TCRAP_Public/030522.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

           Thursday, May 22 2003, Vol. 6, No. 100

                         Headlines

A U S T R A L I A

AMP SHOPPING: DRP Suspended Until June 20
AMP SHOPPING: S&P Updates CreditWatch Following Westfield's Bid
AMP LIMITED: Share Purchase Plan Set to Open
CABCAR PTY: Banning Order Varied Against Former Director
COBRA RESOURCES: Panel Makes Interim Orders in Proceedings

DRAGON MINING: Restructures A$1M Finance Facility
HILLGROVE GOLD: June 19 AGM Scheduled
SIRTEX MEDICAL: Posts Cephalon's Takeover Bid Notices
SOUTHCORP LIMITED: Cancels Options
STRAITS RESOURCES: Discloses CEO's Letter to Shareholders

TOWER LIMITED: Issues Profit Warning
TOWER LTD: S&P Retains CreditWatch Negative After Profit Warning


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Appoints New Set of Board Directors
GRANDLITE HONG: Faces Winding Up Petition
HONOUR UNION: Petition to Wind Up Pending
NEW CITY: 2002 Operation Loss Widens to HK$110.6M
SKYNET (INTERNATIONAL): Appoints Independent Financial Advisers

WORLD DYNAMICS: Winding Up Petition Hearing Set


I N D O N E S I A

GARUDA INDONESIA: Lowers Profit Target


J A P A N

FUJITSU LIMITED: Launches Glovia.com 7 Extended ERP Suite
HITACHI ZOSEN: Posts FY02 Y35.06B Net Loss
KYOKUTO BOEKI: R&I Downgrades to BBB-
MATSUSHITA ELECTRIC: Shuts Two China Plants Due to SARS
PEET'S COFFEE: Shuts Down Last Store in Japan

RESONA BANK: Issues Special Shares to Receive Public Funds
RESONA BANK: JCR Places Rating Under Credit Monitor
RESONA HOLDINGS: Appoints Nomura as Bank Chief
SIR K.K.: Golf Course Enters Rehab Proceedings


K O R E A

CHOHUNG BANK: Sell Off Talks Make Progress
DAEWOO CORP.: Court Receiver Takes Over Indian Unit
SK CORPORATION: Due Diligence Report Complete
SK GLOBAL: Creditors Push For Capital Reduction Scheme
SK GLOBAL: Needs 24 Years to Cover Losses, Samsung Says


M A L A Y S I A

ABRAR CORPORATION: Defaulted Payment Status Remains Unchanged
AMSTEEL CORPORATION: Proposed Disposals Become Unconditional
BRISDALE HOLDINGS: BDSB Petition Hearing Set on Sept 4
GADANG HOLDINGS: Passing Proposed Revision at June 4 EGM
IDRIS HYDRAULIC: KFCH Grants Settlement Agreement Extension

NANYANG PRESS: Voluntarily Winds-Up Subsidiary
PAN MALAYSIA: Proposed Share Issue Implementation Extended
PENAS CORPORATION: Resolutions Passed at Court Convened Meeting
PILECON ENGINEERING: Restraining Order Extended Until November
SATERAS RESOURCES: Wholly Owned Unit Wound Up

SELOGA HOLDINGS: KLSE Grants Shares Quotation Listing
SILVERSTONE CORPORATION: ATE Disposal Further Extended

   
P H I L I P P I N E S

MANILA ELECTRIC: Business Group's Seek Talks on Refund Issue
MANILA ELECTRIC: Selling Properties to Finance P30B Refund


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Offers Mixed-Signal Tech Design Kit
FLEXTECH HOLDINGS: Posts Notice of Shareholder's Interest
MEDIASTREAM LIMITED: Issues Info on Key Management Staff
PAN-UNITED: Appoints G.K. Goh as Financial Adviser


T H A I L A N D

BANGKOK RUBBER: SET Lifts Securities Trading Suspension
DATAMAT PUBLIC: Requests Amended F/S Submission Date Extension
EASTERN PRINTING: Rehabilitation Exercise Caused Decrease Profit
JASMINE INT'L: Rights Warrant Exercise Info
SAMART CORPORATION: Clarifies Q1003 Financial Statement   

SYNTECH CONSTRUCTION: Business Rehabilitation Terminated
WONGPAITOON GROUP: SCB Sells Common Shares, Warrants

* SET Posts `NP' Sign on Companies for F/S Submission Failure

     -  -  -  -  -  -  -  -

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


AMP SHOPPING: DRP Suspended Until June 20
-----------------------------------------
AMP Henderson Global Investors Limited, as responsible entity of
the AMP Shopping Centre Trust (ART), advised that the
distribution reinvestment plan (DRP) presently open for
participation by unitholders in ART will be suspended until
further notice with effect on and from 20 June 2003.

Under the terms of the DRP the Manager may suspend the DRP by
giving at least 30 days' written notice of the suspension to all
unitholders participating in the DRP.

From Tuesday, the Company does not intend to accept any
applications from unitholders to become new participants in the
DRP.

The Company confirmed that the DRP will not apply to the
distribution for the period ending 30 June 2003, or for any
subsequent distribution, unless provided with notice that the
DRP is to be reinstated.

The Company will continue to review the position and may
reinstate the DRP if considered to be in the interests of
unitholders.

    
AMP SHOPPING: S&P Updates CreditWatch Following Westfield's Bid
---------------------------------------------------------------
Standard & Poor's on Wednesday updated its CreditWatch with
negative implications on AMP Shopping Center Trust (ART,
A/WatchNeg/A-1) following Westfield Trust's (Westfield,
A/Stable/A-1) cash-takeover bid for ART. The Westfield offer
represents a 9% premium to Centro Properties Group's cash and
scrip bid made for ART on March 18, 2003.

Standard & Poor's anticipates that a successful bid by Westfield
under the terms proposed would result in an affirmation of ART's
ratings at the 'A/A-1' level (refer to separate press release on
Westfield). If successful, the combined entity will hold a
portfolio, following proposed asset divestments, of 48 premium-
quality regional shopping center assets in Australia and New
Zealand, with a market value of about A$11.5 billion.

However, the Westfield bid is subject to several preconditions,
including a minimum acceptance level of 50.1%, and AMP Life Ltd.
agreeing not to exercise any of its pre-emptive rights under
ART's joint-ownership agreements. In addition, the potential
remains for further bids to emerge, which creates additional
uncertainty for the rating of ART. Standard & Poor's will
continue to monitor the bidding process and update the
CreditWatch as required.
     

AMP LIMITED: Share Purchase Plan Set to Open
--------------------------------------------
AMP's Share Purchase Plan (SPP) will open on May 22, 2003,
providing eligible retail shareholders with the opportunity to
subscribe for  up to A$5,000 worth of shares.

The SPP is part of the capital raising announced by AMP on 1 May
2003 to facilitate its proposed demerger. The offer is open only
to resident Australian and New Zealand shareholders, opening 22
May 2003 and closing 13 June 2003 (unless extended).

Almost 900,000 shareholders are currently being mailed an
application form and letter from the AMP Chairman, Peter
Willcox, inviting them to participate in the SPP offer.

In the letter, Mr Willcox explains to shareholders a number of
issues including the reasons behind the raising and its timing.

"We wanted certainty. We knew the current market conditions and
the likely price we could achieve. We don't know what market
conditions will be like later in the year, so we chose to
immediately proceed with the capital raising and not let the
markets control the process," Mr Willcox says in the letter.

"We have set what we believe is a very tight deadline to
complete the separation of AMP's businesses. To start cleanly
separating the businesses, we had to immediately begin raising
additional capital. By doing this now, we believe we will be
better able to meet all our deadlines so we can separate the
businesses by December 2003."

Mr Willcox also confirms in the letter that AMP's policy is to
pay dividends in line with the Group's sustainable earnings. As
AMP has already announced, volatile global investment markets,
along with weak investor sentiment, impacted full year 2002
financial results.

"These two factors continue to impact our 2003 earnings and on 1
May 2003 we announced lower first quarter results for the
Group," Mr Willcox tells shareholders in the letter.

"AMP's Board will consider the payment of dividends in light of
the Group's sustainable earnings following the release of the
2003 half-year results in August."

The SPP has been underwritten by UBS Warburg up to A$500
million. The maximum amount that can be raised through the offer
is A$750 million.

Ordinary shares under the SPP will be offered at the lower price
of:

   * A$5.50 (the price at which institutional investors
subscribed for shares under the placement); or

   * a 5 per cent discount to the average market price of AMP
shares calculated over a 15 day trading period after the close
of the offer.

A copy of the Chairman's letter and application form, including
the terms and conditions can be found at
http://bankrupt.com/misc/TCRAP_AMP0522.pdf.

CONTACT INFORMATION: Matthew Coleman
        Ph: 9257 2700
        0421 611 138


CABCAR PTY: Banning Order Varied Against Former Director
--------------------------------------------------------
The Administrative Appeals Tribunal (AAT) has varied a banning
order against Mr Peter Rocky Errichetti by reducing the term of
the order from two and a half years to one year. Mr Errichetti's
disqualification will now expire on 11 July 2003.

Mr Errichetti was banned from being involved in the management
of any corporation on 11 July 2002 for two and a half years, by
the Australian Securities and Investments Commission (ASIC).

Mr Errichetti was disqualified following an ASIC investigation
into the liquidation of Cabcar Pty Ltd and Swan River Timber Co
Pty Ltd, two companies of which he was a director.

ASIC found that among other things, the directors had failed to
keep accounting records that correctly recorded and explained
each company's transactions and financial position; that they
had allowed each company to trade whilst insolvent; and that
each company was wound up with an inability to pay its debts.

Mr Errichetti applied to the AAT for review of ASIC's decision.

The AAT was satisfied that Mr Errichetti had failed to observe
the minimum standards of directorial responsibility on the
grounds identified in the findings made by ASIC.

