TCRAP_Public/030430.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 30 2003, Vol. 6, No. 84

                         Headlines


A U S T R A L I A

ANALYTICA LIMITED: Plans Further Fund-Raising This Year
ANALYTICA LIMITED: Posts Quarterly Report on Commitments Basis
FORTLAND HOTEL: ASX Lifts Trading Suspension
MAYNE GROUP: Recalls Pan Pharmaceuticals Manufactured Products
POWERLAN LIMITED: Expects Negative Cashflow Despite Q1 Progress

POWERLAN LIMITED: Releases Test Entity Quarterly Report
QUIKTRAK NETWORKS: Announces Top 20 Share, Option Holders
QUIKTRAK NETWORKS: May 29 AGM Set
STRAITS RESOURCES: Discloses Top 20 Shareholders
UECOMM LIMITED: Finalizes Perth Network Sale


C H I N A   &   H O N G  K O N G

ASIA RESOURCES: Placement, 2nd Subscription Agreements Completed
CCT TELECOM: Narrows 2002 Operations Loss to HK$201M
FIRST DRAGONCOM: 2002 Net Loss Swells to HK$94.756M
FU LUNG: Hearing of Winding Up Petition Set
HAPPY EASTERN: Winding Up Hearing Scheduled in May

LAI SUN: Repurchases US$9.90M Exchangeable Bonds From HSBC
NAM FONG: Board Meeting Postponed
REGAL INT'L: Increases 2002 Net Loss to HK$765M


I N D O N E S I A

ASTRA AGRO: QI03 CPO Export Volume Jumps to 31,930 Tons
BARITO PACIFIC: Ratings Withdrawn Due to Insufficient Data


J A P A N

COSMO OIL: JCR Assigns Preliminary BBB+ Rating
HITACHI LIMITED: Unveils Consolidated Financial Results For 2002
OKI ELECTRIC: Narrows Net Loss to Y6.56B
MATSUSHITA ELECTRIC: Changing Board of Directors and Auditors
MITSUBISHI ELECTRIC: Discloses 2003 Financial Results

MATSUSHITA ELECTRIC: Unveils 2003 Results, Turns to Recovery
WAKODENKI CO.: Resona's Y16.3B Loans May Be Gone


K O R E A

HYNIX SEMICON: Says EC Decision Ignores Real Facts
JINRO CO.: 72 Creditors Against Court Receivership
SK GLOBAL: Bailout Plan Reaches Deadlock
SK GLOBAL: LG Elec Resumes Handset Supplies


M A L A Y S I A

AYER HITAM: Deregisters Dormant Hong Kong Subsidiary
EKRAN BERHAD: Provides Defaulted Credit Facilities Status Update
EPE POWER: 31st AGM Scheduled May 22
FURQAN BUSINESS: Extends Definitive Agreement Execution Date
KELANAMAS INDUSTRIES: Court Adjourns Case Hearing on May 22

KEMAYAN CORPORATION: Non-Exec Director Mohamed Bin Ali Resigns
MALAYSIAN GENERAL: Audit Committee Member Latiff Resigns
MGR CORPORATION: Issues CBHB Prospectus; Secures New Project
OCEAN CAPITAL: Restructuring Scheme Plan Finalized
PASARAYA HIONG: RAM Places CP/MTN on Rating Watch

PICA (M) CORPORATION: Submits RA Time Extension Application
PROMET BERHAD: Extends Proposed Scheme Application Submission
RAHMAN HYDRAULIC: Faces Retrenchment Benefits, Salary Claim
SASHIP HOLDINGS: Special Administrators Appointed
SATERAS RESOURCES: Definitive Agreement Execution Extended

SILVERSTONE CORPORATION: Chinese CFTEC Approves Proposals
TIMBERMASTER INDUSTRIES: Audit Committee Extends Deadline
TONGKAH HOLDINGS: Disposes of Quoted Securities


P H I L I P P I N E S

H-FACTOR: SEC Permanently Shuts Down Operations
MANILA ELECTRIC: ERC May Advise on Refund Issue
MANILA ELECTRIC: Unveils Comprehensive Liability Management Plan


S I N G A P O R E

CHARTERED SEMICON: Appoints Meyer as VP of Worldwide Marketing
NEPTUNE ORIENT: Malaysia Shipping Close to Buying Unit
PAN-UNITED: Enters Voluntary Liquidation
WEE POH: Issues Best Effort Debt Conversion Update
WEE POH: Update on W&P Piling Pte


T H A I L A N D

COUNTRY (THAILAND): Issues 645,109,726 Shares
COUNTRY (THAILAND): Posts New Major Shareholders
MEDIA OF MEDIAS: Decreases Registered Capital to Bt548.295M
PREECHA GROUP: Omits Dividend Payment, Director's Bonus
RAIMON LAND: Invests 98,000Ordinary Shares in Planner

     -  -  -  -  -  -  -  -

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


ANALYTICA LIMITED: Plans Further-Fund Raising This Year
-------------------------------------------------------
In the third financial quarter of this financial year Analytica
Limited's performance was in line with expectations. Sales of
our diagnostic products were equal to sales in the same quarter
of the previous year. The first two new products developed by
our internal R&D department are currently under review by the
pathology labs. Another three new products are expected to be
launched before the end of this financial year.

Most of the legal work on winding up the sPLA2 R&D syndicate has
been completed and the whole process is expected to be finalized
before the end of this financial year, resulting in all
Intellectual Property reverting to the Company.

The cash flow report shows that receipts from customers for the
third quarter was slightly behind the previous two quarters.
This is primarily due to the timing of international orders
being dispatched. The operating cash outflow for the quarter was
$119,000 and is primarily due to the lower receipts from
customers and its investment in R&D.

At the end of the quarter Analytica had $206,000 in cash. In
addition Analytica can access $211,000 under the "come and go"
facility with Psiron. The Company has a policy to make early
repayments under this facility once funds are available in order
to keep interest cost down. The Company also still has to
receive $394,000 from its 2002 rights issue. Under the terms of
the underwriting agreement the underwriter has until the end of
May 2003 to pay for its shares. This brings the total available
cash at the end of March 2003 to $811,000.

The Company is currently working on various strategies to
accelerate its growth as a way to address its cash outflow. In
addition the Company is working on alternatives for further fund
raisings this year.

CONTACT INFORMATION: Ron van der Pluijm
        Managing Director
        Telephone: (02) 9659 8652


ANALYTICA LIMITED: Posts Quarterly Report on Commitments Basis
--------------------------------------------------------------
Analytica Limited posted its quarter ended March 31, 2003
report:

               QUARTERLY REPORT FOR ENTITIES
                  ON BASIS OF COMMITMENTS

Name of entity
Analytica Limited

ABN                        Quarter ended (current quarter)
12 006 464 866                31/03/2003

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows related to                    Current   Year to date
operating activities                     Quarter   (9 months)
                                         AUD'000      AUD'000

1.1  Receipts from customers               244          888
1.2  Payments for
       (a) staff costs                     (85)        (245)
       (b) advertising & marketing         -          (3)
       (c) research & development          (25)        (115)
       (d) leased assets                   -            -
       (e) other working capital           (230)        (777)
1.3  Dividends received                    -            -
1.4  Interest and other items of
     a similar nature received             1            4
1.5  Interest and other costs of
     finance paid                          (23)         (75)
1.6  Income taxes paid                     -            -
1.7  Other (provide details if material)   -        (200)

1.8  Net Operating Cash Flows              (119)        (524)

Cash flows related to investing activities
1.9  Payment for acquisition of:
       (a) businesses (item 5)             -            -
       (b) equity investments              -            -
       (c) intellectual property           -            -
       (d) physical non-current assets     (3)         (11)
       (e) other non-current assets        -            -
1.10 Proceeds from disposal of:
1.11        (a) businesses                -            -
       (b) equity investments              -            -
       (c) intellectual property           -            -
       (d) physical non-current assets     -            -
       (e) other non-current assets        -            -
1.11 Loans to other entities               -            -
1.12 Loans repaid by other entities        -            -
1.13 Other (provide details if material)   -            -

     Net investing cash flows              (3)         (11)

1.14 Total operating and
     investing cash flows                  (122)        (535)

Cash flows related to financing activities
1.15 Proceeds from issues of
     shares, options, etc.                 90          955
1.16 Proceeds from sale of
     forfeited shares                      -            -
1.17 Proceeds from borrowings              -            -
1.18 Repayment of borrowings               37        (175)
1.19 Dividends paid                        -            -
1.20 Other (provide details if material)   -         (44)

     Net financing cash flows              127          736

     Net increase (decrease) in cash held  5          201

1.21 Cash at beginning of quarter/
     year to date                          201            5

1.22 Exchange rate adjustments to item 1.20 -            -

1.23 Cash at end of quarter                 206          206

PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE
RELATED ENTITIES
                                        Current Quarter
                                        AUD'000

1.24 Aggregate amount of payments to
     the parties included in item 1.2      46

1.25 Aggregate amount of loans to the
     parties included in item 1.11         -

1.26 Explanation necessary for an understanding
     of the transactions                   -

NON-CASH FINANCING AND INVESTING ACTIVITIES

2.1  Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities but
did not involve cash flows   -

2.2  Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest  -

FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.
(See AASB 1026 paragraph 12.2)

                                          Amount       Amount
                                        available       used
                                          AUD'000      AUD'000

3.1  Loan facilities                      211        1,389
3.2  Credit standby arrangements          -            -

RECONCILIATION OF CASH

Reconciliation of cash at the end       Current     Previous
of the quarter (as shown in the         quarter      quarter
consolidated statement of cash flows)   AUD'000      AUD'000
to the related items in the accounts
is as follows.

4.1  Cash on hand and at bank           206          201
4.2  Deposits at call                   -            -
4.3  Bank overdraft                     -            -
4.4  Other (provide details)            -            -

Total: cash at end of quarter (item 1.22)  206       201

ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES

                               Acquisitions        Disposals
                               (item 1.9(a))      (Item 1.10(a))

5.1 Name of entity               N/A               N/A

5.2 Place of incorporation
    or registration              -                 -

5.3 Consideration for
    acquisition or disposal      -                 -

5.4 Total net assets             -                 -

5.5 Nature of business           -                 -

COMPLIANCE STATEMENT

1. This statement has been prepared under accounting policies,
which comply with accounting standards as defined in the
Corporations Act (except to the extent that information is not
required because of note 2) or other standards acceptable to
ASX.

2. This statement does give a true and fair view of the matters
disclosed.

On February, the Troubled Company Reporter - Asia Pacific
reported the Company will be in a position to repay the
administrator the final repayment of $200,000 on 9 August 2003.
The Company is also currently working on alternatives for
further fund raising this year.


FORTLAND HOTEL: ASX Lifts Trading Suspension
--------------------------------------------
The suspension of trading in the securities of Fortland Hotel
Property Trust (the Trust) will be lifted from the commencement
of trading on Tuesday, 29 April 2003, following receipt of the
Trust's Half Yearly Report and Half Year Accounts for the period
ending 31 December 2002.

To see a full copy of the Company's Half Yearly Report and Half
Year Accounts, go to http://bankrupt.com/misc/TCRAP_FHT0430a.pdf
and http://bankrupt.com/misc/TCRAP_FHT0430b.pdf,respectively.


MAYNE GROUP: Recalls Pan Pharmaceuticals Manufactured Products
--------------------------------------------------------------
The Therapeutic Goods Administration (TGA) advised Mayne Group
Limited on Monday April 28 2003 of its decision to suspend the
license held by Sydney based Pan Pharmaceuticals Limited (Pan)
to manufacture medicines in Australia.

The TGA has ordered an urgent recall of the 219 products that
Pan manufactures and supplies directly to the Australian market,
with a potential for a further recall extending to products that
Pan has contract manufactured for other companies.

To ensure the integrity of Mayne's consumer products in the
market place and the safety of consumers, the company has on
Tuesday instituted a voluntary recall of all its products
manufactured by Pan.

Mayne manufactures the majority of its products in its own
modern TGA certified facility in Brisbane and is progressively
increasing the number of products made at that location. Like
many companies in the industry Mayne outsources manufacturing to
access specialized industry resource. Mayne has approximately
one third of its nutraceutical products manufactured by Pan and
is one of a number of companies who will be affected by the
recall. In addition Mayne has begun sourcing new TGA certified
suppliers for products previously manufactured by Pan.

Mayne expects that as a result of this action the company will
incur costs associated with undertaking the recall, including
the write-off of existing stock. The total costs associated with
this are still being determined and are expected to be treated
as a significant item affecting the 2003 financial results. A
financial impact of approximately $15-20 million is likely.

CONTACT INFORMATION: Rob Tassie
        Telephone: 03 9868 0886
        Mobile: 0411 126 455


POWERLAN LIMITED: Expects Negative Cashflow Despite Q1 Progress
---------------------------------------------------------------
Software developer and vendor Powerlan Limited continues to make
progress following its business restructure conducted over
the last 18 months, including deriving positive outcomes from
the cost reduction measures introduced by the Directors.

"Our revenues have remained constant and we have continued to
focus strongly on cost controls, resulting in a positive net
operating cash flow for the month of March of $389,000," said
Theo Baker, Managing Director of Powerlan Limited.

"Although we will continue to review and further refine our cost
structure, our focus has now turned to improving the revenue
model in each of our businesses," Mr Baker said. "Currently our
revenue models are distorted by the receipt of irregular large
annual license fees and project milestone payments. We are
looking at ways of balancing these revenue streams."

Despite the positive cash flow in March Powerlan still predicts
it will face negative cash flows from time-to-time as the
company continues to address legacy issues relating to its
revenue model and debt payments.

About Powerlan

Sydney-based Powerlan Limited is an Australian software vendor,
developing and implementing vertical solutions for enterprises
both locally and internationally. It also provides managed
network and security services.

Its businesses comprise: Garradin which offers a suite of
software products aimed at investment managers; Clarity which
offers carrier-grade Operational Support Systems and Network
Management Systems; IMX which offers international monetary
systems focused on travel money and foreign exchange; Office
Converter which enables large businesses to cheaply, quickly and
automatically scan and convert Microsoft Office files which
contain Visual Basic code; and Zento, a provider of managed
services in the IT security and communications areas.

Each of the Powerlan businesses provides a range of
complementary specialist implementation and maintenance services
such as consulting, business analysis, project management and
software engineering. Powerlans diverse customer base includes
high profile organizations from Australia and overseas such as
Macquarie Bank, Reliance Infocom (India), Sri Lanka Telecom,
Perpetual Trustees, American Express (globally), Commerze Bank
(Germany), Philippines Long Distance Telephone company, Optus,
and MyTravel (a major UK-based travel services provider).

CONTACT INFORMATION:  Theo Baker
        MANAGING DIRECTOR
        Phone: +612 9925 4602
        E-mail: tbaker@powerlan.com.au
        Website: www.powerlan.com.au


POWERLAN LIMITED: Releases Test Entity Quarterly Report
-------------------------------------------------------
Powerlan Limited posted its Appendix 4C, showing reductions in
staff, leased premises, leased assets and travel expenses for
the month of March.

                        APPENDIX 4C
               QUARTERLY REPORT FOR ENTITIES
                  ON BASIS OF COMMITMENTS

Name of entity
Powerlan Limited

ABN                        Quarter & Month Ended
87 057 345 785                31/03/2003

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows related to        Current     Current   Year to date
operating activities         Month       Quarter   (9  months)
                             AUD'000      AUD'000    AUD'000

1.1  Receipts from customers      3,175      10,549       50,333
1.2  Payments for
       (a) staff costs            (2,091)      (9,483)  (34,520)
       (b) advertising & marketing   -              -      (374)
       (c) research & development    -           (28)      (967)
       (d) leased assets           (40)         (140)      (586)
       (e) other working capital   (222)      (2,797)   (14,010)
       (f) rent                    (107)         (606)   (2,451)
       (g) professional fees       (203)         (631)   (1,578)
       (h) travel & accommodation   (65)        (440)    (1,259)
1.3  Dividends received              -             -          -
1.4  Interest and other items of
     a similar nature received       -              1        66
1.5  Interest and other costs of
     finance paid                    -               -     (788)
1.6  Income taxes paid               -             243       364
1.7  Other                           -           (413)   (1,867)

1.8  Net Operating Cash Flows      389         (3,743)   (7,635)

Cash flows related to investing activities
1.9  Payment for acquisition of:
       (a) businesses (item 5)         -              -  (5,000)
       (b) equity investments          -              -      -
       (c) intellectual property       -              -      -
       (d) physical non-current assets -              -      -
       (e) other non-current assets    -              -      -
1.10  Proceeds from disposal of:
       (a) businesses                -            1,074    7,682
       (b) equity investments        -                -    2,565
       (c) intellectual property     -                -      -
       (d) physical non-current assets   -            -      -
       (e) other non-current assets      -            -      41
1.11 Loans to other entities             -            -      -
1.12 Loans repaid by other entities      -            -      -
1.13 Other (provide details if material) -            -      -

     Net investing cash flows          -          1,074    5,288

1.14 Total operating and
     investing cash flows            389        (2,670)  (2,347)

Cash flows related to financing activities
1.15 Proceeds from issues of
     shares, options, etc.           -              -       -
1.16 Proceeds from sale of           -
     forfeited shares                                -      -
1.17 Proceeds from borrowings     1,070          3,347    4,337
1.18 Repayment of borrowings       -                 -  (10,945)
1.19 Dividends paid                -                 -      -
1.20 Other                         -             (615)     (615)

Net financing cash flows          1,070          2,732   (7,223)

Net increase (decrease) in cash held 1,459          62   (9,570)

1.21 Cash at beginning of quarter/
     year to date                    639        2,036    11,668

1.22 Exchange rate adjustments
     to item 1.20                     -              -      -

1.23 Cash at end of quarter        2,098         2,098    2,098

PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE
RELATED ENTITIES

                                Current month Current Quarter
                                  AUD'000      AUD'000

1.24 Aggregate amount of payments to
     the parties included in item 1.2        45             134

1.25 Aggregate amount of loans to the
     parties included in item 1.11            -               -

1.26 Explanation necessary for an understanding
     of the transactions

DIRECTORS INCLUDED IN 1.24       BREAKDOWN        BREAKDOWN
Theo Baker                       $13,616          $40,847
tom Matic                        $17,287          $51,862
Anthony Kalcina                  $13,846          $41,538

NON-CASH FINANCING AND INVESTING ACTIVITIES

2.1  Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities but
did not involve cash flows  N/A

2.2  Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest  N/A

FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.
(See AASB 1026 paragraph 12.2)
                                           Amount       Amount
                                          available       used
                                           AUD'000      AUD'000

3.1  Loan facilities                        -            -
3.2  Credit standby arrangements            202        3,347

RECONCILIATION OF CASH

Reconciliation of cash at the end   Previous Current    Previous
of the quarter (as shown in the        (month) quarter  quarter
consolidated statement of cash flows)  AUD'000  AUD'000 AUD'000
to the related items in the accounts
is as follows.

