TCRAP_Public/030530.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 30, 2003, Vol. 6, No. 106

                         Headlines




A U S T R A L I A

COLES MYER: S&P Places Rating on Creditwatch
COLES MYER: Expresses Surprise at S&P Decision
MIM HOLDINGS: ASIC Warns Against MIM Share-splitting
MIM HOLDINGS: Australian Treasurer OK's Xstrata Bid
QANTAS AIRWAYS: Rene Rivkin Goes to Jail

SIRTEX MEDICAL: Shares Drop 7% Wednesday
SIRTEX MEDICAL: Cephapon Stake Down to 10,842,300 Shares


C H I N A  & H O N G K O N G

A LA CARTE: Winding Up Petition Pending
LAI SUN: Presents Debt Revamp Plan to Creditors This Week
READY GOOD: Faces Winding Up Petition
STRONGWAYS INDUSTRIAL: Hearing of Winding Up Petition Set
TECHNO MIND: Winding Up Hearing Scheduled in June

WINMATE INTERNATIONAL: Winding Up Hearing Scheduled in June


J A P A N

FUJITA CORPORATION: Unveils Capital Deficit, Seeks Bailout
RESONA HOLDINGS: Will Not Pay Dividend This Year
SEIBU DEPARTMENT: Merges Operation With Sogo
SHOWA DENKO: Merges Polyethylene Operations With MCC


K O R E A

CHOHUNG BANK: Fate of Bank Hangs on President Roh
SK GLOBAL: Creditors Opts For Court Receivership
SK GLOBAL: SK Corp. Presents New Rescue Plan


M A L A Y S I A

AMANAH GENERAL: Winding Up Petition Pending
ASSOCIATED KAOLIN: KLSE OK's Waiver Application
EDEN ENTERPRISES (M) BERHAD: Changes Shareholders List
EDEN ENTERPRISES: AGM Set For June 27
FW INDUSTRIES: KLSE Delisting Securities

HOTLINE FURNITURE: Finalizes Circular on Proposed Restructuring
NCK CORP. Transfers Forum Ownership to Benmarl
PARK MAY: Proposes Disposal of Rangkaian Segar
PICA CORPORATION: KLSE Suspends Trading
SENG HUP: Winding Up Unit

SPORTMA CORP.: Extends Time to Comply With 30% Bumiputera Equity
TIMBERMASTER INDUSTRIES: SC OK's Restructuring Scheme Proposal
TRANS CAPITAL: Creditors OK's Scheme of Arrangement


P H I L I P P I N E S

CEBU PRIVATE: ERC Urges to Investigate Power Firm
MANILA ELECTRIC: Likely to Submit Projected Cash Flow to ERC
SPEED CREDIT: SEC Shutters Pseudo-investment Firm
VICTORIAS MILLING: May Need Extra P280M For Capex


S I N G A P O R E

C.K. TANG: Appoints Additional Member to Nominating Committee
NATSTEEL LTD: Adjourns AGM to June 4
WEE POH: Unit Enters Winding-up Petition


T H A I L A N D


SIAM STEEL: CPA Discloses Foreign Currency Liabilities

     -  -  -  -  -  -  -  - -

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


COLES MYER: S&P Places Rating on Creditwatch
--------------------------------------------
Standard & Poor's Ratings said Thursday that it had placed its
corporate credit ratings on Coles Myer Ltd. on CreditWatch with
negative implications. Coles Myer's long term rating is BBB+.
S&P also affirmed the Company's A-2 short term rating. The move
reflected Coles Myer's debt-funded petrol retailing alliance
with Shell Australia Ltd, announced yesterday. S&P said the
placing of Coles Myer on Creditwatch reflected concerns the
funding structure of the petrol acquisition.

It said while the cost of acquiring the petrol franchise rights
amounted to about A$100 million (US$66 million), operating lease
commitments (treated as off-balance-sheet debt) were expected to
represent the majority of the lease-adjusted capital base
employed by this business. Also, working capital and fixed asset
purchases would add to the total cost of the acquisition, S&P
said.

The ratings agency said the staged nature of the petrol
acquisition over 12 months, and the inevitable competitive
response from rival Woolworths Ltd might restrict the extent of
any recovery in Coles Myer's food & liquor sales performance in
the next 12-18 months. S&P said there was significant execution
risk associated with the acquisition, given the low-margin
nature of the segment, and Coles Myer's limited experience in
petrol retailing and convenience store operations.

In addition, the Coles Myer group was reliant on a significant
investment in supply chain and IT infrastructure in the next few
years, to maintain and improve its competitive position. S&P
said. This expenditure, together with debt-funded acquisitions
such as the Shell alliance, would place significant pressure on
lease-adjusted debt levels, and limit its ability to improve its
prudential measures to levels consistent with the BBB+ rating.

Accordingly, despite a significant sales and earnings
improvement in some of its nonfood brands, Coles Myer was
reliant on strong and robust sales and earnings growth from all
its businesses, particularly the food & liquor operations, which
was the key driver of the groups strong business profile, to
fund this expenditure. S&P said the petrol acquisition, however,
provided an important competitive mechanism for the Company to
address weaker-than-expected sales performance in its food &
liquor operations.

Mitigating somewhat the funding and execution risks were the
strong Shell brand, extensive geographic coverage of petrol
canopy sites, and the established nature of the Shell
operations, the ratings agency said.

Resolution of the CreditWatch was expected to incorporate a
detailed review of Coles Myer's petrol alliance, and the extent
to which this should underpin a timely improvement in its key
food & liquor business, said Paul Draffin, associate director of
Corporate & Infrastructure Finance Ratings.


COLES MYER: Expresses Surprise at S&P Decision
----------------------------------------------
Coles Myer was shocked at Standard & Poors decision to place the
Company's long-term credit rating on Creditwatch with negative
implications.

Coles Myers Chief Financial Officer, Fraser MacKenzie, said
Coles Myers Alliance with Shell provided the Company with an
opportunity to enter into the petrol and convenience store
market for a responsible capital outlay.

This Alliance is not debt funded.

The Alliance provided an excellent combination of fuel and food
branding with a strong coverage of sites across Australia. Coles
Myer and Shell would be working together to ensure a seamless
transition and mutually beneficial outcomes.

"It is in our mutual interest to ensure that business continuity
is not affected in any way. The progressive rollout has been
structured to facilitate minimal execution risk," Mr MacKenzie
said. "Key operational service station staff will be
transferring to Coles Myer to assist us in maintaining the
integrity and reputation of this business."

Mr MacKenzie said Coles Myer continued to make significant
progress against strategy in its capital management program.

"We continue to make excellent progress through divestments of
non-core retail assets such as Sydney Central Plaza and our
ongoing debt reduction initiatives. Our balance sheet is very
strong, our gearing is low and our cash flows are good," Mr
MacKenzie continued.

"Importantly, we have continued to reduce debt despite our
strategic acquisitions of Viking and Theos. Both of these
acquisitions have been funded by existing cash-deposits with no
new debt funding. The same will apply to the costs associated
with the Shell Alliance.

