TCRAP_Public/030521.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Wednesday, May 21 2003, Vol. 6, No. 99

                         Headlines

A U S T R A L I A

AMP SHOPPING: AMP Henderson Welcomes Westfield's Higher Offer
AMP SHOPPING: Centro Responds to Westfield Bid
AMP SHOPPING: Westfield Trust Makes Cash Takeover Offer
BEACONSFIELD GOLD: Responds to September Quarterly Report
COBRA RESOURCES: ASIC Refers Bid to Takeovers Panel

COBRA RESOURCES: ASIC Uncertain of Takeover Bid Status
COLES MYER: Sales Result Won't Affect Ratings, Says S&P
COTECH PTY: Directors Stand Trial on Insolvent Trading Charges
DAISYTEK AUSTRALIA: Appoints Voluntary Administrators
FLOWCOM LTD: Expands Management Team to Address Growing Business

TRANZ RAIL: S&P Places 'CCC' Rating on Credit Watch Developing
VILLAGE ROADSHOW: S&P Withdraws Credit Ratings


C H I N A   &   H O N G  K O N G

BIG SINCERE: Winding Up Petition Pending
BILLION STARS: Winding Up Sought by Poon Kam
CHI CHING: Winding Up Petition Set for Hearing
NGA YUEN: Winding Up Hearing Scheduled on May 28


I N D O N E S I A

MEDCO ENERGI: Prices $250M Bond Offering

* Banks Should Pull Away From Pack as Economy Improves, Says S&P


J A P A N

FUJI FIRE: Cuts FY02 Net Loss to Y5.9B
FUJITSU LTD.: Rating Under Pressure From Still Weak Profile
HUIS TEN: Ripplewood Among Candidates For Reviving Firm
JAPAN AIRLINES: Plans to Skip Dividend Payments This Year
KUMAGAI GUMI: Ailing Contractors to Delay Merger

KYOEI CO.: Files For Court-Led Rehabilitation
MIZUHO FINANCIAL: Dissolves Subsidiary
NISSHIN FIRE: Returns to Profitability
RESONA BANK: S&P Places 'BB+/B' Rating on CreditWatch
SEGA CORPORATION: Names Hisao Oguchi as New President

SEGA CORPORATION: Returns to Profit After 5 Years of Losses


K O R E A

DAEWOO SHIPBUILDING: Main Creditors to Issue GDRs in Early June
SK GLOBAL: Negative Worth Stands at W4.38Tr
SK GLOBAL: SK Group Introduces Rescue Plan


M A L A Y S I A

FORESWOOD GROUP: Explains Unaudited, Audited Profit Variance
FURQAN BUSINESS: Inks Proposed Disposal Agreement W/ Marina-Ace
GANAD CORPORATION: BNM Grants Proposed Acquisition Approval
MBF HOLDINGS: Court Grants Unit Convene Creditors' Meeting
MOL.COM BERHAD: Answers KLSE's Unusual Market Activity Query

RNC CORPORATION: Obtains SC's Nod on Proposed Scheme Extension
SENG HUP: Provides Default in Payment Status Update
SOUTHERN STEEL: Proposes Renewal of Shareholders' Mandate
SOUTHERN STEEL: Seeks Articles of Association Amendment
TAP RESOURCES: ICULS Acceptance Date Extended to June 6

TONGKAH HOLDINGS: Disposes Quoted Securities
TRANS CAPITAL: Proposed Schemes of Arrangement Approved


P H I L I P P I N E S

KUOK PROPERTIES: Narrows 1Q03 Net Loss to Php4.3M
MANILA ELECTRIC: S&P Lowers Rating to CCC; Outlook Negative
PHILIPPINE AIRLINES: Reverses Loss
PHILIPPINE LONG: Cebu City Mayor Warns PLDT
TIBAYAN GROUP: Faces Criminal Charges

QUEZON POWER: S&P Lowers Rating to 'B-'; Outlook Negative


S I N G A P O R E

FLEXTECH HOLDINGS: Posts Notice of Shareholder's Interest
PDC CORPORATION: Winding Up Unit


T H A I L A N D

JASMINE INT'L: Explains Auditor's Q103 F/S Disclaimer of Opinion
POWER-P PUBLIC: Posts Reorganization Plan Progress
RATTANA REAL: Securities Trading Suspended
SAMART CORPORATION: Auditor Reviews Q103 Foreign Exchange Report
THAI NAM: SET Posts `NP' Sign on Securities

THAI WIRE: Clarifies Auditor's Opinion on Q103 F/S
TPI POLENE: Justifies Auditor's Non-Expression of Opinion

* SET Suspends Securities Trading, Awaits Amended F/S

     -  -  -  -  -  -  -  -

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


AMP SHOPPING: AMP Henderson Welcomes Westfield's Higher Offer
-------------------------------------------------------------
AMP Henderson Global Investors, as Responsible Entity for AMP
Shopping Centre Trust (ART), notes Tuesday's announcement from
Westfield Trust regarding its takeover offer for ART.

The Directors of AMP Henderson welcome the higher offer from
Westfield which should enable ART unitholders to receive
substantially greater value for their ART units than they would
under the current Centro Offer.

The offer from Westfield is an all-cash price of $1.80 per unit.
This price is at the upper end of the value range ascribed to
ART units by the Independent Expert, Deloitte Touche Tomatsu.

Centro currently has an offer of 3 Centro stapled securities and
27.3 cents for every 7 ART units. The market value of the Centro
offer is $1.65 (based on the volume weighted price at which
Centro stapled securities have traded since the announcement of
the Centro offer) or $1.69 based on market close on 19 May 2003.

The conditions of the Westfield offer include a 50.1% minimum
acceptance condition and parties associated with AMP Life
agreeing by 27 May 2003 not to exercise certain default rights
it may have on a change of Responsible Entity of ART to
Westfield Management Limited. These rights are currently subject
to proceedings in the Takeovers Panel.

"On behalf of ART unitholders, AMP Henderson has sought to
maximize value by seeking a superior offer," said Jack Ritch,
Managing Director, AMP Henderson.

The Directors will make a recommendation in respect of the
Westfield offer in a target statement that will be sent to
unitholders.

AMP Henderson will keep unitholders informed of these matters.

CONTACT INFORMATION: Stephen Costley
                     02 9257 6153


AMP SHOPPING: Centro Responds to Westfield Bid
----------------------------------------------
Centro Properties Group (Centro) notes the announcement by
Westfield Trust of its intention to make a $1.80 takeover offer
for AMP Shopping Centre Trust (ART).

Mr Andrew Scott, the Chief Executive Officer of Centro said "We
are reviewing Westfield's bid announcement with interest, and
will consider carefully all of our options in relation to the
proposed bid and Centros own offer to ART unitholders".

Centro expects to make a more detailed announcement after
considering its position.

CONTACT INFORMATION: Centro Offer Information Line
        1300 733 636 (callers in Australia)
        + 612 9240 7452 (callers outside Australia).


AMP SHOPPING: Westfield Trust Makes Cash Takeover Offer
--------------------------------------------------------
The Chairman of Westfield Trust, Mr Frank Lowy, announced
Tuesday that Westfield Trust(1) will make an all-cash takeover
offer for the outstanding units (including all rights) in AMP
Shopping Centre Trust (ART) at $1.80 per unit, valuing ART's
assets at $1.9 billion.

Westfield Trust currently has a 19.9% interest in ART.

Westfield Trust's takeover offer includes the following
conditions:

   * Westfield Trust obtaining a minimum of 50.1% of ART's
units; and

   * AMP Life Limited agreeing by 27 May, 2003, not to exercise
any pre-emptive rights it may have upon a change in the
responsible entity of ART to Westfield Management Limited.

"Westfield Trust's offer is compelling and outstanding for all
unitholders," Mr Lowy said.

Westfield Trust's takeover offer provides the following benefits
to ART unitholders:

   * an all cash bid;

   * a premium of approximately 28.4% to the weighted average
ART unit price for the one month prior to the announcement of
Centro's scrip and cash offer for ART on 18 March 2003;

   * a premium to date of 9.3% to the average value of Centro's
takeover offer since it was announced on 18 March 2003;

   * a 28.6% premium to ART's reported net tangible asset
backing per unit as at 31 March 2003; and,

   * it is at the top end of the Deloitte Touche Tohmatsu's
valuation range of ART as expressed in its Independent Expert's
report in the ART Target Statement of 22 April 2003.

(1) Or a controlled entity of Westfield Trust

The Managing Director of Westfield, Mr Steven Lowy, said
Tuesday:

"The acquisition of the ART portfolio, which is a very high
quality shopping centre portfolio, represents a unique growth
opportunity for Westfield Trust.

"The addition of the ART centers would further strengthen the
Westfield Trust portfolio in terms of quality and performance.
We have assessed the ART properties and are confident that
income gains can be achieved.

"Our preliminary analysis indicates that at $1.80 per unit, and
with Westfield's input on the ART portfolio, Westfield Trust
anticipates it will receive an ungeared yield of 7% from the ART
portfolio by the end of 2004 compared with the current 6.5%. In
the event this is not achieved, Westfield Holdings will rebate
management fees earned from this portfolio from completion of
the bid until December 2005 to achieve this 7% yield."

The acquisition when completed will be earnings accretive to
Westfield Trust with distribution growth per unit expected to
increase to 3.75% for the full year 2003, assuming the
transaction is completed by 1 July 2003, and 3.75% for 2004 off
the higher 2003 base. This compares with the current market
consensus forecasts of 3% distribution growth per unit for each
of the fullyear 2003 and 2004 periods.

The takeover offer will be funded out of debt facilities.

Westfield Trust intends to sell its interest in up to three
properties from the combined portfolio representing
approximately $500 million, in line with its long-term asset
strategy and to meet any regulatory requirements.

