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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

           Tuesday, June 3 2003, Vol. 6, No. 108

                         Headlines

A U S T R A L I A

AMP LIMITED: Outlines Impact of Potential Changes
AMP SHOPPING: Centro Further Extends Offer Period to June 26
AUSTAR UNITED: Discloses Meeting Results
COLES MYER: Answers S&P's Rating Decision
HILLGROVE GOLD: Issues Twenty Largest Shareholders

HILLGROVE GOLD: Posts First Quarter Activities Report
PAN PHARMACEUTICALS: Holds First Creditors' Meeting
POWERTEL LIMITED: Discloses AGM Results
QANTAS AIRWAYS: Update on Level of Foreign Relevant Interest
SIRTEX MEDICAL: Cephalon Takeover Bid Unsuccessful

SOUTHCORP LIMITED: New Executive Management Structure
SOUTHCORP LIMITED: S&P Cuts Ratings to 'BB+/B'; Outlook Negative
UNITED ENERGY: Independent Expert Endorses Scheme of Arrangement
UNITED ENERGY: Court Approves Scheme of Arrangement
VOICENET (AUST): Replies to ASX Share Price Query


C H I N A   &   H O N G  K O N G

FUJIAN GROUP: Liquidators Ink Binding Agreement
HOI FUNG: Winding Up Hearing Scheduled on June 11
NAM FONG: Requests Trading Suspension
RNA HOLDINGS: Final Results Publication Further Delayed
WAI YUEN: Narrows Q103 Net Loss to HK$28.946M


I N D O N E S I A

DIPASENA CITRA: IBRA to Settle Financial Problems


J A P A N

ALL NIPPON: Resumes Two Daily Narita-H.K. Flights
DAIEI INC.: Fukuoka Businesses Generate Y2.4B Profit
FUJITSU LIMITED: Plans to Change Capital Structure
RESONA HOLDINGS: Unit Submits Application For Y1.96Tr Injection
RESONA HOLDINGS: Unveils Capital Reduction


K O R E A

HYNIX SEMICONDUCTOR: Roh Urges Fair U.S. Ruling on Chipmaker
SK GLOBAL: Creditors May See Better Deal
SK CORPORATION: KNOC to Import Oil For Firm


M A L A Y S I A

ABRAR CORPORATION: Issues Provision of Financial Assistance
BRISDALE HOLDINGS: Answers KLSE's Winding Up Petition Query
BUKIT KATIL: Notice of Appeal Hearing Further Moved to June 24
CHASE PERDANA: KLSE OKs Rights, Restricted Issue Applications
DAMANSARA REALTY: Postpones Scheme Application Submission

JASATERA BHD: In the Midst of RPRE Implementation
L&M CORPORATION: April Defaulted Payments Hits RM59.604M
LAND & GENERAL: Obtains Approval From Majority Lenders
MANCON BERHAD: KLSE to De-list Securities Starting June 16
METROPLEX BHD: Reconciles Audited, Unaudited Results Deviation

NALURI BERHAD: 21st AGM Fixed on June 23
PICA (M) CORP.: KLSE Suspending Securities Trading by June 5
PICA (M) CORP.: Posts Securities De-listing Show Cause Notice
PICA (M) CORP.: Provides Credit Facilities Status Update
PILECON ENGINEERING: Defaulted Payment Status Remains Unchanged

REPCO HOLDINGS: To be Removed From Official List by June 16
SATERAS RESOURCES: KLSE Grants 14 Days RA Time Extension
SERISAR INDUSTRIES: Unit Defaults Credit Facilities Repayments
SISTEM TELEVISYEN: Disposes Equity to Ease Financial Burden
TECHNO ASIA: Discloses Financial Assistance Provision

TENCO BERHAD: Releases Litigation Hearing Dates
UNIPHOENIX CORP.: Proposes Revised Rescue Scheme
UNIPHOENIX CORP.: KLSE Grants Extended Time Frame to Submit Plan


P H I L I P P I N E S

CEBU PLAZA: Waterfront Denies Takeover Report
NATIONAL BANK: Faces Sanctions if Rehabilitation Fails
NATIONAL BANK: PSE Okays Listing of 195.17M Shares
NATIONAL POWER: Shuts Down Parts of Makban Geothermal Facility
PHILIPPINE LONG: Fitch Raises Outlook to Stable From Negative

*Rapid Increase in Q1 Energy Sales Shows Looming Power Crisis


S I N G A P O R E

CHARTERED SEMICON: Launches 10-GHz VCO in 0.18-Micron Process
C.K. TANG: Widens Net Loss to S$24.03
ISOFTEL LTD: Disposes 100% Stake in BLIT
MEDIASTREAM LIMITED: Issues AGM Results


T H A I L A N D

NATIONAL FERTILIZER: Undergoes Investor Search for Workout Plan
NATURAL PARK: Posts Additional Green Wood Investment Info
THAI ELECTRONIC: Planner Implements Registered Capital Change
THAI PETROCHEMICAL: Creditors Reject Government's Plan
THAI WAH: Disposes 199,999 Shares in Laguna Beach

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AMP LIMITED: Outlines Impact of Potential Changes
-------------------------------------------------
AMP Limited outlined the impact of potential changes to its
listed property trust business, managed by its Australian asset
management company, AMP Henderson Global Investors.

AMP Shopping Centre Trust (ART) and the AMP Diversified Property
Trust (ADP), part of AMP Henderson's Listed Property Trust (LPT)
portfolio, are both subject to takeover offers. If these offers
succeed, the impact on AMP is not material. Changes include:

ART

* Removal of AMP Henderson as Responsible Entity. This will
result in a reduction in assets under management of
approximately A$1.6 billion.

* AMP Henderson will retain management rights to around 60 per
cent of the current value of the shopping centers in the ART
portfolio. This reflects an agreement reached between Westfield
Trust and AMP Life. These centers include Pacific Fair, Garden
City Booragoon, Warringah Mall and Macquarie Centre. This means
AMP Shopping Centres Pty Ltd (a subsidiary of AMP Henderson)
will continue to manage these centers.

* The annualized net profit after tax impact on AMP Henderson
will be a reduction of around A$7.3 million. This takes into
account the ongoing management of some shopping centers.

ADP

* Removal of AMP Henderson as Responsible Entity. This will
result in a reduction in assets under management of
approximately A$1.8 billion.

* As part of its offer, Stockland has entered into a number of
arrangements with AMP Henderson and AMP Shopping Centres Pty
Ltd(1). These arrangements will result in a one-off payment of
A$39.3 million (2) to AMP Henderson, a figure that represents
2.1 per cent of assets under management. The book value of these
rights is around A$67 million.

* In addition, Stockland and AMP Henderson in New Zealand will
enter into a joint venture under which the groups will joint
asset manage ADP's three New Zealand shopping centers and
potentially pursue other opportunities in New Zealand.

* The annualized net profit after tax impact on AMP Henderson
will be a reduction of around A$4.2 million.

AMP Chief Executive Officer Andrew Mohl said AMP Henderson was
not immune to the consolidation currently occurring in the LPT
sector.

"Given the shakeup taking place in the property trust sector,
the AMP Group has achieved a number of favorable outcomes for
shareholders. These include a payment from Stockland as well as
the ongoing management of a number of key assets in the ART
portfolio," he said.

"Most importantly for AMP, AMP Henderson remains one of the
largest property asset managers in Australia. AMP continues to
manage around A$10 billion worth of Australian property assets."

AMP Henderson has a diversified suite of property assets across
the listed, unlisted and pooled sectors. Two-thirds of its
business is in the direct unlisted property sector.

(1) Completion of these arrangements is conditional on Stockland
being appointed Responsible Entity of ADP.

(2) Subject to contractual conditions being met

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


AMP SHOPPING: Centro Further Extends Offer Period to June 26
------------------------------------------------------------
CPT Manager Limited (as responsible entity for Centro Property
Trust) on Friday extended its offer period relating to its
takeover bid for all the ordinary units in AMP Shopping Centre
Trust (ART).

The offer period is now scheduled to close at 7.00pm (Melbourne
time) on 26 June 2003.

Attached are:

1. a notice, pursuant to ASX Listing Rule 3.2, which confirms
that the offer period has been extended;

2. a notice, pursuant to paragraph 630(2)(b) of the Corporations
Act, which confirms the new date for giving the notice of the
status of defeating conditions; and

3. a letter which has been dispatched to ART unitholders (which
encloses the formal notice of variation).

CPT MANAGER LIMITED ABN 37 054 494 307 (AS RESPONSIBLE ENTITY
FOR CENTRO PROPERTY TRUST ARSN 090 931 123)

COMPANY NOTICE  ASX LISTING RULE 3.2

EXTENSION OF OFFER PERIOD AND NOTIFICATION OF RELEVANT INTERESTS

To: Australian Stock Exchange Limited (ASX)

CPT Manager Limited (CPTML) (as responsible entity for Centro
Property Trust (Centro)) has extended the offer period for its
takeover offers dated 4 April 2003 (which are contained in its
bidder's statement dated 20 March 2003) for all of the ordinary
units in AMP Shopping Centre Trust (ART). The offers will now
close at 7:00pm (Melbourne time) on 26 June 2003.

Accordingly, CPTML gives notice under ASX Listing Rule 3.2 that:

   (a) CPTML (as responsible entity for Centro) had a relevant
interest in 19.9% of ART units when the first of the offers was
made; and

   (b) at the date of the extension, CPTML (as responsible
entity for Centro) had a relevant interest in 20.03% of ART
units.

CPT MANAGER LIMITED ABN 37 054 494 307 (AS RESPONSIBLE ENTITY
FOR CENTRO PROPERTY TRUST ARSN 090 931 123)

COMPANY NOTICE  PARAGRAPH 630(2)(B) CORPORATIONS ACT 2001

NEW DATE FOR GIVING THE NOTICE OF THE STATUS OF CONDITIONS

To: AMP Henderson Global Investors Limited (as responsible
entity for AMP Shopping Centre Trust (ART)); and Australian
Stock Exchange Limited.

For the purposes of paragraph 630(2)(b) of the Corporations Act
2001, CPT Manager Limited (CPTML) (as responsible entity for
Centro Property Trust (Centro)) hereby gives notice that:

   1. the offer period relating to the offers by CPTML (as
responsible entity for Centro) for all of the ordinary units in
ART, which offers are contained in a bidder's statement dated 20
March 2003 (Bidder's Statement), has been extended so that it
now ends at 7:00pm (Melbourne time) on 26 June 2003;

   2. the new date for giving notice of the status of the
conditions to the offers, as required by subsection 630(3) of
the Corporations Act 2001, is 16 June 2003; and

   3. on the date of this notice:

     (a) CPTML has not freed the offers from any of the
conditions to the offers;

     (b) the condition in clause 12.10(i) of the Bidder's
Statement has been fulfilled; and

     (c) so far as CPTML is aware, none of the other conditions
to the offers have been fulfilled.

EXTENSION OF OFFER PERIOD FOR CENTRO'S TAKEOVER BID

CPT Manager Limited (as responsible entity for Centro Property
Trust) (Centro) has extended the offer period for its takeover
bid for all the ordinary units in the AMP Shopping Centre Trust.

The offer is now scheduled to close at 7.00pm (Melbourne time)
on 26 June 2003.

A formal notice of variation is included on the reverse side of
this letter.

If you have any queries in relation to how to accept the
takeover bid or any other matter relating to the takeover,
please contact the Centro Offer Information Line on 1300 733 636
(callers in Australia) or int +612 9240 7452 (callers outside
Australia).

B Healey
CHAIRMAN
CPT Manager Limited

CPT MANAGER LIMITED ABN 37 054 494 307 (AS RESPONSIBLE ENTITY
FOR CENTRO PROPERTY TRUST ARSN 090 931 123)

COMPANY NOTICE  SUBSECTION 650D(1) CORPORATIONS ACT 2001

NOTICE OF VARIATION  EXTENSION OF OFFER PERIOD

To: Australian Securities and Investments Commission (ASIC); AMP
Henderson Global Investors Limited (as responsible entity for
AMP Shopping Centre Trust (ART)); and

Each person to whom offers were made under the takeover bid
referred to in this notice.

CPT Manager Limited (CPTML) (as responsible entity for Centro
Property Trust (Centro)) gives notice under subsection 650D(1)
of the Corporations Act 2001 that:

   1. it varies its takeover offer dated 4 April 2003 (Offer)
for all of the ordinary units in ART which is contained in its
bidder's statement dated 20 March 2003 (Bidder's Statement) by
extending the period during which the Offer will remain open so
that the Offer will now close at 7:00pm (Melbourne time) on 26
June 2003; and

   2. the Offer is varied by:

     (a) replacing "10 June 2003" with "26 June 2003" in clause
12.2 of the Bidder's Statement; and

     (b) replacing "31 May 2003" with "16 June 2003" in clause
12.15 of the Bidder's Statement.

This variation may have the effect of postponing, for more than
1 month, the time when CPTML must meet its obligations to a
unitholder who has accepted the Offer. A unitholder will have a
withdrawal right if they validly accepted the Offer on or before
the date of this notice. For those unitholders, section 650E of
the Corporations Act 2001 entitles them to withdraw their
acceptance of the Offer by giving notice within 1 month
beginning on the day after the day on which the unitholder first
receives a copy of this notice.

Unitholders who withdraw their acceptance must return any
consideration received for accepting the Offer. Any notice by a
unitholder withdrawing the unitholder's acceptance under section
650E of the Corporations Act 2001 must:

   (a) if the unitholder's units are in a CHESS Holding, be in
the form of a Valid Originating Message transmitted to the SCH
by the Controlling Participant for that Holding, specifying the
number of units to be released from the Offer Accepted
Subposition in which the units have been reserved; or

   (b) in any other case, be in writing.

If a unitholder withdraws their acceptance in this manner and is
legally entitled to withdraw their acceptance,

CPTML must before the end of 14 days after the day it is given
the withdrawal notice:

   (a) return to the unitholder any documents that were sent by
the unitholder to CPTML with the acceptance of the Offer; and

   (b) if the unitholder's units are in a CHESS Holding,
Transmit to SCH a Valid Message that authorizes the release of
those securities from the Offer Accepted Subposition in which
the Holding has been reserved.

(Words defined in the SCH Business Rules have the same meaning
when used in this notice, unless the context requires
otherwise.)

A copy of this notice was lodged with ASIC on 30 May 2003. ASIC
takes no responsibility for the contents of this notice.


AUSTAR UNITED: Discloses Meeting Results
----------------------------------------
Austar United Communications Limited disclosed the outcome of
resolutions put to the meeting on May 30, 2003. The following
resolutions were all passed by the members:

1 ANNUAL FINANCIAL, DIRECTORS AND AUDITORS REPORTS

"To receive and consider the annual financial report, directors
report and auditors report for the year ended 31 December 2002."

2 RE-APPOINTMENT OF AUDITOR

"To re-appoint KPMG as the company's auditor."

3 RE-APPOINTMENT OF MR MICHAEL T. FRIES AS A DIRECTOR

"That Mr Michael T. Fries, who retires by rotation in accordance
with the Company's constitution, be re-appointed as a director
of the Company."

4 RE-APPOINTMENT OF MR WILLIAM D. FERRIS, AO AS A DIRECTOR

"That Mr William D. Ferris, AO, who retires in accordance with
the Company's constitution, be re-appointed as a director of the
Company."

