/raid1/www/Hosts/bankrupt/TCRAP_Public/030506.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

           Tuesday, May 06 2003, Vol. 6, No. 88

                         Headlines


A U S T R A L I A

AMP LIMITED: Capital Raising Institutional Component Completed
AMP LIMITED: Issues ASIC Class Order 02/1180 Notice
AMP RESET: Responsible Entity Notes Credit Ratings Downgrade
CTI COMMUNICATIONS: Posts Q103 Commitments Test Entity Report
HILLGROVE GOLD: Releases Annual Financial Report

KALREZ ENERGY: Issues Bula Block Development Drilling Update
KALREZ ENERGY: To Explore, Drill in SA Cooper Basin
VOICENET (AUST): May 30 AGM Scheduled
VOICENET (AUST): Posts Top Twenty Shareholders
WATER WHEEL: ASIC Seeks Banning of Former Directors


C H I N A   &   H O N G  K O N G

ASIA RESOURCES: Appoints KCG for Odd Lot Arrangement Services
CHINA CITY: Cuts 2002 Operations Loss to HK$79.788M
EZCOM HOLDINGS: Parallel Trading Starts Wednesday
HAI SAN: Winding Up Hearing Scheduled on May 21
KPI COMPANY: 2002 Net Loss Cut to HK$35.863M

LAI SUN: Bayshore Transaction Becomes Unconditional
LAI SUN: eSun Court Meeting Disapproved Scheme
PONYARD DEVELOPMENT: Winding Up Petition Slated for Hearing
PROSPER EVISION: Widens Net Loss to HK$213.004M


I N D O N E S I A

ASTRA GRAPHIA: To Settle Trading Dispute With JSX


J A P A N

ALL NIPPON: Seeks Govt Aid to Counter SARS-caused Travel Slump
DAIWA CONSTRUCTION: Files for Creditor Protection in Tokyo Court
DIA KENSETSU: Asks Resona Bank for JPY85 Billion Lifeline
JAPAN AIRLINES: Rating Placed on 'Monitor' for Likely Downgrade
NISSHO IWAI: R&I Maintains Ratings on Monitor

SEGA CORPORATION: Prefers Sammy Over Namco as Merger Partner
WAKODENKI CO.: Files for Civil Rehabilitation in Osaka Court


K O R E A

DAEWOO ELECTRONICS: Inks Partnership with SpatiaLight
SK GLOBAL: Singapore Unit Cracks, Files for Court Protection


M A L A Y S I A

AKTIF LIFESTYLE: Seeks Three-Month RA Time Extension
CHASE PERDANA: Updates Defaulted Credit Facilities Status
FW INDUSTRIES: Revises PCDR to Add FI, White Knight's View
GENERAL SOIL: In the Midst of Regularization Exercise Evaluation
L&M CORPORATION: Awaits SC's Proposed CDRS Approval

NCK CORP.: April Defaulted Credit Facilities Hits RM626.9M
NCK CORPORATION: Currently Implementing Restructuring Scheme
OMEGA HOLDINGS: Awaits SC's Restructuring Scheme Approval
PANCARAN IKRAB: Seeks SC's Consideration on Scheme Revisions
SENG HUP: Obtains 60-Day Extension for PA, SPA Completion

SRIWANI HOLDINGS: Court OKs Proposed Capital Reduction
TAI WAH: Posts Restructuring Exercise Status
TIMBERMASTER INDUSTRIES: MITI Approves Unit's CDRS
TRANS CAPITAL: May 16 EGM, Court Convened Meetings Set
UCP RESOURCES: Provides Default in Payment Status Update


P H I L I P P I N E S

KUOK PHILIPPINE: Lines up More Properties for Sale This Year
MANILA ELECTIRIC: Settles Supply Contract Dispute with Napocor
MANILA ELECTRIC: To Postpone Release of Quarter to March Results
MAYNILAD WATER: Runs Risk of Getting Sued for Overcharging
NATIONAL POWER: New Pricing Formula to Rake in Bigger Revenues

NATIONAL STEEL: DTI Urges Creditor Banks to Finalize Debt Plan
NEGROS NAVIGATION: Confirms Suit vs. Malicious Whistleblower


S I N G A P O R E

LKN-PRIMEFIELD: To Hold Annual General Meeting May 23
NATSTEEL LIMITED: Schedules Extraordinary Meeting May 28
NEPTUNE ORIENT: Posts Notice of Shareholder's Interest
VAN DER HORST: Singapore Exchange OKs Listing of New Shares


T H A I L A N D

ASIA HOTEL: Seeks Corp Rehabilitation Financial Adviser
DATAMAT PUBLIC: Discloses AGM No. 35 Resolutions
KRISADAMAHANAKORN PUBLIC: Issues Rehab Plan Progress Report
SIAM SYNTECH: Posts Resignation, Appointment of Board Directors
SIKARIN PUBLIC: Resolution Passed at Shareholders' Meeting No.25


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


AMP LIMITED: Capital Raising Institutional Component Completed
--------------------------------------------------------------
AMP Limited on May 2, 2003 announced that it has successfully
raised approximately $1.2 billion through an institutional
placement of 222,222,222 shares at an issue price of $5.50 per
share.

Shares were placed to Australian and international investors
with the final price for the placement being set via a global
two day bookbuild.

AMP Chief Executive Officer Andrew Mohl said: "We are very
pleased with the response from our institutional investors,
which we believe underscores support for our recently announced
demerger plans."

As previously announced, AMP's shareholders will have the
opportunity to participate in the capital raising via a Share
Purchase Plan (SPP). This will provia eligible shareholders with
the opportunity to subscribe for up to $5,000 of ordinary
shares.

The SPP will provia the vast majority of AMP's Australian and
New Zealand retail shareholders with the opportunity to
subscribe for a higher number of shares than would have been the
case under a traditional rights issue.

Shareholders who participate in the SPP will receive the new
shares at the lower of the Institutional Placement price of
$5.50 or a 5 per cent discount to the average market price
during a 15 day period after the close of the offer.

Shareholders will be eligible to participate in the SPP if they
are registered holders of fully paid ordinary shares in AMP with
addresses in either Australia or New Zealand at the close of
business on 5 May 2003.

The SPP has been underwritten to a level of $500 million. The
maximum amount to be raised under the SPP is $750 million,
subject to the Australian Stock Exchange approving a variation
to an existing waiver. To the extent that subscriptions under
the SPP exceed $500 million, AMP will reduce its next Diviand
Reinvestment Plan (DRP) underwriting by an equivalent amount.

The SPP offer period is expected to commence 21 May 2003 and
close 13 June 2003. Further details will be sent to shareholders
shortly.

AMP confirms that shares that were allocated to shareholders who
have participated in the DRP and institutional sub-underwriters
will be repriced at $5.50. Adjustment will made through the
issue of additional DRP shares only to participating
shareholders and institutional sub-underwriters.

CONTACT INFORATION:  Karyn Munsie
        Ph: 9257 9870
        0421 050 430


AMP LIMITED: Issues ASIC Class Order 02/1180 Notice
---------------------------------------------------
AMP Limited (ABN 49 079 354 519) (AMP) previously announced the
issue of ordinary shares under its Diviand Reinvestment Plan
(Plan). The ordinary shares issued under the Plan were quoted on
the ASX on Friday.

AMP of all requirements under paragraph 5 of Category 1 of
Schedule C to Class Order 02/1180 (CO 02/1180) provias this
announcement for the purpose of confirming with Australian Stock
Exchange (ASX) the satisfaction.

For the purpose of paragraph 5 of Category 1 of Schedule C to CO
02/1180, AMP confirms that all information of the kind that
would be required to be disclosed under subsection 713(5) if a
prospectus were to be issued in reliance on section 713 in
relation to an offer of ordinary shares in AMP has been
disclosed to ASX.


AMP RESET: Responsible Entity Notes Credit Ratings Downgrade
------------------------------------------------------------
AMP Henderson Global Investors as Responsible Entity for the AMP
Reset Preferred Securities Trust, notes that ratings agencies
Standard & Poors and Moodys last week placed AMP entities,
including AMP Group Holdings Ltd (the guarantor of the AMP Reset
Preferred Securities) on creditwatch negative status, and under
review for possible downgrade, respectively.

As the Responsible Entity of the AMP Reset Preferred Securities
Trust, AMP Henderson notes that any downgrade in respect of AMP
Group Holdings Ltd is likely to have a corresponding impact on
the credit rating of the AMP Reset Preferred Securities.

CONTACT INFORMATION: Justin Kirkwood
        AMP Henderson Global Investors
        61 411 251 324


CTI COMMUNICATIONS: Posts Q103 Commitments Test Entity Report
-------------------------------------------------------------
CTI Communications Limited posted its quarterly report for
entities on basis of commitments:

                        APPENDIX 4C
               QUARTERLY REPORT FOR ENTITIES
                  ON BASIS OF COMMITMENTS

Name of entity
CTI Communications Limited

ABN                        Quarter ended (current quarter)
45 071 781 363                31/03/2003

CONSOLIDATED STATEMENT OF CASH FLOWS

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

1.1  Receipts from customers                -            -
1.2  Payments for
       (a) staff costs                      -          (28,876)
       (b) advertising & marketing          -            -
       (c) research & development           -            -
       (d) leased assets                    -            -
       (e) other suppliers                  (47,961)   (165,131)
1.3  Diviands received                     -            -
1.4  Interest and other items of
     a similar nature received              28,465      35,890
1.5  Interest and other costs of
     finance paid                           -        (23,022)
1.6  Income taxes paid                      -            -
1.7  Other (provia details if material)    389       26,541

1.8  Net Operating Cash Flows               (19,107)  (154,598)

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        -            -
       (e) other non-current assets           -            -
1.10  Proceeds from disposal of:
       (a) businesses                         -            -
       (b) equity investments                 -            -
       (c) intellectual property              -            -
       (d) physical non-current assets        -            -
       (e) other non-current assets           -            -
1.11 Loans to other entities                  -  (1,000,000)
1.12 Loans repaid by other entities           7,242      150,000
1.13 Other (provia details if material)      -            -

     Net investing cash flows               7,242    (850,000)

1.14 Total operating and
     investing cash flows                   (11,865) (1,004,598)

Cash flows related to financing activities
1.15 Proceeds from issues of
     shares, options, etc.(item 2.1)          -      155,000
1.16 Proceeds from sale of
     forfeited shares                         -            -
1.17 Proceeds from borrowings                 -            -
1.18 Repayment of borrowings                  -            -
1.19 Diviands paid                           -            -
1.20 Other (provia details if material)      -      (4,125)

     Net financing cash flows                 0      150,875

     Net increase (decrease) in cash held  (11,865)    (853,723)

1.21 Cash at beginning of quarter/
     year to date                           28,668      870,526

1.22 Exchange rate adjustments to item 1.20  N/A          N/A

1.23 Cash at end of quarter                 16,803       16,803

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

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

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

1.26 Explanation necessary for an understanding
     of the transactions                           N/A

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       AUD

3.1  Loan facilities                       -            -
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       AUD
to the related items in the accounts
is as follows.

4.1  Cash on hand and at bank             16,803       28,668
4.2  Deposits at call                     -            -
4.3  Bank overdraft                       -            -
4.4  Other (provia details)              -            -

Total: cash at end of quarter (item 1.22)  16,803       28,668

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           -                 -

Wrights Investors' Service reports that at the end of 2001, CTI
Communications had negative working capital, as current
liabilities were A$8.26 million while total current assets were
only A$6.46 million.


HILLGROVE GOLD: Releases Annual Financial Report
------------------------------------------------
Hillgrove Gold Limited (formerly Hillgrove Gold Nl) ACN 004 297
11 6 released its Annual Financial Report for the year-end
January 31, 2003, which contains the:

   * Corporate Governance Statement
   * Directors' report
   * Statements o f financial performance
   * Statements of financial position
   * Statements of cash flows
   * Notes to the financial statements
   * Directors' declaration
   * Independent audit report
   * Shareholder Information for listed Public Companies

Below is an extract from the Director's report on Review and
Results of Operations:

As a result of the appointment of a Receiver and Manager to the
company and it's controlled entities:

   * All mining tenements, land, properties and plant and
equipment have been recorded at fair value.

   * Loans between the company and its controlled entities have
been fully proviad resulting in a loss to the Company.

   * Employees of the consolidated entity have been made
redundant.

   * Accounts payable to creditors have been written down,
pursuant to the Deed of Company Arrangement.

To see full copy of the report, go to
http://bankrupt.com/misc/TCRAP_HGO0506.pdf.


KALREZ ENERGY: Issues Bula Block Development Drilling Update
------------------------------------------------------------
Kalrez Energy Limited advises its wholly owned subsidiary Kalrez
Petroleum (Seram) Ltd has received formal approval to commence
drilling of commitment development well 18K-6 and is presently
mobilizing Rig 482 to the location in preparation for spudding.

Spudding should occur on May 2, 2003.

This is the second commitment well drilled in 2003 and follows
on from production well 89K-5 drilled in January this year.

The well is located in the Bula Tenggara field which has two
main reservoir intervals, the Pliocene Lower Fufa  Basal Fufa
sequence and the underlying Mesozoic Pre Fufa.

Well 18K-6 is a twin well to 18S-6 drilled in 1986. Subsequent
remedial work in 1988 and 1989 damaged the well, reducing
production from approx. 90 BOPD to less than 10 BOPD.

Well 18K-6 is intended to penetrate the Basal Fufa sand
encountered from 242.5  250 mKB in 18S-6, which was the
productive zone in this well.

Proposed Total Depth of the well is 260 meters.

The well is expected to take 10  14 days to complete.

The well is being completed so that as Basal Fufa production
declines, the well can be deepened to test the Pre Fufa
reservoir in the future.

Kalrez will issue further reports on the progress of the well as
developments occur.

Wrights Investors' Service reports that at the end of 2002,
Kalrez Energy Limited had negative working capital, as current
liabilities were A$6.23 million while total current assets were
only A$4.64 million. It has also paid no diviands during the
previous 4 fiscal years.


KALREZ ENERGY: To Explore, Drill in SA Cooper Basin
---------------------------------------------------
Kalrez Energy Limited has entered into a farmin agreement with
Victoria Petroleum NL to earn a 12.5% interest in the onshore
South Australian Cooper Basin permit PEL 104.

PEL 104 covers 1,069 square kilometers and is located
immediately adjacent to the Tirrawarra Oil field, Australia's
largest onshore oil field with estimated reserves of 70 million
bbls and 340 billion cubic feet of gas. Also adjacent is the Fly
Lake Oil and Gas field and the permit surrounds the Callabona
oil discovery. In August 2002 the Sellicks 1 well located 30 kms
south of PEL 104 flowed 2,160 barrels of oil per day.

