/raid1/www/Hosts/bankrupt/TCRAP_Public/030416.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Wednesday, April 16 2003, Vol. 6, No. 75

                         Headlines

A U S T R A L I A

A.I. LIMITED: Changes Registered Address
AMP LIMITED: Bank Ratings Unchanged on Sale Agreement, Says S&P
BAILEY O'NEILL: Court Reduces Former Director's Jail Sentence
KINGSTREAM STEEL: Adopts New Constitution
PMP LIMITED: Clarifies FY03 NPAT

TABCORP HOLDING: BBB+' Rating Remains On CreditWatch Negative
TELEVISION & MEDIA: ASX Grants Listing Rules Waiver
TELEVISION & MEDIA: Discloses Chairman's Address to Shareholders
TELEVISION & MEDIA: Issues General Meeting Results
TRANZ RAIL: S&P Defends Ratings Integrity Against Injunction


C H I N A   &   H O N G  K O N G

ASIA RESOURCES: Executive Directors Resigned
ASIA RESOURCES: First Subscription Completed
CHUNG LUEN: Winding Up Hearing Scheduled April 30
CIL HOLDINGS: Court Orders Winding-Up Petition Dismissal
CITIC RESOURCES: 2002 Net Loss Widens to HK$15.217M

E-NEW MEDIA: Reduces 2003 Operations Loss to HK$86.056M
ING BEIJING: 2002 Operations Loss Narrows to HK$19.934M
NAM FONG: Sees No Reason for Share Price Decrease
WANG CHONG: Winding Up Sought by Delta Asia


I N D O N E S I A

ASTRA AGRO: CPO Production Grows by 21.1%, to 140,920 Tons
TELEKOMUNIKASI SELULAR: S&P Affirms 'B+' Ratings


J A P A N

AOZORA BANK: Cerberus Matches Bid for Bank, Seeks Approval
DAIEI INC.: To Work More Closely With Suppliers
MATSUSHITA ELECTRIC: Terminates National Brand Outside Japan


K O R E A

HYNIX SEMICONDUCTOR: EU to Slap 33% Tariff on Chips  
HYNIX SEMICONDUCTOR: May Increase DDR-DRAM Chip Prices by 10%
ONSE TELECOM: Files for Court Management  
SK CORPORATION: Needs New Reform, SAML Says


M A L A Y S I A

ANCOM BERHAD: Dormant Units Prepare Deregistration Application
BRIDGECON HOLDINGS: Option Vendors inks PCOA W/ Creditors' Agent
KAI PENG: Managing Director Lu Pak Lim Resigns From Board
PLANTATION & DEVELOPMENT: SC OKs Independent Adviser Appointment
RENONG BERHAD: Proposed Disposal Approved at EGM

SUNWAY HOLDINGS: Extends Restructuring Agreement Cut-Off Date
TAI WAH: Proposes Private Placement
TAT SANG: KLSE Rejects RA Time Extension Application
TAT SANG: Serves Securities De-listing Show Cause Notice
TECHNO ASIA: Submits Monthly Report, SA's Statutory Declaration

TONGKAH HOLDINGS: Disposes Quoted Securities
TONGKAH HOLDINGS: MITI Conditionally OKs PROPOSED Workout Scheme
UNIPHOENIX CORP.: Faces Statutory Notice Over Retirement Claims
UNITED CHEMICAL: Obtains MITI's Proposed Restructuring Approval
ZURIAT WATAN: Winding Up Petition Hearing Scheduled on May 8


P H I L I P P I N E S

ABS-CBN: May Close Down More Loss-Making Units
BENPRES HOLDINGS: Open to Reducing Stake in Maynilad
MANILA ELECTRIC: Clarifies Loan Restructuring Report
MANILA ELECTRIC: Director Juan Cardenete Resigns
PHILIPPINE LONG: Implements New Manpower Reduction Program

PHILIPPINE LONG: Labor Union Threatens Strike on Job Cuts  


S I N G A P O R E

CHARTERED SEMICONDUCTOR: 15th Shareholder's AGM Set for May 14
CHARTERED SEMICONDUCTOR: Issues Proxy Statement for 15th AGM
CHARTERED SEMICON: Shareholders to Vote on Proposals
HUA KOK: Posts Notice of Shareholder's Interests
PRESSCRETE HOLDINGS: Ernst & Young Audits Financial Statements


T H A I L A N D

SAMART CORPORATION: Reports Warrants Exercise Results
SAHAVIRIYA RIVERSIDE: Files Business Reorganization Petition
THAI MILITARY: Clarifies Strategic Partner's Capital Increase

     -  -  -  -  -  -  -  -      

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


A.I. LIMITED: Changes Registered Address
----------------------------------------
Please note that effective from Monday 14th April 2003, the
Registered Office of aiLimited is:

      Level 13, BGC Centre
      28 The Esplanade
      PERTH WA 6000

A.I's telephone and facsimile numbers remain unchanged.

According to Wrights Investors' Service, during the 12 months
ending 12 December 2002, the company has experienced losses
totaling A$0.03 per share. These 12-month earnings are lower
than the earnings per share achieved during the last fiscal year
of the company, which ended in June of 2002, when the company
reported earnings of -0.02 per share. The company also reported
losses during the previous 12 months and has not paid any
dividends during the previous 2 fiscal years.


AMP LIMITED: Bank Ratings Unchanged on Sale Agreement, Says S&P
---------------------------------------------------------------
Standard & Poor's Ratings Services said Monday that its 'A-'
counterparty credit rating on AMP Bank Ltd. is unchanged
following an announcement by AMP that it has entered into
agreements to sell its New Zealand residential mortgage book and
Australian and New Zealand property finance assets.

The 'A-' rating on AMP Bank is supported by a capital and
liquidity deed from the AMP group (key holding company AMP Group
Holdings Ltd.; A-/Negative/A-2). Monday's announcement by AMP is
in line with management's statements, made in November 2002,
about the restructuring of AMP's banking assets.


BAILEY O'NEILL: Court Reduces Former Director's Jail Sentence
-------------------------------------------------------------
The Victorian Court of Appeal has reduced the sentence given to
Mr Stephen Mark O'Neill, a former Melbourne-based company
director, from five years jail to four years, with a non-parole
period of three years.

On 27 July 2001, Mr O'Neill was sentenced to a total of five
years jail, to be released after serving three and a half years,
after pleading guilty to four charges brought by the Australian
Securities and Investments Commission (ASIC).

The charges (one count of improperly using his position as a
company officer, two counts of using false documents, and one
count of theft) related to Mr O'Neill's actions between 1995 and
1999 while he was a director of Bailey O'Neill & Associates Pty
Ltd, and Bailey O'Neill Pty Ltd. The Bailey O'Neill group
operated a mortgage originator's business in Bridge Road,
Richmond between 1993 and 1999.

Between 1995 and 1998, Mr O'Neill used his position to draw over
$2.2 million in cheques from a company trust account for his own
benefit.

Mr O'Neill also forged investors' signatures on two mortgage
discharge documents, which resulted in those investors losing
$94,000, and stole a $26,150 bank cheque.

The group was placed into liquidation in March 1999, with
investors losing approximately $1.5 million as a result of Mr
O'Neill's actions.

Mr O'Neill repaid approximately $1.1 million of the money he
misappropriated.

On 19 October 2001, Mr O'Neill unsuccessfully sought leave to
appeal against the severity of his sentence, from a single judge
in the Court of Appeal.

Mr O'Neill subsequently appealed to the full Court of Appeal,
which upheld his appeal on sentencing in relation to the charges
of using false documents and of theft. The Court imposed a total
effective sentence of four years jail, with a non-parole period
of three years.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.


KINGSTREAM STEEL: Adopts New Constitution
-----------------------------------------
The Deed Administrators of Kingstream Steel Limited (Subject to
Deed of Company Arrangement) advises that pursuant to the
passing of Resolution 7 by the members of the Company at a
General Meeting held on Monday, the Company has adopted a new
Constitution.

The full text of the new Constitution is available in PDF format
and could be found at
http://bankrupt.com/misc/TCRAP_TCRAP_KSM0416.pdf.


PMP LIMITED: Clarifies FY03 NPAT
--------------------------------
PMP Limited on Tuesday sought to provide clarity with respect to
its FY03 Net Profit After Tax (NPAT) guidance.

PMP Chief Financial Officer Richard Allely confirmed that, as
per the analyst briefing of 7 April 2003, the company is
expecting EBIT (Earnings Before Interest and Tax, before
significant items) for the year to 30 June 2003 to be in the
middle to upper end of the previously provided range of $48
million to $52 million.

NPAT is expected to be below the prior years figure.

In 2001/2, PMP booked NPAT of $27.13 million from an EBIT base
of $90.71 million.

For 2003/4, PMP provided no guidance on NPAT, although Mr Allely
repeated the company's expectation that $30 million of earnings
would be delivered from measures implemented pursuant to the
recent strategic review.


TABCORP HOLDING: BBB+' Rating Remains On CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's said Tuesday that its 'BBB+' long-term
corporate credit rating on TABCORP Holdings Ltd. remains on
CreditWatch with negative implications, as the company's
proposed A$1.7 billion acquisition of Jupiters Ltd.
(BB+/WatchPos) is still ongoing. Nevertheless, should the
transaction proceed as initially announced, TABCORP's rating
would be affirmed at 'BBB+' and assigned a negative outlook. At
the same time, the 'BB+' rating on Jupiters would be raised to
'BBB+' and also assigned a negative outlook.

The successful acquisition of Jupiters by TABCORP would form the
largest gaming company in Australia. A dominant position in the
Victorian electronic gaming and wagering markets, and a very
strong share of the NSW and Queensland casino markets, leaves
the combined group well placed to benefit from increasing
industry revenues. "With operations located across
three states, improved geographic and product diversity will
reduce the company's exposure to state-based regulatory changes
and regional downturns," said Andrew Lally, associate director,
Corporate & Infrastructure ratings. Furthermore, the increased
size of TABCORP's operations improves gaming volumes and the
likelihood that actual results will replicate the theoretical
win rate.

The acquisition of Jupiters will result in about 50% of
TABCORP's revenue being derived from casinos, which can be
impacted by large player losses. TABCORP has conservatively
managed its casino operations; however, the company will now
have greater exposure to premium-play business, with the
Brisbane and Gold Coast casinos continuing to offer commission-
play business under the combined group. Nevertheless, TABCORP's
exposure to commission play is manageable, at less than 5% of
total revenues.

TABCORP's operating cash flow stability is well supported
through its approximate 50% share of the Victorian noncasino-
based electronic gaming machine market and its Victorian
wagering business, which has exclusivity protection until 2012.
Changing electoral sentiment is a risk for TABCORP, with changes
in the level of gambling taxes and in the regulatory framework
directly impacting TABCORP's cash flow. Nevertheless, the
licensing regime and current voter sentiment create high
barriers to entry and will ensure minimal new competitive
threats for the foreseeable future.

