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       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

           Thursday, May 15 2003, Vol. 6, No. 95

                         Headlines

A U S T R A L I A

AMP GROUP: S&P Lowers Rating to 'BBB+'; Outlook Negative
AMP HENDERSON: Responds to Takeovers Panel Decision
AMP LIFE: Replies to Takeovers Panel Determination
AMP SHOPPING: Panel Makes Unacceptable Circumstances Declaration
AUSTAR UNITED: CHAMP Launches Compliance Offer

AUSTAR UNITED: Foster Stockbroking Nominates KPMG as Auditor
BEACONSFIELD GOLD: Third Quarter Activities Report
ERG LIMITED: Faces Complaint Filed by Cubic Over SF Contract
PASMINCO LIMITED: Shuts Down Gordonsville Mine
VILLAGE ROADSHOW: UK Cinemas Sale Concludes Restructuring


C H I N A   &   H O N G  K O N G

CBIT CORPORATION: Winding Up Hearing Scheduled on May 21
HOI NING: Winding Up Sought by R.H.T. Holdings
TUGU INSURANCE: Rating Raised to 'Bpi' from 'CCCpi'
UNITED PROFIT: Petition to Wind Up Pending


I N D O N E S I A

INDOFOOD SUKSES: S&P Affirms 'B' Ratings; Stable Outlook


J A P A N

DAIEI INC.: Selling Maruetsu Food Products
JAPAN AIRLINES: Cutting More Flights in Asia
MARUBENI CORPORATION: Bonds Receive BBB+ Rating
NIPPON TELEGRAPH: Plans 3,900 Job Cuts in 2003/04
NIPPON TELEGRAPH: Posts Y233B Profit This Year

NORTH COUNTRY: Golf Course Enters Rehab Proceedings
RST, K.K.: Real Estate Firm Enters Bankruptcy
SEGA CORP.: R&I Removes Ratings from Rating Monitor


K O R E A

CHOHUNG BANK: Accounting Firm Revalues Per-Share Price
DAEWOO ELECTRONICS: Truck Strike Freezes Exports
HYNIX SEMICONDUCTOR: Future Remains Cloudy, Analysts Say
HYNIX SEMICONDUCTOR: Launches 0.10-Micron Process Technology
HYNIX SEMICONCONDUCTOR: Likely to Extend Losses in First Quarter

SK GLOBAL: SK Group Denies Sovereign Statement


M A L A Y S I A

AMSTEEL CORP.: Extends Proposed Disposal Proceeds Utilization
AMSTEEL CORPORATION: Netherlands Unit Voluntary Wound Up
ASIAN PAC: Dormant Subsidiaries De-registered
ASSOCIATED KAOLIN: Obtains SC's Nod on Proposed Revisions
DENKO INDUSTRIAL: BNM OKs Debt Equity Issuance to Scheme Lenders

FURQAN BUSINESS: Unit Proposes Property Disposal for RM33.600M
GENERAL LUMBER: KLSE Grants Listing Requirements Waiver
INNOVEST BERHAD: Unit Settles Material Litigation
NCK CORPORATION: Proposes Asset Disposal for Partial Settlement
PANGLOBAL BERHAD: Plaintiff Withdraws Material Litigation

SILVERSTONE CORPORATION: Financial Regularization Completed
SPORTMA CORPORATION: Depositors Register Close on May 22
SRIWANI HOLDINGS: Proposes Change of Name
SRIWANI HOLDINGS: SC Approves Proposed Exemptions
SURIA CAPITAL: Plaintiff Appeals on Registrar's Decision

TAI WAH: Proposes Disposal for Partial Settlement to Creditors
TECHNO ASIA: Special Administrators Submit Monthly Report
UNITED CHEMICAL: Provides Defaulted Facilities Update
YCS CORPORATION: Defaults ICULS-A Interest Payment


P H I L I P P I N E S

ABS-CBN BROADCASTING: Seeks Payment Deals For BNP, SCB Loans
MANILA ELECTRIC: ERC Orders to Cut Basic Rate by 0.0167Php/kWh
MANILA ELECTRIC: Raises Refund Cost Estimate to P2.2B


S I N G A P O R E

ASTI HOLDINGS: Enters Binding Term Sheet With Investor
FLEXTECH HOLDINGS: AGM Set For May 30
NEPTUNE ORIENT: Posts Notice of Shareholder's Interest


T H A I L A N D

GENERAL ENGINEERING: Submits Rehabilitation Plan
ITALIAN-THAI DEVELOPMENT: Signs Housing Project Contract   
MODERN HOME: SET Posts `NP' SIGN on Securities
NATURAL PARK: Posts New Management, Audit Committee
SIAM SYNTECH: Requests for Re-Trade in REHABCO Category

SIAM SYNTECH: SET to Lift `SP' Sign
TANAYONG PUBLIC: Discloses Business Reorganization Progress
THAI WAH: Lands Mortgage Registrations Extended to Sept 10

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AMP GROUP: S&P Lowers Rating to 'BBB+'; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that it
lowered the insurer financial strength and counterparty credit
ratings on AMP Life Ltd. to 'A+' from 'AA-' and removed the
ratings from CreditWatch. At the same time, the counterparty
credit ratings on AMP Group Holdings Ltd. and AMP Bank Ltd. were
lowered to 'BBB+' from 'A-' and removed from CreditWatch.

The ratings outlook on AMP Life, AMP Group Holdings, and AMP
Bank is negative, given uncertainty on the demerger and capital
restructure, and the uncertain earnings outlook for the AMP
group, according to Kate Thomson, credit analyst, Financial
Services Ratings.

"The negative outlook on AMP Life, AMP Group Holdings, and AMP
Bank reflects the inherent uncertainties surrounding the
execution of AMP's plans, and the prevailing difficult operating
environment for life and funds management companies in Australia
and internationally, which is likely to constrain earnings. The
high proportion of hybrid equity makes the AMP group more
sensitive to earnings downgrades. If these risks are
ameliorated, the ratings outlook could revert to stable from
negative," Ms. Thomson said.

The insurer financial strength and counterparty credit ratings
on AMP's U.K. life entities -- Pearl Assurance PLC (Pearl),
National Provident Life Ltd. (NPL), and the NPI Ltd. (NPI) --
were also lowered and removed from CreditWatch, with the three
entities now on negative ratings outlook. The ratings on Pearl
and NPL were lowered to 'BBB' from 'BBB+', and NPI was lowered
to 'BBB+' from 'A'.

The downgrades follow an overall weakening in the AMP group's
financial strength, and encompasses AMP's May 1 announcement of
its intention to legally separate its Australian and U.K.
business into two companies, raise capital of up to A$1.5
billion (proceeds now expected to be A$1.7 billion), pay down
debt, and sell equity investments held in its U.K. life
operations.

"Although AMP's capital raising and equity sale initiatives will
improve group capitalization, the positive impact of these
initiatives only partially offsets the diminution in group
capital strength up to AMP's May 1 announcement. Furthermore,
AMP group's underlying earnings have been dampened by a
difficult operating environment, and reported profitability
marred by a material level of write-downs in the past six
months," Ms. Thomson said.
     

AMP HENDERSON: Responds to Takeovers Panel Decision
---------------------------------------------------
AMP Henderson Global Investors, as Responsible Entity for AMP
Shopping Centre Trust (ART), notes the announcement on Tuesday
from the Takeovers Panel.

To assist in providing certainty for ART unitholders, AMP
Henderson will write to AMP Life and ask it to advise AMP
Henderson as soon as practicable whether or not it will seek
review of the Takeovers Panel's decision by a Review Panel or a
Court.

As detailed in the Target's Statement dated 22 April 2003, the
Independent Expert, Deloitte Touche Tomatsu, considers that the
Centro offer is neither fair nor reasonable.

The Directors believe that market evidence validates the
Independent Expert's valuation, as set out in the Target's
Statement. In particular:

   * Since the announcement of Centro's offer, there has been
substantial and consistent trading at a premium to the Centro
offer value.

   * Westfield Trust paid a 26% premium to NTA (and a 23%
premium to the Independent Expert's adjusted NTA valuation) for
a non-controlling stake in ART (19.9% stake).

Centro's offer has been extended and is currently due to close
on 2 June 2003.

The Directors continue to recommend that ART unitholders do not
accept the Centro offer.


AMP LIFE: Replies to Takeovers Panel Determination
--------------------------------------------------
AMP Life Limited notes the Takeovers Panel's statement on
Tuesday in relation to the AMP Shopping Centre Trust (ART) -
Centro matter.

On behalf of its 1.7 million policyholders, AMP Life disagrees
with the Takeovers Panel's finding of unacceptable circumstances
and its orders in relation to the preemptive rights.

AMP Life does not agree that unacceptable circumstances exist
and believes the orders made by the Panel are inappropriate,
particularly because:

   * while AMP Life is an ART unitholder and a co-owner of
shopping centers with ART, it is not a party to the takeover,

   * the orders essentially remove without compensation AMP
Life's right to have its commercial rights tested in Court, and

   * the Panel's orders removing such rights unfairly prejudice
AMP Life and its policyholders.

The Panel's primary focus is on the position of ART and its
unitholders. It has no express mandate to take into account the
interests of AMP Life's 1.7 million policyholders.

AMP Life believes that the Panel is not an appropriate forum to
determine the contractual rights of third parties. It was for
this reason that AMP Life did not initially become a party to
the Panel proceedings.

The initial application by Centro was for the Panel to refer the
question of pre-emptive rights to Court and AMP Life would have
defended policyholders' interests in any Court proceedings.
Therefore, AMP Life considered it was not necessary to defend
policyholders' interests in the Panel proceedings.

As soon as AMP Life was advised that the Panel had determined it
could decide the matter itself, AMP Life sought to become a
party to the proceedings in order to protect policyholders'
interests.

AMP Life is now reviewing the full implications of the Panel's
decision and will take whatever action it believes best serves
the interests of its policyholders.

AMP Life Director, Craig Dunn, said AMP Life's interests go well
beyond its unitholding in ART. He said the value of AMP Life's
direct holding in shopping center assets is significantly larger
than the value of its ART unitholding.

"The co-ownership agreements for these significant, directly-
held assets are there to protect AMP Life policyholders'
interests. The Panel's decision effectively removes some of the
policyholders' rights without compensation.

"The wider implication of the decision is that the interests of
ART unitholders somehow outweigh the interests of AMP Life
policyholders, simply because a large proportion of the shopping
center assets owned directly by AMP Life policyholders isn't
invested through a listed vehicle.

"AMP Life's main concern in this matter is to give priority to
the best interests of policyholders and we will continue to act
in that way," Mr Dunn said.


AMP SHOPPING: Panel Makes Unacceptable Circumstances Declaration
----------------------------------------------------------------
The Panel advises that it on Tuesday made a declaration of
unacceptable circumstances in relation to the affairs of the AMP
Shopping Centre Trust (ART). ART is a listed managed investment
scheme, which has investment interests in a number of shopping
centers. The Panel has made orders preventing ART's interests in
five major shopping centers being bought out solely because AMP
Henderson Global Investors Ltd. (AMPH) is removed as Responsible
Entity of ART following a successful takeover bid for ART.

CPT Manager Limited (as responsible entity for Centro Property
Trust) (Centro) announced a takeover bid for ART on 18 March
2003.

On 26 March 2003 AMPH announced that a change of Responsible
Entity of ART as a result of a takeover bid under Chapter 6 of
the Corporations Act (Act) (Change of Responsible Entity) would
be likely to breach provisions contained in agreements (Co-
Owners' Agreements) in relation to five of the largest and most
important shopping centers(1) in which ART owned interests (the
Shopping Centers). AMPH said that those breaches may activate
pre-emptive rights (Pre-Emptive Rights) in the Co-Owners
Agreements, which may lead to the Co-Owners being entitled to
require ART to sell its interests in the shopping centers to the
other Co-Owners at market value. The interests are worth over $1
billion and comprise around 63% of ART's assets. AMPH's
announcement in relation to the Pre-Emptive Rights was in
response to the announcement by Centro of its takeover bid.

The Co-Owners to the Co-Owners Agreements are essentially all
subsidiaries of, or insurance or investment funds within, AMP
Life Limited (AMP Life) or the AMP Ltd group.

Centro applied to the Panel for a declaration of unacceptable
circumstances and orders under sections 657C & D of the Act on
10 April 2003.

The Panel accepted Centro's submissions that the commercial
effect of the Pre-Emptive Rights are such that they would
effectively deter any takeover bid by any person who wasn't
acceptable to the AMP group.

The Panel is concerned that the effect of the Pre-Emptive Rights
which is now being contended by AMP Life and AMPH i.e. the
Pre-Emptive Rights being activated by a Change of Responsible
Entity, had not been disclosed to ART unitholders or the market
prior to AMPH's announcement to ASX on 26 March and the
subsequent publication by AMPH of the terms of the Co-Owners
Agreements and has not been consented to by ART unitholders. The
Panel considers that this has impaired the efficient,
competitive and informed market for control of ART units.

ORDERS

The Panel has ordered AMPH (as Responsible Entity of ART and AMP
Wholesale 2), AMP Life and the other parties to the relevant
Co-Owners' Agreements, not to exercise any Pre-Emptive Rights in
relation to shopping centers in which ART owns interests, solely
because of a Change of Responsible Entity (as defined).

In arriving at these orders the Panel has taken into account:
past disclosure; market participants assessments of the Pre-
Emptive Rights; the interests of ART unitholders and their
knowledge and consent; whether they would cause any person
unfair prejudice; and other potential remedies advanced by the
parties to this application.

The Panel offered the Co-Owners an opportunity to resolve the
Panel's concerns by giving the Panel undertakings that they
would not seek to exercise any Pre-Emptive Rights if they were
activated due to a Change of Responsible Entity. The Co-Owners
declined the Panel's offer.

AMP LIFE

AMP Life is essentially the other Co-Owner in the Shopping
Centers. The Panel asked AMP Life to advise ART unitholders of
its position in the event of a Change of Responsible Entity. AMP
Life has declined to do so. AMP Life has consistently suggested
that the Panel should not be conducting these proceedings unless
to order some form of disclosure by Centro as to whether Centro
would waive the defeating condition in its offer. AMP Life has
also advised the Panel that it reserved the right to appeal,
after the close of Centro's bid, any Court decision unfavorable
to it if the Panel referred any question of law to the Court
under section 659A of the Act.

The Panel accepts AMP Life's right to make choices concerning
participation in Panel proceedings in light of its own
commercial interests and fiduciary duties. However, AMP Life
chose to join the proceedings on 28 April well after proceedings
had commenced and as a participant in the proceedings declined
to provide information that the Panel considered may have been
relevant for its consideration. Where a person or party chooses
not to provide information to the Panel or not to participate in
proceedings, the Panel will proceed with its proceedings and
make its decision on the information, which it has before it.

AMP Life, and to a lesser extent AMPH, has asserted that it has
not made any contentions as to how the Pre-Emptive Rights might
operate in the event of a Change of Responsible Entity. However,
the Panel considers that the statements made by AMP Life and
AMPH through the course of these proceedings make it reasonable
for the Panel to infer, and to proceed in its decision on the
basis, that AMP Life and AMPH can reasonably be taken to have
contended to the Panel that the Pre-Emptive Rights would, or
would likely, be activated by a Change of Responsible Entity.