5 RE-APPOINTMENT OF MR DAVID F. JONES AS A DIRECTOR

"That Mr David F. Jones, who retires in accordance with the
Company's constitution, be re-appointed as a director of the
Company."

6 RE-APPOINTMENT OF MR HOWARD D. MORGAN AS A DIRECTOR

"That Mr Howard D. Morgan, who retires in accordance with the
Company's constitution, be re-appointed as a director of the
Company."

7 RE-APPOINTMENT OF MR LEONARD M. HARLAN AS A DIRECTOR

"That Mr Leonard M. Harlan, who retires in accordance with the
Company's constitution, be re-appointed as a director of the
Company."

8 RE-APPOINTMENT OF MR GENE W. SCHNEIDER AS A DIRECTOR (PASSED
AS A SPECIAL RESOLUTION)

"That Mr Gene W. Schneider, who has turned 76 years of age, be
re-appointed as a director of the Company to hold office until
the conclusion of the next annual general meeting of the
Company."


COLES MYER: Answers S&P's Rating Decision
-----------------------------------------
Coles Myer expressed surprise at Standard & Poor's decision last
week to place the company's long-term credit rating on
Creditwatch with negative implications.

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

This Alliance is not debt funded.

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

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

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

The Company continues to make excellent progress through
divestments of non-core retail assets such as Sydney Central
Plaza and its ongoing debt reduction initiatives. Its balance
sheet is very strong, its gearing is low and cash flows are
good, Mr MacKenzie said.

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

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

The Company expects these initiatives to build on the sales
growth improvement indicated in its third quarter sales.

The Company's confidence in its progress is reflected in its
announcement on May 15 that the profit guidance has been refined
to the upper end of its $425-435 million range.


HILLGROVE GOLD: Issues Twenty Largest Shareholders
--------------------------------------------------
Hillgrove Gold Limited (Managers and Receivers Appointed) posted
this notice:

Distribution Schedule of Fully Paid Ordinary Shares as at 30
April 2003

SIZE OF                NUMBER OF               OPTION HOLDERS
HOLDING                SHAREHOLDERS

1 - 1,000                   1,511                     -
1,001 - 5,000                 196                     -
5,001 - 10,000                 15                     -
10,001 - 100,000              101                     3
100,001 & over                 52                     8

                            1,875                    11

TWENTY LARGEST SHAREHOLDERS

The twenty largest shareholders hold 71.49% of the total
ordinary shares issued. The names of the 20 largest shareholders
as at 30 April 2003 are listed below:

NAME OF SHAREHOLDER           NO OF ORDINARY          % OF
ISSUED
                              SHARES HELD             SHARES

David Archer                   7,375,000                13.31
Vicki Archer                   7,375,000                13.31
Tisia Nominees Pty Ltd         4,965,000                 8.96
J K Nominees Pty Ltd           2,750,000                 4.96
Oaktone Nominees Pty Ltd       2,250,000                 4.06
Stariver Holdings Pty Ltd      2,130,000                 3.84
Marble Hill Investments Ltd    1,935,000                 3.49
Mindell Pty Ltd                1,730,000                 3.12
Kathryn Yule                   1,200,000                 2.17
Corless Farms (WA) Pty Ltd     1,170,000                 2.11
Peter Roberts                  1,000,000                 1.80
White Horse Securities Ltd       900,000                 1.62
Gatehouse Securities Ltd         900,000                 1.62
Perpetual Trustee Company Ltd    865,000                 1.56
Itarki Pty Ltd                   536,780                 0.97
Colvic Pty Ltd                   530,000                 0.96
ANZ Nominees Limited             500,440                 0.90
Bannaby Investments Pty Ltd      500,000                 0.90
Edgewater Estates Limited        500,000                 0.90
TM Consulting Pty Ltd            500,000                 0.90
                              39,612,220                71.49


HILLGROVE GOLD: Posts First Quarter Activities Report
-----------------------------------------------------
Hillgrove Gold Limited posted its Quarterly Report for the
period ended 30 April 2003:

1. HIGHLIGHTS

All production activity at the Hillgrove mine ceased on 16 April
2002. The operation has been placed on care and maintenance
since that date.

2. PRODUCTION

There was no production activity during the quarter.

3. MINE DEVELOPMENT

There was no development activity during the quarter.

4. RESERVES AND RESOURCES

There was no exploration or development conducted during the
quarter.

Go to http://bankrupt.com/misc/TCRAP_HGO0603.pdfto see full
copy of the Company's Mining Exploration Entity Quarterly Report
for the period ended 30 April 2003.


PAN PHARMACEUTICALS: Holds First Creditors' Meeting
---------------------------------------------------
Creditors' meetings of the following companies were held on May
29, 2003 at the Masonic Centre in Sydney:

   * Pan Pharmaceuticals Limited ACN 091 032 914
   * Pan Pharmaceuticals Services Pty Limited ACN 095 628 943
   * Pan Pharmaceuticals Export Pty Limited ACN 100 897 514
   * Pan Laboratories (Australia) Pty Limited ACN 003 763 308
   * Pan Pharmaceuticals Technologies Limited ACN 104 129 188
     (collectively "the Pan Companies")

These first meetings followed the appointment of Tony McGrath
and Chris Honey as Administrators to the Pan Companies on 22 May
2003.

Mr McGrath advised the meetings that following suspension of the
Pan Pharmaceuticals Limited manufacturing license and receipt of
a large number of claims from customers, the Directors had
sought the appointment of Administrators to preserve the
companies' position whilst restructuring options are considered.

Over the next few weeks the Administrators will be reviewing all
options available to maximize the return to creditors including
lifting of the suspension of the license and a recapitalization
of Pan Pharmaceuticals Limited, and a trade sale of the
business.

A committee of creditors has been appointed to liaise with the
Administrators in this process.

All creditors will receive a detailed report from the
Administrators on the company's affairs before the second
statutory meetings of creditors are held. A decision as to the
future of the Pan Companies will be made at the second meetings.
A date for the second meetings has not yet been set.

CONTACT INFORMATION: Tim Powell
        Cox + Inall Communications
        Tel: (02) 8204 3850


POWERTEL LIMITED: Discloses AGM Results
---------------------------------------
The resolution to re-elect Mr Richard Griffin AM as Director of
PowerTel Limited was passed at Friday's Annual General Meeting.

For the purposes of section 251AA of the Corporations Law, the
following information regarding proxy votes is disclosed:

1. The total number of proxy votes submitted were 651,694,954.

2. In relation to Resolution 1, the appointment specified the
   following voting directions:

a) For                              640,859,921
b) Against                              945,626
c) Abstained/No Instruction           3,279,952
d) Open-Usable                        6,609,455

Shareholders also confirmed the replacement of Ernst & Young as
Auditors by a show of hands.


QANTAS AIRWAYS: Update on Level of Foreign Relevant Interest
------------------------------------------------------------
Under the Qantas Airways Limited Constitution, the maximum
aggregate level of relevant interest that foreign persons are
permitted to hold in Qantas is 49%.

On 1 April 2003 Qantas advised the market that foreign persons
had a relevant interest in approximately 45.56% of the Qantas
issued share capital.

Listing Rule 3.19.1 requires that Qantas advice the market when
the level of foreign relevant interest changes by more than 1%.

Based on the most recent reconciliation, Qantas advises the
market that recent foreign purchases have resulted in foreign
persons having a relevant interest in approximately 49.49% of
Qantas shares.

NOTIFICATION OBLIGATIONS

Qantas reminds the market that, under its Constitution, foreign
purchasers are required to notify Qantas, within 10 days of
becoming registered, of their acquisition of a relevant interest
in Qantas shares. Foreign Ownership Notifications are available
from the Australian Stock Exchange or the Qantas Share Registry
on  (02) 8280 7390.

It is the order of receipt of complete Foreign Ownership
Notifications, which determines the priority for entry, upon
reconciliation to a registered shareholding, to the Qantas
Foreign Sub-Register.

Qantas investigates foreign share purchases and, upon
reconciliation of the relevant Foreign Ownership Notifications
to a registered shareholding, enters the purchases on the Qantas
Foreign Sub-Register. Should the level of foreign ownership on
the Qantas Foreign Sub-Register exceed 49%, the Qantas
Constitution contains provisions to notify those foreign
shareholders. Should such a Notice be required to be sent, it
results in the registered holder of the offending shares not
being entitled to vote the shares at a meeting of shareholders
and it may lead to the disposal of those shares.

At this point, as a result of no Foreign Ownership Notifications
being received in respect of a significant number of shares with
foreign addresses, the level of foreign ownership on the Qantas
Foreign Sub-Register is below 49%. As such, no notification
process will commence until future reconciliation show the level
of foreign ownership on the Qantas Foreign Sub-Register
exceeding 49%.


SIRTEX MEDICAL: Cephalon Takeover Bid Unsuccessful
--------------------------------------------------
Sirtex Medical Limited understands the bid by Cephalon for
Sirtex has not been successful, as they did not satisfy their
90% acceptance condition.

The Sirtex Board will meet later this week and will release a
statement to the ASX following this meeting.


SOUTHCORP LIMITED: New Executive Management Structure
-----------------------------------------------------
Southcorp Limited announced Friday a number of changes to its
executive management structure. The following roles and
personnel will constitute the Executive Committee of Southcorp
and will report directly to John Ballard, the Chief Executive
Officer and Managing Director.

PRESIDENT, THE AMERICAS - Thomas Burnet (also a Director of the
company)

PRESIDENT, UK/EUROPE - Jeffrey Wilkinson

MANAGING DIRECTOR, AUSTRALASIA - Michael East

EXECUTIVE GENERAL MANAGER - VITICULTURE & GRAPE RESOURCES -
Stuart McNab*. This is a newly created position. Stuart McNab,
previously General Manager, Vineyards and Viticulture, will
assume responsibility for this role. Stuart has been employed
with Southcorp since 1994. His new position has full
responsibility for vineyard management and viticultural
practices across Southcorp's portfolio, as well as grower
relations.

EXECUTIVE GENERAL MANAGER - WINEMAKING - Peter Taylor*. This
role has overall responsibility for winemaking planning and
standards across the group and will have a series of individual
Brand Winemakers reporting to it. Peter Taylor, a Group
Winemaker, located at Magill in South Australia, has been
appointed to this role. Peter has 25 years experience as a
winemaker and has been with Southcorp for 23 years. Philip Shaw,
the Company Winemaker, will be leaving the company at his own
request. Philip has, however, agreed to remain available to the
company as a consultant on an ongoing basis.

EXECUTIVE GENERAL MANAGER - OPERATIONS & SUPPLY CHAIN MANAGEMENT
- Michael Christophersen*. This role will have overall
responsibility for Southcorp's winemaking and packaging
facilities, as well as distribution and logistics. The function
also has a key role in demand planning and supply chain
management. Michael Christophersen, formerly General Manager of
Operations for South Australia and Western Australia assumes the
new role. John Handel, who was formerly General Manager,
Operations will complete his contractual term with the company
at years end having made a decision to return to the United
States.

EXECUTIVE GENERAL MANAGER - GLOBAL MARKETING. An international
search is currently being conducted for this role. Chris
Hancock, formerly Global Marketing Director, will move into the
newly created role of Executive General Manager - Industry and
Government.

CHIEF FINANCIAL OFFICER. An international search has been
conducted for this role and the company is well advanced in
considering suitable candidates. Steven McClintock, a partner
with PriceWaterhouseCoopers, who has been seconded to assist in
the transitional period, will continue to be available to the
company on a full-time basis until an appointment is made.

EXECUTIVE GENERAL MANAGER - INDUSTRY AND GOVERNMENT RELATIONS -
Chris Hancock. This position has responsibility for Southcorps
relationships with government and its involvement on industry
bodies.

CHIEF GENERAL COUNSEL AND COMPANY SECRETARY - Martin Hudson

EXECUTIVE GENERAL MANAGER - INVESTOR RELATIONS AND CORPORATE
AFFAIRS - Robert Porter

EXECUTIVE GENERAL MANAGER - HUMAN RESOURCES - Dale Calhoun

John Ballard, Managing Director said: "The new executive
reporting arrangements, are a first and necessary stage in
providing clearer lines of accountability, as a basis for
determining key programmes to restore profitable growth.

"The new reporting structure will provide me with a direct
oversight of all the key operational, sales and functional
components of the business. The decision to separate
viticultural management from operations will ensure a stronger
focus towards these two key aspects of our business. Peter
Taylor's appointment to the role of Executive General Manager,
Winemaking, will ensure a continuing commitment to winemaking
quality and will build upon the work of Philip Shaw.

"I would like to acknowledge Philip Shaw for his major
contribution to winemaking at Southcorp and prior to that
Rosemount. On behalf of the Board and his colleagues, I would
like to thank him for his contribution over many years. I would
also like to thank John Handel for his substantial contribution
to the business, since the time of being appointed to head
Southcorp's North American operations in 2000 and, more recently
in overseeing, the company's operations.

"The appointment of an Executive General Manager, Marketing is a
key appointment to build upon our global brand strength, and to
deliver upon our focus to become a more consumer orientated
company. Good progress has also been made in the selection of a
new Chief Financial Officer and I would expect an announcement
in the near future.

"Finally, we welcome the new members to the team, including
Stuart McNab, Mike Christophersen and Peter Taylor. All are
experienced industry professionals with a track record of
achievement."

* Newly appointed member of the Executive Committee

CONTACT INFORMATION: Dr Robert Porter
        GENERAL MANAGER, INVESTOR RELATIONS & CORPORATE AFFAIRS
        Telephone: 02 9465 1154
        Mobile:    0407 391 829
        Facsimile: 02 9465 1181

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


SOUTHCORP LIMITED: S&P Cuts Ratings to 'BB+/B'; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said Monday that Southcorp
Ltd.'s ratings and guaranteed debt issues were lowered to
'BB+/B' from 'BBB/A-3'. At the same time, the ratings on
Australia's leading wine company were removed from CreditWatch
with negative implications, where they were first placed in on
Jan. 22, 2003. The rating outlook is negative.

"This rating action reflects Southcorp's earnings collapse in
fiscal 2003, its reduced liquidity buffer, and Standard & Poor's
expectation that a recovery in its earnings and cash flows could
take several years given the tough market conditions for wine
companies," said Jeanette Ward, director Corporate and
Infrastructure Finance Ratings. Although a recovery
in its U.S. and Australian operations is anticipated, the
company has flagged that its U.K./Europe business, which
accounts for 28% of its revenue and where most wine is sold
under promotion, will be far more difficult to turnaround.

Although Southcorp has adequate funds available to repay its
A$280 million debt due in October 2003, the company's liquidity
reserves are expected to be about A$150 million at that point
(well below historic levels). Most of this buffer will come from
a new committed facility that replaces the expiring syndicated
facilities. All funds under its bank facilities should be
readily accessible, as the company does not anticipate being in
breach of its bank covenants when it reports its financial
results, including any potential asset write-downs, for the
fiscal year-end June 30, 2003. The headroom under its financial
covenants, however, is tight. Importantly, Southcorp relies on
sustained recovery in its cash flows, prudent working capital
management, and its zero dividend policy to maintain adequate
liquidity reserves and reduce its debt in the next few years.