"The proposed funding of the A$1.7 billion acquisition will
leave the merged entity with about A$2 billion in gross debt.
This will initially result in credit protection measures that
are weak for the rating; however, strong free cash flow will
enable the company to reduce debt and restore credit protection
measures in the next two to three years," said Mr. Lally.

TABCORP has historically paid ordinary dividends of at least
80% of distributable profits; however, the introduction of a
dividend reinvestment plan will provide greater operational
flexibility to reduce debt in the short-to-medium term.

"The outlook on TABCORP's long-term rating is likely to move to
negative, reflecting the integration risks associated with
acquiring Jupiters, which will account for about 30% of group
revenues, and significant debt financing of the transaction."
Standard & Poor's will resolve the CreditWatch when the
transaction is finalized, expected to be by the end of July
2003, and incorporate any changes to the terms of the proposed
bid into the rating.


TELEVISION & MEDIA: ASX Grants Listing Rules Waiver
---------------------------------------------------
The Australian Stock Exchange Limited advising that it has
granted the following waivers to Television & Media Services
Limited:

   (a) a waiver from Listing Rule 7.7 in respect of the
Company's shareholders with registered addresses in New Zealand;
and

   (b) a waiver from Listing Rule 14.11 in respect of votes to
be cast by ANZ Nominees Limited at the meeting of the Company's
shareholders to be held at 11:00am on Tuesday, 15 April 2003.

Below is ASX's letter regarding waiver to the Company:

We refer to the application by Television and Media Services
Limited (the Company) for a waiver from listing rules 7.7 and
14.11

Australian Stock Exchange Limited has considered the Company's
application and decided as follows:

"DECISION

1. Based solely on the information provided, Australian Stock
Exchange Limited (ASX) grants Television And Media Services
Limited (the Company) a waiver from the following.

   1.1 Listing rule 7.7 to the extent necessary to permit the
Company to not offer ordinary shares to be issued pursuant to a
pro-rata entitlements issue of shares on the basis of 5 share
for every 2 shares held, to shareholders with registered
addresses in New Zealand (the New Zealand Shareholders), on the
following conditions.

     1.1.1. The Company sends to each New Zealand Shareholder
details of the issue and advice that the Company will not offer
securities to the holder.

     1.1.2. The Company appoints a nominee to arrange for the
sale of entitlements that would have been given to the New
Zealand Shareholders and to account to them the net proceeds of
the sale.

     1.1.3. The Company advises each New Zealand Shareholder
that a nominee in Australia will arrange for the sale of
entitlements and, if they are sold, for the net proceeds to be
sent to the New Zealand Shareholders.

   1.2. Listing rule 14.11 to the extent necessary to permit the
Company, in relation to a resolution to be put to shareholders
at its general meeting on 13 April 2003 to approve a proposed
recapitalization of the Company and associated transactions (the
Resolution), to not disregard the votes of ANZ Nominees Limited
where such votes are cast on behalf of beneficial holders who
will not benefit from the Resolution (except a benefit solely
capacity as security holder).

   1.3. The waiver referred to in resolution 1.2 is subject to
the following conditions:

     1.3.1. The beneficiaries on whose behalf ANZ Nominees
Limited holds shares in the Company (Beneficiaries) vote for or
against the Resolution, and ANZ Nominees Limited does not
exercise discretion in casting a vote on behalf of the
beneficiaries.

     1.3.2. The Beneficiaries provide written confirmation to
ANZ Nominees Limited that they will not benefit from the
Resolution (except solely in the capacity as a security), nor
are they an associate of a person who will benefit from the
Resolution.

     1.3.3. The terms of this waiver are immediately released to
the market.

2. ASX has considered listing rules 7.7 and 14.11 only and makes
no statement as to the Company's compliance with other listing
rules.

BASIS FOR DECISION

LISTING RULE 7.7

UNDERLYING POLICY

1. Pro rate issue must be offered to Australian and New Zealand
security holders - delay and expense involved in making offer in
New Zealand is insufficient to justify excluding New Zealand
security holders from offer.

PRESENT APPLICATION

2. Very small number of New Zealand holders with insignificant
value of securities - cost of making offer in New Zealand
equivalent to funds potentially raised - renounceable offer -
entity to appoint nominee to sell entitlements and account to
holder for net proceeds.

LISTING RULE 14.11

UNDERLYING POLICY

3. Notice of meeting requirement - approval of an issue of
securities for listing rule 7.1 purposes - voting exclusion
statement required to exclude votes of security holders who may
participate in the issue - security holders who participate in
issue may receive a benefit over and above other security
holders that do not participate equally in the issue.

PRESENT APPLICATION

4. Voting exclusion statement precludes votes of nominee on
resolution to ratify placement from being counted if nominee
holds securities on behalf of any underlying beneficiary who
participated in the placement - waiver permits votes of nominee
on behalf of underlying beneficiaries who did not participate in
the placement to be counted, provided beneficiary directs
nominee to vote for or against the resolution."

It is expected that the waiver granted to the Company will be on
the public record on 10 May 2003 or soon afterwards.]


TELEVISION & MEDIA: Discloses Chairman's Address to Shareholders
----------------------------------------------------------------
Television & Media Services Limited disclosed Chairman A G
Hartnell's address to shareholders during the general meeting
held on April 15, 2003:

"Good morning ladies and gentleman and welcome to TMS's General
Meeting to consider the Recapitalization and related
Transactions.

"I would like to begin by firstly introducing my fellow
Directors, Mr Brett Daley and Mr Peter Myers and our Company
Secretary, Mr Chris Strouthos.

"As you may recall it has already been announced that TMS has
transferred the loss-making Val Morgan Group to the Exhibitors
in December 2002. Under the agreement with the Exhibitors TMS
was released from long-tem guarantees to the Exhibitors for the
theatre rents.

"At today's meeting we will consider the resolution to approve
the Recapitalization and related Transactions, which will allow
TMS to:

   * Reduce the Bank Debt by at least $10 million; and

   * Continue to trade and preserve the value of the Global
Television business.

"As I outlined at the AGM TMS is emerging from a period of
critical financial difficulty. I do not intend to go through in
detail the events that have lead to the need to recapitalize TMS
as these have been covered in the Notice of Meeting and
Explanatory Statement and at the last AGM. However, I would like
to highlight the main elements of the Recapitalization.

   * The minimum proceeds to be raised under the
Recapitalization will be $13.9 million. Essentially these funds
will be raised from a placement to PBL, TEN and the ANZ. These
funds will be used to pay $2.5 million to the Exhibitors for the
releases from the liabilities from the theatre rents and the
balance will be used to cover the costs of the recapitalization
and reduce debt.

   * A new facility agreement will replace the existing ANZ
facilities. As part of the agreement with the ANZ the interest
rates payable by TMS will be reduced. PBL and TEN will also
guarantee approximately $16 million in debt ($13 million in
Junior Debt and $3 million in working capital), which will allow
TMS to realize its non-core assets in an orderly manner to fund
further debt reduction.

   * In recognition of the increased credit risk for the ANZ,
PBL and TEN each of these parties has been granted 50 million
Options.

   * Additional options have also been issued to PBL and TEN
(for up to 520 million New Shares) and may only be exercised in
the event that there is still an outstanding Junior Debt at the
end of 3 years.

"Subject to the approval of the Recapitalization today, TMS will
be inviting shareholders to participate in a renounceable rights
issue of 5 new shares for every 2 existing shares. The issue
price is 2.5 cents and the proceeds will be used to fund further
debt reduction.

"The Rights Issue is renounceable but given the current TMS
share price, trading in the rights for shareholders with small
parcels of shares may not be viable.

"I believe the Rights Issue also answers the request by some
Shareholders at the last AGM that they have the ability to
participate in the Recapitalization. The prospectus for the
rights issue will be issued shortly.

"The Recapitalization, including the proposed Rights Issue, is
one step towards the goal of returning TMS to a more stable
financial position. In conjunction with the Recapitalization,
the Directors believe the following strategies are also critical
steps toward this goal.

   * Improving the utilization of Global Television's resources
by increasing its market share, seeking new business
opportunities, increasing the range of services provided to
existing customers and upgrading its equipment, where
appropriate.

   * Pursuing a sustainable cost reduction program.

   * Maximizing cashflow from both the sale of non-core assets
and trading in order to fund further reduction of the Bank Debt.

"These steps are being implemented as Board strategy.

"There are a number of costs associated with the
Recapitalization, the most obvious being the dilutionary effect
of the Placements. I believe that, although undesirable, they
are a necessary cost of receiving the benefits of the
recapitalization and the continued trading of TMS.

"It has also been a condition of the Recapitalization that the
shareholders approve an agreement between PBL and TEN to
communicate regarding their intentions for TMS and grant each
other pre-emptive rights over their shares. Whilst I would not
normally recommend that shareholders support such an arrangement
I believe that shareholders in the current circumstances have no
better alternatives and I therefore recommend that shareholders
support the resolutions.

"In concluding that whilst the Board regrets the impact on the
shareholders of the financial difficulty facing TMS, which came
from the unexpected reverses in the prospects of the Val Morgan
business, I believe that we have taken the necessary steps to
restore TMS to a more stable financial position. There are
obviously a number of challenges facing TMS in working towards
putting the company in a better financial position.

"Your support for the Recapitalization represents the first
important step."


TELEVISION & MEDIA: Issues General Meeting Results
--------------------------------------------------
In accordance with Listing Rule 3.13.2, Television & Media
Services Limited gives notice that the resolution put before the
General Meeting on Tuesday, 15 April 2003 was passed without
amendment on a show of hands with no votes cast against the
resolution.

The proxy position and results for the resolution were:

RESOLUTION 1:

     For:                                 16,324,700
     Against:                                278,015
     Abstain:                                 44,892
     Result:                                 Carried


TRANZ RAIL: S&P Defends Ratings Integrity Against Injunction
------------------------------------------------------------
In a press release made on Monday, Standard & Poor's provided
notice that it lowered its long-term rating on Tranz Rail
Holdings Ltd. (Tranz Rail) and its guaranteed debt issues to 'B-
' from 'BB+'. It is also a matter of public record that last
week Tranz Rail sought an injunction in the High Court of
New Zealand to prevent Standard & Poor's issuing a press release
confirming the downgrade.

Standard & Poor's press release was made following an agreement
reached with Tranz Rail, the withdrawal of its injunction
application in the High Court in Auckland, and the
discontinuance of its proceedings. The agreement confirms
Standard & Poor's has sole discretion to raise or lower those of
its ratings that have been disclosed in the public domain.
Clearly, if rated companies could prevent rating downgrades
through legal action it would undermine the usefulness of credit
ratings.

As such Standard & Poor's defended its right to publish
notification of a downgrade of Tranz Rail, and ultimately it has
been successful in this endeavor.