PAST DISCLOSURE

The Panel considers it highly unlikely that prospective
purchasers of ART units would reasonably have understood from
reading the ART 1997 Prospectus that a change of trustee under
the prescribed interest regime would have activated the Pre-
Emptive Rights. The Panel considers that they would likely have
understood that an attempt by any of the Co-Owners to sell the
assets out of the group would have activated the Pre-Emptive
Rights. But that is different to the Pre-Emptive Rights being
activated merely by a change of trustee with no change in
beneficial ownership of the interests in the Shopping Centers
(i.e. still beneficially owned by the unitholders of ART).

Based on the facts presented to the Panel there appear to have
been a series of points since 1997 at which circumstances
changed, or AMPH or AMP Life have received advice or
information, which might have triggered a decision by AMPH, as
Responsible Entity for ART, to make disclosures to the market
and to ART unitholders concerning the effect of the Pre-Emptive
Rights in relation either to the change of a trustee or a change
of the Responsible Entity.

MARKET PARTICIPANTS' KNOWLEDGE

Centro and Westfield Management Limited (Westfield) have each
recently spent over $200 million acquiring units in ART. Their
evidence to the Panel is that they did not know, after diligent
enquiries prior to acquiring their current stakes in ART in
March 2003, that the Pre-Emptive Rights in the Co-Owners'
Agreements might be activated by a change of trustee under the
prescribed interests regime, or by a Change Of Responsible
Entity under the MIA regime. The Panel takes this as supportive
evidence that the activation of the Pre-Emptive Rights contended
by AMPH and AMP Life had not been adequately or effectively
disclosed.

INTERESTS OF ART UNITHOLDERS

DISCLOSURE AND CONSENT

The Panel notes that:

   a) although the main elements of the Pre-Emptive Rights (i.e.
concerning sale of interests in the Shopping Centers) were
disclosed in the 1997 Prospectus, the fact that merely a change
of trustee of ART may activate the Pre-Emptive Rights in the Co-
Owners' Agreements was not disclosed; and

   b) on or around 12 April 1999, ART offered its unitholders
the opportunity to vote on whether unitholders wanted self-
custody by AMPH, a related party custodian or an independent
custodian when ART moved from the prescribed interests regime to
the MIA regime. It would have been appropriate for AMPH to have
conducted a thorough review of the effects of the transition,
especially in relation to the Pre-Emptive Rights, and disclosed
to ART unitholders what the various consequences of those
alternatives might have been. It may also have been appropriate
for AMPH to seek unitholder consent to those specific effects,
or to have proposed alternative arrangements to avoid the
entrenching effect(2) of the Co-Owners' Agreements under the MIA
regime. Whatever AMPH's conclusion about the impact of
appointing an external custodian, this analysis would have
revealed the issue whether a Change of Responsible Entity would
have triggered the Pre-Emptive Rights;

   c) unitholders did not consent to the effect of the Pre-
Emptive Rights proposed by AMP Life and AMPH; and

   d) subsequent disclosures by AMPH to the Panel (after AMPH
had reviewed its earlier files on the issues) suggest that
persons within AMPH, and likely AMP Life, had turned their minds
to the exact, or very similar, issues in relation to a Change of
Responsible Entity in ART, as those raised by the Centro bid.

UNCERTAINTY

If the Pre-Emptive Rights would not be activated, but that fact
had not been determined with finality by a court, the existence
of the uncertainty (initiated for Centro, rival bidders, the
market  and ART unitholders by the announcement of AMPH on 26
March 2003):

   a) makes it impossible for unitholders to assess the value of
their units; and

   b) threatens the prospects of the current takeover bid for
ART, or any other takeover offer not supported by the Co-Owners.

Either of these circumstances means that the competitive,
efficient and informed market for units in ART has been
impaired.

ENTRENCHING

The Panel considers that there is a "non-entrenchment" principle
in the Managed Investment Scheme provisions of the Act and in
the purposes of Chapter 6 of the Act and that it should apply
that principle in its consideration of this application.

It appears clear to the Panel that the introduction of the CLERP
Act in 2000, which brought takeovers of listed managed
investment schemes under Chapter 6 of the Act, was intended to
expose the responsible entity of listed managed investment
schemes to similar scrutiny and discipline by an efficient,
competitive and informed market as managers of public companies.
To impose the sort of commercial burden on unitholders as
exercise of the Pre-Emptive Rights would impose on ART
unitholders, in the event of a Change of Responsible Entity,
would frustrate the express purpose of bringing listed managed
investment schemes under Chapter 6 of the Act.

It appears to the Panel that the activation of the Pre-Emptive
Rights that AMP Life and AMPH contend would very strongly tend
to entrench AMPH as Responsible Entity of ART and would
therefore constitute unacceptable circumstances. A possible
exception to this legislative policy would be where the
unitholders had given their informed consent to such
entrenchment.

ORDERS - NO UNFAIR PREJUDICE

The Panel is of the view that it would not unfairly prejudice
any person to make the orders it has made because it appears
from the evidence before the Panel that, amongst other things:

   a) parties have agreed that the Pre-Emptive Rights would not
have been activated by a change of management company under the
prescribed interests regime prior to the commencement of the
MIA. Under AMPH and AMP Life's contentions, that would in effect
now occur;

   b) the parties have provided the Panel with no evidence of,
or any rational commercial basis for, any intention of the Co-
Owners that the Pre-Emptive Rights in the Co-Owners' Agreements,
when they were entered into, would be activated merely because
of a change of trustee of ART under the prescribed interests
regime. The Panel infers that this was likely to be an issue of
negligible value under the prescribed interests regime;

   c) the orders affect only a very small portion of the Pre-
Emptive Rights compared to the commercial and other value of the
aspects of the Pre-Emptive Rights that would be untouched by the
Panel's order (i.e. all the parts which were clearly disclosed
in the Prospectus); and

   d) any activation of the Pre-Emptive Rights on a Change of
Responsible Entity would be a windfall benefit to the Co-Owners,
to the detriment of ART unitholders, that the Co-Owners neither
intended or knew about, and which the ART unitholders had not
been informed of and to which they had not consented. To deprive
the Co-Owners of the windfall and return it to the ART
unitholders would not be unfair.

OTHER POTENTIAL REMEDIES

UNCERTAINTY

The Panel does not accept AMPH's submissions that the Panel
cannot or should not seek to determine these proceedings until
the uncertainty (or the proper construction of the Pre-Emptive
Rights) has been resolved by referral to a court. That would
cause additional delay, in proceedings, which have already
extended for a long period, and it may well not give the
certainty, which AMPH said would be a pre-requisite for a court
referral being appropriate.

REQUEST FOR THE PANEL TO REFER A QUESTION OF LAW TO THE COURT

The Panel considers that the decision and orders above obviate
the need to refer the issue to the Court. The Panel considers
that its decision is likely to be materially more timely and
efficient, while still being fair and reasonable, than referring
the question to court (and potentially being faced with the same
issue for determination after receiving the Court's advisory
opinion). On that basis, the Panel does not intend to refer the
requested question of law to the Court.

AMP Life has declined to undertake to be bound by any advice to
the Panel by a court on a question of law referred to the Court.
It also put forward the possibility of it "advocating and
successfully establishing a contrary view to that decided by the
Court after the close of the takeover bid." Without an
undertaking that AMP Life and the other Co-Owners would be bound
by the Court's decision, a decision by a Court of a question of
law would have materially reduced certainty and utility for
these proceedings.

DISCLOSURE AS A REMEDY

AMP Life has submitted that the proper remedy for any
unacceptable circumstances that exist in relation to the affairs
of ART (but AMP Life contends that none do) is to ensure that:

   a) AMPH fully disclose to ART unitholders and to the market
the terms of the Co-Owners' Agreements;

   b) AMPH and Centro fully disclose their different contentions
as to the operation and existence of the Co-Owners' Agreements
and Pre-Emptive Rights; and

   c) CPT discloses, in light of that information, whether it
intends to seek to rely upon any relevant bid condition.

AMP Life suggested to the Panel that unitholders would then be
in a position to determine for themselves what the risk is of
the Pre-Emptive Rights existing and being activated by a Change
of Responsible Entity.

Disclosure is an inadequate remedy in these proceedings, and
cannot be made to become an adequate remedy, because of the
potential effect on those ART unitholders who would prefer to
stay as unitholders of ART. If Centro proceeds with its bid,
acquires more than 50% of the units in ART, replaces AMPH as
Responsible Entity of ART, and AMP Life or another Co-Owner
exercise their Pre-Emptive Rights, the remaining ART unitholders
would have their investment changed from a valuable,
diversified, shopping center fund to essentially a cash box. In
addition, any ART unitholders who accepted the offer would
receive Centro units and the value and composition of Centro's
assets would be materially changed, in similar ways to those of
ART, if the Pre-Emptive Rights were exercised.

As noted above, AMP Life, for its part, has declined to disclose
to the Panel, ART unitholders or the market, whether or not it
would seek to exercise any Pre-Emptive Rights in the event of a
Change of Responsible Entity.

CENTRO'S CONDITIONS

When and if it is settled that the Pre-Emptive Rights will not
be exercised, when and if Centro replaces AMPH as responsible
entity of ART, and any reviews of this decision are complete,
the Panel expects Centro to waive any conditions of its bid to
the extent that they may have been triggered by the existence or
disclosure of the Co-Owners' Agreements.

COSTS

The Panel considers that parties to the proceedings are likely
to have incurred additional costs because of the late time in
the proceedings that AMP Life sought to become a party, despite
the Panel's repeated invitations for it to become a party. On
that basis, the Panel has made an order that each party pay
their own costs incurred up until 28 April 2003, and that AMP
Life pay all parties' costs incurred after that date, in the
manner set out in the Panel's Guidance Note on Costs.

ISSUES FOR OTHER MANAGED INVESTMENT SCHEME AND RESPONSIBLE
ENTITIES

The Panel considers that all listed managed investment schemes
and their responsible entities should urgently review their
constitutions and other material contracts to assess whether
they are parties to contracts with rights similar to the Pre-
Emptive Rights in the Co-Owners' Agreements. If they find rights
which have similar effects to those that AMP Life and AMPH
contend for the ART Pre-Emptive Rights, they will have been put
squarely on notice by this decision that the ongoing existence
of such pre-emptive rights, in the absence of clear and full
disclosure and informed consent by unitholders, risks the Panel
declaring the circumstances to be unacceptable circumstances in
the event it received an application in relation to those
rights.

REVIEW

AMP Life and AMPH's right of review of this decision under
section 657EA of the Act ends at 5:00 pm Thursday 15 May 2003.

The President of the Panel appointed Les Taylor, Jenny Seabrook
and Robyn Ahern to constitute the Panel for the application.

The Panel's reasons for its decision will be posted on the
Panels website when they are settled.

   (1) Warringah Mall (Brookvale, NSW), Pacific Fair
(Broadbeach,  QLD), Macquarie Centre (North Ryde, NSW), Garden
City (Mt Gravatt, QLD) and Garden City (Booragoon, WA) the
(Shopping Centers).

   (2) The Panel uses the term "entrench" to mean significantly
impeding, or constituting a significant disincentive to, in
commercial and commonsense ways, the exercise by the ART
unitholders of their statutory right to replace AMPH as
Responsible Entity.

Go to http://bankrupt.com/misc/TCRAP_ART0516.pdfto see  
Takeovers Panel Corporations Act 2001 Sections 657a and 657d
Declaration and Orders.

CONTACT INFORMATION: Nigel Morris
        DIRECTOR
        Takeovers Panel
        Level 47 Nauru House, 80 Collins Street
        Melbourne VIC 3000
        Ph: +61 3 9655 3501
        E-mail: nigel.morris@takeovers.gov.au


AUSTAR UNITED: CHAMP Launches Compliance Offer
----------------------------------------------
Austar United Communications Limited on Tuesday noted the launch
of an offer for AUSTAR shares by AUN SPV Pty Limited (AUN SPV),
a wholly-owned subsidiary of Castle Harlan Australian Mezzanine
Partners (CHAMP).

AUN SPVs Bidders Statement and AUSTAR's Targets Statement have
been lodged with ASIC and the ASX and posted on AUSTARs website,
and will be dispatched to shareholders by the end of the week.
The cash offer is priced at 16c a share and is scheduled to
close at 5:00pm (Sydney time) on 17 June 2003, unless extended
or withdrawn.

An AUSTAR Shareholder Information Line will be available from
Monday 19 May 2003, with the telephone number detailed in the
Bidders and Targets Statements.

As previously stated, CHAMP and UnitedGlobalCom (CHAMPs partner
in the ownership of AUSTAR) have also stated their intention, on
completion of the follow-on offer, to fully underwrite a pro
rata renounceable rights issue by AUSTAR. The rights issue is
expected to be in the amount of $68.0 million, which is an
increase of $4.5 million from the previously announced expected
amount of $63.5 million. The rights issue is expected to be
priced at the follow-on offer of 16c per share.

To see a copy of the Bidder's Statement and Target Statement, go
to http://bankrupt.com/misc/TCRAP_AUNBidder0516.pdfand  
http://bankrupt.com/misc/TCRAP_AUNTarget0516.pdf,respectively.


AUSTAR UNITED: Foster Stockbroking Nominates KPMG as Auditor
------------------------------------------------------------
Foster Stockbroking Nominees Pty Limited is a shareholder of
Austar United Communications Limited (the Company).

In accordance with the Corporations Act 2001, Foster
Stockbroking nominates KPMG for appointment as auditor of the
Company at the next Annual General Meeting to be held on 30 May
2003.


BEACONSFIELD GOLD: Third Quarter Activities Report
--------------------------------------------------------
Beaconsfield Gold NL (Receiver And Manager Appointed) released
its report on activities for the Quarter ended 31 March 2003.
Below are excerpt from the said report:

    * BMJV March quarter gold production was approximately
26,110 ounces (105,890 ounces annualized), an excellent result
given significant mill maintenance was carried out in the month
of March, Head grade estimated at around 17g/t gold. Total BMJV
expenditure (operating costs plus management fee plus capital
expenditure) for the March 2003 quarter estimated to be a new
quarterly record low at around A$390 per ounce.

   * Spectacular gold production for the June 2003 quarter to
date is at the rate of approximately 146,000 ounces per year and
the 90-day-rolling average for gold production is currently
approximately 120,000 ounces annualized. These figures compare
favorably with the projected range for average annual gold
production, reported by the Executive Director in the September
2002 quarterly report, of 103,000 ounces to 116,000 ounces. Head
grade estimated at around 21g/t gold.  Total BMJV expenditure
for the June 2003 quarter to date estimated to be down
dramatically to around A$280 per ounce.

   * Cash generation, before debt service for Beaconsfield Gold
over the last 6.7 months has been approximately million per
month or a rate of $14.4 million per year ($0.19 per
Beaconsfield Gold share). Net secured debt (secured debt plus
interest less cash held) for the company is falling rapidly (by
approximately $0.95 million per month for the last 6.7 months)
and has now been reduced to around $28.6 million from a peak,
including penalty interest, of some $35.0 million in October
2002. Without penalty interest, net secured debt would be now
around $27.2 million.

   * Final arbitration hearing commenced on 12 May 2003 for the
claims by Beaconsfield Gold and Allstate against the
construction contractor.