Southcorp faces a number of risks in restoring its
profitability, cash flows, and liquidity buffer to more
satisfactory levels in the next few years. The tough trading
conditions for wine companies will make the turnaround
challenging and subject to execution risk. Should the company
breach any of its bank covenants, should its anticipated
improvement in operations and credit ratios falter, or its
liquidity reserves fall below expected levels, a rating
downgrade could result.


UNITED ENERGY: Independent Expert Endorses Scheme of Arrangement
----------------------------------------------------------------
United Energy Limited (UEL) on Friday released its Scheme of
Arrangement (Scheme) Booklet, which includes details of the
$3.15 proposed offer for each UEL share, the conclusions of the
Independent Expert, Deloitte Corporate Finance (Deloitte), and
the recommendation of the Independent Directors.

Bob Browning, Chief Executive Officer of Alinta said, "We
believe the cash consideration being offered to UEL shareholders
is fair and reasonable and we are gratified that this view is
shared by both the Independent Expert to UEL and the Independent
Directors of UEL. We encourage UEL shareholders to attend and
vote at the shareholders meeting to take advantage of this
opportunity."

The Scheme Booklet highlights that:

1. The Independent Directors of UEL are recommending acceptance

"The Independent Directors believe that the Scheme is fair and
reasonable and in the best interests of UEL shareholders. Each
Independent Director recommends that you vote in favor of the
Scheme Resolution."

2. The Independent Expert's report deems the offer fair and
reasonable

"Deloitte Corporate Finance has concluded that, in the absence
of a higher offer, the Scheme is fair and reasonable and in the
best interest of UEL shareholders other than Power Partnership."

3. The $3.15 per share cash consideration falls within the
Independent Expert's assessed value range

"The cash consideration of $3.15 per share falls within the
assessed fair market value range of a UEL share of $2.95 to
$3.25."

4. The $3.15 per share cash consideration represents a
significant
premium

The $3.15 per share cash payment represents an 18% premium to
UEL's three month volume weighted average share price (VWAP) and
a 24% premium to UEL's six month VWAP for the period leading up
to the joint announcement on 17 December 2002 that UEL and
Alinta were reviewing strategic opportunities regarding Aquila's
34% indirect interest in UEL.

Alinta confirms that the transactions are proceeding as
scheduled. UEL's Extraordinary General Meeting to consider the
Scheme has been set down for 10 July 2003 after the completion
of the Company's Annual General Meeting, which will commence at
10.00am. Other important times and dates are outlined in the
Scheme Booklet. If the UEL shareholders and the Court approve
the transaction, completion is expected by the end of July 2003.

BACKGROUND

On 23 April 2003 Alinta Limited and AMP Henderson Global
Investors (AMP Henderson) announced that they had developed a
series of transactions that result in Alinta emerging as an
operator and manager of approximately $4 billion in regulated
energy assets and holding equity interests in those assets.

A key component of the transactions was for Alinta and AMP
Henderson, through Power Partnership Pty Limited, to seek to
acquire the 43% of UEL held by the public through a Scheme at
$3.15 per share. The Scheme is conditional on both UEL
shareholder and court approval.

The Supreme Court of Victoria has on Friday made orders
convening a meeting of UEL shareholders, other than Power
Partnership Pty Limited, to consider and, if thought fit,
approve the proposed Scheme.

UEL has also released on Friday the Scheme Booklet to the
Australian Stock Exchange. This Booklet considers the advantages
and disadvantages of, and other relevant considerations
regarding, the proposed Scheme.

CONTACT INFORMATION: David Franklyn
        GENERAL MANAGER
        Corporate Communications
        Ph: (08) 9486 3010
        Mobile: 0414 958 054


UNITED ENERGY: Court Approves Scheme of Arrangement
---------------------------------------------------
The Supreme Court of Victoria has in Friday made orders
convening a meeting of United Energy shareholders, other than
Power Partnership Pty Limited, to consider and, if thought fit,
approve the proposed Scheme of Arrangement announced to the
Australian Stock Exchange on 23 April 2003. The proposed Scheme
of Arrangement would effect the acquisition by Power Partnership
of all the shares in United Energy, other than those shares
currently held by Power Partnership.

After considering the advantages and disadvantages of, and other
relevant considerations regarding, the proposed Scheme, United
Energy's Independent Directors concluded that the Scheme is in
the best interests of United Energy shareholders and recommend
that shareholders vote in favor of the resolution required to
implement the Scheme.

The Independent Expert appointed by the Independent Directors of
United Energy to assess the merits of the proposed Scheme,
Deloitte Corporate Finance Pty Limited, has concluded that, in
the absence of a higher offer, the proposed Scheme is fair and
reasonable and in the best interest of United Energy
shareholders other than Power Partnership.

The Scheme Booklet, which was released to the Australian Stock
Exchange on Friday, sets out the advantages and disadvantages
considered by the Independent Directors, together with all other
material information about the proposed Scheme, for the
consideration of United Energy shareholders. The Scheme Booklet
also contains the Independent Expert's Report in its entirety.
To be implemented, the Scheme Proposal requires, amongst other
things, shareholder approval. At least 50% of the number of
shareholders who vote and 75% of the shares that are voted must
support it. This means that every shareholder who votes will
make a difference. Shareholders are urged to read the Scheme
Booklet in its entirety and then exercise their right to vote on
the resolution required to implement the proposed Scheme.

The Extraordinary General Meeting to consider the Scheme will be
held at Melbourne Park Function Centre, Batman Avenue,
Melbourne, Australia on 10 July 2003, immediately after United
Energy's Annual General Meeting. Other important dates and times
are outlined in the Scheme Booklet. Shareholders will be mailed
a copy of the Scheme Booklet shortly.

Any questions in relation to the Scheme can be directed to
United Energy's Shareholder Information line on: 1300 303 039,
toll free, if within Australia; or +61 (0) 2 9240 7544 if
outside Australia.

A copy of the full announcement, which includes the Scheme
Booklet, can be found at
http://bankrupt.com/misc/TCRAP_UEL0603.pdf.

CONTACT INFORMATION: Graeme Thompson
        INVESTOR RELATIONS MANAGER
        Phone: (+61 3) 9222 9138
        Mobile: 0412 020 711
        Fax: (+61 3) 9222 9161
        e-mail: gthom@ue.com.au


VOICENET (AUST): Replies to ASX Share Price Query
-------------------------------------------------
Voicenet (Aust) Limited refers to the Australian Stock
Exchange's letter dated 27 May, 2003 in relation to last week's
change in the Company's securities and the trading volume and
advise the following:

1. The Company is not aware of any information concerning
it's affairs that has not been announced, which if known,
could be an explanation  for the recent trading in the
securities in the Company.
2. Not applicable.
3. There are a number of commercial negotiations taking place
in several countries around the world by the Company's
Joint Venture in London, Microgenix Technologies Ltd.

However none are at an anounceable stage in its present view
although, the Company hopes to be in a position to announce
completed contracts shortly.

It appears that a section of the market believes that the
patented Microgenix Air Purification System (MAPS) offers a
solution to the treatment of air contaminated by the SARS virus.

To date no known company has tested its air purification systems
against SARS. Nor has the MAPS system tested against SARS.
Microgenix is currently negotiating participation in proposed
testing to be undertaken by the CAMR, the Center for Applied
Microbiology and Research at Porton Down, in the UK, considered
to be a leading world authority on such testing. The Company
expects to be in a position to advise the market on a SARS
testing timeframe shortly.

The Microgenix scientific advisor has stated "because it is
thought that the SARS virus is related to the corona virus, it
is expected that MAPS will destroy the SARS virus - it is very
similar to E Coliphage(MS2) and MAPS has undergone extensive
testing against MS2 and has proven to be 99.9% effective.

Microgenix has last week shipped a MAPS Model MD 170 unit to the
People's Republic of China for expedited testing at the Chinese
Ministry of Health testing laboratory responsible for
certification of all air purification products, as a pre-
requisite to anybody being able to market their air purification
products in China.

In the past weeks Microgenix has completed testing of the
effectiveness of MAPS against both Tuberculosis and Smallpox at
Porton Down. In both cases an eradication rate of close to 100%
within 1.2 seconds was achieved. Similar results were achieved
against anthrax in past testing. To date MAPS has had close to a
100% kill rate on all viruses and bacteria it has been tested
against including:

AIRBORNE PATHOGEN                                DISEASE

Rhinovirus                                       Colds
Coxsackievirus                                   Colds
Echovirus                                        Colds
Togavirus                                        German Measles
Reovirus                                         Colds
Orthomyxovirus - Influenza                       Flu
Coronavirus                                      Colds/SARS
Varicella-zoster                                 Chickenpox
Arenavirus - Junin & Machupo                     Hemmorhagic and
                                                 Lassa fever
Parainfluenza                                    Flu
Respiratory Syncytial virus                      Pneumonia
Poxvirus - variola                               Smallpox
Paramyxovirus                                    Mumps

The Company notes that most air-conditioning systems capture
only part of any pathogens in the air but do not kill them
leaving a contaminated filter with consequent disposal problems.
MAPS not only captures virtually 100% of all pathogens tested to
date by eradicates all pathogens eliminating disposal problems.

   4. The Company is in compliance with the ASX Listing Rules
and, in particular, Listing Rule 3.1.


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


FUJIAN GROUP: Liquidators Ink Binding Agreement
-----------------------------------------------
Reference is made to the announcements dated 17 February 2003
and 26 March 2003 issued by Fujian Group Limited in relation to,
among other things, the appointment of the Provisional
Liquidators and the Restructuring Proposal.

On 25 April 2003, the Provisional Liquidators and the Investor,
among others, entered into a formal and legally binding
agreement in relation to the Restructuring Proposal (the
Restructuring Agreement). Transactions contemplated under the
Restructuring Agreement, include, among other things:

1. Reorganization of the share capital of the Company;

2. Compromise of all the indebtedness and liabilities of the
Company in accordance with the terms of the Restructuring
Agreement and a scheme of arrangement under section 166 of
the Companies Ordinance (Cap. 32 of the Laws of Hong Kong)
between the Company and its creditors; and

3. Subscription of new shares to be issued by the Company by
the Investor in cash, which will lead to a change in
control of the Company, and the Investor will apply for a
whitewash waiver (Whitewash Waiver) by the Securities &
Futures Commission pursuant to Note 1 of the Notes on the
dispensation from Rule 26 of the Hong Kong Code on
Takeovers and Mergers from the obligation of the Investor
and parties acting in concert with it to make a general
offer for all the issued securities of the Company not
already owned or agreed to be acquired by them upon
completion of the Restructuring Agreement.

A resumption proposal for the Company based on the terms of the
Restructuring Agreement was submitted to the Stock Exchange on
29 April 2003. The Listing Committee of the Stock Exchange
has conditionally approved the said resumption proposal of the
Company on 13 May 2003, subject to fulfillment of certain
conditions imposed prior to the resumption of trading of the
Company's securities on the Stock Exchange.

The Company and the Investor are currently assessing certain
issues relating to the implementation of the Restructuring
Agreement. The Restructuring Proposal may or may not proceed.
Further announcements will be made to keep the Company's
shareholders and investors informed of the developments
regarding the Restructuring Proposal.

Trading in the securities of the Company has been suspended
since 16 February 2001 and will be remain suspended until the
Company has fulfilled all the conditions imposed by the Listing
Committee of the Stock Exchange mentioned above.

Shareholders of the Company should note that a successful
implementation of the Restructuring Agreement will be subject to
satisfaction of the conditions precedent therein, which may or
may not be fulfilled. If the Restructuring Agreement cannot be
completed, the Company will be wound up.


HOI FUNG: Winding Up Hearing Scheduled on June 11
-------------------------------------------------
The High Court of Hong Kong will hear on June 11, 2003 at 10:00
in the morning the petition seeking the winding up of Hoi Fung
Engineering Co. Limited.

Lui Lap Wai of Room 1032, Herring Gull House, Sha Kok Estate,
Shatin, New Territories, Hong Kong filed the petition on April
24, 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.


NAM FONG: Requests Trading Suspension
-------------------------------------
At the request of Nam Fong International Holdings Limited
trading in its shares will be suspended with effect from 9:30
a.m. Monday (2/6/2003) pending for release of an announcement in
relation to the  outcome of the adjourned hearing for the
winding-up petition against the  Company.


RNA HOLDINGS: Final Results Publication Further Delayed
-------------------------------------------------------
Further to the announcements of RNA Holdings Limited, together
with its subsidiaries, (the Group) dated 30th August 2002, 19th
September 2002, 29th November 2002 and 4th March 2003 in respect
of the delay in publication of final results of the Group for
the year ended 30th April 2002.

The board of directors of the Company announces that more time
is required to finalize the audit of the final results of the
Group (including the finalization of audit adjustments and notes
to the financial statements and the preparation of financial
statements by the Directors of the Company), the publication of
the audited final results of the Group for the year ended 30th
April 2002 will be further postponed from 30th May 2003 to on or
before 16th June 2003 during which the final stage of the
auditing matters will be completed for the release of the
audited accounts. The audited results of the Group for the year
ended 30th April 2002 may have deviation as compared with the
unaudited consolidated results of the Group for the year ended
30th April 2002 as announced by the Company on 19th September
2002, but subject to the finalization of the audit adjustments
with the auditors of the Company.

Having worked closely with the auditors of the Company, the
Directors believe the target date as mentioned above is
achievable and realistic.

The delay in the publication of the audited final results
constitutes a further breach of paragraphs 8(1) and 11(1) of the
Listing Agreement. The Stock Exchange of Hong Kong Limited has
reserved its rights to take appropriate action against the
Company and/or its Directors. Each Director is aware of and will
comply with Rule A3 of Appendix 10 of the Rules Governing the
Listing of Securities on the Stock Exchange.

The Directors have confirmed that they have not dealt in any of
the securities of the Company since 31st July 2002. The
Directors have given their undertakings to the Stock Exchange
that they will not deal in the securities of the Company until
the Group's audited final results for the year ended 30th April
2002 and Group's unaudited interim results for six months ended
31st October 2002 are released and published.

The circular relating to the proposed debt restructuring of the
Company and certain subsidiaries of the Company as announced on
12th March 2003 and 15th April 2003 will be dispatched to the
shareholders of the Company together with the annual report for
the year ended 30th April 2002.

Trading in the shares of the Company on the Stock Exchange was
suspended at the request of the Company with effect from 9:30
a.m. on 2nd June 2003 pending the publication of audited final
results of the Group for the year ended 30th April 2002.


WAI YUEN: Narrows Q103 Net Loss to HK$28.946M
---------------------------------------------
Wai Yuen Tong Medicine Holdings Limited posted a summary of its
financial statement for the year ended March 31, 2003:

Currency: HKD
Auditors' Report: Unqualified
                                                  (Audited)
                               (Audited)          Last
                               Current            Corresponding
                               Period             Period
                               from 1/4/2002      from 1/4/2001
                               to 31/3/2003       to 31/3/2002
                               Note  ('000)       ('000)
Turnover                           : 259,824            220,812
Profit/(Loss) from Operations      : (17,975)           (24,610)
Finance cost                       : (8,651)            (9,072)
Share of Profit/(Loss) of
  Associates                       : 11                 N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (28,946)           (33,552)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0028)           (0.254)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (28,946)           (33,552)
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

LOSS PER SHARE

The calculation of the basic loss per share is based on the loss
for the year of HK$28,946,000 (2002: HK$33,552,000) and on the
weighted average number of 10,276,225,398 (2002: 131,899,864)
shares in issue during the year.

