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       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

           Monday, June 2 2003, Vol. 6, No. 107

                         Headlines


A U S T R A L I A

BEYOND INTERNATIONAL: Proposes PwC Removal as Company Auditor
COLES MYER: 'BBB+' Corporate Credit Rating Affect JEM Warehouse
GINDALBIE GOLD: Drilling Program to Reignite Anketell Project
GINDALBIE GOLD: Proposes Capital Raising
GOODMAN FIELDER: BPC Commences Options' Compulsory Acquisition

NEWMONT YANDAL: Debt Acquisition Won't Affect Parent's Ratings
PAN PHARMACEUTICALS: Mayne Suing for Increased Damages Claim
QANTAS AIRWAYS: Releases Traffic, Capacity Statistics Summary
QUIKTRAK NETWORKS: Re-elects Messrs Landels, and McGeorge
TOWER LIMITED: S&P Lowers Group Ratings; Outlook Negative

TRANZ RAIL: 'CC' Rating Unaffected by Toll Bid, Says S&P


C H I N A   &   H O N G  K O N G

FULLY DYNASTY: Winding Up Hearing Scheduled in June
KAM WING: Winding Up Petition Hearing Set
MACRONIX INTERNATIONAL: S&P Cuts Rating to 'B'; Outlook Negative
PO ON: Winding Up Sought by Wah Luen
UNIVERSAL ENGINEERING: Petition to Wind Up Pending

WAH SING: Faces Winding Up Petition


I N D O N E S I A

DANAMON BANK: IBRA Plans Management Change


J A P A N

AIOI INSURANCE: FSA Orders Improvement in Operations
FUJITSU LIMITED: Restores Damage in Iwate Plant
FUJITSU LIMITED: Sells 11 Million FANUC Shares
FUJITSU LIMITED: Unveils New Executive Appointments
OYE KOGYO: Files For Court Protection

RESONA HOLDINGS: Daiwa's Capital Infusion Decision Update
RESONA HOLDINGS: Slashing 1,800 Jobs
SANKYO SEIKI: JCR Downgrades Rating to BB+, J-3


K O R E A

CHOHUNG BANK: Cheong Wa Dae Hosts Bank Brawl
CHOHUNG BANK: Union Alleges Backdoor Deal
HYNIX SEMICONDUCTOR: Starts Volume Production of Handy SDRAM
SK CORPORATION: Creditors Prepare For Court Management
SK CORPORATION: KNOC Offers $500M For Oil Import

SK GLOBAL: Creditor's Accept SK Corp.'s Debt-Equity Demand
SK GLOBAL: Creditors Suspend Payment to SK Corp.
SK GROUP: Court Postpones Judgment for 10 Executives
SK GLOBAL: SK Group Offers Reopening Talks For Rescue


M A L A Y S I A

ABRAR CORPORATION: Obtains SC's Nod on Proposed Disposal
ABRAR CORPORATION: Proposed Acquisition Extended
ACTACORP HOLDINGS: Faces Winding-Up Petition
ACTACORP HOLDINGS: Provisional Liquidator Appointed to Unit
BRISDALE HOLDINGS: BDSB's Petition Hearing Set on August

BUKIT KATIL: Discloses April Oil Palm Production Figures
CHG INDUSTRIES: 13th AGM to be Held on June 23
CSM CORPORATION: 34th AGM Fixed on June 25
CSM CORPORATION: Seeks Lenders Support on Debt Workout Scheme
EMICO HOLDINGS: Proposes Renewal of Shareholders' Mandate

EPE POWER: Inks Debt Restructuring Agreements With Creditor
FW INDUSTRIES: Seeks RA Time Extension
GENERAL LUMBER: June 23 CCM, EGM Scheduled
GLOBAL CARRIERS: Failed to Meet 25% Public Spread Requirements
KILANG PAPAN: Ceases to be a Unit of MMC

KRETAM HOLDINGS: Seeks Interim Injunction; Hearing on June 26
LAND & GENERAL: Composite Debt Restructuring Scheme Approved
MENTIGA CORPORATION: Winding Up Petition Hearing Set on June 10
PAN MALAYSIAN: Proposed AoA Amendment Approved
SENG HUP: Places Unit Under Creditors' Voluntary Winding Up

SRI HARTAMAS: Unit MTSB Under Creditors' Voluntary Winding-Up
SUNWAY BUILDING: Investigative Audit Completed
TH GROUP: Unit Voluntarily Wound Up


P H I L I P P I N E S

CEBU PRIVATE: VECO OK's Deal to Hike Rates
MANILA ELECTRIC: Receives ERC Order
NATIONAL STEEL: Creditors Agree to Tap Investment Banker


S I N G A P O R E

ASIA PULP: Offers New Debt Service Proposal
HIAP HOE: Court Discharges Unit's Judicial Manager
HUP SENG: Unit Enters Voluntary Liquidation
MIXED CONCRETE: Widens FY03 Net Loss to S$2.65M


T H A I L A N D

CENTRAL PAPER: Posts Warrants Exercise Info
DATAMAT PUBLIC: SET Temporarily Suspends Trading
NATURAL PARK: Releases Company Operation Report
PICNIC GAS: Planner Proposes Bt200M Bill of Exchange Issuance
SIAM SYNTECH: Director Leesawadtrakul Steps Down From Board

     -  -  -  -  -  -  -  -

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


BEYOND INTERNATIONAL: Proposes PwC Removal as Company Auditor
-------------------------------------------------------------
Notice is hereby given that the an Extraordinary General Meeting
of Members will be held at Beyond International Limited's
Offices, 53-55 Brisbane Street, Surry Hills, NSW 2010 at 10:00am
on Thursday 26 June, 2003.

SPECIAL BUSINESS

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

1. That, PricewaterhouseCoopers (PwC) be removed as auditor of
the company.

2. That, subject to the passing of resolution 1 as set out in
the notice convening this meeting, PKF Chartered Accountants be
appointed as auditor of the company.


COLES MYER: 'BBB+' Corporate Credit Rating Affect JEM Warehouse
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BBB+' credit
rating on JEM Warehouse Bonds Pty. Ltd. (JEM) on CreditWatch
with negative implications. The rating action follows the
placement of Standard & Poor's 'BBB+' corporate credit rating
on Coles Myer Ltd. (CML) on CreditWatch with negative
implications, and reflects the role of CML as a dependent rating
in this transaction. CML, as the sole tenant under an operating
lease, provides primary support (through rental cash flows) to
JEM's quarterly bond payments.

The rating action on CML follows the announcement of CML's debt-
funded petrol retailing alliance with Shell Australia Ltd.


GINDALBIE GOLD: Drilling Program to Reignite Anketell Project
-------------------------------------------------------------
Exploration for potential multi-million ounce gold deposits in
the Telfer region of northern Western Australia is to take its
most important step forward since the late 1990s with the
imminent commencement of a deep diamond drill program at the
Anketell Gold-Copper Project.

Gindalbie Gold NL (ASX: GBG) said a 2,500 meter, 5-hole diamond
drill program was set to commence in mid June to test new
targets around the Magnum prospect generated by its alliance
partner, Teck Cominco, following a review of previous
exploration results.

Anketell is the first project to be included in the exploration
alliance between Gindalbie and the Canadian-based gold and base
metals group since it was announced in August 2002. Teck Cominco
has the right to earn a 50% interest in the Anketell Project by
spending $3.5 million.

The new target area at Magnum, which is approximately 100
kilometers north of the 20 million ounce Telfer gold mine, is
situated in sedimentary host rock adjacent to the previous high-
grade intersections generated by Gindalbie in 1998. These
included 15 meters at 14.1g/t from 464 meters, 8 meters at
3.5g/t and 4.4% copper from 279 meters and 4 meters at 11.7g/t
from 261 meters.

It is coincident with a broad EM anomaly generated from
re-interpretation of a previous BHP Geotem survey and a domal
structure interpreted from a new high resolution aeromagnetic
survey.

Gindalbie's Managing Director, Mr David McSweeney, said the
pending diamond drill program would test a new exploration
concept for the area generated by a reassessment of data
accumulated over 10 years by BHP and, more recently, the Teck
Cominco alliance.

"The drilling program will be an important milestone for the
project, with the previous results suggesting that the Magnum
prospect is just part of a larger mineralized system.

Results from the new drill program are expected during July.

CAPITAL RAISING

Gindalbie also announced Tuesday a proposed $2 million share
placement to strengthen its balance sheet and support its
ongoing exploration program at the Minjar Gold Mine north of
Perth in Western Australia.

Mr McSweeney said "the proposed capital raising would strengthen
Gindalbie's balance sheet following the operating performance in
the March 2003 Quarter and enable it to continue to progress the
Company's business plan, which includes its exploration program
at Minjar".

CONTACT INFORMATION: Jan Hope/Nicholas Read
        Jan Hope & Partners
        Telephone: (+61 8) 9388 1474


GINDALBIE GOLD: Proposes Capital Raising
----------------------------------------
Gindalbie Gold NL (ASX: GBG) announced Tuesday a proposed $2
million share placement to strengthen its balance sheet and
support its ongoing exploration program at the Minjar Gold
Project in Western Australia. The Company intends to undertake a
placement of up to 15.4 million new ordinary shares at 13 cents
per share, a discount of 16% to Monday's closing price. The
placement will be made under Australian Stock Exchange Listing
Rule 7.1 with shareholder approval not being required.

Though a number of operational changes were successfully
implemented at Minjar during April 2003 to address operational
issues, the actual performance of the mine during the March 2003
quarter has constrained the Company's ability to fund its
business plan, which includes its exploration program at Minjar.

ANKETELL DEEP DIAMOND DRILLING PROGRAM

Gindalbie is also pleased to announce that a diamond drilling
rig has been secured to commence deep diamond drilling at its
Anketell Gold-Copper Project in Western Australias Telfer
region. Diamond drilling is scheduled to commence in mid-June
2003.

This next phase of activity at the Magnum prospect,
approximately 100km north of the 20 million ounce Telfer gold
mine, will be undertaken through the Teck Cominco alliance
company, Gindalbie Anketell NL.

The alliance partners plan to complete five diamond drill holes
for 2,500 meters around the Magnum prospect, to test new targets
generated by Teck Cominco, following a review of previous
exploration results by Gindalbie Gold and BHP, and a recent high
resolution aeromagnetic survey.

The new target area is situated in sedimentary host rock
adjacent to the previous high grade intersections generated by
Gindalbie Gold in 1998, where intersections included

   * Diamond hole AKD005 8 meters @ 3.5g/t gold and 4.4% copper
from 279 meters,

   * Diamond hole AKD006 4 meters @ 11.7g/t gold from 261
meters,

   * Diamond hole AKD009 15 meters @ 14.1g/t gold from 464
meters; and

   * Diamond hole AKD010 2 meters @ 11.65g/t gold from 279
meters.

The new target area is coincident with a broad EM anomaly
generated from re-interpretation of BHPs Geotem survey and a
domal structure interpreted from the new aeromagnetic survey.

Gindalbie's Managing Director, Mr David McSweeney said: "The
pending diamond drilling program is very exciting and will test
a new concept generated by a re-assessment of data accumulated
over 10 years by BHP and more recently by Gindalbie Gold and the
alliance".