Westfield Trust's forecast gearing will increase to
approximately 39% prior to the intended asset sales and will
reduce to 36% after the sale of the properties, remaining within
the gearing policy of the Westfield Trust Board.

Westfield Trust has entered into an underwriting agreement with
Deutsche Bank to underwrite, at Westfield Trust's option, up to
$500 million of its distribution reinvestment plan until 31
March 2006.

Upon completion of the bid and intended asset sales, Westfield
Trust's interests in shopping centers in Australia and New
Zealand would increase from 42 to 48, with a total value of
$11.5 billion.

Westfield intends to lodge its Bidder's Statement shortly.

A copy of the full announcement, which includes the Annexure
Conditions is available in PDF format on www.asx.com.au.
Alternatively it is available for purchase from ASX Customer
Service on 1 300 300 279.


BEACONSFIELD GOLD: Responds to September Quarterly Report
---------------------------------------------------------
On 20 December 2002, a September 2002 Quarterly Report for
A Director Michael Trumbull released Beaconsfield Gold NL. This
was expressly without the knowledge of content, or authorization
of both other Directors, James Askew (Chairman) and John
Miedecke. Neither of the two Directors attested to the accuracy
or otherwise of any statements therein.

Further, Mr Trumbull also released a statement that the Chairman
James Askew had resigned on the 21st of December, once again
without the knowledge or consent of either Mr Askew or Mr
Miedecke. This was contrary to the advice from John Miedecke
that Mr Askew had not resigned, but was considering it.

In parallel with these announcements and directly linked to
these unauthorized actions, the Chairman Jim Askew tendered his
resignation from the Board of Beaconsfield Gold NL dated 23
December 2002. The Company Secretary failed to release an ASX
announcement regarding Mr Askews resignation and the two
Directors dissociating themselves with Mr Trumbulls actions,
despite the request of the two Directors.

On a number of other occasions, culminating with a release of 13
May, Director Mr Trumbull has released reports and announcements
for the Company. All of these were expressly without the
knowledge of content, or authorization of the other Director
John Miedecke.

The latest report dating 13 May and previous reports dating back
to December, which purport to be Beaconsfield Gold NL Quarterly
Reports and have been released without Board consultation or
knowledge, contain many errors of fact and misrepresentations.
They have damaged relations with the Companies Bankers and
Receiver and have been detrimental in attempts to get the
Company out of receivership. They have directly resulted in the
lack of information regarding mine operations being proviad to
the Company. This ceased after the events of 21-23 December
2002. Mr Miedecke is seeking legal advice about Mr Trumbull's
actions and statements attributed to him in Australian Stock
Exchange releases. It is understood that other parties are
considering legal action.

Mr Miedecke has received assurances from the ASX that there will
be no future announcements made without all Directors approval.

A letter signed by shareholders in the Company who hold in
excess of 26 million shares (35% of total shareholding)
requested Mr Trumbulls resignation as a Director has been
forwarded to the Company Secretary.

The Company Secretary has been requested to send this
announcement and the letter mentioned above, to all shareholders
on the Companies e-mail list and to the companies website.


COBRA RESOURCES: ASIC Refers Bid to Takeovers Panel
---------------------------------------------------
The Takeovers Panel advised Friday that it has received an
application for a declaration of unacceptable circumstances in
relation to the affairs of Cobra Resources Limited.

The application from the Australian Securities and Investments
Commission is in connection with various statements made by Mr
Terry Norman Stephens, which announce his intention to make a
takeover bid for all the share capital of Cobra, and other
circumstances surrounding the offer.

ASIC submits, amongst other things, that there are material
deficiencies with the disclosure in the Bidder's Statement and
the proposed takeover, and that the Bidder's Statement is
misleading and confusing.

ASIC has also sought Mr Stephens to clarify how he plans to
operate Cobra if his takeover is successful.

ASIC states that it has tried unsuccessfully to resolve these
issues directly with Mr Stephens.

ASIC seeks interim orders preventing Mr Stephens from
dispatching the Bidder's Statement to Cobra shareholders and
acquiring shares in Cobra exceeding 20%, until the Panel has
determined the proceedings.

ASIC seeks final orders, amongst other things, permanently
restraining Mr Stephens proceeding with this bid.

The Panel notes that it has not yet considered the issues raised
and makes no comment on the merits of the application. It also
notes that it has not received submissions from the other
parties to the application and it is, therefore, unaware of
their views.

The President of the Panel has appointed Kevin McCann, John King
and Teresa Handicott to be the Sitting Panel to consider the
application.

CONTACT INFORMATION: N Morris
        DIRECTOR, TAKEOVERS PANEL
        Ph: +61 3 9655 3501
        nigel.morris@takeovers.gov.au


COBRA RESOURCES: ASIC Uncertain of Takeover Bid Status
------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) on
Friday applied to the Takeovers Panel for a declaration of
unacceptable circumstances in relation to the affairs of Cobra
Resources Limited (Cobra).

On 7 May 2003, Cobra released an announcement to the Australian
Stock Exchange (ASX) which attached a document titled 'Bidders
Statement' (sic) received from Mr Terry Stephens on 6 May 2003.

The Bidder's statement has not been lodged with ASIC, as
required under the Corporations Act.

On 8 May 2003, ASIC sent a letter to Mr Stephens setting out
concerns in relation to alleged substantial procedural and
disclosure breaches of the Corporations Act and the ASX Business
Rules, requesting that the concerns be addressed.

ASIC is concerned that there is uncertainty in relation to the
status of the bid, which could result in the market being
uninformed.

ASIC has applied to the Takeovers Panel for orders that Mr
Stephens be restrained from proceeding with the bid.

ASIC is unable to comment further on the matter while it is
before the Takeovers Panel.

According to Wright Investors' Service, at the end of 2002,
Cobra Resources Limited had negative working capital, as current
liabilities were A$719,000.00 while total current assets were
only A$397,000.00. The company has paid no dividends during the
last 12 months and also reported losses during the previous 12
months.


COLES MYER: Sales Result Won't Affect Ratings, Says S&P
-------------------------------------------------------
Standard & Poor's on Monday said that Coles Myer Ltd.'s (CML,
BBB+/Negative/A-2) recent third-quarter sales announcement would
have no immediate impact on the company's ratings. The rating
outlook remains negative, and continued weak same-store sales
growth from CML's food & liquor operations remains a key
concern, given that this business is the key driver of the
group's earnings and strong business profile.

Accordingly, despite a modest upward revision in earnings
guidance for fiscal 2003, and strong sales results from the
"Kmart & Officeworks" and "Target" divisions, CML remains
reliant on robust earnings growth from its food & liquor
operations in both fiscal 2003 and 2004, to generate
prudential measures consistent with its 'BBB+' rating.

Furthermore, although weak price perception and CML's lack of a
petrol offering are considered key reasons for the weak food &
liquor sales result, CML's ability to rectify these issues in
the near term may be constrained by continued fierce competitor
activity, particularly from CML's key competitor, Woolworths
Ltd. (A-/Stable/A-2). Standard & Poor's also notes that CML's
mooted expansion into petrol retailing could incorporate
significant integration and business risk, which would be
compounded if the acquisition were debt financed. Standard &
Poor's near-term focus will be on the structure, timing, and
funding of CML's strategies, to address its slowing food &
liquor sales, and its capacity to generate strong and improving
cashflows to fund capital expenditure and improve its relatively
weak prudential measures in the next 12 months-18 months.

The Troubled Company Reporter - Asia Pacific reported on March
13 that the Company sold Sydney Central Plaza to Westfield Trust
for a sale price of $390 million. The cash from the sale will be
used to fund the new store growth program, reduce debt and other
strategic initiatives.


COTECH PTY: Directors Stand Trial on Insolvent Trading Charges
--------------------------------------------------------------
Messrs Damien Gerald Francis Durkin and Timothy Rhys Hawker
Williams have been committed to stand trial on 265 charges of
insolvent trading brought by the Australian Securities and
Investments Commission (ASIC).

Mr Durkin, of Carrick, and Mr Williams, of Hobart, pleaded not
guilty to the charges in the Tasmanian Magistrates Court before
Magistrate Michael Hill.

ASIC alleges that between 20 December 1999 and 10 September
2000, Mr Durkin and Mr Williams, while directors of Cotech Pty
Ltd (Cotech), failed to prevent Cotech from incurring debts of
$261,901 when there was reason to suspect that the company was
insolvent.

The matter will come before the Supreme Court of Tasmania on 10
June 2003.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.


DAISYTEK AUSTRALIA: Appoints Voluntary Administrators
-----------------------------------------------------
Daisytek International Corporation on Friday announced that the
boards of directors for U.K.-based ISA International Plc and
Daisytek Australia have each appointed a Voluntary Administrator
to assume day-to-day management of the respective operations.

The appointments follow the significant tightening of credit
terms by vendors and funding sources in Australia and the United
Kingdom that have occurred since Daisytek's restructuring
announcement in the U.S. The mounting restrictions have resulted
in both subsidiaries' inability to meet current obligations.

In both the United Kingdom and Australia, a Voluntary
Administrator is a third party appointed to assume day-to-day
direction of a company. Upon appointment of a Voluntary
Administrator, creditors' claims are temporarily suspended while
assets are managed for the benefit of the creditors and
shareholders. The boards of directors for both companies
independently named PricewaterhouseCoopers as Voluntary
Administrator.

"The directors of Daisytek Australia and ISA International have
taken this action to preserve the going concern value of each
and provia equitable return to their respective creditors,"
stated Dale Booth, president and CEO of Daisytek International
Corp.

The Voluntary Administrators will work with the boards of
directors and their management teams to develop plans for
consideration by the creditors of each company. The plans are
expected to include provisions that will allow Daisytek
Australia and ISA International Plc to restructure their
balance sheets and continue operations.