Kalrez considers the permit is highly prospective for both gas
and oil in both the Permian and Jurassic sequences that are
highly productive in the Cooper/Eromanga Basin.

An independent consultant's initial study of the permit has
outlined in excess of ten prospects and leads that are
anticipated to require only further minor evaluation to become
drillable.

The initial proposed work program over the coming twelve to
fifteen months will be to reprocess 1350 kms of existing seismic
data, record 150 kms of seismic followed by the drilling of two
wells.

Under the terms of the Agreement, Kalrez will contribute 25% of
the initial work program to earn a 12.5% interest in PEL 104.
The estimated cost of the program is A$4.2 million. After the
initial program Kalrez will contribute to further exploration at
its working interest rate (12.5%).

Kalrez is pleased to be involved in exploring this highly
prospective South Australian Cooper Basin permit and will follow
with interest the current drilling program in the South
Australian Cooper Basin of up to 10 wells by Beach Petroleum
Limited, Cooper Energy NL and Stuart Petroleum Limited. Over the
next twelve months any success in this drilling program will
upgrade the prospectivity and focus
attention on any adjacent areas such as PEL 104.

Kalrez expects the exploration program to commence with seismic
recording in the second half of 2003.

Kalrez is pleased to be involved in a relatively low risk
exploration program in a proven hydrocarbon province in
Australia as an adjunct to its production in Indonesia.

CONTACT INFORMATION: Giuseppe (Joe) Mercorella
        EXECUTIVE CHAIRMAN
        Adelaide Office
        Ph: 08 8239 2666
        Fax: 08 8239 1744
        Email: kalrez@kalrez.com.au


VOICENET (AUST): May 30 AGM Scheduled
-------------------------------------
Notice is hereby given that the annual general meeting of
Voicenet (Aust) Limited will be held at The CTA Business Club,
MLC Centre, 19-29 Martin Place, Sydney NSW 2000 on Friday 30 May
2003 at 11:00 in the morning.

BUSINESS OF THE MEETING

ORDINARY BUSINESS

1. FINANCIAL STATEMENTS AND REPORTS

To receive and consider the financial statements of the company
and of the consolidated entity and the reports of the directors
and of the auditors for the year ended 31 December 2002.

2. TO ELECT DIRECTORS

To consider and if thought fit, to pass the following
resolutions as separate ordinary resolutions:

(a) "That Philip Laurence Timothy Richard Hall, who retires in
accordance with rule 3.3(a) of the company's constitution and
being eligible offers himself for re-election, be elected as a
director".

(b) "That James Terence Palmer, who retires in accordance with
rule 3.3(a) of the company's constitution and being eligible
offers himself for re-election, be elected as a director".

3. CHANGE OF NAME

To consider and, if thought fit, to pass, with or without
amendment, the following resolution as a special resolution:

"That the name of the company be changed to AFT Corporation Ltd"

4. APPROVAL TO ISSUE CONVERTIBLE NOTES

To consider and, if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That approval be given for the purposes of Listing Rule 7.1 of
the Listing Rules of the Australian Stock Exchange Limited and
for all other purposes for the Company to approve an issue of
45,892,159 Convertible Notes, to be issued to the Note holders
pursuant to section 708 of the Corporations Act 2001 (other than
the persons identified as Related Parties as that term is
defined in the Explanatory Memorandum) on the terms and
conditions set out in the Explanatory Memorandum accompanying
this Notice."

5. ISSUE OF CONVERTIBLE NOTES TO RELATED PARTIES

To consider and, if thought fit, to pass the following
resolution as an ordinary resolution:

"That approval be given for the purposes of Listing Rule 10.11
of the Listing Rules of the Australian Stock Exchange Limited
and for all other purposes for the issue of up to 4,107,841
Convertible Notes at 2.5 cents each to current and past
directors of the Company in lieu of cash payment of directors'
fees for 2002 as follows

NAME                                    NO. OF NOTES
Mr Michael Silver                        1,433,999
Mr Lindsay Sanford                       1,433,999
Mr Michael Ivkovic                       1,161,240
Mr James Palmer                             78,603
TOTAL                                    4,107,841

The Convertible Notes are to be issued on the Terms and
Conditions set out in the Explanatory Memorandum accompanying
this Notice."

6. RATIFICATION OF SHARE ISSUES

To consider and, if thought fit, to pass the following
resolutions as separate ordinary resolutions:

(a) "That the issue of 2,000,000 shares to Square Triangles Pty
Ltd for cash at 2.5 cents per share be ratified."

(b) "That the issue of 2,000,000 shares to Mr Cheng Tzu Hsia and
Mrs Shu Chen Huang for cash at 2.5 cents per share be ratified."

(c) "That the issue of 6,000 shares to Tower Trust Limited for
cash at 2.5 cents per share be ratified."

(d) "That the issue of 17,500 shares to Mr Robert Neil
Carruthers for cash at 2.5 cents per share be ratified."

(e) "That the issue of 1,000 shares to Ms Katherine Ann Danby
for cash at 2.5 cents per share be ratified."

(f) "That the issue of 20,000,000 shares to York Fidelity
Limited for cash at 1.7 cents per share be ratified."

(g) "That the issue of 1,214,286 shares to Idamneio Number 62
Pty Limited for cash at 1.4 cents per share be ratified."

(h) "That the issue of 3,642,857 shares to Rizwan Khan for cash
at 1.4 cents per share be ratified."

(i) "That the issue of 728,571 shares to Andrew Donnelly for
cash at 1.4 cents per share be ratified."

(j) "That the issue of 1,428,571 shares to Cliffsun Pty Limited
for cash at 1.4 cents per share be ratified."

(k) "hat the issue of 1,214,286 shares to Bejjal Pty Limited for
cash at 1.4 cents per share be ratified."

(l) "That the issue of 2,125,000 shares to Sanperez Pty Limited
for cash at 1.4 cents per share be ratified."

(m) "That the issue of 1,072,375 shares to Saber Limited for
cash at 1.4 cents per share be ratified."

7. SHARE PURCHASE PLAN

To consider and, if thought fit, to pass, with or without
amendment, he following resolution as an ordinary resolution:

"That approval be given for the purposes of Listing Rule 7.1 of
the Listing Rules of Australian Stock Exchange Limited and for
all other purposes, for the Company to issue up to 250,000,000
fully paid ordinary shares in the capital of the Company
pursuant to an offer to existing Shareholders under a Share
Purchase Plan, on the terms and conditions set out in the
Explanatory Memorandum accompanying this Notice."


VOICENET (AUST): Posts Top Twenty Shareholders
----------------------------------------------
Voicenet (Aust) Limited listed its top twenty shareholders:

DISTRIBUTION OF SHAREHOLDERS AS AT 31/03/2003

                            SHARE         SHARE
     RANGE OF HOLDINGS      HODERS        HOLDING        %

           1 -   1,000        3,132    2,155,290         0.73
       1,001 -   5,000        4,870   13,394,333         4.50
       5,001 -  10,000        1,436   11,648,434         3.91
      10,001 - 100,000        1,813   57,058,533        19.17
     100,001  and over          271  213,353,985        71.69

                 TOTAL       11,522  297,610,575       100.00

TOP TWENTY SHAREHOLDERS AS AT 31/03/2003

NAME                                            NUMBER      %

TechSuccess Limited                          50,000,000    16.80
The Formco Group Limited                     14,000,000     4.70
Captain Starlight Nominees Pty Ltd            8,000,000     2.69
Arinya Investments Pty Ltd                    8,000,000     2.69
Shinewin Nominees Limited                     6,715,000     2.25
ANZ Nominees Limited                          6,280,850     2.11
Terence Richard King                          4,890,000     1.64
Chris & Betsy Carr                            3,500,000     1.18
First Manhattan Securities Pty Ltd            3,230,000     1.09
Sustainable Resources Development Corp Limited3,200,000     1.08
National Nominees Limited                     2,824,450     0.95
Harrington Group Limited                      2,600,000     0.87
Mark Francis Porter                           2,400,422     0.81
Cyclamen Enterprises Inc                      2,161,900     0.73
Malcolm Hampton                               2,118,214     0.71
Andrew James Lister                           2,000,000     0.67
James Terence Palmer                          2,000,000     0.67
Murfett Investments Pty Ltd                   2,000,000     0.67
Fingora Pty Ltd                               2,000,000     0.67
DMD Holdings Pty Ltd                          2,000,000     0.67

TOTAL                                      129,920,836    43.65


WATER WHEEL: ASIC Seeks Banning of Former Directors
---------------------------------------------------
Mr David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), on May 5, 2003 welcomed the
decision handed down by Justice Mandie of the Supreme Court of
Victoria, in ASIC's civil penalty action against Messrs Bernard
Plymin, John Elliott and William Harrison.

The court has found that Messrs Plymin and Elliott failed to
prevent Water Wheel Holdings Limited and its subsidiary, Water
Wheel Mills Pty Ltd (Water Wheel), from incurring debts after
the companies became insolvent on 14 September 1999.

During the course of the proceedings, Mr Harrison reached a
settlement with ASIC under which he made full admissions
relating to the contraventions.

"Today's finding by the court that the directors of Water Wheel
breached the insolvent trading provisions of the Corporations
Act is a significant win for ASIC in this important area of the
law", Mr Knott said.

"Insolvent trading cases involve complex eviantiary issues that
make them challenging for ASIC and liquidators to pursue. I am
aware that the insolvency profession has been keenly awaiting
the outcome of this case.

"Insolvent trading contraventions deserve to be treated
seriously. Suppliers of goods and services have a right to
expect that they will be paid in the ordinary course of
business. Failure to honour payment obligations can have a
devastating effect on small business suppliers and their
families. That is why the law prevents trading in circumstances
where there are reasonable grounds for suspecting that the
company is insolvent.

`This decision will be warmly welcomed by the many small
businesses throughout Victoria and southern New South Wales,
including primary producers, who lost money in the collapse of
Water Wheel", Mr Knott said.

Justice Mandie will now hear submissions from the parties on
penalties.

"We are submitting that the directors be banned from managing
companies for as long as the court sees fit, as well as
pecuniary penalties against each director. We have also sought
an order that they pay compensation for the benefit of the
companies' unsecured creditors. The court has ordered that the
total net amount which might become the subject of compensation
orders is approximately $2.619 million", Mr Knott said.

"A directions hearing on these matters has been ordered for 8
May. ASIC will request the Court to consider Mr Harrison's
penalty in the context of his settlement with ASIC, details of
which will be proviad as part of ASIC's submissions", Mr Knott
said.

Background to the civil proceedings

ASIC commenced civil penalty proceedings in the Supreme Court of
Victoria on 27 November 2000, against Messrs Bernard Plymin,
John Elliott and William Harrison, in relation to their conduct
as directors of Water Wheel Holdings Ltd and its subsidiary
Water Wheel Mills Pty Ltd (the companies).

ASIC alleged that between 14 September 1999 and 17 February 2000
the defendants allowed the companies to incur further debts
after the companies became insolvent, contrary to section
588G(2) of the then Corporations Law.

In the week before the Supreme Court trial was due to begin, Mr
John Elliott applied to the Federal Court for an order
restraining the trial's commencement, and sought to quash the
decision made by ASIC to institute the Supreme Court action.
This application was dismissed and the trial commenced
accordingly, on 19 August 2002.

Once the trial had begun, Mr Elliott further applied to the
Supreme Court trial judge for orders staying the trial, but
those orders were not granted.

In October 2002, Mr Elliott then made application for the High
Court to hear certain constitutional law issues that he wished
to raise against ASIC. The High Court declined the transfer of
those issues from the Supreme Court to the High Court.

The Supreme Court trial concluded on 14 November 2002.

Water Wheel Holdings Limited

Water Wheel Holdings Limited is a company listed on the
Australian Stock Exchange Limited. Trading in its shares has
been suspended since 16 February 2000 at the directors' request.
The directors placed the companies into voluntary administration
on 17 February 2000, after announcing a loss of $6.7 million for
the year to December 1999.

When the companies were placed in administration, they owed in
excess of $18 million to more than 220 unsecured creditors. The
unsecured creditors include wheat and rice farmers in New South
Wales and near the former Water Wheel mill at Bridgewater, near
Bendigo Victoria, as well as suppliers of agricultural products,
transport and other business services.


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


ASIA RESOURCES: Appoints KCG for Odd Lot Arrangement Services
-------------------------------------------------------------
Asia Resources Holdings announces that in order to alleviate the
difficulties in trading odd lots of Existing Shares arising from
the change in the existing board lot size of the Existing
Shares, the Company has appointed KCG Securities Asia Limited
(KCG) as an agent to provia matching services to those
Shareholders who wish to top up or sell their holdings of odd
lots of Existing Shares during the period from Friday, 14th
March, 2003 to Monday, 7th April, 2003 (both days inclusive).

The Company has also appointed KCG as an agent to provia
matching services to those Shareholders who wish to top up or
sell their holdings of odd lots of New Shares (as a result of
the Capital Reorganization) during the period from Tuesday, 8th
April, 2003 to Monday, 19th May, 2003 (both days inclusive).

Holders of Existing Shares / New Shares in odd lots who wish to
take advantage of this facility either to dispose of their odd
lots of Existing Shares / New Shares or to round them
up to a full new board lot may contact Ms. Joe Kwan (Tel.: 2842-
1838 and Fax: 2801-6288) of KCG at Rooms 1914-1917, 19th Floor,
Hutchison House, 10 Harcourt Road, Central, Hong Kong during the
aforesaid period.

The appointed agent, KCG, is an independent third party not
connected with any of the directors, chief executive, or
substantial shareholders of the Company or any of its
subsidiaries or associates (as defined in the Listing Rules).

Holders of Existing Shares in odd lots should note that
successful matching of the sale and purchase of odd lots of
Existing Shares would not be guaranteed. The Shareholders are
advised to consult their professional advisers if they are in
doubt about the above procedures.

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 diviands during the previous 2
fiscal years.


CHINA CITY: Cuts 2002 Operations Loss to HK$79.788M
---------------------------------------------------
China City Natural Gas Holdings Limited disclosed a summary of
its results announcement for the year ending July 31, 2003:

Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
                                                  (Unaudited)
                               (Unaudited)        Last
                               Current            Corresponding
                               Period             Period
                               from 1/8/2002      from 1/8/2001
                               to 31/1/2003       to 31/1/2002
                               Note  ('000)       ('000)
Turnover                           : 155,456        273,607
Profit/(Loss) from Operations      : (79,788)      (188,588)
Finance cost                       : (841)         (1,738)
Share of Profit/(Loss) of
  Associates                       : N/A           N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 1,109         N/A
Profit/(Loss) after Tax & MI       : (82,588)      (190,326)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0099)      (0.0408)
         -Diluted (in dollars)     : N/A           N/A
Extraordinary (ETD) Gain/(Loss)    : N/A           N/A
Profit/(Loss) after ETD Items      : (82,588)     (190,326)
Interim Diviand                   : N/A           N/A
  per Share
(Specify if with other             : N/A           N/A
  options)
B/C Dates for
  Interim Diviand                 : 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.  SEGMENT INFORMATION

The Group is principally engaged in the following business
activities which are classified as "Continuing Operations" in
this segment information:

   (a) investment in Internet and information technology
       activities;
   (b) investment in natural gas business;
   (c) manufacture and trading of batteries; and
   (d) manufacture and trading of silicone rubber products.

