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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

           Wednesday, June 4 2003, Vol. 6, No. 109

                         Headlines


A U S T R A L I A

ACMA ENGINEERING: Posts AGM Results
EARTH SANCTUARIES: Completes Waratah Park Property Purchase
MAYNE GROUP: Issues Hospital Sale Update
MAYNE GROUP: To Purchase NSW Pathology Assets From MIA
PHONEWARE LIMITED: General Meeting Fixed on July 1

POWERLAN LIMITED: Foresees Negative Cash Flows
UNLEYCAL PTY: Former Director Committed for Trial
VILLAGE ROADSHOW: ASIC Ends Queries Re Share Dividend Suspension
VOICENET (AUST): Discloses AGM Results
VOICENET (AUST): Points Made to Members at AGM


C H I N A   &   H O N G  K O N G

KING H.K.: Winding Up Hearing Scheduled on June 18
NAM FONG: No Apparent for Shares Price Increase
NAM FONG: Petition's Hearing Adjourned to June 23
SUN'S GROUP: Winding Up Sought by Wong Kwan
SUNFORD PROPERTIES: Faces Winding Up Petition


I N D O N E S I A

TRI POLYTA: JSX to Abandon Shares by July 7


J A P A N

FUKI GOLF: Golf Course Enters Rehab Proceedings
HIROSHIMA SAIKI: Golf Course Enters Rehabilitation
KOBE STEEL: Cuts 1,400 Jobs Under 3-Year Business Plan
MARUBENI CORPORATION: JCR Assigns BBB+ Rating
RESONA HOLDINGS: Capital Aid Unlikely to Resolve Problem, S&P

RESONA HOLDINGS: S&P Ratings Remain on CreditWatch
TOMEN CORPORATION: Raises US$84M From Toyota Group

*S&P Cuts Ratings on Four Japanese Insurers


K O R E A

HANARO TELECOM: Borrows US$122M From KDB
SK GLOBAL: Creditors Agree to Rescue Firm
SK GLOBAL: Creditors May Not File Court Management
SK GLOBAL: Writes Off Share Capital
SK GROUP: KFTC Probes Top Chaebol Groups


M A L A Y S I A

ABRAR CORP.: Granted Until June 30 to Obtain Scheme Approval
AOKAM PERDANA: Issues Update on Defaulted Payments Status
AOKAM PERDANA: SC's Proposed Rescue Scheme Decision Pending
ESPRIT GROUP: To be Removed From KLSE Official List
GENERAL SOIL: Seeks Four-Month RA Time Extension

GLOBAL CARRIERS: Equity, Debt Instruments Issuance Completed
HOTLINE FURNITURE: November 27 Court Convened Meeting Scheduled
KEMAYAN CORP.: Awaits Proposed Restructuring Scheme Approval
KUANTAN FLOUR: Proposals Submission Deferred to December 2
L&M CORPORATION: Implementing Proposed CDRS, Workout Proposal

LONG HUAT: KLSE Awaits De-listing Application Outcome
MECHMAR CORPORATION: Debt Repayment Discussions Ongoing
NAUTICALINK BERHAD: KLSE to De-list Securities by June 16
NCK CORPORATION: May Defaulted Payment Narrows to RM570.647M
NCK CORPORATION: Restructuring Scheme Implementation Underway

OMEGA HOLDINGS: Awaits SC's Proposed Workout Scheme Decision
PANCARAN IKRAB: Reports Proposed Restructuring Scheme Progress
PANGLOBAL BERHAD: 38th AGM Set on June 25
PANGLOBAL BERHAD: Seeks One-Year Implementation Extension
PARIT PERAK: Unit CDSB Faces Winding Up Petition

PROMET BERHAD: Inks Conditional Sale Agreement Execution
RAHMAN HYDRAULIC: Proposed Corp Exercise Implementation Ongoing
REPCO HOLDINGS: Injunction Application Hearing Moved to July 7
SPORTMA CORPORATION: 13th AGM Set on June 24
SRIWANI HOLDINGS: June 24 19th AGM Scheduled

TAJO BERHAD: Provides Default in Payment Status Update
TAT SANG: Provides Defaulted Banking Facilities Status Update
UCP RESOURCES: Posts Financial Regularization Plan Progress


P H I L I P P I N E S

CEBU PRIVATE: DOE Settles Power Dispute With Veco
MANILA ELECTRIC: ERC OK's Rate Increase
MANILA ELECTRIC: May Post Profit in Second Quarter
PHILIPPINE LONG: FirstPac Appoints Pangilinan as CEO


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Improves Second Quarter Outlook
NEPTUNE ORIENT: Appoints Two New Directors
SEATOWN CORPORATION: Schedules AGM on June 18


T H A I L A N D

MEDIA OF MEDIAS: Discloses BoD's Meeting Resolutions
NATURAL PARK: SET Grants Listed Securities
THAI PETROCHEMICAL: Creditors Vote Overwhelmingly to Appoint TAL
TUNTEX (THAILAND): Clarifies Q103 Financial Report
TUNTEX (THAILAND): Explains 20% Change in Operating Results

     -  -  -  -  -  -  -  -

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


ACMA ENGINEERING: Posts AGM Results
-----------------------------------
The following information regarding the results of the Annual
General Meeting of Acma Engineering & Construction Group Limited
held on Friday is provided in accordance with Listing Rule
3.13.2 and section 251AA(2) of the Corporations Law.

ORDINARY RESOLUTION 1

"That Mr Robert J Bannon, a Director retiring by rotation in
accordance with Clause 57 of the Company's Constitution, being
eligible, is re-elected as a Director of the Company."

This resolution was passed unanimously on a show of hands.

The total number of proxy votes exercisable by all proxies
validly appointed was 49,976,699. Instructions in respect of the
proxies were:

FOR             AGAINST       ABSTAIN        UNDIRECTED

49,300,484       3,000        519,504        153,711

ORDINARY RESOLUTION 2

"That Mr Sim Pin Quek, a Director appointed during the year and
retiring in accordance with Clause 55 of the Company's
Constitution, being eligible, is elected as a Director of the
Company."

This resolution was passed unanimously on a show of hands.

The total number of proxy votes exercisable by all proxies
validly appointed was 49,976,699. Instructions in respect of the
proxies were:

FOR             AGAINST       ABSTAIN        UNDIRECTED

49,300,484       3,000        519,504        153,711

ORDINARY RESOLUTION 3

"That Mr Sing Hui Andrew Quek, a Director appointed during the
year and retiring in accordance with Clause 55 of the Company's
Constitution, being eligible, is elected as a Director of the
Company."

This resolution was passed unanimously on a show of hands.

The total number of proxy votes exercisable by all proxies
validly appointed was 49,976,699. Instructions in respect of the
proxies were:

FOR             AGAINST       ABSTAIN        UNDIRECTED

49,300,484       3,000        519,504        153,711

SPECIAL RESOLUTION 4

"That for the purposes of section 257D of the Corporations Act
2001, the terms of the Share Buy Back Agreement dated 10 October
2002 between the Company and Clifton Pastoral Pty Limited, be
approved."

This resolution was passed unanimously on a show of hands.

The total number of proxy votes exercisable by all proxies
validly appointed was 49,976,699. Instructions in respect of the
proxies were:

FOR              AGAINST       ABSTAIN        UNDIRECTED

49,300,484        3,000        519,504        153,711

ORDINARY RESOLUTION 5

"That for the purposes of section 208 of the Corporations Act
2001, the giving of a financial benefit by the Company to
Clifton Pastoral Pty Limited, a related party of the Company, on
the terms of the Share Buy Back agreement and as set out in the
Explanatory Statement, be approved."

This resolution was passed unanimously on a show of hands.

The total number of proxy votes exercisable by all proxies
validly appointed was 49,976,699. Instructions in respect of the
proxies were:

FOR              AGAINST       ABSTAIN        UNDIRECTED

49,300,484        3,000        519,504        153,711

ORDINARY RESOLUTION 6

"That for the purposes of Listing Rule 10.1 of the Australian
Stock Exchange Limited, the disposal by the Company of
substantial assets to Clifton Pastoral Pty Limited, a related
party of the Company, pursuant to the Share Buy Back Agreement
and as set out in the explanatory Statement, be approved."

This resolution was passed unanimously on a show of hands.

The total number of proxy votes exercisable by all proxies
validly appointed was 49,976,699. Instructions in respect of the
proxies were:

FOR              AGAINST       ABSTAIN        UNDIRECTED

49,300,484        3,000        519,504        153,711


EARTH SANCTUARIES: Completes Waratah Park Property Purchase
-----------------------------------------------------------
The Earth Sanctuaries Ltd group has completed the purchase of
the Waratah Park property at Terrey Hills in Sydney.

The property is located about 40 minutes north of the city and
was used in the 1970s for the location for the TV series
`Skippy'. The New South Wales Government consented to the
transfer of the existing lease which was being acquired by a
wholly owned subsidiary of Earth Sanctuaries Ltd.

The company has applied to the appropriate New South Wales
authorities for approval to keep native animals on the property
and plans to re-open the Sanctuary to the public later this
year. The acquisition of Waratah Park and its conversion into an
Earth Sanctuary will facilitate further expansion of the group
and usefully diversify the company's revenue base.

According to Wrights Investors' Service, at the end of 2002,
Earth Essence had negative working capital, as current
liabilities were A$5.60 million while total current assets were
only A$5.43 million. The company has paid no dividends during
previous 2 fiscal years and reported losses during the previous
12 months.


MAYNE GROUP: Issues Hospital Sale Update
----------------------------------------
Mayne Group Limited has previously announced it would sell seven
of its hospitals. The sale of the three Tasmanian hospitals has
already been completed. There has been some speculation
regarding Mayne's ability to complete the sale of the four
remaining hospitals.

Mayne has agreed in principle with relevant parties for three
hospitals and is working cooperatively with them to complete two
transactions by the end of June, and one by the end of July. The
seventh hospital, Geelong Private, will be the subject of a
court case.

Overall, the Hospitals business continues the progressive
improvement in performance evianced in the first half.

Mayne expects that for the continuing businesses, excluding
Consumer Products, underlying earnings will be in line with the
guidance given at the half year results in February, which was
that the second half performance will be similar to the first
six months.

CONTACT INFORMATION: Cameron Fuller
        Investor Relations Manager
        Phone: 03 9868 0968
        Mob: 0417 338 953


MAYNE GROUP: To Purchase NSW Pathology Assets From MIA
------------------------------------------------------
Mayne Group Limited announced Monday that it had signed an
agreement to purchase the assets of MIA's NSW pathology
business, Medical Diagnostics Australia (MDA).

The MDA assets will provide incremental growth to Mayne's
existing NSW pathology operations. The assets include five
accredited collection centers and two laboratories, one of which
is located next to Westmead Hospital. Mayne has forecast
revenues for MDA in excess of $3.5 million for the 12 months to
June 2004. The purchase price is $3.61 million.

The acquisition is conditional upon assignment of leases and
Health Insurance Commission approval and is expected to be
completed in early July 2003.

CONTACT INFORMATION: Rob Tassie
        Ph: 03 9868 0886
        Mb: 0411 126 455


PHONEWARE LIMITED: General Meeting Fixed on July 1
--------------------------------------------------
Notice is hereby given that a meeting of members of Phoneware
Limited will be held on Tuesday 1 July 2003 at 10:00am at the
offices of Hindal Corporate Pty Ltd, Level 10, 350 Collins
Street Melbourne, Victoria, Australia to conduct the
following business:

RESOLUTION 1 - CHANGE OF UNDERTAKING

In accordance with Listing Rule 11.1.2 of the listing rules of
the Australian Stock Exchange Limited, to consider and if
thought fit pass, the following resolution as an ordinary
resolution:

"That Shareholders approve the change in activities of the
Company to primarily that of being an investment company."

RESOLUTION 2 - CHANGE OF BUSINESS NAME

In accordance with the Corporations Act 2001 and the Company's
Constitution, to consider and if thought fit pass, the following
resolution as a special resolution:

"That the name of the Company be changed to Rattoon Holdings
Limited."

RESOLUTION 3 - SHARE CONSOLIDATION

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

"That, subject to and conditional on Resolutions 1 and 2 being
duly passed, and pursuant to Section 254H(1) of the Corporations
Act, approval be given for a consolidation of all of the issued
capital of the Company on the basis that every one hundred (100)
existing ordinary Shares in the capital of the Company be
consolidated into one (1) ordinary Share on the terms and
conditions.

Pursuant to the ASX Listing Rules (and the terms of all current
Options, all existing Options on issue will also be consolidated
on the basis of one hundred (100) existing Options to subscribe
for ordinary Shares be consolidated into one (1) Option to
subscribe for ordinary Shares (with the exercise price of each
Option being multiplied by one hundred).

Fractional entitlements to Shares and Options resulting from the
consolidation referred to above be rounded up to the nearest
whole number of Shares or Options.

RESOLUTION 4 - ISSUE OF NEW SHARES

In accordance with Listing Rule 7.1 of the listing rules of the
Australian Stock Exchange Limited, to consider and if thought
fit pass, the following resolution as an ordinary resolution:

"That the Company is authorized to issue and allot up to 20
million ordinary New Shares at a price of no less than 25 cents
per Share to investors on the terms and conditions."

RESOLUTION 5 - ISSUE OF NEW SHARES TO RELATED PARTIES

In accordance with Listing Rule 7.1 of the listing rules of the
Australian Stock Exchange Limited, to consider and if thought
fit pass, the following resolution as an ordinary resolution:

"That the Company, as part of the Private Placement as proposed
in Resolution 4, is authorized to issue and allot up to 5
million ordinary New Shares to the Directors at a price of no
less than 25 cents per Share and on the terms and conditions."

RESOLUTION 6 - APPOINTMENT OF GORDON MOFFAT AS A DIRECTOR

To consider and if thought fit, to pass, with or without
amendment,
the following resolution as an ordinary resolution:

"That Gordon Moffat is appointed as a director of the Company."

RESOLUTION 7 - APPOINTMENT OF HUGH ROBERTSON AS A DIRECTOR

To consider and if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That Hugh Robertson is appointed as a director of the Company."