"The 5 deep diamond holes will be an important new milestone for
the project, with the previous results suggesting that the
Magnum prospect is part of a larger mineralized system, and that
target areas drilled by Gindalbie previously, may be peripheral
to a large orebody."

It is expected that results from the upcoming drilling program
will be available in July 2003.

Teck Cominco and Gindalbie have identified a number of other
high priority regional targets at Anketell as a result of the
new EM and aeromagnetic data. A team of geoscientists at Teck
Cominco in Canada has completed Processing and interpretation of
this data. A recent successful Aboriginal Heritage survey has
cleared all of these target areas for exploration to proceed.

The Teck Cominco/Gindalbie alliance was entered into in August
2002 and Anketell is the first project to be included in the
alliance. Teck Cominco has the right to earn a 50% interest in
the Anketell project by the expenditure of $3.5 million over 4
years. Teck Cominco is a Canadian-based company and a major
producer of zinc, copper, gold and metallurgical coal.

CONTACT INFORMATION: David McSweeney
        MANAGING DIRECTOR
        Gindalbie Gold NL
        Ph: +618 9481 2232
        Fax: +618 9481 2395
        gbg@gindalbie.com.au


GOODMAN FIELDER: BPC Commences Options' Compulsory Acquisition
--------------------------------------------------------------
BPC1 Pty Limited (Burns Philp) (a wholly owned subsidiary of
Burns, Philp & Company Limited) refers to its off-market
takeover bid for all the ordinary shares in Goodman Fielder
Limited (Goodman Fielder), which closed at 7:00pm (Sydney time)
on 28 March 2003 and its offer to acquire all the options to
subscribe for ordinary shares in Goodman Fielder (Options),
which closed at 7:00pm (Sydney time) on 15 April 2003 (Options
Offer).

Burns Philp announces that it has on Wednesday commenced the
process for compulsorily acquiring the Options (Options
Compulsory Acquisition) by lodging a compulsory acquisition
notice (Form 6023) and other documents with ASIC. Burns Philp
has also commenced the process to make a `buy-out' offer for the
Options (Buy-Out Offer) by lodging a buy-out notice (Form 6024)
and other documents with ASIC.

As required by paragraph 664C(2)(d) of the Corporations Act in
relation to Options Compulsory Acquisition and paragraph
663B(1)(d) of the Corporations Act in relation to the Buy-Out
Offer, Burns Philp attaches documents lodged with ASIC and being
dispatched to shareholders on Wednesday.

To see a copy of the `Amendment to Current Information Report
Regarding the Acquisition of Goodman Fielder Limited' required
to be lodged with each of the trustees under the Indentures for
the 9(3/4)% Senior Subordinated Notes due 2012 and the 10(3/4)%
Senior Subordinated Notes due 2011, go to
http://bankrupt.com/misc/TCRAP_GMF0602.pdf.


NEWMONT YANDAL: Debt Acquisition Won't Affect Parent's Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that Newmont
Mining Corp.'s (BBB/Stable/--) announcement that it will address
the outstanding senior notes and gold hedge liabilities at its
Australian subsidiary, Newmont Yandal Operations Ltd. will have
no impact on its ratings on the company.

Under the proposal, Newmont has offered to acquire all of the 8
7/8% senior notes due April 2008 and the gold hedge obligations
owed by Yandal to counterparty banks for a total of $219.4
million, representing approximately $.50 of outstanding
principal amount. An alternative for the hedge counterparties in
lieu of cash, would be to elect to assign all such contracts to
Yandal Bond Company Ltd. and to enter into new hedging contracts
with Newmont at an equivalent to an undiviad 40% of Yandal's
existing hedge obligations. Newmont has almost $400 million in
cash and full availability under its $750 million revolving
credit facility to pay for its offer.

Standard & Poor's expects that at current gold prices, which
have more than offset rising costs mainly due to currency
valuations, the company will continue to generate good cash
flow.


PAN PHARMACEUTICALS: Mayne Suing for Increased Damages Claim
------------------------------------------------------------
Mayne Group Limited has announced that it has formally filed its
claim against Pan Pharmaceuticals Ltd (Pan) in the Supreme Court
of Victoria to pursue the recovery of all its costs and any
losses associated with the recent product recall.

Mayne has now received the majority of products returned from
retailers that were affected by the Pan recall and it can
therefore more accurately assess the financial effect on the
business.

Following the Therapeutic Goods Administration (TGA)
announcement of Pan's license suspension, Mayne acted rapidly
and initiated actions to protect the health and safety of
consumers and also to assist in protecting the longer term value
of its complementary health brands with both consumers and
retailers.

The estimated after tax costs associated with the recall are
comprised of approximately $20 million for recalled stock; costs
associated with legal, logistics and media of approximately $5
million; and costs, still to be quantified, to support and
redevelop the business during these conditions. These estimates,
which will be treated as a significant item, do not assume the
reimbursement of any costs and losses from Pan.

Due to the scale of the recall, the earnings contribution from
the Consumer Products division is expected to be approximately
breakeven for the full year.

Mayne is anticipating the effects of the recall will continue
into next financial year as the process of sourcing
manufacturing for the full product range continues and the total
health supplement category is still expected to take some months
to fully recover.

Mayne will vigorously pursue all avenues for the full recovery
of all the costs and losses associated with the TGA initiated
recall of Pan manufactured products.

CONTACT INFORMATION: Rob Tassie
        GROUP PUBLIC AFFAIRS
        Phone: +61 3 9868 0886
        Mob:  (+61) 0411 126 455


QANTAS AIRWAYS: Releases Traffic, Capacity Statistics Summary
--------------------------------------------------------
Qantas Airways Limited announced that International traffic,
measured in Revenue Passenger Kilometres (RPKs) decreased by
10.9 percent in March 2003 while capacity, measured in Available
Seat Kilometres (ASKs), rose by 0.3 percent. This resulted in a
revenue seat factor of 74.1 percent, 9.3 percentage points lower
than for March 2002.

Domestic RPKs decreased by 3.6 percent in March, while ASKs
increased by 5.1 percent over the same period. The resulting
revenue seat factor of 75.5 percent was 6.9 percentage points
lower than the previous year.

March Group (comprising International, Domestic, Australian
Airlines and QantasLink) passenger numbers decreased by 3.6
percent over the previous year. RPKs decreased by 5.4 percent,
while ASKs were up 6.2 percent, resulting in a revenue seat
factor of 73.7 percent, which was 9.0 percentage points lower
than the previous year.

FINANCIAL YEAR TO DATE MARCH 2003

International revenue seat factor for year to date March 2003
increased by 2.1 percentage points to 80.2 percent when compared
with year to date March 2002, while international yield
excluding exchange increased by 3.1 percent over the same
period. Domestic yield excluding exchange for the financial year
to March decreased by 5.5 percent. Domestic revenue seat factor
decreased by 1.1 percentage points to 78.9 percent over the same
period.

Group passenger numbers for the year to March increased by 9.8
percent over the previous year. RPKs and ASKs increased by 7.0
percent and 5.9 percent respectively, resulting in a revenue
seat factor of 79.1 percent, up 0.8 percentage points from the
previous year.

RECENT DEVELOPMENTS

On 7 May 2003, Qantas advised that the continued impact of the
SARS virus across all sections of the aviation and tourism
industries has required Qantas to further downgrade its profit
forecast for the 2002/03 financial year. Qantas advised that its
best current estimate was that its 2002/03 profit before tax
would be between 20 and 30 percent lower than the figure
prevailing in the market prior to 7 May 2003, which was an
average of $707 million.

Qantas intends to maintain the final dividend at 9 cents per
share, providing a total dividend for the 2002/03 year of 17
cents per share.

Qantas will widen the range of initiatives it has put in place
following the commencement of the war in Iraq and the outbreak
of SARS. These initiatives have included:

   * the use of accumulated leave to reduce staffing numbers by
the equivalent of 2,500 full time equivalent employees by 30
June 2003 and by the equivalent of 1,000 employees between July
and September 2003;

   * a restructuring program involving 1,000 redundancies, 400
positions eliminated through attrition and 300 permanent
positions converted from full time to part time; and

   * a freeze on capital and discretionary expenditure

Further initiatives will include:

   * increased use of accumulated leave to reduce staffing
numbers;

   * increased redundancies;

   * expansion of the leave without pay program;

   * increased use of part time workers;

   * significant restructuring of work practices and activities;
and

   * reduction of capital expenditure, including retirement of
some aircraft and deferral of delivery of new aircraft.

PRELIMINARY MONTHLY TRAFFIC AND CAPACITY STATISTICS

MARCH 2003

                         MONTH               FINANCIAL YEAR TO
DATE
DOMESTIC      2002/03   2001/02   CHANGE   2002/03   2001/02
CHANGE

Passengers
carried ('000)  1,399   1,432  (2.3)%    12,860   11,113 15.7%
Revenue
Passenger
Kilometres (m)  1,817   1,885  (3.6)%    17,214   14,767 16.6%
Available Seat
Kilometres (m)  2,405   2,288   5.1%    21,830    18,470  18.2%
Revenue Seat
Factor (%)       75.5    82.4   (6.9)pts  78.9    80.0 (1.1)pts

INTERNATIONAL 2002/03   2001/02   CHANGE   2002/03   2001/02
CHANGE

Passengers
carried ('000)    700     768  (8.9)%   6,603    6,543    0.9%
Revenue Passenger
Kilometres (m)  4,161   4,672  (10.9)%  40,329   39,916   1.0%
Available Seat
Kilometres (m)  5,617   5,602  0.3%   50,303   51,134    (1.6)%
Revenue Seat
Factor (%)       74.1    83.4  (9.3)pts  80.2     78.1  2.1pts

AUSTRALIAN
AIRLINES     2002/03   2001/02   CHANGE   2002/03   2001/02
CHANGE

Passengers
carried ('000)    39        -       N/A      195    -       N/A
Revenue Passenger
Kilometres (m)   224        -       N/A    1,109    -       N/A
Available Seat
Kilometres (m)   382        -       N/A    1,778    -       N/A
Revenue Seat
Factor (%)      58.7        -       N/A     62.4    -       N/A

QANTASLINK    2002/03   2001/02   CHANGE   2002/03   2001/02
CHANGE

Passengers
carried ('000)   274      302  (9.3)%    2,727   2,731   (0.1)%
Revenue Passenger
Kilometres (m)   182      189  (3.7)%    1,787   1,783    0.2%
Available Seat
Kilometres (m)   260      270  (3.7)%    2,471   2,515   (1.7)%
Revenue Seat
Factor (%)      70.0     70.0  0.0pts    72.3    70.9   1.4pts

TOTAL GROUP
OPERATIONS   2002/03   2001/02   CHANGE   2002/03   2001/02
CHANGE

Passengers
carried ('000)  2,412    2,502  (3.6)%   22,385  20,387    9.8%
Revenue Passenger
Kilometres (m)   6,383   6,746  (5.4)%   60,438  56,466    7.0%
Available Seat
Kilometres (m)   8,664   8,160  6.2%    76,382   72,119    5.9%
Revenue Seat
Factor (%)        73.7    82.7  (9.0)pts   79.1  78.3   0.8pts

NOTES

Any adjustments to preliminary statistics will be included in
the year-to-date results next month. Where figures have been
rounded, discrepancies may occur between the sum of the
components of items and the total, and in percentage changes,
which are derived from figures prior to rounding.

