TCRAP_Public/030512.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Monday, May 12 2003, Vol. 6, No. 92

                         Headlines


A U S T R A L I A

ADVANTAGE TELECOMM.: Request for Voluntary Suspension
AMP LIMITED: Plans to Withdraw AGM Resolutions
AMP SHOPPING: Centro Extends Offer Period to June 2
AUSTAR UNITED: Maintains Momentum in Q103
AUSTRALIAN PLANTATION: E&Y Elected as Auditor

FIRST FOUNDATION: ASIC Seeks Liquidator, Receiver Appointment
MAYNE GROUP: Files ANDA for Ondansetron
QANTAS AIRWAYS: Issues Market Update
SUPERSORB ENVIRONMENTAL: Releases Half Year Accounts
UECOMM LIMITED: Funding Facility Extended


C H I N A   &   H O N G  K O N G

HENWAY ENGINEERING: Winding Up Sought by Chun Yeung
KING'S FELICITATION: Faces Winding Up Petition
SEN HONG: Issues Convertible Debentures for Working Capital
SING-HK PROPERTIES: Ups 2002 Operations Net Loss to HK$220.389M
TOP GLORY: Appoints Somerley as Independent Financial Adviser

WISE SMART: Winding Up Petition Slated for Hearing


I N D O N E S I A

ASTRA INTERNATIONAL: Books Rp842B Q103 Net Profit
ASTRA INTERNATIONAL: Makes Debt Payment in Q103


J A P A N

FUJITSU LIMITED: Inks Partnership with Red Hat to Offer Linux
HITACHI LIMITED: Re-brands Experio Into Hitachi Consulting
KOKUYO CO.: Rebounds from JPY231 Billion-loss in 2001
KOMATSU LIMITED: Ends 2002 with JPY3 Billion Net Profit
MARUBENI CORPORATION: Posts JPY30 Billion Net Profit for FY2002

MISAWA HOMES: To Form Holding Company to Better Manage Business
NIPPON TELEGRAPH: Govt Postpones Stake Sale Plan
SEGA CORPORATION: Namco No Longer Interested in Merger Offer
SOFTBANK CORPORATION: Net Loss Widens to JPY99B in FY2002
SUMITOMO MITSUI: Denies Report It Is Buying Out Mitsui Life


K O R E A

HYUNDAI MOTOR: Aims for KRW2 Trillion Profit This Year
SK GLOBAL: Parent to Commit All Resources to Keep Firm Afloat


M A L A Y S I A

CSM CORPORATION: Provias Defaulted Payment Status Update
INNOVEST BERHAD: Considered an Affected Listed Issuer
KEMAYAN CORPORATION: SC Approves ICULS Price Fixing
LONG HUAT: Court Grants 90-Day Restraining Order
MALAYSIAN GENERAL: FIC OKs Restructuring Scheme Revision

MBF HOLDINGS: Updates Status on ICBS's Statement Of Claim
MYCOM BERHAD: Variations Won't Affect MITI's Scheme Approval
NALURI BERHAD: Agrees SSA Mutual Rescission, Revocation
PAN PACIFIC: Provias April Default in Payment Status
PLANTATION & DEVELOPMENT: Court Convened Meeting Set on May 29

PLB ENGINEERING: Strikes Off Dormant Subsidiaries
PROMET BERHAD: Registrar Grants Plaintiff Summary Judgment Leave
SENG HUP: Unit Disposal Part of Restructuring Exercise
SRI HARTAMAS: SC Gives Nod on Moratorium Shares New Rules
TIME DOTCOM: Proposed Disposal Successfully Completed


P H I L I P P I N E S

BENPRES HOLDINGS: Annual Loss Figure Improves, Down by PHP8 B
MANILA ELECTRIC: President Arroyo Wants Refund Within a Month
MANILA ELECTRIC: Earmarks PHP1.4 Billion for Initial Refund
NATIONAL STEEL: Trade Secretary Vows to Reopen Steel Firm


S I N G A P O R E

BIL INTERNATIONAL: Posts Changes in Shareholder's Interests
BIL INTERNATIONAL: Announces Changes in Thistle Hotels' Board
CAPITALAND LIMITED: Posts Information on Section 44 Credit
CAPITALAND LIMITED: All Resolutions Submitted to AGM Pass


T H A I L A N D

MILLENNIUM STEEL: Updates Securities SWAP With NTS Progress
QUALITY HOUSES: SET Grants Listed Securities
SIAM SYNTECH: Posts Board of Directors Changes
SINO-THAI ENGINEERING: Clarifies Q103 Financial Statement
SUN TECH: Repay Bt91,866.15 Unsecured Debts to Group 7 Creditors

     -  -  -  -  -  -  -  -

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


ADVANTAGE TELECOMM.: Request for Voluntary Suspension
-----------------------------------------------------
Advantage Telecommunications Limited's securities were suspended
from quotation on Friday, at the request of the Company, pending
the release of an announcement concerning the Company's
quarterly report for the quarter ended 31 March 2003 and the
entitlements issue to shareholders.

Below, the Company's request letter for voluntary suspension:

The Company requests a voluntary suspension of trading in its
securities pending an announcement on the current rights issue
to shareholders and the Appendix 4C - Quarterly Report lodged
last week.

Should you require any further information please do not
hesitate to contact the company.

J Palermo
COMPANY SECRETARY

According to Wrights Investors' Service, during the 12 months
ending 12/31/02, the company has experienced losses totaling
A$0.27 per share. It has also not paid any diviands during the
previous 2 fiscal years.


AMP LIMITED: Plans to Withdraw AGM Resolutions
----------------------------------------------
AMP Limited has announced Friday that it will withdraw the
resolutions relating to the equity-based components of the
remuneration packages of its two Executive Directors at its
Annual General Meeting (AGM) this week. AMP was seeking approval
in relation to the equity-based components of the remuneration
of Chief Executive Officer Andrew Mohl and Managing Director of
Henderson Global Investors, Roger Yates, at its AGM on 15 May
2003.

AMP Chairman Peter Willcox said that in light of the demerger
proposal announced last week, it was no longer appropriate to
seek approval for the resolutions. The resolutions related to
incentives based on AMP's performance for periods up to 200506.

The proposed resolutions were set out in Item 3 of the AGM
Notice of Meeting. The resolutions relate only to the share-
based components of Mr Mohl's and Mr Yates' packages.

"The company has been reviewing these resolutions this week, in
consultation with some of our investors, and has taken the
decision to withdraw them," Mr Willcox said.

"There were a number of complex legal and contractual issues to
consider. In particular, Mr Mohl and Mr Yates have contractual
entitlements and the company will now need to consider
alternative short and long-term incentives."

Mr Willcox said that a number of investors had indicated their
support for long-term incentives that aligned the interests of
management and shareholders.

He said that remuneration packages for executives in a demerged
The Board of Directors as part of the overall proposal would
consider entity.

Any equity-based components of remuneration in the new demerged
entities will be subject to necessary shareholder approval at
the appropriate time.


AMP SHOPPING: Centro Extends Offer Period to June 2
---------------------------------------------------
CPT Manager Limited (as responsible entity for Centro Property
Trust) has on Friday extended its offer period relating to its
takeover bid for all the ordinary units in AMP Shopping Centre
Trust (ART).

The offer period is now scheduled to close at 7.00pm (Melbourne
time) on 2 June 2003.

Attached are:

   1. a notice, pursuant to ASX Listing Rule 3.2, which confirms
that the offer period has been extended;

   2. a notice, pursuant to paragraph 630(2)(b) of the
Corporations Act, which confirms the new date for giving the
notice of the status of defeating conditions; and

   3. a letter, which has been dispatched to ART unitholders
(which encloses the formal notice of variation).

CPT MANAGER LIMITED ABN 37 054 494 307 (AS RESPONSIBLE ENTITY
FOR CENTRO PROPERTY TRUST ARSN 090 931 123)
COMPANY NOTICE - ASX LISTING RULE 3.2

1. EXTENSION OF OFFER PERIOD AND NOTIFICATION OF RELEVANT
INTERESTS

To: Australian Stock Exchange Limited (ASX)

CPT Manager Limited (CPTML) (as responsible entity for Centro
Property Trust ARSN 090 931 123 (Centro)) has extended the offer
period for its takeover offers dated 4 April 2003 (which are
contained in its bidder's statement dated 20 March 2003) for all
of the ordinary units in AMP Shopping Centre Trust (ART). The
offers will now close at 7:00pm (Melbourne time) on 2 June 2003.

Accordingly, CPTML gives notice under ASX Listing Rule 3.2 that:

   (a) CPTML (as responsible entity for Centro) had a relevant
interest in 19.9% of ART units when the first of the offers was
made; and

   (b) at the date of the extension, CPTML (as responsible
entity for Centro) had a relevant interest in 19.98% of ART
units.

2. CPT MANAGER LIMITED ABN 37 054 494 307 (AS RESPONSIBLE ENTITY
FOR CENTRO PROPERTY TRUST ARSN 090 931 123)
COMPANY NOTICE - PARAGRAPH 630(2)(B) CORPORATIONS ACT 2001

NEW DATE FOR GIVING THE NOTICE OF THE STATUS OF CONDITIONS

To:     AMP Henderson Global Investors Limited (as responsible
entity for AMP Shopping Centre Trust (ART); and Australian Stock
Exchange Limited.

For the purposes of paragraph 630(2)(b) of the Corporations Act
2001, CPT Manager Limited (CPTML) (as responsible entity for
Centro Property Trust ARSN 090 931 123 (Centro) hereby gives
notice that:

   1. the offer period relating to the offers by CPTML (as
responsible entity for Centro) for all of the ordinary units in
ART, which offers are contained in a bidder's statement dated 20
March 2003 (Bidder's Statement), has been extended so that it
now ends at 7.00pm (Melbourne time) on 2 June 2003;

   2. the new date for giving notice of the status of the
conditions to the offers, as required by subsection 630(3) of
the Corporations Act 2001, is 23 May 2003; and

   3. on the date of this notice:

     (a) CPTML has not freed the offers from any of the
conditions to the offers;

     (b) the condition in clause 12.10(i) of the Bidder's
Statement has been fulfilled; and

     (c) so far as CPTML is aware, none of the other conditions
to the  offers have been fulfilled.