   * Subscription Agreement dealing with the proposed placements
of shares to a group of sophisticated investors is close to
being finalized. The Executive Director has had several
constructive meetings with a bank interested in replacing
BankWest as the banker to Beaconsfield Gold. A key matter now
requiring resolution is the formation of a progressive,
experienced and cohesive board of directors for the company.

   * ASIC has upgraded the status of its response to the
complaints about Allstate from preliminary inquiries to a full
investigation.

To see full copy of the Company's quarterly activities report,
go to http://bankrupt.com/misc/TCRAP_BCD0516.pdf.


ERG LIMITED: Faces Complaint Filed by Cubic Over SF Contract
------------------------------------------------------------
Cubic Transportation Systems Inc has filed a complaint in a
Californian court against San Francisco's Metropolitan
Transportation Commission (MTC), Motorola Inc, ERG Limited and
MTC's commissioners individually.

Cubic has claimed the MTC has prematurely given authorization
for a payment of $US8.1 million to ERG for equipment and
software related to Phase 2 of the San Francisco smart card
ticketing project, `TransLink(R)', prior to the formal
completion of Phase 1. Phase 1 of the project has been extremely
successful and is now largely complete. Cubic has made no
financial claim against ERG or Motorola, the project's prime
contractor.

The MTC believes Cubic's claim has no merit and intends to file
a response seeking its dismissal.


PASMINCO LIMITED: Shuts Down Gordonsville Mine
----------------------------------------------
Pasminco Limited announced Wednesday that the Gordonsville mine
in Tennessee, US, was closed on Friday, 9 May 2003.

The mine's closure had been foreshadowed in December 2002 as
part of the restructure strategy for Pasminco. The Gordonsville
mine had supplied concentrates to the Clarksville refinery but
low ore grades and unsatisfactory investment returns had
resulted in the closure decision. The Clarksville refinery has
sourced alternative concentrate supplies to accommodate the mine
closure.

The Clinch Valley mine also in Tennessee is expected to continue
operating for a further 12 months, while remaining ore is mined
out.

CONTACT INFORMATION: Trevor Shard
        GENERAL MANAGER INVESTOR AND COMMUNITY RELATIONS
        ++ 61 (3) 9288 9186
        0419 584 515


VILLAGE ROADSHOW: UK Cinemas Sale Concludes Restructuring
---------------------------------------------------------
Village Roadshow Limited (VRL) announced Wednesday the sale of
its 50% owned Warner Village cinema circuit in the UK for an
aggregate consideration of approximately GBP 225.65m. VRL's
share of these proceeds after repayment of its Exhibition global
debt facility is approximately GBP 50m (A$130m). (The assets
sold secured borrowings in a number of territories, which are
required to be repaid).

The Company believes that the sale of the UK circuit will
underpin its credit worthiness as it removes significant
operating lease liabilities, which its bankers and credit rating
agencies brought on to the balance sheet of VRL. The removal of
these lease liabilities, combined with the direct retirement of
debt, significantly improves the financial ratios of the
Company. The Company also believes this will help offset some of
the effects of the Production division debt facilities coming on
to the VRL balance sheet in February 2003.

The sale proceeds are GBP 2m (A$5m) less than VRL's carrying
value and the sale will have a negative impact on VRL normal
earnings of GBP 5m (A$12m) per annum going forward. In addition
to the sale price, there may be a `kicker' payment for the
future performance of the circuit, measured by admissions. The
Company will receive an annual payment over each of the next
three years of A$3-4m if current admissions are maintained.

The net proceeds from the sale of the UK cinemas have been
significantly impacted by the recent depreciation of the UK
Pound against the Australian Dollar. Since the price was
initially negotiated, the net proceeds have effectively reduced
by A$55 million due to the exchange rate movement. The
transaction could not be hedged at the time due to the
uncertainty surrounding the negotiations. Had this significant
depreciation not occurred, proceeds would have been
substantially greater and would have largely offset the write
downs in the other Exhibition territories referred to in this
announcement.

Part of the proceeds from sale will be used to fund capital
commitments in Taiwan and Italy (these had previously been
financed from the Exhibition global debt facility) and to meet
short term obligations, such as the second payment to Warner
Bros. for the acquisition of its interest in the Australian
Multiplex Circuit. The balance will be retained to meet
potential taxation payments and other debt and working capital
commitments, bearing in mind a significant part of the group
reserves were utilized in directly funding the Production
division in February 2003.

Group Managing Director, Graham Burke, said "This transaction
now basically concludes the restructuring of the Company which
commenced almost three years ago. This period has seen our
transition from an Exhibition company to a company now focused
as the pre-eminent Independent Hollywood Producer with an
appropriate balance of cash flow from its other assets spread
over Exhibition, Theme Parks, Distribution and Radio with more
modest debt levels with recourse to VRL. We expect to start the
new fiscal year with the worst behind us and the anticipated
success of The Matrix sequels will hopefully restore our market
perception as Australia's leading fully integrated entertainment
company."

"Not withstanding the consequential write-downs and the one-off
effects to trading, the Company's Divisions and its core
normalized trading activities remain very sound and the
restructuring of the Group will likely result in a turn around
of the Company's profitability and fiscal status in the medium
term."

The sale does not include the remaining part of the UK cinema
circuit consisting of six sites 100% owned by VRL. As the
balance of the circuit is now stand alone, the VRL Board is
required to review the carrying value of the circuit based on
the residual operating cash flows. The Directors, upon reviewing
the carrying value of these remaining assets, has determined
that an impairment exists. Consequently, the carrying value of
these remaining UK assets has been written down by GBP 7.5m
(A$19m).

Further, in relation to VRL's Taiwan cinema investments, the
requirement to repay the loans under the cross-collateralized
global debt facility has crystallized a carrying value issue in
this territory. Previously the Directors had determined that the
carrying value for the circuit was covered by the expected
earnings of the territory. The actual performance since December
has lagged expectations and is now being impacted by the effects
of the SARS virus in Asia.

The Directors have determined that an impairment now exists and
have written down the carrying value of Taiwan by A$35m. In the
Directors' view no impairment exists in Italy due to the
relatively strong cash flows of this territory. The Directors
have decided to simultaneously review the carrying value of its
Exhibition assets in the Czech Republic. The trading in the
Czech Republic has not recovered as expected after the floods in
Prague. The Directors were originally of the view that this was
a timing issue, however, since the last balance date the
recovery has not materialized. The Directors have therefore
taken the view that an impairment now exists and have written
the Czech Republic down by A$10m.

In relation to other businesses in the group, the Company
advises that the combined effect of SARS and the war in Iraq has
impacted the group's profitability in two main areas. Our Theme
Parks at the half year were ahead of budget, however, current
forecasts of international tourism and attendances at the parks
over the last several weeks have had a material effect.
International tourists, who represent approximately 40% of all
attendances, have halved. This downturn has not been offset by
an increase in domestic business. Our best estimates are that
the trading figures to 30 June 2003 will result in the Theme
Parks' contribution now being less than budget and behind the
prior year. Our Exhibition results have also been impacted by
SARS in Singapore and Taiwan. Again, we believe that the overall
Exhibition results, which were ahead of budget at December,
together with the loss of trading from the UK, could now be
below expectations for the full year. Whilst it is premature, we
are forecasting SARS hopefully will only continue to impact
these businesses up until December 2003.

For the sake of clarity, having regard for the disappointing
results for Dreamcatcher and the relatively small period of
release of The Matrix Reloaded, any profit contribution from
those two titles will be negligible at 30 June 2003 other than
the budgeted normal producer and overhead fees. It also should
be noted that the expected surplus funds generated by Matrix are
cross collateralized with the pool of films VRL has produced,
and will produce into the future, and will be firstly allocated
to pay down the film financing debt. In addition the division
will be required to provide some funding support for future
larger budget films such as Troy.

The combined effect of the foregoing will mean that the group is
now projecting a full year loss after tax and after specific
items and discontinuing operations of approximately A$25-30m.
The Company has now reviewed its position having regard
predominantly to the full year loss and secondly its cash flow
requirements and believes it is prudent economic management to
not declare a dividend on both the preference and ordinary
shares for the year ending 30 June 2003. The current intention
of the Company is to review its dividend policy when next
financial year's results are known.

CONTACT INFORMATION: Mr Graham Burke
        Group Managing Director
        Mr Peter Foo, Finance Director
        Phone: 03 9667 6696

On February 13, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Village Roadshow Ltd. to
'BB' from 'BB+' and its debt issue rating on the company's
convertible subordinated notes to 'B+' from 'BB-'. At the same
time, the ratings were removed from CreditWatch Negative, where
they were placed on Jan. 23, 2003.


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


CBIT CORPORATION: Winding Up Hearing Scheduled on May 21
--------------------------------------------------------
The High Court of Hong Kong will hear on May 21, 2003 at10:00 in
the morning the petition seeking the winding up of Cbit
Corporation Limited.

Shek Wing Yin of Room 5, 5th Floor, Po Lun House, Siu Lun Court,
Tuen Mun, New Territories, Hong Kong filed the petition on March
31, 2002. Tam Lee Po Lin, Nina represents the petitioner.

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


HOI NING: Winding Up Sought by R.H.T. Holdings
----------------------------------------------
R.H.T. Holdings Inc. c/o HSBC Trustee (H.K.) Limited is seeking
the winding up of Hoi Ning Contractors Limited. The petition was
filed on March 31, 2003, and will be heard before the High Court
of Hong Kong on May 21, 2003 at 10:00 in the morning.

HSBC Trustee holds its registered office at Level 13, 1 Queen's
Road Central, Hong Kong.


TUGU INSURANCE: Rating Raised to 'Bpi' from 'CCCpi'
---------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that it had
raised its public information insurer financial strength rating
on Hong Kong-based Tugu Insurance Co. Ltd. (Tugu Insurance) to
'Bpi' from 'CCCpi' following the recent upward revision of
the local currency sovereign ratings on the Republic of
Indonesia (B/Stable/B).

The rating action on Tugu Insurance reflects the company's
ultimate ownership by Perusahaan Pertambangan Minyak Dan Gas
Bumi Negara (Pertamina), an oil and gas mining company owned by
the Indonesian government. Pertamina directly holds 47.5% of
Tugu Insurance and indirectly holds a 52.5% stake through its
subsidiaries Tugu Pratama (27.5%) and Tugu Pratama Interindo
(25%).

Standard & Poor's, however, recognizes that there is some
uncertainty about the status of Pertamina's stake in Tugu
Insurance after a Hong Kong court in 2002 issued a garnishment
order permitting Karaha Bodas Co. (Karaha Bodas), a U.S. owned
company with operations in Indonesia, to seize shares in Tugu
Insurance from Pertamina. Pertamina appears to be contesting the
court order. In the event that Karaha Bodas secures control
of Tugu Insurance, Standard & Poor's will re-assess the impact
of the ownership change on Tugu Insurance's strategic direction,
business profile, and financial flexibility, and, in turn, the
rating on the company.


UNITED PROFIT: Petition to Wind Up Pending
------------------------------------------
The petition to wind up United Profit 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 Wu Hau
Fei of 4/F., 359 Castle Peak Road, Cheung Sha Wan, Kowloon, Hong
Kong.  


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


INDOFOOD SUKSES: S&P Affirms 'B' Ratings; Stable Outlook
--------------------------------------------------------
Standard & Poor's Ratings Services on Monday affirmed its 'B'
rating on P.T. Indofood Sukses Makmur Tbk. (Indofood),
Indonesia's leading food retailer. The outlook is stable.

"The rating on Indofood reflects intense competition to its
business, particularly from companies targeting lower-end
consumers, although the introduction of more products should
help offset this risk. Indofood is also exposed to currency risk
and volatile raw material costs", said Ee-Lin Tan, credit
analyst at Standard & Poor's Corporate & Infrastructure
Ratings Group.

Other negative factors in the rating include Indofood's exposure
to the difficulties of operating in Indonesia, where there
remain severe economic and political uncertainties since the
Asian currency crisis of 1997/1998, although the government has
not sought to interfere with companies accessing foreign
exchange markets to service their debts, Furthermore, its
ownership by First Pacific Co., a Hong-Kong based conglomerate,
is a negative factor. First Pacific looks to Indofood to provide
healthy dividends and financial returns, and might not be a
reliable source of financial support.

More fundamentally, Indofood has aggressive debt leverage and
weakening credit measures. Net debt-to-net capital was 58% at
March 31, 2003, compared with 52% a year before, after the
company took on additional debt to fund operations and refinance
debt. Despite greater sales volumes in most product categories,
profitability and interest coverage have deteriorated over the
past two to three fiscal years, primarily due to greater debt
levels and higher raw material prices, which led to higher
working capital requirements and negative free operating cash
flows.

Indofood's liquidity position is weak. With cash at Rp1.3
trillion at March 31, 2003, Indofood will have to rely on
generating free operating cash flows to meet its upcoming debt
obligations. If an improvement of its working capital is
meaningful and sustainable, free operating cash flows in 2003
could be about Rp1 trillion-Rp1.4 trillion, while short-term
debt at March 31, 2003 totals Rp2.4 trillion, comprising the
current portion of long-term debt of Rp1.3 trillion, and Rp1.1
trillion under revolving credit facilities (if all should be
recalled by banks). Furthermore, dividends of Rp240 billion are
payable in July 2003. Indofood's financial flexibility is only
modestly boosted by its ability to liquidate short-term
investments (Rp290 billion at March 31, 2003) and defer about
one-half of its projected capital expenditure. Plans to issue
Rp1 trillion notes in mid-2003 to refinance certain debt could
alleviate some refinancing risk and lengthen the debt maturity
profile.

"On the positive side, the rating is supported by its dominant
market position, diverse product base, and strong brand name;
its low-cost and well integrated operations; and its broad and
well-established distribution network," said Ms. Tan. Indofood's
favorable cost profile results from economies of scale and a
vertically integrated business. A significant part of its raw
materials and production and marketing services are provided
internally within the group, as such leading to lower operating
costs than competitors.

"While Indofood's capital structure is characterized by
significant short-term debt, indicating potential liquidity or
refinancing risks, the stable outlook reflects an assumption
that Indofood is able to achieve a sustainable and meaningful
improvement in its working capital in 2003. This should as such
lead to a significant contribution to cash levels, to service
its upcoming debt obligations, failing which the company's
rating may be lowered", said Ms. Tan.
     

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


DAIEI INC.: Selling Maruetsu Food Products
------------------------------------------
Ailing retailer Daiei Inc. will sell food products supplied by
affiliated supermarket chain operator Maruetsu Inc. at 86 Daiei
stores in eastern Japan and some parts of central Japan from
Thursday, Kyodo News reports. Daiei will start selling 23 food
items of Maruetsu's FOODeX brand at stores in the Kanto and
Koshinetsu region to strengthen its marketing power.


JAPAN AIRLINES: Cutting More Flights in Asia
--------------------------------------------
Japan Airlines System Corp. will cut more international flights
in Asia starting Friday, because demand continues to fall
following the outbreak of severe acute respiratory syndrome
(SARS), according to Kyodo News. As a result, the seating
capacity on all international flights will be 22 percent below
that under the original operation plan for this month and 26
percent for June, according to the holding Company of Japan
Airlines Co. (JAL) and Japan Air System Co. (JAS).