4.1  Cash on hand and at bank             617    2,076    2,003
4.2  Deposits at call                       -    -         -
4.3  Bank overdraft                         -    -         -
4.4  Other (provide details)               22    22        33

Total: cash at end of quarter (item 1.22)  639   2,098   2,036

ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES

                            Acquisitions        Disposals (qtr)
                            (item 1.9(a))      (Item 1.10(a))

5.1 Name of entity               -                 -

5.2 Place of incorporation
    or registration              -                 -

5.3 Consideration for
    acquisition or disposal      -                         1,074

5.4 Total net assets             -                 -         564

5.5 Nature of business           -                 -

COMPLIANCE STATEMENT

1. This statement has been prepared under accounting policies
which comply with accounting standards as defined in the
Corporations Act (except to the extent that information is not
required because of note 2) or other standards acceptable to
ASX.

2. This statement does give a true and fair view of the matters
disclosed.

According to Wrights Investors' Service, at the end of 2002,
Powerlan Ltd had negative working capital, as current
liabilities were A$106.24 million while total current assets
were only A$61.38 million. The company also reported losses
during the previous 12 months and has not paid any dividends
during the previous 4 fiscal years.


QUIKTRAK NETWORKS: Announces Top 20 Share, Option Holders
---------------------------------------------------------
Quiktrak Networks Limited posted this notice:

DISTRIBUTION OF SECURITIES AS AT 20/03/2003

     RANGE OF HOLDINGS       NO OF         NO OF
                          SHAREHOLDERS  OPTIONHOLDERS

           1 -   1,000          981          299
       1,001 -   5,000        2,768        1,246
       5,001 -  10,000        2,728          714
      10,001 - 100,000        5,596        1,397
     100,001  and over          885          339

                 TOTAL       12,958        3,995

TOP TWENTY SHAREHOLDERS AND OPTIONHOLDERS APPEARING ON THE
REGISTERS:

AS AT 20/03/2003

SHAREHOLDER'S NAME                      NO OF          % OF
                                      SHARES HELD   CAPITAL HELD

INVESTIKA LTD                        246,599,518       21.43
DAMELIAN AUTOMOBILE LTD              185,006,142       16.08
WESTPAC CUSTODIAN NOMINEES            91,567,160        7.96
GOOD HOPE FINANCE &
INVESTMENT PTY LTD                    34,079,204        2.96
J P MORGAN NOMINEES AUSTRALIA         27,618,526        2.40
MARDASA NOMINEES PTY LTD              16,469,739        1.43
ANZ NOMINEES LIMITED                  16,388,198        1.42
NATIONAL NOMINEES LIMITED             13,695,205        1.19
DR JOHN CAPP PTY LIMITED               9,200,000        0.80
LINK TRADERS (AUST) PTY LTD            4,184,000        0.36
MCCORNISH, BRUCE SINCLAIR              3,497,346        0.30
CORLEY, DAVID                          2,800,000        0.24
ALLEN, DIANNE                          2,800,000        0.24
PARRITT, ANDREW WILLIAM                2,573,664        0.22
SCIENTIFIC GENERICS LTD                2,500,000        0.22
REYNOLDS (NOMINEES) PTY LIMITED        2,426,404        0.21
SMEDLEY, PETER JOHN                    2,219,627        0.19
KAYE DAMELIAN PTY LTD                  2,200,000        0.19
SIMIKIC, RISTO                         2,026,740        0.18
BARRETURN PTY LIMITED                  2,000,000        0.17

Total Top 20                         669,851,473       58.19


OPTIONHOLDER'S NAME                      NO OF          % OF
                                    OPTIONS HELD    OPTIONS HELD

INVESTIKA LTD                        145,166,666       22.98
INVESTMENT & EQUITIES PTY LTD        100,000,000       15.83\
WESTPAC CUSTODIAN NOMINEES LTD        56,326,637        8.92
HEBFAR INVESTMENTS PTY LTD            20,000,000        3.17
MAJESTIC TRAVEL PTY LTD               19,699,910        3.12
J P MORGAN NOMINEES AUSTRALIA         14,165,039        2.24
DR JOHN CAPP PTY LIMITED              13,500,000        2.14
MARDASA NOMINEES PTY LTD              10,984,035        1.74
DE JOHANNES, PETRUS JOZEF              7,986,580        1.26
VAGG INVESTMENT PTY LTD                6,405,917        1.01
IMPIOMBATO, VINCE                      6,083,000        0.96
REEF SECURITIES LIMITED                5,000,000        0.79
NATIONAL NOMINEES LIMITED              4,890,098        0.77
AMOR, KEITH JOHN                       4,000,000        0.63
THE PRICING SOLUTIONS GROUP            3,821,633        0.60
ARCHFIELD PTY LTD                      3,501,000        0.55
ANZ NOMINEES LIMITED                   3,457,280        0.55
ANASTASAKIS, ALEX JOHN                 3,000,000        0.47
LINK TRADERS (AUST) PTY LTD            2,984,000        0.47
IMPIOMBATO, VINCE                      2,795,000        0.44

Total Top 20                         433,766,795       68.64

Wrights Investors' Service reports that at the end of 2002, the
Company had negative working capital, as current liabilities
were A$57.88 million while total current assets were only
A$55.48 million. It has paid no dividends  during the last 12
months and company also reported losses during the previous 12
months.


QUIKTRAK NETWORKS: May 29 AGM Set
---------------------------------
Notice is hereby given that the Annual General Meeting of
shareholders of QuikTrak Networks Ltd will be held at Level 6,
15 Young Street, Sydney, on 29 May 2003 at 10:00am for the
purpose of conducting the business of the Meeting.

BUSINESS OF THE MEETING

1) To receive and consider the statements of financial
performance, statements of financial position, statements of
cash flows and the reports of the Directors and Auditors for the
twelve months ended 31 December 2002.

ORDINARY RESOLUTIONS

2) To elect a Director, Mr B J McGeorge retires in accordance
with the Company's Constitution and, being eligible, offers
himself for re-election.

3) To elect a Director, Mr J A Landels retires in accordance
with the Company's Constitution and being eligible, offers
himself for re-election.


STRAITS RESOURCES: Discloses Top 20 Shareholders
------------------------------------------------
Straits Resources Limited posted this notice:

SHAREHOLDER INFORMATION AS AT 25 MARCH 2003
DISTRIBUTION OF HOLDERS

               FULLY PAID   CONVERTIBLE  'A' CLASS   EXECUTIVE/
               ORDINARY     NOTES        OPTIONS     EMPLOYEE
                SHARES                                OPTIONS

      1 -   1,000       95           32          -             -
  1,001 -   5,000      532           98          -             -
  5,001 -  10,000      260           58          -             -
10,001 - 100,000      378          137          -            30
100,001 and over        56           26          3             6
                     1,321          351          3            36

TOP TWENTY HOLDERS
FULLY PAID ORDINARY SHARES
NAME                                          NUMBER      %

1. Bow Lane Nominees Pty Ltd                  24,590,236  29.51
2. D Ketting Harlemmermeer BV                  8,471,253  10.17
3. Sebuku Investments Limited                  6,888,097   8.27
4. Citicorp Nominees Pty Limited
                  6,136,350   7.36
5. HSBC Custody Nominees (Australia) Limited   3,581,617   4.30
6. Mr Chui Chat Ong                            2,366,884   2.84
7. Mr Gerald Alain Denis Keet                  1,446,352   1.74
8. Mr Alvin David Toms                         1,446,352   1.74
9. WMC Resources Ltd                           1,314,542   1.58
10. Redsummer Pty Ltd                           1,160,130   1.39
11. D Ketting Beheer BV                         1,023,007   1.23
12. National Nominees Limited                     968,063   1.16
13. Mr Alvin David Toms                           800,000   0.96
14. Grosvenor International Ltd   644,199   0.77
15. Bethania Trading Co Pty Ltd   424,554   0.51
16. Mr A H Low Lim                                415,000   0.50
17. Porthide Pty Ltd         375,000   0.45
18. SRH Resources Pty Limited
                                                  361,650   0.43
19. Mr Saleh Basrah                               338,033   0.41
20. Ms Frith Jodie Metford                        319,466   0.38
                                               63,070,785  75.70

CONVERTIBLE NOTES
NAME                                              NUMBER      %

1. Bow Lane Nominees Pty Ltd                   6,945,612  19.48
2. WMC Resources Ltd                           6,572,709  18.44
3. Mr Alvin David Toms                         4,000,000  11.22
4. Citicorp Nominees Pty Limited
                  3,513,607   9.86
5. Mr Alvin David Toms                         1,555,555   4.36
6. HSBC Custody Nominees (Australia) Limited   1,376,313   3.86
7. Geared Investments Pty Ltd                  1,021,425   2.87
8. Redsummer Pty Ltd                             897,000   2.52
9. Grosvenor International Ltd   591,809   1.66
10. Mr Robert Euan Macmillan &
    Mrs Ruth Durelle Macmillan         510,000   1.43
11. PS Consulting Pty Ltd                         500,000   1.40
12. Mrs Brenda Sanderson                          250,000   0.70
13. Mr Ian Sanderson                              250,000   0.70
14. Geared Investments Pty Ltd    248,956   0.70
15. PS Consulting Pty Limited
                     233,000   0.65
16. First Homes Australia Pty Ltd 215,000   0.60
17. Mr Andrew Ross McLean                         170,000   0.48
18. Mr Davis Colin Archibald                      126,500   0.35
19. Mr Maurice Loomes     118,012   0.33
20. Travel Creations Pty Ltd       118,000   0.33
                                               29,213,498  81.94

According to Wrights Investors' Service, at the end of 2001,
Straits Resources had negative working capital, as current
liabilities were A$79.83 million while total current assets were
only A$74.26 million. The company has paid no dividends during
the last 12 months and has not paid any dividends during the
previous 2 fiscal years.


UECOMM LIMITED: Finalizes Perth Network Sale
--------------------------------------------
Uecomm Limited announced Tuesday that the sale of its Perth
network to Western Power is now complete. The terms of the deal,
as announced in December 2002, remain unchanged. Uecomm has
received a payment of $2.85 million with deferred payments to be
received over the next 36 months.

Uecomm retains ownership of the switching equipment, has the
right to use capacity on the network and has the exclusive right
to market and sell telecommunication services to the corporate,
government and wholesale markets in Perth.

Uecomm Chief Executive Officer, Mr Peter McGrath, said that
Uecomm was pleased with the outcome and looked forward to
working with Western Power to increase the provision of fibre
broadband data services to its growing customer base in Perth.

CONTACT INFORMATION: Katrina Walker
        MARKETING COMMUNICATIONS MANAGER
        Phone: 03 9221 4167 or 0416 333 200
        E-mail: kwalker@uecomm.com.au


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


ASIA RESOURCES: Placement, 2nd Subscription Agreements Completed
---------------------------------------------------------------
Reference is made to the joint announcements made by Asia
Resources Holdings Limited and Guardwell Investments Limited
(the Investor) dated 21st February, 2003, 14th March, 2003, 7th
April, 2003, 14th April, 2003 and 23rd April, 2003 in relation
to the Subscription & Option Agreement.

The board of Directors wishes to announce that the placing under
the Placing Agreement was completed on 25th April, 2003 and an
aggregate of 248,000,000 New Shares were issued to six placees,
who are independent of and not connected and not a party acting
in concert with the Investor and the Company and their
respective directors, substantial shareholders and chief
executives and their respective subsidiaries and Associates.

On the same date, all conditions precedent of the Second
Subscription under the Subscription & Option Agreement have been
fulfilled and that the Second Subscription was completed on 25th
April, 2003 and an aggregate of 252,000,000 New Shares were
issued to the Investor.

After completion of the Second Subscription, the Investor was
interested in 652,000,000 New Shares, representing about 62.91%
of the issued share capital of the Company as enlarged by the
New Shares under the Second Subscription. The public
shareholding of the Company was restored to about 33.65%
comprising the placees and the existing public shareholders
after completion of the Second Subscription.

Wrights Investors Service reports that at the end of 2002, Asia
Resources had negative working capital, as current liabilities
were HK$55.67 million while total current assets were only
HK$29.05 million.  It has reported losses during the previous 12
months and has not paid any dividends during the previous 2
fiscal years.


CCT TELECOM: Narrows 2002 Operations Loss to HK$201M
----------------------------------------------------
CCT Telecom Holdings Limited posted a summary of its results
financial report for the year-end date December 31, 2002:

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  ('Million)   ('Million)
Turnover                           : 3,130              3,106
Profit/(Loss) from Operations      : (201)              (630)
Finance cost                       : (27)               (36)
Share of Profit/(Loss) of
  Associates                       : (33)               (9)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 5                  9
Profit/(Loss) after Tax & MI       : (257)              (685)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.61)             (1.67)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (257)              (685)
Final Dividend                     : $0.02              NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : 14/05/2003 to 19/05/2003bdi
Payable Date                       : 16/6/2003
B/C Dates for Annual
  General Meeting                  : 14/05/2003 to 19/05/2003bdi
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

(1) LOSS PER SHARE

The calculation of basic loss per share is based on the net loss
attributable to shareholders for the year of approximately
HK$257 million (2001: loss of HK$685 million), and the weighted
average number of 422,105,230 (2001: 409,734,112) ordinary
shares in issue during the year.

The diluted loss per share for the years ended 31 December 2002
and 31 December 2001 are not shown as the potential ordinary
shares outstanding as at 31 December 2002 had no dilution effect
on the basic loss per share and the impact of the potential
ordinary shares is anti-dilutive for the year ended 31 December
2001.


FIRST DRAGONCOM: 2002 Net Loss Swells to HK$94.756M
---------------------------------------------------
First Dragoncom Agro-Strategy Holdings Ltd. released its
financial statement summary for the year-end date December 31,
2002:

Currency: HKD
Auditors' Report: Unqualified
                                               (Audited)
                             (Audited)          Last
                             Current            Corresponding
                             Period             Period
                             from 01/01/2002    from 01/01/2001
                             to 31/12/2002      to 31/12/2001
                             Note  ('000)       ('000)
Turnover                           : 54,768             139,341
Profit/(Loss) from Operations      : (88,600)           (40,452)
Finance cost                       : (2,366)            (2,610)
Share of Profit/(Loss) of
  Associates                       : (760)              (3,752)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (94,756)           (54,432)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0661)           (0.0446)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (94,756)           (54,432)
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

The final results have been prepared in accordance with Hong
Kong Statements of Standard Accounting Practice (SSAPs),
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,
except for the periodic re-measurement of leasehold land and
buildings.

The same accounting policies adopted in the 2001 annual accounts
have been applied to the final results, except for the following
new and revised SSAPs and Interpretation that became effective
for the first time during the current financial year:

SSAP 1  (Revised):   `Presentation of financial statements'
SSAP 11 (Revised):   `Foreign currency translation'
SSAP 15 (Revised):   `Cash flow statements'
SSAP 33:             `Discontinuing operations'
SSAP 34:             `Employee benefits'
Interpretation 15:   `Business combinations - `Date of exchange'
                      and fair value of equity instrument'

(2) Turnover

Turnover represents the net invoiced value of goods sold, after
allowances for trade discounts and returns.

Revenue from the following activities has been included in
turnover:

                                        2002            2001
                                        HK$'000         HK$'000
Continuing Operations:
  Sale of tree seedlings and seeds      460             -
  Sale of shrimp feeds                  13,569          28,384
                                        ------          -------
                                        14,029          28,384
                                        ------          -------
Discontinued operations:
  Sale of eel feeds                     40,739          110,957
                                        ------          -------
                                        54,768          139,341
                                        =======         ========

(3) Loss From Operating Activities

The Group's loss from operating activities is arrived at after
charging/(crediting):
                                         2002            2001
                                         HK$'000         HK$'000
Cost of inventories old                  51,443          123,475
Amortization of goodwill on acquisition of
  subsidiaries                           379             -
Amortization of an intangible asset      2,850           2,850
Depreciation                             4,366           3,643
Impairment of an intangible asset        14,820          -
Interest income                          (3,271)         (6,933)
                                         ========        =======

(4) Loss per share

The calculation of basic loss per share is based on the net loss
attributable to shareholders for the year of HK$94,756,000
(2001: HK$54,432,000), and the weighted average of 1,433,373,083
(2001: 1,220,252,398) ordinary shares in issue during the year.