EXTENSION OF OFFER PERIOD FOR CENTRO'S TAKEOVER BID

CPT Manager Limited (as responsible entity for Centro Property
Trust) (Centro) has extended the offer period for its takeover
bid for all the ordinary units in the AMP Shopping Centre Trust
(ART) while the Takeovers Panel considers its final decision in
relation to Centro's application. Centro has applied for a
declaration of unacceptable circumstances because of a lack of
clarity concerning the effect of co-ownership agreements
affecting 5 of ART's shopping centers.

The offer is now scheduled to close at 7.00pm (Melbourne time)
on 2 June 2003.

A formal notice of variation is included on the reverse side of
this letter.

Based on the closing price of Centro Securities on ASX on 7 May
2003, the Offer price equates to $1.69 per ART Unit. This is
within the value range ascribed to each ART Unit by the
independent expert in the Target's Statement dated 22 April 2003
(based on a net asset basis valuation methodology).

If you have any queries in relation to how to accept the
takeover bid or any other matter relating to the takeover,
please contact the Centro Offer Information Line on 1300 733 636
(callers in Australia) or int +612 9240 7452 (callers outside
Australia).

Brian Healey
CHAIRMAN
CPT Manager Limited

3. CPT MANAGER LIMITED ABN 37 054 494 307 (AS RESPONSIBLE ENTITY
FOR CENTRO PROPERTY TRUST ARSN 090 931 123)

COMPANY NOTICE - SUBSECTION 650D(1) CORPORATIONS ACT 2001

NOTICE OF VARIATION - EXTENSION OF OFFER PERIOD

To: Australian Securities and Investments Commission ("ASIC");
AMP Henderson Global Investors Limited (as responsible entity
for AMP Shopping Centre Trust ("ART")); and

Each person to whom offers were made under the takeover bid
referred to in this notice.

CPT Manager Limited (CPTML) (as responsible entity for Centro
Property Trust (Centro)) gives notice under subsection 650D(1)
of the Corporations Act 2001 that:

   1. it varies its takeover offer dated 4 April 2003 (Offer)
for all of the ordinary units in ART which is contained in its
bidder's statement dated 20 March 2003 (Bidder's Statement) by
extending the period during which the Offer will remain open so
that the Offer  will now close at 7:00pm (Melbourne time) on 2
June 2003; and

   2. the Offer is varied by:

   (a) replacing "19 May 2003" with "2 June 2003" in clause 12.2
of the Bidder's Statement; and

   (b) replacing "9 May 2003" with "23 May 2003" in clause 12.15
of the Bidder's Statement.

A copy of this notice was lodged with ASIC on 9 May 2003. ASIC
takes no responsibility for the contents of this notice.


AUSTAR UNITED: Maintains Momentum in Q103
-----------------------------------------
Austar United Communications Limited, Australia's regional
subscription television proviar, released Friday its first
quarter results for the period ending 31 March 2003, which show
that the company continues to perform solidly.

The company recorded earnings before interest, tax, depreciation
and amortization (EBITDA) of $12.6 million in Q1 2003, compared
with $13.0 million in Q4 2002. This represents a $13.6 million
improvement from Q1 2002.

A net operating profit of $16.9 million was recorded, which
included an abnormal gain of $24.5 million from the sale of the
company's stake in TelstraClear. This compares with a loss of
$15.4 million in Q4 2002 and $44.6 million in Q1 2002.

AUSTAR's television subscribers increased from 402,739 in Q4
2002 to 406,545 in Q1 2003, a net gain of 3,806 subscribers.
Significantly, churn reduced to 1.98% from 2.34% in the previous
quarter.

On 22 April 2003, Castle Harlan Australian Mezzanine Partners
(CHAMP) completed the transaction under which CHAMP became a
partner with UnitedGlobalCom Inc (UGC) in the ownership of 81.3%
of AUSTAR's shares. Concurrently, the company amended its Bank
Facility, with new covenants that more realistically reflect
AUSTAR's long range plan and under which the company is fully
compliant.

AUSTAR's Chief Executive Officer, Mr John Porter, said, "I am
pleased with the company's continuing solid financial results.
We have now achieved our fourth consecutive quarter of positive
EBITDA and have contributed $25.6 million in EBITDA over the
trailing six months.

"With our new investor CHAMP, an improved and simplified capital
structure, and amended Banking Facility, I am confident that
AUSTAR is on track to meet its forecasts and commitments to its
stakeholders," Mr Porter said.

To see copy of its first quarter results for the period ending
31 March 2003, go to http://bankrupt.com/misc/TCRAP_AUN0512.pdf.


AUSTRALIAN PLANTATION: E&Y Elected as Auditor
---------------------------------------------
The following resolutions were passed at the Annual General
Meeting of Australian Plantation Timber Limited on 8 May 2003:

1. Robert George Bunning was re-elected as Director of the
Company.

   2. Ernst & Young were elected as auditors of the Company.

The Troubled Company Reporter - Asia Pacific reported last month
that Australian Plantation booked a profit after tax of
$30.5 million for the six months ended 31 December 2002. The
profit comprised a once-off net gain of $30.7 million arising
from the cancellation of debts as part of the Deed of Company
Arrangement (DOCA) approved by creditors and shareholders in the
first half of 2002.


FIRST FOUNDATION: ASIC Seeks Liquidator, Receiver Appointment
-------------------------------------------------------------
Following an application by the Australian Securities and
Investments Commission (ASIC), the Supreme Court of Queensland
in Brisbane has made interim orders freezing certain assets of
First Foundation Developments Limited, the company's director,
Mr David Elliott Kennedy, and Mr Robert Alan L'Hoir.

The interim orders freeze assets to the value of approximately
$1.8 million, and restrain the respondents from disposing of or
dealing with certain funds and bank accounts until the final
hearing of ASIC's application in Brisbane on 5 June 2003.

The application follows an ASIC investigation into the offer of
securities by First Foundation Developments in an allegedly
unregistered managed investment scheme.

ASIC alleges that First Foundation Developments raised
approximately $2.2 million from members of the public during the
period October 2002 to April 2003, allegedly to finance various
Gold Coast property developments.

ASIC alleges First Foundation Developments has not lodged a
disclosure document with ASIC as is required under the
Corporations Act, has not registered its managed investment
scheme, and is operating a financial services business without
currently holding an Australian Financial Services Licence.

ASIC has made an application for further orders regarding the
operation of the scheme, and conduct of the securities or
investment advice business. ASIC is also seeking to have a
Liquidator and Receiver appointed to the scheme.

ASIC's investigation is continuing.


MAYNE GROUP: Files ANDA for Ondansetron
---------------------------------------
Mayne Group Limited advised Friday that as part of its US
subsidiary's (Faulding Pharmaceutical Co) ongoing development of
the pharmaceuticals product pipeline, an Abbreviated New Drug
Application (ANDA) has been filed with the US Food & Drug
Administration for certain injectable presentations of
ondansetron, the generic version of the Glaxo Smith Kline anti-
nauseant, Zofran(R).

Zofran(R) is indicated for the treatment of nausea associated
with certain types of cancer therapies. Current sales of the
injectable form of Zofran(R) in the US are estimated to be
approximately US$500 million dollars.

CONTACT INFORMATION: Investor enquiries:
        Cameron Fuller
        Ph: 03 9868 0968


QANTAS AIRWAYS: Issues Market Update
------------------------------------
On 7 May 2003 Qantas Airways Limited advised the market that the
continued impact of the SARS virus across all sections of the
aviation and tourism industries has required Qantas to further
downgrade its profit forecast for the 2002/03 financial year.

Because of the volatility of aviation markets, particularly as a
result of SARS, it is extremely difficult to forecast booking
trends or determine a full year profit estimate with any
accuracy.

Nevertheless, at the request of the ASX, Qantas advises the
market that its best current estimate is that the full year
profit before tax for the year ended 30 June 2003 will be
between 20-30% lower than the figure prevailing in the market
prior to 7 May 2003, which was an average of A$707 million.


SUPERSORB ENVIRONMENTAL: Releases Half Year Accounts
----------------------------------------------------
Supersorb Environmental NL posted a summary comments of
Executive Director Dr T Parry's letter to shareholders in
relation to the interim accounts for the half year to 31
December 2003.

Summary Comments:

   * The half year results cover the very challenging period of
operations for the Company when Receivers were appointed by the
National Australia Bank to our operating entity Supersorb
Minerals NL on 8 August 2002 and subsequently discharged on 16
September 2002.

The Company subsequently operated under the control of a
Voluntary Administrator from 17 September 2002 to 20 December
2002.

   * The release of these half year accounts has been delayed
due to accounting complications relating to operation under
Receivers and Voluntary Administrators.

   * Despite the challenges associated with these events, sales
revenue (relative to the previous corresponding December half)
was up 21.6% to $5.1 million, while total operating expenses
(including overheads) were reduced by 5.3% to $4.88 million.

   * As a result of revenue improvements and cost reductions, a
strong improvement in trading has been achieved. Although an
underlying trading profit was not recorded - the net loss before
abnormals was reduced from $1.48 million in the 2001 December
half to $0.17 million in the December 2002 half.

   * An additional extraordinary loss of $1.15 million resulted
from once off costs associated with payments to the Receivers
and Voluntary Administrators, and restructuring.

   * Directors are expecting a further improvement in trading
results in the current half. See the March 2003 Quarter Report
for more detail.

A copy of the interim financial results for the half year to 31
December 2003 can be found at
http://bankrupt.com/misc/TCRAP_SUP0512.pdf.


UECOMM LIMITED: Funding Facility Extended
-----------------------------------------
Uecomm Limited announced Friday that it had reached agreement
with United Energy to extend the date upon which the $80 million
funding facility proviad by United Energy can be drawn upon by
Uecomm.

Uecomm's Chief Executive Officer, Mr Peter McGrath, said, "I am
pleased to announce that Uecomm on Friday reached agreement with
United Energy for an extension of the last day upon which the
funding facility can be drawn, by 18 months to 29 December 2004.
The facility is proviad by United Energy under a legal agreement
between Uecomm and United Energy and can only be changed with
the consent of both parties. The facility does not need to be
repaid until 29 June 2007."

Mr McGrath commented that, "Today's announcement confirms
Uecomm's continued access to the United Energy funding facility,
notwithstanding the recently announced proposed scheme of
arrangement between United Energy, AlintaGas and AMP Henderson.
AlintaGas has already advised the market that it would assume
the funding facility currently proviad by United Energy. This
gives Uecomm a strong level of confidence about its ability to
fund the continued growth of the business."

Uecomm's Chairman, Mr Peter Shore said, "I would like to assure
shareholders that the proposed scheme of arrangement involving
our major shareholder, United Energy, has not impacted Uecomm's
outlook for 2003. Our operational and financial performance has
improved consistently over the last five quarters and we have
every expectation that this trend will continue."

