1,000 CBHB Shares. For example, as set out in
the above Ratio of 999:1, if a former shareholder of MGR is
holding 1 CBHB Share as at the Book Closure, this shareholder
will be entitled to 999 CBHB Shares pursuant to the Share Offer.

The Share Offer is not underwritten.

The Prospectus in relation to the Share Offer, together with the
Provisional Letter of Offer, will be dispatched to the former
shareholders of MGR not later than five (5) market days from the
day of the Book Closure for the Share Offer.


MGR CORP.: SC OKs Restructuring Scheme Implementation Extension
---------------------------------------------------------------
Further to the announcement dated 1 April 2003, AmMerchant Bank
Berhad (formerly known as Arab-Malaysian Merchant Bank Berhad),
on behalf of Mgr Corporation Berhad (Special Administrators
Appointed), announced that the Securities Commission has via
their letter dated 3 April 2003 (received on 4 April 2003),
approved the Company's application for an extension of time up
to 7 August 2003 for the implementation of the Restructuring
Scheme.


PANCARAN IKRAB: Confirms Andersen's Investigative Audit Done
------------------------------------------------------------
Pancaran Ikrab Bhd refers to section 3 of the announcement dated
April 7, 2003 by Public Merchant Bank, on behalf of the Board of
Directors of PIB and the Securities Commission (SC) approval
letter dated April 1, 2003.

One of the conditions imposed by SC in the letter of approval
requires PIB to announce that an investigative audit was
conducted and completed by Messrs. Arthur Andersen in 1999 on
the losses incurred by PIB which had caused PIB to be classified
as an affected Listed Issuer pursuant to the Practice Note
4/2001 of the Kuala Lumpur Listing Requirements, and that the
Board of PIB had taken the relevant steps to recover the losses
incurred by PIB.

Pursuant thereto, the Board of PIB wishes to confirm that the
investigative audit performed by Messrs Arthur Andersen on the
said losses was completed in 1999.

The Company has also reported to the relevant authorities,
including the Police, in its efforts to recover the losses.


PANCARAN IKRAB: SC OKs Proposed Restructuring Scheme
----------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Pancaran Ikrab Berhad, is pleased to announce that the
Securities Commission (SC) had, via its letter dated 1 April
2003 received on 3 April 2003, approved the Proposed
Restructuring Scheme as proposed save for the purchase
consideration for the proposed acquisition of a piece of 99
years leasehold land measuring 95,927 square meters (Land) by
Capital Abound Sdn Bhd (CASB) is at RM5,500,000 to be satisfied
by way of issuance of 5,500,000 new ordinary shares of RM1.00
each in CASB (CASB Shares) instead of RM8,000,000 as proposed.

The SC's approval for the Proposed Restructuring Scheme is
subject to the following main conditions:

   (i) Full provision should be made for the all trade debts of
Dijaya Ceil Sdn Bdn (Dijaya), Dijaya Ceil Imex Sdn Bhd (Imex)
and Bueno Manufacture Shanghai Co Ltd (Bueno) (Collectively
known as the "Acquiree Companies") whereby:

     (a) the amount of the debts being disputed;
     (b) legal actions have been initiated/taken; and
     (c) the debts had been outstanding for more than 6 months.

Pursuant thereto, the directors of CASB are required to confirm
in writing to the SC that all trade debts exceeding the credit
period of the CASB are collectible, the provision for all
doubtful debts as mentioned above have been made in the
financial accounts including the financial forecast and
projections of the CASB Group and the credit control system of
the CASB Group will be improved before the issuance of the
circular to the shareholders of PIB;

   (ii) The vendors of the Acquiree Companies (Vendors) are
required to indemnify the CASB for any bad debts that exists as
at the date of the completion of the implementation of the
Proposed Restructuring Scheme, whereby, relevant provision is
not made for the said bad debts or no disclosure has been made
in the circular to the shareholders of PIB on these outstanding
debts;

