TCRAP_Public/030507.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Wednesday, May 07 2003, Vol. 6, No. 89

                         Headlines

A U S T R A L I A

AMP LIMITED: ASIC Confirms Inquiries Into SFE Trading
AMP LIMITED: Posts Placement in Demerger, Capital Raising Notice
CHAOS GROUP: Ms Salier Ceases to be an Alternate Director
ERG LIMITED: Appoints Tony Shepherd as Board Chairman
ERG LIMITED: Releases Recapitalization Update

ORICA LTD: A$97M Profit Won't Affect Credit Ratings, Says S&P
TELEVISION & MEDIA: Arranges Foreign Shareholders Rights Sale
TELEVISION & MEDIA: Issues 737,872,992 Shares
UNITED ENERGY: ASX Grants Listing Rule 6.23.3 Waiver
VOICENET (AUST): Issues Shares to Provide Working Capital


C H I N A   &   H O N G  K O N G

CENTRAL CHINA: 2002 Net Loss Swells to HK$147.980M
CHUEN FAT: Petition to Wind Up Pending
LAI SUN: No Apparent Reason for Share Price Increase
MEDTECH GROUP: Widens 2002 Operations Loss to HK$20.929M
NAM FONG: Requests Suspension of Trading

QUALITY HEALTHCARE: Revises Conditional Offer Terms
SWIRE PACIFIC: S&P Affirms 'BBB+' Rating; Outlook Negative
WHOLE YOUNG: Hearing of Winding Up Petition Set


I N D O N E S I A

INDAH KIAT: Faces Lawsuit From Bondholders Over Default
MEDCO ENERGI: S&P Rates Proposed US$200M Notes 'B+'


J A P A N

MIZUHO FINANCIAL: Seeks Foreign Partners to Solve Problem Loans
NIPPON TELEGRAPH: To Give up Management of Staff Pension Fund


K O R E A

CHOHUNG BANK: Union to Take Vote on Strike Proposal Today
HYNIX SEMICONDUCTOR: Creditor Bank to Court Chinese Buyers
KIA MOTORS: To Hold First Public Meeting with Investors May 13
SK GROUP: Restructuring Chief Out on Bail After Admitting Fault


M A L A Y S I A

ABRAR CORPORATION: BPSB Case Hearing Fixed on June 23
AMSTEEL CORPORATION: Proposed Warrants Issue Not Yet Implemented
COUNTRY HEIGHTS: Explains 2002 Audited, Unaudited F/S Variance
CSM CORPORATION: Winding-up Petition Hearing Set on July 31
KSU HOLDINGS: Inter Partes Injunction Hearing Further Postponed

LAND & GENERAL: Issues Monthly Update on Default Status
PAN MALAYSIA: Unit's Summary Judgment Set on June 23
PLANTATION & DEVELOPMENT: Sells ICPS for RM605,918
PARIT PERAK: Unit Faces Summons From AMBB Over Defaulted Loan
RAHMAN HYDRAULIC: Grants PKNK's Proposed Disposal Time Extension

SASHIP HOLDINGS: Issues Financial Regularization Status
SILVERSTONE CORPORATION: Pays US$3.82M to Scheme Creditors
SOUTHERN PLASTIC: Obtains Principal Agreements From FI
TECHNO ASIA: Continues to Default Loan Payments to FI
TONGKAH HOLDINGS: Disposes of Quoted Securities


P H I L I P P I N E S

FIRST PHILIPPINE: Borrows Cash from Cayman Group to Pay Bills
MANILA ELECTRIC: Refund Cost May Reach PHP30 B, Says Prexy
MANILA ELECTRIC: Gets Three-month Loan Repayment Reprieve
MANILA ELECTRIC: May No Longer Bid for Transco Assets
MANILA ELECTRIC: Cuts Purchased Power Adjustment Rate

MAYNILAD WATER: Justice Department Ups Firm's Performance Bond
NATIONAL POWER: Creditor Bank OKs Loan Transfer to PSALM
NATIONAL STEEL: Other Industry Players Opposed to Tariff Hike
NEGROS NAVIGATION: Bureau of Customs Clears Firm of Smuggling
UNITED COCONUT: Slips to B1 on Moody's Ratings Board


S I N G A P O R E

EXCEL MACHINE: Put Under Judicial Management; Trading Suspended
ISOFTEL LIMITED: Alters Management Advisory Committee Membership


T H A I L A N D

ABICO HOLDINGS: Director Sripipat Steps Down From Post
EASTERN WIRE: Discloses 2003 Auditors
EASTERN WIRE: Posts Rehabilitation Plan Progress
JASMINE INTERNATIONAL: Court OKs JIOC's Rehabilitation Plan

     -  -  -  -  -  -  -  -

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


AMP LIMITED: ASIC Confirms Inquiries Into SFE Trading
-----------------------------------------------------
Mr David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC) on Tuesday confirmed that ASIC is
making enquiries into recent trading of futures contracts in the
Share Price Index (SPI) on the Sydney Futures Exchange (SFE).

ASIC's enquiries center on the circumstances surrounding unusual
trading in SPI futures ahead of AMP Limited's announcement of
its demerger plans.

"At this stage we are making preliminary enquiries in order to
better understand what occurred. I want to emphasize that we
have not yet established any clear link between the SPI trading
and AMP's announcement. I also want to emphasize there is no
evidence that AMP itself was in any way concerned in the
trading", Mr Knott said.

ASIC is working closely with the SFE on this matter and will not
make any further comment at this time.


AMP LIMITED: Posts Placement in Demerger, Capital Raising Notice
----------------------------------------------------------------
AMP Limited disclosed its Appendix 3B in relation to the
Placement in Demerger & Capital Raising:

                             APPENDIX 3B
                        NEW ISSUE ANNOUNCEMENT

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

Information or documents not available now must be given to ASX
as soon as available.  Information and documents given to ASX
become ASX's property and may be made public.

Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.

Name of Entity
AMP Limited

ACN or ARBN
49 079 354 519

We (the entity) give ASX the following information.

PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).

1. Class of securities issued          Ordinary
   or to be issued

2. Number of securities issued         222,222,222
   or to be issued (if known)
   or maximum number which
   may be issued

3. Principal terms of the securities   N/A
   (eg, if options, exercise price
   and expiry date; if partly paid
   securities, the amount
   outstanding and due dates for
   payment; if convertible securities,
   the conversion price and dates
   for conversion)

4. Do the securities rank equally      Yes
   in all respects from the date
   of allotment with an existing
   class of quoted securities

   If the additional securities
   do not rank equally, please
   state:
   * the date from which they do
   * the extent to which they
     participate for the next
     dividend, (in the case of
     a trust, distribution) or
     interest payment
   * the extent to which they do
     not rank equally, other than
     in relation to the next
     dividend, distribution or
     interest payment

5. Issue price or consideration        A$5.50 per share

6. Purpose of the issue (if        The shares are to be issued
   issued as consideration for     under an institutional
   the acquisition of assets,      placement advised in a
   clearly identify those          Demerger and Capital Raising
   assets)                         Announcement made to ASX on
                                   01/05/2003.

7. Dates of entering securities    12/05/2003
   into uncertified holdings
   or dispatch of certificates

                                      NUMBER  CLASS
8. Number and class of all     1,189,833,136  Ordinary
   securities quoted on        + 222,222,222
   ASX (including the
   securities in clause        1,412,055,358
   2 if applicable)

                                      NUMBER  CLASS
9. Number and class of all      33,847,913  Total no issued as
at
   securities not quoted                 06/05/2003:
   on ASX (including the                 Various Classes issued
   securities in clause 2                on various dates
   if applicable)

10.Dividend policy (in the case      As for all quoted ordinary
   of a trust, distribution          shares
   policy) on the increased
   capital (interests)

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation of securities

34. Type of securities (tick one)

    (a) X  Securities described in Part 1

    (b)    All other securities

Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities

    Entities that have Ticked Box 34(a)

Additional Securities Forming a New Class of Securities
(If the additional securities do not form a new class, go to 43)

Tick to indicate you are providing the information or documents

35.     If the securities are equity securities, the names of
        the 20 largest holders of the additional securities,
        and the number and percentage of additional securities
        held by those holders

36.     If the securities are equity securities, a distribution
        schedule of the additional securities setting out the
        number of holders in the categories
         1 - 1,000
         1,001 - 5,000
         5,001 - 10,000
         10,001 - 100,000
         100,001 - and over

37.    A copy of any trust deed for the additional securities
(now go to 43)

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

       Cheque attached

       Electronic payment made
     Note: Payment may be made electronically if Appendix 3B is
           given to ASX electronically at the same time.

    X  Periodic payment as agreed with the home branch has been
       arranged
       Note: Arrangements can be made for employee incentive
             schemes that involve frequent issues of securities.

QUOTATION AGREEMENT

1.  Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it
decides.

2.  We warrant the following to ASX.

*   The issue of the securities to be quoted complies with the
complies with the law and is not for an illegal purpose.

*   There is no reason why those securities should not be
granted quotation.

*   An offer of the securities for sale within 12 months after
their issue will not require disclosure under section 707(3)
or section 1012C(6) of the Corporations Act.

*   Section 724 or section 1016E of the Corporations Act does
not apply to any applications received by us in relation to any
securities to be quoted and that no-one has any right to
return any securities to be quoted under sections 737, 738 or
1016F of the Corporations Act at the time that we request that
the securities be quoted.

*   We warrant that if confirmation is required under section
1017F of the Corporations Act in relation to the securities to
be quoted, it has been provided at the time that we request
that the securities be quoted.

    *   If we are a trust, we warrant that no person has the
right to return the securities to be quoted under section 1019B
of the Corporations Act at the time that we request that the
securities be quoted.

3.  We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.

4.  We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.


CHAOS GROUP: Ms Salier Ceases to be an Alternate Director
---------------------------------------------------------
Chaos Group Limited announced that Ms Mary-Jane Salier ceased to
be the Alternate Director for Mr Ian McGregor on 5 May 2003.

On April 23, the Troubled Company Reporter - Asia Pacific
reported that Chaos Group announced restructuring to allow
exclusive focus on the growth of its Data Management division,
Microview. The restructure involves the sale of the Company's
retail and label businesses through a management buyout.