Diluted loss per share amounts for the years ended 31 December
2002 and 2001 have not been disclosed, as the potential ordinary
shares outstanding during these years had an anti-dilutive
effect on the basic loss per share for these years.


FU LUNG: Hearing of Winding Up Petition Set
-------------------------------------------
The petition to wind up Fu Lung International Textiles Limited
is scheduled for hearing before the High Court of Hong Kong on
May 7, 2003 at 9:30 in the morning.

The petition was filed with the court on March 18, 2003 by Kam
Shing Enterprises Company Limited whose registered office is
situate at Room B1, 9th Floor, Valiant Commercial Building, 22-
24 Prat Avenue, Tsimshatsui, Hong Kong.


HAPPY EASTERN: Winding Up Hearing Scheduled in May
--------------------------------------------------
The High Court of Hong Kong will hear on March 28, 2003 at 9:30
in the morning the petition seeking the winding up of Happy
Eastern Limited.

So Nim Wah of No. 420, Ha Wo Che Tsuen, Shatin, New Territories,
Hong Kong filed the petition on April 2, 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.


LAI SUN: Repurchases US$9.90M Exchangeable Bonds From HSBC
----------------------------------------------------------
Lai Sun Development Company Limited (LSD) has, through a wholly-
owned subsidiary, repurchased US$9.90 million in principal
amount (plus premium and interest, which in aggregate with the
principal totaled approximately US$13.91 million as at 31st
March, 2003) of the US$115,000,000 five per cent. Exchangeable
Guaranteed Bonds due 2004 issued by Lai Sun International
Finance (Cayman Islands) Limited and guaranteed by LSD
(Exchangeable Bonds) from The Hongkong and Shanghai Banking
Corporation Limited (HSBC) on 24th April, 2003.

The Company received confirmation of completion of this
transaction, which was effected through the relevant clearing
systems in Europe, on 25th April, 2003. The repurchase was made
at a discount to the outstanding principal (plus premium and
interest) and was financed by a new term loan facility,
guaranteed by LSD, in the amount of approximately US$12.77
million provided by HSBC for this purpose. Such term loan
facility is on normal commercial terms, is repayable in one
bullet repayment on 31st July, 2003 and will accrue interest at
the rate of 1-3/4% over 1, 2 or 3 months SIBOR (Singapore Inter-
bank Offered Rate).

LSD's entire indebtedness to HSBC, including, since 1997, HSBC's
holding of the Exchangeable Bonds, is secured by, amongst other
things, a mortgage over Causeway Bay Plaza 1. The repurchased
bonds represent HSBC's entire holding of the Exchangeable Bonds
and HSBC has agreed not to purchase any further Exchangeable
Bonds or any of the US$150,000,000 four percent. Convertible
Guaranteed Bonds due 2002 issued by Lai Sun International
Finance (1997) Limited and guaranteed by LSD (the Convertible
Bonds). Accordingly, LSD's indebtedness and security position
vis-a`-vis HSBC has not materially changed.

The repurchased bonds have been cancelled pursuant to the terms
and conditions of the Exchangeable Bonds.

The repurchase of Exchangeable Bonds referred to above is
independent of the proposed privatization of eSun Holdings
Limited and is not related to the meetings of holders of the
Exchangeable Bonds and of the Convertible Bonds.

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


NAM FONG: Board Meeting Postponed
---------------------------------
Market participants are requested to note that the board meeting
to approve the final results of Nam Fong International Holdings
Limited for the year ended December 31, 2002 originally
scheduled on 29th April, 2003 has been postponed until further
notice.

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


REGAL INT'L: Increases 2002 Net Loss to HK$765M
-----------------------------------------------
Regal Hotels International Holdings Limited issued a summary of
its results announcement for the year-end date December 31,
2002:

Currency: HKD
Auditors' Report: Modified
                                                Audited)
                             (Audited)          Last
                             Current            Corresponding
                             Period             Period
                             from 1/1/2002      from 1/1/2001
                             to 31/12/2002      to 31/12/2001
                             Note  ('Million)   ('Million)
Turnover                           : 988.6              1,057.1
Profit/(Loss) from Operations      : (569.6)            (173.3)
Finance cost                       : (182.7)            (300.2)
Share of Profit/(Loss) of
  Associates                       : (14.7)             (2.7)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                (39)
Profit/(Loss) after Tax & MI       : (765)              (514.2)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.17)             (0.13)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (765)              (514.2)
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. DISCONTINUING OPERATION

The turnover, expenses and results from the discontinuing
operation in respect of the Group's hotel operation in Canada
for the years ended 31st December, 2002 and 2001 are as follows:

                                        2002            2001
                                        HK$'M           HK$'M

TURNOVER                                88.6            95.6
Cost of sales                           (87.4)          (91.4)
                                        ----------------------
Gross profit                            1.2             4.2
Administrative expenses                 (3.5)           (3.8)
Other operating expenses                (2.3)           (2.7)
                                        ----------------------
LOSS FROM OPERATING ACTIVITIES          (4.6)           (2.3)
Finance costs                           (6.4)           (10.0)
                                        ----------------------
NET LOSS FROM ORDINARY ACTIVITIES
  ATTRIBUTABLE TO SHAREHOLDERS          (11.0)          (12.3)
                                        ======          ======

2. Profit/(Loss) from Operations is stated after the following:

(a) Other revenue, which includes the following major item:

                        2002            2001
                        HK$'M           HK$'M
        Interest income 1.9             28.4
                        ======          ======

(b) Other operating expenses which include the following major
items:

                                        2002    2001
                                        HK$'M   HK$'M
Depreciation                            42.7    45.4
Loss on disposal of long term unlisted
  investments (after a transfer from
  the revaluation reserve of a deficit of
  HK$1.7 million)                       95.0    -
Loss on disposal of long term listed
  investments (after a transfer from
  the revaluation reserve of a deficit of
  HK$139.1 million in 2001)             -       141.4
                                        =============

(c) Provisions for write-downs and impairments, net, which
represent the following:

                                        2002    2001
                                        HK$'M   HK$'M
Write-down in values of properties held
  for sale                              5.6     14.9
Impairment of fixed assets              -       50.8
Provisions against other loans, promissory notes
  and interest receivable               -       56.8
Impairment of long term investments previously
  eliminated against long term investment
  revaluation reserve                   12.4    -
Write back of provision against a loan receivable
                                        (10.6)  -
                                        ------------
                                        7.4     122.5
                                        ======  ======

(d)                                     2002    2001
                                        HK$'M   HK$'M

Impairment of an overseas hotel property
  attributable to discontinuing operation
                                        437.0   -
                                        ======  ======

(e)                                     2002    2001
                                        HK$'M   HK$'M
Impairment of hotel properties          181.9   -
                                        ======  ======

3. The calculation of basic loss per ordinary share is based on
the net loss from ordinary activities attributable to ordinary
shareholders for the year of HK$765.0 million (2001 - HK$514.2
million), adjusted for the unpaid preference dividend for the
year of HK$6.9 million (2001 - HK$6.9 million), and on the
weighted average of 4,483.8 million (2001 - 3,938.8 million)
ordinary shares of the Company in issue during the year.

No diluted loss per ordinary share is presented for the years
ended 31st December, 2001 and 2002, as the exercise of share
options and the conversion of preference shares and convertible
bonds of the Company are anti-dilutive for these years.


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


ASTRA AGRO: QI03 CPO Export Volume Jumps to 31,930 Tons
--------------------------------------------------------
PT Astra Agro Lestari Tbk (AALI) announced that during January
to March 2003, AALI's crude palm oil (CPO) export volume
increased sharply by 475.2 percent, to 31,930 tons from 5,551
tons in the same period last year.

As a result, the CPO export contribution went up significantly
to 26 percent of the total CPO sales volume. AALI's CPO during
this period was mainly exported to Malaysia , totaling 15,452
tons or 48.4 percent of the total, Rotterdam (23.4 percent),
India (9.4 percent) and Vietnam (14.1 percent), a new export
destination.

Meanwhile, in the first three months of 2003, Cap Sendok sales
volume touched 3,489 tons, a sharp increase of 289.0 percent
compared to the same period last year. The main markets of "Cap
Sendok" covered the areas of East Java, which contributed 36
percent of the total, Jakarta (25 percent), Sumatra (22
percent), Central Java (10 percent) and West Java (7 percent).

"Cap Sendok" outlets until the end of March 2003 reached 35,290
units, scattered over the areas of Java and Sumatra. "Cap
Sendok" was also available at wet markets in the surrounding
areas of Jabotabek. For 2003, "Cap Sendok" sales volume is
targeted at around 12,000 - 12,500 tons.

Wrights Investors' Service reports that at the end of 2001, PT
Astra Agro had negative working capital, as current liabilities
were Rp427.52 billion while total current assets were only
Rp254.05 billion.  The fact that the company has negative
working capital could indicate that the company will have
problems in expanding.


BARITO PACIFIC: Ratings Withdrawn Due to Insufficient Data
----------------------------------------------------------
PT Pefindo, Indonesia's credit rating agency, has withdrawn its
rating on PT Barito Pacific Timber Tbk. (BRPT) due to
insufficient data and information provided for the rating
process while the Company has successfully restructured its
Bonds I Year 1997 totaling Rp400 billion that the `idD' bond
rating assigned on March 6, 2001 is no longer applicable.

BRPT is one of the largest companies in Barito Pacific Group
founded by Prajogo Pangestu in 1976 with thousands hectares of
log concession located in South Kalimantan in addition to more
than one million hectares of forest concession in Sumatera,
Kalimantan, Sulawesi, Maluku and Papua.

In September last year, the Troubled Company Reporter - Asia
Pacific reported that PT Barito Pacific Timber filed petition in
the Central Jakarta District Court against Marubeni Corporation
and creditors after creditors failed to recognize Barito's stake
in PT Tanjung Enim Lestari declined to 40 percent after it
wasn't able to inject additional capital, thus failing to
approve the dilution of Barito's stake in pulp production
subsidiary Tanjung.


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


COSMO OIL: JCR Assigns Preliminary BBB+ Rating
----------------------------------------------
Japan Credit Rating Agency (JCR) assigned a preliminary BBB+
rating to the shelf registration of Cosmo Oil Company Limited.

RATIONALE:

Cosmo Oil announced the downward revision of earnings forecast
for fiscal 2002 due to delay in passing of an increase in oil
prices on to product prices, although sales of kerosene and of
heavy oil to electric power companies increased. The external
environment surrounding the Company remains severe. Cosmo Oil
needs to improve the financial structure in an urgent manner.
JCR will watch carefully the competition with peers and effects
of the measures to be taken as stipulated in its mid-term
management plan on the earnings and financials to be reflected
in the rating for the Company.

Refiner Cosmo Oil Co. Limited plans to cut its debts to 520
billion yen ($4.4 billion) by March 2006, as part of its new
medium-term business plan, the Troubled Company Reporter-Asia
Pacific reported. The group's interest-bearing debts stood at
548.6 billion yen at the end of March 2002. The Company will
reduce refining capacity at its Sakaide refinery but had yet to
decide the extent of the cut. Cosmo also aims to achieve a group
recurring profit of 60 billion yen on sales of 1.92 trillion yen
in the business year ending in March 2006.


HITACHI LIMITED: Unveils Consolidated Financial Results For 2002
----------------------------------------------------------------
Hitachi, Ltd. announced its consolidated financial results for
fiscal 2002 ending in March 31, 2003.

During the year, the world economy achieved only a modest
recovery. While the U.S. and Asia appeared to be moving onto a
recovery footing, uncertainty grew in the second half of the
year as the key U.S. economy slowed, the Iraq war started and
share prices fell. The Japanese economy showed some positive
signs with personal spending holding its ground and private
sector plant and equipment investment showing signs of recovery.
However, export growth, which had been a source of strength for
the Japanese economy, stalled due to the weakness of the global
economic recovery. And with structural issues, notably problem
loans, still to be addressed in Japan, the economy failed to
stage a broad-based recovery.

Against this backdrop, net sales edged up 2 percent to 8,191.7
billion yen (US$68,265 million). Hitachi posted operating income
of 152.9 billion yen (US$1,275 million), reversing an operating
loss of 117.4 billion yen (US$978 million) in the previous
fiscal year. This improvement was mainly due to lower fixed
costs brought about by the structural reforms implemented in the
previous fiscal year, as well as to the results of the Corporate
Innovation Initiative (CII), including the Procurement Renewal
Project.

By segment, Information & Telecommunication Systems sales rose 4
percent, to 1,899.6 billion yen (US$15,830 million) despite
difficult market conditions characterized by a slow recovery in
worldwide IT demand. Underpinning sales was increased sales for
RAID systems and hard disk drives as well as for systems
integration services such as for e-government-related projects
in Japan. The segment recorded operating income of 110.5 billion
yen (US$921 million), up 209 percent year on year due to several
factors. One was the benefit of structural reforms that have
been implemented since fiscal 2001, primarily in the
telecommunication equipment sector. Another was an increased
earnings from RAID systems and systems integration services.

In Electronic Devices, sales were up markedly in semiconductors
on solid demand for system LSI's, including LCD drivers and
micro controllers for automotive applications as well as multi-
purpose semiconductors. This strength offset sluggish system
memory and DRAM sales. In displays, overall sales were largely
unchanged. Small and medium-size TFT LCD's used in mobile phones
recorded significantly higher sales. But this growth was negated
by the absence of sales from CRTs for PC monitors, a business
that Hitachi terminated in fiscal 2001, and by lower sales of
large-size TFT LCD's due to falling sales prices. Semiconductor
manufacturing equipment sales were sluggish as demand failed to
recover fully. Nevertheless, segment sales as a whole were
1,570.0 billion yen (US$13,084 million), 6 percent higher year
on year. While the segment recorded an operating loss of 23.2
billion yen (US$194 million), this was a 140.3 billion yen
(US$1,170 million) improvement from the 163.6 billion yen
(US$1,364 million) loss recorded in fiscal 2001. This turnaround
reflected structural reforms that included the termination of
unprofitable products such as CRTs for PC monitors and the
streamlining of certain semiconductor production lines.

In Power & Industrial Systems, sales from maintenance services
for nuclear and thermal power generation plants of Japanese
electric power companies declined. And sales of air-
conditioning, industrial and other equipment declined because of
the fall-off in private-sector plant and equipment investment in
Japan. Nevertheless, segment sales rose 1 percent, to 2,297.0
billion yen (US$19,142 million) on sharply higher sales in
automotive equipment operations in line with the inclusion in
consolidated results of the former Unisia JECS Corporation (now
Hitachi Unisia Automotive, Ltd.), which became a wholly owned
subsidiary in October 2002, and brisk demand for construction
machinery in China and other overseas markets. The segment saw
operating income decrease 3 percent, to 53.2 billion yen (US$444
million) despite a significant improvement in profitability in
construction machinery operations. Dragging down earnings was a
decline in profitability in certain major projects, such as
power generation equipment in overseas markets, as well as
falling earnings from environmental equipment in Japan.

In Digital Media & Consumer Products, segment sales rose 3
percent, to 1,205.5 billion yen (US$10,046 million). Sales of
optical storage products and plasma TVs grew, but sales of large
home appliances were lackluster, the result of falling sales
prices in Japan, and mobile phone sales also dropped. At Hitachi
Maxell, Ltd., sales were largely on a par with fiscal 2001
levels as growth in rechargeable battery sales, notably lithium-
ion batteries used in mobile phones, and recordable DVDs was
offset by falling audiotape and videotape sales. The segment
recorded operating income of 6.2 billion yen (US$52 million), a
20.8 billion yen (US$174 million) turnaround from the 14.6
billion yen (US$122 million) operating loss posted in fiscal
2001. This reflected an improvement in profitability in
rechargeable batteries at Hitachi Maxell and the benefits of
structural reforms. Hampering further gains were falling sales
prices, mainly of home appliances, and delays in developing new
mobile phone models.

In High Functional Materials & Components, segment sales were
basically flat year on year at 1,248.5 billion yen (US$10,405
million). Hitachi Cable, Ltd. saw sales drop year on year as
sluggish sales in wires and cables operations, particularly
submarine fiber-optic cables, outweighed growth in sales in
Japan, mainly from information network-related products. At
Hitachi Metals, Ltd. sales were on a par with fiscal 2001.
Strong demand for automobile- and electronics- related products
was negated by lower sales of construction components, plant and
equipment. Hitachi Chemical Co., Ltd. recorded higher sales on
growth in electronics-related materials for applications such as
semiconductors and LCD's, and industrial materials despite
falling demand for housing equipment and environmental
facilities. The segment posted operating income of 18.3 billion
yen (US$153 million), a 40.3 billion yen (US$336 million)
improvement from the 22.0 billion yen (US$184 million) operating
loss in fiscal 2001, as earnings benefited from the results of
structural reforms.

In Logistics, Services & Others, segment sales rose 1 percent,
to 1,449.5 billion yen (US$12,080 million) on higher sales of
hard disk drives at overseas sales companies. Growth in segment
sales was held back by the sale of Tokyo Monorail Co., Ltd.,
formerly a subsidiary of Hitachi Transport System, Ltd., in the
second half of the previous fiscal year. Segment operating
income climbed 218 percent, to 10.3 billion yen (US$86 million).