Mr McGrath commented about the potential sale of the 66%
shareholding in Uecomm by saying, "AlintaGas stated in its
release that it looked forward to working with Uecomm to
maximize the Company's value to the benefit of all shareholders.
Our preliminary meetings with AlintaGas have given us every
reason to believe that this is very much their intention. Our
understanding is that, if the scheme of arrangement is approved,
the 66% shareholding in Uecomm currently held by United Energy
will be transferred to AlintaGas. AlintaGas may decide to sell
part or all of this holding and, if this occurs, there would be
a number of possible outcomes."

Mr McGrath re-iterated that it was "business as usual at Uecomm
in terms of the Company providing high quality broadband data
services to the corporate and government market place."

Further information will be proviad to the market regarding the
scheme of arrangement as it relates to the interests of Uecomm
shareholders as and when it becomes available.

CONTACT INFORMATION: Melissa Frost
        INVESTOR RELATIONS MANAGER
        Phone: 03 9941 4521
        Mobile: 0412 153 145
        E-mail: mfrost@uecomm.com.au


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


HENWAY ENGINEERING: Winding Up Sought by Chun Yeung
---------------------------------------------------
Chun Yeung Machine Maintenance Works is seeking the winding up
of Henway Engineering Limited. The petition was filed on April
17, 2003 and will be heard before the High Court of Hong Kong on
June 11, 2003 at 10:00 in the morning.

Chun Yeung holds its registered office at Flat H, 6th Floor,
Block 8, Chi Lok Fa Yuen, Tuen Mun, New Territories, Hong Kong.


KING'S FELICITATION: Faces Winding Up Petition
----------------------------------------------
The petition to wind up King's Felicitation Company Limited is
set for hearing before the High Court of Hong Kong on May 21,
2003 at 10:00 in the morning.

The petition was filed with the court on March 27, 2003 by Bank
of China (Hong Kong) Limited (the successor corporation to The
National Commercial Bank Limited by virtue of the Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.


SEN HONG: Issues Convertible Debentures for Working Capital
-----------------------------------------------------------
The Directors of Sen Hong Resources Holdings Limited announced
that on 5 May 2003, the Company respectively entered into two
Agreements with each of the Subscribers for an aggregate amount
of HK$13,452,000 nil interest Debentures due 2006. The net
proceeds of HK$13,452,000 will be applied as general working
capital of the Group.

Assuming the Subscribers exercise the conversion rights attached
to the Debentures in full, the maximum number of New Shares to
be issued would be 44,840,000, representing 12.4% of the
existing issued share capital of the Company and 11.03% of the
issued Shares as enlarged by the issue of the New Shares.

The completion of the Agreements is subject to the Listing
Committee of the Stock Exchange granting the listing of, and
permission to deal in, the New Shares. The New Shares will be
issued under the general mandate granted by the Shareholders at
the extraordinary general meeting held on 17 September 2002.

A circular containing the detailed information of the Debentures
will be dispatched to the Shareholders as soon as practicable.

At the request of the Company, Shares were suspended from
trading on the Stock Exchange at 9:30 a.m. on 7 May 2003 pending
the release of this announcement. Application will be made to
the Stock Exchange for the resumption of trading in the Shares
from 9:30 a.m. on 9 May 2003.


SING-HK PROPERTIES: Ups 2002 Operations Net Loss to HK$220.389M
---------------------------------------------------------------
Singapore Hong Kong Properties Investment Limited released a
summary of its financial statement for the year end date
December 31, 2002:

Currency: HKD
Auditors' Report: Qualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/01/2002    from 01/01/2001
                              to 31/12/2002      to 31/12/2001
                              Note  ('000)       ('000)
Turnover                        : 152,790            9,059
Profit/(Loss) from Operations   : (220,389)          (163,467)
Finance cost                    : (41,598)           (36,302)
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    : (261,984)          (199,418)
% Change over Last Period       : N/A       %
EPS/(LPS)-Basic (in dollars)    : (0.88)             (0.69)
         -Diluted (in dollars)  : N/A                N/A
Extraordinary (ETD) Gain/(Loss) : N/A                N/A
Profit/(Loss) after ETD Items   : (261,984)          (199,418)
Final Diviand                  : NIL                NIL
  per Share
(Specify if with other          : N/A                N/A
  options)
B/C Dates for
  Final Diviand                : N/A
Payable Date                    : N/A
B/C Dates for (-)
  General Meeting               : N/A
Other Distribution for          : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1.  Turnover

The amount of each significant category of revenue recognized in
turnover during the year is as follows:
                                        2002            2001
                                        HK$'000         HK$'000
Proceeds on disposal of properties      148,030         -
Rental income                           4,760           8,697
System integration services income      -               362
                                        --------        -------
Total                                   152,790         9,059
                                        ========        =======
2. Taxation
Taxation charge for the year represents:
                                        2002            2001
                                        HK$'000         HK$'000
Hong Kong profits tax
  - Current year                        -               -
  - Over provision in prior years       (3)             (114)
                                        --------        --------
                                        (3)             (114)
                                        ========        ========

3. Loss per share

The calculation of basic loss per share is based on the Group's
loss attributable to shareholders of HK$261,984,000 (2001:
HK$199,418,000) and the weighted average of 299,313,502 (2001 as
restated: 289,141,377) ordinary shares in issue during the year.
The calculation of the basic earnings per share for the year
ended 31 December 2001 has been adjusted retrospectively to
reflect the decrease in the number of shares outstanding as a
result of the consolidation of shares in 2002.

There were no dilutive potential ordinary shares in existence in
both 2002 and 2001.

4. Basis of presentation

In 2001 and 2002, the Group had not repaid and/or serviced most
of its borrowings in accordance with repayment schedules under
various loan agreements.

The Group has commenced negotiations with banks to restructure
the debts in terms of interest rates as well as the repayment
amounts and schedules so as to lessen the interest and cash flow
burden of the Group.  In addition, the Company will strengthen
its capital base through new issue of shares from time to time
when market condition allows.  The directors are optimistic on
the results of the negotiations and the restructuring measures
mentioned above.  Therefore the financial statements for the
year ended 31 December 2002 are prepared on a going concern
basis.

5. Report of the Auditors

The auditors express a disclaimer of opinion, and have included
the following in their report:

"We are unable to form an opinion as to whether the financial
statements give a true and fair view of the state of affairs of
the Company and of the Group at 31 December 2002 and of the loss
and cash flows of the Group for the year then ended because of
the significant of the fundamental uncertainty relating to the
going concern basis and the possible effects of the limitation
in audit scope as referred to in the basis of opinion section of
this report.  In all other respects in our opinion the financial
statements have been properly prepared in accordance with the
Companies Ordinance."


TOP GLORY: Appoints Somerley as Independent Financial Adviser
-------------------------------------------------------------
Reference is made to the announcement dated 3 May, 2003 made by
Top Glory International Holdings Limited in relation to the
Proposed Privatization by COFCO (Hong Kong) Limited.

The Top Glory International Holdings Limited Directors wish to
announce that Somerley Limited has been appointed as the
independent financial adviser to the independent board committee
of the Company in respect of the Proposal pursuant to Rule 2.1
of the Takeovers Code.

Shareholders and/or potential investors in the Company should be
aware that the implementation of the Proposal is subject to the
conditions set out in the Announcement being fulfilled or
waived, as applicable, and thus may or may not become effective.
They are advised to exercise caution when dealing in the Shares.


WISE SMART: Winding Up Petition Slated for Hearing
--------------------------------------------------
The petition to wind up Wise Smart Enterprises Limited is
scheduled for hearing before the High Court of Hong Kong on May
21, 2003 at 10:00 in the morning.

The petition was filed with the court on March 27, 2003 by Bank
of China (Hong Kong) Limited (the successor corporation to Bank
of China, Hong Kong Branch by virtue of the Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank
of China Tower, 1 Garden Road, Central, Hong Kong.


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


ASTRA INTERNATIONAL: Books Rp842B Q103 Net Profit
-------------------------------------------------
PT Astra International Tbk booked net revenue Rp7.67 trillion in
first quarter (January - March) 2003 or increased 3.25 percent
compared to Rp7.43 trillion in 2002. Meanwhile in the same
period of time, the Company was able to record Rp842 billion net
profit.

Based on the Company's unaudited consolidated financial report
as at March 31, 2003, the gross profit went up from Rp1.43
trillion in the first quarter 2002 to Rp1.79 trillion in 2003.
Subsequently, in the same period, the operating profit also
increased from Rp847 billion in 2003 compared to Rp632 billion
in 2002.

The Company's net profit in the first quarter 2003 is Rp842
billion, it slightly went down compared to the same period in
2002 Rp1.11 trillion. The decrease is mainly due to relatively
stability rupiah exchange rate, therefore the foreign exchange
gain in the first quarter of 2003 is only Rp28 billion, which is
much lower compared to Rp626 billion in the same period in 2002.

Overall, the Company's performance is relatively better in the
first quarter 2003 compared to the same period in 2002.
Automotive Division is still the main contributor to the
Company's net revenue, followed by Agribusiness Division and
Financial Services Division.

During the first quarter 2003, Astra Group car sales, consists
of Toyota, Daihatsu, Isuzu, BMW, Peugeot and Nissan truck,
reached 34,838 units of 82,730 units total national car market.
It slightly rose compared to 34,711 units in first quarter 2002
of 74,247 units of total national car market. Astra Group market
share decreased from 46 percent% in first quarter 2002 to 42
percent in the same period in 2003.

In the meantime, Honda motorcycle, Astra Group's main product,
recorded sales 392,504 units of 687,357 units total national
motorcycle market, slightly increased from 315,034 units of
560,881 units total national motorcycle market in 2002. The
Honda motorcycle market share slightly rose from 56.2 percent in
first quarter 2002 to 57.1 percent in 2003.

With regard to Company's performance during first quarter 2003,
President Director ASII, Budi Setiadharma, explained that the
competition is very tight in the first year of AFTA
implementation. Astra management strives to implement various
strategies in order to give the best product to the customers,
for instance by launching new models of car to market.

"In addition, we will continuously give our best service to meet
customer satisfaction, such as launching AstraWorld in 2002 in
order to maintain customer loyalty and add new customers," said
Budi Setiadharma.