Early this month, Chaos Group has reported sales receipts of
$3.5M and negative operating cash flows of ($329K) for the March
quarter.


ERG LIMITED: Appoints Tony Shepherd as Board Chairman
-----------------------------------------------------
The ERG Board on Friday appointed Mr Tony Shepherd and Mr Duncan
Saville as Non-Executive Directors, while Mr Sandy Murdoch, Mr
Mick Bolto and Mr Greg Crew have retired from the Board. The
Board elected Mr Shepherd as the Group's new Chairman.

The ERG Board now has five members with Mr Shepherd and Mr
Saville joining Mr Peter Fogarty, Mr Robert Topfer and Mr David
Humann who remain as Directors.

ERG's new Chairman, Mr Shepherd, said: "It is important to
acknowledge the contributions of the three Board members that
have retired on May 2, 2003. They have seen the Company through
a very difficult time and handed it over with a sound
restructured balance sheet. The Company has a healthy cash
position, having retired $370 million of debt in the last 12
months, and a full order book of new projects.

"We believe we have the right mix of skills on the Board for the
stage ERG has now reached. The two new Directors bring
experience that should complement the finance industry expertise
of Rob Topfer, and the existing knowledge of the Company that is
held by Peter Fogarty and David Humann.

"The Board and management are very focused on creating
sustainable profitability from the projects we currently have on
hand."

Mr Shepherd's appointment was foreshadowed in an announcement
earlier in the week. He is currently Deputy Chairman of
Transfield Services Limited, and is a Director of ADI Limited
and the NSW State Transit Authority. He brings to ERG impeccable
experience in overseeing the management and delivery of major,
long-term infrastructure projects.

Mr Saville is a chartered accountant and an experienced
international company director.

ERG's CEO, Mr Peter Fogarty, said: "We have made enormous
progress this year with new projects in Sydney, Seattle,
Stockholm, Washington DC and the second phase of the Rome
project in Lazio. With a much stronger balance sheet following
the recapitalization, we now have a solid platform to move
forward. I look forward to working with our new Board to deliver
value to our shareholders. Our main focus is timely and
profitable delivery of the projects we have won."


ERG LIMITED: Releases Recapitalization Update
---------------------------------------------
Following the approval of shareholders obtained on Wednesday, 30
April 2003, all conditions precedent for the Listed Note
Conversion have now been satisfied, with the exception of the
condition relating to FIRB approval for the acquisition by the
Ingot Entities of ERG shares. It is anticipated that this
condition will be satisfied by Wednesday, 14 May.

Assuming that the FIRB condition is satisfied on or before that
date, the trading of Notes on ASX will cease on or around
Monday, 26 May 2003.

ERG will make a further announcement as soon as the FIRB
condition is satisfied with full details of the revised
timetable for the Note Conversion. ERG will also advise the
market if satisfaction of the FIRB condition is to be delayed
beyond the anticipated date of Wednesday, 14 May.


ORICA LTD: A$97M Profit Won't Affect Credit Ratings, Says S&P
-------------------------------------------------------------
Standard & Poor's Ratings Services said on Monday that Orica
Ltd.'s half-year result was in line with expectations and has no
impact on Orica's BBB+/Stable/A-2 ratings. Orica reported a net
profit after tax and before significant items of A$97
million for the six months to March 31, 2003, up 21% on the
previous corresponding period. After significant items, Orica
reported a net loss of A$42.5 million. The significant items of
A$140 million all related to Orica's 50/50 Qenos joint venture
and included a A$123.2 million write down of Orica's investment
in Qenos to zero.

"The underlying improvement in Orica's group-operating
performance was in line with expectations, while the write down
of the Qenos investment reflects the ongoing losses from the
joint venture," said Brenda Wardlaw, director, Corporate &
Infrastructure Finance Ratings.

Earnings for Orica's mining services, chemical, and consumer
products businesses increased by 25%-40%, while earnings for
Agricultural Chemicals declined by 60%, reflecting the impact of
severe drought conditions.

Gearing (net debt to net debt+equity) rose to 42.8% at March 31,
2003, following the buy-out of minority shareholders in Incitec
Ltd. (not rated). Gearing is currently at a seasonal high and is
anticipated to be back within Orica's target range of 30%-40% by
balance date Sept. 30, 2003. The decision to increase the
interim dividend by 20% is regarded as shareholder-friendly in
view of the reported results.


TELEVISION & MEDIA: Arranges Foreign Shareholders Rights Sale
-------------------------------------------------------------
Television & Media Services Limited (TMS) is making a
renounceable rights issue offer of approximately 454.4 million
ordinary shares at a price of A$0.025 per share (Offer). The
Offer is by way of a renounceable rights issue of 5 new fully
paid shares for every two existing shares held, to raise a
maximum of A$11.36 million which will be used to reduce bank
debt, pay other creditors for the release of liabilities and for
working capital.

As discussed below, due to regulatory restrictions, the Offer is
only being made to shareholders with registered addresses in
Australia. The costs of complying with foreign regulatory
regimes make it uneconomic for TMS to make the Offer to
shareholders with registered addresses outside of Australia
(Foreign Shareholders). The Listing Rules of the Australian
Stock Exchange Limited do not require TMS to make the Offer
available to Foreign Shareholders.

The Offer does not require shareholder approval, however at a
general meeting of TMS held on 15 April 2003, shareholders
passed a resolution approving various transactions and the issue
of ordinary shares and options over ordinary shares (in addition
to the shares to be issued pursuant to the rights issue)
(Placement Shares and Placement Options).

TMS will arrange for the sale of Foreign Shareholders
entitlements under the rights issue (Rights) and, if those
Rights are sold, TMS will arrange for the net proceeds to be
sent to the Foreign Shareholders.

The Rights that would have been offered to Foreign Shareholders
will be transferred to a TMS nominee who will sell those Rights
on the Australian Stock Exchange if there is a viable market in
the Rights and a premium over the expenses of the sale can be
obtained. Any such sale will be at prices and otherwise in such
a manner as the directors of TMS may, in their absolute
discretion, determine. Any interest earned on the proceeds
of the sale of such Rights will be applied against costs and
expenses first but any balance will accrue to TMS. The net
proceeds of sales, if any, will be distributed pro rata to the
Foreign Shareholders based on their shareholdings on the record
date, being 5:00pm (Sydney time) on 29 April 2003.

If there is no viable market for the Rights of the Foreign
Shareholders, their entitlements will be allowed to lapse. In
light of the present TMS share price it is possible that no
viable market for Rights trading of small shareholdings may
exist.


TELEVISION & MEDIA: Issues 737,872,992 Shares
---------------------------------------------
Television & Media Services Limited announces the issue of
556,112,718 shares in accordance with Appendix 3B released on 15
April 2003 to:

The Ten Group Pty Limited                           14,531,535
Publishing and Broadcasting Limited                212,991,183
Australia & New Zealand Banking Group Limited      100,000,000
Consolidated Press Holdings Limited                 28,590,000

These shares were allotted on Friday, 2 May 2003.

The number of issued shares totals 737,872,992.

On March 19, the Troubled Company Reporter - Asia Pacific
reported that Television & Media is now in the final stages of
its restructuring efforts. The company unveiled its
restructuring plan in October last year.  The plan saw the
transfer of the cinema advertising business to creditors, namely
the cinema exhibitors Hoyts, Greater Union and Village in
exchange for the release of cinema rent payables (both current
and future liabilities).  The move left the Company solely
focused on the global television business.


UNITED ENERGY: ASX Grants Listing Rule 6.23.3 Waiver
----------------------------------------------------
United Energy Limited (UEL) advised Monday that the Australian
Stock Exchange Limited (ASX) has granted United Energy a waiver
from Listing Rule 6.23 to the extent necessary to permit UEL to
change the exercise period of 1,125,000 options issued under the
UEL's employee option plan to employees to expire on the earlier
of the following dates:

   * the date that is 7 days after the date on which the scheme
of arrangement (the Scheme) involving all the publicly held
shares in UEL being acquired by Power Partnership Pty Ltd (Power
Partnership) is implemented;

   * the date that is 14 days after the date on which UEL's
shareholders or the Court fail to approve the Scheme; and

   * the date that is 14 days after the date on which the
implementation agreement dated 22 April 2003 between UEL, Power
Partnership, AlintaGas Limited and relevant AMP parties is
terminated.

The waiver is conditional on this announcement being made to the
ASX.


VOICENET (AUST): Issues Shares to Provide Working Capital
---------------------------------------------------------
Voicenet (Aust) Limited posted its Appendix 3B announcement:

                             APPENDIX 3B
                        NEW ISSUE ANNOUNCEMENT

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

Information or documents not available now must be given to ASX
as soon as available.  Information and documents given to ASX
become ASX's property and may be made public.

Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.

Name of Entity
Voicenet (Aust) Limited

ABN
004 701 062

We (the entity) give ASX the following information.

PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).

1. Class of securities issued          Ordinary shares
   or to be issued

2. Number of securities issued         6,158,894
   or to be issued (if known)
   or maximum number which
   may be issued

3. Principal terms of the securities   Fully paid
   (eg, if options, exercise price
   and expiry date; if partly paid
   securities, the amount
   outstanding and due dates for
   payment; if convertible securities,
   the conversion price and dates
   for conversion)

4. Do the securities rank equally      Yes
   in all respects from the date
   of allotment with an existing
   class of quoted securities

   If the additional securities
   do not rank equally, please
   state:
   * the date from which they do
   * the extent to which they
     participate for the next
     dividend, (in the case of
     a trust, distribution) or
     interest payment
   * the extent to which they do
     not rank equally, other than
     in relation to the next
     dividend, distribution or
     interest payment

5. Issue price or consideration    191,000 at 2.5c per share
                                   5,967,894 at 2.0c per share

6. Purpose of the issue (if        To provide working capital to
   issued as consideration for     the company
   the acquisition of assets,
   clearly identify those
   assets)

7. Dates of entering securities    05/05/2003
   into uncertified holdings
   or dispatch of certificates

                                   NUMBER  CLASS
8. Number and class of all       287,623,986  Ordinary
   securities quoted on
   ASX (including the
   securities in clause
   2 if applicable)

                                   NUMBER  CLASS
9. Number and class of all     50,000,000  Ordinary
   securities not quoted        4,200,000  Executive options
   on ASX (including the       29,500,000  Key personnel options
   securities in clause 2
   if applicable)

10.Dividend policy (in the case        -
   of a trust, distribution
   policy) on the increased
   capital (interests)

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation of securities

34. Type of securities (tick one)

    (a) x  Securities described in Part 1

    (b)    All other securities

Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities

    Entities that have Ticked Box 34(a)

    Additional Securities Forming a New Class of Securities

Tick to indicate you are providing the information or documents

35.     If the securities are equity securities, the names of
        the 20 largest holders of the additional securities,
        and the number and percentage of additional securities
        held by those holders

36.     If the securities are equity securities, a distribution
        schedule of the additional securities setting out the
        number of holders in the categories
         1 - 1,000
         1,001 - 5,000
         5,001 - 10,000
         10,001 - 100,000
         100,001 - and over

37.    A copy of any trust deed for the additional securities

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

QUOTATION AGREEMENT

1.  Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it
decides.