However, the AAT considered a 12 month banning period was more
appropriate in all the circumstances.


COBRA RESOURCES: Panel Makes Interim Orders in Proceedings
----------------------------------------------------------
The Takeovers Panel advised that it had on Tuesday made interim
orders in relation to the Cobra Resources Limited proceedings.

The application from the Australian Securities and Investments
Commission is in connection with Mr Terry Norman Stephens'
announcements on 28 April 2003 and 5 May 2003 of his intention
to make a takeover bid for all the share capital of Cobra, and
other circumstances surrounding the offer.

The Panel has made interim orders that Mr Stephens not:

   (a) dispatch the Bidder's Statement to Cobra shareholders; or

   (b) acquire any Cobra shares, where this would result in his
voting power in Cobra exceeding 20%,

until the Panel has made its decision in these proceedings.

The Panel notes that Mr Stephens offered to provia these
undertakings. However, the Panel believed that Cobra
shareholders and the market would have greater certainty in
relation to the affairs of Cobra and a quicker process if it
made interim orders with immediate effect, rather than
proceeding by way of signed undertakings.

The Panel's interim orders seek to maintain the current
circumstances until the Panel has dealt with the whole
application.

The sitting Panel has not yet received submissions in the Cobra
proceedings and therefore has not yet formed views on the
application.

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


DRAGON MINING: Restructures A$1M Finance Facility
-------------------------------------------------
Dragon Mining NL has a A$1Million finance facility with
Macquarie Bank Limited, funds from which were used to complete
the Svartliden Gold Project definitive feasibility study. As
part of this facility, Macquarie were also entitled to a 1%
royalty from Dragon's share of gold production from the
Svartliden Project.

Dragon and Macquarie have entered into an arrangement whereby
the facility can be repaid by Macquarie exercising an option to
acquire 11 million Dragon ordinary shares at any time over the
next 3 years at a price of 9 cents per share.

The proceeds would then be applied against the A$1Million owed
by Dragon under the facility. The 1% royalty will no longer
apply. Interest will remain payable on the facility sum, at a
rate of 1.5% above the bank bill swap bid rate as quoted on
Reuters page BBSY, until it is repaid by the exercise of the
options.


HILLGROVE GOLD: June 19 AGM Scheduled
-------------------------------------
Notice is hereby given that the Annual General Meeting of the
shareholders of Hillgrove Gold Limited (Receivers and Managers
Appointed) will be held at the ANA Harbour Grand Hotel Sydney,
Cambridge Room, 176 Cumberland Street, The Rocks, Sydney NSW on
Thursday 19 June 2003 at 2.30pm (Sydney Time).

ORDINARY BUSINESS:

TO RECEIVE AND CONSIDER FINANCIAL STATEMENTS:

1. To receive and consider the Financial Statements for the 12
months ended 31 January 2003, and the related reports of the
directors and auditors.

TO RE-ELECT DIRECTOR:

2. Mr David Archer, retires by rotation in accordance with the
Company's Constitution and, being eligible, offers himself for
re-election.


SIRTEX MEDICAL: Posts Cephalon's Takeover Bid Notices
-----------------------------------------------------
Sirtex Medical Limited provided the following documents in
relation to Cephalon Australia's takeover bids for the Company:

   (a) notices under section 65OF of the Corporations Act 2001
(Cth); and

   (b) notices under section 630(3) of the Corporations Act 2001
(Cth).

NOTICE UNDER SECTION 650F OF THE CORPORATIONS ACT 2001 (Cth)

BY THIS NOTICE, Cephalon Australia Pty Limited ACN 103 410 493
(the Bidder) DECLARES the offers dated 7 March 2003 for ordinary
shares (Offers) in Sirtex Medical Limited (SIRTeX) and the
contracts formed by the acceptance of any of the Offers free
from each of the conditions in paragraphs 7.6(a) and 7.6(c) to
7.6(l) (inclusive) of the Offers.

The Offers are now free of those conditions.

The Offers now remain subject only to the condition set out in
paragraph 7.6(b) of the Offers, which relates to minimum
acceptance.

The Bidder's voting power in SIRTeX which, so far as the Bidder
knows, it has at the time of giving this notice is 75.29%.

DATED 19 May 2003

FOR AND ON BEHALF OF
CEPHALON AUSTRALIA PTY LIMITED

G Simon
DIRECTOR

NOTICE UNDER SECTION 650F OF THE CORPORATIONS ACT 2001 (Cth)

BY THIS NOTICE, Cephalon Australia Pty Limited ACN 103 410 493
(the Bidder) DECLARES the offers dated 7 March 2003 relating to
options over ordinary shares (Options Offers) in Sirtex Medical
Limited (SIRTeX) and the contracts formed by the acceptance of
any of the Options Offers free from each of the conditions in
paragraphs 7.6(a) and 7.6(c) to 7.6(l) (inclusive) of the
Options Offers.

The Options Offers are now free of those conditions.

The Options Offers now remain subject only to the condition set
out in paragraph 7.6(b) of the Options Offers, which relates to
minimum acceptance under the Bidder's offer for ordinary shares
in SIRTeX.

The Bidder's voting power in SIRTeX which, so far as the Bidder
knows, it has at the time of giving this notice is 75.29%.

DATED 19 May 2003

FOR AND ON BEHALF OF
CEPHALON AUSTRALIA PTY LIMITED

G Simon
DIRECTOR

NOTICE UNDER SECTION 630(3) OF THE CORPORATIONS ACT 2001 (Cth)

Cephalon Australia Pty Limited ACN 103 410 493 (the Bidder)
GIVES NOTICE under section 630(3) of the Corporations Act 2001
(Cth), in relation to the offers dated 7 March 2003 for all the
ordinary shares (Offers) in Sirtex Medical Limited (SIRTeX),
that:

   (a) the conditions set out in paragraphs 7.6(a) and 7.6(l) of
the Offers have been fulfilled and the Offers have been freed
from those conditions;

   (b) the Offers have been freed from the conditions set out in
paragraph 7.6(c) to 7.6(k) (inclusive) of the Offers;

   (c) so far as the Bidder knows, the condition set out in
paragraph 7.6(b) of the Offers has not been fulfilled; and

   (d) the Offers remain subject to the condition set out in
paragraph 7.6(b) of the Offers.

The Bidder's voting power in SIRTeX which, so far as the Bidder
knows, it has at the time of giving this notice is 75.29%.

DATED 19 May 2003

FOR AND ON BEHALF OF CEPHALON AUSTRALIA PTY LIMITED

G Simon
DIRECTOR

NOTICE UNDER SECTION 630(3) OF THE CORPORATIONS ACT 2001 (Cth)

Cephalon Australia Pty Limited ACN 103 410 493 (the Bidder)
GIVES NOTICE under section 630(3) of the Corporations Act 2001
(Cth), in relation to the offers dated 7 March 2003 for all the
options over ordinary shares (Options Offers) in Sirtex Medical
Limited (SIRTeX), that:

   (a) the conditions set out in paragraphs 7.6(a) and 7.6(1) of
the options Offers have been fulfilled and the Options Offers
have been freed from those conditions;

   (b) the Options Offers have been freed from the conditions
set out in paragraphs 7.6(c) to 7.6(k) (inclusive) of the
Options Offers;

   (c) so far as the Bidder knows, the condition set out in
paragraph 7.6(b) of the Options Offers has not been fulfilled;
and

   (d) the Options Offers remain subject to the condition set
out in paragraph 7.6(b) of the Options Offers.

The Bidder's voting power in SIRTeX which, so far as the Bidder
knows, it has at the time of giving this notice is 75.29%.


SOUTHCORP LIMITED: Cancels Options
----------------------------------
Southcorp Limited advised that, due to the cessation of
employment of 4 participants in the Southcorp Executive Share
and Option Plan, the number of options to acquire additional
fully paid ordinary shares in the capital of the Company set out
below have been cancelled in accordance with the rules of the
Plan, as follows:

DATE OPTIONS    EXERCISE         DATE OPTIONS       NO OPTIONS
GRANTED         PRICE            CANCELLED         CANCELLED

10 October 2001   $7.19            15 May 2003         70,000

On February, the Troubled Company Reporter - Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
'BBB+' long-term and 'A-2' short-term corporate credit ratings
on Southcorp Ltd. to 'BBB' and 'A-3', respectively, following
the wine company's worse-than-expected financial results for the
first half of 2003.


STRAITS RESOURCES: Discloses CEO's Letter to Shareholders
----------------------------------------------------------
Straits Resources Limited posted the letter of Chief Executive M
Jerkovic to the Shareholders:

"Following dispatch of the notice of meeting for the Company's
2003 annual general meeting, the Company has received a number
of questions in relation to the motions to be put to members at
the meeting in addition to other general queries.

"The Company has responded directly to the people raising the
questions and believes these have been dealt with to the
satisfaction of those concerned.

"In accordance with the Company's policy of openness and general
corporate governance practices, the Company consider it
appropriate to share this information with all of its
shareholders.

MARKET CAPITALISATION VERSUS NET ASSET VALUE OF THE COMPANY

"The net assets of the group, as presented in the pro-forma
Statement of Financial Position included in the Notice of
Meeting issued on 3 February 2003, stand at $155 million, higher
than at any time since the company's incorporation. If we add to
the value of the current assets reported, the inherent value of
the existing operations, the development projects and
exploration ground held, then the market clearly does not value
fully the company's assets or potential. This is not an atypical
situation where a company is highly liquid and in the throws of
reviewing potential investments and acquisitions that will
largely determine the prospects of the Company. It appears that
the market is currently waiting to see what further specific
investments and acquisitions the Company is able to facilitate,
and shareholders will be kept appropriately informed of
developments.

DIVIDENDS/RETURN OF CAPITAL

"The directors have considered this matter and made a clear
statement in the Annual Report indicating that they recognize
the value of dividends to shareholders, and that they aim to
establish a policy that will allow the payment of meaningful
dividends on a regular basis. Based on discussions with a cross-
section of shareholders, including the major shareholders, the
general view is that a return of capital is not favored at this
time.

