/raid1/www/Hosts/bankrupt/TCRAP_Public/030516.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Friday, May 16 2003, Vol. 6, No. 96

                         Headlines

A U S T R A L I A

AMP LIMITED: Discloses Chairman's, CEO's AGM Addresses
AMP LIMITED: Responds to S&P Ratings Announcement
AMP LIMITED: S&P Lowers Ratings on U.K. Units; Off CreditWatch
AMP SHOPPING: Centro Calls for Bid Recommendation
ANSETT GROUP: Flight Engineers Court Proceeding Set Today

CHAOS GROUP: Director Ian Glasson Resigns
ERG LIMITED: Issues Recapitalization Timetable Update
ERG LIMITED: Listed Note Conversion Takes Effect May 27
SIRTEX MEDICAL: Discloses Chairman's Letter to Shareholders
SIRTEX MEDICAL: Panel Declines Hunter Hall's Application

WEBSPY LIMITED: Deferred Settlement Securities Suspended
WEBSPY LIMITED: New Services Division Added


C H I N A   &   H O N G  K O N G

GOLDBOND GROUP: Name Changes Effective Today
J. AUTO: Winding Up Petition Hearing Set
LAI SUN: Requests Trading Suspension
PAK KIN: Winding Up Hearing Scheduled on May 21
PCCW LIMITED: Price, Turnover Movements Inexplicable

PO TAK: Faces Winding Up Petition
RENREN HOLDINGS: 2002 Net Loss Widens to HK$29.333M
STARPAGING AIR: Winding Up Petition Set for Hearing


I N D O N E S I A

ASIA PULP: Creditors Make New Proposal in Restructuring Talks
BANK MANDIRI: Tax Debt to be Settled in One Month, Says Darmin


J A P A N

ALL NIPPON: Revamps Meal Service in Premium Classes
HUIS TEN: Disneyland Operator Drops Out Rescue Attempt
ISUZU MOTORS: Expects FY03 Y144.30B Net Loss
JAPAN AIRLINES: Mulls Y30-40B Cost-cut Scheme
SKYMARK AIRLINES: Won't Hike Prices During Peak Season

WAKO DENKI: Appliance Firm Enters Rehab Proceedings


K O R E A

DAEWOO ELECTRONICS: Korean Truckers Agree to End Strike
HYNIX SEMICONDUCTOR: Posts 1Q03 Net Loss of W1.0Tr
JINRO CO.: Enters Court Receivership Steps


M A L A Y S I A

ARUS MURNI: Accepts SC's Proposed Acquisitions Terms
HIAP AIK: Gets Danaharta's Nod on Workout Proposal
PANGLOBAL BERHAD: Restraining Period Extended for Six Months
PANGLOBAL BERHAD: Seeks Solicitor's Advise on Final Award
PERNAS INTERNATIONAL: Signs SSA With Vendors

RAHMAN HYDRAULIC: FIC Approves Proposed Disposal
SENG HUP: Places Unit Under Creditors' Voluntary Winding Up
TAI WAH: SC OKs Proposed Restructuring Exercise
TONGKAH HOLDINGS: Disposes Quoted Securities

* RAM Posts Rating Criteria for Collateralized Debt Obligations


P H I L I P P I N E S

CATHAY PACIFIC: Cuts Staff Pay to Stay Afloat
MANILA ELECTRIC: Expects 1Q03 Net Loss of Php72.8M
MANILA ELECTRIC: Rate Cut to Bleed Revenues PhP300M Monthly
MATEO MANAGEMENT: Senator Summons Owner on Pyramiding Scheme
METRO PACIFIC: Pares Losses in First Quarter

PANAY ELECTRIC: Court Orders Php500M Refund to Consumers

S I N G A P O R E

CHARTERED SEMICONDUCTOR: Results of 15Th AGM on May 14
DATACRAFT ASIA: Names Padfield as New CEO
LKN-PRIMEFIELD LIMITED: Unveils 2002 Annual Report
MEDIASTREAM LIMITED: Schedules AGM on May 30


T H A I L A N D

GENERAL ENGINEERING: Discloses Q102 Profit Report
MODERN HOME: Declares Q102 Net Loss of Bt24.22M
MODERN HOME: Releases Auditor's Financial Statement Comment
NATURAL PARK: Posts Audit Committee Members, Scope of Duties
PRASIT PATANA: Issues 2002 Management Discussion, Analysis

SAHAMITR PRESSURE: Explains Operating Performance Variance
SIAM SYNTECH: Notifies Major Shareholders' Silent Period

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Discloses Chairman's, CEO's AGM Addresses
-------------------------------------------------------
AMP Limited's Chairman Peter Willcox on Thursday told
shareholders at the company's Annual General Meeting that the
demerger proposal announced on 1 May 2003 was the best solution
to the deep-seated structural problems that had developed in the
UK over the past ten years.

Mr Willcox said that booming share markets through the 1990s
disguised the industry-wide problem, which became apparent when
the UK market dropped by almost half over the past two and a
half years.

"This was not an AMP-specific problem or a problem of an
Australian company going offshore," Mr Willcox told
shareholders.

"This was a systemic industry problem that has caught most in
the UK life insurance industry off guard. Few people expected
the UK share market to go down so far or stay there so long."

Mr Willcox told the meeting that ultimately Boards are
accountable for the strategic direction of companies.

"That is why this Board has accepted that accountability and
taken action to fix these long-standing structural problems,
despite the short-term pain our solution involves. We are taking
action to make sure this problem does not re-occur," he said.

Mr Willcox also told shareholders that they had made their
frustrations very clear to him.

"You have every right to be disappointed, as I am, about the
loss of value that has taken place in this company over the past
few years," he said.

Both Mr Willcox and the Chief Executive Officer Andrew Mohl
addressed concerns about the disclosure of the demerger proposal
and the attendant capital raising and writedowns.

"We know the timing of the disclosure has been the subject of
much debate," Mr Mohl said.

"This ranges from those who argue that we should have disclosed
our broad thinking a lot earlier to those who argue we should
have disclosed much greater detail a lot later.

"We made full disclosure as soon as we had made our decision.

"Both the writedowns and the equity capital raising we have
announced are direct consequences of our change in strategy."

Mr Mohl said that it was important to understand that the
writedowns had no impact on AMP's regulatory solvency in either
Australia or the UK.

He said that annual insurance returns filed with the Financial
Services Authority in the UK confirm that all AMP's UK life
companies met regulatory solvency requirements at 31 December
2002, and continue to meet these requirements on Thursday. AMP
plans to make these returns available on its website.

Mr Mohl told shareholders that sustained harsh market conditions
were continuing to impact the company's underlying earnings.

Overall, underlying earnings in the first quarter of 2003 were
A$146 million or around A$600 million per annum. This compares
with A$883 million in 2002.

He said that this earnings reduction had underpinned the pricing
of the institutional part of the capital raising.

Mr Mohl concluded: "When I look back at what has been done in
this period, I know we have taken the right action. The
situation we are facing was inevitable and had to be resolved,
sooner or later.

"I am acutely aware of the impact of our decisions on
shareholders, large and small.

"It would have been easy to do nothing and hope for the best. I
know some of our investors would have preferred this.

"But doing nothing would have been the worst thing to do - it
was likely to lead to a continuing and probably increasing
erosion of value and shareholders would have remained exposed to
the ongoing and unpredictable volatility in UK markets."

To see full copy of the AGM addresses of Chairman Peter Willcox
Chief Executive Officer Andrew Mohl, go to
http://bankrupt.com/misc/TCRAP_AMP0516.pdf.


AMP LIMITED: Responds to S&P Ratings Announcement
-------------------------------------------------
AMP notes the ratings actions announced on Wednesday by Standard
& Poor's (S&P).

AMP Life has been lowered to A+ from AA-; AMP Group Holdings and
AMP Bank to BBB+ from A-; Pearl Assurance and National Provident
Life Ltd (NPLL) to BBB from BBB+; and NPI Ltd to BBB+ from A.
The outlook for all entities is negative.

The actions bring AMP into line with the ratings it is targeting
for its two separate businesses, as announced on 1 May 2003.

AMP plans to create two regionally-focused entities through a
demerger. The 'new AMP' will consist of Australian Financial
Services (which includes New Zealand), Henderson's Australian
and New Zealand operations and Gordian/Cobalt. The 'new
Henderson' will comprise Henderson's northern hemisphere asset
management operations, UK Life Services, UK Contemporary
Financial Services, and AMPs stake in Virgin Money.

The new AMP is targeting a strong 'A' rating and new Henderson a
'BBB' rating.

Chief Executive Officer Andrew Mohl said AMP was targeting these
levels as the most appropriate ratings for the two new entities,
given the need to balance the differing requirements of debt and
equity holders.

"We remain confident that the demerger will create two strong
companies and is the best long term solution for shareholders,"
Mr Mohl said.

"While we understand that S&P has taken execution risk into
account in this ratings action, our focus is now fully on
successful implementation.

"When the demerger is completed, we expect the ratings on all
entities to stabilize."

In the Australian business, AMP has held market share and
operating earnings despite adverse conditions, confirming the
underlying strength of this business.

In the UK businesses, the ratings impact is minimal given the
revised status of the business. Both Pearl and NPLL are in run-
off, while AMP is currently seeking expressions of interest in
the NPI business.

The more important measure for AMP in its UK life businesses is
regulatory solvency. AMP continues to meet all regulatory
solvency requirements and the recently announced actions to
reduce equity market risk are further improving the resilience
of the life funds.

CONTACT INFORMATION: Karyn Munsie
        Ph: 9257 9870
        0421 050 430 or
        Matthew Coleman
        Ph: 9257 2700
        0421 611 138


AMP LIMITED: S&P Lowers Ratings on U.K. Units; Off CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services on Wednesday lowered its
counterparty credit and insurer financial strength ratings on
Pearl Assurance PLC (Pearl) and National Provident Life Ltd.
(NPL) to 'BBB' from 'BBB+', and on NPI Ltd. (NPI) to 'BBB+' from
'A'. At the same time, the ratings on the three companies were
removed from CreditWatch, where they were placed on April 30,
2003. The outlook on all three companies is negative.

Pearl, NPL, and NPI, together with London Life Ltd., comprise
the AMP U.K. life assurance group, a subgroup of the Australia-
based insurance and fund management group AMP Ltd. (see separate
media release on AMP Life Ltd. published on May 13, 2003, on
RatingsDirect, Standard & Poor's Web-based credit analysis
system). The U.K. operations had total assets of œ31.3 billion
($50.2 billion) at year-end 2002.

"The rating actions on the U.K. entities reflect the decline in
capital adequacy at both Pearl and NPL prior to AMP's planned
equity sale and the reduced flexibility within the U.K. entities
to manage their capital positions going forward," said Standard
& Poor's credit analyst Mark Button. The downgrade of NPI
reflects the change in status to nonstrategic from strategically
important under Standard & Poor's group ratings methodology and
the removal of the rating support this previously provided. The
AMP U.K. companies are now rated on a stand-alone basis.
Nevertheless, Standard & Poor's still expects AMP to provide
sufficient capital to finance new business at NPI in the near
term. Pearl, NPL, and London Life are closed to new business.

"The successful completion of AMP's demerger proposal and
associated actions would reduce equity risk in the U.K. balance
sheet, improve earnings and capital stability, and significantly
improve the quality of capital within the AMP U.K. subgroup,"
said Mr. Button. Uncertainties remain, however, over the future
persistency of the enforce portfolio, owing to the closure of
Pearl to new business and the revised asset profile.

Standard & Poor's analysis of the U.K. businesses going forward
will focus on the key issues of persistency, expense control,
and asset-liability management of the closed funds.

"The negative outlook on Pearl, NPL, and NPI reflects the
inherent uncertainties surrounding the execution of AMP's plans
and the consequent risks if capital adequacy and capital quality
in the U.K. are not improved in line with expectations," said
Mr. Button. If these risks are ameliorated, the rating could
revert to stable from negative.


AMP SHOPPING: Centro Calls for Bid Recommendation
-------------------------------------------------
Centro Properties Group (Centro) welcomes the orders made by the
Takeovers Panel on Tuesday that prevent AMP Life from exercising
any pre-emptive rights over the interests held by AMP Shopping
Centre Trust (ART) in five major shopping centers. The Panel
ruled that the uncertainty concerning whether the pre-emptive
rights will be triggered if AMP Henderson Global Investors Ltd
(AMPH) is removed as responsible entity constitutes
"unacceptable circumstances" in relation to the affairs of ART.

Mr Brian Healey, Chairman of Centro commented Wednesday, "We are
pleased that the decision of the Takeovers Panel clearly
benefits ART unitholders by removing the threat of exercise of
the pre-emptive rights. We hope that AMP Life, a major
unitholder in ART, will accept the findings of the Panel without
seeking to prolong this issue any further. We believe this would
be in the best interests of all stakeholders".

Based on the closing price of Centro Securities on ASX on 13 May
2003, the Offer price equates to $1.71 per ART Unit. This is
within both value ranges ascribed to each ART Unit by the
independent expert in the Target's Statement.

