/raid1/www/Hosts/bankrupt/TCRAP_Public/030414.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

           Monday, April 14 2003, Vol. 6, No. 73

                         Headlines

A U S T R A L I A

AMP SHOPPING: Takeovers Panel Receives Application From Centro
ANACONDA NICKEL: Panel Affirms Excess Shares Dispersal Decision
GOODMAN FIELDER: BPC Acquiring Outstanding Options
GREEN COMMUNICATIONS: FlowCom Acquires iGreen DSL Operation
KINGSTREAM STEEL: Implements Capital Reorganization

KINGSTREAM STEEL: Posts General Meeting Results
KINGSTREAM STEEL: Shareholders Approve Restructuring
NORMANDY NFM: Receives Final Court Approval for Scheme
QUIKTRAK NETWORKS: Undertakes Current Liabilities Re-arrangement


C H I N A   &   H O N G  K O N G

ALLIED PROPERTIES: 2002 Operations Loss Swells to HK$423.017M
CHINA LOGISTICS: HSKE OKs De-minimis Concession Application
CHINA ONLINE: Trims 2002 Net Loss to HK$602.914M
H.Y. & H.T.: Hearing of Winding Up Petition Set
KEL HOLDINGS: Amends Acquisition Agreement With Deson

MIDLAND REALTY: Incurs 2002 Net Loss of HK$78.82M
PINES INVESTMENT: Winding Up Hearing Scheduled This Month


I N D O N E S I A

BANK MANDIRI: S&P Rates 'B-' to Proposed US$200M 5-Yr Notes
TEXMACO GROUP: IBRA Finds Fund Allocation Abnormality


J A P A N

HAMAYA SUISAN: Ship Operator Enters Bankruptcy
HOKKAIDO SHINKO: Hotel Enters Rehab Proceedings
JAPAN AIRLINES: Cuts Additional Flights to Hawaii
NOEVIR CO.: R&I Downgrades Rating to BBB-
RESONA HOLDINGS: TSE Terminates Equity Options Listing


K O R E A

CHOHUNG BANK: Decides to Axe Chairperson's Post
JINRO LTD.: Goldman Asks Creditors to Reject Repayment Plan
KYOBO LIFE: Posts Net Losses for Fourth Year
SK CORPORATION: Equity Well Bid
SK GLOBAL: Hana Bank Moves to Block Foreign Creditors

SK GLOBAL: Samsung, LG Halts Handset Supplies to Ailing Firm
SK GLOBAL: Ownership at Stake


M A L A Y S I A

BREM HOLDING: Winding Up Petition Hearing Postponed to July 9
BRISDALE HOLDINGS: Arranging Settlement Scheme With Petitioner
CEPATWAWASAN GROUP: Unit Proposes Leasehold Land Disposal
FURQAN BUSINESS: Unit Enters Proposed Disposal HOA With Sateras
GENERAL LUMBER: Discloses Court Convened Meeting Results

KILANG PAPAN: March Sawn Timber Production Stands at 287cu/m
KSU HOLDINGS: Replies to KLSE's Winding Up Petition Query
KUB MALAYSIA: Hires E&Y to Conduct Financial Assessment for A&W
MOL.COM BERHAD: Rights Issues Undersubscribed by 22.49%
NCK CORPORATION: Appoints New Audit Committee Member

SATERAS RESOURCES: Inks Heads of Agreement With White Knight
SRIWANI HOLDINGS: Debt Agreement Cut-off Date on June 28
SURIA CAPITAL: Litigation Judgment Hearing Fixed on May 5
TONGKAH HOLDINGS: Disposes Quoted Securities
UCP RESOURCES: Non-Exec Dir Burhanuddin Tunku Resigns


P H I L I P P I N E S

MANILA ELECTRIC: Clarifies `SC Denies Refund Petition' Report
MANILA ELECTRIC: ERC Likely to Ask Refund Proposal
MANILA ELECTRIC: Supreme Court Rejects Final Appeal
MANILA ELECTRIC: Weaker After Supreme Court Refund Order


S I N G A P O R E

C.K. TANG: Posts Notice of Shareholder's Interest
HUA KOK: Issues Shareholder's Interest Notice
VICPLAS INT'L: Pipe Business Remains Bleak for Next Six Months
VICPLAS INTERNATIONAL: Incurs Deeper H1 Net Loss


T H A I L A N D

COUNTRY (THAILAND): Discloses Capital Increase Report Form
COUNTRY (THAILAND): Posts Shares Offering Results
KRISADAMAHANAKORN PUBLIC: Rectifies Company Qualifications
MEDIA OF MEDIAS: Creditors OK Rehabilitation Plan Amendment
THAI ELECTRONIC: Debt Payment to Creditors Totals Bt973,195.90

THAI ENGINE: Clarifies Auditors' Disclaimer of Opinion
THAI PETROCHEMCAL: Files Compensation Claim at Civil Court

     -  -  -  -  -  -  -  -

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


AMP SHOPPING: Takeovers Panel Receives Application From Centro
--------------------------------------------------------------
The Takeovers Panel received on Thursday an application from CPT
Manager Limited (as responsible entity for Centro Property
Trust) (Centro) for a declaration under section 657A of the
Corporations Act (Act) of unacceptable circumstances and orders
in relation to the affairs of AMP Shopping Centre Trust (ART).

Centro has made a takeover bid dated 20 March 2003 for all of
the units in ART.

The application relates to the issue of whether Centro replacing
AMP Henderson Global Investors Limited (AMPH) as the responsible
entity of ART would trigger pre-emptive rights in co-ownership
agreements (Pre-Emptive Rights). The agreements relate to a
number of very significant "super-regional" shopping centers in
which ART has investments. If triggered, those clauses would
enable interests associated with AMP Life Limited to acquire the
interests in those shopping centers, which are now held by ART.

Centro's bid is subject to defeating conditions, which would be
triggered if such pre-emptive rights were exercised.

The parties disagree whether replacement of the responsible
entity of ART would trigger the Pre-Emptive Rights. AMPH says
that it would, Centro that it would not.

Centro has sought:

   * a reference to the Court, under section 659A of the Act, of
the construction of the co-ownership agreements,

   * a declaration of unacceptable circumstances because of the
lack of clarity in the market about the effect of the co-
ownership agreements, and

   * orders for additional disclosure and perhaps otherwise to
resolve the situation, depending on the Court's decision on the
co-ownership agreements.

The Panel has not yet sought the views of AMPH on the issues so
has not yet formed any views on the issues.

The President of the Panel is assembling a sitting Panel.

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


ANACONDA NICKEL: Panel Affirms Excess Shares Dispersal Decision
---------------------------------------------------------------
On Tuesday 11 March 2003, MatlinPatterson Global Opportunities
Partners LP (MP Global) applied for a review of the decision and
the proposed orders in the Anaconda 16-17 proceedings concerning
the affairs of Anaconda Nickel Ltd. (Anaconda).

The Review Panel in Anaconda 18 has on Thursday affirmed the
decision of the Anaconda 16-17 Panel that the acquisition by MP
Global of a parcel of 5 or 6% of the shares in Anaconda (Excess
Shares) and the subsequent sale from MP Global to Australian
Investments United Pty Ltd (AIU) (Share Sale Agreement)
constituted unacceptable circumstances and should be reversed.

The Excess Shares are part of the shares in Anaconda that were
issued to MP Global under a 14:1 rights issue (the Rights Issue)
by Anaconda which closed on 14 February 2003. The Excess Shares
are those shares issued to MP Global under the Rights Issue
which would have caused MP Global's voting power in Anaconda
after the completion of the Rights Issue to be greater than its
voting power immediately before the Rights Issue (which, being
greater than 20% was prohibited under section 606 of the
Corporations Act (Act)). The 5 or 6% of voting power carried by
the Excess Shares would take MP Global's voting power in
Anaconda from 36 or 37% to 42%. Glencore International AG
(Glencore) currently holds 46.5% of the voting power in Anaconda
after the completion of the Rights Issue, which Glencore fully
underwrote.

MP Global was obliged to sell the Excess Shares because it had
acquired a greater percentage of the Anaconda Rights (Rights)
under its offer for the Rights (Rights Offer) than the
percentage of shares in Anaconda that it acquired under the
takeover offer for existing shares in Anaconda that it had made
(Share Offer). Exercising all of the Rights it acquired and
acquiring all of the shares (including the Excess Shares) would
have breached section 606 (as described above).

MP Global sought to prevent a breach of the Act by selling its
interests in the Excess Shares to AIU, under the Share Sale
Agreement, to take effect immediately the Excess Shares were
issued. In doing so, MP Global sought to rely on section 609(2)
of the Act which provides that if MP Global held, or was issued,
the Excess Shares as a bare trustee for AIU under the Share Sale
Agreement then any relevant interest that MP Global had in the
Excess Shares as the registered holder would be disregarded for
the purposes of ascertaining any breach of section 606 of the
Act.

The Panel considered the terms of the Share Sale Agreement and
the events leading up to and surrounding the issue of the Excess
Shares. It considered that there appeared, prima facie, to have
been a breach of section 606, in that the shares had been issued
to MP Global. The Panel considered that in the circumstances,
the onus of proof lay on MP Global and AIU to show that they
could rely on the exception in section 609(2) of the Act which,
in these circumstances, involves showing that they were not
associated other than as bare trustee and beneficiary. The Panel
considered the evidence brought before it by the various
parties, and decided that MP Global and AIU had not satisfied
the burden of proof required to assure the Panel that they were
entitled to the defense in section 609(2). This evidence will be
outlined in the Panel's reasons.

The Anaconda 18 Review Panel has not come to this view lightly.
It recognizes that the Share Sale Agreement is worth some $20
million, and the possible profit or loss on sale of the Excess
Shares is considerable. However, for similar reasons to those
set out by the Anaconda 16-17 Panel, the Anaconda 18 Review
Panel does not consider that the Share Sale Agreement should
stand.

In such circumstances the Panel considered that the onus would
be on MP Global to demonstrate that the subsequent purchaser of
the Excess Shares (here AIU) is not an associate. MP Global has
failed to do so. However, in saying that, the Panel notes that
none of Glencore, Anaconda or any other party to the proceedings
has produced evidence which is convincing that MP Global and AIU
are associated persons.

The Anaconda 18 Panel agrees with the Anaconda 16-17 Panel that
it would constitute unacceptable circumstances for MP Global to
exercise all the Rights it had acquired under its Rights Offer,
and then seek to determine the identity of the purchaser of the
Excess Shares. If it had not come to the view that MP Global was
required to demonstrate that the prima facie breach of section
606 did not occur because MP Global could rely on being a bare
trustee (under section 609(2) of the Act), the Panel would have
come to the conclusion, in the alternative, that the public
interest requires dispersal of the Excess Shares in an open,
competitive process. The Anaconda 18 Review Panel considers that
in the special circumstances applicable to this matter, a sale
through such a process is required to ensure that shares in
Anaconda are acquired in an efficient, competitive and informed
market.

In coming to the findings that it has, the Anaconda 18 Panel is
not making any finding of impropriety by MP Global or AIU.

However, the Panel considers that the Share Sale Agreement, and
the process by which it was brought into being, constituted
unacceptable circumstances. The Panel's orders are designed to
take the situation back to before the Share Sale Agreement was
entered into and ensure that a proper process for disposing of
the Excess Shares is carried out, in the interests of an
efficient, competitive and informed market for control of voting
shares in Anaconda.

The Panel considers that neither MP Global nor AIU are unfairly
harmed by its declaration and orders because the Share Sale
Agreement was entered into by a flawed process and therefore AIU
and MP Global should not have arrived at the position which the
Panel is now required to unwind. Any potential windfall profit
which AIU will not now gain is one for which it had should not
have been placed in a position which entitled it to that profit.

A Substantial Interest

The Anaconda Panel considers that the Excess Shares do, and did,
constitute a substantial interest in Anaconda. In part this
follows the legislature's view of a substantial shareholding at
5% of the voting shares in a company. In part, the Anaconda
Panel considers that the Excess Shares constitute a substantial
interest because of the current closeness of the voting power of
MP Global and Glencore. The Excess Shares in the hands of a
person who supported Glencore's involvement in the management of
Anaconda would guarantee Glencore control of Anaconda. However,
in the hands of a supporter of MP Global's involvement, the
Excess Shares could put MP Global within striking range of
Glencore's voting power. On that basis, the Excess Shares are a
strategic parcel, and well within the size with which the Panel
should be concerned. Indeed, the vigor with which the various
parties have prosecuted these proceedings, and the Anaconda 16-
17 proceedings, is evidence of the importance of the parcel.

Consideration of the state of play of the Rights Offer and Share
Offer at the time the Share Sale Agreement was entered into
shows the balance of power in Anaconda even more fluid, and the
Excess Shares as being even more strategically important at that
time, and circumstances surrounding their disposal even more
potentially significant and even more open to review by the
Panel. The Panel's view is that the unacceptability or otherwise
of the Share Sale Agreement should be considered more in the
light of the circumstances of the time it was entered into, than
on the basis of Thursday's circumstances.

Proposed orders in Anaconda 18

The Review Panel proposes to make similar orders to those
proposed in the Anaconda 16-17 decision i.e. that the Excess
Shares be dispersed by way of a book build by a broker appointed
by ASIC.

However, the Review Panel proposes that its orders will not be
implemented until the result of any review of the Anaconda 15
decision has been resolved. The Review Panel considers that a
further short delay in the dispersal of the Excess Shares will
not materially adversely affect Anaconda or its shareholders,
but finally disposing of the Excess Shares before the result of
Anaconda 15 is settled could adversely affect the range of
orders available to any Review Panel in the Anaconda 15 matter.

The orders that the Anaconda 18 Review Panel proposes are as
follows:

a. the Share Sale Agreement between MP Global and AIU will be
cancelled, from its outset;
b.  the legal and beneficial title to the Excess Shares will
vest in ASIC, for sale by a stockbroker appointed by ASIC,
by way of a bookbuild. A number of brokers have recently
been involved in transactions in, or advice in relation
to, Anaconda shares on behalf of parties to these or other
Anaconda proceedings. The Panel will specify a number of
those brokers whose involvement in conducting the sale
process might risk some public perception of conflict, and
who therefore should not conduct the bookbuild;
c. the proceeds of the sale (net of selling costs, which will
be commission only) will be returned to MP Global. MP
Global therefore carries the risk of any profit or loss on
the sale of the Excess Shares1. The Panel makes no orders
restraining MP Global and AIU from making any arrangements
they wish as a consequence of the Panel canceling the
Share Sale Agreement;
d. none of AIU, MP Global, Anaconda or Glencore, or their
associates may participate in the sale. The Panel
understands that both MP Global and Glencore, and their
associates, would currently be precluded, by section 606,
from purchasing any of the Excess Shares;
e. consistent with the Truth in Takeovers principle, the
number of Excess Shares to be vested and sold shall be
calculated by reference to the percentage voting power
which MP Global held at the close of its Rights Offer.
This is consistent with MP Global's announcement on 6
February 2003 that that was how and when it would
calculate the number of Rights it could exercise;
f. the broker will be instructed to seek to maximize the sale
price of the Excess Shares while not selling more than 1%
of the total shares in Anaconda to any person (alone or in
combination with their associates);
g. to assist the broker monitor the 1% cap, any prospective
purchaser will be required to give to the Panel (under the
Panel's Rules for proceedings), via the broker and with
any bid or order, a warranty that they are not associated
with any of MP Global, AIU, Anaconda or Glencore. They
will also be required to give a similar warranty setting
out, to the best of their knowledge, the identity of any
associate of theirs who is bidding for any of the Excess
Shares in the bookbuild2 ;
h. ASIC will be instructed to seek further instructions if
the broker is unable to dispose of the whole parcel within
the 1% cap within a reasonable time given the size of the
parcel of Excess Shares and given the current free float
of Anaconda shares, at a price of $0.06 per share or more,
and without unduly depressing the market price of Anaconda
shares;
i. ASIC will be instructed to seek further instructions if
the broker receives bids which are so high that they
suggest that the bidder is indifferent, commercially, as
to the price it pays;
j. ASIC will be instructed to seek further instructions from
the Panel if it appears, in the course of the bookbuild,
that the 1% cap would unfairly harm MP Global's interests.

