TCRAP_Public/030513.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Tuesday, May 13 2003, Vol. 6, No. 93

                         Headlines

A U S T R A L I A

ADVANCED ENGINE: Managing Director Hamilton Resigns
AMP LIMITED: Posts ASIC Class Order 02/1180 Notice
GINDALBIE GOLD: Minjar Benefits From Restructured Operation
HORIZON ENERGY: Confirms Two-Month Loan Repayment Extension
POLYONE CORPORATION: Completes Debt Refinancing

POWERTEL LIMITED: Obtains New Funding, Major Shareholder
SOUTHCORP LIMITED: Issues May 2003 Trading Update
SOUTHCORP LIMITED: Reinstated to Official Quotation
WOODSIDE PETROLEUM: Makes Low Cost Entry Into New Region


C H I N A   &   H O N G  K O N G

CENTRAL NORTH: Receivers Reach Settlement With Fletcher
CHINA STAR: 2002 Net Loss Doubles to HK$395.690M
ELQUEEN INDUSTRIAL: Faces Winding Up Petition
KNOLOR LIMITED: Winding Up Petition Slated for Hearing
MANSION HOLDING: No Apparent Reason for Share Price Increase

SUN TREND: Winding Up Hearing Set on May 28
WIXON DEVELOPMENT: Petition to Wind Up Pending


I N D O N E S I A

* IBRA Offers US$2.5B, Rp18.6T Strategic Assets

  
J A P A N

ALL NIPPON: Plans to Return Rented Office Space to KIAC
ASAHI LIFE: Impact of Interest Deferral on Mizuho Bank
HOKKAIDO INTERNATIONAL: Operates New Flights on July 18
NIPPON STEEL: Widens Net Loss to Y51.69B in 2002
NTT WEST: Posts First Profit Since 1999

SOGO CO.: Merges With Seibu in June
TOBU RAILWAY: R&I Assigns BBB- Rating


K O R E A

CHOHUNG BANK: About Time to Sell Bank, Roh Says
HYNIX SEMICONDUCTOR: Reaffirms $100M Investment in Oregon Fab
JINRO LTD.: Goldman-Led Group May Collect $445M After Ruling
SK GLOBAL: SK Group Reveals Intent to Revive Firm


M A L A Y S I A

ABRAR CORPORATION: Unit's Case Set for Further Mention on Dec 10
CSM CORPORATION: Winding-Up Petition Affects Financial Position
DENKO INDUSTRIAL: Lenders Extend PCDRS Implementation to Aug 30
EPE POWER: EGM to be Held on May 22
GEAHIN ENGINEERING: Obtains Court's Restraining Order Extension

GLOBAL CARRIERS: Proposed Revised Scheme Time Extension Granted
KSU HOLDINGS: April Principal Default Amounts RM106.315M
LION CORPORATION: Trading Restriction Uplifted
LONG HUAT: Discloses Auditors' Accounts Qualifications
METROPLEX BERHAD: Proposes Shareholders' Mandate Renewal

MOL.COM BERHAD: Disposes of Entire MyETutor Equity Interest
MYCOM BERHAD: Receives SC's Proposed Revision Approval Letter
SITT TATT: Obtains SC's Nod on Proposed Waiver
SURIA CAPITAL: Pre-Trial Case Management Fixed on July 2
TENCO BERHAD: Seeks E&Y's Assistance Over Writ of Summons

TRANSWATER CORPORATION: Proposes Company Name Change
WAH SEONG: Unit Inks JV With WKB to Boost Earnings


P H I L I P P I N E S

MANILA ELECTRIC: Needs P11.5-B to Pay Maturing Debts
MANILA ELECTRIC: Ready for P1-B Refund for Small Consumers
NATIONAL POWER: Aims to Sells US$500M Bonds in June
VICTORIAS MILLING: Tanduay Not Planning to Take Control


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Responds to Media Query
FLEXTECH HOLDINGS: Auditors Report on Financial Statements
KOH BROTHERS: EGM Set For May 28
NEPTUNE ORIENT: Schedules EGM on May 28
PRESSCRETE HOLDINGS: Changes Board Composition

SEATOWN CORPORATION: Unit Appoints Judicial Manager


T H A I L A N D

KGI SECURITIES: Resolves HOLDCO Liquidation
PICNIC GAS: Hires E&Y as 2003 Auditors
RAIMON LAND: Posts Plan Implementation Report
ROYAL CERAMIC: Issues Rehabilitation Plan Update
THAI PETROCHEMICAL: Allegations Are Unsubstantiated, Says EPL

* SET Excludes Stocks From Index Calculation   

     -  -  -  -  -  -  -  -

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


ADVANCED ENGINE: Managing Director Hamilton Resigns
---------------------------------------------------
Advanced Engine Components Limited announces the resignation of
Mr Anthony Hamilton as Managing Director and Mr Steve Apedaile
as Non-Executive Director (Asian Projects), effective on May 9,
2003.

Further, the Company announces the appointment of Mr Graham
Leslie Keys, Mr George Long, Mr Dean van Drasek, Mr Michael
Nacson and Mr Peter Jermyn as directors.

According to Wrights Investors' Service, at the end of 2002,
Advanced Engine Components Limited had negative working capital,
as current liabilities were A$7.22 million while total current
assets were only A$3.99 million.


AMP LIMITED: Posts ASIC Class Order 02/1180 Notice
--------------------------------------------------
AMP Limited previously announced the successful placement to
institutional investors of ordinary shares raising approximately
A$1.2 billion. The ordinary shares issued in the placement are
expected to be quoted on the Australian Stock Exchange (ASX) on
Monday.

This announcement is provided for the purpose of confirming with
the ASX the satisfaction by AMP of all requirements under
paragraph 5 of Category 1 of Schedule C to Class Order 02/1180
(CO 02/1180).

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


GINDALBIE GOLD: Minjar Benefits From Restructured Operation
-----------------------------------------------------------
In early April 2003, Gindalbie Gold NL announced that it was to
restructure its Minjar operations to a two weeks on, one week
off milling roster due to a high operating costs during the
March Quarter that resulted from the need to mine through a
previously unidentified depletion zone in the Silverstone South
ore body.

The Company is very pleased to announce that operating costs
have reduced significantly since the introduction of the new
operating parameters such that total cash costs for the month of
April 2003 were A$361 per ounce. Total cash costs for the June
Quarter are expected to be in the order of A$400 per ounce.

In addition the latest grade control drill program at
Silverstone South confirms that the Company has progressed
through the depletion zone identified in the March Quarter and
confirmed the reserve model for the remainder of the pit. Recent
grade control results at Silverstone South include

   8 metres @ 27.29g/t gold
  12 metres @ 12.23g/t gold
  12 metres @  8.99g/t gold

Grade control drilling has also been completed in the base of
the M1 pit. Recent results include

   9 metres @ 9.43g/t gold
   6 metres @ 6.31g/t gold
   5 metres @ 7.60g/t gold

The Company expects to mine 61,000 tonnes of ore grading 3.60g/t
gold during the month of May 2003 from the M1, Silverstone South
and Eastern Creek pits.

Gindalbie's Managing Director, Mr David McSweeney said that
"with the combination of the operational changes flowing from
the recent restructure of the Minjar operations, the progression
through the depletion zone at the Silverstone South pit and the
increased confidence obtained in the remaining ore reserves from
the latest grade control drilling, the Company believes the
operations at Minjar are on track to return to profitability in
the June Quarter".

According to Wrights Investors' Service, at the end of 2002,
Gindalbie Gold NL had negative working capital, as current
liabilities were A$8.58 million while total current assets were
only A$6.74 million. The company has paid no dividends during
the last 12 months.


HORIZON ENERGY: Confirms Two-Month Loan Repayment Extension
-----------------------------------------------------------
Horizon Energy Investment Group informed that on 30 April, the
Loy Yang Partnership, in which Horizon has a 25% interest,
announced it had received confirmation that lenders had obtained
internal credit approvals to grant a two month extension to the
$500 million loan repayment (Bullet A) of debt facilities due on
12 May 2003.

This extension was subject to the execution of all satisfactory
documentation, which Horizon can now confirm has been completed.

It provides a further two months to allow the Loy Yang Power
partners to pursue the successful completion of a course of
action by which the funding of the Bullet A payment will be
resolved. The amount is now due on Friday 11 July.

CONTACT INFORMATION: Dennis Eagar
        MANAGER, EXTERNAL AFFAIRS
        Tel: (02) 8232 6771
        Mob: 0414 345 176
        Email: dennis.eagar@macquarie


POLYONE CORPORATION: Completes Debt Refinancing
-----------------------------------------------
PolyOne Corporation, a leading global polymer services company,
announced last week that it has completed a debt refinancing
plan initiated in early April. The refinancing will provide the
necessary liquidity to repay $87.8 million of senior debt that
matures in September 2003, as well as to support normal
operations and fund previously announced restructuring
initiatives intended to improve earnings.

"With these actions, we have now laid to rest any concern about
PolyOne's liquidity," said Thomas A. Waltermire, chairman and
chief executive officer. "The refinancing has placed this
company on solid financial footing well into the future. Even if
the economic recovery continues to lag, we have gained both
short- and long-term flexibility."

In addition to the recent issuance of $300 million in new long-
term debt, the refinancing includes a revised, three-year, $50
million secured revolving credit facility and a new, three-year,
$225 million accounts receivable sale facility. These new
facilities will be used to retire the September maturity, along
with PolyOne's existing revolver and receivables sale facility.
The new receivables sale facility will exclude any debt ratings
trigger, which exists in the current facility.

About PolyOne

PolyOne Corporation, with 2002 revenues of $2.5 billion, is an
international polymer services company with operations in
thermoplastic compounds, specialty resins, specialty polymer
formulations, engineered films, color and additive systems,
elastomer compounding and thermoplastic resin distribution.
Headquartered in Cleveland, Ohio, PolyOne has employees at
manufacturing sites in North America, Europe, Asia, and
Australia, and joint ventures in North America, South America,
Europe, Asia and Australia. Information on the Company's
products and services can be found at http://www.polyone.com.


POWERTEL LIMITED: Obtains New Funding, Major Shareholder
--------------------------------------------------------
A syndicate of Australian investors intends to acquire the
entire stake currently owned by WilTel Communications,
PowerTel's largest shareholder, and in addition will finance and
underwrite A$16.3 million of new equity for PowerTel and
restructure PowerTel's balance sheet.

PowerTel and WilTel have reached an in-principle agreement with
The Roslyndale Syndicate in relation to the following:

   * PowerTel will raise A$16.3 million by way of a renounceable
rights issue based on the issue of 1.5 new shares for each
currently held share at an issue price of 1 cent per new share.
The issue will be fully underwritten by The Roslyndale
Syndicate.

   * WilTel will sell to the Roslyndale Syndicate:

     - All its equity stake in PowerTel (including ordinary
shares to be issued upon the conversion of the Converting
Preference Shares and accrued dividend rights currently held by
WilTel) totaling 520,117,263 shares. Following conversion,
rights to the 10% cumulative preference shares dividend shall
cease.

     - All PowerTel debt and accrued interest held by WilTel.
The debt of $21.3 million shall then be converted at 2.42 cents
per share into 880,165,289 million ordinary shares. Accrued
interest will be written off.

The effect of the above transactions being executed will be that
The Roslyndale Syndicate will hold a 49% stake in PowerTel prior
to debt conversion and 62% post conversion assuming that all
rights are taken up by PowerTel shareholders.

The financing and restructure proposal is conditional on:

   * Formal documentation being signed with all parties.

   * PowerTel and WilTel banks' approval.

   * PowerTel shareholder approval for the acquisition of shares
by The Roslyndale Syndicate and for the conversion of A$21.3
million debt.

Upon completion of formal documentation, PowerTel will forward
to shareholders a Notice of an Extraordinary Meeting to be held
in early July 2003 together with accompanying explanatory
details and an independent expert's report to assist
shareholders when voting on the above matters.

The Roslyndale Syndicate is a syndicate of leading Australian
investors comprising of Geoffrey Cousins, Trevor Kennedy, Sam
Gazal and others. In conjunction with the new major
shareholding, it is planned that Geoffrey Cousins, Trevor
Kennedy, and Sam Gazal will join the PowerTel Board in
replacement of the three WilTel nominee directors.