More broadly, Coles Myer has a range of initiatives underway to
drive momentum in our Food and Liquor division. In addition to
our Alliance with Shell, other new initiatives include the roll
out of a new fresh offer in Coles and new marketing campaign in
Bi-Lo to address price perception issues. Coles will launch a
new marketing campaign next month.

We expect these initiatives to build on the sales growth
improvement indicated in our third quarter sales.

Our confidence in our progress is reflected in our announcement
on May 15 that our profit guidance has been refined to the upper
end of our $425-435 million range." he concluded.


MIM HOLDINGS: ASIC Warns Against MIM Share-splitting
----------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
announced Thursday that it will take into account the current
activities, including rumors of share splitting, around the
proposed scheme of arrangement arising from the takeover bid by
Xstrata for MIM Holdings, in determining its position at any
future court hearing on the scheme.

ASIC has the option of appearing before the Queensland Supreme
Court if, after the shareholder meetings, the scheme comes
before the court for final approval. At this hearing, the court
usually hears from parties who may object to the scheme. The
court retains discretion about whether to approve the scheme,
even if shareholders have voted in favor of it.

'Market rumors of massive share splitting suggest some people
may seek to manipulate the outcome of the meetings to their own
advantage. ASIC considers such behavior undesirable if it occurs
in a way that distorts the true intentions of shareholders. As
outlined in ASIC Policy Statement 142, ASIC does not believe
share splitting is appropriate behaviour', ASIC Director
Corporate Finance, Mr. Richard Cockburn said.

Share splitting occurs where one large parcel of shares is
broken up into a large number of smaller parcels and registered
in different names, in circumstances where all the new owners
have agreed to vote in a pre-determined way.

These schemes offer a protection mechanism for shareholders by
requiring that the scheme be approved by shareholders under a
resolution passed by 50 per cent by number of those voting in
person or by proxy, who also voted 75 per cent of the number of
votes cast.

The impact of any share splitting is likely to be in the
requirement that the resolution be passed by 50 per cent of
members present or voting by proxy, because the size of the
members respective shareholdings is not a factor in this element
of the test.

'ASIC urges all shareholders to consider the merit of the
proposed scheme, and to vote either in person or by proxy', Mr.
Cockburn said.


MIM HOLDINGS: Australian Treasurer OK's Xstrata Bid
---------------------------------------------------
Xstrata plc (Xstrata) announced that it has received
confirmation from the Australian Treasurer that he has no
objection to a proposal for Xstrata to acquire all of the issued
share capital of M.I.M Holdings Limited (MIM). The Treasurer
said, "Under the Foreign Acquisitions and Takeovers Act,
proposals will be approved unless contrary to the national
interest."

The approval from the Australian Treasurer follows approval
already received from Xstrata's shareholders and regulatory
clearances from the European Union and the Australian Consumer
and Competition Commission. The successful conclusion of the
acquisition rests on the approval of the Scheme of Arrangement
by MIM shareholders at an extraordinary general meeting on
Friday 6 June 2003 and subsequent Court approval.

Mick Davis, Chief Executive of Xstrata, said he was pleased to
receive approval from the Treasurer. "This approval brings our
goal of creating an exciting, dynamic mining group one step
closer."

"However, for Xstrata to leverage its financial strength to grow
MIM and for shareholders to receive their $1.72 per share, it is
absolutely crucial that MIM shareholders vote on the Scheme,
either by lodging their proxy form with MIM or attending the
Scheme meeting. The Scheme of Arrangement gives every
shareholder the opportunity to have their say and it is
important that the majority is truly represented. I urge every
MIM shareholder to vote today, or the Scheme could be voted down
by shareholders with a minority of shares."

XSTRATA CONTACTS:

Marc Gonsalves
Telephone: +44 20 7968 2812
Mobile: +44 7775 662 348
Email: mgonsalves@xstrata.com

Justine Winn
Telephone: +61 2 9253 6748
Mobile: +61 416 196 403
Email: justine.winn@xstratacoal.com

Brigitte Mattenberger
Telephone: +41 41 726 6071
Mobile: +41 793 811 823
Email: bmattenberger@xstrata.com

Michael Oke
Prospero Financial
Telephone: +44 20 7898 9394
Mobile: +44 7778 469630


QANTAS AIRWAYS: Rene Rivkin Goes to Jail
----------------------------------------
Mr Rene Walter Rivkin on Thursday was convicted and sentenced in
the NSW Supreme Court on one count of insider trading in the
shares of Qantas Airways Limited (Qantas), the Australian
Securities and Investments Commission (ASIC) reports.

Mr Rivkin was sentenced to nine months imprisonment, to be
served by way of periodic detention, and was fined $30,000.

On 30 April 2003 Mr Rivkin was found guilty by jury on one count
of insider trading in contravention of section 1002G(2) of the
Corporations Act, following a 21-day trial in the NSW Supreme
Court before Justice Whealy.

Justice Whealy today entered a conviction against Mr Rivkin and
recorded a sentence.

A statement by Mr David Knott, Chairman of the Australian
Securities and Investments Commission (ASIC) follows this
release.

BACKGROUND

ASIC alleged that Mr. Rivkin contravened the insider trading
provisions of the Corporations Act when, on 24 April 2001, he
purchased 50,000 Qantas shares.

The shares were purchased in the name of Rivkin Investments Pty
Ltd, a Company of which Mr Rivkin is the sole director.

The charge followed an investigation by ASIC into the
circumstances surrounding trading in Qantas shares shortly
before Qantas announced that it would take over the operations
of Impulse Airlines.

Mr Rivkin has lodged a notice of intention to appeal in respect
of the jury decision.

ASIC'S STATEMENT ON CONVICTION OF RENE RIVKIN:

Mr Rene Rivkin was convicted on May 29 of the criminal offence
of insider trading.

Insider trading is a serious offence that undermines the
fairness and integrity of our stock market.

Mr Rivkin has sought to trivialise these proceedings from the
time they were first instituted. In doing so he mocks every
investor who expects fair dealing and proper disclosure in share
markets transactions.

The fact that he made a relatively small profit from the
transaction does not alter its criminal nature. The offence he
committed was against the sellers of 50,000 QANTAS shares who
thought they were dealing in a properly informed market. Instead
they were dealing with a person who had gained inside
information and withheld it from them. If those sellers had not
sold until after the announcement about Impulse Airlines their
shares could have increased by more than $30,000.

Over the past decade Australia has strengthened its
determination to make our markets fairer for investors. Stronger
insider trading laws, improved surveillance of suspect trading
by the ASX and active enforcement by ASIC have all contributed
to a market of increased integrity.

None of this should come as a surprise to Mr Rivkin. He is a
stockbroker of long experience and influence in our markets. His
deliberate decision to flout the law, even in a small
transaction, was a betrayal of the market in which he has been a
prominent trader for many years.

Mr Rivkin has attempted to divert attention from the serious
implications of his misconduct with allegations that he was
unfairly targeted by ASIC because he is a 'tall poppy'. That is
not correct. When ASIC commenced its investigation into suspect
trading in QANTAS shares Mr. Rivkin's involvement was unknown to
us. When the full evidence of the transaction emerged it was
inevitable that he be charged. That evidence has now been
considered and accepted by a jury, and a conviction recorded by
the Supreme Court. Mr Rivkin has no one to blame for this other
than himself.