CONTACT INFORMATION: Aminuddin
        Corporate Secretary
        PT Astra International Tbk
        62-(021)-6530-4956


ASTRA INTERNATIONAL: Makes Debt Payment in Q103
-----------------------------------------------
In first quarter 2003, PT Astra International Tbk has made debt
payment with the following details:

   * Debt buyback Series III program amounts of US$13.2 million
and Rp98 billion, using the Company's sinking fund.

   * The Company has also paid debt principal installment
amounting US$21.7 million and Rp28 billion.

The total Company's debt (Series II and Series III) after the
above payment is US$659.4 million and Rp795.8 billion. "With
less debts, the Company will have stronger financial structure,"
said Budi Setiadharma, the Company's President Director.


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


FUJITSU LIMITED: Inks Partnership with Red Hat to Offer Linux
-------------------------------------------------------------
Fujitsu Limited (TSE: 6702) and Red Hat (Nasdaq: RHAT) announced
Thursday last week that they have signed a global partnership
agreement to technically enhance and market Red Hat Enterprise
Linux solutions for enterprise customers running mission-
critical applications on Fujitsu's Intel-based servers powered
by Intel(R) Xeon(TM) and Itanium(R) processors.  The agreement
significantly expands the scope of the companies' cooperative
relationship to date.

According to the terms of the agreement, Fujitsu and its
principal subsidiaries and affiliates, including Fujitsu Siemens
Computers, become Premier partners for the fulfillment and
service of the complete Red Hat Enterprise Linux line of
solutions on Fujitsu's Intel-based PRIMERGY servers worldwide.
The parties will collaborate in software development, marketing,
sales, delivery, and support efforts to optimize Red Hat
Enterprise Linux for mission-critical use on Fujitsu hardware.
Fujitsu also plans to work to ensure that all its enterprise
applications are compatible with the Red Hat Enterprise Linux
platform, so that customers will have the benefit of running a
fully integrated solution from Red Hat and Fujitsu.

In addition, as part of their partnership, Fujitsu and Red Hat
will create joint engineering teams at various Red Hat locations
who will work together to reinforce mission-critical features
and functionality of Linux for enterprise systems.

Red Hat Enterprise Linux AS was first in Red Hat's line of
enterprise solutions. Released in May of 2002, Red Hat
Enterprise Linux AS has been widely adopted in mission-critical
infrastructure. Quarter over quarter sales of Red Hat Enterprise
Linux AS increased by 38% in Red Hat's fiscal fourth quarter,
which ended February 28, 2003. Recently Red Hat introduced Red
Hat Enterprise Linux ES and WS for use on departmental servers
and technical workstations.

"Fujitsu is recognized as a global technology leader in the
enterprise market," said Kevin Thompson, CFO of Red Hat.
"Customers in all regions will benefit from the robust,
enterprise solutions Red Hat and Fujitsu will build together."

Fujitsu, a global leader in large-scale, mission-critical
computing platforms, has been offering Red Hat Linux solutions
worldwide on its Intel-based PRIMERGY servers since March 2001.
Leveraging its expanded collaboration with Red Hat, Fujitsu
plans to make enhanced Red Hat Enterprise Linux solutions
available on its high-end Intel Xeon and Itanium processor
family-based Linux servers currently under development.

"The global partnership we are announcing today marks not only a
significant milestone in our growing relationship with Red Hat
but also an important step in the development of our high-end
Linux solutions," said Akira Yamanaka, group senior vice
president, Enterprise Systems Group, Fujitsu Limited. "Through
this expanded collaboration with Red Hat, Fujitsu will be able
to provia customers worldwide with the most advanced mission-
critical Linux computing solutions."

"Today's announcement boosts Intel and Fujitsu's joint effort to
develop new mainframe-class Intel-based Linux servers," said
Mike Fister, senior vice president and general manager, Intel
Enterprise Platforms Group. "The partnership between Fujitsu and
Red Hat will benefit Linux customers with enhanced reliability,
functionality and performance for mission-critical Intel Xeon
and Itanium-based servers."

"Oracle is seeing Linux become increasingly important in
enterprise data centers, and the strategic partnership between
Fujitsu and Red Hat brings an expansion of Linux offerings to
customers worldwide," said Dave Dargo, vice president, Linux
Program Office at Oracle Corp. "Oracle's products already
support Fujitsu's high-performance and high-reliability server
business on a global basis and we look forward to working with
Fujitsu to promote Oracle9i Real Application Clusters as a key
technology for delivering mission-critical systems on Linux."

"VERITAS, Fujitsu, and Red Hat's missions are to provia
customers with best of breed solutions for enterprise
computing," said Kevin Reinis, vice president of business
development and strategic alliances, VERITAS Software. "VERITAS
high availability, data protection, and storage management
products, running on Red Hat Linux, combined with Fujitsu's
high-performance servers provia our customers with a robust,
interoperable Linux platform for their most demanding enterprise
applications."


About Red Hat
Red Hat is the world's premier open source and Linux proviar.
Red Hat is headquartered in Raleigh, N.C. and has offices
worldwide. For more information visit http://www.redhat.com

About Fujitsu Limited

Fujitsu is a leading proviar of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, high-reliability/performance computing and
telecommunications platforms, and a worldwide corps of systems
and services experts make Fujitsu uniquely positioned to unleash
the infinite possibilities of the broadband Internet to help its
customers succeed. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.6 trillion yen
(about US $38 billion) for the fiscal year ended March 31, 2003.
For further information, please visit the Fujitsu Limited home
page at: http://www.fujitsu.com


HITACHI LIMITED: Re-brands Experio Into Hitachi Consulting
----------------------------------------------------------
Hitachi Limited has renamed its IT consulting unit, Experio
Solutions, into Hitachi Consulting, as it prepares to offer an
expanded portfolio of solutions and services, the JCN Network
said Friday.

Since its inception, the company has expanded its geographic
coverage to the entire United States and throughout 2001 and
2002 it continued to grow despite adverse market conditions.  It
plans to offer Strategy and Business Improvement Solutions,
Customer Solutions, Supply Chain Solutions, Technology Solutions
and Enterprise Solutions, among others.  These will be offered
to Fortune 2000 companies in the consumer goods, energy, high
tech, services, and manufacturing industries, the report said.

Experio's clients include AlignMark, Aviall, ONEOK, Princess
Cruises, Toyota, Inc., and Viking Range Corporation.


KOKUYO CO.: Rebounds from JPY231 Billion-loss in 2001
-----------------------------------------------------
Kokuyo Co. reported Thursday a net profit of JPY231 million,
turning around a JPY1.42 billion net loss a year earlier, says
Japan Times.

The office supplies maker attributed the big improvement to
greater efforts to cut costs under a structural reform plan and
to JPY4.2 billion in extraordinary profit from the return of a
portion of its employee pension fund it had managed on behalf of
the government, the report says.

Pretax profit surged 152.8 percent to JPY5.5 billion, but sales
fell 1.6 percent to JPY272.20 billion due to the decline in
overall domestic demand.  The company forecasts a net profit of
JPY2.9 billion for the current fiscal year and expects pretax
profit to reach JPY7.5 billion on sales of JPY280 billion.


KOMATSU LIMITED: Ends 2002 with JPY3 Billion Net Profit
-------------------------------------------------------
Komatsu Limited, Japan's biggest construction machinery maker,
has rebounded from a loss of JPY80 billion in 2001, reporting
last week a modest net profit of JPY3 billion, Japan Today says.

In the previous year, the company posted a whooping loss after
charging hefty valuation losses on fixed assets at two of its
U.S. semiconductor subsidiaries.  For fiscal year 2002, the
final profit tally was also squeezed by appraisal losses on
securities holdings.

To view the company's 2002 financial results, please follow this
link: http://bankrupt.com/misc/komatsu_limited.pdf


MARUBENI CORPORATION: Posts JPY30 Billion Net Profit for FY2002
---------------------------------------------------------------
Crediting increased trading in oil, strong exports of chemical
and energy plants to Africa and the Middle East, and increased
earnings at subsidiaries, Marubeni Corporation reported Saturday
a JPY30.3 billion net profit for the year to March 31, Japan
Today said.

The latest result is a complete turnaround from last fiscal
year's JPY116 billion-loss.  Recently, the Japan Credit Rating
Agency (JCR) assigned a BBB+ rating to the bonds of Marubeni
Corporation, citing improved earnings power as a result of its
withdrawal from unprofitable businesses and cutback in expenses
while reducing total assets and interest-bearing debt.  The
company plans to improve the earnings and financial structure
further, according to TCR-Asia Pacific.

To view the company's 2002 financial results, please follow this
link: http://bankrupt.com/misc/marubeni_corporation.pdf


MISAWA HOMES: To Form Holding Company to Better Manage Business
---------------------------------------------------------------
Beginning in August, Misawa Homes Co. will become a wholly owned
subsidiary of Misawa Homes Holdings Inc., which will also manage
under one umbrella three other affiliates, says Japan Today.

The three units that will also come under the new holding
company are Misawa Toyo Co, Tokyo Misawa Homes Co and Misawa
Homes Tokai Co.  The paper says the group hopes to better manage
its business resources through the holding firm.

Earlier last year, according to Troubled Company Reporter-Asia
Pacific, Standard & Poor's lowered the custom builder to
selective default from 'CCpi'.


NIPPON TELEGRAPH: Govt Postpones Stake Sale Plan
------------------------------------------------
To avoid causing another downturn in the stock market, the
Japanese government has decided to put off its plan to sell some
of its shares in Nippon Telegraph and Telephone Corp. and Japan
Tobacco Inc., The Asahi Shimbun said late last week.

The paper says the benchmark Nikkei 225 index is already
hovering around the 8,000-level and a large sell-off of
government-held shares could trigger a further downswing.  The
finance ministry says it will only pursue the disposal once the
stock market has recovered to a level it judges sufficient.

The government had planned to offer 1 million NTT shares and
about 333,300 JT shares to the public during fiscal 2003, the
paper says.  The Diet has already approved that plan, leaving
the government free to go ahead with the sale any time it deems
appropriate.


SEGA CORPORATION: Namco No Longer Interested in Merger Offer
------------------------------------------------------------
Following the announcement by Sega Corporation that it no longer
wants to pursue a merger with Sammy Corp., Namco Ltd. disclosed
Thursday it is also withdrawing its earlier offer to partner
with the viao game maker.

"We will not be jerked back and forth by Sega's responses
forever," a senior Namco executive told Asahi Shimbun.  "Sega
says one thing then does another.  We are withdrawing our merger
proposal based on a unanimous decision by our five senior
executives."