THE SALE OF NIFTY

"This matter was discussed in detail in the explanatory
statement sent to shareholders on 3 February 2003. The
directors' view then was that the transaction was very favorable
for Straits, and this view has not been diluted in any way. The
pro-forma Statement of Financial Position issued in February is
still reflective of the anticipated final result, but as the
final sales consideration and tax position relating to the sale
still requires clarification, no meaningful update can yet be
provided. Final clarification is expected to occur prior to the
release of the half-year results, and any variation to the pro-
forma position is likely to be favorable.

THE PROPOSED ISSUE OF SHARES/OPTIONS TO DIRECTORS

"The company has a policy of compensating its directors on the
basis of the Company's performance, the individual director's
performance, and general market and industry trends. The board
is firmly of the view that each and every director has performed
admirably in guiding the company through difficult times and in
building a strong and secure base from which to grow, while many
other companies have failed. Some of the results of the
directors' efforts include the favorable Enron settlement, the
sale, re-acquisition, and resale of the Tritton Project, the
sale of Nifty, and the significant reduction in group debt.

"The shares and options under consideration should not be seen
as a gift or as a free issue. The loans attached to the shares
do not represent cash out of the company and the directors will
have to pay for the shares (pay the loan) prior to being able to
deal with the shares. The options too will require the directors
to purchase the shares prior to being able to deal with them.
The shares and options will only provide a benefit to the
directors if they can increase the value of the company's
shares.

"Please feel free to contact me personally should you wish to
discuss the business to be conducted at the upcoming annual
general meeting or any other matter."

According to Wrights Investors' Service, at the end of 2001,
Straits Resources had negative working capital, as current
liabilities were A$79.83 million while total current assets were
only A$74.26 million. The company has paid no dividends during
the last 12 months and has not paid any dividends during the
previous 2 fiscal years.


TOWER LIMITED: Issues Profit Warning
------------------------------------
The Directors of TOWER Limited advise the market of the
following:

   * The operating profit for the first half of the year is
expected to be in the range of NZ$3-6 million.

   * TOWER intends to reduce the carrying value of certain group
companies and other assets by NZ$190 million. This includes
NZ$135 million amortization of excess market value as a result
of change to the application of accounting standards. This will
result in a loss for the half year in excess of NZ$180 million.

   * TOWER proposes to undertake a substantial capital raising
of approximately NZ$200 million.

   * The proceeds of the capital raising will be applied mainly
to the retirement of debt.

   * Further details of the above including any shareholder and
regulatory approvals required will be announced together with
the company's half year result on 28 May 2003.

TOWER's Chairman, Olaf O'Duill, said: "The review of TOWER's
financial position that has been undertaken and the proposed
recapitalization, will place TOWER in a strong position for
future growth and profitability."

CONTACT INFORMATION: Keith Taylor                     
        TOWER GROUP MANAGING DIRECTOR    
        64 4 498 7904                    
        64 21 436 833                    


TOWER LTD: S&P Retains CreditWatch Negative After Profit Warning
----------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that it is
maintaining its CreditWatch with negative implications on
various Australian and New Zealand subsidiaries of Tower
Ltd. following the profit warning issued by the insurance group
on Wednesday. The ratings on various Tower Ltd. operating
subsidiaries in Australia and New Zealand are 'A-', while the
ratings on various holding companies and debt issues are'BBB-/A-
3'.

"The maintenance of the CreditWatch follows the profit warning
issued Wednesday, where the group intends to reduce the carrying
value of certain group companies by NZ$190 million, which will
result in a loss for the half year in excess of NZ$180 million,"
said Michael Vine, credit analyst, Financial Services Ratings.
The reduced carrying value of certain subsidiaries is the result
of a change to the application of accounting standards. However,
the group proposes to undertake a substantial capital raising of
NZ$200 million, which will be used to retire debt. The
CreditWatch placement will be resolved in the short term and
after the release of the half-year results on May 28, 2003.  
     

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


CIL HOLDINGS: Appoints New Set of Board Directors
-------------------------------------------------
The board of directors of CIL Holdings Limited (the "Company")
announces that the following change of directors:

(1) Mr. SIK Siu Kwan has been appointed as non-executive
director of the Company with effect from 14th May, 2003;
(2) Mr. LAM Tang resigned as executive director of the
Company with effect from 16th May, 2003;
(3) Mr. HO Pui Tsun, Peter and Mr. CHANG Kin Man resigned as
executive directors of the Company with effect from 17th
May, 2003;
(4) Mr. Joseph SZETO resigned as non-executive director of
the Company with effect from 17th May, 2003;
(5) Mr. KE Jun Xiang resigned as executive director of the
Company and has been re-appointed as non-executive
director and remain as the Chairman of the Company with
effect from 17th May, 2003; and
(6) Mr. DAI Wei, Mr. ZHANG Shu Qing, Mr. LIU Shun Fai and Ms.
LEE Wing Yin, Jessica have been appointed as executive
directors of the Company all with effect from 17th May,
2003.

The Board would like to take this opportunity to express its
gratitude to Mr. LAM, Mr. HO and Mr. SZETO for their valuable
contribution to the Company during their tenure of service in
the past years.

Early this week, the Troubled Company Reporter - Asia Pacific
posted an update on the Company's Debt Restructuring. For the
complete text of update, please click on this
link: http://bankrupt.com/misc/cil_holdings.pdf.


GRANDLITE HONG: Faces Winding Up Petition
----------------------------------------
The petition to wind up Grandlite Hong Kong Limited is scheduled
for hearing before the High Court of Hong Kong on May 28, 2003
at 9:30 in the morning.

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


HONOUR UNION: Petition to Wind Up Pending
-----------------------------------------
The petition to wind up Honour Union Holdings Limited is
scheduled to be heard before the High Court of Hong Kong on May
28, 2003 at 9:30 in the morning.

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


NEW CITY: 2002 Operation Loss Widens to HK$110.6M
-------------------------------------------------
New City (Beijing) Development Limited posted a summary of its
results announcement for the year end date December 31, 2002:

Currency: HKD
Auditors' Report: Qualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 1/1/2002      from 1/1/2001  
                              to 31/12/2002      to 31/12/2001
                              Note  ($)          ($)
Turnover                       : 2,658,000          37,227,000        
Profit/(Loss) from Operations  : (110,601,000)      (58,731,000)      
Finance cost                   : (26,739,000)       (16,433,000)      
Share of Profit/(Loss) of
  Associates                   : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities  : N/A                N/A               
Profit/(Loss) after Tax & MI   : (137,109,000)      (74,589,000)      
% Change over Last Period      : N/A       %
EPS/(LPS)-Basic (in dollars)   : (0.505)            (0.281)           
         -Diluted (in dollars) : N/A                N/A               
Extraordinary (ETD) Gain/(Loss): N/A                N/A               
Profit/(Loss) after ETD Items  : (137,109,000)      (74,589,000)      
Final Dividend                 : NIL                NIL               
  per Share                                                               
(Specify if with other         : N/A                N/A               
  options)                                                                
B/C Dates for
  Final Dividend               : N/A          
Payable Date                   : N/A       
B/C Dates for (-)            
  General Meeting              : N/A          
Other Distribution for         : N/A           
  Current Period                     
B/C Dates for Other
  Distribution                 : N/A          

Remarks:

1. Turnover

Turnover represents the aggregate of sales of property, net of
applicable business tax and land appreciation tax, and rental
income.

2. Profit/(Loss) from Operations

These amounts reflect the loss from operation before finance
cost.

3. LPS - Basic

The computation of diluted loss per share is based on the net
loss for the year of HK$137,109,000 (2001: HK$74,589,000) and
the weighted average of 271,758,000 (2001: weighted average of
265,017,000) ordinary shares in issue during the year.

The diluted loss per share for 2002 and 2001 does not assume the
exercise of the Company's outstanding options as their exercise
would result in decrease in loss per share.


SKYNET (INTERNATIONAL): Appoints Independent Financial Advisers
--------------------------------------------------------
Reference is made to the joint announcement dated 6 May 2003
(the Joint Announcement) made by Skynet (International Group)
Holdings Limited and Monetary Success Investments Limited in
relation to the Proposal involving possible:

   (i) Scheme of Arrangement and Securities Exchange Offer and
Delisting of Skynet (International Group) Holdings Limited and
Listing of a New Holding Company of Skynet (International Group)
Holdings Limited,

   (ii) Subscription of Shares and Convertible Notes
in the New Holding Company of Skynet (International Group)
Holdings Limited involving Change of Controlling Shareholder,

   (iii) Termination of the Lombard Prior Agreements and
the Hidden Prior Agreements,

   (iv) Entry into the Restructuring Agreements involving
Acquisition of Shares in Skynet Limited;  and

   (v) Disposal of Shares in Cyber On-Air Group Company Limited

The board of Directors wishes to announce that Dao Heng
Securities Limited and JS Cresvale Securities
International Limited have been appointed as the joint
independent financial advisers to the independent
board committee of the Company in respect of the Scheme and the
Subscription.


WORLD DYNAMICS: Winding Up Petition Hearing Set
-----------------------------------------------
The petition to wind up World Dynamics Limited is set for
hearing before the High Court of Hong Kong on May 28, 2003 at
9;30 in the morning.

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


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


GARUDA INDONESIA: Lowers Profit Target
--------------------------------------
PT Garuda Indonesia cut its operating profit target by half for
the year 2003 on account of SARS, which will create difficulties
for the airline to pay $100 million of debt maturing this year,
DebtTraders reports.

The airline expects its sales and operating profit to fall 15
percent and 50 percent to Rp9.4 trillion ($1.1 billion) and
Rp250 billion ($30 million), respectively.

The airline has total debt of $880 million.