The Review Panel has requested ASIC to commence inquiries for a
suitable broker in order to ensure that the process may proceed
as expeditiously as possible once it is feasible to make final
orders.

The interim order that the Anaconda 16-17 Panel made preventing
further sale, transfer or voting of the Excess Shares until the
Anaconda 16-17 and 18 matters have been decided remains in
place. If the sale process requires further time, the Anaconda
18 Review Panel will consider extending the Anaconda 16-17
Panel's interim order.

Precedent Disposal Orders

The Panel has settled the orders for the dispersal of the Excess
Shares in light of the specific circumstances of the Anaconda 18
proceedings. It specifically advises that each set of
circumstances in which it orders vesting or disposal of
securities will be considered on their own merits and that
orders in other matters may take materially different forms to
the orders in Anaconda 18.

Process

The President of the Panel appointed Simon McKeon (President),
David Gonski and Ian Ramsay to consider the Anaconda 18
application.

The Review Panel will publish its reasons for this decision on
the Panel's website when they are finalized.

Anaconda 16-17 decision

On Friday 07 March 2003, the Sitting Panel in the Anaconda 16-17
proceedings advised parties that it had decided to make a
declaration of unacceptable circumstances in relation to the
affairs of Anaconda. It also provided draft orders requiring
dispersal of the Excess Shares in Anaconda subscribed for by MP
Global (under the Corporations Act the Panel must provide draft
orders to affected persons for comment prior to making the
order).

The Anaconda 16 and 17 applications were from Anaconda and
Glencore, and were made on 21 February 2003.

The Anaconda 16-17 Panel proposed making final orders similar to
those currently proposed by the Anaconda 18 Panel. However, it
decided not to make any orders, in order to allow the Anaconda
18 Panel an opportunity to consider the review application
without circumstances having changed materially due to Anaconda
16-17 orders being executed.

The Anaconda 16-17 Panel will publish the reasons for its
decision on the Panel's website when they are finalized.

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


GOODMAN FIELDER: BPC Acquiring Outstanding Options
--------------------------------------------------
BPC1 Pty Limited (Burns Philp) (a wholly owned subsidiary of
Burns, Philp & Company Limited) refers to its off-market
takeover bid for all the ordinary shares in Goodman Fielder
Limited (Goodman Fielder), which closed at 7:00pm (Sydney time)
on 28 March 2003 (the Share Offer).

Burns Philip has also made an offer to acquire all the options
to subscribe for ordinary shares in Goodman Fielder, which is
scheduled to close at 7:00pm (Sydney time) on 15 April 2003 (the
Options Offer).

Following the close of the Share Offer, Burns Philp became a
"90% holder" of Goodman Fielder under the Corporations Act and
became entitled to compulsorily acquire all the remaining
Goodman Fielder options under the `general' compulsory
acquisition regime of the Corporations Act (Options Compulsory
Acquisition). Burns Philp expects that notices and documents in
relation to the Options Compulsory Acquisition will be lodged
with ASIC and dispatched to optionholders before the end of May
2003.

Under the Corporations Act, Burns Philp is also required to make
a `buy-out' offer to Goodman Fielder optionholders within one
month after the Share Offer closed (the Buy-Out Offer). Burns
Philp has obtained a modification of the Corporations Act from
ASIC to extend the one month period to two months, so that the
Buy-Out Offer can be dispatched to optionholders at the same
time as the documentation for the Options Compulsory
Acquisition.

If optionholders do not accept the Options Offer or the Buy-Out
Offer, Burns Philp will proceed to acquire all remaining Goodman
Fielder options under the Options Compulsory Acquisition.


GREEN COMMUNICATIONS: FlowCom Acquires iGreen DSL Operation
-----------------------------------------------------------
FlowCom Limited announced Thursday the acquisition of the DSL
Broadband assets and customer base of Green Communications
group, operators of the iGreen DSL services.

Telecorp Limited acquired the parent company of iGreen, Green
Communications Ltd, which was placed in voluntary administration
in late February, on Wednesday. FlowCom has been working with
Telecorp on the transaction, and in a simultaneous settlement
acquired the iGreen DSL operations, which includes all the
iGreen broadband customers.

"This is a fully complementary acquisition for FlowCom," said
Tom Amos, FlowCom CEO, in announcing the deal. "We have worked
with Telecorp, and the iGreen administrator, to enable this to
work well for all parties concerned."

"Also, this will be a seamless transition for iGreen ADSL
customers. The service will be fully integrated with FlowCom's
current extensive high quality broadband operations," said Mr
Amos. FlowCom recently announced plans to restructure its debt,
which is subject to shareholder approval at a General Meeting
scheduled for April 17.

FlowCom's funding partner in that debt transaction, the Crown-
CapX group, has assisted FlowCom in concluding the deal for
iGreen.


KINGSTREAM STEEL: Implements Capital Reorganization
---------------------------------------------------
Participating Organizations are advised that the reorganization
of capital of Kingstream Steel Limited started on Friday, 11
April 2003.

The reorganization is by way of consolidating every 100 fully
paid ordinary shares in the capital of the Company into one
fully paid ordinary share.

Fractions will be disregarded.  The securities of the Company
are currently suspended.

The timetable is as follows:

10 April 2003   Shareholder approval

11 April 2003   Trading would normally commence in the
reorganized securities on a deferred basis.  ASX Code: KSMDA

17 April 2003   Last day for the Company to register transfers
on a pre-reorganization basis.

22 April 2003   First day for the Company to register securities
on a post reorganization basis.

3 June 2003     Dispatch date. ASX Code KSM

The securities of the Company remain suspended.


KINGSTREAM STEEL: Posts General Meeting Results
-----------------------------------------------
The Deed Administrators of Kingstream Steel Limited (Subject to
Deed Of Company Arrangement) are pleased to advise that
all resolutions considered by shareholders at the General
Meeting held on 10 April 2003 were duly passed.

The results of the meeting were as follows:

1. Consolidation of Capital      Passed unanimously and passed
                                 on the proxies lodged.

2. Issue of Capital              Passed unanimously and  passed
                                 on the proxies lodged.

3. Debt Capitalization           Passed unanimously and  passed
                                 on the proxies lodged.

4. Merger                        Passed unanimously and  passed
                                 on the proxies lodged.

5. Options Issue                 Passed unanimously and  passed
                                 on the proxies lodged.

6. Change of Company Name        Passed unanimously and  passed
                                 on the proxies lodged.

7. Adoption of new Constitution  Passed unanimously and  passed
                                 on the proxies lodged.

8. Appointment of Stephen Ross   Passed unanimously and  passed
    de Belle                     on the proxies lodged.

9. Appointment of Robert Harry   Passed unanimously and  passed
   Duffin                        on the proxies lodged.

10. Appointment of Jesse Kavanaugh Passed unanimously and passed
    Taylor                         on the proxies lodged.

11. Website Information          Passed unanimously and
                                 on the proxies lodged.

12. Number of Directors          Not required to be put to the
                                 meeting.

For the purposes of Section 251AA of the Corporations Act
(Commonwealth) 2001 (the Act) the Company advises that each
resolution was passed on a show of hands.

Set out below is the Proxy information required by Section 251AA
of the Act

RESOLUTI0N    NUMBER OF      NUMBER OF   NUMBER OF    NUMBER OF
              SHARES         SHARES -    SHARES -     SHARE -
              - FOR          AGAINST    DISCRETION   ABSTAIN

1. Consolidation   36,426,685 3,280,700   22,681,685  16,102,173
   of Capital

2. Issue of        37,548,758 2,452,630   17,366,757  16,064,645
   Capital

3. Debt            37,489,930 2,523,203   17,368,757  16,070,900
   Capitalization

4. Merger          37,605,560 2,431,700   17,368,757  16,046,773

5. Options Issue   37,233,358 2,745,130   17,378,757  16,066,545

6. Change of       38,018,362 1,744,023   22,704,685  16,024,173
   Company Name

7. Adoption of     37,270,461 1,836,724   23,110,205  16,323,853
   new Constitution

8. Appointment     37,268,267 1,986,190   23,116,205  16,170,581
   S.R. de Belle

9. Appointment     37,370,753 1,863,704   23,116,205  16,190,581
   R.H. Duffin

10. Appointment    37,285,933 1,921,274   23,116,205  16,217,831
    J.K. Taylor

11. Website        37,341,601 2,028,054   23,086,205  16,085,383
    Information

12. Number of      37,263,743 1,961,154   23,116,205  16,227,141
    Directors

The discretionary proxies lodged in favor of the Chairman of the
Meeting were used to vote in favor of the resolutions. The full
text of the resolutions follows.

For information purposes set out below is the proposed timetable
for the capital consolidation and capital raisings approved at
Thursday's meeting. The dates provided are indicative only and
may vary.

IMPORTANT DATES                                        2003

General Meeting of Shareholders                      10 April

Record date for the Consolidation of Capital         l7 April

Prospectus for the proposed issues of capital        16 May
(including the rights issue and general
issue) lodged with the Australian Securities
& Investments Commission

Record date for determining entitlements under        3 June
the rights issue

Prospectus distributed to shareholders together       6 June
with post-consolidation holding statements and
the 2002 Annual Report

Prospectus offers open                                6 June

Prospectus offers close                              25 June

Holding statements for shares issued under the        9 July
Prospectus dispatched to shareholders and other
applicants

Dated this 10th day of April 2003

RESOLUTION 1: CONSOLIDATION OF CAPITAL

To propose and, if thought fit, to pass the following resolution
with or without amendment:

"That subject to all other ordinary Resolutions in this Notice
of Meeting being passed by the requisite majorities, approval be
and is hereby given to the consolidation of the Existing
Ordinary Shares in the Company on a 1 for 100 basis, with a
Record Date being 5 days from the date of the meeting at which
this Resolution is passed, and with the resulting shares being
called Ordinary Shares in the Company provided that if an
Existing Shareholder holds a number of Existing Ordinary Shares
which is not evenly divisible by 100, the number of replacement
Ordinary Shares credited to that Existing Shareholder will be
rounded down to the nearest whole number."

RESOLUTION 2: ISSUE

To propose and, if thought fit, to pass the following resolution
with or without amendment:

"That subject to all other ordinary Resolutions in this Notice
of Meeting being passed by the requisite majorities, for the
purposes of Listing Rules 7.1 and 7.3 and all other purposes,
approval be and is hereby given to the issue of up to 35,014,049
fully paid Ordinary Shares in the Company at a price of $0.20
each subject to the achievement of Minimum Subscription on the
following basis:

   (a) First, as to a total of 5,002,007 Ordinary Shares under a
prospectus by way of a pro rata, one for one, non renounceable
rights issue to the Existing Shareholders; and

   (b) Second, a general issue of any shortfall in the pro rata
rights issue and up to 30,012,042 further Ordinary Shares,
including oversubscriptions of 5,002,007 Ordinary Shares, with a
priority entitlement for Existing Shareholders. The Company will
limit the number of Ordinary Shares it issues to Existing
Shareholders to the higher of 5% of all the securities being
offered and the number the Existing Shareholder would be
entitled to under a pro rata issue of all those Ordinary Shares
and the proceeds of the raising be applied in part to repay the
Proponent's Shareholders Loan."

RESOLUTION 3: DEBT CAPITALISATION

To propose and, if thought fit, to pass the following resolution
with or without amendment:

"That subject to all other ordinary Resolutions in this Notice
of Meeting being passed by the requisite majorities, for the
purposes of Listing Rules 7.1 and 7.3 and all other purposes,
approval be and is hereby given, subject to the achievement of
Minimum Subscription, to the issue of 6,002,408 fully paid
Ordinary Shares in the Company to  the Trustee on the terms
described in the Explanatory Statement attached to and forming
part of this Notice of Meeting. These Ordinary Shares to be
issued no later than 3 months after the date of this meeting."

RESOLUTION 4: MERGER

To propose and, if thought fit, to pass the following
resolution:

"That subject to all other ordinary Resolutions in this Notice
of Meeting being passed by the requisite majorities, for the
purposes of Section 208 of the Corporations Act, Listing Rules
7.1 and 7.3 and all other purposes, approval be and is hereby
given to the merger of the Company with Koolanooka Pellets Pry
Limited ACN 099 283 815 on the basis of, subject to the
achievement of Minimum Subscription, the issue of up to
9,003,613 million fully paid Ordinary Shares in the Company to
the shareholders of Koolanooka Pellets Pty Limited ACN 099
283 815 in exchange for 100% of the issued shares in Koolanooka
Pellets Pty Limited ACN 099 283 815, in recognition of the value
being provided to the Shareholders via the implementation of the
Re-capitalization Proposal, with the record date for the issue
of those shares being the date on which the Company ceases to be
subject to the Deed of Company Arrangement on implementation of
the Proposal. These Ordinary Shares will be issued at a deemed
issue price of 20 cents per share and will be issued no later
than 3 months after the date of this meeting."

RESOLUTION 5: OPTIONS ISSUE

To propose and, if thought fit, to pass the following resolution
with or without amendment:

"That subject to all other ordinary Resolutions in this Notice
of Meeting being passed by the requisite majorities, for the
purposes of Listing Rules 7.1 and 7.3 and all other purposes,
approval be and is hereby given to the issue, subject to the
achievement of Minimum Subscription, of up to 550,221 Options
with the ultimate number of Options issued not to exceed 1% of
the number of fully paid Ordinary Shares in the Company, with an
exercise price of 20 cents on or before the expiry of four years
from their date of issue.  These Options are being issued for
nil cash consideration and will be issued no later than 3 months
after the date of this meeting."

RESOLUTION 6: CHANGE OF NAME OF COMPANY

To propose and, if thought fit, to pass the following resolution
as a special resolution:

"That the Company change its name to Midwest Corporation Limited
ACN 009 224 800."