In March 2002, the Group disposed of its business operations
involved in the manufacture and trading of electronic finished
products and trading of electronic parts and components, which
had, therefore, been classified as "Discontinued Operations" in
the segment information.

2.  The calculation of basic loss per share for the six months
ended 31 January 2003 is based on the net loss attributable to
shareholders for the year of HK$82,588,000 (2002:
HK$190,326,000) and on the weighted average  of 8,370,165,716
(2002: 4,663,785,628) ordinary shares in issue.

No diluted loss per share has been presented for the six months
ended 31 January 2003 and the six months ended 31 January 2002
as the warrants and options outstanding during those periods had
anti-dilutive effects on the basic loss per share for those
periods.

3.  The Group recorded a net loss after taxation and MI of
HK$82,588,000 for the six months ended 31 January 2003, which
was mainly due to the Company's provision for impairment on its
long-term investments of approximately HK$54,982,000 and
unrealized loss on short-term investments of HK$20,713,000 so as
to reflect the current unfavorable global investment
environment.


EZCOM HOLDINGS: Parallel Trading Starts Wednesday
-------------------------------------------------
Market participants are requested to note the parallel trading
in the ordinary shares of Ezcom Holdings Limited will commence
at 9:30 in the morning on Wednesday, 07/05/2003 under the
following particulars:

Stock Code  Stock Short Name     Board Lot    Certificate Color
----------  ----------------     ---------    -----------------
312         EZCOM HOLD-NEW       2,000 shares     Yellow
2933        EZCOM HOLD-OLD       40 shares        Blue

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

On January 27, the Troubled Company Reporter - Asia Pacific
reported that the Company is proposing a capital restructuring
and to make an open offer of shares to its shareholders, amongst
other things, which may involve a `whitewash waiver' application
under the Hong Kong code on Takeovers and Mergers.


HAI SAN: Winding Up Hearing Scheduled on May 21
-----------------------------------------------
The High Court of Hong Kong will hear on May 21, 2003 at 9:30
in the morning the petition seeking the winding up of Hai San
Sino-Hongkong Transport Limited

Leung Sing Chi of Room 2301, Block K, Fai Lun House, Siu Lun
Court, Tuen Mun, New Territories, Hong Kong filed the petition
on March 24, 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.


KPI COMPANY: 2002 Net Loss Cut to HK$35.863M
--------------------------------------------
K.P.I. Company Limited posted its financial statement summary
for the year end date December 31, 2003:

(stock code: 00605 )
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified
                                                (Audited)
                             (Audited)          Last
                             Current            Corresponding
                             Period             Period
                             from 01/01/2002    from 01/01/2001
                             to 31/12/2002      to 31/12/2001
                             Note  ('000)       ('000)
Turnover                           : 72,809           1,231,885
Profit/(Loss) from Operations      : (35,220)         (34,403)
Finance cost                       : (12)             (4,710)
Share of Profit/(Loss) of
  Associates                       : N/A              1,215
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (931)            (4,172)
Profit/(Loss) after Tax & MI       : (35,863)         (74,319)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0635)         (0.1317)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (35,863)          (74,319)
Final Diviand                     : NIL               NIL
  per Share
(Specify if with other             : N/A               N/A
  options)
B/C Dates for
  Final Diviand                   : N/A
Payable Date                       : N/A
B/C Dates for Annual
  General Meeting                  : 20/05/2003         to
23/05/2003bdi.
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 HK$35,863,000
(2001: net loss of HK$74,319,000) and 564,433,557 shares (2001:
564,433,557 shares)  in issue during the year.

No diluted loss per share for the year ended 31 December 2002
has been presented because the Company's share options did not
have a dilutive effect during the year.


LAI SUN: Bayshore Transaction Becomes Unconditional
---------------------------------------------------
Reference is made to the announcement on 21st March, 2003 and
its circular to the Company's shareholders dated 14th April,
2003 (the Circular) in respect of the Bayshore Transaction.

The board of directors of Lai Sun Development Company Limited is
pleased to announce that the proposed resolution as set out in
the notice of the EGM contained in the Circular was duly passed
by the Company's shareholders on a show of hands at the EGM held
on 30th April, 2003. Accordingly, completion of the Bayshore
Transaction, which had conditionally taken place on 21st March,
2003 subject to the passing of a resolution at the EGM, became
unconditional on 30th April, 2003.


LAI SUN: eSun Court Meeting Disapproved Scheme
----------------------------------------------
Reference is made to the joint announcements of Lai Sun
Development Company Limited and eSun Holdings Limited
dated 19th February, 20th February, 11th March, 26th March and
29th March, 2003, (the Scheme Document) regarding, among other
things, the Proposal.

Results of the extraordinary general meeting of LSD

The board of directors of LSD announces that LSD held an
extraordinary general meeting (the EGM) on April 30 to consider
the ordinary resolution for approving the Proposal. At the EGM,
on a show of hands, 15 votes were cast for the resolution and 2
votes were cast against the resolution. Accordingly, the
resolution was approved.

Results of the Court Meeting and the special general meeting of
eSun

The board of directors of eSun announces that eSun held the
Court Meeting last week to consider the resolution for approving
the Scheme by the Independent eSun Shareholders. At the Court
Meeting a total of 90,629,818 Scheme Shares (representing
approximately 15.9% of the total issued share capital of eSun)
were voted, by way of poll, either in person or by proxy at the
Court Meeting. Of these, 3 Independent eSun Shareholders
representing 20,776,600 Scheme Shares voted in favor of
the Scheme (amounting to approximately 22.9% of the Scheme
Shares represented and voted at the meeting) and 11 Independent
eSun Shareholders representing 69,853,218 Scheme Shares voted
against the Scheme (amounting to approximately 77.1% of the
Scheme Shares represented and voted at the meeting and
approximately 30.8% of all the Scheme Shares held by the
Independent eSun Shareholders). Accordingly, the resolution was
not approved in accordance with the relevant requirements under
the Companies Act and the Takeovers Code. The Scheme cannot be
put into effect and hence has lapsed.

As the Scheme was disapproved at the Court Meeting, a resolution
was proposed and unanimously passed at the SGM for adjourning
the SGM indefinitely.

General

As the Scheme has been disapproved at the Court Meeting such
that the Proposal will not be implemented, the offer period (as
defined in the Takeovers Code) in relation to the Proposal has
ended. The listing of the eSun Shares on the Stock Exchange will
be maintained and no major and connected transaction for LSD
will take place.

As at 28th March, 2003, being the latest practicable date of the
Scheme Document (the Latest Practicable Date), the LSD Group and
the Excluded Persons were together beneficially interested
in an aggregate of 344,509,540 eSun Shares. During the period
starting from the Latest Practicable Date to the date of this
announcement, there has been no change in the respective
shareholdings of the LSD Group or any of the Excluded Persons in
eSun and none of the LSD Group nor any of the Excluded Persons
have dealt for value in any shares, convertible securities,
warrants, options or derivatives of eSun during that period.

The boards of directors of LSD and eSun will continue to work
together with a view to formulating mutually acceptable
proposals for a restructuring of the approximate HK$1,500
million loan due from a subsidiary of LSD, and guaranteed by
LSD, to the eSun Group. Such a restructuring would form part of
a wider restructuring and refinancing of the indebtedness owed
by LSD, including to the Bondholders. Further announcements in
this regard will be made, in due course, as and when
appropriate.

In the meantime, LSD Shareholders, eSun Shareholders and
potential investors are advised to exercise extreme caution when
dealing in LSD Shares and eSun Shares.


PONYARD DEVELOPMENT: Winding Up Petition Slated for Hearing
-----------------------------------------------------------
The petition to wind up Ponyard Development Limited is set for
hearing before the High Court of Hong Kong on May 21, 2003 at
10:00 in the morning.

The petition was filed with the court on March 31, 2003 by Au
Yeung Miu Che Patsy of Room 2, 15th Floor, Yuet Chui Court, 9
Yan Tsui Street, Chai Wan, Hong Kong.


PROSPER EVISION: Widens Net Loss to HK$213.004M
-----------------------------------------------
Prosper eVision Limited released a summary of it result
statement 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  ('000)       ('000)
Turnover                           : 24,645        46,870
Profit/(Loss) from Operations      : (230,103)     (102,367)
Finance cost                       : (4,633)       (996)
Share of Profit/(Loss) of
  Associates                       : (486)         (11,685)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A           (310)
Profit/(Loss) after Tax & MI       : (213,004)     (199,588)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.1198)      (0.223)
         -Diluted (in dollars)     : N/A              N/A
Extraordinary (ETD) Gain/(Loss)    : N/A              N/A
Profit/(Loss) after ETD Items      : (213,004)     (199,588)
Final Diviand                     : Nil              Nil
  per Share
(Specify if with other             : N/A              N/A
  options)
B/C Dates for
  Final Diviand                   : 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. TAXATION
                                        Group
                                2002            2001
                                HK$'000         HK$'000
Company and subsidiaries
- Hong Kong profits tax         -               -
- PRC income taxes              -               2
- Taiwan income tax             -               80
                                --------------------
                                -               82
                                =====================

No provision for Hong Kong profits tax is required since the
Group has no assessable profit in Hong Kong for the year.  No
provision for overseas tax is required as the Group has no
assessable profit in these places of operation for the year.

2. LOSS PER SHARE

The calculation of basic loss per share is based on the Group's
loss attributable to shareholders of HK$213,004,000 (2001:
HK$199,588,000) and on the weighted average number of
1,777,431,995 (2001: 894,910,855) ordinary shares in issue
during the year.

The diluted loss per share for both years ended 31 December 2001
and 2002 are not shown as the ordinary shares issuable under
outstanding share options and convertible loan notes were anti
dilutive.


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


ASTRA GRAPHIA: To Settle Trading Dispute With JSX
-------------------------------------------------
The managements of PT Bursa Efek Jakarta (JSX) and publicly
listed PT Astra Graphia have not yet reached a convergence point
in relation to the contending opinions about the remote trading
on the stock exchange, Bisnis Indonesia reports.

"There is a possibility JSX will ask third party's opinion to
meet the contending arguments," an unnamed Bisnis source said.

Erry Firmansyah, Chief Director of JSX, declined to comment when
Bisnis asked him for confirmation about the remote trading issue
with Astra Graphia. "We will explain everything once the problem
is settled."

According to the source, in a meeting last week with the JSX's
commissary boards, it was resolved that the board director was
delegated to solve the issue.

The remote trading project began in the end of 2001 with total
project value of US$1.6 million. Contending opinions about the
requirements set in the remote trading contract, as mutually
agreed by JSX and Astra Graphia, caused the dispute.

"Up until now, Astra Graphia is rumored not to have received the
payment of JSX worth US$640,000 or 40% of the total project
value," the Bisnis source said.

However, the source quickly added that JSX actually had intended
to pay the rest of the payment, but the stock exchange also
requested Astra Graphia to meet the requirements stated on the
remote trading contract.

Early this year, the Troubled Company Reporter - Asia Pacific
reported that PT Astra Graphia issued its Release Date
Certificate to ABN Amro Bank N.V. (Facility Agent) to announce
the company's fulfillment of its obligations. The announcement
states that the company has paid off more than 50 percent of its
loan to all creditors as noted in the Debt Restructuring
Agreement, achieved less than 3 of Net Debt to EBITDA Ratio, and
3 never been defaulted.


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


ALL NIPPON: Seeks Govt Aid to Counter SARS-caused Travel Slump
--------------------------------------------------------------
Due to the slump in international travel, largely caused by the
SARS scare, All Nippon Airways, along with another Japanese
carrier, has asked the Development Bank of Japan for financial
aid similar to those granted to U.S. counterparts.

The Financial Times says it is not yet clear how much money the
carriers are asking or in what form the aid will be packaged.
The British paper identified Japan Airlines System as the other
carrier also seeking financial help from the bank.

The two, according to the report, have allegedly used as example
the federal aids granted to ailing U.S. airlines, in convincing
the state-run bank to yield.  The carriers started knocking on
the bank's doors about six weeks ago after the Iraq war and the
SARS epidemic combined to deter passengers from many parts of
their international schedules.

In the U.S., aids to struggling airlines are in the form of cash
and loan guarantees.  The federal government made these
financial packages available after September 11 and lately to
cushion the effects of the war in Iraq.  So far, the Japanese
bank has released about US$2 billion in loans since the
terrorist attacks in the U.S. triggered a global slump in air
travel, the report says.

Japan Airlines estimates revenue losses to reach JPY90 million
if the SARS outbreak continues over the next five months.  All
Nippon, on the other hand, is expected to raise domestic prices
to cope.  Analysts told the Financial Times they expect revenues
of All Nippon to slip by about JPY26 billion as a result of
SARS.  The carrier is expected to report full-year losses of
JPY28 billion.


DAIWA CONSTRUCTION: Files for Creditor Protection in Tokyo Court
----------------------------------------------------------------
With liabilities amounting to more than JPY23 billion, Daiwa
Construction Co. filed for court protection Friday, according to
Kyodo News.  The company plans to avail of the fast-track
corporate rehabilitation law, lodging its petition for temporary
relief from creditors with the Tokyo District court.

According to Wrights Investors Service, the company is focused
on general building construction.  It also involved with civil
engineering and real estate, which accounted for 2% of the
company's 2002 revenues.  It is listed on the Second Section of
the Tokyo Stock Exchange.

The report did not give any other details regarding the
company's financial woes.


DIA KENSETSU: Asks Resona Bank for JPY85 Billion Lifeline
---------------------------------------------------------
Condominium builder, Dia Kensetsu Co Ltd., has asked Resona Bank
for a JPY85 billion financial package, as the company predicts
results for 2002 to be printed in red, Reuters said late last
week.

The package consists of a JPY50 billion debt-for-equity swap and
debt forgiveness amounting to JPY35 billion, the newswire said.
The company plans to use the additional capital to help slash
its interest-bearing debts, which totaled JPY198 billion as of
March.

The company, meanwhile, announced Friday that 2002 results will
be in red compared to last year's net profit of JPY1.21 billion.
Earlier, the company cut forecast for year to March 31 to
JPY95.78 billion in loss from JPY100 billion in profit.  The
company said it would post a special loss of JPY160.66 billion
for the year, mainly due to appraisal losses on the sale of
fixed assets.  This would more than outweigh JPY85.27 billion of
debt forgiveness from U.S. investment fund Cerberus Capital
Management, which has been supporting its restructuring, Dia
Kensetsu told Reuters.