2.  We warrant the following to ASX.

*   The issue of the securities to be quoted complies with the
complies with the law and is not for an illegal purpose.

*   There is no reason why those securities should not be
granted quotation.

    *   An offer of the securities for sale within 12 months
after their issue will not require disclosure under section
707(3) or section 1012C(6) of the Corporations Act.

    *   Section 724 or section 1016E of the Corporations Act
does not apply to any applications received by us in relation to
any securities to be quoted and that no-one has any right to
return any securities to be quoted under sections 737, 738 or
1016F of the Corporations Act at the time that we request that
the securities be quoted.

    *   We warrant that if confirmation is required under
section 1017F of the Corporations Act in relation to the
securities to be quoted, it has been provided at the time that
we request that the securities be quoted.

    *   If we are a trust, we warrant that no person has the
right to return the securities to be quoted under section 1019B
of the Corporations Act at the time that we request that the
securities be quoted.

3.  We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.

4.  We give ASX the information and documents required by this
form.  If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that  they are (will be) true and
complete.


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


CENTRAL CHINA: 2002 Net Loss Swells to HK$147.980M
--------------------------------------------------
Central China Enterprises Limited posted its results
announcement summary for the year end date December 31, 2003:

Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period
                              from 1/1/2002      from 1/1/2001
                              to 31/12/2002      to 31/12/2001
                              Note  ('000)       ('000)
Turnover                           : 1,606              126,817
Profit/(Loss) from Operations      : (67,861)           (49,439)
Finance cost                       : (1,912)            (8,637)
Share of Profit/(Loss) of
  Associates                       : (13,593)           (21,781)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                (1,085)
Profit/(Loss) after Tax & MI       : (147,980)          (76,302)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0556)           (0.0286)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (147,980)          (76,302)
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1. Turnover from continuing operations and discontinuing
operations

Turnover represents the amount received and receivable for goods
sold to outside customers, less returns and allowance, service
income and guaranteed return for the year, and is analyzed as
follows:
                                           2002            2001
                                         HK$'000         HK$'000
Continuing operations:
Software design and development             1,250            -
Internet software services                  356              285
Return from a power plant in the PRC (note below)
                                            -                374
Return from an investment in a motor spare parts business in the
PRC (note below)                            -                -
                                            -------      -------
                                             1,606           659

Discontinuing operations:

Manufacture and sale of coke, coal gas, coal tar and benzene
                                              -           99,919
Automobile repair and maintenance services    -          26,239
                                             --------  --------
                                             1,606      126,817

Note: No return has been recognized in the current year as the
recoverability of the guaranteed return for the current year is
considered by the directors to be uncertain.

2. Loss per share

   The calculation of loss per share is based on net loss for
the year of approximately HK$147,980,000 (2001: HK$76,302,000)
and 2,663,370,147 shares (2001: 2,663,370,147 shares) in issue
during the year.

   No diluted loss per share has been calculated as the exercise
of the share options would result in a decrease in loss per
share for both years.


CHUEN FAT: Petition to Wind Up Pending
--------------------------------------
The petition to wind up Chuen Fat Piling Engineering Company
Limited is scheduled for hearing before the High Court of Hong
Kong on May 21, 2003 at 10:00 in the morning.

Luk Ying Ho of Flat C, 9/F., Full Yuet Court, 87, filed the
petition with the court on March 31, 2003 Ha Heung Road, To Kwa
Wan, Kowloon, Hong Kong.

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


LAI SUN: No Apparent Reason for Share Price Increase
----------------------------------------------------
Lai Sun Development Company noted the recent increase in the
price of the shares of the Company and stated that it is not
aware of any reasons for such increase.

The Company also confirmed that, save for the matters disclosed
in the respective announcements of the Company and the joint
announcement of the Company and eSun Holdings Limited both dated
30th April, 2003, there are no negotiations or agreements
relating to intended acquisitions or realizations which are
discloseable under paragraph 3 of the Listing Agreement, neither
is the Board aware of any matter discloseable under the general
obligation imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price-sensitive nature.

The Troubled Company Reporter - Asia Pacific reported that Lai
Sun Development had defaulted on convertible and exchangeable
bonds that fell due on March 31, 2003, adding that
it might be liquidated as a result.


MEDTECH GROUP: Widens 2002 Operations Loss to HK$20.929M
--------------------------------------------------------
Medtech Group Company Limited released a summary of its
financial statement for the year end date December 31, 2002:

(stock code: 01031 )
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Qualified
                                                   (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                           : 112,825            113,132
Profit/(Loss) from Operations      : (20,929)           (19,559)
Finance cost                       : (926)              (674)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (25,477)           (21,062)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0074)           (0.0064)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (25,477)           (21,062)
Final Dividend                     : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1. Principal accounting policies

Basis of preparation

The accounts have been prepared in accordance with generally
accepted accounting principles in Hong Kong and comply with
accounting standards issued by the Hong Kong Society of
Accountants.  The accounts are prepared under the historical
cost convention as modified by the revaluation of certain
properties. The principal accounting policies adopted are as
follows:

SSAP 1 (revised)           Presentation of financial statements
SSAP 11 (revised)          Foreign currency translation
SSAP 15 (revised)          Cash flow statements
SSAP 33                    Discontinuing operations
SSAP 34                    Employee benefits

Due to the adoption of new/revised SSAPs during the current
year, the presentation of accounts and certain notes to accounts
have been revised to comply with the new requirements.
Accordingly, certain comparative figures have been reclassified
to conform with current year's
presentation.

2.  Loss per share

(a) The calculation of basic loss per share is based on the loss
attributable to shareholders of HK$25,477,000 (2001 :
HK$21,062,000) and the weighted average of 3,445,046,453 (2001 :
3,307,837,922) ordinary shares in issue.

(b)  Diluted loss per share for the year has not been presented
as the effect of any dilution is anti-dilutive.


NAM FONG: Requests Suspension of Trading
----------------------------------------
At the request of Nam Fong International Holdings Limited,
trading in its shares will be suspended with effect from 9:30
a.m. on Monday (05/05/2003) pending the release of an
announcement in relation to the outcome of the adjourned hearing
for the winding-up petition against the Company.

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


QUALITY HEALTHCARE: Revises Conditional Offer Terms
---------------------------------------------------
Quality HealthCare Asia Limited notes the announcement issued by
the Offeror dated 29 April 2003 and the revised offer document
dated 5 May 2003, which has been dispatched by the Offeror. The
Offeror has revised the terms of the Offer by adding a
redeemable preference share alternative. The Revised Offer is:

For every Share either:

    - one redeemable preference share in the Offeror;
    - or one ordinary share in the Offeror;
    - or HK$0.181 in cash.

The Company has been informed by CLSA that CLSA and its
Chairman, Mr. Gary Coull are interested in approximately 15.84%
and 4.43%, respectively, of the Shares in issue. CLSA and Mr.
Gary Coull have stated that it is their irrevocable intention to
reject the Revised Offer.

The Company has also been informed by MeesPierson Private Equity
(Far East) Limited (MeesPierson) that MeesPierson is the
investment manager of a number of funds which hold Shares in
aggregate representing approximately 2.75% of the Shares in
issue. MeesPierson has stated on behalf of these funds that it
irrevocably intends to reject the Revised Offer. The Company
notes the announcement issued by SHK dated 2 May 2003 that it is
interested in approximately 28.53% of the Shares in issue and
that it will not accept the Offer. SHK has confirmed to the
Company that such intention not to accept the Revised Offer is
irrevocable.

The combined interests of the above Shareholders who have stated
that it is their irrevocable intention not to accept the Revised
Offer amounts to over 50% of the Shares in issue. Accordingly,
on this basis and given that the Takeovers Code does not permit
the Offeror to further revise the Revised Offer (and thus it is
not possible for the Offeror to further revise the Revised Offer
to such an extent that results in such Shareholders considering
changing their intentions), it is not possible for the Revised
Offer to become unconditional even if the Offeror waives the 90%
acceptance condition.


SWIRE PACIFIC: S&P Affirms 'BBB+' Rating; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said Tuesday that it had
affirmed its 'BBB+' unsecured corporate credit rating on Swire
Pacific Ltd. but revised its outlook on the rating to negative
from stable.

The rating action follows an announcement by the company that
its 46%-owned affiliate, Cathay Pacific Airways Ltd., will cut
its dividend payout to reflect the negative effects of the
recent outbreak of Severe Acute Respiratory Syndrome (SARS), a
potentially fatal pneumonia-like illness that has become
increasingly widespread in Greater China and Southeast Asia over
the past two months.

Cathay Pacific has been among those companies hardest hit by
SARS, with passenger numbers falling dramatically. "If SARS is
brought under control quickly, which the evidence currently
available would seem to suggest is occurring, the financial
effects will be manageable and the outlook on the rating on
Swire Pacific will be revised back to stable," said Standard &
Poor's credit analyst Renee Lam. "However, the current position
remains uncertain and there is no clear indication how long the
impact of SARS will last," said Ms. Lam.