PT Garuda Indonesia's 1.790% bond due on 2007 (GARU07IDN1) was
trading between 57 and 63. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=GARU07IDN1.


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


FUJITSU LIMITED: Launches Glovia.com 7 Extended ERP Suite
---------------------------------------------------------
Fujitsu Limited and its El Segundo, California-based subsidiary,
Glovia International, Inc., a leading provider of extended ERP
solutions, recently announced the availability of glovia.com 7,
an enhanced new version of the glovia.com extended ERP suite.
The culmination of two years of development effort and
multinational customer input, glovia.com 7 offers substantially
increased functionality to support for the business needs of
manufacturers with global operations and complex business
structures. Fujitsu's glovia.com has already established a
successful track record of deployments at approximately one
thousand sites worldwide, and it is also being used to
coordinate operations at some 30-production facilities in
Fujitsu's own global manufacturing network.

Glovia.com 7 introduces an enhanced global business model that
enables companies to improve their supply chain performance --
from materials procurement through production and sales -- by
centralizing demand and supply management, while allowing for
local optimization of production. Designed specifically for
companies with multiple product lines and production facilities,
the new solution enables manufacturers to create a
comprehensive, enterprise-wide view of total demand by
aggregating forecast and customer order data from sales,
marketing, channels and customers, as well as to drill down to
detailed information.

At the same time, the solution's ability to integrate and manage
operating status information for every individual production
line and plant, as well as parts inventory and other supply
data, enables global demand to be optimally apportioned to the
appropriate local production facility. Manufacturers can thus
increase the accuracy and reliability of their forecasts,
improve on-time delivery performance, decrease excess inventory,
and reduce costs, while having the flexibility to meet changing
customer demand.

Based on input from Fujitsu's and Glovia International's
customer base of leading global manufacturers, as well as
Fujitsu's own experience using glovia.com, more than 60 unique
enhancements have been made to the core ERP functionality of
glovia.com 7. This includes functions designed for specific
industries, such as the automotive and machine-tool industries,
as well as specific modes of production, such as mass-production
or engineered-to-order and made-to-order production processes.

Glovia.com 7 also includes functionality for managing the entire
order fulfillment business process, enabling manufacturers to
synchronize orders with planned production. Using a memory-
resident, constraint-based optimization engine, the solution
determines the best possible supply scenario for given demand.
The integrated planning engine takes into account global
resources and commitments, including capacity, inventory,
orders, critical resources as well as cross-plant and plant-to-
customer lead times. The order fulfillment solution includes
real-time available-to-promise (ATP) functionality as well as
sophisticated business rules that allow manufacturers to
instantly offer alternative configurations and substitutions to
meet customer delivery dates.

The new solution also provides manufacturers with a proven
collaborative business integration platform that helps them
integrate with their customers and trading partners to share
information and automate critical business processes. Based on
an open XML framework, the platform allows manufacturers to
easily exchange information across disparate systems, whether
internal or external.

Glovia.com 7 is complemented by Fujitsu's enterprise application
integration (EAI) solution, Interstage Collaboration Ring, to
facilitate the quick and economical creation of XML-based
integrated information-sharing environments. The solution is a
key element in Fujitsu's Interstage suite of collaborative
business integration offerings, which have been implemented in
more than 31,000 enterprise systems worldwide.

To meet the requirements of customers with global operations,
the same version of glovia.com 7 will be offered on a worldwide
basis, backed up by Fujitsu's and Glovia International's global
support network. Furthermore, Fujitsu has recently strengthened
its support capabilities in China, where an increasing number of
global manufacturers are shifting their production, with the
establishment of a support center at Beijing Fujitsu System
Engineering Co.

About Glovia International

Glovia International, Inc., a subsidiary of Fujitsu, is a
leading provider of extended ERP solutions for companies with
global operations. Glovia's ERP suite, glovia.com, delivers
unmatched functionality to ETO/MTO, High Volume and Automotive
manufacturers, including engineering, project management, supply
chain and collaboration. Headquartered in El Segundo, Calif.,
Glovia serves the needs of its 1,000 customers in more than 100
countries. For more information about Glovia and its extended
ERP solution, please visit www.glovia.com or call (800) 223-
3799.

About Fujitsu Limited

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

Standard & Poor's Ratings Services reported Wednesday 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.

Contact:
Fujitsu Limited
Bob Pomeroy, Minoru Sekiguchi, Nancy Ikehara
pr@fujitsu.com
+81-3-3215-5259


HITACHI ZOSEN: Posts FY02 Y35.06B Net Loss
------------------------------------------
Heavy machinery Hitachi Zosen Corporation booked a group net
loss of 35.06 billion yen in the year ending in March 31, versus
a profit of 3.46 billion yen a year earlier, due to massive
restructuring costs, Kyodo News said on Wednesday.

In February, Moody's Investors Service changed the outlook on
Hitachi Zosen Corporation's Ba3 senior unsecured long-term debt
ratings to negative from stable. The change reflects Moody's
growing concern over Hitachi Zosen's ability to improve its
credit profile over the medium term.

In line with its "Hitz-Advance" mid-term management plan,
Hitachi Zosen is currently restructuring its business portfolios
and focusing on environmental systems and solution services as a
core operation.


KYOKUTO BOEKI: R&I Downgrades to BBB-
-------------------------------------
Rating and Information Investment, Inc. (R&I) has downgraded the
senior long-term credit rating of Kyokuti Boeki Kaisha, Ltd. to
BBB from BBB-.

RATIONALE:

Kyokuto Boeki Kaisha, Ltd. is a machinery trader. As
deregulation proceeds, Japan's electric power firms are keeping
a lid on investment and are deferring repair and renewal work,
and consequently Kyokuto Boeki Kaisha's mainstay instrumentation
equipment-related earnings have deteriorated dramatically. In
addition to lowering its break-even point through restructuring
policies such as staff cuts and divisional consolidation, it has
prepared a system capable of supplying consistent services.
However, even in the medium term, neither demand nor prices are
likely to pick up, and a major recovery in profitability cannot
be anticipated.

In addition to possessing stable businesses related to aviation
(the major customer being the Defense Agency) and food, Kyokuto
Boeki Kaisha is promoting the development of growth industries
such as optical disk manufacturing equipment and liquid crystal
optical waveguides. However, these areas have not been able to
wholly make up for the electrical and energy-related slumps.

In the March 2003 period, payments such as special retirement
allowances were made, leading to an increase in interest-bearing
debt, so Kyokuto Boeki Kaisha no longer operates without real
debt. There has been no change to R&I's evaluation that
financial risk is limited. However, R&I has determined that
unless profits improve, Kyokuto Boeki Kaisha's financial base
will gradually be undermined, and the senior long-term credit
rating has been downgraded to BBB-.


MATSUSHITA ELECTRIC: Shuts Two China Plants Due to SARS
-------------------------------------------------------
Matsushita Electric Industrial Co. has shut down two of its
plants in China as a total of five local workers were confirmed
infected with severe acute respiratory syndrome (SARS), Kyodo
News said Wednesday. Operations at Beijing Matsushita Color CRT
Co (BMCC) and Beijing Matsushita Lighting Co (BMLC), both
located in Beijing, have been suspended since Saturday night,
the report said.


PEET'S COFFEE: Shuts Down Last Store in Japan
---------------------------------------------
Peet's Coffee & Tea Inc. will close its last store in Japan
later this month, a little more than a year after entering the
market, reports the San Francisco Chronicle, citing Peet's Japan
Corp. President Yasuhiro Hayashi. The coffee store chain, based
in Emerville California U.S.A., has already been closed.


RESONA BANK: Issues Special Shares to Receive Public Funds
----------------------------------------------------------
Resona Bank is in talks with the Financial Services Agency (FSA)
to accept an injection of public funds by issuing special shares
that will allow the state to vote only on the appointment and
dismissal of directors at the bank's shareholders meetings,
Kyodo News said Wednesday. The bank hopes to issue such shares
to receive support from the government while avoiding adverse
effects on the listed stock of its parent Resona Holdings Inc.


RESONA BANK: JCR Places Rating Under Credit Monitor
---------------------------------------------------
Japan Credit Rating Agency (JCR) has upgraded senior,
subordinated and undated subordinated long-term ratings for
Resona Bank from BBB-, BB+, BB to BBB, BBB- and BB+, placing
them under Credit Monitor, respectively. JCR has also upgraded
long-term rating for Saitama Resona Bank from BBB- to BBB,
placing it under Credit Monitor while it has affirmed the A-
rating on long-term senior debts of Resona Trust & Banking.
Concerning short-term ratings for Resona Bank and Saitama Resona
Bank, JCR affirmed the J-2 ratings for them, placing them under
Credit Monitor.

Issuer: Resona Bank, Ltd.

Long-term senior debts (BBB)
Short-term senior debts (J-2)
Euro Subordinated Medium Term Note Programme
Maximum: equivalent of Y500 billion yen
Maturities: over 5 years for subordinated notes (BBB-)
No maturity date for undated subordinated notes (BB+)

Issuer: Resona Bank, Ltd.(both subordinated and undated
subordinated notes)
Issuer: Daiwa International Finance (Cayman) Limited
(subordinated notes guaranteed by Resona Bank)
Issuer: Daiwa PB Limited (undated subordinated notes guaranteed
by Resona Bank)

Program: Euro Subordinated Medium Term Note Programme
Maximum: Y500 billion
Maturities: over 5 years for subordinated notes (BBB-)
No maturity date for undated subordinated notes (BB+)

Issuer: Saitama Resona Bank, Ltd.
Long-term senior debts (BBB)
Short-term senior debts (J-2)

Issuer: Resona Trust & Banking Co., Ltd.
Long-term senior debts (A-)

RATIONALE:

The Japanese government decided on May 17 to inject public funds
into Resona Group in conjunction with special loans from the
Bank of Japan. The upgrade reflects that financial standings of
Resona Bank and Saitama Resona Bank will be surely improved with
the capital being injected. On the other hand, the group's
future management policy and disposal of bad loans have yet to
be determined. Thus, JCR placed the ratings for Resona Bank and
Saitama Resona Bank under Credit Monitor.