RESOLUTION 8 - RE-APPOINTMENT OF MICHAEL NAPHTALI AS A DIRECTOR

To consider and if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That Michael Naphtali is re-appointed as a director of the
Company."

RESOLUTION 9 - RE-APPOINTMENT OF HUGH HENDERSON AS A DIRECTOR

To consider and if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That Hugh Henderson is re-appointed as a director of the
Company."

RESOLUTION 10 - REMOVAL OF PKF MELBOURNE AS AUDITOR AND
APPOINTMENT OF HORWATH MELBOURNE AS NEW AUDITOR

To consider and pass the resolution that PKF Melbourne be
removed as auditor of the Company and appoint Horwath Melbourne
as the new auditor of the Company.


POWERLAN LIMITED: Foresees Negative Cash Flows
----------------------------------------------
Software developer and vendor Powerlan Limited announced its
monthly cash-flow statement for the month of April. In summary,
revenue was $3.86m and net operating cash flow was $0.37m for
the month.

Despite the positive cash flow in April, Powerlan still predicts
it will face negative cash flows from time-to-time as the
Company continues to address legacy issues relating to its
revenue model and debt payments.

Further information on Powerlan Limited, its divisions,
products, and customers, can be found at www.powerlan.com.au.

                        APPENDIX 4C
                MONTHLY REPORT FOR ENTITIES
                  ON BASIS OF COMMITMENTS

Name of entity
Powerlan Limited

ABN                          Period Ended
87 057 345 785                30/04/2003

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows related to                    Current   Year to date
operating activities                     month    (10 months)
                                         AUD'000      AUD'000

1.1  Receipts from customers                3,865       54,198
1.2  Payments for
       (a) staff costs                      (2,030)     (36,549)
       (b) advertising & marketing          (9)        (383)
       (c) research & development             -        (967)
       (d) leased assets                     (49)        (635)
       (e) cost of goods sold - inventory    (496)     (14,506)
       (f) rent                              (106)      (2,557)
       (g) professional fees                 (230)      (1,808)
       (h) travel and                        (218)      (1,477)
1.3  Dividends received                       -            -
1.4  Interest and other items of
     a similar nature received                -           66
1.5  Interest and other costs of
     finance paid                             -        (788)
1.6  Income taxes refunded/(paid)             -          364
1.7  Other (provide details if material)     (356)      (2,223)

1.8  Net Operating Cash Flows                371      (7,264)

Cash flows related to investing activities
1.9  Payment for acquisition of:
       (a) businesses (item 5)                 -      (5,000)
       (b) equity investments                  -            -
       (c) intellectual property               -            -
       (d) physical non-current assets         -            -
       (e) other non-current assets            -            -
1.10  Proceeds from disposal of:
       (a) businesses (item 5)                50        7,732
       (b) equity investments                  -        2,565
       (c) intellectual property               -            -
       (d) physical non-current assets         -            -
       (e) other non-current assets            -           41
1.11 Loans to other entities                   -            -
1.12 Loans repaid by other entities            -            -
1.13 Other (provide details if material)       -            -

     Net investing cash flows                  50        5,338

1.14 Total operating and
     investing cash flows                      421      (1,926)

Cash flows related to financing activities
1.15 Proceeds from issues of
     shares, options, etc.                     -            -
1.16 Proceeds from sale of
     forfeited shares                          -            -
1.17 Proceeds from borrowings                  -        4,337
1.18 Repayment of borrowings                  (125)     (11,070)
1.19 Dividends paid                            -            -
1.20 Other (Deed of Company Arrangement payment)  (50)     (665)

     Net financing cash flows                 (175)      (7,398)

     Net increase (decrease) in cash held      246      (9,324)

1.21 Cash at beginning of period/
     year to date                             2,098       11,668

1.22 Exchange rate adjustments to item 1.20    -            -

1.23 Cash at end of period                    2,344        2,344

PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE
RELATED ENTITIES
                                                Current Month
                                                  AUD'000

1.24 Aggregate amount of payments to
     the parties included in item 1.2              42

1.25 Aggregate amount of loans to the
     parties included in item 1.11                 -

1.26 Explanation necessary for an understanding
     of the transactions

Directors included in 1.24                 Breakdown

Theo Baker                                 $13,616
Tom Matic                                  $17,287
Anthony Kalcina                            $11,291

NON-CASH FINANCING AND INVESTING ACTIVITIES

2.1  Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities but
did not involve cash flows   N/A

2.2  Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest      N/A

FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.
(See AASB 1026 paragraph 12.2)
                                            Amount       Amount
                                          available       used
                                           AUD'000      AUD'000

3.1  Loan facilities                         -            -
3.2  Credit standby arrangements             237        3,347

RECONCILIATION OF CASH

Reconciliation of cash at the end          Current     Previous
of the quarter (as shown in the            month       period
consolidated statement of cash flows)      AUD'000      AUD'000
to the related items in the accounts
is as follows.

4.1  Cash on hand and at bank              2,322        2,076
4.2  Deposits at call                        -            -
4.3  Bank overdraft                          -            -
4.4  Other (bank deposits supporting bank
            guarantees)                    22           22

Total: cash at end of quarter (item 1.22)   2,344        2,098

ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES

                                 Acquisitions        Disposals
                                 (item 1.9(a))      (Item
1.10(a))
5.1 Name of entity               N/A               Attachment A
5.2 Place of incorporation
    or registration              -                 -
5.3 Consideration for
    acquisition or disposal      -                 50
5.4 Total net assets             -                 261
5.5 Nature of business           -                 -

COMPLIANCE STATEMENT

1. This statement has been prepared under accounting policies
which comply with accounting standards as defined in the
Corporations Act (except to the extent that information is not
required because of note 2) or other standards acceptable to
ASX.

2. This statement does give a true and fair view
of the matters disclosed.


UNLEYCAL PTY: Former Director Committed for Trial
-------------------------------------------------
Mr Christopher Beresford James, of Unley, South Australia, has
been committed for trial in the District Court at Adelaide on 23
charges brought by the Australian Securities and Investments
Commission (ASIC).

The charges arise from an ASIC investigation into the affairs of
car dealer Unleycal Pty Ltd (Unleycal), which traded as Unley
Mitsubishi, and Unleycal (Wholesale) Pty Ltd.

Unleycal formerly traded as Unley Mitsubishi. Both Unleycal and
Unleycal Wholesale Pty Ltd are currently in liquidation. Mr
James is a director of both companies.

ASIC alleges that Mr James dishonestly used his position as an
officer of Unleycal (Wholesale) to gain an advantage for
Unleycal and Unleycal (Wholesale).

ASIC alleges that the companies, through the conduct of Mr
James, failed to account for the funds received from sales of 23
motor vehicles to their banker as required by their bailment
agreement, and retained the proceeds of the sale of the vehicles
for their own use.

Mr James has been remanded on continuing bail to appear in the
District Court on 30 June 2003 for arraignment.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.


VILLAGE ROADSHOW: ASIC Ends Queries Re Share Dividend Suspension
----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
announced Monday the conclusion of its enquiries into the
suspension of preference share dividends by Village Roadshow
Limited (Village Roadshow).

ASIC found that the decision by the board of Village Roadshow to
suspend preference share dividends was permitted under the
constitution of the company. ASIC's findings are supported by
advice from senior counsel.

ASIC considers that in future, issuers of preference share
prospectuses should comprehensively disclose any risk of the
suspension of dividends.

On February 13, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Village Roadshow Ltd. to
'BB' from 'BB+' and its debt issue rating on the company's
convertible subordinated notes to 'B+' from 'BB-'. At the same
time, the ratings were removed from CreditWatch Negative, where
they were placed on Jan. 23, 2003.


VOICENET (AUST): Discloses AGM Results
--------------------------------------
Voicenet (Aust) Limited is pleased to announce that its Annual
General Meeting of shareholders was held on Friday and the
business of the meeting as detailed in the notice of meeting was
dealt with as follows:

ACCOUNTS AND REPORTS (RESOLUTION 1)

The accounts and reports were received, considered and adopted
by the meeting.

RE-ELECTION OF DIRECTOR (RESOLUTION 2(A))

Mr Philip T R Hall was re-elected by a show of hands.

RE-ELECTION OF DIRECTOR (RESOLUTION 2(B))

Mr James T Palmer advised that he withdrew his nomination to
stand as a director. Accordingly, this resolution was withdrawn.

CHANGE OF NAME (RESOLUTION 3)

The change of name to AFT Corporation Ltd was approved by a show
of hands.

APPROVAL TO ISSUE CONVERTIBLE NOTES (RESOLUTION 4)

The issue of 45,892,159 Convertible Notes to investors was
approved by a show of hands.

ISSUE OF CONVERTIBLE NOTES TO RELATED PARTIES (RESOLUTION 5)

The issue of 4,107,841 Convertible Notes to Related Parties was
approved by a show of hands.

RATIFICATION OF SHARE ISSUES (RESOLUTION 6)

The following shares issues, which had taken place since the
last
Annual General Meeting were approved by shareholders by a show
of hands:

SHAREHOLDER                                           NO SHARES

(a) Square Triangles Pty Ltd                          2,000,000
(b) Mr Cheng Tzu Hsia & Mrs Shu Chen Hnang            2,000,000
(c) Tower Trust Ltd                                       6,000
(d) Mr Robert Neil Carruthers                            17,500
(e) Mrs Katherine Ann Danby                               1,000
(f) York Fidelity Ltd                                20,000,000
(g) Idarmeio No 62 Pty Ltd                            1,214,286
(h) Rizwan Khan                                       3,642,857
(i) Andrew Donnelly                                     728,571
(j) Cliffsun Pty Ltd                                  1,428,571
(k) Beijal Pty Ltd                                    1,214,286
(l) Sanperez Pty Ltd                                  2,125,000
(m) Saber Ltd                                         1,072,375

SHARE PURCHASE PLAN (RESOLUTION 7)

The share purchase plan was approved by a show of hands.

The following is a summary of proxy votes:

RESOLUTION  PROXY   PROXY TO    VOTE AT    PROXY TO   VOTES
TOTAL
            TO      VOTE        PROXY'S    ABSTAIN    EXCLUDED
            VOTE    AGAINST     DISCRE-               FROM
            FOR                 TION                  RELATED
                                                      PARTIES

1   121,174,685  211,000 19,018,381     0    0       140,404,066
2(a)121,374,255   8,930  19,018,381   2,500  0       140,404,066
2(b)121,330,255  53,930  19,018,381   1,500  0       140,404,066
3   121,100,970  51,790  19,238,381  12,925  0       140,404,066
4   114,851,980 544,680  19,018,381  10,025 5,929,00 140,404,066
5 103,477,280 618,380  15,978,381  11,025 20,319,000 140,404,066
6(a)120,802,105 577,580  19,018,381    6,000 0   140,404,066
6(b)120,659,505 620,180  19,018,381    6,000 0   140,404,066
6(c)120,747,005 589,180  19,062,881    5,000 0   140,404,066
6(d)120,741,005 589,180  19,062,881   11,000 0   140,404,066
6(e)120,747,005 589,180  19,062,881    5,000 0   140,404,066
6(f)118,701,480 628,705  19,062,881 11,000 2,000,000 140,404,066
6(g)120,670,480 659,705  19,062,881   11,000 0    140,404,066
6(h)120,670,480 659,705  19,062,881   11,000 0    140,404,066
6(i)120,670,480 659,705  19,062,881   11,000 0    140,404,066
6(j)120,670,480 659,705  19,062,881   11,000 0    140,404,066
6(k)120,670,480 659,705  19,062,881   11,000 0    140,404,066
6(l)120,670,480 659,705  19,062,881   11,000 0    140,404,066
6(m)120,670,480 659,705  19,062,881   11,000 0    140,404,066
7   121,282,680  51,380  19,055,506    4,300 0    140,404,066


VOICENET (AUST): Points Made to Members at AGM
----------------------------------------------
There follows a summary of the points made to members of the
Company (formerly called Voicenet (Aus.) Ltd present at the
Annual General Meeting held in Sydney on Friday 30 May 2003 by
the General Manager, Mr Jeff Dalco:

What is Microgenix?

* Microgenix Technology Ltd is 50% owned by Voicenet through a
Joint Venture
* Microgenix have invested a revolutionary molecular air filter
* Active ingredients are:
    * Biogreen 3000
    * Ultraviolet Light

How does the Microgenix Air Purification System Work ?

* Biogreen 3000 - is a liquid that when dry forms a microscopic
spike like structure creating a deadly pathway in the filter
upon which micro-organisms are impaled Biogreen 3000 disrupts
the cell membrane through physical and ionic phenomena, killing
the micro-organisms.

* By employing an air flow rotation a vortex is created within
the chamber that ensures all particles come into contact with
treated surfaces. The treated air then passes into a final stage
of the system where Ultraviolet Light alters the DNA of any
remaining bacteria rendering them harmless

* Combined effectiveness of Biogreen 3000 + Ultraviolet Light =
100%

* BIOGREEN 3000 and MICROGENIX are registered Trade Marks owned
by Microgenix Technologies Ltd.

TESTING TO DATE

* DSTL "The Defense Science & Technology Laboratory" Porton
Down, U.K http://www.dstl.gov.uk/and

* CAMR (Centre for Applied Microbiology & Research) Porton Down,
U.K http://www.camr.org.uk/

of Surrogates of:

   * Anthrax
   * Tuberculosis
   * Smallpox
   * Results 99.9-100% eradication
   * - up to 8 billion spores per test
   * - within 1-2 seconds

Further tests Conducted at other testing laboratories include

* Legionella (Legionnaire's Disease)
* Aspergillus (Sick building syndrome)
* Stachybotrys (Sick building syndrome)
* Staphylococcus aureus (Golden Staph)
* Rhino viruses (common cold)
* Enterovirus Mycobacterium (Tuberculosis)
* Influenza viruses
* Streptococcus bacteria Salmonella
* E.Coliphage (MS2)

Microgenix Air Purification v SARS

* 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"

Advantages of Microgenix Air Purification

* 100% eradication rate renders filter safe
* Easy to install in any air handling system
* No filter disposal problems
* System is 100% scalable
* Significant cost advantage over active carbon filters & HEPA
  filters
* Significant size and weight advantage (Military applications)
  for Microgenix Units

BUYER MOTIVATION

With Microgenix Air Purification the air we breath IS SAFE.