Mr Healey added "We call on AMPH, in accordance with its duties
as responsible entity for ART unitholders, to welcome the
Panel's decision. Also, it should confirm that a key reason
identified in AMPH's target Statement for recommending against
the Centro offer has now been removed. Given the Panel's
decision and the fact that the value of Centro's Offer is now
within the independent expert's range and the absence of any
competing offer, AMPH should review its position in light of
these significant new circumstances and recommend our offer to
ART investors."

The Panel accepted Centro's submissions that the commercial
effect of the pre-emptive rights argued for by AMPH would
effectively entrench AMPH as responsible entity of ART and deter
any takeover bid by any person not acceptable to the AMP Group.
This has impaired the efficient, competitive and informed market
for control of ART units, contrary to the takeovers regime under
the Corporations Law.

The Panel also upheld Centro's concern that the effect of the
pre-emptive rights contended for by AMPH and AMP Life had not
been adequately or effectively disclosed to ART unitholders or
the market at any time since 1997 until AMPH's announcement to
ASX on 26 March 2003.

The Panel ordered AMP Life to pay Centro's legal costs incurred
in relation to the Takeovers Panel application after 28 April
2003, when AMP Life finally sought to become a party, despite
the Panel's repeated invitations for it to become a party
earlier.


ANSETT GROUP: Flight Engineers Court Proceeding Set Today
---------------------------------------------------------
The Administrators of Ansett Group announced that the Trustees
of the Ansett Australia Flight Engineers Superannuation Plan
have issued Proceeding 2025/03 in the Supreme Court.

The matter is listed for directions before the Judge in the
Commercial List of the Supreme Court of Victoria, 450 Little
Bourke Street, Melbourne, on Friday 16 May 2003 at 10:00 in the
morning.

Go to http://bankrupt.com/misc/TCRAP_Ansett0516.pdf,to see a
copy of the Originating Motion between parties, dated 30 April
2003, Summons for Directions to the Defendants, dated 30 April
2003, and Notice of Appearance, dated 12 May 2003.


CHAOS GROUP: Director Ian Glasson Resigns
-----------------------------------------
Mr Ian Glasson has resigned as a Director of Chaos Group Limited
effective 13 May 2003.

Below is its Final Director`s Interest Notice:

FINAL DIRECTOR'S INTEREST NOTICE

   Name of Company          Chaos Group Limited

   ABN                      96 077 206 583

We (the entity) give the ASX the following information under
listing rule 3.19A.3 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         Ian G Glasson

   Date of last notice      19/09/2002

   Date that director
   ceased to be director    13/05/2003

Part 1 - Director's relevant interests in securities of which
the director is the registered holder

Number & class of securities

3,543,517 ordinary shares

Part 2 - Director's relevant interests in securities of which
the director is not the registered holder

   Name of holder &                  Number & class
   nature of interest                of securities

  Glasson Investments P/L -          160,710 ordinary shares
  director & member

Part 3 - Director's interests in contracts

Detail of contract              -

Nature of interest              N/A

Name of registered holder
(if issued securities)          N/A

No. and class of securities
to which interest relates       N/A


ERG LIMITED: Issues Recapitalization Timetable Update
-----------------------------------------------------
As outlined in ERG Limited's announcement dated 2 May 2003, FIRB
approval has now been received for the acquisition of ERG shares
by the Ingot Entities under the recapitalization proposal. With
the receipt of this approval, all conditions precedent for the
Listed Note Conversion have now been satisfied.

ERG advises that the Listed Note Conversion will now proceed on
the basis of the following timetable (note that this timetable
has been revised from the indicative timetable contained in the
Shareholder Information Memorandum dated 19 March 2003):

Note Conversion Date (cessation of Note
trading at close of business on ASX)        Monday, 26 May 2003

Commencement of trading of new Shares on
ASX (deferred delivery)                     Tuesday, 27 May 2003

Record Date for conversion of Notes to Shares
(5.00pm EST)                                Monday, 2 June 2003

Last date for issue of Shares on conversion
of Notes                                    Tuesday,10 June 2003


ERG LIMITED: Listed Note Conversion Takes Effect May 27
-------------------------------------------------------
Participating Organizations are advised that the conversion of
listed notes of ERG Limited will be effective from Tuesday, 27
May 2003.

The conversion is by way of the issue of 90 ordinary fully paid
shares in the Company for every listed note held on the record
date.

For further information on the listed note conversion refer to
the notice of meeting documentation released by the Company on
26 March 2003.

The following timetable will apply.

Monday, 26 May 2003         Quotation of listed notes (ASX Code
                            ERGG) will end at close of trading

Tuesday, 27 May 2003        Trading commences of new shares
                            on a deferred settlement basis. ASX
                            Code: ERGN

Monday, 2 June 2003         Record Date

Tuesday, 10 June 2003       Dispatch date. Deferred settlement
                            trading ends.
                            ASX Code: ERG

Wednesday, 11 June 2003     Normal T+3 trading commences

Monday, 16 June 2003        Settlement of trades conducted on a
                            T+3 basis


SIRTEX MEDICAL: Discloses Chairman's Letter to Shareholders
-----------------------------------------------------------
Sirtex Medical Limited disclosed Chairman & President B N Gray
letter to the Company's Shareholders re Cephalon Australia Pty
Limited's Takeover Bid:

"Your directors have previously advised that they would inform
you of any material developments in relation to the takeover bid
by Cephalon Australia Pty Limited (Cephalon) for all your Sirtex
Medical Limited (Sirtex) shares. I am writing to you now to
bring you up to date with developments regarding the Cephalon
bid for Sirtex.

1 STATUS OF CEPHALON'S BID

By now you will have received a letter from Cephalon dated 8th
May 2003. By way of broad overview, Cephalon has said:

   * it will not increase its offer price of $4.85 per Sirtex
share;

   * it will not waive its 90% minimum acceptance condition;

   * if the 90% minimum acceptance condition is satisfied by
5.00pm (Sydney time) on 19th May 2003, Cephalon will waive all
remaining conditions (subject to none of the other conditions
having been breached at the time);

   * it will not further extend the offer period beyond its
scheduled closing time of 7:00pm (Sydney time) on 27th May 2003
unless Cephalon reaches 80% by 5.00pm (Sydney time) on 19th May
2003; and

   * it reserves the right to waive any condition, other than
the 90% minimum acceptance condition, at any time (however,
shareholders should be aware that unless Cephalon extends its
offer on or before 19th May 2003, the last day on which it can
waive conditions is 20th May 2003).

Cephalon has acknowledged that it will be held to these
statements.

2 OUTCOME OF TAKEOVERS PANEL PROCEEDINGS

As you may be aware, on 17th April 2003 Hunter Hall Investments
Management Limited (in its capacity as responsible entity for
the Australian Value Trust, the Value Growth Trust and the
International Ethical Fund) (Hunter Hall) (a 14.6% shareholder
in Sirtex) made an application to the Takeovers Panel seeking a
declaration of unacceptable circumstances and various orders,
including that:

   * Sirtex obtain an independent expert's report on Cephalon's
offer;
   * additional disclosure be made; and
   * the Pre-Bid Agreement between Cephalon and Sirtex be
cancelled.

On 14th May 2003 the Takeovers Panel announced that it had
declined Hunter Hall's application. In particular the Panel
decided that:

   * Sirtex was not required to obtain an independent expert's
report;
   * no additional disclosure was required; and
   * the Pre-Bid Agreement between Cephalon and Sirtex should
not be cancelled.

This means that the Cephalon bid is not affected by the Takeover
Panel proceedings.

3 OTHER IMPORTANT MATTERS

In deciding whether or not to accept Cephalon's offer you should
keep in mind the following points (in addition to the other
matters set out above and the matters disclosed in the Target
Statement and Bidder Statement):

   * Your directors have not changed their recommendation in
relation to Cephalon's bid - your directors continue to
recommend that you accept Cephalon's bid.

   * Your directors have not changed their intention in relation
to their acceptance of the offer - your directors have accepted
Cephalon's offer for all the shares in which they have a
relevant interest.

   * Shareholders may wish to note that, in accordance with the
conditions of the Option Deed, Cephalon has directed Dr Gray to
accept the offer in relation to the initial 19.9% parcel, which
he committed under the Option Deed and Dr Gray has complied with
that directive.

   * On 28th April 2003 Sirtex announced that its directors do
not expect any rival takeover proposal to emerge during
Cephalon's takeover bid; and

   * If Cephalon's bid is unsuccessful, your directors
anticipate that, following the close of the bid, the price of
Sirtex shares on the Australian Stock Exchange may, for a period
of time, fall below Cephalon's $4.85 offer price.

   * Your directors unanimously confirm that they believe that
Sirtex remains a viable company with strong growth prospects and
that, if the bid for the company by Cephalon is not successful,
than Sirtex will continue to develop in accordance with all
previous pronouncements by the Sirtex Board.

4 HOW TO ACCEPT AND FURTHER QUERIES

Details on how to accept Cephalon's offer are set out in section
7.3 (pages 22-23) of Cephalon's bidder's statement.

If you have any questions regarding your registered holdings of
Sirtex shares, the takeover offer or how to accept the takeover
offer, you can contact Cephalon's Offer Information Line on 1300
137 060 (for Australian callers) or +61 2 9240 7536 (for
international callers).


SIRTEX MEDICAL: Panel Declines Hunter Hall's Application
--------------------------------------------------------
The Takeovers Panel has declined to make a declaration of
unacceptable circumstances in relation to the affairs of Sirtex
Medical Limited in response to an application by Hunter Hall
Investment Management Limited (in its capacity as responsible
entity for the Australian Value Trust, the Value Growth Trust
and the International Ethical Fund) dated 17 April 2003.

The application related to an off-market takeover bid by
Cephalon Australia Pty Ltd, a subsidiary of US-based
biopharmaceutical Cephalon, Inc. for all the shares in Sirtex.

Hunter Hall alleged that unacceptable circumstances existed
because Sirtex shareholders did not have sufficient information
to assess whether or not to accept the bid. Hunter Hall asserted
that there was deficient information regarding the possibility
raised by Cephalon in its first and second supplementary
Bidder's Statements that if it achieved between 50% and 90%
acceptance levels under the bid:

   (a) Cephalon would consider Sirtex entering into an agreement
under which Sirtex licensed (non-exclusively) its only
significant asset to Cephalon;

   (b) Cephalon may consider underwriting a capital raising by
Sirtex that could have a dilutive effect on other shareholders.

Hunter Hall was also concerned about the relationship between
Cephalon, on the one hand, and Sirtex and its principal
shareholder, on the other.

The Panel declined the application although it acknowledged some
of the applicant's concerns regarding disclosure. However, the
Panel believed that most of those concerns were no longer
relevant following a binding statement in Cephalon's third
supplementary Bidder's Statement dated 8 May that it would not
waive the minimum 90% condition in its bid.

The Panel did not believe that an Independent Expert's Report
was necessary or desirable in the circumstances.

The Panel considered that Cephalon's description in its third
supplementary Bidder's Statement of Sirtex shareholders'
withdrawal rights (caused by its bid extension) could inform
shareholders more clearly of their rights.

The Panel also noted that it was provided with no eviance that
any aspect of Cephalon's bid prevents a rival bid from emerging.

The sitting Panel comprises Alison Lansley (sitting President),
Scott Reid and Luise Elsing.

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


WEBSPY LIMITED: Deferred Settlement Securities Suspended
--------------------------------------------------------
The deferred settlement securities of Webspy Limited will be
suspended from quotation immediately, at the request of the
Company, pending an announcement by the Company on the result of
the Company's 1 for 5 non-renounceable issue of options.

Below is its request letter for halt of deferred settlement
trading:

WebSpy Limited refers to the non-renounceable entitlement issue
of options contained in the Company's Prospectus dated 31 March
2003 and which closed on 9 May 2003.

The directors are in active negotiations with interested parties
to finalize placement of the shortfall to the minimum
subscription level, and are confident this will be achieved
prior to the dispatch date for securities offered under the
Prospectus, unless otherwise advised.

Accordingly, the Company requests that ASX halt deferred
settlement trading of WebSpy Limited additional securities WSYO
until notice has been given that the minimum subscription level
has been attained.

Further announcements will be made regarding the progress of the
matter in due course.

Wrights Investors' Service reports that at the company has paid
no dividends during the previous 2 fiscal years and also
reported losses during the previous 12 months. For the 52 weeks
ending 5/9/03, the stock of this company was down 72.0% to
A$0.01. During the past 13 weeks, the stock has fallen 63.2%.


WEBSPY LIMITED: New Services Division Added
-------------------------------------------
WebSpy Ltd has added a new services division, 'Netlink
Inspection Services', to the business unit associated with the
sale of its Inspection Manager(TM) products. The new division
will be headed by Mr Mason Linden and will focus on the
provision of engineering and infield services associated with
the use of the Company's Inspection Manager(TM) products.

Mr Linden, formerly of Stolt Offshore, Australia, has many years
of experience within the Asia Pacific region covering sub-sea
inspection, engineering and asset management. Mr Linden will be
expanding the provision of services offered both locally in
Australia and internationally through the Company's contacts
established through Inspection Manager(TM) sales efforts.