Both Sammy and Namco answered the call of Sega for a merger
partner, but the latter eventually picked Sammy.  Last week,
however, Sega surprised the market with the announcement it is
no longer pursuing a deal with Sammy.

At a meeting of Sega's senior executives Wednesday last week,
the majority of those present want negotiations with both Sammy
and Namco to be scrapped and started again from scratch.


SOFTBANK CORPORATION: Net Loss Widens to JPY99 B in FY2002
------------------------------------------------------------
For the second straight year Softbank Corp. ended its fiscal
year in the red, after failing to attract new subscribers to its
broadband Internet service, Japan Times said Saturday.

Owned by billionaire entrepreneur, Masayoshi Son, the group's
net losses for 2002 rose to JPY99.9 billion from JPY88.7 billion
in 2001.  Operating losses also widened to JPY92 billion from
JPY23.9 billion the previous year, while sales remained
virtually flat at JPY406.89 billion.

The company, which operates the Yahoo! BB high-speed Internet
connection service, says even the bulk sales of its stakes in
companies that include Yahoo Japan, Yahoo! Inc. of the U.S. and
UTStarcom -- totaling JPY127.61 billion -- could not make up for
the losses.

As of February, the company says, it had more than 2 million
subscribers -- the break-even point after deducting expenses to
draw new customers.  The report says the firm spent JPY63
billion to sign up customers in 2002 or a cost of JPY37,000 per
new customer during the fiscal second half.

Despite the losses, Mr. Son reassured investors during a news
conference last week that the company is now in a position to
start raking profits.

"We have reached the point where we can make profit whenever we
wish," he said, explaining that the firm will return to
profitability once it ends its expensive sales campaign.

The firm aims to have more than 4 million subscribers by the end
of the current fiscal year.


SUMITOMO MITSUI: Denies Report It Is Buying Out Mitsui Life
-----------------------------------------------------------
Sumitomo Mitsui Banking Corporation confirmed late last week
that it had been informed by Mitsui Mutual Life Insurance
Company about its plan to demutualize and go public.  The bank,
however, denied reports that it would put Mitsui Life under its
umbrella by buying out its stakes, JCN Network says.

The financial group recently revised its forecast for FY2002,
expecting net losses of JPY470 billion, instead of a JPY30
billion-profit estimated last November, according to TCR-Asia
Pacific.


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


HYUNDAI MOTOR: Aims for KRW2 Trillion Profit This Year
------------------------------------------------------
Hyundai Motor intends to reach KRW2.1 trillion in ordinary
profit this year, according to Korea Herald, up 6.1% on year-on-
year comparison.  The company made the forecast after meeting
with labor union leaders recently.

"In addition, Hyundai Motor aims to attain a pre-tax profit of
KRW2.53 trillion on an annual turnover of KRW28.2 trillion in
2003," a company source close to the management told the paper.

"Hyundai's record profitability in recent years is attributable
to strong sales of high value-added vehicles, such as sport
utility vehicles," he said.

Korea's largest automaker, Hyundai is planning to lift its
vehicles sales at home and abroad by 6 percent to 1.82 million
units this year.  In 2002, Hyundai posted KRW1.98 trillion in
ordinary profit on revenue of KRW26.33 trillion, with vehicle
shipments amounting to 1.71 million units, Korea Herald said.


SK GLOBAL: Parent to Commit All Resources to Keep Firm Afloat
-------------------------------------------------------------
Citing even graver consequences should SK Global be liquidated,
parent SK Group vowed to save the trading arm at all costs,
JoongAng Daily said Saturday.

"The loss would be significant if SK Global is liquidated, such
as possible group-level downgrades of the credit rating. SK
Group's position is that we will keep SK Global afloat at any
cost," Rhee Noh-jong, an executive at "the office for the
normalization of SK Global," told reporters.

He said SK Group is currently drawing up group level plans to
rescue SK Global.

"We still need to win over shareholders, labor unions and civic
groups, but as soon as the exact scale of insolvent debts of SK
Global comes out, we will inform major subsidiaries, such as SK
Telecom, and submit self-rescue plans to creditors," Mr. Rhee
said.  Samil Accounting Corp. is scheduled to release its review
on SK Global's financial status around mid-May, the report said.

"Group subsidiaries, such as SK Telecom, object to support of SK
Global only in principle," Mr. Rhee said, referring to past
assertions by its telecommunications arm that it will keep
distance from its ailing affiliate. "We are confident that we
can persuade them to legal cooperation."

Meanwhile, he said, the group is considering asking subsidiaries
to conduct debt to equity swaps for SK Global.  In addition, he
revealed the group plans to shutdown inefficient overseas
operations, including unprofitable businesses of SK Global
itself.

"Such a plan is desirable, because it can help SK Global stand
on its feet so that it can pay back debts," he said, adding SK
Global may restructure itself to focus on energy and chemical,
information telecommunications, steel, and fashion.

SK Global's current outstanding debts amount to KRW8.6 trillion
(US$7.2 billion).


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


CSM CORPORATION: Provias Defaulted Payment Status Update
---------------------------------------------------------
Pursuant to the KLSE Practice Note No. 1/2001, CSM Corporation
Berhad proviad an update on the status of default in interest
payments and principal loan repayments of the CSM Group bank
borrowings as at 30 April 2003. Details can be found at
http://bankrupt.com/misc/TCRAP-CSM0512.pdf.

COMPANY PROFILE

The Company's activities are focused in manufacturing, trading
and distribution of food and allied products, property
management, investment and development. Formed as a wholly-owned
subsidiary of Cold Storage Holdings PLC (CSH), the Company
commenced operations in February 1974, upon completion of a
reorganization of the CSH Group in Malaysia. As part of the
reorganization the Company acquired the Malaysian assets of Cold
Storage Singapore Pte Ltd and was then converted into a public
company and listed on KLSE. Current production
capacity/production output is 236 m/t of butter per month.

Recently, the Company entered into a JV with Saujana Pertiwi Sdn
Bhd for development of mixed residential and commercial
properties on leasehold land measuring approx. 19.56 acres
located at Kelana Jaya, Selangor (Kelana Perdana Project). The
first phase, the Bayu Sutera Condominium comprising 260 units
residential apartments, was launched in December 1999.

Trading, manufacturing and property management will remain the
focus of the Group, in addition to property development that is
envisaged to improve in years to come.

Group operations are located in Kuala Lumpur, Penang, Ipoh,
Malacca, Johor, Kuantan, Sabah and Sarawak.

Following its shareholders' deficit position for financial year
ending 31 December 2000 and default with its bank lenders, the
Group is undertaking a corporate and debt restructuring
exercise, which may include the divestment of certain assets of
the Group, restructuring of the Group's borrowings and new
assets injection. The Group has appointed an independent
financial advisor and merchant banker to advise on the
restructuring proposals. The Group together with its advisors
is currently formulating a restructuring scheme to regularize
its financial conditions and address its debt obligations. The
KLSE has granted the Company a three-month extension until 25
October 2001 to make an announcement on its plan to regularize
its financial condition.

CONTACT INFORMATION: 10th Floor Jaya Shopping Center
                     Jalan Semangat
                     46100 Petaling Jaya
                     Tel : 03-7958 8888,
                     Fax : 03-7958 1289


INNOVEST BERHAD: Considered an Affected Listed Issuer
-----------------------------------------------------
Innovest Berhad wishes to inform that the auditors have
expressed disclaimer opinion in respect of the Company's and
Group's going concern in its audited accounts for the financial
year ended 31 December 2002. Accordingly, the Group is
considered to be an affected listed issuer pursuant to Paragraph
2.1(c) of Practice Note No. 4/2001 [PN 4/2001] of the Kuala
Lumpur Stock Exchange Listing Requirements [Affected Listed
Issuer]

OBLIGATIONS OF INNOVEST BERHAD PURSUANT TO PN 4/2001

As an affected listed issuer, Innovest is required to comply
with PN4/2001 and Paragraph 8.14 of the Listing Requirements
which amongst others, includes the following:

   (i) Announce the status of its plan to regularize its
financial condition on a monthly basis until further notice from
the KLSE.

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

   (iii) Submit monthly reports to the KLSE, accompanied by a
statutory declaration;

   (iv) Make an announcement to KLSE of a plan to regularize its
financial condition within six (6) months from the date of this
First Announcement;

   (v) Submit its plan to regularize its financial condition to
the relevant authorities for approval, including the Securities
Commission (where applicable), within two (2) months from the
date of the announcement mentioned in (iv) above; and

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

CONSEQUENCES OF NON-COMPLIANCE WITH THE OBLIGATIONS

In the event the Company fails to comply with any of the
obligations imposed on by the Exchange under the PN 4/2001,
Innovest may be regarded as a Company whose financial condition
does not warrant continued trading and/or -listing.


KEMAYAN CORPORATION: SC Approves ICULS Price Fixing
---------------------------------------------------
Kemayan Corporation Berhad refers to the announcements made on
23 October 2002, 1 November 2002, 15 November 2002 and 25
November 2002 regarding the Proposed Restructuring Scheme.

On behalf of Kemayan Corporation, Public Merchant Bank Berhad
(PMBB) is pleased to announce that the Securities Commission
(SC) has, via its letter dated 5 May 2003 which was received on
7 May 2003, approved as proposed the application by PMBB to fix
the conversion price of the Irredeemable Convertible Unsecured
Loan Stocks (ICULS) and Redeemable Convertible Secured Loan
Stocks (RCSLS) at RM1.00 each upon conversion of the ICULS and
RCSLS into new ordinary shares of RM1.00 each in Rangkap Budi
Sdn Bhd.

For further information on the Proposed Restructuring Scheme,
refer to the Troubled Company Reporter - Asia Pacific Tuesday,
November 19, 2002, Vol. 5, No. 229 issue.


LONG HUAT: Court Grants 90-Day Restraining Order
------------------------------------------------
In relation to the Proposed Scheme of Arrangement and Proposed
Debt Settlement which form part of the Proposed Restructuring
Scheme, Long Huat Group Berhad had been unofficially informed by
its solicitors that the Court had granted a Restraining Order
for ninety (90) days commencing 5 May 2003 pursuant to Section
176 (10) of the Companies Act 1965 (Act 125) and to convene the
Court-convened meetings of creditors and shareholders in
relation to the Proposed Scheme of Arrangement pursuant to
Section 176 (1) of the Companies Act 1965.

The full announcement to the Exchange will be made upon
obtaining the sealed copy from the High Court.