No diluted loss per share has been presented as the exercise and
conversion of the share options, convertible loan stock and
convertible notes would reduce the loss per share for both
years.


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


DIPASENA CITRA: IBRA to Settle Financial Problems
-------------------------------------------------
The Indonesia Bank Restructuring Agency will settle PT Dipasena
Citra Darmaja's problems, related to its working capital and
debt payment, before selling it, Bisnis Indonesia reports,
citing Taufik Mappaenre Ma'roef, the Deputy Chairman of the
Indonesia Bank Restructuring Agency for Investment Management
Asset.

"The treatment for Dipasena problem should not be seen [from a]
commercial perspective only. We have also met with the
management of PT Tunas Sepadan Investama (holding company
created to accommodate Sjamsul Nursalim's assets) to talk about
the measures we can do," Taufik said, adding that the settlement
would increase the asset value of Dipasena since the recovery
process of one embankment company could go faster.

Meanwhile, Sjamsul Nursalim stated that he had submitted his
assets to the IBRA to be taken care of, that is, the transfer of
the assets had been legally concluded.

On September 21, 1998 under the on Master of Settlement and
Acquisition Agreement (MSAA), Nursalim and IBRA agreed that
Dipasena had a value of Rp19.96 trillion based on discounted
cash flow method. However, the value dropped due to inefficient
operation. Sjamsul and Itjih Nursalim (the owner of BDNI) and
the IBRA signed the MSAA agreeing to pay the debt worth Rp28.4
trillion. Sjamsul was required to pay Rp1 trillion in cash and
to submit assets worth Rp27.4 trillion.


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


ALL NIPPON: Resumes Two Daily Narita-H.K. Flights
-------------------------------------------------
All Nippon Airways (ANA) will resume operating two flights a day
between Narita airport, near Tokyo, and Hong Kong, effective
June 16, Kyodo News reported Saturday. ANA currently flies only
a daily flight on the route due to the outbreak of severe acute
respiratory syndrome (SARS).

Due to the slump in international travel, largely caused by the
severe acute respiratory syndrome (SARS) scare, All Nippon
Airways, along with another Japanese carrier, has asked the
Development Bank of Japan for financial aid similar to those
granted to U.S. counterparts, the Troubled Company Reporter-Asia
Pacific reported recently. The Financial Times says it is not
yet clear how much money the carriers are asking or in what form
the aid will be packaged.


DAIEI INC.: Fukuoka Businesses Generate Y2.4B Profit
----------------------------------------------------
Daiei Inc.'s businesses in Fukuoka, a takeover target in the
restructuring of the ailing retailer, posted a combined
operating profit of 2.4 billion yen for the year ending in
February, according to Kyodo News. Fukuoka Daiei Real Estate
Inc., Fukuoka Dome Inc. and the Fukuoka Daiei Hawks also
reported sales of 34.5 billion yen, down 1.4 billion yen from
the previous year.


FUJITSU LIMITED: Plans to Change Capital Structure
--------------------------------------------------
Hit hard by the information technology (IT) slump, Fujitsu Ltd.
plans to change its capital structure to enable it to make ready
use of capital reserves of more than 330 billion yen should it
face a rapid deterioration in earnings, according to Kyodo News
on Friday.

The computer maker plans to transfer 300 billion yen of its
394.4 billion yen in capital reserves into a more readily
accessible "other capital surplus" account. The computer maker
also plans to transfer 36.4 billion yen from profit reserves to
un-appropriated profit that can be used immediately to cover
losses. In 2002, Fujitsu suffered a net loss of 175 billion yen
on a parent-only basis. It expects to swing into the black with
a net profit of 50 billion yen in the current fiscal year.


RESONA HOLDINGS: Unit Submits Application For Y1.96Tr Injection
---------------------------------------------------------------
Resona Bank submitted an application for the infusion of public
funds and efforts towards revival of the Resona Group as
follows:

1. Application for an infusion of public funds

On May 17, 2003, Resona Bank, Ltd., a unit of Resona Holdings,
Inc., was designated by the Prime Minister of Japan as needing
number 1 Measures (underwriting of shares and other measures by
the Deposit Insurance Corporation to expand the capital of
financial institutions) under Article 102, Section 1 of the
Deposit Insurance Law. In accordance with this designation,
Resona Bank submitted on Friday an application to the Deposit
Insurance Corporation for an infusion of public funds. The
amount of public funds, which it applied for, is as follows:

Total amount: 1.96 trillion yen

The above amount is determined in accordance with the opinion
included in the report compiled by the Financial System
Management Council that the size of an infusion should be
sufficient enough for Resona Bank to raise its capital adequacy
ratio above 10 percent from a viewpoint of eliminating concerns
prevailing among depositors, customers and in the markets."

In addition, Resona Holdings has submitted, "Plan to Revitalize
Management." Principal items included in the Plan are summarized
in the following, "2. Restructuring of governance system" and
"3. Efforts towards revitalization of management."

2. Restructuring of governance system

(1) Renewal of Management

Resignation of representative directors for Resona Holdings and
Resona Bank (collectively referred to as "both companies were
already announced. In addition, new management for other
subsidiary banks and affiliated companies were also determined.
Each bank and group Company rejuvenates the management and carry
out management innovation.

                  At present After renewal Reduction

Total of Resona Holdings and its
subsidiary banks   47     41        (6)

Affiliated companies     230    164        (66)

1. Directors who concurrently serve, as directors for other
companies are counted once to avoid double entry.

2. Presented figure includes 1 director (CEO), and 6 outside
directors. (Each presented figure is the sum of directors and
auditors.)

In order to clarify the management responsibility, the retiring
representative directors of both companies will voluntarily
return their retirement allowances. Other retiring directors
will also voluntarily return their retirement allowances.

(2) Invitation of outside directors

With a view to introducing an innovative way of thinking and
enhancing transparency of management, new board members, who are
reputed to have considerable insight, superior knowledge and
abundant experiences, will be invited from outside and appointed
as 1) Chairman and Chief Executive Officer (CEO), and 2) Outside
Directors. Appointment of Director, Chairman and CEO

New management position Name Current position

Director, Chairman and CEO Eiji Hosoya Executive Vice President
East Japan Railway Company Entry into office: June 25 (Resona
Bank), June 27 (Resona Holdings)

Appointment of Outside Directors

New management position     Name       Current position

Director          Yoji Arakawa         Lawyer
Director          Terukazu Inoue       Corporate Auditor
                                       Toyota Motor Corporation
Director          Shunji Koike         President
                                       Sanlit Sangyo Co., Ltd.
                                       Vice Chairman
                                       The Osaka Chamber of
Commerce
                                       and Industry
Director          Noboru Yanai         President
                                       Arrow Consulting
Director         Hiroshi Rinno         President
                                       Credit Saison, Ltd.
Director         Shotaro Watanabe      Vice Chairman and
                                       President
                                       KEIZAI DOYUKAI
                                      (Japan Association of
Corporate
                                       Executives)
Composition of Board of Directors

                     At present After renewal Of which, outside
                                                  directors

       Resona Holdings 11            10           6
       Resona Bank     10            11    6

(3) Move towards "Company with Committees"

In order to strengthen checking on and supervision of the
management and to facilitate swift decision-makings, both
companies will take steps to adopt "Company with Committees"
system.

3. Efforts towards Revitalization of Management

(1) Improvement of asset quality

In the fiscal year ended March 2003, Resona Bank has made
significant progress in restoring its financial soundness by
taking such measures as 1) removing significant amount of
problem loans from its balance sheet, 2) virtually eliminating
latent losses on its stock portfolio, 3) reversing substantial
deferred tax assets and other proactive measures. Resona Bank
will further implement the measures outlined below to ensure the
recovery of its financial strength.

a) Separating accounts on an administrative accounting basis
b) Strengthening credit risk management by improving loan
portfolio management, dispersing loan portfolio into small lots
c) Accelerating sales of stocks utilizing Bank's Shareholdings
Purchase Corporation and the Bank of Japan's stock purchasing
scheme

(2) Establishment of sound earnings structure

a) Reduction of personnel expenses

Employee salary and bonus will be reduced by 30 percent on
average (in the case of general managers of branch offices,
their salaries and bonuses will be halved if compared with their
peak in the past). In addition, cost-cutting measures such as
review of retirement allowance and pension system and reduction
of employees will also be implemented.

b) Reduction of non-personnel expenses

Planned integration of systems among subsidiary banks will be
reconsidered. Also, such measures as acceleration of
consolidation and abolition of redundant branches, disposal of
Company condominiums, dormitories and other idle properties,
will be implemented.

c) Strengthening of interest and other income

Interest income will be strengthened by increasing loans to
small and medium-sized companies and individuals and by charging
interests appropriate to borrowers' risk profile. Also, fee
income from pension, real estate, will trust and other
businesses will be strengthened through realization of synergies
arising from cooperation among group banks.

(3) Priority on satisfaction of customers

As a "federation of regional financial institutions" Resona
Group will clarify its priority on satisfaction of customers in
regional communities.

4. Formulation of new management concepts and business model
directed towards revival of Resona Group

Resona Group, under the new management, reviews its existing
management concepts and business model. In connection with the
adoption of new management concepts and business model, Resona
Group will review its Plan to Revitalize Management if such
review is considered necessary.


RESONA HOLDINGS: Unveils Capital Reduction
------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that its board of
directors' meeting held on May 30, 2003, passed a resolution to
submit an agenda concerning reduction of capital to the general
meeting of shareholders, which is supposed to be held on June
27, 2003. Details are as follows:

1. Purpose of capital decrease

In the fiscal year ended March 31, 2003, Resona HD incurred a
revaluation loss of 1,161,119 million yen on the stocks of its
banking subsidiaries. Primarily owing to the extraordinary loss,
a loss of 372,025 million yen is supposed to remain un-disposed
even after taking into consideration a loss disposal plan, which
will also be submitted for approval to the general meeting of
shareholders.

Resona HD regrettably proposes a capital reduction as a measure
to compensate for the carried forward loss.

We regard this development with the utmost seriousness and
apologize for the disbenefits and inconveniences caused on our
shareholders and creditors.

2. The way in which capital decrease will be implemented

1) Amount of capital decrease

The capital amount of Resona HD at present is 720,499,500,000
yen, which will be reduced by 412,025,611,582 yen to
308,473,888,418 yen.

2) Way of capital reduction

The number of shares issued remains unaffected by the proposed
capital reduction. The amount of total shareholders' equity will
also remain unchanged by the planned capital decrease. (so
called "reduction of capital without compensation

3. Schedule

1) Corporate resolution May 30, 2003
2)
2) Resolution by general meeting of shareholders June 27, 2003
(Planned)

3) Deadline for creditors to lodge protests August 11, 2003
(Planned)

4) Date of capital decrease (entry into force) August 12, 2003
(Planned)

1. The proposed capital reduction will neither result in
reduction of total shareholders' equity nor accompany any
disbursement of cash (reduction of capital without
compensation).

2. The proposed reduction of capital will not accompany stock
merge (such as 2-to-1 stock merge which halves the number of
shares that a given shareholder has). Therefore, the rights
attached to any given share such as voting right or right to
receive dividends will not
be affected by the proposed reduction of capital.

3. We regret that the interests of our shareholders and
creditors are to be adversely affected by the proposed reduction
of capital. The proposed capital reduction, we consider, is the
best way for us to cope with the most important financial
challenge that we face. We request your understandings on this
matter.

For more information, go to
http://www.resona-hd.co.jp/e-ir/pdf/i_01/030530_2a.pdf


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


HYNIX SEMICONDUCTOR: Roh Urges Fair U.S. Ruling on Chipmaker
------------------------------------------------------------
South Korean President Roh Moo-hyun has asked visiting United
States Secretary of Commerce Donald Evans to ensure Washington
makes a fair decision on whether to impose countervailing duties
on semiconductors made by Hynix Semiconductors Inc., the Korea
Herald reported Monday. Roh also called on Washington to
encourage United States firms to invest in the country. "The
entire administrative process concerning Hynix has been in the
works for six months and the expected ruling by the commerce
department June 16 will be based on all due considerations,"
President Roh was quoted as saying.

Roh added that the International Trade Committee would make
another decision on Hynix on July 31 and would work to determine
the final verdict in August. The ITC's decision will confirm
whether the chips manufactured by Hynix harmed U.S. companies or
not.

DebtTraders reports that Hyundai Semiconductor's 8.250% bond due
in 2004 (HYUS04KRS1) trades between 68 and 78. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS04KRS1


SK GLOBAL: Creditors May See Better Deal
----------------------------------------
Creditors of SK Global Co. announced that SK Group had improved
its bailout offer and would consider it later this week, Reuters
said on Monday, citing an unnamed creditor bank. The revised
offer came over the weekend after SK Group failed last week to
offer a bailout plan that creditors would accept. Creditors will
hold a steering committee meeting anytime this week to decide
whether to accept the offer or not. SK Group spokesman Bahng Ji-
man declined to comment on the offer.

Creditors said last week they were trying to put SK Global into
receivership after the group's earlier offer led by SK Corp fell
short of demands. SK Global, which has 4.38 trillion won more
debt than assets, is the largest distributor for SK Corp's oil
products and markets cell phones for the group's biggest cash
generator SK Telecom Co, the country's top mobile phone carrier.


SK CORPORATION: KNOC to Import Oil For Firm
-------------------------------------------
The Korea National Oil Corporation (KNOC) will work as an agent
for SK Corporation for the import of crude oil to prevent a
possible crisis in the domestic petroleum market, the Korea
Herald said on Monday, citing the Ministry of Commerce, Industry
and Energy. KNOC will import US$500 million worth of crude oil
on behalf of SK Corporation, which is having difficulties
importing the raw material because of credit constraints caused
by the ongoing financial scandal surrounding its unit SK Global.


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


ABRAR CORPORATION: Issues Provision of Financial Assistance
--------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
wishes to announce that the relevant information in relation to
the provision of financial assistance pursuant to Practice Note
No. 11/2001 in relation to paragraph 8.23 of the Listing
Requirements of the Kuala Lumpur Stock Exchange is as follows:

AGGREGATE AMOUNT OF FINANCIAL ASSISTANCE

The aggregate amount of advances provided to corporations to
whom the provisions of advances are necessary to facilitate the
ordinary course of business of ACB Group for the 4th quarter for
the period ended 31 March 2003 was RM 670,414.90.

FINANCIAL IMPACT

The advances provided to the corporations are not expected to
have any material impact on ACB Group.


BRISDALE HOLDINGS: Answers KLSE's Winding Up Petition Query
-----------------------------------------------------------
Brisdale Holdings Berhad, in reply to Query Letter by KLSE
reference ID: NM-030520-36903 dated 28 May 2003 on the Winding-
Up Petition on its unit Brisdale Development Sdn Bhd (BDSB),
furnished the information as requested by the Exchange for
public release:

The Petitioner, Viable Shanghai (M) Sdn Bhd alleging that BDSB
is indebted to the Petitioner in the sum of RM606,941-30 being
the liquidated damages, principal sum refundable and late
payment interest payable to the Petitioner in respect of the
properties known as Lot 07-G, Lot 08-1 and Lot 08-G, Larkin
Perdana, Winner-4S Shop Office pursuant to three (3) Sale &
Purchase Agreement dated 13 April 1995, 24 April 1995 and 24
April 1995 respectively.