In the past, Netlink Inspection Systems offered limited
assistance to customers requesting industry-specific inspection
services. With the new services division, this will increase
dramatically, with the first work contracts commencing at the
beginning of May. The new division formed as a result of client
demand and is expected to return more $0.5 million in revenue
over the next 12 months.

The need for inspection services and engineering assistance is
expected to grow significantly in some parts of the world
including the Persian Gulf and North America. In May 2003, new
rulings came into place in North America, which formalize the
inspection and reporting requirements for Oil and Gas operators.
This is resulting in a new approach to asset management by the
operators and contractors in the region. Netlink Inspection
Services is well positioned to commence activity in both
regions, with staff on the ground in Houston and in Qatar.

ABOUT INSPECTION MANAGER(TM)

Inspection Manager is an Asset Integrity Management System which
integrates software and hardware to provide operators and
contractors within the oil and gas industry a means to
facilitate inspection planning, data collection, management, and
assessment; and in turn reporting on the integrity of both
offshore and onshore structures.

For more information on Inspection Manager, please visit
www.inspectionmanager.com


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


GOLDBOND GROUP: Name Changes Effective Today
--------------------------------------------
The directors of Goldbond Group Holdings Limited (formerly known
as Can Do Holdings Limited) announced that subsequent to the
passing of a special resolution regarding the change of the
Company's name to Goldbond Group Holdings Limited at the
extraordinary general meeting of the Company held on 11th April,
2003, the Certificate of Incorporation on Change of Name of the
Company was issued by the Registrar of Companies of Hong Kong on
9th May, 2003. As such, the name of Can Do Holdings Limited was
changed to Goldbond Group Holdings Limited with effect from 9th
May, 2003. The shares of the Company will be traded on The Stock
Exchange of Hong Kong Limited under the new name of "Goldbond
Group Holdings Limited" and the stock short name of the Company
on The Stock Exchange of Hong Kong Limited will be changed from
"Can Do Holdings" to "Goldbond Group" effective on Friday, 16th
May, 2003.

Goldbond Group Holdings Limited

The change of name of the Company will not affect any of the
rights of the shareholders of the Company. The existing share
certificates in issue bearing the former name of the Company
will continue to be eviance of title to the shares of the
Company and will be valid for trading, settlement and
registration purpose.


J. AUTO: Winding Up Petition Hearing Set
----------------------------------------
The petition to wind up J. Auto Company Limited is scheduled for
hearing before the High Court of Hong Kong on June 11, 2003 at
9:30 in the morning.

The petition was filed with the court on April 11, 2003 by Eriss
Business Consultation (China) Limited whose registered office is
situated at Room 5209-10, 52nd Floor, Hopewell Centre, No. 183
Queen's Road East, Wanchai, Hong Kong.


LAI SUN: Requests Trading Suspension
------------------------------------
At the request of Lai Sun Development Company Limited, trading
in its shares has been suspended with effect from 9:30 a.m. on
Friday (15/5/2003) pending the issue of an announcement relating
to amendments of the terms of the sale of the interest in Asia
Television Limited and HKATV.com Limited.

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


PAK KIN: Winding Up Hearing Scheduled on May 21
-----------------------------------------------
The High Court of Hong Kong will hear on May 21, 2003 at 10:00
in the morning the petition seeking the winding up of Pak Kin
Electric Company Limited.

Lai Siu Yin Janet of Room 308, Wing Tai House, Fuk Loi Estate,
Tsuen Wan, New Territories, Hong Kong filed the petition on
March 28, 2003.  Tam Lee Po Lin, Nina represents the petitioner.

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


PCCW LIMITED: Price, Turnover Movements Inexplicable
----------------------------------------------------
PCCW Limited notes press speculation that Mr. Jack So Chak-kwong
(Mr So) is to join the Company.

The Company confirms that it is in discussion with Mr. So with a
view to his joining the Company as a member of senior
management. At present, no contract has yet been entered into by
Mr. So and the Company. Further announcements will be made in
connection with the above if and when appropriate.

The Company has also noted the increase in the price and the
trading volume of the shares of the Company and wishes to state
that, apart from the foregoing, the Company is not aware of any
reasons for such movements.

The Company also confirms that, apart from any matters in
connection with the above, there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Company aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.


PO TAK: Faces Winding Up Petition
---------------------------------
The petition to wind up Po Tak Lee Industrial Limited is set for
hearing before the High Court of Hong Kong on June 18, 2003 at
9:30 in the morning.

The petition was filed with the court on April 23, 2003 by
Landford Industrial Company Limited whose registered office is
situated at Unit 7, 21/F., Well Fung Industrial Centre, 58-76 Ta
Chuen Ping Street, Kwai Chung, New Territories, Hong Kong.


RENREN HOLDINGS: 2002 Net Loss Widens to HK$29.333M
---------------------------------------------------
Renren Holdings Limited posted a summary of its Results
Announcement for the year-end date December 31, 2002:

Currency: HKD
Auditors' Report: Unqualified
                                                (Audited)
                             (Audited)          Last
                             Current            Corresponding
                             Period             Period
                             from 01/01/2002    from 01/01/2001
                             to 31/12/2002      to 31/12/2001
                             Note  ('000)       ('000)
Turnover                           : 16,649             17,612
Profit/(Loss) from Operations      : (88,034)           (83,019)
Finance cost                       : (1,299)            (1,811)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (89,333)           (84,825)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.2111)           (2.4543)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (89,333)           (84,825)
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for Annual
  General Meeting                  : 05/06/2003         to
12/06/2003bdi.
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1. An analysis of turnover from continuing operations and
discontinued operations is as follows:

                                2002            2001
                                HK$'000         HK$'000
Turnover
  Continuing operations          16,649          17,612
  Discontinuing operations       -               -
                                ------------------------
                                 16,649          17,612
                                ========================

2.  An analysis of profit/(loss) from continuing operations and
discontinued operations is as follows:

                                2002            2001
                                HK$'000         HK$'000
Loss from operating activities
  Continuing operations          (88,034)        (83,019)
  Discontinuing operations       -               -
                                -------------------------
                                 (88,034)        (83,019)
                                =========================

3. Basis of Calculation for Loss per share (LPS) is as follows:

The calculation of basic loss per share is based on the net loss
attributable to shareholders for the year of HK$89,333,000 and
the weighted average of 423,123,981 ordinary shares in issue
during the year.

Diluted loss per share for the year ended 31 December 2002 has
not been disclosed as the share options, bonus warrants, and the
convertible bonds and notes outstanding during the year had an
anti-dilutive effect on the basic loss per share for the year.

4. Change of Loss per share (LPS) figure in Last Corresponding
Period

The corresponding figure of loss per share has been adjusted to
reflect the share consolidations and the rights issue effected
during the year and after the balance sheet date. As a result,
the number of weighted average ordinary shares has been adjusted
from 1,582,097,774 to 34,561,453 to reflect the impact of such
share consolidations and the rights issues retrospectively.


STARPAGING AIR: Winding Up Petition Set for Hearing
---------------------------------------------------
The petition to wind up Starpaging Air Express Limited is set
for hearing before the High Court of Hong Kong on May 21, 2003
at 10:00 in the morning.

The petition was filed with the court on March 29, 2003 by Right
Express Limited whose registered office is situated at Block E,
19th Foor, Leahander Centre, No. 28 Wang Wo Tsai Street, Tsuen
Wan, New Territories, Hong Kong.


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


ASIA PULP: Creditors Make New Proposal in Restructuring Talks
-------------------------------------------------------------
Following a meeting in Stockholm last week of the nine Export
Credit Agencies involved in the restructuring of the Indonesian
debts of Asia Pulp and Paper, the creditors on Thursday
presented APP with a new set of proposals.

The new proposals address APP's concerns with the default
mechanism in the restructuring agreement proposed by the
Creditors. The proposals underline the commitment of the
creditors in securing a commercially reasonable restructuring
agreement that meets the needs of the company and that also
responds fairly and effectively to creditor concerns.

Indonesia Bank Restructuring Agency (IBRA) and the Export Credit
Agencies (ECA)'s have found common ground and have agreed that
the restructuring would allow APP to repay its loans, and do so
while having sufficient funds to meet its obligations to the
communities that depend on the company for their livelihood.

APP is now considering the creditors' new proposal and will
respond to creditors next week.

In response to APP's concerns about the default mechanism in the
proposed agreement, IBRA and the ECAs are proposing that a
creditor vote will be required. The first vote will require a
75% threshold, failing which the remedy period will be extended
by 30 days. If still not cured, a second vote will be required
to accelerate. The threshold will be 25%. In addition, a buffer
would set aside additional funds to make up any shortfall in
mandatory debt payments and reduce the risk of a second default
arising from missed mandatory payments. The amount of the buffer
is subject to further negotiation.

The new proposal is in addition to a number of other protections
for APP already contained in the proposal agreed by IBRA and the
ECAs. These protections include conservative assumptions about
how much cash flow the four APP companies in Indonesia can
generate.

Other protections for APP include a cure or remedy period, a
step-down mechanism for payments in the event of economic
problems, and waiver provisions.

On the other hand, APP proposed a default trigger only after a
vote by 75 percent of creditors, which would in effect make it
very difficult to call a default considering the huge number of
APP Creditors worldwide. Creditors cannot accept this proposal
from APP.

APP referred to several other international restructuring cases
(i.e. Astra, Paiton Energy, and Indocement) which have been done
in Indonesia which provide for majority creditors to call for
the declaration of default and debt acceleration, and expressed
its concern of being treated differently from other borrowers in
other restructuring. The compatibility of those restructuring
with this one would however still need to be observed in order
to determine whether those other restructuring cited by APP can
support their position. It may be arguable that such other
restructuring referred to APP might have been conducted under
different circumstances and different factors which may
influence the way such restructuring were conducted, such as
number of creditors, type of the creditors - the factors of
which might not make those restructuring comparable and
compatible to this restructuring. There are also examples of
international restructuring case with lower creditor voting
thresholds such as Guandong Development Enterprises and
Technology Industries Berhad.

On the payment of the outstanding coupon amounts due to the IDR
bondholders, the amount has currently reached Rp94 billion. IBRA
previously proposed to APP that the amounts due may be paid from
the escrow account as long as APP reinstates the funds within 2-
3 weeks. The escrow account was, in fact, established for the
benefit of all creditors under the consensual restructuring. The
outstanding balance of the account has currently reached
approximately USD 220 million.

APP rejected the proposal because in its view the increase in
mandatory debt service payment in January 2003 was to also meet
the obligations to the IDR bondholders.

IBRA and the ECAs will discuss with all the creditors whether
payments can be made from the escrow account to meet the
outstanding amounts due to the IDR bondholders. But the
important point to note is that the escrow account was
established to make payments once a consensual restructuring is
achieved.

IBRA and the ECAs remain committed to work together with APP to
continue the negotiation and to progress this restructuring.
IBRA and the ECAs hope that the negotiation process can be
resumed in a speedy fashion.


BANK MANDIRI: Tax Debt to be Settled in One Month, Says Darmin
--------------------------------------------------------------
Darmin Nasution, Director General of Financial Institution,
promised he would settle PT Bank Mandiri's tax debt worth Rp11.8
in one month at most, Bisnis Indonesia reports.

"We are seeking a solution for the merger-related problem. Since
other restructured banks don't have the problem, we will settle
it quickly by around next week at least. I assure you it won't
disturb Bank Mandiri's IPO," he said.

According to State Minister for State Enterprises Laksamana
Sukardi, Mandiri's tax problem rose due to the different
perception about the loss carry forward. "The misinterpretations
of Bank Mandiri and Directorate General of Tax about the loss
carry forward have affected the tax obligation."

Mandiri's tax debt is part of the bank's merger and
restructuring process that calculate assets based on the book
value. Finance Minister Decree No. 422/KMK.04/1998 no
469/KMK.04/1998 allows a merger using the book value in the
conditions as follows:

   * First, the taxpayer should propose a request to Directorate
General of Tax and pay the tax debts of its related business
units.

   * Second, the taxpayer that does the merger using the book
value is not allowed to transfer the losses or remaining losses
to the old business body, except if (a) the taxpayer performs
fixed asset appraisal, (b) it is still active in doing business
and (c) the taxpayer should be active in doing business at least
for two years after the merger.


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


ALL NIPPON: Revamps Meal Service in Premium Classes
---------------------------------------------------
ANA (All Nippon Airways) will unveil a new on-demand meal
service with more personal attention and a wider variety of
choices in New First Class and New Style Club ANA business class
on daily non-stop flights to Tokyo from New York, London and
Frankfurt, a Company statement said.

The new service will be introduced June 1 on New York and London
flights, and August 1 on Frankfurt flights, and will emphasize a
higher level of individual service and presentation. In addition
to traditional Western and Japanese courses, menus also will
feature various contemporary dishes, simply prepared.

The wine list will include a wider selection of highly acclaimed
New World wines (U.S., Australia and New Zealand), several of
which have been introduced already, alongside the existing
choice of distinguished European vintages.

In New York, the June 1 introduction of the new meal service
will coincide with the transfer of ANA passenger operations at
John F. Kennedy International Airport to Terminal 7 (British
Airways).