In Financial Services, segment sales increased 2 percent, to
579.2 billion yen (US$4, 827 million). This increase was partly
attributable to the boost given by Hitachi Capital Corporation's
acquisition of Sekisui Leasing Co., Ltd. in the second half of
the previous fiscal year. Hampering further growth was a
lackluster performance in core financial services. Segment
operating income decreased 68 percent, to 12.0 billion yen
(US$101 million) for two main reasons. One was lower earnings in
the leasing business because of falling interest rates. The
other reason was one-time charges taken to strengthen the
balance sheet, such as providing for pension reforms.

Other income came to 46.7 billion yen (US$389 million), up 10.6
billion yen (US$89 million), reflecting gains on the sale of
real estate and other items. Meanwhile, other deductions
decreased 401.8 billion yen (US$3,349 million), to 102.8 billion
yen (US$857 million) as restructuring charges were not incurred
during the year, as they were in fiscal 2001, and because of
lower interest expenses resulting from reductions in debt.

As a result, income before income taxes was 96.8 billion yen
(US$807 million), and after 52.6 billion yen (US$439 million) in
income taxes, Hitachi recorded income before minority interests
of 44.1 billion yen (US$368 million) and net income of 27.8
billion yen (US$232 million).

Financial Position

Net cash provided by operating activities was 646.5 billion yen
(US$5,388 million), an increase of 163.6 billion yen (US$1,364
million) year on year. This was the result of efforts to use
working capital more efficiently, such as by promoting Project
C, which reduced the time required to turn over inventory and
accounts receivable.

Investing activities used net cash of 619.2 billion yen
(US$5,161 million), 346.4 billion yen (US$2,887 million) more
than in fiscal 2001. Hitachi used less cash for the purchase of
property, plant and equipment as it made selective capital
investments, and cash inflows were generated by sales of short-
term investments and subsidiaries' common stock. However, cash
was used for the acquisition of IBM's hard disk drive
operations.

Free cash flows remaining after deducting net cash used in
investing activities from net cash provided by operating
activities amounted to 27.2 billion yen (US$227 million), 182.7
billion yen (US$1,523 million) less year on year.

Financing activities used net cash of 207.1 billion yen
(US$1,726 million), 370.9 billion yen (US$3,091 million) less
than cash used in fiscal 2001. Due to the establishment of a new
credit facility, cash was used for the repayment of short-term
borrowings.

Cash and cash equivalents as of March 31, 2003 amounted to 828.1
billion yen (US$6,901 million), 201.2 billion yen (US$1,677
million) less than at March 31, 2002.

Debt on March 31, 2003 stood at 2,840.5 billion yen (US$23,672
million), 157.6 billion yen (US$1,314 million) less than a year
ago.

Capital investment on a completion basis declined 8 percent, to
787.4 billion yen (US$6,562 million), and depreciation decreased
9 percent, to 480.2 billion yen (US$4,002 million). The Company
spent 377.1 billion yen (US$3,143 million) on research and
development, a decrease of 9 percent from the preceding year.
R&D expenditures as a percentage of net sales were 4.6 percent.

All figures were converted at the rate of 120 yen = U.S.$1, the
approximate exchange rate on the Tokyo Foreign Exchange Market
as of March 31, 2003.

Dividend

Hitachi will recommend a year-end dividend of 3 yen per common
share to the annual general meeting of shareholders in June
2003. No year-end dividend was declared in fiscal 2001. Total
dividends for fiscal 2002, including the interim dividend of 3
yen per common share paid in December 2002, will thus be 6 yen
per common share, compared with 3 yen per common share for
fiscal 2001.

Outlook for Fiscal 2003

With uncertainty growing for a combination of reasons, including
the U.S. economic downturn, the need to pay for the post-war
restoration in Iraq, and the economic impact of SARS (Severe
Acute Respiratory Syndrome), a full-scale recovery in the world
economy appears to be unlikely. In Japan, continuing
sluggishness in consumer spending and private sector plant and
equipment investment is creating an uncertain operating
environment.

In this climate, Hitachi will build a highly profitable earnings
structure by pushing ahead with efforts to create new businesses
and reinforce mainstay ones by capturing synergies across the
group. Hitachi will also seek to strengthen its balance sheet.
These and other actions will be guided by the "i.e. HITACHI Plan
II", the Company's new medium-term management plan.

Based on the above factors, Hitachi is projecting the following
operating results for fiscal 2003, ending March 31, 2004. The
projections assume an exchange rate of 120 yen to the U.S.
dollar.


Net sales              8,000 billion yen (US$66,667 million)
                           (year-on-year decrease of 2%)
Operating income       170 billion yen (US$1,417 million)
                          (year-on-year increase of 11%)
Income before income taxes  110 billion yen (US$917 million)
                          (year-on-year increase of 14%)
Income before minority 30 billion yen (US$250 million) interests
                          (year-on-year decrease of 32%)
Net income             5 billion yen (US$42 million)
                       (year-on-year decrease of 82%)

Management Policy

Amid intensifying competition in world markets and the economic
slump in Japan, Hitachi is reviewing and reshaping its business
portfolio from the perspective of raising the efficiency of
operations and with the aim of achieving further growth. This
process will be consistent with Hitachi's basic management
policy, which is to increase shareholder value by raising the
return on capital and increasing its market capitalization.

Based on this basic policy, in November 1999 Hitachi launched
"i.e. HITACHI Plan," a medium-term management plan that was
aimed at transforming Hitachi into a "best solutions partner"
capable of delivering business solutions to customers. In this
vein, Hitachi has supplied information systems services and
social infrastructure systems rooted in IT and knowledge. It has
also been supplying the key hardware, software and high
functional materials and components required by these services
and systems. And Hitachi launched structural reforms designed to
transform Hitachi into a global supplier capable of providing
total solutions in these targeted fields.

Building on this basic approach, in January 2003, Hitachi
unveiled a new medium-term management plan, "i.e. HITACHI Plan
II," which runs through fiscal 2005 (ending in March 2006). This
three-year period is positioned as a key juncture for enacting
major reforms of the Company's operating framework and focusing
on highly profitable businesses. Hitachi will reshape its
business portfolio by creating growth and new businesses in key
fields where it can leverage the group's technological strengths
and know-how. Portfolio realignment also calls for Hitachi to
exit certain businesses that currently account for approximately
20 percent of Hitachi's net sales. Hitachi will use FIV* (Future
Inspiration Value) to make decisions on whether to exit,
strengthen or incubate specific businesses.

* FIV is Hitachi's economic value-added evaluation index in
which the cost of capital is deducted from after-tax operating
profit. After-tax operating profit must exceed the cost of
capital to achieve positive FIV.

The "i.e. HITACHI Plan II" targets two primary business domains
-- "New Era Lifeline Support Solutions," which further fuse and
enhance information systems services and social infrastructure
systems, and "Global Products Incorporating Advanced
Technology," where Hitachi aims to achieve strong growth in
global markets by focusing on technologies as well as high-
performance hardware and software that incorporate knowledge
from several disciplines. In this way, Hitachi will establish a
highly profitable earnings structure and advance to a new stage
of growth.

While it is assumed that net sales will remain at around the
present level, the "i.e. HITACHI Plan II" will transform
Hitachi's earnings structure so that it can achieve positive FIV
in fiscal 2005. This mandates an operating margin of at least 5
percent and ROE of at least 8 percent, which will be achieved by
implementing a variety of measures. Furthermore, Hitachi has set
the goal of maintaining a single-A grade long-term credit rating
by strengthening its financial position.

In deciding on individual investments, Hitachi's policy is to
use FIV to select those investments that will contribute to
maximizing shareholder value. Combined with further efforts to
reduce assets, including accounts receivables and inventories,
Hitachi aims to raise the return on assets.

Positioning its brand as an important asset underpinning the
Company's competitiveness in an era of consolidated group
management, Hitachi is promoting brand management to enhance
brand equity.

Hitachi is also working to reinforce corporate governance to
establish an executive system that facilitates the speedy and
accurate operation of businesses and a high degree of
transparency. To this end, Hitachi has reduced the number of
directors and vested considerable authority in business groups.
At the same time, it has implemented other reforms such as
establishing the Advisory Board to bring in advice from outside
experts on management issues. And in June 2003, Hitachi will
adopt the Committee System, which will ensure the effective
supervision of management and promote faster decision-making.
Hitachi also plans to appoint four outside directors as part of
this move. Hitachi's 18 publicly held group companies will also
alter their corporate governance structure by adopting the
Committee System. Under this new governance structure, Hitachi
directors and executive officers will be represented on the
boards of group companies as outside directors and certain group
companies' directors will be represented on Hitachi's Board of
Directors. This will produce a group-wide framework with a
stronger sense of unity. Moreover, Hitachi established a
Compliance Division to ensure strict observance of laws and
regulations.

Hitachi views enhancement of the long-term and overall interests
of shareholders as an important management objective. To achieve
this, Hitachi must make investments in R&D and plant and
equipment to maintain its competitiveness and improve
profitability. Dividends are therefore decided based on medium-
to long-term business plans and the need to ensure the
availability of sufficient internal funds for reinvestment and
the stable growth of dividends. Hitachi's financial condition
and results of operations are also taken into consideration.

CONTACT: Hitachi, Ltd.
Machiko Ikenoya, +81-3-3258-2056 (Japan)
machiko_ikenoya@hdq.hitachi.co.jp

Hitachi America, Ltd.
Matt Takahashi, 650/244-7902 (U.S.)
masahiro.takahashi@hal.hitachi.com

Hitachi (China) Investment, Ltd.
Yuji Hoshino, +86-10-6590-8111 ext.2399 (China)
y_hoshino@hitachi.com.cn

Hitachi Europe Ltd.
Kantaro Tanii, +44-1628-585379 (U.K.)
kantaro.tanii@hitachi-eu.com


OKI ELECTRIC: Narrows Net Loss to Y6.56B
----------------------------------------
Oki Electric Industry Co. narrowed its group net loss to 6.56
billion yen in the year to March 31 versus a net loss of 34.08
billion yen a year earlier, Kyodo News said on Monday. The
Company generated a 19.69 billion yen gain by selling land and
buildings as part of an effort to relocate its offices aimed at
creating an efficient network in its telecommunications
business.


MATSUSHITA ELECTRIC: Changing Board of Directors and Auditors
-------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known for its
"Panasonic" brand products, announced the following proposed
changes in the Board of Directors and Corporate Auditors.

Of the proposed changes, elections of new Directors and
Corporate Auditors, and certain other matters, will be submitted
for, and subject to, approval at the Company's ordinary general
meeting of shareholders to be held on June 27, 2003. As a result
of the changes, MEI's Board of Directors will be reduced from 27
to 19 members.

Details of the changes, effective late June 2003, are as
follows:


1. Members of the Board of Directors (19 persons)
(Changes shown in parentheses)

           Title              Name       Main New
Responsibilities

Chairman of the Board      Yoichi
                           Morishita

Vice Chairman of the Board Masayuki
                           Matsushita

President                  Kunio
                           Nakamura

Executive Vice Presidents  Kazuo Toda
Corporate Marketing Div. for (promoted)
                                   Panasonic Brand, Corporate
                                   Marketing Div. for National
                                   Brand, Corporate Sales
                                   Strategy Div. for
                                   National/Panasonic
                                   Retailers, Commodity
                                   Products Sales, Electrical
                                   Supply Sales, Advertising,
                                   Logistics, Corporate CS
                                   Div., Design, Network
                                   Marketing Strategy Office,
                                   etc.


Osamu Tanaka                       Tokyo Representative, Public
(promoted)                        and Private Institutions,
                                   Panasonic Center, Recycling
                                   Business Promotion

Yukio Shohtoku                     Overseas Operations,
(promoted)                        Corporate Overseas Planning
                                   Group, Corporate Overseas
                                   Business Strategy Group,
                                   Corporate International
                                   Affairs Group, Media &
                                   Entertainment Business
                                   Development, Olympics

Senior Managing Directors Takami Sano President of Panasonic
                        (promoted)  Automotive Systems Company,
                                    Industrial Sales

Susumu Koike                       Technology, Devices and
(promoted)                        Environmental Technology,
                                   Production Engineering,
                                   Intellectual Property
                                   Rights, Overseas Research
                                   Laboratories, President of
                                   Semiconductor Company, etc.

Senior Managing Directors Fumio Ohtsubo President of Panasonic
AVC

(continued)            (promoted)  Networks Company, Storage
                                   Devices Business

Managing Directors    Haruo Ueno   Director of Corporate Legal
                                   Affairs Div., Corporate
                                   Risk Management, Corporate
                                   Business Ethics

Hidetsugu                          Facility Management,
Otsuru                             Quality Assurance,
                                   Environmental Affairs,
                                   President of Display
                                   Devices Company

Yoshiaki                           Multimedia and Software
Kushiki                            Technology, Digital Network
                                   Strategic Planning Office

Tetsuya                            Finance and Accounting
Kawakami
(promoted)

Yoshitaka                          Home Appliances
Hayashi                            Business, President of
(promoted)                         Matsushita Home Appliances
                                   Company, Packaged Air-
                                   Conditioner Company,
                                   Healthcare Business
                                   Company, Matsushita
                                   Refrigeration Company

Directors

Josei ito

Toshio Morikawa

                                   Planning, Associate
                                   Director of Corporate
                                   Management Quality
Toshihiro                          Innovation Div.,
Sakamoto                           Associate Director of
                                   Corporate IT Innovation
                                           Div.

Shinichi                                            Personnel,
General
Fukushima                         Affairs, Social
(New Director)                    Relations, Director of
                                  Corporate Equal Partnership
                                           Div.

Honorary Chairman of   Masaharu Matsushita the Board of
Directors and Executive Advisor

Notes: The Chairman of the Board of Directors, Vice Chairman of
the Board of Directors, President, Executive Vice Presidents and
Senior Managing Directors will be Representative Directors and
severally represent the Company.

Josei Ito and Toshio Morikawa are outside Directors.

2.  Members of the Board of Corporate Auditors (4 persons)

          Title                          Name

Senior Corporate Auditors          Kazumi Kawaguchi
                                   (New Corporate Auditor)

                                   Yoshitomi Nagaoka

Corporate Auditors                 Yasuo Yoshino
                                   (New Corporate Auditor)

                                   Kiyosuke Imai

Note: Yasuo Yoshino and Kiyosuke Imai are "outside corporate
auditors," as provided by the Commercial Code of Japan.

3.  Retiring members of the Board of Directors (9 persons)

      Title                Name            Main Current
                                           Responsibilities
                       Atsushi Murayama    Planning, Corporate

Executive Vice Presidents             Management Quality
                                      Innovation Div.,
                                      Corporate IT Innovation
                                      Div., Personnel, General
                                      Affairs, etc.

                               Takashi Kawada Communications and
                                     Automotive Electronics
                                     Businesses, Digital
                                     Network Strategic Planning

Senior Managing Director   Sukeichi Miki      Technology,
Intellectual
                                              Property Rights,
                                              Overseas Research
                                              Laboratories

Directors                  Hiroaki Enomoto    Director of Tokyo
                                              Branch, Public and
                                              Private
Institutions


4.  Retiring members of the Board of Corporate Auditors (2
persons)
               Title                     Name

Senior Corporate Auditor           Motoi Matsuda

Corporate Auditor                  Toshiomi Uragami

Note: Toshiomi Uragami is an "outside corporate auditor."

CONTACT: Panasonic Finance (America), Inc.
Akihiro Takei, 212/698-1365


MITSUBISHI ELECTRIC: Discloses 2003 Financial Results
-----------------------------------------------------
Mitsubishi Electric announced its financial results for the
fiscal year ended March 31, 2003 as follows:

Consolidated

Net sales                         3.6390 trillion yen (100
percentcompared to last year)
Operating income                  63.1 billion yen
Income before income taxes        2.4 billion yen
Net income                        - 11.8 billion yen

Non-consolidated

Net sales                         2.3192 trillion yen (4
percentdecrease from last year)
Operating income                  0.6 billion yen
Ordinary profit                   26.4 billion yen
Net income                        - 12.1 billion yen

In the 2002 business environment, although a generally modest
recovery proceeded in the global economy, increased uncertainty
over future prospects corresponding to the Iraq issue and other
such factors as employment instability clearly slowed the speed
of economic recovery. As for the Japanese economy, production
activities began to pick up with a recovery in exports and
progress in inventory adjustment. In addition to the continued
stagnant capital investment of the private sector caused by
uncertainty over future prospects, bad employment and income
situations prevented consumer spending from achieving a full
recovery, and has caused the severe business environment to
continue.

Under these circumstances, Mitsubishi Electric has promoted a
reform of its business structure through total adherence to the
"Focus and Concentration" policy, including a new joint venture
set up with Toshiba Corporation in the field of industrial
electric and automation system businesses and another new joint
venture set up with Hitachi Ltd. on April 1, 2003 in the
semiconductor business concerning mainly system LSI. These
measures are being taken to improve and strengthen profitability
in each business segment. Moreover, Mitsubishi Electric has
proactively promoted Company wide business improvement measures
and striven to quickly improve performance and their financial
standing through various measures, including "EA 21 Activities"
which aim to reduce assets and fixed costs, and the "Sigma 21
Project Activities" which aim for drastic cost reductions.

However, Mitsubishi Electric's performance in fiscal 2003
resulted as per above due to the valuation losses in financial
shares, which were caused by equity market downturn and the
deferred tax assets reassessment, which is required under the
newly implemented taxation relying on a pro forma tax basis.