MARUBENI CORPORATION: Bonds Receive BBB+ Rating
-----------------------------------------------
Japan Credit Rating Agency has assigned a BBB+ rating to the
bonds to be issued under the shelf registration of Marubeni
Corporation.

Issue Amount (bn) Issue Date Due Date Coupon

Bonds no.44 Y10 / May 29, 2003 / May 29, 2006 /1.91 percent

Covenants: Negative Pledge & Collateralized Commissioned
Company: No Shelf Registration: Maximum: Y500 billion Valid: two
years from July 8, 2001

RATIONALE:

Marubeni improved the earnings power through withdrawal from
unprofitable businesses and cutback in expenses while it reduced
the total assets and interest-bearing debt. However, Marubeni's
risk assets including many securities and real estate assets
remain large against the risk buffer of equity capital. The
Company plans to improve the earnings and financial structure
further. It plans to allocate the resources to core business
areas. Given the external environment both in Japan and abroad
and deflationary economy in Japan, JCR considers it necessary to
watch carefully the going of the plan.


NIPPON TELEGRAPH: Plans 3,900 Job Cuts in 2003/04
-------------------------------------------------
Telecom carrier Nippon Telegraph and Telephone Corp. (NTT) said
it would cut 3,900 jobs, or nearly two percent of its workforce,
in the year that started on April 1, according to Reuters on
Tuesday. The target marks a slowdown from the prior business
year's 7.2 percent reduction, or 16,100 jobs, which trimmed the
NTT GROUP's head, count to 207,400.

The NTT Group has been steadily whittling down its payroll to
cut costs and bolster profitability as customers increasingly
abandon its conventional fixed-line voice services in favor of
mobile phones or cheaper Internet-based calling.


NIPPON TELEGRAPH: Posts Y233B Profit This Year
----------------------------------------------
Telephone operator Nippon Telegraph and Telephone Corporation
(NTT) is back in the black this year with a profit of 233
billion yen (US$2 billion), due to stringent cost cutting
measures and smaller investment losses, Channel News Asia
reports. NTT booked a net loss of 835 billion yen a year
earlier.

But it posted a drop in revenue for the first time, down 1
percent to 10.92 trillion yen. Looking forward, NTT says it will
focus on new high-speed services to bolster its earnings.


NORTH COUNTRY: Golf Course Enters Rehab Proceedings
---------------------------------------------------
The North Country Golf Jo, K.K., which has total liabilities of
11 billion yen against a capital of 100 million yen, recently
applied for civil rehabilitation proceedings, according to Tokyo
Shoko Research. The golf course is located in Sapporo-shi-
Hokkaido, Japan.


RST, K.K.: Real Estate Firm Enters Bankruptcy
---------------------------------------------
RST, K.K. has been declared bankrupt, according to Tokyo Shoko
Research Limited. The real estate firm located at Chuo-ku,
Tokyo, Japan has 240 million yen in capital against total
liabilities of 212 billion yen.


SEGA CORP.: R&I Removes Ratings from Rating Monitor
---------------------------------------------------
Rating and Investment Information, Inc. (R&I), has removed the
following ratings of Sega Corporation from the Rating Monitor
scheme, and affirmed them as follows:

Senior Long-term Credit Rating: BB+ (Affirmed; Removed from the
Rating Monitor scheme)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Conv. Bonds No. 5 Feb 17, 1999 Mar 31, 2006 Yen 30,000
Unsec. Euroyen Zero Coupon Conv.
Bonds due 2004 Jun 18, 2001 Jun 18, 2004 Yen 50,000

ISSUE: Domestic Commercial Paper Programme

R&I RATING: a-3 (Affirmed; Removed from the Rating Monitor
scheme)

RATIONALE:

On May 8, both Sega Corporation, Senior Long-term Credit Rating:
(BB+) and Sammy Corporation announced that they would not go
ahead with plans for a business combination. On the same day,
Namco, Ltd., Senior Long-term Credit Rating: (BBB) also
announced that it was withdrawing its offer to merge with Sega.
As a result, Sega's senior long-term credit rating has now been
removed from the Rating Monitor scheme.

In February this year, R&I placed Sega on the Rating Monitor
scheme following the announcement made by both Sega and Sammy to
enter into a business combination planned for October 1 to
strengthen their position as a global, comprehensive world
entertainment Company. R&I had also been carefully watching
developments in Sega's merger and tie-up plans with Namco in
light of Namco's proposal to merge with Sega in April.


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


CHOHUNG BANK: Accounting Firm Revalues Per-Share Price
------------------------------------------------------
Shinhan Accounting Corporation, which has been conducting due
diligence on Chohung Bank (CHB), has estimated the bank's per-
share price at 7,000 won (US$5.85) to 8,000 won, Asia Pulse
reports. CHB's present value ranges from 5,900 won to 6,900 won
per share.

However, the results may be reported to the Public Fund
Oversight Committee a couple of weeks later. The Korea Deposit
Insurance Corp. (KDIC), a state deposit insurer, which owns a
controlling 80.04-percent stake in the bank, has commissioned
Shinhan Accounting to revalue the bank's assets and liabilities
in the run-up to its sale to Shinhan Financial Group.

Shinhan Accounting, a member of the RSM International Group of
accounting, auditing and consulting companies, is not affiliated
with the financial group. Analysts said the presentation of the
due-diligence results to Meanwhile, Shinhan Financial Group is
reportedly offering to buy CHB for 5,000 won per share, based on
the results of another due diligence conducted by Samil
Accounting Corp.

DebtTraders reports that Cho Hung Bank's 11.875% bond due in
2010 (CHOH10KRS2) trades between 113.5 and 114.5. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CHOH10KRS2


DAEWOO ELECTRONICS: Truck Strike Freezes Exports
------------------------------------------------
The strikes by truckers at Busan and Gwangyang ports in South
Korea are causing huge losses to Daewoo Electronics, Samsung
Electronics Co. and LG Electronics Co. affected by the job
action, JooangAng Daily said on Wednesday. The Korea
International Trade Association said that shipment of 8,217 TEUs
(20-foot equivalent units) of cargo valued at $200.3 million had
been delayed at Busan port since May 9, when the independent
truck drivers first went on strike.

The firms are not only suffering from delays in exports, but are
also worried about delays of raw material imports. The trade
association said that if the strike escalated and both ports
became completely paralyzed, cargo shipments valued at $182.6
million per day would be frozen.


HYNIX SEMICONDUCTOR: Future Remains Cloudy, Analysts Say
--------------------------------------------------------   
Despite receiving several creditor-led bailout packages with the
most recent being a KRW1.9 trillion debt-for-equity swap, the
chipmaker's future remains cloudy, analysts say, as the Company
may be forced out of the U.S. and European chip markets if the
U.S. Commerce Department and the European Union Commission
decide to levy import tariffs in their final rulings, Dow Jones
reports.

In preliminary rulings, the U.S. Commerce Department said that
57.37 percent import tariffs should be imposed on Hynix, while
the European Union Commission ruled on a 33 percent rate, both
citing that Hynix's prior bailouts amount to a government
subsidy because creditor banks are state owned.


HYNIX SEMICONDUCTOR: Launches 0.10-Micron Process Technology
------------------------------------------------------------
Hynix Semiconductor Inc. will begin volume production on its
next generation Golden Chip platform using its leading edge .10-
micron process technology.

Using its .10-micron Golden Chip process technology, Hynix will
primarily focus on 512Mb DDR and 512Mb DDR2 SDRAM production
shortly to be followed by 1Gb DDR2 SDRAM launch in second half
of 2003. Hynix initially used its 256Mb DDR SDRAM for developing
and evaluating its Golden Chip platform technology. "We expect
.10-micron process to makeup close to 20 percent of Hynix
production in 2003 and 65 percent by 2004," said Farhad Tabrizi,
Vice President of Worldwide Marketing at Hynix. Hynix is
currently using its Prime Chip .13-micron platform for most of
its current production.

By effectively utilizing existing equipment, Golden Chip
technology allows mass production of 0.10-micron technology
products with minimum additional investment in capital
expenditures. The Company estimates the use of its 0.10-micron
technology will reduce overall investment requirements by 50
percent compared to its competitors and will increase the number
of die per wafer by 40 percent in comparison to its .13-micron
Prime Chip technology, maintaining Hynix's competitive position
in cost and technology.

About Hynix Semiconductor Inc.

Hynix Semiconductor Inc. (HSI) of Ichon, Korea, is an industry
leader in the development, sales, marketing and distribution of
high-quality semiconductors, including DRAM, SRAM, Flash memory
and system IC devices. Hynix Semiconductor is the world's
leading DRAM supplier with thirteen semiconductor-manufacturing
facilities worldwide, and production capacity of over 300,000
wafer starts per month. In addition, Hynix is expanding its
system IC business unit with leading technology and added deep
sub-micron foundry services to strategically broaden its overall
semiconductor presence and achieve its goal of leading the
global semiconductor market. Hynix maintains worldwide
development, manufacturing, sales and marketing facilities.

Meanwhile, EE Times reported that cash-strapped Hynix claims
that it can make products at 100-nm design rules with "minimum
additional investment in capital expenditures" compared with its
130-nm technology. The more-aggressive pitch will increase the
number of dice per wafer by 40 percent compared with the 130-nm
process technology.

CONTACT: Hynix Semiconductor Inc. (Korea)
Seong Min Chung, +822-3459-5355
seongmin.chung@hynix.com
http://www.hynix.com


HYNIX SEMICONCONDUCTOR: Likely to Extend Losses in First Quarter
----------------------------------------------------------------
Hynix Semiconductor Inc. is likely to continue losses in the
first quarter of this year due to sluggish PC demand during the
period, according to Dow Jones on Tuesday. Unnamed analysts
estimated that losses should be narrower than the KRW917.1
billion Hynix posted in the fourth quarter of last year.

Hynix recorded sales of KRW823.3 billion in the year-earlier
first quarter and an operating profit of KRW117.5 billion. In
the fourth quarter of 2002 it posted an operating loss of
KRW347.6 billion on sales of KRW746.4 billion.


SK GLOBAL: SK Group Denies Sovereign Statement
----------------------------------------------
SK Group denied Monday it had pledged to revive SK Global Co.
regardless of the amount of its debt, right after Sovereign
Asset Management Ltd. took issue with such reports, Asia Pulse
said on Tuesday.

"Rhee No-jong, an SK Group vice President with the task force
overseeing the normalization of SK Global, said the group and
its affiliates will only collaborate to revive SK Global if the
current review of its financial status proves that the firm's
value is more than required for liquidation," the group said in
a statement.


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


AMSTEEL CORP.: Extends Proposed Disposal Proceeds Utilization
-------------------------------------------------------------
Reference is made to the announcements dated 28 January 2002, 25
February 2002, 20 May 2002 and 12 November 2002, in relation to
the Proposed Disposal by Amsteel Equity Capital Sdn. Bhd. (AEC)
(formerly known as Amsteel Securities (M) Sdn. Bhd.), an 83.78%
owned subsidiary of Datavest Sdn. Bhd., which is in turn a
wholly-owned subsidiary of Amsteel Corporation Berhad (Amsteel),
to Affin-Uob Securities Sdn. Bhd. (AUSB) of its Stockbroking
Business (Business) and Certain Assets for a total consideration
of RM42,253,000 (Proposed Disposal).

OSK Securities Berhad (OSK), on behalf of the Board of Directors
of Amsteel (Board), announced that he Company has received
RM41.91 million of the total proceeds of RM42.25 million
receivable pursuant to the Proposed Disposal and the same has
been fully utilized as proposed.

OSK also announce that the Board has on 9 May 2003, approved to
extend the period to fully utilize the balance proceeds of
RM0.343 million within three (3) months after receiving the said
balance proceeds in full.


AMSTEEL CORPORATION: Netherlands Unit Voluntary Wound Up
--------------------------------------------------------
Amsteel Corporation Berhad wishes to announce that Amsteel
Finance International B.V, a wholly-owned subsidiary of the
Company incorporated in the Netherlands, had been voluntarily
wound-up on 9 May 2003.


ASIAN PAC: Dormant Subsidiaries De-registered
---------------------------------------------
The Board of Directors of Asian Pac Holdings Berhad wishes to
announce that the Company's subsidiaries, Kin Khoon & Co.
Nominees (Tempatan) Sdn Bhd, Kin Khoon & Co. Nominees (Asing)
Sdn Bhd and Asian Pac Group Berhad had been de-registered from
the Register of Companies by the Suruhanjaya Syarikat Malaysia
on 12 May 2003.

Asian Pac Group Berhad had been dormant since incorporation
whilst the other two subsidiaries were acting as nominee
companies for Kin Khoon & Co. Sdn Bhd (KKC) and had ceased
operations on 4 February 2002. This is in line with the Business
Merger Agreement entered on 29 November 2000 by KKC with Allied
Avenue Assets Securities Sdn Bhd (formerly known as MGI
Securities Sdn Bhd) (AAA) and its holding company, Avenue Assets
Berhad (AAB) for the assignment and transfer of its business
assets for a sale consideration of up to RM68 million. Pursuant
to the Merger Agreement, the stock broking businesses of KKC and
AAA are to be merged into a single business to be operated and
managed by AAA with the stock broking business of KKC being
converted into a business branch of AAA. The transfer of assets
from KKC to AAB has been implemented and the conversion to a
branch of AAA was completed on 4 February 2002.

The said dissolutions do not have any material effect on the
earnings and net tangible assets of the APHB Group.


ASSOCIATED KAOLIN: Obtains SC's Nod on Proposed Revisions
---------------------------------------------------------
Associated Kaolin Industries Berhad (Special Administrators
Appointed) refers to the announcements made on 26 September
2001, 2 October 2001, 3 October 2001, 29 January 2002, 22
February 2002, 15 July 2002, 17 January 2003, 10 March 2003, 17
March 2003 and 3 April 2003 on the Proposals, which collectively
refers to:

   i. Proposed Capital Reduction;

   ii. Proposed Termination of Aki's Outstanding Warrants
1996/2005;

   iii. Proposed Share Exchange of 5,465,023 Ordinary Shares of
RM1.00 each in AKI (Aki Shares) on the basis of one (1) Ordinary
Share of RM1.00 each in Greatpac Holdings Berhad (GHB) (GHB
Shares) for every one (1) AKI Share (Proposed Share Exchange);

   iv. Proposed Renounceable Rights Issue of up to 16,395,070
New GHB Shares on the basis of three (3) New GHB Shares for
every one (1) existing GHB share held after the Proposed Share
Exchange at an issue price of RM1.00 per GHB Share (Proposed
Rights Issue);

   v. Proposed Special Bumiputera Issue (SBI) of 25,000,000 New
GHB Shares to Bumiputera investors at an issue price of RM1.00
per GHB Share (Proposed SBI);

   vi. Proposed Acquisition of the entire equity interest in
Greatpac Sdn Bhd (GPSB) by GHB for a total consideration of
RM72,000,000 to be satisfied by the issuance of 72,000,000 New
GHBb Shares at an issue price of RM1.00 per GHB Share (Proposed
GPSB Acquisition);

   vii. Proposed Acquisition of the entire equity interest in
Success Profile Sdn Bhd (Success Profile) by GGB for a total
consideration of RM17,727,272 to be satisfied by the issuance of
17,727,272 New GHB Shares at an issue price of RM1.00 per GHB
Share (Proposed Success Profile Acquisition);

   viii. Proposed Debt Restructuring of AKI;

   ix. Proposed Waiver from Undertaking a Mandatory General
Offer (Proposed Waiver); and

   x. Proposed Transfer of Listing Status of AKI To GHB
(Proposed Transfer Listing)

On behalf of AKI, Commerce International Merchant Bankers Berhad
(CIMB) is pleased to announce that the Securities Commission
(SC) had via its letter dated 7 May 2003 approved the revisions
to the Proposed Rights Issue, Proposed SBI, Proposed Debt
Restructuring and Proposed Waiver (Proposed Revisions) as
announced on 17 January 2003 and 10 March 2003 subject to the
following conditions:

   (i) AKI/GHB is required to clearly disclose in the
information circular to its shareholders that the Proposed Right
Issue will be implemented regardless of the level of
subscription; and

   (ii) AKI is required to appoint an independent audit firm
(with relevant experience in investigative audit) not being the
present or previous auditors of AKI and its subsidiaries (AKI
Group), to carry out an investigative audit on the losses
incurred by AKI Group within two (2) months from the date of the
SC's letter. AKI is required to take the necessary steps to
recover the losses incurred by the AKI Group. Based on the
outcome of the investigative audit, AKI is required to report to
the relevant authorities if it is found that there are breaches
in law, rules, guidelines and/or the Memorandum and Articles of
Association relating to the Board of Directors of AKI and/or any
other persons which had caused the AKI Group to incur the said
losses. The investigative audit must be completed within six (6)
months from the date of appointment of the independent audit
firm and relevant announcement must be made to the Kuala Lumpur
Stock Exchange (KLSE) on the outcome of the investigative audit.
Upon the completion of the investigative audit, two (2) copies
of the investigative report must be furnished to the SC.