The ratings on Swire Pacific reflect the company's prudent
financial policies, adequate financial flexibility, and strong
business position. The company's investment property portfolio
continues to generate stable cash flow, despite difficult
economic conditions. SARS is not having a material impact on
occupancy levels, although a deeper negative rental reversion is
possible, especially for offices. Because of the prime location
and sound management of Swire Pacific's retail property
portfolio, the effects of SARS is expected to be less than the
average effect on the industry as a whole. The negative impact
of SARS on Cathay Pacific, which accounted for nearly 30% of
Swire Pacific's pretax earnings in 2002, is unprecedented. The
slump in passenger numbers caused by the outbreak has forced the
airline to cut more than 40% of its flights since the end of
March 2003. It is estimated that SARS is currently costing
Cathay Pacific about US$3 million a day. Cathay Pacific is
likely to reduce the size of this operating loss by implementing
cost cutting initiatives.

Wrights Investors' Service reports that at the end of 2002,
Swire Pacific Limited had negative working capital, as current
liabilities were HK$12.72 billion while total current assets
were only HK$5.99 billion.


WHOLE YOUNG: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Whole Young International Limited is
scheduled to be heard 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 28, 2003 by
Cheung Wai Hung of Flat E, 11/F., Block 9, Saddle Ridge Garden,
Ma On Shan, New Territories, Hong Kong.


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


INDAH KIAT: Faces Lawsuit From Bondholders Over Default
-------------------------------------------------------
The bondholders of PT Indah Kiat Pulp & Paper filed on Tuesday a
lawsuit after the failed to pay Rp40.964 billion bond coupon
that matured on April 15, 2003, Bisnis Indonesia reports, citing
Bambang Wicaksono, the underwriter of Indah Kiat from Bank
Niaga.

Wicaksono said if the issuer failed to pay the coupon after the
end of the tolerance limit, which was 15 days after the coupon
reached maturity, the underwriter should perform a legal action.

"Tomorrow [Tuesday] we will file a lawsuit against the issuer
after the meeting yesterday with the issuer failed to produce
any agreement about the coupon payment," Wicaksono said Monday,
guessing that the failure of Indah Kita to pay the coupon would
trigger the cross default on the bond coupon of other APP's
subsidiaries in Indonesia.

Thus, he added, the bondholders would only deal with the issuer,
not with IBRA.


MEDCO ENERGI: S&P Rates Proposed US$200M Notes 'B+'
---------------------------------------------------
Standard & Poor's Ratings Services on Monday assigned its 'B+'
rating to Indonesian oil and gas company, P.T. Medco Energi
Internasional Tbk.'s (Medco) proposed senior unsecured
notes issue of approximately US$200 million, due 2010, and
puttable by noteholders in 2008. The notes will be issued by
100% subsidiary MEI Euro Finance Ltd. and will be irrevocably
and unconditionally guaranteed by Medco (B+/Stable/--). The
rating on the notes, therefore, reflects the corporate credit
rating on Medco. Proceeds from the new debt will be used
primarily to fund Medco's acquisition of petroleum assets in
2003 and its intensive exploration, development, and production
program.

In addition, Medco is offering to exchange its existing US$100
million, 10% senior unsecured notes due March 2007 for the
proposed notes due 2010.

Those exchange offer notes that are tendered will, as such, form
a single series with the proposed note issue, and will therefore
have the same rating.

"The additional debt of approximately US$200 million is within
Standard & Poor's expectations of Medco's capital structure,
whereby total debt to capital could rise to 50%-60% (from about
16% at Dec. 31, 2002) in the near-to-medium term, depending on
the implementation of planned development activities and
acquisition opportunities", said Ee-Lin Tan, credit analyst at
Standard & Poor's.

The rating on Medco reflects the company's short proved reserves
life index of 4.8 years, which explains the company's plans to
acquire producing oil blocks in 2003, in addition to developing
its substantial gas reserves, to immediately add to its proved
reserves base and production volumes. "With reserves declining
due to the maturity of Medco's fields, the company is also
expected to incur significant capital costs and face various
execution risks to convert its substantial probable reserves
into proved reserves", said Ms. Tan.

Production and proved reserves growth remain highly dependent on
the materialization of gas sales contracts, or the development
of gas infrastructure in Indonesia, to absorb the company's
large uncommitted gas reserves.

Although the direction of policy in Indonesia is largely
positive, the full operational impact of expected changes
remains to be seen. Uncertainty in the regulatory environment
will therefore continue in the near-to-medium term. Medco does,
however, enjoy a degree of insulation from sovereign debt risks.
Despite its own difficulties, the Indonesian government in
recent years has not sought to impose a debt moratorium or
interfere with local companies accessing the foreign exchange
markets to service their foreign currency obligations.
Furthermore, Medco's enjoys some insulation from currency
instability and weaknesses in the Indonesian banking system as
its oil prices and revenues are denominated in U.S. dollars,
which are deposited mainly in offshore bank accounts.

The rating on Medco also reflects the company's favorable cost
structure and production track record. The large size of Medco's
operating areas, low labor costs, and proximity to oil and gas
supply infrastructure contribute to its better-than-average cost
structure. Lifting cost in 2002 was about US$2.89 per barrel of
oil equivalent (boe), compared with the global average of US$4-
US$5 per boe. The company's three-year rolling average finding
and development costs were moderately low at US$2.69 per boe.
Medco also has moderate, although increasingly aggressive, debt
leverage and strong credit measures. Its credit ratios will
weaken in the near-to-medium term, when the company assumes
greater debt to fund its acquisition of petroleum assets and
drilling rigs in 2003, and its intensive drilling program.

The rating also assumes that the acquisition of petroleum assets
in 2003 will cost between US$150 million and US$180 million, can
immediately contribute meaningfully to the company's proved
reserves base, and that corresponding production volumes can be
realized in a timely manner. Securing long-term gas sales
contracts would allow the company to certify its probable gas
reserves into proved reserves. This could result in a modest
improvement in Medco's overall credit quality, if coupled with
an improving country risk environment.

On February 11 last year, TCR-AP reported that PT Medco Energi
has repaid 99 percent of the principal of its total debt of
US$97 million to PT Bahana Pembina Usaha Indonesia. It also
has a US$46 million debt to Indonesia Bank Restructuring Agency.


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


MIZUHO FINANCIAL: Seeks Foreign Partners to Solve Problem Loans
---------------------------------------------------------------
To help speed up the disposal of its massive bad loans, Mizuho
Financial Group pursue joint ventures with foreign investment
banks by the summer and establish four other units to handle
corporate rehabilitation, Reuters said yesterday, citing the
Yomiuri Shimbun.

The Japanese daily said U.S. group, Merrill Lynch & Co., Inc.,
is among possible foreign investors.


NIPPON TELEGRAPH: To Give up Management of Staff Pension Fund
-------------------------------------------------------------
Nippon Telegraph and Telephone Corp. plans to return to the
government the responsibility of managing a portion of the
public pension fund for 260,000 staff, the Asahi Shimbun said
recently.

As this develops, analysts told the paper the withdrawal could
lead to further decline in stock prices, as the fund is expected
to sell part of its shareholdings so it can transfer the assets
to the government in the form of cash.

The paper says NTT will submit its request to the Ministry of
Health, Labor and Welfare as early as the end of June.  It will
then seek the approval of the employees and retirees covered by
the fund and their respective labor unions, sources told the
local daily.

NTT has not made public the size of the portion managed on
behalf of the state by the NTT Employees Pension Fund, which
took over from the mutual aid society for NTT's public
corporation predecessor, the paper says.  The fund is one of
Japan's largest employee pension funds, which is valued at JPY1
trillion.

"NTT's decision to stop managing the state portion of the fund
reflects the increasing difficulties of operating such a fund at
a time of plunging stock prices and chronic low interest rates,"
the Asahi Shimbun said.

"With its business slumping due to greater competition from
other telecommunications firms, NTT can no longer shoulder
losses incurred by managing the state portion of the fund," it
added.


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


CHOHUNG BANK: Union to Take Vote on Strike Proposal Today
---------------------------------------------------------
The trade union of Chohung Bank is expected to reveal its
decision today on whether it will go on strike to protest the
government's plan to sell the troubled financial group.
According to Yonhap News, union leaders from the bank's 20
branches nationwide will meet today to mull over the plan.


HYNIX SEMICONDUCTOR: Creditor Bank to Court Chinese Buyers
----------------------------------------------------------
After plans to sell Hynix Semiconductor to American and European
buyers failed to yield any definitive deal, Korea Exchange Bank
now plans to peddle the chipmaker to Chinese firms, Chosun Ilbo
said Monday.

KEB President and CEO Lee Kang-won told the paper the bank will
embark on a roadshow through China once the deadly SARS virus is
contained.  He plans to wrap up plans to attract foreign equity
investments before June, the paper said.  The bank holds a
majority 13.8 percent stake in the chip firm and its main
creditor.

Mr. Lee added several investors from the United States have been
in negotiations to purchase the non-memory operations of Hynix,
and some have completed their due diligence for the purchase.

Meanwhile, in relation to Hynix's capital increase plan, Mr. Lee
said the bank is moving ahead in talks with two or three foreign
investors, and it might be possible for the bank to attract W400
to W500 billion from one of the investors in June or July.
Market sources told Chosun Ilbo the bank is concentrating its
investment negotiations on Lone Star Fund, a global investment
fund based in Texas.


KIA MOTORS: To Hold First Public Meeting with Investors May 13
--------------------------------------------------------------
In an effort to promote transparency, Kia Motors and Hyundai
Motor will hold separate large-scale investors relations
meetings this month, Korea Herald said yesterday.

According to the two firms, they will hold separate meetings
with analysts and institutional investors on May 13 at the Korea
Stock Exchange to bare first quarter results, share their
visions for the future and answer questions from the floor.

In the past, these companies merely hold private investor
relations briefings with select analysts and foreign investors.
This will be the first time the two motor giants will hold a
public meeting.

"This signals that Hyundai and Kia are joining the trend set by
Korea's representative companies like Samsung, LG and POSCO,
which have held regular public investor relations briefings both
at home and abroad," The Korea Herald says.

"Holding a large-scale IR meeting is one of our efforts to make
more transparent our business status so that the investors and
the market can evaluate our company and products accurately," a
Hyundai official told the paper.

The firms plan to hold regular investor relations events every
quarter beginning this period.


