TCRAP_Public/030411.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

           Friday, April 11 2003, Vol. 6, No. 72

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: T/O Panel Declines MP Global's Application
AUSTRALIAN PLANTATION: May 8 AGM Scheduled
EARTH SANCTUARIES: Purchases Waratah Park
FORTLAND HOTEL: Responds to ASX LPT Query
MCINTYRE GROUP: Court Orders Liquidator Appointment

PASMINCO LIMITED: Appoints New Directors
QANTAS AIRWAYS: Alliance W/ AIZ Very Anti-Competitive, Says ACCC
QANTAS AIRWAYS: NZ Commission Likely to Decline Application
QANTAS AIRWAYS: Pursuing Alliance With AIZ Despite Rejections
WATER WHEEL: Releasing Half-Year Account in June 2002


C H I N A   &   H O N G  K O N G

COMPUTER & TECHNOLOGIES: Narrows 2002 Net Loss to HK$39.623M
EMPEROR (CHINA): Parallel Trading Starts Monday
GOLDEN PACIFIC: Winding Up Sought by Fairmax
GREAT WALL: Winding Up Petition Hearing Set on May 21
LAI SUN: Price, Turnover Movements Unexplainable

NAM FONG: Sees No Reason for Share Price Increase
NANYANG HOLDINGS: 2002 Operations Loss Widens to HK$36.4M
SILVER HONG: Petition to Wind Up Pending


I N D O N E S I A

* IBRA Starts 2003 Investment Assets Sales Program


J A P A N

ALL NIPPON: Completes Review of Aircraft Requirements
FUJITSU LIMITED: Signs $43M Contract With KLM
KANTO DENKA: JCR Affirms BB+ Rating
NIPPON TOSHI: Real Estate Firm Enters Bankruptcy
SOMPO JAPAN: Posts Y20-25B Loss in 2002

TAIHEI KOGYO: JCR Downgrades Rating to BB+
TOSHI KANKYO: Golf Course Enters Rehab Proceedings
YUASA CORPORATION: JCR Affirms BBB- Rating


K O R E A

HYNIX SEMICONDUCTOR: Considers Bringing US Tariffs Before WTO
KOREA THRUNET: KT Ponders Acquisition
SK GLOBAL: May Enter Bankruptcy Despite Rehab Efforts


M A L A Y S I A

CELCOM (MALAYSIA): Inmiss Files Appeal Against KLSE's Decision
DEWINA BERHAD: Explains Actual, Forecasted Profit Variance
EDEN ENTERPRISES: SC Extends Corporate Exercise Completion Date
GEAHIN ENGINEERING: Faces Winding Up Petition Over Unpaid Goods
GENERAL LUMBER: Court Grants Convened Meeting 6-Month Extension

HIAP AIK: KLSE Grants Scheme Implementation Time Extension
L&M CORPORATION: LMG's Petition Judgment Sum Amounts RM41,006.93
PAN MALAYSIAN: Proposes Alternative Adjustment Formulae
RAHMAN HYDRAULIC: Grants PKNK's Proposed Disposal Time Extension
SRI HARTAMAS: SC Approves Proposed Extension to HGB

TIME DOTCOM: Appoints Goh Wei Khwan as Joint Secretary
TRANSWATER CORP.: All Corporate Proposals Resolutions Approved
ZAITUN BERHAD: SEA Files Winding Up Petition Over Unsettled Debt


P H I L I P P I N E S

MANILA ELECTRIC: Supreme Court Rejects Refund Appeal
MAYNILAD WATER: French Partner Bares 5-Yr Business Plan
MAYNILAD WATER: IFC Set to Acquire 11% Stake
PHILIPPINE LONG: Copy of the Final Registration Statement
UNITED COCONUT: Recapitalization Will Take 10 Years, Camacho

VICTORIAS MILLING: Clarifies Tanduay's P300M Infusion Report


S I N G A P O R E

CREATIVE TECHNOLOGY: Posts Notice of Shareholder's Interest
HUA KOK: Domestic Construction Business Remains Difficult
WEE POH: Issues Re-capitalization Plan Update


T H A I L A N D

MILLENNIUM STEEL: Changes Authorized Signatory Director
PICNIC GAS: Directors Resign From Board
ROBINSON DEPARTMENT: Posts CRC Option Shares Exercise Price
THAI CANE: SET Grants Listed Securities
THAI ENGINE: Clarifies More Than 20% Operating Loss Decrease

THAI ENGINE: SET Awaits Amended Financial Statements

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANACONDA NICKEL: T/O Panel Declines MP Global's Application
-----------------------------------------------------------
1. The Takeovers Panel advises that it has on Wednesday declined
the application it received from MatlinPatterson Global
Opportunities Partners LP (MP Global) on 20 February 2003 in
relation to the affairs of Anaconda Nickel Limited (Anaconda).

2. MP Global:

   (a) alleged that acquisitions of shares (Old Shares1) in
Anaconda by Glencore International AG (Glencore) and Sherritt
International Corporation (Sherritt) towards the close of MP
Global's offer to acquire rights (Rights) in Anaconda (Rights
Offer) constituted unacceptable circumstances; and

   (b) raised concerns about the fact that Sherritt neither sold
nor exercised its Rights (which were worth approximately $5.1
million under the Rights Issue), instead allowing them to lapse.

3. MP Global sought a declaration of unacceptable circumstances,
and remedial orders, in relation to the above.

4. MP Global also requested interim orders in relation to the
timing of the allotment of shares pursuant Anaconda's 14 for 1
pro rata renounceable rights issue (the Rights Issue). The Panel
decided on 21 February 2003 (see Panel Media Release 03/28) to
decline one of these interim orders and declined to commence
proceedings in relation to the other.

Summary

Glencore's acquisition of Old Shares on 12 and 13 February

5. The Panel determined the acquisition of Old Shares by
Glencore on 12 and 13 February did not constitute unacceptable
circumstances because the acquisitions were within the terms of
the "Creep" exception set out in item 9 of section 611 of the
Corporations Act (the Act), and the Panel did not accept
arguments from MP Global as to why the Creep exemption should
not have been available to Glencore in these circumstances.

Glencore's acquisition of New Shares between 17 and 19 February

6. The Panel determined that the acquisition by Glencore, on a
deferred delivery basis, of Anaconda shares (New Shares) to be
issued under the Rights Issue (which amounted to approximately
0.2% of the fully diluted shares in Anaconda following the
Rights Issue) was not material in the context of control of
Anaconda and did not appear to have contributed to any
unacceptable circumstances. The Panel was not satisfied that
this acquisition contravened section 606 of the Act.
Consequently, the Panel declined that part of MP Global's
application that related to these purchases.

Sherritt's failure to sell or exercise its Rights, or accept the
Rights Offer

7. The Panel was initially concerned in relation to Sherritt's
motives for allowing its Rights to lapse, for no value, in light
of the existence of the Rights Offer. However, following the
provision of information by Sherritt in response to further
questions from the Panel, the Panel accepted that Sherritt's
decision was an exercise of the business judgment of its
executives, without external pressures, based on commercial
imperatives that the Panel accepted were plausible. Among the
explanations put forward by Sherritt for its conduct were:

   (a) its commercial desire to preserve the current Anaconda
management to protect the reputation of Sherritt intellectual
property used by Anaconda, and to maximize the possibility, in
its opinion, of a settlement of significant litigation with
Fluor Australia Pty Ltd (Fluor), which involves both Anaconda
and Sherritt; and

   (b) the fact that at the relevant time Sherritt was involved
in other major transactions and Sherritt executives did not have
time to devote to detailed analysis of the Anaconda transaction.
Given its concerns about the impact that MP Global obtaining
control over Anaconda could have on Sherritt, it argued that it
was justified in acting as it did, especially since the
investment in Anaconda was immaterial to it.

8. Sherritt asserted, and the Panel accepted, that the potential
financial impact on Sherritt associated with these concerns
outweighed the value that Sherritt could have received from MP
Global for selling its Rights under the Rights Offer.
Consequently, the Panel decided that Sherritt's actions did not
constitute unacceptable circumstances.

Sherritt's failure to accept the Share Offer

9. The issues in relation to Sherritt's decision to allow its
Rights to lapse were also raised in relation to the failure of
Sherritt to sell its Old Shares to MP Global under its offer for
the Old Shares (the Share Offer). The Panel decided that
Sherritt's decision not to accept the Share Offer was not
unacceptable for similar reasons to those relevant to its
decision in relation to the Rights lapsing.

Sherritt's acquisition of Old Shares on 13 February

10. The Panel was initially concerned in relation to Sherritt's
acquisition of Old Shares on 13 February 2003 (at the same time
as Glencore was also purchasing Old Shares). However, no
evidence was presented to the Panel that convinced it that
Sherritt and Glencore were associates in relation to the MP
Global offers in general or the on-market buying specifically.
As there had been no breach of section 606 of the Act, and the
Panel did not otherwise believe that unacceptable circumstances
had arisen, the Panel also declined this part of MP Global's
application.

Miscellaneous

11. This media release also contains comments from the Panel in
relation to the confidentiality of Panel proceedings, as well as
comments in relation to the Anaconda 15 proceedings generally
(in particular in relation to the evidence provided to the Panel
in, and the timing of, the proceedings).

Glencore's Acquisition of 3% of "Old Shares" on Market - 12-13
February

12. In the afternoon of 11 February, Glencore instructed its
broker, Macquarie Equities, to go into the market and buy up to
3% (13.8 million) of the Old Shares. Glencore had been entitled
to acquire 3% under the Creep provision for some months.
Macquarie bought in the afternoon of 12 February and through 13
February, stopping when it had filled Glencore's order. It
acquired Old Shares at below 12 cents on 12 February and in the
morning of 13 February. It also acquired Old Shares at 12 cents
on the morning of 13 February. However, the buying pressure
(including that of Glencore) over the period took the price
above $0.12 (which was the price offered by MP Global for Old
Shares under the Share Offer). On Glencore's instructions,
Macquarie continued buying over the afternoon of 13 February
paying up to $0.145 per share.

13. The Panel considered the acquisition of Old Shares by
Glencore on 12 and 13 February 2003, and found, on balance, that
the acquisitions did not constitute unacceptable circumstances.

14. The concern of MP Global was that the acquisitions were
priced, structured and timed to have maximum effect on the
prospects of MP Global's offers succeeding, especially given the
structure of MP Global's offers.

15. The Panel decided in Anaconda 04 to revoke the relief
granted by ASIC from section 606 of the Act which would have
allowed MP Global to exercise all of the Rights it acquired
under the Rights Offer. However, MP Global decided to proceed
with its Share Offer and Rights Offer and to acquire Rights and
exercise them relying on the "Rising Tide" principle. The Rising
Tide principle is that in a rights issue (or other pro rata
issue) a person may acquire new shares by being issued them in
the same percentage as the voting shares they held at the time
immediately before the new shares are issued. On that basis,
every Old Share which MP Global acquired under its offer for the
Old Shares (the Share Offer) allowed it to exercise 14 Rights
and retain the New Shares issued to it on the basis of that
exercise. However, if MP Global held a smaller percentage of Old
Shares than Rights at the time it came to exercise the Rights
and acquire New Shares2, it would be unable to exercise those
Rights it held that were more than its percentage of Old Shares.

16. The acutely critical time for MP Global was the period of 12
and 13 February, when it was considering declaring its offers to
be unconditional, acceptances for Rights were running ahead of
acceptances for Old Shares3 and the closing date for the Rights
Issue on 14 February was looming. In total, Glencore bought just
under 3% of the Old Shares on-market on the two days. MP Global
was concerned that Glencore's buying on these days was intended
to drive up the price of the Old Shares above the Share Offer
price, diverting acceptance flow from the Share Offer and
maintaining the market price of Old Shares above a price at
which MP Global could acquire Old Shares on-market.

17. Glencore asserted that it was perfectly entitled to acquire
a further 3% of the voting power in Anaconda under the Creep
exception in Item 9 of section 611 of the Act, and that the
market, and MP Global had known for many months that it was
entitled to do so. Glencore submitted that in buying the New
Shares it was merely acting "to protect itself, and to improve
its influence as a shareholder in Anaconda. It did so, and this
was a natural, ordinary and predictable thing for Glencore to
do."

18. Glencore further submitted that:

   (a) its buying fell squarely within the Creep exception given
that the buying was conducted on-market and through one single
reputable broker;

   (b) it was not a price setter in any of its transactions; and

   (c) any price effect was small and temporary. The Panel was
of the view that Glencore's buying is likely to have affected
the on-market price of Old Shares during its buying period.
Glencore conceded that this was possible.

19. Glencore said that there was no sinister attribute to the
timing of its buying. Rather, it commenced buying Old Shares as
soon as it was permitted by the FIRB. The previous FIRB approval
given to Glencore applied only to the acquisition of Anaconda
shares under the Rights Issue. Glencore applied for FIRB
approval after the announcement of the MP Global offers and
commenced buying after it received approval for on-market
acquisitions on 12 February.

20. MP Global asserted that Glencore's on-market buying could be
viewed as part of some improper purpose, akin, in some people's
minds, to market manipulation, to keep the share price of Old
Shares above the MP Global Share Offer price for the critical
period. However, Glencore was entitled to acquire the shares, it
did so when it became free to do so following FIRB approval (and
Glencore appears to have prosecuted that application diligently
and properly). There is no evidence that the instructions that
it gave to its broker or the actions of the broker involved any
attempt to inflate the market price of Old Shares by its buying
strategy.