Daisytek International Corp. also announced that the company has
received a pounds 4 million demand from GMAC Commercial Finance
plc to satisfy certain obligations arising under a guarantee
executed by the company in favor of GMAC. To date, GMAC has not
initiated proceedings to collect the guarantee.

About Daisytek

Daisytek is a global distributor of computer supplies, office
products and accessories and professional tape media. Daisytek
sells its products and services in North America, South America,
Europe and Australia. Daisytek is a registered trademark of
Daisytek, Incorporated. All rights reserved.


FLOWCOM LTD: Expands Management Team to Address Growing Business
----------------------------------------------------------------
Following last month's General Meeting (EGM) and the appointment
of an expanded board, FlowCom Limited announced on Thursday
management changes designed to address the Group's growing
business, and the new opportunities in prospect as a result of
the Company's debt restructure.

FlowCom founder Tom Amos's role as Managing Director and Chief
Executive Officer is being split in a management restructure.
This split will bring in increased senior management capability
to ensure the Company expands its sales opportunities while
continuing to manage its ongoing operations. Mr Amos will
continue as Group Managing Director, and Mr Chris Ryan has been
appointed CEO, with effect from May 19.

Mr Ryan, who was appointed to the board following FlowCom's EGM
last month, is a director of CapX Limited, a principal in the
consortium that was instrumental in the FlowCom debt restructure
approved by the shareholders at the April EGM. Mr Ryan's
professional background is primarily in financial markets. He is
a former director of UBS Warburg and ABN AMRO Bank, and through
CapX has recent experiences with the acquisition and management
improvement of technology companies.

The additional financial resources available to FlowCom as a
result of its relationship with Crown-CapX, the group with which
FlowCom effected its secured debt restructure last month, is
anticipated to enable further rapid growth of the Group's data
and voice services business.

Last month, FlowCom acquired the broadband business of iGreen,
assisted by Crown-CapX, and the board sees further such growth
opportunities in the near future.


TRANZ RAIL: S&P Places 'CCC' Rating on Credit Watch Developing
--------------------------------------------------------------
Standard & Poor's Ratings Services on Monday placed its long-
term 'CCC' rating on Tranz Rail Holdings Ltd. (Tranz Rail), the
New Zealand-based rail-freight operator, and those on Tranz
Rail'sguaranteed debt issues on CreditWatch with developing
implications. The action follows the recent offer by RailAmerica
Inc. (BB-/WatchNegative/-) to buy 100% of the equity in Tranz
Rail.

RailAmerica intends to offer NZ$0.75 cash for each ordinary
share of Tranz Rail, for total consideration of about US$90
million. In addition, it will assume or refinance about US$135
million of existing indebtedness. The offer is scheduled to
commence between May 30, 2003, and June 14, 2003, and close 30
days thereafter.

The CreditWatch Developing action reflects the probability that
foreseeable events could have a positive or negative impact on
Tranz Rail's rating. A positive impact is likely if the higher-
rated RailAmerica is successful in its bid, and injects adequate
liquidity into Tranz Rail.

In contrast, if the takeover is not successful, Tranz Rail's
rating would continue to face pressure, reflecting its liquidity
constraints and uncertainty regarding the extent of support from
its bankers.

RailAmerica's offer to acquire Tranz Rail is conditional upon a
number of issues, and the timing of the acquisition will be
critical to Tranz Rail's creditworthiness. Tranz Rail's ratings
reflect its very-tight liquidity position and the pressure it
faces in meeting some critical external obligations before the
end of June 2003. The resolution of the CreditWatch will depend
on the progress of the take-over offer.  If successful, Tranz
Rail's rating post acquisition will depend on Standard & Poor's
assessment of the new owner's strategy to restructure Tranz
Rail's operations and recapitalize its balance sheet. Standard &
Poor's will continue to comment on Tranz Rail's rating based on
publicly-available market information as the bid progresses.


VILLAGE ROADSHOW: S&P Withdraws Credit Ratings
----------------------------------------------
Standard & Poor's Ratings Services said Monday that it has
affirmed its 'BB' long-term corporate credit rating and its 'B+'
debt rating on the convertible subordinated notes of Village
Roadshow Ltd. At the same time, the ratings have been
withdrawn at the company's request. US$29.1 million of the
convertible subordinated notes were outstanding at May 13, 2003.

Village's ratings were underpinned by the solid position of the
company's Australian/New Zealand cinema network, the good market
position of its radio and theme-park businesses, and its
operating diversity, which allows for cross-promotional
opportunities across its core 16-39 year-old market segment.
Although several major films are due for release in 2003,
Village's fiscal 2003 results are likely to be impacted by the
SARS outbreak and a competitive advertising market, in
particular movie attendances in several Asian countries, tourism
to Australian theme parks, and radio revenues. The ratings also
reflect an aggressive financial structure, although this is
expected to moderately improve through the recent sale of its
50%-owned Warner Village cinema circuit in the U.K., and an
increasing exposure to higher-risk film production.

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


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


BIG SINCERE: Winding Up Petition Pending
----------------------------------------
Big Sincere Investment Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on May 28, 2003 at 10:00 in the morning.

The petition was filed on April 4, 2003 by Ng Ho Ying Chloe of
Flat H, 11/F., Block 32, City One Shatin, New Territories, Hong
Kong.


BILLION STARS: Winding Up Sought by Poon Kam
--------------------------------------------
Poon Kam Ming is seeking the winding up of Billion Stars
Enterprise Limited. The petition was filed on April 7, 2003, and
will be heard before the High Court of Hong Kong on May 28, 2003
at 10:00 in the morning.

Poon Kam holds its registered address at Room 1018, Lai Ching
House, Lai On Estate, Shamshuipo, Kowloon, Hong Kong.


CHI CHING: Winding Up Petition Set for Hearing
----------------------------------------------
The petition to wind up Chi Ching Tours Company Limited is
scheduled for hearing before the High Court of Hong Kong on May
28, 2003 at 10:00 in the morning.

The petition was filed with the court on April 7, 2003 by Tong
Kee Fong Joseph of Room 2313, Lung Yat House, Wong Tai Sin Lower
Estate, Kowloon, Hong Kong.


NGA YUEN: Winding Up Hearing Scheduled on May 28
------------------------------------------------
The High Court of Hong Kong will hear on January 8, 2003 at 9:30
in the morning the petition seeking the winding up of Nga Yuen
Restaurant Company Limited.

Chan Chi Shing of Room 902, Yam Hing House, Shek Yam East
Estate, Kwai Chung, New Territories, Hong Kong filed the
petition on April 2, 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.


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


MEDCO ENERGI: Prices $250M Bond Offering
----------------------------------------
PT Medco Energi Internasional Tbk announced that it had priced a
US$250 million offering (the Offering) of senior unsecured fixed
rate guaranteed bonds due 2010 (the Bonds) puttable at the end
of 5 years.  The Bonds will be issued by Medco Energi's wholly-
owned subsidiary MEI Euro Finance Limited and guaranteed by
Medco Energi.  The Bonds were priced to yield 9.00% with a
coupon of 8.75% payable semi-annually.  Credit Suisse First
Boston and UBS Warburg acted as Joint Bookrunners and Joint Lead
Managers.

Concurrent with the Offering, Medco Energi conducted an Exchange
Offer and Consent Fee Offer (the Exchange and Consent Fee
Offers) in relation to the US$100 million fixed rate guaranteed
notes due 2007 (Existing Notes) issued by MEI Euro Finance
Limited and guaranteed by the Company in March last year.
Holders of US$99.9 million aggregate principal amount of
Existing Notes participated in the Exchange and Consent Fee
Offers.  Holders of US$73.0 million aggregate principal amount
of Existing Notes participated in the Exchange Offer and the
holders of the remaining US$26.9 million of the aggregate
principal amount of the Existing Notes participated in the
Consent Fee Offer.  The bonds to be issued in exchange for the
Existing Notes in the Exchange Offer will rank pari passu and
form a single series with the Bonds.

The meeting of holders of Existing Notes held on Friday approved
the amendment of the Existing Notes to conform certain
restrictive covenants of the Existing Notes to those of the
Bonds.  UBS AG, Singapore Branch, an affiliate of UBS Limited,
acted as dealer manager for the Exchange and Consent Fee Offers.

Hilmi Panigoro, Medco Energi's President and CEO noted, "I am
very pleased with the outcome of the transaction, in particular
with the global distribution that was achieved and the number of
accounts that participated.  The success of the issue is a
reflection of the increasing investor confidence in Indonesia in
general and in Medco in particular."

Moody's Investors Services and Standard and Poor's recently
assigned B3 and B+ ratings, respectively, to the Offering.

CONTACT INFORMATION: Mr. Sugiharto
        Medco Energi
        Tel: +62-21-250-5459


* Banks Should Pull Away From Pack as Economy Improves, Says S&P
----------------------------------------------------------------
Standard & Poor's Ratings Services said Monday that it expects
an ever-widening gulf to emerge between the credit profiles of
major Indonesian banks and their smaller rivals as the
Indonesian economy gradually recovers from the Asian
financial crisis of 1997-1998.

Up until now, given the challenging operating environment and
ongoing internal restructuring, it has been difficult to
distinguish between Indonesian banks. Now, however, as the
operating environment continues to improve and banks make
further progress in improving their systems and controls,
Standard & Poor's is detecting signs that Indonesia's leading
banks are regaining their market superiority. The leading banks
include two state-owned banks--P.T. Bank Mandiri (Persero) (Bank
Mandiri; B/Stable/B) and P.T. Bank Negara Indonesia (Persero)
Tbk. (Bank BNI; B/Stable/B); and the country's top private
banks, P.T. Bank Danamon Indonesia Tbk. (Bank Danamon;
B/Stable/B) and P.T. Bank Central Asia (BCA; Bpi).