On 21 March 2003, on behalf of Stargard Resources Sdn Bhd,
Saporiti Resources Sdn Bhd, Shucho Asia Trading Sdn Bhd and Poh
Kim Heng (the Promoters), CIMB had applied to the SC to allow
the Promoters to be governed by the new guidelines on the
moratorium of disposal of shares. The SC had via its letter
dated 7 May 2003 approved the said application whereby the
moratorium shares to be issued pursuant to the Proposed GPSB
Acquisition and the Proposed Success Profile Acquisition, will
only be subjected to one (1) year moratorium from the date of
the listing of GHB Shares on the KLSE.

The other terms of approval of the Proposals in the SC's letter
dated 11 July 2002 and as announced on 15 July 2002 are
retained. The approval from the Ministry of International Trade
and Industry for the Proposed Revisions is still pending.


DENKO INDUSTRIAL: BNM OKs Debt Equity Issuance to Scheme Lenders
----------------------------------------------------------------
Denko Industrial Corporation Berhad refers to the announcement
dated 30 December 2002 in relation to the Proposed Corporate and
Debt Restructuring Scheme (PCDRS).

Public Merchant Bank Berhad (PMBB) had on 18 April 2003 on
behalf of Denko, submitted an application to the Bank Negara
Malaysia (BNM) for the proposed issuance of debt/equity
securities to the bank lenders of Denko and certain of its
subsidiaries, namely Trimate Industries Sdn Bhd and Skiva
Holdings Sdn Bhd (Scheme Lenders), pursuant to the PCDRS.

In relation thereto, PMBB, on behalf of Denko, is pleased to
announce that BNM had via its letter dated 9 May 2003, which was
received on 12 May 2003, approved the proposed issuance and
holding of the irredeemable convertible preference shares and
irredeemable convertible unsecured loan stocks together with
free detachable warrants for up to five (5) years, via the PCDRS
to the following Scheme Lenders:

   (a) Affin Bank Berhad
   (b) Utama Merchant Bank Berhad
   (c) HSBC Bank Malaysia Berhad
   (d) AmFinance Berhad
   (e) AmBank Berhad


FURQAN BUSINESS: Unit Proposes Property Disposal for RM33.600M
--------------------------------------------------------------
Further to the announcements made on 10 April 2003 and 28 April
2003 pertaining to the proposed disposal of a building by
Austral Amal Properties Sdn. Bhd. (AAPSB), a wholly owned
subsidiary of Furqan Business Organisation Berhad (FBO), the
Board wishes to announce that on 9 May 2003, AAPSB has entered
into a Conditional Sale and Purchase Agreement (Agreement) with
Marina-Ace Industries Sdn. Bhd. (Marina-Ace) to dispose of the
entire piece of landed property held under Lease Negeri 3940,
Lot No. 24, Section 36, Bandar Petaling Jaya, District of Kuala
Lumpur, State of Selangor Darul Ehsan, land measuring
approximately 87,972 square feet (2 acres); together with a six
(6) storey office/warehouse complex with 131 car parking bays
erected thereon located along Jalan 19/1, Section 19 (the
Property).

The Property is currently charged to AmBank Berhad and AmFinance
Berhad (Chargee).

The Property is currently approximately 60% rented out.

Disposal Consideration

The total disposal consideration is RM33,600,000 to be satisfied
in the following manner:

   i. by the issuance of 9,000,000 new ordinary shares of RM1.00
each in Marina-Ace; and

   ii. by the issuance of RM24,600,000 of nominal value 3-year
Redeemable Convertible Secured Loan Stock (RCSLS) in Marina-Ace.
(collectively referred as "SPA-Property")

Basis of arriving at the disposal price

The disposal consideration for the Proposed Disposal for the
property was arrived at on a willing buyer and willing seller
based on 80% of RM42,000,000 being the value assigned pursuant
to the Restructuring Scheme of Austral Amalgamated Berhad
(Special Administrators Appointed) (Restructuring Scheme).

Financial Information on the Property

The cost of investment of the Property is as follows:

Date                   RM'000
17 March 1994          42,000

The net book value of the assets is RM42,000,000.

Financial Effects of the Proposed Disposal

The Proposed Disposal does not have any material effect on the
Net Tangible Assets (NTA) and earnings of FBO Group for the
financial year ending 31 December 2003 as AAPSB was considered
as non-core assets under the restructuring scheme, therefore,
its results and financial position are not consolidated.

Information on Marina-Ace shares to be issued

The Marina-Ace Shares to be issued pursuant to the Proposed
Disposal will upon allotment, rank pari passu in all respects
with the existing Marina-Ace Shares in issue save and except
that they shall not be entitled to any dividends, rights,
bonuses, issue, allotment and / or any other allotments or
distributions, the entitlement date (namely the date as at the
close of business on which the shareholders must be registered
in order to be entitled to any dividends, rights, allotments
and/or distributions) of which is prior to the date of the
allotment of the Marina-Ace Shares.

Information on Marina-Ace

Marina-Ace was incorporated in Malaysia under the Companies Act,
1965 (Act) on 3 December 1996. Its authorized paid-up share
capital is RM100,000.00 comprising 100,000 ordinary shares of
RM1.00 each. The present issued and paid-up share capital is RM2
comprising 2 ordinary shares of RM1.00 each. The principal
activity of Marina-Ace is that of Investment Holding and General
Trading.

The directors of Marina-Ace are Haji Mohd Salleh bin Zakari and
Wan Muhamad Ibrisam bin Wan Ibrahim.

Other salient terms of the SPA-Property

The other salient terms of the SPA-Property are as follows:

   i. The Chargee's approval for sale of the Property to Marina-
Ace to be procured by AAPSB;

   ii. AAPSB shall have the absolute rights to renounce its
rights and entitlements of the Marina-Ace Shares and the
RM24,600,000 nominal value of RCSLS including of any
distribution, if any;

   iii. AAPSB undertakes to pay any real property gain tax
(RPGT) in respect of the disposal of the Property to Marina-Ace
and to indemnify Marina-Ace against any claims or demands
whatsoever resulting from AAPSB's non-compliance with any
provision of the RPGT on the Property; and

   iv. Haji Mohd Salleh bin Zakari and Wan Muhamad Ibrisam bin
Wan Ibrahim understand that they will be required to adhere to
the 50% moratorium on the disposal of share requirements, in
place of APPSB.

Directors' and Substantial Shareholders' Interest

None of the directors nor the substantial shareholders of FBO or
persons connected with them has any interest, direct or
indirect, in the Proposed Disposal.

Rationale of the Proposed Disposal

The Proposed Disposal is in line with the Restructuring Scheme
of Austral Amalgamated Berhad (Special Administrators Appointed)
pursuant to Pengurusan Danaharta Nasional Act, 1998 to dispose
of the non-core assets and with the disposal proceeds being
utilized for the repayment of Scheme Debt.

Directors' Opinion

The Directors of FBO are of the opinion that the Proposed
Disposal is in the best interest of the FBO Group in line with
the Restructuring Scheme.

Documents for Inspection

The Agreement will be available for inspection at FBO's
registered office during normal business hours for a period of
three (3) months from the date of this announcement.


GENERAL LUMBERL: KLSE Grants Listing Requirements Waiver
--------------------------------------------------------
General Lumber Fabricators & Builders Bhd refers to the
announcement dated 21 April 2003 on resignation of Dato' Azman B
Mahmood as an Independent Director of the Company and the
Chairman of the Audit Committee. The said announcement also
stated that the Company is applying to the Exchange for Waiver
from complying with Paragraph 15.02,15.10(1)(a)&(b), 15.19 and
15.20 of the Listing Requirements.

The Board of Directors wishes to announce on the following:

   i. that the Company for the time being does not comply with
paragraph 15.02,15.10(a)&(b),15.19 and 15.20 of the LR;

   ii. that the reason for such non-compliance was due to the
resignation of Dato' Azman B Mahmood and the difficulties of
finding the replacement in view of the finalization stage of its
Proposed Restructuring Scheme;

   iii. that the Exchange has granted an extension of time for
compliance of the no. (i) above;

   iv. that the extension granted is for six(6) months until
20th October 2003 or upon the completion of its restructuring
scheme, whichever is earlier;

   v. that the majority of the Audit Committee must comprise of
non-executive directors; and

   vi. that the Company is to report to the Exchange on
quarterly basis of its efforts or progress to comply with no.
(i) above.

Currently the Audit Committee of the Company with the
resignation of Dato' Azman B Mahmood, comprises of one
independent non-executive director and one executive director
and therefore not in compliance with condition no. (v). However
in this respect, the Company is appealing to the Exchange for
exemption on the condition no. (v) of the above.


INNOVEST BERHAD: Unit Settles Material Litigation
-------------------------------------------------
The Board of Directors of Innovest Berhad is pleased to inform
that Merry Acres Sdn Bhd, a wholly owned subsidiary of Innovest
Berhad (Merry Acres), Chemstab Asia (M) Sdn Bhd (Chemstab),
Kumpulan Jayaputera Sdn Bhd (Jayaputera) and LPI Capital Berhad
have withdrawn their claims against each other in relation to
the following suits based on the settlement terms reached on 29
April 2003.

1) Chemstab Asia (M) Sdn Bhd vs Merry Acres Sdn Bhd
[Kuala Lumpur High Court Suit No. S8[S2]-22-330-2000]
[Kuala Lumpur High Court Companies Winding-up Petition No. [D6-
28-778-2002]
Judgment Sum : approximately RM3.8 million

2) Merry Acres Sdn Bhd vs Chemstab (Asia) Sdn Bhd
[Kuala Lumpur High Court Suit No. S6-22-193-2002]
Claims : approximately RM11.12 million

3) Kumpulan Jayaputera Sdn Bhd vs Merry Acres Sdn Bhd
[Kuala Lumpur High Court Suit No. D3-22-1684-2000]
Judgment Sum : approximately RM3 million

4) Merry Acres Sdn Bhd vs LPI Capital Bhd
[Kuala Lumpur High Court Suit No. D6-22-2044-1999]
Judgment Sum : approximately RM3.1 million

Settlement terms :

1) Pursuant to the above suit under item 4, LPI Capital Bhd
[LPI] has paid to Merry Acres a Judgment Sum of approximately
RM3.1 million on 2 May 2003 [LPI Judgment sum].

2) In consideration of Merry Acres agreeing to pay a sum of
RM950,000.00 from LPI Judgment sum as full and final settlement
of both Chemstab and Jayaputera claims/judgments against Merry
Acres, Chemstab has withdrawn the Winding-up Petition against
Merry Acres on 30 April 2003, a copy of the sealed Order
pertaining to the same was extracted on 8 May 2003.

3) Merry Acres will withdraw the 2 Notices of Appeal to the
Judge in Chambers in the Jayaputera suit in view of the
withdrawal of the Winding-up Petition by Chemstab.

4) The respective withdrawals are at all times to be without
liberty to file afresh and with each party to bear its own
costs. Each party further agrees to waive all costs, which may
have been previously awarded.


NCK CORPORATION: Proposes Asset Disposal for Partial Settlement
---------------------------------------------------------------
On behalf of the Special Administrators (SA) of NCK Corporation
Berhad (Special Administrators Appointed), Southern Investment
Bank Berhad (SIBB) wishes to announce that NCK had on 12 May
2003 entered into:

   (i) A conditional sale of shares agreement (SSA) with KPSB, a
wholly-owned subsidiary of KHB, to dispose the entire equity
interest in Hock Hup comprising 5,568,750 Hock Hup Shares for a
cash consideration of RM14,170,000; and

   (ii) A joint venture agreement (JVA) with KTSB, a wholly-
owned subsidiary of KPSB, which in turn is a wholly-owned
subsidiary of KHB, to develop two (2) plots of land in the Mukim
of Kapar, District of Klang (Lands).

PROPOSALS

Proposed Disposal

NCK proposes to dispose the entire equity interest in Hock Hup
to KPSB for a cash consideration of RM14,170,000. A tender
exercise was undertaken by the Board of Directors (Board) of
Hock Hup, with the endorsement of the SA of NCK, to dispose the
Lands. KTSB had submitted the highest bid, i.e. RM25,000,000 for
the Lands via the tender exercise. Subsequently, all parties had
agreed that KPSB would acquire the entire equity interest in
Hock Hup, the owner of the Lands.

The consideration of RM14,170,000 was arrived at after
adjustments have been made for the assumption of liabilities by
KPSB and the cash balance based on the management accounts of
Hock Hup as at 30 April 2003.

The original cost of investment of NCK in Hock Hup is
RM24,001,313. The investments were made by NCK from May 1996 to
January 2000.

Based on the latest audited consolidated accounts of NCK as at
30 June 2002, the Proposed Disposal will result in a loss on
disposal of RM5,523,716 to the NCK Group. Pursuant to the
Proposed Disposal, KPSB will assume certain liabilities of Hock
Hup.

JV

Hock Hup had received a letter from Majlis Bandaraya Shah Alam
(MBSA) dated 28 December 2002, notifying developers who have
obtained approvals of layout plans and building plans for the
construction of low-cost houses to commence and complete the
said development on or before November 2004. Failing which, the
state authorities may acquire the low-cost housing development
project from the said developers under the Land Acquisition Act,
1960.

In order to meet the aforesaid requirement of MBSA, Hock Hup had
on 12 May 2003 entered into a joint venture with KTSB to develop
part of the Lands and to construct the approved development of
low costs housing to house the squatters together with the
infrastructure, conveniences and amenities. Presently, there are
squatters occupying part of the Lands.

Based on the terms of the JVA, KTSB will be the developer to
develop the low-cost housing for and on behalf of Hock Hup in
order to meet the MBSA's requirement.