   (iii) All outstanding debts between the CASB Group and all
related parties (including the Vendors, companies whereby the
Vendors have interests in and the interested directors of the
Acquiree Companies) which did not arise from the normal course
of businesses of the CASB Group, if any, should be settled
before the issuance of the circular to the shareholders of PIB;

   (iv) Any future business transactions between the CASB Group
and related companies/companies of which the directors have
interests in are to be transacted based on an arm's length basis
and not on terms, which are detrimental to the CASB Group. In
connection thereto, the Audit Committee of CASB is required to
monitor such transactions and the directors of CASB are required
to report these transactions, if any, in the annual financial
report of CASB;

   (v) The following disclosures should be made in the circular
to the shareholders of PIB:

     (a) Detailed explanation of the factors which had resulted
in PIB incurring losses in the past years and the actions
taken/to be taken to recover these losses;

     (b) Details of all contracts in hand of the CASB Group,
comments on the ability of the CASB Group to secure new
contracts in the future, risks relating to the CASB Group's
ability in securing new contracts including steps taken /to be
taken to overcome/ manage these risks;

     (c) Risk management plan of CASB following the Proposed
Restructuring Scheme;

     (d) Management succession plan of CASB to ensure the
continuity of the management of the company following the
Proposed Restructuring Scheme;

     (e) Total trade debts of CASB, including debts which have
exceeded the credit period and ageing analysis of such debts. In
connection thereto, the directors of CASB is required to comment
on the recoverability of those trade debts exceeding the credit
period; and

     (f) Details of the method used in the valuation of the
Acquiree Companies;

   (vi) Moratorium will be imposed on 50% of the new CASB Shares
to be received by the vendors of the Acquiree Companies for a
period of one year from the date of listing of the new CASB
Shares on the Kuala Lumpur Stock Exchange (KLSE). In regard to
the application made to the SC to exempt the vendor of the Land,
i.e. Frontier Bond (M) Sdn Bhd, from having to adhere to the 50%
moratorium requirement, the SC has no objection to the
application, on the condition that the entire the 50% moratorium
on the new CASB Shares to be issued for the said acquisition is
to be imposed on the Vendors of the Acquiree Companies;

   (vii) The vendors of Dijaya and Imex are to indemnify CASB
for any potential tax penalties or liabilities that is
originated prior to the completion of the proposed acquisitions
of Dijaya and Imex, whereby no provision has been made for the
tax penalties/liabilities concerned, including tax penalties in
relation to Years of Assessment 2001 and 2002;

   (viii) In connection with approval of the issuance of
redeemable convertible unsecured loan stocks (RCULS) by CASB:

     (a) the SC's approval should be obtained for any variation
in the terms and conditions of the issuance of the RCULS by
CASB;

     (b) PMBB is required to furnish the executed trust deed to
the SC for its record; and

     (c) PMBB is required to furnish the Facility Maintenance
File to the SC and Bank Negara Malaysia before the issuance of
the RCULS.

   (ix) Full compliance of the requirements as set out in the
SC's Policies and Guidelines on Offer/Issues of Securities ("SC
Guidelines"); and

   (x) Full compliance of all conditions imposed by other
authorities, if any.

The SC takes cognizance that an investigative audit was
completed by Messrs Arthur Andersen in 1999 on the past losses
incurred by PIB, which had caused PIB to be classified as an
affected listed issuer pursuant to the Practice Note 4/2001 of
the KLSE Listing Requirements. The Board of PIB had also made
police report as one of its steps to recover the losses incurred
by PIB. In connection thereto, PMBB/PIB is required to announce
that the said investigative audit has been completed and that
the Board of PIB had taken the relevant steps to recover the
losses incurred by PIB.

After taking into consideration the reduction in value of the
Land from RM8,000,000 to RM5,500,000, the Proposed Restructuring
Scheme of PIB does not meet the SC Guidelines on the minimum net
tangible assets (NTA) per share of at least 33% of the nominal
value of the share after the implementation of the Proposed
Restructuring Scheme. Hence, PIB is required to ensure that the
above requirement is complied prior to the issuance of the
circular to the shareholders of PIB on the Proposed
Restructuring Scheme. Following thereto, the SC, in principle,
has approved any rights issue by CASB to ensure that the said
requirement of the SC Guidelines is met. In connection thereto,
PMBB/PIB is required to inform the SC on the said compliance
prior to the implementation of the Proposed Restructuring
Scheme.