The on-demand service allows passengers to order starters, main
courses and hot and cold desserts from a restaurant-style menu
whenever they like, with all dishes freshly prepared, served on
warmed plates and brought by hand from the galley, without the
use of trays or carts. Also, to the extent possible, the same
cabin attendant will serve passengers throughout the flight to
create a more personal and comfortable atmosphere.

The new meal service follows the introduction of New First Class
and New Style Club ANA seats on the London and New York routes.
The centerpiece of New First Class is the "Widest Bed Seat,"
which is 33 inches wide, reclines to 180 degrees and is enclosed
in a cubicle for privacy.

The New Style Club ANA business class seat-bed features 65
inches of legroom and more than 170 degrees of recline.

Passengers in both cabins have access to 58 channels of fully
digital audio and viao entertainment on demand (AVOD), being
able to enjoy movies and other viao programs on a 15-inch screen
in New First Class, the largest TV in the skies, and on a 9-inch
screen in New Style Club ANA, both with noise-reducing
headphones.

Due to the slump in international travel, largely caused by the
severe acute respiratory syndrome (SARS) scare, All Nippon
Airways, along with another Japanese carrier, has asked the
Development Bank of Japan for financial aid similar to those
granted to U.S. counterparts, the Troubled Company Reporter-Asia
Pacific reported recently. The Financial Times says it is not
yet clear how much money the carriers are asking or in what form
the aid will be packaged.

CONTACTS:

Rob Henderson, ANA Tokyo r.henderson@ana.co.jp
Thomas Fredo, ANA New York t.fredo@fly-ana.com
Nana Murakami, ANA London n.murakami@ana.co.uk

All Nippon Airways, New York
Thomas Fredo
212/703-5003


HUIS TEN: Disneyland Operator Drops Out Rescue Attempt
------------------------------------------------------
Oriental Land Co., operator of the Tokyo Disneyland and Tokyo
DisneySea theme parks, decided not to support the rehabilitation
of Huis Ten Bosch Co., the failed operator of a Dutch theme park
in Sasebo, Nagasaki Prefecture, reports the Japan Times. Huis
Ten Bosch failed in late February with debts of 228.9 billion
yen.

Oriental Land was concerned about the huge investment costs that
would be necessary, including the reconstruction of facilities
and the purchase price. The main supporter for the theme park's
rehabilitation process will be named in early July after the
candidates are narrowed down over the coming weeks.


ISUZU MOTORS: Expects FY03 Y144.30B Net Loss
--------------------------------------------
Isuzu Motors Ltd. expects a group net loss of 144.30 billion yen
($1.24 billion) for the year ending in March, better than the
initial forecast of 170 billion yen, Reuters said on Thursday. A
year earlier, it posted a loss of 42.99 billion yen.

A sharp drop in domestic demand has hurt Isuzu since Japan's
economic bubble burst about a decade ago. But through a new
three-year turnaround plan, the truck maker has been trying to
return to the black, mainly through increased revenues and sales
of assets.


JAPAN AIRLINES: Mulls Y30-40B Cost-cut Scheme
---------------------------------------------
Japan Airlines System Corporation will implement a cost-cutting
scheme to improve its earnings by 30-40 billion yen ($258-344
million) and as part of efforts to stem sagging profit, Reuters
reported on Thursday. The move will also include deeper pay
reductions planned for executives. The airline has been down in
recent months by the Iraq war and the deadly Severe Acute
Respiratory Syndrome (SARS) virus, which have discouraged people
from flying and forced airlines to slash capacity.

The "BB" long-term rating of Japan Airlines System Corp. is now
on Standard and Poor's CreditWatch with negative implications,
says Japan Today, adding that the placement is due to heightened
concerns over the performance of the group due to the outbreak
of severe acute respiratory syndrome (SARS).


SKYMARK AIRLINES: Won't Hike Prices During Peak Season
------------------------------------------------------
Skymark Airlines will refrain from adopting higher busy-season
fares between August 1 and 20, Kyodo News said on Thursday. The
move is intended to stir demand and to better compete with major
airlines, which will raise their fares as usual during the
period. The airline has been continuously in the red since its
establishment in 1996, but aims to turn a profit in 2003 under
new President Masayuki Inoue.

Citing Wright Investor's Service, TCR-AP had previously bared
that at the end of 2001, Skymark Airlines Co., Ltd. had negative
working capital, as current liabilities were 4.17 billion yen
while total current assets were only 1.47 billion yen.


WAKO DENKI: Appliance Firm Enters Rehab Proceedings
---------------------------------------------------
Wako Denki Co., Ltd., which has total liabilities of 30 billion
yen against a capital of 456 million yen, recently applied for
civil rehabilitation proceedings, according to Tokyo Shoko
Research. The household appliance firm is located in Osaka-shi,
Osaka, Japan.


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


DAEWOO ELECTRONICS: Korean Truckers Agree to End Strike
-------------------------------------------------------
Negotiators of the South Korean government and the Korea Cargo
Transport Workers' Union early Thursday reached last-minute
agreement, which paved the way for ending the widening strike by
truck drivers, reports Asia Pulse. The two sides agreed around
5:30 a.m. on an 11-point agreement, which includes the
government's full compensation of hikes in diesel price.

The strikes by truckers at Busan and Gwangyang ports caused huge
losses to Daewoo Electronics, Samsung Electronics Co. and LG
Electronics Co. affected by the job action, the Troubled Company
Reporter-Asia Pacific reported recently.


HYNIX SEMICONDUCTOR: Posts 1Q03 Net Loss of W1.0Tr
--------------------------------------------------
Hynix Semiconductor Inc. booked a preliminary net loss of 1.0
trillion won for the first quarter to March, reversing last
year's profit of 4.0 billion won, pressured by inventory write-
offs, the Maeil Business Newspaper said on Wednesday.

Sales dropped 17.2 percent to 682 billion won in the first
quarter from 823 billion a year ago, and it reported an
operating loss of 241 billion compared to a profit of 118
billion and a recurring loss of 1.0 trillion won from a profit
of 4.0 billion won.


JINRO CO.: Enters Court Receivership Steps
------------------------------------------
Jinro Limited was pushed into receivership and its management
replaced after Goldman Sachs Group's successful claim against
the Company in the Seoul District Court, DebtTraders reports.
The purpose of the court's ruling is to rebuild Jinro through
strict and transparent procedures to maximize the Company's
corporate value.

Jinro plans to appeal the ruling to a higher court. Goldman
estimated Jinro's assets are worth 2 trillion won ($1.6
billion), versus 1.85 trillion won (1.5 billion) of debt.
Goldman still needs the support from Jinro's employees and
trading partners before it is able to sell the soju-maker's
assets. DebtTraders believe the news is a credit positive for
bondholders.


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


ARUS MURNI: Accepts SC's Proposed Acquisitions Terms
----------------------------------------------------
Further to the announcement dated 12 May 2003 in relation to the
Proposed Acquisitions, Public Merchant Bank Berhad, on behalf of
the Board of Arus Murni Corporation Berhad, is pleased to
announce that the Board of AMCB, the vendors of Jernih Makmur
Sdn Bhd (JMSB) and the vendors of Consistent Harvest Sdn Bhd
(CHSB) have collectively agreed to accept all the conditions
imposed by the Securities Commission, via its letter dated 5 May
2003 in respect of the Proposed Acquisitions.

Arus Murni Corporation Berhad is still in the progress of
reviewing various business proposals to regularize its financial
positions. To see progress of the Company's financial positions
regularization, refer to the Troubled Company Reporter - Asia
Pacific, Thursday, December 6, Vol. 4, No. 238 issue.


HIAP AIK: Gets Danaharta's Nod on Workout Proposal
--------------------------------------------------
Reference is made to the requisite announcement made by
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) (AmMerchant Bank) on 14 November 2002 in
relation to the Proposed Restructuring Scheme.

AmMerchant Bank, on behalf of Hiap Aik Construction Berhad
(Special Administrators Appointed), wishes to inform that its
workout proposal (the Proposal) was approved in accordance with
Pengurusan Danaharta Nasional Berhad Act 1998 (the Act) on 9 May
2003. Under Section 46(4) of the Act, the Proposal binds the
Company, all members and creditors of the Company and any other
person affected by the Proposal.


PANGLOBAL BERHAD: Restraining Period Extended for Six Months
------------------------------------------------------------
Further to the announcement made on behalf of PGB by Commerce
International Merchant Bankers Berhad (CIMB) on 14 November 2002
regarding the Proposed Scheme of Arrangement Pursuant to Section
176 of the Companies Act, 1965.

CIMB, on behalf of Panglobal Berhad, wishes to announce that the
restraining order under Section 176 of the Companies Act, 1965
dated 21 September 1998 granted to PGB and four (4) of its
subsidiaries, namely PanGlobal Properties Sdn. Bhd., Limbang
Trading (Limbang) Sdn. Bhd., Global Minerals (Sarawak) Sdn. Bhd.
and Menara PanGlobal Sdn. Bhd, which expires on 15 May 2003, has
been extended by the High Court of Malaya for a further period
of six (6) months to 15 November 2003.


PANGLOBAL BERHAD: Seeks Solicitor's Advise on Final Award
---------------------------------------------------------
Further to the announcement dated 19 February 2003 in relation
to the Kuala Lumpur High Court Originating Motion No: R-25-19-
2003, Arbitration Proceedings between the Company's subsidiary
Global Minerals (Sarawak) Sdn Bhd and Dml-Mrp Resources (M) Sdn
Bhd (The Claimant).

Panglobal Berhad wishes to announce that the claimant has
applied to the Shah Alam High Court via Suit No: MT3-24-59-2003
pursuant to Section 27 of the Arbitration Act 1952 to have the
Interim Award dated 27 December 2002 enforced and the same is
now fixed for hearing on 10 July 2003.

The Company also wishes to announce that its Solicitors has
informed the Company on Tuesday that they have received the
Final Award on 8 May 2003, save for costs.

The Final Award is given on the following terms in favor of the
claimant, viz: Loss of Profits arising from repudiation and
termination of Contract, an award to the claimant in the sum of
US$1,500,000 to be converted and paid in Malaysian Ringgit at
the prevailing rate of conversion on 1 February 1998 and to bear
interest at the rate of 11.5% per annum as from 1 February 1998
till the date of this award and thereafter at the rate of 8% per
annum till date of payment.

In the event that the Arbitrator's interpretation of the
construction of the contract leading to the above award is
erroneous, the Arbitrator has also made the following First
Alternative Final Award, viz: Loss of Profits arising from
repudiation and termination of Contract, an award to the
claimant in the sum of RM27,034,103 such sum to bear interest at
the rate of 11.5% per annum as from 1 February 2001 till the
date of this award and thereafter at the rate of 8% per annum
till date of payment.

In the event that both the Arbitrator's interpretations of the
construction of the contract leading to the above awards are
erroneous, the Arbitrator has further made the following Second
Alternative Final Award, viz:- Loss of Profits arising from
repudiation and termination of Contract, an award to the
claimant in the sum of RM29,241,234 such sum to bear interest at
the rate of 11.5% per annum as from 1 February 2001 till the
date of this award and thereafter at the rate of 8% per annum
till date of payment.

The Company is currently seeking its Solicitor's advice on the
possibility of setting aside this Final Award.


PERNAS INTERNATIONAL: Signs SSA With Vendors
--------------------------------------------
On behalf of the Board of Directors of Pernas International
Holdings Berhad in relation to the Proposed acquisition by PIHB
(the Purchaser) of the entire equity interest in Ambang Budi Sdn
Bhd (ABSB) (Proposed Acquisition).

Aseambankers Malaysia Berhad (Aseambankers), is pleased to
announce the signing of a conditional Sale of Shares Agreement
(SSA) between PIHB and Ahmad Zaed bin Saleh Hamdi (AZ) and
Pakhruddin bin Sulaiman (PS) (collectively known as "the
Vendors") on 13 May 2003.

Pursuant to the SSA, PIHB would acquire the entire equity
interest in ABSB comprising 2 ordinary shares of RM1.00 each
(Sale Shares) for an indicative purchase consideration of
RM148,483,295 (Indicative Purchase Consideration) to be
satisfied by up to RM168,000,000 nominal value of 2%
Irredeemable Convertible Unsecured Loan Stocks 2003/2010 (ICULS)
comprising RM148,483,295 nominal value of ICULS (Purchase Price
ICULS) and up to RM19,516,705 nominal value of ICULS
(Compensation ICULS).

The Compensation ICULS to be issued is to compensate the Vendors
for foregoing their desired coupon rate of 5% p.a. (Vendor
Coupon Rate) vis-…-vis the coupon rate proposed by PIHB at 2%
p.a. (Purchaser Coupon Rate) on the ICULS to be issued to
satisfy the Indicative Purchase Consideration.

In any event, the Compensation ICULS shall not exceed
RM19,516,705 nominal value and the aggregate amount of ICULS
issued shall not exceed RM168,000,000 nominal value.
Further details of the Proposed Acquisition, the rationale for
the Proposed Acquisition, the effects of the Proposed
Acquisition, the conditions for the Proposed Acquisition, the
prospects and risk factors, the directors' and substantial
shareholders' interests, the advisers, the directors'
recommendation, the estimated time frame for completion and the
documents for inspection are as per the full announcement
attached at http://bankrupt.com/misc/TCRAP_Pernas0516.doc.