PowerTel owns and operates Australia's third largest
telecommunications network infrastructure dedicated to servicing
corporate, government and service provider customers. In 2002,
the company doubled its revenue to $102 million and reduced its
EBITDA loss to less than $3 million. In the first four months of
2003, PowerTel has achieved $39 million in revenue and $2.9
million in EBITDA while signing more than $16 million in new
business contracts.

The chairman of PowerTel, Miller Williams, said: "The additional
$16.3 million of funding and the impetus provided by The
Roslyndale Syndicate as a new major shareholder will ensure that
PowerTel will be a secure and growing provider of
telecommunications services into the future."

Downtown Utilities, PowerTel's second largest shareholder,
supports the refinancing and is confident that it will enable
PowerTel to capitalize on its proven business plan and continue
to achieve significant growth.

Stephen Butler, PowerTel's chief executive officer said: "This
strengthening of PowerTel's balance sheet will reassure all
existing and prospective customers that the company will remain
a significant competitor in the Australian telecommunications
industry. Further growth will result from our ability to use our
own fiber network to provide voice and data services and from
our access to over 600 major CBD office buildings in Sydney,
Melbourne and Brisbane. This access will be expanded in 2003
through the deployment of low cost DSL infrastructure."

Mr Geoffrey Cousins on behalf of Roslyndale said: "The
Roslyndale Syndicate is pleased to be able to participate in and
support PowerTel's successful and proven business plan. We
expect to be able to enhance PowerTel's growth opportunities
through the experience and expertise of the investors that make
up the syndicate."


SOUTHCORP LIMITED: Issues May 2003 Trading Update
-------------------------------------------------
Southcorp Limited on Monday provided an update on trading
conditions for the 2003 financial year based on preliminary
financial results to 30 April. The update takes account of
deliberate actions, commenced in February of this year to change
some business practices, disciplines and capabilities and to
ensure the company's business model has a much stronger
consumer-focus. A major component of this refocusing of the
business has been to move to a depletions basis, as opposed to
volume or shipment basis, for managing the business. These
changes are a necessary pre-requisite to restoring the earnings
and margins of the company and enhancing its ultimate consumer
appeal as an international premium wine company.

For the year ended 30 June 2003, Southcorp expects to report
operating EBITA (pre SGARA) of between $130 million and $140
million, compared with a Wine result of $287.1 million in 2002.
The second half operating EBITA (pre SGARA) is forecast to be
between $46 million and $56 million, compared with $158.5
million for the same period last year. Operating EBITA (pre
SGARA) for the first half was $83.9 million.

The forecast operating EBITA is before expected negative
significant items of $60 million for the full year.

After significant items and interest Southcorp is expected to
record a loss this financial year.

Associated with the forecast results, the Board has determined
that it is not appropriate to pay a final dividend for the 2003
financial year.

FACTORS INFLUENCING PERFORMANCE

The forecast 2003 EBITA (pre SGARA) has been influenced by a
range of factors, including market conditions and business
execution issues, all of which the company has documented
previously. These include:

   * Continued difficult trading conditions, especially in
Australia and the United Kingdom.

   * Less than optimal promotional expenditure in terms of
product mix and profitability outcomes. While major initiatives
have been taken to improve the effectiveness of and controls
associated with promotional expenditure, these will take some
months to be reflected in improved margin performance.

   * A lower contribution from super premium wines, due to the
lower 2000 vintage, which has mainly impacted on the second half
earnings.

   * A higher effective exchange rate for financial year 2003,
compared with 2002 due in part to the allocation of "out of the
money" foreign exchange contracts on a first-in/first-out basis.

In addition, the company has decided to make a fundamental
change by moving to a depletions basis  as opposed to shipment
or volume basis  for managing the business. This change will
ensure a more appropriate and transparent approach to managing
the business and will ensure that promotional expenditure is
more efficiently deployed to achieving profitability outcomes.
This change in business practice has led to a deliberate
decision to reduce stocks held by distributors and retailers.
The impact of this change will be to reduce volumes sold in
2003, compared with 2002, in the order of 1.5 million cases. The
majority of the reduction will occur in the second half (and
mainly May and June) of 2003.

Southcorp's Chairman, Brian Finn said: "As we said at the time
of the Interim Results announcement, the re-establishment of
profitable growth will take some time. Since that announcement
in February, we have been addressing several aspects of business
execution. Significant progress has been made in a number of
areas including: the strengthening of management and sales
capabilities in each of our regions, in particular in the UK and
Australasia; the overhaul of promotional expenditure controls;
the review of trading terms in our main markets and the
rebuilding of customer relationships where great progress has
already been made.

"We are changing practices that have adversely affected the
company's ability to achieve consistent and sustainable growth.
Most notably in that regard, we have decided to align shipments
more closely with underlying depletions (sales through the
retail trade to consumers). The previous approach required the
company and its key distributors to move product in a way that
did not always reflect consumer demand.

"We are confident this approach will result in more effective
control over product pricing, promotional expenditure and
overall business performance and will enhance longer term
profitability. It will also enable the company to be more
responsive to the business requirements of our distributors and
retailers, and to be more responsive to underlying consumer
demand."

SIGNIFICANT ITEMS

Significant items totaling $60 million have been announced.
These items comprise $33 million in relation to the first half
results, and an additional $27 million in the second half.

The second half items include:

   * $16 million related to a change in the accounting policy
for depletion-related promotion costs in the United States.
Historically, these promotional costs were taken to account at
the time products were depleted by distributors. In the future,
all promotion costs in the United States will be recognized at
the time the sales revenue is recognized. While the prior policy
adopted by the company has been common industry practice, recent
clarification of the issue in the US and Australia through the
issuance of accounting standards and other guidance, has
resulted in the decision by the Board to adopt  the revised
policy. The company's auditors concur with the change.

   * $11 million related to redundancy, termination costs and
other items, of which $4 million related to that for the
previous Chief Executive Officer.

DIVIDEND

The Board of Southcorp has reviewed the dividend payment for the
year ending 30 June 2003. In light of the forecast earnings of
the company, resultant lower cash flow, and the need to continue
to focus on prudent balance sheet management, the Directors have
decided not to pay a final dividend for the 2003 financial year.
The total dividend in respect of the 2003 financial year will be
the interim dividend payment of 10 cents, with an 80% franking
level. The dividend will be paid on 1 July 2003 to shareholders
registered as at 30 May 2003. Shares will be quoted ex-dividend
on the Australian Stock Exchange from 26 May 2003.

The Board intends to maintain a dividend policy going forward
which has regard to the underlying profitability and cash flow
of the business, the financial characteristics of Southcorp as a
pure wine company and the level of franking credits the company
is likely to generate.

BUSINESS PRIORITIES

John Ballard, Managing Director and Chief Executive Officer,
said: "The challenges facing Southcorp are far from
insurmountable. I am confident that great progress has been
already made in identifying the issues which have adversely
affected business performance and in commencing the process of
strengthening the organizational capabilities to restore the
company's fortunes. I will continue and expedite this process
where necessary.

"Southcorp is blessed with some great inherent strengths. Our
brands and their worldwide recognition are the envy of the
industry; our viticultural assets are second to none; our
winemaking capabilities are outstanding; and we have a committed
workforce of talented people. With sound management, the
inherent strengths of the company will enable us to achieve our
business goals. My immediate priority is to restore earnings and
shareholder value. Over the medium to longer term, I intend to
enhance the competitive position of the organization to maintain
profitable growth.

"We are in the process of completing budgets for the next
financial year and at the time of the full year results in
September, I intend to provide details of programmers and
milestones to progress our business over the next three years."

CONTACT INFORMATION: Dr Robert Porter
        GENERAL MANAGER, INVESTOR RELATIONS & CORPORATE AFFAIRS
        Telephone: 02 9465 1154
        Mobile: 0407 391 829
        Facsimile: 02 9465 1181.


SOUTHCORP LIMITED: Reinstated to Official Quotation
---------------------------------------------------
The securities of Southcorp Limited was suspended from quotation
starting Thursday, May 8, 2003 at the request of the Company,
pending release of an announcement regarding earnings
expectations for the second half of this financial year.

The Company announced that on Monday its securities was
reinstated following the release by the Company of an
announcement. Normal trading will resumed at 2:00 in the
afternoon AEST.


WOODSIDE PETROLEUM: Makes Low Cost Entry Into New Region
--------------------------------------------------------
Woodside Energy Ltd. advises that it has acquired from Dana
Petroleum (E&P) Limited, a wholly owned subsidiary of Dana
Petroleum Plc, a 40% interest in four exploration blocks
offshore Kenya.

Under the agreement, Dana's interest in the blocks will be 40%
with the remaining 20% continuing to be held by Star Petroleum
International (Kenya) Limited, a wholly owned subsidiary of
Global Petroleum Limited.

As a condition of the farm-in, Woodside will operate the four
blocks - L5, L7, L10 and L11 - which cover 47,500sqkm over water
depths up to 3000m. The blocks include some onshore areas and
coastal waters.

Woodside's commitment under the farm-in is limited to the
acquisition of 5000km of two-dimensional seismic in 2003-04 with
indicative expenditure of US$3 million. The joint venture has
the option of entering the second exploration phase which would
include exploration drilling in each of the blocks renewed.
Commercial terms have been agreed between the parties should the
joint venture decide to enter the drilling phase.

Woodside's Director of New Ventures, Agu Kantsler, said the
farm-in followed an extensive regional study of East Africa by
Woodside which identified a variety of different geological
features with a range of leads of 50 million to 1000 million
barrels.

"Our review identified east Africa as an under-explored frontier
province that has the potential to replicate Woodside's
successful exploration strategy in Mauritania, West Africa," Dr
Kantsler said.

"Kenya's oil and gas exploration industry has been virtually
inactive since the early 1980s and this opportunity provides
Woodside with a relatively low-cost entry to a very large area
which we can mature by using our strong technical skills and
leveraging from our success in deepwater off Mauritania.

"We are pleased to be able to work with Dana and Global
Petroleum on this project."

Woodside will determine its future involvement in the blocks
following its initial two-year work program. The farm-in is
subject to ratification by the Kenyan Government.

At the end of 2002, Woodside Petroleum Limited had negative
working capital, as current liabilities were A$618.18 million
while total current assets were only A$616.50 million, Wrights
Investors' Service reported.  During the same 12 month period
ended 12/31/02, the Company reported losses of 0.14 per share.


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


CENTRAL NORTH: Receivers Reach Settlement With Fletcher
-------------------------------------------------------   
Fletcher Challenge Forests signed an agreement last week with
the Receivers of the Central North Island Forest Partnership
(CNIFP) and with the CNIFP banking syndicate, which settles
issues outstanding in relation to the CNIFP.

"Settlement of these matters will now enable the Company to move
forward with its recently announced strategy of partitioning its
forests assets from the rest of the business, reducing
investment in forest ownership and returning excess capital to
shareholders" said John Dell, Joint Chief Executive Officer.

"The amount of management and Board of Directors' time that has
been devoted to CNIFP issues has been significant. This
settlement now allows us to focus on the opportunities ahead
rather than the issues of the past," he said.

The key elements of the settlement are:

   * The litigation originally brought by CITIC against the
Company, and which was being pursued by the Receivers, will be
withdrawn by the Receivers in return for a payment by the
Company of NZ$1.5 million;

   * The Company and the Receivers have agreed that the CNIFP
management agreement signed in 1996 will be terminated on 30
June 2003, although the Company will continue to manage the
CNIFP's mills until 30 September 2003;

   * The Company will be paid NZ$2.5 million in respect of the
Company's costs associated with this termination;

   * The Company's challenge in the High Court to the right of
the CNIFP banks to force a termination of the CNIFP management
agreement will be withdrawn;

   * Wood supply arrangements from the CNIFP forests have been
agreed.

The wood supply arrangements are for 500,000 cubic meters of
pruned and unpruned sawlogs per annum. The arrangements are
"evergreen" and are terminable on six months notice by either
party. Together with the logs sourced from its own forests and
its Supply & Trading log purchasing operations the Company
believes that these arrangements - or in the event that they are
terminated, its fallback rights under the "Tasman Contracts" -
will enable it to meet its anticipated customer commitments.