RESONA HOLDINGS: Appoints Nomura as Bank Chief
----------------------------------------------
Resona Bank has appointed Masaaki Nomura as its new President
replacing Yasuhisa Katsuta who will leave the board on June 10,
Japan Times reports. Masaaki Nomura was the former Chief
Operating Officer of Resona Holdings Incorporated.

The government said Saturday it will inject an expected 2
trillion yen in public funds into Resona Bank, the core unit of
the banking group led by Resona Holdings, as the bank's capital-
adequacy ratio fell below the 4 percent legal limit at the end
of March.


SIR K.K.: Golf Course Enters Rehab Proceedings
-----------------------------------------------
Sir K.K., which has total liabilities of 24.4 billion yen
against a capital of 50 million yen, recently applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The golf course is located in Osaka-shi, Osaka, Japan.


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


CHOHUNG BANK: Sell Off Talks Make Progress
------------------------------------------
Efforts by the government to sell off its 80 percent stake in
Chohung Bank are expected to gain momentum with representatives
of Korea Deposit Insurance Corp. (KDIC) and Shinhan Financial
Group, scheduled to meet within the week, Asia Pulse said
Tuesday, citing the Ministry of Finance and Economy (MOFE). The
two sides will negotiate an appropriate price for the bank
shares after the due diligence report by Shinhan Accounting
Corporation.

JP Morgan, who had been contracted by the financial group,
estimated the bank's possible bad debt at 680 billion won
(US$566 million), while Morgan Stanley, which had been hired by
the KDIC said liabilities were closer to 100 billion won. KDIC
insiders said they might accept a minimum 6,150 won per Chohung
share as outlined by Shinhan's original proposal. Shinhan, the
prospected buyer, has said it might offer 5,000 won per share to
reflect additional liabilities and the weakness of the stock
market.

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


DAEWOO CORP.: Court Receiver Takes Over Indian Unit
---------------------------------------------------
An Indian court receiver has taken over the assets of bankrupt
Daewoo Motors India Ltd., Reuters said on Tuesday. The receiver
is trying to sell the assets in six parts to repay creditors
after the sale of the business, as a stand-alone firm evoked no
interest. South Korea's Daewoo Corporation had held 91.6 percent
of the unit. The name of the receiver was not mentioned in the
report.

About 18 Indian banks and financial institutions including
Industrial Development Bank of India, ICICI Bank Ltd and Export
Import Bank of India lent over 12 billion rupees ($256 million)
to Daewoo India. The firm, whose plant has a capacity to make
72,000 units a year, was India's third-largest car Company
before its parent went bankrupt in November 2000.


SK CORPORATION: Due Diligence Report Complete
---------------------------------------------
SK Corporation's due diligence report is completed, DebtTraders
said on Wednesday. The firm's negative net worth was 4.4
trillion won ($3.5 billion), which is slightly higher than
creditors' estimate of 4.2 trillion won ($3.4 billion). Total
assets were 5.6 trillion won ($4.5 billion), versus total debt
of 10 trillion won ($8 billion). As SK Global will be unable to
pay off interest on its loans, creditors has decided to convert
around 4.5 trillion won of debt ($3.6 billion) into equity and
will roll over the debt.

SK Global's creditors also have requested SK Corporation to swap
its 1.5 trillion won ($1.2 billion) trade receivables from SK
Global into equity. However, SK Corporation is only able to
offer to swap half of the receivables plus proceeds of a
potential disposal of its equity holdings in Walkerhill Hotel.
SK Corporation is under pressure from its largest shareholder
Sovereign Asset to avoid providing support to its affiliates.


SK GLOBAL: Creditors Push For Capital Reduction Scheme
------------------------------------------------------
Creditors of SK Global will push ahead with a large-scale
capital reduction scheme in line with the debt-to-equity swap
worth 4.5 trillion won, the Korea Times said on Tuesday, citing
main creditor Hana Bank. They also decided to file a lawsuit
against SK Corporation to return its well-performing gas
stations, which previously belonged to the trading firm.

SK Corporation, the largest shareholder of the trading firm with
a 36.88 percent stake, acquired 285 filling stations from SK
Global for 214.5 billion won last month, right before it was
placed under joint bank management. The creditor group demanded
that SK Corporation should convert 1.5 trillion won of SK
Global's accounts payable into equities. But the SK Group has
shown a willingness to make a debt-to-equity swap of only 700
billion won, citing objections by its largest shareholder,
Sovereign Asset Management.


SK GLOBAL: Needs 24 Years to Cover Losses, Samsung Says
-------------------------------------------------------
SK Global will need 24 more years to cover its massive losses if
it does not receive any financial support from its parent SK
Group, the Korea Herald said on Wednesday, quoting Samsung
Securities Company. The Company's cash flow is estimated at
around 182 billion won ($152 million), which is not enough to
keep the Company out of the red.

Samsung Securities warned that SK Group's other affiliates,
except SK Telecom Co. and SK Corp., could also face financial
difficulties. It added that these affiliates are known to be
having problems issuing commercial debt papers. Samil Accounting
Corp. revealed recently that SK Global's liabilities exceed the
value of its assets by 4.39 trillion won.


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


ABRAR CORPORATION: Defaulted Payment Status Remains Unchanged
-------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
wishes to announce that there has been no changes to the status
in payment since the Company's previous announcement made on 30
April 2003.

The Company has been placed under the administration of Special
Administrators since 27 May 2000 by Pengurusan Danaharta
Nasional Berhad (Danaharta) pursuant to Section 24 of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (the Danaharta
Act).

With the appointment of the Special Administrators, there is a
moratorium on the Company and no creditors may take action
against the Company except in accordance with Section 41 of the
Danaharta Act. The moratorium expires on 26 May 2003.

On 1 November 2002, Public Merchant Bank Berhad (PMBB), on
behalf of the Company, announced that the Company's debt
restructuring proposal (the Workout Proposal) prepared by the
Special Administrators of the Company, was approved by Danaharta
in accordance with Section 45(2) of the Danaharta Act. Under
Section 46(4) of the Danaharta Act, the Workout Proposal binds
the Company, all members and creditors of the Company and any
other person affected by the Workout Proposal.

On 23 December 2002, PMBB, on behalf of the Company, announced
that the Securities Commission (SC) had via their letters dated
18 December 2002 and 20 December 2002 approved the Company's
proposed corporate debt restructuring scheme (the Proposed
Restructuring Scheme), subject to certain conditions to be
fulfilled.

The Company's Proposed Restructuring Scheme, once implemented,
will address the Company's default in payments.


AMSTEEL CORPORATION: Proposed Disposals Become Unconditional
------------------------------------------------------------
Amsteel Corporation Berhad refers to the announcements made by
the Company on 24 December 2002 and 7 April 2003 in relation to
the Proposed disposal of:

   1) approximately 1,512,356,160 new ordinary shares of HK$0.01
each in CIL Holdings Limited (CIL) to be received pursuant to a
scheme of arrangement proposed by CIL to Ambang Jaya Sdn Bhd and
Angkasa Marketing (Singapore) Pte Ltd, both wholly-owned
subsidiaries of the Company (collectively "the Amsteel Group")
in settlement of debts owing by CIL for a total cash
consideration of HK$11 million (Proposed Disposal of CIL
Shares); and

   2) the Amsteel Group's 241,615,000 shares of HK$0.20 each in
eCyberChina Holdings Limited for a total cash consideration of
HK$17 million (Proposed Disposal of eCyberChina Shares)

(collectively referred to as "the Proposed Disposals")

The Board of Directors of the Company wishes to announce that on
16 May 2003 the scheme of arrangement proposed by CIL with its
creditors (CIL Scheme) was completed and pursuant to the CIL
Scheme, Amsteel Group has received 1,512,356,160 new CIL Shares
on 19 May 2003.

Following the CIL Scheme being completed and the issuance and
allotment of the 1,512,356,160 new CIL Shares in favor of
Amsteel Group, the Proposed Disposal of CIL Shares has become
unconditional and the completion date for the Proposed Disposal
of CIL Shares is on 22 May 2003 or such other date as the
parties may agree in writing.

Following the CIL Scheme being completed, the Proposed Disposal
of eCyberChina Shares in respect of the 81,150,000 eCyberChina
Shares which are unencumbered (Unencumbered eCyberChina Shares)
has also become unconditional and the completion date for the
proposed disposal of the Unencumbered eCyberChina Shares is on
21 May 2003 or such other date as the parties may agree in
writing.

The Proposed Disposal of eCyberChina Shares in respect of the
remaining eCyberChina Shares is still subject to the conditions
of obtaining the consents from the relevant banks for the
Amsteel Group.


BRISDALE HOLDINGS: BDSB Petition Hearing Set on Sept 4
------------------------------------------------------
Brisdale Holdings Berhad (BHB) announced that a Winding-Up
Petition pursuant to Section 218 of the Companies Act, 1965 was
served on Brisdale Development Sdn Bhd (BDSB), a 65% owned
subsidiary company of Pembangunan Brisdale Sdn Bhd (a wholly
owned subsidiary of BHB) on 13 May 2003 by the Petitioner Viable
Shanghai (M) Sdn Bhd at the registered office of Lot 1A, Level
1A, Plaza Perangsang, Persiaran Perbandaran, 40000 Shah Alam,
Selangor Darul Ehsan.

1. The Company received a Winding-Up Petition, which was
presented, via Shah Alam High Court Companies Winding-Up
Petition No. 28-65-2003 on 13 May 2003.

2. The total amount claimed under the petitions is RM606,941.30
being the liquidated damages, principal sum refundable and late
payment interest payable to the Petitioner in respect of a
various Sale and Purchase Agreement in respect of 3 units shop
offices in Larkin Perdana, Johor Bahru.