On March 27, Ratings Agency Malaysia Berhad (RAM) has maintained
the Rating Watch (with a developing outlook) on the BBB3(s)
ratings of both PIHB RM200 million Redeemable Secured Bonds
(2000/2005) and RM100 million Redeemable Secured Bonds
(2000/2008). This is premised on PIHB's new proposed
restructuring exercise, which could potentially reduce its
borrowings of RM2.59 billion as at FYE 31 December 2002 (FY
2002) to approximately RM1.5 billion before the end of the year.


RAHMAN HYDRAULIC: FIC Approves Proposed Disposal
------------------------------------------------
In relation to the Proposed Disposal of Pinang Tunggal Estate,
together with buildings erected thereon and motor vehicles, to
Perbadanan Kemajuaan Negeri Kedah (PKNK) for a total cash
consideration of RM80,000,000.00 (Proposed Disposal).

Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
is pleased to announce that the Foreign Investment Committee
(FIC) has approved the Proposed Disposal via their letter dated
29 April 2003 to PKNK. The solicitors of the Company had
received notification of the said approval from the solicitors
of PKNK on 12 May 2003.

With the approval of the FIC, all conditions precedents
described in Clause 6.1 of the Sale and Purchase Agreement dated
11 June 2002 (SPA) have been fulfilled. The balance purchase
price of RM72,000,000.00 is now payable by PKNK to the Company
within seven (7) days from 12 May 2003, pursuant to Clause 2.1
(b) of the SPA.

Within seven (7) days from the date of full settlement of the
purchase price, the Company shall inform PKNK of the date on
which the completion of the SPA shall take place, which date
shall not be later than fourteen (14) days from the date of full
settlement of the purchase price to the Company.


SENG HUP: Places Unit Under Creditors' Voluntary Winding Up
------------------------------------------------------------
Seng Hup Corporation Berhad (Special Administrators Appointed)
wishes to announce that Nazar Holdings Sdn. Bhd., a wholly owned
subsidiary of the Company has been placed under creditors'
voluntary winding-up pursuant to Section 254 of the Companies
Act, 1965 and the shareholders and creditors of Nazar Holdings
Sdn. Bhd. had resolved to appoint Mr Tan Kim Leong, JP as the
Liquidator at the respective meetings held on 13 May 2003.


TAI WAH: SC OKs Proposed Restructuring Exercise
-----------------------------------------------
Further to the earlier announcements made on behalf of the Board
of Directors of Tai Wah Garments Manufacturing Berhad in
relation to the Proposed Restructuring Exercise, Alliance
Merchant Bank Berhad wishes to announce that the Securities
Commission (SC) had via its letter dated 9 May 2003, received on
13 May 2003, approved the Proposed Restructuring Exercise of
TWGB as follows:

   1. (i) Proposed exchange of the entire issued and paid-up
share capital in TWGB comprising 106,000,000 ordinary shares of
RM1.00 each in TWGB (TWGB Shares) for 5,300,000 new ordinary
shares of RM1.00 each in Newco (Newco Shares) on the basis of
one (1) Newco Share for every twenty (20) existing TWGB Shares
held (Proposed Share Exchange);

   (ii) Proposed settlement of outstanding scheme debt owing by
TWGB and its subsidiaries (TWGB Group) to its secured and
unsecured creditors (Creditors) amounting to RM122,156,811 in
the manner as set out in Table 1 at
http://bankrupt.com/misc/TCRAP_Tai0516.pdf(Proposed Debt
Settlement);

   (iii) Proposed acquisition by Newco of the entire equity
interest in Versatile Paper Boxes Sdn Bhd (Versatile) comprising
29,828,304 ordinary shares of RM1.00 each for a total purchase
consideration of RM78,030,000 to be satisfied by the issuance of
78,030,000 new Newco Shares at the issue price of RM1.00 per
share (Proposed Acquisition);

   (iv) Proposed private placement of up to 10,058,000 new Newco
Shares representing approximately 10% of its enlarged issued and
paid-up share capital upon completion of the Proposed Share
Exchange, Proposed Debt Settlement and Proposed Acquisition at
an issue price to be determined (Proposed Private Placement);

   (v) Proposed renounceable offer for sale of 10,600,000 Newco
Shares by the Creditors of the TWGB Group to the existing
shareholders of TWGB on the basis of two (2) Newco Shares for
each Newco Share held after the Proposed Share Exchange at an
offer price of RM1.00 per share;

   (vi) Proposed placement of up to 2,600,000 Newco Shares at an
offer price of RM1.00 per Newco Share by the vendors of
Versatile to placees to be identified at a later stage in order
to comply with the 25% public shareholding spread requirement
under the Listing Requirements of the Kuala Lumpur Stock
Exchange (KLSE); and

   (vii) Proposed transfer of the listing status of TWGB on the
Main Board of the KLSE to Newco and proposed listing of the
entire Newco Shares on the KLSE.

The SC took note that the proceeds from the Proposed Private
Placement of up to RM10.058 million, based on an indicative
issue price of RM1.00 per share, will be utilized for the core
business of the Newco Group, that is for the repayment of bank
borrowings of the Newco Group.

Nevertheless, the following conditions in respect of the
utilization of proceeds must be met:

   (i) The approval of the SC is required for any revision on
the utilization of proceeds if the revision is in relation to
the non-core business of Newco;

   (ii) The approval of the shareholders of Newco is required
for any revision that deviates by 25% or more from the original
utilization of proceeds. If the deviation is less than 25%,
appropriate disclosure would need to be made to the shareholders
of Newco;

   (iii) Any extension of time other than that set by Newco for
the completion of utilization of proceeds is to be approved by a
final resolution by the Board of Directors of Newco and
disclosed in full to the KLSE; and

   (iv) Appropriate disclosure has to be made on the status of
utilization of proceeds in the quarterly announcements and
annual reports of Newco until the proceeds are fully utilized.

The approval of the SC as stated above is subject to the
following conditions:

   (i) Alliance and Newco are required to fully comply with the
requirements whereby Alliance / placement agent are required to
furnish a final list of placees and a confirmation to the SC
that the private placement has complied with the Guidelines of
the SC which is effective from 1 May 2003;

   (ii) The Proposed Debt Settlement is subject to the approval
of the Creditors of TWGB Group;

   (iii) As proposed, a moratorium on the Newco Shares to be
issued to the vendors of Versatile will be imposed in the manner
as set out in Table 2 at
http://bankrupt.com/misc/TCRAP_Tai0516.pdf.

In relation to the above, the vendors of Versatile are not
allowed to sell, transfer or assign their shares totaling
39,015,000 Newco Shares, representing 50% of the Newco Shares
issued to the vendors of Versatile, for one (1) year from the
date of listing of Newco on the KLSE;

   (iv) TWGB is required to disclose that the Company had
engaged Messrs Arthur Andersen to carry out an investigative
audit in connection with the past losses suffered by the TWGB
Group. TWGB is required to make appropriate disclosure in
relation to the findings of the abovementioned investigative
audit;

   (v) Full provision must be made for disputed trade debts, or
debtors against whom legal action has been taken, or debts which
have been outstanding for more than six (6) months and the
Reporting Accountants / external auditors are required to
confirm to the SC that this condition has been met prior to the
implementation and completion of the Proposed Acquisition;

   (vi) The Directors of Newco / Versatile are required to
provide a written confirmation to the SC, prior to the
implementation and completion of the Proposed Acquisition, that
the trade debts which have exceeded the credit terms are fully
recoverable and that full provision has been made for trade
debts which have been outstanding for more than six (6) months
in the accounts / forecast / projections;

   (vii) The Directors and substantial shareholders of Newco who
are involved full time in the operations of the Newco Group /
Versatile are not allowed to be involved full time in their
other private businesses;

   (viii) The promoters, Directors and substantial shareholders
of Newco are not allowed to have other businesses that will
compete directly or indirectly and give rise to conflict of
interest situation with the business of the Newco Group in the
future. In this connection, the promoters, Directors and
substantial shareholders of Newco are required to provide
undertaking letter to the SC that they will not be involved in
any new businesses that are similar / compete with the existing
business of the Newco Group in the future;

   (ix) Any transactions between the Newco Group and companies
related to the promoters and Directors of Newco in the future,
if any, must be carried out at "arm's length" and not based on
special terms exceeding normal commercial terms, which would be
detrimental to the Newco Group. In this connection, the audit
committee of Newco is required to monitor and the Directors are
required to report such business transactions, if any, in the
annual report of Newco;

   (x) Alliance, TWGB and Newco are required to fully comply
with the relevant requirements in relation to the implementation
of the proposals as set out above in accordance with the SC's
Policies and Guidelines on Issue/Offer of Securities.

The SC has not approved the proposed extension of time of up to
one (1) year from the date of listing of the entire Newco Shares
on the Main Board of KLSE for Newco to comply with the 25%
public shareholding spread. However, TWGB / Newco is allowed six
(6) months from the date of listing of the entire Newco Shares
on the Main Board of KLSE for Newco to comply with the 25%
public shareholding spread.

Alliance, TWGB and Newco are required to provide written
confirmation that all the terms and conditions as imposed above
have been fully complied with.


TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad wishes to inform that it has on 12 May
2003 been notified by PB Trustee Services Berhad (the trustee in
respect of the Company's RM186,558,296 Nominal Value of 5 year
1%-2% Redeemable Secured Convertible Bonds A 1999/2004 and
RM275,980,363 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds B 1999/2004 (collectively, "Bonds")) that they
have on 7 May 2003, disposed of some of the Company's securities
held in public listed companies, which are pledged with them in
relation to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds.

Please refer to the summary at
http://bankrupt.com/misc/TCRAP_Tongkah0516.xlsfor information
on the securities disposed.


* RAM Posts Rating Criteria for Collateralized Debt Obligations
---------------------------------------------------------------
Since the guidelines for asset-backed securities (ABS) were
introduced in April 2001, collateralized debt obligations (CDOs)
have emerged as one of the largest and fastest growing sectors
of the ABS market.  CDOs encompass collateralized bond
obligations (CBOs) where the collateral being securities are
primarily bonds and collateralized loan obligations (CLOs), with
the collateral being corporate loans.

The first CBO was issued in August 2001 with AmMerchant Bank
Berhad as the originator for the transaction.  In December 2001,
we witnessed 2 more CDO issuances, namely the RM385 million CBO
programmed mooted by Commerce International Merchant Bankers
Berhad, and the RM310 million rehabilitated and performing loan
obligation transaction originated by the national asset
management company, Pengurusan Danaharta Nasional Berhad.
With the addition of Baffin Bank Berhad's RM1 billion primary
CLO in November 2002, the total volume of CDOs reached RM1.92
billion, accounting for more than 60% of the Malaysian ABS
market to date.

Currently, there may be a lack of urgency on the part of banking
institutions in scrutinizing their loan books given that the
banking sector remains well-capitalized with its risk- weighted
capital adequacy ratio holding at a sturdy 13% as at end-2002
and still flush liquidity, indicated by the low loan-to-deposit
ratio of 87%. However, as the banking industry becomes more
competitive and focused on capital efficiency, financial
institutions constantly evaluate alternatives to improve returns
on assets and equity.  In the international arena, CLOs are
commonly used as an efficient capital management and funding
tool.  Although the reduction of a bank's regulatory capital
requirement is the main driving force behind the securitization
of loans, CLOs also allow banks to realign their lending
exposures.  From the demand perspective, the lack of quality
bonds in the market provides great potential for future growth
in CLOs as ABS generally has high ratings.

In view of the increasing popularity of CDOs, RAM has drawn on
its experience in rating CBOs/CLOs and reflected on some of the
key considerations in our rating methodology. The full report on
RAM's Rating Cash Flow-Collateralized Debt Obligations is
available on our website at www.ram.com.my. The report will
address some of the commonly asked questions and issues
regarding RAM's approach in rating CDOs.

CONTACT INFORMATION: Kelly Chan
        (603) 7628 1791
        siewmee@ram.com.my


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


CATHAY PACIFIC: Cuts Staff Pay to Stay Afloat
--------------------------------------------
The employees of Hong Kong-based Cathay Pacific Airways will
take a 15 percent pay cut to keep it afloat amid the downturn in
air travel resulting from the Severe Acute Respiratory Syndrome
(Sars) crisis, Sun Star Cebu reported Wednesday. The airline has
been losing US$3 million per day since the outbreak of SARS in
late March. It's a matter of survival," according to Cathay
Pacific Airways manager for Cebu Philippines Lawrence Fong.

Under a "special leave scheme," employees will also go on unpaid
leave for one week every month for four months beginning June.
Fong said Cathay's worldwide network normally carried around
30,000 passengers a day. But now the average is just 7,000
passengers a day. As a result, Cathay has had to cancel 42
percent of its scheduled passenger services.


MANILA ELECTRIC: Expects 1Q03 Net Loss of Php72.8M
--------------------------------------------------
Manila Electric Company expects a first-quarter loss of more
than 72.8 million pesos ($1.4 million) after taking into account
a 2 billion pesos ($38 million) charge for a refund order,
according to DebtTraders. Meralco will write down its capital by
29 billion pesos ($558 million) to reflect a court order to
refund 30 billion pesos ($577 million) to customers. In
DebtTraders view, Meralco has taken an active attitude to
resolve its disputes with the government and National Power
Corporation, and this has quantified most of the related
uncertainties.


