TCRAP_Public/030617.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Tuesday, June 17 2003, Vol. 6, No. 118

                         Headlines

A U S T R A L I A

AMP LIMITED: Issues Share Purchase Plan Timetable
AMP SHOPPING: Centro Returns Acceptances
AMP SHOPPING: Centro Sells Investment
AMP SHOPPING: Discloses Status of Defeating Condition Notice
AMP SHOPPING: Panel Publishes Reasons in Centro 01 Proceedings

AUSTRALIAN MAGNESIUM: Leighton Joins Stanwell Restructuring
AUSTRALIAN MAGNESIUM: Restructuring Agreement Signed
HUDSON TIMBER: Discloses Supplementary Prospectus
HUDSON TIMBER: Sells Timber & Hardware Division
MIM HOLDINGS: Court Approves Scheme of Arrangement

NETWORK FOODS: Bank Allows Working Capital Facilities Extension
NETWORK FOODS: Posts Renounceable Rights Issue Offer Details
PMP LIMITED: Director David Fraser Retires
POWERTEL LIMITED: TVG Submits Proposal
TUART RESOURCES: ASIC Interim Stop Order


C H I N A   &   H O N G  K O N G

INNOVATIVE TECHNOLOGIES: Petition to Wind Up Pending
MANSION HOUSE: Widens 2002 Net Loss to HK$88.865M
PCCW LIMITED: Withdraws Listing
PHOENIX GUN: Winding Up Sought by Portwave
STIRLING DRAINAGE: Winding Up Hearing Scheduled in July

WING FU: Hearing of Winding Up Petition Set


I N D O N E S I A

* IBRA Announces Alterations in "PPAI Phase 2" and "PPAS"


J A P A N

HANKYU CORPORATION: JCR Assigns BBB+ Rating
HITACHI LTD.: Unveils Additional Investment For Elpida
ISUZU MOTORS: Recalls SUVs Due to Defective Body Frames
RESONA BANK: Moody's Confirms B1 Debt Rating
RESONA BANK: S&P Places Ratings on Credit Watch

RESONA HOLDINGS: Needs to Revalue Assets, Kimura Says
SKYMARK AIRLINES: Widens 1H02 Net Loss to Y1.27B
TOSHIBA CORPORATION: Develops DRAM Memory Cell Technology


K O R E A

CHOHUNG BANK: Government Aims to Complete Sale Talks
CHOHUNG BANK: Union Continues Strike Plan
HYUNDAI CORP.: Creditors to Decide on Fresh Funds
SK GLOBAL: SK Corp. OK's Rescue Plan


M A L A Y S I A

ABRAR CORP.: SC Extends Proposals Implementation for Six Months
BRITISH AMERICAN: Striking Off Non-Operating Subsidiaries
CONSTRUCTION AND SUPPLIES: June 28 AGM Scheduled
DAMANSARA REALTY: Posts Proposed Debt Settlement Details
EMICO HOLDINGS: EGM, 11th AGM Fixed on June 30

LONG HUAT: Winding Up Petition Adjourned to September 10
MANCON BERHAD: Inks HOA With White Knight
OLYMPIA INDUSTRIES: Proposes S&P Agreements Extension
RAHMAN HYDRAULIC: 88th AGM Set on June 30
RAHMAN HYDRAULIC: Plaintiff's Appeal Hearing Set on March 11

RNC CORPORATION: MITI Conditionally OKs Proposed Modifications
SENG HUP: Seeks Proposals Implementation Time Extension
SITT TATT: MISL Disposes 6,000,000 Shares
SJA BERHAD: Replies KLSE's Winding Up Petition Query
TONGKAH HOLDINGS: Disposes Quoted Securities


P H I L I P P I N E S

MANILA ELECTRIC: Rates Unbundling Takes Effect This June  
MANILA ELECTRIC: Seeks Debt Rescheduling
MANILA ELECTRI: Sec. Vince Perez Visits Tutubank Branch
NATIONAL POWER: May start $500-M Roadshow This Week


S I N G A P O R E

ASIA PULP: American Hedge Funds Reject Debt Plan
C.K. TANG: Refinancing Debt Obligations
L&M GROUP: AGM Set For June 30


T H A I L A N D

ASIA HOTEL: Resolved Audit Committee Appointment
MILLENNIUM STEEL: Completes Preferred Shares Conversion
NAKORNTHAI STRIP: Seeking MoU Approval From Creditors
NATIONAL FERTILIZER: Board Director Nititham Resigns
NATURAL PARK: Notifies of SPSCP Property Development

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Issues Share Purchase Plan Timetable
-------------------------------------------------
AMP Limited on Monday confirmed the timetable for release of
information about its Share Purchase Plan (SPP), which closed
Friday 13 June 2003.

Following processing of application forms, details of
subscription levels will be released to the market on 18 June
2003.

The pricing period for the SPP will commence on Monday 23 June
2003 and close on 11 July 2003. The final price that
shareholders will pay for shares will be announced on 14 July
2003. Ordinary shares under the SPP will be offered at the lower
price of:

   * A$5.50 (the price at which institutional investors
subscribed for shares under a recent institutional placement);
or

   * a 5 per cent discount to the average market price of AMP
shares calculated during the pricing period.

Shares will be allotted on 18 July 2003 and commence trading on
the same day. Statements detailing the allocation of shares will
be sent to participating shareholders by 7 August 2003.


AMP SHOPPING: Centro Returns Acceptances
----------------------------------------
Centro Properties Group announced Monday that it had returned
all acceptances for its takeover offer for the AMP Shopping
Centre Trust (ART).

Mr Andrew Scott, Centro's Chief Executive Officer commented,
"Centro has now sold its initial 19.9% stake in ART at a $35.5
million profit before costs. To be fair to investors, Centro has
decided to return all acceptances of its offer to ensure that
those unit holders have the opportunity to accept Westfields
cash offer."

This provides all ART unit holders with the opportunity to
obtain the benefit of Westfield's offer and removes any right
ART unit holders who have accepted Centro's offer may have had
to receive consideration under Centro's offer.

Centro's bid for ART will close at 7:00 pm on Thursday 26 June
2003.

    
AMP SHOPPING: Centro Sells Investment
-------------------------------------
Centro Properties Group announced last week that it had sold its
19.9% holding in AMP Shopping Centre Trust (ART). The on-market
sale at $1.80 per ART unit realized an estimated profit of $35.5
million before costs.

Mr Andrew Scott, Centro's Chief Executive Officer commented "The
contracts to acquire the Galleria Morley and Toombul Regional
Shopping Centres are now unconditional. Westfield Trust's cash
bid is also unconditional. We therefore considered our
investors' best interests to be served by selling our ART
investment on-market and achieving prompt settlement. As
previously announced, the proceeds will be applied in acquiring
the Galleria Morley and Toombul, due to settle on 1 July 2003".

Centro's bid for ART closes at 7:00 pm on Thursday 26 June 2003
and will not be extended further.


AMP SHOPPING: Discloses Status of Defeating Condition Notice
------------------------------------------------------------
CPT Manager Limited (as responsible entity for Centro Property
Trust) attaches the notice which confirms the status of the
defeating conditions to its takeover offers for all the ordinary
units in AMP Shopping Centre Trust, as required by subsection
630(3) of the Corporations Act.

The takeover offers will close at 7:00pm (Melbourne time) on 26
June 2003 and will not be extended further.

CPT Manager Limited ABN 37 054 494 307 (as responsible entity
for Centro Property Trust ARSN 090 931 123) Company Notice -
subsection 630(3) Corporations Act 2001 Notice of status of
defeating condition

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

For the purposes of subsection 630(3) of the Corporations Act
2001, CPT Manager Limited (CPTML) (as responsible entity for
Centro Property Trust (Centro)) hereby gives notice that:

1. the offers by CPTML (as responsible entity for Centro) dated
4 April 2003 for all of the ordinary units in ART, which offers
are contained in a bidder's statement dated 20 March 2003
(Bidder's Statement), have not been freed from any of the
conditions in clause 12.10 of the Bidder's Statement;

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

3. so far as CPTML is aware, none of the other conditions in
clause 12.10 of the Bidder's Statement have been fulfilled; and

4. CPTML's voting power in ART is 19.9% (it should be noted that
although CPTML disposed of a parcel of 19.9% of ordinary units
in ART on-market on 12 June 2003 it still has a relevant
interest in those units as that trade will only settle 3 trading
days after the transaction date).


AMP SHOPPING: Panel Publishes Reasons in Centro 01 Proceedings
--------------------------------------------------------------
The Panel advises that it published last week its reasons for
its decision in the AMP Centro 01 proceedings, which it
announced on 13 May 2003. The Panel declared there were
unacceptable circumstances in relation to the affairs of the AMP
Shopping Centre Trust (ART). The Panel made orders preventing
ART's interests in five major shopping centers being bought out
solely because AMP Henderson Global Investors Ltd. (AMPH) is
removed as responsible entity of ART following a successful
takeover bid for ART.