JAPAN AIRLINES: Rating Placed on 'Monitor' for Likely Downgrade
---------------------------------------------------------------
Rating and Investment Information, Inc. (R&I), has placed the
following ratings on the Rating Monitor scheme, with a view to
downgrading them:

ISSUER: JAPAN AIRLINES COMPANY, LTD. (TSE Code: Unlisted)
Senior Long-term Credit Rating; Long-term Bonds (8 series)
R&I RATING: (BBB+)
Placed on the Monitor scheme with a view to downgrading

ISSUER: All Nippon Airways Co., Ltd. (TSE Code: 9202)
Senior Long-term Credit Rating; Long-term Bonds (17 series)
Preliminary Rating for the Shelf Registration scheme
R&I RATING: (BBB+)
Placed on the Rating Monitor scheme with a view to downgrading

RATIONALE:

The earnings environment surrounding the two airline companies
has become more severe with the spread of Severe Acute
Respiratory Syndrome (SARS) infection. R&I will examine the
decrease in passenger numbers and impact on earnings due to
SARS, chiefly on the Asian routes, which are very profitable for
international routes, and the measures of JAL and ANA against
the problem.

In addition to the decline in travelers due to the war in Iraq,
there has been a fall in passenger numbers due to SARS with the
increase in reports of infection coming at about the same time
as the war began. A decline in the number of travelers is
inevitable not only to Hong Kong where there have been a large
number of SARS cases from the outset, but also to the Chinese
mainland because the Chinese Ministry of Health significantly
revised up the number of cases that had previously been
officially recognized on April 20. It is also possible that the
impact of SARS will be even greater in the future.

International routes are high risk compared to domestic routes
because of the large fluctuations in the revenue, and a decline
in profits is probably inevitable in the current circumstances.
Both JAL and ANA have axed and suspended flights to Hong Kong
and China. However, because the airline business entails high
fixed costs, a fall in passenger numbers tends to have a
significant impact on earnings. While the Chinese routes do not
account for a high share of passenger kilometers, they are
highly profitable routes with strong growth potential, and the
impact of a decline will not be slight. Currently, there has not
been any impact on international airfreight, but the decline in
passenger numbers during a major holiday season will be a
serious blow for the airlines. In the absence of a cure for
SARS, it is also a concern that a possible prolongation of
consumer wariness about all overseas travel going into the
summer holiday season, the period of highest demand, cannot be
ruled out.

R&I RATINGS:
ISSUER: JAPAN AIRLINES COMPANY., LTD. (TSE Code: Unlisted)
Senior Long-term Credit Rating: (BBB+);
(Placed on the Rating Monitor scheme with a view to downgrading)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 4 Dec 06, 1996 Dec 06, 2006 Yen 30,000
Unsec. Str. Bonds No. 5 May 09, 1997 May 09, 2003 Yen 20,000
Unsec. Str. Bonds No. 6 May 09, 1997 May 09, 2007 Yen 50,000
Unsec. Str. Bonds No. 7 May 26, 1997 May 26, 2009 Yen 10,000
Unsec. Str. Bonds No. 8 Aug 07, 1997 Aug 07, 2009 Yen 20,000
Unsec. Str. Bonds No. 9 Jan 22, 1998 Jan 22, 2018 Yen 10,000
Unsec. Str. Bonds No. 10 Feb 10, 1998 Feb 08, 2008 Yen 20,000
Unsec. Str. Bonds No. 11 Mar 05, 1998 Mar 05, 2010 Yen 17,000
R&I RATING: (BBB+) (Placed on the Rating Monitor scheme with a
view to downgrading)

ISSUER: All Nippon Airways Co., Ltd. (TSE Code: 9202)
Senior Long-term Credit Rating: (BBB+);
(Placed on the Rating Monitor scheme with a view to downgrading)
ISSUE: Preliminary Rating for the Shelf Registration scheme
Issue Amount (mn): Yen 200,000 (Shelf Amount)
Issue Period: Two years from Mar 26, 2002
R&I RATING: (BBB+) (Placed on the Rating Monitor scheme with a
view to downgrading)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 1 Jun 11, 1997 Jun 11, 2007 Yen 35,000
Unsec. Str. Bonds No. 2 Sep 19, 1997 Sep 18, 2009 Yen 20,000
Unsec. Str. Bonds No. 3 Sep 19, 1997 Sep 19, 2017 Yen 20,000
Unsec. Str. Bonds No. 4 Mar 25, 1998 Mar 25, 2008 Yen 20,000
Unsec. Str. Bonds No. 6 Apr 06, 1999 Apr 06, 2004 Yen 20,000
Unsec. Str. Bonds No. 7 Apr 06, 1999 Apr 06, 2007 Yen 10,000
Unsec. Str. Bonds No. 8 Jul 29, 1999 Jul 28, 2006 Yen 15,000
Unsec. Str. Bonds No. 10 Dec 16, 1999 Dec 16, 2011 Yen 10,000
Unsec. Str. Bonds No. 11 Mar 01, 2000 Mar 01, 2006 Yen 20,000
Unsec. Str. Bonds No. 12 Mar 01, 2000 Mar 01, 2010 Yen 10,000
Unsec. Str. Bonds No. 13 Sep 21, 2001 Sep 19, 2008 Yen 20,000
Unsec. Str. Bonds No. 14 Nov 11, 2002 Nov 11, 2005 Yen 20,000
Unsec. Str. Bonds No. 15 Dec 19, 2002 Dec 19, 2008 Yen 10,000
Unsec. Str. Bonds No. 16 Mar 25, 2003 Mar 25, 2009 Yen 10,000
Unsec. Str. Bonds No. 17 Mar 25, 2003 Mar 25, 2011 Yen 10,000
Unsec. Str. Bonds No. 18 Apr 21, 2003 Apr 21, 2006 Yen 30,000
Unsec. Conv. Bonds No. 5 Jun 17, 1996 Mar 31, 2005 Yen 100,000

R&I RATING: (BBB+) (Placed on the Rating Monitor scheme with a
view to downgrading)


NISSHO IWAI: R&I Maintains Ratings on Monitor
---------------------------------------------
Rating and Investment Information, Inc. (R&I), has maintained
the following ratings of Nichimen Corporation (BB+) (a-3) and
Nissho Iwai Corporation (BB-) (a-3) on the Rating Monitor
scheme. The rating outlook is undetermined:

SENIOR L-T CREDIT RATING CP RATING CODE LONG-TERM BONDS

RATIONALE:

Nissho Iwai-Nichimen Holdings Corporation, the joint holding
Company for Nichimen and Nissho Iwai, announced the details of
its capital enhancement on April 25, 2003. While R&I appreciates
the improvement in the financial base due to the increase in
equity capital, measures to address the important issues of
business restructuring and improvement in earning potential will
be moving into top gear in future. Therefore, R&I will maintain
the ratings for Nissho Iwai and Nichimen on its Rating Monitor
scheme and announce new ratings after it has assessed the
outlook for profits and finances.

According to the press release, the combined total net debt to
equity ratio for Nichimen and Nissho Iwai for the year to March
2003 is forecast to be 36.7. This is expected to fall to around
6.5 in the year to March 2004.

The new Company forecasts a 60 billion yen loss for the year to
March 2004 due to extraordinary losses, and there are concerns
that the deterioration in assets will continue in Japan's
prolonged deflationary economy. The issues of whether profits
and cash flow from operations will improve as a result of the
merger and how the financial institution and business partner
assistance system works are also key points for the ratings.

For the time being, Nichimen and Nissho Iwai plan to carry on
their own fund raising, so outstanding bonds revert to the
Company that issued them. As a result, with the holding Company
yet to obtain a rating at the current point, R&I is maintaining
the previous ratings for Nichimen and Nissho Iwai. R&I placed
the two companies on its Rating Monitor scheme when the merger
was announced in December 2002.

Last month, Standard & Poor's Ratings Services said its ratings
on general traders Nichimen Corporation (B+/Watch Neg/C) and
Nissho Iwai Corporation (B-pi) would not be immediately revised
due to the establishment of Nissho Iwai-Nichimen Holdings
Corporation on Tuesday. Standard & Poor's placed its ratings on
Nichimen on CreditWatch with negative implications in December
2002 when the consolidation plan was announced.

Both companies still have weak financial and business profiles,
and could incur additional losses from asset restructuring even
after the capital enhancement. Nichimen and Nissho Iwai will
repay existing debt and raise funds separately.


SEGA CORPORATION: Prefers Sammy Over Namco as Merger Partner
------------------------------------------------------------
Struggling computer game maker, Sega Corp., has rejected Namco
Ltd.'s merger offer in favor of Sammy Corp., Kyodo News said
over the weekend, citing sources privy to the deal.  The deal
could be announced anytime after the audit of Sammy's assets is
completed within this week.


WAKODENKI CO.: Files for Civil Rehabilitation in Osaka Court
------------------------------------------------------------
Resona Holdings, Inc. (Resona HD) hereby gives notice that
Wakodenki Co., Ltd. (the Company), which is a customer of its
banking subsidiary, Resona Bank, Ltd. (Resona Bank, President:
Yasuhisa Katsuta), filed an application for commencement of
civil rehabilitation proceedings with the Osaka District Court.
As a result of this development, there arose a concern that its
claims to the Company may become irrecoverable or its collection
may be delayed.

Details were announced as follows:

1. Outline of the Company

   (a) Corporate name Wakodenki Co., Ltd.

   (b) Address 24 Uenomiya-cho 1-chome, Tennoji-ku, Osaka
       [Registered head office] 5-3 Ebisuhonmachi 1-chome,
       Naniwa-ku, Osaka

   (c) Representative Kenichi Kamata

   (d) Amount of capital 456 million yen

   (e) Line of business Sales of home electric appliances

2. Fact Arisen to the Company and Its Date
The Company filed an application for commencement of civil
rehabilitation proceedings on April 28, 2003.  Other banking
subsidiaries of Resona HD have no claims to the Company.

3. Amount of the Claims to the Company
   Exposure of Resona Bank: Loans 16.3 billion yen

4. Impact of This Development on the Earnings Forecast of Resona
   HD

Resona Bank has already made a provision to reserve for possible
loan losses to cover the anticipated losses arising from this
development.  Therefore, the previous earnings forecasts of
Resona HD for the fiscal year ended March 31, 2003 announced on
March 11, 2003 remain unaffected.


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


DAEWOO ELECTRONICS: Inks Partnership with SpatiaLight
-----------------------------------------------------
SpatiaLight, Inc. (Nasdaq: HDTV) announced Friday that it has
entered into an agreement with Daewoo Electronics Corp. to
develop high definition televisions and to assist Daewoo in its
design and manufacture of an optical engine using SpatiaLight's
proprietary Liquid Crystal on Silicon (LCoS) technology.

Working together during an initial three-month testing period,
Daewoo will utilize optical engines supplied by SpatiaLight to
develop prototype LCoS televisions that meet the technical
criteria established by Daewoo. SpatiaLight will simultaneously
assist Daewoo in the development of an optical engine of
Daewoo's design and manufacture that integrates SpatiaLight's
imagEngine(TM) LCoS microdisplays.

Pending the successful completion of the testing period, Daewoo
plans to sign a purchase order with SpatiaLight for a minimum of
30,000 optical engines to be delivered over a one-year period.

An optical engine is comprised of three SpatiaLight
imagEngine(TM) LcoS microdisplays fitted onto a light engine.
Utilizing more than 3.6 million pixels, these optical engines
are designed to be incorporated into high definition televisions
and rear projection monitors.

"We believe there are significant opportunities for
SpatiaLight's proprietary LCoS technology in the Korean
electronics marketplace, and we are excited that Daewoo
Electronics has chosen to partner with us for their LCoS
initiatives.  Leveraging on our experiences gained from our
success with Chinese OEM's, we have refined and streamlined the
prototype-testing process.  This agreement with Daewoo
establishes an important milestone in our strategic plan to
develop multiple entry points into the global marketplace for
SpatiaLight's imagEngine(TM) LCoS microdisplays and optical
engines," stated Robert A. Olins, SpatiaLight's CEO.

Kim Chung Hoon, President and CEO of Daewoo Electronics stated,
"The Company intends to strengthen its presence in the LCoS
television market, and we are excited by the opportunity to work
with SpatiaLight and incorporate its proprietary technology into
our products."

About SpatiaLight, Inc.

SpatiaLight, Inc. is a manufacturer of state-of-the-art liquid
crystal on silicon (LCoS) microdisplay devices for use in rear
projection monitors and High Definition televisions.  The
Company's proprietary SpatiaLight imagEngine(TM) LCoS
microdisplays represent a solution for OEMs of large-screen rear
projection monitors, home theater projection systems, viao
projectors, and other display applications.  SpatiaLight is
committed to developing microdisplay technologies that will
become the standard for the next generation of rear projection
display devices and to providing OEMs with the most cost
effective, high-resolution microdisplays in the industry.  For
more information about SpatiaLight, please see the Company web
site: http://www.spatialight.com.

About Daewoo Electronics Corp.

Daewoo is a world-based manufacturer of televisions and home
appliances that possesses a well-rounded competitiveness in the
market, a result of its persistent technological development
with the customer's convenience in mind. The Company's global
network of more than 70 bases for production, R&D and sales has
enabled it to have a full and speedy grasp of the needs of local
customers in all regions of the world.  For more information
about Daewoo, please see the Company web site:
http://www.dwe.co.kr


SK GLOBAL: Singapore Unit Cracks, Files for Court Protection
------------------------------------------------------------
The first of what could be a handful of SK Global's foreign
units filed last week for court protection in Singapore to keep
creditors at bay, Dow Jones said Friday.

But SK Global Spokesman Kim Yong-Sang clarified that SK Global
Asia/Pacific Pte. filed the petition not to shut down the
company, but to keep the business going.

"The court management is not because the unit wants to shut down
its operations, but it is aimed toward keeping them in business.
We don't know whether other overseas units will take similar
action.  They have to make their own decisions," he told Dow
Jones.

SK Global is the trading unit of the SK Group and has foreign
debt of about US$1 billion.  It has eight overseas units, two of
which -- London and Singapore -- were slapped with winding up
petitions for overdue debt payments.  HSBC Holdings PLC and
Union De Banques Arabes Et Francaises filed the petitions last
month, Dow Jones said.  Other foreign creditors, including
Citibank and UBAF have also filed lawsuits to seize SK Global's
assets after domestic creditors deferred SK Global's domestic
debt of KRW6.7 trillion (US$5.53 billion) for three months.