The solicitors for the Petitioner has on 31 December 2002 in
accordance with Section 218 of the Companies Act, 1965 served
three (3) Notices for the said outstanding sum, all three (3)
Notices 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 Petitioner filed and served the Winding-Up
Petition on BDSB.

In view of the fact that BDSB is 65% owned subsidiary company of
Pembangunan Brisdale Sdn Bhd (a wholly owned subsidiary of
Brisdale Holdings Berhad) which is in possession of assets
currently realizable and available to meet its current
liabilities, the Board of Directors are of the opinion that this
matter will be settled amicably.

Kuala Lumpur Stock Exchange Query Letter content:

We refer to the your Company's announcement dated 19 May 2003 in
respect of the aforesaid matter. In this connection, kindly
furnish the Exchange immediately with the following information
for public release:

1.The details of the default or circumstances leading to the
filing of the winding-up petition.

Yours faithfully,
INDERJIT SINGH
Senior Manager
Listing Operations
IS/WSW/NMA


BUKIT KATIL: Notice of Appeal Hearing Further Moved to June 24
--------------------------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad wish to
inform that further to the on-going negotiations with OCBC Bank
(Malaysia) Berhad, its notice of appeal which came for hearing
on 6 May 2003 has been further adjourned to 24 June 2003 to
enable BKATIL to settle this matter amicably.

Borrowings in default as at 30 April 2003 with OCBC Bank
(Malaysia) Berhad are detailed at
http://bankrupt.com/misc/TCRAP_Bkatil0603.pdf.


CHASE PERDANA: KLSE OKs Rights, Restricted Issue Applications
-------------------------------------------------------------
Chase Perdana Berhad refers to the announcements made on 16 May
2002, 9 September 2002 and 30 December 2002 relating to the
approvals from the Foreign Investment Committee, Securities
Commission (SC) and CPB shareholders for, inter-alia, the Rights
Issue and Conditional Restricted Issue.

On behalf of the Board of Directors of CPB, Southern Investment
Bank Berhad wishes to announce that the Kuala Lumpur Stock
Exchange (KLSE) had on 25 February 2003, approved CPB's
application for the following:

   i) Book Closure Period

The shortening of the period for book closing date from not less
than twelve (12) market days as required under paragraph 6.18 of
the Listing Requirements of KLSE to four (4) market days in
relation to the Rights Issue and Conditional Restricted Issue;

   ii) Trading of Provisional Allotment Letters

The exemption from the trading of the provisional allotment
letters arising from the Rights Issue as stipulated in Appendix
6E of Chapter 6 of the Listing Requirements of KLSE;

   iii) Closing Date

The shortening of the period between the book closing date and
the closing date for receipt of applications for and acceptance
of Rights Shares from not less than twenty-two (22) market days
as required under paragraph 6.20 of the Listing Requirements of
KLSE to fourteen (14) market days; and

   iv) Requotation

The requotation of CPB ordinary shares of RM1.00 each (Shares)
upon completion of the Rights Issue instead of one (1) market
day after the book closing date for the Rights Issue.

On 19 May 2003, SIBB had on behalf of CPB, applied to the KLSE
for the requotation of CPB Shares one (1) market day after the
book closing date for the Rights Issue instead of upon
completion of the Rights Issue. However, on 28 May 2003, SIBB
had written to the KLSE to withdraw the said application. Hence
CPB Shares will be requoted on the KLSE upon completion of the
Rights Issue.

Based on the above, CPB shareholders and/or their transferee
should take note of the following:

   i) the provisional allotment of rights are not tradable on
the KLSE. However, the provisional allotment of rights are
transferable; and

   ii) the period between the book closing date and the closing
date for receipt of applications for and acceptance of Rights
Shares has been shortened from twenty-two (22) market days as
required under paragraph 6.20 of the Listing Requirements of
KLSE to fourteen (14) market days.

Capital Reduction and Consolidation

On 21 May 2003, CPB announced the book closing date for the:

   i) share capital reduction of 90% of the existing issued and
paid-up share capital by the cancellation of RM0.90 of the par
value of each existing CPB Share and the issuance of six (6) new
ordinary shares of RM0.10 each to Firdauz Edmin Mokhtar (Capital
Reduction); and

   ii) consolidation of every ten (10) CPB shares of RM0.10 each
into one (1) CPB Share pursuant to the Capital Reduction
(Capital Consolidation).

A share recall circular was dispatched to CPB shareholders on 22
May 2003. Notices of Allotment for the CPB Shares arising from
the Capital Reduction and Consolidation will be dispatched to
CPB shareholders within ten (10) market days from the book
closing date of the Capital Reduction and Consolidation on 28
May 2003.

Conditional Restricted Issue

Pursuant to one of the conditions imposed by the SC in its
approval letter dated 6 September 2002, CPB is required to first
offer the Restricted Shares to all minority shareholders of CPB
apart from TSDDM and parties related to him. If the offer is not
accepted by the minority shareholders of CPB, TSDDM can then
subscribe for the Restricted Shares. Accordingly, CPB
shareholders and/or their transferee applying for Restricted
Shares (Applicants) must not be a party connected with Tan Sri
Datuk Dr Mohan M.K. Swami (TSDDM).

A person is deemed a party connected with TSDDM if such person
falls under any one of the following categories:

   i) a member of TSDDM's family, which family shall have the
meaning given in Section 122A of the Act which include his
spouse, parent, child (including adopted child and step child),
brother, sister and the spouse of his child, brother or sister;

   ii) a trustee of a trust (other than a trustee for an
employee share scheme or pension scheme) under which TSDDM or a
member of TSDDM's family is the sole beneficiary;

   iii) a partner of TSDDM or a partner of a person connected
with TSDDM;

   iv) a person who is accustomed or under an obligation,
whether formal or informal, to act in accordance with the
directions, instructions or wishes of TSDDM;

   v) a person in accordance with whose directions, instructions
or wishes TSDDM is accustomed or is under an obligation, whether
formal or informal, to act;

   vi) a body corporate or its directors which/who is/are
accustomed or under an obligation, whether formal or informal,
to act in accordance with the directions, instructions or wishes
of TSDDM;

   vii) a body corporate or its directors whose directions,
instructions or wishes TSDDM is accustomed or under an
obligation, whether formal or informal, to act;

   viii) a body corporate in which TSDDM and/or persons
connected with him are entitled to exercise, or control the
exercise of, not less than 15% of the votes attached to voting
shares in the body corporate; or

   ix) a body corporate, which is a related corporation.

A prospectus will be dispatched to CPB shareholders in due
course for the Rights Issue and Conditional Restricted Issue.
Applicants must declare that they are not a party connected with
TSDDM in Part III of the Rights Subscription Form and
Subscription Form.

Mechanism of Conditional Restricted Issue

Applicants can subscribe for up to 28,081,602 Restricted Shares.
However, the final amount of the Restricted Shares can only be
determined after the closing of acceptance and payment for the
Rights Issue. The quantum of the Conditional Restricted Issue
will be equivalent to the higher of the number of Rights Shares
subscribed by CPB shareholders or 359,306 Restricted Shares.

This is to ensure that CPB's issued and paid-up share capital
will be at least RM40 million in compliance with the minimum
issued and paid-up share capital requirement for companies
listed on the Second Board of the KLSE.

Restricted Shares available will first be allotted to the
Applicants. Any remaining Restricted Shares, which are not
subscribed by the Applicants, will be subscribed by TSDDM. This
is to facilitate TSDDM's undertaking given to the SC that he
will subscribe for any unsubscribed Restricted Shares.

Implications of the Malaysian Code On Take-Overs and Mergers,
1998

Applicants should also take note of the implications of the
Malaysian Code On Take-Overs and Mergers, 1998 pursuant to the
Conditional Restricted Issue. In the event an Applicant holds
more than 33% equity interest in CPB subsequent to subscribing
for the Conditional Restricted Issue, the Applicant must
undertake a mandatory offer to acquire the remaining CPB Shares
not already owned by the Applicant at an offer price of RM1.00,
representing the price which the Applicant has acquired the CPB
Shares.


DAMANSARA REALTY: Postpones Scheme Application Submission
---------------------------------------------------------
Damansara Realty Berhad refers to the announcement dated 5
February 2003 wherein AmMerchant Bank Berhad had, on behalf of
the Company, announced, inter-alia, that the Company expects to
make the application on the Proposed Reconstruction and
Restructuring Scheme to the Securities Commission (SC) and other
relevant authorities (Application) within four months from the
date of the said announcement i.e. by 5 June 2003.

On behalf of the Company, AmMerchant Bank would like to announce
that the Board of Directors of the Company (Board) has decided
to postpone the submission of the Application to allow the
Board, together with its advisers, to reconsider and review
several key assumptions underlying the profit and cash flow
forecast and projections of the DBhd group of companies (Group).
The Board anticipates that an announcement on the said review
and the corresponding decision will be made within three (3)
months from the date of this announcement.

The "Proposed Reconstruction And Restructuring Scheme"
collectively refers to:

- Proposed Capital Reduction and Consolidation of Shares;
- Proposed Exchange of DBHD Shares with the Shares of a
Newly-Incorporated Public Company (Newco), which will
assume the Listing Status of DBHD;
- Proposed Acquisition of `A' Redeemable Convertible
Cumulative Preference Shares (RCCPS) from Johor
Corporation (JCorp);
- Proposed Acquisition of the Rights to Allotment of
400,000,000 New Ordinary Shares of Rm1.00 Each in
Damansara Town Center Sdn Bhd (DTCSB), a Wholly-Owned
Subsidiary of DBHD, from Johor City Development Sdn Bhd
(JCD), a Wholly-Owned Subsidiary of JCorp, pursuant to the
Proposed Conversion by JCD of its Entire Holding of `B'
RCCPS into New Ordinary Shares in DTCSB;
- Proposed Acquisition of Approximately 240.59 Acres of
Freehold Land (formerly known as Tampoi Land) to be
Developed for a Mixed Development Project Known as `Taman
Damansara Alif' From JCD;
- Proposed Exemptions to JCorp, JCD and Parties Acting in
Concert With Them From the Obligation to Extend a
Mandatory Take-Over Offer for all the Remaining Shares Not
Already Owned by them in Newco;
- Proposed Offer for Sale / Placement of Shares in Newco by
JCorp and/or JCD; and
- Proposed Admission of the Entire Issued and Paid-Up Share
Capital of Newco to the Official List of the Kuala Lumpur
Stock Exchange and Proposed Delisting of DBHD.


JASATERA BHD: In the Midst of RPRE Implementation
-------------------------------------------------
Reference is made to paragraph 4.1 (b) of PN 4/2001 whereby
Jasatera Berhad, a listed issuer is required to announce the
status of it's financial position on a monthly basis until
further notice from the KLSE.

Jasatera Berhad had already obtained the approvals from the
Securities Commission, the Ministry of International Trade and
Industry and the Foreign Investment Committee for the Revised
Proposed Recapitalization Exercise (RPRE).

With regard to the Proposed Exemption sought pursuant to PN
2.9.1 of the Malaysian Code on Takeovers & Mergers 1998, the
Securities Commission had replied that it will consider the
proposed exemption subject to the fulfillment of the conditions
as per announcement dated 24 January 2003.

The company is in the midst of implementing the Revised Proposed
Recapitalization Exercise (RPRE).


L&M CORPORATION: April Defaulted Payments Hits RM59.604M
--------------------------------------------------------
The Special Administrators of L & M Corporation (M) Bhd (L&M)
wish to inform that the total default payments to financial
institutions, in respect of various credit facilities granted to
its subsidiary company, L & M Geotechnic Sdn Bhd, based on the
latest available information provided by financial institutions
as at 30 April 2003 was RM59,604,001.63.

As announced earlier, the Foreign Investment Committee, the
Ministry of International Trade and Industry and the Securities
Commission have approved the Proposed Corporate and Debt
Restructuring Scheme (Proposed CDRS). Pengurusan Danaharta
Nasional Berhad also approved the Workout Proposal of L&M, which
includes the Proposed CDRS, on 23 April 2003.

Currently, L&M is implementing the Proposed CDRS and the Workout
Proposal, in order to regularize its financial condition.

Remarks: Default payments are not reported in respect of certain
subsidiaries and L&M, which are either in liquidation or under
special administration.


LAND & GENERAL: Obtains Approval From Majority Lenders
------------------------------------------------------
Further to Land & General Berhad's announcement dated 30 April
2003, Commerce International Merchant Bankers Berhad wishes to
announce on behalf of L&G, that the Company has obtained the
approvals of the Majority Lenders for an extension of time to 30
June 2003 to satisfy the conditions precedent to the Debt
Restructuring Agreement dated 28 February 2002 and the
Supplemental Debt Restructuring Agreement dated 30 April 2003.

The 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 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%
Redeemable Convertible Secured Loan Stocks 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.


MANCON BERHAD: KLSE to De-list Securities Starting June 16
----------------------------------------------------------
After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission, the
Kuala Lumpur Stock Exchange in the exercise of its powers under
Paragraph 16.17 of the Exchange's Listing Requirements, has
decided to de-list the securities of the Company from the
Official List of the Exchange as the Company does not have an
adequate level of financial condition to warrant continued
listing on the Official List of the Exchange.

Accordingly, please be informed that the securities of the above
Company will be removed from the Official List of the Exchange
at 9:00 am on Monday, 16 June 2003.

With respect to the securities of the Company which are
deposited with the Malaysian Central Depository Sdn Bhd (MCD),
please be informed that the securities of the Company will
continue to remain deposited with the MCD notwithstanding the
de-listing of the securities of the Company from the Official
List of the Exchange. It is not mandatory for the securities of
the Company to be withdrawn from MCD.

Shareholders of the Company who intend to withdraw their
securities from the MCD, may do so at anytime after the
securities of the Company are de-listed from the Official List
of the Exchange by submitting the application form for
withdrawal in accordance with the procedures prescribed by MCD.

Shareholders of the Company can contact any Member Company of
the Exchange and/or MCD's helpline at 03-20717711 or 03-20717723
for information on the withdrawal procedures.


METROPLEX BHD: Reconciles Audited, Unaudited Results Deviation
--------------------------------------------------------------
In accordance with paragraph 9.19 (34) of Chapter 9 of the
Listing Requirements of Kuala Lumpur Stock Exchange, the Board
of Directors of Metroplex Berhad wishes to announce that the
audited results of the Group deviate from the unaudited results
as announced on 28 March 2003. The reconciliation of the
deviation and the explanations thereof are set out at
http://bankrupt.com/misc/TCRAP_Metroplex0603.pdf.

1) Further impairment loss on property, plant and equipment was
recognized as a result of the Group's ongoing review and
valuation exercises on its assets in compliance with Malaysian
Accounting Standards Board ("MASB") Standard 23 on "Impairment
of Assets" and in conjunction with the Group's debt
restructuring exercise.

2) Property development expenditure were further written down to
reflect a carrying amount which approximate the realizable
value/future economic benefits of the property development
expenditure accounts.

3) Unrealized forex losses arose from a subsidiary viz. Legend
International Resorts Limited being exchange losses arising from
its foreign currency-denominated transactions.

Save and except for the above, there are no other material
differences between the audited and the announced unaudited
results for the financial year ended 31 January 2003.