21. Glencore was under no obligation to assist, or even to
acquiesce to MP Global's offers or strategy. Indeed, MP Global's
strategy was entirely open to the type of market forces to which
it found itself exposed on 12 and 13 February. It was open, as
Glencore submitted, to MP Global to increase its offer price for
Old Shares. As the Old Shares would constitute only 6.7 per cent
of the enlarged capital of Anaconda, the overall increase in its
offer cost would be relatively small. MP Global chose not to
increase the bid price of its Share Offer and it created a bid
structure that relied on a flow of acceptances in its Share
Offer that would be unusually early in the bid compared to many
other bids. In many takeovers, shareholders wait until towards
the end of an offer to assess whether there is a prospect of a
higher offer or rival bid.

22. In the absence of good evidence that Glencore's use of its
Creep entitlement was improper, the Panel does not consider
there is a basis to consider it unacceptable.

Glencore's Acquisition of "New Shares" in Anaconda On-Market -
17-19 February

23. Glencore "acquired" 14.7 million New Shares on market over
the period 17 - 19 February 2003 (on a deferred delivery basis).
That was before the New Shares were issued, but after the Rights
Offer had closed. Glencore paid between $0.07 and $0.09 per
share. They constituted approximately 0.2% of the expanded
number of shares in Anaconda.

24. Whether Glencore's acquisition of New Shares did or did not
technically come within the Rising Tide principle (and thence
did not offend section 606) appears open to interesting legal
discussion. The Panel was not satisfied that the acquisition
contravened section 606.

25. However, the Panel does not consider that the acquisitions
were material in terms of Glencore's overall percentage voting
power after the Rights Issue and the Underwriting Arrangements.
Neither do those acquisitions appear material in terms of the
success or otherwise of the Share Offer and Rights Offer as MP
Global was expressly not offering for the New Shares. By the
time Glencore acquired the New Shares, the Rights Offer had
already closed.

26. As Glencore's acquisitions of New Shares do not appear to
have contributed to any unacceptable circumstances, the Panel
declined that part of MP Global's application.

Sherritt's Failure to Sell or Exercise its Rights, or Accept MP
Global's Rights Offer

27. Sherritt held 517,263,138 Rights, worth $5,172,631 under the
Rights Offer. It allowed them to lapse, for no value. MP Global
argued that there could be no rational explanation for Sherritt
deciding to forego over $5.1 million worth of value for its
shareholders by not accepting its Rights Offer, not selling the
Rights on-market and not exercising the Rights.

28. The Panel was initially concerned that there did not appear
to be a sensible explanation. It put to Sherritt the inference
that MP Global asserted i.e. that there had to be some other
form of benefit for foregoing that amount of value, and the most
likely source of any such benefit was Glencore since Sherritt's
actions increased the likelihood that Glencore (and not MP
Global) would have control of Anaconda following the completion
of the Rights Issue. MP Global argued that such a benefit, if it
existed, would be very easy to conceal given the very extensive,
world wide range of complex mineral and other transactions which
both Glencore and Sherritt conduct.

29. Initially, Sherritt failed to provide a convincing
explanation of its actions, and the Panel reverted to Sherritt a
number of times with questions that it considered were not
answered in Sherritt's responses. As noted in paragraphs 57 to
59, after a number of requests and submissions, Sherritt
provided the following as the reasons for it deciding to allow
its Rights to lapse, for no value, with the relevant New Shares
being taken up by Glencore as underwriter:

   a. Sherritt was comfortable with the current management of
Anaconda, and was concerned that, if it obtained control, MP
Global might disturb the management arrangements at Anaconda, to
Sherritt's commercial disadvantage. Anaconda licensed technology
which Sherritt had developed in relation to acid pressure
leaching of laterite nickel ore. Implementing the process at the
Anaconda plant (the Plant) had proven problematic, to the
detriment of the reputation of the process and Sherritt, its
developer. In the recent past, under the new management at
Anaconda, that process had approached stability and
functionality and Sherritt was concerned that changing the
management might harm that stability, and hence the reputation
and value of its intellectual property;

   b. Sherritt, as the provider of the technology on which the
Plant was based, was materially interested in the state of
litigation between various parties involved in the construction
and operation of the Plant. Anaconda (through its subsidiary
Anaconda Operations Pty Ltd (AOPL)) and Fluor, the constructor
of the Plant, are involved in, a major arbitration relating to
certain failings in the operation of the Plant. Fluor had
commenced proceedings against Sherritt and Dynatec Corporation
(Dynatec) to recover from them whatever Fluor had to pay to AOPL
under the arbitration between Fluor and AOPL. Sherritt
considered that a change in Anaconda's current management would
be detrimental to the outcome of the dispute;

   c. Sherritt was also concerned that Mr. Andrew Forrest (a
former CEO of Anaconda) appeared to be associated, involved or
connected, in some way or other, with MP Global and its offer.
Mr. Ian Delaney, the Chairman of Sherritt (who had been Chairman
of Anaconda for a period) considered that Mr. Forrest returning
to management control or influence would adversely affect
Anaconda and the prospects of any settlement of the Fluor
litigation;

   d. Sherritt did not have management time to devote to a
detailed analysis of the situation. At the time of the Rights
Offer Sherritt was also engaged in two other transactions, the
"Fording Transaction" and the "Sherritt Power Transaction".
These two transactions had a combined value of approximately
$2,162,250,000 compared with the value of Sherritt's Rights
under the Rights Offer of approximately $5.l million. The
professional fees alone for the Fording Transaction and Sherritt
Power transaction exceeded the value of the Sherritt Rights a
number of times over. Sherritt said that had it allowed itself
to be distracted by the intricacies and intrigues of the Rights
Issues and the MP Global offer, the potential loss or impact to
Sherritt could have been significant. However, Sherritt's
statements concerning lack of management attention needs to be
considered in light of Mr. Delaney's preparedness to spend his,
and his staff's time, on the morning of 13 February (Australian
time) in discussing, arranging and buying 4,000,000 Old Shares
(0.87%, worth $556,000) allegedly to try to engineer a higher
takeover offer for the 0.53% of Anaconda that Sherritt would be
entitled to after the issue of the New Shares4;

    e. Sherritt had lost many times more than $5 million on its
investment in Anaconda (by the time of the Rights Issue,
Sherritt had written off its investment in Anaconda by almost
$71.9 million) and the further loss of $5 million did not appear
material.

30. Sherritt also argued strongly that:

   a. the exercise of its business judgment should not be called
into question ex post as there was no evidence that it had done
other than exercise its business judgment, in difficult
circumstances, in the interests of its shareholders;

   b. it was entitled to make a commercial decision without fear
for the impact it may have on others (in particular, MP Global);
and

   c. it was not under any statutory obligation to do anything
in relation to the Rights.

31. MP Global did not introduce any evidence of association or
manipulation, apart from testimony concerning a number of
telephone conversations between principals of MP Global and
principals of Sherritt and Glencore. The other parties contested
MP Global's evidence of those conversations and in the absence
of other evidence the Panel did not find MP Global's evidence
persuasive.

32. The Panel found that when it was finally able to gather and
arrange Sherritt's evidence explaining why it took the decision
to allow its Rights to lapse, that evidence presented a
plausible explanation which MP Global failed to rebut. The Panel
declined to make any declaration that Sherritt's actions
constituted unacceptable circumstances either on the grounds
that Sherritt and Glencore were associates or otherwise.

Sherritt's Failure to Accept the MP Global Share Offer

33. Sherritt did not accept the MP Global Share Offer for its
40,947,367 (approximately 8.87%) Old Shares. Had it done so at
the offer price of $0.12, and then sought to acquire New Shares,
Sherritt would likely have either acquired twice the number of
New Shares as it owned Old Shares, or made a profit of up to
$1,900,000. This is based on the last price for the Old Shares
trading separately on 6 March 2003 following the close of the
Rights Offer i.e. $0.068.

34. MP Global raised the same concerns about Sherritt's failure
to accept the Share Offer as it raised concerning Sherritt's
decision to allow its Rights to lapse. Sherritt raised the same
explanations.

35. The Panel made a similar decision in relation to MP Global's
assertions concerning Sherritt's decision not to accept the MP
Global Share Offer as it found in relation to Sherritt's
decision to allow its Rights to lapse. The Panel decided that
Sherritt's evidence presented a plausible explanation of why it
did not sell to MP Global although this decision involved giving
up the opportunity for up to $1.9 million profit.

Sherritt's Acquisition of "Old Shares" on Market - 13 February

36. Sherritt instructed its broker, JB Were, to acquire Old
Shares on-market on the morning of 13 February 2003. Were
acquired 4.0 million shares at an average price of $0.139 per
share. They constituted 0.87% of the Old Shares.

37. MP Global asserted that Sherritt's buying of Old Shares on-
market on 13 February was evidence of collusion between it and
Glencore in seeking to prevent the success of MP Global's offer.
That would have caused unacceptable circumstances, as well as a
breach of section 606.

38. Sherritt put forward a number of reasons explaining its
decision to acquire the Old Shares. They included limiting the
risk that MP Global obtained control of Anaconda, causing any
subsequent bidder to have to make its bid for Old Shares at a
higher price, and increasing the likelihood of Glencore
remaining in control of Anaconda. In the absence of any evidence
of association, or acting in concert, between Sherritt and
Glencore or of market manipulation, the Panel did not consider
that Sherritt's buying of Old Shares caused unacceptable
circumstances.

39. The Panel was concerned at the evidence that a second major
shareholder in Anaconda went on-market during a critical time in
MP Global's offer, at prices well in excess of the Share Offer
price, with no intention of making a general offer to all
Anaconda shareholders and with the intention of affecting the
outcome of a takeover.

40. However MP Global's strategy and bid structure was
vulnerable to such actions, as noted in relation to Glencore's
buying and MP Global had no right to expect such actions would
not happen.

41. The Panel declined this part of MP Global's application on
the basis of:

   a. the relatively small size of the buying by Sherritt;

   b. the fact that the market had already moved past MP
Global's offer price (albeit perhaps due to Glencore's buying);

   c. the fact that there was no evidence presented that
convinced the Panel of an agreement between Sherritt and
Glencore in relation to the MP Global offers in general and the
on-market buying specifically; and

   d. the fact that Sherritt owned well under 20% of Anaconda.

42. The fact that Sherritt appears to have commenced this action
without, according to its evidence, a proper understanding of
the Australian market, the terms of the current offer and
Australian takeovers law is concerning. It would have been
prudent for Sherritt to seek Australian counsel's advice before
conducting market affecting transactions during a takeover
offer.

Interim order

43. The application sought an interim order from the Panel
either that:

   (a) Anaconda not allot and issue Anaconda shares under
Anaconda's rights issue (New Shares) prior to 25 February 2003;
or

   (b) if Anaconda issues New Shares before 25 February 2003, MP
Global nevertheless be permitted to exercise all of its rights
in Anaconda provided that MPL disposes (to a party not an
associate of MPL) of any New Shares which result in MPL's voting
power in Anaconda being in excess of the voting power MPL would
have had, if all New Shares are disregarded, at the end of 25
February 2003.

44. The Panel received submissions from the affected parties in
relation to the interim order in paragraph (a) and decided not
to grant that interim order. Consequently, the Panel said that
Anaconda was free to proceed to allot the New Shares prior to 25
February 2003.

45. The Panel decided not to commence proceedings in relation to
the interim order described in paragraph (b). The Panel
considered that these matters were more appropriately considered
by ASIC under an application for relief lodged by MP Global with
ASIC on 19 February 2003.

Confidentiality

46. The Anaconda proceedings appeared to be subject to more than
usual comment in the media. The Panel was materially concerned
that confidential information provided to the Panel and to
parties in the proceedings appeared to be reflected in some
media articles on the proceedings, despite parties having given
undertakings to the Panel to respect the confidentiality of
information provided by parties.

47. The Panel regrets that the media appears to have been used
by parties in the Panel's proceedings, including Anaconda 15,
seeking to gain tactical advantages in their campaigns.

48. The Panel received a number of significant complaints from
parties in the Anaconda proceedings, and especially in Anaconda
15, about the publication of information which they considered
had been provided to the Panel, and the other parties, in
confidence. They said that had they known that the information
would be leaked they would have been more restrained in
providing that information. Parties for not taking firmer action
against such breaches of its Rules criticized the Panel.

49. In particular, in the Anaconda 15 proceedings one of the
parties had concerns in relation to the inclusion of
legitimately confidential information in its submissions to the
Panel. The fact that the party was initially reluctant to
provide this information to the Panel contributed to the length
of the Panel proceedings. However, the Panel understood the
party's concerns in relation to the provision of this
information given the potential for it to be prejudiced in the
Panel proceedings if the information was not provided, compared
with the adverse commercial consequences that it could suffer if
the information was disseminated outside the proceedings.

50. The Panel takes breaches of its Rules seriously. In these
proceedings it sought statutory declarations from each of the
parties, and from each of their advisers concerning the apparent
breaches of confidentiality undertakings to the Panel. The Panel
recognizes that finding the evidence in relation to leaks is
notoriously difficult. Where there appear to be valid concerns
about breaches of its confidentiality rules the Panel will take
reasonable steps to ascertain the identity of the person who has
leaked other parties' confidential information. Where the Panel
finds evidence showing that the leak has come from a specific
person or party it will treat the offence seriously.