MANILA ELECTRIC: Rate Cut to Bleed Revenues PhP300M Monthly
-----------------------------------------------------------
The Manila Electric Co. (Meralco) said the rate cut ordered by
the Energy Regulatory Commission (ERC) will cost it more than
300 million pesos (US$5.76 million) in revenue losses monthly,
Business World reported Thursday. Meralco's cash flow is also
expected to tighten in the coming months, due to maturing short-
and long-term obligations worth 11 billion pesos.

Meralco customers with consumption ranging from 1-100 kWh per
month will be given one-time cash refunds starting in June.
Those who will benefit from the initial phase will include about
37 percent of Meralco's total customer base of some 3.9 million,
who account for approximately 4 percent of the total electricity
consumption of 1,979 kWh.


MATEO MANAGEMENT: Senator Summons Owner on Pyramiding Scheme
------------------------------------------------------------
The Senate Committee on Trade and Commerce Chairman Senator
Robert Jaworski summoned owner Ervin Mateo of the Mateo
Management Group (MMG) for allegedly swindling about 950 victims
involving 193 million pesos and US$6 million through a
pyramiding scheme, the Philippine Daily Inquirer reports.
Menawhile, the Business World reported that MMG has lost a huge
chunk of its investments and its remaining assets are no longer
enough to refund its alleged victims.


METRO PACIFIC: Pares Losses in First Quarter
--------------------------------------------
Metro Pacific Corporation incurred a net loss of 59 million
Philippine pesos (US$1.13 million) from January to March this
year versus a loss of PhP521.3 in the first quarter a year
earlier, the Business World reported Thursday.

"This is attributed to Metro Pacific's share in the reduced
losses from now-affiliated Company, Bonifacio Land Corp., which
has been de-consolidated from the group's accounts as of January
1, 2003 (as well as) gains realized from debt reduction
exercises and improved performance from shipping subsidiary
Negros Navigation Co. (Nenaco)," the report said.


PANAY ELECTRIC: Court Orders Php500M Refund to Consumers
--------------------------------------------------------
The Philippine Supreme Court has ordered Panay Electric Company
(PECO) to refund 500 million pesos in overcharges to its local
consumers, Asia Pulse said Wednesday. Accumulated for almost 10
years now, the overcharges are mostly on the Power Purchase
Adjustments (PPA), "excessive and padded charges" and other
"nefarious billings" charged to more than 5,000 power consumers
in Iloilo City.

Groups Bayan-Panay headed by Jeffrey Celis and Power Panay
headed by Lawyer Romero Gerochi called the attention of PECO on
its "padded and excessive charges" against local power
consumers. Celis disclosed that PECO passed on to its consumers
the payment of its obligations for the Social Security System
and Pag-Ibig contributions of its employees. Gerochi, on the
other hand, was reported to have filed a petition with the
Supreme Court asking for sanctions against PECO.


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


CHARTERED SEMICONDUCTOR: Results of 15Th AGM on May 14
------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. announced that its
Fifteenth Annual General Meeting of shareholders held at 3.00
p.m. on May 14, 2003, all resolutions relating to the following
matters as set out in the Notice of Annual General Meeting dated
14 April 2003 were duly approved and passed by the shareholders:

1. Adoption of the Audited Accounts and reports of Directors and
Auditors for the year ended 2002;

2. Re-election of the following Directors:

(i) Mr. James A. Norling
(ii) Mr. Sum Soon Lim
(iii) Mr. Robert E. La Blanc
(iv) Mr. Chia Song Hwee

3. Re-appointment of Mr Charles E. Thompson as a Director;

4. Re-appointment of KPMG as the Company's Auditors;

5. Approval of Directors' fees of US$439,500;

6 (a) Authority for the Directors to allot and issue shares in
the capital of the Company;

6 (b) Authority for the Directors to create and issue
securities;

6 (c) Authority to offer and grant options and to allot and
issue shares pursuant to the Company's Share Option Plan 1999;

6 (d) Authority to offer and grant rights and to allot and issue
shares pursuant to the Company's Employee Share Purchase Plan
2001; and

6 (e) Authority to offer and grant rights and to allot and issue
shares pursuant to the Share Purchase Plan 2001 for Employees of
Silicon Manufacturing Partners Pte Ltd.

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
94 and 95.2 For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1


DATACRAFT ASIA: Names Padfield as New CEO
-----------------------------------------
Datacraft Asia, the region's leading independent IT services
Company, has named Bill Padfield as Chief Executive Officer
designate in a succession plan announced by the Company on
Wednesday. Padfield, who is Datacraft's Chief Operating Officer
and Executive Director, and current CEO Ron Cattell will
undertake a phased handover of responsibilities over the next
few months.

Commenting on the leadership transition, Patrick Quarmby,
Chairman of Datacraft Asia said: "Ron Cattell has played a
significant role in the development of Datacraft Asia, not just
as CEO but as a driving force since the Company's foundation 15
years ago. He has led the Company admirably through many years
of record-breaking growth and achievements, as well as through
the current phase of economic uncertainty. The board and I are
thankful for his invaluable contribution and greatly value the
fact that he will continue adding his tremendous experience as a
director of the Company".

"In Bill Padfield, we have a highly energetic and seasoned
manager who has been closely involved in implementing
Datacraft's strategy and leading our drive into professional
services since he joined the Group at the end of 2001. I have
every faith and confidence that Bill will make a superb leader
in continuing to grow Datacraft during this difficult economic
period."

Following the handover, Cattell will continue his involvement in
the Company as a non-executive director and advisor to the
Company's executive team on business strategy.

"My original intention was to step down sometime last year in
order to spend more time with my family in Australia. The last
eighteen months have been particularly tough for the industry,
which is why I held off my departure until the business
stabilized," said Cattell.

"My view is that the worst is now over and that with the actions
we have taken over the past year or so, the Company is on a
stable platform from which it can resume profitable growth under
Bill's leadership. I will remain engaged with the Group as an
active member of the Board."

In his new appointment, Padfield will strategize, manage and
oversee all aspects of the Datacraft Asia Group's operations,
and drive the Group's transition into a world-class IT services
Company.

"My immediate priority is to accelerate our growth in the
services business and return the Company to sustainable
profitability. Having put in place a go-to-market model to align
all our skills, mindsets and processes with our service-centered
strategy, we are now focused on developing and investing in new
service capabilities and infrastructure to expand our service
offerings," said Padfield.

"I am confident that, with our right-sized operations, a
significantly increased focus on productivity of all aspects of
the business, strong brand and continued immense attention to
customer satisfaction, we are well-placed to return to
profitable growth once the economy recovers."

Padfield, who has been in Asia for the past six years, was
appointed the Chief Operating Officer in November 2001 and as an
Executive board member in October 2002. He has more than 20
years of experience in the IT and telecommunications industry.
He has been based in Asia, Europe, the Middle East and the USA.
Prior to Datacraft, Padfield was the Senior Vice President and
General Manager, Asia-Pacific, Australasia of Equant, leading
the combined Equant and Global One organizations in Asia
Pacific.

Meanwhile, Channel News Asia reported that Industry veteran Ron
Cattell is stepping aside as chief executive officer of
Datacraft Asia amid widening first-half losses.

The net loss of Datacraft Group for the period ended 30
September 2002 was US$34.8 million, the Troubled Company
Reporter-Asia Pacific reported recently. Assuming that the sale
of Opsis had been effective at the end of last financial year,
the loss per share of Datacraft would have increased by
approximately 7.5 percent.

About Datacraft

"Best Asian Systems Integrator" for fifth consecutive year -
Telecom Asia. Datacraft Asia is the leading independent IT
services Company in Asia Pacific. It specializes in providing IT
solutions and services that enable businesses to operate
seamlessly across Application Networks. Application Networks are
the convergence of two previous separate areas of IT:
application integration and network infrastructure. The Group's
expertise in networking integration, application deployment and
global managed services makes it uniquely positioned to deliver
the IT solutions that businesses need to connect information,
applications, business processes, people and organizations. A
member of the worldwide Dimension Data, Datacraft Asia is listed
on the main board of the Singapore Exchange and is a component
Company of the Straits Times Index. Anchored by a distributed
headquarters in Hong Kong and Singapore, Datacraft spans more
than 50 offices and 1,200 staff in 13 Asia Pacific markets. More
information about Datacraft Asia can be found on the Web at
www.datacraft-asia.com.


LKN-PRIMEFIELD LIMITED: Unveils 2002 Annual Report
--------------------------------------------------
LKN-Primefield Limited refers to the letter from Singapore
Exchange Limited dated 9 May 2003 and wish to furnish the
information as follows:

(1) Page 55 of the Annual Report. Please confirm if Shanghai
International Equatorial Hotel Company Ltd, P.T. Indisi-LKN
Construction Pte Ltd Joint Operations and Total-LKN-Indisi Joint
Operations are considered significant pursuant to Rule 718. If
so, please confirm whether Rules 715 and 717 have been complied
with;

PT Indisi-LKN Construction Pte Ltd Joint Operations and Total-
LKN-Indisi Joint Operations were not significant pursuant to
Rule 718 except for Shanghai International Equatorial Hotel
Company Ltd SIEH. Shanghai Certified Public Accountants SCPA
audited SIEH and PricewaterhouseCooper Singapore PWC reviewed
their audit working papers. Based on the result of the review by
PWC, the directors are of the opinion that SCPA is a suitable
auditor for SIEH. The Company is therefore in compliance with
Rule 715.

(2) Pursant to Rule 1207(4)(c), please provide prospectus type
information relating to the background of directors and key
management staff;

Board of Directors

Lim Kong Chong

Mr. Lim worked in several quantity surveyors firms, both in
London and Singapore, before joining the Company in 1971. From
the period 1979 to 1984, he was the General Manager of the
Company. In 1984, he has been appointed as the Managing Director
of LKN Construction Pte Ltd taking charge of its construction
business till 2002. He is the Chairman of the Company since the
year 2001.

Florence Tay Eng Neo

Ms Tay co-founded Primefield Company Pte Ltd Primefield in 1981.
She has 19 years of experience in the Information Technology
field and was the Chairman of Singapore Microcomputer Trade
Association from 1989 to 1992. Since the year 2001, She has been
appointed as the Group Chief Executive Officer of the Company.
Ms Tay holds a Bachelor of Arts (Honors) degree (Political
Science).

Heng Chiang Meng

Mr Heng joined the Company in 1998 as Managing Director & Group
Chief Executive Officer. Following the merger with Primefield in
2000, Mr Heng was re-designated as Group Chief Financial
Officer. Prior to joining the Company, he was in the real estate
development sector; being an Executive Director in the Far East
Organization Group for 2 years and the Group Managing Director
in First Capital Corporation Ltd for 7 years. Mr Heng had also
worked for about 20 years in the banking and financial sector.

Chew Tiong Sim

Mr Chew has a Bachelor degree in Economics. He is also the co-
founder of Primefield. Since 1982, he has been responsible for
the strategic planning and branding of IT products and its
business expansion in overseas for Primefield and its
subsidiaries. Since December 2000, Mr Chew has been appointed as
an Executive Director of the Company and the Sales & Marketing
Director of the Group. His main focus is in the China market for
the Group's InfoComm product and services.

Lim Kong Wai

Dato' Lim is currently the Chairman and Managing Director of Lim
Kah Ngam (Malaysia) Sdn. Bhd LKNM. He was responsible for
establishing its construction business in Malaysia in 1960 and
has since been running LKNM. He is also the Chairman and
Managing Director of Hotel Equatorial (M) Sdn. Bhd., which
developed and opened Hotel Equatorial Kuala Lumpur in 1973.

Lim Kong Yong

Mr Lim holds a Diploma in Hotel & Catering and participated in
the Cornell University Management Course in Hotel Development
and Design in 1979. He has since 1971 been actively involved in
all facets of the development and management of the Hotel
Equatorial Chain in Malaysia, People's Republic Of China and
Vietnam. He is currently the Chief Executive Officer of Hotel
Equatorial Management Sdn Bhd, which operates the Hotel
Equatorial Corporate Office.

Koh Chong Yih

Mr Koh joined in 1990 as an Executive Director of LKN
Construction Pte Ltd and as the Managing Director of LKN
Management Services Pte Ltd. He has been appointed to the board
as an Executive Director of the Company since 1998. Prior to
joining the group, Mr Koh worked with the Straits Steamship
group of companies (now known as Keppel group) from 1976 to
1990, with the last held position as Divisional Director
(Property).

Mrs Leong May Cheng nee Lim

Mrs. Leong is a qualified accountant from Australia. She joined
Hotel Equatorial Pte Ltd HEPL (currently under creditors
voluntary liquidation) in 1969 and organized the opening of
Hotel Equatorial Singapore in the same year. She was appointed
as the Managing Director of HEPL in 1984 and has since been
taking an active role in the management of HEPL until its
liquidation in 1998. She was also appointed as the Managing
Director of Equatorial Hotel Management Pte Ltd in 1987 and
retired as Managing Director in 2002. During 1991 to 1998, She
was actively involved in the management of Hotel Equatorial
Shanghai and Hotel Equatorial Qingdao.

