/raid1/www/Hosts/bankrupt/TCRAP_Public/030523.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Friday, May 23 2003, Vol. 6, No. 101

                         Headlines

A U S T R A L I A

AMP BANK: Ratings Not Affected by Sale of Rural Portfolio
AMP LIMITED: Sells Rural Lending Portfolio to Rabobank
BEACONSFIIELD GOLD: June 19 General Meeting Set
BEYOND INTERNATIONAL: EGM Set on June 26
HILLGROVE GOLD: Discloses AGM Letter to Securityholders

MENZIES GOLD: June 24 Shareholders' Meeting Scheduled
PAN PHARMACEUTICALS: Appoints Independent Taskforce Head
PAN PHARMACEUTICALS: Revokes Interim Dividend Payment
PAN PHARMACEUTICALS: Voluntary Administrator Appointed
SOUTHCORP LIMITED: Issues Trading Update to Shareholders

WATER WHEEL: Posts Intention to Declare Dividend Notice
WEBSPY LTD: Posts Entitlement Options Issue Results
WESTERN METALS: Kapok Mine Placed on Care & Maintenance


C H I N A   &   H O N G  K O N G

CROWN WILL: Winding Up Petition Set for Hearing
JILIN CHEMICAL: Turnover Movement Inexplicable
PCCW LIMITED: Moody's Cuts Sr Unsecured Ratings to Baa2
TEN CEN: Winding Up Hearing Scheduled in June
TRAINLONG INVESTMENT: Petition to Wind Up Pending


I N D O N E S I A

BANK DANAMON: IBRA Signs SPA With AFI Consortium


J A P A N

ALL NIPPON: Airlines Get Emergency Loans
DAIEI INC.: METI OK's Revised Rehabilitation Plan
KYUSHU ELECTRIC: Shutting Down 30 Outlets
OKI ELECTRIC: S&P Downgrades Rating to 'B+pi'
RESONA HOLDINGS: Public Funds May Hit Y2.3Tr

RESONA HOLDINGS: S&P Issues Effect on Daiwa RMBS Transactions
SANKYO SEIKI: JCR Places Rating on Credit Monitor
STARBUCKS COFFEE: Posts FY02 Y454M Net Loss
TOKYU DEPARTMENT: 752 Employees Apply For Early Retirement

*Negative Outlook Persists for Japanese Non-Life Insurers, S&P


K O R E A

CHOHUNG BANK: Union to Strike May 29
KIA STEEL: WL Ross Acquires Steel Firm
SK GLOBAL: Creditors to Sue SK Corporation
SK GLOBAL: FTC Launches "Hidden Assets" Probe
SK GLOBAL: Revises FY02 Net Loss to US$339.73M


M A L A Y S I A

ACTACORP HOLDINGS: Obtains Restraining Order From KLSE
BESCORP INDUSTRIES: SC Rejects Proposed Liquidation
CONSTRUCTION AND SUPPLIES: Audit Committee Member Resigns
KRETAM HOLDINGS: Unit Faces Writ of Summons From Creditor
LIEN HOE: Divests Dormant Units

MBF CAPITAL: Proposed Scheme of Arrangement Approved at CCM
METROPLEX BERHAD: Debt Restructuring Workout Underway
MYCOM BERHAD: Court Grants Meeting Request
PAN MALAYSIA: Proposes Director Appointment of Mr Wong Aun Phui
PLANTATION & DEVELOPMENT: Sells 11.527M Units of ICPS

RAHMAN HYDRAULIC: Proposed Disposal Time Extension Granted
SPORTMA CORPORATION: Provides Default in Payment Status Update
SURIA CAPITAL: RA Time Extension Application Pending
TAIPING SUPER: Proposes RM40 Million Serial Bonds Issue
TECHNO ASIA: Seeks Proposed Disposals/Set-Offs Time Extension


P H I L I P P I N E S

MANILA ELECRIC: Clarifies Asset Sale Report
MANILA ELECTRIC: Meets With PCCI on Refund Scheme
NATIONAL POWER: IMF Urges Government to Expedite Sale


S I N G A P O R E

ASTI HOLDINGS: Posts Notice of Shareholder's Interest
BBR HOLDINGS: Court OK's Capital Reduction Exercise
NEPTUNE ORIENT: Clarifies 2002 Annual Report


T H A I L A N D

ASIA HOTEL: Debt Restructuring Causes Net Profit Increase
CENTRAL PAPER: SET Still Suspends Securities Trading
EASTERN PRINTING: Clarifies Auditor's F/S Report
MEDIA OF MEDIAS: SET Grants Listed Securities
SIAM SYNTECH: Explains Net Profit Increase

TPI POLENE: Resolves Removal of Directors
TPI POLENE: Trading Suspension Lifted

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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


AMP BANK: Ratings Not Affected by Sale of Rural Portfolio
---------------------------------------------------------
Standard & Poor's said Thursday that the counterparty ratings on
AMP Bank Ltd. (BBB+/Negative/A-2) and related debt ratings were
not affected by AMP's announcement of an agreement to sell its
A$222 million rural loan portfolio in New Zealand to Rabobank.

The ratings on AMP Bank are supported by explicit support from
the AMP Group (key holding company AMP Group Holdings Ltd.;
BBB+/Negative/A-2). This explicit support is unchanged despite
the implementation of a more-focused banking strategy by AMP.


AMP LIMITED: Sells Rural Lending Portfolio to Rabobank
------------------------------------------------------
AMP Limited has entered into an agreement to sell its A$222
million (NZ$249 million) rural lending portfolio in New Zealand
to Rabobank, in line with the restructuring strategy announced
for AMP Banking on 14 November 2002.

The sale's completion is expected by 1 July 2003, subject to
regulatory approval and contractual obligations. The final
purchase price will be dependent on a number of factors,
including account balances at the date of completion, and is
expected to be in line with book value.

This divestment is the latest step to significantly restructure
the operations of AMP Banking, which is now focusing on
providing retail deposits and mortgage products in Australia.

This sale follows the sales of:

   * the Australian and New Zealand credit card portfolio to
American Express, announced on 23 December 2002;

   * AMP's UK banking portfolio to Newcastle Building Society
announced on 28 March 2003; and

   * the New Zealand residential mortgage and retail deposit
portfolios to HSBC and the property finance portfolio to GE
Commercial Finance, both announced on 14 April 2003.

Together with the rural sale announced on Thursday, these
divestments were made at a small premium to book value.

Discussions continue in relation to the proposed divestment of
construction and other property finance loans retained by AMP
Bank and AMP Finance.

AMP is also reviewing the potential outsourcing or restructuring
of various functions within its core Australian retail banking
business. Decisions on AMP Banking's future outsourcing needs
are expected in the fourth quarter of this year.

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


BEACONSFIIELD GOLD: June 19 General Meeting Set
-----------------------------------------------
Beaconsfield Gold NL (Receiver And Manager Appointed) advised
that its General Meeting of Members will be held at the
Boaconsfield Community Centre, 92 Weld Street, Beaconsfield,
Tasmania on Thursday 19 June 2003 at l1:00 in the morning.

To see a copy of the Letter to Shareholders, Notice of Meeting
and Proxy Form mailed to members of Beaconsfield Gold NL on 21
May 2003, go to http://bankrupt.com/misc/TCRAP_BCD0523.pdf.


BEYOND INTERNATIONAL: EGM Set on June 26
----------------------------------------
The Directors of Beyond International Limited (ASX-BYI) intend
to call an Extraordinary General Meeting to be held

   Date -          26 June 2003

   Time -          10:00am

   Location -      53-55 Brisbane Street
                   Surry Hill NSW 2003

Resolutions to be considered at this meeting include:

1. The removal of PricewaterhouseCoopers as auditor of the
Company.
2. The appointment of PKF Chartered Accountants as auditor of
the Company.

It is proposed that the new auditor will conduct the 2003 audit
of Beyond International. The Beyond International board will
review any proposals for non-audit work by the newly nominated
auditor. Non-audit work by auditors will not be approved where
independence may be compromised. The auditors have a clear line
of direct communication at any time to the Chairman of the Audit
Committee and The Chairman of the Board.

The decision to replace auditors follows a detailed cost benefit
analysis of all professional costs being incurred by the
company. As announced on the 15th April 2003 the Beyond
International Board has set an aggressive fixed and overhead
cost reduction target for the 2003-2004 financial year.
Management continue to review further cost savings in line with
these targets.

This announcement is made pursuant to Listing Rule 3.1.

CONTACT INFORMATION: Craig Dawson
        COMPANY SECRETARY
        Telephone 02 8217 2000
        email investor_relations@beyond.com.au


HILLGROVE GOLD: Discloses AGM Letter to Securityholders
-------------------------------------------------------
Hillgrove Gold Limited (Managers and Receivers Appointed) posted
Company Secretary R Belz's letter to securityholders in relation
to the upcoming Annual General Meeting on June 19, 2003:

"I am pleased to invite you to attend our Annual General Meeting
and have enclosed the Notice of Meeting which sets out the items
of business. The meeting 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).

"Enclosed with this letter is a Notice of Meeting detailing the
business to be dealt with at the meeting.

"If you decide to attend the meeting, please bring this letter
with you to facilitate registration into the meeting.

"If you are unable to attend the meeting, you are encouraged to
complete the proxy form. The proxy form should be returned to
the address provided or faxed to the Company on 02 9906 4654 so
that it is received by the Company by 2:30pm on 17 June 2003.

"Corporate securityholders will be required to complete a
`Certificate of Appointment of Corporate Representative' to
enable a person to attend on their behalf. A form of this
certificate may be obtained from the Company's share registry.

"I look forward to your attendance at the meeting."

            NOTICE OF ANNUAL GENERAL MEETING
        Hillgrove Gold Limited ABN 73 004 297 116

Notice is hereby given that the Annual General Meeting of the
shareholders of Hillgrove Gold Limited 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.


MENZIES GOLD: June 24 Shareholders' Meeting Scheduled
-----------------------------------------------------
Notice is hereby given that a general meeting of shareholders of
Menzies Gold Limited (subject to Deed of Company Arrangement)
will be held at the Duxton Hotel, 1 St George's Terrace,
Perth, Western Australia on Tuesday 24 June 2003 at 9.30am
(General Meeting).

AGENDA

1. RESOLUTION 1 - INTERDEPENDENT RESOLUTIONS

To consider and, if thought fit, to pass, the following
resolution as an ordinary resolution:

"Resolutions 1 to 13 inclusive passed at this General Meeting of
shareholders of the Company are subject to and conditional upon
the other proposed Resolutions 1 to 13 inclusive as set out in
this Notice, being duly passed such that if any of Resolutions 1
to 13 inclusive, are not passed, then none of the Resolutions
numbered 1 to 13, inclusive in the Notice will be effective."

2. RESOLUTION 2 - CHANGE OF COMPANY NAME

To consider, and if it thought fit, to pass as a special
resolution the following:

"That, with effect from DOCA Completion and in accordance with
section 157 of the Corporations Act, the name of the Company be
changed to `Batavia Mining Limited'."