The number of passengers carried is calculated on the basis of
origin/destination (one origin/destination journey represents
one passenger regardless of the number of stage lengths
undertaken).

Traffic and capacity statistics for Boeing 717 aircraft
operating on domestic core airline services are included in
domestic.

Australian Airlines commenced operations on 27 October 2002.

KEY

(m) Millions

RPKs: The number of paying passengers carried, multiplied by the
number of kilometers flown

ASKs: The number of seats available for sale, multiplied by the
number of kilometers flown


QUIKTRAK NETWORKS: Re-elects Messrs Landels, and McGeorge
---------------------------------------------------------
Quiktrak Networks Limited announced that at the 2003 AGM held on
Thursday, all Resolutions were passed unanimously, resulting in
the re-election of Directors, Messrs J A Landels and
B J McGeorge.

Wrights Investors' Service reports that at the end of 2002, the
Company had negative working capital, as current liabilities
were A$57.88 million while total current assets were only
A$55.48 million. It has paid no dividends  during the last 12
months and company also reported losses during the previous 12
months.


TOWER LIMITED: S&P Lowers Group Ratings; Outlook Negative
---------------------------------------------------------
Standard & Poor's Ratings Services on Friday has lowered its
insurer financial strength and long-term counterparty credit
ratings on various Australian and New Zealand subsidiaries of
Tower Ltd. (Tower) to 'BBB+' from 'A-' and removed the ratings
from CreditWatch. In addition, the 'BBB-' long-term and 'A-3'
short-term credit ratings on Tower Ltd., Tower Financial
Services Group Ltd., and various holding companies are lowered
to 'BB+' and 'B', respectively, and removed from CreditWatch.
The ratings outlook on all ratings is negative.

The ratings downgrade follows Tower's announcement on May 28,
2003, of substantial write-downs resulting in a half-year loss,
along with Standard & Poor's review of the business and
operational fundamentals of the pressured Australian operations,
which make up the bulk of the group's revenue. Tower has failed
to deliver on promised growth of its enhanced franchise in
Australia (where 70% of revenue is derived) and has now
refocused its business strategy direction.

Tower reported a poor operating performance in a difficult
market environment, reporting an after-tax loss of NZ$154.4
million for the six months until March 31, 2003. The result was
heavily affected by accounting adjustments, which reduced the
carrying values of group subsidiary companies by NZ$134.4
million. Although the underlying (excluding one-offs) operating
performance has improved from the 2002 end-of-year result, the
performance remains poor and the earnings outlook is
constrained. The proposed NZ$200 million capital raising
(subject to shareholder approval) will offset the impact of
these write-downs on shareholders' funds and support capital
resources at the 'BBB' level of the group's consolidated
operating companies. Application of the proceeds of the capital
raising to retire senior debt is viewed positively, as it
reduces overall leverage of debt burden, thus improving
normalized interest cover.

The negative outlook on Tower's ratings reflects the
uncertainties regarding the new business model and strategies
for growth in the Australian operations, given the prevailing
difficult operating environment for life and funds management
companies, which is likely to constrain earnings. The successful
implementation of near-term restructuring initiatives, including
the capital infusion, and negotiation of, and reduction in,
banking facilities, will be monitored closely by Standard &
Poor's. If Tower successfully implements its new business model
and restructuring initiatives, the rating outlook could
eventually revert to stable. The current negative outlook,
however, indicates that this will be challenging, with further
downward pressure on the rating a possibility if restructuring
efforts do not prove successful.


TRANZ RAIL: 'CC' Rating Unaffected by Toll Bid, Says S&P
--------------------------------------------------------
Standard & Poor's Ratings Services said Friday that the proposed
takeover offer for Tranz Rail Holdings Ltd. (Tranz Rail,
CC/Negative/--) by Toll Holdings Ltd. (not rated) does not
impact the 'CC' long-term and guaranteed debt issue ratings on
Tranz Rail. Whilst Toll's bid may bolster Tranz Rail's
long-term credit quality, the company faces the imminent
prospect that it will not be able to meet critical external
obligations due at the end of June 2003, without material
support from its lenders. Should the bid be successful, Toll may
provide short-term liquidity to Tranz Rail, therefore protecting
its investment.

Toll is an Australian-listed company, which provides integrated
transportation and logistics services in Australia and New
Zealand. The proposed offer is expected to be made to Tranz
Rail's shareholders next week, and currently values Tranz Rail
at NZ$158 million. In addition, Toll will assume Tranz Rail's
existing debt and lease commitments; however, Toll has noted
that these obligations will be restructured post-acquisition.
Toll's offer is conditional upon regulatory consents, a majority
shareholder acceptance, and Tranz Rail not disposing of any of
its businesses or assets, entering into joint ventures, or
altering its existing debt or capital structure.


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


FULLY DYNASTY: Winding Up Hearing Scheduled in June
---------------------------------------------------
The High Court of Hong Kong will hear on June 25, 2003 at 9:30
in the morning the petition seeking the winding up of Fully
Dynasty Limited.

Chan Yik Chung of Room 311, Yue Tung House, Tung Tau Estate,
Kowloon, Hong Kong filed the petition on May 7, 2003.  Tam Lee
Po Lin, Nina represents the petitioner.

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


KAM WING: Winding Up Petition Hearing Set
-----------------------------------------
The petition to wind up Kam Wing Travel Group Limited is
scheduled for hearing before the High Court of Hong Kong on June
18, 2003 at 9:30 in the morning.

The petition was filed with the court on April 23, 2003 by Chan
Ching Man of Room 1704, Yat Chi House, Tin Yat Estate, Tin Shui
Wai, New Territories, Hong Kong.


MACRONIX INTERNATIONAL: S&P Cuts Rating to 'B'; Outlook Negative
----------------------------------------------------------------
Standard and Poor's Ratings Services said Thursday that it had
lowered its corporate credit rating on Taiwan-based memory chip
producer Macronix International Co. Ltd. (Macronix), to 'B' from
'B+'. At the same time the rating on the company's senior
unsecured convertible bond was lowered to 'B-' from 'B'. The
outlook on the corporate credit rating is negative.

The unsecured convertible bond rating remains one notch below
the corporate credit rating as a result of the company's high
level of secured debt.

The rating action reflects the decline in Macronix's recent
operating performance and Standard & Poor's expectations that
the company's performance will not improve over the near term.

"The company has been affected by weaker-than-expected demand
from its main customer, as well as low product prices," said
credit analyst, Jonathan Lee.

Shipments of mask read-only memory declined by 45% quarter on
quarter in the first quarter of 2003, and the utilization rate
at its eight-inch wafer fab fell to 49% from 57% in the final
quarter of 2002. Macronix made a Taiwan dollar (NT$) 3.21
billion net loss in the first quarter of 2003, compared with a
loss of NT$2.7 billion in the corresponding period in 2002.
Macronix expects to make a NT$7.8 billion loss in full year
2003.

The ratings could be lowered further if Macronix's business
fails to improve significantly or if the company is unable to
successfully extend core bank facilities and improve its debt
maturity profile. Its liquidity is adequate for 2003, but by
2004 the company could face refinancing pressure with put
options on two large bond issues coming due.


PO ON: Winding Up Sought by Wah Luen
------------------------------------
Wah Luen Trading Company is seeking the winding up of Po On
Construction Crystal Treasure Limited.  The petition was filed
on April 17, 2003, and will be heard before the High Court of
Hong Kong on June 11, 2003.

Wah Luen holds its registered office at Flat D, 12th Floor,
Block 6, Ma On Shan, 600 Sai Sha Road, New Territories, Hong
Kong.


UNIVERSAL ENGINEERING: Petition to Wind Up Pending
--------------------------------------------------
The petition to wind up Universal Engineering & Construction
Limited is set for hearing before the High Court of Hong Kong on
June 25, 2003 at 10:00 in the morning.

The petition was filed with the court on May 9, 2003 by Li Fu
Keung of Room 3516, Ching Tai House, Tze Ching Estate, Tze Wan
Shan, Kowloon, Hong Kong.


WAH SING: Faces Winding Up Petition
-----------------------------------
The petition to wind up Wah Sing Travel Service Limited is set
for hearing before the High Court of Hong Kong on June 11, 2003
at 10:00 in the morning.

The petition was filed with the court on April 22, 2003 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14th Floor, Bank of China Tower, No. 1 Garden Road, Hong
Kong.


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


DANAMON BANK: IBRA Plans Management Change
------------------------------------------
The Indonesia Bank Restructuring Agency (IBRA) is changing
Danamon Bank Indonesia's management in the Extraordinary
Shareholders General Meeting (RULBPS) to be held on June 16,
2003, Bisnis Indonesia reports, citing IBRA Deputy Chairman for
Banking Restructuring I Nyoman Sender.

"We are preparing the names in conjunction with the points in
the sales and purchase agreement (SPA) of Bank Danamon signed by
Chairman of the IBRA and Asia Financial Indonesia consortium
early last week," Nyoman said, adding that the consortium had
prepared some names, but he knew nothing of the names proposed
by Asia Financial (Indonesia) Pte. Ltd.

Currently, the IBRA still had 47% of Danamon's shares, 15% of
which were disposed through block sale and 5% through drip sale.

Sender also revealed that the IBRA would propose to the House's
Commission IX to approve the disposal of the insignificant
IBRA's shares in some banks.

"We propose the shares to be disposed to bring on additional
revenue. You know that we still have shares in BTPN and
Maybank," he said.


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


AIOI INSURANCE: FSA Orders Improvement in Operations
----------------------------------------------------
The Financial Services Agency (FSA) has ordered Aioi Insurance
Co. to improve its operations on grounds that the insurer set
unfairly cheap insurance premiums for certain clients, Kyodo
News said on Friday. The agency called on Aioi to reconstruct
its compliance system and review its management system, saying
the Company learned of the situation during in-house checks but
took no action to change it.

Aioi Insurance Co. incurred a net profit of 13.93 billion yen in
the year ending March 31 versus a net loss of 88.25 billion yen
a year ago, TCRAP reported on Thursday. The non-life insurance
group credited the turnaround to cost reductions and the lack of
hefty losses it had the previous year on overseas reinsurance
claims of its United States agent following the September 11,
2001 terror attacks in the United States.


FUJITSU LIMITED: Restores Damage in Iwate Plant
-----------------------------------------------
As a result of the strong earthquake in the Tohoku
(northeastern) region of Japan on May 26, damage was sustained
to piping and other infrastructure at Fujitsu Ltd.'s Iwate
front-end semiconductor fabrication facility, and production
operations have been suspended. There were no injuries to
employees.

Immediately following reports of the earthquake, Fujitsu
established a task force, led by Toshihiko Ono, corporate senior
Vice President and group President of the Company's Electronic
Devices Business Group, to assess the damage to the plant and
coordinate repairs and other actions necessary for restoring
operations as quickly as possible. Bringing to bear the full
resources of the Company, the task force quickly initiated these
actions, including debris removal, clean up and repair
activities. As a result of these efforts, renovation of the
clean room will be completed by June 2, and production is
expected to resume shortly.