BUSINESS MODEL

* Will be sold via master distributors
* Company will keep control of the Biogreen 3000 filter media
* Microgenix will directly manage specialty sales
* - Defense Industry
* - Banks Worldwide
* Major Commercial Applications e.g. Solid and Liquid Waste
Treatment Plants
* Filter replacement will create a strong royalty income stream
warranty condition that Microgenix filter material must be used
exclusively and to pre-determined replacement schedule

PROGRESS IN APPOINTING DISTRIBUTORS AND LICENCED MANUFACTURERS

* Canada deposit paid on manufacturing License regulatory
awaiting approval Biogreen 3000
* Greece appointed distributor negotiations in progress to
supply systems for Olympic Games 2004
* Slovenia appointed distributor -evaluation order-Ljubjiana
Hospital
* UK No distributor planned - Microgenix own sale team
* USA negotiations in progress
* China negotiations in progress
* Russia agent appointed hospital order confirmed

CURRENT SALES

* Unit to air Irish Hospital for isolation wards
* Test hospital for over 200 hospitals
* New UK legislation re venting isolation pathagens to
atmosphere will create new special purpose market opportunity
* Units to Moscow Hospital
* Units to Greece & Slovenia
* Letter of Intent for 22 units to UK hospital
* Sundry small commercial orders supplied and delivered in UK

POTENTIAL MARKETS

* Hospitals
* Hospitality Industry (inc odour removal)
* Office Buildings
* Home Market
* Defense
* Aviation Industry
* Food Production

RESIDENTIAL

* In the USA a stand alone ionizing unit recently introduced by
a competitor has sold 100,000 units + in short time

* Unlike Microgenix this unit does not remove all airborne
viruses and bacteria

DEFENS
E

* Protection against biological warfare
* UK Navy Contract under negotiation
* Further Navy contracts in the pipeline
* Advanced discussions regarding mobile field hospitals and
kitchens

GOALS FOR THIS YEAR

* Master Distribution agreements
* U.S.A
* Greater China
* Other major countries and regions to follow

* Establish contract manufacturing facilities in strategic
locations China & others

* Establishment of global sales, and royalty streams from
equipment manufacturing and Biogreen 3000 filter media sales.

Issued by:

AFT Corporation Ltd
(Formerly called Voicenet (Aus.) Ltd)


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


KING H.K.: Winding Up Hearing Scheduled on June 18
--------------------------------------------------
The High Court of Hong Kong will hear on June 18, 2003 at 9:30
in the morning the petition seeking the winding up of King H.K.
Investments Limited.

Tsui Pan Chun of 6/F., No. 135 Chuen Lung Street, Tsuen Wan, 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: No Apparent for Shares Price Increase
-----------------------------------------------
Nam Fong International Holdings Limited has noted the recent
increase in the price of Company shares and wish to state that
it is not aware of any reasons for such increase save as
disclosed below.

Save as the announcement made by the Company on 2nd June 2003
regarding the further development of a winding-up petition
against the Company by a creditor, the Company also confirmed
that there are no negotiations or agreements relating to
intended acquisitions or realizations which are discloseable
under paragraph 3 of the Listing Agreement, neither is the Board
aware of any matter discloseable under the general obligation
imposed by paragraph 2 of the Listing Agreement, which is or may
be of a price-sensitive nature.


NAM FONG: Petition's Hearing Adjourned to June 23
-------------------------------------------------
Reference is made to Nam Fong International Holdings Limited's
announcements, in relation to a winding up petition (Petition)
against the Company as a guarantor by a creditor for
approximately HK%58.8 million and interests.

In the hearing held on June 2, 2003, a settlement agreement to
dismiss the Petition, initiated by the Petitioner, has been
reached between the Petitioner and the Company. The Petitioner
agreed to dismiss the Petition. As there is a supporting
creditor who intends to substitute as petitioner to continue the
winding up petition against the company, the High Court has
adjourned the hearing of the Petition to June 23, 2003
(Adjourned Hearing) for a supporting creditor to file documents
in support of his application for substitution.

The Company will request for suspension of trading in its shares
on the Stock Exchange on June 23, 2003 pending for an
announcement of the outcome of the Adjourned Hearing unless the
Petition is settled prior to the said date. Further announcement
will be made as and when appropriate.


SUN'S GROUP: Winding Up Sought by Wong Kwan
-------------------------------------------
Wong Kwan is seeking the winding up of The Sun's Group Limited.
The petition was filed on April 11, 2003, and will be heard
before the High Court of Hong Kong on June 11, 2003 at 9:30 in
the morning.

Wong Kwan holds its registered office at Suite 1908, 19th Floor,
9 Queen's Road Central, Hong Kong and Charcon Assets Limited, of
House No. 11, Watford Road, The Peak, Hong Kong.


SUNFORD PROPERTIES: Faces Winding Up Petition
---------------------------------------------
The petition to wind up Sunford Properties Limited is set for
hearing before the High Court of Hong Kong on June 11, 2003 at
9:30 in the morning.

The petition was filed with the court on April 11, 2003 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14th Floor, Bank of China Tower, No. 1 Garden Road, Hong
Kong.


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


TRI POLYTA: JSX to Abandon Shares by July 7
-------------------------------------------
The Jakarta Stock Exchange (JSX) decided to abandon the shares
of PT Tri Polyta Indonesia Tbk by July 7 this year, Bisnis
Indonesia reports.

The bourse will abandon the Company due to the following
reasons:

   * the Company did not submit its third quarter report of 2002
thus the JSX had been suspending the Company's shares since
February 3 this year;

   * the trading of the company's shares was not liquid;

   * the JSX had given some written warning to the company due
to some mistakes the company had been doing; and

   * the company had kept suffering some losses in the last five
years so that the company did not pay any dividend during that
period.

Starting on June 9 the shares holders of Tri Polyta might sell
their shares in the negotiation market. The JSX open the
negotiation market until July 7 2003, but PT Kliring Penjaminan
Efek Indonesia (KPEI) would not support the transaction.


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


FUKI GOLF: Golf Course Enters Rehab Proceedings
-----------------------------------------------
Fuki Golf Club, which has total liabilities of 23.487 billion
yen against a capital of 100 million yen, recently applied for
civil rehabilitation proceedings, according to Tokyo Shoko
Research. The golf course is located in Hiki-gun, Saitama,
Japan.


HIROSHIMA SAIKI: Golf Course Enters Rehabilitation
--------------------------------------------------
Hiroshima Saiki Country Club K.K., which has total liabilities
of 12.300 billion yen against a capital of 30 million yen, has
applied for civil rehabilitation proceedings, Tokyo Shoko
Research reports. The golf course is located in Hatsukaichi-shi
Hiroshima, Japan.


KOBE STEEL: Cuts 1,400 Jobs Under 3-Year Business Plan
----------------------------------------------------
Kobe Steel Ltd. will slash 1,400 jobs as part of its three-year
restructuring plan, Kyodo News reported on Tuesday. The planned
job cuts will reduce its workforce to 25,500 by the end of the
three-year period.

TCR-AP reported that Kobe Steel posted a group net loss of 28.52
billion yen in 2002 ending March 31 from a profit of 6.50
billion yen the previous year. The Shinagawa-ku, Tokyo-based
steel maker attributed the poor earnings to a hefty
extraordinary loss resulting from appraisal losses on securities
holdings amid the stock market slump and charges to cover
shortages in reserves for retirement benefits.


MARUBENI CORPORATION: JCR Assigns BBB+ Rating
---------------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB+ rating to
the bonds to be issued under the shelf registration of Marubeni
Corporation.

Issue Amount (bn) Issue Date Due Date Coupon

Callable
Bonds no.45 Y10 / June 13, 2003 / June 13, 2007 / *

*1.27 percent for period June 14, 2003 through June 13, 2005
1.60 percent for period June 14, 2005 through June 13, 2007

Covenants: Negative Pledge & Collateralized Commissioned
Company: Yes Shelf Registration: Maximum: Y500 billion Valid:
two years from July 8, 2001

RATIONALE:

Marubeni's earnings power improved due to cut in expenses as
well as withdrawal from unprofitable businesses. On the other
hand, its interest-bearing debt and total assets were reduced.
However, Marubeni still carries large amount of securities and
real estate against the amount of shareholders' equity.
Reductions in the risk assets are important issue for Marubeni.
It aims to increase the earnings and to improve the financial
structure by allocating the resources to core business areas.
Given the lackluster external environments both in Japan and
abroad and deflationary economy, JCR considers it necessary to
watch carefully the going of the plan.


RESONA HOLDINGS: Capital Aid Unlikely to Resolve Problem, S&P
-------------------------------------------------------------
The Japanese government's handling of Resona's financial
troubles is unlikely to lead to a full resolution of the bank's
fundamental problems, even though the capital injection is
larger and contains more elements of management accountability
than previously, Standard & Poor's Ratings Services said in a
new report released on Monday.

Author of the report Takamasa Yamaoka, a director at Standard &
Poor's, said: "A key concern for Standard & Poor's is whether
the government's handling of the Resona case will merely be a
repeat of the bank bailout in 1999."

"The infusion to Japan's major banks in 1999 was ultimately only
a temporary solution and failed to eradicate the fundamental
problems that had caused the shortage," Mr. Yamaoka said.

"The forced resignations should put pressure on managers at both
Resona and other banks, which may accelerate a change in credit
practices at Japanese banks," Mr. Yamaoka said. "However, real
change in management's practices will hinge largely on the
motives of all the participants."

For Resona Bank, some politicians are likely to expect the bank
to keep playing a public role as a provider of financial support
to the stagnant Kansai economy, but this role may put a heavy
drag on Resona's efforts to improve its profitability.

The government's decision to infuse public funds into Resona
Bank has no direct impact on the sovereign ratings on Japan.
Standard & Poor's has regarded the outstanding nonperforming
loan problems in the financial sector as a contingent liability
of the government, and incorporated it as a rating factor in its
analysis of the sovereign's credit quality.

"The decision to bail out Resona will simply convert a part of
this contingent liability into actual debt and assets, and does
not require a substantial change in Standard & Poor's view,"
said Takahira Ogawa, team leader at Standard & Poor's sovereign
ratings group.


RESONA HOLDINGS: S&P Ratings Remain on CreditWatch
--------------------------------------------------
Standard & Poor's Ratings Services said on Monday that its
'BB+/B' counterparty ratings on Resona Bank Ltd. remain on
CreditWatch with positive implications following the bank's
official application for an injection of public funds. The
ratings on Resona were placed on CreditWatch on May 19, 2003.

Resona Bank applied for a capital infusion of 1.96 trillion yen
on May 30, 2003. At the same time, the bank announced an outline
of a radical restructuring plan. Under the plan, the bank will
drastically revamp its management, including inviting outside
directors and cutting personnel expenses. However, some
uncertainties surround the plan, including the form of the
capital injection, the short-term impact of the capital
injection on Resona's financial profile, and the specific
policies management will implement to restore the bank's
profitability and enhance its corporate governance.

According to media reports, additional capital is likely to be
injected mainly in the form of common stock and preferred stock
with voting rights. If the payment of dividends on the stock
puts a substantial burden on Resona, the capital injection will
not be considered true capital enhancement.


TOMEN CORPORATION: Raises US$84M From Toyota Group
--------------------------------------------------
Tomen Corporation, which is restructuring its operations, has
decided to issue 10 billion yen (US$84 million) worth of new
shares in equal amounts to Toyota Tsusho Corp. and Toyota Motor
Corporation, Asia Pulse said on Monday.

The move will strengthen Tomen's relationship with the Toyota
group. The new shares will raise Toyota Tsusho's stake in Tomen
to 19.7 per cent and Toyota Motor's to 10.6 per cent. As a
result, Tomen will become an equity method unit of Toyota
Tsusho. The combined stake of five Toyota group companies,
including Aioi Insurance Co., will double from about 17 percent
to around 35 percent.


*S&P Cuts Ratings on Four Japanese Insurers
-------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
Asahi Mutual Life Insurance Co., Nippon Life Insurance Co.,
Nissay Dowa General Insurance Co Ltd., a non-life insurer in the
Nippon Life group, and Sumitomo Life Insurance Co.

The ratings on Asahi Life were removed from CreditWatch where
they were placed on May 7, 2003 (see list of rating actions
below). The rating actions follow the announcement of the
insurers' results for fiscal 2002.

The downgrade of Nippon Life reflects the expectation that the
continued fall in domestic stock prices will place increasing
pressure on the Company's capital. Although Nippon Life's ratio
of domestic equity to assets in its general account declined to
13.5 percent in fiscal 2002 from 17.6 percent a year earlier,
this decrease was mostly attributable to falling stock prices.
Nippon Life has reduced its domestic equity holdings more slowly
than its peers, and these holdings comprise a higher proportion
of its assets compared with other life insurers. As a result,
Standard & Poor's believes that the quality of the insurer's
capital is not stable enough for the rating to remain in the
'AA' category.

Nippon Life's business in force fell by 3.3 percent in fiscal
2002 from 2001, continuing its downward trend. However, the
Company generated underwriting profit of JPY548 billion even
after covering negative spreads. Other positive factors included
a public offering of JPY150 billion in "kikin" securitization
notes to both institutional and individual investors--the
industry's first-ever public offering of kikin--and Nippon
Life's progress in reducing its exposure to banks.

In line with the rating action on Nippon Life, the rating on its
subsidiary Nissay Dowa was also lowered. The rating on Nissay
Dowa incorporates both operational and financial support from
Nippon Life. According to Standard & Poor's rating criteria, the
rating on a subsidiary in a financial services group cannot
exceed the rating on the core entity within the group.

The downgrade of Sumitomo Life also reflects concerns over the
Company's capital. Compared with other major life insurers,
Sumitomo Life relies more heavily on subordinated loans from
banks and other borrowers. As the options the Company has to
effectively enhance its capital are decreasing, a further fall
in stock prices or deterioration in the business environment
could erode its capital even further.