51. The Panel has consistently been told, in surveys it conducts
amongst parties and the business community, that the Panel's
proceedings are more likely to be conducted quickly, and in an
open and frank manner, if information provided to the Panel is
not disclosed outside Panel proceedings. Like the London Panel,
the Australian Takeovers Panel agrees with this approach and
considers that the restraint of parties in previous proceedings
has contributed to the success of the Panel. In saying this, the
Panel has no wish, or right, to influence what or when
Australia's media reports on the Takeovers Panel, its operations
or proceedings. However, parties who wish to take advantage of
the speed, cost effectiveness and commercially efficient nature
of the Panel proceedings are well advised to observe the
confidentiality undertakings they give to the Panel. The Panel
continues to monitor compliance with its Rules on
confidentiality, and continues to listen to the market, parties
and participants to ensure that conduct within its proceedings,
and its own Rules, meet the standards expected of parties and
the Panel.

Proceedings

52. The Anaconda 15 proceedings were characterized by difficult
issues of evidence, policy and a truly unique set of
circumstances.

Evidence

53. A good deal of the evidence on which these proceedings were
based consisted of statements about a large number of telephone
conversations between the protagonists made over a short period
of intense activity at the peak of MP Global's offers. As would
be expected, there were material disputes, lack of recollection,
and initial errors in dates and times, concerning a large number
of these conversations. It appears that the parties made very
few detailed records at the time of the telephone calls.
Eliciting a reasonable estimate of the content of the
conversations and the reliability of the various recounts took a
material amount of effort on the part of the Panel and on the
part of the parties.

54. Further, many of the issues raised concerned alleged
association and decisions or agreements to act in concert. Most
evidence in relation to association, or acting in concert, is
likely to be circumstantial. Rarely in enquiries do parties to
such agreements carefully document them and leave them on file
for production. These proceedings were little different to many
which the Panel has had to consider in relation to questions of
association. Decisions in these cases are frequently made on an
"on balance" basis and taking a view on the inferences which
might properly be drawn from parties' commercial behavior and
from assertion evidence about conversations between parties who
are not only interested in the proceedings, but in intense
commercial competition. Eliciting such evidence will usually be
time consuming, frustrating for parties, and involve iterations
of evidence gathering. These proceedings were no different to
many.

Timing

55. The Panel received the Anaconda 15 application on 20
February. The period of six weeks from application to decision
is unusually long for Panel proceedings.

56. Having received the application on 20 February, the Panel
gave the parties a Brief in relation to the proceedings late on
21 February. By that time the Panel had decided the applications
for interim orders and informed the parties and the market. It
met on 28 February to give first consideration to parties'
submissions and rebuttals to the Brief. It immediately became
apparent that the responses provided by the parties required it
to make further requests for information. The Panel then
provided the first of a number of requests for further
information to parties. Each request for information requires
parties to be given reasonable time to respond and a further
period for parties to provide rebuttals to the submissions
tendered.

57. The pace of proceedings was further slowed because of the
location of parties. Parties in these proceedings and their
principals were located in Melbourne, Sydney, Perth, Toronto,
Switzerland and Hong Kong. Frequently parties sought, and the
Panel granted, extensions of time to respond properly to the
requests for information.

58. The Panel received the last of the submissions from the
parties in relation to the proceedings at the close of business
on 1 April. It then met on 4 April to consider the final
submissions and make its decision in relation to the
proceedings. The Panel provided a draft decision to the parties
on Monday 7 April for comment prior to publication.

Decision

59. The Sitting Panel decided that there had not been evidence
presented to it, or which it was able to elicit, which indicated
that the on-market buying of shares in Anaconda by either or
both of Glencore and Sherritt constituted unacceptable
circumstances, or that Sherritt's decisions in relation to the
Rights Offer or Share Offer constituted unacceptable
circumstances.

60. The Panel declined the application by MP Global.

61. The President of the Panel appointed the same members who
constituted the Panel in the Anaconda 1, 2 to 5, 8, 11, 12, 14
and 16 applications (Brett Heading, Tro Kortian and Peter Scott)
to consider the application.

CONTACT INFORMATION: Nigel Morris,
        Director, Takeovers Panel
        Level 47 Nauru House,
        80 Collins Street, Melbourne VIC 3000
        Ph: +61 3 9655 3501
        E-mail: nigel.morris@takeovers.gov.au

1 Old Shares are the 461,502,243 shares on issue at the time of
MP Global's Share Offer and before the issue of 6,461,031,402
New Shares under the Rights Issue.

2 The actual date at which MP Global came to determine how many
Rights it could exercise is the subject of later proceedings.

3 This was fairly unremarkable, as the offer period for the
shares extended until 6 March 2003. There was no time pressure
for Anaconda shareholders to sell into the Share Offer. However,
as various parties pointed out in their submissions, up to the
time that the Rights Offer and Share Offer were declared
unconditional it would have been rational for any Anaconda
shareholders who wished to accept the Rights Offer to accept the
Share Offer in order to assist MP Global to achieve the then
minimum acceptance condition.

4 However, Sherritt did indicate that if an acceptable
alternative takeover offer had been made before the Rights Issue
closed, it had the procedures in place to allow it to exercise
its Rights so that it could then sell both its Old Shares and
New Shares into such an offer.


AUSTRALIAN PLANTATION: May 8 AGM Scheduled
------------------------------------------
Notice is hereby given that the annual general meeting of the
Shareholders of Australian Plantation Timber Limited will be
held at The Hyatt Regency Hotel, 99 Adelaide Terrace, Perth,
Western Australia, on Thursday 8 May 2003 at 2:00pm.

AGENDA

1. To receive and consider the reports of the directors and of
the auditors, the statement of financial performance, statement
of financial position and cash flow statement for the six months
ended 30 December 2002.

2. RE - ELECTION OF DIRECTORS

To re-elect Mr Bob Bunning who retires from the office of
director in accordance with the constitution and being eligible,
offers himself for re-election.

3. ELECTION OF AUDITORS

That PricewaterhouseCoopers having resigned as auditors of the
Company effective 8 May 2003, the Company ratify the appointment
of Ernst & Young as auditors of the Company, effective the same
date. Ernst & Young having consented to be appointed. See
explanatory statement on the reverse side of this notice.

4. OTHER BUSINESS

To transact any other business which may be brought forward in
conformity with the constitution of the company.


EARTH SANCTUARIES: Purchases Waratah Park
-----------------------------------------
The Directors of Earth Sanctuaries Ltd (ESL) are pleased to
announce that ESL has, after a competitive sale process, been
selected as the preferred purchaser of the assets of Waratah
Park Pty Ltd, subject to relevant approvals.

Waratah Park is a landmark site in Sydney and is best known as
the home of "Skippy the Bush Kangaroo". The Skippy TV series was
filmed at the Park, which is situated about 40 minutes north of
the city in the Ku-Ring-Gai National Park at Terrey Hills. The
park has historically operated as a wildlife/tourist park,
exhibiting native Australian animals. The park was recently at
the center of some controversy following the loss of its animals
license and the removal of animals from the site by the
authorities due to concerns about animal welfare. The Park was
subsequently placed into the hands of Administrators.

ESL intends to extensively redevelop the Park and convert it
from a wildlife park where the animals are confined into an
Earth Sanctuary where the animals are free roaming in a mini
natural ecosystem. ESL's major objective for the Waratah Park
will be to restore the balance of native Flora and Fauna that
existed prior to European settlement of the area. This is to be
achieved by feral proof fencing of the entire sanctuary, the
complete eradication of all introduced feral animals,
appropriate revegetation restoration, landscaping and planting
of indigenous trees, shrubs and grasses. This approach has
proven to be very successful in facilitating the regeneration of
rare and endangered Australian wildlife. ESL's intention at
Waratah Park is to release into the area species of rare and
endangered animals that are native to the Ku-Ring-Gai area
including species that are not often seen.

The establishment of an Earth Sanctuary at Waratah Park will be
the first of its type in Sydney. ESL operates established
sanctuaries at Warrawong (near Adelaide), Little River (near
Melbourne) and Hanson Bay (Kangaroo Island). Given the proximity
from the city, Waratah Park is well located to attract tourists
and will provide a unique eco tourism offering for the Sydney
market.

Managing Director, Proo Geddes said "This is an exciting
development for ESL. Not only was Waratah Park the home of the
Skippy TV series, but it was the birth place of national and
international recognition of our wildlife and ESL is delighted
to have the opportunity to develop an earth sanctuary around
this concept".

Once Waratah Park is established as an Earth Sanctuary, ESL
intends to develop a series of educational products based on
visitors being able to see wildlife in the wild. This is planned
to include guided dawn and dusk walks as well as other eco
educational activities. It will also be supported by a
complementary retail offering on site.

The purchase price for Waratah Park is approximately $0.5
million, which will be funded from ESL's cash reserves.

The purchase represents a further step in ESL improving the
positioning of its portfolio of conservation sanctuaries
relative to major population centers aimed at further improving
the company's financial performance.

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


FORTLAND HOTEL: Responds to ASX LPT Query
-----------------------------------------
Fortland Hotel Property Trust, in reference to the Australian
Stock Exchange's letter dated 8 April 2003, advised as follows:

1. The Trust is not aware of any co-ownership or other
agreements in place which contain provisions which may include a
pre-emption clause upon a change of Responsible Entity (or a
change in control of the Responsible Entity) or any provisions
which may operate as a deterrent to a change of ownership
through a takeover of the Fortland Hotel Property Trust (the
Agreements).

2. Not applicable;

3. Not applicable;

4. Not applicable;

5. The Company confirms that the Fortland Hotel Property Trust
is in compliance with listing rule 3.1.

Below is the ASX's query:

"We refer to our recent discussions with the Company. As you
know we are concerned that regulatory changes that occurred in
2000 and recent interpretation of the impact of those changes on
rights of pre-emption associated with certain property trust
arrangements has created uncertainty in the market as to the
extent of the possible application in the listed property trust
segment. This obviously impacts the reputation of the segment.
ASX considers it appropriate in the circumstances that affected
listed entities immediately review any agreements to determine
their position in relation to this issue and inform the market
of the position immediately.

We wish to draw your attention to the definition of `aware' in
chapter 19 of the listing rules which states that:

   `an entity becomes aware of information if a director or
executive (in the case of a trust director or executive officer
of the responsible entity or management company) has, or ought
reasonably to have, come into possession of the information in
the course of the performance of their duties as director or
executive officer of that entity'

Further, we wish to draw your attention to listing rule 3.1
which requires an entity to give ASX immediately any information
concerning it that a reasonable person would expect to have a
material effect on the price or value of the entity's
securities. The exceptions to this requirement are set out in
listing rule 3.1A.

Having regard to the above, we request that you answer the
following:

   1. Is the Company aware of any co-ownership or other
agreements in place which contain provisions which may include a
pre-emption clause upon a change of Responsible Entity (or a
change in control of the Responsible Entity) or any provisions,
which may operate as a deterrent to a change of ownership
through a takeover of the Trust (the Agreements)?

   2. If so, are the provisions of the Agreements material to
the Company?  If not, why not?

   3. If the answers to questions 1 and 2 are `yes', has the
Company disclosed the existence and potential operation of the
Agreements following regulatory changes to the market and if so,
where has this information been disclosed?

   4. If the answers to questions 1 and 2 are `yes', and the
information has not been previously disclosed, can an
announcement be made immediately? If not, why not and when is it
expected that an announcement will be made?

   5. Please confirm that the Company is in compliance with the
listing rules and, in particular, listing rule 3.1.

Your response should be sent to me by facsimile on facsimile
number (07) 3832 4114. It should not be sent to the Company
Announcements Office.

Unless the information is required immediately under listing
rule 3.1, a response is requested as soon as possible and, in
any event, not later than 3.00 pm AEST on Friday 11 April 2003.

Under listing rule 18.7A, a copy of this query and your response
will be released to the market, so your response should be in a
suitable form and separately address each of the questions
asked. If you have any queries or concerns, please contact me
immediately.

LISTING RULE 3.1

In responding to this letter you should consult listing rule 3.1
and Guidance Note 8 - Continuous Disclosure: listing rule 3.1.

If the information requested by this letter is information
required to be given to ASX under listing rule 3.1 your
obligation is to disclose the information immediately.

Your responsibility under listing rule 3.1 is not confined to,
or necessarily satisfied by, answering the questions set out in
this letter.

TRADING HALT

If you are unable to respond by the time requested, or if the
answer to questions 1 and 2 is yes and an announcement cannot be
made immediately, you should consider a request for a trading
halt in the Trust's securities. As set out in listing rule 17.1
and Guidance Note 16 - Trading Halts we may grant a trading halt
at your request. We may require the request to be in writing. We
are not required to act on your request. You must tell us each
of the following.

   * The reasons for the trading halt.
   * How long you want the trading halt to last
   * The event you expect to happen that will end the trading
halt.
   * That you are not aware of any reason why the trading halt
should not be granted.
   * Any other information necessary to inform the market about
the trading halt, or that we ask for.

The trading halt cannot extend past the commencement of normal
trading on the second day after the day on which it is granted.
If a trading halt is requested and granted and you are still
unable to reply to this letter before the commencement of
trading, suspension from quotation would normally be imposed by
us from the commencement of trading if not previously requested
by you. The same applies if you have requested a trading halt
because you are unable to release information to the market, and
are still unable to do so before the commencement of trading.