SK Global's woes began when prosecutors discovered accounting
irregularities worth KRW1.55 trillion at the company in early
March.  Last week, SK Global's auditor said the total debts of
the company and its overseas units exceeded their assets by
KRW3.42 trillion at the end of 2002.


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


AKTIF LIFESTYLE: Seeks Three-Month RA Time Extension
----------------------------------------------------
Under PN4/2001, Aktif Lifestyle Corporation Berhad is required
to announce the status of its plan to regularize its financial
condition on the first market day of each month. On 18 March
2003, Southern Investment Bank Berhad (SIBB) on behalf of Aktif,
announced that the Company was granted an extension of time up
to 7 May 2003 by the KLSE to make its requisite announcement.
SIBB on behalf of Aktif, had presented a proposed restructuring
scheme (Scheme) to the major lenders of Aktif. The approvals-in-
principal of the major lenders for the Scheme are still pending.

In view of this, SIBB on behalf of the Company had on 25 April
2003, submitted an application to the KLSE for a further
extension of time for a period of three (3) months to 7 August
2003 for Aktif to make its Requisite Announcement (RA). The
decision of the said application is pending from the KLSE. SIBB
will announce the outcome of the said application in due course.

The Company will inform its shareholders of any pertinent
development on the Scheme.


CHASE PERDANA: Updates Defaulted Credit Facilities Status
---------------------------------------------------------
Chase Perdana Berhad wishes to relate the status of its default
in the repayment of both the principal and interest of all
credit facilities granted by Financial Institutions, as detailed
in the Appendix A at
http://bankrupt.com/misc/TCRAP_Chase0506.xls.

Pursuant to the Company's Proposed Debt Restructuring Scheme,
the Company wishes to announce that it is still in the midst of
finalizing the Abridged Prospectus (AP) with the Securities
Commission (SC).

The Company will proceed with the announcement of Book Closure
Date and dispatch of the AP upon approval from SC for the AP.


FW INDUSTRIES: Revises PCDR to Add FI, White Knight's View
----------------------------------------------------------
The Board of FW Industries Bhd wishes to inform that the Company
has made substantial progress in the discussion with some major
Financial Institution lenders (FI) and the White Knight relating
to the Proposed Corporate and Debts Restructuring Scheme (PCDR).
The Company is revising the PCDR to incorporate relevant points
raised by the FI and the White Knight.

To allow more time to obtain approvals-in-principle from the FI
on the revised PCDR, the Company had via its Advisor, Southern
Investment Bank Berhad applied to the Exchange for further
extension of time to make the RA until 3 June 2003. The approval
is still pending and announcement will be made on its outcome
upon receipt of the same.


GENERAL SOIL: In the Midst of Regularization Exercise Evaluation
----------------------------------------------------------------
Further to the announcement dated 1 April 2003, the Board of
Directors of General Soil Engineering Holdings Berhad (the
Company) wishes to announce that the Company is still in the
process of formulating a comprehensive plan to regularize its
financial condition.

Currently, the Company is in the midst of evaluating and
finalizing various options for the regularization exercise. This
exercise will include, amongst others, the Proposed Revised
Scheme, the Proposed Private Placement and the Proposed Increase
of the Paid-Up Capital to comply with the minimum capital
requirement for listing on the Second Board of the Kuala Lumpur
Stock Exchange.

The plan will be announced in due course.


L&M CORPORATION: Awaits SC's Proposed CDRS Approval
---------------------------------------------------
Further to the announcement on 1 April 2003, the Special
Administrators of L & M Corporation (M) Bhd (L&M) wish to inform
that L&M obtained the Pengurusan Danaharta Nasional Berhad's
approval for its Workout Proposal on 23 April 2003.

L&M is currently awaiting for the approval from the Securities
Commission on its Proposed Corporate and Debt Restructuring
Scheme (Proposed CDRS) and its application for a waiver from
Mandatory General Offer obligation in respect of the Proposed
CDRS.

For more details on the Proposed CDRS, refer to the Troubled
Company Reporter - Asia Pacific Thursday, November 21, 2002,
Vol. 5, No. 231 issue.


NCK CORP.: April Defaulted Credit Facilities Hits RM626.9M
----------------------------------------------------------
In compliance with Practice Note 1/2001, NCK Corporation Berhad
(Special Administrators Appointed) wishes to announce the
following with regards to the status of credit facilities on
which the NCK Group has defaulted in payment since the Company's
previous announcement dated 2 April 2003.

Total borrowings on which the NCK Group has defaulted in payment
stood at RM626,941,911 as at 30 April 2003 compared to
RM622,561,723 as at 31 March 2003, an increase of RM4,380,188
attributed to interest accrued for the month of April 2003.


NCK CORPORATION: Currently Implementing Restructuring Scheme
------------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed) wishes
to announce that following the approvals received from the
Securities Commission, the Foreign Investment Committee and the
Ministry of International Trade and Industry for its
Restructuring Scheme, the Company is currently implementing the
Restructuring Scheme.

Any further developments to the Restructuring Scheme will be
announced in due course.

For further information on the Restructuring Scheme, refer to
the Troubled Company Reporter - Asia Pacific, Tuesday, July 2,
2002, Vol. 5, No. 129 issue.


OMEGA HOLDINGS: Awaits SC's Restructuring Scheme Approval
---------------------------------------------------------
Affin Merchant Bank Berhad, on behalf of the Board of Directors
of Omega Holdings Berhad, wishes to announce the current status
of the Proposed Restructuring Scheme. Omega has obtain the
approvals of:

1. the Foreign Investment Committee on 31 March 2003 and the
relevant announcement was made on 2 April 2003; and
2. the Ministry of International Trade and Industry on 9
April 2003 and the relevant announcement were made on 11
April 2003.

Omega is still awaiting the approval of the Securities
Commission for the Proposed Restructuring Scheme.


PANCARAN IKRAB: Seeks SC's Consideration on Scheme Revisions
------------------------------------------------------------
Reference is made to paragraph 4.1(b) of PN4/2001 whereby
Pancaran Ikrab Bhd, an affected listed issuer, is required to
announce the status of its plan to regularize its financial
position on a monthly basis until further notice from KLSE.

As announced earlier, the Securities Commission had via its
letter dated 1st April 2003 (SC Letter) which was received on
3rd April 2003, approved the Proposed Restructuring Scheme
(Scheme) as proposed save for the purchase consideration for the
proposed acquisition of a piece of 99 years leasehold land
measuring 95,927 square meters (the Land) by Capital Abound Sdn
Bhd (CASB) is at RM5,500,000 to be satisfied by way of issuance
of 5,500,000 new ordinary shares of RM1.00 each in CASB instead
of RM8,000,000 as proposed. The SC's approval for the Scheme is
subject to certain conditions as announced earlier.

On 30th April 2003, Public Merchant Bank Bhd (PMBB) on behalf of
the Company, CASB and the Vendor of the Land had submitted an
appeal against the SC's decision on the valuation of the Land of
RM5,500,000.

The Company through PMBB is also seeking the SC's consideration
on certain revisions in relation to the Scheme to satisfy
certain conditions of the SC Letter.

An appropriate announcement will be made accordingly in due
course.


SENG HUP: Obtains 60-Day Extension for PA, SPA Completion
---------------------------------------------------------
Reference is made to the announcement made on 1 April 2003 by
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) on behalf of Seng Hup Corporation Berhad
(Special Administrators Appointed) with regards to the Company's
plan to regularize its financial condition.

In compliance with Practice Note No. 4/2001 of the Kuala Lumpur
Stock Exchange (KLSE) Listing Requirements (PN4), AmMerchant
Bank Berhad wishes to inform that an extension of time of sixty
(60) days for the fulfillment of the conditions precedent
pursuant to the Principal Agreement (PA) dated 27 August 2002
and the Sale and Purchase Agreement (SPA) dated 30 September
2002 have been agreed by the parties to both agreements.

Apart from this, there is no other material development to the
status of SHCB's plans to regularize its financial position
since its last monthly status announcement made on 1 April 2003.


SRIWANI HOLDINGS: Court OKs Proposed Capital Reduction
------------------------------------------------------
In compliance with the requirements of Paragraph 4.1 (b) of PN
4/2001, Commerce International Merchant Bankers Berhad on behalf
of Sriwani Holdings Berhad, announces that the following events
have taken place since the last announcement on 1 April 2003
pertaining to SHB's plan to regularize its financial condition:

   (i) the shareholders of SHB have duly passed the resolutions
pertaining to SHB's plan to regularize its financial position at
the Extraordinary General Meeting held on 8 April 2003;

   (ii) SHB has obtained the approval of all the financial
institution lenders for an extension of time to 28 June 2003 for
fulfillment of all conditions precedent as stipulated in the
Debt Restructuring Agreement dated 28 June 2002; and

   (iii) the High Court of Malaya at Pulau Pinang on 28 April
2003 sanctioned and confirmed the proposed capital reduction and
consolidation of the existing issued and paid-up share capital
of SHB.


TAI WAH: Posts Restructuring Exercise Status
--------------------------------------------
In compliance with KLSE PN4, Tai Wah Garments Manufacturing
Berhad wishes to update the status of its proposed restructuring
exercise to regularize its financial condition for the month
ended April 2003.

On 14 April 2003, Alliance Merchant Bank Berhad, on behalf of
the Board of Directors of TWGB had announced that Newco, a
company which shall be incorporated to assume the listing status
of TWGB, is proposing a private placement of up to 10,058,000
new ordinary shares of RM1.00 each in Newco representing
approximately 10% of its enlarged issued and paid-up share
capital upon completion of the Proposed Share Exchange, Proposed
Debt Settlement and Proposed Acquisition, which form part of the
Proposed Restructuring Exercise. Details of the Proposed Private
Placement had been set out in the announcement dated 14 April
2003.

Alliance Merchant Bank Berhad had submitted to the Securities
Commission and other relevant authorities in respect of the said
Proposed Private Placement on behalf of the Board of Directors
of TWGB on 17 April 2003.

TWGB is an affected listed issuer under KLSE PN10/2001 without
any core business. Upon completion of the Proposed Restructuring
Exercise, the issues in relation to KLSE PN10 will be addressed
as well.


TIMBERMASTER INDUSTRIES: MITI Approves Unit's CDRS
--------------------------------------------------
Further to Timbermaster Industries Berhad (Special
Administrators Appointed)'s announcement dated 1 April 2003, all
parties concerned are still in the midst of implementing TMIB's
proposed restructuring scheme as approved by the Securities
Commission on 2 December 2002.

Timbermaster Industries Berhad (Special Administrators
Appointed) is also pleased to announce that the Ministry of
International Trade and Industry (MITI) has via their letter
dated 3 April 2003 approved the Corporate Debt Restructuring
Scheme (CDRS) of Kompleks Perkayuan Timbermaster Smallholders
Sdn Bhd (Special Administrators Appointed)(KPTS)(a 72.5% owned
subsidiary of TMIB) involving the following:

   ú Sale of debts and stocks of KPTS;
   ú Proposed disposal of land and assets of KPTS;
   ú Proposed debt restructuring of KPTS; and
   ú Proposed liquidation of KPTS.

MITI also informed that it had approved Foowood International
Sdn Bhd's acquisition of the entire issued and paid up capital
of Perkayuan T.M. (Malaysia) Sdn Bhd (Special Administrators
Appointed)(a 100% owned subsidiary of TMIB) via their letter
dated 3 January 2003.


TRANS CAPITAL: May 16 EGM, Court Convened Meetings Set
------------------------------------------------------
On behalf of Trans Capital Holding Berhad, AmMerchant Bank
Berhad (formerly Arab-Malaysian Merchant Bank Berhad)
(AmMerchant Bank), wishes to announce the status of TCHB's plan
to regularize its financial position (Proposals):

On 24 April 2003, AmMerchant Bank, on behalf of TCHB, dispatched
the notice for the Extraordinary General Meeting of TCHB for the
purpose of considering and approving the proposed restructuring
scheme of the Company (the "Proposed Corporate and Debt
Restructuring Scheme"). On the same day, AmMerchant Bank also
despatched the notices for the Court convened meetings for the
shareholders of TCHB and the Scheme Creditors of TCHB, Trans
Capital Sdn Bhd (In Receivership), Trans Capital Electronics Sdn
Bhd and Trans Capital Technology Sdn Bhd pursuant to the
provisions of Section 176 of the Companies Act, 1965 (the "Court
Convened Meetings") for the purpose of considering and approving
the Proposed Schemes of Arrangement and Compromise.

The EGM and Court Convened Meetings will be held at Level 3,
Shangri-La Hotel, Magazine Road, 10300 Penang on 16 May 2003 at
the respective times stipulated in the relevant notices.

Further thereto, AmMerchant Bank, on behalf of TCHB, hereby
wishes to announce that TCHB has on 29 April 2003 received the
approval of Bank Negara Malaysia (BNM) to vary the debt
settlement to Oversea-Chinese Banking Corporation Limited, which
was approved by BNM on 19 July 2000. In addition, BNM also
approved the application of TCHB to settle the amounts due to
another non-resident, AIA Capital Corporate (BVI) Limited
pursuant to the Proposed Debt Settlement. The settlements to
both OCBC Labuan and AIA Capital will be implemented via the
issuance of ordinary shares of RM0.50 each at an issue price of
RM0.60 in AWC. In relation thereto, TCHB is required to complete
and forward the Form P and Form R in respect of the settlements
to the Foreign Exchange Control Department within 14 days from
the date of the approval letter of BNM.


UCP RESOURCES: Provides Default in Payment Status Update
--------------------------------------------------------
In accordance with Practice Note No. 1/2001 of the Kuala Lumpur
Stock Exchange Listing Requirements and further to the earlier
announcement made, UCP Resources Berhad provided an update on
its default in payment as follows:

   (i) UCP Manufacturing (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 30 April 2003, defaulted in repayment of
Bankers Acceptance, Overdraft, Term Loan and Current Account
amounting to RM48,399,920 made up of a principal sum of
RM40,508,072 and interest of RM7,891,848;

   (ii) UCP Marketing (M) Sdn Bhd, a subsidiary of UCP Resources
Bhd, as at 30 April 2003, defaulted in repayment of Bankers
Acceptance and Term Loan amounting to RM8,570,298 made up of a
principal sum of RM7,936,500 and interest of RM633,798;

   (iii) Universal Concrete Products Sdn Bhd, a subsidiary of
UCP Resources Bhd, as at 30 April 2003, defaulted in repayment
of Bankers Acceptance amounting to RM3,176,559 made up of a
principal sum of RM3,000,000 and interest of RM176,559.

The UCP Group shall make periodic announcement on a monthly
basis to the Exchange of the current status of the default and
its steps taken to address the default until such time when it
is remedied.

Go to http://bankrupt.com/misc/TCRAP_UCP0506.xlsfor details of
the said defaults.