On 26 March 2003 AMPH announced that a change of responsible
entity of ART, as a result of a takeover bid under Chapter 6 of
the Corporations Act, would likely breach provisions contained
in agreements (Co-Owners' Agreements) in relation to five of the
largest and most important shopping centers in which ART owns
interests. AMPH said that those breaches may activate Pre-
Emptive Rights in the Co-Owners' Agreements, which may lead to
the Co-Owners being entitled to require ART to sell its
interests in the shopping centers to the other Co-Owners at
market value. AMPH's announcement in relation to the Pre-Emptive
Rights was in response to the announcement by Centro Property
Trust of a takeover bid for all of the units in ART.

The Panel accepted that the commercial effect of the Pre-Emptive
Rights would effectively deter a takeover bid by any person not
acceptable to the AMP group.

The Panel said that it was concerned that the suggested effect
of the Pre-Emptive Rights had not been disclosed to ART
unitholders or the market prior to AMPH's announcement to ASX on
26 March and has not been consented to by ART unitholders. The
Panel considers that this has impaired the efficient,
competitive and informed market for ART units and for control of
ART.

The reasons are available on the Panel's website at:
http://www.takeovers.gov.au/Content/Decisions/decisions.asp

The reasons for the decision of the AMP 02 Review Panel are also
on the Panel's website at:
http://www.takeovers.gov.au/Content/Decisions/2003/amp_030603.as
p  

CONTACT INFORMATION: Nigel Morris
        Director, Takeovers Panel
        Level 47 Nauru House,
        80 Collins Street, Melbourne VIC 3000
        Ph: +61 3 9655 3501
        nigel.morris@takeovers.gov.au


AUSTRALIAN MAGNESIUM: Leighton Joins Stanwell Restructuring
-----------------------------------------------------------
Leighton Contractors Limited has joined with other key
stakeholders to support Australian Magnesium Corporation
Limited's (AMC) plans to restructure its Stanwell Magnesium
Project, as per the announcement made by AMC to the Australian
Stock Exchange on Friday.

Leighton Contractors managing director, Mr Bob Merkenhof said,
"We have mutually agreed with AMC to terminate the current
Engineering, Procurement and Construction (EPC) contract and to
enter into a joint venture arrangement to preserve and develop
project assets for future development."

"Unfortunately we will be reducing our workforce significantly,
either by redeployment where possible or by redundancy. All
departing employees will receive their full entitlements.

"Because of these events we will reduce the value of work in
hand that we had recorded for the project by $300 million," Mr
Merkenhof said.

Leighton Contractors is an Australian market leader in the
delivery of complex infrastructure, project development,
building, contract mining and construction. The company
currently has in excess of $2 billion worth of work in hand and
employs over 2,000 people.

CONTACT INFORMATION:  Bob Merkenhof
        MANAGER DIRECTOR
        Leighton Contractors
        Tel: (02) 9925 6953


AUSTRALIAN MAGNESIUM: Restructuring Agreement Signed
----------------------------------------------------
Australian Magnesium Corporation Limited will develop a revised
magnesium business plan following Friday's signing of an
agreement to restructure the Company and its Stanwell Magnesium
Project.

Central to the revised business plan will be the work completed
to date, progress achieved in the international magnesium
industry, technologies owned by the Company and significant
research and development alliances already established.

BOARD AND MANAGEMENT CHANGES

As part of the formal restructuring, AMC has also announced
Board and management changes following a meeting of the
Company's Directors on Friday.

The Board will be reduced from ten to five directors with the
retirement of two executive directors, Mr Rod Sharp (Chief
Executive Officer) and Mr Tony Brown (Vice President - Project),
and three non-executive directors, Mr John Dow, Mr Hans Umlauff,
and Mr Ian Freer. Mr Dow and Mr Umlauff have retired from the
Board following the decision of Newmont Australia to reduce its
Board representation on AMC from three directorships to one.

Directors continuing on the Board are: - Dr Roland Williams
(Chairman), Mr John Story, Mr Ken Williams, Mr Creagh O'Connor
and Dr Christopher Rawlings.

Dr Williams - who will retire as Chairman at AMC's annual
general meeting in November - said the Board and management
changes were consistent with AMC's restructuring plan to
preserve value for shareholders and stakeholders and to revise
the Company's business plan.

Dr Williams said Mr Sharp and Mr Brown had also resigned from
their corporate positions and had waived any termination
benefits.

"Their contributions have combined to establish AMC in the
international magnesium industry and to provia the Company with
the basis to move forward with a revised business plan," he
said.

ACTING CEO APPOINTED

The AMC Board also announced the appointment of Dr Rawlings as
Acting Chief Executive Officer of the restructured organization.

Dr Rawlings, who joined the AMC Board as a non-executive
Director in October 2002, was previously CEO of QCT Resources
Ltd for six years until November 2000 prior to its takeover by
BHP/Mitsubishi.

Dr Rawlings is currently also Chairman of Renison Consolidated
Mines NL and a non-executive Director of Gympie Gold Ltd,
Uniquest Ltd, JK Tech Limited and D'Aguila Gold Ltd. He is a
past president of the Queensland Mining Council and past
Chairman of the Australian Coal Association.

RESTRUCTURING AGREEMENT

Under the Heads of Agreement signed on Friday with the
Queensland Government, the Commonwealth Government, Newmont
Australia and Leighton Contractors, AMC shareholders will retain
ownership of the Company and the magnesium industry expertise
and technology interests held within the Group.

The key elements of the agreement include:

   * Leighton and AMC have agreed to terminate the Stanwell EPC
contract and will form a joint venture to both preserve and
develop certain project assets (such as equipment and
engineering) for use in a future development.

   * AMC will settle outstanding obligations to other creditors
from its existing cash reserves.

   * The Queensland and Commonwealth Governments will allow
prior access to cash reserves for ongoing operating purposes.

   * Newmont, a 27.8 per cent shareholder in the Company, has
agreed to concessions relating to its existing financial
arrangements with AMC, to provia contingent support up to a
maximum A$10 million and to maintain existing guarantees in
relation to the QMAG operation.

   * The senior debt facilities associated with the Stanwell
Magnesium Project are being cancelled and the associated foreign
exchange and interest rate hedging contracts have been unwound.

Dr Williams said the financial restructuring and organizational
changes were needed now because the Company's search for balance
sheet support had not been successful in the time frame the
company had set itself.

"Without the support of our major stakeholders, we would have
had no option but to appoint an administrator which would have
inevitably prevented any further involvement by AMC and its
shareholders in the global magnesium industry," he said.

"The agreement also allows AMC to maintain its critical alliance
relationships with the Australian light metals research
community, including the CSIRO and CAST."

REVISED MAGNESIUM BUSINESS PLAN

Dr Williams said his decision to remain AMC Chairman until this
year's AGM was to focus on the development of a new magnesium
production project for Stanwell.

"The revised business plan will be based on project work
completed to date, the magnesium technologies owned by the
Company and the research and development alliances already
established," he said.

"Importantly, the restructuring enables AMC to regroup, assess
other Stanwell development options and continue the search for a
new corporate or project partner."

Acting CEO Dr Chris Rawlings said it was crucial that AMC's
strategic intent going forward included preserving and utilizing
the value from the Stanwell Magnesium Project, AMC's metals
technology team and its intellectual property portfolio.

"These assets will be developed together with our QMAG magnesia
business which has a full production commitment and where we
will continue to enhance performance," he said.

"We must not lose sight of the fact that the AM processing
technology developed with the CSIRO remains the best available.
It is modern, has low operating costs and is environmentally
friendly.

"With these attributes, it is the firm aim of AMC and its
stakeholders to re-establish the development of a magnesium
facility and we will actively look to engage new partners in our
review of future alternatives," Dr Rawlings said.

AMC JOB LOSSES

Work will be halted on the Stanwell Magnesium Project in central
Queensland and the site placed under care and maintenance. This
will immediately impact on engineering and construction
activities and companies involved on the project.

The Company will continue to operate its QMAG magnesia products
business at Rockhampton.

"While we are encouraged and grateful that AMC can move forward
as a Company, we regret that there will be significant
reductions in the AMC workforce," Dr Williams said.

"At this stage, we expect the Company wide workforce will be
lowered from its current level of 350 to some 230 staff," he
said. "All retrenched employees will receive their full
entitlements."

"It is deeply disappointing for our staff and their families and
the immediate prospect of their participation in building a new
Australian industry," Dr Williams said.