The securities for the profit guarantee placed by the vendors of
RM18 million nominal value of RCULS are inadequate as compared
to the total profit guarantee of RM36 million. Therefore, the
vendors are required to increase the value of the securities for
the purposes of the profit guarantee to at least RM36 million.

In addition, PMBB and CASB/PIB are required to confirm in
writing to the SC that all the terms and conditions as imposed
have been fully complied with after the completion of the
Proposed Restructuring Scheme.


PENAS CORPORATION: Changes Registered Address
---------------------------------------------
Penas Corporation Berhad posted this notice:


Change description : Registered
Old address        : Level 14 Uptown 1, No. 1 Jalan SS21/58,
        Damansara Uptown, 47400 Petaling Jaya, Selangor  
New address        : 5 Persiaran Greentown 8, Greentown Business
        Center, 30450 Ipoh, Perak
Telephone no       : 05-2418787, 05-2432396
Facsimile no       : 05-2432397
E-mail address     : pfacorp@tm.net.my
Effective date     : 07/04/2003  

On March 28, the Troubled Company Reporter - Asia Pacific
reported that Pencorp appointed PricewaterhouseCoopers Advisory
Services Sdn Bhd (PwC Advisory) to conduct an investigative
audit on Pencorp's previous business losses in compliance with
one of the conditions set by the Securities Commission in its
approval letter dated 2 December 2002.


REPCO HOLDINGS: Restructuring Agreement With Vendors Terminated
---------------------------------------------------------------
Repco Holdings Berhad (Special Administrators Appointed) refers
to the announcement made on 20 January 2003, wherein the Special
Administrators (SA) had announced that the SA had, on behalf of
Repco, entered into a Restructuring Agreement with the
shareholders of Damansara Indah Sdn Bhd (DISB), Tanigra
Construction Sdn Bhd and Accos Communication Sdn Bhd
(collectively the Vendors) on 17 January 2003 to record the key
terms of agreement on the Vendors' participation in the proposed
corporate and debt restructuring scheme of Repco.

Under the Restructuring Agreement, one of the conditions
precedent is for the Vendors to procure the approval of the
secured creditor of DISB to DISB's own debt restructuring
proposal. On 2 April 2003, the SA were informed by the Vendors
that they have not been able to obtain such approval. In
consequence thereof, the said condition precedent has not been
met and the Restructuring Agreement is deemed terminated.

The SA are currently assessing the options available to the
Company and shall make further announcement in due course.


TIME DOTCOM: EGM, 6th AGM Scheduled on April 30
----------------------------------------------
On behalf of Time Dotcom Berhad, AmMerchant Bank Berhad
{formerly known as Arab-Malaysian Merchant Bank Berhad} is
pleased to announce that the Company will be holding its Sixth
Annual General Meeting (6th AGM) at Ballroom 2 & 3, Level 2,
Nikko Hotel, Jalan Ampang, 50450 Kuala Lumpur on Wednesday, 30
April 2003 at 10:00 a.m. The Extraordinary General Meeting (EGM)
for the following will be held immediately upon the conclusion
of the 6th AGM (or adjournment thereof) at the same venue :

   (a) proposed disposal of TdC's 100% equity interest in
TIMECel Sdn Bhd (TIMECel) comprising 1,293,884,000 ordinary
shares of RM1.00 each (Shares) to Maxis Communications Berhad
for a cash consideration of up to RM1.475 billion comprising
RM1.325 billion for the TIMECel Shares and up to RM150.0 million
for the repayment of the Inter-Company Loans (Proposed
Disposal); and

   (b) proposed capital repayment to the shareholders of TdC via
a cash distribution of RM1,265,387,500 from the proceeds
receivable by TdC pursuant to the Proposed Disposal on the basis
of 50 sen cash for every one (1) existing Share held in TdC at a
date to be determined later.