SK GROUP: Restructuring Chief Out on Bail After Admitting Fault
---------------------------------------------------------------
A Korean court granted Friday the bail application of SK Group's
chief restructuring officer, Kim Chang-geun, substantially
nudging forward the group's efforts to get back on track, Asia
Pulse says.

"Kim Chang-geun was allowed bail because he admitted to his
involvement in the scandal and there is no fear of his escaping
or destroying evidence," the Seoul District Court said in a
statement.

Mr. Kim filed his application on March 14, three days after SK
Global's accounting irregularities were revealed.  The scandal
has thrown SK Global into a financial pinch.  The company
recently organized a task force to normalize SK Global, but its
efforts have been hampered by SK subsidiaries' reluctance to
provide aid.

The company plans to submit a self-rescue program to its
creditors Saturday, Asia Pulse says.


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


ABRAR CORPORATION: BPSB Case Hearing Fixed on June 23
-----------------------------------------------------
Further to the announcement on 26 March 2003 in respect of the
legal suit by Prima Prai Offices Sdn Bhd (PPOSB) against Bangsar
Properties Sdn Bhd (BPSB) (a 100% sub-subsidiary of the
Company), Abrar Corporation Berhad (Special Administrators
Appointed) wishes to announce that BPSB have been advised by
PPOSB's Solicitors that the legal suit has now been fixed for
Mention on 23 June 2003.

Refer to the Troubled Company Reporter - Asia Pacific Friday,
March 28 2003, Vol. 6, No. 62 for information on BPSB material
litigation.


AMSTEEL CORPORATION: Proposed Warrants Issue Not Yet Implemented
----------------------------------------------------------------
In accordance with Paragraph 4.1(b) of PN4 and Paragraph 8.14 of
the Listing Requirements of the KLSE, the Directors of Amsteel
Corporation Berhad (ACB) announce that the group wide
restructuring scheme announced on 5 July 2000, 8 October 2001
and 26 March 2002 had been implemented except for the following:

   (i) Proposed renounceable restricted offer for sale of up to
226.85 million shares in Lion Corporation Berhad (LCB) by ACB to
eligible shareholders of LCB; and

    (ii) Proposed issue of approximately 251.92 million new 4
1/2 years warrants to shareholders of ACB

both of which will be implemented later.

The Company will apply to the KLSE for the uplifting of the PN4
classification on the Company after the release of the Company's
quarterly results for the third quarter ended 31 March 2003.

Refer to the Troubled Company Reporter - Asia Pacific Monday,
February 10, 2003, Vol. 6, No. 28 issue for further details of
the Proposed ACB Scheme.


COUNTRY HEIGHTS: Explains 2002 Audited, Unaudited F/S Variance
--------------------------------------------------------------
Country Heights Holdings Bhd wishes to announce that there is a
deviation of more than 10% between the loss after tax and
minority interest stated in the announced unaudited consolidated
report and the audited results of the Group for the financial
year ended 31 December 2002.

Pursuant to paragraph 9.19(34) of the Listing Requirements of
KLSE, the Company provided below a reconciliation between the
net loss after tax and minority interest stated in the announced
unaudited accounts (released to KLSE on 28 February 2003) and
the audited accounts:

   * Impairment loss is recognized on property, plant and
equipment for a project in Port Dickson, Negeri Sembilan. The
property, plant and equipment are written down to their expected
recoverable amounts based on net selling price estimated by the
Directors.

   * Tax penalties were imposed mainly for the Group's
outstanding prior year taxes of RM51.9 million. Total tax
penalties to date amount to RM11.9 million.

   * The under provision of current taxes is consistent with the
under recognition of profits from development projects.

   * The Group had to recognize higher losses resulting from an
updated management accounts from its associated company, Nusa
Pasifik Sdn Bhd.

   * A provision for diminution in value of investment in Nusa
Pasifik Sdn Bhd was made in view of continued losses suffered.
The investment was written down to its expected value based on
estimates by the Directors.

Go to http://bankrupt.com/misc/TCRAP_CHHB0507.gifto see the
table showing net loss after tax and minority interest stated in
the announced unaudited accounts and the audited accounts.


CSM CORPORATION: Winding-up Petition Hearing Set on July 31
-----------------------------------------------------------
The Board of Directors of CSM Corporation Berhad announced that
a winding-up petition (Petition) has been presented in court
against CSM filed by L'Grande Development Sdn. Bhd (Petitioner)
on 30 January 2003. The Petition via Shah Alam High Court
Companies Winding-Up No.28-30-2003 was served on CSM on 30 April
2003.

The total amount claimed under the Petition is
RM7,580,177.21(Amount Claimed) is in respect of works completed
for the project known as "Cadangan Membina 2 Blok Apartmen 20
Tingkat yang mengandungi 260 unit Apartmen di atas PT 15, di
Sebahagian Lot 1772, Kelana Jaya, Mukim Damansara, Daerah
Petaling, Selangor Darul Ehsan" undertaken by the Petitioner
pursuant to the contract awarded by CSM Development Sdn Bhd
(CSMD), a wholly-owned subsidiary of CSM. The claim against CSM
is pursuant to the Corporate Guarantee dated 25 February 2000
(Guarantee) issued by the Company to the Petitioner.

On 13 September 2001, a notice pursuant to Section 218 of the
Companies Act, 1965 dated 13 September 2001 was served on CSM
(Notice). A similar notice was served on CSMD on same date. The
Petitioner had demanded that the Amount Claimed to be paid
within 21 days from the date of service of the Notice. Pursuant
to the Notice, the Company had filed on 28 September 2001 an
action via Kuala Lumpur High Court No. D2-22-1720-2001 inter
alia, for a declaration that CSM is not bound and/or is
discharged and released from the performance of the Guarantee, a
declaration that the Notice issued against the Company is
defective, invalid and ineffectual and an order that the
Petitioner whether by itself or by its servants or agents or
howsoever be restrained and an injunction be granted restraining
the Petitioner from filing, presenting, advertising or
prosecuting a winding-up petition against CSM.

On 15 January 2003, the Company's application for an injunction
filed on 2 October 2001 was dismissed (First Decision). CSM had
on 17 January 2003 filed an appeal at the Court of Appeal
against the First Decision and further filed an application at
the High Court for Erinford Injunction. The Erinford Injunction
was dismissed on 29 April 2003 (Second Decision). CSM will be
appealing against the Second Decision to the Court of Appeal.

Other than the Amount Claimed, the Board is unable to ascertain
the impact of the Petition on the financial and operational
matters of CSM Group of Companies. The Board is also unable to
ascertain the expected losses arising from the Petition.

The hearing of the Petition is set for 31 July 2003. The Company
is taking the necessary steps to resist the Petition.


KSU HOLDINGS: Inter Partes Injunction Hearing Further Postponed
---------------------------------------------------------------
Reference is made to the legal proceedings filed by Ban Guan Hin
Realty Sdn Bhd against Earnest Equity Development Bhd, KSU
Holdings Bhd, Abaco Estates Sdn Bhd and Kumpulan Sepang Utama
Sdn Bhd.

KSU Holdings Berhad wishes to announce that the Inter Partes
Injunction Application, which was scheduled on 20th March 2003
and postponed, to 16th April 2003, 2nd May 2003 and 5th May 2003
has now been further postponed to 30th June 2003 for decision.

For further information on the above litigation, go to Troubled
Company Reporter - Asia Pacific Thursday, March 20 2003, Vol. 6,
No. 56 issue.


LAND & GENERAL: Issues Monthly Update on Default Status
-------------------------------------------------------
The Board of Directors of Land & General Berhad wishes to inform
that there are no new significant development to the various
defaults in payment that were announced previously except for
the following:

1. Default in Payment of amount outstanding in respect of
banking facilities by Lembah Beringin Sdn Bhd (LBSB), a wholly-
owned subsidiary of L&G

Further to our announcement released in January 2003 in relation
to the above-captioned matter, the bank lender had served an
Originating Summons on 9 April 2003 on Clarity Crest Sdn Bhd
(CCSB), a wholly-owned subsidiary of L&G. The bank lender is
seeking an order for sale of the properties which belong to CCSB
and which are secured by a charge in respect of the aforesaid
facility.

LBSB has instructed its solicitors to oppose the Originating
Summons.

2. Default in principal sum in respect of a Syndicated Revolving
Credit Facility by Bandar Sungai Buaya Sdn Bhd (BSB), a wholly-
owned subsidiary of L&G

Further to our announcement released in January 2003 in relation
to the above-captioned matter, one of the syndicated bank
lenders had recently served on BSB a Notice pursuant to Section
218, Companies Act 1965 for the settlement of the outstanding
amount of RM18,785,191.41 together with interest computed at
RM2,719.38 per day until full settlement.

Subsequently, after discussions between BSB and the syndicated
bank lenders, the syndicated bank lenders agreed to grant BSB a
five month deferment (commencing 24 April 2003) from further
legal proceedings such as the auction of the land charged for
the aforesaid facility and/or winding up of BSB. In
consideration, BSB has also agreed to withdraw, inter alia its
application for a stay of the auction proceedings. In addition,
in the event the total amount owing to the syndicated bank
lenders is not settled by the auction date fixed by the Court,
BSB has also agreed not to object or resist the auction
proceedings.


PAN MALAYSIA: Unit's Summary Judgment Set on June 23
----------------------------------------------------
Reference is made to the announcement on 6 November 2002 and 6
March 2003 pertaining to the Kuala Lumpur High Court, Suit No.
D5-22-1723-2002 between PM Securities Sdn Bhd (PM Sec), a
99.99%-owned subsidiary of the Company and Chai Chon Mui, Ling
Yew Ung, Wong Hung Sing, Sistem Etika Sdn Bhd and Tan Sri Dato'
Paduka (Dr.) Ting Pek Khiing.

Pan Malaysia Capital Berhad wishes to inform that PM Sec's
application for summary judgment is now fixed for hearing on 23
June 2003.