MALAYSIAN GENERAL: FIC OKs Restructuring Scheme Revision
--------------------------------------------------------
Pursuant to the decision of the Securities Commission's (SC) on
the Malaysian General Investment Corporation Berhad's
application on its restructuring scheme dated 30 August 2002 as
set out in the SC's letter dated 24 December 2002, on behalf of
MGIC, AmMerchant Bank Berhad {formerly known as Arab-Malaysian
Merchant Bank Berhad} (AmMerchant Bank) had on 8 January 2003
informed the Foreign Investment Committee (FIC) of the revision
to the Company's original restructuring scheme which was
approved by the FIC on 18 November 2002, namely on the proposed
acquisition of the entire issued and paid-up share capital of
Isuta International Sdn Bhd which was not approved by the SC,
and also the effects of the revision.

In this respect, on behalf of MGIC, AmMerchant Bank is pleased
to announce that the FIC has approved the revision via its
letter dated 30 April 2003 (which was received on 6 May 2003).

The Proposed Restructuring Scheme comprising the following:

    a) Proposed exchange of all the existing ordinary shares of
RM1.00 each (Shares) in MGIC with new Shares in Sumatec
Resources Berhad (SRB) on the basis of one (1) new Share in SRB
for every five (5) existing Shares held in MGIC;

   b) Proposed debt settlement exercise between MGIC and its
creditors, save for the trade creditors (Creditors), involving
the issuance of new Shares in SRB to the Creditors as full and
final settlement of the outstanding debts due from MGIC to the
Creditors;

   c) Proposed acquisition of the entire issued and paid-up
share capital of Sumatec Corporation Sdn Bhd (Sumatec)
comprising 10,000,000 Shares by SRB from Tekad Mulia Sdn Bhd
(Tekad Mulia), being the vendor of Sumatec, for a purchase
consideration of RM95,000,000 to be satisfied by the issuance of
95,000,000 new Shares in SRB (Proposed Acquisition Of Sumatec
Group);

   d) Proposed waiver to Tekad Mulia and parties acting in
concert with it from the obligation to extend an unconditional
mandatory general offer for all the remaining Shares not already
owned by them in SRB after the Proposed Acquisition Of Sumatec
Group;

   e) Proposed offer for sale / placement of the SRB Shares held
by the Creditors and Tekad Mulia (if required);

   f) Proposed admission of the entire enlarged issued and paid-
up share capital of SRB to the Official List of the Kuala Lumpur
Stock Exchange and proposed delisting of MGIC; and

   g) Proposed liquidation of MGIC and all of its subsidiaries.


MBF HOLDINGS: Updates Status on ICBS's Statement Of Claim
---------------------------------------------------------
MBf Holdings Berhad would like to advise the public of the
service of a Writ of Summons and Statement of Claim from
Industrial and Commercial Bank of China (Asia) Limited [ICBC), a
bank incorporated in Hong Kong previously known as Union Bank of
Hong Kong Limited.

Under the Statement of Claim, ICBC is seeking, inter alia,
outstanding principal of HK$114,867,275.65 (equivalent to
RM56,067,542.95) and interests of approximately HKD3,405,565.11
(equivalent to RM1,668,726.86).

Background

MBf Properties Holdings (HK) Limited [MBfPHHK] had in 1997
obtained a loan facility of HK$118,720,000 from ICBC to part
finance the purchase of its office property in Hong Kong. The
said facility was secured by a first legal charge over the
property and a purported Corporate Guarantee of MBfH.

MBfPHHK is a wholly-owned subsidiary of MBf Asia Capital
Corporaton Holdings Limited, which in turn is wholly-owned by
MBfH.

The amount and payment terms of the original facility was
amended and varied by a restructured principal loan agreement
totaling HK$188,863,600 (RM 92.5 million) between MBfPHHK and
ICBC against further securities. All rentals received in respect
of the property by MBfPHHK were assigned to ICBC.

MBfPHHK had in August 2002 disposed the said office property for
HKD48 million (equivalent to RM23.5 million) and MBfPHHK as part
settlement of the outstanding loan due to ICBC by MBfPHHK
utilized the sale proceeds.

Financial Effect on MBfH Group

Although liability is disputed, as an act of prudence, MBfH has
proviad for this claim in the financial statement for the year
ended 31 December 2002 without admission of liability.
Independent solicitors have expressed their opinions that MBfH
has an arguable case against ICBC.

Steps taken by MBfH

Its solicitors have entered an Appearance on behalf of MBfH. A
Defence will be filed in due course.


MYCOM BERHAD: Variations Won't Affect MITI's Scheme Approval
------------------------------------------------------------
Reference is made to the announcement on 7 March 2003 that the
Mycom Berhad (the Company) through Alliance Merchant Bank Berhad
had on 6 March 2003 submitted a letter notifying the Ministry of
International Trade & Industry (MITI) and Foreign Investment
Committee each in respect of the recent application to the
Securities Commission (SC) on 6 February 2003 of the proposed
variations to the Proposed Restructuring Scheme (Scheme).

The Board of Mycom Berhad wishes to inform that the Company had
on Wednesday received from MITI, in its letter dated 30 April
2003, which noted the proposed variations and that it will not
affect the approvals already granted to the Scheme. The approval
from SC on the proposed variations had been obtained on 25 March
2003 and announced on 27 March 2003.


NALURI BERHAD: Agrees SSA Mutual Rescission, Revocation
-------------------------------------------------------
Naluri Berhad (Special Administrators Appointed) refers to the
announcement dated 5 September 2002 on the Proposed acquisition
of 90% equity interest in Tegas Consolidated Sdn Bhd for a
purchase consideration of RM24,500,000 (Proposed Acquisition).

Alliance Merchant Bank Berhad, on behalf of the Special
Administrators of Naluri, wishes to announce that the Company
has agreed to a mutual rescission and revocation with KYM
Holdings Bhd and Polypulp Enterprises Sdn Bhd of the Share Sale
Agreement (SSA) dated 5 September 2002 in respect of the
Proposed Acquisition.


PAN PACIFIC: Provias April Default in Payment Status
-----------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad wish to
announce the Default in Payment as at 30 April 2003 of PPAB and
its subsidiaries in accordance with the Practice Note No.
1/2001. Details can be found at
http://bankrupt.com/misc/TCRAP_Pan0512.xls.

The Board also wishes to inform that there are no material
changes in PPAB's status of default from the date of last
announcement until 30 April 2003.


PLANTATION & DEVELOPMENT: Court Convened Meeting Set on May 29
--------------------------------------------------------------
Plantation & Development (Malaysia) Berhad posted its Court
Convened Meeting Notice:

IN THE HIGH COURT OF MALAYA
(COMMERCIAL DIVISION)
ORIGINATING SUMMONS NO: MT3-24-1698-02
In the matter of Plantation & Development (Malaysia) Berhad
(P&D) and Redztikah Sdn Bhd (Redztikah)

and

in the matter of Section 176, 64 and other relevant sections of
the Companies Act, 1965.

1. Plantation & Development (Malaysia) Berhad (6357-V)
2. Redztikah Sdn Bhd (21636-D) ...Applicants

NOTICE OF COURT CONVENED MEETING OF MEMBERS OF PLANTATION &
DEVELOPMENT (MALAYSIA) BERHAD (P&D) CONVENED PURSUANT TO SECTION
176 OF THE COMPANIES ACT, 1965

Notice is hereby given that by an Order of Court made on the
29th day of July 2002 in the above matters the Court has
directed meeting of the members of P&D to be convened pursuant
to the provisions of Section 176 of the Companies Act, 1965 (the
Meeting) for the purpose of considering and if thought fit to
approve (with or without modification(s)) a proposed
restructuring scheme (the Proposed Restructuring Scheme) and
that such Meeting will be held at Daffodil Room, Level 6, Eden
Garden Hotel, Kompleks Bebas Cukai Johor Bahru, No. 88, Jalan
Ibrahim Sultan, Stualang Laut, 80300 Johor Bahru on Thursday,
the 29th day of May 2003 at 10:00 in the morning.

In this respect, the Shareholders of Plantation & Development
(Malaysia) Berhad (PD) are advised to disregard an earlier
Notice of the Court Convened Meeting of Members to be held on
Thursday, the 22nd day of May, 2003, at the same venue. The said
Notice was inadvertently and erroneously advertised in THE SUN
newspaper on the 30th day of April, 2003.

A copy of the Explanatory Statement required to be furnished
pursuant to Section 177 of the Companies Act, 1965 is
incorporated in the printed document of which this Notice forms
part of. Any person entitled to attend the Court Convened
Meeting can obtain a copy of the said Explanatory Statement and
the form of proxy applicable for the Court Convened Meeting at
AmMerchant Bank Berhad at 21st Floor, Bangunan AmBank Group, 55,
Jalan Raja Chulan, 50200 Kuala Lumpur during the usual business
hours on any day (other than a Saturday or Sunday or public
holiday) prior to the day appointed for the Court Convened
Meeting.

The said shareholders may vote in person at the Court Convened
Meeting or they may appoint another person, whether a member of
the Applicant or not, as their proxy to attend and vote in their
stead. A form of proxy applicable for the Court Convened Meeting
is enclosed herewith.

It is requested that the forms appointing proxies be lodged at
the registered office of P&D not later than 48 hours before the
time appointed for the Court Convened Meeting.

By the said Order, the Court has appointed Puan Sri Datin Hajjah
Atkah Bte Abdullah,or failing her, Rozana Bte Tan Sri Dato' Haji
Redzuan to act as Chairman of the Court Convened Meeting and has
directed the Chairman to report the results thereof to the
Court.


PLB ENGINEERING: Strikes Off Dormant Subsidiaries
-------------------------------------------------
The Board of Directors of PLB Engineering Berhad wishes to
announce that:

   1. I. T. Challenge Sdn. Bhd. (ITCSB), a wholly-owned
subsidiary of PLB.Com Ventures Sdn. Bhd. which in turn is a
wholly-owned subsidiary of the Company; and

   2. Symons Systems Sdn. Bhd. (SSSB), a wholly-owned subsidiary
of the Company

had on 7 May 2003 submitted an application to the Companies
Commission of Malaysia (the CCM) to strike off its name from the
register of CCM pursuant to Section 308(1) of the Companies Act,
1965 (the Act).

INFORMATION ON ITCSB

ITCSB was incorporated on 11 March 2000. The authorized capital
of ITCSB is RM1,000,000.00 comprising of 1,000,000 ordinary
shares of RM1.00 each of which 200,000 ordinary shares of RM1.00
each has been issued and fully paid-up.