FUJITSU LIMITED: Sells 11 Million FANUC Shares
----------------------------------------------
Fujitsu Limited announced on Friday that, as part of its efforts
to reduce interest-bearing liabilities, it has sold a portion of
its stockholdings in FANUC Ltd. Details are as follows.

Number of shares sold: 11,000,000
Value of sale: about 55.4 billion yen
Remaining shares held in FANUC after the sale: 59,681,663 (24.91
percent of FANUC's shares issued)
Method of sale: to securities firm via block trade
Date of sale: May 30, 2003


FUJITSU LIMITED: Unveils New Executive Appointments
---------------------------------------------------
Following a meeting on Thursday of its Board of Directors,
Fujitsu Limited announced the following new nominees for
Director and Auditor to be proposed at the 103rd General
Shareholders Meeting scheduled for late June, 2003.

Nominees for Board of Directors (new appointments):
New Nominee Current position:
Hiroshi Oura Chairman of the Board and CEO, Advantest
Corporation

(Nominees previously announced):

Hiroaki Kurokawa Corporate Senior Executive Vice President
Michio Fujisaki President, Fujitsu Laboratories Ltd.
Hiroya Madarame Corporate Executive Vice President
Kuniaki Suzuki Corporate Executive Vice President
Junji Maeyama Corporate Executive Vice President
Masamichi Ogura Corporate Executive Vice President

In addition to the above, Naoyuki Akikusa, Akira Takashima and
Kunihiko Sawa will remain as members of the Board.

Nominees for Auditors:

Katsuhiko Kondo, whose term as Auditor is scheduled to expire,
will be nominated to serve another term. Takashi Takaya
(currently, Representative Director) will be newly nominated for
the position of Standing Auditor.

Keizo Fukagawa will resign as Standing Auditor and become
Executive Advisor to the Company.

Profiles of New Nominees
Hiroshi Oura
Date of Birth: February 14th 1934
Education: Bachelor's Degree in Law from Tokyo University (March
1956)
Career: Apr. 1956 Joined Fujitsu Limited
Jun. 1985 Member of the Board
Jun. 1988 Corporate Senior Vice President
Member of the Board
Jun. 1989 President and Representative Director,
Advantest Corporation
Jun. 2001 Chairman of the Board, CEO and
Representative Director, Advantest Corporation

Takashi Takaya
Date of Birth: February 18th 1942
Education: Bachelor's Degree in Commerce from Waseda University
(March 1965)
Career: Apr. 1965 Joined Fujitsu Limited
Jun. 1995 Member of the Board
Jun. 1999 Corporate Senior Vice President
Member of the Board
Apr. 2000 Corporate Executive Vice President
Member of the Board
Apr. 2001 Corporate Senior Executive Vice President
Representative Director
Apr. 2003 Representative Director


OYE KOGYO: Files For Court Protection
-------------------------------------
Oye Kogyo Co. has filed with the Tokyo District Court for
protection from creditors under the fast-track Civil Corporate
Revival Law, according to Kyodo News. The Company went under
with liabilities of 3 billion yen.

Oye Kogyo Co., Ltd. was established in 1936 and is engaged in
the design and manufacture of equipment and machinery for
nuclear power plant and manufacturing industries including the
petrochemical, synthetic resin, chemical/pharmaceutical, food,
and fertilizer and automobile industries. Storage tanks
accounted for 46 percent of fiscal 1999 revenues; reactors, 18
percent; heat exchangers, 9 percent and other, 27 percent.
Export sales to South-East Asia accounted for 5.4 percent of
fiscal 1999 revenues.


RESONA HOLDINGS: Daiwa's Capital Infusion Decision Update
---------------------------------------------------------
Standard & Poor's Ratings Services announced on Thursday an
update of its current views regarding the possible effect on the
three-securitization transactions backed by residential
mortgages originated by Resona Bank Ltd. of the activation of
certain transaction trigger events relating to the Bank of Japan
Law Article 38. This follows the formal notification of the
occurrence of a transaction trigger event by the Japanese
trustee to the bond trustee.

On May 17, 2003, the Japanese government announced its decision
to inject public funds into the bank, pursuant to an application
for such assistance under the Bank of Japan Law Article 38.

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 a
total outstanding debt of about JPY87.8 billion. 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 made such an
Article 38 request, the Japanese trustee has officially notified
the bond trustee that a transaction trigger event has occurred.
Standard & Poor's, the trustees, arrangers and related parties
are now discussing the procedure necessary for activating the
transaction trigger.

Resona's transactions incorporate trigger events as protection
measures, which are based on the assumption that a weakening in
Resona's credit quality could lead to an increase in set-off
risk and commingling risk, a deterioration in the trustee's and
servicer's ability to perform their duties, and a decline in the
performance of the securitized receivables.

Activation of the trigger will result in obligor perfection,
accelerated amortization, replacement of the trustee/servicer as
stipulated by the original contract agreements for these
transactions. This is done to prevent the performance of the
obligor pools being seriously affected should Resona effectively
cease operating for certain reasons, such as bankruptcy. In
general, the following procedures are taken following the
activation of the trigger.

-- Obligor perfection. In order to maintain the cash waterfall
from the securitized pool, the obligors' set-off claims against
the originator (which arise when obligors set off the amount due
to the originator under their loan agreements against the
balance of their deposits held with the same party) will be
sized, and the obligors will also be ordered to stop making loan
payments to the originator if the latter is insolvent.

-- Accelerated payment. Distributions to the subordinated
beneficial interests will be suspended to ensure principal and
interest payments on the senior beneficial interests.

-- Replacement of trustee/servicer. The incumbent
trustee/servicer will be replaced, if they become insolvent or
face major obstacles in conducting their duties, in order to
maintain the level of trust administration and servicing for the
transactions.

Standard & Poor's will continue to consult with the relevant
parties and closely monitor these transactions to assess how the
trigger event issues are resolved.

CONTACT:
Standard & Poor's, Tokyo
Akira Yamamoto, (81) 3-3593-8742
Kenji Kondo, (81) 3-3593-8590


RESONA HOLDINGS: Slashing 1,800 Jobs
------------------------------------
Resona Holdings Inc. will cut 1,800 jobs and reduce operating
expenses by 38 billion yen ($321.8 million) over the next two
years as part of a rehabilitation plan, Nikkei and Bloomberg
reported on Friday. The Company aims to cut its workforce to
10,700 from 12,500 by March 2005, as well as personnel expenses
to 75 billion yen from 100 billion yen.

The bank will limit its cross-shareholdings to about 600 billion
yen from 1.3 trillion yen to create a more stable business
structure. Resona also filed for 2 trillion yen in government
aid on Friday. On May 17, 2003, Resona asked for government
assistance because its capital had fallen short of requirements,
posted a group net loss of 837 billion yen ($7.1 billion) for
the year ended March 31.


SANKYO SEIKI: JCR Downgrades Rating to BB+, J-3
-----------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the ratings on
the bonds and CP program of Sankyo Seiki from BBB- and J-2 to
BB+ and J-3, respectively, placing Credit Monitor continually.

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

JCR placed the ratings for Sankyo Seiki under Credit Monitor
upon announcement of its earnings forecasts for fiscal 2003 in
conjunction with the operating results for fiscal 2002 on May
20, 2003. JCR assumed that recovery of performance in fiscal
2003 would put brake on deterioration in the financial structure
of the Company. The downgrade of the ratings reflects the
expected delay in recovery of the earnings power. JCR places the
ratings under Credit Monitor continually to examine carefully
the effectiveness of the measures to be taken to improve the
earnings and the degree of impact of the poor performance on the
financials.


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


CHOHUNG BANK: Cheong Wa Dae Hosts Bank Brawl
--------------------------------------------
A debate over the sale of Cho Hung Bank between labor
representatives and government officials will be held on June 2,
2003, at Cheong Wa Dae Office of the President, Digital Chosun
reports. Lee Joung-woo, the Presidential Chief Policymaker, will
represent the government, and Lee Nam-soon, Chairman of the
Federation of Korean Trade Unions and Lee Yong-deuk, Chairman of
Korea Financial Industry Union, are to represent the union
members. Chohung President Hong Suk-ju will also join the
meeting, along with union officials from the bank. Hong plans to
brief the participants on the possibilities of keeping the bank
afloat.


CHOHUNG BANK: Union Alleges Backdoor Deal
-----------------------------------------
Chohung Bank's labor union alleged that during a general strike
by bank employees in July 2000, the government and the bank
signed a backdoor agreement, in which the government promised to
keep the bank independent, Digital Chosun said on Thursday. The
union claimed that the current steps taken by the government to
sell off the bank are in violation of the agreement.

In July 2000, union members from most of the nation's banks held
with a general strike in protest of government-initiated
financial sector restructuring. The strike ended when the
government and the union reached a settlement, which is seen as
having diluted the government's drive to reform the financial
sector.


HYNIX SEMICONDUCTOR: Starts Volume Production of Handy SDRAM
------------------------------------------------------------
Hynix Semiconductor Inc. has launched volume production of its
"Handy SDRAM," an ultra-low power mobile SDRAM used in next
generation mobile telecommunication handsets, Personal Digital
Assistants (PDAs), Digital Still Cameras and various other
consumer products.

Handy SDRAM, with an operating voltage of 1.8V in a 54-Ball FBGA
package will be manufactured using the Company's .13-micron
process technology. "The Handy SDRAM addresses the mobile
market's need for large amounts of memory with an extended
battery life. We expect the low power DRAM market to exceed $1.5
billion by 2006 and expect to penetrate and capture a
significant portion of this market through aggressive promotion
of Handy SDRAM," said Farhad Tabrizi, Vice President of
Worldwide Marketing at Hynix.

Hynix has applied various leading-edge low-power technologies
such as Partial Array Self Refresh (PASR), Temperature
Compensated Self Refresh (TCSR), Deep Power Down (DPD), and
Driver Strength (DS) validated by JEDEC, the semiconductor
engineering standardization body, to maximize the efficiency of
the product performance. Furthermore, by applying its "Automatic
TCSR" technology geared to control self-refresh and speed within
the DRAM cell, Hynix can further reduce power consumption while
increasing speed.

Hynix Semiconductor Inc. (HSI) of Ichon, Korea, is an industry
leader in the development, sales, marketing and distribution of
high-quality semiconductors, including DRAM, SRAM, Flash memory
and system IC devices. Hynix Semiconductor is the world's
leading DRAM supplier with thirteen semiconductor-manufacturing
facilities worldwide, and production capacity of over 300,000
wafer starts per month. In addition, Hynix is expanding its
system IC business unit with leading technology and added deep
sub-micron foundry services to strategically broaden its overall
semiconductor presence and achieve its goal of leading the
global semiconductor market. Hynix maintains worldwide
development, manufacturing, sales and marketing facilities.