According to Paul Stephen, director, Corporate and
Infrastructure Ratings, it is critical to Standard & Poor's
reputation that it is independent, and its rating opinions only
have value because of their independent status. The investment
community relies upon Standard & Poor's ratings because of the
rating agency's integrity and the quality of its opinions. "If
Standard & Poor's is not permitted to release its opinions in a
timely way its integrity would be undermined, and the investment
community risks being misled," Mr. Stephen said. "Standard &
Poor's reputation and integrity is built upon the fact it
publishes an opinion that is independent of the rated company's
management. This factor significantly enhances the credibility
and utility of a credit rating opinion."
     

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


ASIA RESOURCES: Executive Directors Resigned
--------------------------------------------
On 14th April, 2003, the completion date of the First
Subscription, Mr. Wong Kwong Miu and Mr. Wong Kwong Lung,
Terence resigned as Executive Directors. Mr. Wong Kwong Miu also
resigned as chairman of the Company and Ms. Zhang Cheng was
appointed as an Executive Director and Chairman.

Currently, the Board is comprised of three executive Directors,
being Ms. Zhang Cheng, Mr. Lin Dong and Mr. Feng Xiang Cai, and
two independent non-executive Directors, being Mr. Qiu Yi Yong
and Mr. Lam Yin Ming, Lawrence.

The Board takes this opportunity to thank Mr. Wong Kwong Miu and
Mr. Wong Kwong Lung, Terence for their past contributions to the
Company.


ASIA RESOURCES: First Subscription Completed
--------------------------------------------
Reference is made to the joint announcements made by Asia
Resources Holdings Limited Guardwell Investments Limited dated
21st February, 2003, 14th March, 2003 and 7th April, 2003 and
the announcement made by the Company dated 7th March, 2003
(collectively known as the Announcements) and the circular of
the Company dated 14th March, 2003.

The board of Directors (Board) wishes to announce that all
conditions precedent under the First Subscription of the
Subscription & Option Agreement have been fulfilled and that the
First Subscription was completed on 14th April, 2003 and that
the Investor was interested in 400,000,000 New Shares,
representing about 74.57 percent of the existing issued share
capital of the Company. The public shareholding of the Company
after completion of the First Subscription is about 18.78
percent comprising Unichina Enterprises Limited and other public
shareholders.

The Directors and the director of the Investor have jointly and
severally undertaken to the Stock Exchange that appropriate
steps will be taken to ensure that sufficient public float
exists for the New Shares following completion of the First
Subscription. Depending on the market conditions, such steps may
involve issue and/or placement of the New Shares to independent
third parties.

The Company and the Investor are currently in discussion with a
placing agent in relation to a possible placement of the New
Shares. As at the date of this announcement, no term has been
agreed. An application has been made by the Company to the Stock
Exchange for a waiver from strict compliance with the
requirements of Rule 8.08 of the Listing Rules by the Company in
relation to maintaining at least 25% of the issued New Shares in
public hands following completion of the First Subscription for
a period of one month commencing from the date of completion of
the First Subscription (up to and including 14th May, 2003).

Further announcement will be made as and when appropriate.


CHUNG LUEN: Winding Up Hearing Scheduled April 30
-------------------------------------------------
The High Court of Hong Kong will hear on April 30, 2003 at 10:00
in the morning the petition seeking the winding up of Chung Luen
Forwarding Agencies (Group) Limited.

Chan Chan of Room B, 8th Floor, On Fook Building, 36 Mei King
Street, Tokwawan, Kowloon, Hong Kong filed the petition on March
14, 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.


CIL HOLDINGS: Court Orders Winding-Up Petition Dismissal
--------------------------------------------------------
Reference is made to the announcements made by CIL Holdings
Limited on 8th October 2001, 12th November 2001, 14th January
2002, 18th March 2002, 29th April 2002, 6th May 2002, 17th June
2002, 29th July 2002, 26th August 2002, 4th November 2002, 16th
December 2002, 6th January 2003, 10th February 2003, 24th
February 2003 and 10th March 2003 respectively in relation to
the winding-up petition (the Petition) issued against the
Company by Star Dragon Securities Limited as the substituted
petitioner (the Petitioner).

Reference is also made to Company's announcement made on 15th
February 2002 regarding the Restructuring Proposal. On 31st May
2002, the Company dispatched the Circular to its Shareholders,
which addressed all of the above matters. On 2nd August 2002,
the Company had dispatched the Scheme document to Scheme
Creditors and, for information only, the Shareholders and
claimants of the Disputed Claims. On 28th November 2002, the
Company had dispatched the supplemental Scheme document to
Scheme Creditors and, for information only, the Shareholders and
claimants of the Disputed Claims.

During the hearing of the Petition held on 14th April 2003, the
Company has made an application to the Hong Kong Court for the
dismissal of the Petition. Pursuant to the Company's application
for the dismissal of the Petition as mentioned above, the Hong
Kong Court made an order to dismiss the Petition. As mentioned
in the Circular, the amount due from the Company to the
Petitioner is part of the Total Indebtedness and would therefore
be restructured pursuant to the Scheme.

GENERAL

Trading in the Shares was suspended from 9:30 a.m. on 14th April
2003 at the request of the Company pending the release of this
announcement and application has been made to the Stock Exchange
for the resumption of trading in the Shares from 9:30 a.m. on
15th April 2003.

Investors are advised to exercise caution when dealing in the
Shares.


CITIC RESOURCES: 2002 Net Loss Widens to HK$15.217M
---------------------------------------------------
CITIC Resources Holdings Limited disclosed it results
announcement summary:

Year-end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified

                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/01/2002    from 01/01/2001
                              to 31/12/2002      to 31/12/2001
                              Note  ('000)       ('000)
Turnover                           : 24,003             52,753            
Profit/(Loss) from Operations      : (15,217)           (10,220)          
Finance cost                       : 0                  (24)              
Share of Profit/(Loss) of
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (15,217)           (10,244)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0056)           (0.005)           
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (15,217)           (10,244)          
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.  BASIS OF PREPARATION
        
These financial statements have been prepared in accordance with
Hong Kong Statements of Standard Accounting Practice ("SSAP"),
accounting principles generally accepted in Hong Kong and the
disclosure requirements of the Hong Kong Companies Ordinance.  
They have been prepared under the historical cost convention.

The accounting policies adopted are consistent with those used
in the Group's financial statements for the year ended 31
December 2001, except that the following new and revised SSAP
are effective for the first time for the current year's
financial statements:

SSAP 1 (Revised) :   Presentation of financial statements
SSAP 11 (Revised):   Foreign currency translation
SSAP 15 (Revised):   Cash flow statements
SSAP 34          :   Employee benefits

2. LOSS PER SHARE
        
The calculation of the basic loss per share is based on the
consolidated net loss attributable to shareholders of the
Company for the year of HK$15,217,000 (2001: HK$10,244,000) and
the weighted average of 2,738,162,772 (2001: 2,059,726,027)
shares in issue during the year.

A diluted loss per share amount for the year ended 31 December
2002 has not been presented as the effect of the potential
ordinary shares arising from the conversion of the Notes would
have been anti-dilutive.

A diluted loss per share amount for the year ended 31 December
2001 has not been presented because there were no dilutive
events existing during that year.


E-NEW MEDIA: Reduces 2003 Operations Loss to HK$86.056M
-------------------------------------------------------
e-New Media Company Limited issued its results announcement
summary on 10 April 2003:

(stock code: 00128 )
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified
                                                  (Audited)
                               (Audited)          Last
                               Current            Corresponding
                               Period             Period
                               from 1/1/2002      from 1/1/2001  
                               to 31/12/2002      to 31/12/2001
                               Note  ('000)       ('000)
Turnover                           : 193,359         419,450           
Profit/(Loss) from Operations      : (86,056)        (187,810)         
Finance cost                       : (1,253)         (5,486)           
Share of Profit/(Loss) of
  Associates                       : (1,792)         405               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A             (6,427)           
Profit/(Loss) after Tax & MI       : (119,435)       (197,696)         
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.072)         (0.12)            
         -Diluted (in dollars)     : (0.072)         (0.12)            
Extraordinary (ETD) Gain/(Loss)    : N/A             N/A               
Profit/(Loss) after ETD Items      : (119,435)       (197,696)         
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 per share

     a.   Basic loss per share

The calculation of basic loss per share is based on the loss
attributable to shareholders of $119,435,000 (2001:
$197,696,000) and the 1,650,658,000 ordinary shares in issue
during both years.

     b.   Diluted loss per share

The diluted loss per share for the years ended 31 December 2002
and 2001 is the same as the basic loss per share as the exercise
of outstanding share options in full would have an anti-dilutive
effect on the loss per share.

2. Loss from ordinary activities before taxation

The Group's loss from ordinary activities before taxation is
arrived at after charging:

                                                 2002    2001
                                                HK$'000 HK$'000
                         
Net realized and unrealized loss on
     investments in securities                   90,057  174,797
Deficit on revaluation of land and buildings     15,038  16,058
Amortization of goodwill included in share
of profits less losses of associates            1,815   -
Impairment loss on goodwill                      30,000  -


ING BEIJING: 2002 Operations Loss Narrows to HK$19.934M
-------------------------------------------------------
ING Beijing Investment Company Limited posted below a summary of
its financial statement for the year end date of
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  ($)          ($)
Turnover                           : 7,323,994        1,073,971         
Profit/(Loss) from Operations      : (19,934,508)  (208,881,601)     
Finance cost                       : N/A                N/A               
Share of Profit/(Loss) of
  Associates                       : (963,800)          N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 1,029,042        1,000,476         
Profit/(Loss) after Tax & MI       : (19,990,416)  (207,157,136)     
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0371)           (0.3844)          
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (19,990,416)  (207,157,136)     
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 Annual         
  General Meeting                  : 15/5/2003 to 21/5/2003 bdi.
Other Distribution for             : N/A           
  Current Period                     
B/C Dates for Other
  Distribution                     : N/A          

Remarks:

Basic EPS

The calculation of basic loss per share is based on loss
attributable to Shareholders of $19,990,416 on 539,512,000
ordinary shares in issue during the year.

= $19,990,416 / 539,512,000

= 3.71 cents

Diluted

Diluted earnings per share is not shown for the year ended
December 31, 2002 as the potential ordinary shares were anti-
dilutive.


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

Save for the announcement made by the Company on 7th April, 2003
regarding the further development of a winding-up petition
against the Company by a creditor, the Company also confirmed
that there are no negotiations or agreements relating to
intended acquisitions or realizations which are discloseable
under paragraph 3 of the Listing Agreement, neither is the
Board aware of any matter discloseable under the general
obligation imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price-sensitive nature.


WANG CHONG: Winding Up Sought by Delta Asia
-------------------------------------------
Delta Asia Credit Limited is seeking the winding up of Wang
Chong Hong Company Limited. The petition was filed on March 19,
2003, and will be heard before the High Court of Hong Kong on
May 7, 2003 at 9:30 in the morning.

Delta Asia holds its registered office at 36th Floor, Jardine
House, 1 Connaught Place, Central, Hong Kong.