Asset quality and profitability at the top banks remain greatly
influenced by the still-high, if falling, proportion of
government recapitalization bonds in their balance sheets,
averaging about 45% of assets as at December 2002. Although
still low, productive loans are rising, with the major banks'
loans-to-deposits ratio measuring about 38% in 2002, from 26% in
2001, reflecting Indonesia's economic recovery and the banks'
efforts to increase their productive loan book and diversify
their sources of interest revenue. These initiatives, combined
with the Indonesian government's better financial position, will
strengthen the major banks' credit profiles.

The expectation that these major banks will increasingly break
away from the pack is based on the following factors:

   * Their larger loans, deposits, and total assets compared
with other Indonesian banks. Together, the four banks mentioned
above represent about 50% of the system's assets and deposits,
and dominate an industry served by 141 commercial banks. The two
largest banks, Bank Mandiri and Bank BNI, combined account for
one-third of total loans and deposits. These banks' size and
extensive networks provide them with economies of scale, as well
as considerable reach into the market, particularly for
relatively low-cost, third-party funds. With such access, the
major banks' are also better placed to use liability management
to sustain net interest margins.

   * Gradual recovery in Indonesia's macroeconomic conditions
will benefit the country's real sector, in particular its
export-related and small-to-midsize enterprise (SMEs) segments.
This in turn, will enhance the banks' operating environment,
particularly the major banks, which will be relatively better
placed to improve their asset quality, profitability, and
capitalization.

   * The progress made by the major banks in the key areas of
credit and risk management, information technology, human
resources, and operating systems, together with a more focused
strategy, will stand these banks in good stead to take advantage
of any improvement in the country's economic and business
conditions. The banks expected to benefit most from its
efforts in these areas are BCA, which was 51% acquired by U.S.
investment firm Farallon Capital, and Bank Danamon, if the
proposed 51% purchase by a consortium of the Singapore-
government owned Temasek Holdings and Deutsche Bank is
finalized. These shareholders will help improve the quality of
the banks' management and technical expertise.

Five years have passed since Indonesia's bank restructuring
program began. Sixty-six banks were closed and another 13
nationalized between 1998 and 2000. The government's
recapitalization exercise was completed in late 2000 and has
helped to stabilize the banking system. Nevertheless, smaller
banks are still finding their financial position vulnerable,
owing to their weaker franchise, higher funding cost, and
resultant greater pressure on interest margins. The transfer of
nonperforming loans to the Indonesian Bank Restructuring Agency
(IBRA) has enabled the Indonesian banks to clean up their
balance sheet, but with a dearth of productive loan
opportunities, government recapitalized bonds remain the single
largest component of the banks' assets books, varying between
40% and 50% of their totals.

The banks' inability to lend productively has proven the
sector's greatest obstacle in repairing asset books. The climate
is changing, however, and new credit, particularly to SMEs, is
increasing, with 35% growth in 2002.

Although down from 240 or so before the Asian financial crisis,
there remain 141 banks in Indonesia, meaning substantial excess
capacity in the system. In future, the less competitive and
unprofitable banks are likely to merge or be taken over by
leading banks, whose positions will improve because of their
stronger market franchise, steadily improving operational
and information systems, and more innovative management.


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


FUJI FIRE: Cuts FY02 Net Loss to Y5.9B
--------------------------------------
Fuji Fire & Marine Insurance Co. booked a net loss of 5.9
billion yen for the year ending in March 31, versus a loss of
19.80 billion yen the previous year, Kyodo News reports. The
casualty insurer also incurred an extraordinary loss of 6.36
billion yen in 2002 due to early retirement program costs.


FUJITSU LTD.: Rating Under Pressure From Still Weak Profile
-----------------------------------------------------------
Standard & Poor's Ratings Services said that the 'BBB-pi' rating
on Fujitsu Ltd. could be lowered if the Company's cash flow and
profitability fail to recover quickly, or if its capital
structure is not improved through debt reduction.

Having reduced its fixed costs by 170 billion yen through
restructuring measures, Fujitsu returned to profitability in
fiscal 2002 (ended March 31, 2003), posting an operating profit
of 100 billion yen after an operating loss of 74.4 billion yen
in the previous year. However, its cash flow showed only a small
improvement in fiscal 2002. Funds from operations to total debt
rose to 4.3 percent from minus 2.8 percent a year earlier, which
is still very weak for the rating category.

Fujitsu's operating performance has been relatively solid in the
software and services business, which is supporting its overall
profitability and cash flow. While its earnings from platform
and electronics devices businesses are recovering, helped by
business reforms such as cost reductions, these earnings are
still weak.

In fiscal 2003, Fujitsu aims to further improve its profits from
software services and to boost its profitability in the platform
and electronics devices businesses by taking additional business
reform measures. However, the prospects for a further recovery
in profitability in the platform and electronics devices
businesses are uncertain, given the vulnerability of these
businesses to adverse market conditions, and a likely
continuation of severe competition. Standard & Poor's will
closely monitor Fujitsu's profitability, cash flow, and efforts
to reduce debt.


HUIS TEN: Ripplewood Among Candidates For Reviving Firm
-------------------------------------------------------
Candidates for sponsoring the rehabilitation of Dutch theme park
operator Huis Ten Bosch Co. has been narrowed down to several
firms, including U.S. investment fund Ripplewood Holdings LLC,
according to Kyodo News on Tuesday. Company administrator
Shigeaki Momoo plans to provide detailed financial information
on Huis Ten Bosch to those candidates and select one firm by
early July.


JAPAN AIRLINES: Plans to Skip Dividend Payments This Year
---------------------------------------------------------
Japan Airlines System Corp. plans to forgo dividend payments in
the current fiscal year ending March 31, 2004, because its
profitability is being hurt by the spread of severe acute
respiratory syndrome, Asia Times and Asia Pulse reported on
Tuesday. The airline incurred a consolidated net profit of 11.6
billion yen (US$100.49 million) in fiscal 2002 and will pay a
dividend of 4 yen per share. But it projects a net loss of 43
billion yen this fiscal year due to a decline in passenger
traffic.

The "BB" long-term rating of Japan Airlines System Corp. is now
on Standard and Poor's CreditWatch with negative implications,
the Troubled Company Reporter-Asia Pacific reported recently,
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).


KUMAGAI GUMI: Ailing Contractors to Delay Merger
------------------------------------------------
Troubled contractors Kumagai Gumi Co. and Tobishima Corporation
will delay merger plans for a year until April 2005 so they can
prepare more carefully, Japan Times said on Tuesday. Both firms
will decide the type of management integration after examining
the process of integration in each operation.

Kumagai has asked its main creditor banks, including Sumitomo
Mitsui Banking Corp., for a bailout of 300 billion yen, which
brings the total amount of financial help to the contractor to
about 750 billion yen. Tobishima has asked its main creditor
banks, including Mizuho Corporate Bank, for a 30 billion yen-
bailout, which brings the total amount granted to the Company to
about 750 billion yen.


KYOEI CO.: Files For Court-Led Rehabilitation
---------------------------------------------
Kyoei Co. has filed for court protection from creditors under
corporate rehabilitation law, Dow Jones reports. The firm leaves
behind total debts of 8.92 billion yen. The Company is an
engineer for pipes used in such industries as air conditioning.
The prolonged economic slump had hit the construction industry
hard, making competition for orders fierce. The firm expects the
amount of orders received last fiscal year to provia only a slim
profit margin, forcing it to have posted losses for the third
straight year.


MIZUHO FINANCIAL: Dissolves Subsidiary
--------------------------------------
Mizuho Financial Group, Inc. has announced that its wholly-owned
subsidiary, Mizuho Corporate Bank, Ltd. MHCB, has decided to
dissolve Mizuho Corporate Asia (Singapore) Limited, as follows.

1.The Subsidiary to be Dissolved

Corporate Name Mizuho Corporate Asia (Singapore) Limited
Location 168 Robinson Road, #11-02 Capital Tower, Singapore
068912
Representative Fusato Suzuki

2.Reason for Dissolution

The companies will go into dissolution as part of
rationalization of MHCB's operations in Asia.

3.Outline of the Subsidiary

Business Merchant Bank
Date of Establishment July 1997
Common Stock SGD 14 million
Number of Stock issued 14 million stocks
Total Assets (December 2002) SGD 58 million
Number of Employees (April 2003) 4
Shareholders 100 percent owned by MHCB
Performance Ordinary Profit SGD 175 thousand
(Fiscal Year Ended in December 2002) Net Profit SGD 473 thousand

4.Scheduled Date of Dissolution

By December 2004.

5.This decision will have no material effect on the profit and
loss for this fiscal year of Mizuho Financial Group, Inc.
(consolidated or non-consolidated).


NISSHIN FIRE: Returns to Profitability
--------------------------------------
Casualty insurer Nisshin Fire & Marine Insurance Co. swings
returned to profit last year due to smaller appraisal losses on
its securities holdings and lower personnel costs, according to
Kyodo News. The Company posted an unconsolidated pretax profit
of 4.85 billion yen for the year ended March 31 in a turnaround
from a loss of 13.29 billion yen the previous year.

In July last year, Standard & Poor's assigned a 'BBB-' financial
strength and long-term counterparty credit rating on the
company, with a negative outlook.  In handing this grade, the
company cited the firm's "deteriorated operating performance and
intensifying competition, mainly from large insurance groups."

"While Nisshin Fire's underwriting performance has improved due
to a decrease in natural disaster-related losses in fiscal 2001,
its overall operating performance has significantly worsened,
primarily as a result of a sharp increase in asset revaluation
losses on securities and additional voluntary early retirement
costs," S&P said at the time.


RESONA BANK: S&P Places 'BB+/B' Rating on CreditWatch
-----------------------------------------------------
Standard & Poor's Ratings Services on Monday placed its 'BB+'
long-term and 'B' short-term ratings on Resona Bank Ltd. on
CreditWatch with positive implications, after the Japanese
government decided to inject capital amounting to 2 trillion
yen.