We thank you for your time and co-operation in relation to this
issue and look forward to receiving your response."


MCINTYRE GROUP: Court Orders Liquidator Appointment
---------------------------------------------------
Following an application by the Australian Securities and
Investments Commission (ASIC), the Supreme Court of Queensland
has made orders appointing Mr Bradley Vincent Hellen of Calabro
Partners, as liquidator for four companies in the McIntyre
group.

The companies are Visual Changes Pty Ltd (Visual Changes),
trading as 21st Century Academy; Cashflow Creation Pty Ltd;
JNMAC Pty Ltd and JNMAC2 Pty Ltd.

The McIntyre group comprises Visual Changes Pty Ltd (Visual
Changes), trading as 21st Century Academy; Cashflow Creation Pty
Ltd; JNMAC Pty Ltd; JNMAC2 Pty Ltd and Jaymac Communications
Aust No 2 Pty Ltd.

The sole director of the companies is Mr Jamie McIntyre.

The court had made an earlier order last year winding up Jaymac
Communications Aust No 2 Pty Ltd and appointing Mr Hellen as
liquidator.

In a related matter on 13 March this year the court made an
order restraining the assets of Ms Jana Rajnoch, the wife of Mr
McIntyre, until the final hearing of a civil penalty application
against her, Mr McIntyre and the McIntyre group.


PASMINCO LIMITED: Appoints New Directors
----------------------------------------
Further to the announcement on 1 April in relation to the
retirement of Messrs Rayner, Allen and Guy, Pasminco Limited
announced Thursday that Messrs Warick Leeming, David Eagle and
John McCormack had been appointed as directors of Pasminco
Limited.

CONTACT INFORMATION: Trevor Shard
        GENERAL MANAGER  INVESTOR AND COMMUNITY RELATIONS
        Phone: +61 (3) 9288 9186
        Mobile: 0419 584 515

Yesterday, the Troubled Company Reporter - Asia Pacific reported
that Pasminco had entered into an agreement with Consolidated
Broken Hill to sell its Elura mining operation at Cobar and
shiploading operation at Newcastle in New South Wales for a
total consideration of up to $22.2 million.


QANTAS AIRWAYS: Alliance W/ AIZ Very Anti-Competitive, Says ACCC
----------------------------------------------------------------
The Australian Competition and Consumer Commission on Thursday
issued a draft decision proposing to deny approval to a proposed
alliance between Qantas Airways Limited (Qantas) and Air New
Zealand Limited (AIZ).

"The proposed alliance would be highly anti-competitive and
offer little benefit", ACCC Chairman, Professor Allan Fels, said
Thursday.

The two airlines sought authorization* for an alliance under
which both would agree on matters such as flight schedules and
fares on routes where both operate, including the trans-Tasman.
Qantas would also take up to 22.5 per cent equity in Air New
Zealand.

"The trans-Tasman route is Australia's largest passenger market.
It accounts for more than 16 per cent of all travel to and from
Australia. Qantas and Air New Zealand are the only effective
competitors. Qantas has around 39 per cent of the market and Air
New Zealand, including Freedom Air, around 52 per cent. The two
airlines compete strongly and consumers benefit.

"If the proposed alliance goes ahead they will jointly control
more than 90 per cent of the market. The market would move from
a two-airlines market to an effective one-airline market.
Passengers will be denied choice and increased airfares will be
inevitable. Even if Virgin Blue enters the alliance would still
dominate the market.

"The proposed alliance would also be anti-competitive in the
Australia North America market where Air New Zealand was a major
player until it departed the route recently. The alliance would
deter Air New Zealand from re-entering the route and providing
critical competition to Qantas if either of the other operators,
United and Air Canada, falters as is currently conceivable.

"In Australia, the proposed alliance would see Qantas domestic
operations capture those passengers flying internationally with
Air New Zealand. Qantas would increase its domestic market share
and market power. The alliance would therefore shrink the
portion of the domestic market available to other carriers and
constrain them from entering or expanding that market.

"While their dominance of trans-Tasman air freight is not as
great as for passenger travel, Qantas and Air New Zealand still
hold around 73 per cent of the market. Qantas has 36 per cent
and Air New Zealand 37 per cent. The next largest operator has
seven per cent. The proposed alliance is very likely to result
in upward pressure on freight rates. This would not be a good
outcome for Australian importers and exporters".

The ACCC must examine the claimed public benefits of the
proposed alliance as well as competition aspects.

Professor Fels said that on the benefit side the ACCC is not
convinced that cost savings would be realized to the extent
claimed by the airlines or be passed on to consumers in the less
competitive environment under the alliance.

The airlines claim that if the alliance does not proceed they
will engage in a "wasteful capacity war", each adding
significant numbers of aircraft to routes on which they compete.
Most of the claimed cost savings arise from not engaging in that
war. The Commission does not consider this a likely proposition.

The ACCC and tourism bodies agreed that the proposed alliance is
unlikely to result in increased tourism or benefits to the
economy from tourism.

Professor Fels said that the ACCC had examined undertakings
proposed by Qantas and Air New Zealand and other parties to
reduce the anti-competitive effects of the alliance. The
airlines offered to negotiate undertakings in the areas of
facilitating new entry on the trans-Tasman, and in relation to
capacity and locking in claimed public benefits.

The Commission considered that the ability of the undertakings
offered to control the behavior proposed under the proposed
alliance is limited. The undertakings offered were heavily
qualified, difficult to enforce and required monitoring.

"The proposed alliance is highly anti-competitive and its
benefits are small. Under these circumstance the potential for
undertakings to make such a difference that authorization could
be granted is extremely limited".

The ACCC also considers that Qantas and Air New Zealand have
underestimated Air New Zealand's future ability to compete if
the proposed alliance does not proceed.

"Air New Zealand is currently competing very strongly with
Qantas. Management initiatives in the cost and fare structure
areas have contributed to the airline predicting very good
financial results for 2002/03. These projections were recently
re-affirmed even in the face of the current challenging
conditions".

Following the release of the ACCC's draft determination the
applicants and interested parties have the opportunity to call a
conference to make oral submissions to the ACCC before a final
decision is made. If a conference is called it will be held in
Sydney on Thursday 2 May 2003. Final written submissions from
the applicants or interested parties will need to be lodged with
the ACCC by Thursday 9 May 2003.

A copy of the ACCC's draft determination on this matter will be
available on the ACCC's website, www.accc.gov.au.

CONTACT INFORMATION: Professor Allan Fels
                     Chairman, ACCC
                     Phone: (03) 9290 1812
                     Pager:  02 6285 6170

* The Trade Practices Act 1974 prohibits certain forms of
anti-competitive arrangements including arrangements between
competitors which limit their ability to deal with whom they
choose or on the terms they choose (including price) and
arrangements which substantially lessen competition. The ACCC's
authorization process provides immunity from court action under
the Act arising from certain anti-competitive agreements.
Authorization can only be granted where the ACCC is satisfied
that the public benefit arising from the conduct outweighs any
anti-competitive detriment.


QANTAS AIRWAYS: NZ Commission Likely to Decline Application
-----------------------------------------------------------
The New Zealand Commerce Commission considers that an alliance
between Air New Zealand and Qantas Airways Limited would not
result in a net public benefit to New Zealanders, and on the
basis of the information available, it would be likely to
decline applications by both airlines for authorization under
the Commerce Act.

"The Commission's role is to determine whether the proposed
alliance would result in a substantial lessening of competition
in any of the markets affected and, if so, whether the
detriments flowing from this lessening of competition are
outweighed by the public benefits claimed to flow from the
alliance," said Commission Chair, John Belgrave.

"The Commission's preliminary view is that the proposal would
likely result in a substantial lessening of competition in a
number of markets."

Those markets are:

   * the following passenger air service markets:

      - the New Zealand main trunk and provincial markets,
      - the Tasman market,
      - the New Zealand / Pacific market,
      - the New Zealand / Asia market,
      - an d the New Zealand / USA market; and

   * the following freight markets:

      - the Tasman belly hold airfreight services market,
      - the international air freight services market, and
      - the domestic air freight services market; and
      - the national wholesale travel distribution services
market.

"The view of the applicants is that detriments would be limited
largely to a loss of allocative efficiency which includes the
harm done to consumers through higher fares. The applicants have
calculated this to be about $10.3 million at year three.
Prospective losses of productive and dynamic efficiencies are
almost completely discounted.

"The Commission's preliminary view is that the detriment to the
public of New Zealand would be likely to fall within the range
of $202million to $432million per annum," said Mr Belgrave.

The applicants estimate that the benefits arising from the
proposed alliance would be $236.3million at year three.

"The Commission's estimates suggest that the public benefits
attributable to the proposed alliance are likely to be in the
range of $30.2million to $46.3million per annum.

"In the Commission's preliminary view, the overall detriment
expected to result from the proposed alliance would clearly
outweigh the expected benefits. On a provisional basis, the
detriments are estimated to fall in the range of $202million to
$432million, and the benefits in the range of $30.2million to
$46.3million."

More detail on the Commission's conclusions is contained in the
attached Executive Summary. A complete copy of the Commission's
draft determinations is available on the Commission's website at
www.comcom.govt.nz.

The Commission invites submissions from interested parties on
its preliminary conclusions. The deadline for submissions is
Friday, 9 May 2003. The Commission proposes to hold a four-day
conference in Wellington over the period 20-23 May 2003. The
Conference is to enable the Commission to ask questions of
interested parties in relation to their submissions on the draft
determinations. The Commission intends to release its final
determinations on the applications by the end of the June 2003.

CONTACT INFORMATION: John Belgrave
                     Chairman
                     Phone work: (04) 924 3601
                     Mobile: 021 650 045


QANTAS AIRWAYS: Pursuing Alliance With AIZ Despite Rejections
-------------------------------------------------------------
Qantas Airways Limited said it would continue to pursue a
relationship with Air New Zealand despite Thursday's negative
draft determinations by the Australian Competition and Consumer
Commission (ACCC) and the New Zealand Commerce Commission
(NZCC).

Qantas Chief Executive Officer Geoff Dixon said the two draft
determinations were lengthy, totaling almost 450 pages, and it
was not possible to give a detailed response immediately.

"However, what I can say today is that it is remarkable that
both authorities appear to have completely ignored the ongoing
crisis in the global aviation industry.

"The draft determinations highlight the growing gulf between the
commercial realities and long term restructuring challenges
facing the aviation industry and the pursuit, by competition
regulators, of ideals and market outcomes that the industry
simply will not be able to deliver on a sustainable basis.

"It is also extraordinary that the NZCC appears to have endorsed
government support of airlines, a practice that has only
compounded problems in the aviation industry. Just as
extraordinary is the ACCC's view that there is no national
interest benefit, as claimed by Qantas."

Mr Dixon said the severe strain being experienced by airlines
worldwide had been well documented and was further confirmed
overnight with Lufthansa, Germany's national carrier, declaring
"a state of crisis".

"It is surely in the national interest for both New Zealand and
Australia to have viable and competitive airline systems. This
will not be advanced by competition authorities ignoring the
realities of the world."


WATER WHEEL: Releasing Half-Year Account in June 2002
-----------------------------------------------------
Hall Puddy & Wales, Chartered Accountants of Water Wheel
Holdings Limited (Subject to a Deed of Company Arrangement), has
released the Company's financial report in a form of Appendix 4B
of Australian Stock Exchange (ASX) Listing Rules including the
Deed Administrator's declaration, for the year-half ended 3 June
2002, but excluding the following sections:

a) material factors affecting the revenues and expenses of
the consolidated entity for the current period;

b) compliances statement.

The financial report includes the consolidated financial
statement of the consolidated entity comprising the company and
the entities it controlled at the end of the half year or from
time to time during the half-year.  The disclosing entity's deed
administrator is responsible for the financial report.

To see full copy of the half-yearly financial report, go to
http://bankrupt.com/misc/TCRAP_WWH0411.pdf.


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


COMPUTER & TECHNOLOGIES: Narrows 2002 Net Loss to HK$39.623M
------------------------------------------------------------
Computer and Technologies Holdings Ltd. Released a summary of
its results announcement for the year-end date December 31,
2002.

Currency: HKD
Auditors' Report: Unqualified
                                                   Restated
                                                   (Audited)
                               (Audited)           Last
                                Current            Corresponding
                                Period             Period
                                from 1/1/2002      from 1/1/2001
                                to 31/12/2002      to 31/12/2001
                                Note  ('000)       ('000)
Turnover                           : 228,244            515,868
Profit/(Loss) from Operations      : (39,030)           (60,175)
Finance cost                       : N/A                (352)
Share of Profit/(Loss) of
  Associates                       : N/A                (26)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                (2,344)
Profit/(Loss) after Tax & MI       : (39,623)           (64,162)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.1454)           (0.2405)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (39,623)           (64,162)
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:
1.      Tax
                                                    Group
                                                2002    2001
                                                HK$'000 HK$'000

        Provision for tax in respect of profits for the year:
            Hong Kong                           209     370
            Elsewhere                           291     601
                                                -----   ------
                                                500     971
        Overprovision in prior years - Hong Kong
                                                (114)   (18)
                                                -----   -----
        Tax charge for the year                 386     953
                                                ====    ====
        Hong Kong profits tax has been provided at the rate of
16% (2001: 16%) on the estimated assessable profits arising in
Hong Kong during the year.  Taxes on profits assessable
elsewhere have been calculated at the rates of tax prevailing in
the countries in which the Group operates, based on existing
legislation, interpretations and practices in respect thereof.