ASX TRADING

AMC will hold discussions with the Australian Stock Exchange
with the aim of resuming trading in the Company's three
securities within a week.

The terms regarding AMC's Distribution Entitled Securities (DES)
remain unchanged.

DES holders will continue to receive distribution payments, with
the remaining three payments each of 3.2 cents per security to
be paid over the next 18 months.

CONTACT INFORMATION: Joel Forwood
        MANAGER - INVESTOR RELATIONS
        Simon Jemison
        GENERAL MANAGER - PUBLIC AFFAIRS
        Tel: +61 7 3837 3400
        Fax: +61 7 3837 3423


HUDSON TIMBER: Discloses Supplementary Prospectus
-------------------------------------------------
In accordance with ASX Listing Rule 3.10.4, Hudson Timber
Products Limited (formerly Hudson Timber & Hardware Limited) ABN
95 081 809 814 wishes to advise that the attached Supplementary
Prospectus has been lodged on Friday with the Australian
Securities and Investments Commission.

THIS IS A SUPPLEMENTARY PROSPECTUS THAT IS TO BE READ IN
CONJUNCTION WITH THE PROSPECTUS DATED 28 MAY 2003.

INTRODUCTORY NOTES

This Supplementary Prospectus is dated 6 June 2003.

A copy of this Supplementary Prospectus has been lodged with the
Australian Securities and Investments Commission on 6 June 2003
pursuant to section 719 of the Corporations Act.

Neither the Australian Securities and Investments Commission nor
the Australian Stock Exchange Limited takes any responsibility
as to the content of this Supplementary Prospectus.

Terms defined in the Prospectus dated 28 May 2003 have the same
meaning where used in this Supplementary Prospectus.

REASONS FOR THIS SUPPLEMENTARY PROSPECTUS

1. INCREASE OF COMPANY OFFER

To further strengthen the balance sheet of the Company, be in a
better position to be able to take advantage of growth
opportunities and respond to the level of investor interest in
the Offer, the Company will offer a further 13,333,333 New
Shares for subscription at the Application Price of $0.15 for
each Share to raise an additional $2.0 million (before costs).

Therefore, the total number of New Shares to be offered for
subscription under the Company Offer is 46,714,500 and the total
amount proposed to be raised under the Offer increases to $9.1
million.

The Company proposes to use the above stated additional $2.0
million (before costs) to further reduce debt and improve
working capital balances.

As a result of the increase of New Shares to be offered for
subscription under the Company Offer:

   (a) the effect of the offer will be to increase the number of
Shares  on issue to 90,575,884;

   (b) the investment profile of the Company, post the
Cancellation  and Recapitalization, will be as follows:
                                             2003F (1)

Application Price per Share                  15 cents
Earnings per Share (2)                       3.2 cents
Prospective P/E (4)                           4.6
Forecast Annual Div per Share (2) (3)        1.35 cents
Diviand yield (4)                            9.0%
Net tangible assets per Share (5)            20 cents
Market Capitalization at Offer             $13.6 million
Net Tangible Assets                        $18.1 million
Franking credits per Share                    17 cents

(1) Details of the forecasts, including the assumptions and
sensitivity analysis, are set out in Section 3.8 of the
Prospectus.

(2) Assumes 90,575,884 Shares on issue for the year ending 31
December 2003.

(3) The diviand is based upon 12 months earnings and will be
fully franked.

(4) Based on the application price of $0.15 per Share.

(5) Based on pro-forma net assets as at 30 April 2003.

(c) at the completion of the Offer and the Cancellation, the
ownership structure of the Company will be as follows:

NUMBER OF             SHAREHOLDER                    % OF ISSUED
SHARES                                                 SHARES

17,136,000    Vendors *                               18.92%
12,725,384    Other Existing Shareholders             14.05%
60,714,500    New Investors                           67.03%

90,575,884                                            100.0%

(d) the pro-forma consolidated balance sheet of the Company as
at 30 April 2003 as set out in section 4.3 of the Prospectus
changes as follows as result of the additional 13,333,333 New
Shares to be issued:

(i)  Bank will be $2,094,000; and
(ii) Share Capital will be $42,706,000.

2. FIRST SHAREHOLDERS' MEETING

At the First Shareholders' Meeting on 28 May 2003 the existing
members of the Company approved both the Sale of THD Resolution
and the Change of Name Resolution. These two resolutions were
conditions to the Offer and have now been satisfied.

3. COMPLETION OF SALE OF THD

On 30 May 2003 the Company completed the sale of its THD. The
completion of THD was a condition to the Offer and has now been
satisfied.

4. CONDITIONS TO THE OFFER

As a result of events set out in Points 2 and 3 above, the only
outstanding condition to the Offer is the approval of the
Cancellation of Shares Resolution and the Issue of New Shares
Resolution to be considered by the existing members of the
Company at the Second Shareholders Meeting on 16 June 2003.

5. CHANGE OF NAME

On 30 May 2003 the Company's name changed from Hudson Timber &
Hardware Limited to Hudson Timber Products Limited.

DIRECTORS CONSENT

Each Director of Hudson Timber Products Limited (formerly known
as Hudson Timber & Hardware Limited) ABN 95 081 809 814 has
consented to the issue of this Supplementary Prospectus and the
filing of the same with the Australian Securities and
Investments Commission and each Director accepts responsibility
for the information contained in this Supplementary Prospectus.


HUDSON TIMBER: Sells Timber & Hardware Division
-----------------------------------------------
The Directors of Hudson Timber & Hardware Limited are
pleased to announce that it has finalized the sale of its net
assets of its timber & hardware merchandising division for
approximately $14.25 million.

The funds raised from the sale will be utilized in reducing the
Company's debt with GE Capital Pty Limited.

The Company will now continue under the proposed name of Hudson
Timber Products Limited, as agreed by shareholders at the
meeting held on 28 May 2003. The Company will also continue with
its proposed capital raising of approximately $7.1 million,
which is being managed by Ord Minnett Limited and is due to
close on 30 June 2003.


MIM HOLDINGS: Court Approves Scheme of Arrangement
--------------------------------------------------
The Supreme Court of Queensland on Monday approved the Scheme of
Arrangement between MIM Holdings Limited (MIM) and its
shareholders regarding the $1.72 per share offer from Xstrata
Plc (Xstrata). The Scheme is now unconditional and takes effect
upon the filing of the Court order with ASIC, scheduled to occur
this afternoon.

If the Court order is lodged with ASIC and ASX prior to
commencement of trading on the ASX today, 17 June, 2003, there
will be no trading in MIM shares on the ASX after close of
trading on Monday. If this occurs, MIM shares will be suspended
from official quotation from the time of lodgment of the Court
order with ASIC and ASX (or upon close of trading on Monday if
lodgment takes place prior to that time). The suspension will
continue until de-listing following implementation of the
Scheme.

The Scheme will now be implemented in accordance with the
following timetable:

Record Date for determining
entitlement to Scheme consideration
of $1.72 per MIM share            5:00pm Monday 23 June 2003

Implementation of Scheme  
transfer of all MIM shares to
Xstrata Holdings Pty Limited      Tuesday 24 June 2003

Dispatch of cheques to MIM
shareholders                      Tuesday 24 June 2003

CONTACT INFORMATION: Collin Myers                          
        GENERAL MANAGER, Corporate Affairs                     
        Bus:    +61 (0) 7 3833 8285           
        Mobile: +61 (0) 419 703 145           


NETWORK FOODS: Bank Allows Working Capital Facilities Extension
---------------------------------------------------------------
On 15 May 2003, Network Foods Limited announced to the market a
proposed rights issue to raise at least A$5 million.

The Company is pleased to announce that Commonwealth Bank of
Australia (the Bank) has agreed to extend its facilities to the
Company for a further 12 months. The Board has accepted the
continuation of the facilities provided by the Bank on 30 May
2002.

Funds from the proposed rights issue will enhance working
capital and shareholders funds of the Company and this will
satisfy the equity requirements required by the Bank.

Management accounts show that the Company has been trading
profitably for the four months period ending 30 April 2003.
Although this trend is positive, the Company is unlikely to be
able to achieve the desired level of profitability to meet the
interest cover ratio imposed by the Bank. Based on discussions
with the Bank, it is believed that this financial covenant is
not likely to be enforced by the Bank during the period that the
facilities are continued.

The Bank has indicated that it would be prepared to consider
restructuring including increasing facilities at the end of 12
months in line with satisfactory financial information and the
company demonstrating servicing ability.


NETWORK FOODS: Posts Renounceable Rights Issue Offer Details
------------------------------------------------------------
Following the Chairman's statement of 15 May 2003, Network Foods
Limited is pleased to announce the details of a renounceable
Rights Issue to be made by the Company. The Rights Issue is to
be made on the following basis:

   * Seven new ordinary shares for every one ordinary share at a
price of 4.3 cents per new share.