On May 17, 2003, Resona Holdings Inc. announced revised
financial results for fiscal 2002 (ended March 2003), dropping
the regulatory capital ratio of Resona Bank, its major
subsidiary bank, to about 2 percent from 6 percent, which is far
below the 4 percent regulatory requirement for banks operating
domestically. At the same time, Resona stated its intention to
apply to the government's Deposit Insurance Corp. for an
injection of public funds.

The Resona group is the fifth-largest bank group in Japan with
total assets of 41.8 trillion yen as of the end of September
2002. The group was created in March 2002 through consolidation
between Asahi Bank Ltd. and Daiwa Bank Ltd.

"In placing the ratings on CreditWatch with positive
implications, Standard & Poor's is assuming that Resona bank
will not be forced by the government to skip any financial
obligations as a consequence of the public fund injection," said
Yasushi Kimura, a Standard & Poor's credit analyst.

"So far, there has been no indication that creditors will be
asked to bear losses," Mr. Kimura added.

The injection of public funds will help Resona Bank improve its
financial base. However, the benefit will only be temporary if
the injection is not accompanied by measures to rebuild the
bank's risk management systems and establish more efficient
operations.

Generally, in Standard & Poor's view any capital injection in
the form of debt-like instruments, such as the government's
previous bank bailout in the late 1990s, would not be regarded
as sufficient capital enhancement. Resona Holdings had 27.3
trillion yen in risk assets at the end of September 2002, the
majority of which were held by Resona Bank. In resolving the
CreditWatch status, Standard & Poor's will examine the new
management's plans to enhance profitability as well as the
immediate impact of the injection on Resona Bank's financial
profile.


SEGA CORPORATION: Names Hisao Oguchi as New President
-----------------------------------------------------
Sega Corporation, the games software Company, on Monday made the
surprise announcement that Hisao Oguchi will become its new
President replacing Hideki Sato, Japan Times reports. Oguchi,
who has spent most of his 20-year career at the Company as a
game developer, said the struggling game maker would place
priority on beefing up its game products. He said he would place
the Company's various development sections under his direct
control in order to speed up the development process and stay
competitive within the rapidly changing market.


SEGA CORPORATION: Returns to Profit After 5 Years of Losses
-----------------------------------------------------------
Struggling videogame maker Sega Corporation posted a net profit
of 3.05 billion yen for the year ending in March 31, after five
years of straight losses, helped by solid results in its game
arcade business, Reuters said on Monday.

After pulling the plug on its loss-making Dreamcast game console
business in 2001, Sega shifted its focus to software development
in consumer games but has so far failed to attract a wide range
of global consumers due to stiff competition.


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


DAEWOO SHIPBUILDING: Main Creditors to Issue GDRs in Early June
---------------------------------------------------------------
Main creditors of Daewoo Shipbuilding and Marine Engineering
will sell a combined 15-16 per cent of their total stakes in the
Company, equivalent to 28.86 million-30.78 million shares, in
the form of global depositary receipts [GDRs] to foreign
investors, Asia Pulse reports. The GDRs are expected to fetch
around 10,770 won [US$9] per unit.

The Korea Development Bank and the Korea Asset Management
Corporation, who hold a combined 69.67 per cent stake in DSME,
will issue the GDR's early next month after holding a series of
road shows in the United States and the United Kingdom from May
20-June 2, DSME said. The GDRs will be traded on the Luxembourg
bourse with Citibank serving as a custodian.

The Company was spun off from Daewoo Heavy Industries in 2000.
The Company ended its debt workout program in August 2001 as its
financial fundamentals improved. According to Wright Investor's
Service, at the end of 2001, Daewoo Shipbuilding & Marine
Engineering had negative working capital, as current liabilities
were 1.99 trillion Korean Won while total current assets were
only 1.30 trillion Korean Won.


SK GLOBAL: Negative Worth Stands at W4.38Tr
-------------------------------------------
SK Global Co.'s negative net worth stood at 4.38 trillion won as
of the end of December, according to the results of a due
diligence conducted by Samil Accounting on behalf of SK Global's
creditors, Dow Jones said on Monday. Auditors also uncovered
KRW422 billion in hidden assets, including SK Telecom Co.'s
American Depository Receipts, according to Hana Bank, SK
Global's main creditor Monday. The creditors will use the
results to determine the Company's viability.

SK Global's financial difficulties emerged after prosecutors
discovered accounting irregularities of KRW1.55 trillion at the
Company on March 11. After the discovery, creditors froze the
Company's KRW6.7 trillion in domestic debt for three months
until June 18.

DebtTraders reports that SK Corp.'s 7.500% bond due in 2006
(YUKO06KRN1) trades between 89.5 and 93. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=YUKO06KRN1


SK GLOBAL: SK Group Introduces Rescue Plan
------------------------------------------
The SK Group will introduce a group-wide rescue plan for SK
Global, including a debt-for-equity swap based on the results of
due diligence on the trading firm, the Korea Times said on
Monday. According to the Samil Accounting's due diligence on SK
Global, the firm's capital was in negative zone by 4.38 trillion
won for the fiscal year 2002, with the trading firm's
outstanding debts of 9.97 trillion eating out its total assets
of 5.58 trillion won.


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


FORESWOOD GROUP: Explains Unaudited, Audited Profit Variance
------------------------------------------------------------
Pursuant to Paragraph 9.19(34) of the KLSE Listing Requirements,
the Board of Foreswood Group Berhad wish to announce that the
audited loss after tax and minority interest for the financial
year ended 31st December 2002 is RM161.4 million as compared to
the announced unaudited loss after tax and minority interest of
RM34.5 million.

The above results represents a deviation of RM126.9 million from
the unaudited results due to additional provision for impairment
losses on property, plant and equipment of RM126.9 million.

The Board made the provision after reassessing the fair value of
the fixed assets based on the valuation report conducted by a
professional firm of valuers made available after the
announcement of the unaudited results.


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

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

The Property is currently approximately 60% rented out.

Disposal Consideration

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

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

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

(collectively referred as "SPA-Property")

Basis of arriving at the disposal price

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

Financial Information on the Property

The cost of investment of the Property is as follows:

         Date                 RM'000
     17 March 1994            42,000

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

Financial Effects of the Proposed Disposal

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

Information on Marina-Ace shares to be issued

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

Information on Marina-Ace

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

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

Other salient terms of the SPA-Property

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

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

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

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

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

Directors' and Substantial Shareholders' Interest

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

Rationale of the Proposed Disposal

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

Directors' Opinion

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

Documents for Inspection

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

Approvals Required

The transaction is not subject to the approval of shareholders
as it is part of the Proposed Disposal of Non-Core Assets in
accordance with the Workout Proposal of AAB Group, which were
approved and implemented under the Pengurusan Danaharta Nasional
Berhad Act, 1998. The details of the Workout Proposal had been
disclosed in the Information Circular to Shareholders dated 8
October 2002.

The Agreement is conditional upon:

   (a) the High Court's sanction and approval for the Proposed
Share Exchange and the Proposed Debt Settlement pursuant to
Section 176 of the Act of Sateras Resources Malaysia Berhad
(Sateras);

   (b) the approval of the Securities Commission on the Proposed
Restructuring Scheme of Sateras;

   (c) the approval of the Foreign Investment Committee on the
Proposed Restructuring Scheme of Sateras;

   (d) the approval of the Ministry of International Trade and
Industry on the Proposed Restructuring Scheme of Sateras;

   (e) the approval and consents from the bankers/creditors of
Sateras to the Proposed Restructuring Scheme, in particular the
Proposed Debt Settlement at the meetings convened by the High
Court pursuant to Section 176 of the Act;

   (f) the approval of the shareholders of Sateras in general
meeting and at a meeting convened by the High Court pursuant to
Section 176 of the Act for the Proposed Restructuring Scheme and
all proposals under the Proposed Restructuring Scheme of
Sateras;

   (g) the approval of the shareholders of Marina-Ace in general
meeting to the increase of the authorized and paid up share
capital of Marina-Ace for the purpose of implementing the
Proposed Restructuring Scheme and the approval for its
participation under the Proposed Restructuring Scheme of
Sateras;

   (h) the approval of Kuala Lumpur Stock Exchange ("KLSE") for
the de-listing of Sateras and the listing and quotation of all
the new ordinary shares of Ringgit Malaysia One (RM1.00) each in
Marina-Ace (arising after the Proposed Restructuring Scheme) to
the KLSE;

   (i) such other waivers, consents or approvals as may be
required or deemed necessary from any third party or
governmental, regulatory body or competent authority having
jurisdiction over any part of the Proposed Restructuring Scheme
or the transactions contemplated under this Agreement of
Sateras.


GANAD CORPORATION: BNM Grants Proposed Acquisition Approval
-----------------------------------------------------------
Ganad Corporation Bhd refers to the announcements made on 15
October 2002,18 October 2002, 24 December 2002, 6 February 2003
and 10 February 2003 in relation to the Proposals, which
comprises the following:

   * Proposed Scheme of Arrangement
   * Proposed Disposal
   * Proposed Acquisitions
   * Proposed Bumiputera Issue
   * Proposed Placement
   * Proposed Exemption
   * Proposed Listing Transfer

On behalf of the Board of Directors of Ganad, Southern
Investment Bank Berhad is pleased to announce that the Bank
Negara Malaysia (BNM) had via its letter dated 12 May 2003
granted its approval on the acquisition of 1,000,000 ordinary
shares of S$1.00 in GBC Marketing Pte Ltd (GBC), which represent
the entire issued and paid-up share capital of GBC, by Axis
Diversity Sdn Bhd (Axis) from GBC's shareholders who are non-
residents of Malaysia for a proposed purchase consideration of
RM29,318,206 to be satisfied by the issuance of 29,318,206 new
ordinary shares of RM1.00 each in Axis.