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


ASTRA AGRO: CPO Production Grows by 21.1%, to 140,920 Tons
----------------------------------------------------------
Derived from a rise in fresh fruit bunches (FFB) production and
an improvement in the extraction rate, PT Astra Agro Lestari Tbk
(AALI)'s crude palm oil's production in the first quarter (QI)
2003 increased by 21.1 percent, from 116,386 tons in the same
period last year to crude palm oil (CPO) production grows by
21.1 percent, to 140,920 tons 140,920 tons, accompanied by a
sharp growth of 104.6 percent in "Super CPO" production, from
18,433 tons to 37,706 tons.

FFB production during this period went up by 12.2 percent, to
565,407 tons with more than 53.4 percent or 301,792 tons coming
from the Sumatra areas, 27% Kalimantan and 19.6 percent, from
the Sulawesi. As a result of the rapid growth in production from
the Nucleus areas (of 13.3 percent), contribution from plasma
declined from 27.4 percent to 26.7 percent.

Meanwhile, the average CPO extraction rate improved
from 23.1 percent% to 23.3 percent.


TELEKOMUNIKASI SELULAR: S&P Affirms 'B+' Ratings
-------------------------------------------------
Standard & Poor's Ratings Services affirmed on Monday its 'B+'
corporate credit rating on Indonesian wireless operator, P.T.
Telekomunikasi Selular (Telkomsel). The outlook is
stable.

Telkomsel is exposed to the uncertainty of operating in
Indonesia, but has a degree of insulation from country risk, as
the government has not sought to interfere with local companies
accessing the foreign exchange markets to service their foreign
currency obligations. "Despite sovereign risks, Telkomsel's
stable outlook is underpinned by its established subscriber
base, domestic market potential growth, and incorporates
additional near-to-medium term debt usage to fund future
expansions", said Yasmin Wirjawan, credit analyst at Standard &
Poor's Corporate Ratings Group.

The outlook also factors in expectations that the company's
strong financial profile will not be affected by more aggressive
financial policies in particular through higher dividend
payments to its shareholders.

Telkomsel has budgeted an aggressive US$500 million per year
over the next five years for network capacity and coverage
expansions to take advantage of its dominant position in
Indonesia's wireless market, and the low penetration rate of
only 5%. A large portion of these capital expenditures will come
from internally generated funds, which will keep financial
ratios within rating expectations. At present, Telkomsel's
leverage is low, with net debt to net capital of 5% and net debt
to EBITDA of 0.1x in 2002. These levels are expected to rise to
30% and about 1x after its major expansion program. Cash flow
protection, measured by funds from operations (FFO) to net debt,
remained very high at 978%, bit is expected to fall with higher
borrowings.

The company's capital expenditure commitments and new borrowings
are mainly in foreign currencies (particularly U.S. dollars and
euros), while its revenues are largely in local currency. Future
expansion will increase exposure to further Indonesian rupiah
depreciation on additional offshore debt. The illiquid and weak
financial markets in Indonesia could also threaten Telkomsel's
ability to finance future investments and working capital
requirements. Similarly, its ultimate capacity to service
foreign currency debt remains vulnerable to the ongoing weakness
of the local banking system, the availability of foreign
exchange, and volatile exchange rates.

Although existing operators do not pose a significant
competitive threat to Telkomsel in the near-to-medium term given
the latter's extensive network coverage, pricing competition may
emerge as existing operators offer promotions to build market
share. At the end of 2002, Telkomsel had six million
subscribers, a market share of about 53%. It has the most
comprehensive network coverage, covering more than 80% of the
Indonesian population and over 500 cities and towns.

The presence of Singapore Telecommunications Ltd. as a key
shareholder is expected to provide Telkomsel  with competitive
advantage in capital support, operating cost efficiency,
technology and management assistance, and roaming and connection
convenience. In addition, SingTel's position has a material
influence on corporate governance and management of the company
given its effective veto on Telkomsel's new budget and business
plans.

Telkomsel does not face significant near-term refinancing risk.
Its near-term liquidity is adequately supported by cash holdings
of Indonesian rupiah (Rp) 979 billion (US$98 million) against
short-term debts of Rp40 billion.

On August last year, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings raised the senior unsecured
foreign currency rating of the Company from 'B-' (B minus) to
'B'. This action follows Fitch's recent decision to raise the
rating of the Republic of Indonesia from 'B-' (B-minus) to 'B'.
Telkomsel's rating is capped by the rating of the Republic.


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


AOZORA BANK: Cerberus Matches Bid for Bank, Seeks Approval
----------------------------------------------------------
New York-based Cerberus Partners LP will exercise its right to
match a 101.1 billion yen ($838 million) offer for Softbank
Corp.'s 49 percent stake in Aozora Bank Ltd. and will purchase
the shares subject to approval by the Financial Services Agency,
Bloomberg reports. Cerberus, which currently has a 12 percent
stake in Aozora, will buy Softbank's stake in Aozora at the same
73 yen per share offered by Sumitomo Mitsui Financial Group Inc.
which earlier bid for the Softbank stake, reports said.

Any investor that wants to buy a 20 percent stake or more of a
Japanese bank requires the approval of the Japanese regulator.
If Cerberus' purchase of Softbank's shares is approved by the
agency it would raise the stake the fund has in Aozora to 61
percent and trigger an offer to all shareholders.


DAIEI INC.: To Work More Closely With Suppliers
-----------------------------------------------
Daiei Inc. is to team up with 11 unnamed apparel suppliers to
forecast women's apparel trends and adjust its orders
accordingly to boost its sales, Just-style.com reports. The move
also aims to slim down its inventories and move away from the
traditional procurement method of demanding discounts from
manufacturers for placing large orders.

The retailer will also move away from own-label lines by
introducing nationally recognized brand products. Similar plans
are believed to be in the pipeline with Daiei's men's wear
suppliers.


MATSUSHITA ELECTRIC: Terminates National Brand Outside Japan
------------------------------------------------------------
Matsushita Electric Industrial plans to terminate National brand
products for sale abroad to unify its brand with the Panasonic
brand, Kyodo News said Monday. The move is intended to raise
efficiency in advertising operations and enhance brand power as
about 90 percent of its products sold abroad come under the
Panasonic brand, the report said.

Matsushita Electric Industrial Co. expects a group net loss of
23.5 billion yen for 2002 ending in March 31, the Troubled
Company Reporter-Asia Pacific reported recently. The Company
blamed the forecast on a write-down of 37 billion yen to reflect
the declining value of its shareholdings.


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


HYNIX SEMICONDUCTOR: EU to Slap 33% Tariff on Chips  
---------------------------------------------------
The European Union (EU) will impose a 33-percent countervailing
tariff on Hynix Semiconductor Inc.'s memory chips starting April
25, Dow Jones News and Digital Chosun reported Friday. The
decision is part of a larger European strategy to counter South
Korea's business methods.

The EU decision follows a similar preliminary determination by
the United States Commerce Department to impose a 57.37 percent
tariff on DRAM products shipped by Hynix. Hynix's chip exports
to Europe are estimated at 15 percent, or 140 billion won, of
its total yearly exports, and the EU decision is likely have a
serious impact on the Korean firm, which has been struggling due
to snowballing losses over the last several years.


HYNIX SEMICONDUCTOR: May Increase DDR-DRAM Chip Prices by 10%
-------------------------------------------------------------
Hynix Semiconductor Inc. and Samsung Electronics Co. may raise
prices of 256-megabit double-data-rate (DDR) dynamic random
access memory (DRAM) chips by some 10 percent, Reuters and Maeil
Business Newspaper reported Tuesday.

"Chip prices started rebounding this month and we are in the
process of raising prices to reflect the trend into our long-
term contract," a Samsung spokesman told Reuters. DRAM is the
most common type of memory chips used to run computers, servers
and gaming devices.

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


ONSE TELECOM: Files for Court Management  
----------------------------------------
Onse Telecom filed for court management on Friday, the Maeil
Business Newspaper reported. The Company has been under special
management regarding its debts from financial institutions after
Thrunet filed for court management and the scandal arose
regarding SK Global, which resulted in a credit crunch, which
forced the Company to file for court management.

The long distance and international phone service provider
enjoyed record high sales of 360 billion won last year despite a
7.4 billion won deficit, and had been seeing its debts curb
steadily. The Company has a paid-in capital base of 210 billion
won and over a million subscribers for its long-distance phone
services and 500,000 subscribers for its high-speed Internet
services.


SK CORPORATION: Needs New Reform, SAML Says
-------------------------------------------
SK Corporation should come up with a blueprint for drastic
reform to overcome its present woes and regain confidence and
support from creditors and shareholders, Asia Pulse reports,
citing new controlling shareholder Sovereign Asset Management
Ltd. (SAML). The fund said it wants to work with the Company
management in order to restructure its operations and have a
realistic and immediate overhaul of its governance.

SK Corporation's shares were well bid despite its accounting
scandal, according TCRAP, citing DebtTraders. 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.

SK Corp. is the virtual holding Company of the SK Group, or the
nation's third largest family-run conglomerate. SK Corp. owns
stakes of 20.85-66 percent in other SK affiliates such as SK
Telecom, SK Global, SKC, SK Shipping, SK-Enron and SK Pharmacy.


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


ANCOM BERHAD: Dormant Units Prepare Deregistration Application
--------------------------------------------------------------
Ancom Berhad wishes to announce that its two (2) wholly-owned
subsidiaries, Norwood (M) Sdn Bhd (Norwood) and Ancom (HongKong)
Ltd (AHK) are making applications to deregister from the
Companies Commission of Malaysia and The Registry of Companies
of Hong Kong respectively.

Norwood was incorporated in Malaysia under the Companies Act,
1965 on 22 July 1985. Its authorized share capital is RM250,000
comprising 250,000 ordinary shares of RM1 each and its issued
and paid up share capital is RM3 made up of 3 ordinary shares of
RM1 each.

AHK was incorporated on 24 January 1995 in Hong Kong. It has an
authorized share capital of HK$10,000 comprising 10,000 ordinary
shares of HK$1 each of which 2 ordinary shares of HK$1 each had
been issued and fully paid-up.

Both Norwood and AHK are presently dormant and there is no plan
to activate them.

The deregistration of Norwood and AHK is not expected to have a
material effect on the earnings or net tangible assets of Ancom
Group for the financial year ending 31 May 2003.

None of the directors or substantial shareholders of Ancom or
persons connected to them has any interest, directly or
indirectly, in the deregistration of Norwood and AHK.


BRIDGECON HOLDINGS: Option Vendors inks PCOA W/ Creditors' Agent
----------------------------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed)
refers to the announcements dated 28 June 2002, 15 August 2002
and 30 August 2002, respectively.