INFORMATION ON SSSB

SSSB was incorporated on 29 October 1997. The authorized capital
of SSSB is RM100,000 comprising of 100,000 ordinary shares of
RM1.00 each of which 2 ordinary shares of RM1.00 each has been
fully issued and paid-up.

RATIONALE

ITCSB is a dormant company and had ceased operations since July
2001 whilst SSSB has not commenced operations since the date of
incorporation.

ITCSB and SSSB have no intention to commence business in the
near future and have no asset or liability with any other party
as at 30 April 2003.

INTEREST OF DIRECTORS, SUBSTANTIAL SHAREHOLDERS AND PERSONS
CONNECTED TO SUCH DIRECTORS AND/OR SUBSTANTIAL SHAREHOLDERS

Other than Ms Ong Guat Beng who is a Director of ITCSB and Mr
Ong Seng Chye who is a Director of SSSB, none of the Directors,
substantial shareholders and persons connected to such Directors
and /or substantial shareholders of the Company have any direct
or indirect interest in the above applications to the CCM.

APPROVAL REQUIRED

The application for striking off under Section 308 of the Act is
subject to the CCM's approval and shall not be subjected to the
approvals of Securities Commission, Foreign Investment
Committee, Kuala Lumpur Stock Exchange or the shareholders of
the Company.

EFFECTS OF STRIKING OFF EXERCISE

The application for striking off shall not have any significant
impact on the share capital of the Company, earnings and net
tangible assets of PLB Group.


PROMET BERHAD: Registrar Grants Plaintiff Summary Judgment Leave
----------------------------------------------------------------
Reference is made to the announcement dated 16 May 2002,
reference no. PP-020516-4BAF9 in relation to Kuala Lumpur High
Court Civil Suit No. S1-22-289-02 Mbf Property Services Sdn Bhd
(Plaintiff) vs Pertama Emas Tourist Corporation Sdn Bhd & Promet
Berhad (Defendants).

Promet Berhad wishes to inform that on 5 May 2003 the Senior
Assistant Registrar after having read both the plaintiff and
defendants' affidavits and having heard the substantive
arguments from both counsels, grant leave for MBf Property
Services Sdn Bhd to enter Summary Judgemnt against PROMET
together with costs on solicitor and client basis. PROMET is
seeking legal advice on next course of action.

There is no material financial impact on the Group arising from
the legal suit. The costs to the Group would only be the legal
costs (to be assessed by the Court), which are not expected to
be material.


SENG HUP: Unit Disposal Part of Restructuring Exercise
------------------------------------------------------
Further to the announcement dated 6 May 2003 in relation to the
disposal of 1,390 square meters of land and a four-story
building with a gross floor area of 2,811 square meters
(Property) for a total cash consideration of US$1,140,000.00
(Disposal).

Seng Hup Corporation Berhad (Special Administrators Appointed)
wishes to inform that the Disposal by PT Krisindo Mas, its 95%
owned subsidiary, is part of the Proposed Corporate and Debt
Restructuring Exercise of SHCB pursuant to the Pengurusan
Danaharta Nasional Berhad Act, 1998 (as amended).

Accordingly, the transaction does not require the approval from
the shareholders of SHCB.


SRI HARTAMAS: SC Gives Nod on Moratorium Shares New Rules
---------------------------------------------------------
Sri Hartamas Berhad (Special Administrators Appointed) refers to
the announcements dated 30 March 2001, 24 May 2001, 1 October
2001, 2 October 2001, 10 July 2002, 14 January 2003, 20 March
2003 and 8 April 2003 in relation to the Moratorium on the
330,000,000 Ordinary Shares of RM1.00 each in Hartamas Group Sdn
Bhd (HGB Shares) (Moratorium Shares) owned by FACB Resorts
Berhad and certain of its subsidiaries (Affected Parties)
pursuant to the affected parties' participation in the Proposed
Scheme of Arrangement involving SHB.

On behalf of SHB, Commerce International Merchant Bankers Berhad
is pleased to announce that the Securities Commission (SC) had,
via its letter dated 30 April 2003, granted its approval to
allow the Moratorium Shares which are owned by the Affected
Parties, to be subjected to the new moratorium rules as set out
in the new SC's Policies and Guidelines on Issue/Offer of
Securities which took effect on 1 May 2003 ("New Policies").
Consequently, the Affected Parties will only be restrained from
selling, transferring or assigning the Moratorium Shares for a
period of one (1) year from the date of listing of and quotation
for the HGB Shares on the Kuala Lumpur Stock Exchange ("KLSE").

Based on the original moratorium rules, which are superseded by
the New Policies, the Affected Parties were restrained from
selling, transferring or assigning the Moratorium Shares for a
period of one (1) year from the date of listing of and quotation
for the HGB Shares on the KLSE, and thereafter the Affected
Parties were only allowed to sell, transfer and assign up to one
third of the Moratorium Shares each year on a straight line
basis.


TIME DOTCOM: Proposed Disposal Successfully Completed
-----------------------------------------------------
On 18 September 2002, AmMerchant Bank Berhad {formerly known as
Arab-Malaysian Merchant Bank Berhad} (AmMerchant Bank), on
behalf of Time dotCom Berhad, announced that the Company had on
even date entered into a conditional sale and purchase agreement
(Conditional SPA) with Maxis to dispose of its entire equity
interest in its wholly-owned subsidiary, TIMECel. On 30 April
2003, AmMerchant Bank, on behalf of TdC, announced that the
shareholders of TdC have approved, amongst others, the Proposed
Disposal at an Extraordinary General Meeting held on even date.

In this respect, on behalf of TdC, AmMerchant Bank is pleased to
announce that the Proposed Disposal of TdC's 100% equity
interest in TimecEL Sdn Bhd comprising 1,293,884,000 ordinary
shares of RM1.00 each (TimecEL shares) to Maxis Communications
Berhad (Maxis) for a cash consideration of up to RM1.475 billion
comprising RM1.325 billion for the TimecEL shares and up to
RM150.0 million for the repayment of the inter-company loans has
been completed on Wednesday pursuant to the fulfillment or
waiver (whereby conditions of waiver have been fulfilled) of all
the conditions precedent stipulated in the Conditional SPA as
amended and supplemented by the letter from Maxis dated 12
December 2002 (Letter Of Offer) and the supplemental agreement
to the Conditional SPA and Letter Of Offer dated 20 March 2003.

Pursuant to the receipt of the sale proceeds from the Proposed
Disposal of RM1.325 billion, the Company will proceed with the
implementation of the proposed capital repayment of
RM1,265,387,500 to its shareholders on the basis of 50 sen cash
for every one (1) existing ordinary share held in TdC at an
entitlement date to be determined and announced in due course.


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


BENPRES HOLDINGS: Annual Loss Figure Improves, Down by PHP8 B
---------------------------------------------------------------
Troubled Benpres Holdings Corp., the umbrella company that
controls the Lopez family businesses, announced Friday that its
net losses for 2002 dropped to PHP1 billion from PHP9.99 billion
a year earlier.

According to the Manila Bulletin, the company's revenues rose to
PHP2.019 billion in 2002 from PHP1.778 billion a year earlier,
while cost and expenses only amounted to PHP3.164 billion versus
PHP11.773 billion in 2001.

The company has investments in power generation and
distribution, broadcasting, telecommunications, water, tollways,
and property.  Net losses for 2001 reached PHP10.251 billion, up
from only PHP354 million in 2000.


MANILA ELECTRIC: President Arroyo Wants Refund Within a Month
-------------------------------------------------------------
Philippine President Gloria Arroyo ordered last week the Energy
Regulatory Commission to hasten the implementation of the PHP30
billion-refund meted against the Manila Electric Co. on April
30, the Manila Bulletin says.

"The ERC, I hope, will find the best formula to give back to our
poor consumers the financial relief given them by the Supreme
Court, but we must do this the soonest time possible," she said
in a statement adding, "Justice has been served and we must not
let our people wait."

Rigoberto Tiglao, presidential chief of staff, told reporters
the President wants ERC to come up with a "not very difficult
and not very tedious process" of comparing the consumers' bills
and refund to determine the deductions in the future monthly
bills of small residential consumers.

"If the technical aspects are resolved, Meralco could very well
issue the checks (to those eligible for rebate) and put it in
the bills by next week or maybe in the next two weeks," he said
during a news briefing.

"The refund should be made primarily to small consumers
consuming from 0 to 100 KWH per month and the President would
not want any delays here," Mr. Tiglao added.

The Supreme Court ruling becomes executory May 15.


MANILA ELECTRIC: Earmarks PHP1.4 Billion for Initial Refund
-----------------------------------------------------------
The initial phase of Meralco's refund to customers will cost the
company PHP1.4 billion, according to President Jesus Francisco,
adding that it will cover 1.42 million customers.

At a public consultation last week, Mr. Francisco said the first
phase would refund customers with zero- to 100 kilowatt-hours of
consumption.  Accordingly, based on initial computation, the
average refund per customer could reach PHP956.86 on estimated
consumption of 8.141 million KWH.

He said the initial refund will cover residential and general
service customers with active accounts and consuming within 100
KWH based on their April 2003 bills.  Information on the
mechanics of the refund scheme will be delivered along with next
month's billings, the Manila Bulletin said Saturday.

In related development, Energy Regulatory Commission Chairman
Manuel Sanchez said last week Meralco's proposal for the first
phase of the refund to low-end residential customers could be
approved this week.  The payback process could therefore be
accomplished as early as the first week of June, the paper said.

Meralco proposes to pay customers on a lump sum basis and they
would be paid in cash.  Mr. Francisco says the needed cash for
the first batch of refund is now ready because it has already
been part of the loan procurement it had in the recent past.

The second phase of refund, he said, will involve residential
customers with consumption of 100 KWH and up.  They will be paid
on a staggered basis over a certain period of time.  Meralco
said it would submit its proposal for this on May 24.

Mr. Francisco admitted, however, that the company will
experience difficulty sourcing the money for the bigger refund.
He anticipates that lenders may not anymore extend loans to
Meralco given the high level of uncertainty it is facing right
now.

The report said commercial and industrial end-users will
probably be paid back for excess charges over a nine-year period
and the mode would be to credit it as reduction in their future
billings.  This customer class makes up 70-percent of the total
refund.


NATIONAL STEEL: Trade Secretary Vows to Reopen Steel Firm
---------------------------------------------------------
"Government won't countenance selling the steel mill for scrap,"
thus said Department of Trade and Industry Secretary Manuel
Roxas II on Friday when asked by reporters on the sidelines of a
business summit.