3. RESOLUTION 3 - ADOPTION OF A NEW CONSTITUTION

To consider and, if thought fit, to pass as a special re
solution, the following:

"That, with effect from DOCA Completion and in accordance with
section 136 of the Corporations Act, the regulations contained
in the printed document produced to this General Meeting and
signed by the Chair for identification purposes are hereby
approved and adopted as the Constitution of the Company in
substitution for and to the exclusion of the existing
Constitution of the Company."

4. RESOLUTION 4 - APPOINTMENT OF JOHN W BARR AS A DIRECTOR

To consider and, if thought fit, to pass as an ordinary
resolution, the following:

"That, with effect from DOCA Completion, and in accordance with
clause 3.4 of the Constitution, Mr John W Barr be appointed as a
director of the Company."

5. RESOLUTION 5 - APPOINTMENT OF NEIL G BIDDLE AS A DIRECTOR

To consider and, if thought fit, to pass as an ordinary
resolution, the following:

"That, with effect from DOCA Completion, and in accordance with
clause 3.4 of the Constitution, Mr Neil G Biddle be appointed as
a director of the Company."

6. RESOLUTION 6 - APPOINTMENT OF ALAN J DOWNIE AS A DIRECTOR

To consider and, if thought fit, to pass as an ordinary
resolution, the following:

"That, with effect from DOCA Completion, and in accordance with
clause 3.4 of the Constitution, Mr Alan J Downie be appointed as
a director of the Company."

7. RESOLUTION 7 - SHARE CONSOLIDATION

To consider and, if thought fit, to pass as an ordinary
resolution, the following:

"That, with effect from the closure of this meeting, and in
accordance with section 254H of the Corporations Act and clause
32.3 of the Constitution, every one hundred (100) ordinary
shares be consolidated into one (1) ordinary Share and where
such consolidation and division results in fractions of a Share,
those fractions shall be rounded down to the nearest whole
Share."

8. RESOLUTION 8 - PLACEMENT OF SHARES TO EQUITY INVESTORS

To consider and, if it thought fit, to pass as an ordinary
resolution the following:

"That, with effect from the closure of this meeting and in
accordance with Listing Rule 7.1, the Constitution and for all
other purposes, Shareholders approve and authorise the allotment
and issue (First Issue) of up to:

   (a) 20,000,000 post consolidation Shares to such persons as
the Directors in their absolute discretion may determine; and

   (b) 30,000,000 post-consolidation Shares to Hallmark", each
at an issue price of one (1) cent and payable in cash.

9. RESOLUTION 9 - AUTHORISE ISSUE OF SHARES TO HALLMARK FOR
PURCHASE OF ASSETS

To consider, and if it thought fit, to pass as an ordinary
resolution the following:

"That, with effect from the closure of this meeting and in
accordance with Listing Rule 7.1, the Constitution and for all
other purposes, Shareholders approve and authorise the allotment
and issue of up to 30,000,000 post consolidation Shares to
Hallmark, each at an issue price of ten (10) cents in
satisfaction of the acquisition of assets described in the
Explanatory Memorandum (Second Issue)".

10. RESOLUTION 10 - AUTHORISE ISSUE OF CONVERTIBLE NOTES TO
HALLMARK

To consider, and if it thought fit, to pass as an ordinary
resolution the following:

"That, with effect from the closure of this meeting and in
accordance with Listing Rule 7.1, the Constitution and for all
other purposes, Shareholders approve and authorise the allotment
and issue of up to 10,600,000 Convertible Notes each at an issue
price of ten (10) cents to Hallmark in satisfaction of the
release of debt described in the Explanatory Memorandum (Third
Issue)."

11. RESOLUTION 11 - SECTION 611 APPROVAL

To consider, and if thought fit, to pass as an ordinary
resolution, the following:

"That, with effect from the closure of this meeting and pursuant
to and in accordance with section 611, item 7 of the
Corporations Act and for all other purposes, Shareholders
approve and authorise the following:

   (a) the allotment and issue of 60,000,000 Shares to Hallmark
in accordance with the First Issue and the Second Issue; and

   (b) the conversion of the convertible notes or any part
thereof by Hallmark, that may result in Hallmark having voting
power in the Company greater than 20%.

12. RESOLUTION 12 - EMPLOYEE SHARE OPTION SCHEME

To consider and, if thought fit, to pass as an ordinary
resolution, the following:

"That, with effect from the closure of this meeting and for the
purposes of Exception 9 of Listing Rule 7.2 and for all other
purposes, approval is given for the Company to establish,
administer and issue securities under an employee incentive
scheme to be called the Batavia Mining Limited 2003 Employee
Share Option Scheme on the terms and conditions set out in the
Explanatory Memorandum".

13. RESOLUTION 13

SECTION 195 APPROVAL

To consider, and if it thought fit, pass as an ordinary
resolution the following:

"That, for the purposes of section 195(4) of the Corporations
Act and for all other purposes, Shareholders approve and
authorise the Directors to complete the transactions as
contemplated in this Notice."


PAN PHARMACEUTICALS: Appoints Independent Taskforce Head
--------------------------------------------------------
Pan Pharmaceuticals Limited Acting CEO, Colin Henson, announced
early this week the appointment of one of Australia's most
respected pharmaceutical industry executives, Rod Unsworth, to
lead an independent taskforce to address the issues raised by
the TGA and re-establish the licenses and business opportunities
for its multi-million dollar manufacturing facility.

Mr Unsworth recently completed an assignment as Regional
President Asia Pacific of Pharmacia Corporation, is a former
Chairman of the Australian Pharmaceutical Manufacturers
Association and has extensive experience in the manufacturing of
therapeutic goods having founded and operated Delta West, prior
to its acquisition by Pharmacia.

He will work with Mr Henson and the TGA to oversee changes to
the Moorebank manufacturing facility and introduce quality
control processes that meet TGA requirements.

Mr Unsworth said working towards the return of the plant's
licenses would be challenging, but he was confident this outcome
could be realized through the commitment of the new management
team to break from the past and work hand-in-hand with the TGA.

Mr Henson stated this was one of a number of initiatives he had
introduced to secure a future for the business and that the
caliber of this appointment would greatly bolster the
credibility of the organization.

"Neither Mr Unsworth, nor the taskforce will pull any punches in
improving our processes. We are charting a course designed to
restore operations as quickly as possible to manufacture quality
healthcare products for domestic and international markets," he
said.

"This is a rescue mission. Our focus is on saving the business
and securing jobs, as well as restoring the credibility of the
complementary medicines sector and supporting the thousands of
retailers impacted by the recall."

Mr Henson and Mr Unsworth are preparing to meet with the TGA to
present plans that will assist in determining the future of the
company's manufacturing and export licenses.

CONTACT INFORMATION: Tim Powell
        Cox Inall Communications
        Tel: 02 8204 3851


PAN PHARMACEUTICALS: Revokes Interim Dividend Payment
-----------------------------------------------------
The Board of Pan Pharmaceuticals Limited announced Thursday that
it had resolved as follows:

   * That the financial position of the Company no longer
justifies the payment of a dividend and

   * That the payment of a dividend would increase the
liabilities of the Company and dilute the assets of the Company
available to meet the claims of creditors.

The Board further resolved that the resolution of the Board of
25 February 2003 to pay a fully franked interim dividend of 3.5
cents per share (which was proposed to be paid on 28 May 2003 to
shareholders on the register as at 9 May 2003) be revoked.

The Board stated that the above resolutions in respect of the
payment of a dividend were made having regard to the changes in
circumstances of the Company since 25 February 2003, including
the suspension of the Company's license to manufacture
therapeutic goods in Australia and the state of the current and
likely financial position of the Company.


PAN PHARMACEUTICALS: Voluntary Administrator Appointed
------------------------------------------------------
The Board of Pan Pharmaceuticals Limited (the Company) resolved
Thursday that in its opinion, the Company is likely to become
insolvent at some future time. Accordingly, the Board resolved
that Anthony Gregory McGrath and Christopher John Honey both of
KPMG be appointed as Administrators of the Company.

CONTACT INFORMATION: Chris Grundy
        COMPANY SECRETARY & CHIEF FINANCIAL OFFICER
        Ph: (61 2) 9734 9988


SOUTHCORP LIMITED: Issues Trading Update to Shareholders
--------------------------------------------------------
In accordance with Listing Rule 3.17, Southcorp Limited posted
below copies of the Trading Update and letter to shareholders
from the Chairman and Managing Director, which are to be sent to
holders of the Company's securities on May 21, 2003.

These documents will also be available on the Southcorp website
at www.southcorp.com.au.

SOUTHCORP - LETTER TO SHAREHOLDERS

FROM THE CHAIRMAN (B Finn (AO)

Enclosed with this letter is a copy of Southcorp's Trading
Update, released to the Australian Stock Exchange on 12 May
2003. The Trading Update advises that the company is expecting
to generate Earnings Before Interest Tax and Amortization (EBITA
(pre SGARA)) of between $130 million and $140 million for the
2003 financial year.

In addition, a number of significant items, totaling $60
million, will result in the company reporting a loss for the
financial year. In light of this outlook, the Directors have
decided not to pay a final dividend. The interim dividend of 10
cents, franked to 80%, will be the full year dividend payment.

On behalf of the Board, I apologies to shareholders for an
earnings estimate that results in a loss for the company this
year, rendering it impractical to pay a final dividend. The
enclosed material provides information on the reasons for the
forecast financial performance. A number relate to operational
issues and, in addition, the company has initiated some
significant changes to former business practices, designed to
deliver more effective control over product pricing, promotional
expenditure and overall business performance.

While there are significant challenges facing the Board and
management to regain acceptable financial performance, I would
like to emphasize that we are confident that we can meet these
challenges and restore the company to profitable growth and
success, and we are totally committed to those ends.

FROM THE CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR (J Ballard)

I have been in the role of Chief Executive Officer and Managing
Director of Southcorp since the end of April. I consider it a
great honor to lead this important Australian company. I give
you my commitment to work tirelessly to restore the financial
performance of the company.

It is important for shareholders to understand that this is a
company in transition. This transition started under the
leadership of Brian Finn some three months ago. I am confident
that the issues confronting Southcorp, and which have led to the
unacceptably poor financial performance, have been identified
and that action has and is being taken.

Southcorp is a premium wine company with inherent strengths in
its brands, its viticulture, its winemaking ability and its
people. However, at this time it is not a premium business and
that will define my focus. I'm in the process of undertaking a
detailed review of the business with the obvious but pressing
aim of restoring financial performance, market confidence in the
company and shareholder value.

I undertake to provide shareholders with details on the actions
we will take to restore our financial fortunes at the time of
our full year results announcement on 1 September 2003.

My clear intention is not just to re-establish Southcorp
internationally as a premium wine company, but as a premium
international business.