Utilization of proceeds

The proceeds arising from the Proposed Disposal totaling
RM14,170,000 will be utilized for part settlement to all the
creditors of NCK.

SALIENT TERMS OF THE AGREEMENTS

SSA

The salient terms of the SSA are as follows:

   (i) The consideration shall be paid by KPSB to NCK in the
following manner:

     (a) RM1,500,000 of the consideration (Deposit) to be paid
to the solicitors of Hock Hup, upon execution of the SSA;

     (b) The balance RM12,670,000 of the consideration shall be
paid to NCK by KPSB in the following manner:

       * RM10,670,000 payable within one (1) month from the date
of the fulfillment of the conditions precedent of the SSA
(Completion Date) or within the extended period of thirty (30)
days from the Completion Date provided that KPSB shall pay to
NCK interest on RM10,670,000 or any part thereof remaining
unpaid at the rate of ten per centum (10%) per annum calculated
on a daily basis from the date following the Completion Date
until the date of full payment thereof; and

       * The balance sum of RM2,000,000 payable in the following
manner:

        (1) RM1,000,000 payable in ten (10) months from the date
of the SSA if there are no successful contingent liabilities
claims; and

        (2) RM1,000,000 payable in eighteen (18) months from the
date of SSA if there are no successful contingent liabilities
claims.

   (ii) The solicitors of NCK are authorized by both parties,
i.e. NCK and KPSB to place the Deposit in an interest bearing
generating account in favor of NCK at a bank or financial
institution to be determined at the absolute discretion of the
solicitors of NCK;

   (iii) The conditions of the Proposed Disposal are to be
fulfilled within one hundred and eighty (180) days from the date
of the SSA or such other extended date as may be determined by
NCK at its sole discretion;

   (iv) KPSB will cause to pay and settle the liabilities in the
following manner:

     (a) The payment for the liabilities amounting to
RM3,790,307 due to NCK and others, shall be made within eighteen
(18) months from the date of the SSA and interest at the rate of
six per centum (6%) per annum is payable only after a period of
ten (10) months from the date of the SSA has passed;

     (b) KPSB is expressly allowed to settle with RHB Bank
Berhad, the amount owing to RHB Bank Berhad stated in the
management accounts of Hock Hup as at 30 April 2003 in the
manner that the personal guarantors be released and collateral
security be replaced by KPSB's own security by the Completion
Date; and

     (c) the income tax or any tax liability arising out of the
revaluation of the landed assets of Hock Hup amounting to
RM5,134,996 shall be the responsibility of KPSB to cause Hock
Hup to settle as and when the payment is due to the Inland
Revenue Board.

   (v) As a security for the payment of the liabilities stated
in Section 3.1(iv)(a) above, KPSB shall provide a bank guarantee
in the sum equivalent to the amount of the liabilities to NCK on
the Completion Date;

   (vi) In the event Hock Hup was to settle the debt stated in
Section 3.1(iv)(b), then as security for payment of the
liability stated in Section 3.1(iv)(b), KPSB shall provide a
bank guarantee in the sum equivalent to the amount paid by NCK
to RHB Bank Berhad; and

   (vii) The Hock Hup Shares shall be acquired by KPSB free from
any interest or equity of any person (including without
prejudice to the generality of the foregoing, any right to
acquire, option or right of pre-emption) or any mortgage,
charge, pledge, lien or assignment, or any other form of
encumbrance, priority or security interest or arrangement of
whatsoever nature over or in the relevant property.

JVA

The salient terms of the JVA are as follows:

   (i) In consideration of Hock Hup being paid RM1.00, Hock Hup
grants and allows KTSB to undertake the overall development of
the Lands and construction thereon of the types of low costs
housing together with the infrastructure, conveniences shops and
other amenities in accordance with the approved lay-out plans
and building specifications (Project);

   (ii) All proceeds and units arising out of the development on
the Lands from the Project shall belong to KTSB absolutely;

   (iii) KTSB shall at its absolute discretion decide solely on
issues relating to the development of the Lands and submit the
necessary applications and plans to the relevant authorities for
approvals. All the costs, expenses and fees payable relating to
the Project shall be borne by KTSB; and

   (iv) KTSB covenants and undertakes with Hock Hup that KTSB
shall complete or cause to be completed the Project within
thirty six (36) months from the date of KTSB obtaining the
development order for the Project.

RATIONALE FOR THE PROPOSALS

The Proposed Disposal would raise proceeds to meet the financial
obligations of NCK whilst the JV would enable Hock Hup to
resolve the resettlement of the squatters in line with the
requirement of MBSA via its letter dated 28 December 2002.

INFORMATION ON COMPANIES

Hock Hup

Hock Hup was incorporated in Malaysia on 20 July 1974 as a
private limited company. The present authorized share capital of
Hock Hup is RM6,000,000 comprising 6,000,000 Shares, of which
RM5,568,750 comprising 5,568,750 Shares have been issued and
fully paid-up. The principal activities of Hock Hup are
development of properties for sale, investment and trading. Hock
Hup does not have any subsidiary or associated company.

Based on the latest audited financial statements of Hock Hup for
the financial year ended 30 June 2002, the net profit after tax
and net tangible assets of Hock Hup was RM911,873 and
RM19,693,716, respectively.

Please refer to Table 1 at
http://bankrupt.com/misc/TCRAP_NCK0516.pdffor further  
information on the Lands.

KPSB

KPSB was incorporated in Malaysia on 14 October 1996 as a
private limited company. The present authorized share capital of
KPSB is RM100,000 comprising 100,000 Shares, of which RM50,100
comprising 50,100 Shares have been issued and fully paid-up. The
principal activity of KPSB is investment holding. Its subsidiary
companies are involved in construction, housing developing and
property management services. KPSB does not have any associated
company.

KTSB

KTSB was incorporated in Malaysia on 20 November 1995 as a
private limited company. The present authorized share capital of
KTSB is RM1,000,000 comprising 1,000,000 Shares, of which
RM500,002 comprising 500,002 Shares have been issued and fully
paid-up. KTSB is a contractor and housing developer. KTSB does
not have any subsidiary and associated company.

EFFECTS OF THE PROPOSALS

Share Capital

The Proposals will not have any effect on the issued and paid-up
share capital of NCK.

Earnings

The JV would not have any material impact on the earnings of the
NCK Group. The Proposed Disposal will result in a loss on
disposal of RM9,831,313 and RM5,523,716 at the company level and
group level respectively.

Net Tangible Liabilities (NTL)

The JV will not have any material impact on NTL of the NCK
Group. The effects of the Proposed Disposal on the proforma
consolidated audited NTL of NCK Group as at 30 June 2002 are set
out in Table 2 below at
http://bankrupt.com/misc/TCRAP_NCK0516.pdf.

Substantial shareholdings

The Proposals will not have any effect on the substantial
shareholding structure of NCK as the consideration for the
Proposed Disposal is to be fully satisfied by cash.

APPROVALS REQUIRED

The JV is not subject to any approval from any party and/or
authorities.

The Proposed Disposal is subject to, inter-alia, the following
approvals being obtained:

   (a) Securities Commission (SC);
   (b) Foreign Investment Committee, to be obtained by KPSB;
   (c) The shareholders of KHB at an extraordinary general
meeting (EGM) to be convened;
   (d) The shareholders of NCK at an EGM to be convened, if
necessary; and
   (e) Any other relevant authorities.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors and substantial shareholders of NCK and/or
persons connected to them has any interest, direct or indirect,
in the Proposals.

SA AND DIRECTOR'S RECOMMENDATION

The SA and Board of NCK, having considered all aspects of the
Proposals, are of the opinion that the Proposals are fair and
reasonable and are in the best interest of NCK and its
shareholders.

ESTIMATED TIME FRAME FOR THE COMPLETION OF THE PROPOSED DISPOSAL

Barring any unforeseen circumstances, and subject to the receipt
of the necessary approvals, the Proposed Disposal is expected to
be completed by the end of 2003.

DEPARTURE FROM THE SC'S POLICIES AND GUIDELINES ON ISSUE/OFFER
OF SECURITIES

The Proposed Disposal is in accordance with the guidelines set
out by the SC.

APPLICATION TO THE AUTHORITIES

It is the intention of NCK to make the necessary applications
relating to the Proposed Disposal to the authorities within
three (3) months from the date of this announcement.

APPOINTMENT OF ADVISER

SIBB had been appointed by the SA of NCK as the adviser to NCK
in relation to the Proposed Disposal.

DOCUMENTS AVAILABLE FOR INSPECTION

The following documents are available for inspection at the
registered office of NCK during office hours from Mondays to
Fridays (except public holidays) at 2nd Floor, Unit No 6, 8, 10
& 12, Jalan 2/109E, Jalan Desa, Taman Desa, Off Jalan Klang
Lama, 58100 Kuala Lumpur for a period of one (1) month from the
date of this announcement:

   (i) SSA; and

   (ii) JVA.


PANGLOBAL BERHAD: Plaintiff Withdraws Material Litigation
---------------------------------------------------------
Further to the announcement dated 23 May 2001 in relation to the
Kuala Lumpur High Court Civil Suit No. D1-22-704-2001
Limbang Trading Co. Sdn Bhd, Datuk Amar James Wong Kim Min &
Richard Wong Shoon Fook (the Plaintiffs) VS Panglobal Berhad.

PanGlobal Berhad wishes to announce that the Company has been
notified by its Solicitors on 12 May 2003 that the Plaintiffs
have withdrawn the whole suit against the Company with no order
as to costs.


SILVERSTONE CORPORATION: Financial Regularization Completed
-----------------------------------------------------------
The Board of Directors of Silverstone Corporation Berhad is
pleased to announce that the Company has regularized its
financial condition and no longer falls under any of the
criteria set out in paragraph 2.0 of the Practice Note No.
4/2001 (PN4) and the Kuala Lumpur Stock Exchange has by a letter
dated 9 May 2003 reclassified the Company from the "PN4
Condition" sector to the "Consumer Products" sector to take
effect from 9:00 am on Monday, 12 May 2003.

In addition, the Company has also achieved an adequate level of
operations pursuant to Practice Note No. 10/2001 (PN10) and no
longer triggers any of the criteria under paragraph 2.0 of PN10.


SPORTMA CORPORATION: Depositors Register Close on May 22
--------------------------------------------------------
Notice is hereby given that the Register of Depositors of
Sportma Corporation Berhad (Special Administrators Appointed)
(Sportma) will be closed on 22 May 2003 for the following
purposes:

   i) Recalling of existing issued and paid-up share capital of
RM1.00 each in Sportma;

   ii) Swapping and replacing the existing ordinary shares of
RM1.00 each in Sportma (Sportma Share(s)) for new ordinary
shares of RM1.00 each in Harn Len Corporation Bhd (Harn Len
Share(s)) on the basis of one (1) new Harn Len Share for every
ten (10) Sportma Shares held at or before 4:00 p.m. on 21 May
2003 pursuant to the proposed share swap and transfer of listing
(Share Swap); and

   iii) Closure of books relating to entitlement of new Harn Len
Shares pursuant to the proposed share swap and transfer of
listing.

FURTHER NOTICE IS HEREBY GIVEN THAT a depositor of Sportma
registered in the Register of Depositors as at 21 May 2003 will
be subject to cancellation of shares and Share Swap in respect
of:

   (i) Shares deposited into the depositor's securities account
before 12.30 p.m. on 19 May 2003 (in respect of shares which are
exempted from mandatory deposit); and

   (ii) Shares transferred into the depositor's securities
account before 4:00 p.m. on 21 May 2003 in respect of ordinary
transfer.


SRIWANI HOLDINGS: Proposes Change of Name
-----------------------------------------
The Board of Directors of Sriwani Holdings Berhad wishes to
announce that it intends to seek the approval of its
shareholders at the forthcoming Annual General Meeting (AGM) for
the Company to change its name from "Sriwani Holdings Berhad" to
"DFZ Capital Berhad".

The proposed change of name is to reflect the Corporate identity
following the shareholders' approval on the corporate
restructuring of the Company in the Extraordinary General
Meeting held on 8 April 2003.

The proposed change of name, if approved, will be effective from
the date of issuance of the Certificate of Incorporation on
Change of Name by the Companies Commission of Malaysia.


SRIWANI HOLDINGS: SC Approves Proposed Exemptions
-------------------------------------------------
Sriwani Holdings Berhad refers to the announcement dated 19
November 2002 pertaining to the application by Multi Esprit Sdn
Bhd (MESB) for exemptions from extending mandatory offers for
the remaining ordinary shares in SHB (SHB Shares), the
obligation of which arises in the following situations:

   (i) the conversion of irredeemable convertible preference
share (ICPS)-A pursuant to the Proposed MESB ICPS-A Conversion,
after which the ordinary shareholding of MESB in SHB shall
increase from 31.6% to 45.8% (assuming the Proposed Rights Issue
is subscribed at the minimum subscription amount); and

   (ii) the subsequent increase in the ordinary shareholding of
MESB in SHB by more than 2% in any six (6) months period, as a
result of the following:

     * conversion of all or part of the remaining ICPS-A held by
MESB after the Proposed MESB ICPS-A Conversion; and/or

     * purchase of SHB Shares pursuant to the Proposed SHB Share
Call and Put Option Arrangement; and/or

     * purchase of SHB Shares pursuant to the Proposed Converted
SHB Share Call Option Arrangement and/or the Proposed Converted
SHB Share First Right Arrangement; and/or

     * conversion of all or part of the ICPS-B1 and ICPS-B2,
which may be purchased by MESB pursuant to the Proposed ICPS-B
Call Option Arrangement and/or Proposed ICPS-B First Right
Arrangement.

For the purpose herein, the above shall collectively be referred
to as the "Proposed Exemptions".

On behalf of SHB, Commerce International Merchant Bankers Berhad
hereby announces that the Securities Commission (SC) has on 8
May 2003 approved the Proposed Exemptions pursuant to the
"Whitewash" procedures under Practice Note 2.9.1 of the
Malaysian Code on Take-overs and Mergers, 1998. Nevertheless,
the SC has in its aforesaid letter stated that MESB shall have
to adhere to the conditions set out in the letter dated 18
November 2002 from the SC.

The Proposals refers to the following:
  
   * Proposed Capital Reduction and Consolidation;
   * Proposed Restricted Issue;
   * Proposed Rights Issue;
   * Proposed Debt Restructuring Scheme;
   * Proposed Assets Injection; and
   * Proposed Additional Issue.


SURIA CAPITAL: Plaintiff Appeals on Registrar's Decision
--------------------------------------------------------
Reference is made to the announcement on 7 May 2003 regarding
Kuala Lumpur High Court Suit No. S 22-1092 of 2002
Alliance Bank Malaysia Bhd & Anor. v Suria Capital Holdings
Berhad.

Suria Capital Holdings Berhad wishes to announce that on 7 May
2003 the Plaintiffs i.e. Alliance Bank Malaysia Bhd and
Malaysian Plantations Bhd had filed a Notice of Appeal to the
Judge in Chambers to appeal against the decision of the
Registrar of the Kuala Lumpur High Court made on the 5 May 2003
which had struck of the Plaintiffs' suit against SURIA for want
of jurisdiction.