Public Merchant Bank Berhad (PMBB), on behalf of BHB, wishes to
announce that pursuant to the proposed restructuring scheme of
BHB as announced on 30 August 2002, the Option Vendors (as
listed in Table 1) had on 11 April 2003 entered into a put and
call option agreement (PCOA) with Grant Thornton Consulting Sdn
Bhd (Creditors' Agent), which is acting for the benefit of the
creditors of BHB whose claims are dealt with in the workout
proposal (Workout Proposal) prepared by the Special
Administrators pursuant to Section 44 of the Pengurusan
Danaharta Nasional Berhad (Danaharta) Act, 1998 as amended by
the Pengurusan Danaharta Nasional Berhad Act, 2000 (Danaharta
Act). The salient terms of the PCOA are as follows:

   (1) As an integral part of the proposed restructuring scheme,
Premium Nutrients Berhad (PREMIUM) shall issue 62,000,000 new
ordinary shares of RM0.50 each in PREMIUM which shall rank pari
passu with all other ordinary shares in PREMIUM (Option Shares)
to the creditors of BHB (BHB Creditors) credited as fully-paid
to be held by the Creditors' Agent on trust for the benefit of
the BHB Creditors upon the terms and conditions of the PCOA;

   (2) In consideration of the sum of RM1.00 only by the Option
Vendors and the Creditors' Agent to each other (the receipt of
which were acknowledged by both parties) and in further
consideration of the mutual agreements of each other, the
Creditors' Agent grants to the Option Vendors the option (Call
Option) to purchase the Option Shares at the exercise price of
RM0.565 per Option Share (Exercise Price) and the Option Vendors
grants to the Creditors' Agent the option (Put Option) to
require the Option Vendors to purchase such proportion of the
Option Shares as may be agreed amongst themselves within 14
business days from the date of notice of exercising an option;

   (3) Upon exercise of the Call Option and/or the Put Option,
the Option Vendors shall be obliged to purchase and the
Creditors' Agent shall be obliged to sell the Option Shares free
from any encumbrances and together with all title, rights,
benefits and interest attaching thereto on the date of notice of
exercising an option at the Exercise Price;

   (4) The Option Vendors may exercise the Call Option at any
time within the period of twenty four (24) months commencing
from the date on which PREMIUM is admitted to the Official List
of the Kuala Lumpur Stock Exchange (KLSE) (Option Period);

   (5) The Creditors' Agent may exercise the Put Option within
the periods stipulated below:

     (a) a period of three (3) months commencing on the day
immediately after the first nine (9) months of the Option Period
(First Put Option Period) in respect of up to twenty million
(20,000,000) of the Option Shares;

     (b) a period of three (3) months commencing on the day
immediately after the First Put Option Period (Second Put Option
Period) in respect of up to twenty million (20,000,000) of the
Option Shares or in the event that the Put Option is not
exercised during the First Put Option Period as stated in (a)
above, up to forty million (40,000,000) of the Option Shares;
and

     (c) a period commencing on the day immediately after the
Second Put Option Period until the last day of the Option Period
(Third Put Option Period) in respect of up to twenty two million
(22,000,000) of the Option Shares or in the event that the Put
Option is not exercised during the First Put Option Period
and/or the Second Put Option Period as stated in (a) and/or (b)
above, the entire Option Shares.

   (6) The performance of the PCOA by the Option Vendors shall
be secured by forty million (40,000,000) new ordinary shares of
RM0.50 each in PREMIUM to be issued by PREMIUM pursuant to the
Share Sale Agreement dated 13 August 2002 (SSA) entered into
between the vendors of Premium Vegetable Oils Berhad and PREMIUM
(Security Shares). The Security Shares shall be held in trust by
the Creditors' Agent for and on behalf of the Option Vendors as
security in favor of the BHB Creditors;

   (7) All the Security Shares shall be free from any moratorium
imposed pursuant to the Securities Commission (SC)'s Policies
and Guidelines on Issue/Offer of Securities or any encumbrances
or restrictions in dealings after the first twelve (12) months
of the Option Period, save and except for the first twelve (12)
months of the Option Period where at least 12,904,000 Option
Shares shall be free from the aforesaid moratorium encumbrances
or restrictions;

   (8) In the event that the Option Vendors default in
performing any of their obligations under the PCOA, the
Creditors' Agent shall be entitled at its sole discretion to
dispose of the Option Shares and the Security Shares or any part
thereof at any time as it thinks fit without giving the first
right of refusal to the Option Vendors to acquire the same. The
Option Vendors (save and except for Bank Kerjasama Rakyat
Malaysia Berhad (BKRM) and HSBC Nominees (Asing) Sdn Bhd (HSBC
Nominees)) shall jointly and severally indemnify the Creditors'
Agent against any shortfall in the event that the proceeds of
disposal of such number of Option Shares are less than the total
Exercise Price of the said Option Shares by way of payment in
cash of a sum equivalent to the abovementioned shortfall within
fourteen (14) days from the Creditors' Agent's written notice to
the Option Vendors demanding the same. In addition, BKRM and
HSBC Nominees hereby undertake to indemnify the Creditors' Agent
against any shortfall arising from the Creditors' Agent's
disposal of their respective portions of the Option Shares by
way of payment in cash of a sum equivalent to the abovementioned
shortfall within fourteen (14) days from the date of the
Creditors' Agent's written notice to BKRM and/or HSBC Nominees,
as the case may be, demanding the same;

    (9) The PCOA is conditional upon the following conditions
precedent:

     (a) the approval of the Workout Proposal by Danaharta
pursuant to Section 46(4)(b) of the Danaharta Act, which was
obtained on 20 September 2002;

     (b) the approval-in-principle of the KLSE for the listing
of and quotation for the new ordinary shares of RM0.50 each of
PREMIUM on the Second Board of the KLSE and the proposed
application for the admission of PREMIUM to the Official List of
the KLSE;

     (c) the completion of the SSA; and

     (d) any other approvals, consents, authorizations, permits
or waivers of any regulatory agency or authority or parties
necessary or appropriate under the workout proposal and the
proposed restructuring scheme of BHB being obtained.

If any of the conditions above shall not have been fully
obtained or satisfied within six (6) months from 26 December
2002, being the date of SC's approval on the proposed
restructuring scheme of BHB, or any such period as may be
extended by the Creditors' Agent at its sole discretion, the
PCOA shall terminate and cease to have effect.


KAI PENG: Managing Director Lu Pak Lim Resigns From Board
---------------------------------------------------------
Kai Peng Berhad posted this Change in Boardroom notice:

Date of change : 10/05/2003  
Type of change : Resignation
Designation    : Managing Director
Directorate    : Executive
Name           : Lu Pak Lim
Age            : 48
Nationality    : Malaysian
Qualifications : Member of the Malaysian Institute of
Accountants and the Chartered Association of Certified
Accountants (United Kingdom)

Working experience and occupation  : Not applicable
Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : 60,000 shares (0.07%) and 340,000 share
options in Kai Peng Berhad
   
Remarks : With Mr Lu Pak Lim's resignation as Managing Director
effective 10 May 2003, he will remain a Director and Audit
Committee Member of Kai Peng Berhad.

According to Wrights Investors' Service, at the end of 2002, Kai
Peng had negative working capital, as current liabilities were
Rm108.45 million while total current assets were only RM89.52
million. It also reported losses during the previous 12 months
and has not paid any dividends during the previous 2 fiscal
years.


PLANTATION & DEVELOPMENT: SC OKs Independent Adviser Appointment
----------------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Plantation & Development
(Malaysia) Berhad, wishes to announce to the Kuala Lumpur Stock
Exchange that the Securities Commission has via its letter dated
7 April 2003, approved the appointment of Messrs BDO Binder as
the Independent Adviser for the proposed exemption to Mujur
Zaman Properties Sdn Bhd (MZPSB) and parties deemed acting in
concert with MZPSB from the obligation to undertake a mandatory
take-over pursuant to the Proposed Restructuring Scheme of P&D
under Practice Note 2.9.1 of the Malaysian Code On Take-overs
and Mergers, 1998.

There are no other material developments in the Proposed
Restructuring Scheme of P&D subsequent to the announcement dated
1 April 2003.


RENONG BERHAD: Proposed Disposal Approved at EGM
------------------------------------------------
On behalf of Renong Berhad, K&N Kenanga Bhd is pleased to
announce that the shareholders of Renong have approved the
resolution pertaining to the Proposed Disposal at the
Extraordinary General Meeting of the Company held on 14 April
2003.

The Proposed Disposal involves disposal of Renong's entire
equity interest of 29,222,203 ordinary shares of RM1.00 each in
Crest Petroleum Bhd, representing approximately 38.56% equity
interest therein to Sapura Telecommunications Berhad for a total
cash consideration of RM105,199,930.80.


SUNWAY HOLDINGS: Extends Restructuring Agreement Cut-Off Date
-------------------------------------------------------------
The Board of Directors of Sunway Holdings Incorporated Berhad
(SunInc) announces that the Company and the Parties to the
Restructuring Agreement (as defined below) have agreed to extend
the cut-off date for the fulfillment of the conditions precedent
as provided in the Restructuring Agreement dated 13 May 2002 (as
amended, modified and supplemented by the Supplemental
Restructuring Agreement dated 27 June 2002) for a period of 3
months i.e. from 12 May 2003 to 12 August 2003.

In this connection, SunInc has on 14 April 2003 entered into a
further supplemental restructuring agreement with the Parties to
the Restructuring Agreement (comprising Sunway Building
Technology Berhad, Sunway Construction Berhad, Mr Huang Jen
Soong, Mr Lim Beng Keat and Dolomite Berhad) to give effect to
the said extension of time (Further Supplemental Restructuring
Agreement).

A copy of the Further Supplemental Restructuring Agreement is
available for inspection at the registered office of SunInc at
Level 16, Menara Sunway, Jalan Lagoon Timur, Bandar Sunway,
46150 Petaling Jaya, Selangor Darul Ehsan during normal business
hours from Mondays to Fridays (excluding public holidays) for 3
months starting from the date of this announcement.


TAI WAH: Proposes Private Placement
-----------------------------------
Tai Wah Garments Manufacturing Berhad refers to its
announcements made on 23 December 2002, 31 December 2002, 30
January 2003 and 25 February 2003 in respect of TWGB's Proposed
Restructuring Exercise.

Further to the above Proposed Restructuring Exercise, Alliance
Merchant Bank Berhad (Alliance) wishes to announce, on behalf of
the Board of Directors of TWGB (Board) that Newco, a company
which shall be incorporated to assume the listing status of TWGB
(Newco), is proposing a private placement of up to 10,058,000
new ordinary shares of RM1.00 each in Newco (Newco Shares)
representing approximately 10% of its enlarged issued and paid-
up share capital (Proposed Private Placement) upon completion of
the Proposed Share Exchange, Proposed Debt Settlement and
Proposed Acquisition, which form part of the Proposed
Restructuring Exercise.

The Proposed Private Placement shall now constitute part of the
Proposed Restructuring Exercise of TWGB.