Sumitomo Life's surrenders and lapses were down 11.3 percent in
fiscal 2002, but its volume of new business also decreased by
15.1 percent. As a result, business in force continued to
decline, showing a 5.0 percent year-on-year drop in fiscal 2002.
Sumitomo Life's underwriting profit stood at a high JPY300
billion after offsetting negative spreads. However, substantial
losses related to stock holdings depressed the Company's
recurring profit and net surplus. While Sumitomo Life has
achieved some success at reducing its domestic equity holdings,
the Company lags behind its peers in terms of easing
concentration risk from its exposure to banks.

The downgrade of Asahi Life reflects the expectation that the
Company will find it very difficult to achieve a rapid and
meaningful improvement in its financial profile. The deferral of
interest payments on its kikin debt has made it harder for Asahi
Life to raise additional funds, which has weakened its financial
flexibility. In addition, the Company's decision to skip
dividend payments on all its insurance policies in fiscal 2003
has raised concerns over a possible deterioration in its
business franchise.

In fiscal 2002, Asahi Life recorded a recurring profit of JPY1.7
billion and an underwriting profit of JPY75.7 billion. However,
the Company's profitability is under severe pressure from weak
stock prices, as evidenced by devaluation and sales losses of
JPY167.2 billion on its securities portfolio. Asahi Life reduced
its domestic equity holdings by 29 percent on its general
account in fiscal 2002, but the Company's risk assets remain
excessive for its capital base. A rise in the level of deferred
tax assets relative to its weakening earnings is also emerging
as a concern. Amid continued adversity in the business and
investment environment, Asahi Life will face a tough task in
restructuring its assets and business operations.

RATINGS LOWERED

Nippon Life Insurance Co.
Financial Strength          A+               AA-

Counterparty                A+/Negative/--   AA-/Negative/--
Kikin                       A                A+
Nissay Dowa General Insurance Co. Ltd.
Financial Strength          A+               AA-
Counterparty                A+/Negative/A-1
                                          AA-/Negative/A-1+
Sumitomo Life Insurance Co.
Financial Strength          BB+               BBB-
Counterparty                BB+/Negative/--
                                          BBB-/Negative/--
RATINGS LOWERED, OFF CREDITWATCH

Asahi Mutual Life Insurance Co. Financial Strength
                             CCC-               CCC
Counterparty                CCC-/Negative/--   CCC


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


HANARO TELECOM: Borrows US$122M From KDB
----------------------------------------
Internet service provider Hanaro Telecom Inc. borrowed 148.28
billion won (US$122.62 million) worth of loans from the Korea
Development Bank (KDB), Asia Times reported Tuesday. The five-
year loans comprised of 130 billion won in facility loans and
18.28 billion won from KDB's informatization promotion fund.

In March, Hanaro was saddled with 2.1 trillion won in
liabilities, out of which 630 billion won will mature this
month, reports the Korea Times. Hanaro must pay back 380 billion
won of its debts this year. Former Hanaro Chairman Shin Yun-shik
stepped down after battles for a management control with the LG
Group, Hanaro's top shareholder. Its new Chief Executive Officer
has yet to be appointed.


SK GLOBAL: Creditors Agree to Rescue Firm
------------------------------------------
Creditors and the SK Group are nearing a compromise in rescuing
SK Global, the Korea Times said on Tuesday. The de facto
agreement came out on Monday as the SK Group agreed to commit
more funds to rescue the firm. Once SK Corporation and labor
union endorse the revised bailout package submitted by the SK
Group, SK Global would avert the fate of being liquidated at the
order of the court.

The final decision would be made around June 16-17 when all SK
Global creditors get together. However, a few of the non-bank
creditors still insist that the SK Group must commit one
trillion won for the debt-to-equity swap.


SK GLOBAL: Creditors May Not File Court Management
--------------------------------------------------
With the SK Group submitting a restructuring plan, which visibly
reduced the debt-equity swap for SK Global, creditors are
reconsidering their plans to place the unit into court
management, the Maeil Business Newspaper reported Tuesday.
Reports said Monday that main creditor Korea Development Bank
will likely accept the revised plans that SK Group submitted to
save the Company.


SK GLOBAL: Writes Off Share Capital
-----------------------------------
The share capital of SK Global will eventually be written off
before its creditors recapitalize the troubled trading Company
through a debt-to-equity swap, according to Reuters. A debt-to-
equity swap is frequently used in South Korea as part of ways to
bail out and recapitalize a troubled firm.


SK GROUP: KFTC Probes Top Chaebol Groups
----------------------------------------
The Korea Fair Trade Commission (KFTC)'s probe against the top
six-chaebol groups in South Korea will be completed this month,
according to Digital Chosun. SK group, the third largest
conglomerate in the country, would be subject to a probe, even
though several subsidiaries of the group have been reeling from
a recent case of accounting fraud.

An official of the anti-trust watchdog said the investigation
would concentrate on irregular inter-affiliate financial
support. The six groups are Samsung, LG, SK, Hyundai Motor,
Hyundai Heavy Industries.


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


ABRAR CORP.: Granted Until June 30 to Obtain Scheme Approval
------------------------------------------------------------
In compliance with paragraph 4.1(b) of PN 4/2001, Abrar
Corporation Berhad (Special Administrators Appointed) wishes to
announce the following:

On 10 January 2002, the Special Administrators (the SAs) of the
Company held a briefing for interested parties with strong
assets backing and management expertise on the tender procedure
for the submission of offers / proposals on the restructuring
exercise of the Company. The interested parties were required to
submit the offers / proposals by 23 January 2002.

On 6 March 2002, the SAs conducted a restricted re-tender
exercise for the two (2) short listed bidders who were required
to submit their revised offers / proposals by 13 March 2002. On
15 April 2002, the SAs of the Company selected a White Knight to
participate in the corporate debt restructuring exercise of the
Company.

On 16 May 2002, the SAs, for and on behalf of ACB, entered into
a Memorandum of Understanding (MoU) with several parties (the
White Knight) to regulate and record the basic understanding of
the key areas of agreement pending finalization and approval of
the Company's corporate restructuring proposal (the Workout
Proposal).

On 23 May 2002, the Company announced that the moratorium under
Section 41 of the Pengurusan Danaharta Nasional Berhad Act, 1998
(the Danaharta Act), which took effect from 27 May 2000, i.e.
the date of the appointment of SAs to the Company and which
expires on 26 May 2002, has been further extended to 26 May
2003, pursuant to Section 41(3) of the Danaharta Act.

On 11 July 2002, the SAs entered into Facilitation of Listing
Agreement with OilCorp Berhad and with the White Knight pursuant
to the MoU dated 16 May 2002 inter alia to transfer the listing
status of the Company to OilCorp Berhad.

On 29 August 2002, Public Merchant Bank Berhad (PMBB), on behalf
of the Company, announced that the quantum and structure of the
proposed offer for sale of OilCorp Shares (Proposed Offer for
Sale) have been finalized. The Proposed Offer for Sale shall
involve an offer for sale of 43,900,000 ordinary shares of
RM1.00 each in OilCorp (OilCorp Shares) at an offer price of
RM1.10 by the creditors of ACB and the vendors of Oil-Line
Engineering & Associates Sdn Bhd (Oil-Line).

On 2 September 2002, PMBB, on behalf of the Company, announced
that the Company's corporate debt restructuring proposal
(Proposed Restructuring Scheme) has been submitted to the
Securities Commission for approval.

On 16 October 2002, PMBB, on behalf of the Company, announced
that the Foreign Investment Committee (FIC) had, via its letter
received on 15 October 2002, approved the Proposed Share
Exchange, the Proposed Debt Settlement, the Proposed Acquisition
and the Proposed Offer for Sale as proposed. The said FIC's
approval is subject to OilCorp Berhad having a 30% direct
Bumiputera equity interest upon the implementation of the
Proposed Restructuring Scheme.

On 1 November 2002, PMBB, on behalf of the Company, announced
that the Workout Proposal for Danaharta in accordance with
Section 45(2) of the Danaharta Act approved ACB via its letter
dated 28 October 2002. Under Section 46(4) of the Danaharta Act,
the Workout Proposal binds the Company, all members and
creditors of the Company and any other person affected by the
Workout Proposal.

On 21 November 2002, PMBB, on behalf of the Company, announced
that all the relevant parties to the Facilitation of Listing
Agreement dated 11 July 2002 have agreed to extend all the
approvals that are to be obtained before 12 November 2002 to 11
January 2003.

On 23 December 2002, PMBB, on behalf of the Company, announced
that the Securities Commission had via its letters dated 18
December 2002 and 20 December 2002 approved the Company's
Proposed Restructuring Scheme as proposed, subject to certain
conditions to be fulfilled.

On 14 January 2003, PMBB, on behalf of the Company, announced
that the Company, OilCorp Berhad and the relevant parties to the
Company's Proposed Restructuring Scheme had deliberated on the
Securities Commission's decision and conditions imposed on the
Proposed Restructuring Scheme and had agreed to accept the said
Securities Commission's decision and conditions imposed.

On 21 January 2003, PMBB, on behalf of the Company, announced
that the relevant parties to the Share Sale Agreements of the
Proposed Acquisitions, and the Listing Agreement have agreed to
extend the date of which the parties were to obtain all
approvals for the Proposed Restructuring Scheme to 11 March
2003.

On 17 February 2003, the SAs appointed an audit firm; Messrs.
Shamsir Jasani Grant Thornton to conduct an investigative audit
on the Company, in compliance with the conditions imposed by the
Securities Commission in approving the Company's Proposed
Restructuring Scheme via its letters dated 18 December 2002 and
20 December 2002.

On 26 February 2003, PMBB, on behalf of the Company, announced
inter alia that ACB and Oil-Line have proposed to modify the
Proposed Offer For Sale to 44,000,000 OilCorp Shares (the
Proposed OFS Modification) at an offer price of RM1.10 per
share.

On 27 March 2003, PMBB, on behalf of the Company, announced that
ACB and Oil-Line have proposed to further modify the Proposed
Offer For Sale to 44,161,000 OilCorp Shares at an offer price of
RM1.10 per share and an application with regards to the
variation to the Proposed OFS Modification was subsequently made
to the Securities Commission.

On 29 April 2003, PMBB, on behalf of the Company, announced that
ACB and Oil-Line have proposed to modify the allocation of
15,000,000 OilCorp Shares (the Proposed Allocation) to
Bumiputera investors (the Proposed Modification) to be approved
by Ministry of International Trade and Industry (MITI). The
Proposed Modification now involves the allocation of the OilCorp
Shares to public investors to be identified via private
placement.

On 27 May 2003, the Company announced that the moratorium under
Section 41 of the Danaharta Act, which took effect from 27 May
2000, i.e. the date of appointment of SAs to the Company and
which expires on 26 May 2003, has been further extended to 26
May 2004. The extension of the moratorium is pursuant to Section
41(3) of the Danaharta Act.

On 28 May 2003, PMBB, on behalf of the Company, announced inter
alia that:

1. the Securities Commission had via its letter dated 27 May
2003 approved the Proposed OFS Modification as proposed;
2. the FIC had via its letter dated 27 May 2003 approved the
Proposed OFS Modification as proposed, subject to OilCorp
Berhad having a 30% direct Bumiputera equity interests in
OilCorp Berhad upon listing on the Main Board of the
Exchange; and
3. MITI had via its letter dated 27 May 2003 approved the
Proposed Allocation of 15,000,000 OilCorp Shares to public
investors via private placement instead of to Bumiputera
investors to be identified by MITI, subject to approvals
being obtained from the Securities Commission and the FIC.

On 29 May 2003, PMBB, on behalf of the Company, announced that
the relevant parties to the Share Sale Agreements of the
Proposed Acquisitions, and the Listing Agreement have agreed to
extend the date of which the parties were to obtain all
approvals for the Proposed Restructuring Scheme to 30 June 2003.

The Company's Proposed Restructuring Scheme will inter alia take
into consideration the interest of all stakeholders that will
also deal with the Company's plans to regularize its financial
condition, its inadequate level of operations and the minimum RM
60 million paid - up capital requirement for companies listed on
the Main Board of the Exchange.


AOKAM PERDANA: Issues Update on Defaulted Payments Status
---------------------------------------------------------
Aokam Perdana Berhad refers to its Monthly update on Practice
Note 1/2001 (PN1) announcement dated 2 May 2003 and wish to
announce that there are no material changes in the financial
situation of the Company and that the issue of continual default
remains unresolved.

Aokam wishes to further announce that an event of default in the
payments of principal and interest in respect of the
restructured creditors of the Aokam Group as detailed in Table A
(http://bankrupt.com/misc/TCRAP_Aokam0604.doc)will occur
effective 9 June 2003.


AOKAM PERDANA: SC's Proposed Rescue Scheme Decision Pending
-----------------------------------------------------------
Further to the announcement dated 2 May 2003 made pursuant to
Paragraph 4.1(b) of PN 4, Aokam Perdana Berhad, as the affected
listed issuer as defined under Paragraph 2.1(a) of PN 4 due to
deficit in the adjusted shareholders' equity on a consolidated
basis, wishes to announce that it had obtained conditional
approvals from the following regulatory authorities on the
Proposed Rescue Scheme and Proposed Employees Share Option
Scheme of Aokam:

(i) Labuan Offshore Financial Services Authority via their
letter dated 20 January 2003
(ii) Foreign Investment Committee via their letter dated 27
January 2003
(iii) Bank Negara Malaysia via their letter dated 28 January
2003
(iv) Ministry of International Trade and Industry via their
letter dated 13 February 2003
(v) The High Court of Malaya had on 28 March 2003 granted
an order-in-terms (Order) for the relevant petitioners
to convene creditors' meeting pursuant to Section 176
(1) of the Companies Act 1965 (the Act) and the
relevant Restraining Order pursuant to Section 176 (10)
of the Act.

The approval from the Securities Commission is still pending.


ESPRIT GROUP: To be Removed From KLSE Official List
---------------------------------------------------
After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission, the
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 Esprit Group 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.


GENERAL SOIL: Seeks Four-Month RA Time Extension
------------------------------------------------
Further to the announcement dated 2 May 2003, the Board of
Directors of General Soil Engineering Holdings Berhad wishes to
announce that the Company is in the process of finalizing the
comprehensive restructuring plan to regularize its financial
condition.