The Notices of the 6th AGM and EGM can be found at
http://bankrupt.com/misc/TCRAP_TdC0409.pdf.


YTL POWER: Unit Plans Bond Sale Next Month to Restructure Debts
---------------------------------------------------------------
YTL Power International Bhd, in reference to the Kuala Lumpur
Stock Exchange's letter of 4 April 2003 in relation to the
article entitled "YTL Power Plans a Bond Sale Next Month" that
appeared in The Asian Wall Street Journal on Friday, 4 April
2003, replied that it is YTL Power Generation Sdn Bhd, a wholly
owned subsidiary of YTL Power International Berhad that is
proposing to raise funds of RM1.3 billion from the private debt
securities market.

The principal purpose of the fund raising is to restructure its
existing borrowings and to refinance part of its existing
borrowings to take advantage of the attractive long-term rates
currently available in the debt markets.

Below is the KLSE's Query Letter content:

We refer to the above article appearing in The Asian Wall Street
Journal on Friday, 4 April 2003, a copy of which is enclosed for
your reference. In particular, we would like to draw your
attention to the underlined sentence, which is reproduced as
follows:

"YTL Power International Bhd is planning to sell 1.3 billion
ringgit ($342.1 million) of 6 to 10 year bonds next month."

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
sentence after due and diligent enquiry with all the directors,
major shareholders and all such other persons reasonably
familiar with the matters about which the disclosure is to be
made in this respect. In the event you deny the above reported
sentence, you are required to set forth facts sufficient to
clarify any misleading aspects of the same. In the event you
confirm the above reported sentence, you are required to
set forth facts sufficient to support the same. Please furnish
the Exchange with your reply within one (1) market day from the
date hereof.

Yours faithfully,
INDERJIT SINGH
Senior Manager, Listing Operations WSW/THY
copy to: Securities Commission (via fax)


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


BENPRES HOLDINGS: Clarifies "MWSS Demands P4.5B" Report
-------------------------------------------------------
Benpres Holdings refers to the Philippine Stock Exchange letter
dated April 4, 2003 seeking clarification or confirmation on the
news article entitled "MWSS demands P4.5 billion from Maynilad"
published in the April 4, 2003 issue of the Manila Bulletin
reporting that the MWSS has started pressing Maynilad to pay the
government concession fees and may be compelled to file
collection charges.

Benpres Holdings have been advised by Maynilad that in a letter
dated April 1, 2003, MWSS required Maynilad to pay the amount of
P4.58 billion on or before April 11, 2003, otherwise, MWSS will
draw the U.S. dollar equivalent of the said amount upon the
Irrevocable Standby Letter of Credit No. 003 issued on August 1,
2002 (the "Performance Bond"). Maynilad is of the position that
MWSS demands are improper in the light of the pending dispute
between the parties that relates precisely to the payment of
Concession Fees, which remains unresolved as of the present
date. Pursuant to the items of the Performance Bond, MWSS may
only draw against the Performance Bond if it certifies that
there are no pending dispute that are related to the draw. Thus,
MWSS may not draw on the Performance Bond unless it fraudulently
certifies that the pending dispute does not exist. We have been
advised that Maynilad will exert all efforts to resist MWSS'
demands and will invoke all remedies under the Concession
Agreement and existing law.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1039_BPC.pdf


MANILA ELECTRIC: Should Avoid Arbitration With Napocor, Perez
-------------------------------------------------------------
Energy Secretary Vincent S. Perez Jr. said that the Manila
Electric Co. (Meralco) and National Power Corporation (Napocor)
should avoid arbitration and reach a settlement on their dispute
over a 10-year supply contract, the Manila Times reports. Perez
said that Meralco's filing with the Securities and Exchange
Commission (SEC) an P8.5-billion claim against the Napocor for
allegedly breaking terms of the contract, was ill timed in the
face of ongoing mediation talks.