WATER WHEEL: Posts Intention to Declare Dividend Notice
-------------------------------------------------------
Water Wheel Holdings Limited posted this notice:

                      FORM 546          Subregulation 5.6.65(l)
                  Corporations Act 2001

NOTICE OF INTENTION TO DECLARE A DIVIDEND

Water Wheel Holdings Limited (Subject to a Deed of Company
Arrangement)

An interim dividend of 30 cents in the dollar is to be declared
on 3 June 2003 for the above company.

Creditors whose debts or claims have not already been admitted
are required on or before 26 June 2003 to formally to prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.

Dated 22 May 2003

Nick Brooke
DEED ADMINISTRATOR
Water Wheel Holdings Limited


WEBSPY LTD: Posts Entitlement Options Issue Results
---------------------------------------------------
Webspy Limited advises that its non-renounceable Entitlement
Issue of 21,492,501 options at an issue price of 0.2 cents each
pursuant to a prospectus dated 31 March 2003 closed
undersubscribed by 9,160,006 options.

The Company is pleased to advise that the shortfall options
have now been placed. Pursuant to the terms of the Prospectus,
the Directors did not participate in the shortfall options.

The Company's share registrar is currently finalizing the
processing of the Issue and holding statements will be
dispatched to option holders before the scheduled date of 30 May
2003.

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


WESTERN METALS: Kapok Mine Placed on Care & Maintenance
-------------------------------------------------------
The Directors of Western Metals Limited have decided to place
the Kapok Zinc-Lead Mine, part of the Lennard Shelf Operations,
onto Care and Maintenance. This decision has been taken in
response to the recent strong rise in the $A and continued low
prices of zinc and lead, and with a view to improving the
company's cashflow.

The Kapok mine produced 384,000 tonnes of ore in the 9 months to
31 March 2003. This equates to 24,400 tonnes of zinc and 20,000
tonnes of lead metal. The Board believes that this action
represents the most responsible management of the Kapok mineral
resource.

The costs of the temporary closure are anticipated to be
minimal. The majority of the Kapok staff will be transferred to
Pillara where operations will continue according to the existing
operational plans. Minimal redundancies will be necessary, and
the Pillara mine will benefit from the transfer of experienced
supervisors and operators from Kapok. Transferred staff will
allow work on the proposed Pillara open pit to be accelerated.

It is Western Metals' intention to restart operations at Kapok
when a recovery in $A metal prices occurs.

In the past 2 years the zinc industry's general response to low
metal prices has been to close some mines but maximize
production levels at others to reduce unit costs. Sufficient
production cutbacks have not occurred and predictably, zinc
smelters have continued to maximize production. As a result,
zinc stocks have remained high with no immediate signs of
falling. Whilst demand growth and a lack of new mines will
ultimately reduce stock levels, appropriate cutbacks will
accelerate metal price appreciation. The Directors of Western
Metals are firmly of the opinion that this decrease in
production at Kapok is in the best interests of the Company and
its shareholders.

The recent sudden increase in the $A exchange rate (at a time
when the company's hedge book is minimal) together with
sustained low metal prices, is impacting adversely on the
company's financial position and its arrangements with its
principal financiers. The company has recommenced discussions
with its principal financiers and other relevant parties with a
view to resolving this impact, and will keep the market informed
of developments as they may arise.

CONTACT INFORMATION: Geoff Wedlock
        Managing Director & CEO
        Ph: 61 8 9221-2555


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


CROWN WILL: Winding Up Petition Set for Hearing
-----------------------------------------------
The petition to wind up Crown Will Investment Limited is set for
hearing before the High Court of Hong Kong on June 18, 2003 at
9:30 in the morning.

The petition was filed with the court on April 30, 2003 by Bank
of China (Hong Kong) Limited a banking corporation duly
incorporated in Hong Kong Special Administrative Region whose
registered office is situated at 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.


JILIN CHEMICAL: Turnover Movement Inexplicable
----------------------------------------------
Jilin Chemical Industrial has noted the recent increases in the
trading volume of the shares of the Company and stated that it
is not aware of any reasons for such increase.

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

On December last year, Troubled Company Reporter - Asia Pacific
reported that Jilin Chemical recorded losses of RMB879 million
and RMB1,083 million in the years 2001 and 2002 respectively in
accordance with PRC accounting standard.


PCCW LIMITED: Moody's Cuts Sr Unsecured Ratings to Baa2
-------------------------------------------------------
Moody's Investors Service on Tuesday downgraded the senior
unsecured ratings of PCCW-HKT Telephone Limited (HKT), and
supported entities, to Baa2 from Baa1. This concludes the review
for possible downgrade initiated on February 8, 2003. The rating
outlook is stable.

The rating action reflects:

(1) Recent top line revenue reductions, which Moody's is
concerned may continue, reflecting a competitive market
environment in Hong Kong;
(2) The agency views that, in line with trends observed
globally, the business risk of the telecommunications
sector continues to increase, which necessitates greater
financial strength at a given rating level; and
(3) High leverage on a group basis, albeit meaningful
reductions in this level have occurred and is expected to
continue.

The Baa2 rating also recognizes:

(1) Strong market position and efficient operations resulting
in healthy and sustainable cash flows;
(2) Modern network, with little additional capital investment
required to overlay new products; and
(3) Healthy group liquidity, with solid cash reserves, and a
well-structured/long-term debt maturity profile.

Moody's lowered PCCW-HKT's debt rating a notch on worries over
declining revenue in a competitive market. "HKT experienced more
intense competition than had been expected, in addition to a
softening in the Hong Kong economy. This has resulted in
downward pressure on fixed-line subscribers, tariff volumes, and
pricing," Moody's said.


TEN CEN: Winding Up Hearing Scheduled in June
---------------------------------------------
The High Court of Hong Kong will hear on June 18, 2003 at 9:30
in the morning the petition seeking the winding up of Ten Cen
International Finance Company Limited.

Lei Guang Yu of Room 1103, Henan Building, 90-92 Jaffe Road,
Wanchai, Hong Kong filed the petition on April 23, 2003.
Messrs. Lee & Li represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs. Lee &
Li, which holds office on Room 708, Admiralty Centre, Tower II,
No. 18, Harcourt Road, Hong Kong.


TRAINLONG INVESTMENT: Petition to Wind Up Pending
-------------------------------------------------
The petition to wind up Trainlong Investment Limited is
scheduled for hearing before the High Court of Hong Kong on June
25, 2003 at 9:30 in the morning.

The petition was filed with the court on May 5, 2003 by Bank of
China (Hong Kong) Limited (the successor of all the undertakings
of The China State Bank Limited by virtue of the Bank of China
(Hong Kong) Limited (Merger) Ordinance, Cap. 1167) of 14th
Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong.


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


BANK DANAMON: IBRA Signs SPA With AFI Consortium
------------------------------------------------
Following the appointing of Asia Financial (Indonesia) Pte. Ltd
(AFI) as preferred bidder of Bank Danamon Indonesia (BDI) on May
5th 2003, Indonesia Bank Restructuring Agency and Asia Financial
(Indonesia) Pte. Ltd (AFI) continue to finalize the Sales and
Purchase Agreement (SPA) on the 51% IBRA's shares divestment. On
the SPA negotiation, IBRA was assisted by JP Morgan as financial
advisor and Lubis Gani Surowidjojo as legal advisor.

On Wednesday, IBRA and AFI have agreed to sign the terms and
conditions of the SPA, witnessed by Notary - Imas Fatimah.
However the closing transaction especially the payment schedule,
will be effective upon receive of the positive result from the
fit and proper test from Indonesian Central Bank (BI).

After the 51% IBRA's shares sales on BDI and AFI become the
majority shareholder on BDI, according to the SPA, IBRA will be
treated as partner and together will manage and develop BDI,
with the following agreement:

Sales Price

51% of IBRA's shares sales on BDI will be paid Rp1,202.00 per
share or in total (gross) Rp3,008,041,324,440.00 for
2,502,530,220.00 shares.

Board of Directors Composition

As long IBRA's shares in BDI is more than or equivalent to 20%,
3 of the 7 members of Board of Directors be taken from IBRA's
candidate, including the vice chairman. The placement 3 of 7
members of the board of director reflects IBRA's optimum effort
on negotiation since in practices if ownership of shares diluted
to 20% of shares theoretically only 1 or 2 board of director
members are the optimal result. In this case, having 3 directors
of 7 board of director members gives IBRA a board of director
composition as if it owns 40 percent shares.

Which such board director's composition gives IBRA an
opportunity to make a significant role in the board of
director's operational policies, which could give contribution
to the banking sector and national economics growth. If IBRA's
shares in BDI reduced between 10% to less than 20%, IBRA has the
right to choose 2 board of director members with mechanism; AFI,
by IBRA request, will submit 3 of board director candidate to be
chosen by IBRA.

If IBRA does not make any decision from the three of them, AFI
will submit 3 other candidates and in final IBRA has to choose 2
of 6 candidates.

Board of Commissioner Composition

In the board of commissioner, which consists of 10 members, IBRA
has the right to choose 4 of them consisting of vice president
commissioner and 2 independent commissioner. Such right
aforementioned applied if IBRA holds 20 percent or more shares
in BDI.

If IBRA's shares reduced to 10 percent and less than 20%, IBRA
has the right to choose 2 members of board commissioner,
consisting of vice president commissioner and 1 independent
commissioner.

As mentioned in point 2 above, a representative of 4 members
from 10 in the board of commissioners represents an optimum
composition ratio compared to 20% ownership which usually only
allow a maximum of 2 members of board of commissioner. In other
word the government through IBRA still holds a significant role
in supervising the board of director's performance.

Dividend

From the total Rp948,40 billion of year end 2002 net profit, 60
percent of it amounting Rp569,04 billion will be given as
dividend, and the remaining 40% amounting Rp379,36 billion will
be withheld as additional capital in BDI.

From 60% of the 2002 year end profit which being paid as
dividend to shareholder, IBRA will receive Rp565,34 billion
(99,35 percent share ownership). The 60% dividend pay out ratio
from BDI is very much above the average of dividend pay out
ratio in Indonesian Banking or other company which usually gives
dividend pay out ratio of 30%. For example, dividend pay out
ratio BCA Bank for year 2002 is 33% and dividend pay out ratio
BDI for year 2001 is 20 percent.

It shows that IBRA has conduct an optimum effort for the
government to receive 60 percent of BDI's net profit on year
2002. And also for the remaining 40 percent IBRA decides to be
used as an additional capital for the bank that can increase BDI
intermediary function in the form of credit expansion for
prospective economic sectors which in the end will give
contribution to the national economic growth.

Lock Up Period

AFI Consortium is not allowed to sale or transfers its ownership
to third party in 3 years period.

Due to the result of fit and proper test from BI that AFI passed
the test, immediately AFI has to make a cash settlement for
BDI's shares purchase and Also held a BDI Extraordinary
Shareholder Meeting


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


ALL NIPPON: Airlines Get Emergency Loans
----------------------------------------
The Development Bank of Japan (DBJ) will extend emergency loans
to Japan Airlines System Corporation and All Nippon Airways Co.
to help them overcome the adverse effects of the war in Iraq and
severe acute respiratory syndrome (SARS), Japan Times reported
Thursday, citing the Land, Infrastructure and Transport
Ministry.