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


KUOK PHILIPPINE: Lines up More Properties for Sale This Year
------------------------------------------------------------
Real estate developer, Kuok Philippine Properties Inc., will
continue the asset disposal that netted the company PHP525
million last year, The Philippine Star reported over the
weekend.

The company did not identify the assets up for sale, but its
portfolio includes landholdings in Cebu, Batangas, Laguna and
Cavite.  Last year, the company sold its 15% stake in Pacific
Online to help raise PHP525 million to pay debts and fund future
investments.

The company's woes, according to The Philippine Star, dates back
to the regional financial crisis in 1998, during which it
suspended several projects, resulting in declining net income
for the company.  Last year, the company had net losses of
PHP1.87 billion, 87 percent higher than the PHP1 billion loss
registered in 2001.

The company blamed the huge loss to provision for losses on
impairment of investments (PHP964.1 million), equity in net loss
of affiliates (PHP175.6 million) and the write-off of pre-
operating expenses (PHP616.4 million).   Despite its woes,
principal shareholder, the Kuok Group, is still backing the
company, remitting recently another US$25 million to the company
to pay off Kuok's outstanding short-term bank loans.


MANILA ELECTIRIC: Settles Supply Contract Dispute with Napocor
--------------------------------------------------------------
The contract row between Manila Electric Co. (Meralco) and
National Power Corporation (Napocor) need not go through an
international arbitration panel as both have already agreed to
settle their differences.

According to The Manila Standard, Meralco has agreed to honor
the 10-year contract with Napocor that would require it to
purchase 3,600 MW a month from the state-run power generator.
In addition, the Metro Manila power distributor will also pay
Napocor PHP20 billion, spread over five years, for electricity
it stopped sourcing from Napocor, which triggered this dispute.

Napocor, for its part, will assure Meralco of the timely
dispatch of Meralco's independent power producers (IPPs) such as
First Gas Power Corp.'s Sta. Rita and San Lorenzo natural gas-
fired power plants, Quezon Power and Duracom Power "at mutually
agreed levels over the period of 2002 to 2004."  Napocor will
also offer appropriate "financial adjustment" if it fails to
ensure the timely dispatch of Meralco's IPPs, the report says.

The "amicable settlement" was reached, according to the paper,
under the mediation of former justice secretary and ambassador,
Sedfrey Ordonez, and World Council Energy Chairman Antonio Del
Rosario.  The agreement still needs the approval of the Energy
Regulatory Commission.  Meanwhile, the 10-year supply contract
will expire next year.

Just two weeks ago, hopes began to wane that the tussle could
end up in arbitration after a three-day out-of-town intense
mediation failed to resolve contentious issues.  Negotiations
had to be extended to April 30 to try to settle the year-long
contract row, the report said.


MANILA ELECTRIC: To Postpone Release of Quarter to March Results
----------------------------------------------------------------
Meralco registered an increase in its volume sales for the
quarter ended March 31, 2002 of 9.3% compared to the same period
last year.  The systems loss level also improved at 11.2%
compared to 13.2% in the same period last year.

However, Meralco at this time, will not be able to report its
financial results as a consequence of a significant event.

In view of the April 30, 2003 decision of the Supreme Court
rejecting Meralco's Motion for Consideration pertaining to
Meralco's refund case, Meralco is currently adjusting its First
Quarter 2003 Financial Statements.  This is to reflect the
pending refund to customers as a liability and to recognize
losses as a result of the refund and a rollback of rates.

The Company will provide the Securities and Exchange Commission
and the Philippine Stock Exchange its First Quarter Financial
Statements as soon as the adjustments have been finalized.


MAYNILAD WATER: Runs Risk of Getting Sued for Overcharging
----------------------------------------------------------
Troubled water utility, Maynilad Water Services Inc., faces a
lawsuit similar to the one lodged against sister company,
Meralco, for over-billing without legal basis, the Manila Times
said yesterday.

Non-government organization, Freedom from Debt Coalition (FDC),
is reportedly planning to go to court over what appears to be
another case of over-charging by a Lopez-owned company.  FDC
President Ana Maria Nemenzo told The Times over the weekend her
group is seriously considering the option after Maynilad
President Rafael Alunan denied the allegations.

The paper says water regulator, Metropolitan Waterworks and
Sewerage System (MWSS), will itself furnish the relevant
documents to support the alleged over-billing.  The NGO claims
Maynilad has been billing consumers an excess amount of PHP8.28
per cubic meter for two items, payments for which had already
lapsed in accordance with the concession agreement.  These items
are the accelerated extraordinary price adjustment (AEPA) and
the foreign currency differential adjustment (FCDA), both of
which were granted to Maynilad in an amendatory clause to its
concession agreement with the MWSS, the paper says.

The two price adjustment mechanisms were granted by the MWSS to
help Maynilad cope with its financial difficulties.  But
Maynilad stopped paying concession fees to MWSS last March 2001
due to these difficulties.

"Under the amendatory clause, MWSS authorized Maynilad to
collect an additional PHP4.21 per cubic meter for AEPA, so that
the water firm could recover foreign exchange losses it incurred
from August 1997 to December 2000.  The concession agreement
provided for a recovery period to last from October 15, 2001 to
December 31, 2002.  Apart from the AEPA, the amendment also
allowed Maynilad to charge the FCDA so the company could meet
its financial obligations, among them payment of its concession
fees.  The company began collecting the FCDA starting January
2002," The Manila Times explained.

The NGO claims it is illegal for Maynilad to continue charging
the two items despite not resuming payment of its concession
fees.  It is even more illegal for the water company to collect
the AEPA even after the prescribed December 31, 2002 cut-off
date.  Maynilad has denied this allegation.

Maynilad is the second Lopez-owned company to be accused of
over-billing.  Last month the Supreme Court ruled with finality
that Meralco, the Lopez family flagship power firm, must refund
consumers for overcharges.  This ruling could cost Meralco PHP28
billion, according to estimates.


NATIONAL POWER: New Pricing Formula to Rake in Bigger Revenues
--------------------------------------------------------------
To improve efficient use of transmission assets and lower energy
prices, the National Power Corporation has come up with a new
formula for computing energy charges, the Manila Times said
yesterday.

The Long-term Average Costing Methodology, which still needs the
approval of the Energy Regulatory Commission, will compute
energy prices according to time of day -- lower during off-peak
hours and higher during peak hours.

Energy Secretary Vincent Perez, Jr., who favors the formula,
says the new mechanism would give companies incentives to
schedule night shifts, which in turn will benefit the state-run
Napocor in terms of efficient use of transmission lines and
greater revenues.

He, however, clarified that this methodology would be available
only in areas where there is electric metering, mainly in Luzon
and the Visayas.  This system is popular in Australia, Ireland,
Singapore and Indonesia, the report says.


NATIONAL STEEL: DTI Urges Creditor Banks to Finalize Debt Plan
--------------------------------------------------------------
In an effort to nudge along the debt restructuring of National
Steel Corporation, Trade and Industry Secretary Manuel Roxas II
called on creditor banks last week to resolve remaining
"residual issues" that continues to bar the re-opening of the
plant in Iligan City.

In a letter to the banks, Mr. Roxas scheduled a meeting for May
7 in order to act on four major issues:

(a) A need to conduct an international tender for the sale or
lease of the NSC plant assets;

(b) advances for the expenses to be incurred in the
implementation of the memorandum of agreement (MOA), for the
engagement of an investment banker who will undertake the
international tender, and for expenses for the maintenance of
the plant when NSC funds run out;

(c) the taxes, fees and other expenses related to the setting up
of the special purpose vehicles (SPVs) and transfer of assets;
and

(d) back taxes and related interests and penalties, as well as
current taxes.

Mr. Roxas reminded NSC's creditor banks that the signing of the
MOA in November 2002 "was a major step towards our ultimate
objective of getting the plant operational.  However, several
residual issues remain unresolved."

He warned creditor banks that "while it is understandable that a
large non-performing account like NSC takes a lot of effort and
patience to turn around, we also know that we cannot afford to
wait for the resolution of all these issues and ignore the
consequences of the continued deterioration of the plant."

At least one creditor bank -- Credit Agricole Indosuez -- has
already backed out of the agreement signed in November.  It is
suggesting that the government buy out its remaining exposure in
the company, instead.  Still Mr. Roxas, who has been working
with NSC's creditor banks since June 2001, is optimistic that
after the meeting on Wednesday, the French banking giant will
reconsider its position.


NEGROS NAVIGATION: Confirms Suit vs. Malicious Whistleblower
------------------------------------------------------------
This is in reference to the news article entitled "Nenaco files
PHP73 Million Libel Suit vs UFS" published in the April 30, 2003
issue of The Philippine Star.  The article reported that "Negros
Navigation Co. (Nenaco) filed a PHP73 million libel suit against
the head of United Filipino Seafarers (UFS), Nelson T. Ramirez,
before the Office of the City Prosecutor of Manila on April 11,
2003.  The complaint was based on a newspaper advertisement
signed by Mr. Ramirez last February 13, 2003, which Nenaco said
contains libelous implications and accusations geared to
dishonor and discredit the company.  Nenaco said Mr. Ramirez
made it appear in the paid advertisement that the company is
like Enron, the American company that collapsed due to what Mr.
Ramirez calls "creative accounting."  Mr. Ramirez added that
Nenaco has virtually misled the public as to its condition by
"doctoring" financial statement submitted to the Securities and
Exchange Commission and that Nenaco has not been paying its
trade suppliers and has a bad credit standing with them, adding
that Nenaco is potentially bankrupt due to staggering debts."

Negros Navigation Co., Inc., in its letter to the Exchange dated
May 2, 2003, stated that:

"Nenaco confirms that the information found in this article are
true and accurate.  Negros Navigation has indeed filed a PHP73
million libel suit against the Head of United Filipino Seafarers
(UFS) Engineer Nelson Ramirez who authored and caused the
publication of a one full page advertisement, entitled "Open
Letter to President Gloria Macapagal Arroyo," in The Philippine
Star, which appeared on page 4 of its February 13, 2003 issue.
The newspaper article contains libelous imputations and
accusation against Nenaco.  As a consequence of his accusations,
Engineer Ramirez has besmirched, damaged, and prejudiced the
good name and reputation of Nenaco, which it has built in the
business circle and the shipping industry."


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


LKN-PRIMEFIELD: To Hold Annual General Meeting May 23
-----------------------------------------------------
Notice is hereby given that the Fortieth Annual General Meeting
of LKN-PRIMEFIELD LIMITED will be held at 27 International
Business Park, 5th Level, Primefield-Landmark Building,
Singapore 609924 on Friday, 23 May 2003 at 10.30 a.m. for the
following purposes:

As Ordinary Business

(1) To receive and adopt the Directors' Report and Audited
    Accounts for the financial year ended 31 December 2002
    together with the Auditors' Report thereon. [Resolution 1]

(2) To approve the payment of Directors' Fees of SGD95,000.00
    for the financial year ended 31 December 2002. [Resolution
    2]

(3) To re-elect the following Directors retiring pursuant to
    Article 100 of the Company's Articles of Association:

    3.1 Dato' Lim Kong Wai [Resolution 3]
    3.2 Mr. Koh Chong Yih [Resolution 4]
    3.3 Ms. Florence Tay Eng Neo [Resolution 5]

(4) To re-appoint Messrs PricewaterhouseCoopers as auditors of
    the Company and to authorize the Directors to fix their
    remuneration. [Resolution 6]

(5) To transact any other business that may be transacted at an
    Annual General Meeting.

As Special Business

To consider and, if thought fit, to pass the following Ordinary
Resolution, with or without modifications: [Resolution 7]

"That the Directors be and are hereby authorized pursuant to
Section 161 of the Companies Act (Cap. 50) from time to time to
allot and issue shares in the capital of the Company (including
without limitation equity securities like options, warrants,
transferable subscription rights or similar rights to subscribe
or purchase shares in the Company or debt instruments
convertible into or exchangeable for equity securities with non-
detachable options, warrants or similar rights to subscribe or
purchase equity securities attached) in such numbers, to such
persons, for such consideration and on such terms and conditions
as they deem fit provided that the aggregate number of shares to
be issued pursuant to this Resolution shall not exceed any
applicable limits prescribed by the Listing Manual of The
Singapore Exchange Securities Trading Limited as from time to
time amended or supplemented and that such authority shall
continue in force until the conclusion of the next Annual
General Meeting of the Company or the expiration of the period
within which the next Annual General Meeting of the Company is
required by law to be held, whichever is earlier."

By Order of the Board

Goh Kok Yeow
Secretary
Singapore, 5 May 2003

Explanatory Notes on Special Business to be Transacted
[Resolution 7]

The proposed Ordinary Resolution (7), if passed, will empower
the Directors of the Company to issue shares in the Company, up
to any applicable limits prescribed by the Listing Manual of The
Singapore Exchange Securities Trading Limited as may from time
to time be amended or supplemented, for such purposes as they
consider would be in the interests of the Company.

The authority will continue in force until the conclusion of the
next Annual General Meeting of the Company or the expiration of
the period within which the next Annual General Meeting of the
Company is required by law to be held, whichever is earlier,
unless previously revoked or varied at a general meeting.

Notes:

[1] Subject to the Articles of Association and to the law, a
Member of the Company entitled to attend and vote may appoint
not more than two proxies to attend and vote instead of him/her.
A proxy need not be a member. Proxies must be deposited at the
Registered Office of the Company at 27 International Business
Park, Primefield-Landmark Building, Singapore 609924 not less
than 48 hours before the time appointed for the holding of the
Meeting.

[2] Mr. Koh Chong Yih will upon re-election, continue to serve
on the Audit Committee.


NATSTEEL LIMITED: Schedules Extraordinary Meeting May 28
--------------------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
the Members of NatSteel Ltd will be held at Level 4, Conference
Room, 22 Tanjong Kling Road, Singapore 628048 on 28 May 2003 at
2.30 p.m. (or as soon thereafter as the Company's Annual General
Meeting to be held at 2.00 p.m. on the same day at the same
place is concluded or adjourned) for the purpose of considering
and, if thought fit, passing, with or without amendment,
Resolutions 1 and 2 below which will be proposed as Special
Resolutions and Resolutions 3, 4, 5 and 6 below which will be
proposed as Ordinary Resolutions:

SPECIAL RESOLUTIONS

Resolution 1: Approval for amendments to the Memorandum and
Articles of Association and adoption of new Memorandum and
Articles of Association

That, subject to and contingent upon the passing of Resolutions
2 and 3 below, the Memorandum and Articles of Association of the
Company be and are hereby amended in the manner and to the
extent set out in Appendix 3 to the circular to shareholders
dated 2 May 2003 (the "Circular") and that the regulations of
the Company contained in the new Memorandum and Articles of
Association submitted at the Extraordinary General Meeting and
for the purpose of identification subscribed to by the Chairman
thereof, be approved and adopted as the Memorandum and Articles
of Association of the Company in substitution for, and to the
exclusion of, the existing Memorandum and Articles of
Association of the Company.