   * If fully subscribed, 196,763,630 new ordinary shares will
be allotted, raising $8,460,836 before costs.

   * The Rights Issue is not underwritten.

   * Proceeds from the issue will be applied towards meeting the
agreed reductions in bank borrowings, to meet budgeted capital
expenditure and for working capital requirements.

The Company has commenced the regulatory process for the Rights
Issue and plans to lodge a Prospectus with the Australian
Securities and Investment Commission in the coming weeks.


PMP LIMITED: Director David Fraser Retires
------------------------------------------
Mr David Fraser has decided to retire as a non-executive
director of the Company, effective 1 July 2003.

David has recently been appointed to a senior executive position
based out of Singapore, and considers this new role will prevent
him from being able to devote sufficient time to his
directorship of PMP Limited.

Wrights Investors' Service reports that the company's long-term
debt was A$416.93 million and total liabilities were A$666.35
million. The long-term debt to equity ratio of the company is
3.32.


POWERTEL LIMITED: TVG Submits Proposal
--------------------------------------
Telecom Venture Group Limited (TVG) announces its intention to
acquire a minimum of 47% of the shares in PowerTel Limited
(PowerTel) by way of an off-market takeover offer, to be
followed by a recapitalization of PowerTel through the injection
of new funds via a $50 million pro rata rights offering.

In summary, TVG's proposal will involve the following
transactions:

   * a takeover bid by TVG for all the ordinary shares of
PowerTel (including shares issued on conversion of PowerTel's
existing preference shares) for cash consideration of $0.03 per
share (subject to conditions summarized in Appendix I) (Offer);
and

   * following the successful completion of the bid, a non-
renounceable rights issue of $50 million of redeemable
convertible preference shares (RCPS) to recapitulate PowerTel
(on the proposed terms of issue summarized in Appendix II). The
issue price and conversion price of the RCPS will be $0.03 per
share. The rights issue will be fully underwritten by TVG
(subject to the proposed terms summarized in Appendix IV). TVG
intends to take up its entitlement under the rights issue and to
pay for its full entitlement as soon as possible after the
opening of the rights offering.

TVG's proposal is an alternative to the proposal by the
Roslyndale Syndicate (Roslyndale) set forth in the Explanatory
Memorandum in relation to the shareholders' meeting to be held
on 2 July 2003 (Roslyndale Explanatory Memorandum) under which
Roslyndale proposes to acquire from Williams Communications
Group (WilTel), PowerTel's largest shareholder, all WilTel's
shares in PowerTel and subordinated debt, subject (amongst other
things) to the approval of PowerTel's banks, WilTel's banks and
PowerTel's shareholders in a meeting to be held on 2 July 2003.

Of the funds raised by the RCPS rights issue, TVG proposes that
$25 million will be used to partially repay PowerTel's existing
senior debt facility (currently drawn to $78.5 million).
Further, it will be a condition of its bid that TVG acquires the
subordinated and inter-company debt held by WilTel, of
approximately $21 million, for nominal consideration (on the
proposed terms summarized in Appendix III) and that the debt
will become immediately due and payable and extinguishable in
full for a payment of $10 million.

The assignment of the WilTel subordinated debt is similar to the
assignment required by Roslyndale pursuant to its proposal.
However, the Roslyndale proposal involves the entire $21 million
of subordinated debt becoming convertible into ordinary shares
at 2.42 cents per share, compared to the same amount of
subordinated debt being repaid in full using $10 million of
proceeds from the RCPS issue at 3 cents per share under the TVG
proposal. In addition, the Roslyndale proposal does not provia
for the upfront repayment of any of PowerTel's senior debt.

By way of summary, TVG proposes that the proceeds of the $50
million RCPS rights issue will be applied as follows:

   * $25 million to pay down senior debt;

   * $10 million to retire the WilTel subordinated debt in full;
and

   * $15 million for general corporate purposes.

TVG believes that its proposal is demonstrably superior to the
Roslyndale proposal. In particular:

   * TVG's offer treats all shareholders equally. The TVG offer
will enable all shareholders to exit on the same terms should
they wish to do so, whereas the Roslyndale proposal only
provides PowerTel's largest shareholder with an opportunity to
exit;

   * the injection of $50 million of new funds into PowerTel
allows a 32% reduction in PowerTel's senior debt level and an
associated lowering of financial risk; and

   * TVG's offer is expected to cause substantially less
dilution for existing PowerTel shareholders than under the
Roslyndale proposal.

Assuming that all PowerTel shareholders take up their rights
under the RCPS rights issue, TVG will hold approximately 48% of
PowerTel on a fully diluted basis. The same scenario under the
Roslyndale proposal would result in Roslyndale holding
approximately 61% of the Company on a fully diluted basis.

Whilst the offer price of $0.03 per share is below the current
market price of PowerTel's shares, TVG believes that it may be
attractive for those shareholders wanting an opportunity to
realize their investment for cash but finding it difficult to do
so, primarily due to the illiquidity of PowerTel's shares. The
takeover offer is a mechanism that has been proposed by TVG to
provia all shareholders with an equal opportunity to exit
PowerTel for the same cash consideration should they decide that
it is in their best interests to do so. All shareholders do not
have this option to exit under the Roslynale proposal.

WilTel's existing fully diluted shareholding in PowerTel is
approximately 48%. The minimum acceptance condition will
therefore be satisfied if WilTel converts all its preference
shares into ordinary shares and accepts the Offer in respect of
all of its holding. If the Offer is successful, WilTel will
receive net proceeds of $15.6 million under the TVG proposal, in
comparison to $14 million (or US$8,333,333 converted at the
prevailing exchange rate on the day prior to completion, if such
amount is higher) under the Roslyndale proposal. TVG has no
arrangement with WilTel regarding how it may choose to deal with
its PowerTel shares.

Mr. Edward Sippel, a director of TVG, said "We will continue to
pursue co-operative discussions with the management and
Directors of PowerTel regarding our proposal, and we look
forward to the company confirming the superior benefits of our
offer and resolving that it is a preferable course of action to
the Roslyndale proposal. TVG's intention is to be a strategic
investor that supports and encourages PowerTel's continued
growth."

TVG intends to make the Offer through TVG Consolidation Holdings
SPRL, a wholly owned subsidiary. TVG is being advised by
Macquarie Bank.


TUART RESOURCES: ASIC Interim Stop Order
----------------------------------------
Tuart Resources Limited advises that the ASIC has, with the
consent of the Company, issued an interim stop order in relation
to the Prospectus lodged on 12 June 2003.

The Company proposes to lodge a supplementary prospectus which
will deal with the ASIC's areas of concern to enable the
disclosure document, which will include the Prospectus and the
Supplementary Prospectus, to be dispatched to shareholders as
soon as possible.

Shareholders are advised that the Notice of Annual General
Meeting, which deals with the proposed recapitalization of the
Company, has been dispatched.

ASIC
CORPORATIONS ACT 2001
ORDER - SUBSECTION 739(3)

Pursuant to subsection 739(3) of the Corporations Act 2001
(Act), the Australian Securities and Investments Commission
hereby makes an interim order under subsection 739(3) of the Act
that no offers, issues, sales or transfers of shares in Tuart
Resources Ltd (subject to a deed of company arrangement) ACN 057
337 952 be made under the prospectus dated 12/06/2003. This
order lasts for 21 days after the day on which it was made,
unless revoked before then.


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


INNOVATIVE TECHNOLOGIES: Petition to Wind Up Pending
----------------------------------------------------
The petition to wind up Innovative Technologies Limited is set
for hearing before the High Court of Hong Kong on June 18, 2003
at 10:00 in the morning.

The petition was filed with the court on May 2, 2003 by Chan
Wing Kin of Room 1325, 13/F., Lok Shan House, Cheung Shan
Estate, Tsuen Wan, New Territories, Hong Kong.  