In addition to the above arrangements, the Company will settle
an FCF Group intercompany debt, due from the Company to an FCF
subsidiary in the CNIFP, by the payment of approximately NZ$8.5
million by the Company to the Receivers.

Collectively, these arrangements result in a net payment of
approximately NZ$7.5 million by the Company to the Receivers.
This payment is fully covered by existing specific provisions in
the Company's accounts and, accordingly, there will be no
adverse impact on this year's profit arising from the settlement
or the restructuring costs necessitated by the termination of
the management contract.

While there will be some ongoing sharing of infrastructure
assets between the CNIFP and the Company, the establishment by
the Receivers of a separate management company and an export
company for the CNIFP's logs has meant that there will be a
reduction in business synergies. The Company estimates that the
net value of the synergies lost will have an impact on earnings
of approximately NZ$10 million after tax per annum going forward
from 30 September, when the CNIFP mills are transitioned.

In this regard the Company is undertaking a full review of its
operations in order to mitigate the loss of these synergies, and
to provide the appropriate structure for the forest management
capabilities that will be required going forward as well as the
growth platform for its processing and distribution operations.

CNIFP is a joint venture between China International Trust &
Investment Corp. (CITIC) and Fletcher Challenge's forest
division.


CHINA STAR: 2002 Net Loss Doubles to HK$395.690M
------------------------------------------------
China Star Entertainment Limited posted a summary of its Results
Announcement for the year end date December 31, 2002:

Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 1/1/2002      from 1/1/2001  
                              to 31/12/2002      to 31/12/2001
                              Note  ('000)       ('000)
Turnover                           : 241,515        253,218           
Profit/(Loss) from Operations      : (273,075)      (132,508)         
Finance cost                       : (3,064)        (2,676)           
Share of Profit/(Loss) of
  Associates                       : (11,960)        (17,316)          
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A               N/A               
Profit/(Loss) after Tax & MI       : (395,690)        (191,207)         
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (2.8)             (1.85)            
         -Diluted (in dollars)     : (2.8)             (1.85)            
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (395,690)        (191,207)         
Final Dividend                     : NIL                NIL               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
B/C Dates for
  Final Dividend                   : N/A          
Payable Date                       : N/A       
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
B/C Dates for Other
  Distribution                     : N/A          

Remarks:

LOSS PER SHARE

The calculation of the basic and diluted loss per share is based
on the following data:
                                        2002            2001
                                        HK$'000         HK$'000
                        
Loss attributable to shareholders       395,690         191,207
                                        ======          ======
                        
                                        Number of shares
                                        2002            2001
                                                     (restated)
                        
Weighted average number of shares for the purposes   of basic
and diluted
loss per share                          141,369,934  103,169,279
                                        =========     =========

The computation of diluted loss per share for the year ended
31st December, 2001 and 2002 does not assume the exercise of the
Company's outstanding share options, warrants and convertible
loan notes existed during the years since their exercise would
reduce loss per share.

The weighted average number of ordinary shares for the year
ended 31st December, 2001 for the purposes of basic and diluted
loss per share has been adjusted for the rights issue, share
consolidation and rights issue with bonus issue completed during
the year.


ELQUEEN INDUSTRIAL: Faces Winding Up Petition
---------------------------------------------
The petition to wind up Elqueen Industrial Limited is set for
hearing before the High Court of Hong Kong on May 28, 2003 at
10:00 in the morning.

The petition was filed with the court on April 7, 2003 by Bank
of China (Hong Kong) Limited of 14th Floor, Bank of China Tower,
1 Garden Road, Central, Hong Kong.


KNOLOR LIMITED: Winding Up Petition Slated for Hearing
------------------------------------------------------
The petition to wind up Knolor Limited is scheduled for hearing
before the High Court of Hong Kong on May 28, 2003 at 9:30 in
the morning.

The petition was filed with the court on April 2, 2003 by Bank
of China (Hong Kong) Limited of 14th Floor, Bank of China Tower,
1 Garden Road, Central, Hong Kong.


MANSION HOLDING: No Apparent Reason for Share Price Increase
------------------------------------------------------------
The Board of Directors of Mansion Holdings Limited has noted the
recent increase in the price of the shares of the Company and
wishes to state that it is not aware of any reasons for such
increase.

The Board also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, nor is the Board aware of any matter discloseable
under the general obligation imposed by paragraph
2 of the Listing Agreement, which is or may be of a price
sensitive nature.

According to Wrights Investors' Service, at the end of 2001,
Mansion Holdings had negative working capital, as current
liabilities were HK$76.41 million while total current assets
were only HK$72.16 million. It has paid no dividends during the
previous 3 fiscal years and also reported losses during the
previous 12 months.


SUN TREND: Winding Up Hearing Set on May 28
-------------------------------------------
Fung Suet Wan, Chow Kwok Wai and Chu Hing Chuen are seeking the
winding up of Sun Trend Limited. The petition was filed on April
9, 2003, and will be heard before the High Court of Hong Kong on
March 28, 2003.

Fung Suet Wan, Chow Kwok Wai and Chu Hing Chuen holds its
registered address at Flat B, 5th Floor, Kar On House, 12 Cheung
Hong Street, North Point, Hong Kong.


WIXON DEVELOPMENT: Petition to Wind Up Pending
----------------------------------------------
The petition to wind up Wixon Development Limited will be heard
before the High Court of Hong Kong on May 21, 2003 at 10:00 in
the morning.

The petition was filed with the court on March 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
=================


* IBRA Offers US$2.5B, Rp18.6T Strategic Assets
-----------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) announced Monday
the commencement of one of its more significant asset sale
programs to date, the first of the two "Strategic Assets Sale
Program" or "Program Penjualan Aset Strategis" (PPAS). This
program is targeted to divest the debts and related assets of 4
(four) of IBRA's strategic obligors.

The four strategic assets being offered for sale are the Texmaco
Group, Chandra Asri Group, the Nirwana Bali Resort, and Pabrik
Gula Rajawali III. Each of the above companies/assets is
considered strategic since it occupies a leading presence in its
industry, has the potential to generate significant foreign
exchange benefits, has significant obligations owing to IBRA
(more than Rp500 billion), and employs a large number of
workers. This program is unique compared to other IBRA loan sale
programs, since IBRA plans to optimize the sale proceeds by also
selling its significant equity stakes in each of these companies
together with their outstanding debts. IBRA's total portfolio of
these strategic assets is in the order of approximately US$ 2.5
billion and Rp18.6 trillion.

IBRA's Chairman, Syafruddin A. Temenggung said in the
announcement that the agency will target potential investors
that can fulfill the objectives of optimizing sale proceeds
whilst enhancing the value of the underlying enterprises. "We
will strive to attract potential investors that possess the
relevant industry and investment experiences together with the
financial capability to not only acquire the strategic assets
but also to support the underlying companies so that they can
continue to provide employment opportunities to their work
force. This sale process has been tailored to target these
results whilst ensuring a fair and transparent process", he
said.

"We will allow special purpose companies to bid for these
assets. However, they have to be controlled by principal
investors who can meet the above criteria", he elaborated in
response to the issue of whether IBRA would permit such special
purpose vehicles.

Indeed in its announcement on Monday, IBRA said that it has
structured the sale process to ensure a level playing field to
prospective bidders. The sale involves a two-stage process will
be ensure transparent results. The first stage would require the
submission of technical bids, which would include bidders'
qualifications and future plans to add value to the business. In
the final stage, qualified bidders would submit their price
bids. In addition, all prospective bidders will be allowed more
than a month during which to conduct their own due diligence
investigations.

In order to ensure optimum provision of information to potential
investors, IBRA plans to conduct investor meetings and site
visits possibly within the month of May.

  
=========
J A P A N
=========


ALL NIPPON: Plans to Return Rented Office Space to KIAC
-------------------------------------------------------
All Nippon Airways (ANA) aims to return one-third of its rented
office space at Kansai International Airport to the airport
operator, Kansai International Airport Co. (KIAC), by the end of
October, Kyodo News and Japan Times reported on Friday.

ANA currently has some 7,000 square meters of office space in an
annex to the northern part of the airport terminal. The
airline's move would cost Kansai airport about 400 million yen a
year in lost revenues, dealing another blow to the struggling
airport operator.

The latest move follows a three-year restructuring plan unveiled
in late February by ANA, which is looking to cut costs by 30
billion yen.


ASAHI LIFE: Impact of Interest Deferral on Mizuho Bank
------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that the
placement of the ratings on Asahi Mutual Life Insurance Co. on
CreditWatch with negative implications would have only a limited
impact on the rating on Mizuho Corporate Bank Ltd. (MHCB;
BBB/Negative/A-3), one of the insurer's main banks.

Standard & Poor's placed its 'CCC' financial strength and long-
term counterparty ratings on Asahi Life on CreditWatch Negative
following the Company's announcement that it would defer
interest payments on its "kikin" funding (a type of subordinated
debt unique to Japanese mutual life insurers) and forego
dividend payments on all insurance policies in fiscal 2003.

As of April 2002, MHCB had provided Asahi Life with 134 billion
yen of kikin funding. Asahi Life's increased business risk will
be of concern to MHCB as the bank tries to maintain the quality
of its assets. However, even if the ratings on Asahi Life were
lowered it would not have an immediate impact on the ratings on
MHCB given the bank's operating size.


HOKKAIDO INTERNATIONAL: Operates New Flights on July 18
-------------------------------------------------------
Struggling Hokkaido International Airlines (HIA), known as Air
Do, will begin operating flights between Hokkaido's Asahikawa
airport and Tokyo's Haneda airport on July 18, Kyodo News
reports, citing HIA President Susumu Takizawa. It is "an
important route that will establish the management foundations
under Air Do's rehabilitation plan," Susumu Takizawa told
Asahikawa Mayor Koichi Sugawara.


NIPPON STEEL: Widens Net Loss to Y51.69B in 2002
------------------------------------------------
Nippon Steel Corporation posted a group net loss of 51.69
billion yen in 2002, versus a net loss of 28.40 billion yen the
previous year, Japan Times said on Saturday. The steel firm
blamed the net loss on 45.4 billion yen in valuation losses on
shareholdings, mainly those in banks, 40 billion yen in
valuation losses on land assets held by subsidiaries and 19.1
billion yen in restructuring-related losses.

The restructuring losses mainly involved chemical subsidiary
Nippon Steel Chemical Co.


NTT WEST: Posts First Profit Since 1999
---------------------------------------
NTT West Corporation, a unit of Nippon Telegraph and Telephone
Corp. (NTT), posted a parent-only pretax profit of 45 billion
yen in the year to March 31 since that start of its 1999
inauguration, according to Kyodo News on Friday. The Company
booked a loss of 170.4 billion yen a year earlier.

The carrier has been in the red on both a net and pretax basis
since 1999, when the government revamped the corporate structure
of the semi-governmental telecom giant by splitting it into NTT
West, NTT East Corp. and NTT Communications Corp. NTT West has
attained profitability by cutting back on its personnel
expenses, a step that involved transferring 35,000 workers to
subsidiaries and cutting capital outlays on new facilities and
equipment.


SOGO CO.: Merges With Seibu in June
-----------------------------------
Struggling department stores Sogo Co. and Seibu Department
Stores Ltd. will merge under a holding Company on June 2,
becoming one of Japan's largest department store operators,
Yomiuru Shimbun and Kyodo News reported Monday. The holding
Company will be named "Millennium Retailing."

Sogo President Shigeaki Wada will serve as President of the
holding company. Both firms will decide on the new Company's
management at a board of directors meeting scheduled for Monday.