2.     DIVIDENDS

        The Board does not recommend the payment of any dividend
for the year (2001: NIL)

3.      LOSS PER SHARE

        (a)     Basic loss per share

       The calculation of basic loss per share is based on the
net loss attributable to shareholders for the year of
HK$39,623,000 (2001: HK$64,162,000, as restated) and the
weighted average of 272,448,000 (2001: 266,805,000) ordinary
shares of the Company in issue during the year.

        (b)     Diluted loss per share

        No diluted loss per share is presented for the two years
ended 31 December 2002 as the effect of the Company's
outstanding share options was anti-dilutive.

4.      PRIOR YEAR ADJUSTMENT

       SSAP 34  "Employee benefits", that prescribes the
recognition and measurement criteria to apply to employee
benefits, together with the required disclosures in respect
thereof, was adopted during the year.  The adoption of this SSAP
has resulted in the recognition of an accrual for paid holiday
carried forward by the Group's employees as at the balance sheet
date.  This change in accounting policy has resulted in
HK$1,705,000  and HK$2,129,000 being included in the balance of
the Group's accruals in respect of paid leave carried forward as
at 31 December 2002 and 2001, respectively.   As a consequence,
the consolidated net losses attributable to shareholders for the
years ended 31 December 2002 and 2001 have been reduced by
HK$424,000 and increased by HK$203,000, respectively, and
consolidated accumulated losses as at 1 January 2002 and
consolidated retained profits as at 1 January 2001 have been
increased by HK$2,129,000 and decreased by HK$1,926,000,
respectively.


EMPEROR (CHINA): Parallel Trading Starts Monday
-----------------------------------------------
Market participants are requested to note the parallel trading
in the ordinary shares of Emperor (China Concept) Investments
Limited will commence at 9:30 a.m. on Monday, 14/April/2003
under the following particulars:

Stock Code  Stock Short Name     Board Lot   Certificate Color
----------  ----------------     ---------   -----------------
296         EMPEROR CHI-NEW      5,000 shares     Blue
2921        EMPEROR CHI-OLD      500 shares       Green

Settlement of trading at each counter shall be in respect of the
shares traded at the respective counters.

Early last month, the Troubled Company Reporter - Asia Pacific
reported that Emperor (China Concept) proposed the Capital
Reorganization, under which the par value of each issued Share
will be reduced from HK$0.50 to HK$0.0001, all unissued Shares
in the capital of the Company will be subdivided into 5,000
shares of HK$0.0001 each and thereafter every 10 shares of
HK$0.0001 each in the issued and unissued share capital of the
Company will be consolidated into one New Share of HK$0.001
each.

Upon the completion of the Capital Reorganization, the
Accumulated Losses will be reduced by approximately
HK$55,023,410.62 whereas the issued and paid up share capital of
the Company will be reduced to HK$11,006.88.


GOLDEN PACIFIC: Winding Up Sought by Fairmax
--------------------------------------------
Fairmax Investment Limited is seeking the winding up of Golden
Pacific Investment Limited.  The petition was filed on March 25,
2003, and will be heard before the High Court of Hong Kong on
May 21, 2003 at 9:30 in the morning.

Fairmax Investment holds its registered office at Room 61, 1st
Floor, South Seas Centre, 75 Mody Road, Tsimshatsui, Kowloon,
Hong Kong.


GREAT WALL: Winding Up Petition Hearing Set on May 21
-----------------------------------------------------
Bank of East Asia Limited (BEA) has petitioned the High Court of
Hong Kong Special Administrative Region for winding up of Great
Wall Cybertech Limited on March 25, 2003 and the Petition will
be heard at the High Court on Wednesday, the 21st May 2003 at
9:30 a.m.  The Petition was filed as the Company could not meet
the Statutory Demand issued against the Company on December 22,
2003 which was announced to the public on December 16, 2002.

In the Statutory Demand, BEA has demanded the Company to settle
a total outstanding debt of approximately HL$17.8 million which
the Company as guarantor had guaranteed for its wholly owned
subsidiary, Video Epoch Limited (VEL). The outstanding debt was
not disputed by the Company. VEL is now in provisional
liquidation after a winding up order has been obtained by one of
its creditors, STMicroelectonics Asia Plastic Pte Limited on
March 17, 2003.

If BEA's petition becomes successful, the Court will grant a
winding up order to wind up the Company.

Further announcements in respect of BEA's winding up application
will be made promptly as and when appropriate.


LAI SUN: Price, Turnover Movements Unexplainable
------------------------------------------------
Lai Sun Development Company Limited noted the recent decrease in
the price and the increase in the trading volume of the shares
of the Company and wish to state that it is not aware of any
reasons for such changes.

The Company also confirmed that, save for the matters disclosed
in the respective  announcements of the Company dated 19th
February, 2003, 21st March, 2003, and 2nd April, 2003 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.

The Troubled Company Reporter - Asia Pacific reported that Lai
Sun Development had recently defaulted on convertible and
exchangeable bonds that fell due on March 31, 2003, adding that
it might be liquidated as a result. The US$265 million bonds
were the same bonds that fell due last December, but were
extended by holders for three months.


NAM FONG: Sees No Reason for Share Price Increase
-------------------------------------------------
Nam Fong International Holdings Limited noted the recent
increase in the price of the shares of the Company and wishes to
state that it is not aware of any reasons for such increase save
as disclosed below.

Save as the announcement made by the Company on 7th April 2003
regarding the further development of a winding-up petition
against the Company by a creditor, the Company also confirmed
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.

The Troubled Company Reporter - Asia Pacific reported yesterday
that the High Court has adjourned the hearing of the Winding-Up
Petition against the Company, as a guarantor by a creditor for
approximately HK$58.8 million and interest, to May 5, 2003 to
grant leave to the Petitioner for filing of supporting
affirmation.


NANYANG HOLDINGS: 2002 Operations Loss Widens to HK$36.4M
---------------------------------------------------------
Nanyang Holdings Limited posted its financial statement summary
for the year-end date December 31, 2002:

Currency: HKD
Auditors' Report: Unqualified
                                                   (Audited)
                                (Audited)          Last
                                Current            Corresponding
                                Period             Period
                                from 1/1/2002      from 1/1/2001
                                to 31/12/2002      to 31/12/2001
                                Note  ('Million)   ('Million)
Turnover                           : 10.8               21
Profit/(Loss) from Operations      : (36.4)             (24.6)
Finance cost                       : (0.3)              N/A
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 20.4               11
Profit/(Loss) after Tax & MI       : (16.5)             (15.6)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.36)             (0.33)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (16.5)             (15.6)
Final Dividend                     : 0.10               0.10
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                   : 16/5/2003          to
23/5/2003 bdi.
Payable Date                       : 23/5/2003
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$16,539,000 (2001 : HK$15,552,000) and the
weighted average number of shares in issue during the year of
46,380,028 (2001 : 46,602,328).


SILVER HONG: Petition to Wind Up Pending
----------------------------------------
The petition to wind up Silver Hong Kong Limited is set for
hearing before the High Court of Hong Kong on May 7, 2003 at
9:30 in the morning.

The petition was filed with the court on March 19, 2003 by Bank
of China (Hong Kong) Limited of 14th Floor, Bank of China Tower,
1 Garden Road, Central, Hong Kong.


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


* IBRA Starts 2003 Investment Assets Sales Program
--------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) announces
Wednesday the commencement of The Investment Assets Sale Program
Phase 2 (PPAI 2). The Investment Assets Sales Program phase 2 is
expected to commence by end of April 2003 and close in July
2003.

For Investment Assets Sales Program Phase 2, IBRA will be
offering equities and loans from companies under 4 holding
companies, namely Holdiko Perkasa, Kiani Wirudha, Cakrawala Gita
Pratama and Hoswarya Persada. These assets comprise companies
mainly operating in the areas of property, edible oil & fats,
textile, pulp & paper, plywood, contractor, ceramic and other
multi industries.

The highlights of some of the assets offered through the
Investment Assets Sale Program Phase 2 are as follows :

   * Assets under Holdiko Perkasa -ex Salim Group- include PT
Bitung Menado Oil (Bimoli) which operates in edible oil & fats,
PT Cibinong Center Industrial Estate (industrial estate) and PT
Indomarco Prima (trading).

   * Assets under Cakrawala Gita Pratama -ex Samadikun Hartono-
are mainly property companies including PT Modern Griyareksa,
Modern Menaramas and Modern Putratama.

   * Assets under Kiani Wirudha -ex Muhammad Hasan- include PT
Pangan Sari Utama (Catering) and PT Kiani Kertas (pulp & paper).

   * Assets under Hoswarya Persada that are pledged by Hokiarto
& Hokinato through the signing of shareholder settlement MRNIA.

Further information of the above assets including the sale
mechanism and schedule will be announced in due course. Any
interested investors are welcomed to participate in the
Investment Assets Sale Program phase 2. At present, IBRA is
preparing the selection process of Financial and Legal advisors
who will facilitate the IBRA's assets sale program.

By implementing The Investment Assets Sale Program phase 2, IBRA
is trying to accelerate the assets sales process. It is also one
of IBRA's efforts to meet its target for the State Budget
amounting to Rp26 trillion.


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


ALL NIPPON: Completes Review of Aircraft Requirements
-----------------------------------------------------
All Nippon Airways (ANA) has completed an extensive review of
its long-term narrow body aircraft requirements, and has
determined that the Next-Generation Boeing 737 will best meet
its goal to reduce operating costs, a Company statement said.
ANA selected the Boeing aircraft for reasons of efficiency and
economy, and its fit with the ANA domestic route network, among
other factors.

The decision will lead to the eventual replacement of the
present ANA Group narrow body fleet of 52 aircraft -- 25 Airbus
A320s, two Boeing 737-400s and 25 737-500s operated by ANA and
Air Nippon (ANK) -- with an estimated 45 Boeing 737s, mainly
737-700s but also including other variants. CFM56-7 engines
manufactured by CFMI, a joint venture of General Electric and
SNECMA of France, will power these aircraft.

This streamlining of the ANA narrow body fleet into a single
aircraft type is expected to begin in fiscal 2005 (April 1,
2005-March 31, 2006), and the estimated 45 aircraft will result
in savings of approximately 6 billion per year ($50.6 million at
U.S.$1 = JPY120). This is a further stage in the plan to cut
operating costs.  From fiscal 2003 to 2005 ANA will reduce the
number of large wide body aircraft types from four to three  --
Boeing 747-400s, 777-200s and 300s -- and consolidate medium
sized aircraft types into one -- the Boeing 767-300.  The
resultant savings will be approximately 10 billion per annum.

ANA will continue to monitor long-term technological
developments within the medium and large sized aircraft market
for opportunities to secure even greater costs savings. ANA
Group airlines currently operate 166 Boeing 747s, 777s, 767s,
737s and Airbus A320/321 aircraft. Contact Rob Henderson at
r.henderson@ana.co.jp

Moody's recently placed under review the Company's Ba1 senior
unsecured long-term rating and warned of a possible downgrade.
The rating agency said the review was prompted by growing
concern that the Company's profitability and financial profile
could be under significant pressure over the intermediate term
due to the war in Iraq and the weak business environment in
Japan.


FUJITSU LIMITED: Signs $43M Contract With KLM
---------------------------------------------
KLM Royal Dutch Airlines signed a 40-million euros ($43 million)
office automation contract with Fujitsu Limited, according to
Reuters on Thursday. KLM expects to save 10 million euros during
the term of the four-year contract and an additional 5 million
in savings on hardware and software.

Because of the slump in the flash-memory market, Fujitsu's
semiconductor division posted an operating loss of about 10
billion yen (US$84.8 million) in the year just ended, TCRAP
reported recently. By merging the development, Fujitsu expects
to be able to cut costs and conduct its flash memory business in
a more dynamic fashion.


KANTO DENKA: JCR Affirms BB+ Rating
-----------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BB+ rating of
Kanto Denka Kogyo Co. Limited on senior debts of the issuer.

RATIONALE:

Kanto Denka Kogyo is engaged in basic chemicals such as caustic
soda and fine chemicals such as fluorine gas for LCD's and
semiconductors. The operating performance is now improving. The
performance deteriorated in fiscal 2001 due to stagnancy of IT
industry. There have been no changes in the earnings structure
that is heavily dependent on IT industry with the basic
chemicals being structurally stagnant. Kanto Denka Kogyo plans
to restructure the basic chemicals operations, using the
earnings from IT-related products as a lever. It also plans to
reduce the interest-bearing debt, constraining the capital
spending. JCR will pay attention to the going of these plans.

The Company is heavily dependent on the fluorine products for
the earnings. To maintain and improve the competitiveness in
this business field, it is necessary to make capital investments
for facilities and research and development continually. The
financial conditions are not good due to the lowered earnings
and large capital investments in the fluorine products.


NIPPON TOSHI: Real Estate Firm Enters Bankruptcy
------------------------------------------------
Nippon Toshi Kaihatsu has been declared bankrupt, according to
Tokyo Shoko Research Limited. The real estate firm, located at
Kumamoto-shi, Kumamoto, Japan has 50 million yen in capital
against total liabilities of 10 billion yen.