3. The total cost of investment in BDSB by BHB through
Pembangunan Brisdale Sdn Bhd is RM162,500.00.

4. The Company does not foresee the amount claimed to have any
financial nor operational impact on the Group.

5. Apart from the amount claimed, the Company does not foresee
any further losses except for legal cost in which we need to pay
the petitioner's solicitors as well as ours.

6. BHB is taking the necessary steps to resist the Winding-Up
Petition.

7. The Petition will be heard on 4 September 2003.

Kindly be advised that trading in Company's shares was suspended
with effect from 9:00 a.m., Tuesday, 20 May 2003 until further
notice.


GADANG HOLDINGS: Passing Proposed Revision at June 4 EGM
--------------------------------------------------------
Reference is made to the Proposed Revision to the Utilization of
Part of the Proceeds amounting to RM11.530 million arising from
the Renounceable Rights Issue of 29,850,000 New Ordinary Shares
of RM1.00 each at an Issue Price of RM1.00 per share on the
basis of three (3) New Ordinary Shares for every two (2)
Existing Ordinary Shares held in the Company, from the Proposed
Initial Purpose of Repayment of Bank Borrowings to Working
Capital (Proposed Revision).

Aseambankers Malaysia Berhad, on behalf of Gadang Holdings
Berhad, wishes to announce that an Extraordinary General Meeting
(EGM) of the Company will be held at Kiara Room, Sri Damansara
Club, Lot 23304, Persiaran Perdana, Bandar Sri Damansara, 52200
Kuala Lumpur on Wednesday, 4 June 2003 at 10:00 a.m., or at any
adjournments thereof, for the purpose of considering and, if
thought fit, passing the Proposed Revision.

A copy of the said notice can be found at
http://bankrupt.com/misc/TCRAP_Gadang0522.doc.


IDRIS HYDRAULIC: KFCH Grants Settlement Agreement Extension
-----------------------------------------------------------
Reference is made to the announcements dated 22 March 2002, 19
July 2002 and 31 October 2002 in respect of the Settlement
Agreement entered into between KFC Holdings (Malaysia) Bhd
(KFCH) and Idris Hydraulic (Malaysia) Bhd (IHMB).

Pursuant to the aforesaid Settlement Agreement and as requested
by IHMB, KFCH wishes to announce that KFCH has on 20 May 2003
agreed to grant to IHMB a further extension period of up to 30
June 2003 (inclusive of the date itself) for IHMB to obtain its
shareholders' approval in a general meeting in respect of the
Settlement Agreement and IHMB's proposed Restructuring Exercise
and for IHMB to procure the transfer and registration of the
title to Wisma KFC in the name of KFCH and/or its nominees as
legal and beneficial owner free of any encumbrances.


NANYANG PRESS: Voluntarily Winds-Up Subsidiary
----------------------------------------------
Nanyang Press Holdings Berhad wish to inform that its
subsidiary, Nanyang (BVI) Ltd (NBVI) had on 19 May 2003 passed a
resolution to proceed with the winding-up of NBVI voluntarily in
accordance with the International Business Companies Act, Cap.
291. Marek Limited of Tropic Isle Building, Wickhams Cay 1, Road
Town, Tortola, British Virgin Islands has been appointed as the
Liquidator on 19 May 2003.

NBVI has an issued and paid-up capital of US$50,000 divided into
50,000 shares of US$1 each, and its principal activities are
investment holding and trading in securities. The winding-up of
NBVI is in line with the Group's strategic plan to focus on its
core business.

The impact on the net tangible assets and earnings per share of
the NPHB Group for the financial year ending 30 June 2003 is not
significant.


PAN MALAYSIA: Proposed Share Issue Implementation Extended
-----------------------------------------------------------
Reference is made to the announcements dated 25 February 2002
and 25 October 2002 in relation to the Proposed Issue of up to
5,184,238 New Ordinary Shares of Rm1.00 Each (Shares) to two (2)
Scheme Creditors Pursuant to the Scheme of Arrangement of PM
Holdings and its Subsidiaries (Proposed Share Issue).

On behalf of Pan Malaysia Holdings Berhad, Commerce
International Merchant Bankers Berhad wishes to announce that
the Securities Commission has via its letter dated 16 May 2003,
approved an extension of six (6) months to 22 October 2003 for
the Company to implement the Proposed Share Issue.


PENAS CORPORATION: Resolutions Passed at Court Convened Meeting
---------------------------------------------------------------
Penas Corporation Berhad (331867-A) provided details on the
Court Convened Meeting and Extraordinary General Meeting held on
May 17, 2003.

A. COURT CONVENED MEETING

PENCORP wishes to inform that at the Court Convened Meeting (the
Meeting), the shareholders of PENCORP had by way of poll,
approved and passed the Resolution as set out in the Notice of
the Meeting dated April 22, 2003.

B. EXTRAORDINARY GENERAL MEETING-PROPOSED RESTRUCTURING SCHEME
(EGM)

PENCORP wishes to inform that the EGM of PENCORP duly convened
and held, the shareholders of PENCORP had by way of poll,
approved and passed the special resolution as set out in the
Notice of the EGM dated April 22, 2003.


PILECON ENGINEERING: Restraining Order Extended Until November
--------------------------------------------------------------
Pilecon Engineering Berhad refers to the Restraining Order and
the announcement dated 21 February 2003 whereby the Kuala Lumpur
High Court has, pursuant to Section 176(1) of the Companies Act,
1965 granted an order requiring Pilecon to convene a meeting
with its unsecured creditors (excluding its trade creditors)
within ninety (90) days from 21 February 2003 (Order to Convene
Creditors' Meeting) as well as a restraining order (Restraining
Order) for a period of ninety (90) days from 21 February 2003.
The Restraining Order is due to expire on 21 May 2003.

Pursuant to the above, Alliance Merchant Bank Berhad, on behalf
of the Board of Directors of Pilecon, wishes to announce that
the Kuala Lumpur High Court has extended the Order to Convene
Creditors' Meeting for a period of ninety (90) days from 21 May
2003. The Court has further granted an order for an extension of
time to the Restraining Order from 21 May 2003 to 30 November
2003.


SATERAS RESOURCES: Wholly Owned Unit Wound Up
---------------------------------------------
Sateras Resources (Malaysia) Berhad wishes to announce that
Berkat Hasil Sdn Bhd (BHSB), a wholly owned subsidiary of
Sateras Resources (Malaysia) Berhad had been wound up pursuant
to Section 218 of the Companies Act, 1965 on 18th April 2003.

Details of default or circumstances leading to the filing of the
winding up petition against BHSB

The winding up petition was filed by Kelanadaya Sdn Bhd due to
default in payment of RM242,428.83 owed by BHSB to Kelanadaya
Sdn Bhd.

Date of Petition: The petition was presented to the Court on
13th December 2002

High Court Petition number: D7-28-1149-02

Date of Hearing: 18th April 2003

Total cost of investment in BHSB: RM14,454,666.00


SELOGA HOLDINGS: KLSE Grants Shares Quotation Listing
-----------------------------------------------------
Seloga Holdings refers to the Proposals and to the announcement
made by AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) (AmMerchant Bank) dated 27 July 2002. The
Proposals collectively refers to the following:

   * Two-Call Rights Issue;
   * Restricted Issue;
   * Settlement of Joint Venture;
   * Debt Settlement Scheme;
   * Segi-Seloga Jaya JV; and
   * ESOS

Further thereto, on behalf of the Company, AmMerchant Bank
wishes to announce that:

   a) the Kuala Lumpur Stock Exchange (KLSE) had on 16 May 2003
approved the listing of and quotation for a total of 62,987,410
new ordinary shares of RM1.00 each (Shares) in the Company
issued pursuant to the Two-Call Rights Issue, Restricted Issue,
Settlement of Joint Venture and Debt Settlement Scheme. The said
Shares will be granted listing and quotation with effect from
9:00 a.m., Tuesday, 20 May 2003;

   b) the RM24 million nominal amount of seven(7) year zero-
coupon irredeemable convertible unsecured loan stocks has been
issued on 9 May 2003 to Segi Resources Sdn Bhd pursuant to the
Segi-Seloga Jaya JV; and

   c) AmMerchant Bank has on 19 May 2003 submitted a
confirmation letter to the Securities Commission in relation to
the ESOS thereby marking the commencement of the said ESOS.

In view that Seloga no longer fulfils the criteria under
paragraph 2.0 of Practice Note 4/2001 of the KLSE Listing
Requirement, the KLSE has on 19 May 2003 approved both the
reclassification of the Company from 'PN4 Condition' to
'Construction' as well as the upliftment of the securities of
Seloga from being subject to a trading restriction, the said
reclassification and upliftment being effective from 9.00 a.m.,
Tuesday, 20 May 2003.

Accordingly, with the listing of and quotation for the said
62,987,410 new Shares in the Company as per item (a) above,
AmMerchant Bank is pleased to announce that the Proposals have
been completed.


SILVERSTONE CORPORATION: ATE Disposal Further Extended
------------------------------------------------------
On 3 April 2003, Silverstone Corporation Berhad (SCB) (formerly
known as Angkasa Marketing Berhad) announced that AMB Venture
Sdn Bhd (AMBV) and Lion Asiapac Limited (LAP) have agreed to
extend the deadline up to 15 May 2003 (or such other date as
AMBV and LAP shall agree) for Angkasa Transport Equipment Sdn
Bhd (ATE) to complete the disposal of the entire equity
interests in Wuhan Fortune Motor Co., Ltd. and Jiangxi Fuqi
Motor Co., Ltd., the legal ownerships whereof, as at the
completion date of the ATE Disposal on 29 November 2002, are
held by ATE and the beneficial interests held by Range Grove
Sdn. Bhd. and Chrome Marketing Sdn Bhd (CMSB) respectively.