TOBU RAILWAY: R&I Assigns BBB- Rating
-------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
following preliminary rating of Tobu Railway Co. Limited as
follows:

Preliminary Rating for the Shelf Registration scheme
ISSUE: Bonds to be Rated: Str. Bonds
Issue Amount (mn): Yen 60,000 (Shelf Amount)
Issue Period: Two years from May 02, 2003
R&I RATING: BBB-

RATIONALE:

The railroad business earns about 60 percent of the cash flow of
Tobu Railway Co., Ltd. The Company has a large service area with
lines extending from central Tokyo to Saitama Prefecture and out
to Tochigi Prefecture and Gunma Prefecture. The hinterland of
the Company's service area includes the tourist spots of Nikko
and Oze. Tobu Railway has been proactive in improving the
convenience of its transport network, and it has many lines with
direct subway links. Its core Tobu Isesaki Line and Nikko Line
have direct links to the Eidan Hibiya Line and Hanzomon Line
while the Tobu Tojo Line is directly linked to the Eidan
Yurakucho Line with plans to link it to the Eidan No. 13 Line
(Ikebukuro - Shibuya) in the future. With few of the Company's
lines in competition with JR lines, the earnings of its railroad
business are relatively stable.

Despite a slight increase in the number of rail passenger
without season tickets, the number of season ticket holders is
declining. Tobu Railway's response to commuters has been to
significantly cut fares on its express Spacia and Ryomo
services. This has generally been popular with customers and has
led to increased opportunities for earnings. Meanwhile, in the
non season ticket sector, Tobu Railway has been developing
railroad operations with a focus on the expanding hiking and
walking market. The hinterland of the Company's lines has a rich
natural environment that includes Oze and Okunikko, and demand
from older hikers can also be expected in the future.
Tobu Railway has pressed ahead with a radical reduction of fixed
costs in its bus and leisure businesses that sustained deficits
and put pressure on the Company's cash flow in the past. As a
result, revenue and expenditure in bus operations, the Company's
hotels, Tobu Zoo Park and Tobu World Square have started to
improve. Despite this, some golf courses are still operating
below cost, and the outlook for the leisure business is
unpredictable. On the other hand, the three Tobu Department
Stores in Ikebukuro, Utsunomiya and Funabashi are still
struggling on the sales front due to bleak consumer trends. The
Funabashi store, the area leader, is now in the process of
expanding its floor space, and R&I is circumspect about the
outcome of the refurbishment.

Tobu Railway's financial structure is largely poor. This is
because Tobu Department Store subsidiaries indulged in excessive
financing during the bubble period, and the disposal of losses
has climbed to a significant sum. At present, the Company is
focusing its management resources in order to streamline a
bloated balance sheet based on the Tobu Group Restructuring
Plan. It is making no exceptions even for good quality
subsidiaries as demonstrated by the sale of Tobu Gas Co., Ltd.
Combining these steps with the stable cash flow from the
railroad business; the financial structure is likely to improve
slowly but steadily.


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


CHOHUNG BANK: About Time to Sell Bank, Roh Says
-----------------------------------------------
South Korean President Roh Moo-hyun said it's time to close the
deal on the sale of Chohung Bank, sending the bank's shares up
as much as 1.7 percent on Friday morning, Channel News Asia
reported Friday. Some investors accused the President for
delaying the sale of South Korea's second-biggest lender to
appease labor unions.

The Korean government is selling the bank to recoup more of the
US$133b it used to bail out financial institutions after the
1997 Asian financial crisis.


HYNIX SEMICONDUCTOR: Reaffirms $100M Investment in Oregon Fab
-------------------------------------------------------------
Hynix Semiconductor Manufacturing America (HSMA), the U.S. unit
of Hynix Semiconductor Inc., reaffirmed its plans to invest $100
million to upgrade its DRAM wafer fab in Eugene, Oregon USA,
Electronic News said on Wednesday. The chipmaker has invested
more than $1.6 billion in the Eugene plant, which has a 44,000
square-feet clean room.

According to Farhad Tabrizi, Vice President of worldwide
marketing for Hynix, the upgrade to Hynix's 0.13-micron
PrimeChip technology at the Eugene facility will result in a
production increase of more than 50 percent. The fab currently
produces 30,000 wafers per month of 256Mbit DDR DRAMs with
512Mbit sampling.

The upgrade comes just in time for Hynix, as the Company faces
possible 57 percent import duties from the U.S. Commerce
Department and 33 percent duties from the European Commission.
Hynix has said it plans to get around any final imposed duties
by drop shipping outside of EU countries and relying on its
Eugene fab.


JINRO LTD.: Goldman-Led Group May Collect $445M After Ruling
------------------------------------------------------------
A group led by Goldman Sachs Group Inc. may collect as much as
$445 million if the Seoul District Court agree to its request to
place liquor maker Jinro Ltd. into receivership, Bloomberg
reports. The court may rule as soon as this week on Goldman's
claim, filed when Jinro missed a $58 million debt payment on
April 1, the day after a five-year moratorium expired.

Goldman and allies including Morgan Stanley want Jinro assets
sold to pay back loans and bonds they own with a face value of
540 billion won ($445 million). Goldman paid about 40 percent of
face value in 1998 and 1999 for its share of the debt.

Debttraders reports that Jinro Ltd's 0.250 percent convertible
bond due in 2009 (JINR09KRN1) trades between 20 and 35. For
real-time debt pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=JINR09KRN1


SK GLOBAL: SK Group Reveals Intent to Revive Firm
-------------------------------------------------
The SK Group has plans to revive SK Global regardless of the
latter's default status, the Maeil Business Newspaper said on
Monday. SK Global's debt status is currently estimated at 8.6
trillion won.

Lee No-jong, who is one of the SK Group employees in charge of
reviving SK Global, said, "We are delaying submitting reform
plans because we need to take into consideration our
shareholders, labor union and civil rights groups."


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


ABRAR CORPORATION: Unit's Case Set for Further Mention on Dec 10
----------------------------------------------------------------
Reference is made to the announcements on 8 November 2002
regarding the legal suit filed by Eng Lian Enterprise Sdn Bhd
(ELESB) against Bangsar Properties Sdn Bhd (BPSB), a 100% sub-
subsidiary of the Company).

Abrar Corporation Berhad (Special Administrators Appointed)
wishes to announce that BPSB's Solicitors has now advised the
Company that the Kuala Lumpur High Court has fixed the matter
for further Mention on 10 December 2003.

For further info on the above material litigation, refer to the
Troubled Company Reporter - Asia Pacific Friday, March 28 2003,
Vol. 6, No. 62 issue.


CSM CORPORATION: Winding-Up Petition Affects Financial Position
---------------------------------------------------------------
Further to the announcements dated 2 May 2003 and 6 May 2003
pertaining to the Winding-up Petition, the Board of Directors of
CSM Corporation Berhad hereby announce that as the Company is an
affected listed issuer pursuant to Practice Note No. 4/2001 of
the Listing Requirements of the Kuala Lumpur Stock Exchange, the
Board foresees that the Petition will cause a material impact on
the financial position and operational matters of CSM Group of
Companies should the Company later be put into liquidation.

However, the amount of RM7,580,177.21 claimed under the Petition
is fully provided for in the Financial Statements of CSM
Development Sdn. Bhd., a wholly-owned subsidiary of the Company
for the financial year ended 31 December 2001.

The Petition has been presented in court against CSM filed by
L'Grande Development Sdn. Bhd (Petitioner) on 30 January 2003.
The Petition via Shah Alam High Court Companies Winding-Up
No.28-30-2003 was served on CSM on 30 April 2003.

To know more about the Winding-Up Petition, refer to the
Troubled Company Reporter - Asia Pacific, Wednesday, May 07
2003, Vol. 6, No. 89 issue.


DENKO INDUSTRIAL: Lenders Extend PCDRS Implementation to Aug 30
---------------------------------------------------------------
Reference is made to the announcements dated 30 August 2002 in
regards to the Proposed Corporate Restructuring Exercise
(PCDRS).

On behalf of the Board of Denko Industrial Corporation Berhad,
Public Merchant Bank Berhad wishes to announce that the Company
and its scheme lenders, namely Danaharta Managers Sdn Bhd, HSBC
Bank Malysia Berhad, Affin Bank Berhad, AmBank Berhad, AmFinance
Berhad and Utama Merchant Bank Berhad, had mutually agreed to
extend the cut-off date for obtaining all the relevant approvals
required for the implementation the PCDRS for a further period
of six (6) months, expiring on 30 August 2003.

For details of the Company's PCDRS, refer to the Troubled
Company Reporter - Asia Pacific, Wednesday, June 12, 2002, Vol.
5, No. 115 issue.


EPE POWER: EGM to be Held on May 22
-----------------------------------
On behalf of EPE Power Corporation Berhad, PM Securities Sdn Bhd
hereby announces the Notice of Extraordinary General Meeting of
EPE as follows:

NOTICE IS HEREBY GIVEN THAT an Extraordinary General Meeting of
EPE Power Corporation Berhad (EPE or the Company) will be held
on Thursday, 22 May 2003 immediately after the conclusion of the
Thirty First Annual General Meeting of the Company which will be
held at 11:00 a.m. the same day at Bilik Penang 1 & 2, Hotel
Sheraton Imperial Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala
Lumpur, or any adjournment thereof for the purpose of
considering, and if thought fit, to pass the following
resolutions:

ORDINARY RESOLUTION 1 - PROPOSED RENEWAL OF SHAREHOLDERS'
MANDATE IN RELATION TO RECURRENT RELATED PARTY TRANSACTIONS
(RRPT1, RRPT2, RRPT6 AND RRPT7) AND ADDITIONAL SHAREHOLDERS'
MANDATE IN RELATION TO NEW RECURRENT RELATED PARTY TRANSACTIONS
(RRPT3, RRPT4, RRPT5 AND RRPT8) OF A REVENUE OR TRADING NATURE
(PROPOSED MANDATE FOR RRPT1, RRPT2, RRPT3, RRPT4, RRPT5, RRPT6,
RRPT7 AND RRPT8)

"THAT, approval be and is hereby given to the Company or its
subsidiaries to enter into the recurrent related party
transactions of a revenue or trading nature set out as RRPT1,
RRPT2, RRPT6 and RRPT7 (renewal of the shareholders' mandate)
and RRPT3, RRPT4, RRPT5 and RRPT8 (additional shareholders'
mandate) in Section 3.2 of the Circular to shareholders dated 7
May 2003 with the related parties as described in Section 3.1 of
the said Circular, provided that such arrangement and/or
transactions are necessary for their day-to-day operations and
are carried out in the ordinary course of business and are on
normal commercial terms which are not more favorable to the said
related parties than those generally available to the public and
on terms not to the detriment of the minority shareholders of
the Company; and

AND THAT the approval conferred by this resolution will commence
immediately upon the passing of this Ordinary Resolution and
shall continue to be in force until:-

   (a) the conclusion of the next Annual General Meeting (AGM)
of the Company following this Extraordinary General Meeting
(EGM) at which the Proposed Mandate for RRPT1, RRPT2, RRPT3,
RRPT4, RRPT5, RRPT6, RRPT7 and RRPT8 is passed, at which time it
will lapse, unless by a resolution passed at a general meeting
whereby the authority is renewed;

   (b) the expiration of the period within which the next AGM of
the Company is required to be held pursuant to Section 143(1) of
the Companies Act 1965 (but shall not extend to such extension
as may be allowed pursuant to Section 143(2) of the Companies
Act 1965); or

   (c) revoked or varied by resolution passed by the
shareholders in an AGM or EGM,

whichever is the earlier.

AND THAT RRPT 4 and RRPT5 entered into by the Company's
subsidiaries from 1 September 2002 until the date of the EGM set
out in Section 3.2 of the said Circular be and are hereby
approved, confirmed and ratified.