The Company had on 23 May 2003, announced to KLSE the Proposed
Restructuring Scheme with the intention to strengthen its
financial position. The scheme includes Proposed Capital
Reconstruction, Proposed Debt Restructuring, Proposed KTI
Acquisition, Proposed Exemption, Proposed Special Issue and
Proposed Listing Transfer. It is still at the preliminary stage
and has yet to be finalized.

The Company had also announced on 30 May 2003 on the application
to KLSE for the extension of time to release the Requisite
Announcement (RA) for a further four (4) months from 31 May 2003
to 30 September 2003.

The final plan will be announced in due course.


GLOBAL CARRIERS: Equity, Debt Instruments Issuance Completed
------------------------------------------------------------
The Board of Directors of Global Carriers Berhad is pleased to
advise that the shares issued pursuant to the restructuring
schemes were listed on 30 April 2003. The Redeemable Convertible
Cumulative Preference Shares and the Redeemable Unsecured Loan
Stock have been issued to the scheme creditors on 29 April 2003
and 23 May 2003 respectively.

Therefore, the issuance of equity and debt instruments pursuant
to the Proposed Composite Scheme, the Proposed BSNCL Settlement
Scheme, and the Proposed Non-Financial Creditors Settlement
Scheme has been completed. The company is presently making every
effort to obtain the KLSE's approval for the re-quotation of
shares in June 2003.

Apart from the above, there has been no further development on
the revised scenario to the Proposed Composite Scheme, the
Proposed BSNCL Settlement Scheme and the Proposed Non-Financial
Creditors Settlement Scheme.


HOTLINE FURNITURE: November 27 Court Convened Meeting Scheduled
---------------------------------------------------------------
The Board of Directors of Hotline Furniture Berhad is pleased to
announce that the Company had on 27 May 2003 obtained an order
from the High Court of Malaya granting the Company leave to
convene a meeting for its shareholders for the purposes of
considering and, it thought fit, approving with or without
modification the Proposed Share Exchange pursuant to Section 176
of the Companies Act, 1965.

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


KEMAYAN CORP.: Awaits Proposed Restructuring Scheme Approval
------------------------------------------------------------
Kemayan Corporation Berhad wishes to announce that the
application by Public Merchant Bank Berhad (PMBB) to fix the
conversion price of the Irredeemable Convertible Unsecured Loan
Stocks (ICULS) and Redeemable Convertible Secured Loan Stocks
(RCSLS) at RM1.00 each upon conversion of the ICULS and RCSLS
into new ordinary shares of RM1.00 in Iyara Berhad (formerly
known as Rangkap Budi Berhad) pursuant to the Proposed
Restructuring Scheme has been approved as proposed by the
Securities Commission via its letter dated 5 May 2003 which was
received on 7 May 2003.

Further thereto, the Company is still awaiting approval from the
relevant authority in relation to the Company's plan to
regularize its financial condition via a Proposed Restructuring
Scheme.

Any new developments on the Company's plan to regularize its
financial condition will be announced in due course.


KUANTAN FLOUR: Proposals Submission Deferred to December 2
----------------------------------------------------------
Kuantan Flour Mills Bhd refers to the announcement dated 2
December 2002 in relation to the Proposals, which comprises of:

- Proposed Acquisition of APM Industries Holdings Berhad
(APMI)
- Proposed Increase in Authorized Share Capital
- Proposed Transfer to the Main Board of the Kuala Lumpur
Stock Exchange.

In the said announcement, the Company stated that the
application to the Securities Commission (SC) in relation to the
above Proposals will be made within six (6) months from the date
of the announcement that is by 2 June 2003.

Public Merchant Bank Berhad, on behalf of the Company, wishes to
announce that the application to the SC in relation to the
Proposals, will be deferred for another six (6) months i.e. to 2
December 2003, as the due diligence exercise on APMI is yet to
be completed.


L&M CORPORATION: Implementing Proposed CDRS, Workout Proposal
-------------------------------------------------------------
L&M Corporation (M) Bhd announced that 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.

The Workout Proposal comprises the following proposals:

   a) The Proposed Corporate and Debt Restructuring Scheme;
   b) The Proposed Debt Settlement to the Creditors of L&M; and
   c) The Proposed Liquidation of L&M.

For more details on the Proposed Corporate and Debt
Restructuring Scheme, refer to the Troubled Company Reporter -
Asia Pacific Thursday, November 21, 2002, Vol. 5, No. 231 issue.


LONG HUAT: KLSE Awaits De-listing Application Outcome
-----------------------------------------------------
On behalf of the Board of Directors of Long Huat Group Berhad
(LHGB Board), Southern Investment Bank Berhad (SIBB) wishes to
announce that the Company had on 30 May 2003, received a letter
from the Kuala Lumpur Stock Exchange (KLSE) stating its decision
to await the outcome of LHGB's application to the relevant
authorities in respect of the de-listing procedures commenced
against the Company.

KLSE's decision to await the outcome of the Company's
application to the relevant authorities was given after having
considered all facts and circumstances of the matter including
written and oral representations by the Company and given the
fact that the Company has made submissions of its regularization
plan to the relevant authorities for approval.

The KLSE has stated that in the event the Company obtains all
relevant authorities' approval necessary for the implementation
of its regularization plan, the Company must proceed to
implement its regularization plan expeditiously within the time
frame stipulated by the relevant authorities. The KLSE has
further informed the Company that its decision is without
prejudice to its right to proceed to de-list the securities of
the Company from the Official List of the KLSE in the event the
Company fails to implement its regularization plan within the
time frame or extended time frames stipulated by the relevant
authorities.

Where any one of the following occurs:

(a) the Company fails to obtain the relevant authorities'
approval of its regularization plan; or
(b) the Company has obtained the relevant authorities'
approval but fails to implement its regularization plan
within the time frame prescribed by the relevant
authorities,

KLSE will consider any written representations that may be filed
by the Company provided that it is made within seven (7) days
from the occurrence of any one of the events above and the KLSE
will then proceed to decide whether the securities of the
Company should be de-listed from the Official List of the KLSE.


MECHMAR CORPORATION: Debt Repayment Discussions Ongoing
-------------------------------------------------------
During the month of May 03, Mechmar Corporation (Malaysia)
Berhad Group's subsidiary, Relau Estates Sdn Bhd, received a
letter of demand from Bank Islam (Malaysia) Berhad demanding for
the repayment of its overdue trade lines of RM 9.6 M. The
Company is in discussions with Bank Islam to repay by
installments.

There is no change in the rest of the loans in default which are
being repaid by installments as per agreed installments with
respective lenders.

Go to http://bankrupt.com/misc/TCRAP_Mechmar0604.xlsfor a list
of loans in default.


NAUTICALINK BERHAD: KLSE to De-list Securities 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 Nauticalink Berhad from the
Official List of the KLSE as the Company does not have an
adequate level of financial condition to warrant continued
listing on the Official List of the KLSE.

Accordingly, please be informed that the securities of the above
Company will be removed from the Official List of the KLSE 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 KLSE. 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 KLSE 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.


NCK CORPORATION: May Defaulted Payment Narrows to RM570.647M
------------------------------------------------------------
In compliance with Practice Note 1/2001, NCK Corporation Berhad
(Special Administrators Appointed) wishes to announce the
following with regards to the status of credit facilities on
which the NCK Group has defaulted in payment since the Company's
previous announcement dated 2 May 2003.

Total borrowings on which the NCK Group has defaulted in payment
stood at RM570,647,352 as at 31 May 2003 compared to
RM626,941,911 as at 30 April 2003. The reduction of RM56,294,559
is due to the following:
                                               RM
Borrowings as at 30 April 2003              626,941,911
Reduction in borrowings attributed to
deconsolidation of subsidiaries             (59,988,218)
Settlement of borrowings of a subsidiary    (853,351)
Interest accrued for the month of May 2003  4,547,010
Borrowings as at 31 May 2003                570,647,352

With the appointment of Mr Lim Tian Huat & Mr Adam Primus
Varghese bin Abdullah of Messrs Ernst & Young as Liquidators of
NCK Wire Products Sdn Bhd (NCK Wire) on 20 February 2003, the
financial statements of NCK Wire and its subsidiaries have been
de-consolidated from the Group Accounts, hence the reduction of
RM59,988,218 from the group borrowings of NCK.

The above-said amount of RM59,988,218 has been secured by
Corporate Guarantees of NCK Corporation Berhad (Special
Administrators Appointed) (NCK) and has accordingly been
reflected as Provision for Liabilities in the Balance Sheet of
NCK upon the liquidation of NCK Wire.


NCK CORPORATION: Restructuring Scheme Implementation Underway
-------------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed) wishes
to announce that following the approvals received from the
Securities Commission, the Foreign Investment Committee and the
Ministry of International Trade and Industry for its
Restructuring Scheme, the Company is currently implementing the
Restructuring Scheme.

Further to an application made by Alliance Merchant Bank Berhad
on 5 May 2003, the Securities Commission had on 22 May 2003
approved for an extension of six (6) month period to 15 November
2003 to implement the Proposed Restructuring Scheme.

Any further developments to the Restructuring Scheme will be
announced in due course.


OMEGA HOLDINGS: Awaits SC's Proposed Workout Scheme Decision
------------------------------------------------------------
On behalf of the Board of Directors of Omega Holdings Berhad,
Affin Merchant Bank Berhad (Affin Merchant) wishes to announce
that the Kuala Lumpur Stock Exchange (KLSE), via its letter to
Omega dated 30 May 2003, after having considered all the facts
and circumstances of the matter including written and oral
representations of the Company and upon consultation with the
Securities Commission, the KLSE has decided that, given the fact
the Company has made a submission of its regularization plan to
the relevant authorities for approval, the KLSE will await the
outcome of the Company's application to the relevant
authorities.

The KLSE's decision to await the outcome of the Company's
application to the relevant authorities is without prejudice to
the KLSE's right to proceed to de-list the securities of the
Company from the Official List of the KLSE in the event the
Company fails to obtain any of the relevant authorities'
approval necessary for the implementation of its regularization
plans.

In the event the Company obtains all relevant authorities'
approvals necessary for the implementation of its regularization
plan, Omega must proceed to implement its regularization plan
expeditiously within the time frames stipulated by the relevant
authorities. The KLSE's decision is without prejudice to the
KLSE's right to proceed to de-list the securities of the Company
from the Official List of the KLSE in the event the Company
fails to implement its regularization plan within the time frame
or extended time frames stipulated by the relevant authorities.

Where any one of the following occurs:

(a) Omega fails to obtain the relevant authorities' approval
of its regularization plan; or
(b) Omega has obtained the relevant authorities' approval but
fails to implement its regularization plan within the
time frames prescribed by the relevant authorities.

the KLSE will consider any written representations that may be
filed by the Company provided that the same is made within seven
(7) days from the occurrence of any one of the events above and
then proceed to decide on whether the securities of the Company
should be de-listed from the Official List of the KLSE.

As regards to Omega's Proposed Restructuring Scheme, Omega has
obtained the approvals of:

1. the Foreign Investment Committee on 31 March 2003 and the
relevant announcement on 2 April 2003; and
2.  the Ministry of International Trade and Industry on 9
April 2003 and the relevant announcement on 11 April 2003.

Omega is still awaiting the decision of the Securities
Commission for the Proposed Restructuring Scheme.


PANCARAN IKRAB: Reports Proposed Restructuring Scheme Progress
--------------------------------------------------------------
Reference is made to paragraph 4.1(b) of PN4/2001 whereby
Pancaran Ikrab Bhd, an affected listed issuer, is required to
announce the status of its plan to regularize its financial
position on a monthly basis until further notice from KLSE.

As announced earlier, the Securities Commission had via its
letter dated 1st April 2003 (SC Letter) which was received on
3rd April 2003, approved the Proposed Restructuring Scheme
(Scheme) as proposed save for the purchase consideration for the
proposed acquisition of a piece of 99 years leasehold land
measuring 95,927 square meters (the Land) by Capital Abound Sdn
Bhd (CASB) is at RM5,500,000 to be satisfied by way of issuance
of 5,500,000 new ordinary shares of RM1.00 each in CASB instead
of RM8,000,000 as proposed. The SC's approval for the Scheme is
subject to certain conditions as announced earlier.

On 30th April 2003, Public Merchant Bank (PMBB) on behalf of the
Company, CASB and the Vendor of the Land had submitted an appeal
against the SC's decision on the valuation of the Land of
RM5,500,000.

The Company through PMBB is also seeking the SC's consideration
on certain revisions in relation to the Scheme to satisfy
certain conditions of the SC Letter.

On 7th May 2003, PMBB received the letter of approval from the
Foreign Investment Committee (FIC) via its letter dated 2nd May
2003, approving the appeal made to the FIC by PMBB on behalf of
the Board of PIB to allow CASB to meet the 30% Bumiputra equity
interest within 3 years of the date of listing of the shares of
CASB.

An appropriate announcement will be made accordingly in due
course.


PANGLOBAL BERHAD: 38th AGM Set on June 25
-----------------------------------------
The Board of Directors wishes to announce that the 38th Annual
General Meeting (AGM) of PanGlobal Berhad will be held at Level
34, Menara PanGlobal, 8, Lorong P. Ramlee, 50250 Kuala Lumpur on
Wednesday, 25 June 2003 at 3:00 p.m. for the purposes as set out
in the Notice of AGM attached at
http://bankrupt.com/misc/TCRAP_Panglobal0604.doc.


PANGLOBAL BERHAD: Seeks One-Year Implementation Extension
-------------------------------------------------------
Panglobal Berhad refers to its announcement by Commerce
International Merchant Bankers Berhad (CIMB) on 17 June 2002
wherein it was announced that the Securities Commission (SC) had
via its letter dated 10 June 2002 approved the Proposed
Composite Scheme of Arrangement pursuant to Section 176 of the
Companies Act, 1965, Proposed Rights Issue and Proposed Disposal
of PanGlobal Insurance Berhad (collectively known as Proposals).

Panglobal Berhad wishes to announce that CIMB had, on 26 May
2003, sought the approval of the SC for an extension of the
deadline to implement the Proposals for a period of one (1) year
to 10 June 2004.