CONTACT:
Hynix Semiconductor Inc.
Seong Min Chung, +822-3459-355 (Korea)
seongmin.chung@hynix.com
http://www.hynix.com


SK CORPORATION: Creditors Prepare For Court Management
-----------------------------------------------------
Finding the restructuring plans submitted by SK Corporation as
unfulfilling, the creditors of the Company are preparing to file
for court management, reports the Maeil Business Newspaper. Main
creditor Hana Bank will open a meeting of creditors to decide
whether or not they will press forth. SK Corp. had requested in
its restructuring plan that creditors implement debt-equity
swaps worth 1 trillion won and write off 600 billion won worth
overseas debts.


SK CORPORATION: KNOC Offers $500M For Oil Import
------------------------------------------------
The Korea National Oil Corporation (KNOC) has offered about $500
million in loans to SK Corporation to help the top oil refiner
import crude oil over the next two months, according to Reuters.
Local creditors have tightened credit lines to SK Corporation
after the refiner failed to settle the lenders with a bailout
plan for its troubled trading unit, SK Global Co.


SK GLOBAL: Creditor's Accept SK Corp.'s Debt-Equity Demand
----------------------------------------------------------
Creditors of SK Global Co. accepted SK Corporation's demand to
lower the amount of debt-to-equity to 1 trillion won (US$834
million) from 1.5 trillion won, Asia Pulse reported Thursday.
Under the agreement, SK Corp. will convert its sales receivables
of 1 trillion won into equity out of the total 1.5 trillion won.
Creditors threatened to enforce the liquidation of the trading
firm unless SK Group presents acceptable self-rescue plans.

SK GLOBAL: Creditors Suspend Payment to SK Corp.
------------------------------------------------
The creditors of SK Global suspended on Thursday the firm's
payment to SK Corporation, the largest refinery in South Korea,
of proceeds from the sale of SK Corp.'s petroleum products,
Digital Chosun reports. The new move to suspend the payments has
ratcheted up the friction between the creditors and the group.

In response, SK Corporation said it would not supply petroleum
products to 3,200 service stations operated by SK Global
nationwide. The creditors have also decided to freeze new loans
to subsidiaries of the ailing group. Group Chairman Son Kil-
seung, however, said that the group would revive SK Global, and
asked the creditors for a new round of negotiations over the
rescue plan for SK Global that was offered by the group.


SK GROUP: Court Postpones Judgment for 10 Executives
----------------------------------------------------
The Seoul District Court postponed judgment for 10 SK Group
executives, as it need more legal study of allegations by the
prosecution and defendants, Asia Pulse said Thursday. The
executives include SK Corporation Chairman Chey tae-won,
indicted for embezzlement and illegal stock trading. The
sentence was originally supposed to be handed down Friday. The
verdict will be made on June 13, 2003.


SK GLOBAL: SK Group Offers Reopening Talks For Rescue
-----------------------------------------------------
The SK Group proposed to SK Global's main creditor Hana Bank to
resume negotiations on the scale of the debt-equity swap for its
ailing affiliate, Asia Pulse reports.

The proposal came on the heels of the creditors' decision to
seek court receivership for SK Global and a showdown in which
creditors refused to pay for oil products SK Corporation had
provided to SK Global. SK Corporation reacted by suspending oil
supply to the troubled firm.

Meanwhile, consumers are likely to suffer great inconvenience as
SK Corp. stopped oil supplies to SK Global, with some 3,700 gas
stations nationwide likely to be crippled.


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


ABRAR CORPORATION: Obtains SC's Nod on Proposed Disposal
--------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
refers to the announcements of ACB made on 26 February 2003, 27
March 2003 and 29 April 2003 in relation to the Proposed Offer
for Sale and Proposed Disposal.

On behalf of ACB, Public Merchant Bank Berhad wishes to announce
that the Securities Commission (SC) had via its letter dated 27
May 2003 approved the Proposed Disposal and variation to the
Proposed Offer for Sale as proposed.

The Foreign Investment Committee (FIC) had via its letter dated
27 May 2003 approved the variation to the Proposed Offer for
Sale as proposed, subject to OilCorp Berhad (OilCorp) having a
30% direct Bumiputera equity interests in OilCorp upon listing
on the Main Board of Kuala Lumpur Stock Exchange.

The Ministry of International Trade and Industry (MITI) had also
via its letter dated 27 May 2003 approved the allocation of
15,000,000 OilCorp shares to public investors via private
placement instead of to Bumiputera investors to be identified by
MITI, subject to approvals being obtained from the SC and FIC.

ACB also refers to the announcement of ACB made on 23 December
2002 with regards to the SC's approval on the proposed
restructuring scheme of ACB and the conditions imposed thereto.
In respect of one (1) of the conditions imposed by the SC,
OilCorp had on 24 April 2003 sought an exemption from the SC
from the requirement to make full provision for trade debts of
Ascentland Sdn Bhd (Ascentland) which is outstanding for more
than six (6) months. The SC had via the same letter granted the
said exemption, subject to OilCorp providing a written
confirmation to the SC that the said trade debts are
recoverable. The said approval, however, did not cover such
trade debts where the debtors had defaulted on payments and
where housing loan approval failed to be obtained.
OilCorp/Ascentland is required to make provision for any trade
debts as soon as the recoverability of the said trade debts
become uncertain.


ABRAR CORPORATION: Proposed Acquisition Extended
------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
refers to the announcement made by Public Merchant Bank Berhad
on 21 January 2003 in relation to the Proposals, comprising:

   - Proposed Share Exchange
   - Proposed Debt Settlement
   - Proposed Transfer
   - Proposed Acquisitions
   - Proposed Offer for Sale

On behalf of ACB, PMBB wishes to announce that the relevant
parties to the Share Sale Agreements of the Proposed
Acquisitions, and the Listing Agreement have agreed to extend
the date of which the parties were to obtain all approvals for
the Proposals to 30 June 2003.


ACTACORP HOLDINGS: Faces Winding-Up Petition
--------------------------------------------
The Board of Directors of Actacorp Holdings Berhad wish to
inform that the Company has been served with a winding-up
petition, details of which are as follows:

   1. Date Petition served : 26th May 2003

   2. Amount claimed : RM 151,058.90

   3. Details of default : The claim is made by M/S CH Yodoform
Sdn Bhd based on the guarantee provided by the Company over its
former effective subsidiary, VE Metal Building System Sdn Bhd on
the purchase of construction materials.

  4. The expected loss : -NIL-

  5. Operational and financial impact on the group : -NIL-

  6. Step taken : The Company has announced on 21 May 2003 that
it has obtained a Restraining Order from the Kuala Lumpur High
Court via suit no : D6-24-86-2003 pursuant to Section 176 (10)
and (10A) of the Companies Act 1965.As such,the Company has
instructed its solicitors to file an application to strike out
the above winding-up petition.


ACTACORP HOLDINGS: Provisional Liquidator Appointed to Unit
-----------------------------------------------------------
The Board of Actacorp Holdings Berhad wishes to announce that
further to our announcement dated 5 November 2002 the Kuala
Lumpur High Court has on 28 May 2003 made an order for the
winding-up of Noble Concepts Sdn Bhd, a wholly owned subsidiary
of the Company, pursuant to the provision of the Companies Act
1965.

Under the Winding-up Order, the Official Receiver of the State
of Malaya has been appointed as Provisional Liquidator of NCSB.


BRISDALE HOLDINGS: BDSB's Petition Hearing Set on August
--------------------------------------------------------
Brisdale Holdings Berhad hereby announce that a Winding-Up
Petition pursuant to Section 218 of the Companies Act, 1965 was
served on Brisdale Development Sdn Bhd (BDSB), a 65% owned
subsidiary company of Pembangunan Brisdale Sdn Bhd (a wholly
owned subsidiary of BHB) on 28 May 2003 by the Petitioner,
Shanghai Quest (M) Sdn Bhd at the registered office of Lot 1A,
Level 1A, Plaza Perangsang, Persiaran Perbandaran, 40000 Shah
Alam, Selangor Darul Ehsan.

The Petitioner, Shanghai Quest (M) Sdn Bhd alleging that BDSB is
indebted to the Petitioner in the sum of RM370,171-60 being the
liquidated damages, principal sum refundable and late payment
interest payable to the Petitioner in respect of the properties
known as Lot 03-G and Lot 03-1, Larkin Perdana, Winner-4S Shop
Office pursuant to two (2) Sale & Purchase Agreement both dated
13 April 1995.

The solicitors for the Petitioner has on 31 December 2002 in
accordance with Section 218 of the Companies Act, 1965 served
two (2) Notices for the said outstanding sum both dated 24
December 2002 on BDSB at its registered office at Tingkat 17,
Blok B, Menara PKNS-PJ, No. 17, Jalan Yong Shook Lin, 46050
Petaling Jaya, Selangor Darul Ehsan. The Petitioner did not
receive any payment and upon the expiry of the 21 days of the
Notices, the Petitioners filed and served the Winding-Up
Petition on BDSB.

The Company hereby furnishes the information as required by the
Exchange for public release:

   1. The Company received a Winding-Up Petition, which was
presented, via Shah Alam High Court Companies Winding-Up
Petition No. MT2-28-64-2003 on 28 May 2003.

   2. The total amount claimed under the petition is RM370,171-
60 being the liquidated damages, principal sum refundable and
late payment interest payable to the Petitioner in respect of a
various Sale & Purchase Agreement in respect of 2 units shop
offices in Larkin Perdana, Johor Bahru.

   3. The total cost of investment in BDSB by BHB through
Pembangunan Brisdale Sdn Bhd is RM162,500-00.

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

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

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

   7. The Petition will be heard on 1 August 2003.


BUKIT KATIL: Discloses April Oil Palm Production Figures
--------------------------------------------------------
In accordance with Paragraph 9.29 of Part L of the KLSE Listing
Requirements, Bukit Katil Resources Berhad is pleased to
announced the production figures for the month of April 2003 in
respect of the Group's plantation production, as follows:

                                                   FFB (mt)
Current Month (April 2003):                          981.75
Preceeding Year Corresponding Month (April 2002):    633.86
Current Year to Date (April 2003):                 7,238.29
Preceeding Year Corresponding Period (April 2002): 7,595.86

To see the Company's full Quarterly report for the financial
period ended 31/03/2003, click this link,
http://bankrupt.com/misc/TCRAP_Bkatil0602.doc.


CHG INDUSTRIES: 13th AGM to be Held on June 23
---------------------------------------------
CHG Industries Berhad wishes to announce that the Thirteenth
(13th) Annual General Meeting of the Company will be held at 8th
Mile, Jalan Cheras, 43200 Cheras, Selangor Darul Ehsan on
Monday, 23 June 2003 at 9:00 a.m.

To see a copy of the AGM Notice, go to
http://bankrupt.com/misc/TCRAP_CHG0602.doc.

The Troubled Company Reporter - Asia Pacific reported on March 3
that the Company is progressing with the restructuring exercise.
It also appointed Messrs. BDO Binder as the independent
investigative audit firm.


CSM CORPORATION: 34th AGM Fixed on June 25
-----------------------------------------
The Board of Directors of CSM Corporation Berhad is pleased to
announce that the 34th AGM of the Company will be held at
Ballroom 1, Main Wing, Tropicana Golf & Country Resort Berhad,
Jalan Kelab Tropicana, Off Jalan Tropicana Utama, Persiaran
Tropicana, 47410 Petaling Jaya, Selangor Darul Ehsan on
Wednesday, 25 June 2003 at 10:00 a.m.