The approval from the BNM is subject to the following
conditions:

   (1) all dividend or profits and proceeds from divestment
received is required to be remitted to Malaysia upon the
dividend or profit is paid or when Axis divests its interest in
GBC and Axis is required to notify the Foreign Exchange
Administration Department on the said transactions;

   (2) Axis is required to present to the Foreign Exchange
Administration Department a report on a quarterly basis in
accordance to the format prescribed under Exchange Control
Malaysia (ECM) 9 with regards to the total amount of foreign
investment. The said report is to be submitted to the Foreign
Exchange Administration Department within one (1) month after
the quarterly result is announced; and

   (3) Axis is required to submit to the Foreign Exchange
Administration Department copies of the financial statements of
Axis and GBC every year, immediately after the financial
statements are ready.


MBF HOLDINGS: Court Grants Unit Convene Creditors' Meeting
----------------------------------------------------------
MBf Holdings Berhad (MBfH) would like to inform that the High
Court of Malaya at Kuala Lumpur has granted MBf Hotels (M) Sdn
Bhd (MBf Hotels) an order to convene a creditors' meeting to
present a Proposed Revised Scheme of Arrangement to compromise
the debts due to its creditors under Paradise Malacca Village
Resort on or before 30 June 2003.

MBf Hotels is a wholly-owned subsidiary of Paradise Hotel &
Resort International Limited, which in turn is wholly-owned by
MBf Equities Sdn Bhd (MBfE). MBfE is a wholly-owned subsidiary
of MBfH.


MOL.COM BERHAD: Answers KLSE's Unusual Market Activity Query
------------------------------------------------------------
The Board of Directors Mol.com Berhad, in reply to Query Letter
by KLSE reference ID: ZB-030519-43841 dated 19 May 2003 on the
unusual market activity, advised the following:

   1. There is no material development in the Company's business
and affairs not previously disclosed;

   2. The Board has no knowledge and has not been notified of
any impending change in the major shareholders of the Company;
and

   3. In its knowledge, there is no other reason to account for
the unusual market action.

In addition, the Board also wishes to declare that upon due
inquiry, none of the situations/ events has transpired pursuant
to Paragraph 9.03, 9.04 and 9.07 of the KLSE's Listing
Requirements.

The Board is also not aware of any rumor or report, which
contains information which is likely to have an effect on the
trading of the Company's securities.

KLSE Query Letter content:

We draw your attention to the sharp increase in price in your
Company's shares today. In accordance with paragraph 9.11 of the
Exchange's Corporate Disclosure Policy on Response To Unusual
Market Activity, you are requested to furnish the Exchange with
an announcement for public release after a due enquiry seeking
the cause of the unusual market activity in the Company's
securities. When considering your response and when making the
required announcement, your attention is particularly drawn to
the continuing disclosure requirements set out in Chapter 9 of
the KLSE's Listing Requirements.

The announcement is to reach the Exchange immediately today via
KLSE Listing Information Network (KLSE Link).

Yours faithfully
TAN CHUN WENG
Senior Vice President,
Financial Review & Surveillance
Listing Group
ELE/psp


RNC CORPORATION: Obtains SC's Nod on Proposed Scheme Extension
--------------------------------------------------------------
RNC Corporation Berhad (Special Administrators Appointed) refers
to the earlier announcement in relation to the Proposed
Corporate and Debt Restructuring Scheme (Proposed Scheme),
encompasses the following:

   * Proposed Capital Reconstruction;
   * Proposed Group Reorganization;
   * Proposed Debt Settlement;
   * Proposed Rights Issue;
   * Proposed Acquisitions;
   * Proposed Distribution;
   * Proposed Exemptions;
   * Proposed Restricted Offer for Sale; and
   * Proposed Transfer to Main Board.

The Special Administrators of RNC announced that the Securities
Commission had via its letter dated 12 May 2003 (which was
received on 16 May 2003), approved a further extension of 6
months to 16 October 2003, to implement the Proposed Scheme.


SENG HUP: Provides Default in Payment Status Update
---------------------------------------------------
As required by the KLSE Practice Note 1/2001, Seng Hup
Corporation Bhd (Special Administrators Appointed) (SHCB)
provided an update on its default in payment, as enclosed in
Appendix A at http://bankrupt.com/misc/TCRAP_Seng0521.xls.

The default by SHCB as at 30 April 2003 amounted to RM56,747,739
made up of principal sums, plus RM30,316,670 in interest for
revolving credit facilities, trade financing and overdraft.

P.T. Krisindo Mas, a subsidiary of SHCB had as at 30 April 2003,
defaulted US$2,280,000 made up of a principal sum plus,
USD1,357,697 in interest, in respect of its property loan.

Dasar Jernih Sdn Bhd and Nazar Holdings Sdn Bhd, both
subsidiaries of SHCB have respectively defaulted in the
principal repayment of their property loans amounting to
RM5,728,000 and RM1,180,000 together with interest of
RM2,778,825 and RM673,517 respectively as at 30 April 2003.


SOUTHERN STEEL: Proposes Renewal of Shareholders' Mandate
---------------------------------------------------------
Southern Steel Berhad writes to inform that the Company will be
seeking the approval of its shareholders for the proposed
renewal of shareholders' mandate for recurrent related party
transactions of a revenue or trading nature (the Proposed
Renewal).

A circular containing the details of the Proposed Renewal will
be issued to the shareholders of the Company in due course.

According to Wrights Investors' Service, at the end of 2002,
Southern Steel Berhad had negative working capital, as current
liabilities were RM860.14 million while total current assets
were only Rm506.10 million. It also reported that company has
paid no dividends during the last 12 months. Southern Steel
Berhad last paid a dividend during fiscal year 1997, when it
paid dividends of 0.10 per share.


SOUTHERN STEEL: Seeks Articles of Association Amendment
-------------------------------------------------------
Southern Steel Berhad proposes to amend its existing Article
106, which reads as follows:

"The quorum necessary for convening a meeting of the directors
shall be five (5) and a meeting of the directors for the time
being at which a quorum is present shall be competent to
exercise all or any of the powers, authorities and discretions
by or under these Articles vested in or exercisable by the
directors generally."

by deleting the word "five (5)" in line 1 and substituting with
the word "three (3)" to read as:

"The quorum necessary for convening a meeting of the directors
shall be three (3) and a meeting of the directors for the time
being at which a quorum is present shall be competent to
exercise all or any of the powers, authorities and discretions
by or under these Articles vested in or exercisable by the
directors generally."


TAP RESOURCES: ICULS Acceptance Date Extended to June 6
-------------------------------------------------------
Further to the announcement dated 29 April 2003 in relation to
the Prospectus dated 30 April 2003 in relation to the Issuance
of up to a maximum of RM43,178,831 Nominal Value of 2% 3-Year
Irredeemable Convertible Unsecured Loan Stocks (ICULS) on the
basis of RM1.00 Nominal Value of ICULS for every RM1.00 Nominal
Value of Debt owing to the Creditors as at the Cut-Off Date.

Malaysian International Merchant Bankers Berhad, on behalf of
TAP Resources Berhad, wishes to announce that pursuant to
Section 13.1 of the abovementioned Prospectus, the Directors of
TAP have collectively agreed to extend the last time and day for
acceptance of the ICULS from 5:00 p.m. on 22 May 2003 to 5:00
p.m. on 6 June 2003.

If acceptance of the ICULS by the respective creditors is not
received by the Registrar by 5.00 p.m. on 6 June 2003, the ICULS
will be deemed to have been declined by the respective creditors
and such ICULS so declined will be cancelled.


TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad informed that on 19 May 2003 it was
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 8 May 2003 and 9 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
http://bankrupt.com/misc/TCRAP_Tongkah0521.docfor summary
information on the securities disposed.


TRANS CAPITAL: Proposed Schemes of Arrangement Approved
-------------------------------------------------------
Trans Capital Holding Berhad refers to the notices dated 24
April 2003 in relation to its meeting of members and meetings of
Scheme Creditors of TCHB, Trans Capital Sdn Bhd (In
Receivership), Trans Capital Electronics Sdn Bhd and Trans
Capital Technology Sdn Bhd.

In relation thereto, AmMerchant Bank Berhad, on behalf of the
Company, wishes to announce that the Proposed Schemes of
Arrangement and Compromise under Section 176 of the Companies
Act, its members have approved 1965 and respective Scheme
Creditors at the Court convened meetings held on 16 May 2003.


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


KUOK PROPERTIES: Narrows 1Q03 Net Loss to Php4.3M
-------------------------------------------------
Kuok Properties Philippines, Inc. (KKPI) narrowed its net loss
to 4.3 million pesos against a net loss of 66.77 million in the
same period last year, due to debt restructuring efforts,
Business World reports. The PhP4.3 million in loss is mainly due
to goodwill that was written off worth PhP18.3 million and
foreign exchange losses of PhP17.7 million.


MANILA ELECTRIC: S&P Lowers Rating to CCC; Outlook Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services has lowered its foreign
currency rating on Manila Electric Co. (Meralco) to 'CCC' from
'B-'. The outlook on the rating is negative. The rating action
reflects Standard & Poor's concerns that Meralco will not be
able to meet financial obligations totaling upwards of
Philippine peso (PhP) 12 billion due in 2003.

Standard & Poor's said that at the core of immediate concerns
about Meralco's liquidity position is the question of whether
the Company will be able to roll over or term out short-term
debt due in July 2003. Earlier this month, lenders extended the
maturity on Meralco's short-term debt for 90 days and agreed to
term out the debt if Meralco was successful in securing a rate
increase and if the Company provided security for the
refinancing under the Company's mortgage trust indenture (MTI).
Meralco is in the process of obtaining authorization to secure
the loans under the MTI. The Company is still awaiting a
response from the Philippine Energy Regulatory Commission
regarding a rate increase.