I want to acknowledge the very difficult task of the jury in
this matter. Insider trading cases are among the most
complicated types of offences under our corporation law. It is
no easy matter for a jury to come to grips with the various
legal ingredients of the offence, and I believe that the members
of this jury deserve the thanks of all investors in our market.
I also thank the office of the Commonwealth DPP for its
professionalism in the preparation and prosecution of the case.

The decision of Justice Whealy to impose a sentence of nine
months imprisonment to be served by periodic detention is the
decisive judgement on the seriousness of Mr Rivkin's offence. By
operation of law he is now banned from managing any corporation
for the next five years, except by permission of the court.

To any who suggest that the absence of a full time custodial
sentence somehow diminishes the seriousness of the offence, I
say 'think again'. Mr Rivkin broke the law and was caught. He
now has a criminal conviction against his name. That fact will
not be lost on others who may be tempted to test their luck with
small inside trades.

In the light of today's sentencing by Justice Whealy ASIC will
review the status of any license held by Mr Rivkin or any
Company in which he has a relevant interest. Such review will be
conducted in accordance with legal requirements, which will
include an opportunity for Mr. Rivkin to make submissions to
ASIC. While I expect this process to commence in the near
future, ASIC will observe strict confidentiality until hearings
are concluded and decisions finalized.

I conclude my statement by noting that Mr. Rivkin has lodged a
notice of appeal against the jury's verdict and is expected to
also appeal the Thursday's sentence.

David Knott
Chairman
Australian Securities and Investments Commission
28 May 2003


SIRTEX MEDICAL: Shares Drop 7% Wednesday
-----------------------------------------
Shares in cancer treatment developer Sirtex Medical Ltd. plunged
7 percent on Wednesday, after a A$264 million (US$171 million)
takeover bid from a United States pharmaceutical group failed,
Asia Pulse said Thursday. Pennsylvania-based Cephalon Inc had
offered $4.85 for every Sirtex share in an offer that closed on
May 27 after several extensions.

Sirtex directors had recommended shareholders accept the bid.
But Cephalon only secured 88 per cent approval from Sirtex
shareholders, narrowly missing the 90 per cent minimum
acceptance threshold. Sirtex shares closed 33 cents weaker at
$4.35, having earlier fallen as low as $4.01.


SIRTEX MEDICAL: Cephapon Stake Down to 10,842,300 Shares
--------------------------------------------------------
Cephalon Australia Pty Limited decreased its relevant interest
in Sirtex Medical Limited on May 27, 2003, from 45,978,759
ordinary shares (84.39 percent) to 10,842,300 ordinary shares
(19.9 percent).

According to Wrights Investors' Service, the Company has paid no
dividend during the previous 2 fiscal years and also reported
losses during the previous 12 months. During the 12 months
ending 12/31/02, the Company has experienced losses totaling
A$0.04 per share.


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C H I N A  & H O N G K O N G
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A LA CARTE: Winding Up Petition Pending
---------------------------------------
A La Carte International Limited is facing a winding up
petition, which will be heard before the High Court of Hong Kong
on June 18, 2003. Chau Tik Sho of Room 532, Block 10, Lower Ngau
Tau Kok Estate, Kowloon, Hong Kong, filed the petition on April
25, 2003.


LAI SUN: Presents Debt Revamp Plan to Creditors This Week
---------------------------------------------------------
Lai Sun Development Co. Ltd. will present an informal debt-
restructuring proposal to creditors this week in a bid to stay
afloat, the South China Morning Post and AFX Asia reported
Thursday. The debt revamp proposal includes payments in cash,
property assets and a debt-for-equity swap. Lai Sun defaulted on
2.3 billion convertible and exchangeable bonds at the end of
March, raising concerns about a possible liquidation. The
Company has about 4.5 billion in bank and other borrowings.


READY GOOD: Faces Winding Up Petition
-------------------------------------
Gallant Y.T. Ho & Co. on behalf of the petitioner, the Bank of
China (Hong Kong) Limited is seeking the winding up of Ready
Good Investments Limited. The petition was filed on April 15,
2003, and will be heard before the High Court of Hong Kong on
June 18, 2003.

The Bank of China (Hong Kong) Limited holds its registered
office at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.


STRONGWAYS INDUSTRIAL: Hearing of Winding Up Petition Set
---------------------------------------------------------
The petition to wind up Strongways Industrial Limited is set for
hearing before the High Court of Hong Kong on June 18, 2003 at
9:30 in the morning. The petition was filed with the court on
April 24, 2003 by Huaxin (Hong Kong) Company Limited whose
registered office is situated at 3rd Floor, CNT Commercial
Building, 302 Queen's Road Central, Hong Kong.


TECHNO MIND: Winding Up Hearing Scheduled in June
-------------------------------------------------
The High Court of Hong Kong will hear on June 11, 2003 at 10:00
in the morning the petition seeking the winding up of Techno
Mind Limited.

Cheung Chun Chau of Room 728, 7/F., Skylark House, Sha Kok
Estate, Shatin, New Territories, Hong Kong filed the petition on
April 14, 2003. Tam Lee Po Lin, Nina represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai, Hong Kong.


WINMATE INTERNATIONAL: Winding Up Hearing Scheduled in June
-----------------------------------------------------------
The High Court of Hong Kong will hear on June 25, 2003 at 10:00
in the morning the petition seeking the winding up of Winmate
International Trading Company Limited.

Pioneer Rank Trading Limited whose registered office is situated
at Workshop B10, 11th Floor, Block B, Hong Kong Industrial
Centre, No. 489-491 Castle Peak Road, Kowloon, Hong Kong filed
the petition on May 9, 2003. Tam Lee Po Lin, Nina represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing KNIGHT & HO,
which holds office on the 10th Floor, Ritz Building, 625 Nathan
Road, Kowloon, Hong Kong.


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FUJITA CORPORATION: Unveils Capital Deficit, Seeks Bailout
----------------------------------------------------------
Ailing Fujita Corporation will ask Sumitomo Mitsui Banking
Corporation (SMBC) to purchase 30 billion yen in preferred
shares as the construction firm had excess liabilities of 3.67
billion yen in its first six months to March 31, Kyodo News said
on Thursday. Fujita, created last October 1 through a Company
split-up, said it plans to issue the preferred shares by
September 30 to boost its capital.


RESONA HOLDINGS: Will Not Pay Dividend This Year
------------------------------------------------
Resona Holdings Inc. will not pay a dividend on common shares
for the year ending next March 31 in order to win a public
understanding of the state bailout of Resona's core bank, the
Mainichi Shimbun and Kyodo News said on Thursday. The Company
will include the decision in a state-mandated restructuring
program it is to present to the government in seeking public
funds for recapitalization of Resona Bank.


SEIBU DEPARTMENT: Merges Operation With Sogo
--------------------------------------------
Shareholders of struggling retailers Seibu Department Stores
Ltd. and Sogo Inc. on Wednesday approved a plan to integrate
operations under a holding firm Millennium Retailing, Kyodo News
reports.