Meralco, as of end-2002, has posted at least P14 billion in
penalties for not sourcing its agreed amount of power from the
state-controlled firm, Napocor said. Meralco hopes to lower the
penalties through its proposal to adjust the off-take of energy
from Napocor. Napocor's existing 10-year power supply contract
with Meralco will expire on December 2004, within the time frame
given by the Energy Regulatory Commission for the two power
firms to draw up a transition supply contract.


NEGROS NAVIGATION: Annual Stockholders' Meeting Set For April 30
----------------------------------------------------------------
Further to Circular for Brokers Nos. 0651-2003 dated March 5,
2003 and 0797-2003 dated March 19, 2003, Negros Navigation
Company, Inc. furnished in the Philippine Stock Exchange a copy
of its SEC Form 17-IS (Definitive Information Statement) in
connection with its Annual Stockholders' Meeting which will be
held on Wednesday, April 30, 2003, at 9:00 a.m. at Dusit Hotel
Nikko, Ayala Center, Makati City. The Agenda, as stated in the
Notice of Meeting shall be as follows:

I.    Call to Order
II.   Invocation
III.  Certification of Notice and Quorum
IV.   Approval of the Minutes of the Annual Stockholders'
Meeting held on May 25, 2002
V.    Presentation of Annual Report
VI.   Approval and Ratification of Acts and Proceedings of the
Board of Directors and Corporate Officers
VII.  Election of Board of Directors
VIII. Election of the External Auditor
IX.   Other Business
X.    Adjournment

As previously announced, "stockholders of record as of April 2,
2003 are entitled to notice and exercise their rights to vote at
the said meeting." A copy of the NN's Definitive Information
Statement is available for reference at the PSE Centre and PSE
Plaza Libraries.

Negros Navigation Co Inc. (Nenaco) booked a net profit of 102
million pesos in 2002, versus a net loss of 1.36 billion pesos a
year earlier, the Troubled Company Reporter-Asia Pacific
reported recently, citing the Company's Chief Executive Officer
Seumas Gallacher. He attributed the gains to the disposal of
Nenaco's non-core and non-performing assets.

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

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1037_NN.pdf



UNITED COCONUT: Considers Subordinated Debt Issue to PDIC
---------------------------------------------------------
United Coconut Planters Bank (UCPB) Executive Vice President
Andrew Alcid said the bank would consider issuing subordinated
debts, considered as Tier 2 capital, to the Philippine Deposit
Insurance Corporation (PDIC). It is one of the capital-raising
options being considered while UCPB's ownership issue remains
unresolved, besides the possible outright acquisition of assets
by PDIC.

The bank's capital adequacy ratio is below the 10 percent
requirement of the central bank, which means it must raise 10-12
billion pesos to comply with the banking regulations. However,
capital raising has been hampered because the shares in the bank
have been sequestered by the government due to claims that these
shares were acquired using public funds.


UNITED COCONUT: UCPB Bailout Seen Within Second Quarter
-------------------------------------------------------
The United Coconut Planters Bank (UCPB) will likely receive a an
unspecified cash injection within the second quarter of this
year since the government vowed to "exhaust all means" to
resolve the legal deadlock among its contesting shareholders,
the Manila Times reports, citing Finance Secretary Jose Isidro
N. Camacho.

The bank needs at least 10 billion pesos in fresh equity to be
in line with the central bank's 10-percent minimum capital
adequacy ratio (CAR) requirement, to as much as 20 billion pesos
to help it return to profitability. CAR is the level of the
bank's equity as a percentage of its risk assets.

Hounded by operating losses in recent years, UCPB has been
prevented from recapitulating its equity account due to an
ownership dispute that dates back to 1986 when the government
sequestered it from businessman Eduardo "Danding" Cojuangco, Jr.
for allegedly having been acquired with ill-gotten wealth.