Resolution 2: Approval for any financial assistance, which may
be given by the Company in connection with the acquisition of
shares in the capital of the Company

That, subject to and contingent upon the passing of Resolution 1
above and Resolution 3 below:

(1) approval be and is hereby given for any financial assistance
which may be given by the Company for the purpose of, or in
connection with, the acquisition of ordinary shares of S$0.50
each ("Shares") in the capital of Company, in connection with
the payment of the Special Dividend (as defined below); and

(2) the Directors and each of them be and are hereby authorized
to complete and do all acts and things (including executing all
such documents as may be required in connection with the said
financial assistance) as they or he may consider desirable,
necessary or expedient to give full effect to this Special
Resolution.

ORDINARY RESOLUTIONS

Resolution 3: Approval for the Special Dividend

That, subject to and contingent upon the passing of Resolutions
1 and 2 above:

(1) approval be and is hereby given for the payment by the
Company of a first and final dividend of 110 per cent. (S$0.55)
per Share for the financial year ended 31 December 2002, to the
holders of the Shares which have been issued and are fully paid-
up or credited as fully paid-up as at a books closure date to be
determined by the Directors (the "Special Dividend");

(2) subject to and forthwith upon the resolution contained in
paragraph (1) above taking effect, the revenue reserve account
of the Company be reduced by the sum of approximately S$205.5
million by the payment out of it of the Special Dividend; and

(3) the Directors and each of them be and are hereby authorized
to complete and do all acts and things (including executing all
such documents as may be required in connection with the Special
Diviand) as they or he may consider desirable, necessary or
expedient to give full effect to this Ordinary Resolution and
the Special Diviand.

Resolution 4: Approval for the NatSteel Ltd Scrip Dividend
Scheme

That, subject to and contingent upon the passing of Resolution 1
above:

(1) the scrip dividend scheme to be known as the "NATSTEEL LTD
SCRIP DIVIAND SCHEME" (the "Scrip Dividend Scheme"), under which
the Directors may, whenever the Directors or the Company in
general meeting have resolved that a dividend (including an
interim, final, special or other dividend) be paid or declared
on the ordinary share capital of the Company, resolve that
shareholders entitled to such dividend may elect to receive an
allotment of Shares credited as fully paid in lieu of cash in
respect of the dividend (further particulars of which are set
out in paragraph 5 of and Appendix 3 to the Circular), be and is
hereby approved; and

(2) the Directors and each of them be and are hereby authorized:

(i) to establish and administer the Scrip Dividend Scheme;

(ii) to modify and/or alter the Scrip Dividend Scheme from time
to time;

(iii) pursuant to Section 161 of the Companies Act, Chapter 50
(the "Act"), to allot and issue from time to time such number of
Shares as may be required to be allotted and issued pursuant to
the Scrip Dividend Scheme; and

(iv) to complete and do all acts and things (including executing
all such documents as may be required in connection with the
Scrip Dividend Scheme) as they or he may consider desirable,
necessary or expedient to give full effect to this Ordinary
Resolution and the Scrip Dividend Scheme.

Resolution 5: Approval for the Share Issue Mandate

That authority be and is hereby given to the Directors to:

(1) (i) issue Shares whether by way of rights, bonus or
otherwise; and/or

(ii) make or grant offers, agreements or options (collectively,
"Instruments") that might or would require Shares to be issued,
including but not limited to the creation and issue of (as well
as adjustments to) warrants, debentures or other instruments
convertible into Shares,

at any time and upon such terms and conditions and for such
purposes and to such persons as the Directors may in their
absolute discretion deem fit; and

(2) (notwithstanding the authority conferred by this Ordinary
Resolution may have ceased to be in force) issue Shares in
pursuance of any Instrument made or granted by the Directors
while this Ordinary Resolution was in force,

provided that:

(a) the aggregate number of Shares to be issued pursuant to this
Ordinary Resolution (including Shares to be issued in pursuance
of Instruments made or granted pursuant to this Ordinary
Resolution), does not exceed 50 per cent. of the issued share
capital of the Company (as calculated in accordance with sub-
paragraph (b) below), of which the aggregate number of Shares to
be issued other than on a pro rata basis to shareholders of the
Company (including Shares to be issued in pursuance of
Instruments made or granted pursuant to this Ordinary
Resolution) does not exceed 20 per cent. of the issued share
capital of the Company (as calculated in accordance with sub-
paragraph (b) below);

(b) (subject to such manner of calculation as may be prescribed
by the Singapore Exchange Securities Trading Limited (the "SGX-
ST")) for the purpose of determining the aggregate number of
shares that may be issued under sub-paragraph (a) above, the
percentage of issued share capital shall be based on the issued
share capital of the Company at the time this Ordinary
Resolution is passed, after adjusting for:

(I) new Shares arising from the conversion or exercise of any
convertible securities or share options or vesting of share
awards which are outstanding or subsisting at the time this
Ordinary Resolution is passed; and

(II) any subsequent consolidation or subdivision of Shares;

(c) in exercising the authority conferred by this Ordinary
Resolution, the Company shall comply with the provisions of the
listing manual of the SGX-ST for the time being in force (unless
such compliance has been waived by the SGX-ST) and the Articles
of Association for the time being of the Company; and

(d) (unless revoked or varied by the Company in general meeting)
the authority conferred by this Ordinary Resolution shall
continue in force until the conclusion of the next annual
general meeting of the Company or the date by which the next
annual general meeting of the Company is required by law to be
held, whichever is the earlier.

Resolution 6: Approval for the Share Repurchase Mandate

That subject to and contingent upon the passing of Resolution 1
above:

(1) for the purposes of Sections 76C and 76E of the Act, the
exercise by the Directors of all the powers of the Company to
purchase or otherwise acquire issued Shares not exceeding in
aggregate the Prescribed Limit (as hereafter defined), at such
price or prices as may be determined by the Directors from time
to time up to the Maximum Price (as hereafter defined), whether
by way of:

(i) market purchases (each a "Market Purchase") on the SGX-ST;
and/or

(ii) off-market purchases (each an "Off-Market Purchase")
effected otherwise than on the SGX-ST in accordance with any
equal access schemes as may be determined or formulated by the
Directors as they consider fit, which schemes shall satisfy all
the conditions prescribed by the Act,

and otherwise in accordance with all other laws, regulations and
rules of the SGX-ST as may for the time being be applicable, be
and is hereby authorized and approved generally and
unconditionally (the "Share Repurchase Mandate");

(2) unless varied or revoked by the Company in general meeting,
the authority conferred on the Directors pursuant to the Share
Repurchase Mandate may be exercised by the Directors at any time
and from time to time during the period commencing from the
passing of this Ordinary Resolution and expiring on the earlier
of:

(i) the date on which the next annual general meeting of the
Company is held; or

(ii) the date by which the next annual general meeting of the
Company is required by law to be held;

(3) in this Ordinary Resolution:

"Prescribed Limit" means 10 per cent. of the issued ordinary
share capital of the Company as at the date of the passing of
this Ordinary Resolution; and
"Maximum Price" in relation to a Share to be purchased, means an
amount (excluding brokerage, stamp duties, applicable goods and
services tax and other related expenses) not exceeding:

(i) in the case of a Market Purchase : 105 per cent. of the
Average Closing Price; and

(ii) in the case of an Off-Market Purchase : 120 per cent. of
the Highest Last Dealt Price,

where:

"Average Closing Price" is the average of the closing market
prices of a Share over the last five (5) market days on which
transactions in the Shares were recorded, preceding the day of
the Market Purchase and deemed to be adjusted for any corporate
action that occurs after the relevant five day period;

"Highest Last Dealt Price" means the highest price transacted
for a Share as recorded on the market day on which there were
trades in the Shares immediately preceding the day of the making
of the offer pursuant to the Off-Market Purchase; and

"day of the making of the offer" means the day on which the
Company announces its intention to make an offer for the
purchase of Shares from shareholders stating the purchase price
(which shall not be more than the Maximum Price calculated on
the foregoing basis) for each Share and the relevant terms of
the equal access scheme for effecting the Off-Market Purchase;
and

(4) the Directors be and are hereby authorized to complete and
do all such acts and things (including executing such documents
as may be required) as they may consider expedient or necessary
to give effect to the transactions contemplated by this Ordinary
Resolution.

Notes:

1. A member of the Company entitled to attend and vote at the
Extraordinary General Meeting is entitled to appoint not more
than two proxies to attend and vote in his stead.

2. A member of the Company, which is a corporation is entitled
to appoint its authorized representative or proxy to vote on its
behalf.

3. A proxy need not be a member of the Company.

4. The instrument appointing a proxy must be deposited at the
registered office of the Company at 22 Tanjong Kling Road,
Singapore 628048, not less than 48 hours before the time set for
holding the Extraordinary General Meeting.

5. Information required by Section 76(10)(c) of the Act

5.1 Particulars of the financial assistance referred to in
Resolution 2


The Directors recognize that during the period of the offer by
98 Holdings Pte. Ltd. for the Company (the "98 Holdings Offer"),
there had been acquisitions of considerable numbers of Shares by
various parties. Accordingly, in its deliberations on the
Special Dividend, the Board concluded that there is a risk that
any cash distribution made by the Company may be considered to
be the indirect rendering of financial assistance within the
meaning of Section 76 of the Act, to shareholders of the Company
in connection with their acquisition of Shares. For example, the
Special Dividend may be used to repay the acquisition financing
or to reduce the acquisition cost in relation to a shareholders'
acquisition of Shares, which may in turn amount to financial
assistance under Section 76 of the Act.

5.2 Reasons for the provision of financial assistance

The provision of financial assistance, if any, by the Company to
its shareholders is in connection with the payment of the
Special Dividend. In particular, the Company is requesting that
shareholders approve the potential financial assistance in order
to facilitate the payment of the Special Dividend. Shareholders
should note that the Special Dividend is conditional upon the
approval of the shareholders of the Company for the potential
financial assistance.

The Board has previously stated that it intends to maximize and
unlock value for shareholders. Following the realization of the
value of the Company's investments in NatSteel Broadway Ltd
("NBL") and NatSteel Brasil Ltda ("NatSteel Brasil"), and after
the lapsing of the offer by Crown Central Assets Limited for
certain assets of the Company and the closing of the 98 Holdings
Offer, the Company had on 16 April 2003 returned to shareholders
by way of an interim dividend for the financial year ending 31
December 2003, S$0.45 for each Share or a total of approximately
S$168.1 million.

The Board has recommended the Special Dividend to return a
further S$0.55 for each Share to shareholders. Upon the payment
of the Special Dividend, the Company would have distributed a
total of approximately S$373.6 million, based on its issued
share capital as at 30 April 2003, which amounts to
approximately 63.4 per cent. of the net proceeds from the sale
of NBL and NatSteel Brasil.

The distributions to shareholders indicate the Board's continued
determination in line with its stated strategy to deliver and
enhance value for shareholders while focusing management
resources on the growth and development of the core steel and
industrial businesses of the NatSteel Ltd group (the "Group").

5.3 Effect of the financial assistance on the financial position
of the Company and its group of corporations

Having regard to the present financial position of the Company
and its group of corporations (including future and contingent
liabilities of the Company), the giving of any financial
assistance by the Company is not expected to have any material
adverse effect on the Company or its group of corporations.

5.4 Statement under Section 76(10)(c) of the Act

Under Section 76(10)(c) of the Act, the notice specifying the
intention to propose the financial assistance resolution as a
special resolution has to be accompanied by a statement made in
accordance with a resolution of the directors, setting out the
names of any directors who voted against the resolution and the
reasons why they so voted, stating whether, in the opinion of
the directors who voted in favor of the resolution, after taking
into account the financial position of the company (including
future liabilities and contingent liabilities of the company),
the giving of the financial assistance would be likely to
prejudice materially the interests of the creditors or members
of the company or any class of those creditors or members.

A copy of the statement dated 2 May 2003 made by the Directors
pursuant to Section 76(10)(c) of the Act in accordance with a
resolution passed unanimously by the Directors on 2 May 2003 is
set out in Appendix 2 to the Circular.

6. Share Repurchase Mandate

The Company intends to use internal sources of funds, external
borrowings, or a combination of internal resources and external
borrowings, to finance purchases of its Shares. For illustrative
purposes only, the financial effects of an assumed purchase or
acquisition by the Company, on 30 April 2003, of 37,355,823
Shares (representing 10 per cent. of its issued ordinary share
capital as at that date) at a purchase price equivalent to the
Maximum Price for each Share, in the case of a Market Purchase
and an Off-Market Purchase respectively, based on the audited
accounts of the Group and the Company for the financial year
ended 31 December 2002, and certain other assumptions, are set
out in paragraph 7.8 and Appendix 5 of the Circular.


NEPTUNE ORIENT: Posts Notice of Shareholder's Interest
------------------------------------------------------
Neptune Orient Lines Limited posted a notice of changes in
shareholder Temasek Holdings (Private) Ltd.'s interests:

Date of notice to company: 30 Apr 2003
Date of change of deemed interest: 25 Apr 2003
Name of registered holder: CDP: CREDIT AGRICOLE ASSET MANAGEMENT
SINGAPORE LIMITED

Circumstance(s) giving rise to the interest: Open market
purchase
Information relating to shares held in the name of the
registered holder:
No. of shares which are the subject of the transaction: 34,000
% of issued share capital: 0
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$1.15
No. of shares held before the transaction: 1
% of issued share capital:
No. of shares held after the transaction: 2
% of issued share capital:

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed    Direct
No. of shares held before the transaction: 4,249,304 383,465,362
% of issued share capital:                 0.36      32.59
No. of shares held after the transaction:  4,283,304 383,465,362
% of issued share capital:                 0.36      32.59
Total shares:

Note: Under "Shares held in the name of registered holder",
Temasek will revert with the figures for 1 & 2 when they are
available.

Based on NOL's paid up capital of 1,176,494,462 as at
21/04/2003.