The Board of Directors of SCB wishes to announce that AMBV and
LAP have agreed to further extend the deadline to 30 June 2003
(or such other date as AMBV and LAP shall agree) for the
completion of the disposal of the entire equity interest in
Jiangxi Fuqi Motor Co., Ltd by way of ATE transferring its legal
ownership to CMSB. The disposal of the entire equity interest in
Wuhan Fortune Motor Co., Ltd to Tri-Ring Group Co was completed
on 24 April 2003.

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


MANILA ELECTRIC: Business Group's Seek Talks on Refund Issue
------------------------------------------------------------
The Philippine Chamber of Commerce and Industry (PCCI), the
Employers Confederation of the Philippines (ECOP) and the
Philippine Exporters Confederation will seek negotiations with
Manila Electric Company (Meralco) officials to come up a `win-
win' solution to the big power users refund issue, Asia Pulse
said Wednesday.

The three business groups are coming up with a database that
will determine the refund scheme for big power users consuming
more than 100 kilowatt hours (kWh) a month since 1994. ECOP
President Donald Dee said the database would also identify
measures how to further reduce the power purchased adjustment
(PPA) cost. Members of the three business groups are mostly
small and medium enterprises (SMEs) consuming more than 100 kWh
a month.

Meralco is scheduled to start its refund next month to small
power users with less than 100 kWh consumption in April. These
customers comprise one third of the current total 3.9 million
power users of the utility firm.


MANILA ELECTRIC: Selling Properties to Finance P30B Refund
----------------------------------------------------------
Manila Electric plans to sell some of its idle properties to
help finance a 30 billion pesos ($568 million) refund order by
the court. The Company estimates it had 10 billion pesos ($192
million) in property and other equipment, according to
DebtTraders. Separately, the Company has to repay 12 billion
pesos ($231 million) maturing this year. It seems that the
Company is actively seeking resources to settle the court order.


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


CHARTERED SEMICONDUCTOR: Offers Mixed-Signal Tech Design Kit
------------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, and Mentor Graphics(R)
Corporation have collaborated to deliver integrated circuit (IC)
analog/mixed-signal (AMS) design kits validated for Chartered's
manufacturing processes at multiple technology nodes, starting
first with 0.18 micron and extending through 0.13 micron to 90
nanometer. These AMS design kits provides the proven building
blocks needed by semiconductor companies and electronics systems
manufacturers to shorten design cycles and ensure manufacturing
success of analog, RF and mixed-signal ICs and systems on chip
(SoCs).

Available at no charge, the Mentor Graphics AMS design kits
enable the entire IC design workflow to be tailored for
Chartered RF CMOS processes. The kits provide all the foundry
data files and models for use with front and back-end IC design
tools from Mentor Graphics. Designers can work within Mentor's
completely integrated AMS design-through-verification tool flow,
or move seamlessly between Mentor's widely-used Calibre(R)
design-to-silicon platform and front-end design products from
other electronic design automation (EDA) providers.

"Access to optimized design platforms that shorten critical chip
development cycles is of paramount importance to foundry
customers battling the constraints of today's market. Such
challenges make Chartered's open, third-party EDA and IP
strategy even more relevant," said Kevin Meyer, vice President
of worldwide marketing and services at Chartered. "By combining
Chartered's production-proven, mixed-signal processes with
world-class EDA flows from Mentor Graphics, our mutual customers
gain more control and predictability over SoC design and
manufacturing."

"We understand the time-to-market pressures facing companies,
and realize that their design engineers must focus on product
development, rather than setting up IC design environments,"
said Jue-Hsien Chern, vice President and general manager of the
DSM (deep submicron) division at Mentor Graphics. "At Mentor,
we're committed to helping our customers maximize their
productivity, especially as they move to more advanced
semiconductor technologies in order to stay competitive in their
markets. Our design kit collaboration with Chartered as a
leading mixed-signal foundry yields an AMS design-through-
manufacturing flow that saves time and eliminates costly re-
spins."

The Mentor Graphics AMS design kits enable chip designers to
immediately begin creating, simulating, and verifying mixed-
signal or analog transistor-level designs targeted for
Chartered's manufacturing 0.18-micron process. Additionally,
they are currently being validated by both companies in support
of Chartered's advanced technologies at 0.13 micron and beyond.
Specifically, the design kits include: pre-configured symbols
and netlist configuration file for schematic capture in Design
Architect-IC, Eldo(TM) and Eldo RF analog simulation models for
functional verification, process definition files and device
generators for schematic-driven physical layout using IC
Station, and pre-validated Calibre DRC, LVS and PEX rule files
for final physical verification and parasitic extractions prior
to chip manufacturing.

Availability

The Mentor AMS design kit for Chartered's 0.18-micron process is
available now. Companies can contact Chartered sales
representatives directly for details.

About Chartered

Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
Company provides flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab, which will be developed as a 300mm facility.

A Company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq:CHRT) and on
the Singapore Exchange (SGX-ST:CHARTERED). Chartered's 3,500
employees are based at 11 locations around the world.
Information about Chartered can be found at
www.charteredsemi.com.

About Mentor Graphics

Mentor Graphics Corporation (Nasdaq:MENT) is a world leader in
electronic hardware and software design solutions, providing
products, consulting services and award-winning support for the
world's most successful electronics and semiconductor companies.
Established in 1981, the Company reported revenues over the last
12 months of about $600 million and employs approximately 3,500
people worldwide. Corporate headquarters are located at 8005
S.W. Boeckman Road, Wilsonville, Oregon 97070-7777; Silicon
Valley headquarters are located at 1001 Ridder Park Drive, San
Jose, California 95131-2314. World Wide Web site:
www.mentor.com.

Chartered Safe Harbour Statement under the provisions of the
United States Private Securities Litigation Reform Act of 1995

CONTACT:

Chartered Semiconductor Manufacturing
Maggie Tan, +65-6360-4705 (Chartered Singapore)
tanmaggie@charteredsemi.com  

Wired Island, Ltd. (For Chartered)
Laurie Stanley, +510/656-0999               
laurie@wiredislandpr.com                                 

Mentor Graphics        
Carole Thurman, 503/685-4716               
carole_thurman@mentor.com


FLEXTECH HOLDINGS: Posts Notice of Shareholder's Interest
---------------------------------------------------------
Flextech Holdings posted a notice of changes of substantial
shareholder Michael Loh's interests:
  
Date of notice to Company: 19 May 2003
Date of change of interest: 19 May 2003
Name of registered holder: DB Nominees (Singapore) Pte Ltd
  
Circumstance(s) giving rise to the interest: Others
Please specify details: Married Trade.
By virtue of Section 7 of the Companies Act (Cap.50), Michael
Loh is deemed interested in Flextech shares held by SJ Asset
Management Sdn Bhd

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: 37,500,000
% of issued share capital: 21.88
No. of shares held after the transaction: 44,500,000
% of issued share capital: 25.97

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed     Direct
No. of shares held before the transaction: 37,500,000 0
% of issued share capital:                 21.88      0
No. of shares held after the transaction:  44,500,000 0
% of issued share capital:                 25.97      0
Total shares:                              44,500,000 0


No. of Warrants : NIL
No. of Options : NIL
No. of Rights : NIL

No. of Indirect Interest: DB Nominees (Singapore) Pte Ltd is
holding Flextech shares for account of SJ Asset Management Sdn
Bhd


MEDIASTREAM LIMITED: Issues Info on Key Management Staff
--------------------------------------------------------
The Board of Directors of MediaStream Limited refers to the
Annual Report issued by the Company on 14 May 2003. In
connection therewith, the Company sets out the following
information relating to the key management staff of the
MediaStream Group:

The Company

Kek Teng Cheong
Group Financial Controller

Mr Kek Teng Cheong has been the Group Financial Controller of
the Company since December 1999. He graduated with a degree in
accountancy from the National University of Singapore in 1990.
Mr Kek is also a member of the Institute of Certified Public
Accountants of Singapore. He has 13 years' experience in
auditing, finance and accounting. He is also a director of some
of the subsidiaries of the MediaStream Group.

Infinite Frameworks Pte Limited

Freddie Yeo Soo Teck
Director and General Manager

Mr Freddie Yeo Soo Teck holds a Bachelor of Arts in
Communications Studies and has been with Infinite Frameworks Pte
Limited since July 1997. He has been involved in the areas of
advertising and post-production, in the case of post-production
for the last 9 years. He has been responsible for spearheading
the involvement of Infinite Frameworks Pte Limited in the
television commercial industry, both locally and regionally, and
in the feature film industry.

Ang Leong Bock
Director and Operations Manager

Mr Ang Leong Bock has been in the post production industry for
the last 22 years. Mr Ang joined Infinite Frameworks Pte Limited
in July 1997. He has won countless awards in both local and
international creative shows in his capacity as Senior Editor
and is also involved in the local feature film industry.

Ang Chee Wee
3D Effects Supervisor

Mr Ang Chee Wee has a Certificate in Graphic Design and has been
in the post production industry for the last 15 years. He has
been with Infinite Frameworks Pte Limited since July 1997. He is
in charge of the area of 3 dimensional animation and together
with Ms Wendy Liow Bee Geok, has been the creative force behind
the Company's visual effects and animation capability and its
subsequent entry into the Japanese game industry.

Foo Boon Swee Colin
Senior Inferno Editor

Mr Colin Foo Boon Swee holds a diploma in Applied Arts
Illustrations. He has been in the post production industry for
the last 10 years and has been with Infinite Frameworks Pte
Limited since July 1997. He is now a specialized visual effects
artist.

Liow Bee Geok Wendy
Post Manager/Effects Supervisor

Ms Wendy Liow Bee Geok holds a diploma in Advertising Art and
Design and has been in the post production industry for 18
years. She joined Infinite Frameworks Pte Limited in July 1997.
Ms Liow is in charge of the areas of animation and visual
effects and together with Mr Ang Chee Wee, has been the creative
force behind the Company's visual effects and animation
capability and its subsequent entry into the Japanese game
industry.