DBJ will provide low-interest loans to the airlines under an
emergency government program to help public interest-oriented
businesses cope with rapid changes in the economic environment.
The terms of the loans, including the amounts, have yet to be
determined.


DAIEI INC.: METI OK's Revised Rehabilitation Plan
-------------------------------------------------
The Ministry of Economy, Trade and Industry (METI) approved
Wednesday a revised plan to rehabilitate Daiei Inc. which
features strengthening its tie-up with its affiliate Maruetsu
Inc., according to Kyodo News on Wednesday. The new plan revises
a three-year rehabilitation plan endorsed by the government in
line with the industrial revitalization law in April 2002.


KYUSHU ELECTRIC: Shutting Down 30 Outlets
-----------------------------------------
Kyushu Electric Power Co. is planning to shut down 30 outlets
out of 85 business offices by the end of 2006 to improve its
cost effectiveness as deregulation of the industry is due to
accelerate in fiscal 2004, Kyodo News reported Wednesday, citing
unnamed Company officials. The power supplier is likely to
announce its restructuring plan on May 22.

According to Wright's Investors Service, Kyushu Electric Power
Co Inc. had a negative working capital at the end of 2002, as
current liabilities were 780.16 billion while total current
assets were only 208.17 billion.


OKI ELECTRIC: S&P Downgrades Rating to 'B+pi'
---------------------------------------------
Standard & Poor's Ratings Services said Wednesday it had lowered
its rating on Oki Electric Industry Co. Ltd. to 'B+pi' from 'BB-
pi', reflecting the Company's lower-than-expected profitability
and cash flow in fiscal 2002 (ended March 2003). The rating
action is also based on the expectation that the Company's
forecasted increases in profitability and cash flow in fiscal
2003 will be difficult to attain, given the severe operating
environment.

In 2002, Oki's operating profit margin before depreciation rose
to 7.1 percent from 3.4 percent the previous year, mainly due to
business restructuring; including fixed cost reductions worth 29
billion yen. Cash flow from operating activities and free cash
flow (cash flow from operating activities minus cash flow from
investment activities) stood at 0.2 billion yen and 4.5 billion
yen, respectively, far below the Company's October 2002
forecasts of 40 billion yen and 26 billion yen. This was largely
attributable to lower profits and a rise in working capital,
which was caused by an increase in accounts receivable due to
concentrated sales at the fiscal year-end and an increase in
inventory led by delayed shipments.

Although Oki reduced its debt burden by utilizing free cash flow
and 16.3 billion yen in cash at hand, its ratio of net debt to
total capital remained high at 74 percent.


RESONA HOLDINGS: Public Funds May Hit Y2.3Tr
--------------------------------------------
Public funds to be injected into ailing Resona Holdings Inc. may
reach as much as 2.3 trillion yen ($19.72 billion), Reuters said
Wednesday. The Japanese government on Saturday decided to throw
a lifeline in the Company after auditors said it lacked enough
capital to stay in business.

The government will inject public funds by buying common stock
issued by Resona, boosting the group's capital adequacy ratio --
a key gauge of financial health that measures the level of
capital against risky assets -- to around 13 percent, the
Mainichi said. Resona said its capital adequacy ratio had fallen
below four percent -- the minimum needed to do business as a
domestic bank -- at the end of March against a forecast 6.5-6.9
percent.


RESONA HOLDINGS: S&P Issues Effect on Daiwa RMBS Transactions
-------------------------------------------------------------
Standard & Poor's Ratings Services said it had started
discussions with the trustees, arrangers, and other related
parties involved in three securitization transactions backed by
residential mortgages originated by Resona Bank Ltd. regarding
the possible activation of certain transaction trigger events,
following the government's decision to inject funds into the
bank.

On May 17, 2003, Resona Holdings Inc. stated its intention to
apply to the government's Deposit Insurance Corp. for an
injection of public funds, after the bank group revealed
financial results for fiscal 2002 (ended March 2003) that showed
a drop in its regulatory capital ratio to about 2 percent from 6
percent, which is far below the 4 percent regulatory requirement
for banks operating domestically. Following the announcement by
Resona, the Japanese government announced its decision to inject
capital into the bank.

Over the past three years, Standard & Poor's has assigned
ratings to three residential mortgage-backed securities
transactions originated by the former Daiwa Bank Ltd., which
merged with Asahi Bank Ltd. to form Resona in March 2003. The
three transactions, Maison Capital Corp., Trust Maison Special
Purpose Co., and Trust Maison Two Special Purpose Co., have
total outstanding debt of about 87.8 billion yen. These deals
all carry the same trigger event clause, which states that a
request by the government for financial support to be provided
to Resona under the Bank of Japan Law Article 38 will trigger
obligor perfection, acceleration of payments, and replacement of
the trustee/servicer. Since the government has already ade such
a request, Standard & Poor's and related parties are now
discussing whether this event clause is eligible to activate the
various transaction events described above.


SANKYO SEIKI: JCR Places Rating on Credit Monitor
-------------------------------------------------
Japan Credit Rating Agency (JCR) has placed the ratings of BBB-
and J-2 on the bonds and CP program of Sankyo Seiki Mfg. Co.
Ltd. under Credit Monitor.

Issue Amount (bn) Issue Date Due Date Coupon

Callable
Convertible
Bonds no.2 @Y10 / Oct. 2, 2000 / Sept. 28, 2007 / 0.2 percent

CP: Maximum: Y10 billion Backup Line: 0 percent

RATIONALE:

Sankyo Seiki announced the operating results for fiscal 2002
ended March 31, 2003 and the earnings forecasts for fiscal 2003
ending March 31, 2004. It would incur a net loss of 8.4 billion
yen for fiscal 2003, following the net loss of 10.4 billion yen
for fiscal 2002. JCR assumed that the operating performance
would improve for fiscal 2003 due to cut in fixed expenses and
improvement in earnings from FDB motors. The forecasted loss was
outside of JCR's assumption. The loss would surely have impact
on the financials. JCR placed the ratings under Credit Monitor
to examine carefully the impact.


STARBUCKS COFFEE: Posts FY02 Y454M Net Loss
-------------------------------------------
Starbucks Coffee Japan booked a parent-only net loss of 454
million yen for the year to March due to a prolonged sales slump
and expansion costs, South China Morning Posts said on
Wednesday. The unit of Seattle-based Starbucks Corporation vowed
a return to profitability this year.


TOKYU DEPARTMENT: 752 Employees Apply For Early Retirement
----------------------------------------------------------
Tokyu Department Store Co. said about 752 employees or 31
percent of its regular workforce has applied for an early
retirement program launched this month, Kyodo News said
Wednesday. All the applicants are expected to leave the Company
as of June 10, bringing the number of regular full-time
employees down to 1,673 from 2,425 as of April 11.


*Negative Outlook Persists for Japanese Non-Life Insurers, S&P
--------------------------------------------------------------
Financial results recorded by Japan's 10 major non-life insurers
for fiscal 2002 are within Standard & Poor's Ratings Services'
expectations and will not result in any immediate revisions to
the ratings on the companies.

Results for fiscal 2002 (ended March 31, 2003), announced by the
10 major non-life insurers on May 19, 2003, show an improvement
in underwriting performance, thanks to the absence of losses
caused by large-scale natural disasters alongside operating
expense cutting. However, insurers are still facing pressure on
profitability from losses on investment activities due to the
slide in stock prices. Insurers are also facing a continued
erosion of their capital, mainly due to declining domestic
equity values.

Industry wide consolidation has subsided. However, a new phase
of price competition in auto insurance and other core businesses
is likely. Commenting on the insurers' results, the author of
the report and a director at Standard & Poor's, Runa Ichihari,
said: "Given the poor economic outlook, a substantial
improvement in investment profit is unlikely, while pressures on
profit and capital are expected to persist."

With little prospect of a substantial improvement in the
business or investment environments and the risk of massive
natural disaster, Standard & Poor's outlook for Japan's non-life
insurance industry remains negative.

In fiscal 2003, price competition for auto insurance products
targeted to retail customers is expected to intensify.
Therefore, non-life insurers are likely to suffer from slower
growth in net premium income and the divergence in underwriting
performance could widen.

Low expectations for growth in the domestic non-life insurance
market are likely to spur insurers to diversify their businesses
and profit sources by expanding into overseas markets and other
businesses, such as life insurance. However, expansion
strategies are only realistic and feasible for non-life insurers
with solid business franchises and sound balance sheets.

Amid the continued fierce competition and downward pressure on
profitability, Standard & Poor's will assess companies'
abilities to establish clear strategies that are consistent with
their risk tolerance level.


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


CHOHUNG BANK: Union to Strike May 29
------------------------------------
The Federation of Korea Trade Unions and the Korea Financial
Industry Union said that its Chohung Bank members will go on a
one-day strike May 29 to protest the government's plan to sell
off its stake in the troubled bank, the Korea Herald reports. In
a joint news conference, the unions also threatened to call a
general strike should the government push ahead with the
divestment plan even after the one-day walkout.

Union members called on the government to examine a recent due
diligence report on Chohung Bank, and reconsider the plan to
sell its entire 80.04 percent stake in the embattled lender to
Shinhan Financial Group, the prospective buyer.


KIA STEEL: WL Ross Acquires Steel Firm
--------------------------------------
W.L. Ross & Co., the buyout firm controlled by billionaire
Wilbur Ross, is leading a $360 million bid to acquire Kia Steel
Company. Ross will supply half of the funds for Kia, while
Goldman Sachs Group will provide the other half. A memorandum of
understanding is expected within two weeks, the report said.
Since 1998, Kia has been under court protection. The Company
produces around 700,000 tons of steel a year, generating $500
million in annual revenues.

Goldman Sachs Group's provide global investment banking, asset
management and securities services worldwide to a substantial
and diversified client base. It operates in two segments namely
Global Capital Markets and Asset Management and Securities
Services. Global capital market segment comprises investment
banking, which provides financial advisory, underwriting,
trading and principal investments.


SK GLOBAL: Creditors to Sue SK Corporation
-----------------------------------------
In Korea, SK Global's creditors have decided to sue SK
Corporation to return its well-performing gas stations back to
SK Global, DebtTraders reports. SK Corporation acquired 285
filling stations from SK Global for 214.5 billion won ($172
million) last month before SK Global was put under joint bank
management. In addition, the creditor group has decided to push
ahead with a large-scale capital reduction for SK Global in line
with the 4.5 trillion won ($3.6 billion) debt-equity swap. SK
Global's creditors also plan to make a decision on whether to
liquidate the trading Company as soon as of Thursday.


SK GLOBAL: FTC Launches "Hidden Assets" Probe
---------------------------------------------
The Fair Trade Commission (FTC) has launched a probe into
whether SK Global Co. violated the law by stashing away assets
in the form of stockholdings in other units, according to the
Korea Herald on Thursday. The nation's anti-trust agency also
said it is looking into the details of cross ownership among SK
Group companies.