VAN DER HORST: Singapore Exchange OKs Listing of New Shares
-----------------------------------------------------------
The Judicial Managers of Van der Horst Limited (Under Judicial
Management) refer to the announcements dated 31 December 2002, 3
January 2003 and 15 January 2003 made by the Company in relation
to, inter alia:

(i) the proposed capital restructuring of the Company ("the
Capital Restructuring") involving:

(a) the proposed reduction in the par value of each existing
ordinary share in the share capital of the Company from $1.00 to
$0.50 ("the Capital Reduction");

(b) the proposed share split of each ordinary share of $0.50
(immediately following the Capital Reduction) into 10 ordinary
shares of $0.05 each in the share capital of the Company;

(ii) the proposed acquisition of the entire issued and paid-up
share capital of Goldwater Company Limited ("Goldwater") for the
consideration of $30 million to be satisfied by the issue of
600,000,000 new ordinary shares of $0.05 each in the share
capital of the Company ("the Acquisition");

(iii) the proposed issue of:

(a) 67,635,120 new ordinary shares of $0.05 each in the share
capital of the Company arising from the Capital Restructuring;

(b) 120,000,000 new ordinary shares of $0.05 each in the share
capital of the Company pursuant to the conversion of certain
outstanding liabilities of the Company owing to Shantex Holdings
Pte Ltd ("the Debt Conversion");

(c) 600,000,000 new ordinary shares of $0.05 each in the share
capital of the Company pursuant to the Acquisition; and

(d) up to 95,000,000 new ordinary shares of $0.05 each in the
share capital of the Company pursuant to the proposed placement
of the Company's shares to unrelated parties ("the Placement"),

(collectively " the New Shares").

The Judicial Managers of the Company would like to announce that
on 30 April 2003, approval in-principle was granted by the
Singapore Exchange Securities Trading Limited ("the SGX-ST") for
the listing of and quotation for the New Shares to be issued
pursuant to the Capital Restructuring, the Acquisition, the Debt
Conversion and the Placement and the transfer of the Company's
listing status from the official list of the SGX-ST Main Board
to the official list of the SGX-Sesdaq subject to, inter alia,:

(a) Compliance with the SGX-ST's listing requirements;

(b) Submission of a confirmation from KPMG Corporate Finance Pte
Ltd ("the Issue Manager") that the signed moratorium agreements
with the relevant parties on their shareholdings in the Company
pursuant to Rule 227 of the listing manual of the SGX-ST ("the
Listing Manual") are in accordance with the requirements of
Rules 228 and 229 of the Listing Manual;

(c) Shareholders' approval for the Acquisition, the Placement,
the Debt Conversion, the Capital Restructuring and the issue of
the New Shares;

(d) Confirmation from the Issue Manager that the Acquisition has
been completed and all relevant licenses, authorizations,
approvals and permissions from appropriate governmental,
regulatory bodies and the Myanma Oil and Gas Enterprise have
been obtained. These must be obtained within 3 months from the
extraordinary general meeting ("the EGM") approving the
Acquisition;

(e) Confirmation from the Issue Manager that the Debt Conversion
has been completed. This must be obtained within 3 months from
the EGM approving the Acquisition;

(f) Compliance with the public float and distribution
requirements applicable to companies seeking a listing on the
SGX-Sesdaq. The Company will be required to confirm in writing
to the SGX-ST that it meets the initial public float
requirements (prior to listing of the New Shares). For the
purpose of complying with the distribution requirements, the
"invitation shares" will be treated as the number of shares
representing all of the Company's enlarged share capital (i.e.,
the Company must have a post-acquisition public float of
132,395,268 shares); and

(g) Undertaking from the Company that the Placement will only be
undertaken after the Acquisition has been completed.

Approval in-principle by the SGX-ST is not to be taken as an
indication of the merits of the Company, its subsidiaries, its
securities, the Capital Restructuring, the Debt Conversion or
the Acquisition.

The SGX-ST has also stated that the lifting of suspension in the
trading of the Company's shares will occur only after the
completion of the Acquisition, the Debt Conversion and the
Placement.

A Circular setting out the details of the above and the notice
of EGM to seek the approval of shareholders will be dispatched
to shareholders of the Company in due course.


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


ASIA HOTEL: Seeks Corp Rehabilitation Financial Adviser
-------------------------------------------------------
Asia Hotel Public Company Limited reports its progress in
corporate recovering and rehabilitation, which its strategy
involves not only the group commitment in increasing sales but
also in good financial performance.

ASIA now realizes its subsidiary Asia Pattaya Hotel Co., Ltd.'s
profit from debt restructuring accomplishment amounts Bt159.61
million.

Consequently after finishing all debt restructuring, ASIA is now
on progress of seeking an independent financial advisor to
advise on Corporate Rehabilitation.


DATAMAT PUBLIC: Discloses AGM No. 35 Resolutions
------------------------------------------------
The Annual General Meeting No. 35 of Datamat Public Company
Limited held on April 30, 2003 at the Grand Westin Grande
Sukhumvit Hotel Ballroom B, 7th Floor at 259 Sukhumvit 19,
Klongtoey Nua, Wattana, Bangkok, has resolved:

1. The meeting unanimously approved the minutes of the Extra
Ordinary Meeting of Shareholders No. 2/2002.
2. The meeting acknowledged the 2002 Board of Directors'
Annual Report.
3. The meeting unanimously approved the Balance Sheet and the
Profit and Loss Statements of the Company for the fiscal
year ended 31st December 2002 and the Auditor's Report.
4. The meeting unanimously approved no dividend payment for
the year 2002.
5. The meeting unanimously approved the re-appointing of Mr.
Kusol Sangkananta, Mr. Philip Newson, Mr. Miguel Angel
Aerni and Mr. Wiwat Avasiriphongs who were retired on a
rotation basis to be directors for another term.
Appointing of Mr. Punchai Satayaporn to replaced Mr.
Apirat Jarumilind and M.R. Sasiprin Chandratat to replace
Mr. Michael John Harper, who resigned from the
directorship.
6. The meeting unanimously approved the directors'
remuneration for the year 2003, as follows:
         17,000 Baht per annum for director.
         20,000 Baht per annum for Audit Committee member.
7. The meeting unanimously approved the appointing of Mr.
   Sevee Wiwatpanachart Certified Public Accountant Thailand)
   No. 2219 and Miss Chaovana Viwatpanacharti Certified
   Public Accountant (Thailand) No. 4712 of  Pitisevi &
   Company as the Company's auditors, anyone being authorized
   to conduct the audit and express an opinion on the annual
      financial statements of the Company.  In the absence of
      the above-named auditors, Pitisevi & Company is authorized
      to identify one other Certified Public Accountant with
      Pitisevi & Company to carry out the work. And also
      approved to authorize the Board of Directors to consider
      fixing the auditor's fee as appropriate.


KRISADAMAHANAKORN PUBLIC: Issues Rehab Plan Progress Report
-----------------------------------------------------------
Krisadamahanakorn Public Company Limited (KMC), in reference to
the Stock Exchange of Thailand's notice on March 5, 1999
regarding the classification to be in the delisting criteria,
provided a summary of its debt restructuring and rehabilitation:

1. Debt restructuring

The debt restructuring has continuously been progressed since
February 2000.  After KMC entered into a debt restructuring
agreement with Bangkok Bank Plc. in June 29, 2001, total debt
for the amount of Bt17,128.48 million or 85.07% of total debt
outstanding were restructured. The remaining debt of Bt2,375.95
million was transferred to the Thai Asset Management Corporation
(TAMC). The negotiation with TAMC was postponed due to TAMC is
new institution to set up with TAMC act on September 22,2001,
delay of transferring debt and negotiation process. Finally, KMC
has signed a debt restructuring agreement with TAMC on March 28,
2003.

Furthermore, KMC has worked hard to improve the conditions of
the debt restructuring agreements, which were previously signed.
KMC renegotiated with Krung Thai Bank Plc. (KTB) and signed with
KTB in March 28,2003 to improve the financial performance. KMC
will have steady profit since the first quarter.

2. Financial statement and performance

Shareholders' equity

Shareholders' equity of KMC as of December 31, 1998 is Bt150.28
million.  But after adjusted the conditional opinion of auditor,
shareholders' equity of KMC reduced to Bt(2,441.72) million.  As
of December 31, 1999, shareholders' equity of KMC further
reduced to Bt(6,977.26) million.  However, the projected
shareholders' equity of KMC will be Bt700 million by the end of
1st quarter of 2003.

Liabilities

Liabilities of KMC as of December 31, 1998 and December 31, 1999
are Bt19,938.54 million and Bt21,857.01 million, respectively.
As of December 31, 2002, total liabilities are Bt14,276.44
million. However, the projected total liabilities of KMC will
reduce to only Bt5,800 million by the end of 1st quarter of
2003.

Assets

During the debt restructuring, KMC used under-developed land
and land with no potential in the short-term to repay to
financial institutions.  Total assets of KMC reduced from
Bt20,106.59 million and Bt14,879.75 million as of December 31,
1998 and December 31, 1999, respectively, to Bt11,508.99 million
as of December 31, 2002.

KMC maintains land on the developing projects and have potential
to develop.  The land on the developing projects will generate
the major income within 3-5 years of KMC.  Total projected
assets less impairment will be Bt6,500 million by the end of 1st
quarter of 2003.

Revenue

Since the debt restructuring, sales of KMC continuously
increased from Bt29.39 million in 1999 to Bt398.08 million in
2002.

3. Business plan in 2003 - 2004

Normal businesses

KMC will continue to develop and build houses on the
restructured projects and supporting by finance institution.
Total value of existing projects which will be developed for
sale is approximately Bt4,000 million (on cost basis).  Right to
sell and sale administrate of transferred assets is not reported
in the financial statement, but KMC is able to develop and sell
those transferred assets.  Total value of transferred assets is
approximately Bt1,800 million (on cost basis).

In addition, the remaining infrastructure development of
transferred assets is not substantial which is possible to
generate revenues in 1-2 years.

KMC plans to develop 3 new projects in 2003 which total project
value is approximately Bt3,000 million.  Presently, KMC is
applying for credit lines from financial institutions for
development of those 3 projects.  The mentioned 3 projects will
generate the long-term revenues in the next 2-3 years.

KMC plans to eliminate retained losses in the future to regain
the capability of paying dividends.  After the elimination of
retained losses, search for investors will be processed to
strengthen the capital structure of KMC.  The details of the
plan will be reported later.

4. Stock trading on the SET

KMC realizes that delisting of KMC shares will directly damage a
large number of retail investors.  Therefore, KMC took all
possible actions to keep KMC shares trading as follows.
KMC followed the SET's rules and regulations on delisting and
rehabilitation.  KMC immediately reported to the SET its
intention to rehabilitate the company right after KMC was
notified by the SET.  Trading of KMC's shares was suspended on
May 7, 1999 and moved to "REHABCO" sector. The rehabilitation
plan of KMC, prepared by Finansa Securities Ltd. as its
financial advisor, was approved in the board of directors'
meeting on September 4, 2000 and the shareholders' meeting on
October 16, 2000.

KMC requested the SET for trading of KMC's shares in "REHABCO"
sector on November 15, 2000 since the debt restructuring was
completed over 50% of total debt.  Later, KMC's shares resumed
trading on December 7, 2000.  KMC plans to request the SET to
move from "REHABCO" sector to "Property Development" sector in
1st quarter of 2003 in case that the SET does not change any
rules and regulations on delisting and rehabilitation.

As previously mentioned, KMC would like to inform the SET that
KMC is not classified in any categories of delisting as follows.

   a) Company has major assets to operate the businesses.

After the recent completion of debt restructuring, KMC still
maintains Bt4,000 million land awaiting for development in short
term (on cost basis) and Bt2,000 million right to develop and
sale administrating of transferred land.

   b) Debt restructuring plans that concern on the benefits of
small shareholders or reduce share value to zero.

Under the debt restructuring agreement, KMC tried its best to
maximize its book value from negative figures to approximately
Bt1 per shares (as projected by the end of 1st quarter of 2003).
This will direct benefit to all shareholders of KMC.

   c) Management has intention to complete the debt
restructuring.

As reported earlier, management of KMC has a strong intention to
complete the debt restructuring.  Presently, the debt
restructuring of KMC is fully completed.

   d) further progress on the debt restructuring and Post-
restructuring liabilities are reduce too high for company to
operate.

The debt restructuring of KMC continuously progressed during
1999 - 2003.

The process of debt restructuring with TAMC, which is a
government agency, was very slow and complicated.  However, KMC
and TAMC have recently signed the debt restructuring agreement
on March 28, 2003.

At the end of 1st quarter of 2003, liabilities will be
approximately Bt5,800 million compared to Pre-liabilities
Bt20,000 million, decreasing more than 70%.The post-liabilities
compare to Bt4,000 million land awaiting for short-term
development and Bt2,000 million right to develop and sale
administrating (on cost basis).  Without purchasing new land or
opening new projects, assets of KMC are sufficient to repay its
liabilities.

As KMC continuously reported the progress of debt restructuring
and rehabilitation in the past, KMC will continue its best
effort to maintain the viability of the company and maximize the
benefits of shareholders in the future.


SIAM SYNTECH: Posts Resignation, Appointment of Board Directors
---------------------------------------------------------------
Siam Syntech Planner Co., Ltd., as the Plan Administrator of
Siam Syntech Construction Public Company Limited, has approved
the following changes of members of the Board of Directors:

1. Accepted the resignation of the following directors:

     1) Mr. Prempracha Supasamout -  Director
          * effective from January 28, 2003
     2) Mr. Chan Wah Chan Tony - Director
          * effective from April 23, 2003

2. Approved the appointment of Directors:

1) Mr. Sirichai Supundit in replace of Mr. Prempracha
Supasamout)
2) Mr. Paisan Tangyeunyong in replace of Mr. Chan Wah Chan
Tony
3) Mr. Bandith Sodthipalarith in replace of Ms. Benjawan
Sinkunakorn
      * effective from April 28, 2003.

On February 18, the Troubled Company Reporter - Asia Pacific
reported that the Company's Consolidated Financial Statements as
of 31 December 2002 and 30 June 2002, showed a net profit of
Bt33.93 million, due to debt restructuring.


SIKARIN PUBLIC: Resolution Passed at Shareholders' Meeting No.25
----------------------------------------------------------------
Sikarin Public Company Limited announced the resolutions of the
Shareholders' Meeting No. 25 held on April 30,2003, as follows:

1. To certify the minutes of the Ordinary General Meeting of
Shareholder No. 24.
2. To reappoint the following members of the Board of
Directors after their retirement:

         1.  Mr. Charun Viwatjesadawut
         2.  Dr. Atirat  Charoonsri
         3.  Mr. Sompol Wongurai

3. To approve the company balance sheets and profit and loss
statement as at December 31, 2002.
4. To appoint Mr. Jadesada Hungsapruek or Mr. Pichai
Dachanapirom of DHARMNITI AUDITING CO.,LTD. by as company
auditor for year 2003 and approved fee for audit amount
Bt555,000 per year.
5. To appoint increase the board of directors from 10 person
to 12 person.
6. To appoint as increase two directors:

1. Mr. Somsak Charoenpan
2. Mr. Settanit Romyanon

7. To approve fee of the board for year 2003 amount
Bt3,500,000.


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

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

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

This material is copyrighted and any commercial use, resale or
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