Mr. Roxas said his department would file an opposition before
the Securities and Exchange Commission if creditors decide to
sell the National Steel Corporation to a buyer who is not
interested in reopening the firm's steel plant in Iligan City.

The secretary, according to The Manila Times, is backing a
proposal to operate the steel plant even on a tolling basis,
pending the selection of a partner to operate it.  During a
meeting with creditors Wednesday last week, all agreed that the
only option is to reopen the shuttered steel plant.

Mr. Roxas said Credit Agricole Indosuez, the only creditor who
have yet to sign a memorandum of agreement forged last December,
"is not actively opposing" the agreement.  He also disclosed
that a steering committee is now examining the offer of Global
Infrastructure Holdings, Ltd. (GIHL) to buy the NSC plant.

"We need to decide early so as not to derail the efforts we've
already made in the past.  It is within our country's interest
that the NSC assets are preserved and maximized.  Otherwise, the
market value diminishes," he said in a statement issued after a
press conference Friday.

Apart from the National Development Corp., an attached agency of
the trade and industry department, other shareholders of the NSC
are Hottick Investment Ltd. and Marubeni Corp.  Its creditors
include Philippine National Bank, Credit Agricole Indosuez, Land
Bank of the Philippines, China Banking Corp., Rizal Commercial
Banking Corp., Metropolitan Bank & Trust Co.

Equitable PCI-Bank, United Coconut Planters Bank, Export &
Industry Bank, Wise Capital Investment & Trust Company, Inc.,
Bank of Commerce, United Overseas Bank, Allied Banking Corp.,
Bank of the Philippine Islands-Asset Management and Trust Group,
and the Development Bank of the Philippines.


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


BIL INTERNATIONAL: Posts Changes in Shareholder's Interests
-----------------------------------------------------------
Notice Of Change of Substantial Shareholder's Interests
Name of substantial shareholder: Hong Leong Investment Holdings
Pte Ltd

Date of notice to company: 09 May 2003

Date of change of interest: 07 May 2003

Name of registered holder: (a) UOB Kay Hian Pte Ltd
(b) National Nominees Limited

Circumstance(s) giving rise to the interest: Others
Please specify details: Deemed Interest

Information relating to shares held in the name of the
registered holder:

No. of shares which are the subject of the transaction:
22,388,014

% of issued share capital: 1.64

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:

(a) 2,160,000 shares at S$0.6013 per share
(b) 20,228,014 shares at S$0.60 per share

No. of shares held before the transaction: 333,873,435

% of issued share capital: 24.4

No. of shares held after the transaction: 356,261,449

% of issued share capital: 26.04

Holdings of Substantial Shareholder including direct and deemed
interest

                                           Deemed        Direct

No. of shares held before the transaction: 333,873,435

% of issued share capital:                 24.4

No. of shares held after the transaction:  356,261,449

% of issued share capital:                 26.04

Total shares: 356,261,449

Submitted by Jane Teah, Company Secretary on May 10, 2003 to the
Singapore Exchange.


BIL INTERNATIONAL: Announces Changes in Thistle Hotels' Board
-------------------------------------------------------------
Following the announcement by BIL (UK) Limited, on 1 May 2003,
that it had declared its increased offer for Thistle Hotels Plc
('Thistle') unconditional in all respects and the announcement
by Thistle on the same date recommending acceptance of the
increased offer, Thistle on Friday announced the following
changes to the composition of its Board of Directors and to the
responsibilities of individual directors:

(a) David Newbigging, Ian Burke, Charles Mackay, Arthur Hayes
and Baroness O'Cathain have resigned as directors of Thistle.

(b)  Michael Cairns and Thomas Robson have been appointed as
non-executive directors of Thistle.

(c) Tan Sri Quek Leng Chan, an existing director of Thistle and
Chairman of BIL International Limited, has been appointed
Chairman of Thistle.

(d) Arun Amarsi, an existing director of Thistle and Chief
Executive Officer of BIL International Limited, has been
appointed Chief Executive Officer and Managing Director of
Thistle.

The changes detailed above are effective as of 10 May 2003.

Submitted by Ian Cattermole, Company Secretary on behalf of
Thistle Hotels Plc.


CAPITALAND LIMITED: Posts Information on Section 44 Credit
----------------------------------------------------------
The Board of Directors of CapitaLand Limited wishes to announce
that as at 31 December 2002, the Company had approximately S$190
million Section 44 credit available for franking diviands. The
Company will endeavour to utilize fully the Section 44 credit,
subject to availability of retained earnings and its cashflow
requirements, before the expiry of the 5-year transition period
given under the new one-tier corporate tax system.

By Order of the Board

Tan Wah Nam
Company Secretary
9 May 2003


CAPITALAND LIMITED: All Resolutions Submitted to AGM Pass
---------------------------------------------------------
The Board of Directors of CapitaLand Limited wishes to announce
that at the Annual General Meeting of the Company held May 9,
2003, all the resolutions on the items of ordinary and special
business as set out in the Notice of AGM dated 26 March 2003,
and put to the meeting, were duly passed.

By Order of the Board

Tan Wah Nam
Company Secretary
9 May 2003


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


MILLENNIUM STEEL: Updates Securities SWAP With NTS Progress
-----------------------------------------------------------
Reference is made to the fact that there have been a certain
number of securities holders of N.T.S Steel Group Public Company
Limited (NTS) who has not yet subscribed their securities for
securities of Millennium Steel Public Company Limited .

Millennium Steel Public Company Limited announced that in order
to facilitate such remaining NTS securities holders to be able
to subscribe their securities for the securities of the company,
the company is, therefore, now initiating a second public
offering.

Types of Securities  Amount (Shares/Units) Percentage of the
                                           Issued and Sold-out
                                           NTS Securities

   Ordinary shares        71,255,961          3.71
   Warrant  1             6,590,744          1.38
   Warrant  2             9,252,779          1.38

This second public offering is aimed for a securities swap
between securities of the company and of NTS for the same type
and class of securities with respects to a 1:1 securities swap
ratio. There shall, in addition, be no cash payment for
securities subscription.

The conditions underlying this second public offering shall,
nevertheless, be in accordance with those stipulated under the
securities offering of the company together with the tender
offer to purchase securities of NTS from October 16th, 2002 to
November 20th, 2002.

Notwithstanding that the company has already submitted the
filing form (Form 69-1) for this second public offering to the
Office of the Securities and Exchange Commission (SEC) on
May 7, 2003, it is anticipated that the company shall be able to
commence this second public offering around June 2003 to August
2003, accounting to an approximate of 8-week offering period.


QUALITY HOUSES: SET Grants Listed Securities
--------------------------------------------
Starting from May 12, 2003 the Stock Exchange of Thailand (SET)
allowed the securities of Quality Houses Public Company Limited
(QH) to be traded on the SET after finishing capital increase
procedures.

Name             : QH
Issued and Paid up Capital
     Old         : Bt4,546,131,900
                 Number of common shares 909,226,380 Shares
     New         : Bt5,892,613,880
                 Number of common stock 1,178,522,776 Shares
Par value        : Bt5
Allocate to      : Warrant holders,  Directors and employees :
                   - Warrant No.2  235,376,065 Units
                   - Warrant No.3   17,930,302 Units
                   - Warrant ESOP    1,169,865 Units
Exercise Ratio   : Warrant : Common Stock
                   - Warrant No. 2  1:1.06236
                   - Warrant No. 3  1:1.00793
                   - Warrant ESOP   1:1.00051
Exercise Price   : Warrant No.2   Bt5.88312
                   Warrant No.3   Bt5
                   Warrant ESOP   Bt5
Number of common :  Warrant No.2  250,053,453 Shares
stock from exercise Warrant No.3   18,072,487 Shares
                    Warrant ESOP    1,170,456 Shares
Exercise Date     : April 21, 2003

Early March, the Troubled Company Reporter - Asia Pacific
reported that the Company gains from debt restructuring in the
amount of Bt31.7 million. Gain from sale of investments amounts
of Bt55.8 million.


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

   1. Accepted the resignation of the following directors:

         Name                                 Position
        1) Mr. Somjitt Limwattanakul          Director
           effective from April 29, 2003
        2) Mr. Sombat Leesawadtrakul         Director
           effective from April 28, 2003

   2. Approved the appointment of Directors:

         1) Mr. Tawee Kullertprasert           Director
            (Replaced Mr. Somjitt Limwattanakul)
        2)  Mrs. Angsana Weerachatsakul        Director
            (Replaced Sombat Leesawadtrakul)
            effective from May 2nd, 2003

Therefore, it has been registered to the Public Company
Registrar at Ministry of Commerce.


SINO-THAI ENGINEERING: Clarifies Q103 Financial Statement
---------------------------------------------------------
Sino-Thai Engineering & Construction Public Company Limited,
clarified its quarterly financial statement ended 31 March 2003.
Net profit increased 33.03% from the same period of the previous
year due to the following reasons:

1. The company prepaid outstanding loan principal under the
restructuring agreements totaling Bt100 million in this
quarter, the prepayment caused a Bt8.27 million reduction
in the amount of the interest to be paid on the loans in
the future as recorded by the company. The company
therefore reversed the above amount of accrued interest to
be other income.
2. The company reversed the Bt28.1 million provisions for the
loss of Joint venture to be other income, since the
company has no obligations to the joint venture.

STECON's reviewed quarterly financial statements:

Reviewed
Ending March 31,      (In thousands)
                             Quarter 1
                   Year      2003        2002

Net profit (loss)            122,577      92,145
EPS (baht)                     0.15        0.12


SUN TECH: Repay Bt91,866.15 Unsecured Debts to Group 7 Creditors
----------------------------------------------------------------
Reference to the Central Bankruptcy Court order on approval to
Sun Tech Group Public Company Limited 's Business Reorganization
Plan (the Plan) and having Srisongkram Planner Company Limited
as the Plan Administrator on May 3, 2001.

The Company, having an obligation to report the progress of the
implementation of the plan for the last 3 months, reported that
it has repaid to the Creditors during February 3, 2003 - May 6,
2003. Details are as follows:

Group 7 Creditors: (Unsecured debts Creditors as Trade
Creditors) in the amount of Bt91,866.15 for this quarter and the
totally from the first report through currently is
Bt23,966,306.43.

The Total of repaid in the amount of Bt91,866.15 or 0.15 percent
of the Plan.


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

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

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

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

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

                 *** End of Transmission ***