Seibu Department Stores Ltd. will not pay retirement bonuses to
Chairman Kotaro Matsumoto and seven other outgoing top
executives, according to the Troubled Company Reporter-Asia
Pacific on Thursday. Seibu made the decision after its creditors
agreed earlier this year on a 230 billion yen bailout scheme
under a revival plan for the crippled department store operator,
clarifying the responsibility of management, they said.


SHOWA DENKO: Merges Polyethylene Operations With MCC
----------------------------------------------------
Showa Denko K.K. (SDK) and its consolidated subsidiary, Japan
Polyolefins Co., Ltd. (JPO), reached agreement on May 21 with
Japan Polychem Corporation of the Mitsubishi Chemical
Corporation Group (MCC) to merge the polyethylene operations of
JPO and Japan Polychem, and establish a new joint venture
Company "Japan Polyethylene Corporation" on September 1, 2003.
The new Company will become SDK's affiliate to which the equity
method will be applied.

The parent companies plan to reach final agreement after
thoroughly reviewing the conditions for integration, and are
determined to make their respective expected contributions and
promote an early achievement of integration benefits after the
new Company is established. Through these efforts, the parent
companies aim to develop the new Company to have a strong
presence in the market.

The business environment of today's polyethylene business in
Japan has become increasingly severe due to the establishment of
supergiant manufacturers abroad by large-scale mergers, the
scheduled stepwise tariff reduction towards 2004, and the start
of new large-size facilities in Asia and the Middle East.
Therefore, it is an urgent necessity for the domestic
polyethylene industry to further reinforces the competitiveness.

Under these circumstances, Japan Polychem and Japan Polyolefins
have come to a common recognition that it is indispensable to
integrate their businesses to create higher value with higher
efficiency in every business activity such as production, sales
and R&D of polyethylene business, through pursuit of synergy
effects of products and technologies and promotion of
rationalization with optimal production system, and have made a
decision to integrate. In addition, since it is particularly
important to strengthen the competitiveness in sales and
distribution and to respond to the overseas markets in
polyethylene business, the two companies had requested
Mitsubishi Shoji Plastics to participate in the newly integrated
Company. Since Mitsubishi Shoji Plastics had judged that it
would further its competitiveness as a trading Company
specialized in synthetic resins to become deeply involved in and
contribute to the new Company rather than only to continue to
provide agency function for transaction, the basic agreement was
reached among the three companies today.

Effect of the Merger on SDK's Performance

SDK's performance forecast for 2003, which was announced on
February 18, 2003, will see no change because we already took
into account the possible influence of the merger of
polyethylene operations on our performance. (As of February 18,
2003, we forecast net sales of JPY 665 billion, operating income
of JPY 38 billion, ordinary profit of JPY 26.5 billion, and net
income of JPY 10 billion.)

Meanwhile, the merger will affect SDK's consolidated balance
sheet. Specifically, total assets and interest-bearing debt will
decrease by approximately JPY 33 billion and JPY 22 billion,
respectively, from the levels at the end of December 2002.

Outline of the New Polyethylene Company (plan)

Company name:          Japan Polyethylene Corporation
President:             Etsujiro Kouge
Start of business:     September 1, 2003
Paid-in capital:       Yen 7.5 billion
Annual turnover:       Yen 110 billion
Shareholders:          Japan Polychem Corporation 50 percent
                       Japan Polyolefins Co., Ltd. 42 percent
                       Mitsubishi Shoji Plastics Corporation  8
percent
Lines of business:     Manufacturing, sales and R&D of
polyethylene resins
Employee force:        About 700
Production capacity:   LDPE 417.4 thousand tons/year
                       L-LDPE 374.7 thousand tons/year
                       HDPE 475.6 thousand tons/year
Sales office:          Tokyo and Osaka

Outline of Parent Companies

Japan Polychem Corporation

Established:          September 1, 1996
Paid-in capital:      Yen 20 billion
Annual turnover:      About Yen 135 billion
Total assets:         About Yen 110 billion
Employee force:       About 830
Shareholders:         Mitsubishi Chemical Corporation 65 percent
                      Tonen Chemical Corporation 35 percent
                      (To be wholly owned by Mitsubishi Chemical
from June 2, 2003)
President:             Etsujiro Kouge

Japan Polyolefins Co., Ltd.
Established:          October 1, 1995
Paid-in capital:      Yen 6.5 billion
Annual turnover:      About Yen 56 billion
Total assets:         About Yen 54 billion
Employee force:       About 430
Shareholders:         Showa Denko K.K. 65 percent
                      Nippon Petrochemicals Co., Ltd. 35 percent
President:            Koh Matsushita

Mitsubishi Shoji Plastics Corporation

Established:          April 1, 1990
Paid-in capital:      Yen 510 million
Annual turnover:      About Yen 80 billion
Total assets:         About Yen 35 billion
Employee force:       About 130
Shareholders:         Mitsubishi Corporation 100 percent
Line of business:     Sales in Japan and trading of plastics-
related products,
                      recycling of plastics, rental of plastics-
related equipment
                      and materials, and data processing
President:            Kazumasa Furukawa

About Mitsubishi Chemical Corporation

Mitsubishi Chemical Corporation is the largest comprehensive
chemical Company in Japan and one of the world's largest ten.
MCC's principal activity is the production of petrochemicals.
Operations are carried out through the following divisions:
Petrochemical products for 37 percent of fiscal 2001 revenues;
Functional materials, 20 percent; Carbon/Agrochemical, 12
percent; Information electronics, 10 percent; Pharmaceuticals, 7
percent; Functional chemicals, 7 percent and Services
(distribution and warehouses, supply of electricity, real
estate), 7 percent. For further information, please visit the
Mitsubishi Chemical Corporation home page at: www.m-kagaku.co.jp

About Showa Denko K.K.

Showa Denko is a major manufacturer and marketer of chemical
products serving a wide range of fields ranging from heavy
industry to the electronic and computer industries. the Company
makes petrochemicals (ethylene, propylene), aluminum products
(ingots, rods) electronic equipment (hard disks for computers),
and inorganic materials (ceramics, carbons). The Company has
overseas operations and a joint venture with Netherlands-based
Montell and Nippon Petrochemicals to make and market
polypropylenes. In March 2001, SDK merged with Showa Denko
Aluminum Corporation to strengthen the high-value-added
fabricated aluminum products operations, and is today developing
next-generation optical communications-use wafers. For further
information, please visit the Showa Denko K.K. home page at:
www.sdk.co.jp

Chemical maker Showa Denko KK reported a net profit of 13.02
billion yen in the year ending December 31, versus a loss of
34.26 billion yen a year earlier, due to cost-cutting efforts as
well as one-off gains from unit sales, according to TCRAP.

Showa Denko's shareholders equity remained poor while the
interest-bearing debt reached as high as the sales as of end of
December 2001, Japan Credit Rating Agency reported last year.
The cumulative loss amounting to 51.7 billion yen as of end of
December 2001 will be cleared off by the end of December 2002
using the capital reserve and earnings retained in fiscal 2002.
The financial conditions, however, will remain poor.