THE PROPOSED PRIVATE PLACEMENT

(a) Details

Newco proposes to undertake a private placement of up to
10,058,000 new Newco Shares (Placement Shares) representing
approximately 10% of its enlarged issued and paid-up share
capital of 100,585,081 Newco Shares upon completion of Proposed
Share Exchange, Proposed Debt Settlement and Proposed
Acquisition which form part of the Proposed Restructuring
Exercise. The placees to whom the Placement Shares will be
allotted and issued have not yet been identified at this stage.

(b) Issue price of the Placement Shares

The placement price shall be determined based on a discount of
not more than 10% from the five (5)-day weighted average market
price of Newco Shares immediately preceding the price-fixing
date or at the par value of the Newco Shares, whichever is
higher, provided that the Placement Shares are not placed to
non-independent directors or substantial shareholders of Newco,
or any persons connected with them (collectively referred to as
"Related Parties"). Where the Placement Shares are placed out to
any of the Related Parties, no discount will be applicable.

(c) Ranking of the Placement Shares

The Placement Shares to be issued pursuant to the Proposed
Private Placement shall, upon allotment and issue, rank pari
passu in all respects with the then Newco Shares, except that
they shall not be entitled to any dividends, rights, allotments
and/or any other distributions that may be declared by Newco on
the entitlement date, of which is prior to the date of the
allotment of the Placement Shares.

UTILISATION OF PROCEEDS AND RATIONALE

The Proposed Private Placement is expected to raise gross
proceeds of RM10,058,000, which will be utilized to repay part
of the Newco group's borrowings totaling approximately
RM41,774,000 based on the audited financial statements as at 31
December 2001. The repayment of borrowings up to RM10,058,000
will serve to reduce the gearing level of the Newco group and
interest cost.

FINANCIAL EFFECTS

Share capital

Assuming the Proposed Private Placement is implemented in full,
the enlarged issued and paid-up share capital of Newco would
increase further from RM100,585,081 comprising 100,585,081 Newco
Shares following the issuance of Newco Shares arising from the
Proposed Share Exchange, Proposed Debt Settlement and Proposed
Acquisition to RM110,643,081 comprising 110,643,081 Newco
Shares.

The effect of the Proposed Private Placement on the share
capital of Newco is set out in Table 1 at
http://bankrupt.com/misc/TCRAP_TaiWah0416.doc.

Net tangible asset (NTA)

For illustrative purposes only, on the assumption that the
Placement Shares are issued at a placement price of RM1.00 each,
the proforma effects of the Proposed Private Placement on the
consolidated NTA per share of the Newco group based on the
audited consolidated financial statements as at 31 December 2001
are set out in Table 2 at
http://bankrupt.com/misc/TCRAP_TaiWah0416.doc.

Earnings per share and dividend

The Proposed Private Placement is not expected to have any
material effect on the earnings per share of the Newco group for
the financial year ending 31 December 2003. Meanwhile, the Newco
has yet to deliberate on any dividends to be declared in respect
of the financial year ending 31 December 2003.

Substantial shareholding structure

The effects of the Proposed Private Placement on the substantial
shareholding structure of are as set out in Table 3 at
http://bankrupt.com/misc/TCRAP_TaiWah0416.doc.

APPROVALS REQUIRED

The Proposed Private Placement is conditional upon the approvals
of the following:

   (i) Securities Commission;

   (ii) Ministry of International Trade and Industry;

   (iii) Foreign Investment Committee;

   (iv) Kuala Lumpur Stock Exchange for the listing of and
quotation for the Placement Shares to be issued pursuant to the
Proposed Private Placement;

   (v) shareholders of TWGB at an extraordinary general meeting
to be convened; and

   (vi) any other relevant authorities / parties.
The Proposed Private Placement is conditional upon the Proposed
Share Exchange, Proposed Debt Settlement and Proposed
Acquisition, but not vice-versa.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

In the event the Placement Shares are placed to prospective
investors other than the non-independent Directors or
substantial shareholders or persons connected with the non-
independent Directors or substantial shareholders, none of the
Directors and/or substantial shareholders of Newco and/or
persons connected with the Directors and/or substantial
shareholders of Newco have any interest, direct or indirect, in
the Proposed Private Placement.

DIRECTORS' STATEMENT

The Board, having considered all aspects of the Proposed Private
Placement is of the opinion that the Proposed Private Placement
is in the best interest of the Company.

ADVISER

Alliance, which is the Adviser for the Proposed Restructuring
Exercise of TWGB, has also been appointed as the Adviser for the
Proposed Private Placement.

APPLICATION TO THE AUTHORITIES

The applications to the relevant authorities for the Proposed
Private Placement are expected to be submitted within three (3)
months from the date of this announcement.


TAT SANG: KLSE Rejects RA Time Extension Application
----------------------------------------------------
Tat Sang Holdings Berhad wishes to inform that its application
to the Kuala Lumpur Stock Exchange (the Exchange) on 11 March
2003 pertaining to the extension of time for a period of six
months to make the Requisite Announcement was rejected by the
Exchange on 11 April 2003.

The Company will appeal against the Exchange's decision.


TAT SANG: Serves Securities De-listing Show Cause Notice
--------------------------------------------------------
Tat Sang Holdings Berhad wishes to announce that Kuala Lumpur
Stock Exchange (KLSE) has on 11 April 2003 served a Show Cause
Notice to the Company that provides as follows:

   i. That the Company has been accorded 14 days by the Exchange
to make written representations to the Exchange on why its
securities should not be removed from the official list of the
Exchange;

   ii. In the event the Exchange decides to de-list the Company,
the securities of the Company shall be removed from the Official
List of the Exchange upon the expiry of 14 days from such date
as will be notified by the Exchange; and

   iii. In the event the Exchange decides not to de-list the
Company, other appropriate action/penalty(ies) may be imposed
pursuant to Paragraph 16.17 of the Listing Requirements of the
KLSE.

The Company will make written representations within the
stipulated time frames.


TECHNO ASIA: Submits Monthly Report, SA's Statutory Declaration
---------------------------------------------------------------
Pursuant to PN 4/2001 in relation to paragraph 8.14 of the
Revamped Listing Requirements of the Kuala Lumpur Stock Exchange
(KLSE), Techno Asia Holdings Berhad, being an affected listed
issuer wishes to announce that in compliance with the obligation
imposed under the said practice note, the monthly report for the
month of March 2003 accompanied by the statutory declaration
duly executed by the Special Administrators had been submitted
to the KLSE on 14 April, 2003.


TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad informed that it has on 11 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 7 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 attached at
http://bankrupt.com/misc/TCRAP_Tongkah0416.doc,for information  
on the securities disposed.


TONGKAH HOLDINGS: MITI Conditionally OKs PROPOSED Workout Scheme
----------------------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Tongkah
Holdings Berhad is pleased to announce that the Ministry of
International and Trade Industry (MITI) has via its approval
letter dated 11 April 2003, received on 14 April 2003 approved
the Proposed Restructuring Scheme as proposed subject to the
following conditions:

   (i) approval being obtained from the Foreign Investment
Committee, which was obtained on 30 December 2002;

   (ii) approval being obtained from the Securities Commission,
which was obtained on 29 January 2003;

   (iii) the proposed offer for sale for 12,500,000 ordinary
shares of RM1.00 each in Harbour-Link Group Berhad (HLG) (which
will assumed the listing status of THB), representing
approximately 6.87% of the enlarged share capital of HLG will be
subject to the approval from MITI; and

   (iv) Prime Granite (M) Sdn Bhd, a 51% owned subsidiary of
THB, to surrender its manufacturing license to Malaysia
Industrial and Development Authority.

In addition, THB is required to inform the MITI upon the
completion of the implementation of the Proposed Restructuring
Scheme.


UNIPHOENIX CORP.: Faces Statutory Notice Over Retirement Claims
---------------------------------------------------------------
The Board of Directors of Uniphoenix Corporation Berhad wishes
to announce that it has received a statutory notice pursuant to
Section 218 of the Companies Act, 1965 from Raymond Leong Ah Kat
who has obtained a Judgment against the Company from the Kuala
Lumpur Sessions Court on 29th August 2001.

The total amount claimed by Raymond Leong Ah Kat as stipulated
in his notice dated 14th April 2003 is for the sum of
RM109,963.86 in respect of his claim for retirement benefits.

The statutory notice does not appear to affect the on-going
operation of the Group and to have any further material adverse
financial impact on the Group.


UNITED CHEMICAL: Obtains MITI's Proposed Restructuring Approval
---------------------------------------------------------------
Reference is made to the announcement on 11 March 2003 in
relation to the receipt of approval from the Foreign Investment
Committee for the Proposed Restructuring, involving Proposed UCI
Scheme, Proposed Harta Perak Acquisition, Proposed Majuperak
Scheme, Proposed Transfer of Listing Status, Proposed Public
Issue and Proposed Offer for Sale.

Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of United Chemical Industries Berhad is pleased to
announce that the Company has received the approval of the
Ministry of International Trade and Industry (MITI) for the
Proposed Restructuring, via its letter dated 9 April 2003.

The approval from the MITI is still conditional upon the
approval of the Securities Commission.

Currently, the Proposed Restructuring is however subject to the
following further approvals:

   * the Securities Commission for the Proposed Restructuring;

   * The Kuala Lumpur Stock Exchange for the listing of and
quotation for the new ordinary shares RM1.00 each in Newco and
the Irredeemable Convertible Preference Shares to be issued
pursuant to the Proposed Restructuring;

   * The High Court of Malaya for the Proposed UCI Scheme and
the Proposed Majuperak Scheme;

   * The Economic Planning Unit for the Proposed Harta Perak
Acquisition and the Proposed Majuperak Scheme;

   * Creditors of UCI for the proposed debt restructuring of
UCI, which is part of the Proposed UCI Scheme;

   * Shareholders of UCI for the Proposed Restructuring; and
Shareholders of Majuperak for the Proposed Majuperak Scheme


ZURIAT WATAN: Winding Up Petition Hearing Scheduled on May 8
------------------------------------------------------------
U-Wood Holdings Berhad, in Reply to Query Letter by KLSE
reference ID: NM-030408-37298 on the Advertisement of Notice Of
Winding-Up Petition on Zuriat Watan Sdn Bhd (ZWSB), wishes to
advise that:

   1. The petition was served on ZWSB on 3 April 2003.

   2. The presentation of the petition was made on 21 February
2003.

   3. The claim under the petition were that:

     - ZWSB may be wound-up by the Honourable Court under the
provision of the Companies Act, 1965.

     - an official receiver is appointed as provisional
liquidator of ZWSB.

     - the cost of the petition be taxed and paid out of the
assets of ZWSB.

     - any other relief that the Honourable Court deems fit.