RESOLUTION 7: ADOPTION OF NEW CONSTITUTION

To propose and, if thought fit, to pass the following resolution
as a special resolution:

"That the regulations contained in the document tabled at the
Meeting and signed by the Deed Administrators for identification
purposes as the Constitution of the Company be adopted as the
Constitution of the Company in substitution for and to the
exclusion of the Company's existing Constitution."

RESOLUTION 8: APPOINTMENT OF STEPHEN ROSS DE BELLE

To propose and, if thought fit, to pass the following resolution
with or without amendment:

"That subject to all other ordinary Resolutions in this Notice
of Meeting being passed by the requisite majorities, Stephen
Ross de Belle be appointed a director of the Company."

RESOLUTION 9: APPOINTMENT OF ROBERT HARRY DUFFIN

To propose and, if thought fit, to pass the following resolution
with or without amendment:

"That subject to all other ordinary Resolutions in this Notice
of Meeting being passed by the requisite majorities, Robert
Harry Duffin be appointed a director of the Company."

RESOLUTION 10: APPOINTMENT OF JESSE KAVANAUGH TAYLOR

To propose and, if thought fit, to pass the following resolution
with or without amendment:

"That subject to all other ordinary Resolutions in this Notice
of Meeting being passed by the requisite majorities, Jesse
Kavanaugh Taylor be appointed a director of the Company."

RESOLUTION 11: WEBSITE INFORMATION

To propose and, if thought fit, to pass the following resolution
with or without amendment:

"That subject to all other ordinary Resolutions in this Notice
of Meeting being passed by the requisite majorities, approval be
and is hereby given to the posting on the Web of information,
notices, advices, reports, including annual and semi-annual
reports and accounts, and similar written and printed material
generally, and to the posting on the Web of the prospectus
contemplated by Resolution 2, and to those postings on the Web
being full and complete satisfaction of information issue
requirements, provided that printed copies be promptly available
and mailed on request to a party having a right to such
information and making such a request."

RESOLUTION 12: NUMBER OF DIRECTORS

If Resolution 7 is not approved, to propose and, if thought fit,
to pass the following resolution with or without amendment:

"The relevant provisions of the Company's Constitution be
amended to permit the minimum number of directors to be three
(3)."


KINGSTREAM STEEL: Shareholders Approve Restructuring
----------------------------------------------------
The shareholders of Kingstream Steel Limited on Thursday, April
10) agreed to a number of resolutions aimed at reconstructing
their company, including a change of name to Midwest Corporation
Limited.

The proposals agreed to include a rights and general issue of
new shares and a new board of directors, comprising Jesse Taylor
(chairman), Stephen de Belle (managing director) and Bob Duffin
(non-executive director).

Mr Taylor said the new directors have been working with the Deed
Administrators - Bryan Hughes and Vincent Smith (Norgard
Clohessy) - for some time, with a view to implementing a re-
capitalization and obtaining the re-quoting of the company on
the Australian Stock Exchange.

"Our business plan reflects a new future for the company, based
on a view that it has two sets of key assets," said Mr Taylor.

"There is significant value in the various technical and
feasibility studies that have been completed regarding the
company's previously proposed integrated steel project (which
included an iron ore polarization stage). Over $80m has been
spent on these studies, and the resultant intellectual and
technical properties represent a valuable current asset.

"The company also has a number of iron ore tenement packages,"
he said.

Mr Taylor added that Midwest Corporation proposed to proceed on
two fronts, exploring for, mining and selling direct shippable
ore to provide near term cash flow, while in parallel preparing
for the development of an iron ore pellet project based on the
Koolanooka tenements, about 180 km east of Geraldton (where the
existing studies meant that this project constituted an
"advanced development opportunity").

A scoping study completed by the new directors suggests that the
proposed pellet project should rank in the bottom third of the
cost curve for world pellet producers. Estimated capital cost
was $540 million, and the project was planned to be operating at
full production by 2006, Mr Taylor said.

"The plant will be designed to produce 4.5 million tonnes a year
of high grade direct reduction pellets. Based on the
demonstrated iron ore reserve of 405 million tonnes at
Koolanooka, production could be sustained for 32 years at this
level of output," he said.

Mr Taylor said it was proposed that the prospectus for the issue
of new shares would be lodged with Australian Securities &
Investment Commission in May. New shares are proposed to be
offered at $0.20 each, with a target raising of $6.0 million and
an indicated NTA per share of approximately $0.53.

"We are confident the market will recognize the merits of our
new approach. It represents a significantly attractive
investment based on worthwhile assets, realistic prospective
cash flow and a more practical implementation of the first
stage, if you will, of the company's previous vision."

CONTACT INFORMATION: Brett Manning
                     Company Secretary & GM Administration
                     Phone" 08 9226 2033
                     Midwest Corporation Limited (Subject to
                     Deed of Company Arrangement)


NORMANDY NFM: Receives Final Court Approval for Scheme
------------------------------------------------------
The scheme of arrangement (Scheme) between Normandy NFM Limited
and its shareholders will go ahead, after the Federal Court of
Australia on Friday approved the Scheme. Under the terms of the
Scheme, NFM shareholders will receive 4.40 ASX listed Newmont
Mining Corporation CHESS Depositary Instruments (Newmont CDIs)
per NFM share. As an alternative to receiving Newmont CDIs,
shareholders may sell their NFM shares back to the company under
a concurrent buy-back offer (Buy-Back) of $16.50 per NFM share.

NFM intends to lodge a copy of the orders made by the Federal
Court with the Australian Securities and Investments Commission
on Monday, 14 April 2003, the Effective Date of the Scheme.

NFM will make application to the Australian Stock Exchange
Limited (ASX) for the suspension of trading of NFM shares with
effect from the close of trading on Monday, 14 April 2003.
Trading in Newmont CDIs to be issued under the Scheme, initially
on a deferred settlement basis, will commence on Tuesday, 15
April 2003.

The record date for the Scheme and the Buy-Back, which is the
latest date to accept the Buy-Back, will be 7.00pm (ACST) on
Wednesday, 23 April 2003.

Holding statements and confirmation statements in respect of
Newmont CDIs issued pursuant to the Scheme will be dispatched to
eligible NFM shareholders on or before 1 May 2003. The Newmont
CDIs to which NFM shareholders that have a registered address
outside of Australia or New Zealand are entitled to under the
Scheme will be sold by a nominee and such shareholders will
receive a cheque in Australian dollars for their share of the
proceeds of sale by no later than the end of May 2003.

Dispatch of cheques to NFM shareholders that have accepted the
Buy-Back will be sent on or before 8 May 2003.

Shareholder questions can be directed to the NFM Shareholders
Information Line on 1800 801 542 (toll free within Australia) or
+ 61 800 542 (outside of Australia).

CONTACT INFORMATION: Nicola Frazer
                     Manager - Investor Relations,
                     Telephone: +6 1 8 8303 1756
                     Facsimile: +61 8 8303 1904
                     E-mail: investor@newmont.com.au
                     Website: www.newmont.com.au


QUIKTRAK NETWORKS: Undertakes Current Liabilities Re-arrangement
----------------------------------------------------------------
In the financial statements for the year ended 31 December 2002,
lodged with ASX on 31 March 2003, there appeared under Current
Liabilities in the Statement of Financial Position the item
"Interest Bearing Liabilities - $3,504,000".

Quiktrak Networks Limited wishes to advise that this liability
has now been extinguished by issuing as consideration 2,500,000
fully paid shares in the Company's subsidiary QuikTrak Networks
PLC and a $1,200,000 convertible note in this Company.

The convertible note is of three years duration, bears interest
at 5% p.a. and is convertible (wholly or partially) at the
option of the holder into the relevant number of shares in the
Company at an issue price of 2.5 cents each.


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


ALLIED PROPERTIES: 2002 Operations Loss Swells to HK$423.017M
-------------------------------------------------------------
Allied Properties (HK) Limited released its financial statement
summary for the year end date 31 December 2002, as follows:

Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                               (Audited)          Last
                               Current            Corresponding
                               Period             Period
                               from 1/1/2002      from 1/1/2001
                               to 31/12/2002      to 31/12/2001
                               Note  ('000)       ('000)
Turnover                           : 903,629            660,361
Profit/(Loss) from Operations      : (423,017)         (164,752)
Finance cost                       : (72,183)          (111,391)
Share of Profit/(Loss) of
  Associates                       : 123,454            118,661
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 29,527             51,377
Profit/(Loss) after Tax & MI       : (374,878)         (178,931)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.082)            (0.048)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (374,878)         (178,931)
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.  LOSS FROM OPERATIONS
                                            2002         2001
                                          HK$'000      HK$'000
    Included in loss from operations are:

    Impairment losses recognized in respect of:

    Properties held for sale              104,000           500
      Properties under development         17,100             -
      Non-trading securities               12,306        11,482
      Properties under development for sale    -         81,000
                                          --------      --------
                                          133,406        92,982
    Deficits arising on revaluation of
     investment properties and hotel property  443,448  251,036

    Loss arising from default of loan agreement with
     Millennium Touch Limited (Note)       10,110             -
                                          --------      --------
                                          586,964       344,018
                                          ========      ========
Notes:

On 24th November, 1999, Sun Hung Kai & Co. Limited (Sun Hung
Kai), a subsidiary of the Company since May 2001, entered into
an agreement for the sale of 770,000,000 shares in Tian An China
Investments Company Limited (Tian An) to Millennium Touch
Limited (MT).  These 770,000,000 Tian An shares represented
approximately 19.79% of the then issued share capital of Tian An
and 9.07% of the issued share capital of Tian An at 31st
December, 2002 and 2001 respectively.  MT paid 5% of the
purchase price and entered into a loan agreement with Sun Hung
Kai group to finance the balance.  As  security for the loan
agreement, MT entered into a share mortgage with Sun Hung Kai
group.  The share mortgage provided that if there was default
under the loan agreement, then Sun Hung Kai group may enforce
its security by, inter alia, selling the 770,000,000 Tian An
shares to discharge the indebtedness owed by MT to Sun Hung Kai
group or foreclosing on the shares. However, Sun Hung Kai has
not exercised, and has forgone any entitlement to exercise, any
voting rights on those 770,000,000 Tian An shares.

MT has been in default under the loan agreement since 24th
November, 2000.  There was an unrealized loss of HK$134,124,000
to Sun Hung Kai group up to 31st December, 2000 by marking to
market those 770,000,000 Tian An shares to a closing market
price of HK$0.134 at 31st December, 2000.  The closing market
price of Tian An shares at 31st December, 2002 fell below
HK$0.134 and an unrealized loss of HK$10,110,000 (2001: Nil) was
accounted for in the current year income statement.  The amount
due from MT after providing for the unrealized loss of
HK$144,234,000 (2001: HK$134,124,000) at 31st December, 2002 was
HK$93,070,000 (2001: HK$103,180,000) and has been included as a
term loan under the Group's balance of accounts receivable,
deposits and prepayments.

2. LOSS AFTER TAXATION AND MINORITY INTERESTS

The loss after taxation and minority interests is presented
after crediting the following:
                                              2002          2001
                                           HK$'000       HK$'000

        Release of negative goodwill      76,184        36,524
        Amortization of capital reserve   20,412        20,417
                                          --------      --------
                                          96,596        56,941
                                          ========      ========

3. LOSS PER SHARE

The calculation of the basic loss per share is based on the loss
attributable to shareholders of HK$374,878,000 (2001:
HK$178,931,000) and on the weighted average number of
4,573,294,755 (2001: 3,723,315,574) shares in issue during the
year.

No diluted loss per share is presented because the Company has
no dilutive potential ordinary shares during both years.


CHINA LOGISTICS: HSKE OKs De-minimis Concession Application
-----------------------------------------------------------
The Directors of China Logistics Group Limited, together with
its subsidiaries, announced that on 4 April 2003, the Stock
Exchange of Hong Kong Limited approved the Company's application
for its adoption of the De-minimis Concession, the Modified
Calculation Concession and the "modified assets test" under the
Modified Calculation Concession for issuers with negative or
negligible net tangible assets as set forth in the Stock
Exchange's announcements dated 3 May 2001, 24 August 2001 and 9
October 2001) for the purposes of certain provisions of the
Rules Governing the Listing of Securities on the Stock Exchange.

BACKGROUND

As disclosed in the composite offer document (Composite
Document) dated 5 February 2003 jointly issued by the Company
and World Gain Holdings Limited (WGH) in relation to the
mandatory conditional cash offers by ICEA Capital Limited on
behalf of WGH to acquire all issued shares (including conversion
shares) in the share capital (other than those shares already
owned by WGH or parties acting in concert with it) of, and to
cancel all outstanding options issued by, the Company, the
Company had:

   (a) an audited consolidated net tangible deficit as at 31
March 2002 of about HK$255,351,000; and

   (b) an unaudited pro forma adjusted consolidated net tangible
deficit as at 30 January 2003 (based on the audited consolidated
financial statements of the Group as at 31 March 2002) of about
HK$2,820,000.

The net tangible deficit of the Company for the year ended 31
March 2002 was attributable to, among other factors, the
provisions made for two irregular transactions of the Group,
namely the provision for advance to Sharp Class International
Limited of about HK$358,445,000 and the provision for
acquisition of the entire issued share capital of Shanghai
Pudong CNCC Logistics Development Limited of about
HK$232,657,000. The Directors are of the view that the
provisions made for the irregular transactions are non-recurring
in nature and thus consider that such causes to the decrease in
the net asset value of the Company did not arise as a result of
operational losses in the ordinary and usual course of business
of the Group during the current and/or prior financial years.
The background of the above irregular transactions and the
reasons for the related provisions have been set out in the
financial statements as at 31 March 2002 of the Company
contained in appendix II to the Composite Document.

As a result of the audited consolidated net tangible deficit of
the Company as described above, it will be impracticable and
unduly onerous on the Company in complying fully with those
provisions in the Listing Rules which require comparisons to be
made with its net tangible assets and render the Company
subject to all of the disclosure and shareholders' approval
requirements in respect of every transaction of the Group,
notwithstanding the value of such transaction may be
insignificant in monetary terms or when compared to the total
assets of the Group. The Company thus made an application to the
Stock Exchange for the approval of the adoption of the De-
minimis Concession, the Modified Calculation Concession and the
"modified assets test" under the Modified Calculation
Concession in accordance with the Guidelines which would provide
the Company with more flexibility to carry on its business
activities.

ADOPTION OF THE MODIFIED CALCULATION CONCESSION

The Stock Exchange has approved the Company's application for
the adoption of the Modified Calculation Concession in
accordance with the Guidelines in calculating the Relevant Tests
for the purposes of classifying notifiable transactions (other
than connected transactions). Accordingly:

   (a) the "assets test" under Chapter 14 of the Listing Rules
will be performed by dividing the gross assets less intangibles
and current liabilities of the asset to be acquired or disposed
of by the Modified Asset Value; and

   (b) the "consideration test" under Chapter 14 of the Listing
Rules will be performed by dividing the consideration for the
asset to be acquired or disposed of by the Modified Asset Value.