According to Wright Investor's Service, Showa Denko Kabushiki
Kaisha at the end of 2001 had negative working capital, as
current liabilities were Y488.73 billion while total current
assets were only Y308.55 billion.

Contact:
Showa Denko K.K.
Nobuhiro Kato
nobuhiro_kato@sdk.co.jp
+81 3 5470 3233


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K O R E A
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CHOHUNG BANK: Fate of Bank Hangs on President Roh
-------------------------------------------------
The role of South Korean President Roh Moo-hyun in the planned
sale of Cho Hung Bank has emerged as the major factor in the
bank's sale, as bank union members decided on Wednesday to
postpone a planned general strike, following an announcement
that the government was ready to talk with the union members,
Digital Chosun reports.

Sources at the nation's financial sector said that any direct
involvement by the Presidential office in the bank sale deal
could hurt the chances for the bank's sale, causing any
potential deal to be scrapped or postponed.

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


SK GLOBAL: Creditors Opts For Court Receivership
------------------------------------------------
Major creditors of SK Global have tentatively agreed to put the
firm under court receivership for liquidation, Channel News Asia
said on Thursday. The decision was reached at a meeting of
creditors who earlier rejected an offer made by SK Group to
contribute some US$416 million to a rescue package for SK
Global.

A final decision will be made at a general creditors' meeting
whose date has yet to be decided. Creditors hold SK Corporation
partly responsible for SK Global's problems, including its
fraudulent bookkeeping. SK Corporation, which is the largest
shareholder of SK Global, also proposed writing off 450 billion
won of SK Global's overseas debt.

Both SK Corporation and SK Global are affiliates of SK Group.


SK GLOBAL: SK Corp. Presents New Rescue Plan
--------------------------------------------
SK Group proposed a new rescue plan for its ailing trading unit-
SK Global, after missing two creditor-imposed deadlines,
DebtTraders reports. No details on the new bailout presented to
creditors today were given by the Company spokesperson. SK
Global's creditors and shareholders have been demanding the
bailout to keep the Company afloat.

Local lenders threatened to liquidate SK Global should the group
fail to agree to a 1.5 trillion won ($1.25 billion) debt-to-
equity swap. SK Corporation, the flagship of SK Group, offered
to swap 900 billion won ($750 million) of debt owed by unit SK
Global into stock, short of the amount demanded by creditors.
The creditors are likely to reject the rescue plan.


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


AMANAH GENERAL: Winding Up Petition Pending
-------------------------------------------
AMANAH GENERAL ASSETS BERHAD (AGAB) issued an injunction
application against PANTAI MEDICARE SDN BHD (PM). The solicitors
of AGAB have filed an application inter alia seeking for an
interim interlocutory injunction.

The hearing of the said application was fixed on 23 May 2003.
Prior to the hearing, PM filed an affidavit to the effect that
it did not intend to pursue or take action for the sum demanded
in its S.218 Notice. At the said hearing the Court disposed of
the application.

PM's winding-up petition against AGAB however is still pending
and has been fixed for hearing on 1 July 2003. It is anticipated
that the hearing will resolve substantially around the issue of
costs for both AGAB and PM."


ASSOCIATED KAOLIN: KLSE OK's Waiver Application
-----------------------------------------------
On 10 April 2003, on behalf of ASSOCIATED KAOLIN INDUSTRIES
BERHAD (SPECIAL ADMINISTRATORS APPOINTED) (AKI), Commerce
International Merchant Bankers Berhad CIMB had applied to the
Kuala Lumpur Stock Exchange (KLSE) for a waiver on following
requirements of the Listing Requirements of KLSE in relation to
the Proposed Capital Reduction and the Proposed Rights Issue:

(i) Paragraph 6.18 of the KLSE LR: Notice of Books Closing Date
for rights issue

To shorten the period between the announcement of the books
closing date and the books closing date from the prescribed
twelve (12) clear market days to four (4) clear market days;

(ii) Paragraph 6.19 of the KLSE LR: A rights issue must be
renounceable

To seek the exemption for the Provisional Allotment Letter PAL
arising from the Proposed Rights Issue to be traded in the KLSE;
and

(iii) Paragraph 6.20 of the KLSE LR: Timetable for a rights
issue

The shortening of the period of the books closing date to the
closing date of the applications for the acceptance of the
Proposed Rights Issue from the prescribed twenty two (22) market
days to fourteen (14) market days.

In the same application dated 10 April 2003, on behalf of AKI,
CIMB had also sought the approval of the KLSE to list the entire
issued and paid-up capital of GHB (prior to the conversion of
the Irredeemable Convertible Unsecured Loan Stocks ICULS to be
issued pursuant to the Proposed Debt Restructuring of AKI) and
the ICULS simultaneously upon completion of the Proposals.

On behalf on AKI, CIMB is pleased to announce that the KLSE had
via its letter dated 27 May 2003, approved the abovementioned
application.


EDEN ENTERPRISES (M) BERHAD: Changes Shareholders List
------------------------------------------------------
The Board of Directors of Eden Enterprises (M) Berhad Errata
announced that the list of substantial shareholders of the
Company as at 16 May 2003 appearing on page 90 has been amended
in the Errata.

Attached below is the Errata and the amended version of the List
of Substantial Shareholders as at 16 May 2003.

For a copy of the errata and the amended version of the list of
substantial shareholders as at May 16, 2003, go to


SUBSTANTIAL SHAREHOLDERS

                                   No of shares beneficially
                                          held

Name of Shareholders Nationality     Direct     percent   
Indirect    percent

Serata Padu Sdn Bhd  Incorporated in 95,810,171  44.70  -     -
                     Malaysia
Sriwani Holdings
Berhad              Incoporated in
                     Malaysia        13,772,000   6.42  -     -
Serve Vest (M)
Sdn Bhd             Incorporated in   -    -  95,810,171  44.70
                    Malaysia       

Zil Enterprise
Sdn Bhd           Incorporated in
                Malaysia    13,000,000   6.06  95,810,171 44.70

Dato' Abd Rahim
Bin Mohamad         Malaysian   -     -   108,810,171 50.76

Datin Fadzilah
Binti Md Ariff      Malaysian   -     -   108,810,171 50.76

*  Deemed interested by virtue of its direct interest of over
15 percent equity interest in Serata Padu Sdn Bhd

**  Deemed interested by virtue of his direct interest in
Serve Vest (M) Sdn Bhd and Zil Enterprise Sdn Bhd who have more
than 15 percent equity interest in Serata Padu Sdn Bhd

*** Deemed interested by virtue of Datin Fadzilah Binti Md
Ariff being the spouse of Dato' Abd Rahim Bin Mohamad.


EDEN ENTERPRISES: AGM Set For June 27
-------------------------------------
The twenty-fifth ANNUAL GENERAL MEETING (AGM) of the
shareholders of the Eden Enterprises (M) Berhad will be held at
Grand BlueWave Hotel, Shah Alam, Persiaran Perbandaran, Section
14, 40000 Shah Alam, Selangor Darul Ehsan on Friday, 27th day of
June 2003 at 10.00 a.m. for the following purposes:

AGENDA

AS ORDINARY BUSINESS:

1) To receive the audited financial statements for the financial
year ended 31 December 2002 together with the Directors' and
Auditor's Report. (Resolution 1)

2) To approve the payment of Directors' Fees in respect of the
financial year ended 31 December 2002. (Resolution 2)

3) To re-elect the following Directors who retire in accordance
with the Company's Articles of Association, and being eligible,
have offered themselves for re-election: -

(i) Dato' Abd Rahim Bin Mohamad
(ii) Tan Sri Dato' Sri Sabbaruddin Chik
(iii) Datin Fadzilah Binti Md Ariff
(iv) Dato' Ghazali Bin Mat Ariff
(v) Dato' Mohamed Salleh Bin Bajuri
(vi) Dato' Kamal Mohamed Hashim Bin Che Din (Resolution 3)

(Resolution 4)
(Resolution 5)
(Resolution 6)
(Resolution 7)
(Resolution 8)

4 To appoint Auditors of the Company and to authorize the
Directors to fix their remuneration.

The Company has received a notice of nomination pursuant to
Section 172(11) of the Companies Act, 1965, a copy of which is
annexed hereto and marked "Annexure A" for the nomination of
Messrs Ernst & Young, who has given their consent to act as
Auditors of the Company and of the intention to propose the
following Ordinary Resolution:

"That Messrs. Ernst & Young be appointed Auditors of the Company
in place of the retiring auditors, Messrs. Arthur Andersen &
Co., at a remuneration to be fixed by the Directors and to hold
office until the conclusion of the next Annual General Meeting."
(Resolution 9)
As Special Business: - 5 to consider and if thought fit, with or
without any modification, to pass the following which will be
proposed as Ordinary Resolution:

Authority pursuant to Section 132D of the Companies Act, 1965

The Ordinary Resolution proposed under item 5 above if passed,
will empower the Directors of the Company to issue and allot
shares in the Company up to and not exceeding in total ten per
centum (10 percent) of the issued capital of the Company for the
time being, for such purposes as the Directors may consider to
be in the interest of the Company. This authority, unless
revoked or varied by the Company in a General Meeting, will
expire at the conclusion of the next Annual General Meeting of
the Company, or the expiration of period within which the next
Annual General Meeting is required by law to be held, whichever
is earlier.

Note: A member entitled to attend and vote is entitled to
appoint one or more proxies to attend and vote in his stead. A
proxy may but need not be a member of the Company and the
provision of Section 149 (1)(b) of the Companies Act, 1965 shall
not apply to the Company.

The instrument appointing a proxy and the power of attorney or
other authority, if any, under which it is signed or notarially
certified copy of such power of authority, must be deposited at
the Company's Registered Office, 15th Floor, Amcorp Tower,
Amcorp Trade Center, 18, Jalan Persiaran Barat Off Jalan Timur,
46050 Petaling Jaya, Selangor not less than 48 hours before the
time appointed of holding the above meeting and at any
adjournment thereof.

The instrument appointing a proxy shall be in writing under the
hand of the appointor or of his attorney duly authorized in
writing or if the appointor is a corporation, either under the
corporation's seal or under the hand of an officer or attorney
duly authorized.

Where a member appoints more than one (1) proxy, the appointment
shall be invalid unless he specifies the proportion of his
shareholding to be represented by each proxy.

STATEMENT ACCOMPANYING THE NOTICE OF ANNUAL GENERAL MEETING

1. Directors who are standing for re-election at the Twenty-
Fifth (25th) Annual General Meeting of the Company to be held at
Grand BlueWave Hotel, Shah Alam on 27th day of June, 2003 are:-

i. Dato' Abd Rahim Bin Mohamad*, attended all the two (2) Board
Meetings
ii. Tan Sri Dato' Sri Sabbaruddin Chik***
iii. Datin Fadzilah Binti Md Ariff*, attended all the two (2)
Board Meetings
iv. Dato' Ghazali Bin Mat Ariff*, attended all the two (2)
Board Meetings
v. Dato' Mohamed Salleh Bin Bajuri**, attended all the five (5)
Board
Meetings
vi. Dato' Kamal Mohamed Hashim Bin Che Din***

* Dato' Abd Rahim Bin Mohamad, Datin Fadzilah Binti Md Ariff and
Dato' Ghazali Bin Mat Ariff have only attended all the two (2)
Board Meetings held during the financial year ended 31 December
2002 since their appointment to the Board on 18 October 2002.

** Dato' Mohamed Salleh Bin Bajuri has attended all the five (5)
Board Meetings held during his tenure in office for the
financial year ended 31 December 2002 in view of his appointment
was made to the Board on 11 April 2002.

*** Tan Sri Dato' Sri Sabbaruddin Chik and Dato' Kamal Mohamed
Hashim Bin Che Din has not attended any Board Meeting held
during the financial year ended 31 December 2002 in view of
their recent appointment to the Board on 20 November 2002 and 7
March 2003 respectively.

2. Further details of the Directors standing for re-election at
the twenty-fifth Annual General Meeting and the family
relationship with any director and/or substantial shareholder of
the Company are on pages 8 to 11 and their shareholdings
information are listed in pages 29 to 30 of this Annual Report.


FW INDUSTRIES: KLSE Delisting Securities
----------------------------------------
The Kuala Lumpur Stock Exchange (KLSE) has delisted the
securities of FW Industries Bhd, the Star Online reports. The
Company had failed to make its requisite announcement within the
timeframe stipulated and have not been granted any further
extension of time. KLSE requested the Company to make
representations to the KLSE within 14 days from the receipt of
the notice as to why their securities should not be delisted.


HOTLINE FURNITURE: Finalizes Circular on Proposed Restructuring
---------------------------------------------------------------
Further to the announcements dated 20 September 2002, 13
December 2002, 16 January 2003, 29 April 2003 and 19 May 2003,
Public Merchant Bank Berhad PMBB on behalf of the Board of
Directors of HOTLINE FURNITURE BERHAD (HFB) announced that the
Company had on 27 May 2003 obtained an order from the High Court
of Malaya Court granting the Company leave to convene a meeting
for its shareholders for the purposes of considering and, if
thought fit, approving with or without modification the Proposed
Share Exchange pursuant to Section 176 of the Companies Act,
1965 Court Convened Meeting.

The Company is required to hold the Court Convened Meeting
within 6 months from 27 May 2003. At this juncture, the Company
is presently in the midst of finalizing the Explanatory
Statement and Circular for the Proposed Restructuring Scheme to
be dispatched to the shareholders of HFB.


NCK CORP. Transfers Forum Ownership to Benmarl
----------------------------------------------
The Securities Commission (SC) has via its letter of approval
dated 15 November 2002 imposed a condition which requires the
registered ownership of Forum Condominium be transferred to
Benmarl Sdn Bhd Benmarl prior to the issuance of the Information
Circular.