Pursuant to paragraph 9.19 (35) of the Listing Requirements of
Kuala Lumpur Stock Exchange, the Board of Directors of Metroplex
Berhad (the Company) wishes to inform that Messrs. P C Chan &
Partners, the auditors of the Company have issued a disclaimer
of opinion in respect of the financial statements for the
financial year ended 31 January 2003.

The details of the said qualification made in the Auditors'
Report addressed to the Shareholders of the Company dated 28 May
2003, which had been attached together with the financial
statements as at 31January 2003 was released to the Kuala Lumpur
Stock Exchange on 29 May 2003.

The audit qualification made by the auditors as at the date of
the report was due to the following matter:

   (a) The management of the Company together with their
advisers are presently working on the proposed restructuring
exercise as disclosed in Note 30 (iv) to the financial
statements, which is conditional upon the approval of amongst
others, the shareholders, lenders, creditors and regulatory
authorities. The outcome of the proposed restructuring exercise
could result in adjustments to certain balances and to the
classification of assets and liabilities in the financial
statements of the Group and the Company, the final outcome of
which is uncertain as at the date of this report.

   (b) The financial statements of the Group and the Company
have been prepared on a going concern basis, which contemplates
the realization of assets and liquidation of liabilities in the
normal course of business. As at 31 January 2003, the Group and
the Company incurred net losses of RM361,893,000 and
RM81,182,000 and accumulated losses of RM441,731,000 and
RM112,306,000 respectively. This factor, together with the
matter highlighted at (a) above raise doubt that the Group and
the Company will be able to continue as a going concern. The
ability of the Group and the Company to continue as a going
concern is dependent on the successful completion of the
proposed restructuring exercise as disclosed in Note 30 (iv) to
the financial statements. The financial statements of the Group
and the Company do not include any adjustments to the amounts
and classification of assets and liabilities that might be
necessary should the Group and the Company be unable to continue
as a going concern.

   (c) The consolidated income statement, consolidated balance
sheet , consolidated statement of changes in equity and
consolidated cash flow statement of the Group incorporate the
unaudited management accounts of one of the Company's
subsidiaries, namely, Legend International Resorts Limited, as
the audited financial statements of this subsidiary are not
available.


NALURI BERHAD: 21st AGM Fixed on June 23
----------------------------------------
Naluri Berhad wishes to inform that the 21st Annual General
Meeting of the Company will be held at Ballroom 1 Level 2, Hotel
Nikko, 165 Jalan Ampang, 50450 Kuala Lumpur on Monday, 23rd June
2003 at 10:30 a.m. The Notice will be published in the News
Straits Times on 2nd June 2003.

A copy of the AGM Notice can be found at
http://bankrupt.com/misc/TCRAP_Naluri0603.docfor your
reference.


PICA (M) CORP.: KLSE Suspending Securities Trading by June 5
------------------------------------------------------------
Further to the announcement on Practice Note 4, the Board of
Directors of Pica (M) Corporation Berhad, through its advisor
CIMB has requested from KLSE for a further extension of two
months to make the requisite announcement. KLSE has rejected its
application for extension of time to make the requisite
announcement.

Due to the above, the KLSE has decided to impose a suspension on
the trading of the securities of the Company with effect from
9:00 a.m., Thursday, 5 June 2003 until further notice.


PICA (M) CORP.: Posts Securities De-listing Show Cause Notice
-------------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad wishes to
make the following announcement for public release:

   1) The Company has been accorded 14 days from 28th May 2003
by the Exchange to make written representations to the Exchange
on why its securities should not be removed from the official
list of the Exchange.

   2) In the event the Exchange decides to de-list the Company,
the securities of the Company shall be removed from the Official
list of the Exchange upon the expiry of 14 days from the date of
notification of the decision to de-list the Company or upon such
other date as may be specified by the Exchange; and

   3) In the event the Exchange decides not to de-list the
Company, other appropriate action/penalty(ies) may be imposed
pursuant to paragraph 16.17 of the Listing Requirements.

The Board wishes to inform that it will make the necessary
representations supported by documentary evidence as per Item 1
above as requested by the Exchange.


PICA (M) CORP.: Provides Credit Facilities Status Update
--------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad wishes to
make the following announcement for public release:

1. RM60 Million Guaranteed Revolving Underwriting Facility

Further to the Company's announcement on the status of the above
matter, the Court has fixed 13 June 2003 for further mention in
relation to the Plaintiff's striking out application. Apart from
the above, the legal proceeding is still pending in court.

2. RM5 Million Revolving Credit Facility & RM7 Million Short
Term Loan

Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been postponed to 21 July 2003. Apart from the above, the legal
proceeding is still pending in court.

3. RM50 Million Term Loan Facility

Further to the Company's announcement, the Company wishes to
inform that Plaintiff's summary judgment application has been
postponed to 30 May 2003 for mention. Apart from the above, the
legal proceeding is still pending in court.

4. RM4 million Revolving Credit Facility & RM7 million Overdraft
Facility

Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been further fixed for hearing on 30 May 2003. Apart from the
above, the legal proceeding is still pending in court.

5. Approx RM3 million Credit Facility Claimed by Arab-Malaysian
Bank

Further to the Company's announcement, the Company wish to
inform that the Company has filed in its Statement of Defense
and the Plaintiff's summary judgment application has been
further fixed for hearing on 14 July 2003. Apart from the above,
the legal proceeding is still pending in court.


PILECON ENGINEERING: Defaulted Payment Status Remains Unchanged
---------------------------------------------------------------
Further to the announcement made by the Company on 30 April 2003
with regards to the status of default in payment pursuant to
Practice Note 1/2001, Pilecon Engineering Berhad wishes to
hereby announce that there have not been any changes to the
status of default since then.

The steps undertaken by the Company to rectify the default are
comprised in the Proposed Scheme of Arrangement pursuant to S176
of the Companies Act, 1965. Please refer to the announcement
made by the Company on 21 February 2003 for more details of the
Proposed Scheme of Arrangement.

Attention is further brought to the announcement made by the
Company on 19 May 2003 that the Kuala Lumpur High Court has
extended the Order to convene creditors' meeting pursuant to
Section 176(1) of the Companies Act, 1965 for a period of ninety
(90) days from 21 May 2003. The Court has further granted an
order for an extension of time to the Restraining Order from 21
May 2003 to 30 November 2003.


REPCO HOLDINGS: To be Removed From Official List by June 16
-----------------------------------------------------------
After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission, the
Kuala Lumpur Stock Exchange in the exercise of its powers under
Paragraph 16.17 of the Exchange's Listing Requirements, has
decided to de-list the securities of Repco Holdings Berhad from
the Official List of the Exchange as the Company does not have
an adequate level of financial condition to warrant continued
listing on the Official List of the Exchange.

Accordingly, please be informed that the securities of the above
Company will be removed from the Official List of the Exchange
at 9:00 am on Monday, 16 June 2003.

With respect to the securities of the Company which are
deposited with the Malaysian Central Depository Sdn Bhd (MCD),
please be informed that the securities of the Company will
continue to remain deposited with the MCD notwithstanding the
de-listing of the securities of the Company from the Official
List of the Exchange. It is not mandatory for the securities of
the Company to be withdrawn from MCD.

Shareholders of the Company who intend to withdraw their
securities from the MCD, may do so at anytime after the
securities of the Company are de-listed from the Official List
of the Exchange by submitting the application form for
withdrawal in accordance with the procedures prescribed by MCD.

Shareholders of the Company can contact any Member Company of
the Exchange and/or MCD's helpline at 03-20717711 or 03-20717723
for information on the withdrawal procedures.


SATERAS RESOURCES: KLSE Grants 14 Days RA Time Extension
--------------------------------------------------------
The Board of Directors of Sateras Resources (Malaysia) Berhad
wishes to announce that Kuala Lumpur Stock Exchange upon
consultation with the Securities Commission has decided that
given the fact that the Company had made the Requisite
Announcement on 12th May 2003 to the KLSE, the Company has been
given an extension of time of 14 days commencing on 30th May
2003 to submit its regularization plan to the relevant
authorities for approval.

In the event the Company does not submit its regularization plan
to the relevant authorities for approval within the Extended
Time Frame, the Company is required to make written
representations to the Exchange within 7 days from the expiry of
the Extended Time Frame on its failure to submit its
regularization plan to the relevant authorities for approval
within the Extended Time Frame and why the Exchange should not
proceed to de-list the securities of the Company from the
Official List of the KLSE. The Exchange will consider any
written representations that are filed by the Company (if any)
provided that the same is made within 7 days from expiry of the
Extended Time Frame and then proceed to decide on whether the
securities of the Company should be de-listed from the Official
List of the KLSE.


SERISAR INDUSTRIES: Unit Defaults Credit Facilities Repayments
--------------------------------------------------------------
Serisar Industries Bhd. (SIB) wishes to announce that its wholly
owned subsidiary, Kilang Papan Dasatu Sdn Bhd (KPD) has not
paid, and is deemed to have defaulted in its repayments on
facilities granted by Standard Chartered Bank Malaysia Berhad
and Southern Bank Berhad, both which are unsecured. The details
of the facilities currently in default in compliance with
Section 3.1 of Practice Note 1/2001 are as tabulated in Table 1
at http://bankrupt.com/misc/TCRAP_Serisar0603.doc.

A) REASON FOR DEFAULT IN PAYMENTS

Due to the unfavorable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in the year 1997, many of the Group's buyers
were adversely affected and are facing financial difficulties
leading to their inability to settle their outstanding balances
despite efforts made by the management to collect these
outstanding debts with the Group. As a result, the cashflow
generated from operations was not sufficient to service the
interest and principal obligations to the lenders as and when
they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

SIB is currently in negotiations with the lenders to normalize
and regularize the accounts/facilities and amounts due and owing
to them.

C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS

The estimated total outstanding as at 30 April 2003, in relation
to the payments, which are in default and are the subject matter
of this announcement amounts to RM11,749,290.10.

Since SIB is the guarantor for these loans, SIB is liable for
the full amount and any further interest and financial cost
levied there or until the settlement of these debts.

D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS
OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER

Not applicable.

E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER

Not applicable.

F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE

The facilities listed above represent the borrowings of the
SIB's wholly owned subsidiary, KPD, and as a result of their
default, the remaining facilities granted by other lenders to
KPD are all technically in default by virtue of the "Cross
Default" clauses in the Letter of Offers.

However, the lenders have refrained from serious legal action
other than those, which have been disclosed in its Annual Report
and Announcements, since SIB is in active negotiations with them
to normalize and regularize the accounts.


SISTEM TELEVISYEN: Disposes Equity to Ease Financial Burden
-----------------------------------------------------------
On behalf of Sistem Televisyen Malaysia Berhad (TV3), AmMerchant
Bank Berhad (AmMerchant Bank), formerly known as Arab-Malaysian
Merchant Bank Berhad, is pleased to announce that TV3, has on 30
May 2003 entered into a share sale agreement (Agreement) with
SAL Group of Colleges Sdn Bhd (SAL) to dispose its entire equity
interest in its wholly-owned subsidiary, Cosmo Focus Sdn Bhd
(CFSB).

PROPOSED DISPOSAL

Details Of The Proposed Disposal

Pursuant to the Agreement, TV3 shall dispose its 100% equity
interest in CFSB comprising 2,000,000 ordinary shares of RM1.00
each in CFSB (Sale Shares) to SAL, for a consideration of RM1.8
million to be fully satisfied in cash (Consideration).

Background Information On CFSB

CFSB was incorporated in Malaysia under the Companies Act, 1965
as a limited liability corporation on 19 November 1994.
The present authorized share capital of CFSB is RM5,000,000
comprising 5,000,000 ordinary shares of RM1.00 each, of which
2,000,000 ordinary shares of RM1.00 each have been issued and
fully paid-up.

The principal activity of CFSB is the provision of training and
education in the field of broadcasting, films and its related
industries.

Based on the audited accounts of CFSB for the financial year
ended 31 August 2002, CFSB registered a net loss of RM3.77
million and a negative net tangible assets (NTA) of
approximately RM23.45 million.

Background Information On SAL

SAL was incorporated in Malaysia under the Companies Act, 1965
as a private limited company on 3 May 1988. Its previous name
was Penerbitan & Pengedaran SAL Sdn Bhd, before assuming its
present name on 17 September 2002.

The present authorized share capital of SAL is RM2,000,000
comprising 2,000,000 ordinary shares of RM1.00 each, of which
1,500,002 ordinary shares of RM1.00 each have been issued and
fully paid-up. The principal activities of SAL is the provision
of education.

Salient Terms Of The Agreement

The salient terms of the Agreement are as follows:

(a) TV3 shall sell and transfer to SAL, the Sale Shares free
from all encumbrances and together with all rights and benefits
attaching thereto;

(b) Upon execution of the Agreement, SAL shall pay a deposit
amounting to RM180,000 to TV3. The balance of the purchase
consideration amounting to RM1,620,000 shall be paid by SAL to
TV3 after the date of completion.

(c) Completion of the Agreement is subject to, among others, the
following:

(i) Approval from the Board of Directors of TV3;
(ii) Approval from the shareholders of SAL; and
(iii) Approval from the Foreign Investment Committee to be
obtained by SAL (if required).

Basis Of Arriving At The Disposal Consideration

The Consideration is determined on a willing-buyer-willing-
seller basis after taking into account the negative net tangible
assets of CFSB.

Original Cost Of Investment

TV3's original cost of investment in the CFSB Shares was RM2.0
million which was incurred in April 1998.

Liabilities To Be Assumed

Based on the audited accounts of CFSB for the financial year
ended 31 August 2002, the amount owing from CFSB to TV3 group
was RM26.6 million, which has been fully written down (Advance).
TV3 group is proposing to novate the Advance to SAL, the actual
amount of which will be determined on completion of the Proposed
Disposal. The details of the said novation will be announced
separately upon finalization.

The Proposed Disposal is not conditional upon the said proposed
novation, but the proposed novation is conditional upon
completion of the Proposed Disposal.

Utilization Of Proceeds Raised From The Proposed Disposal

The entire proceeds from the Proposed Disposal is proposed to be
utilized for working capital of TV3 group.

RATIONALE FOR THE PROPOSED DISPOSAL

Over the years, CFSB had registered losses due to low student
in-take and the management does not expect the business to
turnaround in the near future. With the Proposed Disposal, TV3
group is expected to ease its financial burden of supporting
CFSB's operations.

In addition, the Proposed Disposal is part of TV3's continuous
effort to dispose non-core assets and investments, which
complements TV3's corporate restructuring scheme. The Proposed
Disposal enables TV3 to focus on building and enhancing its core
business of commercial television broadcasting and related
activities.

EFFECTS OF THE PROPOSED DISPOSAL

Share Capital

The Proposed Disposal will not have any effect on the issued and
paid-up share capital of TV3.

Net Tangible Assets (NTA)

Based on the audited balance sheet of TV3 as at 31 August 2002,
the effects of the Proposed Disposal on the proforma NTA of the
TV3 are set out in Table 1 at
http://bankrupt.com/misc/TCRAP_TV#0603.doc.

At company level, based on the audited balance sheet of TV3 as
at 31 August 2002, the Proposed Disposal will result in a gain
on disposal of approximately RM1.8 million (but before taking
into account the estimated expenses relating to the Proposed
Disposal) as the cost of investment in CFSB has already been
fully written down due to the diminution in its value.