The above modified assets test will be applied for the purposes
of classifying notifiable transactions (other than connected
transactions) in accordance with the following thresholds:

   (a) if the value of a transaction exceeds 5% of the Modified
Asset Value (being about HK$26,619,700) or above but is less
than 15% of the Modified Asset Value (being about
HK$79,859,100), the Company shall comply with the requirements
for discloseable transactions;

   (b) if the value of a transaction exceeds 15% of the Modified
Asset Value (being about HK$79,859,100) or above but is less
than 25% of the Modified Asset Value (being about
HK$133,098,500), the Company shall comply with the requirements
for major transactions;

   (c) if the value of a transaction exceeds 25% of the Modified
Asset Value (being about HK$133,098,500) or above, the Company
shall comply with the requirements for very substantial
acquisitions; and

   (d) if the transaction is an acquisition of assets (including
securities but excluding cash) for consideration that include
securities for which listing will be sought, the Company shall
comply with the requirements for share transactions if the
value of the transaction is less than 5% of the Modified Asset
Value (being about HK$26,619,700).

The above ratios will apply only to the Relevant Tests. The
profits test and equity test will remain applicable to the
Company.

ADOPTION OF THE "MODIFIED ASSETS TEST" UNDER THE MODIFIED
CALCULATION CONCESSION

The Stock Exchange has also approved the Company's application
for the adoption of the "modified assets test" under the
Modified Calculation Concession with respect to the following
items:

   (1) Connected transactions

In relation to the connected transactions set out in Rule
14.24(5), 14.25(1) and 14.25(2)(b)(i) of the Listing Rules where
there are references to net tangible assets or net assets, as
applicable, such assets of the Group will be calculated in
accordance with the "modified assets test" under the Modified
Calculation Concession and the following percentage ratio will
apply:

     (a) for Rule 14.24(5), the threshold will be the higher of
either:

       (i) HK$1,000,000 or
       (ii) 0.01% of the Modified Assets Value (being about
HK$53,240).

     (b) for Rule 14.25(1), the threshold will be the higher of
either:

       (i) HK$10,000,000 or
       (ii) 1% of the Modified Assets Value (being about
HK$5,323,940).

     (c) for Rule 14.25(2)(b)(i), the threshold will be 5% of
the Modified Assets Value (being about HK$26,619,700).

   (2) Modified assets test only while maintaining the
percentage ratio prescribed under the relevant provisions of the
Listing Rules In respect of the following provisions in the
Listing Rules where there are references to net tangible assets,
or net assets, as applicable, the basic set out in the "modified
asset tests" under the Modified Calculation Concession will
be adopted as the basis for comparison to determine the relevant
disclosure requirements and the percentage ratio prescribed
under the relevant provisions will remain unchanged and continue
to apply:

   (a) Paragraphs 17(2) of Appendix 7A;
   (b) Paragraph 5.1 of Practice Notice 13;
   (c) Paragraph 3(e)(ii) of Practice Notice 15;
   (d) Paragraph 36 of Appendix 16; and
   (e) Paragraph 1.3 of Practice Note 19.

Since the numerator and denominator will be using the same
modified basis, there is no need to change the current
percentage ratios prescribed under these provisions.

   (3) Modified assets test and different percentage ratios
In respect of the following provisions in the Listing Rules here
there are references to net tangible assets, or net assets, as
applicable, such assets of the Group will be calculated in
accordance with the "modified assets test" under the Modified
Calculation Concession but different percentage ratio as
set against the relevant provisions below will apply:

Applicable Approximate

Provisions in the Listing Rules ratio Modified Asset Value

   (a) Paragraph 15.2 of Appendix 16 1% HK$5,323,940
   (b) Paragraph 23 of Appendix 16 5% HK$26,619,700
   (c) Paragraph 3.2.1 of Practice Note 19 8% HK$42,591,520
   (d) Paragraph 3.2.2 of Practice Note 19 3% HK$15,971,820
   (e) Paragraph 3.3 of Practice Note 19 8% HK$42,591,520

PERIOD FOR WHICH THE DE-MINIMIS CONCESSION, THE MODIFIED
CALCULATION CONCESSION AND THE "MODIFIED ASSETS TEST" UNDER
THE MODIFIED CALCULATION CONCESSION WILL APPLY

The Stock Exchange's approval for the adoption of the De-minimis
Concession, the Modified Calculation Concession and the
"modified assets test" under the Modified Calculation Concession
by the Company will remain valid from 4 April 2003 until the
publication or the due date of publication of the Company's next
annual report for the year ended 31 March 2003, whichever is
earlier.

Details of the above approval shall be included in the Company's
next published annual report.

According to Wrights Investors' Service, at the end of 2002,
China Logistics Group Limited had negative working capital, as
current liabilities were HK$275.80 million while total current
assets were only HK$46.55 million. It has also reported losses
during the previous 12 months and last paid a dividend during
fiscal year 2000, when it paid dividends of 0.00 per share.


CHINA ONLINE: Trims 2002 Net Loss to HK$602.914M
------------------------------------------------
China Online (Bermuda) Limited posted its results announcement
summary for the year end date 31 December 2002:

Currency: HKD
Auditors' Report: Unqualified
                                                  (Audited)
                               (Audited)          Last
                               Current            Corresponding
                               Period             Period
                               from 1/1/2002      from 1/1/2001
                               to 31/12/2002      to 31/12/2001
                               Note  ('000)       ('000)
Turnover                           : 1,292,852        2,339,466
Profit/(Loss) from Operations      : (582,355)        (678,024)
Finance cost                       : (603)            (7,360)
Share of Profit/(Loss) of
  Associates                       : (9,005)          (12,593)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (119)            (170)
Profit/(Loss) after Tax & MI       : (602,914)        (717,254)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0649)         (0.0772)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (602,914)        (717,254)
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

The Group's principal activities are the provision of investment
holding, property investment and treasury services. Other
activities include selling and distribution of mobile phones and
other telecommunication equipment; provision of intelligent
building system integration services corporate advisory services
and securities trading in Hong Kong. It operates in Hong Kong
and Mainland China. Securities trading and investments accounted
for 90% of 2001 revenues; mobile phone distribution, 10% and
others.


H.Y. & H.T.: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up H.Y. & H.T. Lee Brothers & Company
Limited is scheduled for hearing before the High Court of Hong
Kong on April 23, 2003 at 9:30 in the morning.

The petition was filed with the court on February 27, 2003 by
Samuel Tak Le of House 1, 24-28 Mount Austin Road, Kowloon, Hong
Kong.



KEL HOLDINGS: Amends Acquisition Agreement With Deson
-----------------------------------------------------
References are made to the joint announcements of KEL Holdings
Limited and Deson Development International dated 6 March, 2003
and dated 27 March, 2003 relating to, amongst other things, the
Acquisition, the Capital Reorganization and the delay in
dispatch of the Circulars of Deson and KEL on or before 17
April, 2003 (the Announcements).

SUPPLEMENTAL AGREEMENT

Since the special general meeting of each of Deson and KEL is
now scheduled to be held on 12 May, 2003 for passing the
relevant resolutions relating to, among other things, the
Acquisition, Deson and KEL would like to extend the long stop
date for the fulfillment of the conditions of the completion of
the Acquisition Agreement from 30 April, 2003 (as provided in
the Acquisition Agreement) to 30 May, 2003. Also, the reason for
reducing the nominal amount of the shares in the issued share
capital of KEL from HK$0.10 per share to HK$0.07 per share
(instead of HK$0.01 as stated in the Announcements) is that
Deson and KEL intend to reduce the nominal amount of KEL Shares
to an extent sufficient for facilitating the Acquisition by
enabling KEL to issue and allot Consideration Shares at the
issue price of HK$0.07 each. Deson and KEL considered that it
might provide greater protection to the shareholders of KEL and
greater flexibility for KEL to further subdivide its shares or
reduce its capital if and when required under any future issue
of shares. As advised by the directors of KEL (Directors), KEL
has no immediate intention to issue any shares other than the
Consideration Shares. In the light of the above, on 10 April,
2003, Deson and KEL entered into a supplemental agreement (the
Supplemental Agreement) to amend certain terms of the
Acquisition Agreement. Details of which are set out below:

   1. the latest time for fulfillment of all conditions
precedent to the completion of the Acquisition is extended from
30 April, 2003 to 30 May, 2003;

   2. the terms of the revised Capital Reorganization (the
Revised Capital Reorganization) are as follows:

     (i) the nominal value of each of the 862,277,659 issued KEL
Shares will be reduced from HK$0.10 to HK$0.07 (the Capital
Reduction), as a result, KEL's existing issued share capital of
HK$86,227,765.90 will be reduced by HK$25,868,329.77 to
HK$60,359,436.13;

     (ii) the credit in the sum of HK$25,868,329.77 arising from
the Capital Reduction will be applied to set off against an
equivalent amount of the audited accumulated loss of
HK$670,337,000 of KEL as at 31 March, 2002; and

     (iii) upon the Capital Reduction becoming effective, the
authorized share capital of KEL will be reduced to
HK$126,000,000 divided into 1,800,000,000 shares of HK$0.07 each
and, forthwith upon such reduction, the authorized share capital
of KEL will immediately be increased to the amount of
HK$179,999,999.97 (being as near to the original amount of
authorized capital of HK$180,000,000 as practicable) by the
creation of the requisite number of the new shares of HK$0.07
each (the KEL New Shares) in the share capital of KEL upon the
Revised Capital Reorganization becoming effective.

On the basis of 862,277,659 KEL New Shares in issue, the
authorized share capital of KEL will then be HK$179,999,999.97
divided into 2,571,428,571 KEL New Shares, of which
HK$60,359,436.13 divided into 862,277,659 KEL New Shares will be
in issue and 1,709,150,912 KEL New Shares will be unissued.

Save for the above amendments, all the other terms and
conditions of the Acquisition Agreement remain unchanged.
CONDITIONS AND EFFECT OF THE REVISED CAPITAL REORGANISATION
The Revised Capital Reorganization is subject to, among other
things, (i) the passing of the relevant resolutions by the
shareholders of KEL (Shareholders) to approve the Revised
Capital Reorganization; (ii) compliance with section 46 of the
Companies Act which includes the publication of a legal notice
in relation to the Revised Capital Reorganization in an
appointed newspaper in Bermuda and (iii) the Stock Exchange
having granted listing of and permission to deal in the KEL New
Shares. Assuming the conditions of the Revised Capital
Reorganization are fulfilled, it is expected that the Revised
Capital Reorganization will become effective on the business day
following the date of passing the relevant resolution to approve
the Revised Capital Reorganization.

The KEL New Shares will rank pari passu in all respects with
each other and the Revised Capital Reorganization will not
result in any change in the relative rights of the Shareholders.

Deson Development International Holdings Limited

Implementation of the Revised Capital Reorganization will not,
itself, alter the underlying assets, business, operations,
management or financial position of KEL or the proportionate
interest of the Shareholders, other than related expenses
incurred which are immaterial. The Directors consider that the
Revised Capital Reorganization will not, itself, have a material
adverse effect on the financial position of the KEL Group.
It is one of the conditions for the completion of the
Acquisition that the Revised Capital Reorganization has become
effective prior to the completion of the Acquisition Agreement.
The Revised Capital Reorganization is not itself subject to
completion of the Acquisition Agreement and will, subject to
fulfillment of the relevant conditions, become effective
irrespective of whether the Acquisition Agreement is completed.

The Directors noted that the KEL Shares have been traded at
prices below their nominal value of HK$0.10 each for a majority
of trading days since August, 2002. They consider that the
Revised Capital Reorganization, if implemented, will allow
flexibility in the pricing for any issue of KEL Shares in future
if and when the Directors consider appropriate. It will also
facilitate any future capital raising exercises when
circumstances arise. The Directors consider that the Revised
Capital Reorganization is in the interests of the Shareholders.
Apart from the Acquisition, the Directors do not have present
intention to issue new KEL Shares.

Currently, the authorized share capital of KEL was K$180,000,000
divided into 1,800,000,000 KEL Existing Shares of which
HK$86,227,765.90 divided into 862,277,659 KEL Existing Shares
were issued and credited as fully paid. Immediately upon the
Revised Capital Reorganization becoming effective and on the
basis that 862,277,659 KEL Existing Shares will be in issue
immediately prior to the Revised Capital Reorganization becoming
effective, the authorized share capital of KEL will be
HK$179,999,999.97 divided into 2,571,428,571 KEL New Shares of
which HK$60,359,436.13 divided into 862,277,659 KEL New Shares
will be in issue and credited as fully paid.

TIMETABLE FOR THE REVISED CAPITAL REORGANISATION

Subject to the Revised Capital Reorganization becoming
effective, the expected timetable for the Revised Capital
Reorganization is set out below:
                                                   2003
Latest time for lodging proxy forms of the
special general meeting 11:00 a.m.,             Saturday, 10 May
Date of the special general meeting 11:00 a.m., Monday, 12 May
Effective date of the Revised Capital
Reorganization                                  Tuesday, 13 May
Dealing in the KEL New Shares on
Stock Exchange commence                         Tuesday, 13 May
First day for free exchange of existing share
Certificates for new share certificates for
the KEL New Shares                              Tuesday, 13 May
Last day for free exchange of existing share
Certificates for new shares certificates for the
KEL New Shares 4:30 p.m.,                     Thursday, 12 June
Notes: All references in this announcement to
times and dates are references to Hong Kong
times and dates.

EXCHANGE OF SHARE CERTIFICATES

Existing share certificates may be lodged with KEL's branch
share registrar in Hong Kong, Tengis Limited at Ground Floor,
BEA Harbour View Centre, 56 Gloucester Road, Wanchai, Hong Kong
in exchange for new share certificates for the KEL New Shares
during the period from Tuesday, 13 May, 2003 to Thursday, 12
June, 2003 at any time from 9:00 a.m. to 4:30 p.m.. Shareholders
should note that unless the relevant existing share certificates
are lodged with Tengis Limited by 4:30 p.m. on Thursday, 12
June, 2003, a charge of HK$2.5 (or such higher amounts as may
from time to time be allowed by the Stock Exchange) will be made
on the issue of every new share certificates for KEL New Shares
or cancellation of every old share certificates. New share
certificates will be issued in the color of green to distinguish
from the existing share certificates in the color of yellow.

GENERAL

The Circulars of Deson and KEL containing, amongst others
things, details of the terms of the Acquisition, the
Supplemental Agreement, the Revised Capital Reorganization and
the notices of their respective special general meetings will be
dispatched to their respective shareholders on 17 April, 2003.


MIDLAND REALTY: Incurs 2002 Net Loss of HK$78.82M
--------------------------------------------------
Midland Realty Limited cuts advertising and rentals expenses
after slipping into the red with a net loss of HK$78.82 million
last year, compared with a net profit of HK$40.96M in 2001, the
Standard reported Thursday.

The property agency said the loss, equivalent to 13.1 cents per
share, was the result of a HK$103 million deficit on a
revaluation of assets. Its turnover fell to HK$911.7 million
from HK$916.4 million.

To reduce costs, the company said 153 of Midland's 3,250 staff
had been sacked in the first quarter, and salaries of new
employees would be cut to achieve savings.