SOMPO JAPAN: Posts Y20-25B Loss in 2002
---------------------------------------
Sompo Japan Insurance Inc. expects a group net loss of 20 to 25
billion yen ($167-208 million) for fiscal 2002, hit by stock
valuation losses, the Nihon Keizai Shimbun and Reuters reported
on Thursday. The casualty insurer expects heavy losses from a
slide in Tokyo share prices to near 20-year lows.

The Company's losses on securities holdings are estimated at 70
billion yen, pushing it into a net loss for a second straight
year for the business year ended on March 31, but the Company
would stick to a seven yen per share dividend payment. Sompo was
formed last July after a merger of Yasuda Fire & Marine
Insurance Co and Nissan Fire & Marine Insurance Co.


TAIHEI KOGYO: JCR Downgrades Rating to BB+
------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the ratings of
Taihei Kogyo Co. Limited on senior debts and the CP program from
BBB- and J-2 to BB+ and J-3, respectively.

RATIONALE:

Taihei Kogyo is estimated to have fallen into an operating loss
for fiscal 2002 ending March 31, 2003 with the profitability of
the contracts deteriorating. JCR has been watching the cost
reductions, sustainability of the earnings level and orders from
Nippon Steel. The earnings lowered due to delay in cost
reductions. Orders from Nippon Steel, the Company's largest
earnings source, have been declining. Earnings power against the
interest-bearing debt deteriorated and the net assets were
impaired. JCR downgraded the ratings for the Company,
accordingly.


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.


YUASA CORPORATION: JCR Affirms BBB- Rating
------------------------------------------
Japan Credit Rating Agency has affirmed the BBB- rating of Yuasa
Corporation on senior debts.

RATIONALE:

The overall earnings power of Yuasa Corp. lowered with the
effects of restructuring being offset by lowering prices. Yuasa
sold off the industrial division of the U.S. subsidiary. The
earnings power is expected to improve over the intermediate
term. Cost competitiveness and efficiency in production are
expected to increase due to re-imports from production sites in
China of the Company. Expansion in domestic sales will be a key
issue in order to realize the restructuring effects. Yuasa Corp.
will have to bear burden of costs for closure and liquidation of
the plants in Japan for the coming 2-3 years. It plans to reduce
the interest-bearing debt by 20 billion yen in fiscal 2002,
selling off the fixed assets. Yuasa Corp. plans to focus its
attention on improvement in the financial structure over the
intermediate term.


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


HYNIX SEMICONDUCTOR: Considers Bringing US Tariffs Before WTO
-------------------------------------------------------------
The South Korean government may file a complaint against the
United States Department of Commerce (USDC) before the World
Health Organization (WHO) over its impose punitive duties on
Hynix Semiconductor Co., AFX News said on Wednesday, citing
Commerce, Industry and Energy Minister Yoon Jin-Sik.

The USDC recently said in a preliminary ruling that imports of
DRAMs from South Korea were unfairly subsidized and
countervailing duties would be imposed on chips shipped by
Hynix, which was hit with a 57.37 percent tariff. Yoon said the
government will negotiate with the US government over the issue,
but may have to take the case to WTO if US does not change its
stance in the final ruling.

DebtTraders reports that Hyundai Semiconductor's 8.625 percent
bond due in 2007 (HYUS07KRA1) trades between 65 and 68. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


KOREA THRUNET: KT Ponders Acquisition
-------------------------------------
KT Corporation is considering acquiring rival Korea Thrunet,
which filed for court receivership last month after overspending
to catch up with bigger rivals, Reuters said Thursday. KT said
no specific decisions have been made.

The Seoul District Court decided last month to start managing
Thrunet, while Hynix delisted its shares from the Nasdaq Stock
Market earlier this week. Korea Thrunet, founded in July 1996,
had 1.3 million paying end-users at the end of February.


SK GLOBAL: May Enter Bankruptcy Despite Rehab Efforts
-----------------------------------------------------
SK Global may go into bankruptcy or liquidation despite its
self-rehabilitation efforts, the Korea Times reports. The
Company was found to have engaged in accounting fraud totaling
1.55 trillion won. The group's de facto owner Chey Tae-won who
owns 3.3-percent stake in the Company may also lose control of
the group, as most SK affiliates seem to be reluctant to support
fraud-ridden SK Global.

Creditor banks are considering writing off bad loans worth 8.5
trillion won ($6.8 billion) extended to the SK trading unit
after Samil Accounting Corporation completed its due diligence
on the Company. Creditors, however, feel that other SK
affiliates should give more financial assistance to SK Global as
other accounting tricks have been found after a thorough
external audit of the firm's balance sheets. But SK sister
companies, including SK Telecom, have negative views of SK
Global's rehabilitation.


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


CELCOM (MALAYSIA): Inmiss Files Appeal Against KLSE's Decision
--------------------------------------------------------------
Reference is made to the announcement dated 28 March 2003 in
relation to the Winding-Up Petition against Celcom (Malaysia)
Berhad by Inmiss Communication Sdn Bhd.

Celcom (Malaysia) Berhad informed that it had on 7 April 2003,
been informed by its solicitors that Inmiss Communications Sdn
Bhd filed and appeal in the Court of Appeal on 4 April 2003
against the decision of the Kuala Lumpur High Court allowing the
Company's application for an Erinford Injunction on 28 March
2003.

The Court of Appeal has fixed no hearing date.


DEWINA BERHAD: Explains Actual, Forecasted Profit Variance
----------------------------------------------------------
Further to the announcement to the Kuala Lumpur Stock Exchange
on the quarterly report for the financial period ended 31
December, 2002 made on 28 February, 2003, Dewina Berhad wishes
to disclose the reason for the deviation of more than 10%
between the actual profit and the forecasted profit as follows:

Variance of Actual Profit from Forecast Profit

                                  Actual  Forecast Difference
                                   RM'000  RM'000  RM'000

Profit after tax and minority
interest                           1,035    33,118   (32,083)

                                                      RM'000

Decrease in the consolidation of MTD Prime
results to 2 months from 6 months                   (24,122)
Adoption of MASB 25 "Income Taxes" by MTD Prime      (1,841)
Adoption of MASB 27 "Borrowing Cost" by MTD Prime    (3,317)
Lower goodwill charge as a result of delay in
acquisition of MTD Prime                              2,661
Provision for legal compensation by Dewina Berhad    (1,464)
Lower gain on disposal of Dewina Berhad's assets
and liabilities                                      (3,746)
Others                                                 (254)
                                                    ________
                                                    (32,083)
                                                    ========

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


EDEN ENTERPRISES: SC Extends Corporate Exercise Completion Date
---------------------------------------------------------------
Eden Enterprises (M) Berhad refers to the announcements dated 11
December 2000, 28 February 2001, 27 August 2001, 20 March 2002,
14 August 2002 and 2 December 2002 in respect of the Securities
Commission's (SC) approvals/extensions on the Corporate
Exercise, which involves:

   * Capital Reconstruction
   * Rights Issue with Warrants
   * Rationalisation
   * Acquisition of Stratavest Sdn Bhd
   * Acquisition of Land
   * Acquisition of Time Era Sdn Bhd
   * Renunciation of Rights Issue with Warrants
   * Restricted Offer for Sale of Shares
   * Restricted Offer for Sale of Irredeemable Convertible
     Unsecured Loan Stocks (ICULS)
   * Increase in Authorized Share Capital.

On behalf of Eden, Aseambankers Malaysia Berhad is pleased to
announce that the SC had vide its letter dated 4 April 2003,
(received on 8 April 2003) approved the extension of the
completion date for the abovementioned Corporate Exercise for
another five (5) months from 30 March 2003 up to 25 August 2003.

Save and except for the restricted offer for sale of 7,253,000
ordinary shares of RM1.00 each by Serata Padu Sdn Bhd to the
nominated public investors to be approved by the SC, the Company
has completed the aforementioned Corporate Exercise on 25
February 2003.

COMPANY PROFILE

The Eden Group currently operates seven restaurants serving
seafood, western and oriental cuisine, located in Langkawi,
Penang, Kuala Lumpur and Johor. The longest serving
establishment commenced business in 1964. Its large-scale
industrial confectionery in Penang supplies the Group's
restaurants with baked products.

Although the restaurant business remains its core business, the
Group has other interests, in property and resort development,
as well as tourism-related projects such as the oceanarium in
Langkawi and an integrated dining and entertainment center known
as Eden Floating Palace in Johor Bahru.

In April 2000 the Company announced a proposed restructuring
scheme which includes an internal reorganization whereby all the
subsidiaries of the Company are to be acquired by an existing
wholly-owned subsidiary of Eden/a newly incorporated wholly-
owned subsidiary (Newco) to be satisfied by an issuance of
shares in the Newco. The Company also proposes to acquire 100%
of Stratavest Sdn Bhd (Independent Power Producer), 540.67 acres
of Gebeng Industrial Land and 70% of Time Era Sdn Bhd (TESB)
(manufacturer and trader of electrical and electronic equipment
and components).

Newco's core activities will thus be in the food and beverage,
leisure and hospitality division. Subsequent to the proposed
acquisitions, it is envisaged that the Eden Group will comprise
Stratavest (infrastructure division), TESB (manufacturing
division), land holdings (property division) and Newco (food and
beverage, leisure and hospitality division).

On 12 January 2001, the Company entered into a Debt Settlement
and Security Sharing Agreement with Alliance Bank (Malaysia)
Berhad, AmBank Berhad, Bank Utama (Malaysia) Berhad, OCBC Bank
(Malaysia) Berhad, Southern Bank Berhad and Standard Chartered
Bank (Malaysia) Berhad (collectively known as the Lenders) and
Malaysian Trustees Berhad (Security Agent) to settle its entire
credit facilities of RM44.832m by utilizing part of the proceeds
from a proposed rights issue with warrants.

Subsequently, on 3 May 2002, the Company entered into a
Supplemental Agreement (with respect to the Debt Settlement and
Security Sharing Agreement) with the Lenders and the Security
Agent of which the settlement amount has increased to RM48.559m
due to further capitalization of interest.

The SC has approved the proposed corporate exercises, and on 12
August 2002, the proposed revised corporate exercises. The
shareholders of the Company have approved the proposed corporate
exercises and proposed revised corporate exercises at an EGM
held on 16 April 2001 and 24 June 2002 respectively. Earlier,
the High Court sanctioned and confirmed a capital reconstruction
of the Company and a Certificate of Lodgment of Order of High
Court confirming a reduction of share capital was issued by the
ROC on 22 May 2001.

As of January 2002, the Group has ceased to provide hotel
management services as a result of its consolidation exercise.

CONTACT INFORMATION: 101 Jalan Tanjong Tokong
                     10470 Pulau Pinang
                     Tel : 04-8906281
                     Fax : 04-8906387/389


GEAHIN ENGINEERING: Faces Winding Up Petition Over Unpaid Goods
---------------------------------------------------------------
Geahin Engineering Berhad wishes to announce that on 08 April
2003 the Company has been served with a Summons No.7 52-3924-03
dated 05 April 2003 by Industrial Hardware.

Industrial Hardware is claiming the sum of RM204,833.23 for
goods alleged to have been delivered and for interests of 8% per
annum on the aforesaid sum of RM204,833.23 from the date of
judgment until full and final settlement and for costs of this
Summons of RM2,350.00 and for further costs and other relief
which the Court may allow all of which are disputed by the
Company and for which proof of debts and the accuracy of the
accounts are required and questioned by the Company.

Except that the Company is exposed to a contingent loss on the
total alleged sum of RM207,183.23, interests of 8% per annum,
further costs and other relief as mentioned above, which are all
disputed and questioned by the Company, there are no other and
additional financial and operational impacts on the Geahin
Group.

Meanwhile, the Company has informed and instructed its
solicitors to defend the case and the Company will keep all
relevant parties informed about its outcome in due course.


GENERAL LUMBER: Court Grants Convened Meeting 6-Month Extension
---------------------------------------------------------------
PM Securities Sdn Bhd, on behalf of the Board of Directors of
General Lumber Fabricators & Builders Bhd wishes to announce
that the High Court of Malaya (Court) had on 8 April 2003
granted an extension of time for a period of six (6) months from
11 April 2003 to convene the relevant convened meetings for the
purpose of considering, and if thought fit, approving with or
without modification to the schemes of arrangement involving the
existing shareholders and scheme creditors of GLFB respectively
pursuant to Section 176(1) of the Companies Act, 1965.

However, as mentioned in the its announcement dated 17 March
2003, the court convened meetings in relation to the scheme
creditors of GLFB shall be held on 10 April 2003 or any
adjournment thereof. The court convened meeting in relation to
the shareholders of GLFB will be held at a later date, the
notice of meeting of which will be dispatched in due course.


HIAP AIK: KLSE Grants Scheme Implementation Time Extension
----------------------------------------------------------
Reference is made to the announcement made by AmMerchant Bank
Berhad (formerly known as Arab-Malaysian Merchant Bank Berhad)
(AmMerchant Bank) on 21 March 2003 in relation to the Proposed
Restructuring Scheme

AmMerchant Bank, on behalf of Hiap Aik Construction Berhad
(Special Administrators Appointed), wishes to inform that the
Kuala Lumpur Stock Exchange has, vide its letter dated 7 April
2003, approved an extension of two months from 20 March 2003 to
19 May 2003 to enable the Company to obtain all the necessary
approvals from the regulatory authorities for the implementation
of the Proposed Restructuring Scheme.