Financial Position (Consolidated)

Assets, Liabilities, and Capital

At the end of the current year, total assets were down 383.7
billion yen to 3,673.6 billion yen compared to end of last
fiscal year due mainly to the success of our continuing efforts
to trim assets and to our restructure and realignment program
implementations of affiliated Company operations. One major
factor in achieving this was the reduction of inventories by
132.8 billion yen primarily through an improved efficiency and
the spinning off of the electrical power system and transformer
business. Other major factors include the reduction of tangible
fixed assets by 166.1 billion yen through a reduction of capital
expenditure in areas such as information and communications
systems, and electronic devices, to accommodate the decline in
IT-related demand, the elimination of our domestic financial
subsidiary from our consolidated subsidiaries by the partial
sale of our shares, and the spin-off of our electric power
systems and transformer business. 87.3 billion yen as a result
of such factors as the decline in their market value also
reduced investment securities.

The outstanding balance of debts and bonds was reduced by 369.8
billion yen to 1,184.2 billion yen compared to end of last
fiscal year, thereby also reducing the group's debt ratio to
32.2 percent(down 6.1 points year-on-year). Also, another factor
is the reduction in advance, which helped reduce our other
short-term liabilities by 97.1 billion yen. On the other hand,
our retirement and severance benefits increased by 246.9 billion
yen, due primarily to the need to post adjustments to recognized
minimum pension liability as the result of an increase in our
projected benefit obligation due to the use of a lower discount
rate and due to a decline in the value of our pension assets due
mainly to the collapse in share prices.

Capital declined by 147.1 billion yen to 394.5 billion yen
compared to end of last fiscal year due principally to the
posting of a net loss of 11.8 billion yen this fiscal year and
an increased deduction for adjustments of the minimum pension
liability. The group's shareholders equity ratio fell to 10.7
percent(down 2.7 points year-on-year).

We expect our total assets and debts to be further reduced at
the end of FY 2004 following events such as our system LSI and
related semiconductor business spin-off, which took place on
April 1, 2003.

Cash Flow

Free cash flow in the current fiscal year was 144.7 billion yen
thanks primarily to an increase in cash flow from operating
activities of 125.0 billion yen to 238.4 billion yen (revenue)
year-on-year, and also a reduction of 90.4 billion yen to 93.6
billion yen (expenditure) year-on-year in our investment cash
flow helped by selective capital investment. Our cash flow from
financing activities amounted to 229.9 billion yen following the
repayment of debts and redemption of bonds to improve our
financial position.

                          FY 99      FY 00       FY 01       FY
02       FY 03
Debt repayment period   10.1 years  4.0 years   3.6 years  13.0
years   5.7 years

Interest coverage ratio  3.5 times  9.4 times  11.0 times   4.0
times  10.0 times

* Debt repayment period: Interest-bearing debts divided by cash
flow from operating activities

* Interest coverage ratio: Cash flow from operating activities
divided by interest paid

Consolidated Results by Business Segment

Energy and Electric Systems

In the Energy and Electric Systems segment, compared to last
fiscal year, sales decreased by 6 percent to 861.1 billion yen
and operating income increased by 12.8 billion yen to 59.4
billion yen.

In this segment, the social infrastructure business posted a
year-on-year decrease in both sales and orders received due to
sluggish capital investment by domestic power companies,
manufacturing sectors and other companies, as well as in public
sectors, decreases in large overseas projects and spin-offs of
electric and transformer equipment business. In the Building
Systems, domestic demand was stagnant but orders received were
equivalent to the previous fiscal year thanks to increases in
contracts from the Chinese, South Korean and Middle Eastern
markets. In addition, with the completion of many large projects
in the Tokyo metropolitan area and increased demand in the
Chinese market, resulted in higher year-on-year sales.

As a result, total sales for this segment decreased by 6 percent
year-on-year.

Operating income increased by 12.8 billion yen due to segment
wide cost cutting efforts.

Industrial Automation Systems

The Industrial Automation Systems segment experienced a 6
percent increase in sales to 639.4 billion yen and operating
income increased by 24.8 billion yen to 57.9 billion yen
compared to last fiscal year.

Industrial equipment business posted year-on-year improvements
in orders for, and sales of, FA equipment, helped by increased
demand particularly for semiconductor and liquid crystal
manufacturing equipment both from domestic market sources and
from overseas markets, notably Taiwan, South Korea, and China.
Reduced demand for domestic production facilities and building
and construction projects led to a year-on-year fall in orders
and sales of electric motors and power distribution products.
Despite weak domestic demand, orders and sales of industrial
mechatronics equipment grew year-on-year as the result of
growing demand in overseas markets. Sales for the automotive
equipment business in this segment were higher than last fiscal
year due to the support of strong exports to the United States
and Europe by domestic automobile manufacturers.

As a result, total sales for this segment increased by 6 percent
year-on-year.

Operating income increased by 24.8 billion yen due to business
scale expansion and cost improvements.

Information and Communication Systems

In the Information and Communication Systems segment, sales fell
10 percent to 686.4 billion yen compared to last fiscal year and
thus resulted in an operating loss of 27.2 billion yen, which is
an improvement of 62.9 billion yen.

In this segment, both orders and sales for the communications
business decreased year-on-year due to reorganization of the
European mobile handset business and sluggish capital investment
in the telecom infrastructure by the operators. In the
information systems and services business, the system
integration business expanded thanks to big projects for large
systems, but sales were lower, year-on-year, due to decreased
hardware sales. In the space business, both orders and sales
decreased year-on-year due to the between season of large
projects for the public sector. For the defense equipment
business, orders received decreased year-on-year due to between
seasons for big projects, but sales maintained the same levels
as last fiscal year.

As a result, total sales for this segment decreased 10 percent
year-on-year.

Operating income improved by 62.9 billion yen due to promotion
of structural reforms in the mobile handset business.

Electronic Devices

The Electronic Devices segment recorded sales of 460.4 billion
yen in the period under review, a 2 percent decrease year-on-
year and recorded an operating loss of 53.0 billion yen, which
is an improvement of 27.4 billion yen against last fiscal year.

Semiconductor business posted an improvement in orders and sales
thanks to growing demand for multiple memory packages, system
LSI's, artificial retina LSI's, optical devices and the like for
the mobile handsets with digital camera market and the
recordable DVDs. However, the liquid crystal business posted a
year-on-year decline in orders and sales due to price drops
resulting from over-production by Taiwanese and South Korean
manufacturers.

As a result, total sales for this segment decreased 2 percent
year-on-year.

Operating income improved by 27.4 billion yen due to cost
reductions.

Home Appliances

In the Home Appliances segment, sales increased by 9 percent to
789.1 billion yen compared to last fiscal year and operating
income was 36.1 billion yen, which is a decrease of 0.9 billion
yen.

In this segment, overall sales were higher than the previous
fiscal year. In summary, sales of all electronic products in
Japan such as hot water supply systems and solar power
generation systems, DVD-related equipment, packaged air
conditioners and home air conditioners for the European market
and projection TVs for the US market did well. On the other
hand, sales of home air conditioners and refrigerators in Japan
decreased due to sluggish consumption. In addition, packaged air
conditioners and lighting equipment suffered a decrease in sales
due to the slowdown in non-residential building construction
starts and sluggish corporate capital investment.

Consequently, sales in this segment increased 9 percent year-on-
year.

Operating income decreased by 0.9 billion yen due to a fall in
prices.

Others

In the Others segment, sales decreased 1 percent to 566.1
billion yen compared to last fiscal year, and operating income
increased by 2.5 billion yen to 11.0 billion yen.

Sales of the group's affiliates related to logistic business
increased year-on-year but sales of the group's affiliates
related to our engineering and real estate business declined.

As a result, total sales for this segment decreased 1 percent
year-on-year.

Operating income improved by 2.5 billion yen due to substantial
cost reductions.

Dividend Policy

Due primarily to the valuation loss of shares and the
reassessment of our deferred tax asset following the
introduction of newly implemented taxation relying on a proforma
tax basis, we have been obliged to post a net loss for FY 2003.
However, following implementation of a raft of measures to
improve the group's operational management, our financial
position is improving and profitability recovering. As a result,
we will be resuming dividend payment with a year-end dividend of
3 yen per share. We will also be looking to meet shareholder
expectations by continuing to strengthen our financial standing
and boost profitability. (Note: No dividend was paid last year.)

Forecast results for fiscal year 2004 ending March 31, 2004

In terms of the future business environment, future prospects
remain extremely uncertain due to more marked slowdown in the
global economic recovery and the continuing international
political and economic instability. Under these circumstances,
Mitsubishi Electric will further strive to improve and enhance
profitability in each business segment, and also further improve
performance and our financial standing while reinforcing our
business and management foundation through the steady
implementation of further growth strategies for expanding added
value. Our present performance forecast for fiscal 2004 is as
follows:

Consolidated

Net sales                      3.2500 trillion yen (11% decrease
year-on-year)
Operating income               75.0 billion yen (19% increase
year-on-year)
Income before income taxes     Nil
Net income                     5.0 billion yen

Non-consolidated

Net sales                      2.0000 trillion yen (14 %
decrease year-on-year)
Operating income               30.0 billion yen (increase by 49
times, year-on-year)
Ordinary profit                25.0 billion yen (6 % decrease
year-on-year)
Net income                     20.0 billion yen

The above consolidated business projections include a loss of
approximately 50.0 billion yen (approximately 30.0 billion yen
after tax effect) in anticipation of the impact of repayment of
the subrogated portion of our employee pension fund to the
government. This will also result in the elimination of a
portion of the minimum pension liability adjustments on our
consolidated balance sheet and an accompanying increase in
shareholders' equity of approximately 100 billion yen.

Note: The forecast of results above is based on assumptions
deemed reasonable by the Company at the present time, and actual
results may differ significantly from forecasts.

MANAGEMENT POLICY

Management Policy

The Mitsubishi Electric Group will contribute to a new society,
industry and life that leads to a "better tomorrow" based on the
spirit of the corporate statement "Changes for the Better."

With this corporate stance, Mitsubishi Electric will implement
management improvement measures from the three perspectives of
"Growth," "Profitability & Efficiency" and "Soundness," aiming
to quickly establish a solid business foundation. Based on this
strategy, Mitsubishi Electric will strive to further enhance
corporate value to satisfy all the expectations of our
customers, shareholders and other stakeholders.

Policy for Profit Distribution

With the ultimate target of enhancing corporate value,
Mitsubishi Electric's basic policy is to comprehensively improve
shareholder profitability both in terms of profit distribution
in line with the earnings for the relevant fiscal year, and
reinforcement of our financial standing by increasing internal
reserves.

Policy on Reducing Minimum Stock Purchase Requirement

Mitsubishi Electric recognizes that increasing corporate value
and acquisition of long-term and stable investors are important
managerial issues. Mitsubishi Electric has been considering the
effects and expenses related to reducing the minimum stock
purchase requirement and will continue to carefully study this
issue.

Corporate Agenda

In the extremely uncertain business environment, Mitsubishi
Electric will devote itself further to improving and enhancing
profitability in its business segments. Mitsubishi Electric will
also strive for further improvement in performance and financial
standing while seeking to reinforce its business foundation by
implementing steady growth strategies to achieve greater added
value.

Specifically, Mitsubishi Electric will strive to further enhance
profitability by reforming its business structure through total
implementation of its "Focus and Concentration" policy and
accelerate global business development. Mitsubishi Electric will
continue to proactively promote business improvement measures
across the Company, including reducing assets and fixed costs,
reforming the procurement structure and implementing activities
to improve the financial standing. Moreover, Mitsubishi Electric
will strive to expand added value by implementing growth
strategies that utilize its collective strength, focusing on
products with competitive advantages in the market to quickly
achieve a solid business standing and sustainable development.

Basic Policy for Corporate Governance and the Current Status

Mitsubishi Electric studied our response to the Commercial Code
amendment enacted in 2002 and decided to transform itself into
the "Company with Committee System" by referring to the general
stockholders' meeting to be held in June 2003. Through this
governance structure reform Mitsubishi Electric will strive to
achieve "sustainable growth" as well as to enable more flexible
operations, to further enhance management transparency and to
reinforce the supervisory functions of management.

Mitsubishi Electric decided to appoint five outside directors
and establish three committees: Auditing, Nomination and
Compensation. Each of the three committees will have five
directors, three of which are outside directors. Furthermore
Mitsubishi Electric is considering assigning full-time staff to
the Auditing Committee.

Each executive officer will execute operations and internal
control for his or her responsible area. The Auditing Committee
will strengthen information sharing with internal and external
audit organizations (certified public accountants) and work to
organically link and heighten the efficiency of management audit
functions. No conflicts of interest exist between the outside
directors and Mitsubishi Electric.

Other Important Management Issues

Mitsubishi Electric and Hitachi Ltd. integrated their
semiconductor businesses and set up a joint venture concerning
mainly system LSI by establishing Renesas Technology Corporation
on April 1, 2003.

Outline of New Joint Venture Company:

(1) Company name:               Renesas Technology Corporation
(2) Business description:       Development, design,
manufacture, sale and
                                servicing of system LSI
(microcomputer, logic,
                                analog, etc.), discrete
semiconductors, memory,
                                SRAM, etc.
(3) Paid-in capital:            50 billion yen
(4) Ownership:                  Mitsubishi Electric 45%, Hitachi
55%

About Mitsubishi Electric Corporation

With over 80 years of experience in providing reliable, high-
quality products to both corporate clients and general consumers
all over the world, Mitsubishi Electric Corporation (FTSE:
6503q.l) is a recognized world leader in the manufacture,
marketing and sales of electrical and electronic equipment used
in information processing and communications, space development
and satellite communications, consumer electronics, industrial
technology, energy, transportation and building equipment. The
Company has operations in 35 countries and recorded consolidated
group sales of 3,649 billion yen (US$27.4 billion) in the year
ended March 31, 2002. For further information, please visit the
Mitsubishi Electric Corporation home page at:
www.mitsubishielectric.com/index.php

Contact:
Investor Relations Inquiries:
Yasumitsu Kugenuma
Corporate Finance Department
Tel: +81-3-3218-2391
Yasumitsu.Kugenuma@hq.melco.co.jp

Media Contact:
Robert.Barz@hq.melco.co.jp
Public Relations Department
Tel: +81-3-3218-2346


MATSUSHITA ELECTRIC: Unveils 2003 Results, Turns to Recovery
------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. reported its annual
financial results for the year ended March 31, 2003 (fiscal
2003).

Consolidated Results (a)

Consolidated group sales for fiscal 2003 were up 5 percent to
7,401.7 billion yen (U.S.$61.68 billion), from 7,073.8 billion
yen in the previous fiscal year. In explaining increased
revenues, the Company cited strong sales of new products, such
as V-products, particularly in the areas of video and audio
equipment within the AVC Networks category, and Components and
Devices. Of the total, domestic sales increased 4 percent to
3,453.8 billion yen ($28.78 billion), from 3, 313.9 billion yen.
Overseas sales also improved, up 5 percent to 3,947.9 billion
yen ($ 32.90 billion), from 3,759.9 billion yen a year ago.
Excluding the effects of currency translation, overseas sales
were up 4 percent from the previous year on a local currency
basis.

The overall business environment in fiscal 2003 was
characterized by persisting instability. In the domestic market,
factors such as continuing deflationary trends, stagnant
consumer spending and depressed capital investment impeded
economic recovery. Overseas economies were negatively affected
by slowed growth in the United States, and increased instability
caused by the war in Iraq.

During this fiscal year, Matsushita carried out several group
wide initiatives to achieve a V-shaped recovery from the
previous year's operating loss. Such initiatives included the
introduction of competitive V-products that can gain the top
share in high-volume markets and contribute to overall Company
performance. The Company also implemented group wide
organizational restructuring, whereby a new business domain-
based structure took effect from January 1, 2003. The new
structure focuses on global consolidated management by each
business domain Company within the Matsushita group. In line
with this new domain-based global consolidated management
policy, Matsushita has included overseas subsidiaries of Victor
Company of Japan, Ltd. in its consolidated reporting.

As a result of the aforementioned initiatives, Matsushita's
business results marked gains, led by video and audio equipment
of the AVC Networks category and products in the Components and
Devices category. Furthermore, sales of Home Appliances achieved
an upward turn from the previous year's negative growth.

Consolidated operating profit (b) for the year increased to
126.6 billion yen ( $1.06 billion), as compared with an
operating loss in the previous year of 199.0 billion yen.
Matsushita attributed this turnaround to sales increases
achieved through the aggressive promotion of competitive new
products, especially of V- products, and the favorable effects
of business restructuring implemented in the previous fiscal
year, which were more than sufficient in offsetting negatives
pressures on operating profit, such as increasingly severe
global competition.

Regarding pretax income, the Company also posted a substantial
improvement, but incurred losses on valuation of investment
securities, mainly bank stocks, due to aggravated stock market
conditions in Japan. As a result, income before income taxes for
fiscal 2003 was 68.9 billion yen ($574 million), compared with a
pretax loss of 537.8 billion yen a year ago.

In late March 2003, the Japanese legislature passed a proposed
revision of tax laws to lower local enterprise income taxes in
light of a new pro-forma standard taxation system. As a result,
the Company recorded losses relating to adjustments of net
deferred tax assets that have been necessitated by the revision
of the local tax law. Accordingly, the Company recorded a net
loss of 19.5 billion yen ($162 million), as compared with last
year's net loss of 427.8 billion yen.

The Company's consolidated annual net loss per common share for
fiscal 2003 was 8.70 yen (7 cents per American Depositary Share
(ADS), each representing one share of common stock) on a diluted
basis, compared with a net loss per common share of 206.09 yen
on the same basis a year ago.