Beyond the next three months, Meralco is expected to continue to
experience tight liquidity as it tackles the second phase of the
customer refund. The second phase, which applies to industrial
and commercial customers, should be submitted to the commission
before the end of May 2003 and is estimated to cost Meralco
about PhP28 billion. Meralco estimates that the refund will
require an additional PhP3 billion in cash flow each year over
the nine-year implementation period. In the absence of a rate
increase, operating deficits of PhP4 billion in 2003 and PhP8.5
billion in 2004 are projected. Standard & Poor's expects that
the commission's ruling on the remaining PhP28 billion refund
could occur before the end of the second quarter of 2003.


PHILIPPINE AIRLINES: Reverses Loss
----------------------------------
Philippine Airlines posted a net profit of 286 million pesos for
the fiscal year ending in March 2003, a turnaround from a loss
of 1.7 billion ($33 million) from a year ago, DebtTraders
reports. The airline failed to reach a profit target of 1
billion pesos ($19 million) due to the Severe Acute Respiratory
Syndrome scare. Additional costs were incurred, including
thermometers and facemasks for passengers. As a result of SARS,
tourist did opt to travel to the Philippines instead of the
usual summer vacations spots of Hong Kong and Singapore.
However, this did not help regain lost income from its Hong Kong
route, which is the airline's second most profitable route after
Japan.


PHILIPPINE LONG: Cebu City Mayor Warns PLDT
-------------------------------------------
Cebu City Mayor Tomas Osmena is warning subscribers of
Philippine Long Distance Telephone (PLDT) Co. of his plan to
close the firm's business offices and transmission towers in the
city after its refusal to heed the City's demand of 75 million
pesos in franchise and real property taxes, Sun Star Cebu
reported on Tuesday. The mayor is also giving the public time to
shift subscription to Globelines.

Osmena is giving PLDT 30 days to settle its long overdue
franchise taxes, interests and surcharges. The mayor, however,
is open to a settlement of 60 million pesos with PLDT. The mayor
said PLDT Manila officials had offered to pay only 12 million
pesos, but he rejected it. He will ask the City Council to grant
him authority to negotiate with PLDT officials and enter into a
60-million pesos compromise agreement.


TIBAYAN GROUP: Faces Criminal Charges
-------------------------------------
The Securities and Exchange Commission (SEC) will file a
criminal complaint against The Tibayan Group of Companies Inc.
for selling unregistered securities, the Philippine Star said
Tuesday. The new complaint is in addition to the earlier cases
filed by the SEC against The Tibayan Group for falsification of
documents and violation of the Investment Company Act.

A cease-and-desist order (CDO) was issued to the group's mutual
fund unit Tibayan Group Investment Company Inc. and 11
affiliates for selling unregistered securities and promising
investors a fixed return on their investments. Under the scheme,
the group offered three-to 5.5-percent interest a month for a
term ranging from six months to one year. An investor would
receive seven post-dated checks representing the interest and
principal. The monthly interest, on the other hand, is deposited
to the bank account of the investor.

Among the companies covered by the CDO are TG Asset Management
Corp., Matcor Holdings Co. Ltd., Jetcor Equity Co. Ltd., Sta.
Rosa Mgt. and Trading Corp., Westar Royalty Mgt. and Trading
Corp., Starboard Mgt. and Trading Corp., United Alpa Mgt. and
Trading Corp., Global Progess Mgt and Trading Corp., Athon Mgt.
and Trading Corp., Diamond Star Management & Trading Corp., and
Tibayan Management Group International Holdings Co. Ltd. All
these companies are either owned or controlled by businessman
Jesus Tibayan.


QUEZON POWER: S&P Lowers Rating to 'B-'; Outlook Negative
---------------------------------------------------------
Standard & Poor's said Friday that it had lowered its corporate
credit rating on Quezon Power (Philippines) Ltd. Co. (Quezon
Power) to 'B-' from 'B'. The outlook on the rating is negative.

The rating action follows a downgrade on Manila Electric Co.
(Meralco; foreign currency rating CCC/Negative/--) due to an
increase in pressure on Meralco's liquidity and the likelihood
that the Company is not able to meet its short-term financial
obligations. Meralco offtakes Quezon Power's electricity under a
long-term power purchase agreement.

"If Meralco were to default on its debt obligations in the
short-term or enter into debt reorganization or restructuring
with its lenders, the timing and amount of the monthly payments
to Quezon Power could become uncertain," said Raymond Woo,
director at Standard & Poor's. Such an event may also result in
a possible breach under Quezon Power's borrowing agreements with
lenders, leading to a technical (non-payment) default. Under
such a scenario, the rating on Quezon Power may be even more
negatively affected.

Despite the negative developments affecting Meralco, Quezon
Power has sufficient liquidity to meet its debt servicing
requirements over the next 12 months. In addition, a recent
settlement between Meralco and National Power Corp., allowing
Meralco's independent power producers (IPPs) to effectively run
as base load plants, demonstrates the benefit of these IPPs to
consumers. As such, Standard & Poor's expects that Quezon Power
will continue to be dispatched because of its mid-cost profile,
and pass on these charges to Meralco's customers even if Meralco
defaults. However, in this instance, Quezon may potentially
encounter some pricing pressure.


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


FLEXTECH HOLDINGS: Posts Notice of Shareholder's Interest
---------------------------------------------------------
Flextech Holdings Limited posted a notice of changes in
substantial shareholder Chng Weng Wah's interests:

Date of notice to Company: 19 May 2003
Date of change of interest: 19 May 2003
Name of registered holder: UOB Kay Hian Pte Ltd
Circumstance(s) giving rise to the interest: Others
Please specify details: Married trade

Information relating to shares held in the name of the
registered holder:
No. of shares which are the subject of the transaction:
7,000,000
% of issued share capital: 4.09
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: $0.17
No. of shares held before the transaction: 17,031,000
% of issued share capital: 9.93
No. of shares held after the transaction: 10,031,000
% of issued share capital: 5.84

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed      Direct
No. of shares held before the transaction: 17,031,000
% of issued share capital:                 9.93
No. of shares held after the transaction:  10,031,000
% of issued share capital:                 5.84
Total shares:                              10,031,000


PDC CORPORATION: Winding Up Unit
--------------------------------
Further to the announcement issued by the Board of Directors of
PDC Corp. Ltd. on 29 April 2003, the Directors advised that the
date for the hearing of the winding-up petition against Hong Lai
Huat Construction Pte Ltd HLHC, a wholly owned subsidiary of the
Company, has been postponed to 21 May 2003.

The Directors also wish to announce that HLHC has, on 13 May
2003, filed a petition in the Singapore High Court for an order
that HLHC be placed under judicial management. The said petition
will be scheduled on 27 June 2003.


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


JASMINE INT'L: Explains Auditor's Q103 F/S Disclaimer of Opinion
----------------------------------------------------------------
Pursuant to the disclaimer of opinion made on May 9, 2003 by the
Auditor on the consolidated financial statements as of March 31,
2003 of Jasmine International Public Company Limited (the
Company) and its subsidiaries, Chaengwatana Planner Co., Ltd.,
the Company's Planner provides the following information:

1. The going-concern business is for the Company and its
subsidiary, Jasmine International Overseas Company Limited
(JIOC), defaulted on the debt repayments under the Debt
Restructuring Agreement. The Company and its subsidiary
have incurred capital deficit amounting to approximately
Bt209 million and current liabilities approximately
Bt2,837 million in excess of current assets.  Due to such
factors, the Company and its subsidiary filed a petition
for business rehabilitation to the Central Bankruptcy
Court, on which the Company is pleased to report as
follows:

- Chaengwatana Planner Company Limited and Pakkret
Planner Company Limited were appointed by the
Central Bankruptcy Court as the planner of the
Company and its subsidiary respectively.
- On March 6 and May 2, 2003, Chaengwatana Planner
Company Limited, the planner of the Company and
Pakkret Planner Company Limited, the planner of
JIOC, convened a Statutory Creditors' Meeting to
consider the rehabilitation plan.  The Creditors'
Meeting passed the resolution approving the Plan,
being approving votes of 59.76% and 80.67%
respectively.
- Presently, the Central Bankruptcy Court sets a
session to consider the approved Plan of the
Company and JIOC on May 28 and May 26, 2003
respectively.

The Planner believes should things be proceeded accordingly to
the submitted plan; the Company's financial status, cash flow,
and operation results will be improved and the Company will be
able to exit the rehabilitation plan by this year.

2. In terms of the provision for impairment loss in assets of
ACeS Regional Service Company Limited (ARS) and JIOC who
invested in the construction of a gateway station for ACeS,
the satellite-based mobile telecommunications, amounting to
Bt648 million and had investments in shares in AceS
International Limited (owner of the ACeS Satellite) amounting
to Bt807 million, the Company is pleased to inform that these
subsidiaries presently have the provision of Bt1,017 million
and a consecutive incoming cash flow, progressive sales
volume (for this quarter amounting to Bt74 million), and
overseas project expansion to increase additional sales
volume.  The Planner is therefore confident that the
projected net cash flow to be derived from the operating
profit as shown in the projected financial statement is
adequate for the provision for impairment loss in assets.

Besides, the trade counterparts allocated in Indonesia and the
Philippines also have favorable operating performances,
resulting in the promising operation results of ACeS
International Limited in the future. It is to the Planner's
certainty that the capital investment in ACeS International
Limited will not be lower than the forecasted provision for
impairment loss.