PINES INVESTMENT: Winding Up Hearing Scheduled This Month
---------------------------------------------------------
The High Court of Hong Kong will hear on April 23, 2003 at 9:30
in the morning the petition seeking the winding up of Pines
Investment Corporation Limited.

Wong Siu of Room D13, 3/F., Tai Chow House, 121 Quarry Bay
Street, Hong Kong filed the petition on March 5, 2003. Tam Lee
Po Lin, Nina represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


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


BANK MANDIRI: S&P Rates 'B-' to Proposed US$200M 5-Yr Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services on Thursday had assigned its
'B-' long-term issue rating to the proposed US$200 million
senior unsecured, five-year fixed-rate notes to be issued by PT
Bank Mandiri (Persero) (B-/Stable/C).

These notes are being issued under the bank's US$1 billion debt
issuance program, to which Standard & Poor's has assigned on
Thursday its 'B-' senior unsecured debt rating and 'CCC'
subordinated debt rating. Nevertheless, ratings on future issues
under the program might not necessarily be the same as the
ratings on the program assigned on Thursday, and will be
assessed specifically as and when they occur based on their
terms and conditions.

The US$200 million five-year fixed-rate notes represent the
first issue to be made under the bank's debt program. The issuer
for the program is Bank Mandiri, acting through its Cayman
Islands branch.

The 'CCC' rating on the program's subordinated notes is based on
the subordinate ranking of such notes to all senior unsecured
debt of Bank Mandiri. As the bank's long-term counterparty
credit rating of 'B-' is not investment-grade, the proposed
notes are rated two notches below the bank's counterparty credit
rating, in accordance with Standard & Poor's criteria.

Proceeds from the US$200 million fixed-rate notes and any later
issues under the program will be used both to refinance existing
borrowings and finance business expansion. Under the debt
program, senior notes will constitute direct, unconditional,
unsubordinated, and unsecured obligations, and subordinated
notes will constitute direct, unconditional, subordinated and
unsecured obligations, of the bank.

Any material change to the terms and conditions of the US$200
million fixed-rate note issue could affect the rating on the
issue. Similarly, any material change to the terms and
conditions of the US$1 billion debt issuance program would
affect the ratings on the program and issues.

The 'B-' ratings described above are above the 'CCC+' foreign
currency sovereign rating on the Republic of Indonesia. This is
explained by Standard & Poor's assessment that while Bank
Mandiri remains exposed to the risks associated with operating
in a highly indebted and still-developing country, the overall
risk facing the bank is consistent with a 'B-' rating even after
taking into consideration the not immaterial risk of systemwide
exchange controls being imposed in Indonesia. Senior unsecured
notes are usually rated at the same level as the bank's
counterparty credit rating.


TEXMACO GROUP: IBRA Finds Fund Allocation Abnormality
-----------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has found an
abnormality in the fund allocation of publicly listed Texmaco
Group, Bisnis Indonesia reports, citing IBRA Chairman Syafruddin
Arsyad Temenggung.

The abnormality caused the Company to fail to meet US$29 million
payment due on its US$99 million Letter of Credit (L/C) extended
by Bank Negara Indonesia (BNI).

Temenggung revealed there has been transfer of fund from Newco
Texmaco Textile, and PT Bina Prima Perdana to Newco Texmaco
Engineering, and PT Jaya Perkasa Engineering, respectively.

"IBRA and BNI have resolutely stated that there should be no
recurrence of this deviation. L/C intended for textile-company
should not be in [the] use of [an]other company. To prevent this
from happening in the future, BNI and Indonesia Bank
Restructuring Agency will place seven personnel in Texmaco
operating company," Temenggung said.

Marimutu Sinivasan, the head of Texmaco Group, has been told to
search for working capital of engineering company from other
sources but denied the claim that a fund transfer was an abuse
of authority.

"This is absolutely not abuse of authority as said, since they
are under one company group. But the problem is that there has
never been a distinct division between textile and non-textile
unit[s]. we need to get Texmaco corporate governance fixed up.
Revenue deposited into [an] escrow account would be allocated
for L/C payment and [the] division between textile and non-
textile units should be made distinct. These are the things of
greatest necessity, otherwise problems will remain unresolved,"
Sinivasan said.


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


HAMAYA SUISAN: Ship Operator Enters Bankruptcy
----------------------------------------------
Hamaya Suisan K.K. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The ship operator, located at
Kushiro-shi, Hokkaido, Japan has 80 million yen in capital
against total liabilities of 21.5 billion yen.


HOKKAIDO SHINKO: Hotel Enters Rehab Proceedings
------------------------------------------------
Hokkaido Shinko Co. Limited, which has total liabilities of
35.69 billion yen against a capital of 1.5 billion yen, recently
applied for civil rehabilitation proceedings, according to Tokyo
Shoko Research. The real estate hotel is located in Sapporo-shi,
Hokkaido, Japan.


JAPAN AIRLINES: Cuts Additional Flights to Hawaii
-------------------------------------------------
Japan Airlines will again cut Tokyo-Honolulu flights from 14 to
seven per week from May 7 to May 31, as part of broad cutbacks
caused by the war in Iraq and the spread of the respiratory
illness known as SARS, Honolulu Adviser reports. About 400 fewer
seats will be available to bring visitors into Honolulu each day
as a result. Beginning June 1 and running to July 14, the
schedule would return to 14 flights per week.

The latest round of schedule changes also includes rerouting
Tokyo-Kona flights. Instead of flying Tokyo-Kona-Honolulu-Tokyo,
the schedule will be Tokyo-Honolulu-Kona-Honolulu-Tokyo for May
7 to May 31. The carrier also plans to operate fewer flights
from Japan to Los Angeles, London, Paris, Hong Kong, Bangkok, Ho
Chi Minh City, Shanghai, Guangzhou, Guam and Seoul.

The airline expects a group operating loss of two billion yen
($16.63 million) for the business year ending in March, the
Troubled Company Reporter-Asia Pacific reported recently. The
group aims to cut an additional 600 jobs, or 2.8 percent of its
workforce, by March 2006. To reduce costs and overlap from the
merger, it said last year it would reduce its workforce by
3,000. Japan Airlines (JAL) and Japan Air System (JAS) merged to
form Japan Airlines System in October 2002.


NOEVIR CO.: R&I Downgrades Rating to BBB-
-----------------------------------------
Rating and Information Investment, Inc. (R&I) has downgraded the
senior long-term credit rating of Noevir Co. Limited to BBB-
from BBB.

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Con. Bonds No. 1 Jul 19, 1996 Sep 20, 2004 Yen 10,000

RATIONALE:

Noevir's consolidated interest bearing debt has increased
significantly because the Company raised 17 billion yen
accompanying the conversion of Tokiwa Chemical Industries, Ltd.,
into a subsidiary through a syndicate loan. As a result, the
Company's financial structure, which had been sound, has
deteriorated. As Noevir has challenges of propping up its own
skincare cosmetics business and reorganizing Tokiwa Chemical
Industries, R&I consider that it will not be easy for the
Company to improve its financial structure quickly. Therefore,
R&I have downgraded the Senior Long-term Credit rating from BBB
to BBB-.

Noevir is a cosmetics manufacturer with a major presence in
door-to-door sales. Amidst a fall in sales volumes for skincare
cosmetics, its main business, Noevir has kept the sales decline
in check by developing products that are relatively highly
priced. Recently, it has improved profit levels by cutting
costs. The development of new customers and the strengthening of
the Company's sales base are essential for improving earning
potential.

In September 2002, Noevir made Tokiwa Chemical Industries, Ltd.,
a major player in household distribution drugs, into a
subsidiary. This enabled the Company to begin over-the-counter
drug business and expanded Noevir's revenue sources. Tokiwa
Chemical Industries has products with an established position in
the market, such as Tokiwa throat lozenges and health tonics.
Its household delivery business has 1,700,000 sales centers in
homes and workplaces. However, the household delivery business
has been suffering as a result of changes in the distribution
structure caused by the increase in the number of drug stores.
This means that it will be necessary to reorganize the business.


RESONA HOLDINGS: TSE Terminates Equity Options Listing
------------------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that the Tokyo Stock
Exchange (TSE) has decided to delist the equity options relating
to the shares of Resona HD as of March 31, 2003 and have applied
for an approval to the Commissioner of the Financial Services
Agency accordingly. Details are as follows:

1. Reason for the delisting: The equity options no longer meet
TSE's "minimum liquidity requirement" for continuation of
listing. TSE is supposed to delist any equity options if there
are no transactions during one-year period preceding the end of
March 2003.

2. Date of delisting (planned): April 11, 2003 (Subject to
approval by the Commissioner of the Financial Services Agency)

(Notes)

1. For inquirers regarding the delisting of equity options,
please contact the Derivatives Department of the Tokyo Stock
Exchange. (Tel: +81-3-3665-1322).

2. Equity options listed on the TSE are selected by the TSE in
accordance with the guidelines established by the TSE. The
aforementioned delisting applies only to equity options. Please
note that the common shares of Resona HD remain listed on TSE
and will be tradable as before.


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


CHOHUNG BANK: Decides to Axe Chairperson's Post
-----------------------------------------------
Cho Hung Bank decided to axe its current Chairperson Wee Sung-
bok in the bank's meeting of Board of Directors on Thursday,
Digital Chosun reports. The bank said, however, that its current
chairperson Wee Sung-bok would maintain his current positions of
registered Director and Chairman on the board until March 2005.
The bank is currently in sales negotiations. The South Korean
government is the largest shareholder of the bank.

Currently, there are only three registered directors of the bank
namely Chairperson Wee, Bank CEO Hong Suk-ju, and Vice President
Hong Chil-sun. The Roh Moo-hyun government has often expressed
its dissatisfaction over state-run firms' having the post of
Chairman, saying the honorary position should be removed in
order to establish a more efficient system of management.


JINRO LTD.: Goldman Asks Creditors to Reject Repayment Plan
-----------------------------------------------------------
Securities firm Goldman Sachs Group Inc. asked other creditors
of liquor maker Jinro Ltd. to reject a proposal to sell $865
million in assets, as it seeks better returns on its five-year
investment in the Company, Bloomberg said on Friday.

Goldman and other foreign creditors including Morgan Stanley,
hold about 30 percent of the outstanding debt of Jinro, which
failed in 1997 after defaulting on its debt. Goldman purchased
Jinro bonds in 1998 and 1999 during state-backed sales of non-
performing assets.

Jinro last week proposed rescheduling its 1.7 trillion won
($1.38 billion) in debt through a plan that includes the sale of
1.06 trillion won of assets. If that fails, the Company said it
would repay investors over 15 years. Jinro held a meeting with
local creditors last week, which didn't include Goldman.


KYOBO LIFE: Posts Net Losses for Fourth Year
--------------------------------------------
Kyobo Life Insurance has posted net losses for four years in a
row, the Korea Times reports, citing the Financial Supervisory
Service. The regulatory agency has strengthened oversight of
Kyobo as the Company's performance has worsened steeply.

The insurance firm incurred a net loss of 678 billion won in
2001, 277 billion won 2000, 368 billion won in 1999 and 437
billion won in 1998. Kyobo earned 6.9 trillion won in the 2001
fiscal year (from April 2001 to March 2002), down by 3.1
trillion won from 2000. In addition to its poor sales
performance, the Company is struggling to retain disgruntled
clients.


SK CORPORATION: Equity Well Bid
-------------------------------
SK Corporation's shares were well bid despite its accounting
scandal, according to DebtTraders and Bloomberg reported
Thursday. Sovereign Asset Management has bought 8.6 percent of
the industrial group in the last two weeks aiming to replace its
management. The Monaco-based fund became SK Corporation's
largest shareholder before the country's largest oil refiner is
suspended from trading on April 11.

DebtTraders estimate the market capitalization of SK Corporation
of 1.4 trillion won ($1.1 billion) is substantially lower than
that of its 20.9% stake in SK Telecom or 3 trillion won ($2.4
billion), which means Sovereign has bought ST Telecom shares at
a deep discount. In our view, if SK Corporation's new management
will sell its 20.9% stake in SK Telecom, it will be a credit
negative for bondholders.

DebtTraders reports that SK Corp.'s 7.500% bond due in 2006
(YUKO06KRN1) trades between 89.5 and 93. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=YUKO06KRN1


SK GLOBAL: Hana Bank Moves to Block Foreign Creditors
-----------------------------------------------------
Hana Bank, the main creditor of SK Global Co., filed a petition
with the U.S. Bankruptcy Court Southern District of New York to
block Citibank NV and other foreign creditors from trying to
reclaim $877 million from the trading Company ahead of a
proposed bailout, Bloomberg reports.

SK Global, a unit of SK Group, restated earnings twice in the
past month. Domestic creditors agreed to suspend debt payment
until June 18, while financial adviser UBS Warburg and the
Company devise a repayment plan. SK failed to persuade foreign
lenders to delay calling in SK Global's debts, most of which are
payment guarantees for the trading Company's overseas branches,
at a meeting in Tokyo on April 8.


SK GLOBAL: Samsung, LG Halts Handset Supplies to Ailing Firm
------------------------------------------------------------
Samsung Electronics and LG Electronics have halted supplying
handsets to SK Global on fears that the Company may default on
payments, Reuters said Friday. SK Global, which is at the center
of a $1.2 billion accounting scandal, distributes handsets to
its affiliate and the Country's top mobile operator SK Telecom.

"We suspended supplying handsets to SK starting this week and
requested they guaranteed payments on the shipment," a Samsung
said. LG also confirmed that it had stopped deliveries.


SK GLOBAL: Ownership at Stake
-----------------------------
The ownership of SK Global is at stake after Virgin Islands-
based paper Company identified as Crest Securities has been
hoarding shares with voting rights to SK Global, and that the
firm now has a larger stake than any other subsidiary of the
group, Digital Chosun reports.

Crest Securities said early last week that it purchased 10.96
million shares in SK Corporation on the market from March 26 to
April 2, securing an 8.64 percent stake in the firm. With the
share acquisition, the investor has outpaced that previous
largest shareholder, SK C&C, which has an 8.49 percent stake. On
Thursday, the Financial Supervisory Service (FSS), the nation's
financial market regulator, said that starting from April 2
Crest purchased an additional 4.75 million shares, or 3.75
percent of SK Global, raising its total stake to 12.39 percent.


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


BREM HOLDING: Winding Up Petition Hearing Postponed to July 9
-------------------------------------------------------------
Brem Holding Limited refers to the announcements made to the
Kuala Lumpur Stock Exchange on 12 March 2003 and 14 March 2003
pertaining to the Winding-Up Petition on the Company by SCK
Cerabrics Sdn. Bhd.

The Company wishes to notify that the hearing for the winding-up
petition, which has been scheduled for 9 April 2003, has now
been postponed to 9 July 2003.


BRISDALE HOLDINGS: Arranging Settlement Scheme With Petitioner
--------------------------------------------------------------
Brisdale Holdings Berhad refers to the Query Letter by Kuala
Lumpur Stock Exchange reference ID: NM-030407-37453 on
the Winding Up Petition on its subsidiary Brisdale Resources Sdn
Bhd.