Samil Accounting Corp.'s due diligence on SK Global revealed
that the Company had a negative net worth of 4.38 trillion won
at the end of 2002, sharply lower than the negative 212.8
billion won claimed by the Company's auditor in December. At the
same time, SK Global has hidden assets totaling 422 billion won
in depositary receipts floated by its subsidiary SK Telecom.


SK GLOBAL: Revises FY02 Net Loss to US$339.73M
----------------------------------------------
SK Global revised its 2002 net loss to 405.9 billion won
(US$339.73 million) from 296.7 billion won, due to the
subtraction of its stakes in its sister firm SK Shipping Co.
from its books, Asia Pulse reports.

SK Global, the trading arm of the nation's third largest
conglomerate, SK Group, is floundering under heavy debts. On
March 11, the Company admitted inflating its 2001 profits by
more than 1.5 trillion won to hide losses. An independent
auditor recently found its liabilities exceed its assets by over
4.2 trillion won.


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


ACTACORP HOLDINGS: Obtains Restraining Order From KLSE
------------------------------------------------------
The Board of Directors of Actacorp Holdings Berhad announced
that the Company has obtained a Restraining Order from Kuala
Lumpur High-Court via Suit No:D6-24-86-2003 on 21st May 2003
pursuant to Section 176 (10) and (10A) of the Companies Act
1965.

COMPANY PROFILE

The Actacorp Group is a construction concern. Flagship company
V-Pile Sistem Sdn Bhd undertakes construction and engineering
activities.

The Group started out as manufacturers and distributors of
agricultural chemicals and organic fertilizers. In 1991,
activities were enhanced through diversification into
engineering and construction. Participation in property
development followed in 1994.

The Group is currently in an advanced stage of negotiation for a
restructuring exercise. The proposed restructuring exercise is
intended to revitalize the Group's financial position.

As of 3 March 2003, the Company is awaiting decision from the
relevant authorities on the proposed restructuring scheme.

CONTACT INFORMATION: 3rd Floor, Bangunan Ming
        Jalan Bukit Nenas
        50250 Kuala Lumpur
        Tel : 03-20707316
        Fax : 03-20784911


BESCORP INDUSTRIES: SC Rejects Proposed Liquidation
---------------------------------------------------
Reference is made to the announcements made by Commerce
International Merchant Bankers Berhad (CIMB) on 13 December
2002, 27 December 2002 and 17 March 2003 in relation to the
Corporate Proposals, which encompasses:

   £ Proposed Share Split;
   £ Proposed Share Exchange;
   £ Proposed Cash Payment;
   £ Proposed Capitalization;
   £ Proposed Conversion of Advances;
   £ Proposed Restricted Offer for Sale/Private Placement;
   £ Proposed Transfer of Listing;
   £ Proposed Exemption; and
   £ Proposed Liquidation.

On behalf of Bescorp Industries Berhad (Special Administrators
Appointed), CIMB is pleased to announce that the Securities
Commission (SC) has, via its letter dated 9 May 2003, which was
received on 13 May 2003, approved the Proposals, as follows:

   (i) The proposed share split of the par value of the ordinary
shares in WCT Realty Sdn Bhd (now known as WCT Land Sdn Bhd)
(WCTL), a wholly-owned subsidiary of WCT Engineering Berhad
(WCT) from RM1.00 par value per ordinary share to RM0.50 par
value per ordinary share (Proposed Share Split);

   (ii) The proposed acquisition of the entire issued and paid-
up share capital of BIB comprising 19,000,000 ordinary shares of
RM1.00 each held in BIB (BIB Shares) by WCTL for a purchase
consideration of RM950,000 to be satisfied through the issue of
1,900,000 new ordinary shares of RM0.50 each in WCTL (WCTL
Share(s)) by WCTL to the existing shareholders of BIB on the
basis of 1 new WCTL Share for every 10 existing BIB Shares held
(Proposed Share Exchange);

   (iii) The proposed cash payment of RM15,000,000 by WCT to the
creditors of the Company through the Special Administrators of
BIB or the creditors' agent in settlement of the debts of the
Company (Proposed Cash Payment);

   (iv) The proposed capitalization of RM160,000,000 of part of
the inter-company advances by WCT to WCTL through the issue of
320,000,000 new WCTL Shares by WCTL at an issue price of RM0.50
per WCTL Share to WCT (Proposed Capitalization);

   (v) The proposed conversion of up to RM132,000,000 of part of
the inter-company advances by WCT and/or its subsidiaries to
WCTL at a cut-off date to be determined later through the issue
of up to 132,000,000 5-year 3% irredeemable convertible
cumulative preference shares of par value of RM1.00 each in WCTL
(WCTL ICCPS) by WCTL at an issue price of RM1.00 per WCTL ICCPS
to WCT and/or its subsidiaries, out of which 12,000,000 WCTL
ICCPS shall be utilized for the settlement of the debts of the
Company (Proposed Conversion of Advances);

   (vi) The proposed restricted offer for sale of such number of
WCTL Shares by WCT to the existing shareholders of WCT and/or
proposed private placement of such number of WCTL Shares and
WCTL ICCPS by WCT at an offer price and/or placement price to be
determined later (Proposed Restricted Offer for Sale/Private
Placement);

   (vii) The proposed transfer of the listing status of BIB on
the Second Board of the Kuala Lumpur Stock Exchange (KLSE) to
WCTL (Proposed Transfer of Listing to WCTL) and the proposed
transfer of the listing of and quotation for the entire enlarged
issued and paid-up share capital of WCTL from the Second Board
to the Main Board of the KLSE (Proposed Transfer to Main Board)
(hereinafter collectively referred to as the "Proposed Transfer
of Listing"); and

   (viii) The proposed liquidation of BIB (Proposed
Liquidation);

hereinafter collectively referred to as the "Proposals Approved
by the SC".

The SC has also approved the application for exemptions sought
by CIMB, on behalf of the Company, from having to comply with
the requirements of the Policies and Guidelines on Issue/Offer
of Securities issued by the SC (SC Guidelines) as follows:

   (i) exemption from the requirement to comply with the minimum
land-bank of approximately 1,000 acres;

   (ii) exemption from the requirement on the fixing of the
conversion price of the WCTL ICCPS; and

   (iii) exemption from the requirement to comply with the
uninterrupted profit track record requirement in relation to the
proposed transfer of listing of WCTL to the Main Board of the
KLSE.

The approval of the SC is conditional upon the following:

   (i) Moratorium is imposed on the sale of 144,855,002 WCTL
Shares, representing 45% of the enlarged issued and paid-up
share capital of WCTL to be held by WCT (Moratorium) prior to
the conversion of the WCTL ICCPS. In this regard, WCT is not
allowed to sell, transfer and assign its shareholding under
Moratorium for a period of 1 year from the date of the listing
of WCTL on the KLSE. Thereafter, WCT's shareholding in WCTL is
no longer subject to the Moratorium, in conjunction with the
implementation of the final phase of the disclosure-based
regulation;

   (ii) The Directors of WCTL who are involved on a full-time
basis in WCTL and its subsidiaries (WCTL Group) are not allowed
to be involved on a full-time basis in their personal
businesses, if any;

   (iii) The Directors and substantial shareholders of WCTL are
not allowed to be involved in the businesses that compete
directly or otherwise, with the business of the WCTL Group in
the future;

   (iv) Any transactions between the WCTL Group and WCT and its
subsidiaries (WCT Group) and companies related to the respective
Directors and substantial shareholders are required to be made
on an "arm's-length" basis and shall not involve special terms
beyond the normal commercial terms which are detrimental to the
WCTL Group. In this connection, the Audit Committee of WCTL is
required to review and the Directors of WCTL are required to
report such transactions in the annual report of WCTL;

   (v) Full disclosure is required to be made in the circular to
the shareholders or prospectus in relation to the following:

     £ All interests, involvements and transactions between the
WCTL Group and WCT Group and other companies related to the
Directors or substantial shareholders of WCT/WCTL; and

     £ The financial relationship between CIMB and/or its
related companies, BIB and the WCTL Group/WCT Group and the
justification that the said financial relationship will not
result in a conflict of interest;

   (vi) The Board of Directors and key management of the WCTL
Group and WCT Group are required to be separated. In this
connection, WCTL is required to submit a letter of undertaking
to confirm this within a period of 12 months from the date of
the SC's approval letter;

   (vii) WCTL is required to fully comply with the relevant
conditions of its properties stipulated by the SC as set out in
Table I (http://bankrupt.com/misc/TCRAP_Bescorp0523.doc)prior
to the implementation of the proposed acquisition of BIB;

   (viii) CIMB/WCTL is required to comply with the conditions in
relation to the WCTL Shares, which will be allocated for private
placement as set out below:

     £ Placement of the WCTL Shares to the Malaysian investors
is required to be made through an independent placement agent,
which is either a merchant bank or a securities firm, and the
said Malaysian investors must be identified and nominated by the
said independent placement agent;

     £ At least 30% of the WCTL Shares under the private
placement should be allocated, to the extent possible, to
Bumiputera investors; and

     £ The adviser or independent placement agent, where
applicable, is required to submit to the SC the final list of
investors and provide a written confirmation that the said
private placement complies with the requirements stipulated
under the SC Guidelines upon completion of the implementation;

   (ix) BIB is required to appoint an independent audit firm
(that has experience in investigative audit and is not the
existing or past auditor of BIB and its subsidiaries) within a
period of 2 months from the date of the SC's approval letter, to
undertake the investigative audit on BIB's past losses. BIB is
also required to take the necessary/relevant steps to recover
the losses it has incurred. Based on the findings of the
investigative audit, BIB shall report to the relevant
authorities if it is discovered that there is any breach of any
legislations, regulations, guidelines and memorandum and
articles of association by the Board of Directors and/or any
other parties, which caused the said losses suffered by BIB. The
said investigative audit is required to be completed within a
period of 6 months from the date of the appointment of the
independent audit firm and an appropriate announcement shall be
made on the findings of the said investigative audit. 2 copies
of the investigative audit reports are required to be submitted
to the SC upon completion of the investigative audit; and

   (x) CIMB/BIB/WCTL are required to fully comply with the
relevant requirements in respect of the Proposals Approved by
the SC as provided under the SC Guidelines.

Upon completion of the implementation of the Proposals Approved
by the SC, CIMB and BIB/WCTL are required to furnish a written
confirmation that all the terms and conditions imposed on the
Proposals Approved by the SC have been fully complied with.

BIB and WCTL are currently deliberating on the aforesaid
conditions.

The proposed exemption for WCT and the parties acting in concert
from the obligation to undertake a mandatory offer for the
remaining WCTL Shares not already owned by them (Proposed
Exemption) is still pending decision from the SC and an
announcement will be made.