   4. The total cost of investment of U-Wood Holdings Berhad in
ZWSB is RM4.5 million.

   5.The winding-up petition arises out of the debt of
RM1,070,921.13 owing to Erinco Sdn Bhd (Erinco or the
petitioner) for professional fee for services rendered as
consultant for development and infrastructure planning design of
Ladang Felcra, Sungai Choh, Mukim Serendah, Daerah Ulu Selangor
pursuant to a Letter of Appointment dated 12 June 1996. Erinco
had invoked Section 218(1)(e) of the Companies Act, 1965 to
wind-up ZWSB on the ground that ZWSB is unable to pay its debt.

   6. The winding-up petition on ZWSB will not have any
significant financial and operational impact on U-Wood Group
except for the legal cost to be incurred and the cash outlay of
RM1,070,921.13 to settle the outstanding sum since an amicable
settlement has been reached with Erinco.

   7. No additional losses are expected to arise from the
petition apart from that stated under item 6 above.

   8. ZWSB has on 11 April 2003 reached an amicable settlement
with Erinco.

   9. The winding-up petition is scheduled for hearing on 8 May
2003 but on the said date, since an amicable settlement has been
reached with Erinco, the court will be informed that the case
has been resolved and winding-up petition will be withdrawn.


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


ABS-CBN: May Close Down More Loss-Making Units
----------------------------------------------
Beleaguered broadcasting giant ABS-CBN Broadcasting Corp. plans
to further trim its operational cost after having closed six
losing units last year, the Philippine Star reports, citing ABS-
CBN chief finance officer Randolph T. Estrellado. The
broadcasting firm terminated operations of six of its losing
subsidiaries namely ABS-CBN Consumer Products, Shopping Network
Inc., Cinemagica, ABS-CBN Hongkong Club, ABS-CBN Europa Societa
Per Azioni and Pinoy Auctions.

According to Wright Investors Service, at the end of 2001, ABS-
CBN Broadcasting had negative working capital, as current
liabilities were 7.11 billion Philippine Pesos while total
current assets were only 6.33 billion Philippine Pesos.


BENPRES HOLDINGS: Open to Reducing Stake in Maynilad
----------------------------------------------------
Benpres Holdings Corporation may reduce its stake in Maynilad
Water Services Inc. and allow its partner, Ondeo of France, to
acquire the water utility, Dow Jones reports. Even so, Benpres
said talks between Ondeo and the government's Manila Waterworks
and Sewerage System (MWSS), for the French Company to increase
its stake to 51 percent in Maynilad from the current 40 percent
are still "exploratory in nature."

Maynilad, which is 60 percent owned by Benpres, in February
terminated its 25-year concession to operate one of two water
utilities in metropolitan Manila due to what it claims was
MWSS's alleged breach of concession terms. Maynilad and MWSS are
already in arbitration, but Benpres said it was ready to accept
a compromise as long as the water utility's creditors agree.


MANILA ELECTRIC: Clarifies Loan Restructuring Report
----------------------------------------------------
This is in reference to the news article entitled "Meralco eyes
loan restructuring" published in the April 12, 2003 issue of the
Manila Bulletin. The article reported that "With the high court
ruling on the treatment of its income tax payments which lead to
the refund of some P28 billion to its customers, Manila Electric
Company (Meralco) is now seriously considering to pursue
restructuring some of its loans as it already indicated
ineptness to meet such obligations with forecasts that its
financial position may be crippled as a result of the refund
order.

Manila Electric Company, in its letter dated April 14, 2003,
informed that:

"Meralco has undertaken and continue to undertake measures to
enable it to meet its obligations, specifically with the ruling
of the Supreme Court upholding an earlier ERB decision to roll
back rates by 16.7 centavos and to refund to customers amounts
previously collected.

To proactively manage its financing requirements arising from
maturing obligations to creditors and suppliers as well as
operating and working capital needs, the Company is developing a
comprehensive liability management plan (the CLMP) that will
depend on the resolution and/or implementation of key factors
affecting Meralco (i.e., Supreme Court ruling, rate hike
petition, among others). It has engaged BPI Capital Corporation
and Citibank N.A. to act as arrangers of financing facilities to
be identified under the CLMP.

For more information, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1144_MER.pdf


MANILA ELECTRIC: Director Juan Cardenete Resigns
------------------------------------------------
The special meeting of the Board of Directors of Manila Electric
Company (Meralco) held on April 14, 2003, Mr. Juan Luis L.
Cardenete resigned as Director and was replaced by Mr. Emilio
Vicens.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1139_MER.pdf

Standard & Poor's Ratings Services is currently reviewing Manila
Electric Co.'s (Meralco; B-/Negative/--) financial and operating
position, in response to a decision by the Philippines' Supreme
Court to uphold its 2002 ruling that Meralco reduce its tariff
rates by Philippine peso (PhP) 0.17 per kilowatt-hour
retroactively to February 1998 and refund overcharged customers.

    
PHILIPPINE LONG: Implements New Manpower Reduction Program
----------------------------------------------------------
The Philippine Long Distance Telephone Company (PLDT) has began
implementing a new Manpower Reduction Program (MRP) in its
continuing effort to meet the challenges of the fixed line
business.

An enhanced separation package for affected employees has been
approved and incorporated in the MRP that is significantly more
substantial than what the law provides. The MRP is being
implemented under the New Labor Code and all other relevant
labor laws and regulations.

"PLDT regrets having to make this very difficult decision but
must do so due to the overall decline of the fixed line business
brought about by the significant changes in technology,
increasing competition, and shifting market preferences, - not
only in the country but worldwide - that have reshaped the
future of our fixed line business," explained Victorico Vargas,
Senior Vice President for Human Resources of PLDT.

PLDT assures its subscribers and the general public that it
shall maintain efficient operations, and continue to provide the
best possible telecommunications service.

The press release can be accessed at
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1145_TEL.pdf


PHILIPPINE LONG: Labor Union Threatens Strike on Job Cuts  
---------------------------------------------------------
Labor union members at Philippine long Distance Telephone Co.
(PLDT) has threatened to go on strike following the management's
decision to implement a new retrenchment program, BusinessWorld
newspaper and AFX Asia reported Monday, quoting union leader
Francisco Vytingco. The plan may affect at least 1,200 PLDT
employees. Some 500 jobs were cut last year.

He added the retrenchment program was announced immediately
after management displaced 386 workers handling international
and national long-distance calls.


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


CHARTERED SEMICONDUCTOR: 15th Shareholder's AGM Set for May 14
--------------------------------------------------------------
Shareholders are cordially invited to attend and the fifteenth
Annual General Meeting of Chartered Semiconductor Manufacturing
Ltd to be held in Singapore on Wednesday, May 14, 2003 at the
principal offices of the Company located at 60 Woodlands
Industrial Park D, Street 2, Singapore 738406 at 3:00 p.m.
(Singapore time) for the following purposes:

ROUTINE BUSINESS

1) To adopt the Audited Accounts of the Company for the year
ended December 31, 2002, including the reports of the Directors
and the Auditors.

2) To re-elect the following Directors retiring pursuant to:

(a) Article 94 of the Company's Articles of Association and who,
being eligible, offer themselves for re-election:

Mr. James A. Norling Mr. Sum Soon Lim Mr. Robert E. La Blanc

(b) Article 99 of the Company's Articles of Association and who,
being eligible, offers himself for re-election:

Mr. Chia Song Hwee

3) To re-appoint a Director pursuant to Section 153(6) of the
Companies Act, Chapter 50 and for this purpose to consider and,
if thought fit, to pass with or without modifications the
following resolution:

That pursuant to Section 153(6) of the Companies Act, Chapter
50, Mr. Charles E. Thompson be and is hereby re-appointed a
Director of the Company to hold such office from the date of
this Annual General Meeting until the next Annual General
Meeting of the Company.

4) To re-appoint KPMG as the Company's Auditors and to authorize
the Directors to fix their remuneration.

5) To approve Directors' fees of $439,500 for the year ended
December 31, 2002 ($433,252 for the year ended December 31,
2001).

SPECIAL BUSINESS

To consider and, if thought fit, to pass with or without
modifications the following resolutions under proposal 6, each
of which will be proposed as Ordinary Resolutions:

ORDINARY RESOLUTIONS

6)(a) Authority to Allot and Issue Shares Pursuant to Section
161 of the Companies Act, Chapter 50

That pursuant to Section 161 of the Companies Act, Chapter 50,
the Directors be and are hereby authorized to allot and issue
shares in the capital of the Company to any person on such terms
and conditions and with such rights or restrictions as they may
think fit to impose and that such authority shall continue in
force until the conclusion of the next annual general meeting
AGM of the Company or the expiration of the period within which
the next AGM is required by law to be held, whichever is the
earlier.

(b) Authority to Create and Issue Securities and to Allot and
Issue Shares in Connection Therewith Pursuant to Section 161 of
the Companies Act, Chapter.


CHARTERED SEMICONDUCTOR: Issues Proxy Statement for 15th AGM
------------------------------------------------------------
This Proxy Statement is furnished in connection with the
solicitation by the Board of Directors of Chartered
Semiconductor Manufacturing Ltd., a Company incorporated in
Singapore under the Companies Act, Chapter 50 of Singapore (the
"Companies Act, of proxies to be voted at the Company's Annual
General Meeting of Shareholders (the Annual General Meeting) to
be held in Singapore on Wednesday, May 14, 2003 at the principal
offices of the Company located at 60 Woodlands Industrial Park
D, Street 2, Singapore 738406 at 3:00 p.m. (Singapore time), or
any adjournments or postponements thereof, for the purposes set
out in the acCompanying Notice of Annual General Meeting.
Shareholders should read this Proxy Statement carefully prior to
returning their instruments appointing a proxy or proxies.

This Proxy Statement, the accompanying instrument appointing a
proxy or proxies and the Notice of Annual General Meeting and
the Company's 2002 Annual Report to Shareholders (the "Annual
Report were mailed to Shareholders on or about April 14, 2003.

In the Proxy Statement and the Notice of Annual General Meeting,
references to "S$" shall mean Singapore dollars, the legal
currency of Singapore and references to "$" shall mean United
States dollars, the legal currency of the United States. The
Proxy Statement contains translations of certain Singapore
dollar amounts into U.S. dollars as of December 31, 2002, which
was S$1.7429 = $1.00. These translations should not be construed
as a representation that those Singapore dollar or U.S. dollar
amounts could have been, or could be, converted to U.S. dollars
or Singapore dollars, as the case may be, at any particular
rate, the rate stated above, or at all.

IMPORTANT DATE; SHARES OUTSTANDING

The Board has fixed the close of business on March 14, 2003 as
the date for determining those holders of ordinary shares,
S$0.26 par value per share Shareholders who will be entitled to
receive copies of the Notice of Annual General Meeting and this
Proxy Statement and the Annual Report. A Shareholder who is
registered with The Central Depository (Pte) Limited CDP as at
48 hours before the time set for the Annual General Meeting on
May 14, 2003 shall be entitled to vote in person or by proxy at
the Annual General Meeting.

As at February 28, 2003, the Company had 2,497,178,816 ordinary
shares, S$0.26 par value per share (the "Ordinary Shares, issued
and outstanding.