Save for the above, there is no new development, which requires
an announcement since the previous monthly announcement on 2 May
2003.


PARIT PERAK: Unit CDSB Faces Winding Up Petition
------------------------------------------------
The Special Administrators of Parit Perak Holdings Bhd (Special
Administrators Appointed) [PPHB] hereby announced that Hayat
Berkat Sdn Bhd (HBSB) served its wholly owned subsidiary,
Capital Dynasty Sdn Bhd (CDSB) on 28 May 2003. This petition had
been presented to the High Court at Johor Bahru on 27 December
2002.

HBSB is claiming RM1,750,325 together with interest at 8% per
annum from 12th July 2001 until full settlement. The amounts
claimed are for deposits paid for the 36 units of shop offices
located at Kemayan City, Universal Corporate Suites, Office
Tower 2 Aras 26 and 27, which HBSB rescinded the 36 Sale &
Purchase Agreements dated 25 October 1995 on 14th November 2000.

The total cost of investment in CDSB has been written off in
PPHB's accounts. Though the Court has not adjudicated the claim,
it is expected there would not be any immediate financial and
operational impact on the Group and would also have no material
financial effects on the Group even if HBSB succeeds in its
claim against CDSB.

CDSB will not contest the above petition due to the financial
constraints.


PROMET BERHAD: Inks Conditional Sale Agreement Execution
--------------------------------------------------------
Promet Berhad refers to the Requisite Announcement dated 6 March
2003 in relation to the Proposed Restructuring Scheme and the
announcement dated 24 May 2003 in relation to the variations to
the Proposed Restructuring Scheme.

On 22 May 2003, Promet had entered into a revised corporate
restructuring agreement (Revised Restructuring Agreement) with
Titan Element Sdn Bhd (TESB or Newco), vendors of Mersik (M) Sdn
Bhd, Rajana Vensya Sdn Bhd and Ong Chin Hoe & Sons Sdn Bhd to,
inter-alia, terminate the corporate restructuring agreement
entered into between the said parties, and together with the
vendors of Perembun (M) Sdn Bhd (PMSB Vendors) and vendors of
Mersik Engineering & Supply Sdn Bhd (MESSB Vendors) to set out
the new terms and conditions as agreed by the new parties for
the Proposed Restructuring Scheme.

Pursuant to the Revised Restructuring Agreement, TESB had
proposed to acquire, among others, 91 parcels of commercial and
office space in Wisma Saberkas, Kuching, Sarawak (Wisma
Saberkas) (Proposed Wisma Saberkas Acquisition) from Presab Sdn
Bhd (Presab). TESB will enter into a conditional sale agreement
with Presab at a later date for the Proposed Wisma Saberkas
Acquisition.

The terms of the Revised Restructuring Agreement provide for
Promet, TESB, PMSB Vendors and MESSB Vendors to undertake with
each other to use their best efforts to finalize the terms of
the Proposed Wisma Saberkas Acquisition and procure the
execution of a conditional sale agreement between TESB and
Presab setting out the detailed terms and conditions of the
Proposed Wisma Saberkas Acquisition.

On behalf of the Board of Directors of Promet (Promet Board),
Southern Investment Bank Berhad wishes to announce that Promet
had on 30 May 2003, entered into an agreement (Agreement) with
TESB to set out the Company's agreement to use its best efforts
to procure the sale of Wisma Saberkas by Presab to TESB and to
procure the execution of the conditional sale agreement by
Presab.


RAHMAN HYDRAULIC: Proposed Corp Exercise Implementation Ongoing
---------------------------------------------------------------
In accordance with Paragraph 4.1(b) of Practice Note No. 4/2001
(PN4) of the KLSE Listing Requirements, Rahman Hydraulic Tin
Berhad (Special Administrators Appointed) wishes to announce the
status of the Company's plan to regularize its financial
condition since its previous Monthly Announcement made on 2 May
2003.

Further to the announcements dated 23 May 2003, the Company
wishes to inform that the Company is in the midst of
implementing the Proposed Corporate Exercise, which involves
inter-alia, the listing of IJM Plantations Berhad in place of
RHTB.

Details of the Proposed Corporate Exercise as well as the Notice
of Books Closure can be found in the Company's Information
Circular to stockholders issued on 24 May 2003.

Any new developments on the Company's plan to regularize its
financial condition will be announced in due course.


REPCO HOLDINGS: Injunction Application Hearing Moved to July 7
--------------------------------------------------------------
Repco Holdings Berhad (Special Administrators Appointed)
provided an update on the following:

1) Writ of Summons and application for interlocutory injunction
served on the Special Administrators of the Company and a
subsidiary of the Company, Peluamas Sdn Bhd (Peluamas)

Further to the Company's announcement on 9 May 2003, the Court
on 19 and 20 May 2003 heard the injunction application by Fajar
Jalurmas Sdn. Bhd but did not grant the interlocutory injunction
and instead the Court has set the matter for trial on 7 July
2003. Pending trial, the Court has allowed the Company to
continue with the disposal on condition that the sale is subject
to the Court's decision.

The Company has not been named as a party to the legal action.
The Company is of the view that the legal action has no material
impact on its earnings.

2) Sale of Peluamas

Following the Court's decision above, the SAs had, on behalf of
Repco, entered into a conditional Sale and Purchase Agreement
with the highest bidder. The sale is subject to the Court's
decision and approval of relevant authorities.


SPORTMA CORPORATION: 13th AGM Set on June 24
--------------------------------------------
Sportma Corporation Berhad (Special Administrators Appointed)
appended below the Notice of Thirteenth Annual General Meeting:

NOTICE OF THIRTEENTH ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN THAT the Thirteenth Annual General
Meeting of the Company will be held at The Greens Room,
Clubhouse, Jalan Kelab Tropicana, Tropicana Golf & Country
Resort, 47410 Petaling Jaya, Selangor Darul Ehsan on Tuesday, 24
June 2003 at 11:00 a.m. for the following purposes:

AGENDA

1. To receive and adopt the audited financial statements for the
year  ended 31 December 2002 together with the Reports of the
Directors  and Auditors thereon. Resolution 1

2. To approve the payment of Directors' fees of RM37,500 in
respect of the year ended 31 December 2002. Resolution 2

3. To re-elect the following Directors retiring in accordance
with Article 80 of the Company's Articles of Association:

   i) Chua Boon Keng Resolution 3
   ii) Ahmad Mokhtar bin Zainal Abidin Resolution 4

4. To re-appoint Messrs Yeang & Co. as Auditors of the Company
and to authorize the Special Administrators to fix their
remuneration. Resolution 5

By Order of the Board

CYNTHIA GLORIA LOUIS (MAICSA 7008306)
CHEW MEI LING (MAICSA 7019175)
Secretaries

Selangor Darul Ehsan
2 June 2003

Notes :

1) A proxy may but need not be a member of the Company and the
provisions of Section 149(1)(b) of the Companies Act, 1965 shall
not apply to the Company.

2) To be valid, the duly completed form must be deposit at the
Registered Office of the Company at Unit 725, 7th Floor, Block
A, Kelana Centre Point, No 3 Jalan SS7/19, Kelana Jaya, 47301
Petaling Jaya, Selangor Darul Ehsan, not less than forty-eight
(48) hours before the time for holding the Meeting or any
adjournment thereof.

3) A member shall be entitled to appoint more than one (1) proxy
to attend and vote at the same Meeting.

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

5) If the appointer is a corporation, this form must be executed
under its Common Seal or under the hand of its attorney.


SRIWANI HOLDINGS: June 24 19th AGM Scheduled
--------------------------------------------
Notice is hereby given that the Nineteenth Annual General
Meeting (19th AGM) of Sriwani Holdings Berhad will be held at
Hotel Equatorial, No. 1, Jalan Bukit Jambul, 11900 Penang on
Tuesday, 24 June 2003 at 11:30 a.m.

The full text of the Notice of the 19th AGM together with the
Statement accompanying the said Notice are attached at
http://bankrupt.com/misc/TCRAP_SHB0604.pdffor your reference.


TAJO BERHAD: Provides Default in Payment Status Update
------------------------------------------------------
Pursuant to the announcements regarding Practice Note 1/2001,
Tajo Berhad (Tajo) is pleased to provide an update on the
details of all the facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001. Details are as per
Table 1 at http://bankrupt.com/misc/TCRAP_Tajo0604.pdf.

A) REASON FOR DEFAULT IN PAYMENT

Due to the slowdown in the regional economy in general and the
construction and building industry specifically following the
financial crisis in late 1997, 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

Reference is made to the announcements dated 29 April 2003, 28
March 2003, 28 February 2003, 30 January 2003, 31 December 2002,
29 November 2002, 29 October 2002, 1 October 2002, 30 August
2002, 30 July 2002, 26 June 2002, 31 May 2002, 26 April 2002, 29
March 2002, 26 February 2002, 31 January 2002, 28 December 2001,
21 November 2001, 22 October 2001, 12 September 2001, 16 August
2001 and 5 July 2001.

On 10 October 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced their appointment as Tajo's Adviser
with regards to Tajo's revised plans to regularize its financial
condition pursuant to PN4. In the same announcement, it was also
announced that an application for an extension of time pursuant
to Paragraph 5.1(c) of PN4 has been made to KLSE on 10 October
2001 as the deadline granted by KLSE to enable Tajo to make a
resubmission of its regularization plans to the relevant
authorities for approval was on 10 October 2001.

On 1st November 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced that KLSE via its letter dated 1
November 2001, has granted its approval for an extension of time
from 11 October 2001 to 28 February 2002 to enable Tajo to:

1. Revise its regularization plan;
2. Make a revised Requisite Announcement to KLSE; and
3. Submit its revised plan to the regulatory authorities for
approval.

Further to the above, Tajo is also required to provide KLSE with
detailed progress reports on the development and/or latest
status of its regularization plan in accordance with the
following schedule:

1st progress report by 15 November 2001;
2nd progress report by 15 December 2001;
3rd progress report by 15 January 2002; and
4th progress report by 15 February 2002.

On 15 November 2001, Public Merchant Bank Berhad, on behalf of
Tajo, submitted the 1st progress report on the developments and
latest status of Tajo's regularization plan to KLSE. On 14
December 2001, the 2nd progress report was submitted to KLSE and
subsequently, the 3rd progress was submitted to KLSE on 14
January 2002. The fourth progress report was submitted on 15
February 2002.

On 28 February 2002, Public Merchant Bank Berhad, on behalf of
Tajo announced that Tajo is still in the process of evaluating
and negotiating with its potential "white knights", which forms
an integral part of its regularization plans. In view of that,
Public Merchant Bank Berhad on behalf of Tajo announced that
Tajo is unable to make the revised requisite Announcement by 28
February 2002. As such, Public Merchant Bank Berhad, on behalf
of Tajo, had written to KLSE on 26 February 2002 for an
extension of time of three (3) months from 28 February 2002 for
Tajo to make the revised Requisite Announcement.

On 11 April 2002, Tajo announced that, KLSE, on even date, did
not approve Tajo's application for a further extension and
imposed a suspension on the securities of the Company pursuant
to paragraphs 8.14 and 16.02 of the listing requirements. The
suspension took effect on 19 April 2002.

Tajo's Requisite Announcement was made via Public Merchant
Berhad on 10 June 2002 to the KLSE. Tajo has 2 months to submit
their proposal to the Securities Commission for approval wherein
the Securities Commission has up to 4 months to revert. With the
Requisite Announcement being made, the issue of the KLSE not
approving the extension of time is no longer relevant.

On 9 August 2002, Public Merchant Bank Berhad, on behalf of
Tajo, made an application to the Kuala Lumpur Stock Exchange
(KLSE), for the KLSE's approval to grant an extension of a
further one (1) week up to 16 August 2002 for Tajo to submit its
plan to regularize its financial condition to the relevant
authorities, in compliance with paragraph 5.1 (b) of PN4.

On 14 August 2002, PMBB, on behalf of Tajo, announced that an
application for the Proposed Restructuring Exercise had been
made to the relevant authorities, namely the Securities
Commission, The Foreign Investment Committee and the Ministry of
International Trade and Industry.

The KLSE, has via its letter dated 26 September 2002, granted
its approval for an extension of time for a further one (1) week
from 9 August 2002 to 16 August 2002, for Tajo to submit its
plan to regularize its financial condition to the relevant
authorities.

On 8 October 2002, PMBB on behalf of Tajo announced that the
Ministry of International Trade and Industry ("MITI") has, via
its letter dated 8 October 2002, approved Tajo's Proposed
Restructuring Exercise. Tajo is required to consult MITI on
Tajo's equity conditions within a period of three (3) years from
the date of MITI's approval on 8 October 2002. In addition, Tajo
is required to inform MITI upon full implementation of the
Proposed Restructuring Exercise.

On 16 October 2002, PMBB on behalf of Tajo announced that the
Foreign Investment Committee (FIC) has, via its letter dated 3
October 2002, which was received on 16 October 2002, approved
Tajo's Proposed Restructuring Exercise. The approval from FIC is
subject to Mithril Berhad (Newco) set up for the purposed of the
Restructuring Exercise) meeting the minimum Bumiputra
requirement of 30% upon listing on the KLSE. In addition,
Tajo/Mithril is required to inform FIC upon full implementation
of the Proposed Restructuring Exercise.

The Securities Commission via their letter dated 24 December
2002 which was received on 27 December 2002 by PMBB, approved
the Proposals in the Proposed Restructuring Exercise as proposed
subject to certain variations and conditions.

On 23 January 2003, PMBB, on behalf of Tajo, announced that PMBB
had on 23 January 2003, submitted an appeal to the Securities
Commission. The Securities Commission via their letter dated 3
March 2003 had rejected the appeal.

The vendors have deliberated on the Securities Commission's
decision and from the deliberation, the vendors of Saferay (M)
Sdn Bhd, namely, Mr. Ong Kah Huat and Mr. Cheong Chee Yun, and
the vendors of the subsidiary parcels in Menara MAA Kota
Kinabalu and Menara MAA Kuching, namely Malaysian Assurance
Alliance Berhad (MAA), have accepted all other terms and
conditions imposed by the Securities Commission.