The Audioplex Pte Limited

Leonard Fong Kim Peng
Director and Studio Manager

Mr Leonard Fong Kim Peng holds a Bachelor of Arts (Honours)
(Recording Arts) degree. He joined The Audioplex Pte Limited in
October 1999 as Studio Manager and was also subsequently
appointed as a director. He has been involved in the industry in
the areas of sound recording and music production since 1996.

Mediastream Limited posted a net loss of S$1.284 million in the
first half of the fiscal year, versus a loss of S$1.619 million
a year ago, despite a fall in sales as it lowered advertising
and overhead costs, the Troubled Company Reporter-Asia Pacific
reported.

PAN-UNITED: Appoints G.K. Goh as Financial Adviser
--------------------------------------------------
The Board of Directors of Pan-United Corporation Ltd. has
appointed G. K. Goh Stockbrokers Pte Ltd. as its financial
adviser to advise on a corporate restructuring exercise to
restructure the Group's businesses and capital structure with
the primary objectives of sharpening its business focus and
unlocking shareholders' value (Exercise).

As at the date of this announcement, there is no certainty that
this Exercise will materialize. A further announcement with more
details, if appropriate, will be made once a decision has been
taken.


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


BANGKOK RUBBER: SET Lifts Securities Trading Suspension
-------------------------------------------------------
Previously, the Stock Exchange of Thailand posted the "SP"
(Suspension) sign on the securities of Bangkok Rubber Public
Company Limited (BRC) and Pan Asia Footwear Public Company
Limited (PAF) from 19 May 2003 because the companies have
publicly submitted the SET its reviewed financial statements for
the first quarter ending 31 March 2003 with unable to reach any
conclusion on its financial statements.

The SET has been waiting for the clarification about making
the clarification on financial statements to investors through
the SET. In addition, the Securities and Exchange Commission
(SEC) has now informed the SET that those companies are not
necessary to amend their financial statements.

Therefore, the SET has lifted the "SP" sign from BRC and PAF
since the first trading session of 20 May 2003.  

On March 13, the Troubled Company Reporter - Asia Pacific
reported that the Central Bankruptcy Court granted the amendment
of Memorandum of Association according to the Business
Reorganization Plan.


DATAMAT PUBLIC: Requests Amended F/S Submission Date Extension
--------------------------------------------------------------      
Reference is made to Datamat Public Company Limited's letter
dated April 24, 2003 requesting an extension for the submission
its amended Financial Statements for year 2002 till May 20,
2003.

Kindly be informed that the KPMG Malaysia has finished the audit
of E.T. Communications Sdn. Bhd. and has sent the report to the
Company on May 14, 2003.  The Company then has already forwarded
a copy of the report to its auditor.  However, the auditor still
requests for more detailed information for the consolidation and
the preparation of the notes to financial statements.  The
company has then requested for additional detailed information
from E.T. Communications Sdn. Bhd. in Malaysia.  

As a consequence, the Company was not able to submit the amended
Financial Statements for year 2002 to the Office of the
Securities Exchange Commission (SEC) within May 20, 2003.

Therefore, the Company requested an extension date for the
submission of the amended Financial Statements to SEC and the
Stock Exchange of Thailand to May 27, 2003.

   
EASTERN PRINTING: Rehabilitation Exercise Caused Decrease Profit
----------------------------------------------------------------      
EPCO Management Co., Ltd., as the Plan Administrator of Eastern
Printing Public Company Limited, informed that the performance
of the first Quarter (January 1 to March 31, 2003) of the
company showed a decrease in profit of Bt574.95 million
comparing with the quarter1 of last year.

This is due mainly to the rehabilitation plan, which resulted in
2002 Quarter 1 profit from debt restructuring Bt588.56 million
and profit from the operating activities Bt6.64 million.

This year, the company has operating profit of Bt20.22 million,
an increase of Bt13.58 million by increasing revenue (Sale &
Services) by Bt20.68 million and by controlling cost thus
resulted in the better company performance.


JASMINE INT'L: Rights Warrant Exercise Info
-------------------------------------------
Chaengwatana Planner Co., Ltd., Planner of Jasmine International
Public Company Limited, provide information regarding the
Exercise of 257,239,437 units of the Company's Rights Warrants,
as follows:

1. The Exercise Date is on June 16, 2003 at 8:30 in the
morning to 3:30 in the afternoon.
2. The Notification Period starts at 8:30 a.m. to 3:30 p.m.
the Company's business day on June 1, 2003 through June
14, 2003.
3. Contact Place to exercise the Rights Warrants and to get
the Subscription Forms is:

- Jasmine International Public Company Limited 200,
29th-30th Floor, Moo 4, Chaengwattana Road, Pakkred
Sub-district, Pakkred, Nonthaburi 11120, Thailand,
Telephone No. (66 2) 502-3119-20, Fax No. (66 2)
502-3151
- Or at any office of the brokerage companies during
the Notification Period.
4. The Exercise Ratio and the Exercise Price to subscribe the
Company's Common Shares:

      1 Rights Warrant has a right to subscribe 1 Common Share
of the Company at the price of Bt5 per share.


SAMART CORPORATION: Clarifies Q1003 Financial Statement   
-------------------------------------------------------
Samart Corporation Public Company Limited submitted its Q1/2003
consolidated financial statement as of March 31, 2003 with
clarification on better operating result compared to same period
last year of more than 20 percent, as follows:

1. The Consolidated revenue from operation was Bt1,121
million or equivalent to 52% increased.  The increased
revenue was mainly contributed from sales of mobile phones
and the balance was from premium phone service, 1-900 via
TOT service, Air Traffic Control Services business in
Cambodia and turnkey project from government sector as
well as the billing system and customers care services of
Mobile phone 1900 MHz;
2. Cost of sales and services increased 52.7% compared to
previous year due to expansion of the above-mentioned
businesses.  However the Company still have a gross profit
of Bt187 million or equivalent to 47% increased compare to
last year;
3. Selling & Administrative expenses was the same as previous
year;
4. Interest expenses was Bt27 million higher due to the
increased investment in mobile phone 1900 MHz. and the Air
Traffic Control Services business in Cambodia;
5. Corporate tax was Bt28 million increased as a result of
the increased profit from sales of mobile phones and the
premium phone service, 1-900 via TOT service;
6. Other income was Bt50 million decreased as the lower gain
from exchange rate compared to previous year.


SYNTECH CONSTRUCTION: Business Rehabilitation Terminated
--------------------------------------------------------      
Siam Syntech Planner Co., Ltd., as the Plan Administrator of
Siam Syntech Construction Public Company Limited, notified that
after the Central Bankruptcy Court issued an order approving the
Business Rehabilitation Plan of the Company (the Plan) on 30
March 2001, the Plan Administrator has arranged for the Company
to implement all processes as provided in the Plan.  Presently,
the business rehabilitation process of the Company has completed
successfully under the Plan. The Court therefore issued an order
terminating the Business Rehabilitation of the Company on 28
April 2003.

After the Court issued the order terminating the Business
Rehabilitation of the Company, the Board of Directors of the
Company is required to manage the businesses and assets of the
Company, under the Bankruptcy Act B.E. 2483 (A.D.1940) and
amended up to Bankruptcy Act (No.5) B.E. 2542 (A.D.1999) section
90/77. The Plan Administrator will then hand over the authority
for managing the businesses and assets of the Company to the
Board of Directors of the company, which comprises the
following:    

1. Mrs. Sawang Mankhongchareon     
2. Mr. Bundith Sothiplarid           
3. Mr. Somchai Sililertpanich        
4. Mrs. Angsana Weerachatsakul         
5. Miss. Benchawan Sinkunakorn     
6. Mr. Paisarn Tungyeunyong
7. Mr. Tawee Kullertprasert
8. Mr. Sirichai Soobanthid
9. Mr. Somsak Leesawadtrakul
10. Mr. Chieanchuang Kalayanmitr


WONGPAITOON GROUP: SCB Sells Common Shares, Warrants
----------------------------------------------------      
Siam Commercial Bank PCL. (SCB) announced that it has sold
Common Shares and Warrants in Wongpaitoon Group Public Company
Limited (WFC)

Transaction Date     : May 19, 2003
Involved Parties     : Buyer - Bank of Ayudhya PCL.(BAY)
                       Seller - Siam Commercial Bank PCL. (SCB)
Transaction Asset    : Ordinary Share of WFC Public Company
                       Limited.
Objection            : A part of  WFC Group's liabilities
                       management scheme
Type of Business     : Manufacturer and exporter of sport shoes
                       under the trademark of "REEBOK"
Registered Capital   : Bt16,532,377,560  
Paid - Up Capital    : Bt6,048,458,800
Par Value            : Bt10.00 per Share
Type of Transaction  : SCB sold in ordinary shares of  WFC
                       Public Company Limited.   
Proportion           : SCB will not maintain its investment
                       proportion in WFC Public Company Limited       
                       after completing this transaction
Transaction Size     : 0.0001% of SCB's net asset, hence it
                       does not come under SET rule on  
                       acquisition and disposal of assets or SET
                       rule on connected transaction.


* SET Posts `NP' Sign on Companies for F/S Submission Failure
-------------------------------------------------------------
The Stock Exchange of Thailand has posted the `NP' (Notice
Pending) sign on the securities of the following listed
companies effective from the first trading of May 19,
2003 because they have failed to submit their quarterly
financial statements as of March 31, 2003  by the deadline
specified by the SET. The "NP" sign will remain posted until
they disclose the required information to investors.

1. Datamat Public Company Limited (DTM)
2. M.D.X. Public Company Limited (MDX)
3. National Fertilizer Public Company Limited (NFC)
4. Natural Park Public Company Limited (N-PARK)
5. Roynet Public Company Limited (ROYNET)
6. Tuntex (Thailand) Public Company Limited (TUNTEX)


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

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

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

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

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

                 *** End of Transmission ***