MANSION HOUSE: Widens 2002 Net Loss to HK$88.865M
-------------------------------------------------
Mansion House Group Limited announced posted its result
announcement for the year ended December 31, 2002:

Currency: HKD
Auditors' Report: Qualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 1/1/2002      from 1/1/2001  
                              to 31/12/2002      to 31/12/2001
                              Note  ($)          ($)
Turnover                       : 55,830,000         57,173,508        
Profit/(Loss) from Operations  : (82,140,098)       (41,374,863)      
Finance cost                   : (6,773,553)        (11,490,465)      
Share of Profit/(Loss) of
  Associates                   : (189,198)          (779,212)         
Share of Profit/(Loss) of
  Jointly Controlled Entities  : N/A                N/A               
Profit/(Loss) after Tax & MI   : (88,865,966)       (56,490,153)      
% Change over Last Period      : N/A       %
EPS/(LPS)-Basic (in dollars)   : (0.1252)           (0.1514)          
         -Diluted (in dollars) : N/A                N/A               
Extraordinary (ETD) Gain/(Loss): N/A                N/A               
Profit/(Loss) after ETD Items  : (88,865,966)       (56,490,153)      
Final Diviand                 : Nil                Nil               
  per Share                                                               
(Specify if with other         : N/A                N/A               
  options)                                                                
B/C Dates for
  Final Diviand               : N/A          
Payable Date                   : N/A       
B/C Dates for (-)            
  General Meeting              : N/A          
Other Distribution for         : N/A           
  Current Period                     
B/C Dates for Other
  Distribution                 : N/A          

Remarks:

1. LOSS PER SHARE

a) Basic loss per share

The calculation of basic loss per share is based on the loss
after taxation and minority interest of HK$88,865,966 (2001:
HK$56,490,153) and the weighted average number of 709,917,974
(2001: 373,169,481) shares in issue during the year.

b) Diluted loss per share

The computation of diluted loss per share does not assume  the
exercise of the Company's options because their exercise prices
were higher than the average market price for share for both
years.

2.  In the opinion of the auditors of the Company, the auditors'
report has been qualified.  The details of the qualification to
the auditors' report will be provided in the announcement
results for the year ended 31 December 2002.


PCCW LIMITED: Withdraws Listing
-------------------------------
Market participants are requested to note that listing of the
2003 European Style (Cash Settled) Put Warrants relating to
existing issued ordinary shares of HK$0.25 each of PCCW Limited
issued by KBC Financial Products International Ltd. (stock code:
9652) was withdrawn after the close of business on Monday
(16/06/2003).


PHOENIX GUN: Winding Up Sought by Portwave
------------------------------------------
Portwave Limited is seeking the winding up of Phoenix Gun Club
Limited. The petition was filed on May 6, 2003, and will be
heard before the High Court of Hong Kong on July 9, 2003 at 9:30
in the morning.

Portwave Limited holds its registered office on the 22nd Floor,
Hutchison House, 10 Harcourt Road, Central, Hong Kong.


STIRLING DRAINAGE: Winding Up Hearing Scheduled in July
-------------------------------------------------------
The High Court of Hong Kong will hear on July 9, 2003 at 9:30 in
the morning the petition seeking the winding up of Stirling
Drainage Services Limited.

Hung Cheuk Kam of Room 1220, Block 6, Kwai Shing West Estate,
Kwai Chung, New Territories, Hong Kong filed the petition on May
16, 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.


WING FU: Hearing of Winding Up Petition Set
-------------------------------------------
The petition to wind up Wing Fu Carton And Printing Company
Limited is set for hearing before the High Court of Hong Kong on
July 9, 2003 at 9:30 in the morning.

Standard Chartered Bank of 3rd Floor filed the petition with the
court on May 13, 2003, Nos. 4-4A Des Voeux Road Central, Hong
Kong.


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


* IBRA Announces Alterations in "PPAI Phase 2" and "PPAS"
---------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has announced
several alterations in the Investment Asset Sales Program Phase
2 (PPAI 2) and the Strategic Asset Sales Program (PPAS).

The alterations in PPAI 2 are summarized at
http://bankrupt.com/misc/TCRAP_IBRA0617.pdf.

The alteration also covers the type of assets offered by IBRA.
Previously, the assets are grouped into 5 categories based on
Administration Fee and Security Deposit. Now, the assets are
grouped into 3 categories, they are Mandatory, Optional and
Individual which are also grouped based on Administration Fee
and Security Deposit.

Investors interested in the Mandatory Assets must purchase a
package consisting of more than one company. Investors
interested in the Optional Assets could purchase either a
package that consists of many companies or just one company.
Investors interested in the Individual Assets can only purchase
one company.

In addition, the amount of assets offered in "PPAI 2" has been
changed from formerly 61 companies to is 65 which are grouped
into 4 holding companies, namely Holdiko Perkasa, Kiani Wirudha,
Cakrawala Gita Pratama and Hoswarya Persada (see attachment).
The asset addition comes from the assets under Kiani Wirudha,
they are PT Tusam Hutani Lestari, Kertas Kraft Aceh and PT Kiani
Hutani Lestari; and another 2 companies under Holdiko Perkasa,
they are PT Indotaisei Indah Development and PT Tatajabar
Sejahtera, while one company under Hoswarya Persada is withdrawn
from the list of assets offered by IBRA in PPAI 2, it is PT
Hograja Swarya.

The investor with the best and highest bid above the Floor Price
and with bidding conditions acceptable to IBRA/Holdco will be
nominated the winner.

The sale offers the assets under `as is' conditions, and
IBRA/Holdco do not offer any guarantee on them, except guarantee
on asset ownership right.

The alteration in PPAS covers the amount and the form of
Security Deposit.

In line with the aim to give investors more opportunities to
participate in PPAS, the Security Deposit payment in cash is
adjusted to be:

   * Rp25 billion for Texmaco Group and Chandra Asri Group
(formerly Rp50 billion)
  
   * Rp12.5 billion for PT Bakrie Nirwana Resort and PT Pabrik
Gula Rajawali III (formerly Rp25 billion).

To provia further assistance to the investors, IBRA also accepts
Security Deposit in the form of Stand-By Letter of Credit (SBLC)
with the following conditions :

   * USD4.0 million for Texmaco Group and Chandra Asri Group.
  
   * USD2.5 million for PT Bakrie Nirwana Resort and PT Pabrik
Gula Rajawali III

The payment by SBLC should be in full (100%) by the time of
registration phase. SBLC must be in the form and contents
approved by IBRA and issued by an international bank holding the
minimum rate of BBB by Standard & Poor's or Moody's or domestic
banks that are included to the 20 largest banks (base on total
asset) in Indonesia. The SBLC must be valid through 19 August
2003.

Both PPAI and PPAS are large-scale asset sales programs by IBRA
as parts of the efforts to meet its contribution target for the
State Budget preset at Rp26 Trillion.

Go to http://bankrupt.com/misc/TCRAP_Assets0617.pdfto see list  
of assets for PPAI2.


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


HANKYU 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 Hankyu
Corporation.

Issue Amount (bn) Issue Date Due Date Coupon
Bonds no.31 Y20 June 27, 2003 June 27, 2007 1.27 percent

Covenants: Negative Pledge Commissioned Company: No
Shelf Registration:
Maximum: Y200 billion
Valid: two years from March 19, 2002

RATIONALE:

Hankyu incurred a net loss of 89.3 billion yen for fiscal 2002.
The write-offs of land for development-use deteriorated the
financial structure sharply. On the other hand, the
restructuring has been going well, increasing the earnings. The
immediate task for Hankyu, however, is reduction in the
interest-bearing debt by slashing the assets so that it can
reduce the business risk through optimum asset size. The
restructuring charges will be dwindled after fiscal 2004.
Whether or not Hankyu can achieve the target of below 12x
interest-bearing debt/EBITDA ratio (excluding finance business)
for fiscal 2004 depends on improvement in the earnings from all
segments. Hankyu should further improve the cash flow generation
capability.


HITACHI LTD.: Unveils Additional Investment For Elpida
------------------------------------------------------
Hitachi Ltd. (Hitachi) and NEC Corporation (NEC) recently
announced to make additional investment up to 9.5 billion yen
each in Elpida Memory, Inc. (Elpida).

Elpida is seeking for additional funding from investors in order
to enhance its production of 300-mm wafer fabrication targeting
production of 15,000 wafers per month at its Hiroshima plant.
Elpida announced that Intel Corporation (Intel) will invest
US$100 million and that it also agreed for its alliance with
Intel. Since Elpida is now expecting to succeed in raising
necessary funds as it planned for 300-mm wafer plant through
this additional funding from Intel, NEC and Hitachi decided to
make additional investment.

Since Intel is a strategic partner for Elpida, NEC and Hitachi
agreed to have an obligation to purchase Elpida's stock from
Intel under certain conditions.

Hitachi Limited is preparing for possible summer power outages
because Tokyo Electric Power Co. has shut down most of its
nuclear reactors for safety checks, TCRAP reported recently. The
electronics maker will switch some operations to weekends,
holidays and night shifts to reduce power demands at peak
periods during weekdays.

Last month, Hitachi said it would buy back its own shares as the
firm unveiled results that indicated the need for further
restructuring. The combination of weak economic conditions in
Japan and the United States and the impact of the war in Iraq
and the outbreak of sudden acute respiratory syndrome (SARS)
would negatively affect the Company's business this year.