Consolidated Sales Breakdown by Product Category

The Company's annual consolidated sales by major product
category are summarized as follows:

AVC Networks

AVC Networks sales increased 4 percent to 4,396.1 billion yen
($36.63 billion), from 4,236.4 billion yen in the previous year.
Within this segment, sales of video and audio equipment
increased 7 percent from a year ago. Despite slow sales of audio
equipment in overseas markets, strong sales were recorded in PDP
TVs, DVD recorders and other digital AV equipment.

In information and communications equipment, continued slow
sales of hard disk drives (HDDs) and other PC peripheral
equipment were offset by sales gains in car AVC equipment and
strong overseas sales of cellular phones, resulting in a 1
percent increase in overall sales from the previous year.

Home Appliances

Sales of Home Appliances were up 3 percent to 1,210.2 billion
yen ($10.09 billion), compared with 1,178.2 billion yen in the
previous year. This improvement was mainly due to domestic sales
increases of HFC-free refrigerators, vacuum cleaners and
microwave ovens, as well as overseas sales gains in air
conditioners and refrigerators.

Industrial Equipment

Sales of Industrial Equipment were 285.2 billion yen ($2.38
billion), down 1 percent from 288.7 billion yen in the previous
year. Within this segment, sales of factory automation equipment
increased, but sales declines of other industrial- use equipment
led to lower overall sales.

Components and Devices

Sales of Components and Devices increased 10 percent to 1,510.2
billion yen ($12.59 billion), compared with 1,370.5 billion yen
in the previous year. This improvement in sales was due mainly
to strong sales of semiconductors, general components and other
products in domestic and overseas markets.

Non-Consolidated (Parent Company Alone) Results

Parent-alone sales increased 9 percent to 4,237.8 billion yen,
compared with 3,900.7 billion yen in the previous year, mainly
attributable to solid sales in video and audio equipment within
the AVC Networks category and Components and Devices.

Regarding parent-alone earnings, despite continuing downward
pressure on prices, sales increases, in addition to cost
reduction efforts and the positive results of business
restructuring, resulted in an operating profit of 52.8 billion
yen, compared with the previous year's operating loss of 92.9
billion yen. Recurring profit increased to 80.1 billion yen,
from a recurring loss of 42.4 billion yen in the previous year.
The parent Company recorded a non- recurring profit of 52.2
billion yen, including a one-time profit related to an exemption
from the future benefit obligation with respect to the
substitutional portion of the Employees Pension Funds that the
Company operates on behalf of the Government. The parent Company
incurred non-recurring losses of 43.9 billion yen, due mainly to
losses on valuation of investment securities. These factors, and
an additional negative effect from adjustments of net deferred
tax assets necessitated by the revision of the local tax laws,
resulted in a parent-alone net income of 28.8 billion yen,
compared with a net loss of 132.4 billion yen in the previous
year.

Consolidated Financial Condition

On a consolidated basis, total assets as of March 31, 2003 were
7,834.7 billion yen, an increase of 66.2 billion yen from March
31, 2002. The main reason for this increase was 315.0 billion
yen recorded in "Other assets" of the consolidated balance sheet
as the total of goodwill and certain other accounts, a result of
transforming 5 subsidiaries, including Matsushita Communication
Industrial Co., Ltd., into wholly owned subsidiaries on October
1, 2002. Regarding operating assets, such as inventories and
property, plant and equipment, the Company was successful in its
streamlining efforts. Total inventories as of the end of fiscal
2003 were 783.3 billion yen, down 120.1 billion yen from a year
ago. Investment in property, plant and equipment totaled 251.5
billion yen, a reduction of 21 percent from the prior year.

Proposed Year-end Dividend

Matsushita's Board of Directors resolved to propose a year-end
cash dividend of 6.25 yen per common share, for approval at the
ordinary general meeting of shareholders to be held in late June
2003. This compares with the year-end dividend of 3.75 yen per
common share paid last year. If implemented, total dividends for
fiscal 2003, including an interim dividend of 6.25 yen per
common share paid in December 2002, will be 12.50 yen per common
share, as compared with 10.00 yen for the previous fiscal year.

Outlook for fiscal year 2004

For fiscal 2004, ending March 31, 2004, Matsushita expects
continued weak economic conditions in Japan and the United
States, compounded by the effects of the war in Iraq and the
SARS outbreak, to result in a severe business environment. Given
such an environment, Matsushita will make group wide efforts
toward enhanced earnings and increased cash flows by introducing
a new lineup of competitive V-products, and implementing
autonomous management at each domain Company. Matsushita
currently expects fiscal 2004 sales on a consolidated basis to
increase by about 1 percent to approximately 7,450 billion yen.
Consolidated operating profit (d) is expected to increase by
about 18 percent to approximately 150 billion yen. Consolidated
income before income taxes is anticipated to improve to
approximately 120 billion yen, up 74 percent, and net income is
expected to improve to approximately 30 billion yen, from a net
loss in the past fiscal year. (e)

On a parent Company alone basis, sales in fiscal 2004 are
expected to decrease by 8 percent to approximately 3,900 billion
yen. Recurring profit, however, is projected to increase 21
percent to approximately 97 billion yen, and net income is
forecast to increase 73 percent to approximately 50 billion yen.

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


WAKODENKI CO.: Resona's Y16.3B Loans May Be Gone
------------------------------------------------
Resona Bank's 16.3 billion yen loans to bankrupt Wakodenki Co
may become unrecoverable or repayment may be delayed, Kyodo News
reported Tuesday. The bankruptcy will not affect Resona Holdings
Inc's group earnings projection for fiscal 2002 ended in March
as the banking group has already put up loan-loss charges for
the Wakodenki loans.


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


HYNIX SEMICON: Says EC Decision Ignores Facts
---------------------------------------------
Hynix Semiconductor reacted strongly to Friday's decision by the
European Commission to impose provisional countervailing duties
on certain types of dynamic random access memory (DRAM)
semiconductor chips produced in South Korea. "We are deeply
disappointed by this decision," said Mr. Oh-Chul Kwon, Vice
President of Hynix in Korea. "The Commission staff seems to have
either misunderstood or ignored both the actual facts of Hynix's
restructuring and the competitive realities of the global DRAM
market. We will work vigorously to ensure that the EU's final
decision properly reflects the actual facts.

The EC's finding of a counter-vailable subsidy is based on
invalid factual conclusions.

The EC found two instances in which it could claim that Hynix
benefited from a Korean Government subsidy (1) a debenture
program aimed at temporarily providing a market-based measure to
normalize the bond market and managed by the publicly-owned
Korean Development Bank (KDB); and one part of the Hynix
restructuring (in October 2001) which included a debt-to-equity
swap and a new loan by several commercial banks.

In each case, the EC's decision is based on an improper
understanding (or deliberate ignorance) of the actual facts..

With respect to the KDB program, the Commission ignores the fact
that Hynix actually obtained substantial new capital at
precisely the time that the Commission alleges no commercial
entity would extend credit to Hynix. The Commission confuses
severe liquidity problems in the Korean bond market with Hynix
inability to obtain capital.

As importantly, refinancing under the KDB program was strictly
on commercial terms and actually cost Hynix more than comparable
purely commercial loans obtained at the same time. Under the
law, there cannot be any "benefit" when the refinancing was more
expensive, not less expensive, than purely commercial new loans
actually obtained at the same time.

And with respect to the October 2001 financial restructuring,
the EC Commission wrongly concludes that the Korean Government
somehow controls the lending decisions of Citibank, a purely
private U.S. commercial bank and also the Korea Exchange Bank, a
private Korean commercial bank largely controlled by
Commerzbank. With lending decisions in both cases being made by
foreign nationals answering to foreign companies, it is
nonsensical to "find" that these decisions were somehow being
directed by the Korean Government.

The EC's finding that the alleged subsidies to Hynix caused EC
producers to suffer material injury ignores market competitive
realities

Every available independent market analysis contradicts the
Commission's allegations that the worldwide downturn in DRAM
prices was caused by the subsidization of Hynix.

Rather, all knowledgeable DRAM market observers understand that
2001 was the worst market for DRAM suppliers in more than a
decade. Demand in 2001, the time period at issue, was far below
the long-term average, and every DRAM producer suffered. EU
chipmaker Infineon, which brought the case to the Commission,
was particularly hard-hit due to its investment choices and
decision to shift to certain products before the market was
ready for those product. Under the law, a company's own business
decisions are not supposed to justify imposing import duties.

Indeed, the Commission's "finding" that Hynix shipments caused
harm to EU producers ignores the fact that over the past few
years, Hynix has lost share in the EC market, not gained it.
Hynix' market share declined by 2.7 percentage points between
2000 and 2001. It is hard to see how declining market share by
Hynix could be the causes of any difficulties for Infineon.
In contrast, Samsung gained 7.3 percentage points and Micron 3.3
percentage points over this same period. It is clear from these
figures that shipment from Samsung and Micron, rather than
Hynix, caused volume difficulties for Infineon.

The Only Conclusion Possible Is That The EC Decision Was
Politically Motivated

The EU authorities haven't even been able to show that there was
improper subsidization. They certainly haven't shown a causal
link to the problems suffered by EU industry or demonstrated
that the Community interest will be served by imposing duties.
Having reviewed the weak argumentation put forward by the
Commission, we cannot see that it could be anything but
politically motivated. The possibility of this scenario clearly
raises the question of whether this is an appropriate use of EU
law.

Hynix Will Continue To Press Its Arguments To The Member States

The EC case is not yet over. The EC Commission has only made a
preliminary determination. Under law, the EC Member States have
the final say on whether to impose the extra duties. Hynix
believes that, when properly advised of all the facts, the
Member States will reverse the Commission's preliminary
decision.

For a copy of the press release, go to
http://www.hynix.com/eng/index.html


JINRO CO.: 72 Creditors Against Court Receivership
------------------------------------------------
Seventy-two creditors of Jinro Co. objected to its court
receivership being pursued by Goldman Sachs' paper affiliate
Senna Investment Ireland Ltd., Asia Pulse reports. The majority
of creditors account for 1.33 trillion won or 63.6 per cent of
the total debts of 2.09 trillion won (US$1.70 billion).

Meanwhile, a court ruling on Goldman Sachs' application for
Jinro's court receivership is expected on Thursday or Friday.
The global investment bank applied for Jinro's court
receivership on April 3, saying the distiller is incapable of
repaying its liabilities.


SK GLOBAL: Bailout Plan Reaches Deadlock
----------------------------------------
SK Corporation, the majority shareholder of SK Global, may not
provide financial aid for the cash-strapped firm, as Sovereign
Asset Management expressed opposition to the SK Group's group-
wide bailout plan, the Korea Times said on Monday. Sovereign, a
mother firm of Crest Securities, which holds 14.99 percent of SK
Corp., said that SK Corporation should go its independent way
regardless of the fate of other affiliates.

An official of SK Global's normalization team said that the
foreign firm's statements indicate that it would object to the
group's bailout package that is against shareholders' interests,
not a rational one.


SK GLOBAL: LG Elec Resumes Handset Supplies
-------------------------------------------
LG Electronics Inc. resumed supplying handsets equipped for SK
Telecom Co.'s wireless service to SK Global Co. on Friday after
a cash settlement, Dow Jones reports.

Home appliance maker LG and other handset makers including
Samsung Electronics Co. and Motorola Inc.'s Motorola Korea Inc.
unit halted supplies to SK Global earlier this month on concerns
the accounting scandal at the trading Company would result in SK
Global not being able to pay.


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


AYER HITAM: Deregisters Dormant Hong Kong Subsidiary
----------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad informed that the
Company has applied to the Hong Kong Companies Registry to
deregister its inactive and dormant foreign subsidiary company,
Vivace Limited (VL).

VL, which was incorporated in Hong Kong under the Companies
Ordinance on 28 January 1986, is a wholly owned subsidiary of
Ganda Kemas Sdn Bhd, which in turn is a wholly owned subsidiary
of the Company.

The deregistration is not expected to have any material effect
on the consolidated earnings of the Company for the financial
year ending 30 June 2003.


EKRAN BERHAD: Provides Defaulted Credit Facilities Status Update
----------------------------------------------------------------
Pursuant to the Practice Note 1/2002 of the Listing
Requirements, Ekran Berhad provided the status report in respect
of the default in payment of the credit facilities of Ekran
Group, which can be found at
http://bankrupt.com/misc/TCRAP_Ekran0430.doc.

COMPANY PROFILE

The company was set up principally to carry out the business of
an investment holding company for Group companies involved in
activities such as timber extraction and trading, property
development and oil palm plantation.

In 2001, Ekran was awarded the turnkey contract for the
construction of civil buildings in Teluk Sapangar, Sabah valued
at RM168.3m and the contract for the upgrading of Miri Airport,
Sarawak at RM200m.

The company also proposed to acquire Mashyur Mutiara Sdn Bhd,
Accruvest Hotel Management Sdn Bhd, Home and Hotel Holding Sdn
Bhd and Vital Orient Sdn Bhd. Mashyur Mutiara and Accruvest are
the owners of Sheraton Langkawi Resort and Delima Beach Resort
(now leased to Kolej Lagenda) respectively, which are situated
in Langkawi. Home and Hotel Holding and Vital Orient are owners
of Santubong Kuching Resort and Manikar Beach Resort
respectively which are situated in Kuching and Labuan
respectively.

The acquisition of 60% equity interest in Langkasuka Marina
Development Sdn Bhd (LMD) was approved by the FIC on 17.9.2001.
LMD is a JVC in which the Langkawi Development Authority (LADA)
holds the other 40% equity interest. The principal activity of
LMD is to develop the Port Langkasuka Marina Project in
Langkawi.

CONTACT INFORMATION: 2nd Floor, Wisma Ekran
            Jalan Parlimen
            50480 Kuala Lumpur
            Tel : 03-2693 6111;
            Fax : 03-2694 6096


EPE POWER: 31st AGM Scheduled May 22
------------------------------------
The Board of Directors of EPE Power Corporation Berhad is
pleased to announce that the Thirty First Annual General Meeting
of the Company will be held on Thursday, 22 May 2003 at Bilik
Penang 1 & 2, Hotel Sheraton Imperial Kuala Lumpur, Jalan Sultan
Ismail, 50250 Kuala Lumpur at 11:00 a.m. for transacting the
following business:

   1. To receive and adopt the Audited Accounts for the
financial year ended 31 December 2002 and the Reports of the
Directors and Auditors thereon.

   2. To approve the Directors' fees for the financial year
ended 31 December 2002.

   3. To re-elect Encik Mohd Kamal Azmey Bin Awang Hitam, the
Director retiring in accordance with Article 69 of the Company's
Articles of Association.

   4. To re-elect Encik Zainal Abidin Bin Mohd Rafique, the
Director retiring in accordance with Article 69 of the Company's
Articles of Association.

   5. To re-elect Encik Amiruddin Abdul Aziz, the Director
retiring in accordance with Article 75 of the Company's Articles
of Association.

   6. To re-appoint Messrs Deloitte KassimChan as Auditors and
to authorize the Directors to fix their remuneration.

   7. To transact any other ordinary business of the Company for
which due notice has been given.


FURQAN BUSINESS: Extends Definitive Agreement Execution Date
------------------------------------------------------------
Further to the announcement made on 10 April 2003 pertaining to
the proposed disposal of a building by Austral Amal Properties
Sdn. Bhd., a wholly owned subsidiary of Furqan Business
Organisation Berhad (FBO), the Board of Directors of FBO wishes
to announce that pursuant to Clause 2.1 of the Heads of
Agreement and upon the mutual agreement among all parties
concerned, the execution of the Definitive Agreement shall be
extended to another 14 days from 24 April 2003.

Early this year, the Ratings Agency Malaysia Berhad (RAM)has
assigned a BB3 rating to Furqan Business Organization Bhd's
RM37.66 million Redeemable Convertible Loan Stocks (RCLS).


KELANAMAS INDUSTRIES: Court Adjourns Case Hearing on May 22
-----------------------------------------------------------
Kelanamas Industries Berhad, in reference to the Kuala Lumpur
High Court Winding Up Petition D5-28-372-2002, Kin Yip Wood
Industries Sdn Bhd vs. Kelanamas Industries Berhad, which came
up for mention on 28 April 2003, informed that the Court has
adjourned the case and fixed for next mention on 22 May 2003.

COMPANY PROFILE

At the time of listing the Company (KIB), then called Sungei
Besi Mines Malaysia Bhd (SBM), was one of the major tin
producers in Malaysia. SBM had been incorporated to take over
the business of the Sungei Besi Mines Ltd (Sungei Besi), a UK-
incorporated company. Effective on 1 November 1976, the issued
share capital of Sungei Besi was cancelled in exchange for
shares in SBM.

In December 1989, SBM ceased its mining operations to become an
investment holding company. The years 1991 to 1997 were a period
of diversification during which the SBM Group became involved in
property investment, trading and distribution of consumer
products, manufacture of cordials, fruit juices, soft drinks and
food products, granite quarrying and stockbrokering. SBM changed
its name to Kelanamas Industries Bhd in 1993 to reflect its
diversification from tin mining into the new areas of business.

Subsequently, the Group's main contributor, Alor Setar
Securities Sdn Bhd (ASSEC), is now under Special Administrators
(SAs), Messrs Ernst & Young, appointed by Pengurusan Danaharta
Nasional Bhd on 12 February 1999. Trading in the Company's
shares was suspended effective from 10 September 1999.