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


BOUSTEAD SINGAPORE: Posts Notice of Shareholder's Interest
----------------------------------------------------------
Boustead Singapore posted a notice of changes in substantial
shareholder Chew Leong Chee's interest:
  
Date of notice to Company: 07 Apr 2003
Date of change of deemed interest: 04 Apr 2003
Name of registered holder: Macondray & Company, Inc
Circumstance(s) giving rise to the interest: Open market
purchase
Information relating to shares held in the name of the
registered holder: -

No. of shares which are the subject of the transaction: 17,000
% of issued share capital: 0.01
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.365
No. of shares held before the transaction: 10,128,000
% of issued share capital: 5.47
No. of shares held after the transaction: 10,145,000
% of issued share capital: 5.47

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed     Direct
No. of shares held before the transaction: 17,948,000 1,500,000
% of issued share capital:                  9.68      0.81
No. of shares held after the transaction:  17,965,000 1,500,000
% of issued share capital:                  9.69      0.81
Total shares:                              17,965,000 1,500,000

Mr. Chew Leong Chee has a deemed interest in the shares held by:

Macondray & Company, Inc - 10,145,000 shares
Representations International (H.K.) Ltd - 6,400,000 shares
ARC Ventures Limited - 1,420,000 shares

Therefore Mr. Chew Leong Chee's total interest (including deemed
interest) is 19,465,000 shares (10.50 percent)

No. of Warrants: 180,000
No. of Options: Nil
No. of Rights: Nil
No. of Indirect Interest: 1) Macondray & Company, Inc 500,000
warrants
2) Representations International (H.K.) Ltd 1,520,000 warrants


EXCEL MACHINE: Evaluating Plans For Capital Reduction
-----------------------------------------------------
Excel Machine Tools Ltd said it is evaluating plans for a
capital reduction exercise "to wipe the slate clean" and hopes
that creditor banks seeking to place Singapore's leading home-
grown machine tools manufacturer Company under judicial
management would show "understanding and cooperation".

A write-off of accumulated losses and other write-downs through
a capital reduction would make the Group more attractive to
prospective investors, Excel's Chairman and Managing Director
Dr. Robin Lau said in a statement released via the Singapore
Exchange's Masnet and to the media.

"Since last year we have had discussions with prospective
investors but until now these meetings have been inconclusive.
Nonetheless, this process is still continuing and we have been
encouraged that recently, discussions with a few such
prospective investors have sounded more promising," he said.

"A capital reduction exercise for Excel would be more in line
with expectations of such prospective investors," Dr. Lau added.
"Excel is now trading below its par value of 20 cents per
ordinary share. Such an exercise will allow the Group to write
off accumulated losses in order to wipe the slate clean as a
prelude to a possible injection of new funds and to turn around
the Group."

Excel on 31 March released its results for the financial year 31
December 2002 FY 2002 which showed a gross profit of S$2.8
million on a turnover of S$34.3 million, which compared with
S$6.4 million on a turnover of S$53.1 million in FY 2001.

However, the Group reported an after-tax loss attributable to
shareholders of S$42.5 million, compared with a loss of S$23.0
million in FY 2001. The sharply higher losses in FY 2002 were
due in large part to one-off exceptional items amounting to
S$19.2 million.

Excel's FY 2002 performance was severely worsened by the
announcement of a joint petition for judicial management filed
by its creditor banks on 29 November 2002. Following the
announcement, the Group experienced unprecedented cancellation
and deferment of orders as customers adopted a wait-and-see
attitude pending the outcome of the petition.

Excel had announced on 30 November 2002 that it had confirmed
sales orders amounting to 70 percent of the original forecast
for FY2003 but, due to the petition, these orders were
subsequently cancelled or deferred pending the outcome of the
petition, which is due to be heard in the High Court on April
14.

"We have taken major steps to right-size our operations, divest
non-core assets and wound up the operations of several loss-
making subsidiaries in Singapore, Malaysia, Thailand and India,"
Dr. Lau said.

"We have taken the bitter medicine needed to cure our ailment.
Give us a chance to heal," he said. "We sincerely hope for more
understanding and cooperation from our creditor banks in terms
of partial debt forgiveness and time to turn ourselves around,
with the help of prospective investors."