Go to http://bankrupt.com/misc/TCRAP_CSM0602.docfor a copy of
the Notice of the 34th AGM.


CSM CORPORATION: Seeks Lenders Support on Debt Workout Scheme
-------------------------------------------------------------
The Board of Directors of CSM Corporation Berhad is pleased to
announce that the Company has obtained the support of one (1) of
its three (3) lenders for the Proposed Debt Restructuring Scheme
of the Company to regularize its financial condition pursuant to
Practice Note No. 4/2001 of the Listing Requirements of the
Kuala Lumpur Stock Exchange (PN4).

Currently, the Company is working towards securing the support
of the remaining two (2) lenders for the proposed debt
restructuring scheme and thereafter will make the Requisite
Announcement pursuant to Paragraph 5.0 of PN4.


EMICO HOLDINGS: Proposes Renewal of Shareholders' Mandate
---------------------------------------------------------
Pursuant to Paragraph 10.09 of the Chapter 10 of the Kuala
Lumpur Listing Requirements, Emico Holdings Berhad had, at an
Extraordinary General Meeting held on 28 June 2002, obtained its
Shareholders' Mandate for recurrent related party transactions
of a revenue or trading nature. The aforesaid Shareholders'
Mandate will expire at the Company's forthcoming Eleventh Annual
General Meeting (11th AGM) to be convened not later than 30 June
2003.

Hence, Emico intends to seek the shareholders' approval on the
proposed renewal on the aforesaid Shareholders' Mandate for the
recurrent related party transactions of a revenue or trading
nature at the forthcoming 11th AGM. The Circular to shareholders
containing information on the Recurrent Transactions is subject
to the approval of the KLSE and will be sent to the shareholders
of Emico in due course.

On early April, the Troubled Company Reporter - Asia Pacific
reported that Emico has now moved into implementation stage of
the Restructuring Scheme and there has been no change to the
status of Emico's plan to regularize its financial position as
announced earlier.


EPE POWER: Inks Debt Restructuring Agreements With Creditor
-----------------------------------------------------------
On 30 April 2003, Commerce International Merchant Bankers Berhad
(CIMB) announced EPE's plan to regularize its financial
condition in compliance with the requirements of Practice Note
4/2001 of the Listing Requirements of Kuala Lumpur Stock
Exchange with the signing by EPE and its wholly-owned subsidiary
of two Debt Restructuring Agreements (DRAs) with its Lenders and
a creditor respectively.

CIMB is pleased to announce, on behalf of EPE Power Corporation
Berhad, that EPE and its wholly-owned subsidiary have, on 28 May
2003, entered into a DRA with the remaining creditor under the
Proposed EPE Restructuring Scheme, which entails the following:

   ú Proposed Capital Reduction
   ú Proposed Debt Restructuring
   ú Proposed Acquisitions
   ú Proposed Rights Issue
   ú Proposed Increase in Authorized Share Capital.


FW INDUSTRIES: Seeks RA Time Extension
--------------------------------------
FW Industries Berhad wishes to announce that the Kuala Lumpur
Stock Exchange had via its letter dated 28th May 2003 rejected
the Company's application for extension of time of two (2)
months up to 3rd June 2003 to make Requisite Announcement (RA)
pursuant to Paragraph 5.0 of Practice Note No.4/2001 (PN4).

The Company will do the needful to ensure full compliance of the
same.


GENERAL LUMBER: June 23 CCM, EGM Scheduled
------------------------------------------
On behalf of the Board of Directors of General Lumber
Fabricators & Builders Bhd, PM Securities Sdn Bhd is pleased to
announce that the Court Convene Meeting (CCM) in relation to the
Proposed Share Exchange will be held at Level 9, Wisma General
Lumber, Block D, Peremba Square, Saujana Resort, Section U2,
40150 Shah Alam, Selangor Darul Ehsan at 9:30 a.m. on Monday, 23
June 2003 or any adjournment thereof.

The Extraordinary General Meeting of the Company pertaining to
the Proposed Restructuring Scheme of GLFB will be held at the
same date and venue, immediately after the conclusion of the CCM
or any adjournment thereof.

A copy of the CCM and EGM, which will be dispatched to
shareholders of the Company together with the Explanatory
Statement & Circular to Shareholders of the Company to be dated
30 May 2003, can be found at
http://bankrupt.com/misc/TCRAP_Glumber0602.doc.


GLOBAL CARRIERS: Failed to Meet 25% Public Spread Requirements
--------------------------------------------------------------
Reference is made to the announcement dated 21 March 2003 by
Utama Merchant Bank Berhad on behalf of GCB in relation to the
extension of time of 6 months, from the date of re-quotation on
the KLSE, to comply with the 25% public spread requirement. The
plan to comply with this requirement essentially involves the
sell-down or placement by certain major shareholders during this
period.

Presently, Global Carriers Berhad has not met the public spread
requirement. This is mainly due to the fact that its shares,
although already listed on 30 April 2003, remained suspended
from trading. In this respect, GCB is making every effort to
obtain the KLSE's approval for the re-quotation of its shares by
June 2003.


KILANG PAPAN: Ceases to be a Unit of MMC
----------------------------------------
Malaysia Mining Corporation Berhad wishes to announce that the
Share Sale Agreement (SSA) entered into between MMC Marketing
Sdn Bhd (MMCM), a wholly-owned subsidiary of MMC and Mr. Chan
Kok Choon and Ms. Chan Yoke Kee for the sale of MMCM's 100%
equity interest in Kilang Papan Bukit Indah Sdn Bhd (Company)
for a cash consideration of RM388,888.00 was completed on 29 May
2003.

Pursuant to the completion of the SSA, the Company ceased to be
a subsidiary of MMC.

On March 7, the Troubled Company Reporter - Asia Pacific
reported that Kilang Papan is presently awaiting decision from
the Securities Commission (SC) on the Company's application to
the SC to revise certain terms and conditions set by the SC in
their approval of the Proposed Restructuring Scheme.


KRETAM HOLDINGS: Seeks Interim Injunction; Hearing on June 26
-------------------------------------------------------------
The Board of Directors of Kretam Holdings Berhad (KHB) wishes to
announce that Teras Mesra Sdn Bhd (TMSB) and Tuan Sayed Jaafar
bin Sayed Ibrahim, a minority shareholder of Jeffa Construction
Sdn Bhd (JCSB) (collectively known as the "Plaintiffs") have
filed a suit to the High Court of Malaya at Johor Bahru against:

   1. KHB ;
   2. KHB Development Sdn Bhd (KHBD), a wholly-owned  subsidiary
of KHB ; and
   3. JCSB, a 51%-owned subsidiary of KHBD
(collectively known as the "Defendants").

The suit is for, amongst others, a declaration that KHB is bound
by the agreement to divest 100% equity in KHBD to TMSB as per
KHB's letter dated 2 November 2001, and that the termination of
that offer is invalid.

Pending adjudication of the above suit, the Plaintiffs have
applied for an interim injunction to, amongst others, restrain
the Defendants from proceeding with the proposed joint venture
between JCSB and Southcon Corporation (M) Sdn Bhd (SCM), which
was earlier, announced on 5 June 2002.

The hearing for the said interim injunction application will be
held on 26 June 2003 and the Defendants have sought legal advice
to contest the Plaintiffs' suit and application for the interim
injunction.


LAND & GENERAL: Composite Debt Restructuring Scheme Approved
------------------------------------------------------------
On behalf of Land & General Berhad, Commerce International
Merchant Bankers Berhad wishes to announce that the holders of
the convertible bonds (Bonds) of L&G (Bondholders) present at
the Third Meeting of Bondholders held on 28 May 2003 have
unanimously approved by way of extraordinary resolution the
settlement of the Bonds pursuant to the Composite Debt
Restructuring Scheme varied in accordance with the supplemental
debt restructuring agreement dated 30 April 2003.

The Composite Debt Restructuring Scheme is still subject to the
approval of the Securities Commission for the Proposed Variation
and Bank Negara Malaysia (BNM) for the trading of the RCSLS on
the Real Time Electronic Transfer of Funds and Securities System
of BNM.

Composite Debt Restructuring Scheme Between L&G, certain of its
subsidiaries and their respective Scheme Creditors for a total
Scheme Borrowings of Rm450,491,794 involving the following:

   (i) Settlement Of Secured Debts Amounting To Rm101,043,377
Via The Proposed Issue Of 16,883,720 Nominal Value Of 5%
Redeemable Convertible Secured Loan Stocks (RCSLS) A Series Of
Rm1.00 Each To Be Issued At 100% Of Its Nominal Value And The
Proposed Conversion Of Rm84,159,657 Secured Debts Into Secured
Term Loans; and

   (ii) Settlement Of Unsecured Debts Amounting To Rm349,448,417
Via The Proposed Issue Of 304,078,917 Nominal Value Of 5% Rcsls
B Series Of Rm1.00 Each To Be Issued At 100% Of Its Nominal
Value And The Proposed Issue Of 45,369,500 New Ordinary Shares
Of Rm1.00 Each In L&G (L&G Shares) To Be Issued At Rm1.00 Per
L&G Share.


MENTIGA CORPORATION: Winding Up Petition Hearing Set on June 10
---------------------------------------------------------------
Pursuant to Paragraph 9.19(19) of the KLSE Listing Requirements,
Mentiga Corporation Berhad (MCB) wishes to announce that a
winding-up petition No. 28-20-2001 against MCB has been
presented to the Kuantan High Court on 29 April 2003. The
winding-up petition was served by Messrs Bhadarul Baharain &
Maizura (MBBM) on MCB on 27 May 2003.

In the Notice of Motion from MBBM, it stated that SCBM on 29
April 2003 notified the Court of their intention to retract
their winding-up petition against MCB. However, MBBM, supports
the winding-up petition and intends to replace SCBM as
petitioner to the winding-up petition.

The hearing date is fixed for 10 June 2003.


PAN MALAYSIAN: Proposed AoA Amendment Approved
----------------------------------------------
On behalf of the Board of Directors of Pan Malaysian Industries
Berhad, PM Securities Sdn Bhd is pleased to announce that the
shareholders of PMI have, at the EGM on May 29, 2003, approved
the following resolutions:

   (a) Special resolution as set out in the Notice of EGM dated
6 May 2003 pertaining to the Proposed Amendments To Article 136
Of The Articles Of Association (AoA); and

   (b) Ordinary Resolutions as set out in the Notice of EGM
dated 6 May 2003 pertaining to the Proposed Increase In
Authorized Share Capital, Proposed Renounceable Rights Issue,
Proposed Bonus Issue and Proposed Adoption Of Alternative
Adjustment Formulae.


SENG HUP: Places Unit Under Creditors' Voluntary Winding Up
-----------------------------------------------------------
Seng Hup Corporation Berhad (Special Administrators Appointed)
wishes to announce that Seng Hup Realty Company 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 resolved to appoint Mr Tan Kim Leong, JP as the
liquidator at the respective meetings held on 28 May 2003.