Michael Yeo Chee Wee

Mr Yeo has been appointed as a non-executive director since
1985. He started his early career in the Singapore Government
Administrative Services and subsequently in Yeo Hiap Seng Ltd.
He was the Executive Director of Yeo Hiap Seng Ltd for the
period 1987 to 1992 and 1995 to 1998. He sat on various
government boards and bodies and was the Chairman of The
Singapore Science Centre Board from 1989 to 1997; Chairman of
The National Crime Prevention Council from 1985 to 2002, and
Chairman of The Singapore Manufacturers' Association (now known
as The Singapore Confederation of Industries) from 1976 to 1979
and as Honorary President from 1980 to 2002. He was awarded the
Public Service Medal PBM in 1992 and the Public Service Star BBM
in 1999.

Oo Soon Hee

Mr Oo became a non-executive director of the Company in 2001. He
was the Deputy President of Natsteel Ltd from 1977 to 2000. He
currently also sits on the board of Comfort Delgro Corporation
Ltd & Vertex Venture Holdings Ltd.

Senior Management

Khoo Koh Seong

Mr. Khoo joined Lim Kah Ngam (S) Pte Ltd (now known as LKN-
Primefield Limited) in September 1976 as a project engineer,
after graduating with a degree in Bachelor of Engineering
(Civil). He was promoted to project manager in January 1981 and
subsequently assumed the role of Executive Director of LKN
Construction Pte Ltd LKNC in February 1989. Late last year
(December 2002), he has been appointed as the Managing Director
of LKNC. He is responsible for the overall performance of
construction projects.

Mr. Khoo is a Chartered Civil Engineer (United Kingdom); a
Professional Engineer registered with the Board of Engineers,
Malaysia and also a Member of the Institution of Engineers,
Singapore.

Joey Chang Wei Nang

Mr. Chang founded AXS InfoComm Pte Ltd and became its Chief
Executive Officer in 2000. He has 12 years of experience in the
Information Technology industry, having worked at IBM Singapore
Pte Ltd from January to October 1991 and the National Computer
Board from October 1991 to April 1993. He was also one of the
founders of Adroit Innovations Ltd. After leaving Adroit
Innovations Ltd in August 1997, He joined the Singapore Tourism
Board and then National Computer Systems in January 1999, mainly
responsible for developing new businesses and concepts
identified by these organizations. He graduated with a Bachelor
of Business degree (majoring in Information Systems and minor in
Information Processing).

Chan Tuck Choong

Mr. Chan graduated with a degree in Bachelor of Engineering
(Civil) in 1972. Prior to joining LKNC, Mr Chan worked in
several companies and actively participated in construction
projects. He joined LKNC in Apr 1995 as a Senior Project
Manager. He became the General Manager of LKNC in 1999 and its
Director in 2002.

Foo Yang Hym

Ms Foo joined the Company in 1984 as an Accountant and became
the Group Accountant in 1994. Prior to joining the Company, she
was the Audit Senior of Deloitte Haskins & Sells (now known as
Deloitte Touche Tohmatsu). She is a member of the Institute of
Certified Public Accountants of Singapore.

(3) Pursuant to Rule 1207(6), please confirm if the audit
committee has undertaken a review of all non-audit services
provided by the auditors and whether, in the audit committee's
opinion, the provision of such services would affect the
independence of the auditors;

Audit Committee has reviewed the non-audit services provided by
the auditors and in its opinion, the provisions of such services
does not affect the independence of the auditors

(4) Pursuant to Rule 1207(9)(c), please disclose the breakdown
of substantial shareholders' deemed interests as shown in the
Company's register of Substantial Shareholders and disclose how
such interests are held of derived;

Substantial Shareholders as recorded in the register of
substantial shareholders

Name  Shareholdings registered  Shareholdings in which  Total %
      in the name of substantial  the substantial shareholders
      shareholders                are deemed to have an interest

Florence Tay Eng Neo 23,796,650  (a) 8,413,450  32,210,100 15.92
Lim Kong Chong 60,458            (b) 16,684,845 16,745,303 8.28
Lim Kong Huai@ 10,852,326        (c) 668,170    11,520,496 5.70
Lim Kong Wai

(a) Shares held by her spouse Mr. Chew Tiong Sim who is also a
director of the Company.

(b) Shares registered in the name of nominee.

(c) 66,666 shares held by his spouse and 601,504 shares held by
Lim Kong Wai Holdings Sdn Bhd.

(5) Pursuant to Rule 1207(9)(e), please confirm the percentage
of shareholding held in the hands of the public and confirm
whether Rule 723 is complied with; and

Based on the registers of shareholders and to the best knowledge
of the Company, the percentage of shareholding held in the hands
of the public is approximately 43%. The Company is therefore in
compliance with Rule 723 of the SGX-ST Listing
Manual.

(6) Reference to the Notice of AGM on page 1 of the Annual
Report, please disclose the limits of the share issue mandate
which the Company is seeking shareholders' approval for.

The aggregate number of shares to be issued pursuant to
Resolution 7 of the Notice of AGM shall not exceed 50 per cent
of the issued share capital of the Company, of which the
aggregate number of shares to be issued other than on a pro rata
basis to existing shareholders of the Company shall not exceed
20 per cent of the issued share capital of the Company.


MEDIASTREAM LIMITED: Schedules AGM on May 30
--------------------------------------------
The Annual General Meeting (AGM) of MediatStream Limited will be
held at 39 Tampines Street 92, Level 6, MediaStream Building,
Singapore 528883 on Friday, 30 May 2003 at 10.00 am for the
following purposes:

AS ORDINARY BUSINESS

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

2. To re-elect the following Director retiring pursuant to
Article 91 of the Articles of Association of the Company.

Mr George Thia Peng Heok (Resolution 2)

The Nominating Committee has nominated Mr. George Thia Peng Heok
for re-election as a Director of the Company. Mr George Thia
Peng Heok will, upon re-election as a Director of the Company,
remain a member of the Nominating Committee and the Remuneration
Committee.

3. To re-elect the following Directors retiring pursuant to
Article 97 of the Articles of Association of the Company.

Mr Lien Kait Long (Resolution 3)

The Nominating Committee has nominated Mr Lien Kait Long for re-
election as a Director of the Company. Mr Lien Kait Long will,
upon re-election as a Director of the Company, remain a member
of the Audit Committee, the Nominating Committee and the
Remuneration Committee and will be considered independent for
the purpose of Rule 704(8) of the Listing Manual of the
Singapore Exchange Securities Trading Limited.

Mr Desmond Poh Kee Ping (Resolution 4)

The Nominating Committee did not nominate Mr Desmond Poh Kee
Ping for re-election as a Director of the Company. However, Mr
Desmond Poh Kee Ping has confirmed that he is willing to stand
for re-election as a Director of the Company. Under Article 93
of the Articles of Association of the Company, the retiring
Director, Mr Desmond Poh Kee Ping shall be deemed to be re-
elected at this Annual General Meeting except where inter alia,
at such Annual General Meeting, a resolution for his re-election
is put to the meeting and lost. Accordingly, the resolution for
the re-election of Mr Desmond Poh Kee Ping as a Director of the
Company still has to be tabled and voted upon at the Annual
General Meeting although the Nominating Committee has not
nominated his re-election.

4. To approve the payment of Directors' fees of $16,667 for the
year ended 31 December 2002.
(Resolution 5)

5. To re-appoint Ernst & Young as the auditors of the Company
and to authorize the Directors to fix their remuneration.
(Resolution 6)

6. To transact any other business that may be transacted at an
Annual General Meeting.

AS SPECIAL BUSINESS

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

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, approval be and is hereby given to
the Directors to allot and issue further shares and convertible
securities in the capital of the Company at any time and from
time to time to such persons upon such terms and conditions and
for such purposes as the Directors may in their absolute
discretion deem fit provided always that the aggregate number of
shares and convertible securities to be issued pursuant to this
resolution shall not exceed fifty percent (50%) 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 issued other than on a pro rata basis to
all shareholders of the Company shall not exceed twenty percent
(20%) of the Company's issued share capital and that such
authority shall, unless revoked or varied at a general meeting
of the Company, 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. (Resolution 7)

Explanatory Notes on Special Business To Be Transacted:

1. The ordinary resolution 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 new shares and convertible securities in the Company up to
an amount not exceeding in total 50 percent of the issued share
capital of the Company for such purposes as they consider would
be in the interests of the Company. 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 percent (20%) of
the issued share capital of the Company.

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

Notes:

1. A member of the Company entitled to attend and vote at the
Annual General Meeting is entitled to appoint a proxy to attend
and vote in his stead. A proxy need not be a member of the
Company.

2. The instrument appointing the proxy must be lodged at 39
Tampines Street 92, MediaStream Building, Singapore 528883 not
less than 48 hours before the time appointed for the Annual
General Meeting.


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


GENERAL ENGINEERING: Discloses Q102 Profit Report
-------------------------------------------------
General Engineering Public Company Limited, in reference to the
submitted Financial Statements for Quarter No 1/2003 ended as of
March 31, 2003, which has been verified by the auditor of the
company, reported on the profit for Quarter 1/2003, as follows:

   1. For the 1st Quarter of 2003 the net sales revenue of the
Company amounts to Bt144.22 million, which is higher than of the
1st Quarter of 2002 in which the net sales turnover amounted to
Bt126.22 million, by 14.26 percent. However in the 1st Quarter
of 2003 the cost of sales and services of the Company amounts to
Bt118.50 million, which represents 90.10 percent of the sales
turnover, whereas in the 1st Quarter 2002 the cost of sales and
services amounted to Bt107.586 million, which represents 88.63
percent of the sales turnover.  This is because of extremely
high competition, selling price is important factor for
customer's decision making and customers' liquidity is Company's
problem.

   2. The Company's interest in the profits and loss of its
associated and subsidiary companies amounts in the total Bt0.151
million in the 1st Quarter of 2003 which the details, as follow:

                Quarter  No. (Million  Baht)
                               1/2003             1/2002
Subsidiary Company              0.156             (0.249)
Associated Company             (0.005)            (0.020)
Total                           0.151             (0.269)

General Engineering's reviewed quarterly financial report:

Reviewed
                   Ending  March 31,            (In thousands)

                       Year      2003        2002
Net profit (loss)                 4,211    (10,273)
EPS (baht)                         0.23      (0.57)


MODERN HOME: Declares Q102 Net Loss of Bt24.22M
-----------------------------------------------
Modern Home Planner Company Limited, as the Plan Administrator
for Modern Home Development Public Company Limited, declared the
performance result for the year 2002 ending 31st December 2002,
which showed a net loss (Bt24.22 million).  This result shows
the reduction of more than 20% of the net profit as compared to
the performance in year 2001 ending 31st December 2001, which
showed a net profit (Bt100.14 million). The causes for such
reduction are as follows:

1. The implementation according to the company's
rehabilitation plan.
2. There is no acknowledgement of income from the sale of
goods because all goods were transferred to creditors for
debt repayment under the rehabilitation plan, in which the
income reduces in the amount of Bt660.72 million.
3. There is no acknowledgement of income from the debt
restructuring in the year 2002, which causes the reduction
of the profit from the debt restructuring in the
amount of Bt306.49 million.
4. There was no record of interest payment in the amount of
Bt379.84 million during this fiscal period because the
creditors have no right to charge the interest from the
company according to the rehabilitation plan.
5. During the year 2002, other expenses also reduce.  Those
expenses are the reduction of cost of sales in the amount
of Bt46.78 million, the reduction of expenses of sales and
management in the amount of Bt93.82 million, the reduction
of doubtful debt in the amount of Bt97.40 million and the
reduction of the loss from guarantee in the amount of
Bt189.70 million.

According to the causes mentioned above, the net profit in the
year 2002 is reduced.


MODERN HOME: Releases Auditor's Financial Statement Comment
-----------------------------------------------------------
Modern Home Planner Co., Ltd., as the Plan Administrator of
Modern Home Development Public Co., Ltd., in reference to the
audited the financial statement for the year 2002 ended December
31, 2002 by Mrs. Vilairat Rojnuckarin, the auditor of the
company, and who expressed no comment to the financial statement
as mentioned in the auditor report, would like to make an
additional explanation, as follows:

   1. The scope of inspection was restricted by surrounding
circumstances, which were:

1.1 An auditor had sent the letter to confirm the list of
creditors and the list of creditors in the special
vehicle company according to the rehabilitation plan
in the amount of Bt2,669.52 million and Bt391.17
million, respectively, however, there was no response
from any creditors.  The company would like to clarify
that the company did not contribute to such silence.
But the company, on the other hand, has given good
cooperation with the auditor.

1.2 The company has converted debt to equity by recording
the increased capital at par value.  And, such par
value is considered to be a fair price according to
the rehabilitation plan, which was approved by the
creditors at the creditors' meeting and by the central
bankruptcy court as informed to the office of the
securities exchange commission on February 25, 2003.

   2. The uncertainty for the success of the debt restructuring
and the business rehabilitation of the company was due to the
company has extended the time period for rehabilitation
proceeding in the year 2002.  This is one of the causes to
consider in order to show the financial advisory comment.
However, the company would like to clarify that the
rehabilitation plan of the company is in process with progress
and the company is confident that the rehabilitation process
will be successful according to the timeline that will enable it
to continue its operation as normal.