During FYE 30 April 2001, ASSEC implemented a restructuring
exercise, which involved a capital reduction from RM40m to
RM100. Subsequent to the capital reduction, new shares amounting
to RM30m were issued to a new shareholder. The Group did not
subscribe for the new shares and ASSEC ceased to be an
associated company.

Following this, an agreement to restructure the Company entered
into with Dolomite Bhd (DB), lapsed on 8 November 2001. However,
on 26 November 2001, KIB entered into a MOU with MP Technology
Resources Bhd (MPTR), Tai Seng Plastic Industries Sdn Bhd (Tai
Seng) and other companies, in relation to a new proposal to
regularize its financial condition.

The new scheme include proposed capital reconstruction of KIB;
scheme of arrangement between MPTR and KIB shareholders whereby
the latter will be offered MPTR shares; scheme of arrangement
between MPTR and KIB creditors whereby the latter will be
offered MPTR shares in satisfaction of amounts owing by KIB to
the creditors; acquisition by MPTR of Tai Seng, Eng Zan
Machinery & Trading Sdn Bhd, Highlight Plastic Machinery Sdn
Bhd, VCM Precision Sdn Bhd, Tralvest (M) Sdn Bhd, HIM Marketing
Sdn Bhd, Hearngrange Packaging Industries Sdn Bhd and MP Recycle
Products Sdn Bhd; and the transfer of KIB's listing status to
MPTR.

CONTACT INFORMATION: 9th Floor, Plaza Kelanamas
        19 Lorong Dungun
        Damansara Heights
        50490 Kuala Lumpur
        Tel : 03-253 8282;
        Fax : 03-253 9815/6


KEMAYAN CORPORATION: Non-Exec Director Mohamed Bin Ali Resigns
--------------------------------------------------------------
Kemayan Corporation Bhd discloses this Change in Boardroom
Notice:

Date of change : 28/04/2003
Type of change : Resignation
Designation    : Non-Executive Director
Directorate    : Independent & Non Executive
Name           : Mohamed Apandi Bin Ali
Age            : 53
Nationality    : Malaysian
Qualifications : Graduated from the University of London in 1972
with LLB (Hons).
Working experience and occupation :
Practising Lawyer - Apandi Ali & Co (1982-present)
Legal Adviser - Ministry of Trade & Industry (1980-1982)
Deputy Public Prosecutor - Government of Malaysia (1977-1980)
Director of Legal Aid Bureau, Kelantan - Government of Malaysia
(1976-1977)
Magistrate - Government of Malaysia (1973-1975)
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 : Nil

On March 6, the Troubled Company Reporter - Asia Pacific
reported that Kemayan Corporation is still awaiting approval
from the other relevant authorities in relation to the Company's
plan to regularize its financial condition via a Proposed
Restructuring Scheme.


MALAYSIAN GENERAL: Audit Committee Member Latiff Resigns
--------------------------------------------------------
Malaysian General Investment Corporation Berhad posted this
Change in Audit Committee Notice:

Date of change : 28/04/2003
Type of change : Resignation
Designation    : Member of Audit Committee
Directorate    : Executive
Name           : AMALADDIN BIN ABDUL LATIFF
Age            : 52
Nationality    : MALAYSIAN
Qualifications : MIA, ACCA
Working experience and occupation: General Manager-Finance and
Company Secretary of MGIC. Prior to joining MGIC, was Finance
Admin. Manager cum Joint Company Secretary of Bapema Trading
Sdn. Bhd.

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 : NIL

Composition of Audit Committee (Name and Directorate of members
after change) : Dato' Dr. Abdullah bin Sepien (Chairman)
(Independent Non-Executive Director)
Dato' Zainal bin Haji Ismail
(Independent Non-Executive Director)

The Troubled Company Reporter - Asia Pacific reported last month
that On 22 January 2003, AmMerchant Bank Berhad had, on behalf
of the Securities Commission has approved the Company's appeal
to waive certain conditions imposed vide their approval letter
dated 24 December 2002 on the Proposed Restructuring Scheme,
namely on the requirement for AmMerchant Bank to comment on the
reasonableness of the purchase consideration for the Proposed
Acquisition Of Sumatec Group and the reasonableness of the
liquidation of MGIC and its subsidiaries in the Company's
Circular to shareholders / Prospectus.


MGR CORPORATION: Issues CBHB Prospectus; Secures New Project
------------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of MGR Corporation Berhad
(Special Administrators Appointed), wishes to announce that the
Prospectus of Crest Builder Holdings Berhad (CBHB) for the
following issue/offer has been issued on April 24, 2003:

   (i) 16.2 million ordinary shares by way of public offer and
private placement;

   (ii) RM100,000 Irredeemable Convertible Unsecured Loan Stocks
and RM100,000 Redeemable Convertible Unsecured Loan Stocks to
employees of the CBHB Group; and

   (iii) Rights issue of 24.0 million warrants.

Further to the above, AmMerchant Bank, on behalf of CBHB, wishes
to announce that in addition to the contracts in hand of
approximately RM443 million as at 11 April 2003 (of which
approximately RM111 million has been billed), CBHB has secured
new projects as detailed below, thereby increasing the contracts
in hand to approximately RM508 million as at 22 April 2003 (of
which RM111 million has been billed):

   (i) the renovation and completion of Amcorp Serviced Suites
and Office Suites at Jalan Persiaran Barat, Seksyen 26(52),
HS(D) 39250 Petaling Jaya, Selangor, undertaken for Distrepark
Sdn Bhd for a consideration of RM41 million; and

   (ii) the construction of Universiti Tenaga Nasional staff
quarters on Lot 509, 1054 and 1413, Mukim Dengkil, Daerah
Sepang, Selangor, undertaken for Tenaga Nasional Berhad for a
consideration of RM24 million.


OCEAN CAPITAL: Restructuring Scheme Plan Finalized
--------------------------------------------------
The Board of Directors of Ocean Capital Berhad announced that
Ocean is an affected listed issuer pursuant to paragraph 2.1(a)
of PN 4/2001 as Ocean has recorded a deficit in shareholders'
funds of RM5.304 million on a consolidated basis based on the
announced unaudited first quarter results for the financial
period ended 31 March 2003.

OBLIGATIONS OF AN AFFECTED LISTED ISSUER

Ocean as an affected listed issuer shall comply with the
obligations as follows:

   (i) to announce the status of the implementation or
development of Ocean's plan to regularize its financial
condition on a monthly basis following the date of the First
Announcement until further notice from KLSE;

   (ii) to announce its compliance or failure to comply with a
particular obligation imposed pursuant to PN 4/2001, as and when
such obligation becomes due;

   (iii) to submit monthly reports to the KLSE in the manner set
out in Paragraph 4.2 of PN 4/2001, accompanied by statutory
declarations as provided in Paragraph 4.5 of the PN 4/2001
within ten (10) market days from the end of the month reported
upon;

   (iv) to announce a detailed plan to regularize its financial
condition within six (6) months from the date of the First
Announcement (Requisite Announcement).

   (v) to submit its plan to regularize its financial condition
to the relevant authorities for approval, including the
Securities Commission (where applicable), within two (2) months
from the date of the Requisite Announcement; and

   (vi) to obtain all approvals necessary for the implementation
of its plan to regularize its financial condition within four
(4) months from the date of submission of such plan for
approval.

[The Company is not required to appoint an independent
accounting firm as a monitoring accountant as it does not fall
under the criteria set out in Paragraph 6.1 of PN 4/2001.]

CONSEQUENCES OF NON-COMPLIANCE OF PN 4/2001

Failure to comply with the obligations set out in the PN 4/2001
will result in Ocean being regarded as a listed issuer whose
financial condition does not warrant continued trading and/or
listing of its shares on the KLSE.

THE COMPANY'S PLAN TO REGULARISE ITS FINANCIAL CONDITION

The Company has finalized its plan for a restructuring scheme
with the view of restoring its financial position (Proposed
Corporate Exercise). The details of the Proposed Corporate
Exercise will be announced concurrently with this announcement.


PASARAYA HIONG: RAM Places CP/MTN on Rating Watch
-------------------------------------------------
Rating Agency Malaysia Berhad (RAM) has placed a Rating Watch,
with a developing outlook, on the BBB3 and P3 ratings of
Pasaraya Hiong Kong Sdn Bhd's (Hiong Kong) RM120 million
Commercial Paper/Medium-Term Notes (2002/2009) (CP/MTN).  This
is premised on Hiong Kong's participation in the corporate
restructuring of Ocean Capital Berhad (Ocean).

On 22 April 2003, Ocean announced its corporate restructuring
exercise involving Premium Acme Sdn Bhd (PASB - the special-
purpose vehicle set up to effect the restructuring exercise),
Hiong Kong, and its holding company, Tat Seng Fatt Holding Sdn
Bhd (TSF).  Part of the scheme involves the acquisition of Hiong
Kong by PASB via a share swap arrangement with TSF.  Upon
completion of the restructuring exercise, TSF will own 93.01% of
PASB, which in turn will wholly own both Ocean and Hiong Kong.
The proposed restructuring exercise is pending approvals from
the relevant authorities.

Meanwhile, Hiong Kong has entered into an agreement with Ocean
for the lease of the latter's 12 supermarkets/departmental
stores in the Klang Valley, Ipoh, Johor Bahru, Kuantan, Seremban
and Melaka.  The arrangement allows Hiong Kong to extend its
market reach with 17 outlets compared to its present 5.  While
there are potential benefits from diversification and economies
of scale, there are also concerns about execution risk or Hiong
Kong's ability to manage growth and to turn around the loss-
making Ocean outlets.  The post-restructuring PASB Group will
have borrowings in excess of RM160 million, inclusive of Ocean's
RM58.52 million debts (as at end-31 March 2003).  In this
respect, RAM will assess the impact of the restructuring scheme
on Hiong Kong's financial profile, if any.

RAM's Rating Watch highlights possible changes to the existing
rating for an issuer's debt. It focuses on identifiable events,
including mergers, acquisitions, regulatory changes and
operational developments that put a rated debt under special
surveillance by RAM.  In a broader sense, it covers any event
that may result in changes relating to the risk factors in
respect of the payment of interest and principal on a rated debt
instrument.

RAM's Rating Watch, however, does not mean that the existing
rating will be changed.  It only means that a rating is under
evaluation by RAM and a final affirmation is expected to be
announced.

CONTACT INFORMATION: Chong Van Nee
        Tel: 03-7628 1028
        E-mail: vannee@ram.com.my


PICA (M) CORPORATION: Submits RA Time Extension Application
-----------------------------------------------------------
Further to the announcement by Commerce International Merchant
Bankers Berhad on 31 March 2003, in view that Pica (M)
Corporation Berhad has yet to receive all the lenders' decisions
on the proposed debt restructuring scheme, PICA will not be able
to meet the deadline to make the Requisite Announcement by 28
April 2003.

CIMB, on behalf of PICA, has submitted an application to the
KLSE for a further extension of time of two (2) months to 28
June 2003 to make the Requisite Announcement of its plan to
regularize its financial condition.


PROMET BERHAD: Extends Proposed Scheme Application Submission
-------------------------------------------------------------
Promet Berhad refers to the requisite announcement made to the
Kuala Lumpur Stock Exchange by Southern Investment Bank Berhad
(SIBB) on behalf of the Board of Directors of PB (PB Board) on 6
March 2003 in relation to the Proposed Restructuring Scheme,
which collectively refers to the following:

   * Proposed Capital Reconstruction;
   * Proposed Share Exchange;
   * Proposed Debt Settlement;
   * Proposed Acquisitions;
   * Proposed Exemption;
   * Proposed Disposal;
   * Proposed Placement and/or Offer for Sale; and
   * Proposed Listing Status Transfer.

On behalf of the PB Board, SIBB wishes to announce that pending
the finalization of several matters, the application to the
authorities on the Proposed Restructuring Scheme will be
submitted by 30 June 2003 instead of 28 April 2003, as announced
earlier in the Requisite Announcement.


RAHMAN HYDRAULIC: Faces Retrenchment Benefits, Salary Claim
-----------------------------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
announced that it had on 12 April 2003 received a claim filed by
one hundred and six (106) workers of Pinang Tunggal Estate,
which was filed at the Labor Office of Sungai Petani, claiming
for retrenchment benefit and salary amounting to RM1,010,040.00.

The Company has not terminated the employment contracts of the
aforesaid workers and therefore, the amount claimed by the
workers are not due under the employment contract. The Company
will seek legal representation on the said claim.


SASHIP HOLDINGS: Special Administrators Appointed
-------------------------------------------------
Saship Holdings Berhad advised that pursuant to Section 24 of
the Pengurusan Danaharta Nasional Berhad Act 1998, Mr. Lim Tian
Huat, Mr Chew Cheng Leong and Encik Raja Ali bin Raja Othman of
Messrs. Enrst & Young were appointed as the Special
Administrators of the Company on 28 April, 2003.

A copy of the Notice of Appointment (Borang 1) filed with the
Companies Commission of Malaysia can be found at
http://bankrupt.com/misc/TCRAP_Saship0430.pdf.


SATERAS RESOURCES: Definitive Agreement Execution Extended
----------------------------------------------------------
Further to the announcement made on 10th April 2003 pertaining
to the proposed restructuring scheme of Sateras Resources
(Malaysia) Berhad, the Board of Directors announced that,
pursuant to Clause 2.1 of the Heads of Agreement and upon the
mutual agreement among all parties concerned, the execution of
the Definitive Agreement shall be extended to another 14 days
from 24th April 2003.

COMPANY PROFILE

The Company's (SRM) principal activity prior to 1984 was the
manufacture and sale of PVC resins and compounds. SRM
diversified into property investment in November 1982 with the
acquisition of Development Securities (DSSB), which owned an
office building known as Bangunan Sateras. A year later, with
the acquisition of Sarawak Motor Industries Bhd (SMI), the
Company became involved in timber operations and property
development, and held contracts to assemble Hino and other heavy
commercial vehicles as well as franchises to assemble and sell
Toyota land cruisers, Toyota Dyna and BMW passenger cars.
Subsequently, SRM transferred its PVC manufacturing operations
to then subsidiary Industrial Resins (Malaysia) Sdn Bhd (IRM),
transforming itself into an investment holding company. However,
due to shrinking business and non-renewal of timber licenses,
SRM disposed of SMI, Bangunan Sateras and IRM between 1988-89.

In searching for new a earnings base, SRM later branched into
the manufacture and sale of water meters, fishing, industrial
and agricultural nets, ropes, twines and rice husk boards as
well as cocoa planting, education, leisure, property and
information technology. Among the property projects associated
with the Group are the Hefei World Trade Center in China, the
18-hole Serendah Golf Resort and a mixed-development project in
Johor known as Cosmo City. In education, SRM holds a stake in
Kolej WIT Sdn Bhd (formerly known as WIT Education Holdings Sdn
Bhd) and Goon Institution Sdn Bhd. Meanwhile, SRM teamed up with
an Australian-incorporated company to jointly operate,
commercialize, promote and develop an electronic cash system
known as CYBANK, which offers commerce transactions on the
Internet.

Due to the recession, SRM has proposed a debt-restructuring
scheme, which has received approval-in-principle from 70% of its
creditors and financial institutions. The scheme proposed a
debts-for-equity swap with 12% accrued interest up to the date
of share issuance. In September 1999, the debt-restructuring
scheme was approved by the FIC and MITI while the SC's approval
was obtained in April 2000. On 7 November 2001, the SC approved
variations to the proposals and a further extension of time to
27 April 2002 for completion of the proposals. The proposals are
currently pending shareholders' approval at an EGM to be
convened.

CONTACT INFORMATION: 46th Floor, Empire Tower City
                     Square Center
                     182 Jalan Tun Razak
                     50400 Kuala Lumpur
                     Tel : 03-2625288
                     Fax : 2618529


SILVERSTONE CORPORATION: Chinese CFTEC Approves Proposals
---------------------------------------------------------
Silverstone Corporation Berhad refers to the announcements made
on 5 August 2002, 24 September 2002, 2 December 2002, 19
December 2002, 13 March 2003, 28 March 2003 and 31 March 2003 in
relation to the Proposals, which refers to:

   * Proposed disposal of 50% equity interest in Wuhan Fortune
Motor Co. Ltd. (Wuhan Fortune) for a cash consideration of Rmb1
(Proposed Disposal); and

   * Proposed settlement of inter-company advances to Wuhan
Fortune for a cash consideration of Rmb94.66 million and
proposed waiver of the interest on inter-company advances
amounting to Rmb70.82 million (Proposed Settlement).

OSK Securities Berhad, on behalf of the Board of Directors of
Silverstone Corporation Berhad (SCB) wishes to inform that the
Commission on Foreign Trade and Economic Cooperation (CFTEC) of
the Peoples' Republic of China had approved the Proposals on 24
April 2003 and the Proposals are deemed completed on 24 April
2003.

Wuhan Fortune shall thus cease to be a subsidiary of SCB with
effect from 24 April 2003.


TIMBERMASTER INDUSTRIES: Audit Committee Extends Deadline
---------------------------------------------------------
As announced earlier on 19 March 2003, the Kuala Lumpur Stock
Exchange (KLSE) had, by way of its letter dated 19 March 2003,
granted Timbermaster Industries Berhad (Special Administrators
Appointed) an extension of time until 30 June 2003 to comply
with the audit committee requirements under paragraphs 15.10 (1)
(a), (b), (c), 15.19 and 15.20 of the KLSE Listing Requirements.
One of the conditions imposed in the above said approval was
that TMIB is required to submit quarterly reports to the
Exchange on its efforts or progress to comply with the aforesaid
requirements.