On 23 April 2002 the Petitioner, Heng Hooi Lian obtained a
judgment against Brisdale Resources Sdn Bhd (BRSB) vide Kuala
Lumpur Sessions Court Summons No. 8-52-14068-2000 for the sum of
RM25,669-73 together with interest thereon at the rate of 8% per
annum from 18 December 2000 till the date of full realization
and cost of RM941-00.

On 27 February 2003 the Petitioner has through his solicitors
delivered a Notice pursuant to Section 218 of the Companies Act,
1965 dated 24 February 2003 to BRSB demanding the said Judgment
Sum to be paid within 21 days from the receipt of the Notice.
The Petitioner did not receive any payment and upon the expiry
of the Notice, the Petitioner filed and served the Winding Up
Petition on BRSB.

BRSB is arranging a settlement scheme with the Petitioner. Due
to the fact that BRSB is the wholly owned subsidiary of Brisdale
Holdings Berhad which is in possession of assets currently
realizable and available to meet its current liabilities, the
Board of Directors are of the opinion that this matter may be
settled amicably.

Below is KLSE's Query Letter content:

We refer to the your Company's announcement dated 4 April 2003
in respect of the aforesaid matter. In this connection, kindly
furnish the Exchange immediately with the following
information for public release:

1. The details of the default or circumstances leading to the
filing of the winding-up petition.

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


CEPATWAWASAN GROUP: Unit Proposes Leasehold Land Disposal
---------------------------------------------------------
The Board of Directors of Cepatwawasan Group Berhad (Company No.
536499-K), wishes to announce that Sri Likas Mewah Sdn Bhd
(Company No. 288088-W) (SLM), a wholly-owned subsidiary of the
Company had on 10 April 2003 entered into a Sale and Purchase
Agreement (Agreement) with Gedau Sdn Bhd (Company No. 135165-V)
(Purchaser or Gedau) to dispose of a piece of leasehold
agricultural land planted with oil palm measuring 202.3 hectares
under land title CL 095316135 (said property) for a disposal
consideration of RM4,374,125 (Disposal of Property).

DETAILS OF THE DISPOSAL OF PROPERTY

The disposal consideration of RM4,374,125 was arrived at on a
willing buyer willing seller basis. The disposal consideration
shall be received from the Purchaser in the following manner:

   * Upon signing of the Agreement, a deposit of RM874,825
(Deposit) shall be paid to a firm of solicitors, as
stakeholders, which payment shall be released to SLM upon
acceptance of the purchaser's Caveat by the Central Land Office.

   * The balance of RM3,499,300 of the disposal consideration
(Balance) within ninety (90) days from the date of the Agreement
(Completion Date), provided that where the Purchaser intends to
charge the said property to an approved bank or financial
institution to finance or part finance the payment of the
Balance, the Completion Date shall be extended by ninety (90)
days.

   * In the event that the Purchaser could not pay the Balance
in accordance with the Agreement, the Deposit shall be forfeited
and the Agreement terminated.

The management of the said Property shall be handed over to the
Purchaser upon execution of the Agreement. The sales proceeds
would be utilized to finance the acquisition of suitable
plantation land and for working capital purposes.

INFORMATION ON THE PROPERTY

The said Property to be disposed of is located Off Km 65.5,
Sandakan-Telupid-Kota Kinabalu Highway under land title CL
095316135 with a land area of approximately 202.3 hectares and
planted with oil palm in the years 1988 to 1992. The leasehold
tenure of the land is 99 years expiring on 31 December 2085 and
the land title is not subject to any lien or encumbrances.

SLM acquired the property on 01 October 2001 at a cost of
RM4,633,771. The net book value of the said Property is
RM4,630,228 and the estimated net profits attributable to the
asset are approximately RM240,000 as at the financial year ended
30 April 2002.

INFORMATION ON THE PURCHASER

Gedau Sdn Bhd was incorporated on 11 February 1985 under the
Companies Act, 1965 as a private limited company. The authorized
share capital of Gedau is RM1,000,000 comprising 1,000,000
ordinary shares of RM1.00 each of which 1,000,000 ordinary
shares are issued and fully paid. Gedau is principally involved
in the operations of oil palm plantations.

FINANCIAL EFFECTS OF THE DISPOSAL

The Disposal of Property is estimated to give rise to a loss on
disposal of approximately RM260,000. The Disposal of Property
will not have any effect on the share capital and shareholding
structure of the Group.

CONTACT INFORMATION: Lot 39-40, Block C
                     Taman Indah Jaya Shophouses
                     Mile 4, North Road
                     P O Box 1562
                     90717 Sandakan Sabah
                     Tel: 089-271775/ 089-221569
                     Fax: 089-220881

COMPANY PROFILE

Cepatwawasan Group Berhad (Cepat) was incorporated to facilitate
the restructuring exercise of S & P Food Industries (M) Bhd (PF)
and to assume the listing status of SPF on the Second Board of
KLSE. The restructuring exercise comprised:

   * Capital reduction of SPF's issued and paid-up share capital
of RM16.1m into RM8.05m.

   * Scheme of arrangement between SPF, its shareholders and
Cepat whereby the 8.05m SPF consolidated shares were exchanged
with 8.05m shares in Cepat.

  * Settlement of debts owing by SPF to identified financial
institutions partly by cash and partly by the issuance of five
years 4% irredeemable convertible unsecured loan stock (ICULS)
in Cepat at 100% of its nominal value.

   * Settlement of a claim by a creditor against SPF by the
issuance of five years 4% ICULS in Cepat at 100% of its nominal
value.

   * Acquisition by Cepat of 15 plantation-based companies
(Target Companies).

   * Acquisition by Cepat of an oil palm estate.

   * Advance of RM5m cash by certain vendors of the Target
Companies.

   * Settlement of amount owing to certain directors and
shareholders of the Target Companies by issuance of new Cepat
shares.

   * Disposal by Cepat of the entire equity interest in SPF.

The restructuring exercise was completed on 6 November 2002.

As at 31 March 2002, the Group owns a total of 6,744.79 ha of
plantation land of which 5,135.70 ha are planted with oil palm.

Its palm oil mill has a processing capacity of 60 m/t per hour.
The mill can be further upgraded to 90 m/t per hour. The main
output from the palm oil mill are crude palm oil and palm
kernel, which are mainly sold to local refineries, located in
Sabah.


FURQAN BUSINESS: Unit Enters Proposed Disposal HOA With Sateras
---------------------------------------------------------------
The Board of Directors of Furqan Business Organisation Berhad
is pleased to announce that the Company's wholly owned
subsidiary, Austral Amal Properties Sdn. Bhd. (AAPSB) together
with Messrs. Tuan Haji Mohd Salleh Bin Zakaria, Wan Muhamad
Ibrisam Bin Wan Ibrahim and Said @ Shuaib Bin Bakar have on 10
April 2003, entered into a HOA with Sateras Resources (Malaysia)
Berhad (Sateras) for the purpose of documenting the intention of
the parties to enter into exclusive negotiation for the proposed
restructuring of Sateras whereby AAPSB shall sell a six (6)
story office/warehouse complex with 131 car parking bays
situated along Jalan 19/1, Section 19, Petaling Jaya to a Newco
to be incorporated to undertake the implementation of the
proposed restructuring of Sateras (the Proposed Disposal).

A full announcement of the terms of the Proposed Disposal will
be made in due course upon the execution of the relevant
agreements.


GENERAL LUMBER: Discloses Court Convened Meeting Results
--------------------------------------------------------
Further to the announcements dated 17 March 2003 and 9 April
2003, PM Securities Sdn Bhd (PM Securities), on behalf of the
Board of Directors of General Lumber Fabricators & Builders Bhd
wishes to announce the results in relation to the court convened
meetings of the scheme creditors of GLFB (Scheme Creditors) held
on 10 April 2003 at Level 9, Wisma General Lumber, Block D,
Peremba Square, Saujana Resort, Section U2, 40150 Shah Alam,
Selangor Darul Ehsan. The results of the court convened meetings
of the Scheme Creditors are set out in Table 1, which can be
found at http://bankrupt.com/misc/TCRAP_Glumber0414.xls.

At the aforementioned court convened meetings, the Company had
obtained the requisite approvals from the three (3) classes of
Scheme Creditors, namely the preferential creditors, secured
creditors and unsecured creditors of GLFB, for the schemes of
arrangement between the Company and the three (3) separate
classes of Scheme Creditors, pursuant to Section 176(1) of the
Companies Act, 1965 (Act). The requisite approvals of the Scheme
Creditors, as provided under Section 176(3) of the Act, are
based on the majority in number representing three-fourths in
value of each class of Scheme Creditors, present and voting,
either in person or by proxy, who voted in favor of the said
schemes of arrangement at the respective court convened meetings
of the Company.

The Proposed Restructuring Scheme of GLFB is still subject,
inter-alia, to the approval from the shareholders of the Company
and the sanction of the High Court of Malaya. The court convened
meeting in relation to the shareholders of GLFB and the
extraordinary general meeting of the Company will be held at a
later date, the notices of meeting of which will be dispatched
in due course.


KILANG PAPAN: March Sawn Timber Production Stands at 287cu/m
------------------------------------------------------------
In compliance with Practice Note 9.28 of the Kuala Lumpur Stock
Exchange Listing Requirements, Kilang Papan Seribu Daya Berhad
(Special Administrators Appointed) announced that the production
of sawn timber for March 2003 was 287 cubic meter.

On March 7, the Troubled Company Reporter - Asia Pacific
reported that Kilang Papan is presently awaiting decision from
the Securities Commission (SC) on the Company's application to
the SC to revise certain terms and conditions set by the SC in
their approval of the proposed restructuring scheme.


KSU HOLDINGS: Replies to KLSE's Winding Up Petition Query
---------------------------------------------------------
KSU Holdings Bhd refers the Kuala Lumpur Stock Exchange (KLSE)'s
queries in its letter dated 1 April 2003 and the Company's
announcement to the KLSE dated 2 April 2003 in respect of the
winding up petition filed by Soo Kim Yoong (Petitioner) against
its wholly owned subsidiary Kumpulan Sepang Utama Sdn Bhd
(KSUSB).

On 9 April 2003, KSUSB received a copy of the Winding-up
Petition from the Petitioner's solicitors, Messrs Kington & Tan.
The information sought by KLSE is given below in the same order
as the KLSE's queries in its letter dated 1 April 2003:

   1. Messrs Kington & Tan had informed on 19 March 2003 that
they delivered a copy of the Petition at the registered address
"based on their records".

   2. The Petition was filed on 19 February 2003 in the High
Court of Malaya at Kuala Lumpur.

   3. The Petitioner alleged in the Petition that KSUSB was
unable to pay an amount, which she alleged was owing to her. The
debt claimed was RM152,352.00 together with interest of 8% per
annum from 20 November 2001 until date of payment. The
Petitioner alleged that the debt arose from the revocation, on 5
November 2001, of a Sale and Purchase Agreement dated 4
September 1997 between KSUSB, the Petitioner and Lengkap Lagenda
Sdn Bhd in respect of the Petitioner's purchase of a three
storey shop-office at Taman Kenanga, Sepang.


KUB MALAYSIA: Hires E&Y to Conduct Financial Assessment for A&W
---------------------------------------------------------------
KUB Malaysia Berhad refers to the Query Letter by Kuala Lumpur
Stock Exchange reference ID: CY-030409-61856 regarding the
article entitled, "KUB may divest Thai, S'pore A&W franchise"
appearing in The Sun, Business on 9 April 2003.

The Company, after making due and diligent inquiry of the
directors, major shareholders and officers of the Company who
have knowledge of the facts, wishes to inform that the Company
has engaged Messrs Ernst & Young (EY) to conduct financial
assessment for A&W Group since mid February until end March
2003.

One of the options proposed by EY is for the Company to consider
disposing the operations of A&W restaurants in Singapore and
Thailand. The Company is now reviewing all options recommended
by EY and is in the midst of discussion with YUM!, the franchise
holder of A&W, to explore the best possible option available to
KUB.

Below is the KLSE Query Letter content:

We refer to the above news article appearing in The Sun,
Business, page 16 on Wednesday, 9 April 2003, a copy of which is
enclosed for your reference. In particular, we would like to
draw your attention to the underlined sentence, which is
reproduced as follows:

"KUB Malaysia Bhd, which is undertaking a restructuring
exercise, including its food and beverage divisions, is expected
to give up its A&W franchise in Singapore and Thailand to focus
on its Malaysian operations."

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentence after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to clarify any misleading aspects of the same. In the event you
confirm the above sentence or any other part of the above
reported article, you are required to set forth facts
sufficient to support the same.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully,
LISA LAM
Senior Manager
Listing Operations
LL/WSW/CY
c.c. Securities Commission (via fax)


MOL.COM BERHAD: Rights Issues Undersubscribed by 22.49%
-------------------------------------------------------
On behalf of Mol.Com Berhad, AmMerchant Bank Berhad wishes to
announce that, as at the close of acceptance and payments for
the Renounceable Rights Issue of 150,504,600 New Ordinary Shares
of RM1.00 Each at an Issue Price of RM1.00 Per Ordinary Share on
the Basis of two (2) New Ordinary Shares for Every One (1)
Existing Share Held (Rights Issue) at 5:00 p.m. on 9 April 2003,
the Rights Issue has been undersubscribed by 22.49%.

Pursuant to Tan Sri Dato' Seri Vincent Tan Chee Yioun's (TSVT)
letter of undertaking dated 2 December 2002, TSVT and Berjaya
VTCY Sdn Bhd will be subscribing for the entire portion of the
undersubscribed shares, save for the 4.8 million shares which
has been underwritten by Inter-Pacific Securities Sdn Bhd (IPS),
pursuant to the Underwriting Agreement dated 13 February 2003.

The breakdown on the acceptances received, excess applications,
shortfall of applications for the Rights Issue and the amount to
be subscribed by TSVT, Berjaya VCTY Sdn Bhd and IPS are set out
in Table 1 at http://bankrupt.com/misc/TCRAP_Mol0414.gif.

An application to the Kuala Lumpur Stock Exchange for the
listing of the Rights Issue shares will be made in due course.


NCK CORPORATION: Appoints New Audit Committee Member
----------------------------------------------------
NCK Corporation Bhd posted this notice:

Date of change : 10/04/2003
Type of change : Appointment
Designation    : Member of Audit Committee
Directorate    : Executive
Name           : Ng Kiat Beng
Age            : 47
Nationality    : Malaysian
Qualifications : Senior Middle One

Working experience and occupation:

Mr Ng Kiat Beng joined the NCK Group in 1975 and is currently an
Executive Director of NCK Corporation Berhad (Special
Administrators Appointed) (NCK). He has been in the hardware
industry for the past 25 years.

Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : He is the son of Mr Ng Choo Kwan, the
Executive Chairman of NCK.

Details of any interest in the securities of the listed issuer
or its subsidiaries : He has a direct interest of 39,200 shares
in Fook Chuan Hardware Sdn Bhd (FCH), a subsidiary company of
NCK.