PLANTATION & DEVELOPMENT: Sells ICPS for RM605,918
--------------------------------------------------
Plantation & Development (Malaysia) Berhad has been informed by
fax on 29 April 2003 from Universal Trustee (Malaysia) Berhad
(UTB), trustee for the Noteholders of the Revolving Underwriting
Facility of RM20.0 million loan extended to Invescor Ventures
Sdn Bhd (under Receivers and Managers and Liquidation), a wholly
owned subsidiary of Plantation & Development (Malaysia) Berhad
that UTB had disposed of 1,649,000 units of Irredeemable
Convertible Preference Share (ICPS) at RM1.00 each in YTL Land &
Development Berhad for an aggregate amount of RM605,918.70.

Further details of the transactions are as per attached at
http://bankrupt.com/misc/TCRAP_TCRAP_P&D0507.xls.


PARIT PERAK: Unit Faces Summons From AMBB Over Defaulted Loan
-------------------------------------------------------------
The Special Administrators of Parit Perak Holdings Berhad
(Special Administrators Appointed) announces that its wholly
owned subsidiary Oxford Master Sdn Bhd [OMSB] had on 30 April
2003 received a copy of Originating Summon dated 18 June 2002
from Ambank Berhad (formerly known as Arab-Malaysian Bank
Berhad) claiming a sum of RM2,101,140.09 as at 6 May 2003
together with the interest of calculating on daily basis of
RM511.53 per day from 7 May 2003 until full settlement.

The claim is in respect of property loan amounting to
RM1,255,000.00 granted by AMBB to OMSB as per their letter of
offer dated 11 August 1997, for which OMSB has defaulted a total
payment of RM2,101,140.09 as at 6 May 2003 as claimed by AMBB.
PPHB has provided corporate guarantee for the facility.

OMSB will not contest the above proceeding due to the financial
constraints.


RAHMAN HYDRAULIC: Grants PKNK's Proposed Disposal Time Extension
----------------------------------------------------------------
Further to the announcement on 9 April 2003, Rahman Hydraulic
Tin Berhad wishes to announce that it has agreed to grant
Perbadanan Kemajuan Negeri Kedah (PKNK)'s request for an
extension of time until 19 May 2003 to obtain all the necessary
approvals from the relevant authorities to complete the Proposed
Disposal.

The Proposed Disposal involves disposal of Pinang Tunggal
Estate, together with buildings erected thereon and motor
vehicles, to Perbadanan Kemajuan Negeri Kedah (PKNK) for a total
cash consideration of RM80,000,000.00.

For details of the Proposed Disposal, refer to the Troubled
Company Reporter - Asia Pacific Friday, March 07, 2003, Vol. 6,
No. 47 issue.


SASHIP HOLDINGS: Issues Financial Regularization Status
-------------------------------------------------------
Mr. Lim Tian Huat, Mr. Chew Cheng Leong and Encik Raja Ali bin
Raja Othman of Messrs. Ernst & Young, 4th Floor, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur were
appointed as Special Administrators of Saship Holdings Berhad
and its subsidiary, Sabah Shipyard Sdn. Bhd. (the Companies) on
28 April, 2003 pursuant to Section 24 of the Pengurusan
Danaharta Nasional Berhad Act (Amendment) 2000 (Danaharta Act).

The Special Administrators will carry out an assessment on,
inter-alia the viability of the operations and business of the
Companies and will thereafter prepare a workout proposal as soon
as reasonably practicable, which will be examined by the
Independent Advisor. The Independent Advisor's role is to review
the reasonableness of the proposal, taking into consideration
the interests of all creditors (whether secured or unsecured)
and shareholders.

Subsequent to the Independent Advisor's and Pengurusan Danaharta
Nasional Berhad's review and approval of the workout proposal,
the Special Administrators will call for a meeting of secured
creditors to consider and vote on the proposal. A majority in
value of secured creditors present and voting at the meeting is
required to approve the proposal prior to the proposal being
implemented. In addition, the workout proposal will have to be
approved by all the relevant regulatory authorities.


SILVERSTONE CORPORATION: Pays US$3.82M to Scheme Creditors
----------------------------------------------------------
Pursuant to the Corporate and Debt Restructuring Exercises (SCB
Scheme), Silverstone Corporation Berhad (formerly known as
Angkasa Marketing Berhad) had offered scheme creditors of the
SCB group of companies (SCB Group) the opportunity to tender all
or any part of the RM denominated Bonds and/or USD denominated
Consolidated and Rescheduled Debts received by them under the
SCB Scheme for cancellation in consideration for up to US$12.84
million (equivalent to approximately RM48.8 million) cash
(Tender). Approximately US$13.75 million (equivalent to
approximately RM52.24 million) in net present value of the USD
denominated Consolidated and Rescheduled Debts were tendered by
some of the SCB Group's scheme creditors for cancellation in
exchange for approximately US$3.82 million (equivalent to
approximately RM14.51 million) cash.

The Board of Directors of SCB wishes to announce that the Bank
Negara Malaysia had on 29 April 2003 granted its approval for
the Tender and the cash sum of US$3.82 million (equivalent to
approximately RM14.51 million) was paid by SCB to the respective
participating scheme creditors on Friday.

For further details of the Proposed SCB Scheme, refer to the
Troubled Company Reporter - Asia Pacific Monday, February 10,
2003, Vol. 6, No. 28 issue.


SOUTHERN PLASTIC: Obtains Principal Agreements From FI
------------------------------------------------------
Southern Plastic Holdings Berhad and the Group are still in
default of payments towards their bank borrowings (both
principal and interest) from certain financial institutions.

This was a result of the respective banks' actions in freezing
the bank borrowing facilities of the Group and the Company in
view of the Company's proposal of an informal restructuring
scheme. The bank borrowings of the Group and Company comprise
overdrafts, trade lines and term loans.

The Company has obtained principal agreements from several
financial institutions and has obtained relevant conditional
sale and purchase agreements with its target acquisitions.

The Company has submitted to the Securities Commission a
restructuring proposal on 30 January 2003.


TECHNO ASIA: Continues to Default Loan Payments to FI
-----------------------------------------------------
Mr. Lim Tian Huat and Mr. Chew Cheng Leong of Messrs. Ernst &
Young were appointed Special Administrators (SAs) over Techno
Asia Holdings Berhad (Special Administrators Appointed) and a
subsidiary company, Prima Moulds Manufacturing Sdn. Bhd. (PMMSB)
on 2 February, 2001. The Special Administrators were
subsequently appointed over the following subsidiary companies
of TECASIA on 30 April, 2001:

   1. Mount Austin Properties Sdn. Bhd.;
   2. Cempaka Sepakat Sdn. Bhd.;
   3. Ganda Edible Oils Sdn. Bhd.;
   4. Litang Plantations Sdn. Bhd.;
   5. Wisma Dindings Sdn. Bhd.;
   6. Ganda Plantations (Perak) Sdn. Bhd.; and
   7. Techno Asia Venture Capital Sdn. Bhd. (collectively known
as the "Affected Companies")

Further to the announcement dated 04 April, 2003 in respect of
Practice Note 1/2001, TECASIA wishes to announce that the
Company and its subsidiaries, namely Mount Austin Properties
Sdn. Bhd (Special Administrators Appointed), PMMSB (Special
Administrators Appointed), Prima Moulds Sdn. Bhd. and Ganda
Energy and Holdings, Inc continue to default in payments of
their loan interest and principal sums owing to several
financial institutions (FI). The outstanding amounts as at 31
March 2003 are tabled at
http://bankrupt.com/misc/TCRAP_TECASIA0507.pdf.

2. Measures Taken to Address the Default

TECASIA is considered as an "affected listed issuer" pursuant to
PN4/2001.

Further to the measures undertaken as announced on 02 May 2003,
there have been no major changes to the status of TECASIA's plan
to regularise its financial position.

3. Implications in respect of the Default in Payments

TECASIA wishes to announce that Pengurusan Danaharta Nasional
Berhad (PDNB) had granted another extension of twelve (12)
months to the moratorium previously in effect for TECASIA and
PMMSB pursuant to Section 41(3). The said extension will expire
on 1 February 2004. As for the Affected Subsidiary Companies,
PDNB had on 28 April 2003 granted an extension of twelve months
to the moratorium previously in effect for the Affected
Subsidiary Companies pursuant to Section 41(3) and the said
extension will expire on 30 April 2004. All legal actions
initiated against TECASIA and other affected subsidiaries will
be stayed and any petition for winding-up, or any appointment of
a receiver, receiver and manager or provisional liquidator
cannot proceed during the moratorium period.


TONGKAH HOLDINGS: Disposes of Quoted Securities
-----------------------------------------------
Tongkah Holdings Berhad on 2 May 2003 was notified by PB Trustee
Services Berhad (the trustee of the Company's RM186,558,296
Nominal Value of 5 year 1%-2% Redeemable Secured Convertible
Bonds A 1999/2004 and RM275,980,363 Nominal Value of 5 year 1%-
2% Redeemable Secured Convertible Bonds B 1999/2004
(collectively, Bonds)) that they have on 25 April 2003, disposed
of some of the Company's securities held in public listed
companies, which are pledged with them in relation to the Bonds.
The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds.

Please refer to http://bankrupt.com/misc/TCRAP_Tongkah0507.doc
for summary information on the securities disposed.


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


FIRST PHILIPPINE: Borrows Cash from Cayman Group to Pay Bills
-------------------------------------------------------------
First Philippine Holdings Corp. (FPHC), a Lopez-controlled
company, recently secured US$35 million from a Cayman Island-
based financial group to settle its debt due this month, the
Manila Times said yesterday.

"The notes are to be guaranteed by FPHC under a parent support
agreement.  In turn, FPHC will be granting call options relating
to shares in First Generation Holdings Corp. (FirstGen) to AIMCF
under a call option agreement," FPHC said in a statement.

FirstGen is a unit created by FPHC to handle the management of
all its power generating units, the paper explained.  AIMCF Ltd.
is the Cayman financial group from whom FPHC borrowed the money.
The paper says the call options are to be initially held by
AIMCF and would allow it to own a 3.5-percent stake in FirstGen.

"This will be at a premium over the valuation made relating to
Sumitomo Corp.'s investment in FirstGen last December 2001.
AIMCF likewise has a one-time right to put all or part of the
call options to FPHC subject to certain conditions," the FPHC
statement reads.