AND THAT the Directors of the Company be and are hereby
authorized to complete and do all such acts and things
(including executing such documents as may be required) as they
may consider expedient or necessary to give effect to the
Proposed Mandate for RRPT1, RRPT2, RRPT3, RRPT4, RRPT5, RRPT6,
RRPT7 and RRPT8"

ORDINARY RESOLUTION 2 - PROPOSED RENEWAL OF SHAREHOLDERS'
MANDATE IN RELATION TO RECURRENT RELATED PARTY TRANSACTIONS
(RRPT9) OF A REVENUE OR TRADING NATURE (PROPOSED MANDATE FOR
RRPT9)

"THAT, approval be and is hereby given to the Company to enter
into the recurrent related party transactions of a revenue or
trading nature set out as RRPT9 in Section 3.2 of the Circular
to shareholders dated 7 May 2003 with the related parties as
described in Section 3.1 of the said Circular, provided that
such arrangement and/or transactions are necessary for their
day-to-day operations and are carried out in the ordinary course
of business and are on normal commercial terms which are not
more favorable to the related parties than those generally
available to the public and on terms not to the detriment of the
minority shareholders of the Company; and

AND THAT the approval conferred by this resolution will commence
immediately upon the passing of this Ordinary Resolution and
shall continue to be in force until:

   (a) the conclusion of the next AGM of the Company following
this EGM at which the Proposed Mandate for RRPT9 is passed, at
which time it will lapse, unless by a resolution passed at a
general meeting whereby the authority is renewed;

   (b) the expiration of the period within which the next AGM of
the Company is required to be held pursuant to Section 143(1) of
the Companies Act 1965 (but shall not extend to such extension
as may be allowed pursuant to Section 143(2) of the Companies
Act 1965); or

   (c) revoked or varied by resolution passed by the
shareholders in an AGM or EGM,

whichever is the earlier.

AND THAT the Directors of the Company be and are hereby
authorized to complete and do all such acts and things
(including executing such documents as may be required) as they
may consider expedient or necessary to give effect to the
Proposed Mandate for RRPT9"


GEAHIN ENGINEERING: Obtains Court's Restraining Order Extension
---------------------------------------------------------------
Geahin Engineering Berhad refers to the announcement made on 23
October 2003, 23 January 2003 and 7 February 2003 regarding the
Proposed Corporate Restructuring Exercise (PRS).

GEAHIN wishes to announce that the Company, had on 8 May 2003
obtained from the High Court of Malaya in Melaka, the following
Order:

   1) The time period to hold the creditors' meeting to consider
and approve the restructuring scheme under Section 176 (1) of
the Companies Act, 1965 pursuant to the Order dated 5 February
2003, be extended by a period of ninety (90) days from 6 May
2003 until 3rd August 2003 for the purpose of holding the said
meeting;

   2) The time period to hold the members' meeting to consider
and approve the restructuring scheme under Section 176 (1) of
the Companies Act, 1965 pursuant to the Order dated 5 February
2003, be extended by a period of one hundred and eighty (180)
days from 5 May 2003 until 31 October 2003 for the purpose of
holding the said meeting;

   3) Restraining Order pursuant to Section 176 (10) of the
Companies Act, 1965 for a period of one hundred eighty (180)
days from the date of the order dated 8 May 2003.


GLOBAL CARRIERS: Proposed Revised Scheme Time Extension Granted
---------------------------------------------------------------
Further to the announcement of 29 April 2003 in relation to the
Proposed Revised Scheme comprising of:

   - Proposed Composite Scheme;
   - Proposed BSNCL Settlement Scheme; and
   - Proposed Non-Financial Creditors Settlement Scheme.

Utama Merchant Bank Berhad, on behalf of Global Carriers Berhad,
is pleased to announce that the Securities Commission (SC) via
its letter dated 8 May 2003, had approved the request by GCB for
an extension of time up to 30 June 2003 to complete the Proposed
Revised Scheme. The SC had earlier approved the Proposed Revised
Scheme on 31 July 2001.


KSU HOLDINGS: April Principal Default Amounts RM106.315M
--------------------------------------------------------
As required by the KLSE Practice Note 1/2001, the Board of
Directors of KSU Holdings Bhd (KSUH) wishes to provide an update
on the details of all the facilities currently in default, as
enclosed in Appendix A at
http://bankrupt.com/misc/TCRAP_KSU0513.pdf.   

The default by KSUH as at 30 April 2003 amounted to
RM106,315,379.17 of principal sum and RM22,575,219.96 of
interest for term/bridging loans and overdraft facilities.


LION CORPORATION: Trading Restriction Uplifted
----------------------------------------------
Following the implementation of the Group Wide Restructuring
Scheme, Lion Corporation Berhad (the Company) has regularized
its financial condition and no longer triggers any of the
criteria under Paragraph 2.0 of Practice Note 4/2001.

In view of the above, the securities of the Company will be
reclassified from the "PN4 Condition" sector to the "Industrial
Products" sector and the trade restriction in the form of full
payment before purchase on the securities of the above Company
will be uplifted with effect from 9.00 am, Monday, 12 May 2003.


LONG HUAT: Discloses Auditors' Accounts Qualifications
------------------------------------------------------
Long Huat Group Berhad wishes to announce that its audited
accounts for sixteen-month ended 31 December 2002 contain
qualifications by the auditors Messrs Lim, Cheh & Chang.

The qualifications from the auditors, Messrs Lim, Cheh & Chang,
as extracted from the audited accounts for sixteen months period
ended 31 December 2002 are as follows:

"1. The financial statements of the Company and the subsidiaries
which have been consolidated were prepared based on estimates
and representations given to us by the directors and we are
unable to verify the accuracy of the information due to the lack
of supporting documents.

2. Freehold and leasehold land and buildings of the Group and
the Company are stated in the financial statements at directors'
valuation. We are unable to satisfy ourselves that the values
are representative of the fair market values of the properties.

3. We are also unable to ascertain the accuracy of both
receivables and payables included in the financial statements of
the Group and the Company, due to the lack of supporting
documents and the inability to obtain direct confirmation from
the parties concerned.

4. As mentioned in Note 2(a), the directors of the Company has
opinion that as a result of the financial distressed position of
the Group and the Company, the financial statements be prepared
on a break up basis, as they are unable to repay the liabilities
and it is the ultimate intention to liquidate the Company and
its subsidiaries upon completion of the proposed restructuring
scheme as mentioned in Note 25 to the financial statements.

5. As explained in Note 2(b), the financial statements of the
Group have been prepared based on the unaudited financial
statements of the subsidiaries. The presentation of the
financial statements does not comply with the requirement of
MASB 11 and Schedule 9 of the Companies Act, 1965.

Due to the significance of the matters mentioned in the
preceding paragraphs, we are unable to form an opinion as to
whether:

   (a) the financial statements, which have been prepared on the
basis mentioned above, are property drawn up in accordance with
the provisions of the Companies Act, 1965 and applicable
approved accounting standards in Malaysia so as to give a true
and fair view of:

     i. the state of affairs of the Group and the Company as at
31 December 2002 and the results of the operations and cash
flows of the Group and the Company for the period ended on that
date; and

     ii. the matters required by Section 169 of the Companies
Act, 1965 to be dealt with in the financial statements of the
Group and of the Company.

   (b) the accounting and other records required by the
Companies Act,1965 to be kept by the Company and by the
subsidiaries of which we have acted as auditors have been
properly kept in accordance with the provisions of the Act.
In our opinion, however, the secretarial registers required by
the Companies Act, 1965 to be kept by the Company and by the
subsidiaries of which we have acted as auditors have been
properly kept in accordance with the provisions of the Act."


METROPLEX BERHAD: Proposes Shareholders' Mandate Renewal
--------------------------------------------------------
The Board of Directors of Metroplex Berhad wishes to announce
that the Company proposes to seek approval from its shareholders
at the forthcoming Fortieth Annual General Meeting for the
following proposals:

   a) Proposed Renewal of Existing Shareholders' Mandate and
Proposed New Shareholders' Mandate for Recurrent Related Party
Transactions of A Revenue or Trading Nature; and

   b) Proposed Amendments to the Articles of Association of the
Company.

A Circular to Shareholders containing information on the
abovementioned proposals will be issued and dispatched to the
shareholders of MB together with the Company's 2003 Annual
Report in due course.


MOL.COM BERHAD: Disposes of Entire MyETutor Equity Interest
-----------------------------------------------------------
The Board of Directors of MOL.com Berhad is pleased to announce
that the Company has on 6 May 2003 entered into a Share Sale
Agreement with Mr Poh Hee Hong @ Foo Hee Hong and Puan Siti
Rohani Binti Sabah for the disposal of a total of 1,750,000
ordinary shares of RM1.00 each representing 70% equity interest
in MyETutor.com Sdn Bhd (MyETutor) for a nominal amount of
RM2.00 (Proposed Disposal).

DETAILS OF THE PROPOSED DISPOSAL

Principal terms of the Share Sale Agreement

MOL has entered into a Share Sale Agreement (SSA) with Mr Poh
Hee Hong @ Foo Hee Hong and Puan Siti Rohani Binti Sabah for the
disposal of 1,000,000 shares and 750,000 shares representing 40%
and 30% respectively in MyETutor for a total nominal amount of
RM2.00.

The cash consideration of RM2.00 for the Proposed Disposal has
been paid upon signing of the SSA and is deemed to have been
completed on the agreement date. The shares shall be disposed of
free from all encumbrances, liens and with all rights attached
thereto.

Basis of Arriving at the Considerations

The Proposed Disposal price of RM1.00 was arrived at after
taking into consideration of the audited net tangible
liabilities of MyETutor as at 30 June 2002 of RM4.68 million.

INFORMATION ON MYETUTOR AND THE PURCHASER

MyETutor

MyETutor was incorporated in Malaysia on 13 December 1999 with
its principal activity as an e-learning company operating on an
e-business platform to provide education service through
Internet. As at 29 April 2003, MyETutor has an authorized share
capital of RM5,000,000 divided into 5,000,000 ordinary share of
RM1.00 each of which RM2,500,000 comprising 2,500,000 ordinary
shares of RM1.00 each has been issued and fully paid up. Below
is the original cost of investment of MOL in MyETutor.

Date and Cost of investment

Date          Consideration        Number of shares
10.07.2000    Cash of RM3,048,000  508,000
27.06.2001    Cash of RM5,734,530  955,755
29.06.2001    Cash of RM217,470    36,245
19.03.2002    Cash of RM1.00       250,000
Total                            1,750,000

The Purchasers

Mr Poh Hee Hong @ Foo Hee Hong is an entrepreneur and is engaged
in the business of provision of Internet related services and
consultancy. Puan Siti Rohani Binti Sabah is Mr Foo's business
partner.

RATIONALE FOR THE PROPOSED DISPOSAL

The Proposed Disposal is part of the rationalization plan to
streamline the MOL Group.

EFFECTS OF THE PROPOSED DISPOSAL

On Share Capital and Substantial Shareholders' Shareholding

The Proposed Disposal will not have any effect on the share
capital and substantial shareholders' shareholdings of MOL.

On Earnings and Net Tangible Liabilities

The Proposed Disposal will result in a net exceptional group
gain of approximately RM1.16 million or 0.60 sen per share,
principally arising from the reversal of post-acquisition losses
and goodwill on consolidation written off in previous financial
years. The exceptional group gain is not expected to have a
material impact on the net tangible assets and earnings of MOL
Group for the financial year ending 30 June 2003.

CONDITION OF THE PROPOSED DISPOSAL

The Proposed Disposal is not conditional upon any approval to be
obtained from the relevant authorities.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors, major shareholders and persons connected
with a Director or major shareholder of MOL has any interest,
direct or indirect, in the Proposed Disposal.

DIRECTORS' RECOMMENDATION

The Board of Directors of MOL is of the opinion that the
Proposed Disposal is in the best interest of MOL Group.

DOCUMENT AVAILABLE FOR INSPECTION

A copy of the Share Sale Agreement will be available for
inspection by the shareholders of MOL during normal business
hours at the Registered Office of the Company at 11th Floor,
Menara Berjaya, KL Plaza, 179 Jalan Bukit Bintang, 55100 Kuala
Lumpur from Mondays to Fridays (except public holidays) for a
period of three (3) months from the date of this announcement.


MYCOM BERHAD: Receives SC's Proposed Revision Approval Letter
-------------------------------------------------------------
Further to the earlier announcement made by Alliance Merchant
Bank Berhad, on behalf of the Board of Directors of Mycom
Berhad, on 13 March 2003 in relation to the proposed revision to
the profit guarantee in respect of the Proposed Restructuring
Scheme (Proposed Revision), Alliance, announced that the
Securities Commission (SC), had via its letter dated 7 May 2003
(Approval Letter), which was received by Alliance on 8 May 2003,
approved the Proposed Revision as set out below.