Composition of Audit Committee (Name and Directorate of members
after change) : 3

COMPANY PROFILE:

The NCK Group's core activities are manufacturing and marketing
of aluminium and steel building materials and building
contracting.

The materials supplied by the Group are mainly used in the
construction and engineering sectors as structural reinforcement
for buildings and river banks; construction material for
highways, bridges and roads; structures in the construction of
factories; structure and construction material for machinery and
palm oil mills, the shipbuilding and mining industries and the
oil and gas industry. The majority of the Group's sales
are to the domestic market. The Group has diversified
both upstream into the manufacturing sector and downstream into
the property development, construction and related services
sector.

The Group is currently undertaking a rationalization exercise to
provide an avenue for the restructuring of its working capital
requirement and the streamlining of its operations into
profitability. With the cash proceeds arising from various
disposals that are proposed, NCK would be able to reduce its
debt burden.

CONTACT INFORMATION: 4th Flr, Wisma NCK 3
                     Lot 45A, Section 92A
                     Batu 3«, Jln Sungai Besi
                     57100 Kuala Lumpur.
                     Tel : 03-79812299
                     Fax : 03-79818492


SATERAS RESOURCES: Inks Heads of Agreement With White Knight
------------------------------------------------------------
The Board of Directors of Sateras Resources (Malaysia) Berhad
is pleased to announce that the Company, on 10 April 2003,
entered into a Heads of Agreement (HOA) with Tuan Haji Mohd
Salleh Bin Zakaria, Wan Muhamad Ibrisam Bin Wan Ibrahim, Said @
Shuaib Bakar and Austral Amal Properties Sdn Bhd (collectively,
to be referred to as the "White Knight") for the purpose of
documenting the intention of both the Company and the White
Knight to enter into exclusive negotiations for the proposed
restructuring of Sateras (Proposed Restructuring Scheme) which
amongst others, involves the following principal proposals:

   (i) Proposed incorporation of a new company (Newco) to
undertake the implementation of the Proposed Restructuring
Scheme;

   (ii) Proposed share exchange involving the swapping of shares
in Sateras with new shares in Newco;

   (iii) Proposed acquisition of the entire issued and paid-up
share capital of Ace Polymers (M) Sdn Bhd (APSB);

   (iv) Proposed acquisition of all the piece of landed property
held under Lease Negeri 3940 Lot No. 24, Section 36, Mukim
Petaling Jaya, District Kuala Lumpur, State of Selangor Darul
Ehsan (the Property), from Austral Amal Properties Sdn Bhd;

   (v) Proposed settlement of debts with the creditors of
Sateras;

   (vi) Proposed waiver to the vendors of APSB and the Property
from the obligation to extend a mandatory general offer for the
remaining shares in Newco not already owned by them upon the
completion of the Proposed Restructuring Scheme;

   (vii) Proposed private placement and/or offer for sale of
Newco shares by the vendors;

   (viii) Proposed disposal of the entire issued and paid-up
share capital of Sateras and/or the proposed liquidation of the
Sateras Group; and

   (ix) Proposed transfer of the listing status of Sateras on
the Main Board of the Kuala Lumpur Stock Exchange to Newco.

The Board of Directors of the Company will make announcement of
the details of the Proposed Restructuring Scheme as soon as the
negotiation with the White Knight is concluded.


SRIWANI HOLDINGS: Debt Agreement Cut-off Date on June 28
--------------------------------------------------------
Sriwani Holdings Berhad refers to the announcement on 8 April
2003 in relation to the Proposals, in which it was announced
that SHB has obtained the approval of all the financial
institution lenders for an extension of time to 30 June 2003 for
fulfillment of all condition precedents as stipulated in the
Debt Restructuring Agreement dated 28 June 2002.

On behalf of SHB, Commerce International Merchant Bankers Berhad
informed that the aforesaid cut-off date should be 28 June 2003
instead of 30 June 2003.

The Proposals refers to:

   ú Proposed Capital Reduction and Consolidation;
   ú Proposed Restricted Issue;
   ú Proposed Rights Issue;
   ú Proposed Debt Restructuring Scheme;
   ú Proposed Assets Injection; and
   ú Proposed Additional Issue.


SURIA CAPITAL: Litigation Judgment Hearing Fixed on May 5
---------------------------------------------------------
Reference is made to the announcement dated 13 January 2003
regarding the Kuala Lumpur High Court Suit No. S 22-1092 of 2002
Alliance Bank Malaysia Bhd & Anor v Suria Capital Holdings
Berhad.

Suria Capital Holdings Berhad announced that after the hearing
on 4 April 2003 at Kuala Lumpur High Court pertaining to its
application to strike out the Plaintiff's claim, the Company was
advised by the Solicitors that the Registrar of the High Court
has reserved the judgement to a later date.

The case is fixed for mention on 5 May 2003 and should the
Registrar be ready to deliver the judgment on that day, he will
do so. If not, a further date will be given.


TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad had on 10 April 2003 been notified by PB
Trustee Services Berhad (the trustee in respect of the Company's
RM186,558,296 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds A 1999/2004 and RM275,980,363 Nominal Value of
5 year 1%-2% Redeemable Secured Convertible Bonds B 1999/2004
(collectively, "Bonds")) that they have on 2 April 2003,
disposed of some of the Company's securities held in public
listed companies, which are pledged with them in relation to the
Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. Please refer to the summary for information on the
securities disposed attached at
http://bankrupt.com/misc/TCRAP_Tongkah0414.doc.


UCP RESOURCES: Non-Exec Dir Burhanuddin Tunku Resigns
-----------------------------------------------------
UCP Resources Berhad posted this Change in Boardroom Notice:

Date of change : 10/04/2003
Type of change : Resignation
Designation    : Non-Executive Director
Directorate    : Independent & Non Executive
Name           : Tunku Mahmud bin Tunku Besar Burhanuddin
Age            : 73
Nationality    : Malaysian
Qualifications : School Certificates

Working experience and occupation :
1953 to 1956 - Assistant District Officer
1957 to 1980 - Director of Royal Customs and Excise Department
1980 to 1984 - General Manager in Island and Peninsular
Development Berhad

Directorship of public companies (if any) :
1. Tamadam Bonded Warehouse Berhad
2. PWE Industries Berhad
3. Maxis Communications Berhad

Family relationship with any director and/or major shareholder
of the listed issuer : N/A
Details of any interest in the securities of the listed issuer
or its subsidiaries : UCP - 8,000 Ordinary Shares at RM1.00 each

Early this month, the Troubled Company Reporter - Asia Pacific
reported that UCP Resources Berhad provided an update on its
default in payment, which is detailed at
http://bankrupt.com/misc/TCRAP_UCP0403.xls.


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


MANILA ELECTRIC: Clarifies `SC Denies Refund Petition' Report
-------------------------------------------------------------
Manila Electric Co. responded to the news article entitled "SC
denies with finality Meralco's petition on P28-B refund"
published in the April 11, 2003 issue of the Philippine Star
(Internet Edition). The article reported that: "It's final. The
Manila Electric Co. (Meralco) will have to refund some P28.15
billion in over billings to its almost four million customers.
The Supreme Court upheld on Thursday its November 15, 2002
ruling compelling the power firm to refund the excess charges it
billed its customers since February 1994. The SC Third Division
denied with finality Meralco's motion for reconsideration,
saying 'it is the imperative duty of the State to interpose its
protective power whenever too much profits become the priority
of public utilities.'

Manila Electric Company (Meralco), in its letter dated April 11,
2003 stated that:

Please be informed that the Company through its counsel received
a copy of the decision on Thursday, April 10, 2002 in the
afternoon after office hours and that the Management is awaiting
a briefing from their counsels regarding the decision. Rest
assured the Company shall make the necessary public disclosure
regarding further steps that Meralco will undertake relative to
the above matter once the Company have reached a clear
understanding of the issues at hand.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1096_MER.pdf


MANILA ELECTRIC: ERC Likely to Ask Refund Proposal
--------------------------------------------------
The Energy Regulatory Commission (ERC) may ask Manila Electric
Co. (Meralco) to submit a proposal on how it intends to refund
excess charges to consumers, the Manila Bulletin reports, citing
ERC acting Chairwoman Leticia Ibay. Meralco spokesman Elpi Cuna
said it is up to the ERC to decide on the mechanism for the 11.5
billion pesos refund of over-billings to customers covering the
1994-1998 period and work out the amount to be returned.

However, if the order covers 1994 to the present, the refund may
amount to more than 20 billion pesos, based on an unofficial
estimate that Meralco collects 2.5 billion pesos in overcharges
every year. Ibay, however, indicated that the refund might be
made gradually. A consumer group, the National Association of
Electricity Consumers for Reforms, is proposing the creation of
a "Power Commission," comprising consumer representatives, to
manage the refunded amount.


MANILA ELECTRIC: Supreme Court Rejects Final Appeal
---------------------------------------------------
Manila Electric's final appeal to the Philippine Supreme Court
regarding the refund of 28 billion pesos ($533 million) to
consumers was rejected, DebtTraders reports. The remaining
uncertainty of the ruling is the terms of the refund, which is
pending for a decision from the ERC. DebtTraders believe the
judgment will not have additional adverse effect on Quezon
Power, one of Meralco's independent power producers.

Currently, Quezon Power has agreed to make a refund of $60
million to Meralco over six years, because Quezon had a
technical problem in supplying power to Meralco in 2001. Second,
Quezon Power may (although it is unlikely) need to refund 1.5
billion pesos ($28 million) of transmission line charges paid by
Meralco in the past. The future transmission line charges of
about $1.3 million per month or $15.6 million per year may also
be in question.

Finally, Quezon Power may not be able to recoup the construction
cost if the transmission line of a total of $88.8 million due to
an increase from its original budget of $29.9 million.
DebtTraders view any recoupment of the construction cost is a
credit positive. We believe the price of the Quezon Power Bond
has reflected these uncertainties.

MANILA ELECTRIC: Weaker After Supreme Court Refund Order
--------------------------------------------------------
Manila Electric Co. and parent Benpres Holdings were sharply
weaker on extended selling after the Supreme Court ruled with
finality that Meralco should return overcharges to its customers
covering the years 1994 to present, AFX Asia reports. Meralco A
was down 0.50 pesos at 7.80 on volume of 197,000 shares, while
Meralco B fell 1.00 to 11.50 on 388,600 shares. Benpres dropped
0.03 to 0.24 on 9.36 million shares.

Meralco Assistant Vice President for Utility Economics Ivanna
dela Pena said Meralco would update the initial unofficial
refund estimate of around 28 billion pesos. The Company would be
unable to make a one-time payment, warning that such a huge
refund could lead to bankruptcy, according to Meralco President
Jesus Francisco.


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


C.K. TANG: Posts Notice of Shareholder's Interest
-------------------------------------------------
C.K. Tang Limited posted a notice of changes in Director and
substantial shareholder Tang Wee Sung's interests:

Date of notice to Company: 10 Apr 2003
Date of change of interest: 25 Mar 2003
Name of registered holder: TANG WEE SUNG
Circumstance(s) giving rise to the interest: Open market
purchase

Information relating to shares held in the name of the
registered holder:
No. of shares which are the subject of the transaction: 69,000
% of issued share capital: 0.03
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: $0.20
No. of shares held before the transaction: 163,316,129
% of issued share capital: 69.92
No. of shares held after the transaction: 163,385,129
% of issued share capital: 69.95

Holdings of Director/Substantial shareholder including direct
and deemed interest
                                           Deemed  Direct
No. of shares held before the transaction: 120,000 163,316,129
% of issued share capital:                 0.05    69.92
No. of shares held after the transaction:  120,000 163,385,129
% of issued share capital:                 0.05    69.95
Total shares:                              120,000 163,385,129


HUA KOK: Issues Shareholder's Interest Notice
---------------------------------------------
Hua Kok International Ltd. posted a notice of substantial
shareholder Tan Holdings Pte Ltd.'s interests:

Date of notice to Company: 10 Apr 2003
Date of change of shareholding: 09 Apr 2003
Name of registered holder: Tan Holdings Pte Ltd
Circumstance(s) giving rise to the interest: Open market
purchase

Information relating to shares held in the name of the
registered holder:
No. of shares which are the subject of the transaction: 50,000
% of issued share capital: 0.017
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: $0.0449
No. of shares held before the transaction: 66,989,620
% of issued share capital: 22.811
No. of shares held after the transaction: 67,039,620
% of issued share capital: 22.828

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed   Direct
No. of shares held before the transaction: 0        168,229,620
% of issued share capital:                 0        57.284
No. of shares held after the transaction:  0        168,279,620
% of issued share capital:                 0        57.301
Total shares:                              0        168,279,620

67,039,620 shares are held in the name of Tan Holdings Pte Ltd
101,240,000 shares are held in the name of Nominees


VICPLAS INT'L: Pipe Business Remains Bleak for Next Six Months
--------------------------------------------------------------
The outlook of the uPVC pipes and pipefittings business remains
bleak for the next six months in the light of the limited number
of building projects available due to the current economic
condition. Raw material costs have risen in the last two months
and are expected to remain at this level for the remaining
financial year, a Company statement said. Performance for the
digital print service business is not expected to be strong due
to a highly competitive market resulting in lower selling price
as well as reduced advertising spending arising from poor
economic environment.

The polymer business is also not expected to contribute
positively to the Group's bottom line although it should
commence commercial production before the end of the financial
year. Forefront Medical Technology (S) Pte Ltd should improve
its performance and is expected to breakeven in the next six
months. Given the above circumstances, the Directors are of the
view that the Group will continue to incur a loss in the next
half year.

The Group's loss before taxation increased to S$1.80 million
compared to a loss before taxation of S$0.99 million in the
previous corresponding period. The higher loss was attributable
to the following factors:

1. Lower turnover from the uPVC pipe and pipefittings business;

2. Non-capitalization of interest expense arising from the long
term loan for 35 Joo Koon Circle after obtaining the TOP in July
2002; and

3. Additional expenses incurred due to unexpected prolonged
production trial run of the polymer business.

As a result from a lower turnover and increase in interest
expense, the uPVC pipes and pipe fittings business recorded a
higher loss before taxation of S$0.64 million compared to a loss
before taxation of S$0.33 million in the previous corresponding
period.

The digital print business suffered a reduced loss before
taxation of S$0.31 million compared to a loss before taxation of
S$0.5 million in the previous corresponding period. This was
mainly due to the reduction of depreciation charges and
operating expenses.

The polymer business recorded a loss before taxation of S$0.74
million due to delay in commercial production as a result of
technical issues encountered during production trial run.

Forefront Medical Technology (Pte) Ltd, our 50 percent owned
associated Company, incurred a loss of S$250,000 in the last
financial year has now reduced its loss to S$85,000 for the six
months ended 31 January 2003. The associated Company has yet to
breakeven during the period under review.


VICPLAS INTERNATIONAL: Incurs Deeper H1 Net Loss
------------------------------------------------
Pipe manufacturer Vicplas International incurred a net loss of
S$1.68 million in the six months to January 31, 2003, versus a
net loss of S$1.05 million a year earlier, Reuters said on
Thursday. The widened loss was attributed to a lower turnover
from the pipe and pipe fittings business, non-capitalization of
interest expense arising from a long term loan and additional
expenses incurred due to an unexpected prolonged production
trial run of the polymer business.