Sumitomo earlier infused US$20 million into FirstGen in exchange
for a 3.81-percent stake in the firm.  The Japanese firm is
FirstGen's second financial investor, according to the paper.
The first one was AIDEC FG Power Corp. Ltd., a wholly owned
subsidiary of Asian Infrastructure Development Co. Ltd., which
invested US$40 million in FirstGen for a 7.75-percent stake.

AIDEC was established in 1995 to help in the financing of
private infrastructure projects, the report said.  FirstGen is
the investment arm of FPHC focusing primarily on power
generation and other energy-related businesses.

FirstGen manages, among others, First Gas Power Corp., operator
of the 1,500-megawatt power units in Batangas City; Bauang
Private Power Corp., which runs the 225-mw diesel-fired facility
in La Union; and Panay Power Corp., operator of a 72-mw diesel-
fired power plant.


MANILA ELECTRIC: Refund Cost May Reach PHP30 B, Says Prexy
------------------------------------------------------------
Manila Electric Co.'s refund obligation could exceed PHP30
billion, according to President Jesus Francisco, who
acknowledged the amount during an interview with BusinessWorld
Monday.

"Every month, our refund goes up.  The PHP28 billion was an
estimate we made in November last year.  We adjusted it in April
and we saw that it will be a little above PHP30 billion," Mr.
Francisco told BusinessWorld.

Informed of the staggering amount, AB Capital Securities Analyst
Jose Vistan told BusinessWorld the PHP2 billion increase will
have a major impact on the firm's balance sheet this year.

"Although it's already a foregone conclusion that there will be
an impact, PHP2 billion is PHP2 billion, and that's close to a
10% increase.  The mode of payment of the refund will determine
how it will affect the balance sheet," he told BusinessWorld.

Although Mr. Francisco has yet to bare the method by which the
company will execute the refund, the paper says the company has
at least three options: share issuance, payout in installments
or in one shot.

"In my opinion, I don't think they have the means for a one shot
deal.  A longer term installment is more likely, even longer
than five years.  Maybe the best way to do it is through
discounts to customers who will benefit from the refund," Mr.
Vistan said.


MANILA ELECTRIC: Gets Three-month Loan Repayment Reprieve
---------------------------------------------------------
Manila Electric Co. President Jesus Francisco announced recently
the company has successfully negotiated a three-month extension
on the repayment of about US$350 million in short-term loans.

Mr. Francisco said the extension had been the subject of intense
negotiation led by financial advisers Citibank N.A. and Bank of
Philippine Islands.  The two banks are also the company's
biggest creditors.

"We are working out something.  Maybe we have to reprogram our
old loans," BusinessWorld quoted Mr. Francisco as saying.

The paper estimates the company's short- and long-term debts at
around PHP38 billion.  This does not include the PHP20 billion
the Supreme Court ordered last week to be returned to customers,
representing overcharges since 1994.

Meanwhile, Mr. Francisco says the company is waiting on the
Energy Regulatory Commission to decide the kind of scheme to be
used in executing the refund.  He said once this is decided, the
company will start drawing up a restructuring program for its
financial obligations.

"We are still waiting for the regulatory issue. We need it to
determine how much we will need and how we can fund it," he
said.

Analysts believe the refund would push the company into the red
again this year.  The firm on Wednesday announced a 2002 net
loss of PHP2 billion.   The government, which owns around 25% of
Meralco and guarantees a third of its debt, is working with
company officials on a range of options for the refund, the
paper said.


MANILA ELECTRIC: May No Longer Bid for Transco Assets
-----------------------------------------------------
Struggling power distributor, Manila Electric Co. (Meralco),
remains interested in the assets of the National Transmission
Corporation (Transco), but will not likely pursue a bid due to
financial constraints.

In an interview with reporters Monday, Meralco President Jesus
Francisco admitted his company no longer has money to buy any of
Transco's assets.  The power firm had earlier earmarked PHP4.1
billion to purchase the sub-transmission assets (STAs) of
Transco in Cavite, Batangas, Laguna and Bulacan.  Transco is
peddling these assets at PHP5.5 billion.

Last week, however, the company absorbed a double black eye.
Simultaneous with its disclosure of a PHP2 billion net loss
during fiscal year 2002 was the announcement of the Supreme
Court rejecting the appeal of the utility firm to reconsider an
earlier decision ordering it to refund customers some PHP28
billion in excess billing charges.

Still, Meralco Vice President Ricardo Buencamino told the Manila
Times the company is proceeding with the assessment of the
assets: "We just finished the survey on the STAs in the Cavite
area.  The survey was done in coordination with the Commission
on Audit (COA)."


MANILA ELECTRIC: Cuts Purchased Power Adjustment Rate
-----------------------------------------------------
Meralco Electric Co. customers will have lower bills for the
month of May and possibly in the succeeding months after the
power firm decided last week to lower its purchased power
adjustment (PPA).

A cost recovery mechanism, the PPA is being used by Meralco and
other power firms to recover changes in the cost of power
purchased from its independent power producers (IPPs).  It is
sanctioned by the Energy Regulatory Commission.

Meralco President Jesus Francisco attributes the reduction to
the drop in the price of natural gas as well as the appreciation
of the peso.  For billings in May, the PPA will go down from
PHP2.90/kwh to PHP2.72/kwh, The Philippine Star quoted Mr.
Francisco.

The paper says Meralco sources some of its power requirements
from two natural gas-fired power plants: the 1,060-megawatt Sta.
Rita and the 500-MW San. Lorenzo power plants both owned by its
affiliate company First Gas Power Corp.  Aside from Sta. Rita
and San Lorenzo, Meralco also gets power from the state-owned
National Power Corp. and from other IPPs such as Duracom and
Quezon Power Philippines Inc. (QPPL).


MAYNILAD WATER: Justice Department Ups Firm's Performance Bond
--------------------------------------------------------------
A panel of the Department of Justice has ordered troubled water
utility, Maynilad Water Services, Inc., renew its performance
bond by June 15, BusinessWorld reported yesterday.  The panel
also asked the Lopez-controlled firm to post an additional US$30
million to fully secure all its obligations to the Metropolitan
Waterworks and Sewerage System (MWSS).

"The performance bond, under the concession agreement, is the
security which ensures due payment to MWSS for any outstanding
financial obligations that are not paid or that are overdue.
This includes the concession fees," acting chairman of the
Office of the Government Corporate Counsel, Manuel A.J.
Teehankee, told reporters Monday.

Mr. Teehankee says failure to heed the order will entitle MWSS
to freely collect the expiring bond.  In explaining the
additional US$30 million, he said: "We believe this is in light
of the current outstanding obligations and concession fees which
are approaching the vicinity of around US$90 million."

MWSS uses these concession fees to repay outstanding loans to
international institutions, the report says.  Last year,
Maynilad stopped paying these fees after failing to get a rate
increase from the regulator.  The termination of the contract
was scheduled to take effect on February 7, but the panel led by
Mr. Teehankee ordered a stay, requiring Maynilad to continue all
obligations, including the provision of water services and
performance of all essential obligations and duties to water
consumers in Manila.

Last March, the MWSS formally submitted its statement of claims
detailing the alleged violations of Maynilad of their February
1997 concession agreement.  Included in its statement of claims
was Maynilad's failure to infuse additional funding support from
its stockholders in the amount of some US$80 million.  The
amount was supposed to be submitted to MWSS by October 31, 2001,
the report said.   Maynilad's Business Plans from October 31,
2001 to October 9 last year, however, showed that it did not
intend to infuse any additional equity.

Mr. Teehankee said the panel expects Maynilad's response to the
statement of claims within this week.  The MWSS will then be
given an opportunity to file a reply.


NATIONAL POWER: Creditor Bank OKs Loan Transfer to PSALM
--------------------------------------------------------
The "omnibus transfer" of all of National Power Corporation's
loan obligations to the Power Sector Assets and Liabilities
Management Corporation (PSALM) has already gotten the approval
of the Asian Development Bank (ADB), the Manila Bulletin said
Monday.

PSALM is the successor of Napocor, whose assets will be
privatized.  It will also manage the remaining liabilities of
the state-run power producer.  The bank's concurrence to the
loan transfer was crucial because, along with the Japan Bank for
International Cooperation (JBIC) and the World Bank, it is
Napocor's largest creditor, with more than US$1 billion in
exposure.

To stand as guarantee, the bank has required the Philippine
government to give formal assurances on its support to PSALM and
clarify the modalities of the Department of Finance's absorption
of the PHP200 billion worth of Napocor residual debts as
provided under the Electric Power Industry Reform Act, the paper
says.  In addition, the bank has also sought the imposition of
universal charge to cover the state-owned power firm's stranded
costs.

"For the debt transfer, the detailed discussions have been
basically concluded, in the form of omnibus transfer agreement
for all ADB loans to NPC," ADB country director Tom Crouch told
the Manila Bulletin.

The latest biggest loan extended by ADB to NPC, according to the
report, was the US$300 million Power Sector Restructuring Loan;
which was intended for local power industry's restructuring
program.  This credit facility has also a US$200 million co-
financing by JBIC.  The first tranche of US$100 million of the
ADB loan was released to Napocor in 1998; the second tranche of
another US$100 million was drawn December in 2001; and the last
batch of another US$100 million was released last year, the
report said.

Meanwhile, it is not yet clear how and when the national
government would start absorbing the PHP200 billion worth of
Napocor debts.  This could either be done by yearly allocation
in the national budget or through some other schemes, the paper
said.

"Based on initial plans, the refinancing of the assumed debts
would have to be spread over a number of years, but this would
have to be decided yet by the finance department," the Manila
Bulletin added.


NATIONAL STEEL: Other Industry Players Opposed to Tariff Hike
-------------------------------------------------------------
Philippine Iron and Steel Institute President Welling Y. Tong
claims the plan to grant tariff protection to National Steel
Corporation (NSC) may, indeed, revive the company, but it will
also be the poison pill for the entire industry.

In his letter to Trade Secretary Manuel Roxas II, Mr. Tong
warned the plan will have adverse and large-scale repercussion
on the downstream industry, which is the market of NSC's output
of tinplates, steel billets and hot and cold rolled coils.  He
claims this industry consists of 782 companies with 62,000
employees and PHP62.25 billion in investments.

"As NSC remained close for nearly four years, the various
segments of the local steel industry have continued to operate
normally in the face of contracting demand and tight credit,"
Mr. Tong said.