Earnings

Barring unforeseen circumstances, the Proposed Disposal is
expected to have a positive effect on the earnings and earnings
per share of the TV3 group in the immediate years as it entails
the sale of a subsidiary which are currently loss-making.

Substantial Shareholders' Shareholdings

The Proposed Disposal will not have any effect on the
substantial shareholders' shareholdings in TV3.

APPROVALS REQUIRED

The Proposed Disposal is subject to, inter-alia, TV3 obtaining
the following approvals:

(i) the Securities Commission (SC), if necessary;
(ii) other relevant authorities / parties, if required.

The Proposed Disposal is not subject to the approval of the
shareholders of TV3.

DEPARTURE FROM THE SC's POLICIES AND GUIDELINES ON ISSUE/OFFER
OF SECURITIES (SC GUIDELINES)

Paragraph 8 of Guidance Note 12 of the SC's Policies and
Guidelines on Issue/Offer of Securities stipulated that,

".For listed companies with negative NTA, any further
acquisitions or disposals above the RM1 million threshold would
normally be considered material, and thus requires the approval
of the SC. However, if the principal adviser is of the opinion
that the acquisition/disposal is not significant and does not
indicate a change in business direction, a waiver can be sought
formally in writing to the SC."

TV3 group currently has a negative NTA, pending the completion
of its scheme of arrangement. Hence, TV3 is obliged to seek the
approval from the SC for the Proposed Disposal. However,
AmMerchant Bank, on behalf of TV3, will apply to the SC for the
waiver from having to seek the approval of the SC for the
Proposed Disposal as it is not significant and does not
constitute a change in business direction.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors, the substantial shareholders or persons
connected with them have any interest, direct and/or indirect,
in the Proposed Disposal.

DIRECTORS' STATEMENT

Having considered the rationale and effects of the Proposed
Disposal, the Board of Directors, after careful deliberation, is
of the opinion that the Proposed Disposal is in the immediate
interest of TV3 and its shareholders.

ADVISER

AmMerchant Bank has been appointed as Adviser to TV3 for the
Proposed Disposal.

ESTIMATED TIME FRAME FOR COMPLETION

Barring unforeseen circumstances, the Proposed Disposal is
expected to be completed in the third quarter of 2003.

APPLICATION TO AUTHORITIES

Application to the authorities for the Proposed Disposal, if
required, will be made within three(3) months from the date of
the decision of the SC.

DOCUMENT FOR INSPECTION

The Agreement will be available for inspection at the registered
office of the Company at Sri Pentas, No. 3, Persiaran Bandar
Utama, Bandar Utama, 47800 Petaling, Selangor Darul Ehsan,
during normal office hours from Mondays to Fridays (except
public holidays) for a period of three (3) months from the date
of this announcement.


TECHNO ASIA: Discloses Financial Assistance Provision
-----------------------------------------------------
Pursuant to Section 3.1 of Practice Note No.: 11/2001 of the
Kuala Lumpur Stock Exchange (KLSE) Listing Requirements, Techno
Asia Holdings Berhad wishes to announce the provision of
financial assistance by TECASIA and its subsidiaries for the
quarter ended 31 March, 2003.

The aggregate amount of financial assistance provided during the
reporting quarter to persons listed under paragraph 8.23(1)(ii)
of the KLSE Listing Requirements, excluding trade debtors, are
as follows:

(a) Advances
                                     TECASIA*     Subsidiaries
                                     (RM'000)      (RM'000)
Advances provided during the quarter    -             -

(b) Guarantee, indemnity and provision of collateral
                                     TECASIA      Subsidiaries
                                     (RM'000)        (RM'000)
Guarantee, indemnity and provision of
collateral provided during the quarter   -            -

TECASIA further advises that no material financial impact on the
TECASIA Group is noted pursuant to the above.

* No figures are shown for the advances provided during the
quarter by the Company and its subsidiaries as it is negative.


TENCO BERHAD: Releases Litigation Hearing Dates
-----------------------------------------------
The Board of Directors of Tenco Berhad wishes to inform that the
hearing dates in respect of proceedings brought by Malaysian
Trustees Bhd against the three (3) pieces of properties
belonging to Westech Sdn Bhd (WSB), a wholly-owned subsidiary of
Tenco, and located at Seberang Perai and Johor Bahru, had been
fixed on 12 June 2003, 30 June 2003 and 4 July 2003. The
solicitors of WSB had been instructed to oppose the orders for
sale.

Furthermore, there are no material development to the claims
made by Malayan Banking Berhad against WSB, Wilron Products Sdn
Bhd and Tenco Industries Sdn Bhd, all wholly-owned subsidiaries
of Tenco. Tenco's solicitors had been instructed to dispute the
alleged claims.


UNIPHOENIX CORP.: Proposes Revised Rescue Scheme
------------------------------------------------
Uniphoenix Corporation Berhad refers to the announcements dated
16 January 2003, 28 February 2003 and 31 March 2003 on the
conditional restructuring agreement and the supplemental
restructuring agreement (Original Agreements) in relation to the
Proposed Rescue Scheme.

Further to the said announcements, Southern Investment Bank
Berhad, on behalf of the Board of Directors (Board) of UCB,
wishes to announce that UCB and Irama Spektrum Berhad (ISB)
(formerly known as Irama Spektrum Sdn Bhd) had, on 29 May 2003,
entered into a revised restructuring agreement (Revised
Restructuring Agreement) to revise certain terms of the Proposed
Rescue Scheme (Proposed Revision).

Pursuant to the Revised Restructuring Scheme, the Proposed
Rescue Scheme involves the following:

   (a) Proposed ISB Restructuring:

(i) Proposed Acquisitions;
(ii) Proposed Revaluation Exercise; and
(iii) Proposed Bonus Issue;

   (b) Proposed UCB Restructuring:

(i) Proposed Capital Reduction and Consolidation; and
(ii) Proposed Share Exchange;

   (c) Proposed Debt Restructuring;
   (d) Proposed Transfer to Special Purpose Vehicle (SPV);
   (e) Proposed Restricted Offer For Sale (ROS);
   (f) Proposed Transfer of Listing Status; and
   (g) Proposed Exemption.

Further information on the Proposed Revision and the financial
effects are set out in the attachment at
http://bankrupt.com/misc/TCRAP_UCBPR0603.docand
http://bankrupt.com/misc/TCRAP_UCB2Effects0603.xls,
respectively.


UNIPHOENIX CORP.: KLSE Grants Extended Time Frame to Submit Plan
----------------------------------------------------------------
The Board of Directors of Uniphoenix Corporation Berhad wishes
to announce that on 30th May 2003, the Company received a letter
from the Kuala Lumpur Stock Exchange stating that the Company
has been granted an extension of time of 14 days from the date
of the aforesaid letter (Extended Time Frame) to submit its
regularization plan to the relevant authorities for approval.

In the event the Company does not submit its regularization plan
to the relevant authorities for approval within the Extended
Time Frame, the Company is required to make written
representations to the Exchange within 7 days from the expiry of
the Extended Time Frame on its failure to submit its
regularization plan to the relevant authorities for approval
within the Extended Time Frame and why the Exchange should not
proceed to de-list the securities of the Company from the
Official List of the Kuala Lumpur Stock Exchange.


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


CEBU PLAZA: Waterfront Denies Takeover Report
---------------------------------------------
Waterfront Management Corporation (WMC) denied reports that they
plan to buy the recently closed Cebu Plaza Hotel (CPH), Sun Star
Daily reported Monday. However, the Waterfront Philippines Inc.,
a subsidiary is interested to manage the hotel owned by
Metropolitan Bank and Trust Co. (Metrobank).

"The position of WMC is that it is interested to manage any
independent-run hotel not only in Cebu but also in Asia. We are
not yet in the position to buy any property because we are still
sorting out the details of Manila Pavillion. Metrobank's
position is also to sell the hotel," Waterfront Hotels and
Casinos Chief Operating Officer Patrick Gregorio said.

Metrobank now owns CPH after its owner, Pathfinder Holdings
Philippines Inc. (PHPI), failed to pay its debts to Metrobank.
PHPI used the hotel as collateral for its dollar-denominated
loan, which was then equivalent to 300 million pesos. The value
of the dollar when the loan was taken was still 27 pesos. On
Monday, the dollar is already at 54.20 to the peso. The peso's
devaluation more than doubled PHPI's debt to 700 million pesos
and the interest to 200 million pesos.


NATIONAL BANK: Faces Sanctions if Rehabilitation Fails
------------------------------------------------------
The Bangko Sentral ng Pilipinas (BSP) will impose sanctions on
Philippine National Bank (PNB) if it fails to meet targets set
in its rehabilitation scheme, the Manila Times said on Monday.
These targets include profitability, amount of real and other
properties owned or acquired (ROPOAs) sold, among others. This
year PNB is aiming to cut losses this year to just 400 million
pesos, instead of the original target of at most 2.9 billion
pesos based on its rehabilitation plan.

PNB posted a net loss of P1.95 billion last year, or down from
P5.97 billion in 2000 and P4.13 billion in 2001. In the first
quarter of this year, PNB posted a net income of P53 million, or
a reversal from the bank's net loss of P783 million during the
same period last year. The first three months of the year also
witnessed the bank earning net interest margin of P416 million,
and a higher fee-based and other income of P1.25 billion.


NATIONAL BANK: PSE Okays Listing of 195.17M Shares
---------------------------------------------------
The Philippine Stock Exchange (PSE) has approved Philippine
National Bank's (PNB) application to list 195.17 million
convertible preferred shares to cover its debt-to-equity
transaction with the Philippine Deposit Insurance Corp. (PDIC),
the Philippine Star reports. The preferred shares, which carry a
par value of P40 per share, are convertible into one preferred
share for every P40 of P7.8 billion in advances made by PDIC.

To recover from its financial problems, the bank will continue
to rely heavily on top businesses, namely remittances from
overseas Filipino workers (OFWs) and the liquidation of its
various real and other properties owned or acquired (ROPOA)
assets. PNB intends to put up new remittance offices in the
United States, Canada, Bahrain, South Germany, Rotterdam and a
sub-branch in Japan. The Company likewise intends to appoint
additional remittance agents and forge remittance tie-ups in
Italy.


NATIONAL POWER: Shuts Down Parts of Makban Geothermal Facility
--------------------------------------------------------------
The Philippine Geothermal Inc. (PGI) announced that unit 1 of
the Makiling-Banahaw (Makban) geothermal facility will be closed
on June 30 in preparation for partial rehabilitation, ABS-CBN
reports. The reopening of the Makban facility is expected in
January 2004. The partial rehabilitation will be financed
through the Japan Bank for International Cooperation (JBIC).

After the rehabilitation, the plant will operate at 90-percent
capacity factor and availability from the present 70 percent. It
will also be running at a full capacity of 420 megawatts (MW)
from the current 300 MW. Both National Power Corporation
(Napocor) and PGI operated the Makban plant. Napocor has secured
a loan of US$7.72 million for the repair of the Makban
geothermal facilities.


PHILIPPINE LONG: Fitch Raises Outlook to Stable From Negative
-------------------------------------------------------------
Fitch Ratings has affirmed the Senior Unsecured foreign currency
and local currency ratings of the Philippine Long Distance
Telephone Company (PLDT) at 'BB-' (BB Minus). At the same time,
the Outlook for the ratings has been changed to Stable from
Negative.

The change in the Outlook reflects PLDT's successful execution
of a multi-phase funding strategy that has both termed out debt
obligations and reduced liquidity pressures surrounding debt
maturing in 2003 and in 2004. Liquidity pressures have been
further eased due to rising operating cash flow and falling
capex. Both the company and the group are now generating
positive free cash flow, which has resulted in a modest debt
reduction that is expected to continue in the near to medium
term. PLDT remains focused on refinancing and on debt reduction
to further improve its financial profile.

The new Outlook also reflects the fact that PLDT's wholly owned
subsidiary Smart Communications has recently gained permission
from its lenders to lift its dividend to PLDT to 70percentof
FYE02 profits, up from 40percentlast year. Fitch expects
dividends to continue being paid by Smart at a payout ratio of
70%. Another factor was the resolution of an ownership dispute
that surfaced in 2002, which resulted in management retaining
the support of major shareholders.

The rating action takes into account the subdued economic growth
environment and the recent launch of a new cellular service "Sun
Cellular" by Digital Telecommunications Inc (Digitel), a fixed-
line competitor of PLDT. The combination of these two challenges
remain a concern for Fitch, but the agency believes that PLDT's
resolute pursuit of enhanced liquidity and debt reduction
together with the group's leading market brands and positions
should enable these challenges to be overcome. Any further
positive rating action would likely hinge upon PLDT having
demonstrated its ability to manage the current competitive
environment by continuing its progress in deleveraging.

PLDT's rating reflects its high financial leverage, leading
positions across all major facets of the Philippine telecom
sector, and the positive cash flow generated by its traditional
fixed line telephony services and high-growth cellular business.
Operating margins have been consistent and, with further
improvement to working capital management, cash flow has the
potential to increase although growth will hinge upon the
existence of a relatively rational competitive environment.

In fiscal 2002, PLDT's net debt to EBITDA (excluding dividends
from Smart) and EBITDA to net interest cover was 5.3x and 2.4x
respectively a marginal improvement on the 5.4x and 2.2x of
FYE01. Including Smart dividends these key metrics further
improve to 5.0x and 2.5x respectively. Consolidated leverage
(includes Smart but excludes Piltel financial obligations) and
EBITDA to net interest cover improved to 3.5x and 3.4x
respectively at FYE02 from 4.5x and 2.4x respectively at
FYE01.The ratings of PLDT's global bonds, senior notes and
convertible preferred stock have also been affirmed at 'BB-',
'BB-' and 'B' respectively. The Outlook for these ratings is
Stable.


*Rapid Increase in Q1 Energy Sales Shows Looming Power Crisis
-------------------------------------------------------------
The dramatic increase in energy sales for the first three months
of the year clearly shows a power shortage looms in the
Philippines unless something is done, the Department of Energy
(DOE) said in a statement.

This as Energy Secretary Vincent S. Perez echoed the call
President Gloria Macapagal-Arroyo made during the inauguration
of the $1.2 billion San Roque Multi-purpose dam project at the
Malacanang yesterday. In her speech, President Arroyo said it is
imperative that the government, the private sector and other
agencies move faster in putting additional generation capacities
than what was already planned for because of the rapid increase
in electricity demand brought about by stronger economic
environment.

The National Economic Development Authority (NEDA) yesterday
reported that domestic economy grew 4.5 percent in the first
quarters, a better-than-expected figure and even exceeding the
3.8 percent growth the same period a year ago.

Secretary Perez noted that electricity sales by the National
Power Corp. (Napocor) for the first quarter of the year surged
by 8.3 percent to 7,750 gigawatthours (GWh) from 7, 158 GWh the
same period a year ago.

Napocor's sales to various customer segments- electric
utilities, industrial and commercial customers- soared during
the period covered.

"The dramatic increase in energy sales is most encouraging
because it only shows a strong economy characterized by
increased economic activities nationwide in all fronts. As the
President has said there is an urgent need to act now to avoid
this crisis," Energy Secretary Vincent S. Perez said.

In fact, sales in the Luzon region, which accounts for 70
percent of Napocor's total revenues, registered an increase in
electricity sales of 7.4 percent.