DETAILS OF THE PROPOSED REVISION

The SC has approved the Proposed Revision as proposed by Mycom
as follows:

As previously approved
The profit guarantee for the three (3) financial years ending 30
June 2005, which was proposed to be given by Kenny Height
Developments Sdn Bhd (KHD) for the Bandar Sri Duta project, was
to be based on profit before tax.

As varied
The profit guarantee for the three (3) twelve (12) month periods
from the completion date of the proposed acquisition of six (6)
parcels of land measuring 41.14 acres on Lot 21763-21768, Mukim
Batu, District of Kuala Lumpur, Wilayah Persekutuan (Proposed
KHD Land Acquisition) which is proposed to be given by KHD for
the Bandar Sri Duta project, is to be based on profit before
tax.

However, the approval of the SC is subject to the following
conditions:

   (i) The revised profit guarantee period is required to be
extended to the fourth twelve (12) month period from the
completion date of the Proposed KHD Land Acquisition, to achieve
the total profits before tax which was guaranteed originally;
and

   (ii) The details of the revised profit guarantee are to be
disclosed fully in the circular to the shareholders and
prospectus of Mycom.

The other terms of approval of the Proposed Restructuring Scheme
in the SC's letter dated 8 March 2002 and as announced on 11
March 2002, are retained. The Proposed Restructuring Scheme
(which reflects the Proposed Revision) is still subject to the
approval of the shareholders of Mycom at an extraordinary
general meeting to be convened and any other relevant
authorities.


SITT TATT: Obtains SC's Nod on Proposed Waiver
----------------------------------------------
With reference to the announcements dated 10 September 2001 and
1 November 2002 regarding the Proposals, which composed of
Proposed Acquisitions; Proposed Rights Issue; Proposed ESOS;
Proposed Waiver; Proposed IASC; and Proposed Amendments.

Sitt Tatt Berhad wishes to announce that the Board of Directors
of the Company has determined 8 May 2003 as the price fixing
date (Price Fixing Date) to determine the issue price for the
Rights Shares pursuant to the Proposed Rights Issue and
conversion price for the Irredeemable Convertible Preference
Shares (ICPS) to be issued pursuant to the Proposed
Acquisitions.

Accordingly, the Company has fixed the issue price of the Rights
Shares and conversion price of the ICPS at RM1.00 per share.

The issue/conversion price of RM1.00 per share represents a
discount of RM0.081 or approximately 7.49% (based on minimum
subscription for the Proposed Rights Issue of 25,000,000 Rights
Shares) and RM0.077 or approximately 7.15% (based on maximum
subscription for the Proposed Rights Issue of 34,732,713 Rights
Shares) to the theoretical ex-all price of RM1.081 (based on
minimum subscription for the Proposed Rights Issue of 25,000,000
Rights Shares) and RM1.077 (based on maximum subscription for
the Proposed Rights Issue of 34,732,713 Rights Shares) per share
calculated based on the five (5) day weighted average market
price of Sitt Tatt Shares from 2 May 2003 to 8 May 2003 of
RM0.90 (both dates inclusive), preceding the Price Fixing Date.

The Company, in relation to the Proposed Waiver, also announced
that the Securities Commission (SC) had via its letter dated 7
May 2003 approved the Proposed Waiver under Practice Note 2.9.1
of the Malaysian Code of Take-overs & Mergers, 1998 for MISL &
Associates Sdn Bhd and Concerted Parties, namely Datuk Mazlan
bin Jamaludin, Lim Lek Teck, Lai Moon Kwai, Kor Hiang Ling and
Lim Chih Li @ Lin Zhili from having to extend a mandatory offer
for the remaining shares in the Company which they do not own
upon completion of the Proposed Acquisitions.


SURIA CAPITAL: Pre-Trial Case Management Fixed on July 2
--------------------------------------------------------
Reference is made to the announcement on 24 March 2003 in
regards to KK Suit No. K22-260 of 2002, Suria Capital Holdings
Berhad v KPMG (Firm No. AF.0758) (Sued as a Firm)

Suria Capital Holdings Berhad wishes to further announce that
during the Summons for Directions hearing on the 8 May 2003, the
Court has given the following orders:

   1. The Plaintiff within 60 days serve on the Defendants a
list of documents and file an affidavit verifying such list;

   2. The Defendants within 60 days serve on the Plaintiff a
list of documents and file an affidavit verifying such list;

   3. There be an inspection of documents within 45 days of the
service of the lists and the filing of the affidavits;

   4. For the trial, the Plaintiff would require 4 witnesses and
3 days trial whereas the defendants would require 4 witnesses
and 3 days trial.

The Pre-Trial Case Management has been fixed on 2 July 2003.


TENCO BERHAD: Seeks E&Y's Assistance Over Writ of Summons
---------------------------------------------------------
The Board of Directors of Tenco Berhad wishes to inform the
Exchange on the service of the following Writs of Summons and
Statement of Claims on 6 May 2003:

   (i) Malayan Banking Berhad (MBB) against Westech Sdn Bhd
(Westech), a wholly-owned subsidiary of Tenco namely at Kuala
Lumpur High Court Summons No. D7-22-690-2003 which was filed on
25/4/2003;

   (ii) MBB against (1) Wilron Products Sdn Bhd (WPSB) and (2)
Tenco Industries Sdn Bhd (TISB), both wholly-owned subsidiaries
of Tenco namely at Kuala Lumpur High Court Summons No. D7-22-
691-2003 which was filed on 25/4/2003.

[Westech, WPSB and TISB are hereinafter collectively referred to
as "Defendants"]

In respect of the Writ in (i) above, MBB claim against Westech
the sum of RM3,892,217-84 together with interest thereon at the
rate of 8.4% per annum from 1/5/2002 to the date of full
realization.

In respect of the Writ in (ii) above, MBB claim against WPSB and
TISB the sum of RM640,277-31 and RM627,644-17 together with
interest thereon at the rate of 8.4% per annum from 1/5/2002 to
the date of full realization.

Financial and Operational Effect on Tenco Group

There is no immediate effect on the operation of Tenco Group.
The proceedings are not expected to have any financial and
operational impact on Tenco Group.

Steps Taken by Tenco

The Group had earlier appointed Ernst & Young to assist in
finding a solution to the above matter and now this matter has
been handed over to its legal advisor.


TRANSWATER CORPORATION: Proposes Company Name Change
----------------------------------------------------
Transwater Corporation Bhd proposed to change its name to
"Hyundai-Berjaya Corporation Berhad".

The proposed change of name is to better reflect the Company's
strategic focus on the automotive industry following the recent
acquisition of 100% equity interest in Hyundai-Berjaya Sdn Bhd
(HBSB). HBSB is primarily involved in management of the sale and
distribution activities of Hyundai/Inokom passenger vehicles.

The Companies Commission of Malaysia has approved the proposed
name on 23 April 2003. The proposed change of name is now
subject to approval by the shareholders of the Company at an
Extraordinary General Meeting to be convened. A circular on the
proposed change of name will be dispatched to the shareholders
of the Company in due course.

COMPANY PROFILE

Based in Selangor, Transwater Group of Companies are specialist
engineers and contractors for water and waste water works, for
the supply and installation of pumping equipment, industrial
machinery, process equipment and systems, cooling towers and oil
and gas equipment and systems.

Following its classification in February 2001 as an `affected
listed issuer' under Practice Note 4/2001, Transwater is still
currently in the process of formulating and evaluating plans to
regularize its financial condition. On 4 September 2001, KLSE
granted Transwater a two-month extension to 22 October 2001 for
it to release the requisite announcement detailing its proposal
to restore its financial viability.

CONTACT INFORMATION: No.83, Jalan SS25/2
          Taman Bukit Emas
          47301 Petaling Jaya
          Selangor
          Tel : 03-703 3131
          Fax : 03-703 9989


WAH SEONG: Unit Inks JV With WKB to Boost Earnings
--------------------------------------------------
The Board of Directors of Wah Seong Corporation Berhad  
is pleased to announce that its subsidiary, PPSC (HK) Limited
(PPSCHK), Hong Kong had on 22 April 2003 formed and incorporated
a Joint Venture Company known as "PPSC INTERNATIONAL BV" in the
Netherlands [PPSC INT] with WKB Holdings (Goor) Ltd (WKB) for a
51% equity stake in PPSC INT for Euros 9,180.00 (equivalent to
RM37,729.80 based on the exchange rate of RM4.11 to Euro 1.00).

INFORMATION ON PPSC INT, PPSCHK AND WKB

PPSC INT has been established as a private company limited by
shares in the Netherlands and have its registered office at
Kantoren Park Kwadrant, Villa No 3, Gotlandstraat 28, 7418 AX
Deventer, The Netherlands. It will be principally an investment
holding company and be involved in the provision of marketing
and business development services to the oil and gas industry in
Europe and anti-corrosion and concrete weight coating services
in Trinidad and Tobago. PPSC INT will be jointly owned by the
PPSCHK and WKB on a 51:49 basis.

PPSCHK was established on 22 Oct 1997 as a private company
limited by shares in Hong Kong and having its registered office
at No. 1506-07, 15th Floor, 9 Queen's Road, Central, Hong Kong.
It is principally an investment holding company and is involved
in the pipe-coating industry. PPSCHK is a 100% owned subsidiary
of PPSC Industries Sdn Bhd (PPSC). The effective equity interest
held by Wah Seong Corporation Berhad (WSC) through its
subsidiary companies, Wah Seong Industrial Holdings Sdn Bhd
(WSIH) and Petro-Pipe Industries (M) Sdn Bhd (PPI) in both
PPSCHK and PPSC is 34.84% respectively.

WKB was established as a private limited company in the
Netherlands on 6 May 1997 with its registered address at
Kerkedenn 39, Borne, EB 7621, The Netherlands. It is generally
an investment holding company and involved in the oil and gas
industry. Its authorized capital is Euros 90,756.04 and its paid
up capital is currently Euros 18,151.21.

WKB is wholly owned by WKB Holdings (Malta) Limited which is in
turn, wholly owned by Mr Wayne Keith Buttimore [Wayne] (New
Zealand Passport No. M018018). Both Wayne and WKB, have wide
networking contacts and are primarily engaged in providing
services to the oil and gas infrastructure services throughout
Europe and Trinidad and Tobago.

SALIENT DETAILS OF THE INCORPORATION

Some of the salient details of the incorporation are as follows:

   a. The Supervisory Board of PPSC INT will be represented by
Mr Chan Cheu Leong (Chairman/Director), Mr Giancarlo Maccagno
(Director), Mr Zenone Soave (Director), Mr Sam Vermeer
(Director) and Wayne as Chief Executive Officer of PPSC INT.

   b. Both PPSCHK and WKB will jointly subscribe, invest and
participate in the profits/losses in PPSC INT on a 51:49 basis.

   c. With this joint investment of PPSCHK and WKB in PPSC INT,
the authorized and issued share capital of PPSC INT would be
increased accordingly to reflect the parties' intention herein.

BASIS OF CONSIDERATION

The cost of investment for the 51% equity stake in PPSC INT by
PPSCHK is Euros 9,180.00 only and the same will be financed from
the PPSCHK's own internally generated funds.

RATIONALE FOR THE INVESTMENT

The investment in PPSC INT will be synergistic to the existing
business(s) of WSC. It is the understanding of WSC, PPSCHK,
Wayne and WKB that PPSC INT will be the vehicle for future
investments in the pipe coating business in Trinidad and Tobago
which does have tremendous growth potential associated with the
oil and gas infrastructure services' industry. Hence, it is
expected to positively contribute to the earnings of the WSC
group in the long run.

FINANCIAL EFFECTS OF THE INVESTMENT

Share Capital

The investment will not have any effect on the share capital of
WSC although the effective interest of WSC in PPSC INT will be
increased from 0% to 17.77%.

Earnings

The investment is not expected to have any material effect on
the consolidated earnings of WSC and its group of companies for
the financial year ending 31 December 2003. However, the revenue
from PPSC INT is expected to contribute positively to PPSCHK's
and WSC's future earnings.

Substantial Shareholding

The investment will cause PPSCHK's equity shareholding in PPST
INT to increase from 0% to 51%.