CONSTRUCTION AND SUPPLIES: Audit Committee Member Resigns
---------------------------------------------------------
Construction And Supplies House Berhad posted this Change in
Audit Committee Notice:

Date of change : 19/05/2003
Type of change : Resignation
Designation    : Member of Audit Committee
Directorate    : Executive
Name           : Looi Tuck Meng
Age            : 36
Nationality    : Malaysian
Qualifications : MACPA
Working experience and occupation  :
1994 - 1997: Audit Manager (Arthur Andersen & Co.)
1997 - todate: General Manager Corporate Finance (Gold Bridge
Engineering & Construction Bhd)

Directorship of public companies (if any) : Not Applicable
Family relationship with any director and/or major shareholder
of the listed issuer : Not Applicable
Details of any interest in the securities of the listed issuer
or its subsidiaries : CASH - 1,000 Ordinary Shares of RM0.50
each
Subsidiaries - not applicable

Composition of Audit Committee (Name and Directorate of members
after change) :
Dato' Abdul Aziz bin Hj. Sheikh Fadzir (Chairman)
- Independent Non-Executive
Low Yuh Wen (Member)

COMPANY PROFILE

Currently, the Company is in the midst of identifying new assets
to be injected into the Group in order to create sustainable
income and to enter into negotiation with various creditors
including financial institutions with a view to implementing a
debt restructuring exercise through a corporate advisory firm.
The MOU with the vendors of Kurnia Padu Sdn Bhd (KPSB) to
acquire KPSB, which is a shareholder of HVD Holdings Sdn Bhd,
was terminated on 15 December 2000.

The Company originally owned oil palm and rubber plantations,
which were sold in May 1971. It diversified into property
development in 1982, supply and distribution of petroleum and
petroleum-based products and services in 1985, hotel business
and the financial services sector also in 1985, and the
garment/textile business in 1989/1990.

In 1993, the Company embarked upon a rationalization and
restructuring programmed beginning with cessation of the
petroleum-based and garments/textile business. The property
development and construction businesses were disposed of in
1999.

CONTACT INFORMATION: Unit Level 13E
        Main Office Tower
        Financial Park Labuan
        Jalan Merdeka
        87000 Labuan
        Tel : 087-451 688
        Fax : 087-453 688


KRETAM HOLDINGS: Unit Faces Writ of Summons From Creditor
---------------------------------------------------------
The Board of Directors of Kretam Holdings Berhad wishes to
announce that on 20 May 2003, Jeffa Construction Sdn Bhd (JCSB)
had been served a Writ of Summons by Rushoe Trading &
Contractors Sdn Bhd (Rushoe), a creditor of JCSB which is a 51%-
owned subsidiary of KHB. Rushoe is claiming a sum of
RM399,907.78 together with interest and cost from JCSB.

Rushoe had entered into a Deed of Assignment of Debts dated 5
June 2002 (Deed) with JCSB and Southcon Corporation (M) Sdn Bhd
(SCM). This was pursuant to a Joint Venture Agreement (JVA) on 5
June 2002 between SCM and JCSB to establish a joint venture
company for the purpose of continuing and completing the
development of a project known as Pandan Place Commercial Centre
in Johor for Majlis Bandaraya Johor Bahru. Rushoe had also
entered into a Settlement Agreement dated 5 June 2002
(Settlement Agreement) with SCM.

The Deed provides for the following:

   a. in consideration of the release by Rushoe of JCSB's debt
to the extent of the sum of RM444,341.98 (JCSB's Debt), JCSB
hereby assigns to Rushoe, the sum of RM444,341.98 (SCM's Debt)
out of the SCM joint venture undertaking under the JVA;

   b. in consideration of JCSB's assignment to Rushoe of SCM's
Debt, Rushoe hereby releases JCSB from JCSB's Debt;

   c. in consideration of the discharge by JCSB of SCM's Debt,
SCM hereby agrees to settle JCSB's Debt with Rushoe at such time
and manner as may be mutually agreed by SCM and Rushoe;

   d. in consideration of SCM agreeing to settle JCSB's Debt,
JCSB hereby discharges SCM from the performance of the joint
venture undertaking under the JVA to the extent of SCM's Debt /
JCSB's Debt; and

   e. by reason of SCM's undertaking under the JVA, SCM enters
into the Deed and agrees to settle JCSB's Debt. In the event
that the JVA is terminated by any reason whatsoever, the Deed
shall automatically become null and void and have no further
effect.

Pursuant to the Settlement Agreement, SCM agreed to assume and
settle JCSB's Debt to Rushoe.

The Proposed Joint Venture with SCM is subject to the approval
of the Securities Commission.


LIEN HOE: Divests Dormant Units
-------------------------------
The Board of Directors of Lien Hoe Corporation Berhad wishes to
announce that the Company has divested its entire shareholding
in three subsidiaries, namely Roset Manufacturing Sdn Bhd, North
Sumatera Timber Sdn Bhd and Macro Innovation Sdn Bhd for a
nominal sum of RM1.00 per company.

The companies are dormant and financially defunct. The purpose
of these companies' disposal is to streamline the group
structure and to halt recurring administrative costs.

The transaction will not have any material effect on the
Company's net assets value and earnings.

None of Company's Directors or substantial shareholders of the
Company and/or persons connected to them has any interest,
direct or indirect, in the transaction.


MBF CAPITAL: Proposed Scheme of Arrangement Approved at CCM
-----------------------------------------------------------
Further to the announcement dated 25 April 2003 in relation to
the Proposals, comprising of:

   £ Proposed Capital Reduction;
   £ Proposed Consolidation;
   £ Incorporation of Perfect Utilization Sdn Bhd;
   £ Proposed Scheme of Arrangement;
   £ Proposed Subsidiary Debt Restructuring;
   £ Proposed Debt Settlement;
   £ Proposed Internal Reorganization;
   £ Proposed Acquisitions;
   £ Proposed Transfer of Listing Status;
   £ Proposed Liquidation/Disposal;
   £ Proposed Employees' Share Option Scheme;
   £ Proposed 2.9.1 Exemption; and
   £ Proposed Settlement of Miff Holdings Bread's Scheme

Alliance Merchant Bank Berhad, for and on behalf of the Board of
Directors of Miff Capital Berhad, is pleased to announce that
the shareholders had, at the Company's Court Convened Meeting
(CCM) held on Tuesday, approved the Proposed Scheme of
Arrangement, as a majority in number representing three-fourths
(75%) in value of the shareholders present and voting, voted for
the Proposed Scheme of Arrangement.

The results of the CCM of Miff Capital are set out in the table,
which could be found at
http://bankrupt.com/misc/TCRAP_MBF0523.gif.

In addition, at the Extraordinary General Meeting (EGM) of Miff
Capital held on Wednesday, the shareholders of MBf Capital have
also approved and passed all resolutions as set out in the
Notice of EGM dated 28 April 2003 (Ordinary Resolution 10 :
Proposed 2.9.1. Exemption as set out in the said Notice of EGM
was approved by way of poll at the EGM).

The Proposals are now subject and conditional upon approvals
being obtained from the High Court of Malaya for its sanction
for the Proposed Scheme of Arrangement pursuant to Sections
64(1) and 176 of the Companies Act, 1965 and the Kuala Lumpur
Stock Exchange for the listing of and quotation for the new
Perfect Utilization Sdn Bhd shares to be issued pursuant to the
Proposals, upon conversion of the redeemable convertible secured
loan stocks and upon exercise of the employees' share option
scheme options.


METROPLEX BERHAD: Debt Restructuring Workout Underway
-----------------------------------------------------
Metroplex Berhad refers to the announcement on 21 April 2003 in
relation to the Restraining Order and Proposed Debt
Restructuring of the Group.

Metroplex Berhad advised that following the extension of the
restraining order granted by the High Court of Malaya, MB is
continuing to work out its debt restructuring with its
creditors.

An announcement will be made to the Kuala Lumpur Stock Exchange
once an agreement has been reached.


MYCOM BERHAD: Court Grants Meeting Request
------------------------------------------
The Board of Directors of Mycom Berhad wishes to announce that
the High Court on 19 May 2003 granted an order for the Company
to convene a meeting between Mycom and its shareholders within
the month of June or July 2003 for the purpose of considering
and if thought fit, approving a proposed scheme of arrangement
involving a proposed capital reduction and consolidation, a
proposed share premium account reduction and a proposed
revaluation reserve account reduction to facilitate the
implementation of the Proposed Restructuring Scheme pursuant to
section 176 (1) of the Companies Act 1965.

The proposed court convened meeting will be held at a date and
place to coincide with an extraordinary general meeting of Mycom
proposed to be convened for the purpose of considering and if
thought fit, approving the Proposed Restructuring Scheme of the
Company.


PAN MALAYSIA: Proposes Director Appointment of Mr Wong Aun Phui
---------------------------------------------------------------
The Board of Directors of Pan Malaysia Corporation Berhad wishes
to announce that it intends to seek shareholders' approval for
the appointment of Mr Wong Aun Phui, who is over the age of
seventy years, as a Director of the Company.

A circular to shareholders will be dispatched to the
shareholders of the Company and an extraordinary general meeting
will be convened in due course.

The Troubled Company Reporter - Asia Pacific reported on May 9
that Marcel's Patisserie (S) Pte Ltd and MUI Internet
(Singapore) Pte Ltd, both wholly-owned subsidiaries of Network
Foods International Limited (NFIL), which in turn, is a 79.09%-
owned subsidiary of the Pan Malaysia Corporation, have been de-
registered from the Registrar of Companies and Businesses of
Singapore following the applications by the said companies for
de-registration as companies.


PLANTATION & DEVELOPMENT: Sells 11.527M Units of ICPS
-----------------------------------------------------
Plantation & Development (Malaysia) Berhad refers to the earlier
announcement dated 2 May 2003 pertaining to the sale of
Irredeemable Convertible Preference Share (ICPS).

Universal Trustee (Malaysia) Berhad (UTB), trustee for the
Noteholders of the Revolving Underwriting Facility of RM20.0
million loan extended to Invescor Ventures Sdn Bhd (under
Receivers & Managers and Liquidation), a wholly owned subsidiary
of Plantation & Development (Malaysia) Berhad ("P & D") had
disposed another 9,878,000 units of ICPS at RM1.00 each in YTL
Land & Development Berhad for an aggregate amount of
RM3,466,452.60. UTB had informed P & D of its disposal of ICPS
via UTB's fax letter dated 5 May 2003, 12 May 2003 and 19 May
2003.

To date, UTB had sold 11,527,000 units of ICPS at RM1.00 each in
YTL Land & Development Berhad for an aggregate amount of
RM4,072,371.30.

Further details of the transactions can be found at
http://bankrupt.com/misc/TCRAP_P&D0523.xls.


RAHMAN HYDRAULIC: Proposed Disposal Time Extension Granted
----------------------------------------------------------
Further to the announcement on 13 May 2003 in relation to the
Proposed Disposal of Pinang Tunggal Estate, together with
buildings erected thereon and motor vehicles, to Perbadanan
Kemajuan Negeri Kedah (PKNK) for a total cash consideration of
RM80,000,000.00 (Proposed Dispoal).

Rahman Hydraulic Tin Berhad (Special Administrators Appointed
wishes to announce that it has agreed to grant PKNK's request
for an extension of time until 19 June 2003 for the payment of
the balance purchase price of RM72,000,000.00.