NATURAL PARK: Posts Audit Committee Members, Scope of Duties
------------------------------------------------------------
The Board of Directors' Meeting Limited No.5/2003 of Natural
Park Public Company, held on May 12, 2003 passed resolution
appointing Chairman of the Audit Committee/Member of the Audit
Committee with the following details:

Names of members of the Audit Committee are as follows:

1. Mr. Suebtrakul Soonthornthum
2. Mr. Thavisakd Tanta-Nanta
3. Mr. Peerapong Thungkasemwathana

*Effective at May 12,2003

The Audit Committee of the Company has the scope of duties and
responsibilities, and shall report to the Company's board of
directors, as follows:

1. To review the sufficiency, credibility and objectivity of
the financial reporting.
2. To review the adequacy and effectiveness of internal
control systems and internal audit functions.
3. To review compliance with the Securities and Exchange
Acts, Regulations of the SET, and any other relevant
laws.
4. To consider and advise the appointment of the external
auditors including the audit fee by considering the
creditability.
5. To consider compliance with all connected transaction
disclosures or the conflict-of-interests disclosures.
6. To take care of any other matters assigned to it by the
board of directors.
7. To report the activities of the audit committee in the
company's annual report.


PRASIT PATANA: Issues 2002 Management Discussion, Analysis
----------------------------------------------------------
Prasit Patana Public Company Limited and its subsidiaries
disclosed its Performance Explanation and Financial Analysis for
the Financial Year Ending 31 December 2002:

1. Performance according to Business Plan

Overall Picture of Past performance

In comparison with 2001 performance figures, the operational
revenue increased 7.8%.  In 2002, the company and its
subsidiaries generated operational revenue of Bt2,770 million in
comparison with revenue of Bt2,570 million in 2001, an increase
of Bt201 million.

The group recorded an unrealized gain from movements in foreign
exchange rates in relation to foreign currency loans.

Cost of Services of the company and its subsidiaries was Bt2,179
million in comparison with Bt1,971 million in 2001, an increase
of Bt207.5 million.

General and administrative expenses of the company and its
subsidiaries were The level of competition in the private
healthcare industry is intense.  In general, major healthcare
providers and private hospitals have clear target markets.  The
group has employed a marketing strategy focused on and
emphasizing quality of patient care and international healthcare
standards.

There was no significant change in the range of services
provided in 2002 in comparison with services offered in 2001.

The company and its subsidiaries have signed an alliance based
marketing credit card of the alliance partner, who in turn
supports the hospitals by marketing their services.

There are no significant effects on the companies' operating
results arising from exchange rate movements.  The companies do
not trade internationally and all revenues are earned in Thai
currency.  Similarly, there are no significant operating
expenses incurred that are in foreign currencies.

However, the companies incur costs from exchange rate variations
resulting from payment of interest on borrowings denominated in
US dollars.  The risk of such variations is limited by covenants
in the loan agreements (the Debt Restructuring Agreements) that
limit the downside risk of exchange rate costs.

Past Performance of Each Product Line

The Company's only business is investment in and management of
private hospitals.

On 7th June, 2002, the company transferred its debts and assets,
with the exception of its investments in core subsidiaries PYT2
and PYT3, to a new subsidiary, Phyathai 1 Hospital Company
Limited, in accordance with a sale agreement entered into as
part of the requirements of the restructuring plan of Prasit
Patana Public Company Limited.  The agreements giving effect to
the transfers were effective on 29th July 2002.

- Revenue from Service

The company and its subsidiaries had revenue from service
provided in 2002 of Bt2,770 million compared with 2001 of
Bt2,570 million, an increase of Bt200.5 million or 7.80%.

- Unrealized Gain from Foreign Exchange Fluctuations

The group registered an unrealized gain from an accounting
adjustment in accordance with generally accepted accounting
principles.

- Interest Income

The decrease in interest income resulted from significant
reductions in market rates and significant reduction in term
deposits held by the Company.

-   Reversal of loss in excess of investments in subsidiaries

The transaction represents loss in excess of cost of investments
in subsidiaries because the Company has commitments and/or
guarantees in relation to the debt of those subsidiaries.  On
July 29, 2002, PYT transferred these investments in other
subsidiaries to PYT1 in accordance with the PYT1 Debt Assumption
Agreement and Agreement for the Sale and Purchase of the
Business of PYT.  PYT therefore reversed the loss in excess of
investment in the subsidiaries in the amount of Bt2,682.4
million, which was recorded as Reversal of loss in excess of
investments in subsidiaries'.

-   Other Revenues

The company and its subsidiaries generated other revenues of
Bt85.6 million, an increase from the amount of Bt73.4 million in
2001 due mainly to increased rental revenue of Bt11.09 million.

-   Cost of services and General and Administrative Expenses

The main reason for the increased service costs was the growth
in service revenue.  Sales increased by 7.80 per cent and the
cost of service increased by 10.53 per cent.  The significant
items that do not directly vary with sales are doctor's fee
costs.  This item increased by 15.21 percent or approximately in
Bt79 million.  The greater than proportional increase is caused
by new payment agreements designed to provide greater incentives
to doctors.

The main reason for the reduction of the Administrative Expenses
was a reduction in restructuring fees incurred.  Restructuring
fees for 2002 were Bt56.8 million, down from Bt153.4 million in
2001, a decrease of 63 percent.  Restructuring fees in 2002
represented 11.1 percent of the total Administrative Expenses.
This cost will disappear upon completion of the plan
implementation period.

Cost of maintenance and engineering increased from an estimated
Bt48.2 million in 2001 to Bt57.6 million in 2002, a net increase
of approximately Bt9.4 million.  The year ended 2002 is the
first full year for which planned and maintenance of bio medical
equipment has been outsourced.  Direct savings from this
outsourcing are approximately Bt10 million.  In addition,
average downtime on biomedical equipment has reduced from up to
40 days to an average of 4.7 days with 77% of repairs completed
within 48 hours, providing significant operating benefits.
Against this, there have been significant costs incurred in
dealing with a backlog of several years in general maintenance
and engineering.  This catch up work is expected to be completed
in early 2003 and provide benefits in both operations and
future maintenance costs.

-   Dividend Policy

Under the Restructuring Agreements entered into by the company
and its subsidiaries, the Company and its subsidiaries are
unable to pay dividends until such time as their restructured
debts are fully repaid.

Financial Status

Assets

The Composition of the Assets

Current assets comprise 17.6% of total assets of the company and
its subsidiaries and are composed of the following:
Cash and cash equivalents and S-T investment              12.0%
Receivables                                                2.4%
Inventories                                                2.4%
Other current assets                                       0.8%

In 2002, there is a decrease in short-term investments of 58%
mainly resulting from the dissolution of the Company's and its
subsidiaries' old provident fund and payment of the accumulated
funds to employees.

The majority of assets of the company and its subsidiaries are
land, buildings and equipment, which make up 78% of total
assets.

The remaining 4.4% of assets are comprised of other minor
assets.

Quality of Assets

Quality of Receivables : Receivables include significant amounts
receivable from insurance companies in respect of patient
services.  Insurance contract conditions can result in claims
being denied by the insurers, with the companies having little
or no practical recourse to the patients.  However, the
companies have made sufficient provision for doubtful debts and
have confidence in the quality of receivables, net of
provisions.

Liquidity

For the year ended December 31, 2002, the net operating cash
inflow of the Company and its subsidiaries was Bt171 million.
Net cash used in investing activities was Bt138 million.  This
resulted in a net increase in cash and cash equivalents for the
year for the group of Bt33 million.

At December 31, 2002, the Consolidated Financial Statements show
records a current ratio of 1.96.

The Company and its subsidiaries are in the process of
implementing the rehabilitation plans and the debt restructuring
agreements, which were executed by the creditors on June 7.
2002, and are in the process of conversion of debt into equity
and consequent changes in shareholding structure within the
group
under the rehabilitation plans.

Capital Expenditure

Under the Companies' Debt Restructuring Agreements, the Company
and its subsidiaries are restricted as to capital expenditure.
However an agreed annual level of capital expenditure has been
included in the Agreements.  Unless otherwise agreed by lenders,
the group is required to fund all capital expenditure through
internally generated cash from operations or the sale of non-
core assets.  Capital expenditure is evaluated according to
projected return on investment, business need, and contribution
to business goals and urgency.

Source of funds

Liabilities

On 6th August, 2002, the date at which the Debt Restructuring
Agreements came into effect, the company and its subsidiaries
accounted for the changes in the status of their debts.  These
changes are reflected in the consolidated reclassification of
debts to account separately for restructured debt, PLO debt and
debt to be converted or written off in accordance with the Debt
Restructuring Agreements.  In accordance with the company's and
its subsidiaries' Restructuring Plans, financial creditors will
not relinquish their claims to the convertible debt and debt to
be forgiven until the Debt/Equity Agreement becomes effective.


SAHAMITR PRESSURE: Explains Operating Performance Variance
----------------------------------------------------------
Sahamitr Pressure Container Public Company Limited, in reference
to its operating performance for the three-month period ended
March 31, 2003 and 2002, posted the reasons of the variance of
its operating performance compared to the same period of prior
year:

1. Sales were increased due to the expansion of its export
market base resultant in 87% export sales increase.
Pricing factor hasn't been much changed however still
plays a major role in world market competition.
2. Total revenues was increased due to the sales increase as
described in No. 1
3. Cost of sales was increased in respects to the sales
whereas cost of raw materials has been slightly increased
according to general business condition.
4. Operating expenses were increased in respects to the
sales, which mainly are commission, transportation,
business trips and entertaining.
5. Interest expenses in Profit & Loss Statement were
increased due to the undertaking of new loans to clear
some portion of debts prior due date and of the new
working capital.  As to the actual interest expenses
resultant from the debt-restructuring plan of Q1/2003
total Bt5.5 million and Q1/2002 total Bt7.7 million, is
debited in total debts of the Balance Sheet in order to
conform to the Generally Accepted Accounting Principles.
The decrease of actual interest expenses is caused by
debts clearing prior due date, debts repayment by due date
resultant in less principal. Too the market interest rate
has been lowered.
6. In Q1/2003, the company has gained total Bt7 million from
debt repurchase when clearing some portion of debts prior
due date and the creditor has managed to undergo haircut
in favor of the company.

Below is SMPC's reviewed quarterly financial statement:

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

Net profit (loss)                12,114         253
EPS (baht)                         0.50        0.01


SIAM SYNTECH: Notifies Major Shareholders' Silent Period
--------------------------------------------------------
Siam Syntech Construction Public Company Limited (Syntec) had
submitted a request for trading shares under the REHABCO sector
on March 27, 2003.

Syntec would like to notify that the Major Shareholder, Richie
Venture Holding Co.,Ltd., holding 100,000,000 shares (par value
of Bt1 per share); being 28.53 percent of the total paid up
capital (350,393,960 shares), will voluntarily deposit their
shareholding under the Silent Period for one year from the
trading day of the shares on the Stock Exchange of Thailand
(SET), under the Letter of the SET No. Bor.Jor.(Wor.) 13/2003
dated March 28,2003 Re: Adjustment to the guidelines in dealing
with Listed Companies under the REHABCO sector, as follows:

1. During the first six months from the trading day, Richie
Venture Holding Co.,Ltd. can sell the Company's share in
the amount of 25,000,000 shares; being 25 percent of the
total sale prohibited shares.
2. During the next six months, Richie Venture Holding
Co.,Ltd. can sell another 25,000,000 shares; being 25
percent of the total sale prohibited shares.


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer             Coupon   Maturity   Bid - Ask   Weekly change
-----              ------   --------   ---------   -------------

Asia Pulp & Paper     FRN     due 2001   1.0 - 2.0        0.0
Asia Pulp & Paper     11.75%  due 2005  33.0 - 36.0       0.0
APP China             14.0%   due 2010  32.5 - 34.5       0.0
Asia Global Crossing  13.375% due 2006  12.5 - 14.5       0.0
Bayan Telecom         13.5%   due 2006  18.5 - 22.0      +1.0
Daya Guna Sumudera    10.0%   due 2007   2.0 - 4.0       +0.5
Hyundai Semiconductor 8.625%  due 2007  70.0 - 72.0      -1.0
Indah Kiat            11.875% due 2002  34.0 - 36.0      +2.0
Indah Kiat            10.0%   due 2007  29.0 - 31.0      +0.5
Paiton Energy         9.34%   due 2014  86.0 - 88.0      +1.0
Tjiwi Kimia           10.0%   due 2004  26.5 - 28.5       0.0

Bond pricing, appearing in each Friday's edition of the
Troubled Company Reporter - Asia Pacific, is provided by
DebtTraders in New York. DebtTraders is a specialist in global
high yield securities, providing clients unparalleled services
in the identification, assessment, and sourcing of attractive
high yield debt investments. For more information on
institutional services, contact Scott Johnson at 1-212-247-5300.
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contact Peter Fitzpatrick at 1-212-247-3800. Real-time pricing
available at www.debttraders.com.


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

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USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2003.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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