Net Tangible Assets (NTA)

The proposed investment will not have any material effect on the
consolidated NTA value of WSC and its group of companies for the
year ending 31 December 2003.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the directors, major shareholders, persons connected to
Directors or persons connected to the major shareholders of WSC
has any interest, direct or indirect, in the investment.

DIRECTORS' STATEMENT

Having considered all aspects of the investment, the Board of
Directors is of the opinion that the investment is in the best
interest of the Company.

CONDITION OF INVESTMENT

This investment is not subject to the approvals of any other
governmental authority and the shareholders of WSC.

DOCUMENTS FOR INSPECTION

Details of PPSC INT's incorporation are available for inspection
at WSC's principal place of business at No. 59-2, The Boulevard,
Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur for
one (1) week from date of this Announcement during normal
business hours from Mondays to Fridays.


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


MANILA ELECTRIC: Needs P11.5-B to Pay Maturing Debts
----------------------------------------------------
Lopez-controlled Manila Electric Co. (Meralco) will need 11.5
billion pesos to repay its maturing obligations this year, the
Philippine Star said on Monday. Of this amount, 6.5 billion
pesos are short-term obligations and the remaining 5 billion
pesos are long-term.

The Company was able to repay a third of its 5-billion pesos
long-term loans last April. The 11.5 billion pesos will cover
only the principal payment and exclude the interest. Meralco was
recently able to secure an approval from its short-term lenders
to suspend the payment by three months. The short-term debts are
supposed to be due this July. Within the three-month reprieve,
Meralco should be able to come up with a scheme that will
convert these loans to medium-term.


MANILA ELECTRIC: Ready for P1-B Refund for Small Consumers
----------------------------------------------------------
The Manila Electric Co. (Meralco) plans to allocate 1 billion
pesos to refund consumers using zero to 100 kilowatthour (kWh) a
month this June, the Manila Times reports, citing Meralco
President Jesus Francisco. According to ERC Chairman Manuel
Sanchez, he wants Meralco to include household and general
services customers using 300 kWh a month in the June refund.
"That might require a little more calculations. We will submit
something on May 24. That is depending on our capability,"
Francisco said.

Last Friday, Meralco filed a proposal with the Energy Regulatory
Commission (ERC) as to how it repays its small consumers.
Meralco's refund proposal, set for June, and would cover 1.3
million of the Company's 3.9 million customers. Repayment to
these customers has been estimated at P1.06 billion. Meralco's
petition said that consumers using an average of 50 kWh to 100
kWh would get a one-time refund of about 1,300 pesos. They would
be given three days to claim their cash refund. Those who don't
collect on time would get the refund applied to their future
bills. The regulatory commission is set to hold public hearings
on the refund plans before making a final decision.

Meralco, which last week announced a P2-billion loss for 2002,
has warned that the refund would hurt its earnings and cash flow
this year, but it would honor whatever refund arrangements were
decided.


NATIONAL POWER: Aims to Sells US$500M Bonds in June
---------------------------------------------------
National Power Corporation (Napocor) plans to sell US$500
million worth of bonds in June, ahead of two borrowings worth
US$250 million each which will be guaranteed separately by the
Asian Development Bank (ADB) and US-based Overseas Private
Investment Corporation (OPIC), AFX Asia reported Monday.

Napocor is set to select the underwriter for the issue this week
from among Credit Suisse First Boston, Daiwa Securities, JP
Morgan, Nomura Securities and Salomon Smith Barney. The tenor
will likely range from five years to 20 years, the sources said.


VICTORIAS MILLING: Tanduay Not Planning to Take Control
-------------------------------------------------------
Tanduay Holdings Inc. has no plans to take majority control of
Victorias Milling Corporation (VMC), the Philippine Daily
Inquirer newspaper reported, quoting Tanduay President Wilson
Young. Young said Tanduay has no plans to increase its stake
after it won the bid to provide Victoria with a 300 million peso
loan. The loan can be converted to a 16 percent stake and a
board seat in the sugar miller on the third year.

Young said it was fine with Tanduay to share control with two
other groups - JG Summit Holdings and East West Bank - who were
reportedly planning to buy out Victorias' outstanding loans from
creditor-banks, which are collateralized with controlling shares
in the Company.


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


CHARTERED SEMICONDUCTOR: Responds to Media Query
------------------------------------------------
On May 7, 2003 in Singapore, Chartered Semiconductor
Manufacturing Ltd. submitted to the Singapore Exchange
Securities Trading Limited a statement clarifying media query on
the same date. A copy of the Company's statement dated May 7,
2003 is attached hereto as Exhibit 99.1 and is incorporated by
reference.

In view of the query we have received from the media on why our
share price and trading volume on the Singapore Exchange
increased and whether they are in response to the research
report dated 6 May 2003 issued by HSBC on Chartered, the Company
wishes to state the following:

1. The Company is not aware of the reasons for the increases in
our share price and trading volume.

2. Chartered has detailed our strategy to enhance growth
potential and improve cost structure in our press release dated
13 February 2003. As indicated in the release, one of our
strategic thrusts is to improve utilization of mature capacity
by targeting partnerships for volume production.

3. We have been working towards the above strategy. We are
currently in detailed discussions with a few customers, and in
April executed an agreement to provide wafers out of our mature
capacity to one of our customers. No assurance can be given that
we will be able to enter into additional agreements with other
customers.

4. In light of the foregoing, we do not believe the HSBC report
is accurate with respect to the current status and nature of our
discussions with customers.


FLEXTECH HOLDINGS: Auditors Report on Financial Statements
----------------------------------------------------------
Following the announcement of the results for the full year
ended 31 December 2002 made on 31 March 2003, the board of
directors of Flextech Holdings Limited announced that the
auditors have included an emphasis of matter paragraph in their
auditors' report on the financial statements for the year ended
31 December 2002. The auditors' report is attached. The
Company's audited accounts for financial year ended 31 December
2002 will be dispatched to shareholders on 14 May 2003, together
with our Annual Report.

In the light of the auditors' emphasis of matter, the directors
wish to clarify that the Group is close to finalizing legal
documentation with bankers to restructure approximately S$29.2
million owing by its principal subsidiary FE Global Electronics
Pte Ltd, based on the terms announced by the Company on 28
February 2003.


KOH BROTHERS: EGM Set For May 28
--------------------------------
The Extraordinary General Meeting (EGM) of KOH BROTHERS GROUP
LIMITED will be held at Oxford Hotel, 218 Queen Street,
Singapore 188549 on 28 May 2003 at 3.30 p.m. (or as soon
thereafter following the conclusion or adjournment of the Annual
General Meeting of the Company to be held at 2.00 p.m. on the
same day and at the same place) for the purpose of considering
and, if thought fit, passing with or without modifications the
following resolution:

ORDINARY RESOLUTION 1

THAT

a) Approval be and is hereby given for the purposes of Chapter 9
of the Listing Manual of the Singapore Exchange Securities
Trading Limited SGX-ST for the Company, its subsidiaries and
associated companies (the Group) or any of them to enter into
any of the transactions falling within the categories of
Interested Person Transactions, as described in the Company's
Circular to Shareholders dated 12 May 2003 (the "Circular with
any party, who falls within the class of Interested Persons
referred to in the Circular, provided that such transactions are
carried out, in the normal course of business, at arm's length
and on normal commercial terms, and not prejudicial to the
interests of the Company and its minority Shareholders, and in
accordance with the guidelines of the Company for Interested
Person Transactions as set out in the Circular;

b) Such approval (the "New Shareholder Mandate shall, unless
revoked or varied by the Company in a general meeting, continue
in force until the next annual general meeting of the Company;
and

c) The Directors of the Company be and are hereby authorized to
complete and do all such acts and things (including executing
all such documents as may be required) as they may consider
expedient or necessary or in the interests of the Company to
give effect to the New Shareholder Mandate and/or this
Resolution.

Note:

1. A Member entitled to attend and vote at the meeting is also
entitled to appoint one or two proxies to attend and vote
instead of him.

2. A proxy need not be a Member of the Company. The proxy form
must be deposited at the registered office of the Company not
less than 48 hours before the time appointed for the holding of
the meeting.


NEPTUNE ORIENT: Schedules EGM on May 28
---------------------------------------
The Extraordinary General Meeting (EGM) of Neptune Orient Lines
Limited (NOL) will be held at 456 Alexandra Road, #04-00
(Lecture Theatre), NOL Building, Singapore 119962, on 28 May
2003 at 10.00 a.m., for the purpose of considering and, if
thought fit, passing (with or without modification) the
following Ordinary Resolution:

ORDINARY RESOLUTION

That:

(a) The execution of the stock purchase agreement dated 29 April
2003 (the Agreement) for the sale of the entire issued and paid-
up share capital (the Sale) Shares in American Eagle Tankers
Inc. Limited AET for a consideration of US$445 million and in
accordance with the terms and conditions of the Agreement
between the Company, AET and Malaysia International Shipping
Corporation Berhad be and is hereby ratified, confirmed and
approved;

(b) The sale of the Sale Shares for a consideration of US$445
million on the terms and subject to the conditions stated in the
Agreement be and is hereby approved; and

(c) The Directors of the Company (or any one of them) be and are
hereby authorized to take such steps, make such arrangements, do
all such acts and things and exercise such discretion in
connection with, relating to or arising from the matters
contemplated herein, as they (or he) may from time to time
consider necessary, desirable or expedient to give effect to
such matters and this Resolution as they (or he) may deem fit.

Notes:

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

2. A member of the Company, which is a corporation, is entitled
to appoint its authorized representative or not more than two
proxies to vote on its behalf.

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

4. The instrument appointing a proxy must be duly deposited at
the registered office of the Company at 456 Alexandra Road, #06-
00 NOL Building, Singapore 119962 not later than 48 hours before
the time appointed for the holding of the Extraordinary General
Meeting.


PRESSCRETE HOLDINGS: Changes Board Composition
----------------------------------------------
Presscrete Holdings Ltd. announced that following the completion
of its restructuring exercise, the Company is in the process of
integration and corporate renewal.

The Company has recently introduced new members to the Board and
wishes now to introduce a new director but is constrained by its
Articles of Association, which limits the number of Directors to
seven members.

The Company has therefore requested Assoc Prof (Dr.) Toh See
Kiat to relinquish his position as an Independent Director and
he has kindly consented. In line with this, he will also
relinquish his position as a member of the Audit Committee,
Nominating Committee and Remuneration Committee.

The Board wishes to thank Assoc Prof (Dr.) Toh for his kind
understanding. We are also grateful for his valuable and
unstinting support and contributions over the years. His consent
thus allows the Group to proceed with its corporate renewal
process.

The Company would also like to announce:

(a) The appointment of Dr. Chua Yong Hai as Independent Director
with effect from 9 May 2003. Dr. Chua will assume the position
of Non-Executive Chairman of the Company and Chairman of the
Remuneration Committee. He will also be a member of the Audit
Committee and Nominating Committee.

Dr. Neo Roland Bah will relinquish his position as Chairman of
the Company and as a member of both the Nominating and
Remuneration Committees. He will, however, remain as Chief
Executive Officer of the Company.

Mr. Khoo Boo Tat will also relinquish as a member of the
Remuneration Committee.

Mr. Gurbachan Singh will relinquish his position as Chairman of
the Remuneration Committee and remain a member of the
Remuneration Committee.

(c) The appointment of Mr. Tan Wee Soon as Alternate Director to
Mr. Wong Meng Khoon, Executive Director with effect from 9 May
2003.

Subsequent to the above changes, the Audit Committee, Nominating
Committee and Remuneration Committee now comprise the following:

Audit Committee

Mr. Soh Gim Teik - Chairman (Independent Director)
Mr. Gurbachan Singh (Independent Director)
Dr. Chua Yong Hai (Independent Director)

Nominating Committee

Mr. Gurbachan Singh - Chairman (Independent Director)
Mr. Soh Gim Teik (Independent Director)
Dr. Chua Yong Hai (Independent Director)

Remuneration Committee

Dr. Chua Yong Hai - Chairman (Independent Director)
Mr. Gurbachan Singh(Independent Director)
Mr. Soh Gim Teik (Independent Director)


SEATOWN CORPORATION: Unit Appoints Judicial Manager
---------------------------------------------------
Further to the announcement issued by the Board of Directors of
Seatown Corporation Ltd on 17 April 2003, the High Court of
Singapore on 9 May 2003 has approved Seatown Foundation
Engineering Pte Ltd's petition to be placed under Judicial
Management. Mr Goh Ngiap Suan of Goh Ngiap Suan & Co. is
appointed as the Judicial Manager.