SPORTMA CORPORATION: Provides Default in Payment Status Update
--------------------------------------------------------------
As required by the KLSE Practice Note 1/2001, Sportma
Corporation Berhad (Special Administrators Appointed) provided
an estimate of its default in payment as at 30 April 2003, as
attached at http://bankrupt.com/misc/TCRAP_Sportma0523.xls.

The total default by Sportma on the principal sum plus interest
as at 30 April 2003 amounted to RM234,345,461.59. The default
payment is in respect of revolving credit facilities, trade
financing and overdraft utilized by Sportma.

There is no further new development on the default of payment of
the Company, since the previous announcement with regard to this
Practice Note.


SURIA CAPITAL: RA Time Extension Application Pending
----------------------------------------------------
Reference is made to the announcement made on 29 March 2003 in
which Suria Capital Holdings Berhad had announced that the Kuala
Lumpur Stock Exchange had via a letter dated 28 March 2003
approved its application for an extension of time of three (3)
months from 23 February 2003 to 22 May 2003 to make the
Requisite Announcement pursuant to paragraph 6.1 of PN 10/2001
of the KLSE Listing Requirements.

As the approval from the Federal Economic Planning Unit (EPU) on
the final draft of the Privatization Agreement is currently
pending, the Requisite Announcement is not expected to be made
by 22 May 2003.

In view of the above, Suria had on the 19 May 2003 sought
further extension of time from the KLSE to make the Requisite
Announcement, the approval from the KLSE of which is currently
pending.

Pursuant to PN 10/2001, the KLSE may have trading in Company's
securities suspended and subsequently delisted if the Company
fails to comply with any of obligations imposed on it.


TAIPING SUPER: Proposes RM40 Million Serial Bonds Issue
-------------------------------------------------------
The Board of Directors of Taiping Super Berhad is pleased to
announce that the Company's subsidiary, Konvekta Coachair (M)
Sdn Bhd (Konvekta) proposes to issue RM40 million serial bonds
(the Proposed Bonds Issue).

Details of the Proposal

The Proposed Bonds Issue shall be issued at par in 3 tranches in
the form of a 5-year Serial Bonds. The tentative salient terms
are as follows:

   * Facility and Amount: RM40 million Serial Bonds (the
Facility) to be issued in three tranches

   * Tenure of Facility: Up to five years from the date of the
Facility Agreement

   * Security : To be determined later

   * Purpose : To finance the costs for the fabrication of buses

   * Basis of Arrangement : Bought Deal

   * Mode of Issue : The Bonds will be issued at par

   * Redemption : Unless previously redeemed, purchased or
cancelled, the Bonds shall be redeemed at par upon maturity of
the respective tranche.

   * Rating : The Facility will be rated by Rating Agency
Malaysia Berhad or Malaysian rating Corporation Berhad

Rationale of the Proposal

With the express bus permits granted by Lembaga Pelesenan
Kenderaan Perdagangan last November, Konvekta will resume
business activities as an express bus service operator, which
will diversify the Group's business activities downstream.

Effects of the Proposed Bonds Issue

Issued and Paid-Up Share Capital

The Proposed Bonds Issue will not have any effect on the
existing issued and paid-up share capital of the Company.

Proforma Net Tangible Assets (NTA)

The Proposed Bonds Issue will not have any effect on the NTA of
the Company.

Earnings

The Proposed Bonds Issue is not expected to have material effect
of the Group's earnings for the financial year ended 31 December
2003 as the proposal is expected to be completed towards the end
of year 2003.

Conditions of the Proposal

The Proposed Bonds Issue is subject to approvals being obtained
from the following:

   i. Securities Commission ('the SC');
   ii. The shareholders of Konvekta; and
   iii. Other relevant authorities.

Submission to the SC

A submission to the SC for the Proposed Bonds Issue is expected
to be made within two to four months from the date of this
announcement.


TECHNO ASIA: Seeks Proposed Disposals/Set-Offs Time Extension
-------------------------------------------------------------
Techno Asia Holdings Berhad (Special Administrators Appointed)
refers to the announcement made on 4 December 2002 regarding the
Proposed Disposals/Set-Offs, which include:

   (i) Proposed Disposal of the entire equity interest in
Westmont Power (Kenya) Limited (WPKL) by TAHB and Westmont
Offshore Sdn Bhd (WOSB) (a wholly-owned subsidiary of TAHB) to
Cergas Senja Sdn Bhd (Cergas) for a total cash consideration of
US$15 million (or approximately RM57.0 million) (Proposed
Disposal of WPKL);

   (ii) Proposed Set-Off and Transfer of Lot 11644, Lot 6863 and
Cl Lot 115347656 (Plantation Assets) by Cempaka Sepakat Sdn Bhd
(CSSB), Ganda Plantations (Perak) Sdn Bhd (GPPSB) and Litang
Plantations Sdn Bhd (LPSB), respectively, to the Secured
Creditors at their respective transfer values of approximately
RM34.10 million, RM13.30 million and RM35.04 million (Proposed
Set-Off and Transfer of the Plantation Assets);

   (iii) Proposed Set-Off and Transfer of Agora Hotel and
Annexed Building Owned by TAHB to the Secured Creditor at a
transfer value of RM9.6 million (Proposed Set-Off and Transfer
of Agora Hotel);

   (iv) Proposed Set-Off and Transfer of 3.70 million Pilecon
Engineering Berhad (Pilecon) shares owned by TAHB to the Secured
Creditor at a transfer value of approximately RM1.3 million
(Proposed Set-Off and Transfer of 3.70 Million Pilecon Shares by
TAHB);

   (v) Proposed Disposal of all movable assets of Prima Moulds
Manufacturing Sdn Bhd (PMMSB) and its wholly-owned subsidiary,
Prima Moulds Sdn Bhd (Pmsb) for a total cash consideration of
approximately rm0.9 million (Proposed Disposal Of The Assets Of
PMMSB and PMSB);

   (vi) Proposed Set-Off and Transfer of 5.56 million Pilecon
Shares Owned by Techno Asia Venture Capital Sdn Bhd (TAVCSB) to
the Secured Creditor at a transfer value of approximately RM1.9
million (Proposed Set-Off and Transfer of 5.56 million Pilecon
shares by TAVSCB);

   (vii) Proposed Set-Off and Transfer of 31 commercial units in
Wisma Ganda owned by Wisma Dindings Sdn Bhd (WDSB) to the
Secured Creditor at a transfer value of approximately RM2.0
million (Proposed Set-Off and Transfer of 31 Commercial Units by
WDSB); and

   (viii) Proposed Set-Off and Transfer of the charged and
substitute assets owned by Mount Austin Properties Sdn Bhd
(MAPSB) to the Secured Creditors of MAPSB (Proposed Set-Off and
Transfer of MAPSB's Charged and Substitute Assets).

AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of TAHB, wishes to announce
that pursuant to Section 18.03 of Chapter 18 of the Securities
Commission's (SC) Policies and Guidelines on Issue/Offer of
Securities, TAHB had on 20 May 2003, applied for an extension of
time of up to 31 December 2003 for TAHB to complete the
implementation of the Proposed Disposals/Set-Offs.


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


MANILA ELECRIC: Clarifies Asset Sale Report
-------------------------------------------
Manila Electric Company clarifies the news article entitled
"Meralco mulls sale of real estate assets to raise cash"
published in the May 21, 2003 issue of the BusinessWorld
(Internet Edition). The article reported that: "Faced with a
serious financial problem resulting from delays in rate hike
approvals said it is planning to sell some of its real estate
assets to improve its liquidity. In a telephone interview,
Meralco's senior assistant Vice-President and utility economics
head Ivanna G. dela Pena said the firm has tasked a group to
identify real estate assets which may be put on sale."

Manila Electric Company (MER), in its letter dated May 21, 2003,
stated that:

It is true that we are tapping out idele real estate assets as
one of the possible sources of funds that will enable us to
implement the refund order to the Supreme Court. These assets
were acquired to be used for our utility operations but due to
distribution network design changes, they have become idle and
retained for future needs.

These assets are now being identified and evaluated. However,
the disposition of these assets will require the approval of
lien holders and the Energy Regulatory Commission.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1619_MER.pdf


MANILA ELECTRIC: Meets With PCCI on Refund Scheme
-------------------------------------------------
The Manila Elecric Co. (Meralco) is set to meet on May 22 with
the Philippine Chamber of Commerce and Industry (PCCI) to
solicit proposals on how to carry out the refund for Meralco's
huge commercial and industrial customers, the Philippine Star
said on Thursday.

Though the Energy Regulatory Commission (ERC) granted Meralco an
overall average tariff increase of an average 22 centavos per
kilowatthour (kwh) last March, this adjustment could not be
reflected on the electric bill of the power firm's customers
until the motion for reconsideration filed by Meralco is
resolved by the Commission.


NATIONAL POWER: IMF Urges Government to Expedite Sale
-----------------------------------------------------
The International Monetary Fund (IMF) urged the government to
speed up the sale of National Power Corporation (Napocor)'s
assets, the Manila Times said on Thursday.

Even as it urges the "expeditious" privatization of Napocor's
transmission assets, the IMF mission said that government should
likewise "ensure a predictable regulatory environment that
balances consumer interests with investors' need to receive a
reasonable return on their investment."

"The critical thing is to ensure electricity supply, therefore
sufficient investments should be made," IMF mission head
Masahiko Takeda told reporters during a briefing. In this
regard, he said an environment conducive to investment should be
put in place.

"Napocor's increasing losses point to difficulties with the
existing tariff structure that require early attention of the
Energy Regulatory Commission," the mission statement said.

DebtTraders reports that National Power Corporation's 9.750%
bond due in 2009 (NATP09PHN1) trades between 106.878 and
108.355. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=NATP09PHN1


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


ASTI HOLDINGS: Posts Notice of Shareholder's Interest
-----------------------------------------------------
Asti Holdings Limited posted a notice of changes in 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: Flextech Holdings Limited

Circumstance(s) giving rise to the interest: Others
Please specify details: Subscription of 37,500,000 new placement
shares in Flextech Holdings Limited Flextech on 18 March 2003.
Michael Loh has a deemed interest of 21.88 percent in Flextech
shares held through DB Nominees (Singapore) Pte Ltd. By virtue
of Section 7 of the Companies Act (Cap. 5), Michael Loh is
deemed to be interested in ASTI shares held by Flextech.