However, MAA and Tokojaya Sdn Bhd (Tokojaya), being the vendors
of the properties mentioned below have decided not to proceed
with the injection of the said properties into Tajo as part of
the proposed restructuring exercise.

The properties that will not be injected into Tajo are as
follows :

1. Property held under MAA

Five (5) pieces of freehold land in area totaling 23,839 square
feet with a 13 storey retail/office building erected thereon,
comprising 3 levels of retail space, 5 levels of car park and 5
levels of office space with an appropriate total area of 233,685
square feet known as "Menara MAA" located in Penang

2. Property held by Tokojaya

Sixteen (16) parcels of commercial space situated on the
Mezzanine. Eighth and Tenth Floors with an appropriate total
area of 34,996 square feet together with 47 units of basement
carpark bays forming part of an 11 storey office building with 3
basement car park known as "Menara MAA" located in Kota
Kinabalu.

In compliance with one of the conditions imposed by the
Securities Commission in its approval letter for the Proposed
Restructuring Exercise dated 24 December 2002, Tajo had on 21
February 2003 appointed an audit firm, Messrs. Anuarul, Azizan,
Chew & Co. to conduct an investigative audit on the Group.

The company is currently in its implementation stage of the
Proposed Restructuring Exercise.

Any new developments on the Company's plan to regularize its
financial condition will be announced in due course.

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 the restructuring scheme is RM196,338,123.

Since Tajo is either the principal borrower or the guarantor for
these loans, Tajo 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

Tajo's bonds were unsecured.

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

As a debenture holder pursuant to the secured loans made by MAA
to Tajo, MAA is empowered to appoint a receiver or receiver and
manager.

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; AND

The facilities listed above represent all the borrowings of the
Tajo Group, and as a result of the Proposed Scheme of
Arrangement "have not been serviced" (interest and principal)
since December 1998. As such they are all technically in
default.

The creditors have however refrained from serious legal action
other than those, which have been disclosed in the Annual Report
and Circulars as well as Announcements, since they have voted
unanimously in favor of the Proposed Scheme of Arrangement on 15
August 2000.


TAT SANG: Provides Defaulted Banking Facilities Status Update
-------------------------------------------------------------
Tat Sang Holdings Berhad is pleased to provide an update on the
details of all banking facilities, which are currently in
default as per attached Table 1 at
http://bankrupt.com/misc/TCRAP_TatSang0604.doc.

The Company wishes to inform that the hearing date of the
following legal suits are fixed as follow:

1. Standard Chartered Bank (M) Berhad - VS - Mercuries Muar
Wooden Furniture Mfg Sdn. Bhd. (MMWF) at Kuala Lumpur High Court

Suit No : D5-23-1051-2001
Decision : The above suit case, which came up for Decision of
the Plaintiff's Application for Summary Judgment on 1 August
2002. The Senior Assistant Registrar allowed the Plaintiff's
application and recorded Summary Judgment against all the
defendants. The Solicitors had on 11 April 2003 lodged the
Appeal against the decision of the Learned High Court Judge to
the Court of Appeal. The Company is currently awaiting the notes
of proceedings and the grounds of judgment of the High Court to
file the Record of Appeal.

2. Malayan Banking Berhad (MBB) - VS - MMWF at Muar High Court

Suit No. : 23-108-2001
Decision : Based on the outcome of the hearing on 10 October
2002, its Solicitors have managed to set aside the aforesaid
Summary Judgment against all the Defendants. As the dispute is
on the amount claimed by MBB, Interlocutory Judgment was instead
entered by consent with amount to be assessed before the Senior
Assistant Registrar based on the rate as specified in the Letter
of offer dated 19 August 2000. MBB will not be able to enforce
or execute the aforesaid Interlocutory Judgment until the amount
to be calculated is agreed upon by the parties. On 9 May 2003
the plaintiff application for assessment of amount due has been
adjourned by the Court to enable the plaintiff to recalculate
the same based on the original rates as stated in the Letter of
offer dated 19 August 2000 without subsequent variations. The
Court has fixed the next hearing on 7 July 2003.

3. Bumiputra-Commerce Bank Berhad - VS - MMWF at Muar High Court

Suit No : 23-76-2001
Hearing date : An application to amend the Writ of Summons and
Statement of Claims dated 16 May 2002 and application for
Summary Judgment which was fixed for hearing of the Order 14
Application on 20 June 2002 has fixed for decision on 23 August
2002.
The Senior Assistant Registrar allowed the plaintiff's
application for Summary Judgment against the defendant's
decision : The Judgment was obtained on 23 August 2002. Notice
of Appeal was filed and the hearing date was fixed on 9 December
2002. On 19 May 2003, the High Court Judge in Chambers has
dismissed the appeal with costs to the Respondent and decided
that there was no triable issues or questions of law which may
prohibit the Plaintiff/Respondent from maintaining the judgment
obtained against the Company under Order 14 application for the
sum of RM4,992,000 together with interest of 8.0% p.a. The
Company is in the midst of filing the Notice of Appeal to the
Court of Appeal against the decision.

4. Bank Pembangunan & Infrastruktur Malaysia Berhad ("BPIMB") -
VS - MMWF & TSHB

Suit No. : 23-54-2002
Status of the suit: Memorandum of Appearance was filed on 25
July 2002 and its solicitors had filed in defense on 8 August
2002. Hearing date was fixed on 28 November 2002. The BPIMB had
filed an application for Summary Judgment under Order 14 of the
Rules of the High Court 1989 together with the necessary
affidavit in support of application for the aforesaid sum. The
next hearing date had been postponed from 15 January 2003 to 20
February 2003 and subsequently to 20 March 2003.
Decison : Based on the outcome of the hearing dated 20 March
2003, Judgment in default has been obtained against MMWF & TSHB.
Its Solicitors have to file in the appeal to the Judge in
Chambers and the next hearing date is fixed on 16 June 2003.


UCP RESOURCES: Posts Financial Regularization Plan Progress
-----------------------------------------------------------
In accordance with the Paragraph 4.1(b) of the Practice Note No.
4/2001 - Criteria and Obligation pursuant to Paragraph 8.14 of
the Listing Requirements of the Kuala Lumpur Stock Exchange, UCP
Resources Berhad Company wishes to announce the progress of its
financial regularization plan.

As announced on 30 January 2003 and 19 March 2003, the Ministry
of International Trade and Industry and the Foreign Investment
Committee had on 28 January 2003 and 14 March 2003 respectively,
approved the Proposed Corporate and Debt Restructuring Scheme of
the Company as well as the revised structure to the original
Proposed Corporate and Debt Restructuring Scheme, announced on
31 December 2002.

In terms of the progress of its financial regularization plan,
the Company and Goldenseal Resources Sdn. Bhd. (being the White
Knight) are currently in the midst of re-evaluating the Proposed
Corporate and Debt Restructuring Scheme in view of the current
market situation.

An announcement of a variation to the Proposed Corporate and
Debt Restructuring Scheme (if required) will be made by the
Company in due course.


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


CEBU PRIVATE: DOE Settles Power Dispute With Veco
-------------------------------------------------
The Philippine Department of Energy (DOE) and the Energy
Regulatory Commission (ERC) will hold talks with the officials
of the Visayan Electric Cooperative (Veco) and its power
supplier Cebu Private Power Corporation (CPPC) to settle
problems that could lead to an early power crisis in Metro Cebu,
the Manila Times reports.

Apparently, CPPC, which supplies 62 megawatts of power to Veco,
plans to shut down its operations due to financial difficulties.
CPPC said they sell at low rates despite high production costs.
Veco needs 91 MW of reserve power for the Cebu-Negros-Panay
(CNP) grid and supplies Cebu City. Reports said Veco would have
to implement rotation brownouts in Cebu City.

Earlier, the National Transmission Corp. (Transco) said a power
crisis is shaping up in the Visayas as the region's power
consumption is approaching capacity.


MANILA ELECTRIC: ERC OK's Rate Increase
---------------------------------------
The Manila Electric Company (Meralco) was permitted to raise
tariffs for large users by an average 17 centavos (0.32 cents) a
kilowatt-hour effective this month, DebtTraders reports. Meralco
will use approximately half of the increase to meet distribution
costs and the rest to buy and transmit power.

The decision reflects the Energy Regulatory Commission's
commitment to strike a balance in the promotion of the interest
of all stakeholders in the electricity industry. DebtTraders
believe the decision is has positive implications on the power
industry restructuring.


MANILA ELECTRIC: May Post Profit in Second Quarter
--------------------------------------------------
The Manila Electric Co. (Meralco) may post a profit in the
second quarter of this year after the Energy regulatory
Commission (ERC) granted an additional rate hike, ABS-CBN said
Tuesday. On Friday, the ERC granted Meralco a hike of P0.0876
per kilowatt-hour for its unbundled electricity rates. Meralco
posted a net loss of 325.1 million pesos ($6.1 million) in the
first quarter, hurt by a Supreme Court ruling ordering it to
roll back most of a rate increase it introduced in 1994.


PHILIPPINE LONG: FirstPac Appoints Pangilinan as CEO
----------------------------------------------------
First Pacific Company Limited announced that at the Annual
General Meeting of shareholders held on Monday, Mr. Anthoni
Salim will assume the role of Non-Executive Chairman of the
Company and that Mr. Manuel V. Pangilinan will be the Managing
Director and Chief Executive Officer CEO of the Company.  This
is to implement the Stock Exchange's recommended practice in
corporate governance relating to the segregation of the role of
Chairman and CEO in a Company.  As Managing Director and CEO of
First Pacific, Mr. Pangilinan is tasked with executing the
strategy of the Company as envisaged by the Board of Directors.

The Board also announced the appointments of His Excellency
Albert F. Del Rosario and Mr. Robert Charles Nicholson as
Independent Non-executive Directors of the Company, and the
appointment of Mr. Benny S. Santoso as a non-executive director
of the Company, all with effect from 2 June 2003.

Mr. Del Rosario is currently the Philippine Ambassador to the
United States and also serves as a non-executive director of
Philippine Long Distance Telephone Company PLDT.

Mr. Nicholson is currently a special advisor to the Board of
Directors of PCCW Limited and prior to that, was a senior
partner of the Richards Butler law firm in Hong Kong.

Mr. Santoso currently serves as a director or commissioner of
various Salim Group companies.  He is an advisor to the Board of
PLDT.

The Board believes that Mr. Del Rosario, Mr. Nicholson and Mr.
Santoso will make valuable contribution to the Company and bring
the benefit of their extensive experience to bear in the
decision-making processes of the Company's Board.

In addition, the Board would like to take this opportunity to
announce the poll results in respect of the nine resolutions
proposed and seconded at the Annual General Meeting of the
Company, as more than 89 percent of the votes were cast in favor
of all the resolutions, these resolutions were duly passed as
ordinary resolutions and special resolution of the Company.
Details of the poll results can be found at the Company's web
site: www.firstpacco.com.

Pangilinan is currently the President and CEO of the Philippine
Long Distance Telephone Co. (PLDT), in which First Pacific holds
a 24.3-percent stake.

In earlier reports, the Manila Times reported that the Gokongwei
group had attempted to buy the 24-percent stake of the Salim
family of Indonesia in PLDT, a move vigorously opposed by
Pangilinan.

PLDT Company was also able to significantly address its debt-
related issues, which involved the following:

- Repayment of US$ 350-million convertible bonds;

- PLDT's Liability Management Program and payment of some of its
debt;

- Indofood secured over US$600 million in competitive financing
to replace existing debt; and

- Full repayment of US$90-million Larouge Loan and Metro Pacific
successfully addressing 80 percent of its debts.

DebtTraders reports that Philippine Long Distance and Telephone
Co.'s 11.375 percent convertible bond due in 2012 (CSM06SGN1)
trades between 110 and 112.5. For real-time bond pricing, go
to http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1

For further information, please contact:

Sara Cheung Tel:  (852) 2842 4336
Assistant Vice President
Group Corporate Communications
First Pacific Company Limited


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


CHARTERED SEMICONDUCTOR: Improves Second Quarter Outlook
--------------------------------------------------------
On June 2, 2003, in its scheduled mid-quarter update, Chartered
Semiconductor Manufacturing indicated that it expects higher
revenues and an improved net loss, compared to its original
projections issued on April 17, 2003.

"Mid-way through the quarter, customer and market activity
continues to be essentially in line with our expectations.
However, primarily as a result of stronger 0.13-micron
shipments, we now expect that Chartered revenues will be up
approximately 17 to 20 percent sequentially, compared to our
original guidance of `up 10 percent to 15 percent'. Primarily as
a result of the expected higher revenues, we have also improved
our guidance for second-quarter net loss," said George Thomas,
Vice President & CFO of Chartered.

"We are making progress this quarter in both leading-edge and
mature technology shipments. Revenues, including our share of
SMP, from our 0.13-micron offering are expected to be 4 to 5
percent of total revenues compared to 1 percent in the first
quarter, and 0.18-micron and below revenues are expected to be
almost double the level in the year-ago quarter, putting it in
the `high 30s' as a percent of total revenues. Primarily due to
the strength in 0.13-micron shipments, we now expect this
quarter's average selling price to be a couple of percentage
points higher than our original projection. And we continue to
see results from the actions we are taking to increase
utilization in mature technology products. We now expect a
sequential increase in mature technology wafer shipments of well
over 20 percent this quarter,"
Thomas stated.