L&M CORPORATION: LMG's Petition Judgment Sum Amounts RM41,006.93
----------------------------------------------------------------
Reference: is made to L&M Corporation (M) Bhd (L&M)'s
announcement and the Kuala Lumpur Stock Exchange's letter dated
7 April 2003 and announces the following additional information
in respect of the winding-up petition against L&M Geotechnic Sdn
Bhd (LMG), a wholly owned subsidiary of L&M.

   (a) The judgment sum of RM41,006.93 is in respect of goods
sold and delivered by Supermix Concrete (Malaysia) Sdn Bhd to
LMG;

   (b) the interest charge of RM14,421.85 was based on the
judgment sum of RM41,006.93 at the interest rate of 1.0% per
month from 31 March 2000 to 18 February 2003;

   (c) the total cost of investment by L&M in LMG was
RM4,709,092.00 and

   (d) no foreseeable expected losses from the winding-up
petition.


PAN MALAYSIAN: Proposed Alternative Adjustment Formulae
-------------------------------------------------------
In relation to the Proposed Issues, which involves Proposed
Rights Issue and Proposed Bonus Issue, PM Securities Sdn Bhd on
behalf of the Board of Directors of Pan Malaysian Industries
Berhad, wishes to announce that the Board had on 9 April 2003
resolved that the Board proposes to seek the approval of the
shareholders of the Company to adopt an alternative set of
formulae for the adjustments to the exercise price and number of
the outstanding 978,421,500 warrants of the Company (Warrants)
under the deed poll dated 20 June 2000 constituting the Warrants
(Deed Poll), consequent to a rights issue and bonus issue which
are undertaken by the Company concurrently, in the event that
the issue price of the rights shares pursuant to the rights
issue is fixed at a premium above the Prescribed Market Price
(as defined hereunder) (Proposed Alternative Adjustment
Formulae).

"Prescribed Market Price" as defined in the Deed Poll means the
weighted average market price for PMI shares on the Kuala Lumpur
Stock Exchange (KLSE) for five (5) market days preceding the
date on which the rights issue and bonus issue are announced to
the KLSE.

Presently, based on the Deed Poll, if the Company undertakes a
rights issue and a bonus issue concurrently, the existing
adjustment formulae under Condition 5.2(iv) would be applicable.
However, the Board is of the view that those adjustment formulae
only cater for a situation whereby the rights issue price is
fixed at a discount below the Prescribed Market Price.

Based on the current trading market price of PMI Shares (which
last transacted at RM0.13 on 8 April 2003), it is likely that
the issue price of the rights shares to be issued pursuant to
the Proposed Rights Issue will be fixed at the par value of PMI
shares of RM0.50 per share. Accordingly, the issue price for the
rights shares is likely to be fixed at a premium above the
Prescribed Market Price. In such an event, the Board is of the
view that the existing adjustment formulae under Condition
5.2(iv) of the Deed Poll do not cater for such a situation, i.e.
the issue price for the rights shares is fixed at a premium
above the Prescribed Market Price. Assuming the existing
adjustment formulae under Condition 5.2(iv) of the Deed Poll is
applied and in the event that the rights issue price is fixed at
a premium above the Prescribed Market Price, the resultant
effect is that there would be a reduction or cancellation of the
outstanding Warrants, which the Board views as inappropriate.

In order to cater for a situation of a rights issue and bonus
issue undertaken concurrently, where the rights issue price is
fixed at a premium above the Prescribed Market Price, the Board,
in accordance with provisions under the Deed Poll and in
consultation with Aseambankers Malaysia Berhad, an approved
merchant bank, proposes to adopt an alternative set of formulae
to give effect to the appropriate adjustments to the exercise
price and number of Warrants consequent to the said rights issue
and bonus issue which are undertaken concurrently by the
Company, including the Proposed Issues.

Accordingly, the proposed alternative formulae under the
Proposed Alternative Adjustment Formulae would substitute the
existing adjustment formulae as provided in Condition 5.2(iv) of
the Deed Poll, in the event that the rights issue price is fixed
at a premium above the Prescribed Market Price in respect of a
rights issue and bonus issue undertaken concurrently. However,
in the event that the rights issue price is fixed at a discount
below the Prescribed Market Price, the existing adjustment
formulae under Condition 5.2(iv) of the Deed Poll remain
applicable.

The Proposed Alternative Adjustment Formulae is subject to the
approval of the shareholders of the Company and the KLSE (if
applicable). However, it is not subject to the approval of the
Warrant holders of PMI.

Further details of the existing adjustment formulae as provided
under Condition 5.2(iv) of the Deed Poll and the proposed
alternative adjustment formulae are set out in Appendix I, which
can be found at http://bankrupt.com/misc/TCRAP_Pan0411.doc.The
Circular to Shareholders relating to the Proposed Issues and the
Proposed Alternative Adjustment Formulae shall be dispatched in
due course.


RAHMAN HYDRAULIC: Grants PKNK's Proposed Disposal Time Extension
----------------------------------------------------------------
Further to the announcement on 19 March 2003 in relation to the
Proposed Disposal of Pinang Tunggal Estate, together with
buildings erected thereon and motor vehicles, to Perbadanan
Kemajuan Negeri Kedah (PKNK) for a total cash consideration of
RM80,000,000 (Proposed Disposal).

Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
(1201-H) wishes to announce that it has agreed to grant PKNK's
request for an extension of time until 30 April 2003 to obtain
all the necessary approvals from the relevant authorities to
complete the Proposed Disposal.


SRI HARTAMAS: SC Approves Proposed Extension to HGB
---------------------------------------------------
Further to the announcements dated 30 March 2001, 24 May 2001, 1
October 2001, 2 October 2001,10 July 2002, 14 January 2003 and
20 March 2003 in relation to the Proposed Scheme of Arrangement
of Sri Hartamas Berhad (Proposed Scheme of Arrangement).

On behalf of Sri Hartamas Berhad (Special Administrators
Appointed), Commerce International Merchant Bankers Berhad
(CIMB) is pleased to announce that the Securities Commission
(SC) had, via its letter dated 3 April 2003, granted its
approval to Hartamas Group Sdn Bhd (HGB), a new company which
will take over the listing status of SHB upon the completion of
the Proposed Scheme of Arrangement, a six (6) months period from
the date of listing of and quotation for the ordinary shares of
RM1.00 each in HGB (HGB Shares) on the Kuala Lumpur Stock
Exchange (KLSE) to meet the 25% public spread requirement
(Proposed Extension).

The following conditions must be met in respect of the Proposed
Extension:

   (i) Prior to the listing of and quotation for the HGB Shares
on the KLSE, the management of SHB, HGB and/or CIMB are required
to provide a detailed plan (including the time line of
implementing each part of the plan) as to the manner in which
HGB will meet the public spread requirement;

   (ii) Prior to the listing of and quotation for the HGB Shares
on the KLSE, the management of FACB Resorts Berhad (FACB) and
certain wholly-owned subsidiaries of FACB (FACB Group), which
collectively forms the single largest shareholder of HGB upon
the completion of the Proposed Scheme of Arrangement, are
required to provide an irrevocable undertaking to the SC that
the FACB Group will deposit a number of HGB Shares with an
independent placement agent. The independent placement agent
will place out the said HGB Shares within a period of six (6)
months from the date of listing of and quotation for the HGB
Shares on the KLSE for the purpose of meeting the public spread
requirement of HGB; and

   (iii) KLSE's approval for the Proposed Extension.


TIME DOTCOM: Appoints Goh Wei Khwan as Joint Secretary
------------------------------------------------------
Time Dotcom Berhad posted this Change of Company Secretary
Notice:

Date of change : 09/04/2003
Type of change : Appointment
Designation    : Joint Secretary
License no.    : MAICSA 7027743
Name           : Goh Wei Khwan
Working experience and occupation during past 5 years : She has
been in the secretarial practice for 6 years and was previously
attached to a corporate secretarial firm and a public listed
company before joining TIME Engineering Berhad in year 2001. She
was subsequently transferred to TIME dotCom Berhad on March
2002.

Early this year, the Troubled Company Reporter - Asia Pacific
reported that the Company proposed Capital Repayment. To know
more about it, refer to Troubled Company Reporter - Asia
Pacific, Thursday, January 23, 2003, Vol. 6, No. 16 issue.


TRANSWATER CORP.: All Corporate Proposals Resolutions Approved
--------------------------------------------------------------
Further to the announcement dated 24 March 2003 in relation to
Corporate Proposals, which comprise the following:

   (1) Proposed Acquisition of 100% Equity Interest in Berjaya
Systems Integrators Sdn Bhd (BSI) by TCB (Proposed Acquisition
of BSI);

   (2) Mandatory Offer to Acquire the Remaining 49% Equity
Interest in Hyundai-Berjaya Sdn Bhd (HBSB) (Mandatory Offer);

   (3) Proposed Rights Issue With Warrants;

   (4) Proposed Increase in Authorized Share Capital; and

   (5) Proposed Transfer of Listing Status to the Main Board of
the Kuala Lumpur Stock Exchange (KLSE).

On behalf of Transwater Corporation Berhad, AmMerchant Bank
Berhad (formerly known as Arab-Malaysian Merchant Bank Berhad)
is pleased to announce that all the resolutions pertaining to
the Corporate Proposals tabled at the Extraordinary General
Meeting held on 9 April 2003 have been passed by the
shareholders of TCB.


ZAITUN BERHAD: SEA Files Winding Up Petition Over Unsettled Debt
----------------------------------------------------------------
Zaitun Berhad wishes to inform that Sea Associate Agency Group
Sdn Bhd (SEA) has served a winding-up petition against ZMSB in
the High Court of Kuala Lumpur.

The petition is in respect to the alleged sum of RM53,617.65 due
and owing by ZMSB to SEA for forwarding and shipping services
rendered by SEA. The petition was presented by SEA without first
obtaining a judgment and the debts is disputed.

Events leading to the filing of the winding-up petition.

   * On 17 October 2002,SEA served a notice under S218 of the
Companies Act to ZMSB demanding payment of RM53,617.65.

   * On 8 April 2003,SEA served the winding-up petition on ZMSB.

   * The hearing of the winding-up petition will be at 9.00 am
on 25 June 2003.

Based on the audited accounts of Zaitun Berhad @ 31 December
2001,the total cost of investment in ZMSB had been written down
to RM1.00.

The Group's financial and operations will not be severely
affected by the said winding-up petition.

The estimate losses, if any arising from the said winding up
proceedings would be limited to legal fees expense and would not
be material on the assumption that the said winding-up petition
will not succeed.

ZMSB will be filing an affidavit to oppose the said winding-up
petition and to move the Court to strike out the said petition
and to seek legal redress.


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


MANILA ELECTRIC: Supreme Court Rejects Refund Appeal
----------------------------------------------------
The Philippine Supreme Court has upheld its decision that Manila
Electric Co. should pay back customers for years of over
billings, according to Reuters on Thursday. The power
distributor had asked the court to reconsider its ruling of
November last year that the firm had been overcharging its
customers since 1994 and should refund them the excess amounts.

Reports said the Company is liable to pay back as much as 28
billion pesos ($532.3 million). After the November ruling,
Meralco said a refund would put it in jeopardy of defaulting on
debt payments falling due this year.

Meanwhile, Business World reported that Meralco is not in a
position to refund overcharges to its customers if the Supreme
Court rejects the Company's motion to reconsider its order to
refund over billings to customers from 1994, citing Meralco
President and Chief Operating Officer Jesus Francisco. He noted
the recent move of Standard & Poor's Rating Services to cut
Meralco's foreign currency corporate credit rating to B- from B+
will make it difficult to borrow for the refund.


MAYNILAD WATER: French Partner Bares 5-Yr Business Plan
-------------------------------------------------------
Ondeo Philippines, the French partner of Maynilad Water Services
Inc, has presented to the Metropolitan Waterworks and Sewerage
System (MWSS) a five-year business plan for Maynilad's water
supply operation in western metropolitan Manila, BusinessWorld
and AFX Asia said Thursday, citing MWSS administrator Orlando
Hondrade.

Ondeo Philippines (formerly Lyonnaise des Eaux) owns 40 percent
of Maynilad Water, a water concessionaire majority-owned by
Benpres Holdings Corporation. Maynilad filed for an early
termination of its concession contract with MWSS in Dec 2002 due
to MWSS's alleged violation of the concession agreement,
including failure to implement rate adjustment. Benpres
abandoned the Maynilad concession because of mounting losses.


MAYNILAD WATER: IFC Set to Acquire 11% Stake
--------------------------------------------
The International Finance Corporation (IFC), the investment arm
of the World Bank, is determined to acquire 11 percent of
Maynilad Water Services Inc., reports the Philippine Star.
However, the deal remained inconclusive due to difficulties in
settling the price of the 11 percent equity stake.

The Lopez-controlled Benpres Holdings Corp. owns 51 percent of
Maynilad while the remaining 49 percent is controlled by Ondeo
Services Inc. of France (formerly Suez Lyonnaise des Eax). Media
reports said that the 11 percent stake in Maynilad eyed by IFC
would come from shares held by Benpres. Unofficial reports
indicate that the equity acquisition will come via two routes,
debt for equity or through outright acquisition. Reports also
said talks between the IFC, Maynilad, Malaca¤ang and the
Metropolitan Waterworks and Sewerage System (MWSS) had been
running for more than four weeks now.