On behalf of NCK CORPORATION BERHAD (NCK) (Special
Administrators Appointed), Alliance Merchant Bank Berhad
announced that NCK has, on even-date, received the approval from
the SC via its letter dated 27 May 2003, for an exemption to
comply with the abovementioned condition subject to NCK or
Benmarl providing a written undertaking to the SC that it will,
in its best endeavor, ensure the registered ownership of Forum
Condominium be transferred to Benmarl within six (6) months from
the date of the aforementioned SC's approval letter.


PARK MAY: Proposes Disposal of Rangkaian Segar
----------------------------------------------
On behalf of the PARK MAY BERHAD, AmMerchant Bank Berhad
announced that the Company is proposing to dispose its entire
equity interest of 20 percent in Rangkaian Segar Sdn Bhd
Rangkaian Segar comprising 3,334,000 ordinary shares of RM1.00
each Shares for cash Proposed Disposal. Rangkaian Segar is
principally involved in the business of establishing an
intelligent network for the implementation and operation of an
electronic payment system based on the utilization of smartcard
technology, and the establishment, management and operation of
an institution set up for the purpose of centralizing the
accounting, processing and settlement of all financial
transactions conducted through the electronic payment system.
Rangkaian Segar currently operates two (2) electronic payment
systems, Touch'n Go system and SmartTag system.

A detailed announcement will be made once the identity of the
buyer(s) has been finalized and a formal definitive agreement(s)
between PMB and the said buyer(s) is/are executed.


PICA CORPORATION: KLSE Suspends Trading
---------------------------------------
The Kuala Lumpur Stock Exchange (KLSE) has informed Pica
Corporation it has decided to reject the Company's application
for extension of time to make the requisite announcement. Due to
the above, KLSE has decided to impose a suspension on the
trading of the securities of the Company with effect from 9.00
a.m., Thursday, 5 June 2003 until further notice.

Meanwhile the Star Online reported that the Kuala Lumpur Stock
Exchange (KLSE) has delisted the securities of Pica (M)
Corporation Bhd. Pica failed to make its requisite announcement
within the timeframe stipulated and have not been granted any
further extension of time. KLSE requested the Company to make
representations to the KLSE within 14 days from the receipt of
the notice as to why their securities should not be delisted.


SENG HUP: Winding Up Unit
-------------------------
Seng Hup Corporation Berhad (Special Administrators Appointed)
announced that Seng Hup Realty Sdn. Bhd. (Seng Hup Realty), a
subsidiary Company of Seng Hup, has been placed under creditors'
voluntary winding-up pursuant to Section 254 of the Companies
Act, 1965 and the shareholders and creditors of Seng Hup Realty
had resolved to appoint Mr Tan Kim Leong, JP as the liquidator
at the respective meetings held on 28 May 2003.


SPORTMA CORP.: Extends Time to Comply With 30% Bumiputera Equity
----------------------------------------------------------------
On behalf of the Special Administrators of SPORTMA CORPORATION
BERHAD (Sportma), Affin Merchant Bank Berhad announced that the
Ministry of International Trade and Industry, via its letter
dated 28 May 2003, has approved the extension of time for
Sportma and/or Harn Len Corporation Bhd (which will be assuming
the listing status of Sportma) to comply with the 30 percent
Bumiputera equity participation before 30 June 2005.


TIMBERMASTER INDUSTRIES: SC OK's Restructuring Scheme Proposal
--------------------------------------------------------------
On behalf of TIMBERMASTER INDUSTRIES BERHAD (SPECIAL
ADMINISTRATORS APPOINTED) (TMIB), Aseambankers Malaysia Berhad
Aseambankers announced that the Securities Commission (SC) had,
via its letter dated 22 May 2003, which we have received on 23
May 2003, approved the extension of time for the implementation
of the Proposed Restructuring Scheme of TMIB up to 2 December
2003.

In addition, with reference to the Company's announcement dated
1 November 2002 in relation to the approval of the Ministry of
International Trade and Industry MITI on the Proposed
Restructuring Scheme, Aseambankers wishes to announce that the
MITI had, via its letter dated 13 May 2003, which we have
received on 20 May 2003, agreed to cancel the condition for the
return of the manufacturing license of Timbermaster Timber
Complex (Sabah) Sdn Bhd (Special Administrators Appointed) TMTC
to the Malaysian Industrial Development Authority. However, a
new license need to be applied by the Company taking over TMTC
should TMTC continue its operation and change its name under the
new management.


TRANS CAPITAL: Creditors OK's Scheme of Arrangement
---------------------------------------------------
On 16 May 2003, AmMerchant Bank Berhad, on behalf of Trans
Capital Holding Berhad (TCHB), announced that the Proposed
Schemes of Arrangement and Compromise under Section 176 of the
Companies Act 1965, have been approved by its members and
respective Scheme Creditors at the Court convened meetings held
on 16 May 2003.

In relation thereto, AmMerchant Bank, on behalf of TCHB, wishes
to announce that the Penang High Court have fixed 9 June 2003
for the hearing of sanction of the Scheme of Arrangement and
Compromise pursuant to Section 176 of the Companies Act, 1965 in
respect of TCHB, Trans Capital Sdn Bhd (In Receivership), Trans
Capital Electronics Sdn Bhd and Trans Capital Technology Sdn
Bhd.


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


CEBU PRIVATE: ERC Urges to Investigate Power Firm
-------------------------------------------------
Governor Pablo P. Garcia on Wednesday called on the Energy
Regulatory Commission (ERC) to investigate the independent power
producer Cebu Private Power Corporation (CPPC) to avert a
possible power crisis in Cebu City, the Business World reports.
CPPC has notified the Visayan Electric Co. (Veco) that it will
suspend operations to Veco by June 15 due to losses incurred
after the government reduced the purchased power cost adjustment
(PPA) charge.

CPPC's closure will take away take away 62 megawatts of Veco's
reserve supply and possibly lead to a critical electricity
supply situation for a large part of Cebu's eastern coast,
including the industrialized cities of Cebu, Mandaue and Lapu-
Lapu, according to Veco Public Relations Assistant Ethel T.
Natera. Without CPPC Veco's reserve power supply will decrease
to 20 MW. She described this as "very critical."

CPPC operates a 70-MW bunker C-fired power plant in Cebu City.
It services around 245,000 residential and commercial/industrial
customers in Metro Cebu and some neighboring towns.


MANILA ELECTRIC: Likely to Submit Projected Cash Flow to ERC
------------------------------------------------------------
The Manila Electric Co. (Meralco) will soon submit to the Energy
Regulatory Commission (ERC) its projected cash flow for the next
12 months, the Philippine Star said Thursday, citing Meralco
President Jesus Francisco. The Company will then submit its
proposal for the next phase of the refund order by the Supreme
Court after the submission of the one-year cash flow.

Francisco said Meralco could only spend 3 billion pesos a year
for the refund. The Company expects to spend another 2.8 billion
pesos for the proposed phase II refund scheme, which will cover
customers consuming 101 to 200 kilowatthour (kWh). The refund
for residential customers who consume about 50 kWh to 400 kWh
would be done in three to four phases. Those consuming higher
than 400 kWh of electricity are considered commercial/industrial
customers.