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


COUNTRY (THAILAND): Discloses Capital Increase Report Form
----------------------------------------------------------
Property Planner Co., Ltd., Plan Administrator for Country
(Thailand) Public Co., Ltd., hereby reported the process of the
paid-up capital increase and the share allotment in relation to
the order of the Central Bankruptcy Court given on July 17,
2002, as follows:

1. Capital increase:

On July 17, 2002, the Central Bankruptcy Court has issued an
order approving the Company to restructure the Company's capital
in connection with the rehabilitation plan.  The paid-up capital
of the Company shall be increased from Bt1,212,500 to
Bt6,452,291,190 by issuing 645,107,869 new ordinary shares with
the par value of Bt10 each totaling Bt6,451,078,690.

2.  Allotment of new share:

The Central Bankruptcy Court has also issued an order approving
the allotment of new ordinary shares in clause 1 in the amount
of 645,107,869 shares with the par value of Bt10 each, totaling
Bt6,451,078,690 to the creditors according to the rehabilitation
plan as per details, are as follows:

   2.1  Details of allotment

        After the Company's increase of capital as mentioned
above, the common shares were allocated to repay the debts to
the creditors under the rehabilitation plan or their assignees
in 7 groups in the amount of 645,107,869 shares that equal to
Bt6,451,078,690  ratio per share as specified rehabilitation
plan.  Sale price and payment par value of Bt10 each follows:

   Class 1 :  Large secured creditor 587,504,996 shares
   Class 2 :  Retail secured creditor 7,361,831 shares
   Class 3 :  Unsecured Financial Creditors 10,047,000 shares
   Class 4 :  Other unsecured Creditors 6,196,555 shares
   Class 5 :  Subsidiary companies 2,594,512 shares
   Class 6 :  Trade Creditors 9,937,347 shares
   Class 12 : Customers 21,465,628  shares

3. Approval of the capital increase/Share allotment by relevant
governmental agency and conditions thereto (if any)

On July 17, 2002 the Central Bankruptcy Court has issued an
order approving the capital increase and the share allotment in
form of the conversion of debt to equity.

4. Objectives of the capital increase and plans for utilizing
proceeds received from the capital increase.

In order for the Company to effectively implement the
rehabilitation plan, the Company has  to increase the registered
capital for conversion of debts to equity as specified in the
rehabilitation plan.

5. Benefits, which the Company will receive from the capital
increase/share allotment: Reduction to the burden of debt of the
Company by conversion of debt to equity.

6.  Benefits, which the shareholders will receive from the
capital increase/share allotment:

   6.1  Dividend policy    -
6.2 Subscribers of new share issued for this capital
     increase will be entitled to receive dividends from the
     Company's business starting from  -
   6.3  Others     -

7. Other details necessary for shareholders to approve the
capital increase/share allotment:   -

8. Schedules of action where the board of directors of the
Company passes a resolution  approving the capital increase or
allotment of new shares: (None)

The Company hereby certifies that the information contained in
this report form is true and complete in all respects.


COUNTRY (THAILAND): Posts Shares Offering Results
-------------------------------------------------
Property Planner Co., Ltd., Plan Administrator for Country
(Thailand) Public Co., Ltd., reported the results of the newly
issued shares offering from capital increase, as follows:

1. Information relating to the share offering
   Category of shares offered: Increasing Ordinary Shares to the
                               rehabilitation plan
   Number of shares offered: 645,107,869
   Offered to: the creditors subject to the rehabilitation plan
   Price per share:     -
   Subscription and payment period:  -

2. Results of the sale of shares :
   [ / ]   totally sold out
   [   ]   partly sold out, with  shares remaining.
   The company will deal with the remaining shares as follows

3. Details of the sale

            Thai investors           Foreign investors
     Juristic      Natural    Juristic      Natural     Total
NO. of persons
        35         132       -                1        168
Number of shares subscribed
    645,107,869    -         -                -   645,107,869
Percentage of total shares offered for sale
         -         -         -                -         -

4.  Amount of money received from the sale of shares
Total amount: None, because the company has to increase the
registered capital for conversion of debts into equity as
specified in the rehabilitation plan.


KRISADAMAHANAKORN PUBLIC: Rectifies Company Qualifications
----------------------------------------------------------
Reference is made to the Stock Exchange of Thailand (SET)'s
Letter No. Bor. Jor 133/2546 dated March 11, 2003, notifying
Krisadamahanakorn Public Company Limited (KMC) regarding
auditor's inability to provide opinion on its financial
statements for 3 consecutive years, which is classified to be in
the delisting criteria.

Krisadamahanakorn Public clarified the main reasons that the
auditor is unable to provide his opinion on financial statement
ending December 31, 2003 and the rectification, as follows:

1. KMC had operating losses, liabilities exceeds assets, and
negative equity in 2001 and 2002.  The company was unable to
service the debt of Krung Thai Bank and Bangkok Capital
Alliance.  KMC recorded interest expenses based on interest
rates under the original loan agreements.  The auditor commented
that the company's viability depends on the successfulness of
debt restructuring.

Rectification: KMC has signed debt restructuring agreements with
both creditors on March 28, 03.  As a result, shareholders'
equity will become positive.  Stronger financial statements
enable KMC to operate and expand its businesses.

2. Krisda Pattana Kehakarn Co., Ltd. (K-PAT), a subsidiary
company, has lent to related parties in 2002 for the amount of
Bt617 million and reserved a loan loss provision for Bt520
million.

Rectification: K-PAT has recently entered into a debt
restructuring agreement with related parties.  Related Parties
has been continuously repaying the loan to K-PAT However, KMC
has reduced its holding in K-PAT to only 24.50% This related
party loan will not appear in the first quarter statement of
2003.  As a result, KMC does not need to reserve more loan loss
provision.

3. The auditor did not receive the confirmation on outstanding
loan amount from financial institutions and receivables from
sale of property.

Rectification: The unconfirmed loan amount is from the
transferred loans of Thai Asset Management Corporation (TAMC),
which were under debt restructuring with TAMC.  KMC has
completed the debt restructuring with TAMC in the first quarter
of 2003.  Therefore, the unconfirmed loan amount will be
certainly confirmed in the first quarter statement of 2003.  For
receivables from sale of property, KMC is unable to control the
reply of customers. However, KMC closely coordinates with its
auditor in any issues in order to satisfy the auditor's
reviewing and/or auditing duties.

4. The auditor is unable to verify condominium titles and other
collaterals.

Rectification: The condominium titles and other collaterals are
pledged with the transferred loans of TAMC.  Presently, KMC has
contacted all creditors to facilitate the auditors in verifying
all collaterals.

Therefore, KMC considers that KMC is able to rectify all
problems. KMC believes that the auditor will be able to provide
his opinion on the first quarter financial statement of 2003.


MEDIA OF MEDIAS: Creditors OK Rehabilitation Plan Amendment
-----------------------------------------------------------
K.Y.S. Holding Co., Ltd., the Plan Administrator of Media of
Medias (Public) Company Limited, informed the resolutions of the
creditors' meeting concerning the amendment of the Business
Rehabilitation Plan on April 9, 2003 at the Bankruptcy Court.
The resolutions are as follows:

   -  The creditors, holding 71.08 percent of the eligible
creditors, approved the amendment of the Business Rehabilitation
Plan.

   - The amended Rehabilitation Plan will be approved by the
court on April 21,2003.


THAI ELECTRONIC: Debt Payment to Creditors Totals Bt973,195.90
--------------------------------------------------------------
Premier Planner Company Limited, as the Plan Administrator of
Thai Electronic Industry Public Company Limited, informed the
following information regarding the operation under the
Rehabilitation Plan for the period of 3 months from January 1,
2003 to March 31, 2003:

1. The Company has arranged for payment of debt to various
groups of creditors as follows:

- Payment of debt to secured creditors: Bt877,031.50
- Payment of debt to unsecured creditors: Bt96,164.40
- Total of payment: Bt973,195.90

2. The Company has already arranged for the registration of
decrease of registered capital from Bt300,000,000 to
Bt23,310,380 and decrease of paid up capital from Bt233,103,790
to Bt23,310,380.


THAI ENGINE: Clarifies Auditors' Disclaimer of Opinion
------------------------------------------------------
Churchill Pryce Planner Co., Ltd., the Plan Administrator for
Thai Engine Manufacturing Public Company Limited, announced that
the following are the main reasons why the Independent Auditor
did not express an opinion on the Financial Statements of the
Company and its subsidiaries for the years ended 31 December
2002 and 2001:

1. The Company has negative equity in which its liabilities
exceeded its assets by approximately Bt6,583 million and Bt
6,530 million in 2002 and 2001, respectively, and the Company is
still under the reorganization process by which the result of
operation cannot at this time be finalized.

Cause:  The Company was faced with the economic crisis, which
devalued Thai Baht.

Solution:  The Company entered the reorganization process by
which 5 out of 7 steps were completed up to the present.  The
Plan Administrator is still looking for the best possible
alternative for the successful implementation of the
Reorganization Plan, which includes: transfer of share in
special purpose vehicles to creditors, search for new investor
for the Company etc.

2. The Company experienced discrepancies in information
difference between the old and the new accounting system, which
was modified to help improve the Company's operations.  For the
accounting years, the Company could not yet determine the cause
of such differences.

Cause:  The Company cannot determine the cause of such
differences.

Solution:  The Company needed to print out and compare the
copies of reports from the old and the new system for each
transaction between 2001 and 2002, which required more time than
the auditor was able to provide in order to submit their
auditor's report on a timely basis.  Currently, the Company is
assessing the ability and time required to tackle this
problem.

3. The Company has transferred certain machinery to its
subsidiaries according to the Plan.  However, the Company still
could not provide detailed documents to support for the cost,
accumulated depreciation and the book value net of depreciation
of such account.  The Company did not arrange for any appraisal
on the fixed assets during such transfer.

Cause:   1. At the end of 2001, the Company could not prepare
the fixed asset report to be included in the financial
statements on time because the Company does not have adequate
detailed documentation to support the original cost of each
fixed asset item.

         2. In 2002, the Company did not have any fixed assets
appraisal on the transfer date due to cash flow constraints.

Solution:  1.  At the end of 2002, the Company has already
finished preparing the fixed assets report with suitable
detailed documentation supporting each asset and expects that
such opinion would not again appear in the comparative financial
statements

          2.  The Company could not afford to pay for appraisal
expenses due to the current liquidity problem.  Nevertheless,
the Company believes that the Assignment Agreement can represent
the fair value of assets.

4. The Independent Auditor could not perform an audit to reach a
satisfaction in the quantity and value of inventory in the
Company's subsidiaries.

Cause:  The Independent Auditor performed an audit of certain
inventory items through random sampling that resulted in some
differences and the Company has reported the cause of such
differences and adjusted the quantity to be equal to the actual
amount.  However, since the Company did not perform 100%
physical inventory count at the end of 2002, such differences
caused the Independent Auditor to be unable to render an
opinion, which covers all quantities for every item in
inventory.

Solution:  The Company has planned with the Plan Administrator
for performing 100% physical inventory count of every inventory
item to insure that all differences are corrected.


THAI PETROCHEMCAL: Files Compensation Claim at Civil Court
----------------------------------------------------------
Thai Petrochemical Industry Public Company Limited (TPI) on
Thursday lodged a formal petition with the Southern Bangkok
Civil Court seeking compensation from Mr. Prachai Leophairatana,
Mr. Prateep Leophairatana and Mr. Pramual Leophairatana totaling
Bt1.35 billion.

The claim relates to three 90-year lease agreements entered into
by TPI with Pornchai Enterprises Co., Ltd. while these
executives were directors of both entities and prior to the
Bankruptcy Court's order for rehabilitation on March 15, 2000.
The leases were for office space in TPI Tower and involved TPI
paying cash lease rentals in advance for the entire 90-year
period of the agreements.

The first lease was entered into in February 1995. The second
lease was entered into in July 1997, shortly before the company
declared a unilateral debt  moratorium on August 22, 1997. The
third lease agreement was entered into in July 1999 while the
company was engaged in debt restructuring negotiations with its
creditors.

The details of the three advance rental payments are provided
below:

First Agreement

On February 1, 1995, TPI entered into a lease agreement with
Pornchai Enterprises Co., Ltd. for office space at TPI Tower.
The period of the lease was three years with an agreement that
Pornchai Enterprises Co., Ltd. will extend the 3 year period
consecutively until the premises have been leased for a 90-year
period. While the rental rate under this lease agreement is Bt3
million per year, TPI paid advance rental for the full 90-year
period, amounting to Bt268 million.

Second Agreement

On 1 July 1997, less than two months before TPI declared a
unilateral debt moratorium, TPI entered into a lease agreement
for office space with  Pornchai Enterprises Co., Ltd. The lease
was made for additional office space at TPI Tower. The lease
was for a  -year period  with agreements to extend for
additional periods until the premises have been leased for a 90-
year period.  The rental was set at Bt2,587,747 per year.  TPI
paid advance rental for the entire 90-year period totaling
Bt232,897,230.

Third Agreement

On 26 July 1999, TPI entered into a third lease agreement for
office space with Pornchai Enterprises Co., Ltd. The period of
the lease is 90 years.  The annual rental rate is
Bt4,182,296.53.  TPI paid a total of Bt455,945,006, consisting
of this rental payment plus non-refundable contract fees of
Bt79,538,318. During this time TPI was operating under a
unilaterally declared debt moratorium while simultaneously
pursuing discussions with creditors regarding the restructuring
of its debts.

The total aggregate face value amount of the payments made in
respect of these agreements was Bt956,842,206. After accruing
interest at 7.5% per annum, TPI's total claim against the former
executives is Bt1,349,679,011.72.

According to the latest shareholders list filed with the
Ministry of Commerce as at March 18, 2003, Pornchai Enterprises
Co., Ltd.' shareholders  include: Leophairatana Enterprises Co.,
Ltd. (48%); TPI (25%); TPI Polene (16%) and the Leophairatana
Family (10%). Leophairatana Enterprises Co., Ltd. is in turn
owned 100% by members of the Leophairatana family.

In a separate action currently being pursued, TPI is also
seeking to recover approximately Bt8.8 billion from Pornchai
Enterprises Co., Ltd., TPI Holdings Co., Ltd. and TPI EOEG Co.,
Ltd. Such monies are due to TPI under promissory notes which are
repayable on demand.

TPI Holdings Co., Ltd's  shareholders include*:  Leophairatana
Enterprises Co., Ltd.(50.5  %);  Thanapornchai Enterprises
(7.5%); United Grain Industry Co., Ltd. (5%). TPI  EOEG  Co.,
Ltd's shareholders include*: TPI Holdings Co., Ltd. (75%); TPI
(25%).

* According to the latest shareholders list as at March 18, 2003
filed with the Ministry of Commerce.

CONTACT INFORMATION: Aziam Burson-Marsteller
                     James/Waraporn/Satida
                     Tel. 0 2252 9871-7


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

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