REVOCABILITY OF PROXIES

A proxy given pursuant to this solicitation may be revoked by
the Shareholder giving it at any time not less than 48 hours
before the time set for the Annual General Meeting by the
Shareholder submitting a subsequently dated instrument
appointing a proxy or at the Annual General Meeting prior to the
vote of the resolution by the Shareholder attending the Annual
General Meeting and voting in person.

To be effective, the instrument appointing a proxy or proxies
must be deposited at the registered office of the Company at 60
Woodlands Industrial Park D, Street 2, Singapore 738406 not less
than 48 hours before the time set for the Annual General
Meeting, or any adjournment thereof. A proxy need not be a
Shareholder and Shareholders may appoint any member of the
Board, the Company Secretary or any other person as their proxy.

VOTING AND SOLICITATION

A Shareholder is a person whose name appears in the Depository
Register of CDP in Singapore or in the Company's Register of
Shareholders (Members). A Shareholder whose name appears on the
Depository Register of CDP as at 48 hours before the time set
for the Annual General Meeting on May 14, 2003 shall be entitled
to vote in person or by proxy at the Annual General Meeting. On
a show of hands, every Shareholder present in person or by proxy
shall have one vote and on a poll, every Shareholder present in
person or by proxy shall have one vote for each Ordinary Share
held or represented. A resolution put to the vote of
Shareholders at the Annual General Meeting will be decided on a
show of hands unless a poll is demanded by the Chairman of the
Annual General Meeting or a Shareholder present in person or by
proxy and entitled to vote at the Annual General Meeting.

Ordinary Shares represented by a duly executed instrument
appointing a proxy or proxies that are deposited with the
Company (at least 48 hours before the time set for the Annual
General Meeting) will be voted at the Annual General Meeting in
accordance with Shareholders' instructions contained in the
instrument. In the absence of specific instructions in the
instrument, the proxy or proxies of a Shareholder may vote or
abstain as he or they may think fit. On a show of hands, each of
the resolutions to be proposed under proposals 1, 2, 4, 5 and 6
will be duly passed by the affirmative vote of a simple majority
of Shareholders present in person or by proxy and voting at the
Annual General Meeting. On a poll, each of the resolutions to be
proposed under proposals 1, 2, 4, 5 and 6 will be duly passed by
the affirmative vote of a simple majority of votes cast at the
Annual General Meeting (every Shareholder present in person or
by proxy having one vote for each Ordinary Share held). On a
show of hands, the resolution to be proposed under proposal 3
will be duly passed by the affirmative vote of a majority of not
less than 3/4 of Shareholders present in person or by proxy and
voting at the Annual General Meeting. On a poll, the resolution
to be proposed under proposal 3 will be duly passed by the
affirmative vote of a majority of not less than 3/4 of votes
cast at the Annual General Meeting (every Shareholder present in
person or by proxy having one vote for each Ordinary Share
held).

The entire cost of soliciting proxies will be borne by the
Company.

QUORUM

The required quorum for transaction of business at the Annual
General Meeting is two or more Shareholders holding not less
than 33 1/3 percent of the total issued and fully paid Ordinary
Shares, present in person or by proxy.

SECURITY OWNERSHIP

SHARE OWNERSHIP FOR DIRECTORS AND EXECUTIVE OFFICERS

For information regarding the ownership of our Ordinary Shares
by our Directors and executive officers, please see "Item 6.
Directors, Senior Management and Employees -- Share Ownership
for Directors and Senior Management" set forth in the Form 20-F
for the fiscal year ended December 31, 2002 as filed with the
U.S. Securities and Exchange Commission (the "SEC on March 13,
2003 (the "Form 20-F as filed with the SEC. Our Form 20-F as
filed with the SEC is available over the Internet at the SEC's
website at www.sec.gov.


CHARTERED SEMICON: Shareholders to Vote on Proposals
----------------------------------------------------
Shareholders will be requested to vote on the following
proposals at the Annual General Meeting of Chartered
Semiconductor Manufacturing Ltd.

(1) Adoption of the Audited Accounts of the Company for the year
ended December 31, 2002, including the reports of the Directors
and the Auditors;

(2) Re-election of Directors retiring by rotation and a Director
nominated by the Board to fill a casual vacancy;

(3) Re-appointment of a Director pursuant to Section 153(6) of
the Companies Act;

(4) Re-appointment of independent Auditors and authorization of
the Board to fix their remuneration;

(5) Approval of Directors' fees for services rendered during the
year ended December 31, 2002; and

(6) Authorization for the Board to allot and issue shares and
securities.


HUA KOK: Posts Notice of Shareholder's Interests
------------------------------------------------
Hua Kok International Ltd posted a notice of changes in
substantial shareholder Tan Holdings Pte Ltd.'s interests:

Date of notice to Company: 14 Apr 2003
Date of change of shareholding: 11 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: 80,000
% of issued share capital: 0.027
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: $0.04
No. of shares held before the transaction: 67,199,620
% of issued share capital: 22.882
No. of shares held after the transaction: 67,279,620
% of issued share capital: 22.91

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed  Direct
No. of shares held before the transaction: 0       168,439,620
% of issued share capital:                 0       57.356
No. of shares held after the transaction:  0       168,519,620
% of issued share capital:                 0       57.383
Total shares:                              0       168,519,620

67,279,620 shares are held in the name of Tan Holdings Pte Ltd.

101,240,000 shares are held in the name of Nominees


PRESSCRETE HOLDINGS: Ernst & Young Audits Financial Statements
--------------------------------------------------------------
Ernst & Young Certified Public Accountants have audited the
financial statements of Presscrete Holdings Ltd set out on pages
27 to 52. The financial statements comprise the balance sheets
of the Company and of the Group as at 30 November 2002, the
profit and loss accounts and the statements of changes in equity
of the Company and of the Group and statement of the cash flow
of the Group for the year ended 30 November 2002, and the notes
thereon. These financial statements are the responsibility of
the Company's Directors. Our responsibility is to express an
opinion on these financial statements based on our audit.

E&Y conducted its audit in accordance with Singapore Standards
on Auditing. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by the Directors, as well as
evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our
opinion.

Ernst & Young's Opinion

(a) The financial statements are properly drawn up in accordance
with the provisions of the Companies Act and Singapore
Statements of Accounting Standard and so as to give a true and
fair view of:

(I) The state of affairs of the Company and of the Group as at
30 November 2002, the results and changes in equity of the
Company and of the Group and cash flow of the Group for the year
ended on that date; and

(ii) The other matters required by Section 201 of the Act to be
dealt with in the financial statements and consolidated
financial statements;

(b) The accounting and other records, and the registers required
by the Act to be kept by the Company and by those subsidiary
companies incorporated in Singapore of which we are the auditors
have been properly kept on accordance with the provisions of the
Act.

E&Y have considered the financial statements and auditors'
report of the subsidiary companies of which we have not acted as
auditors, being financial statements included in the
consolidated financial statements. The names of the subsidiary
companies are stated in Note 9 to the financial statements. With
effect from 2 January 2002, the financial statements of Ceramic
Technologies Pte Ltd CT was excluded from the consolidated
financial statements of the Group as the Company no longer has
control over the management of CT upon placing CT under judicial
management.

E&Y are satisfied that the financial statements of the
subsidiary companies that have been consolidated with the
financial statements of the Company are in form and content
appropriate and proper for the purposes of the preparation of
the consolidated financial statements and we have received
satisfactory information and explanations as required by us for
those purposes.

Without qualifying our opinion, we draw attention to Note 13 to
the financial statements. Included in the trade debtors balance
is an amount of RM967,000 (S$449,000) receivable by a subsidiary
Company, Presscrete (M) Sdn Bhd PM, which has been outstanding
for more than three years and the subsidiary Company has taken
legal action against the debtors to recover the amount. The
outcome of the legal action is currently uncertain. The
Directors are confident of recovering the debt and deem the
existing provision as adequate.

The auditors' reports on the financial statements of the
subsidiary companies were not subject to any qualification and
in respect of subsidiary companies incorporated in Singapore did
not include any comment made under Section 207(3) of the Act.
However, the auditors' report on the financial statements of PM
included an emphasis of matter in respect of the uncertainty
described in the preceding paragraph.

The Troubled Company Reporter-Asia Pacific reported that
Presscrete Holdings Limited posted a net loss of S$1.302 million
in the first half of 2002 from 3.254 million a year earlier due
to lower interest charges arising from the deconsolidation of
unit Ceramic Technologies Pte Ltd's debts.


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


SAMART CORPORATION: Reports Warrants Exercise Results
-----------------------------------------------------
Whereas Samart Corporation Public Company Limited had issued
282,960 of warrants to Company's directors and employees of the
Company and its subsidiaries on July 3, 2002.  The exercised
date will be on the last business day of March, June, September
and December from the first exercise date throughout the term of
the Warrants.   The exercise ratio is 1 unit of warrant for 1
ordinary share at the price of Bt15.

The company would like to report the result of the exercise of
warrants for March 31, 2003 as follows:

1.  The number of exercised warrants               - None-
2.  The number of remaining unexercised warrants   275,720 units

Remarks:  The number of remaining unexercised warrants is lower
due to the reduced of employee before the exercise date.

According to Wrights Investors' Service, at the end of 2002, the
company had negative common shareholder's equity of -Bt797.71
million. This means that at the present time, the common
shareholders have essentially no equity in the company.
The company has reported losses during the previous 12 months
and has not paid any dividends during the previous 6 fiscal
years.


SAHAVIRIYA RIVERSIDE: Files Business Reorganization Petition
------------------------------------------------------------
The Petition for Business Reorganization of Sahaviriya Riverside
Garden Company Limited (DEBTOR), engaged in real estate
business, was filed to the Central Bankruptcy Court:

   Black Case Number 1727/2545

   Red Case Number- /2545

Petitioner: TIME CONSTRUCTION COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 2,879,591,194.24 Baht

Date of Court Acceptance of the Petition :October 8, 2002

Date of Examining the Petition: November 4, 2002 at 13.30 P.M.

Court has postponed the Date of Examining the Petition to
December 13, 2002

Court had issued an Order Cancelled the Order for Business
Reorganization since December 16, 2002

Contact : Ms. Piyanant Tel, 6792525 ext 114


THAI MILITARY: Clarifies Strategic Partner's Capital Increase
-------------------------------------------------------------
Thai Military Bank Public Company Limited, due to various
reports by local and international newspapers and medias on
capital increase of its business partner, The Australia and New
Zealand Bank), clarified as follow:

1. The bank is currently in the early stages of talking with
the ANZ on purchase of some stake of the bank and to
become its strategic partner.
2. Detail on terms, conditions, stake to be sold and pricing
as well as instruments are not finalized yet.

The bank is in the process of negotiation on the final terms and
conditions.  The bank will immediately inform the Stock Exchange
of Thailand when the terms and conditions are concluded.


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

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

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

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

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

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