Note: The name of the subsidiary company of Seng Hup should read
as Seng Hup Realty Company Sdn. Bhd. instead of Seng Hup Realty
Sdn. Bhd. as announced earlier.


SRI HARTAMAS: Unit MTSB Under Creditors' Voluntary Winding-Up
-------------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB), being
the holding company of Mawar Tiara Sdn Bhd (In Liquidation)
(MTSB or the Company), wish to inform that MTSB has been wound-
up by way of creditors' voluntary winding-up on 28 May 2003 in
accordance with the Company's Workout Proposal dated 30 November
2001 and the Modified Workout Proposal dated 28 June 2002.

As announced to the Exchange on 6 May 2003, the directors of
MTSB had on 6 May 2003 resolved:

   * that the Company cannot by reason of its liabilities
continue its business and that it be wound up voluntarily;

   * that pursuant to Section 255 of the Companies Act, 1965,
Gan Ah Tee and Ooi Woon Chee c/o KPMG Corporate Services Sdn
Bhd, 8th Floor, Wisma KPMG, Jalan Dungun, Damansara Heights,
50490 Kuala Lumpur, be and are hereby appointed jointly and/or
severally as Provisional Liquidators for the purpose of the
winding up; and that separate meeting of members and creditors
of the Company be convened on 28 May 2003 pursuant to Section
255(1)(b) of the Companies Act, 1965.

At an Extraordinary General Meeting (EGM) of the members of the
Company convened on 28 May 2003, the following resolutions were
duly passed:

SPECIAL RESOLUTION

That it has been proven to the satisfaction that the Company
cannot by reason of its liabilities continue its business, and
that it is advisable to wind-up the same and that accordingly
the Company be wound-up voluntarily.

ORDINARY RESOLUTION

That Gan Ah Tee and Ooi Woon Chee c/o KPMG Corporate Services
Sdn Bhd, 8th Floor, Wisma KPMG, Jalan Dungun, Damansara Heights,
50490 Kuala Lumpur, be and are hereby appointed jointly and/or
severally as Liquidators for the purpose of such winding-up.

In a creditors' meeting held on 28 May 2003 immediately
following the said EGM, the creditors have confirmed the
appointment of Gan Ah Tee and Ooi Woon Chee as Liquidators of
the Company. To assist the Liquidators in discharging their
duties in the winding up process, the creditors had appointed a
Committee of Inspection.

As at 30 June 2002, the deficit in shareholders' fund of MTSB
was RM68,857,247 and the Company suffered a loss of RM7,412,118
for the year then ended. The aforesaid liquidation will not have
any material operational impact on Sri Hartamas Group of
Companies.


SUNWAY BUILDING: Investigative Audit Completed
----------------------------------------------
Sunway Building Technology Berhad refers to the announcement
dated 31 October 2002 and the Securities Commission's (SC)
approval letter dated 28 October 2002 pertaining to the Proposed
Corporate Restructuring Exercise.

One of the conditions imposed by the SC in the approval letter
requires Suntech to appoint an independent firm of auditors to
conduct an investigative audit into the past business losses
suffered by Suntech Group (Investigative Audit). The
investigative audit shall be completed within six (6) months
from the date of appointment of the independent firm of
auditors. On 2 December 2002, Suntech announced that Messrs.
Shamsir Jasani Grant Thornton had been appointed to conduct the
Investigative Audit.

Pursuant to the aforesaid condition, the Board of Directors of
Suntech wishes to announce that the Investigative Audit
performed by Messrs. Shamsir Jasani Grant Thornton was completed
and a copy of the report on the Investigative Audit had been
submitted to the SC on 29 May 2003.

The executive summary of the Investigative Audit report can be
found at http://bankrupt.com/misc/TCRAP_Suntech0602.pdf.


TH GROUP: Unit Voluntarily Wound Up
-----------------------------------
On 24 July 2002, TH Group Berhad announced that members of
Progress Land Sdn Bhd (Progress Land) had resolved by a special
resolution pursuant to Section 254(1)(b) of the Companies Act
1965 to voluntarily wind up the company.

TH Group wishes to announce that Progress Land convened a final
meeting on 12 May 2003 for the purpose of laying before the
meeting the accounts showing how the winding up has been
conducted and giving any explanation thereof.

The appointed liquidator has lodged with the Companies
Commission of Malaysia and the Official Receiver, a return of
the holding of the meeting and of its date with a copy of the
accounts attached to such return and in accordance with Section
272(5) of the Companies Act 1965, Progress Land shall be
effectively dissolved on 12 August 2003

Progress Land shall then cease to be an indirect subsidiary of
TH Group as of 12 August 2003.


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


CEBU PRIVATE: VECO OK's Deal to Hike Rates
------------------------------------------
Cebu Private Power Corporation (CPPC) General Manager Roger Lim
said the Visayan Electric Co. (Veco) already agreed in principle
to the rate increase that they are asking, which may put off
CPPC's plan to suspend operations on June 15. Consumers will
need to prepare for higher electric bills because any additional
cost in the operation of Veco will be automatically passed on to
clients. It's now a matter of finalizing the cost and preparing
their petition in a way that will persuade the Energy Regulatory
Commission (ERC) to grant their proposal.

The power problem in Cebu reportedly already reached the
attention of Philippine President Gloria Arroyo, who asked
Energy Secretary Vincent Perez to handle the problem. Cebu City
Mayor Tomas Osmena and Mandaue City Mayor Thadeo Ouano agreed to
ask for Malacanang's intervention.


MANILA ELECTRIC: Receives ERC Order
-----------------------------------
The Manila Electric Company (Meralco) received on May 14 the
Order of the Energy Regulatory Commission on its refund proposal
and vowed to abide by the commission's approved refund and
credit implementation order, a Company statement said.

In a press conference, Meralco officials led by its Chairman and
CEO Manuel M. Lopez assured all its customers that the refund
process will begin in June 2003 and that the initial phase of
the refund will benefit Meralco's marginalized consumers.

Phase 1 of the refund will be given in cash first to registered
and active.

- Residential and General Service customers consuming 100
kilowatthours (kWh) or less a month as of April 2003 numbering
around 1.4 million.

- Customers who are covered in the initial phase or phase 1 of
the refund process will be advised in their June 2003 bills on
the details of the refund process.

The utility firm also announced that its branch offices would be
subsequently designated to process claim refunds in addition to
regular transactions, from Monday to Saturday, 7 a. m. to 7 p.m.

Meralco said this is being done to ensure that the procedure
will be orderly. Meralco further stated that it would be
conducting an all-out, tri-media information drive and public
information campaign to educate all its customers on the refund
and credit implementation process.

The power firm will also coordinate with the barangay units to
ensure maximum representation of all sectors in the
implementation of the refund order.


NATIONAL STEEL: Creditors Agree to Tap Investment Banker
--------------------------------------------------------
Creditors of National Steel Corporation (NSC) have agreed to
call in an investment banker to conduct a technical study of the
Company's facilities and assist in its disposal, AFX Asia said
Thursday, citing Trade and Industry Secretary Manuel Roxas II.
The banker's finding will serve as basis for all decisions
involving either the rehabilitation or liquidation of the
Company.

Creditors have also agreed to explore other options in case no
party shows interest to rehabilitate and operate National Steel.
National Steel creditors earlier agreed to a rehabilitation
program with its shareholders, under which the Company's assets
will be transferred to a newly incorporated special purpose
vehicle for their disposal.


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


ASIA PULP: Offers New Debt Service Proposal
-------------------------------------------
Asia Pulp & Paper Co. and its creditors have reached a
preliminary agreement to extend the payment period for one third
of the $6.4 billion debt, DebtTraders reports. The creditors are
expected to meet to vote on the proposal by June 9. The Company
and its lenders have been attempting to find a way to
restructure half of the $13 billion debt after the Company
defaulted on payments for 27 months. Under the new proposal Asia
Pulp will have up to 15 years to repay $ 2.2 billion, which
represents 17 percent of outstanding debt, thereby extending the
repayment period by 5 years.

DebtTraders reports that APP China Group's 14.000 percent bonds
due on 2010 (PAP10IDA1) are trading between 35 and 40. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PAP10IDA1for
real-time bond pricing.


HIAP HOE: Court Discharges Unit's Judicial Manager
--------------------------------------------------
The Board of Directors of Hiap Hoe Limited announced that the
High Court of Singapore has on 23 May 2003, granted the
discharge of the Judicial Manager of the Company's wholly owned
subsidiary, Chew Eu Hock Construction Co. Pte Ltd (CEH
Construction). Accordingly, the Judicial Manager has ceased to
have any powers or duties with regards to the management of the
affairs, business and property of CEH Construction with effect
from 23 May 2003.

By way of background, CEH Construction has been under judicial
management since 7 November 2001.


HUP SENG: Unit Enters Voluntary Liquidation
-------------------------------------------
Further to the announcement made on 2 April 2002 in connection
with the members' voluntary liquidation of HoeHup, a 50 percent-
owned associated Company of Hup Seng Huat Co. Ltd the Company,
the Board of Directors of the Company would like to announce
that the liquidation of HOE SENG HUAT HUP SENG HUAT INDUSTRIES
PTE LTD (HoeHup) had been completed. A final meeting of HoeHup
would be held on 17 June 2003.

The above transaction does not have any material effect on the
net profits, earnings per share and net tangible assets of the
Company for the current financial year ending 31 July 2003.

None of the directors or substantial shareholders of the Company
have any interest, direct or indirect, in the transaction.


MIXED CONCRETE: Widens FY03 Net Loss to S$2.65M
-----------------------------------------------
Mixed Concrete Ltd. posted a net loss of S$2.65 million in the
year to February 28, 2003, versus a loss of $0.02 million a year
earlier, according to Reuters. The group said the widened net
loss was due mainly to the share of loss of an associated
Company acquired in the previous year, losses from the Malaysia
and China operations, and the write back of provision made in
relation to certain outstanding debts.

In the Year to February 28, 2003
(in millions of S$ unless stated)

Net profit/(loss)             (2.65)   vs   (0.02)
Group shr (cents)             (3.92)   vs   (0.03)
Turnover                      35.40    vs   35.59
Interim dividend (pct)         nil     vs    5.00
Final dividend (pct)           nil     vs    5.00

The Company is engaged in the manufacture and supply of ready
mixed concrete, rental of concrete pumps and truck mixers, and
the trading of concrete-making raw materials.


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


CENTRAL PAPER: Posts Warrants Exercise Info
-------------------------------------------
Central Paper Industry Public Co., Ltd (CPICO) provided
information regarding the process of exercising the CPICO-W1
Warrant.

Submission:

Warrant holders must submit the subscription form between 8:30
AM. To 3:30 PM., within 14 days prior to the exercise date.
For the month of June, the submission period is from June 2,
2003 to June 13, 2003.

Exercise Date:

Warrant holders can exercise their warrants on the 15th of
every 3 months, during 8:30 AM. to 3:30 PM. The first exercise
period start from September 15th, 2000 and will end on June 15,
2010. For this period, the exercise date is June 16, 2003.

Exercise Price: Bt10 per share.

Exercise Ratio: 1 warrant for 1 ordinary share.