Elpida Memory, Inc. is a manufacturer of Dynamic Random Access
Memory (DRAM) with headquarters based in Tokyo, Japan, and sales
and marketing operations located in Japan, North America, Europe
and Asia. Elpida offers a broad range of leading-edge DRAM
products. Elpida is a joint venture Company formed by NEC and
Hitachi, and has been in operation since April 1, 2000. For more
information, visit Elpida's World Wide Web site at
www.elpida.com.

NEC Corporation is one of the world's leading proviars of
Internet, broadband network and enterprise business solutions
dedicated to meeting the specialized needs of its diverse and
global base of customers. Ranked as one of the world's top
patent-producing companies, NEC delivers tailored solutions in
the key fields of computer, networking and electron devices, by
integrating its technical strengths in IT and Networks, and by
providing advanced semiconductor solutions through NEC
Electronics Corporation. The NEC Group employs more than 140,000
people worldwide and had net sales of approximately $40 billion
in the fiscal year ended March 2003. For additional information,
please visit the NEC home page at: http://www.nec.com.

Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading
global electronics Company, with approximately 340,000 employees
worldwide. Fiscal 2002 (ended March 31, 2003) consolidated sales
totaled 8,191.7 billion yen ($68.3 billion). The Company offers
a wide range of systems, products and services in market
sectors, including information systems, electronic devices,
power and industrial systems, consumer products, materials and
financial services. For more information on Hitachi, please
visit the Company's Web site at http://global.hitachi.com.


ISUZU MOTORS: Recalls SUVs Due to Defective Body Frames
-------------------------------------------------------
Isuzu Motors Ltd. is recalling a combined 64,000 units of its
sport-utility vehicles (SUVs) for free repairs to their
defective body frames, according to Kyodo News on Saturday.
Subject to the recall are 50,743 Big Horns manufactured between
July 1993 and May 1996, 10,011 MUs made between July 1993 and
May 1996, 2,027 Horizons made between January 1994 and May 1996,
and 1,495 JAZZ vehicles made between October 1993 and May 1996.

Isuzu Motors Ltd. posted a net loss of 144.30 billion yen for
2002 ending in March 31 due to sluggish sales and expenses
connected to the liquidation of some United States operations,
the Troubled Company Reporter-Asia Pacific reported. The
carmaker booked a net loss 42.99 billion yen the previous year.
The Company will continue to pay no diviand for the just-ended
fiscal year.


RESONA BANK: Moody's Confirms B1 Debt Rating
--------------------------------------------
Moody's Investors Service confirmed B1 junior subordinated debt
rating of Resona Bank, Ltd. This rating action concludes the
review initiated since May 19, 2003.

All other deposit and debt ratings of Resona Bank Ltd. (RSBK:
Baa3 and Prime-3 deposit ratings), Saitama Resona Bank Ltd.
(SRBK: Baa3 and Prime-3 deposit ratings), and Resona Trust and
Banking Co., Ltd. (RSTB: A3/Prime-1 deposit ratings) were
unaffected by the review. Rating outlooks for these institutions
is stable. The confirmation of junior subordinated rating
reflects Moody's current assessment that the risk of interest
deferral on junior subordinated debts issued by Resona Bank, and
other supported subsidiaries has diminished.

In Moody's view, Resona's management has placed significant
priority on the continued interest payment on its junior
subordinated debts, despite the significant deterioration of
RSBK's regulatory capital ratio and erosion of its distributable
profits for FYE 3/2003. In Moody's view, regulatory intervention
to force the suspension of interest on junior subordinated debts
obligations has not materialized in an effort to minimize
systemic risk. Also, Resona has announced its forecast for FYE
3/2004 results, which included Resona's intention to recover
suspended payment of preferred diviand from FYE 3/2004.

The application for re-capitalization by Resona was finally
approved on June 10, 2003. With the capital injection of
JPY1.96trillion, Resona Bank's Tier I regulatory capital ratio
will be approximately 12 percent with governmental voting right
of approximately 70 percent. This re-capitalization is effective
in preventing the deterioration of market perception towards
Resona and will add to the recovery of its eroded
capitalization. However, the bank, under newly elected
management, will continue to face the critical challenge of
making its banking operations profitable under the difficult
operating environment.

In Moody's assessment, at this juncture, there is still a
substantial degree of uncertainty as to the future strategic
direction of the Resona group, including its sibling banks such
as Saitama Resona Bank, and Resona Trust Banking Co., Ltd.. New
management's decision on Resona Bank's future strategic focus
could potentially affect its current franchise as a nation-wide
banking institution with strong regional components. Also,
Resona as a "special supported institution" is required to
separate its non-performing assets to a new "recovery account"
to accelerate disposal of its non-performing loans and equity
portfolio in a short time frame. In Moody's view, this may
result in larger off-balancing costs than currently projected.
Moody's will closely monitor forthcoming important developments
of Resona group to gauge the long-term and sustainable credit
profiles.

The following ratings were confirmed: Resona Bank Ltd.: B1
Junior subordinated debt rating Asahi Finance (Cayman) Ltd.: B1
Junior subordinated debt rating Daiwa PB Limited: B1 Junior
subordinated debt rating.


RESONA BANK: S&P Places Ratings on Credit Watch
-----------------------------------------------
Standard & Poor's Ratings Services said Friday that its 'BB+/B'
counterparty ratings on Resona Bank Ltd. remain on CreditWatch
with positive implications after the Japanese government laid
out its plans to inject about JPY1.96 trillion to Resona through
common and preferred stock.

The ratings on Resona were placed on CreditWatch on May 19,
2003, when the government originally announced its intention to
inject funds.

Standard & Poor's views Resona's new preferred stock to be
higher quality capital than the government's outstanding
preferred stock.

Resona's new preferred stock will put a lighter burden on the
group to pay diviands than the outstanding preferred stock. In
addition, there is no simultaneous conversion clause, which
should ease pressures on Resona to repay the public funds to the
government.

Nevertheless, concerns remain over Resona's ability to improve
profitability. While the economy is likely to remain stagnant,
the effect of the public fund injection on the group's financial
base will only be temporary unless Resona takes appropriate
steps to avoid the emergence of new nonperforming loans by
improving credit practices and eradicating existing
nonperforming loans.

Should the government continue to force the bank to extend loans
to small and midsize enterprises in excess of its capacity, it
will distort credit practices at the Resona group and hinder
efforts to improve profitability.

In resolving the CreditWatch placement, Standard & Poor's will
examine the group's renewed management policy and measures to
enhance profitability. Any possible upgrade is likely to be
within one notch.


RESONA HOLDINGS: Needs to Revalue Assets, Kimura Says
-----------------------------------------------------
Resona Holdings Inc. should revalue its assets and return to
profit soon to justify the government's $16.7 billion bailout,
Bloomberg reports, citing Takeshi Kimura, a member of the
financial regulator's task force. The bank needed public funds
to stay afloat because its capital ratio had been depleted to
below regulatory requirements.

Japan's four biggest banking groups -- Mizuho Financial Group
Inc., UFJ Holdings Inc., Sumitomo Mitsui Financial Group Inc.
and Mitsubishi Tokyo Financial Group Inc. -- may also have to
seek assistance, depending on how they revive their finances,
Kimura said.


SKYMARK AIRLINES: Widens 1H02 Net Loss to Y1.27B
------------------------------------------------
Skymark Airlines Co. booked an unconsolidated net loss of 1.268
billion yen in the first half of the year to April 30, versus a
net loss of 759 million a year earlier, due to jet repair costs
and related flight cancellations, according to Kyodo News on
Friday. The airline incurred 200 million yen in extraordinary
losses from such repair costs and repair-induced flight
cancellations for the six months.


TOSHIBA CORPORATION: Develops DRAM Memory Cell Technology
---------------------------------------------------------
Toshiba Corporation developed and verified the operability of
the world's first memory cell technology for embedded DRAM
system LSIs on silicon-on-insulator (SOI) wafers. Toshiba aims
to apply the new technology to mass production of system LSIs
for broadband network applications in 2006.

The move to ubiquitous computing-total connectivity at all
times-relies on high-performance equipment. This in turn
requires advanced system LSIs integrating ultra-high performance
transistors and embedded high-density memory. One promising
measure to dramatically raise transistor-processing speed is
fabrication of system LSI on a new-generation silicon substrate,
silicon-on-insulator (SOI). However, the conventional DRAM cell
structure is designed for conventional bulk wafers and it is
difficult to produce embedded DRAM on SOI wafer.

Toshiba has experimentally fabricated a 96kbit cell array and
verified the practical operability of the advanced cell
structure with sufficient characteristics required for embedded
DRAM system LSIs on SOI.

Full details of the new technology were presented on June 11 and
12 at the VLSI Symposium in Kyoto, Japan.