POWER-P PUBLIC: Posts Reorganization Plan Progress
--------------------------------------------------
Power-P Planner Company Limited, as the Plan Administrator of
Power-P Public Company Limited, in reference to its report to
Stock Exchange of Thailand on 6th June 2002, in respect of its
Restructuring Plan, confirmed the following:

1. Debts Category 8 (Debts Settlement to employees) have been
settled on April 26, 2003.
2. Debts Category 1 and 2 being (Creditors to whom Securities
being pledged and the debt owed to them individually are
more than 15% of the total debts of its Company) and
(Creditors to whom Securities being pledged but the debt
owed to them individually are less than 15% of the total
debt amount of the company).  Settlements had been made by
transfers of the Land Title Duds and ownership of same
machinery sets.

Performance of the company since case was brought to the Central
Court of Solvency is yet to be profitable as the company is
still waiting financial support from prospective foreign joint
venture partners. At the same time, there is a certain creditor
who did not agree with the Debt Restructuring Plan approved by
the Central Court of Solvency and appeal was filed with the High
Court.  Execution of the Restructuring program was thus being
halted pending final decision form Court of Appeal on Supreme
Court is obtained.


RATTANA REAL: Securities Trading Suspended
------------------------------------------
Rattana Real Estate Public Company Limited (RR) has failed
to submit its financial statements as of 31 March 2003 by the
deadline specified by the SET and there have been at least three
consecutive  delays in filing its financial statements. The SET
Rules prescribe that conditions and procedures for the temporary
prohibition of trading of listed securities will take effect on
the next working day, and remain in effect until the company has
sent the financial statements to the SET.

The Stock Exchange of Thailand (SET) has posted an "SP"
(Suspension) sign to temporary suspend the trading of RR's
securities due to the company has failed to submit its financial
statements for at least three consecutive delays. Therefore
effective on 19 May 2003 onwards, until the company will submit
the required financial statements to the SET.


SAMART CORPORATION: Auditor Reviews Q103 Foreign Exchange Report
----------------------------------------------------------------
Pursuant to the SET's letter No.Bor.Jor./Mor.(Vor.) 55/2540
dated November 3,1997 regarding the relaxation to the listed
companies by excluding the unrealized loss from foreign
exchange, Samart Corporation Plc. (SAMART) requested relaxation
of this criteria.  SAMART, therefore, submits report on profit
(loss) from foreign currency exchange for three months ended
March 31, 2003, which has been reviewed by the company's auditor
for SET's consideration.

Samart Corporation Public Company Limited and its subsidiaries
Additional Reports on the effect on foreign exchange for the
period ended 31 March 2003

1.  Gain (Loss) on foreign exchange incurred from foreign loans
either the paid and unpaid on 31 March 2003.
                             For the period ended 31 March 2003
                              Consolidated          The Company
                                 (Baht)                (Baht)

    Gain (Loss) on exchange
        - Realized             11,290,859        (319,585)
        - Unrealized            4,436,323        8,895,444
        Total                   5,727,182        8,575,859

2.  Unrealized loss on foreign exchange in deficit in the
Company's financial statements, which incurred from foreign
loans before 2 July 1997 and remained on 31 March 2003.
                                                  (Baht)
     Unrealized loss on exchange
     in this period and previous period in the
     deficit as of 31 March 2003                (810,117,274)

Re: Review of "Additional Reports on the effect on foreign
    exchange"

To: Board of directors
    Samart Corporation Public Company Limited

         I have reviewed the financial statements of Samart
Corporation Public Company Limited and its subsidiaries as at 31
March 2003 and for period then ended in accordance with
generally accepted auditing standards as per my report date 12
May 2003.

         I have reviewed the financial information stated in
"Additional Reports on the effect on foreign exchange" that such
information is in agreement with the Company's and its
subsidiaries' accounting information, which was reviewed as
mentioned above.

                                 Yours faithfully
                                 (Ruth Chaowanagawi)
                                 Certified Public Accountant
                                 (Thailand) No. 3247


THAI NAM: SET Posts `NP' Sign on Securities
-------------------------------------------
Thai Nam Plastic Public Company Limited (TNPC) has submitted
its financial statements for the period ending 31 March 2003 to
the SET but have failed to send such information to public via
Electronic Company Information Disclosure (ELCID).

Therefore, the SET has posted `NP' sign on the securities
of TNPC effective on 16 May 2003 to inform the general investors
that the SET is waiting for such information.

TNPC's reviewed quarterly financial statements:

      Thai Nam Plastic Public Company Limited

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

Net profit (loss)                  (45)       7,375
EPS (baht)                       (0.01)        0.35



THAI WIRE: Clarifies Auditor's Opinion on Q103 F/S
--------------------------------------------------
Thai Wire Products Public Company Limited, in reference to its
reviewed financial statement for the quarter ended 31 March
2003, informed that the reason why the auditor has not concluded
the reviewed result on the financial statement for the three
months ended Mar 31,2003 is the uncertainty of the ability to
continue as a going concern. The significance factors affected
this ability are as follows:

    -  The company has incurred a loss for several year, which
has led to a capital deficiency, amounting to Bt1,659 million in
Q103. The main cause for the company's great loss was the
financial and economic crisis in Thailand and the slowdown in
the demand for P.C. Wire. Moreover, the financial and economic
situation affected to the recoverability of the receivables,
which causes the company to provide for allowance for doubtful
accounts, totaling Bt1,870.24 million, for the long-term loans
to related company (Bt1,688.19 million) and the trade account
receivables (Bt182.05 million).

    -  The company may has liquidity problem. Although the
company has entered into the debt restructuring agreement, the
company will still be restricted in seeking working capital to
repay its debt in compliance with the debt restructuring plan.
Especially, fund from the recoverability of the loan to the
related parties to whom invested in the lignite mining project
for electricity power plant in Lao is still uncertain.

    -  The company has been unable to comply with certain
covenant that the company has to maintain the shareholders'
equity not less than zero as long as the debt restructuring is
in active.

Although all loans to related company have fully provided for
doubtful accounts, most of loans (62.88%) are granted for the
project of Thai Lao Lignite Co,. Ltd (TLL), the lignite
electricity generating power plant projects in Lao. All the
electricity produced from this project will be sold to
Thailand through Electricity Generating Authority of Thailand
(EGAT) under the joint agreement between Lao (PDR) and Thai
government.

Presently, TLL has under its various preparations to develop the
lignite mining and the environmental impact and the strategic
partner.

For strategic partners preparation, in August 2002 TLL has
signed a Memorandum of Understanding (MOU) with its strategic
partners and now the Shareholder Agreement and Assignment
Agreement are in the process to prepare. The partners are in the
electricity generating industry. Therefore, If the project
can be developed, the company will receive the settlement from
such loans.

Moreover, although the capital deficit, the company's revenues
in Q1''2003 has been increased compared to the same period of
previous year. In additional, the demand for P.C. Wire has been
expected to improve. The company's management has a confidence
that the financial institution creditors will continue their
support and the company will be able to continue its business
without going concern question.

For rehabilitation, the company have been seeking information
about the method to improve the qualification by discussing with
the financial institution creditors and request SET's suggestion
continuously, so as to ensure that the selected method will
benefit all parties concerned. Presently, the company is still
in the process of choosing the procedure to prepare habilitation
plan.

Below is TWP reviewed quarterly financial statements:

        THAI WIRE PRODUCTS PUBLIC COMPANY LIMITED

Reviewed
Ending  March 31,            (In thousands)
                              Quarter 1

                       Year      2003        2002

Net profit (loss)               (9,778)     (3,083)
EPS (baht)                       (0.44)      (0.14)


TPI POLENE: Justifies Auditor's Non-Expression of Opinion
---------------------------------------------------------
Reference is made to the submission of TPI Polene Public Company
Limited (TPIPL)'s financial statements for Q1/2003 ended March
31, 2003, in which TPIPL's statutory auditor did not express an
opinion. Declare

TPIPL would like to inform the SET that the reason which TPIPL's
statutory auditor did not express the opinion to the financial
statements for Q1/2003 is related to the issue of the
uncertainty of TPIPL to continue as a going concern.

TPIPL is in process to crystallize this issue. TPIPL conducted
the equity-raising for the amount of at least US$180 million by
way of public offering during March 19-28, 2003. However, the
subscription target was not reached due partially to the effects
of the US-Iraq war. According to the terms of the public
offering, TPIPL cancelled the public offering. TPIPL is
currently exploring a number of options that will allow it
to raise sufficient new capital to meet TPIPL's Master
Restructuring Agreement.

Since May 13, 2003, the Securities and Exchange Commission has
granted an extension period for TPIPL to raise the equity fund
by way of public offering for another 6-month period or within
November 18, 2003.

In addition, TPIPL is in process of appointing an independent
appraiser to reappraise its assets, which were previously
appraised in the year 1997, to comply with the generally
accepted accounting principles practiced in Thailand. It is
expected that such reappraisal will be completed within the
accounting period of Q2/2003.

In the event that TPIPL is able to successfully implement and
complete its equity funds raising, TPIPL is confident that the
statutory auditor will be able to express the opinion on TPIPL's
financial statements.


* SET Suspends Securities Trading, Awaits Amended F/S
-----------------------------------------------------
The following listed companies have publicly submitted to the
Stock Exchange of Thailand (SET) their reviewed financial
statements for the first quarter ending 31 March 2003. Since
their auditors were unable to reach any conclusion on their
financial statements, it can be considered that the numbers
(indicating the financial status and operating results of
companies presented in their financial statements) did not
reflect the actual position of companies and the Securities and
Exchange Commission (SEC) probably issues instructions that they
are obliged to amend their financial statements.

   1. Jasmine International Public Company Limited (JASMIN)
   2. Thai Wire Products Public Company Limited (TWP)

The SET has posted "SP" sign for suspended trading on their
securities on 16 May 2003 to enable shareholders and general
investors to have sufficient time to scrutinize auditors'
reports relating to the results in financial statements,
including the companies' clarification.  The SET will later
grant them permission to continue trading their securities and
also post "NP" sign from 19 May 2003 until such time as the
companies will submit their amended financial statements or
there are conclusions that they are not necessary to amend their
financial statements.


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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