Information relating to shares held in the name of the
registered holder: -
No. of shares which are the subject of the transaction:
104,292,145
% of issued share capital: 48.07
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: $0.00
No. of shares held before the transaction: 0
% of issued share capital: 0
No. of shares held after the transaction: 104,292,145
% of issued share capital: 48.07

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed Direct
No. of shares held before the transaction: 0           0
% of issued share capital:                 0           0
No. of shares held after the transaction:  104,292,145 0
% of issued share capital:                 48.07       0
Total shares:                              104,292,145 0

No. of Warrants: 17,911,518 (Deemed interest)

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


BBR HOLDINGS: Court OK's Capital Reduction Exercise
---------------------------------------------------
The Board of Directors of BBR Holdings (S) Ltd Company announced
that the High Court of Singapore has on Thursday granted an
order Court Order confirming:

(a) The reduction of capital of the Company from $100,000,000
divided into 2,000,000,000 ordinary shares of $0.05 each to
$20,000,000 divided into 2,000,000,000 ordinary shares of $0.01
each by:

(i) Canceling paid-up capital to the extent of $0.04 on each of
the 1,174,652,278 ordinary shares of $0.05 each which are issued
and fully paid; and

(ii) Reducing the nominal amount of each of the 2,000,000,000
ordinary shares in the capital of the Company, both issued and
un-issued, from $0.05 to $0.01; and

(b) The cancellation of the sum of $8,933,696.66 standing to the
credit of the share premium account of the Company as at 31
December 2002 so as to write-off part of the accumulated losses
of the Company as at 31 December 2002 to the extent of
$55,919,787.78 Capital Reduction.

Shareholders of the Company had approved the Capital Reduction
by a special resolution passed at the extraordinary general
meeting of the Company held on 29 April 2003.

The Capital Reduction will become effective upon lodgment of a
copy of the Court Order with the Registrar of Companies and
Businesses Effective Date. Barring any unforeseen circumstances,
the Company intends to lodge the Court Order with the Registrar
of Companies and Businesses on 5 June 2003.

Shareholders should refer to the procedures relating to the
deposit of their share certificates with The Central Depository
(Pte) Limited CDP and the issue of new share certificates for
shares of reduced par value of $0.01 each New Share Certificates
by the Company's Share Registrar as set out in paragraph 2.6 of
the Company's circular to shareholders dated 4 April 2003.
Shareholders holding physical share certificates should note
that, based on the abovementioned Effective Date, the last day
for them to deposit their share certificates with CDP is 28 May
2003. After the Effective Date, CDP will only accept New Share
Certificates for deposit.

The Directors will release a further announcement in respect of
the Effective Date of the Capital Reduction and the listing and
quotation of the shares of reduced par value of $0.01 each in
the capital of the Company.

TCR-AP reported that the group's operating performance remained
weak in 2002 and losses in the second half of FY 2001 was higher
than that reported in the first half of FY 2001. The additional
losses are mainly due to the provisions for certain litigation
cases stated in the circular to members dated 11 March 2002 (the
Circular), additional provision for doubtful debts, cost
overruns, non-recoverable inter-Company debts due from
subsidiaries that had gone into liquidation and losses arising
from the disposals of fixed assets.


NEPTUNE ORIENT: Clarifies 2002 Annual Report
--------------------------------------------
Further to the release of NOL's 2002 Annual Report in early May
2002, the Company hereby confirms as follows:

(1) Mr Kyle Lee was appointed as NOL's audit partner-in-charge
since the audit of the financial year ended 31 December 2001.

(2) Save for Temasek Holdings (Pte) Ltd Temasek, the Company is
not aware of any other shareholder with substantial beneficial
interest in the shares of NOL. Temasek's direct interest in NOL
shares as at 9 April 2003 was 32.60 percent (383,465,362
shares), while its deemed interest was 0.33 percent (3,883,304
shares).


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


ASIA HOTEL: Debt Restructuring Causes Net Profit Increase
---------------------------------------------------------
Asia Hotel Public Company Limited refers to its reviewed first
quarterly financial statements ended 31 March 2003, which shows
consolidated profit of Bt139.28 million whereas having
corporate net income of Bt135.94 million.  Some different amount
is due to the allowance set for doubtful accounts of loans
between related companies.

The Company clarified that an increase in net profit of Bt155.39
million or equivalent to 798.92% is mainly due to the realized
net profit from subsidiary of Bt83.56 million caused by gain
from debt restructuring accomplishment of Asia Pattaya Hotel
amounted of 159.60 million.


CENTRAL PAPER: SET Still Suspends Securities Trading
----------------------------------------------------
Previously, the Stock Exchange of Thailand posted the NP (Notice
Pending) sign on the securities of Central Paper Industry Public
Company Limited (CPICO) from 13 March 2003 and 20 May 2003
respectively because the company has submitted the SET, its
audited financial statements for the year ending 31 December
2002 with the Disclaimer of Opinion from auditor and its
reviewed financial statements for the first quarter ending 31
March 2003 that its auditor was unable to reach any conclusion
on its financial statements, and the SET was waiting for the
conclusion whether the company has to amend its financial
statements.

The Securities and Exchange Commission (SEC) has now informed
the SET that it is not necessary to amend CPICO's financial
statements, on the issue that the auditor has stated, therefore,
the SET has posted the "NR" (Notice Received) sign on CPICO's
securities from 21 May 2003 to announce that the SET has
received the conclusion from the SEC. However, the SET has still
suspended trading all securities of CPICO until the causes of
delisting are eliminated.


EASTERN PRINTING: Clarifies Auditor's F/S Report
------------------------------------------------
In pursuant to the Auditor not expressing opinion on the
Company's financials for three months ended March 31, 2003 and
2002 due to scope limitation by circumstances and uncertainties
on the matters in the Auditor's Report.  EPCO Management Co.,
Ltd., as the Plan Administrator of Eastern Printing Public
Company Limited, wishes to clarify and provide additional
information, as follows:

1) The long overdue receivable from a foreign related
company, Frye & Smith Inc., was a regular business
transaction since 1994.  From research and information
that the Company had acquired, the said company had ceased
its operations more time 3 years ago and had settled its
debts with Banks by turning over its fixed assets. The
Company had engaged a foreign accounting firm to check
status and recoverable assets of this Company. There will
be no further loss to the Company as the debt was fully
reserved for since 1998.
2) The Company had contingent liabilities from guarantee
debts of two related companies totaling Baht 281.41
million. In accordance with the Company's  Rehabilitation
Plan, should default happen, then the Principal amount
will be converted to capital (equity) of the Company and
the interest amount will be waived.

One related company is the Manager Media Group Public Co.,Ltd.
and the Principal Debt amount is Baht 200 million.  The said
company used to be a major shareholder of Eastern Printing
Public Co.,Ltd. with 27.70 percent and 0.99 percent
shareholdings at the end of 2001 and 2002 respectively.  The
said company is operating under its own Rehabilitation Plan.

Express Printing Co.,Ltd. used to be a wholly-owned subsidiary
of Eastern Printing Public Co., Ltd but ceased to have any
relationship since mid 2002.  The Guaranteed debt amount is Baht
81.41 million and the said company is repaying its debts
punctually under its own debt restructuring plan.

The Company wishes to state that the Company has operated
in compliance with all conditions as set forth in the
Rehabilitation Plan and will continue to do so. During the year
2002, the Company has increased its sales amount by Baht 28.54
million and operating profit increases by Baht 34.51 million
from 2001.

Due to uncertainties of the two companies in repaying their
debts, the Auditor was unable to ensure that the financial
statements are presented fairly, in all material respects in
accordance with generally accepted accounting principles.
However the Management of the Company has confidence in the
abilities of these two Companies in fulfilling their obligation
in accordance with their Rehabilitation plan and Restructuring
plan.  Therefore the Company did not set provisions from these
guarantees.


MEDIA OF MEDIAS: SET Grants Listed Securities
---------------------------------------------
Starting from 22 May 2003, the Stock Exchange of Thailand (SET)
allowed the common shares of Media Of Medias Public Company
Limited (MEDIAS) to be listed on the SET after finishing capital
registered procedures.

However, MEDIAS is a listed company in REHABCO sector;
therefore, the SET still suspended trading all securities of
MEDIAS.
   Name               : MEDIAS
   Issued and Paid up Capital
      Old             : 548,295,584  Baht
                     - Common Share  137,073,896  shares
      New             : 1,312,295,584  Baht
                   - Common Share  328,073,896  shares
   Par value per share:  4.00 Baht
   Allocate to        : 1. Bangkok Broadcasting & TV. Co.,LTD.
                        141,788,900 shares
                     2. BBTV Asset Management Co.,LTD.
                        29,526,600   shares
                     3. BBTV Satelvision Co.,LTD
                        19,684,500   shares.
   Price per share   :  4.00 Baht
   Subcription and payment period :  April 29, 2003


SIAM SYNTECH: Explains Net Profit Increase
------------------------------------------
Siam Syntech Planner Ltd., as the Plan Administrator of Siam
Syntech Construction Public Company Limited, announced that the
Company's Consolidated Financial Statements as of 31 March 2003
for the period of three-months shows a net profit of Bt53.47
million which is an increase by Bt20.96 Million or 64.47%
compared to the same period last year. This came from "the
increased in Sales and service revenues, and increased in
Reversal prior year allowance for doubtful account."

For the period of nine-months ended 31 March 2003 show a net
profit of Bt64.86 million, which is decreased by Bt8,518.18
million or 99.25% compared to the same period last year. This
came from "the decreased in Extra-ordinary items-Gain from debt
restructuring, which is a huge amount compared to last year."


TPI POLENE: Resolves Removal of Directors
-----------------------------------------
TPI Polene Public Company Limited, as its own Plan
Administrator, has resolved to remove Mr. Wachirapunthu
Promprasert and Mr. Montri Kriengwatana from the
positions of the Directors of the Company.

The Registrar of the public company has already amended the
Affidavit of the Company.


TPI POLENE: Trading Suspension Lifted
-------------------------------------
Previously, the Stock Exchange of Thailand posted the `SP'
(Suspension) sign on the securities of TPI Polene Public Company
Limited (TPIPL) from 19 May 2003 because the company has
publicly submitted the SET its reviewed financial statements
ending 31 March 2003 that its auditor was unable to reach any
conclusion on its financial statements. The SET has been waiting
for the clarification about making financial statements.

That company has now disseminated financial statements and the
abovementioned clarification to investors through The SET. In
addition, the Securities and Exchange Commission (SEC) has now
informed the SET that the company is not necessary to amend its
financial statements. Therefore, the SET has lifted the `SP'
sign from its securities of 20 May 2003 onwards.


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

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

Asia Pulp & Paper     FRN     due 2001   0.5 - 1.5      +0.25
Asia Pulp & Paper     11.75%  due 2005  34.5 - 36.5       0.0
APP China             14.0%   due 2010  33.5 - 35.5       0.0
Asia Global Crossing  13.375% due 2006  12.5 - 14.5       0.0
Bayan Telecom         13.5%   due 2006  16.0 - 20.0       0.0
Daya Guna Sumudera    10.0%   due 2007   2.0 - 4.0        0.0
Hyundai Semiconductor 8.625%  due 2007  73.0 - 75.0      +2.0
Indah Kiat            11.875% due 2002  34.5 - 36.5      +2.0
Indah Kiat            10.0%   due 2007  31.5 - 33.5      +1.0
Paiton Energy         9.34%   due 2014  86.0 - 90.0      +1.0
Tjiwi Kimia           10.0%   due 2004  28.0 - 29.0      +1.

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


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

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
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                 *** End of Transmission ***