TAI WAH: Proposes Disposal for Partial Settlement to Creditors
--------------------------------------------------------------
Tai Wah Garments Manufacturing Berhad refers to the announcement
dated 7 March 2003 in relation to the foreclosure of Tai Wah
Garments Industries Sdn Bhd (TWGI) by Ramatex Berhad (Ramatex).
The effects of the above foreclosure have resulted in:

   * TWGI ceasing to be a subsidiary company of TWGB; and

   *  the conditional sale of shares agreement dated 7 July 2002
for the disposal of the entire issued and paid-up share capital
in TWGI to Ramatex for RM24,200,568 (SSA) has been terminated.

The above SSA was inter-conditional with the following
agreements:

   * the conditional sale and purchase agreement between TWGB
with Ramatex dated 7 July 2002 (SPA) for the disposal of
fourteen (14) parcels of land and buildings for a total cash
consideration of RM19,061,000 (Proposed TWGB Land and Buildings
Disposals); and

   * the conditional sale and purchase agreement between Maxfit
Textile Corporation Sdn Bhd (Maxfit), a wholly-owned subsidiary
company of TWGB, with Ramatex dated 7 July 2002 (Maxfit SPA) for
the disposal of a factory building for a cash consideration of
RM520,000 (Proposed Maxfit Building Disposal).

The land and buildings to be disposed off by TWGB and Maxfit to
Ramatex are collectively referred as Land and Buildings. The
Proposed TWGB Land and Buildings Disposal and Proposed Maxfit
Building Disposal are collectively referred as the Proposed
Disposals.

Notwithstanding the termination of the SSA, TWGB and Ramatex
propose to proceed with the Proposed Disposals. However, the
inter-conditionality of the SSA, SPA and Maxfit SPA have to be
removed such that Tai Wah is able to implement the Proposed
Disposals.

On behalf of the Board of Directors of TWGB (Board), Southern
Investment Bank Berhad (SIBB) wishes to announce that on 12 May
2003, the Company and Maxfit have entered into a supplemental
agreement with Ramatex (Supplemental SPA) in relation to the SPA
and Maxfit SPA.

UTILISATION OF PROCEEDS FROM THE PROPOSED DISPOSALS

The total proceeds of RM19.581 million from the Proposed
Disposals will be fully utilized as partial settlement towards
the secured creditors. The outstanding amount as at 30 April
2002 stands at RM61.9 million (Proposed Partial Settlement).

EFFECTS OF THE PROPOSED DISPOSALS

Share Capital

The Proposed Disposals will not have any effect on the issued
and paid-up share capital of TWGB as they are cash transactions.

Earnings

The Proposed Disposals, which are expected to be completed in
the fourth quarter of 2003, are expected to contribute
positively on the earnings for the financial year ending 30
April 2004. This is the result of the reduction in interest
expenses of approximately RM4.7 million per annum arising from
the Proposed Partial Settlement.

The Proposed Disposals will not result in any exceptional gain
or loss on disposal at the company and group level.

Net Tangible Assets (NTA)

The Proposed Disposals will not have any effect on the audited
consolidated NTA of TWGB as at 30 April 2002.

Substantial Shareholders

The Proposed Disposals will not have any effect on the
substantial shareholding of TWGB as they are cash transactions.

Gearing

The gearing for the TWGB Group is expected to improve upon the
utilization of the cash proceeds from the Proposed Disposals
toward the Proposed Partial Settlement. The Proposed Partial
Settlement will result in an annual interest saving of RM4.68
million computed at interest rates ranging from 6.5% to 15.0%.

APPROVALS REQUIRED

The Proposed Disposals are subject to the following approvals:

   (i) Securities Commission (SC). The SC has on 29 October 2002
approved the original terms of the Proposed Disposals. With the
Supplemental SPA, SIBB will notify the SC of the revised terms;

   (ii) Foreign Investment Committee (FIC), to be obtained by
Ramatex. FIC had approved the original terms of the Proposed
Disposals on 8 October 2002. With the Supplemental SPA, Ramatex
will notify the FIC of the revised terms;

   (iii) Ministry of International Trade and Industry (MITI), to
be obtained by Ramatex. MITI had approved the original terms of
the Proposed Disposals on 8 October 2002. With the Supplemental
SPA, Ramatex will notify the MITI of the revised terms;

   (iv) Shareholders of TWGB at an extraordinary general meeting
to be convened;

   (v) Secured creditors of TWGB; and

   (vi) Any other relevant authorities.

DIRECTORS' RECOMMENDATION

Having considered all the aspects of the Proposed Disposals, the
Board is of the opinion that the Proposed Disposals are fair and
reasonable and will be in the best interest of the Company.

DOCUMENTS FOR INSPECTION

The Supplemental SPA is available for inspection at the
registered office of TWGB during office hours from 9:00 a.m. to
5:00 p.m. at #57-10 The Boulevard Offices, Mid Valley City,
Lingkaran Syed Putra, Kuala Lumpur for a period of 14 days from
the date of this announcement.


TECHNO ASIA: Special Administrators Submit Monthly Report
---------------------------------------------------------
Pursuant to PN 4/2001 in relation to paragraph 8.14 of the
Revamped Listing Requirements of the Kuala Lumpur Stock Exchange
(KLSE), Techno Asia Holdings Berhad, being an affected listed
issuer wishes to announce that in compliance with the obligation
imposed under the said practice note, the monthly report for the
month of April 2003 accompanied by the statutory declaration
duly executed by the Special Administrators had been submitted
to the KLSE on 13 May, 2003.


UNITED CHEMICAL: Provides Defaulted Facilities Update
-----------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) wishes to inform that there are no new significant
developments in relation to the various defaults in payment
further to the announcement on 10 April 2003.

The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note 1/2001. Details are
as per Table A at http://bankrupt.com/misc/TCRAP_UCI0516.xls.


YCS CORPORATION: Defaults ICULS-A Interest Payment
--------------------------------------------------
Pursuant to the PN 1/2001, YCS Corporation Berhad wishes to
announce that it has defaulted in the payment of interest
amounting to RM3,051,223.80 in respect of the Coupon Rate of 6%
pa in Respect of RM58,520,000 Irredeemable Convertible Unsecured
Loan Stock-A (ICULS-A) on 12th May 2003 (Interest Payment Date).

The ICULS were issued by the Company on 5th May 2000 and is
constituted under a Trust Deed dated 4th May 2000

Reason For The Default In Payment of Interest

The Company was unable to meet the interest payment on the ICULS
on 12th May 2003 as its planned disposal of certain of its
properties to raise the requisite cashflow to meet the
abovementioned obligation has yet to be consummated on that
date.

Measures Taken By YCS To Address The Default

The Company had on 13th September 2002 entered into a Share Sale
Agreement to dispose of a wholly owned subsidiary i.e. Puncak
Kayan Sdn Bhd for a cash consideration of RM84.6 million. The
Company will allocate part of the cash proceeds from the
proposed disposal to settle all the outstanding interest
payment.


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


ABS-CBN BROADCASTING: Seeks Payment Deals For BNP, SCB Loans
------------------------------------------------------------
ABS-CBN Broadcasting Corporation is working on deals to settle
its loans of 300 million pesos with BNP Paribas and Standard
Chartered Bank, AFX Asia said on Tuesday. ABS-CBN is also
arranging documentation for BNP Paribas' participation in an
exchangeable notes facility agreement.

The broadcasting firm is also looking for creditors to refinance
the Standard Chartered loans. BNP Paribas and Standard Chartered
earlier decided not to participate in ABS-CBN's 3.0-bln peso
exchangeable notes facility with creditors, which aimed to
extend its loan payments for five years. The two banks demanded
payment and declared the Company in default.


MANILA ELECTRIC: ERC Orders to Cut Basic Rate by 0.0167Php/kWh
--------------------------------------------------------------  
The Energy Regulatory Commission (ERC) ordered Manila Electric
Co. to stop collecting overcharges and reduce its basic tariff
by 0. 0167 pesos per kilowatthour with immediate effect, AFX
Asia reports. The ERC at the same time approved Meralco's
proposal for a one-time cash refund to its customers consuming
up to 100 kilowatthours (kWh) per month.

The Supreme Court has ordered Meralco to refund overcharges to
customers amounting to 0.0167 pesos per kilowatthour, which the
Company has been collecting since 1994. Meralco estimates total
refunds will reach 30.5 billion pesos.        


MANILA ELECTRIC: Raises Refund Cost Estimate to P2.2B
-----------------------------------------------------
Manila Electric Co.'s overcharge refund to 1.47 million small
customers may reach 2.2 billion pesos from 1.0 billion estimated
earlier, BusinessWorld and AFX Asia reported, quoting Company
President Jesus Francisco. The total refund ordered by the
Supreme Court and covering overcharges since 1994, will cost the
Company up to 30.5 billion pesos.

"We were a bit surprised by the number of customers who will
benefit from the initial phase. Using our data as of April,
there will be 1.47 million customers who will be qualified for
refund... Based on our initial computations, we have set aside
1.4 billion pesos but now it seems that we have to be prepared
to disburse 2.2 billion pesos," Francisco said.

The Energy Regulatory Commission has approved Meralco's initial
refund, to be paid in June, and ordered the Company to cut its
basic tariff by 0.167 pesos per kilowatt-hour immediately.


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


ASTI HOLDINGS: Enters Binding Term Sheet With Investor
------------------------------------------------------
On 31 March 2003, ASTI Holdings Limited announced that it was
conducting a restructuring exercise to position itself for
industry recovery. Pursuant to such an initiative, the Company
is pleased to announce that it has entered into a binding term
sheet dated 13 May 2003 (the "Term Sheet with a Mr Michael Loh
Soon Ngee (the "Investor in respect of his proposed investment
in the Company which will raise additional funds to meet the
Company's working capital requirements.

The Investor is a substantial shareholder of Flextech Holdings
Limited FHL, which owns approximately 48.07 percent of the total
issued capital of the Company.

Under the Term Sheet, the Investor will:

1. Subscribe for 54,236,000 ordinary shares (the "Subscription
Shares of S$0.10 each (the "Shares in the share capital of the
Company at S$0.128 per share (the "Subscription Price which will
result in the Investor having a resultant shareholding of
approximately 20 percent of the Company. The Subscription Price
represents a nominal discount to the weighted average trading
price of the Shares for the 30 trading days prior to the
execution of the Term Sheet, being S$0.129 per share; and

2. Also be given the option to subscribe for an additional
108,472,000 Shares in the Company at an exercise price which is
at a 20 percent premium to the Subscription Price. This option
may be exercised within a 2-year exercise period.

The investment will be conditional upon certain conditions
precedent being met including:

(i) a Whitewash Waiver being obtained from the Securities
Industry Council such that the Investor would not have to make a
takeover offer under the Singapore Code on Takeovers and Mergers
upon the subscription for shares and the exercise of the
options;

(ii) The SGX-ST granting approval for the placement to be made
to the Investor (as he is a substantial shareholder of the
Company's substantial shareholder);

(iii) The SGX-ST approving the additional listing application in
relation to the new Shares in the Company to be issued pursuant
to the investment;

(iv) The shareholders of the Company approving the issuance of
the Shares and the options, and the waiver of the requirement to
make a takeover offer; and

(v) The bankers of the Company having agreed to the
restructuring of the Company's banking facilities on terms
reasonably satisfactory to the parties.

2. USE OF PROCEEDS

The Company undertakes in the Term Sheet that it shall use the
proceeds of the investment by the Investor for its working
capital purposes.

3. EFFECTS

3.1 Upon the above issuance of the Subscription Shares being
completed, the Company's resultant issued and paid up capital
would increase from its current 216,940,618 Shares to
271,176,618 Shares.

3.2 In addition, if the option were exercised in full, the
Company's resultant issued and paid up capital would increase to
379,648,618 Shares.

3.3 The gross proceeds to the Company:

3.3.1 upon the issuance of the Subscription Shares being
completed will be S$6,942,208; and

3.3.2 Upon the issuance of the Subscription Shares being
completed and in the event that the option is exercised in full,
S$16,704,688.

4. SHAREHOLDERS' APPROVAL

The Company will, in due course, issue a circular to its
shareholders explaining the rationale for the transaction, and
convening an extraordinary general meeting to seek the approval
of its shareholders.


FLEXTECH HOLDINGS: AGM Set For May 30
-------------------------------------
NOTICE IS HEREBY GIVEN that the Annual General Meeting of
Flextech Holdings Limited the Company will be held at 1 Kallang
Sector #06-01, Kolam Ayer Industrial Park, Singapore 349276 on
Friday, 30 May 2003 at 10.00 a.m. for the following purposes:

AS ORDINARY BUSINESS

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

2. To re-elect the following Directors who retire by rotation
pursuant to Article 103 of the Company's Articles of
Association:

Mr Chia Chor Leong (Resolution 2)
Prof Low Teck Seng (Resolution 3)
Mr Chia Chor Leong and Prof Low Teck Seng will, upon re-election
as Directors of the Company, remain as members of the Audit
Committee. Both Mr Chia and Prof Low will be considered
independent for the purposes of Rule 704(8) of Listing Manual of
the Singapore Exchange Securities Trading Limited.

3. To approve the payment of Directors' fees of S$71,475 for the
financial year ended 31 December 2002 (2001: $99,000).
(Resolution 4)

4. To re-appoint Ernst & Young as the Company's Auditors and to
authorize the Directors to fix their remuneration. (Resolution
5)

5. To transact any other ordinary business which may properly be
transacted at an Annual General Meeting.

AS SPECIAL BUSINESS

To consider and if thought fit, to pass the following
resolutions as Ordinary Resolutions, with or without any
modifications:

6. Authority to allot and issue shares up to 50 per centum (50
percent) of issued capital

That pursuant to Section 161 of the Companies Act, Cap. 50 and
Rule 806(2) of the Listing Manual of the Singapore Exchange
Securities Trading Limited, the Directors be empowered to allot
and issue shares and convertible securities in the capital of
the Company at any time and upon such terms and conditions and
for such purposes as the Directors may, in their absolute
discretion, deem fit provided that the aggregate number of
shares and convertible securities to be allotted and issued
pursuant to this Resolution shall not exceed fifty per centum
(50 percent) of the issued share capital of the Company at the
time of the passing of this resolution, of which the aggregate
number of shares and convertible securities to be issued other
than on a pro rata basis to all shareholders of the Company
shall not exceed twenty per centum (20 percent) of the issued
capital of the Company and that such authority shall, unless
revoked or varied by the Company in general meeting, continue in
force until the conclusion of the Company's next Annual General
Meeting or the date by which the next Annual General Meeting of
the Company is required by law to be held, whichever is earlier.
[See Explanatory Note (i)] (Resolution 6)

7. Authority to allot and issue shares under the Flextech
Executives' Share Option Scheme.

That pursuant to Section 161 of the Companies Act, Cap. 50, the
Directors be empowered to allot and issue shares in the capital
of the Company to the holders of options granted by the Company
under the Flextech Executives' Share Option Scheme [the Scheme]
established by the Company upon the exercise of such options and
in accordance with the terms and conditions of the Scheme
provided always that the aggregate number of additional ordinary
shares to be allotted and issued pursuant to the Scheme shall
not exceed fifteen per centum (15 percent) of the issued share
capital of the Company for the time being. [See Explanatory Note
(ii)] (Resolution 7)

Explanatory Notes:

(i) The Ordinary Resolution 6 proposed in item 6 above, if
passed, will empower the Directors from the date of the above
Meeting until the date of the next Annual General Meeting, to
allot and issue shares and convertible securities in the
Company. The number of shares and convertible securities that
the Directors may allot and issue under this Resolution would
not exceed fifty per centum (50 percent) of the issued capital
of the Company at the time of the passing of this resolution.
For issue of shares and convertible securities other than on a
pro rata basis to all shareholders, the aggregate number of
shares and convertible securities to be issued shall not exceed
twenty per centum (20 percent) of the issued capital of the
Company.