Based on the 2002 World Machine Tool Output and Consumption
Survey by Gardner Publications Inc., the industry is expected to
turn around in Asia ex-Japan with projections above US$7 billion
in 2003 rising to US$7.7 billion by 2006; as well as in the
world market with projections above US$36 billion in 2003 rising
to US$40 billion by 2006.

Similar to other industries, the machine tools industry would
inevitably be subject to the current overhanging anxieties from
the Iraq war. However, once these anxieties surrounding the war
are abated, the machine tools industry can be reasonably
expected to turn around as the industries will need to re-tool
and re-build.

Dr. Lau said that based on independent market forecasts, the
world machine tool industry is poised for a recovery this year
and, as such, Excel was optimistic that with understanding and
cooperation from the creditor banks, the restructured Group will
be able to ride on this recovery.

About Excel Machine Tools Ltd

Excel Machine Tools is a home-grown manufacturer of Excel-
branded high-end CNC (computer numerical-controlled) machining
and turning centers and precision machine tools for the
precision engineering, automotive, aerospace, medical and
ordnance industries; as well as tertiary institutions.

First established in 1986 and listed on the Singapore Exchange
since 1997, Excel remains today the only homegrown manufacturer
of such CNC centers and precision machine tools in Singapore,
and has honed its technology to enable it to customize its
products to the precise requirements of its customers. To-date,
the Group's products have been exported to 32 countries
worldwide, including key markets such as USA, Europe, Japan and
China.

Machine tools are deemed as "master machines" in that they are
used to make all other machines. Excel's range of precision
machine tools includes microprocessor-controlled precision
surface grinding machines, precision gear grinding machines,
water-jet cutting machines and CNC laser marking and cutting
machines.


LKN-PRIMEFIELD: Update on Debt Restructuring Progress
-----------------------------------------------------
LKN-Primefield Ltd announced with reference to the earlier
announcements made on:

(a) 25 March 2002 where LKN-Primefield Limited's (the "Company
gearing ratio of its Total Consolidated Liabilities to its
Consolidated Shareholders' Fund had exceeded the covenanted
ratio of 7:1 and its gearing ratio of Total Consolidated
Borrowings to its Consolidated Shareholders' Funds had exceeded
the covenanted gearing ratio of 6:1 in accordance with the Trust
Deed; and

(b) 14 Mar 2003 where the Company failed to meet the $100million
redemption by 16 March 2003 pursuant to the terms and conditions
of the Bond and the provisions of the Trust Deed,

The Company would like to inform that the Bondholders had met on
4 April 2003 to discuss the same.

During the meeting, the Bondholders passed a resolution to
direct HSBC Trustees (Singapore) Limited not to take any
enforcement action before 30/06/2003 in respect of the aforesaid
breaches provided that such direction shall cease to have effect
if a Bondholders' meeting for Debt Restructuring Exercise is not
held by 30/06/2003 or a new Debt Restructuring Plan to be put
forward by KPMG Corporate Restructuring Services (see below) is
not approved by Bondholders.

KPMG Corporate Restructuring Services, the Bondholders'
financial adviser, appointed by the Company to look after the
Bondholders' interest, is preparing a new debt-restructuring
plan, which will allow the Company to continue as a going
concern. This restructuring plan will be submitted to the
Bondholders for their consideration before the end of April
2003.

Based on the above, the Company believes that the Bondholders
are generally still supportive and the on going debt
restructuring exercise will be concluded by June 2003.


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


ADVANCE PAINT: Notifies Resolutions Passed at SGM No 1/2003   
-----------------------------------------------------------
Advance Paint & Chemical (Thailand) Public Company Limited,
pursuant to the resolution passed by the Board of Directors,
notified the resolutions of the Ordinary General Meeting of
Shareholders No.1/2003 held on Friday, April 4, 2003, as
follows:

1. Adoption of the Minutes of Extraordinary General Meeting
of Shareholders of the Company No.1/2002
2. Unanimous approval and ratification of the performance
results of the Board of Directors for  fiscal year 2002
and the Annual Report.
3. Unanimous approval of the Balance Sheet and Profit and
Loss Accounts of the Company for the fiscal year                     
ended December 31, 2002.
4. Acknowledge non-payment of dividends for the performance
results of the fiscal year 2002. The Company has achieved
the debt settlement in compliance with the plan. The
Central Bankruptcy Court has ordered on September 30, 2002
to terminate the rehabilitation process.                
5. Unanimous approval for appointment of Mr. Pricha
Punnakitikashem and Mr. Dusit Nontanakorn, who retired by
rotation in this occasion to their officers as Directors
for another period.
6. Unanimous approval for appointment of Mr. Chamras
Pingkhalasay the Auditor of Chamras CPA Co., Ltd or Mr.
Sevi Viwatpanachat, the Auditor of Petisevi & Company, as
the auditors of the Company for the fiscal year 2003 and
fixing the remuneration of the auditors in the amount not
exceeding Bt250,000.
7. Unanimous approval for appointment amendment to the
article of association for information concerning the
Acquisition and Disposition of Assets and the Connected
Transaction.


GOLDEN SANDS: Files Business Reorganization Petition
----------------------------------------------------
Hotel business Golden Sands Hotel Cha-Am Beach Company Limited
(DEBTOR) filed its Petition for Business Reorganization to the
Central Bankruptcy Court:

   Black Case Number 654/2543

   Red Case Number 694/2543

Petitioner: GOLDEN SANDS HOTEL CHA-AM BEACH COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 691,534,554.87 Baht

Planner : Group Captain Aekaudorn Buranajaru

Date of Court Acceptance of the Petition : August 24, 2000

Date of Examining the Petition: September 18, 2000 at 9.00 A.M.

Court Order for Business Reorganization : September 19, 2000

Court appointed the planner : October 16, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: October 27, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : November 23,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver : February 23, 2001

Planner postponed the date of submitting the Plan #1st : March
23, 2001

Planner postponed the date of submitting the Plan #2nd : April
23, 2001

Appointment Date of the Meeting of Creditors for the Plan
Consideration : May 17, 2001 at 9.30 am. at Convention Room no.
1104, 11th Floor, Bangkok Insurance Building, South Sathorn Road

Central Bankruptcy Court had an Order for the Meeting of
Creditors to wait until the Constitutional Court examined

Appointment date for Creditors' meeting to consider the Plan on
November 21, 2002, at 9:30 a.m. ,at Convention Room 1104 ,11th
Floor Bangkok Insurance Building

Court postponed the appointment date for the plan consideration
to December 3, 2002 at 9.30 am. ,at Convention Room 1104 ,11th
Floor Bangkok Insurance Building

The Meeting of Creditors had a resolution not accepting the
reorganization plan

Court had issued an Order Cancelled the Order for Business
Reorganization since December 11, 2002

Announcement of Court Order Cancelled the Order for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: December 19, 2002

Announcement of Court Order Cancelled the Order for Business
Reorganization in Government Gazette : January 21, 2003

Contact : Ms. Bang-Orn Tel, 6792525 ext 112


MEDIA OF MEDIAS: Creditors Meeting Set Today
--------------------------------------------
K.Y.S. Holding Co., Ltd., as the Plan Administrator of Media of
Medias (Public) Company Limited, had on March 11, 2003 filed a
petition to request the Official Receiver of the Business
Reorganization Office to call a meeting of the creditors to
consider the amendment of the Company's Business Rehabilitation
Plan.

The Plan Administrator announced that the meeting for the
examination of the plan by creditors is scheduled on April 9,
2003 about 9:30 a.m. at the Bankruptcy Court.


MDX PUBLIC: Court Appoints Rehabilitation Plan Administrator
------------------------------------------------------------      
MDX Public Company Limited, in relation to Central Bankruptcy
Court's order for the company's business rehabilitation process,
previously announced that on January 21, 2003, the Creditors
passed the resolution to accept the company's business
reorganization plan.

Currently, the court has already issued an approval order on the
plan and appointed Wittayu Planner Co., Ltd. to be the Plan
Administrator.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

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