Based on its current assessment of market and customer trends,
the Company's updated guidance for second quarter 2003 is as
follows:

                     1Q 2003          2Q 2003 Guidance
                     Actual  April 17 Guidance June 3 Guidance
                             Midpoint/Range    Midpoint/Range

Revenues*            $103.8M   $117M, +/- $3M   $123M, +/- $2M

Chartered's share of
SMP revenues         $ 38.2M   $42M             $39M, +/- $1M

Revenues including
Chartered's
share of SMP         $142.0M   $159M, +/- $4M   $162M, +/- $3M

ASP*                 $931      $880, +/- $20    $900, +/- $15

ASP of Chartered's
share of SMP
revenues             $1,605    $1,395           $1,395, +/- $20

ASP including SMP    $1,049    $975, +/- $25    $985, +/- $20

Net loss*#           $(75.7)M  $(102)M, +/- $5M $(97.5)M, +/-
$4M

Total unusual items
(gain)/loss          $(24.3)M  $(2.5)M           $(2.5)M

- Conclusion of
EVA bonus plan       $(28.7)M     -               -

- Fab 1 restructuring
charge               $4.4M     $5.5M             $5.5M

- Intellectual
property licensing
& gain on equipment
disposition            -       $(8.0)M            $(8.0)M

Loss per ADS          $(0.30)  $(0.41), +/- $0.02  $(0.39), +/-
$0.02

Net loss without
unusual items#        $(100.0)M $(104.5)M, +/- $5M $(100.0)M,
+/- $4M

* Determined in accordance with US GAAP

# Includes loss impact due to CSP accounting treatment ($10.7M
in 1Q03 and approximately $23.0M in 2Q03)

Utilization           45 percent 53 percent,  +/- 2 percent
points 54 percent,  +/- 2 percent points

The Company plans to release its second-quarter 2003 earnings on
Friday, July 18, 2003, Singapore time, before the Singapore
market opens. Chartered's original guidance for second quarter
2003 was published in the Company's first-quarter 2003 earnings
release which can be found at
http://investor.charteredsemi.com/releases.cfm

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.


NEPTUNE ORIENT: Appoints Two New Directors
------------------------------------------
Neptune Orient Lines (NOL) announced Monday the appointment of
two prominent Singaporean businessmen, Mr Ang Kong Hua and Mr
Willie Cheng Jue Hiang, to the Company's Board of Directors, and
confirmed Mr Ron Widdows as CEO of its container transportation
unit, APL.

Mr Ang Kong Hua becomes a Vice Chairman of the Board, joining Dr
Friedbert Malt in this role, and will sit on both the Board's
Executive Committee and Nominating Committee.

Mr Willie Cheng Jue Hiang will serve on the Audit Committee in
addition to his responsibilities as a member of the full Board.

NOL Group Chairman Mr Cheng Wai Keung said both Mr Ang Kong Hua
and Mr Willie Cheng offered a valuable breadth of skills and
management experience in the global business arena.

Mr Ang Kong Hua is President of NatSteel, a listed Singapore-
based manufacturing group. Before joining NatSteel in 1975, he
was with Singapore's Economic Development Board and The
Development Bank of Singapore. Mr Ang Kong Hua also serves on
the boards of several other listed companies and institutions,
including Singapore Telecommunications Ltd and the Government of
Singapore Investment Corporation Pte Ltd.

Mr Willie Cheng is the Country Managing Director of Accenture
Singapore and Managing Partner of Communications & High Tech
Industry, South Asia, of Accenture Singapore. He has also served
on the boards of Infocomm Development Authority of Singapore
(IDA), SPRING Singapore (formerly the Singapore Productivity and
Standards Board), PSB Corporation and International Enterprise
Singapore (formerly Trade Development Board).

"Mr Ang Kong Hua's entrepreneurial skills and experience, and Mr
Willie Cheng's extensive professional and finance skills will be
real assets as we concentrate our business on our core global
transportation and logistics capabilities and focus on
sustaining profitability into the future," said Mr Cheng Wai
Keung.

In other changes, Mr Tim Rhein has been appointed Chairman of
APL Logistics, taking over from Mr Cheng Wai Keung, who remains
a member of the APL Logistics Board.

With regard to the NOL Board Committees, Mr Lock Sai Hung has
been appointed Chairman of the Audit Committee, replacing
Professor Wee Chow Hou who will continue as a member of the
Committee; Human Resources specialist and banker Mr Connal
Rankin has been named Chairman of the Executive Resource and
Compensation Committee, taking over from Mr Cheng Wai Keung, who
remains on the committee.

Mr Cheng also announced Mr Ron Widdows' appointment as CEO of
APL. "I am delighted we have a person of Mr Widdows calibre to
lead what is the biggest of the Group's businesses," Mr Cheng
said. "His 30 years experience in the industry, together with
his far-sighted approach and commitment to achieving sustained
profitability while meeting customers needs, makes him an
excellent choice to lead APL into the future."

Mr Widdows, joined APL in 1980. He was appointed Senior Vice
President responsible for APL's Americas Operations and
Logistics in 1998, which included management of the companies
terminal operating subsidiary, Eagle Marine Services Ltd as well
as its Stacktrain Services subsidiary, before being named APL
Senior Vice President, Liner Operations in 1999 and then
Executive Vice President in 2001. Mr Widdows has been Acting APL
CEO since January.

Media inquiries:
Sarah Lockie
+65-6371-5022
sarah_lockie@nol.com.sg


SEATOWN CORPORATION: Schedules AGM on June 18
---------------------------------------------
The Fourteenth Annual General Meeting (AGM) of Seatown
Corporation Ltd (In Judicial Management) will be held at the
MCST Conference Room, 20 Maxwell Road, 12th Floor, Maxwell
House, Singapore 069113 on Wednesday, 18 June 2003 at 11.00 a.m.
to transact the following business:

ORDINARY BUSINESS

1. To receive and adopt the Audited Financial Statements and the
Reports of the Directors and the Auditors for the financial year
ended September 30, 2002. Resolution 1

2. To re-elect the following Directors who retire in accordance
with Article 140 of the Company's Articles of Association:

(a) Mr. Wee Yan Siew Resolution 2 (a)
(b) Mr. Goh Siong Lak Resolution 2 (b)

Mr. Lim Jiew Keng, retires as Director pursuant to Article 140
and do not seek re-election. As a consequence of Mr. Lim Jiew
Keng's retirement as Director of the Company, he will be
relinquishing his position as Chairman of the Audit
Committee.

3. To approve the payment of Directors' fees of S$40,000 (FYE
2001: S$40,000). Resolution 3

4. To re-appoint Messrs TKH & Company, Certified Public
Accountants as Auditors and authorize the Directors to fix their
remuneration. Resolution 4

SPECIAL BUSINESS

5. To consider and, if thought fit, to pass the following
resolutions which will be proposed as Ordinary Resolution:

"THAT pursuant to Section 161 of the Companies Act, Chapter 50
and the listing rules of The Singapore Exchange Securities
Trading Limited, authority be and is hereby given to the
Directors of the Company to issue shares in the Company (whether
by way of rights, bonus or otherwise) at any time and upon such
terms and conditions and for such purposes and to such persons
as the Directors may in their absolute discretion deem fit to
provide that the aggregate number of shares to be issued
pursuant to this Resolution does not exceed 50 per cent of the
issued share capital of the Company at the date of this
Resolution, of which the aggregate number of shares to be issued
other than on a pro-rata basis to shareholders of the Company
does not exceed 20 percent of the issued share capital of the
Company at the date of this Resolution, and, unless revoked or
varied by the Company in general meeting, such authority shall
continue in force until the conclusion of the next Annual
General Meeting of the Company or the date by which the next
Annual General Meeting of the Company is required by law to be
held, whichever is the earlier. Resolution 5

6. To transact any other business.

Explanatory Notes:

Resolution 5 - This resolution empowers the Directors from the
date of the above meeting until the date of the Annual
General Meeting, to allot and issue shares in the Company. The
number of shares that the Directors may allot and issue under
this Resolution would not exceed fifty per centum (50 percent)
of the issued capital of the Company at the time of passing this
resolution. For issue of shares other than on a pro rata basis
to all shareholders, the aggregate number of shares to be issued
shall not exceed twenty per centum (20 percent) of the issued
capital of the Company.

Note:

1, A member of the Company entitled to attend and vote at the
Annual General Meeting is entitled to appoint a proxy to attend
and vote instead of him. A proxy need not be a member of the
Company.

2. If the appointer is a corporation, the instrument appointing
a proxy must be executed under hand by its duly authorized
officer or attorney.

3. The instrument appointing a proxy must be deposited at the
Company's registered office at 20 Maxwell Road,
#02-01 Maxwell House, Singapore 069113 not less than 48 hours
before the time fixed for holding the Annual General Meeting.


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


MEDIA OF MEDIAS: Discloses BoD's Meeting Resolutions
----------------------------------------------------
K.S.M Company Ltd, as the Plan Administrator of Media of Medias
Public Company Limited, in reference to the Board of Directors'
Meeting No.3/2003 held on May 29, 2003, discloses the
resolutions as follows:

1. Acknowledged the resignation of Mr. Kosit Suvinijjit from
the Chairman of the company.
2. Appointed Mr. Krit Ratanarak as the Chairman of the
company.
3. Appointed the audit committee for term of 2 years with
effect from May 29, 2003 as follows:

1. Mr. Yongyuth Withyawongsaruchi  as the Chairman of the
audit committee.
2. Mr. Chet Raktakanishta as the audit committee.
3. Mr. Jessada Promjart as the audit committee.

   4. Approved the yearly remuneration for the Board of
      Directors as follows:

             Chairman        Bt250,000.00
             Directors       Bt180,000.00 each.


NATURAL PARK: SET Grants Listed Securities
------------------------------------------
Starting June 3, 2003, the Stock Exchange of Thailand (SET)
allowed the securities of Natural Park Public Company Limited
(N-PARK) to be listed on the SET after finishing capital
increase procedures.

N-PARK is a listed company under REHABCO sector and is in
the rehabilitation process, therefore, the SET has still suspend
trading all securities of N-PARK until the causes of de-listing
are eliminated. However, the company could request the SET to
allow continued trading under the REHABCO category after it
completed the conditions specified by the Stock Exchange of
Thailand.

   Name                : N-PARK
   Issued and Paid up Capital
     Old               : Bt201,428,715,270
     New               : Bt396,008,102,770
   Par value           : Bt10 per share
   Allocate to         : Existing Shareholders
   Number of Share     : 19,457,938,750 common shares
   Ratio               : 1:1
   Price per share     : Bt0.10
   Subscription
   /Payment Date       : 12-14,16,19-23,26 May 2003



THAI PETROCHEMICAL: Creditors Vote Overwhelmingly to Appoint TAL
----------------------------------------------------------------
Creditors of Thai Petrochemical Industry Public Company Limited
(TPI) voted on Monday the election of the new permanent Plan
Administrator to implement the restructuring of TPI.

Creditors showed their overwhelming support for the appointment
of Thai Administrators Limited (TAL) with a total of 99.68%
(being creditors owed Bt89 billion) voting in favor of TAL.  The
only other candidate for Plan Administrator was TPI, which was
nominated as the Debtor's Executive.  TPI (under the influence
of the Debtor's Executive) received almost no support from
creditors when only two creditors voted in favor of TPI and 53
voted against.

A Committee spokesperson said, "The creditors have exercised
their statutory right to elect their choice of Plan
Administrator.  TAL's directors and executives are independent,
highly qualified individuals whose experience and dedication to
complete the restructuring of TPI should ensure its success."

In support of the Official Receiver, the creditors
overwhelmingly approved his immediate appointment of TAL as an
advisor to the Official Receiver during the period pending the
Court hearing to confirm the appointment of TAL as permanent
Plan Administrator of TPI.

The Committee of Creditors of TPI comprises:

   -    Bangkok Bank Public Company Limited
   -    Bank of Ayudhya Public Company Limited
   -    Citibank, N.A.
   -    Export-Import Bank of the United States
   -    International Finance Corporation
   -    Kreditanstalt fur Wiederaufbau
   -    Sukhumvit Asset Management

CONTACT INFORMATION: COMMITTEE OF CREDITORS
        Thai Petrochemical Industry Public Company Limited
        Tel: 662-638-0880
        Fax: 662-638-0870


TUNTEX (THAILAND): Clarifies Q103 Financial Report
--------------------------------------------------
In reference to the Auditor's disclaimed report of the
consolidated financial report of Tuntex (Thailand) Public
Company and its subsidiaries as at March 31,2003 due to the
inability to comply with some covenants under the debt
restructuring agreement, the Company appended an explanation as
follows:

The Company had entered into the debt restructuring agreement
with the lenders since June 28, 2001. The key components of debt
restructuring agreement are the extension of the debt repayment
periods and adjusting interest payment. During that period, the
projection of the company's performance and cash flow indicated
an ability to repay the loan to the lenders as scheduling.

After the date of debt restructuring, both internal and global
economic become more weaken caused by the September 11, 2001
event, the wars in the Middle East including the impact from the
SARS. , Prices of the main raw materials to produce polyester
were dramatically increased and caused higher production cost
but, on the other hand, market demand were significantly
dropped. All the above mentioned events gave a negative impact
to the company income structure because 70% of the company's
income is from export.

The Company puts all its efforts to solve the financial problem
by changing management strategy, marketing strategy and also
discussing with the lenders for the new debt restructuring. The
Company has requested to the lenders for deferral principal's
repayment and interest payment reduction. The Company has
granted such request from some of the major lenders. Now, the
Company is still in the process of negotiating with all lenders.
As a result, the auditor issued the disclaimed report to the 1st
quarter 2003 financial report.


TUNTEX (THAILAND): Explains 20% Change in Operating Results
-----------------------------------------------------------
Tuntex (Thailand) Public Company Limited has presented the 1st
quarter financial statement as at March 31, 2003. On the
consolidated income statement report, the net profit and
loss shows a net loss of Bt493.50 million, an decrement of Bt
484.90 million when compare to that of the same period of last
year which reported a net loss of Bt8.60 million. The reason of
the decrease in net loss can be summarized as follows:

                                               Million (Bt)
-Operating loss of the company                   655.18
-Operating profit from subsidiary and
related companies                               161.68

This can further be elaborated as follows:

                                               Million (Bt)
-Decrease in the exchange gain                   (46.35)
-Decrease in gross profit                        (172.95)
-Decrease in selling and administrative expenses   1.97
-Increase in share profit from associated &
related companies                                62.91
-Increase in other income                          1.90
-Increase in interest expenses                   (51.48)
-Increase in valuation allowance for inventories
diminution                                      (255.83)
-Increase in valuation allowance for devaluation
of investment                                   (25.07)

Below is the Company's reviewed quarterly financial statement:

                     Tuntex (Thailand) PCL.

Reviewed
                Ending  March 31,            (In thousands)
                                   Quarter 1

                       Year      2003        2002

Net profit (loss)             (493,495)     (8,598)
EPS (baht)                       (1.78)      (0.03)


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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