In this respect, TMIB wishes to inform that it is in the midst
of liaising with one of its non-executive directors (who is
eligible to be appointed as an audit committee member) and is
currently awaiting a formal reply. In the meantime, TMIB will
also explore other avenues in order to comply with the aforesaid
requirements.


TONGKAH HOLDINGS: Disposes of Quoted Securities
------------------------------------------------
Tongkah Holdings Berhad informed that it has on 25 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 21 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. To see summary information on the securities
disposed, go to http://bankrupt.com/misc/TCRAP_Tongkah0430.doc.


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


H-FACTOR: SEC Permanently Shuts Down Operations
-----------------------------------------------
The Securities and Exchange Commission (SEC) has permanently
shut down the operations of H-Factor Marketing & Trading
Corporation to safeguard the interest of the investing public,
the Philippine Star reported Tuesday. The Company was found to
have sold unregistered investment contracts, which guaranteed a
monthly interest of eight to 18 percent for a minimum placement
of P50,000.

Under the Securities Regulation Code, no security may be issued
to the public without a registration statement duly filed with
the commission. The Company has promised to return all the money
to its investors to show good faith. H-Factor was formed in July
2002 by siblings Leo Alvin Hadi and Leo Andreau Hadi. Records
show that the Company has collected at least 350 million pesos
from various investors.


MANILA ELECTRIC: ERC May Advise on Refund Issue
-----------------------------------------------
Energy Secretary Vincent Perez said public consultation on how
Manila Electric Co. (Meralco) should implement the Supreme Court
refund order would begin this week, the Manila Bulletin said on
Tuesday. Perez said the energy department might come up with its
own recommendation on how the refund should be made to benefit
more than 3 million Meralco customers.

After the Supreme Court upheld its Nov 2002 ruling that Meralco
should refund overcharges to customers from 1994, various
sectors offered different proposals on how the refund should be
carried out. The proposals include converting the refund into
equity in Meralco, which is already about 25 percent owned by
the government. Another proposal is for Meralco to gradually
reflect the refund in the monthly bills of its customers.

The Energy Regulatory Commission is also expected to conduct
public hearings on the issue after Meralco has submitted its own
proposals.


MANILA ELECTRIC: Unveils Comprehensive Liability Management Plan
----------------------------------------------------------------
At the Manila Electric Company (Meralco) Board Meeting held on
April 28, 2003, approved the incurring and creation of
additional bonded indebtedness up to a maximum amount of US$600
million which is intended for activities related to the
Comprehensive Liability Management Plan (CLMP), namely: (i) the
provision of security to Meralco's existing unsecured creditors
over assets covered by the Mortgage Trust Indenture; and (ii)
new financing to address funding needs for working capital,
capital expenditures, debt financing and other requirements.

The press release can be accessed at
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1291_MER.pdf


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


CHARTERED SEMICON: Appoints Meyer as VP of Worldwide Marketing
--------------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three silicon foundries, announced the appointment of industry
veteran Kevin Meyer as Vice President of worldwide marketing and
services.

Meyer brings more than 20 years of semiconductor experience to
Chartered. He leads a global organization that drives the
Company's strategy, as well as its product, corporate and
regional marketing initiatives. Meyer will have responsibility
for all EDA programs including alliances with design automation,
IP and library companies as well as design service partnerships,
and for formulating Chartered's total product solutions
strategy. Meyer, who will be based at the Company headquarters
in Singapore, reports directly to Bruno Guilmart, senior Vice
President of worldwide sales and marketing.

"Chartered is pleased to welcome Kevin back to the team. We
believe his extensive knowledge of the semiconductor industry
and his understanding of the needs and challenges customers face
are considerable assets that will serve Chartered well in its
drive to win more 'first source' business and capitalize on the
progress it has made at the leading edge," said Guilmart. "His
familiarity with Chartered, our customers and our industry means
he will have an immediate impact on our marketing and strategic
efforts."

Meyer returns to Chartered after almost two years as the Vice
President of marketing for MIPS Technologies, an intellectual
property Company specializing in microprocessors. In his
previous tenure at Chartered from 1998 to 2001, Meyer was Vice
President of business development, and played an integral part
in the Company's IPO. Meyer also draws on over 15 years of
experience at Motorola, where he held a number of global
executive positions including sales, marketing, operations and
engineering.

"There is a new dynamic in the industry resulting from the
considerable challenges facing system-on-chip (SOC) designers
and Chartered has formed strategic alliances for key
technologies resulting in superior value propositions for its
customers. My new role affords me a personal and professional
opportunity to have a significant impact on getting customers to
market with winning solutions," Meyer said. "I am very excited
to be back at Chartered facing this prospect."

About Chartered

Chartered Semiconductor Manufacturing, one of the world's top
three silicon foundries, is forging a customized approach to
outsourced semiconductor manufacturing by building lasting and
collaborative partnerships with its customers. The Company
provides flexible and cost-effective manufacturing solutions for
customers, enabling the convergence of communications, computing
and consumer markets. In Singapore, Chartered operates five
fabrication facilities and has a sixth fab, which will be
developed as a 300mm facility.

A Company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market and on the Singapore
Exchange. Chartered's 3,500 employees are based at 11 locations
around the world. Information about Chartered can be found at
www.charteredsemi.com.

CONTACT: Chartered Semiconductor
Tiffany Sparks, 408/941-1185
tiffanys@charteredsemi.com

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
94 and 95.2 For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1


NEPTUNE ORIENT: Malaysia Shipping Close to Buying Unit
------------------------------------------------------
Malaysia International Shipping Corp. is close to buying
American Eagle Tankers Ltd., which carries more than 10 percent
of U.S. crude oil imports, Bloomberg reported Tuesday. American
Eagle, a unit of Neptune Orient Lines Ltd. (NOL), is worth about
$800 million, according to ING Financial Markets estimates.

NOL reported a second year of losses in 2002 and has to sell
assets to reduce $2.8 billion of debt, $264 million of which is
due by June.


PAN-UNITED: Enters Voluntary Liquidation
----------------------------------------
The Board of Directors of Pan-United Corporation Ltd (PUC)
announced the voluntary liquidation of Pan-United Energy Pte Ltd
PUG, an 85 percent owned subsidiary of PUC, held through Pan-
United Industries Pte Ltd PUI and Pan-United Concrete Pte Ltd
PUCC. Both PUI and PUCC are wholly owned subsidiaries of the
Company.

Messrs Tan Cher Liang and Yvonne Choo of Lim Associates (Pte)
Ltd have been appointed liquidators to conduct the voluntary
liquidation of PUG.

The above transaction will not have a material impact on the
consolidation net tangible assets per share and earnings per
share of the PUC Group for the financial year ending 31 December
2003.

None of the Directors of the Company have any interest, direct
or indirect, in the transaction.


WEE POH: Issues Best Effort Debt Conversion Update
--------------------------------------------------
Further to Wee Poh Holdings Ltd.'s Circular to Shareholders
dated 21 March 2003 and the announcement made by the Company on
9 April 2003, the Directors announced that a Statement of
Material Facts dated 28 April 2003 (the SMF) has been lodged
with the Monetary Authority of Singapore and the Singapore
Exchange Securities Trading Limited on Tuesday (the Lodgment). A
copy of the SMG is located at
http://bankrupt.com/misc/tcrap_weepoh0429.pdf.

With the Lodgment completed, the Directors will be able to
approach trade creditors of Wee Poh Construction Co. (Pte.)
Limited to secure their participation in the Best Effort Debt
Conversion.


WEE POH: Update on W&P Piling Pte
---------------------------------
Further to our announcement dated 21 March 2003, the Board of
Directors of Wee Poh Holdings Limited announced that, the Court
hearing for the winding up petition served by Wili Marketing Pte
Ltd on the Company's subsidiary, W&P Piling Pte Ltd, had been
adjourned from 25 April 2003 to 16 May 2003.


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


COUNTRY (THAILAND): Issues 645,109,726 Shares
---------------------------------------------
In accordance with the rehabilitation plan, the Company must
issue 1,857 additional shares that must be allocated to two
following creditors: Fornic Co., Ltd. and Cannon Marketing Co.,
Ltd.

Property Planner Co., Ltd., the Plan Administrator for Country
(Thailand) Public Co., Ltd., reported on the newly issued shares
as follows:

1. Information relating to the share offering

   Category of shares offered: Increasing Ordinary Shares
                     according to the rehabilitation plan
   Number of shares offered: 645,109,726 shares
   Offered to: the creditors subject to the rehabilitation plan
   Price per share:    -
   Subscription and payment period:  -

2. Results of the sale of shares

        [ / ]   totally sold out
        [   ]   partly sold out, with - shares remaining.

3. Details of the sale

                  Thai investors            Foreign investors
               Juristic    Natural   Juristic    Natural   Total
Number of persons  37      132        -          1          170
Number of shares  subscribed
               645,109,726  -         -          -  645,109,726
Percentage of total shares offered for sale
                   -        -         -          -          -

4. Amount of money received from sale of shares

Total amount: None, because the company has to increase the
              registered capital for conversion of debts to
              equity as specified in the rehabilitation plan.


COUNTRY (THAILAND): Posts New Major Shareholders
------------------------------------------------
Property Planner Company Limited, the Plan Administrator for
Country (Thailand) Public Company Limited, has increased
registered capital, and allocated the increase shares to
investors and creditors in accordance with the Company's
Rehabilitation Plan. The Planner has also registered the change
in capital with the Ministry of Commerce.

As a result of the change in capital, the shareholding structure
of the company has changed accordingly. Therefore, the Company
disclosed the Company's nine major shareholders:

No.  Name of Shareholder        No. of Shares  % of total shares

1. Thai Asset Management Company(TAMC)     587,504,996     91.05
2. Asia Recover Mutual Fund 2                7,336,831      1.14
3. Villa Holding Co.,Ltd.                    5,191,628      0.80
4. Gramma Capital Mutual Fund                5,023,500      0.78
5. P.M.C Property Co.,Ltd.                   4,967,635      0.77
6. Mr. Chan Thunrayapisitchai                4,333,019      0.67
7. Asset Management Corporation(AMC)         4,186,250      0.65
8. Mr. Adisak Audtrapilomsuk                 3,841,533      0.60
9. Italian thai Development Public Co., Ltd. 3,470,689      0.54
Total                                      625,881,081     97.00


MEDIA OF MEDIAS: Decreases Registered Capital to Bt548.295M
-----------------------------------------------------------
Pursuant to the Amendment of Business Rehabilitation Plan of
Media of Medias Public Company Limited approved by the
Bankruptcy Court on April 21,2003, particularly clause 4.9 of
the Plan (concerning decrease and increase in capital, capital
structuring).

K.Y.S. Holding Co., Ltd., as the Plan Administrator of Media of
Medias (Public) Company Limited, has already decreased the
company' s registered capital from Bt580 million to
Bt548,295,584 million which comprises 137,073,896 million
ordinary shares at par value of Bt4 each. This process was
completed on April 24, 2003. To support joint investment by the
investor according to the amended plan, the company's registered
capital has also been increased by then from Bt548,295,584
million to Bt1,312,295,584 million. The process was completed on
April 25, 2003. Changing paid-up capital with the Ministry of
Commerce will be done after the company received the increased
amount of capital.

Reference is made to the amended plan concerning changes of
Directorship and power held by directors, the Plan Administrator
on April 24, 2003 has registered the restructuring of the
Directors and the power entrusted to Directors with the Ministry
of Commerce. The number of Directors was changed from 5 persons
to 9 persons by adding the following 7 new directors.

        1. Mr. Krit Ratanarak
        2. Mr. Chet Raktakanishta
        3. Mr. Yongyuth Withyawongsaruchi
        4. Mr. Preecha Divahuta
        5. Mr. Cherdsak Tanskul
        6. Mr. Chalor Nark-on
        7. Mr. Jessada Promjart


PREECHA GROUP: Omits Dividend Payment, Director's Bonus
-------------------------------------------------------
Preecha Group Plc. Reported on the resolutions made at a
shareholders' ordinary meeting held on April 25, 2003.  The
details of the resolutions are as follows:

1. To certify the minutes made at the ordinary shareholders'
meeting for the year 2002.
2. To approve the annual report and directors' report for the
year 2002.
3. To approve the balance sheet and profit/loss account for
the year ended December 31, 2002.
4. To omit the annual dividend payment and do not allocate
the net profit for legal reserves.
5. To omit the director bonus.
6. To re-appoint the directors whose tenure has ended, as
follows:

           - Mr. Suchart Shotivitayakool
           - Mr. Boonlert Kiartsritara
           - Mr. Somphob Foosiri

7. To appoint Mr. Atipong Atipongsakul (CPA No. 3500O of ANS
Business Consultants Co., Ltd auditing firm as the 2003
auditor and to fix the auditing fee for the year not over
Bt290,000.


RAIMON LAND: Invests 98,000Ordinary Shares in Planner
-----------------------------------------------------
Director Mr. Nigel John Cornick of Raimon Land Planner Co.,
Ltd., the Plan Administrator of Raimon Land Public Company
Limited (Raimon Land), notified that Raimon Land invested in
Raimon Land Planner Co., Ltd. (Raimon Planner), with the
following particulars:

1. Details of the investment

   (1) Name of Joint Venture: Raimon Land Planner Co., Ltd.,
Company duly established as limited company under Thai laws on 6
October 2000, Registration No. (3) 1789/2543.

   (2) Office Address: No. 62, The Millennia Building, 22nd
Floor, unit 2201-3, Langsuan Road, Kwaeng Lumpini, Khet atumwan,
Bangkok Metropolis.

   (3) Nature of Business Operation: Planner and Plan
Administrator for companies applied for business rehabilitation.

   (4) Initial Registered Capital: Bt100,000, divided into 4,900
ordinary shares (49%) and 5,100 preference shares (51%), par
value of Bt10 each, called for initial share payment at Bt2.50
per share, amounting to Bt25,000.

   (5) Initial Portion of Investment: Raimon Land held 4,600
preference shares in Raimon Planner; being 46% of the registered
capital.

   (6) Current Registered Capital: Bt2,000,000, divided into
98,000 ordinary shares (49%) and 102,000 preference shares
(51%), par value of Bt10 each.  Raimon Planner had registered
the increase of register red capital from the existing amount of
Bt100,000 to Bt2,000,000, fully paid up (100%), on 7 December
2001.  Upon the increase of such registered capital, Raimon Land
had subscribed 87,400 preference shares, par value of Bt10 each,
amounting to Bt874,000, to maintain its shareholding ratio. And
also advanced for Mr. Nigel John Cornick to subscribe the 93,100
ordinary shares corresponding to his shareholding ratio, par
value of Bt10, amounting to Bt931,000. And paid for additional
share payment for the 4,900 Initial Ordinary Shares, priced at
Bt7.50per share, amounting to Bt36,750, the total advance
payment is Bt967,750.

  The reason to increase the registered capital of Raimon
Planner is that Mr. Nigel John Cornick was entrusted by the
Creditor's Board of Directors to be a director of Raimon Planner
to administer the Business Rehabilitation Plan of Raimon Land.
And Mr. Nigel John Cornick, as a foreigner, is required to apply
for a work permit, which The Ministry of Labor and Social
Welfare prescribed that the companies who are eligible to apply
for the work permit for a foreigner shall have their registered
capital at least Bt2,000,000.

   (7) Current Portion of Investment: Raimon Land holding 98,000
ordinary shares and 92,000 preference shares in Raimon Planner;
being  95% of the registered capital.

2. Related Parties and Relationship with Raimon Land

Transferor: Mr. Nigel John Cornick
Transferee: Raimon Land Public Company Limited
Relationship between the Parties: Mr. Nigel John Cornick is an
      authorized director of Raimon Land and Raimon Planner.

3. Details of the Acquired Assets:  98,000 ordinary shares, par
value of Bt10 each, amounting to Bt980,000, to return the
advance payment of Bt967,750 to Raimon Land and for the
difference of share payment of Bt12,250, which Raimon Land paid
for Mr. Nigel John Cornick.

4. Structure of Shareholders of Raimon Planner after the change:

    (1) Raimon Land holding 98,000 ordinary shares; being 100%
of the total ordinary shares.

    (2) Raimon Land holding 92,000 preference shares; being
90.20% of the total preference shares.

    (3) Other persons holding 10,000 preference shares; being
9.80% of the total preference shares.

5. Total Value of Consideration: Bt980,000, which Raimon Land
received from the acquisition of 98,000 ordinary shares, par
value of Bt10.

6. Criteria for Determining the Value of Consideration:
Par value of share.

7. Sources of Fund for the Transaction: From the working capital
of Raimon Land.

8. Benefits expected to be derived by Raimon Land:  The
investment in Raimon Planner shall cause Raimon Land to operate
its business rehabilitation under the Bankruptcy Act.

9. General Characteristic of Transaction:  The acquisition of
such ordinary shares is categorized as a transaction under the
Notification of the Stock Exchange of Thailand, Re : Criteria,
Procedures and Disclosure on Acquisition or Disposal of the
Assets of Listed Companies.  And since Mr. Nigel John Cornick is
a director of Raimon Land, the transaction is considered a
transaction under the Notification of the Stock Exchange of
Thailand, Re : Criteria, Procedures and Disclosure of Connected
Transaction of Listed Company, which the approval from the
shareholders are required.

However, on the date of such transaction, Raimon Land is under
the business rehabilitation process under the Bankruptcy Act,
therefore, the Plan Administrator can operate the transaction as
Raimon Land could not seek an approval from its shareholders.


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.

                 *** End of Transmission ***