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


KGI SECURITIES: Resolves HOLDCO Liquidation
-------------------------------------------
The Board of Directors Meeting of KGI Securities (Thailand)
Public Company Limited No.3/2003, held on 8th Thursday
2003, has resolved the following:

   1. That the reviewed financial statements of the Company and
its subsidiaries for the first quarter ended 31st March 2003 be
approved.

   2. That the Company's wholly-owned subsidiary, KGI Securities
(Thailand) International Holdings Limited (HOLDCO), which
previously held the KGI International Holdings Limited (KGII)
bonds that have now been sold, be liquidated.


PICNIC GAS: Hires E&Y as 2003 Auditors
--------------------------------------
Ultimate Key Company Limited, as Plan Administrator of Picnic
Gas and Chemicals Public Company Limited (previously BGES
Engineering Systems Public Company Limited), issued this auditor
information. The auditors who will review/audit the Company and
its subsidiary for the year 2003 are:

1. Ms. Siraporn Ouaanunkun, Certified Public Accountant of
Thailand No.3844, Ernst & Young Office Limited
2. Mr. Supachai Phanyawattano, Certified Public Accountant of
Thailand No.3930, Ernst & Young Office Limited

                  
RAIMON LAND: Posts Plan Implementation Report
---------------------------------------------
Raimon Land Planner Co., Ltd., as the Plan Administrator of
Raimon Land Public Company Limited, having office at 22nd Floor,
Unit 2201-3, The Millennia Tower, 62 Langsuan Road, Kwaeng
Lumpini, Khet Pathumwan, Bangkok, reported on the implementation
of the Rehabilitation Plan (Plan) of Raimon Land in relation to
the increase of the registered capital and the allotment of new
ordinary shares, as follows:

1. Capital increase

The resolutions of Board of Directors' Meeting No. 14/2002 of
the Plan Administrator (acting in the capacity of the Plan
Administrator of Raimon Land) held on July 3, 2002 require
Raimon Land to proceed with the increase of the registered
capital of Raimon Land by another Bt1,999,360,000 from
Bt249,920,000 to be Bt2,249,280,000 diviad into 449,856,000
ordinary shares by an issue of 399,872,000 new ordinary shares
at the par value of Bt5 each.

The number of 99,968,000 new ordinary shares was allocated to
existing shareholders and investors.  The number of 299,904,000
new ordinary shares was allocated to reserve for the exercise of
299,904,000 units of warrants.

After the issue of new ordinary shares and warrants to such
existing shareholders and investors, there remained 46,312,442
unsubscribed shares and 46,312,442 units of unallocated
warrants.  

2.  Allocation of new ordinary shares

The Board of Directors' Meeting No. 13/2003 of the Plan
Administrator (acting in the capacity of the Plan Administrator
of Raimon Land) held on 7th May, 2003 resolved to approve the
allocation of those unsubscribed shares and unallocated warrants
as follows:

Allocation of the shares remaining from the subscription of the
existing shareholders in clause 2.1.1. will be made as follows:
   
   * Any unsubscribed shares not taken up by the existing
shareholders under the rights issue under clause 2.1.1 would be
first offered to the investors, namely Seamico Securities Plc.,
Knight Thai Strategic Investments Ltd., Quam Securities Co.,
Ltd. and Newer Challenge Holdings Ltd., (Investors) at the same
offering price (Bt3.08 per share).  This is made in accordance
with the Plan.

   * Any shares not taken up by the Investors would be offered
to those existing shareholders who have applied for excess
rights shares at the same offering price (Bt3.08 per share) on
the pro rata basis (by reference to the total number of excess
rights shares and the total number of shares subscribed under
the excess rights).  

   * Any unsubscribed shares remaining from the subscription may
be offered in one or several tranches from time to time by way
of private placement at the same offering price (Bt3.08 per
share) in accordance with the SEC's notification no. Kor Jor.
12/2543 regarding the application and permission for offer of
new shares.  The Plan Administrator or if the Plan Administrator
is no longer appointed, Raimon Land's board of directors would
be authorized to determine the subscription period, conditions
and other details of the allocation.

   * If no subscription of 46,312,442 unsubscribed shares would
be made nor such unsubscribed shares would be taken up by
existing shareholders and/or the Investors and/or private
placement investor(s), Seamico Securities Plc., Raimon Land's
major shareholder, which would be appointed as the underwriter
for 46,312,442 unsubscribed shares in accordance with the
conditions for the entry into the underwriting agreement of the
unsubscribed shares, might be allocated all of 46,312,442
unsubscribed shares (in case where there was no subscription of
those unsubscribed shares) or all of the remaining shares from
the subscription.

3. Schedule for the shareholders' meeting for approval of the
capital increase and the allocation of new ordinary shares
        
No shareholders' resolution of Raimon Land is required since the
allocation of the new ordinary shares would be made in
accordance with the Plan. On May 7, 2003, the Board of
Directors' Meeting No. 13/2003 of the Plan Administrator
resolved that Raimon Land proceeds with the allocation of
46,312,442 unsubscribed shares and 46,312,442 units of
unallocated warrants.

4. Approval of capital increase/share allotment by relevant
governmental agency and conditions (if any)
        
The allocation of free warrants of 46,312,442 units is subject
to the SEC's approval on:

1. The amended and updated filing of shares and warrants; and
2. The application for the extension of the offer of
46,312,442 unallocated warrants.

5. Purpose of capital increase and the use of the funds
        
   * To meet the requirements relating to fund raising scheme
provided in the Plan.

   * To be invested in the real estate projects of the Company
and Subsidiaries Company.

   * To be utilized as the working capital of Raimon Land or for
other investments as deemed appropriate by the Plan
Administrator or the Board of Directors of Raimon Land (as the
case may be).

6. Expected benefits Raimon Land will obtain from the increase
of capital/ allotment of new ordinary shares
        
   * To be able to continue its business operations.

   * To meet the requirements relating to fund raising scheme
provided in the Plan.

   * To be utilized as its working capital.
        
7. Benefits which the shareholders should expect from the
increase of capital / allotment of new ordinary shares         

   * To enable Raimon Land to meet the requirements under the
Plan thereby allowing Raimon Land to continue its business
operations during the court rehabilitation process.

   * To permit Raimon Land to have adequate working capital for
investing in the real estate projects for making the profit to
the shareholders.

8. Other details necessary for the shareholders to approve the
capital increase and allotment of new ordinary shares  - None -

9. Schedule of action for the capital increase and allotment of
new ordinary shares

SCHEDULE FOR ALLOTMENT OF NEW ORDINARY SHARES

                                        SUBJECT DATE (2003)
Report the resolution of the Board of       May 7
the Plan Administrator to the SET.

Closing of the share register book.         May 21

Delivery of subscription package to SET     May 23
for distribution to the shareholders.

Subscription period and payment period for  June 5-11
rights issue and excess rights.


ROYAL CERAMIC: Issues Rehabilitation Plan Update
------------------------------------------------
The Royal Ceramic Industry Public Company Limited reported on
the progress of business rehabilitation plan and financial
performance in the year of 2002, as follows:

1. RCI has implemented the business rehabilitation plan that
was issued and order approving by the Central Bankruptcy
Court since November 24, 2000.
2. RCI submitted the proposal to revise the plan on November
1, 2002 and the Central Bankruptcy Court issued and order
approving the revised plan on December 11, 2002. RCI has
implemented the revised plan completely on January 21,
2003. RCI shall report and ask the Central Bankruptcy
Court to order the business rehabilitation terminated in
the second quarter of this year.
3. According to implementation of the revised plan
completely, the financial status is stronger than last 2 -
3 years.

3.1 Debt burden decreased in the amount of Bt949.91
million dividend to Bt834.31 million in 2002 and
Bt115.60 Million in the first quarter of 2003.
3.2 Shareholders' Equity improved from negative -Bt76.17
million in 2001 to Bt606.59 million in 2002. So the
Debt to Equity ratio as of December 31, 2002 is 1.47:1
times.
3.3 RCI operation loss is Bt110.68 Million in 2002 but
revenues from operation are Bt1,039.50 million which
increase from 2001 at 23.44%.
3.4 Management estimation, in the first quarter of 2003,
RCI revenues are about Bt280.00 million, which are
higher than first quarter of last year at 18.28%. RCI
will make the profit since the first quarter of this
year.


THAI PETROCHEMICAL: Allegations Are Unsubstantiated, Says EPL
-------------------------------------------------------------
Recent press reports have contained allegations that Ferrier
Hodgson Thailand and its wholly owned subsidiary, Effective
Planners Limited (EPL) were engaged in various forms of
misconduct during the course of EPL's preparation and
implementation of Thai Petrochemical Industry Public Company
Limited's (TPI's) court sanctioned business rehabilitation
plan.

Effective Planners Limited on Friday first emphatically stated
that all of these allegations of wrongdoing are both totally
unsubstantiated and groundless. There is no evidence supporting
any of the accusations. This is the case because no such
evidence exists and never has because it has committed no
wrongdoing.

Furthermore, these allegations represent in no way 'new' charges
and have indeed formed the basis of several of the nearly forty
equally baseless petitions filed against EPL by TPI's former
senior management over the course of the last three years.
Meticulous review of these cases has involved innumerable
hearings, testimonies and analysis of copious documentation
submitted by all relevant parties.

Importantly, and upon completion of this comprehensive process,
neither the Official Receiver, Bankruptcy Court or indeed the
Supreme Court have ever found any evidence or credible
allegation that EPL has performed any of its duties in an
irregular, improper or unlawful manner. All the cases against
EPL in which these institutions have made a decision have been
dismissed.

For this reason Effective Planners sees no practical benefit in
once again addressing any of the specific allegations contained
in recent statements attributed to TPI's former senior
management. In dismissing one earlier case filed against EPL,
the Court in its order noted that "the court also deems vague
the claim which alleges that the Defendants dishonestly carried
out or omitted to carry out their duties." Frankly, "vague",
unsubstantiated allegations collectively without merit and
totally lacking any basis in fact seems to be a common refrain
in all of the charges leveled against us by these same persons.

Furthermore, in another case that contained some of the same
complaints highlighted in these recent press statements, the
Court dismissed the petition at an early stage in the
proceedings as it determined the complaints completely lacked
supporting evidence and were utterly baseless.

Turning to yet another case, as Thailand's Bankruptcy Court
decided on April 21, 2003 to use its discretion to remove EPL as
TPI's Plan Administrator. EPL respects the Court's decision, are
reviewing possible appeal options but does wishes to note a
number of important points contained in the Court's judgment.

Specifically the Court found that EPL had indeed followed all
the correct procedures and steps in faithfully implementing the
plan. The Court also determined that EPL had the requisite
qualifications to serve as TPI's plan administrator, did not at
any time cause any damage to TPI and had not acted dishonestly
in implementing the plan. Once again these same judgments,
clearly supportive of EPL's positions on a number of matters,
have been rendered on many occasions by the Thai Courts.

CONTACT INFORMATION: Aziam Burson-Marsteller
                     James/Waraporn/Satida
                     Tel. 0 2252 9871-7


* SET Excludes Stocks From Index Calculation   
--------------------------------------------
The list of stocks that will be excluded from index calculation
the Stock Exchange of Thailand (SET) announces an adjustment of
Index calculation by the exclusion of those stocks that have
been suspended for over one year from the Index.

The SET wishes to inform that, the following stocks will be
excluded from the calculation of the SET Index until such time
as they are permitted to resume trading:

        Name                                Excluded date
1. Distar Electric Corporation Public        12 May 2003
   Co., Ltd.(DISTAR)   

2. General Engineering Public Co., Ltd.(GEL) 12 May 2003


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

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