The percentage of issued capital is based on the Company's
issued capital at the time this proposed Ordinary Resolution is
passed after adjusting for (a) new shares arising from the
conversion of convertible securities or employee share options
on issue at the time this proposed Ordinary Resolution is passed
and, (b) any subsequent consolidation or subdivision of shares.

(ii) The Ordinary Resolution 7 proposed in item 7 above, if
passed, will empower the Directors of the Company, from the date
of the above Meeting until the next Annual General Meeting, to
allot and issue shares in the Company of up to a number not
exceeding in total fifteen per centum (15 percent) of the issued
share capital of the Company from time to time pursuant to the
exercise of the options under the Scheme.

Notes:

1. A Member entitled to attend and vote at the Meeting is
entitled to appoint a proxy to attend and vote instead of him. A
proxy need not be a Member of the Company.

2. If the appointer is a corporation, the proxy must be executed
under seal or the hand of its duly authorized officer or
attorney.

3. The instrument appointing a proxy must be deposited at the
Registered Office of the Company at 10 Collyer Quay #19-08,
Ocean Building, Singapore 049315 not less than forty-eight (48)
hours before the time fixed for holding the meeting.


NEPTUNE ORIENT: Posts Notice of Shareholder's Interest
------------------------------------------------------
Neptune Orient Lines Limited (NOL) posted a notice of changes in
substantial shareholder Temasek Holdings (Private) Ltd.'s
interests:
  
Date of notice to Company: 06 May 2003
Date of change of deemed interest: 30 Apr 2003
Name of registered holder: CDP: DBS NOMINEES
Circumstance(s) giving rise to the interest: Others
Please specify details: Securities Lending/Borrowing Transaction

Information relating to shares held in the name of the
registered holder:  
No. of shares which are the subject of the transaction: 600,000
% of issued share capital: 0.05
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: -
No. of shares held before the transaction: 1
% of issued share capital:  
No. of shares held after the transaction: 2
% of issued share capital:  

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed     Direct
No. of shares held before the transaction: 4,283,304 383,465,362
% of issued share capital:                 0.36      32.59
No. of shares held after the transaction:  4,883,304 383,465,362
% of issued share capital:                 0.42      32.59

Total shares:   

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

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


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


GENERAL ENGINEERING: Submits Rehabilitation Plan
------------------------------------------------
General Engineering Public Company Limited was transferred to  
the "REHABCO" section on March 8, 2002 because the value of its  
shareholders' equity is less than zero.  

The company submitted to the Stock Exchange of Thailand its
Rehabilitation Plan. A summary is as follows:

1.  Debt  Restructuring

   Date           Name              Loans    Balance   Remarks
                                    (MB)
16 Oct 2001  Kasikorn Bank Plc.     215.66      -     Settled by
                                                      Assets
25 Oct 2001  Bank of Ayudhaya Plc.   51.23    51.23   Repaid in
                                                      5 years
26 Dec 2001  DBS Thai Danu Bank Plc. 190.13  137.33   Settled by  
                                                      Assets  
1  Feb 2002  AIG Finance (Thailand) Plc. 12.04  9.35  Settled by  
                                                      cash  
15 Aug 2002  Chatuchak Assets         31.67   31.61   Repaid in
             Management                               5 years
15 Oct 2002  Asia Credit Plc.         28.56    7.00   Repay Oct
                                                      2002-Apr
                                                      2003

2.  The Company operation result for the year 2002 was better
than 2001. The Operation in 2003 has a trend to make profit.

3.  Compensated the Company's retained loss. This matter was
proposed to the Meeting of shareholders for consideration and  
approval on 24 April, 2003.

   3.1 Decreased the registered capital from Bt180 million to  
Bt45 million by reducing par value from Bt10 to Bt2.50.

   3.2 Transferred Company's total reserve fund, which are  
reserved fund pursuant to the law totaling Bt2.5 million and  
share premium reserve fund totaling Bt220 million .

4.  Presently, the Company brings rehabilitation plan to CDRAC.
Its on the stage of voting from the creditors. This  
rehabilitation plan has been submitted to Mr. Sarayuth  
Booncharoen, Senior Vice-President of SET.


ITALIAN-THAI DEVELOPMENT: Signs Housing Project Contract   
--------------------------------------------------------      
Italian-Thai Development Public Company Limited informed that
on 9 May 2003 it signed a contract with The National Housing  
Authority to proceed of Ban Au-Arthorn Housing Project
Prachaniwetch, Contract No. Khor Kor. 2-06/2546 and Ban Au-
Arthorn Housing Project Bang Chalong, Contract No. Phor
Mor.02/2546  

The details of the contracts are as follows:

Project    Description       Contract  value     The period
                             (Including VAT)     of  work

Prachaniwetch     1.5 stories flat 26 units    Bt.233.95 M            
365 days
                  2.Roadworks,Footpaths,
                    Landscape and Car Parks
                  3.Water supply system

Bang Chalong      1.5 stories flat 16 units    Bt.216.52 M            
420 days
                  2.Roadworks, Footpaths,
                    Landscape and Car Parks
                  3.Water supply system
                  4.Earthworks and Bridge
                    100 m. length


MODERN HOME: SET Posts `NP' SIGN on Securities
----------------------------------------------
Previously, the Stock Exchange of Thailand posted the `SP'
(Suspension) sign on the securities of Modern Home Development
Public Company Limited (M-HOME) for the second trading session
on 17 April 2003 because the company has publicly submitted the
SET its audited financial statements for the period ending 31
December 2002 which its auditor issued a Disclaimer of Opinion
on its financial statements.

The SET has been waiting for the clarification about making
financial statement clarification to investors through the Stock
Exchange of Thailand. Therefore, the SET has posted the "NP"
sign on M-HOME from 14 May  2003 until such time as the company
will submit its amended financial statements or conclude that it
is not necessary to amend its financial statements. However, the
SET has still suspended trading of its securities until the
causes of delisting are eliminated.


NATURAL PARK: Posts New Management, Audit Committee
---------------------------------------------------
Natural Park Public Company Limited notified resolutions of the
Board of Directors Meeting No. 5/2003, held on 12 May 2003, as
follows:

1. Designation of the positions of the Directors on the Board of
Directors of the Company as follows:

1.  Mr. Kasemsamosorn Kasemsri - Chairman
   2.  Mr. Sakthip Krairiksh - Director and Independent Director
3. Mr. Suebtrakul Soonthornthum - Director, Independent
                 Director and Chairman of Audit Committee
4. Mr. Thavisakd Tanta-Nanta - Director, Independent
                 Director and Audit Committee
5. Peerapong Thungkasemwathana - Director, Independent  
                Director and Audit Committee
6. Mr. Sermsin SamalapaDirector - President & Chief    
                Executive Officer
7. Mr. Thowthawal Subhavanich - Director, Chief Financial
                Officer
8. Mr. Paisarn Tangyuenyong - Director, Chief Construction
                   Officer
   9.   Mr. Thosapong Jaruthavee - Director
   10.  Mr. Tharagant Protpagorn - Director
   11.  Mr. Suwan Thanombooncharoen - Director

2. The Audit Committee of the Company comprises the following:

   1. Mr. Suebtrakul Soonthornthum - Chairman of Audit Committee
   2. Mr. Thavisakd Tanta-Nanta - Audit Committee
   3. Mr. Peerapong Thungkasemwathana -  Audit Committee  

   Fixing the office term of the Audit Committee for two years
from 12 May 2003 to 11 May 2005 and fixing the scope of duties
and responsibilities of the Audit Committee to the Board of
Directors as follows:   

1) Supervision of the Company to ensure the accurate and
sufficiently disclosed  financial reports.
2) Supervision of the Company to ensure the appropriate and
efficient internal control system and internal inspection
system.      
3) supervision of the operations of the Company to comply
with the laws governing securities and stock exchange,
regulations of the stock exchange or laws related to the
business of the Company
4) Consideration of selection and nomination of the auditor
of the Company, including consideration of proposing the
auditor's remuneration.       
5) Consideration of full and complete disclosure of the
information of the Company in case of a connected
transaction or a transaction, which may cause conflict of
interest.       
6) Carrying out any other actions as authorized by the Board
of Directors and approved by the Audit
7) Preparation of the report of activities of the Audit
Committee to be disclosed in the Annual Report of the
Company.


SIAM SYNTECH: Requests for Re-Trade in REHABCO Category
-------------------------------------------------------
Referring to the Siam Syntech Construction Public Company
Limited (SYNTEC) letter, in which the Company requested to re-
trade in the Property Development category, the SET has released
the resolution for SYNTEC's request. The resolution was that
SYNTEC has not met the qualification to trade in the Property
Development category.  
   
In view of the above, SYNTEC is still willing to re-trade its
securities in the SET if its qualification has been un-qualified
to trade in the Property Development category, instead the
Company is requesting to trade in the REHABCO category. The
Company has met the qualification under the rules and
regulations of trading in the REHABCO category.

The Company informed that it has successfully restructured its
debt over than 50% and completed the Plan Completion as also
mention in its letter.

SYNTEC would like to request the SET to consider its securities
to re-trade under REHABCO category.


SIAM SYNTECH: SET to Lift `SP' Sign
-----------------------------------
As the Board of Governors of the Stock Exchange of Thailand
revised rules on allowing securities trading of listed companies
in the REHABCO sector with the concept that the companies make
certain level of progress in solving their financial problems
and fully disclose relevant information to investors.

Siam Syntech Construction Public Company Limited (SYNTEC) has
submitted the petition for trading reinstatement to the SET
because SYNTEC has completed its debt restructuring agreement by
more than 50% worth of total debts, and the rehabilitation plan
has been approved by the Central Bankruptcy Court on 1 March
2001. In addition, SYNTEC has already disclosed major elements
of rehabilitation plan as specified by the SET's rules (details
as on Public SIMS dated 1 March 2001).

Therefore, the SET decides to lift `SP' sign from SYNTEC on 26
May 2003 to allow the trading of such securities in REHABCO
sector. Shareholders and investors should follow the company's
rehabilitation plan and the progression of its operation before
making investment decision.

In addition, the major shareholder of SYNTEC, Richie Venture
Holding Co., Ltd., holding totaling 100,000,000 shares or 28.53%
of its paid-up capital, voluntarily certify to the SET that its
shares will not be sold for the period of 1 year from the
trading date of the SYNTEC. However, during the first six months
from the trading day, Richie Venture Holding Co.,Ltd. can sell
its shares in the amount of 25,000,000 shares or 25% of the
total sale prohibited shares and during the next six months,
Richie Venture Holding Co.,Ltd. can sell another 25,000,000
shares or 25% of the total sale prohibited shares.

However, since this issue may affect the stock price of the
company in the market. Therefore, according to Clause 24 (3) and
(6) of the regulation on trading, clearing and settlement for
listed securities 1999, the ceiling and floor limits on the main
board of the securities of  SYNTEC will be temporarily removed
on 26 May 2003 to allow the market mechanism to work freely.

Remark: SYNTEC has changed its par value from Bt10 to Bt1 and
the SET has changed the par value of SYNTEC's securities in the
trading system since 28 April 2003.


TANAYONG PUBLIC: Discloses Business Reorganization Progress
-----------------------------------------------------------
Tanayong Planner Company Limited, as the Planner of Tanayong
Public Company Limited, reported the progress of Business
Reorganization of the Company, as follows:

On January 22, 2002, the Company filed a petition for the
business reorganization of the Company, and consequently the
Central Bankruptcy Court gave and order appointed Tanayong
Planner Company Limited as the Planner of the Company.  
Accordingly, at the latest meeting on April 22, 2003 those at
the creditors' meeting  have passed a resolution to approve the
Business Reorganization Plan and currently the Receiver is
awaiting an order from the Court to grant its approval thereto.  

The main points of the Business Reorganization Plan can be
summarized as follows:

Treatment of Secured Creditors

1. Claims of Creditors secured by mortgages of  Core Land
shall be totally repaid within 5 years.
2. Claims of principal of Creditors with pledges over shares
shall be totally repaid within 5 years.
3. Claims of principal of Creditors secured by mortgage over
secured non-core land shall be treated by the way of
transfer of Tanayong's asset to offset against
liabilities; other assets will be sold off within 5 years,
and otherwise they will be transferred to offset against
liabilities at the end of fifth year if unsold.
4. The remaining principal and interest shall be treated the
same as unsecured creditors.

Treatment of Unsecured Creditors

1. 5% of Principal Claims shall be  entitled  to a Cash
Payment Upfront.
2. 2. 0.6% of Principal Claims shall be entitled to Equity
Conversion.
3. The remaining debt shall be forgiven.

Capital Restructuring

1. Effective from the Court Approval Date or the date that
the final decision of the Court on any appeal is rendered,
the Company shall reduce its existing registered and paid
up capital  from 367,746,800 shares to 5,931,400 shares,
with a decrease ratio of 62 existing shares per 1 new
share.
2. Increase capital with 142,353,600 shares at Bt10 par, by
issuing new registered and paid up capital to the new
investor with 127,525,100 shares, and to the creditors    
with 14,828,500 shares.  
3. Then the new registered and paid up capital will be
148,285,000 shares at Bt10 par. As a result, the new
investor shall hold 86%, while the creditors shall hold
10% and the existing shareholders shall hold 4% of total
Restructured Capital.


THAI WAH: Lands Mortgage Registrations Extended to Sept 10
----------------------------------------------------------
Pursuant to the Central Bankruptcy Court order on February 14,
2001 approving the Business Reorganization Plan of Thai Wah
Public Company Limited, Thai Wah Group Planner Company Limited,
as the Company's Plan Administrator, reported the progress on
the implementation of Business Reorganization Plan, as follows:

   1. On March 12, 2003, with the consent from the Super
Majority Creditors of the Company, the mortgage registrations of
land and buildings in accordance with the Security Documents are
extended to September 10, 2003.

   2. On March 13, 2003, an associated company sold its land,
which is one of the non-core assets of the Company and paid the
Company Bt19.62 million.

   3. The Company has refrained from making interest payment due
on March 31, 2003 and retained that particular partial interest
payment amounts in the Net Proceeds Account as instructed by the
Creditors' Committee via the Facility Agent as the amount of
funds to be distributed was considered to be small.  The
Creditors' Committee together holds the majority of the
restructuring debts.

   4. The Creditors meeting held on April 3, 2003 passed a
special resolution to adopt the motion to amend the Business
Reorganization Plan proposed by Class B directors of the
Plan Administrator. The amendments include apportioning the
restructured debts into 5 tranches with different sources of
fund for repayment and different interest rate treatments,
reducing the interest rate with effect from January 1, 2003 and
extending the repayment date till March 31, 2011.  The
Creditors, Debtor and the Plan Administrator are now awaiting
notification from the official receiver on the date the Central
Bankruptcy Court will consider the motion to amend the Business
Reorganization Plan.


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

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

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

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