At the same time, the Manila Electric Co. (Meralco) also
recently reported a sharp growth in electricity sales within its
franchise area by 9.3 percent. Meralco provides electricity to
the whole Metro Manila and parts of Luzon mainly Bulacan, Cavite
, Rizal and Batangas.

Broken down, Meralco sales to residential customers grew
strongest at 11.6 percent; commercial customers at 9.8 percent;
industrial customers at 5.9 percent and streetlights at 2.9
percent.

"These figures are way beyond NEDA's low growth scenario of 8
percent and DOE's forecast of 7.9 percent annual growth in
electricity demand for the whole country by 2006. As such, we
really need to move faster to put in place additional generating
capacity before another power crisis hits us into our face,"
Secretary Perez said.

To meet the conservative annual energy demand growth forecast,
an additional 1,615 megawatts (MW) of generating capacity should
be installed in the Luzon area; additional 240 MW will be needed
in the Visayas and another 256 MW of power should be added in
Mindanao region.

Secretary Perez pointed out that electricity shortage could
start in the Panay Island as early as December this year. Power
demand in Panay is expected to increase to 190 MW in 2003 to 220
MW in 2005. At present, the total dependable capacity for the
island is only 138 MW. The imbalance in demand is augmented by
the imported power from Negros.

The energy chief noted that the recorded 14 percent increase in
Napocor's energy sales in the Visayas, the strongest increase
among all grids, evidently confirms this scenario.

"There is really an urgent need to act now to avert this power
crisis. Given the huge capital requirement, construction of
additional power plants will largely be private sector
initiatives. As President Arroyo mentioned we need to create an
investment climate to attract investors," he said.

Secretary Perez called on the Energy Regulatory Commission (ERC)
to provide a healthy environment that will allow power firms to
earn just and reasonable returns consistent with the Electric
Power Industry Reform Act. Interested investors have noted that
the generation charge approved in the Visayas region is
relatively low to keep investments viable. However, the signing
yesterday by the ERC of a new methodology to determine
reasonable rate of returns to energy investors augers well for
the future of the energy industry.

Initially, two companies- Mirant Corp. and Korea Electric Power
Corp.- have firmed up plans to put up additional plants in the
area. Mirant is planning to put up a 10 MW diesel power plant in
Iloilo and has recently signed a power supply agreement with
Iloilo I Electric Cooperative.

For its part, Kepco is proposing to construct a 100-megawatt
(MW) power plant using clean coal technology in Antique.


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


CHARTERED SEMICON: Launches 10-GHz VCO in 0.18-Micron Process
-------------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, announced that the
Center for Integrated Circuit & Systems at Singapore's Nanyang
Technological University (NTU) has successfully designed and
manufactured a 10-GHz voltage control oscillator (VCO) utilizing
Chartered's proven 0.18-micron RF CMOS semiconductor process.
This research achievement is considered an industry breakthrough
for RF integrated circuit (IC) design as most 10-GHz VCO
circuits commercially available today are manufactured using
more costly silicon germanium processes. High-speed, high-
performance VCOs are integral RF components for supporting rapid
data transmission by wireless and optical communications
networks.

"This is a powerful success story of the symbiotic relationship
between industry and research organizations," said Dr. Sun Shi-
Chung, senior Vice President of technology development for
Chartered. "Chartered believes that ongoing technological and
intellectual exchange among its global research network and
industry partners are key for bringing to market sophisticated
system-on-chip (SoC) solutions at next-generation technology
nodes. We applaud NTU for its advanced research initiatives to
drive technology innovation in complex yet cost-effective SoC
designs."

"Chartered has been a committed and an important partner in
NTU's ongoing RF IC research program, where our objective is to
deliver cost-effective and silicon-verified RF design solutions
to the wireless and optical communications markets," said Dr. Do
Manh Anh, professor and head of division of circuits and systems
at NTU. "We are very excited to be able to implement a 10-GHz
VCO using Chartered's cost-effective CMOS technology platform.
It is clear that Chartered's RF CMOS process is superior and
supports the extremely stringent requirements of high-
performance SoC applications."

The VCO designed by NTU is the first to adopt a complementary
cross-coupled structure for high-frequency low-phase noise
oscillators. This circuit is an important building block in
transceiver designs for Synchronous Optical Network (SONET) and
Synchronous Digital Hierarchy (SDH) applications. Combined with
the high-performance, low-noise and low-power consumption
capabilities of Chartered's RF CMOS manufacturing platform, NTU
designers were able to overcome the constant battle between
signal speed and noise faced by RF IC designers.

NTU optimized design performance along four critical parameters
to achieve high-speed frequency at 10-GHz with a wide tuning
range of 1.1-GHz. The power consumption of the core VCO is only
5.8-mW and 22.6-mW with buffer. The circuit demonstrates low
phase noise of -91-dBc/Hz at 100-kHz-offset frequency. The
outstanding quality and first-pass design success are also
attributed to the highly accurate RF CMOS models made available
in the process design kits provided by Chartered, coupled with a
robust manufacturing platform.

Chartered's 0.18-micron RF CMOS process is currently available
for volume production. The RF CMOS module features high-
performance transistors and a complete suite of passive
components characterized and tuned for RF applications. The RF
CMOS process is supported with Chartered's comprehensive product
design solution that, in addition to process design kits,
includes silicon-validated standard cell libraries, memory
compilers and I/O components, as well as production-proven
design kits for the ARM7TDMI(R) core and the ARM946E(TM) core,
two of the most popular 32-bit RISC ARM(R) microprocessors.

About Chartered

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

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

About NTU

Nanyang Technological University (www.ntu.edu.sg), formerly
known as Nanyang Technological Institute (NTI), was established
in August 1981 as a tertiary institution for education and
research in various branches of engineering and technology. As
of March 2003, the School of Electrical and Electronic
Engineering has more than 260 academic staff and 400
administrative, research and technical staff. The School also
has 482 doctorate, 203 Masters of Engineering and 833 Masters of
Science students. The full-time and part-time undergraduate
engineering students are 3,447 and 386 respectively.

The School's mission is to excel in teaching, research and
professional services in Electrical and Electronic Engineering
thereby contributing to the technological and economic
advancement of Singapore. The School has adopted the motto E3 to
promote and cultivate the identity and culture in the School to
achieve excellence in engineering education. E3 covers three
main areas: excellence in teaching and learning, excellence in
research and development and excellence in services to industry.

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

Note: In "E3," the 3 should be read as superscript.

CONTACT:
Chartered Singapore
Maggie Tan, +65.6360.4705
tanmaggie@charteredsemi.com
or
Wired Island, Ltd. for Chartered
Laurie Stanley, 510/656-0999
laurie@wiredislandpr.com
or
NTU
Dr. Yeo Kiat Seng, +65.6790.5630
eksyeo@ntu.edu.sg


C.K. TANG: Widens Net Loss to S$24.03
-------------------------------------
C.K. Tang Limited posted a net loss of S$24.03 in the year to
March 31, versus a loss of 11.83 a year earlier, according to
Reuters. The Company is engaged in the operation of department
stores, wholesale and retailing, and food catering. The
exceptional items relate to expenses relating to the
restructuring of the Singapore borrowings and losses arising
from the sale of property.

(in millions of S$ unless stated)

Net profit/(loss)           (24.03)    vs     (11.83)
Group shr (cents)           (10.30)    vs      (9.50)
Turnover                    170.69     vs     173.37
Exceptional items           (16.94)    vs        nil
Dividend (pct)                 nil     vs        nil


ISOFTEL LTD: Disposes 100% Stake in BLIT
----------------------------------------
The Directors of iSoftel Ltd. announced that the Company on 30
May 2003 disposed of 100 percent of the issued capital Shares in
Beijing Linkhead Information Technologies Ltd (BLIT), being
iSoftel's entire shareholding interest in BLIT, to Great Mind
Consultants Limited, a Company incorporated in the British
Virgin Islands for an aggregate cash consideration of RMB1.7
million. The consideration was arrived at on a willing-buyer
willing-seller basis. With the disposal, BLIT ceased to be a
subsidiary of the Company. BLIT is in the business of providing
computer telephony solutions to the telecommunication service
providers.

Rationale for the disposal of the Sale Shares

Under current severe business environment, the Group has
implemented cost savings restructuring program, which
streamlines the products to be offered to the marketplace. By
limiting the core products offered, it will lead to reduced
operating costs. BLIT's products have been identified as not
part of the products to be offered to the marketplace.

Financial Effects of the Disposal

The disposal of the Sale Shares does not have any material
impact on the earnings per share and the net tangible assets per
share of the Company for the financial year ended 31 December
2002.


MEDIASTREAM LIMITED: Issues AGM Results
---------------------------------------
The Board of Directors of MediaStream Limited announced that at
the Annual General Meeting of the Company held on 30 May 2003,
all the resolutions relating to the matters set out in the
Notice of Annual General Meeting of the Company dated 14 May
2003, were duly passed except for the resolution for the re-
election of Mr Desmond Poh Kee Ping as a director of the
Company. Accordingly, Mr Desmond Poh Kee Ping has ceased to be a
director of the Company.

Mr George Thia Peng Heok and Mr Lien Kait Long were re-elected
as directors of the Company. Mr George Thia Peng Heok has, upon
his re-election as a director of the Company, remained a member
of the Nominating Committee and the Remuneration Committee. Mr
Lien Kait Long has, upon his re-election as a director of the
Company, remained a member of the Audit Committee, the
Nominating Committee and the Remuneration Committee and is
considered independent for the purpose of Rule 704(8) of the
SGX-ST Listing Manual.


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


NATIONAL FERTILIZER: Undergoes Investor Search for Workout Plan
---------------------------------------------------------------
National Fertilizer Public Company Limited informed that its
finance creditors namely, Thai Asset Management Corporation
(TAMC) and Siam Commercial Bank PLC, requested for financial
restructuring by sourcing of new investor.  During the year
2002, several investor groups showed interest and proposed
various methods to the restructuring.  However, there were
certain constraints against the conclusion to this regard.

In March 2003 the Company engaged a financial advisor to search
investors for the debt restructuring and to tender the bid and
selection on discretion of the majority votes of the
finance creditors.

In this process, 5 investors showed interest and two of them
qualified to submit the bids. Among the investors are Thaipicon
and Industry Co., Ltd joint with Xiyang Group of China,  and
another -S V M  Property Co., Ltd.  Subsequent to the Board's
meeting of TAMC (ref. 13/2546) on 23rd May 2003, it has resolved
to revoke that the bidders on ground of the benefits given to
the finance creditors will be less than the acceptable level.

In this respect, the finance creditors have requested the
Company to search the investors again by inviting to new groups
of investor.  This process of investor sourcing and financial
restructuring is scheduled to be completed within this June
2003.


NATURAL PARK: Posts Additional Green Wood Investment Info
---------------------------------------------------------
Natural Park Public Company Limited, in reference to the Stock
Exchange of Thailand's letter requesting additional information
regarding the investment in Green Wood Park Co., Ltd., hereby
relates these additional details:

   1. The asset of Green Wood Park Co., Ltd., which is a 28-
storey residence building located on the land owned by the
Office of Prime Property, has a thirty-year lease period.  Under
the lease agreement, the Company shall deliver the completely
constructed building to the Office of Prime Property, which the
Company will construct as a service apartment for lease.

   2. The appraisal price of the assets, as appraised by
Prospect Appraisal Co., Ltd., as at 30 March 2003, was Bt989
million, which was the price appraised under the market price.
However, the assets value appeared in the financial statements
of the Company was the price that had been recorded in the book
before the Company made such investment and had already been
reported to the SET with reference to the letter of the Company
dated 22 April 2003.  Therefore, the appraisal price appraised
by the appraisal company was different from the assets value
appeared in the financial statements of the Company.

   3.  Since the residence building is under construction (70%
completion), Green Wood Park Co., Ltd. has not earned any income
from its business.  Therefore, the Company cannot show details
of the performance results of Green Wood Park Co., Ltd.

   4. The purchase price of Bt242.66 million was considered from
the current net assets value and the negotiation.  However, the
Company has to invest additional construction funds in the
amount of Bt150 million which the source of funds are the
Company's own capital and the loan from financial institution.

   5. The Company, Natural Park Public Company Limited, did not
exchange shares with the shareholders of Green Wood Park Co.,
Ltd.

   6. Regarding the calculation of the size of transaction under
the criteria of the total value of consideration, the assets of
Bt2,158.48 million (250.48 + 1,908) comprises the assets of the
Company as at 31 December 2002 in the amount of Bt250.48 million
adjusted with the amount received from the increase of capital
in January 2003 in the amount of Bt1,908 million.

   7. The reason that the Company did not calculate the size of
transaction under the criteria of profit was that Green Wood
Park Co., Ltd. has not earned any income from its business.
Therefore, the Company cannot calculate the size of transaction
under the criteria of profit.


THAI ELECTRONIC: Planner Implements Registered Capital Change
-------------------------------------------------------------
Premier Planner Company Limited, as the Plan Administrator of
Thai Electronic Industry Public Company Limited, has processed
in accordance with the Rehabilitation Plan for decrease and
increase of registered capital.  The Planner will inform the
next procedure under the Rehabilitation Plan, which is the
exchange of ordinary shares (SWAP) between the Company and
Premier CE Company Limited.

In the repaid, the Company will issues 29,623,672 ordinary
shares at the par value of Bt10 to be the repayment for the
value of ordinary share of Premier CE Company Limited to
shareholders of Premier CE Company Limited at the price of
Bt1.69 per shares totaling Bt50,064,005 and shareholders of
Premier CE Company Limited will make repayment to the Company
for such issued shares by transfer of 499,994 ordinary shares of
Premier CE Company Limited at the price for Bt100 per share
totaling Bt49,999,400.

Therefore, the Company informed and disclosed the above
transaction, which is the related transaction under the
Notification of SET Re: Criteria Procedure and Disclosure of
Related Transaction of Listed Company.

Go to http://bankrupt.com/misc/TCRAP_TEIC0603.pdf,for a copy of
the Information Memorandum of the Connected Transaction.


THAI PETROCHEMICAL: Creditors Reject Government's Plan
------------------------------------------------------
Thai Petrochemical Industry (TPI)'s creditors have rejected the
government's plan to run the company, setting the stage for a
court showdown next month, DebtTraders reported Friday.

The government plan entails establishment of new 15-member
committee to run the Company, comprising seven directors who are
also creditors, as well as one director from the state and one
from TPI. The creditors, however, firmly rejected the proposal
and insisted they would move to appoint their own plan
administrator, namely Thai Administrators Co Ltd, as the new
plan administrator as permitted under the law.

Finance Minister Suchart Jaovisidha said Monday that the court
would appoint a new plan administrator for TPI. The creditors
voted to appoint their own administrator for, according to the
Thailand's bankruptcy law, they have the sole right to appoint a
plan administrator for companies under business rehabilitation.


THAI WAH: Disposes 199,999 Shares in Laguna Beach
-------------------------------------------------
Thai Wah Group Planner Company Limited, as the Plan
Administrator of Thai Wah Public Company Limited, informed
that on May 29, 2003 the Company entered into the connected
transaction on the disposition of 199,999 ordinary shares of
Laguna Beach Club Limited to Laguna Resorts & Hotels Public
Company Limited.

The transaction is considered the connected transaction and
details of the transaction is as disclosed in the Information
Memorandum enclosed at
http://bankrupt.com/misc/TCRAP_TWC0603.pdf.


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

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

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