PHILIPPINE LONG: Copy of the Final Registration Statement
---------------------------------------------------------
This is in reference to Circular for Brokers No. 0447-2003 dated
February 14, 2003, in connection with the proposed issuance by
Philippine Long Distance Telephone Company (PLDT) of up to
P2,000,000,000 worth of short term commercial papers (Peso
Notes).

In relation thereto, PLDT, furnished the Philippine Stock
Exchange the following documents which it had filed with the
Securities and Exchange Commission:

- SEC Form 12-1 (Final Registration Statement)
- Propectus dated April 8, 2003
- Legal counsel's opinion on the tax implications of the said
issuance of short term commercial papers
- Audited Financial Statements as of and for the year ended
December 31, 2002.

A copy each of the said documents is available for reference at
the PSE Centre and PSE-Plaza Libraries.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1085_TEL.pdf


UNITED COCONUT: Recapitalization Will Take 10 Years, Camacho
------------------------------------------------------------
The recapitalization of United Coconut Planters Bank will take
at least 10 years under the 20 billion peso rehabilitation plan
crafted by the government and the bank's management, the
Philippine Star and AFX Asia reported Thursday, quoting Finance
Secretary Jose Isidro Camacho.

Under the plan, the Philippine Deposit Insurance Corporation
will purchase 13 billion pesos' worth of UCPB's non-performing
loans and later on subscribe to the bank's subordinated debts
worth 7 billion pesos. The NPL purchase will free up an
equivalent amount of funds that is currently set aside as
provisions for probable loan losses, which could then be rolled
over as capital.


VICTORIAS MILLING: Clarifies Tanduay's P300M Infusion Report
------------------------------------------------------------
Victorias Milling Corporation responded to the news article
entitled "Tanduay completes P300-M infusion in VMC" published in
the April 9, 2003 issue of the Philippine Star. The article
reported "Tanduay Holdings, Inc. delivered yesterday the
remaining P270 million of the P300-million fresh funding to
Victorias Milling Co., Inc."

Further to Circular for Brokers No. 0965-2003 dated April 1,
2003, Tanduay Holdings, Inc. (TDY), in its letter to the
Exchange dated April 10, 2003, confirmed that:

"Tanduay Holdings Inc. delivered on April 8, 2003 the remaining
P270M of the P300Million fresh funding to Victorias Milling Co.,
Inc., in accordance with the terms of the bid."

The press release is located at
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1086_TDY.pdf


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


CREATIVE TECHNOLOGY: Posts Notice of Shareholder's Interest
-----------------------------------------------------------
Creative Technology Limited posted a notice of changes in
substantial shareholder Causeway Capital Management LLC's
interest:

Date of notice to Company: 09 Apr 2003
Date of change of shareholding: 08 Apr 2003
Name of registered holder: Oversea-Chinese Bank Nominees Private
Ltd
Circumstance(s) giving rise to the interest: Others
Please specify details: Refer to table created below

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

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed    Direct
No. of shares held before the transaction: 4,830,924
% of issued share capital:                 6.086
No. of shares held after the transaction:  4,809,174
% of issued share capital:                 6.059
Total shares:                              4,809,174

Shares held in the name of Oversea-Chinese Bank Nominees Private
Ltd
Circumstances giving rise to the change: Shares disposed through
                                         exchange transactions

No. of shares of the change:             (21,750)
% of issued share capital:               (0.027)%
Amount of consideration per share excluding
brokerage, GST, stamp duties, clearing fee: SGD 12.03
No. of shares held before change:         383,263
% of issued share capital:                0.483%
No. of shares held after changed:         361,513
% of issued share capital:                0.455%


HUA KOK: Domestic Construction Business Remains Difficult
---------------------------------------------------------
Hua Kok International Ltd.'s operating conditions in the
domestic construction and precast components sectors are
difficult and expected to remain so in the foreseeable future.
Closure of the precast plant in Bintan has reduced the operating
losses but has not completely stemmed the losses and the
decision to wind up Hua Kok Precast (Pte) Ltd HKP was taken
recently. The decision to wind up HKP will prevent further
losses to the Group in view of the market outlook.

The construction division is anticipated to record a lower loss
in 2H03 as compared to that in 1H03 since 1H03 has included
foreseeable losses on a project. Works for the MRT contract as
announced on 14 February 2003 commenced in 2H03. The spa pools &
bathroom products businesses are expected to continue to grow
and contribute to the Group's future earnings. The divestment of
the PD Group is expected to improve the Group's cash flow from
the sale proceeds, recognize an immediate gain on the divestment
and reduce the Group's gearing level. Details on the divestment
were contained in the Masnet announcement of 26 February 2003.

The Group's net current liability position, which rose to $34.3
million at 31 December 2002 is expected to improve following the
divestment of the PD Group and the winding up of HKP. The Group
will continue to pursue the disposal of its non-core and surplus
assets to further improve its financial position. Business
opportunities are being explored overseas, particularly in China
and India to overcome the difficult domestic environment and
seek new sources of revenue. On completion of the divestment of
PD Group and with the winding up of HKP, the Group expects the
loss in 2H03 to be lower than that in 1H03.


WEE POH: Issues Re-capitalization Plan Update
---------------------------------------------
Wee Poh Holdings Limited issued an update on the re-
capitalization plan of the Company and results of the
extraordinary general meeting for the best effort debt
conversion. Capitalized terms not otherwise defined in this
Announcement shall have the same meanings ascribed to them in
the announcement dated 21 March 2003 and Circular to
Shareholders dated 21 March 2003.

Further to the Company's Circular to Shareholders dated 21 March
2003, the Directors are pleased to announce that at the
Extraordinary General Meeting EGM held at 9.30 a.m. on 7 April
2003, the ordinary resolution set out in the Notice of the EGM
dated 21 March 2003 in relation to the allotment and issuance of
at least 40,000,000 but up to a maximum of 80,000,000 new
ordinary shares of S$0.005 each at an issue price of S$0.05, to
the WPC Creditors for settlement of certain amounts owing to
them by Wee Poh Construction Co. (Pte.) Ltd WPC, a subsidiary of
the Company, of at least S$2.0 million but up to a maximum of
S$4.0 million (the Best Effort) Debt Conversion were duly passed
by Shareholders without modification.

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


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


MILLENNIUM STEEL: Changes Authorized Signatory Director
-------------------------------------------------------
Millennium Steel Public Company Limited hereby gives notice that
the Board of Directors' Meeting No. Special 1 held on April 8,
2003 resolved to change the Authorized Signatory Director and
Signature Binding upon the Company, as follows:

   "The joint-signature of Mr. Wirash Krittapol, Chairman of
Executive Committee and Mr. Santi Chankolrawee, President, with
the Company's Common Seal on, or the signature of Mr.Wirash
Krittapol, Chairman of Executive Committee or Mr. Santi
Chankolrawee, President, jointly with anyone of the following
directors namely Mr. Sawasdi Horrungruang, or Miss Pattama
Horrungruang, or Mr. Chalaluck Bunnag, or Mr. Kajohndet
Sangsuban, or Mr. Chumpol Donsakul, or Mr. Tara torn
Premsoontorn,
totally two persons with the Company's Common Seal on."


PICNIC GAS: Directors Resign From Board
---------------------------------------
Ultimate Key Company Limited as the Plan Administer of Picnic
Gas and Chemical Public Company Limited, reported the
resignation of the following Directors and Executive:

   1. Mr. Teerawut Pangviroonrug resigned from these positions,
namely as Board of Director of Ultimate Key Company Limited and
Picnic Gas and Chemicals Public Company Limited and Deputy
Managing Director of Picnic Gas and Chemicals Public Company
Limited, effective April 1,2003.

   2. Mr. Kittiphat Intharakaset has resigned from Board of
Director of Ultimate Key Company Limited, effective April 1,
2003.


ROBINSON DEPARTMENT: Posts CRC Option Shares Exercise Price
-----------------------------------------------------------
Reference is made to the letter of Robinson Department Store
Public Company Limited dated 4 April 2003 informing the Stock
Exchange of Thailand the intention of Central Retail Corporation
Limited (CRC) to exercise Tranche 1, 2 and 3 of the CRC Option
Shares totaling 233,238,838 shares, representing 21% of the
Company's total fully paid-up shares. The Company informed that
once the exercise price is known, it is due to the fact that the
Pricing Period of Tranche 1 and 2 of the said CRC Option Shares
expired, and the right of CRC to revoke its intention to
exercise the Tranche 1 and 2 of CRC Option Shares also expired
on the end of business 8 April 2003.

The Company hereby informed the exercise price of Tranche 1 and
2, as follows:

Tranche  # of share exercise  Exercise price  Total proceeds fr
                              per share (Baht) exercise (Baht)
1        77,746,279             1.95040       151,636,461.83
2        77,746,279             1.73369       134,787,966.07

Total  155,492,558                            286,424,427.90


THAI CANE: SET Grants Listed Securities
---------------------------------------
Starting from April 11, 2003, the Stock Exchange of Thailand
(SET) allowed the securities of Thai Cane Paper Public Company
Limited (TCP) to be traded on the SET after finishing capital
increase procedures.

Name                : TCP
Issued and Paid up Capital
     Old            : 1,500,000,000 Baht
     New            : 2,500,000,000 Baht
Allocate to         : The Siam Pulp and Paper Public Company
Limited (SPP)
                      100,000,000 shares
Ratio               : -
Price Per Share     : 10 Baht
Payment Date        : 28 March 2003

Early this month, the Troubled Company Reporter - Asia Pacific
reported that the Board of Director's Meeting No. 4/2546
resolved to approve the Company entering into a Master
Restructuring Agreement with the Company's creditors. The major
term of which is that the Company would use the proceeds derived
from the sale of new shares to Siam Pulp and Paper Public
Company Limited to repay debts owed to its unsecure creditors
and, if there remains proceeds available, to its secured
creditors.


THAI ENGINE: Clarifies More Than 20% Operating Loss Decrease
------------------------------------------------------------
With reference to the financial statements of Thai Engine
Manufacturing Public Company Limited for the year ended 31st
December 2002 submitted to the Stock Exchange of Thailand on 4th
April 2003.

Churchill Pryce Planner Co., Ltd., the Plan Administrator for
Thai Engine Manufacturing Public Company Limited, announced that
the following are the reasons that caused the reduction in the
operating result from the loss of Bt225,538,602 to the loss of
Bt123,949,720 (a reduction of Bt101,588,882 or over 20%) from
the last year as illustrated in the Statement of Earnings:

The Company has recorded `loss from write off of unusable and
provision for declining in value of stocks' amounting to
Bt6,234,326 and Bt106,462,744 in 2002 and 2001, respectively.
This represents a decrease in loss from the prior year amounting
to Bt100,228,418.  This decrease is a result of the fact that in
2001 the Company introduced a policy to set up a `provision for
stock obsolescence and diminution in value' to write-down
the book value to the replacement value by Bt106,462,744. Since
the beginning balance of stock for 2002 already reflects the
write-down to replacement value, there was no need for another
large provision during the year. The additional provision of
Bt6,234,326 during 2002 reflects minor additional slow-movement
in stocks during the year.


THAI ENGINE: SET Awaits Amended Financial Statements
----------------------------------------------------
Previously, the SET posted  the `SP' (Suspension) sign on the
securities of Thai Engine Manufacturing Public Company Limited
(TEM) from 8 April 2003 because the company has publicly
submitted the SET its audited financial statements for the
period ending 31 December 2002 which its auditor issued
a Disclaimer of Opinion on its financial statements. The SET has
been waiting for the clarification about making financial
statements.

Currently, the company has disseminated the abovementioned
clarification to investors through the SET, therefore, the SET
has posted the `NP' sign on TEM from 10 April 2003 until such
time as the company will submit its amended financial statements
or conclude that it is not necessary to amend its financial
statements.

However, the SET has still suspended trading of its securities
until the causes of delisting are eliminated.


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer             Coupon   Maturity   Bid - Ask   Weekly change
-----              ------   --------   ---------   -------------

Asia Pulp & Paper     FRN     due 2001   1.0 - 2.0        0.0
Asia Pulp & Paper     11.75%  due 2005  31.5 - 32.5       0.0
APP China             14.0%   due 2010  30.0 - 32.0       0.0
Asia Global Crossing  13.375% due 2006  12.0 - 14.0       0.0
Bayan Telecom         13.5%   due 2006  15.0 - 17.0      +2.0
Daya Guna Sumudera    10.0%   due 2007   2.5 - 4.5        0.0
Hyundai Semiconductor 8.625%  due 2007  65.0 - 67.0       0.0
Indah Kiat            11.875% due 2002  31.0 - 33.0      -1.0
Indah Kiat            10.0%   due 2007  27.0 - 29.0       0.0
Paiton Energy         9.34%   due 2014  84.0 - 86.0       0.0
Tjiwi Kimia           10.0%   due 2004  24.0 - 26.0      +1.5

Bond pricing, appearing in each Friday's edition of the
Troubled Company Reporter - Asia Pacific, is provided by
DebtTraders in New York. DebtTraders is a specialist in global
high yield securities, providing clients unparalleled services
in the identification, assessment, and sourcing of attractive
high yield debt investments. For more information on
institutional services, contact Scott Johnson at 1-212-247-5300.
To view our research and find out about private client accounts,
contact Peter Fitzpatrick at 1-212-247-3800. Real-time pricing
available at www.debttraders.com


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

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

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

This material is copyrighted and any commercial use, resale or
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