He said high tariffs would automatically translate to higher
cost of inputs for makers of finished steel products and lead to
higher cost of housing and buildings, roads and bridges, canned
goods, appliances and vehicle parts.  Cold-rolled coils and hot-
rolled coils currently carry duties of seven percent and
billets, levied three percent.  Tinplates come in duty-free.

The paper says prospective bidders of NSC are behind the strong
lobby for a 20% tariff on steel products.  The report did not
identify these bidders, but the trade and industry department
lists Minmetals Zhejiang International Trading Co. Ltd. and
China International Iron and Steel Investments Corp. (China);
Bhicknapahari group of France; Bel Trade Investment Holdings
Ltd. of Hong Kong; and Tael Capital of London, as among those
who have expressed interest in the steel-making plant in Iligan
City.

Mr. Roxas was scheduled to meet with NSC creditors yesterday to
put the finishing touches on a debt rehabilitation program that
would pave the way for reopening the plant under a new investor.


NEGROS NAVIGATION: Bureau of Customs Clears Firm of Smuggling
-------------------------------------------------------------
After three months of getting stranded in the Port of Batangas
due to an alleged involvement in rice smuggling, M/V Nossa
Senora de Fatima has resumed operations, the Manila Times said
yesterday.

Struggling shipping company, Negros Navigation Co., Inc., owns
the boat, which was forced to dock at the Batangas port by the
Bureau of Customs on January 30.  In a ruling recently, customs
collection district chief, Edward de la Cuesta, dismissed the
case against Negros Navigation, stating it is a common carrier
by virtue of the authority granted by the Maritime Industry
Authority (Marina) and is therefore authorized to offer its
services to the general public without discrimination for a fee,
so long as they do not constitute smuggling.

"Fatima possesses all the requisite documents needed to validate
our claim as a common carrier such as the Certificate of
Registry, Coastwise License and the Certificate of Public
Convenience," Negros Navigation lawyer, Larry Ramos, told the
Manila Times.  "We have successfully proven that it was not
chartered or leased by the shipper.  Clearly, [the company] is
in no way involved in any smuggling activities."

The paper says about 73 container vans of smuggled rice were
found by Philippine Coast Guard officials onboard the ship on
January 30.


UNITED COCONUT: Slips to B1 on Moody's Ratings Board
----------------------------------------------------
The long-term bank deposit rating of United Coconut Planters
Bank is now B1 after Moody's Investors Service lowered the bank
from Ba3 and assigned the rating with a negative outlook Monday,
AFX News says.  The rating agency also cut the bank's financial
rating to E from E+.

"This action reflects the weakening of the bank's financial
condition, and uncertainties associated with the bank's
government-led rehabilitation program, details of which have not
yet been announced," the Moody's said in a press statement.

"Should there be continued delays in rehabilitating UCPB,
Moody's believes there is a risk that the bank's franchise could
further erode, reducing its systemic importance, and thus
lowering the predictability of regulatory support," it added.

The bank, according to AFX News, has yet to finalize its
capital-raising initiative, reportedly via a subordinated debt
issue to the Philippine Deposit Insurance Corporation (PDIC).
The report says the bank's capital adequacy ratio is below the
10 percent requirement of the central bank, which means it must
raise 10 to 12 billion pesos to comply with the banking
regulations.

This plan, however, is being hampered by the government's
sequestration of some 95% of the bank's shares, which was
allegedly acquired using levy funds collected from coconut
farmers.  A court is currently determining the ownership of
these stakes.

"A negative outlook is maintained on the bank's B1 deposit
rating in light of the continuing uncertainty on the success,
timeliness and adequacy of the planned rehabilitation measures,
as well as its ability to rebuild its franchise," Moody's said.
"Given the increasing competition and economic certainty,
Moody's believes UCPB faces considerable challenges."


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


EXCEL MACHINE: Put Under Judicial Management; Trading Suspended
---------------------------------------------------------------
Following the announcement made on May 2, 2003 that the hearing
of the Joint Petition for judicial management order has been
adjourned, Excel Machine Tools Ltd wishes to announce that the
Joint Petition was heard on May 5, 2003.

Pursuant to the hearing, the Company has been placed under
judicial management with effect from May 5, 2003.  The judicial
managers are Messrs Timothy James Reid, Chan Ket Teck and Goh
Thien Phong of PricewaterhouseCoopers.

The suspension of the trading of the Company's shares on The
Singapore Exchange Securities Trading Limited will accordingly
continue for the duration of the judicial management.

Submitted by Juliana Lee, Company Secretary on May 6, 2003 to
the Singapore Exchange.


ISOFTEL LIMITED: Alters Management Advisory Committee Membership
----------------------------------------------------------------
The Directors of iSoftel Ltd wish to announce that Mr. Shimoga
Krishnamoorthy Rao Guruprakash has been appointed as a member of
the Company's Management Advisory Committee in place of Mr. Lin
Bin.  The Management Advisory Committee now comprises the
following Directors of the Company:

     (i) Mr. Au Sai Chuen

    (ii) Mr. Kevin Chia Mei Kwang

   (iii) Mr. Shimoga Krishnamoorthy Rao Guruprakash


Submitted by Kevin Chia Mei Kwang, President & CEO on May 6,
2003 to the Singapore Exchange


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


ABICO HOLDINGS: Director Sripipat Steps Down From Post
------------------------------------------------------
ABICO Holdings Public Company Limited informed that Director
Direk Sripipat had resigned from the company, effective 29 April
2003.

The Troubled Company Reporter - Asia Pacific reported last week
that 2003 Annual General Meeting of Shareholders resolved the
non-distribution of dividend in respect of the year 2002. It
also reported that the loan to the subsidiaries and affiliated
companies not more than million Bt100 and guarantee to the
subsidiaries companies not more than Bt200 million the year of
2003, be approved.


EASTERN WIRE: Discloses 2003 Auditors
-------------------------------------
Phiraphan Phalasuk, as a Plan Administrator of Eastern Wire
Public Company Limited, reported that the company and its
subsidiaries' auditors for the year end 2003, are as follows:

1. Mr Sevi Vivatpanachati, Certified Public Accountant
   (Thailand) No. 2219, of Pitisevi & Company

2. Miss Chaovana Vivatpanachati, Certified Public Accountant
   (Thailand) No.4712, of Pitisevi & Company


EASTERN WIRE: Posts Rehabilitation Plan Progress
------------------------------------------------
Eastern Wire Public Company Limited refers to the Stock Exchange
of Thailand's request to report the progress of the Company
Financial Problem Solving, Performance, and Rehabilitation.

Phiraphan Phalasuk, as a Plan Administrator of Eastern Wire
Public Company Limited, informed the rehabilitation progress, as
follows:

1. The Company Rehabilitation

On June 21, 2002 the Central Bankruptcy Court had agreed upon
the Company Rehabilitation Plan, which, according to the plan,
the company strictly performed and operated, however with facing
problems brought by the creditors the Company was unable to
comply with the plan and need to extend the period. The said
problems composed of:

(1) CMIC Finance and Securities Public Company Limited did
not received payment because of their being liquidated
position and
(2) the mortgaged machinery has not been released since Siam
City Bank Public Company Limited was transferring some
of their impaired assets to Petchburi Asset Management
Company Limited
(3) the Company two creditors (totaling 3.52% of total debt)
appealed to the Supreme Court against the Company
Rehabilitation Plan, which has not yet given any
judgment.

The Central Bankruptcy Court consequently gave order to extend
the plan period until the release of judgment. If the Supreme
Court affirms to the Central Bankruptcy Court, the Company will
pay the outstanding debt according to the plan within 30 days.

2. The Company Performance for year 2002

   (1) Assets were higher than Debts as Bt585,083,773 and
Bt508,398,193 respectively.

   (2) Equity was Bt76,685,580.

   (3) Revenue was Bt471,038,343 increasing Bt21,524,839 from
2001, whereas Selling and Administration expenses decreased
Bt6,702,134.

   (4) Profit before tax and depreciation was Bt12,636,268,
which was less than year 2002 around Bt24,898,093 since in 2002
the Company noted liability from commitment as co-debtors at
amount of Bt26,537,373. The case is under the consideration of
the Court of First Instance.

For the previous year, despite the limit of the working capital
and no new credit loans from Banks and Financial Institutions,
the Company has still made every effort to increase Sales
volumes and keep its market shares same as last year by using
the policies of cash selling, reducing customer credit period,
reducing production costs and Selling and Administration
expenses. Consequently, the Company could finally make profit
before tax and depreciation, which means the ability and
capability of the Company to be in the business.

3. Financial Solving

In 2002 the Company realized that its subsidiary was needed to
revise the debt restructuring agreement signed with creditors
dated March 27, 2000 due to unexpected sluggishness of Economy,
especially the demand of construction section using the
Company production such as high building, electrical poles,
bridges, and road was still restrained. In addition, the high
competition and producing below economic of scale (roughly 30%
of total capacity) drove prices and 2002 performance away from
the projection plan, affecting to the principal repayment and
interest.

The company subsidiary, thereafter, had met with its creditors
in order to revise the debt restructuring agreement by reducing
the principal and waiving the interest so that the subsidiary
would be able to pay back the principal and the interest
corresponding to its performance. The new proposed plan is now
under consideration of the creditors. If the creditors agree
upon the plan of the Company subsidiary, the Company and its
subsidiary will highly be able to solve the financial problem
effectively.


JASMINE INTERNATIONAL: Court OKs JIOC's Rehabilitation Plan
-----------------------------------------------------------
Pakkret Planner Co., Ltd., the Planner of Jasmine International
Overseas Company Limited (JIOC), a subsidiary in which Jasmine
International Public Company Limited holds 87.32% of the
available shares, informed that that as the Official Receiver
convened a Statutory Creditors' Meeting (the Creditors' Meeting)
on 2 May 2003 at 9:30 am to consider the rehabilitation plan of
JIOC (the Plan), the Creditors' Meeting has passed a special
resolution pursuant to Section 90/46 of the Bankruptcy Act B.E.
2483 approving the Plan, being approving votes of 80.67 percent.

Should there be any progress, the Company will promptly inform
the public accordingly.


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.

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