Last November 2002, the Supreme Court ordered Meralco to refund
to its 3.8 million customers the 16.7 centavos per kWh
overcharges imposed by the company for a period of nine years or
from 1994 to 2003.


SPEED CREDIT: SEC Shutters Pseudo-investment Firm
-------------------------------------------------
The Securities and Exchange Commission (SEC) has closed pseudo-
investment firm Speed Credit and Collection Agency for using a
ponzi scheme in attracting investments for the public, the
Business World reports. The SEC estimated that Speed Credit had
already collected millions from investors. Under the scheme,
investors are promised high returns on their contributions,
which will be paid not from legitimate investments but from the
contribution of subsequent investors.

The Department of Justice has already filed cases against the
officers of the firm for estafa as well as violations of the
Securities Regulation Code. The names of the officers were not
mentioned in the report. The SEC has already filed a petition
for a cease and desist order on the business as well as a hold
departure order for its officers.


VICTORIAS MILLING: May Need Extra P280M For Capex
-------------------------------------------------
Victorias Milling Corporation (VMC) may need to spend an
additional 280 million pesos in capital expenditure (capex) this
year to re-balance its sugar refining and milling capacity, AFX
Asia reported Thursday, citing VMC Chairman Omar Mier. Victorias
recently hired a foreign consultant, Sutech of Thailand, to map
out the best capital expenditure program.

Mier said the capacity re-balancing might require a cash
injection on top of the 300 million recently raised by the
Company under a loan deal with Tanduay Holdings Inc. Victorias
would have to raise the extra funds if Sutech advises it to do
so. Under the loan agreement with Victorias, Tanduay committed a
five-year, 300 million peso loan with an interest rate of 1.5
pct per annum. The loan is convertible into a 16 percent stake
on the third year and will entitle Tanduay to a seat on the
Victorias board.


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


C.K. TANG: Appoints Additional Member to Nominating Committee
-------------------------------------------------------------
The Board of Directors of C.K. Tang Limited announced that Mr.
John Lim Kok Min, an independent director, has been appointed a
member of the Nominating Committee with effect from 28 May 2003.

Following his appointment, the Nominating Committee will
comprise the following members:

1. Mr Quek Peck Lim (Chairman)
2. Mr Cecil Vivian Richard Wong
3. Mr Tang Wee Sung
4. Mr John Lim Kok Min

CK Tang widened its net loss to $10.1 million in 2002 versus a
loss of $7.4 million in the same period a year earlier, the
Troubled Company Reporter-Asia Pacific reported. The Company
cited weak consumer sentiment as a result of global
uncertainties.

The group's total net losses for the past nine-and-a-half
financial years reached $155 million. The group said while
consumer sentiment will remain weak and the impending GST
increase will further dampen spending, it is encouraged by its
cost-cutting and margin-improvement measures. The retailer does
not expect to be profitable for the next reporting period.


NATSTEEL LTD: Adjourns AGM to June 4
------------------------------------
The Extraordinary General Meeting of NatSteel (EGM) held on
Thursday has been adjourned to Wednesday, 4 June 2003 at 2.00
p.m. at Level 4, Conference Room, 22 Tanjong Kling Road,
Singapore 628048. Shareholders attending the EGM unanimously
approved the adjournment.

At the EGM, 98 Holdings Pte Ltd. 98 Holdings proposed an
amendment to Resolution 4 stated in the Notice of the EGM dated
2 May 2003, to the effect that the implementation of the Scrip
Dividend Scheme by the Company would be subject to the passing
of a whitewash resolution. The representative of 98 Holdings in
proposing the amendment noted that it recognizes Sanion
Enterprises Limited's Sanion concerns that it may not be able to
take advantage of the Scrip Dividend Scheme because of its 29.99
percent shareholding in NatSteel. The proposed amendment would
accommodate Sanion's concerns in this respect.

In deliberating on the proposed amendment, the representative of
Sanion noted that Sanion had not been given sufficient time to
consider the proposed amendment. Accordingly the Board, taking
into account the concerns raised by Sanion and other
shareholders, proposed that the EGM be adjourned for one week in
order to allow Sanion to consider its position. The minority
shareholders welcomed the adjournment.

Proxy forms submitted for the EGM will be valid for the
adjourned meeting. However, shareholders who wish to appoint new
proxies should complete new proxy forms and deliver them to the
Company no later than 2.00 p.m. on Monday, 2 June 2003. Proxy
forms are available from the Company and its share registrar,
Macronet Information Pte Ltd, 4 Shenton Way #03-01, SGX Centre
2, Singapore 068807 during normal business hours.

For the convenience of shareholders, the Company will arrange
for a bus to pick up all shareholders attending the adjourned
meeting from Jurong East MRT Station (outside Popular Book
Store) on Wednesday, 4 June 2003. The bus will leave for
NatSteel at 1.10 p.m. sharp on that day.


WEE POH: Unit Enters Winding-up Petition
----------------------------------------
On May 28, 2003, WP CONC-PACT PTE LTD (WCP), a subsidiary of WEE
POH HOLDINGS LIMITED, been served with a winding-up petition by
Indocement Singapore Pte Ltd ISPL on grounds of WCP's inability
to pay its debts as and when it falls due amounting to
approximately S$242,534, inclusive of interests and costs. The
Court hearing for the petition has been fixed at 10 a.m. on 27
June 2003.

On the date set for the hearing of the aforesaid petition, the
Court will decide whether or not to grant the petition or to
dismiss it. If the Court grants the petition, an order for the
winding-up of WCP will be made which shall be deemed to have
commenced on the date of presentation of the petition and an
Official Receiver shall be appointed as the liquidator of WCP
for the purpose.

The Company will continue to update Shareholders on any further
developments on matters relating to the recapitalization plan.


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


SIAM STEEL: CPA Discloses Foreign Currency Liabilities
------------------------------------------------------
Certifified Public Accountant Winid Silamongkol announced that
Siam Steel International Public Company Limited has foreign
currency loans outstanding as of March 31, 2003 totaling
approximately U.S.$ 17.24 million.  Under the rehabilitation
plan, which was approved by the Central Court of Bankruptcy on
May 11, 2000 with amendments on December 13, 2000 and May 26,
2002, the foreign currency loans have been splitted into three
tiers.   Presently, the loan balances consist of Tier 1   U.S.$
10.36 million, Tier 2 U.S.$ 6.88 million, and Tier 3 U.S.$ 14.52
million.  The Tier 3 loans were converted into Baht on the plan
approval date of approximately Baht 1,271 million, which have
already been converted into authorized and paid-up share
capital.

On July 3, 2001, the Company partially converted its Tier 3
loans amounting to approximately Baht 722 million into
authorized and paid-up share capital. In addition, on October 9,
2002, the Company converted its remaining Tier 3 loans amounting
to approximately Baht 549 million into authorized and paid-up
share capital.

During the three-month period ended March 31, 2003, the Company
had partially paid Tier 1 and Tier 2 foreign currency loans
totaling approximately U.S.$ 0.62 million. The outstanding
foreign currency loans as of March 31, 2003 are totaling
approximately U.S.$ 17.24 million.




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,
Mavy Nineza-Merlin, Ma. 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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