Documents to be submitted:

1) Completed subscription form.
2) Warrant certificate or temporary warrant certificate for
the last exercise amounted as the subscription form.
3) Certified copy of identification card for individual
holders or copy of corporate certification from
Department of Commerce for corporate holders.
4) Cheque Draft or Bank Order collectable within Bangkok
Metropolis. Payment in account "Central Paper Industry
Public Co.,Ltd."

Contact Person : Mrs. Thippawan Angsumalin
        Securities Registrar Officer
        Central Paper Industry Public Co.,Ltd.
        5th floor 162 Nimit Building
        Silom Road soi 12, Suriwong
        Bangrak, Bangkok 10500.

Telephone: 237-9150-69 Ext. 4205,4206
Fax :  237-9150-69 Ext. 4202

Conditions:

1) The subscription form is complete when all documents are
duly completed and the payment proceeds to be duly
received by Central Paper Industry Public Co.,Ltd.
2) Minimum lot sized for each exercise is 100 warrants,
incase warrant holders with fewer than 100 warrants must
exercise all at one time.


DATAMAT PUBLIC: SET Temporarily Suspends Trading
------------------------------------------------
Previously, the Stock Exchange of Thailand posted the NP (Notice
Pending) sign on the securities of Datamat Public Company
Limited (DTM) from March 13, 2003 because the company submitted
to the SET its audited financial statements for the year 2002
ending December 31 with the Disclaimer of Opinion from auditor.
According to the instruction from the Securities and Exchange
Commission (SEC) the company has to amend the abovementioned
financial statements, the SET  has also been waiting for
the company to submit such financial statements.

The company has now submitted the amendment of its financial
statements to the SET for disseminating to investors, therefore,
the SET suggests shareholders and investors to consider its
financial statements for making decision.

However, DTM has failed to submit its financial statements as of
March 31,2003 for more than 5 business days, the Stock Exchange
of Thailand has posted an SP(Suspension) sign to temporary
suspend the trading of the company's securities effective on
May 26,2003 until the company submits the required financial
statements.


NATURAL PARK: Releases Company Operation Report
-----------------------------------------------
Natural Park Public Company Limited reported their performance
and progress in solving financial problem, as follows:

In 1999, the Stock Exchange of Thailand (SET) informed the
Company that it was liable to be delisted as it had a capital
deficit. The Company therefore prepared a rehabilitation plan so
that it could avoid such delisting. On 10 April 2000, the
Company lodged a petition for rehabilitation of its business
with the Central Bankruptcy Court and the Court ordered the
rehabilitation of the Company's business on 2 May 2000, to
proceed in accordance with the Bankruptcy Law.

NPK Management Service Company Limited was appointed planner.
Subsequently, on 23 November 2000, a meeting of the creditors
resolved to accept the Company's rehabilitation plan and on 18
December 2000 the Central Bankruptcy Court approved the plan as
per the resolution of the creditors meeting. During 2002 the
Company's planner petitioned for a revision of the
rehabilitation plan and on 22 April 2002 a meeting of the
creditors resolved to accept the revised plan subsequently, on
26 June 2002 the Central Bankruptcy Court approved the plan as
per the resolution of the creditors meeting.

The significant points of the revised rehabilitation plan of the
Company are summarized below:

1. Debt restructuring

   The Company's debt was reduced from Bt15,696 million to
Bt7,697 million. Debt of Bt6,924 million was to be converted to
equity, and the remaining Bt773 million is payable within 5
years with interest at the rate of 7.5% and 10% per annum.

2. Capital restructuring

   2.1 Reduce paid-up share capital from Bt3,780 million to
Bt18.90 million by reducing the par value of the Company's 378
million ordinary shares of Bt10 to Bt0.05, in order to offset
the deficit.

   2.2 Combine every 200 ordinary shares with par value of
Bt0.05 each to make one ordinary share with par value of Bt10
each.

   2.3 Transfer share premium and statutory reserve of
Bt1,732.64 million and Bt36.63 million, respectively, to offset
deficit.

3. Capital increase

   3.1  Issue 700 million new ordinary shares at par value of
Bt10 each, a total of Bt7,000 million, to facilitate the
conversion of debt to equity.

   3.2  Increase capital by at least Bt300 million for allotment
to shareholders.

4. The fulfillment of plan

   4.1  Upon the completion of the conversion of debt to equity
and the increase of the share capital by Bt300 million.

The Company processed with implementation in accordance with
the plan as follows:

On 17 July 2002, the Company registered the reduction of its
registered and paid-up share capital to Bt18.90 million (378
million ordinary shares of Bt0.05 each) with the Ministry of
Commerce. On 16 August 2002, the Company registered the
combination of every 200 ordinary shares with par value of
Bt0.05 each to make one ordinary share at par value of Bt10 each
with the Ministry of Commerce.  As a result, the Company's
registered and paid-up share capital amounted to Bt18.90 million
(1.89 million ordinary shares of Bt10 each).  In the same day,
the Company transferred share premium and statutory reserve
amounting to Bt1,732.64 million and Bt36.63 million respectively
to offset deficit in compliance with the rehabilitation plan.

On 21 August 2002, the Company registered an additional 692.7
million ordinary shares of Bt10 each with the Ministry of
Commerce.  As a result, the Company's registered share capital
amounted to Bt6,945.93 million (694.5 million ordinary shares of
Bt10 each).  The new additional share capital of Bt6,927.03
million was used to settle the Company's debts (conversion of
debt to equity).

On 26 August 2002, the Company registered an additional 19,448.6
million newly issued ordinary shares of Bt10 each with The
Ministry of Commerce.  As a result, the Company's registered
share capital amounted to Bt201,432.11 million (20,143.2 million
ordinary shares of Bt10 each). The newly issued 19,448.6
ordinary shares were offered to the existing shareholders at a
price of Bt0.10 per share (a discount on share capital of Bt9.90
per share).  366.2 million ordinary shares were purchased and
the Company received Bt36.62 million from the offer of the
additional shares.

On 22 January 2003, the remaining 19,082.4 newly issued ordinary
shares were sold to specific investors at a price of Bt0.10
each.  The Company has already received Bt1,908.24 million in
payment.

On 29 January 2003, the Company registered the reduction of its
registered and paid-up share capital to Bt201,428.71 million
(20,142.8 million ordinary shares of Bt10 each) with The
Ministry of Commerce, since one creditor withdraw its claim
under the Company's rehabilitation, and returned to the Company
the ordinary shares which had been  issued in settlement of the
company's debts. The Company was able to successfully comply
with the conditions stipulated in the rehabilitation plan and
therefore petitioned the Court to order termination of the
rehabilitation. The Court ordered such termination on 13
February 2003. Corporate Performance Apart from operating
Apartment for rent at Soi Sukhumvit 49,The Company had invested
in various projects as follows:

1. Office Building for Rent:  Description of Project

   Project             Mercury Tower
   Location            Corner of Ploenchit and Langsuan
                       roads, opposite to Central Department
                       Store, Chidlom Branch
   Type of Project     Office Building for Rent
   Details of Project  Office Building for Rent,  total 23
                       floors. The 1st -3rd floors are plazas,
                       and 4th - 23rd floors are office space
                       for rent.  Total approximate areas are
                       21,400 square meters.
   Occupancy Rate      Approximately 70 percent

2. Service Apartment: Description of Project

   Project             Green Wood Park Co., Ltd.
   Location            Langsuan Soi 2 Road, Kwaeng Lumpini, Khet
                       Patumwan, Bangkok Metropolis
   Type of Project     Service Apartment
   Details of Project  A 28-storey  residential  building  with
                       one basement located on the lease right
                       of the Crown Property for 30 years
   Occupancy Rate     The residentce building is under
                      construction (70%completion)

Furthermore, the Company had invested in 49 % of the paid up
capital of Siri Phuket limited, which will develop residential.
Project like Apartment and Bungalow of approximately 71 units on
Kata Noi Beach, Tum Bon Kraron Phuket. In the future The Company
will develop a hotel project in Chiangmai, which is a
Subsidiary that will operate hotel business.  The plot of land
to be developed is located on Charoen Prathet Road, around the
tri-section of Charoen Prathet Road and  Sridonchai Road, Chang
Klarn Sub-district, Muang  District, Chiangmai  (the location of
former British Consulate).  Behind this land plot adjacent to
Ping River, is Night Bazar, which is a commercial business
center of Chiangmai. This project will be a 120 room leading
hotel in Chiangmai, equipped with full facilities.  And the
resolutions of the Ordinary General Meeting of shareholders
No.1/2003, as follow:

1. Approval for increase of the registered capital of the
Company by issuing 20,142,928,473 new ordinary shares, par
value of Bt10 per share, and said whole newly issued
ordinary shares shall be allotted. The subscription and
payment such ordinary shares currently on process.

2. Approval for the change of the par value of the Company's
share after the increase of the registered capital and
paid up capital of the Company from the existing par value
of Bt10 per share to Bt100 per share, by combining 10
ordinary shares, par value of Bt10 per share, to one
share, par value of Bt100 per share. In case any
shareholders hold the existing shares or the fraction of
shares less than 10 shares, the Board of Directors shall
authorize , at its sole discretion such shareholder to
combine his/her shares, including any proceeding related
to the said matter as it may deem appropriate.

3. Approval for the reduction of registered capital and paid
up capital of the Company after the change of the par
value of the Company's share, by reducing the par value of
the share from the par value of Bt100 per share to Bt1 per
share.  And the reduced capital of Bt398,829,420,000 shall
apply to write off the discount value of the shares which
the Company earlier offered the ordinary shares with
discount and on the accounting basis which the Company
allotted for repayment to the creditors as recorded by the
Company's auditor in the financial statements of the
Company.  If there is a balance, the balance amount shall
be further applied to write off the accumulated loss of
the Company. However, the said reduction of the registered
capital and paid up capital shall become effective only
when the Public Companies Registrar accept the
registration of the reduction of the registered capital
and paid up capital of the Company.


PICNIC GAS: Planner Proposes Bt200M Bill of Exchange Issuance
-------------------------------------------------------------
The Board of Directors of Ultimate Key Company Limited as Plan
Administrator of Picnic Gas and Chemicals Public Co., Ltd at a
meeting No.17/2546 passed the resolution of issued Bill of
Exchange of Bt200 million with the following:

   1. Date of the transaction: May 23, 2003
   2. Related Party: Bank which operating in Thailand
   3. General characteristic of the transaction: Issuance of
      Bill of Exchange
   4. Objectives for preparing the transaction: To be used as
      revolving fund for the performance of business under
      Engineering Division
   5. Other Details of the Bill of Exchange of Bt200 million:
      Terms 364 days in the appropriate interest rate which not
      exceeding general loan interest rate.


SIAM SYNTECH: Director Leesawadtrakul Steps Down From Board
-----------------------------------------------------------
Siam Syntech Planner Co.,Ltd. as Plan Administrator of Siam
Syntech Construction Public Company Limited, has approved the
following changes of members of the Company's Board of
Directors:

1. Accepted the resignation of Director Somsak Leesawadtrakul
effective from May 22, 2003.

2. There is no replacement director yet.

The above Board changes have been registered to the Public
Company Registrar at the Ministry of Commerce.


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

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