What is SOI?
Unlike a conventional bulk wafer, the SOI wafer comprises three
layers: one single-crystal layer of silicon; a base silicon
substrate; and a thin insulator, 1/1,000 the thickness of a
human hair, that electrically insulates the single-crystal layer
from the substrate, inhibiting waste electronic leakage to the
substrate. The result is lower power consumption and higher
processing speeds.

Toshiba succeeded in forming embedded DRAM system LSI on an SOI
wafer by developing a new DRAM memory cell technology that makes
use of the characteristics of SOI wafer itself, eliminating the
necessity of capacitors where current DRAM cell stores data. The
new memory cell technology, dubbed floating body cell (FBC),
will be used for embedded DRAM system LSI for the 45-nanometer
generation on.

Principle of Operation and cell structure
Conventional DRAM cell consists of a capacitor, where electric
charge is stored, and a transistor that function as switches.
The newly developed FBC does not have a capacitor and memorizes
data by storing the electric charge in its transistor. Since the
transistor works as both capacitor and electric switch, the cell
area is half that of a conventional DRAM cell.

Manufacturing process
Compatibility in the manufacturing processes of DRAM cells and
logic ICs is a crucial issue for the development of embedded
DRAM cell technology for SOI-based system LSI. Toshiba's new
process achieves full compatibility without any degradation in
the performance of systems LSI. In order to ensure
compatibility, poly-Si plug, a buffer layer of poly-silicon, is
formed in contact area in memory cell.

Verified Operability
Toshiba's experimental 96Kbit cell array achieved successful
operation in all bits, a 36-nanosecond access time, 30-
nanosecond data switching time, and 500-millisecond data
retention time (at 85 degrees C). The results demonstrate that
the new FBC technology can be applied to system LSI integrating
DRAM cells with megabit or greater memory capacity.

Note: 1 nanometer = one billionth of a meter

Toshiba Corporation announced Thursday details of a major
structural reorganization that will be implemented on October
1st, 2003, the Troubled Company Reporter-Asia Pacific reported
on Monday. Announced in outline in the mid-term plan that
Toshiba released in March 2003, the structural changes will
support Toshiba in creating a profitable, optimized group
operating structure that promotes management autonomy and
flexibility.

Toshiba Corporation is a leader in information and
communications systems, electronic components, consumer
products, and power systems. The Company's integration of these
wide-ranging capabilities assures its position as a leading
Company in semiconductors, LCDs and other electronic devices.
Toshiba has 176,000 employees' worldwide and annual sales of
over US$40 billion. For further information, please visit the
Toshiba Corporation home page at: www.toshiba.co.jp/index.htm

Contact:
Toshiba Corporation
Midori Suzuki
midori.suzuki@toshiba.co.jp
03-3457-2105


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


CHOHUNG BANK: Government Aims to Complete Sale Talks
----------------------------------------------------
The South Korean government aims to complete talks on the
proposed sale of Chohung Bank to Shinhan Financial Group by the
end of this month, despite the threat of strike action by the
union members, according to Reuters, citing Finance Minister Kim
Jin-pyo.

Chohung Bank plans to issue 300 billion won (US$249.4 million)
in 30-year hybrid securities on June 28, TCRAP reported
Thursday, citing Chohung Bank official Lee Gon-hank. The bond is
expected to carry a yield of about 7.8 percent.


CHOHUNG BANK: Union Continues Strike Plan
-----------------------------------------
Chohung Bank's labor union said a strike over the planned sale
of the bank would go ahead Wednesday, despite a government
warning that it would take stern action against industrial
action, Kyodo News reports.

"The government is turning deaf ears to our demands," said Lee
Young-kyu, Vice Chairman of Chohung's 5,800-strong labor union.


HYUNDAI CORP.: Creditors to Decide on Fresh Funds
-------------------------------------------------
Creditors of ailing Hyundai Corporation will convene this week
to decide whether they will provide fresh funds to the Company
so that the corporation could get back on its normal operation,
reports the Korea Herald. Six bank creditors, led by Woori Bank,
would discuss various bailout packages at the planned meeting,
which include a debt rollover, cut in interest payments, and
debt-for-equity swap worth 300 billion won.

Creditor banks have been urging other Hyundai Group affiliates
to provide financial aid to Hyundai Corp., but their bid fell
apart. The trading firm had negative net worth of 300 billion
won.


SK GLOBAL: SK Corp. OK's Rescue Plan
------------------------------------
SK Corporation accepted a controversial plan on Sunday to rescue
scandal-ridden trading firm SK Global, from bankruptcy, reports
the New York Times. SK Corporation Directors approved the
exchange of 850 billion won ($724 million) of SK Global debt for
equity over the strenuous objections of the SK Corporation's
biggest shareholder, Sovereign Asset Management of Monaco, which
acquired 14.99 percent of SK Corporation shares earlier this
year.

SK Global's creditors, led by Hana Bank, Korea's third-largest
financial institution, said that SK Corporation had to approve
the swap as part of a plan under which SK Global would exchange
a total of 2.85 trillion won ($2.4 billion), 47 percent of its
domestic debt, for equity. Otherwise, the creditors said, they
would seek to have SK Global placed under receivership as a step
toward bankruptcy and liquidation.

The SK Corporation, South Korea's biggest oil refiner, already
owns 38 percent of the shares in SK Global, which distributes
gasoline and other oil products. SK Global also exports mobile
telephones for SK Telecom, South Korea's biggest mobile phone
provider, in which the SK Corporation holds an 18 percent stake.

DebtTraders reports that SK Corp.'s 7.500% bond due in 2006
(YUKO06KRN1) trades between 97 and 99.5. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=YUKO06KRN1


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


ABRAR CORP.: SC Extends Proposals Implementation for Six Months
---------------------------------------------------------------
Further to the announcement on 23 December 2002 in relation to
the Proposals comprising Proposed Share Exchange, Proposed Debt
Settlement, Proposed Transfer, Proposed Acquisitions, and
Proposed Offer for Sale:

Public Merchant Bank Berhad, on behalf of Abrar Corporation
Berhad (Special Administrators Appointed), wishes to announce
that the Securities Commission (SC) had via its letter dated 11
June 2003, which was received on 12 June 2003, approved ACB's
application to extend the period for implementation of the
Proposals for an additional six (6) months to 18 December 2003.


BRITISH AMERICAN: Striking Off Non-Operating Subsidiaries
---------------------------------------------------------
British American Tobacco (Malaysia) Berhad writes to inform that
the following non-operating subsidiaries have been struck off
from the register of the Companies Commission of Malaysia
pursuant to the powers conferred under Section 308 of the
Companies Act, 1965:

   1. Leaf Importers and Blenders Sendirian Berhad
   2. Gunston Tobacco Company Sendirian Berhad
   3. Benson & Hedges Golden Gallery Sdn. Bhd.

The companies had been dormant as of the striking-off
application date.


CONSTRUCTION AND SUPPLIES: June 28 AGM Scheduled
------------------------------------------------
Construction and Supplies House Berhad informed that its 44th
AGM will be held at Aseania Resort Langkawi, Simpang 3, Jalan
Pantai Tengah, 07100 Langkawi, Kedah Darul Aman on Saturday, 28
June 2003 at 11:00 a.m.

Attached below is the Meeting Notice.

CONSTRUCTION AND SUPPLIES HOUSE BERHAD
(Company No. 3440-W)
(Incorporated in Malaysia)

NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN THAT the Forty-Fourth Annual General
Meeting of CONSTRUCTION AND SUPPLIES HOUSE BERHAD will be held
at Aseania Resort Langkawi, Simpang 3, Jalan Pantai Tengah,
07100 Langkawi, Kedah Darul Aman on Saturday, 28 June 2003 at
11:00 a.m. for the following purposes:

A G E N D A

1. To receive the Directors' Report and Audited Financial
Statements for the financial year ended 31 December, 2002
together with the Auditors' Report thereon. (Resolution 1)

2. To re-elect the following Director who is retiring in
accordance with Article 107 of the Articles of Association of
the Company:

   (a) Mr. Darmendran Kunaretnam (Resolution 2)

3. To re-elect the following Directors who are retiring in
accordance with Article 92 of the Articles of Association of the
Company:

   (a) Mr. Low Yuh Wen (Resolution 3)
   (b) Encik Raja Shahrul Azman bin Raja Omar (Resolution 4)
   (c) Encik Iskandar bin Sheikh Fadzir  (Resolution 5)

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

Notice of Nomination pursuant to Section 172 (11) of the
Companies Act, 1965, a copy of which is annexed on page 4 have
been received by the Company for the nomination of Messrs. Ernst
& Young who have given their consent to act, for appointment as
Auditors and of the intention to propose the following ordinary
resolution:

"That Messrs. Ernst & Young be and are hereby appointed as
Auditors of the Company in place of the retiring Auditors,
Messrs. Arthur Andersen & Co. who do not wish to seek for re-
appointment as Auditors of the Company, to hold office until the
conclusion of the next Annual General Meeting at a remuneration
to be agreed between the Directors and the Auditors."
(Resolution 6)

5. As Special Business

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

Ordinary Resolution
- Authority to issue and allot shares

"That, subject always to the Companies Act, 1965, the Articles
of Association of the Company and the approvals of the relevant
governmental/regulatory authorities, the directors be and are
hereby authorized, pursuant to Section 132D of the Companies
Act, 1965 to issue and allot shares in the Company at any time
until the conclusion of the next Annual General Meeting and upon
such terms and conditions and for such purposes as the directors
may, in their absolute discretion, deem fit provided that the
aggregate number of shares to be issued does not exceed 10 per
centum of the issued share capital of the Company for the time
being."  (Resolution 7)

6. To transact any other ordinary business for which due notice
has been given.  


DAMANSARA REALTY: Posts Proposed Debt Settlement Details
--------------------------------------------------------
On 5 August 2002, AmMerchant Bank Berhad (AmMerchant Bank), on
behalf of Damansara Realty Berhad, announced the DBhd group of
companies' (DBhd Group or Group) proposed restructuring scheme
involving the following:

(a) proposed capital reduction and consolidation involving
the cancellation of 85 sen of the par value of the
existing Shares in DBhd and thereafter, the consolidation
of twenty (20) ordinary shares of 15 sen each into three
(3) Shares in DBhd (Proposed Capital Reduction And
Consolidation);
(b) proposed exchange of the Shares in DBhd with new Shares
in Newco which will assume the listing status of DBhd on
the basis of one (1) new Share in Newco for every one (1)
existing Share held in DBhd after the Proposed Capital
Reduction And Consolidation (Proposed Share Exchange);
(c) proposed acquisition by Newco of 177,000,000 "A"
Redeemable Convertible Cumulative Preference Shares of
RM0.01 each (RCCPS) in Damansara Town Centre Sdn Bhd
(DTCSB), a wholly-owned subsidiary of DBhd, from JCorp
for a purchase consideration of RM169,590,546 to be
satisfied by the issuance of 169,590,546 new Shares in
Newco at an issue price of RM1.00 per Share (Proposed
Acquisition From JCorp);  
(d) proposed acquisitions of the following by Newco from JCD:

       (i) the rights to allotment of 400,000,000 new Shares in
DTCSB for a purchase consideration of RM380,203,488 pursuant to
the proposed conversion by JCD of its entire holding of
400,000,000 "B" RCCPS in DTCSB into an equivalent number of new
DTCSB Shares at a conversion price of RM1.00 per "B" RCCPS. The
purchase consideration is to be satisfied by the issuance of new
Shares and new Irredeemable Convertible Unsecured Loan Stocks-A
in Newco (ICULS-A) and the assignment and netting-off of debts;
and

       (ii) a ninety-nine (99) year leasehold development land
measuring approximately 240.59 acres located near Johor Bahru,
Johor to be developed for a mixed development project known as
Bandar Damansara Alif comprising mainly medium-cost and high-end
residential properties as well as mixed development for a
purchase consideration of RM180,000,000 to be satisfied by the
issuance of new Shares and new ICULS-A in Newco.

(items (i) and (ii) are to be collectively referred to as
Proposed Acquisitions From JCD)

(e) proposed exemption to JCorp and parties acting in concert
with it from the obligation to extend a mandatory take-
over offer (Mandatory Offer) for all the remaining Shares
not already owned by them in Newco after the Proposed
Acquisition From JCorp and Proposed Acquisitions From
JCD;
(f) proposed exemption to JCD and parties acting in concert
with it from the obligation to extend a Mandatory Offer
for all the remaining Shares not already owned by them in
Newco as a result of the increase in JCD's shareholdings
upon conversion of ICULS-A and ICULS-B which is to be
issued as the coupon payment for the ICULS-A;
(g) proposed offer for sale / placement of the Newco Shares
held by JCorp and/or JCD to the Malaysian public
including the existing public shareholders of DBhd in
order to comply with the Securities Commission's (SC) and
the Kuala Lumpur Stock Exchange's (KLSE) minimum 25%
public shareholding spread requirement and minimum
required number of public shareholders (Public Spread
Requirement) (Proposed Offer For Sale / Placement); and
(h) proposed admission of the entire issued and paid-up share
capital of Newco to the Official List of the KLSE and
proposed de-listing of DBhd.

(Items (a) to (h) are to be collectively referred to as
"Proposed Reconstruction And Restructuring Scheme")

Further to that announcement and announcements made by the
Company on 3 January 2003 and 7 February 2003 respectively,
AmMerchant Bank, on behalf of DBhd, would like to announce that
the Company has on 13 June 2003 entered into a conditional debt
settlement agreement (Conditional Debt Settlement Agreement)
with the Lenders to settle the debt due to them under the RC
Facilities totaling RM14,719,522.19 (Outstanding Debt) through
the issuance of new Shares in Newco at an issue price of RM1.00
per Share as full and final settlement of the Outstanding Debt.

The Proposed Reconstruction And Restructuring Scheme and the
Proposed Debt Settlement are to be collectively referred to as
"Proposals".

PROPOSED DEBT SETTLEMENT

Details Of The Proposed Debt Settlement

The Company is proposing to settle the Outstanding Debt through
the issuance of new Shares in Newco at an issue price of RM1.00
per Share on the basis of one (1) new Newco Share for every
RM1.00 debt. Any odd amount in sen arising out of the exchange
shall be paid in cash.

DBhd procured the Outstanding Debt in 1996 for working capital
purposes.

Salient Terms Of The Conditional Debt Settlement Agreement
The salient terms of the Conditional Debt Settlement Agreement
are as follows:

   (a) the Conditional Debt Settlement Agreement shall be
conditional upon the following conditions having been fulfilled
to the satisfaction of the Lenders:

      (i) the approval of the SC for the Proposed Debt
Settlement;

      (ii) the approval-in-principle from the KLSE for the
listing of and quotation for the new Newco Shares to be issued
pursuant to the Proposed Debt Settlement;

      (iii) the approval of the SC, the Foreign Investment
Committee, the KLSE and the Ministry of Finance for the relevant
components of the Proposed Reconstruction And Restructuring
Scheme having been obtained;

      (iv) the sanction of the High Court of Malaya pursuant to
Section 176 of the Companies Act, 1965 for the Proposed Capital
Reduction And Consolidation and the Proposed Share Exchange
having been obtained;

      (v) evidence that the Proposed Reconstruction And
Restructuring Scheme has become unconditional as to completion;

      (vi) the approval of the shareholders of the Company for
the Proposals having been obtained;

      (vii) evidence acceptable to the Lenders that all the new
Newco Shares to be issued to them pursuant to the Proposed Debt
Settlement has been included in the Proposed Offer For Sale;

      (viii) letter of undertaking from the Company in form and
substance acceptable to the Lenders that all new Newco Shares to
be issued to them pursuant to the Proposed Debt Settlement will
be given the first right to participate on a pro-rata basis
between the Lenders under the Proposed Offer For Sale;

      (ix) evidence acceptable to the Lenders that at least
fifty percent (50%) of the new Newco Shares to be issued to them
pursuant to the Proposed Debt Settlement and subsequently to be
included in the Proposed Offer For Sale is underwritten; and

      (x) the approval of any other relevant authorities deemed
necessary by the Lenders;

   (b) If the conditions precedent as set out under item 2.2 (a)
are not fulfilled by the date which is twelve (12) months from
the date of the Conditional Debt Settlement Agreement or such
other later date as the Lenders may in their absolute discretion
determine (Compliance Period), the Conditional Debt Settlement
Agreement shall automatically be terminated and be null and void
and be of no effect and the Lenders shall be entitled to deal
with the Company in respect of the Outstanding Debt in any
manner as the Lenders may deem fit;

   (c) Upon fulfillment of all the conditions precedent as set
out under item 2.2 (a), the Company shall settle the Outstanding
Debt by converting the Outstanding Debt into new Shares in Newco
on the basis of one (1) new Share for every RM1.00 debt
outstanding by crediting the new Newco Shares into the
respective Lender's securities account prior to the date which
is no later than three (3) months from the date of the
Compliance Period or such later date as the Lenders may in their
absolute discretion agree ("Settlement Date"). Any odd amount in
sen arising out of the exchange shall be paid in cash to the
Lenders on the Settlement Date;

   (d) Upon completion of the Proposed Debt Settlement and the
new Newco Shares having been issued to the Lenders, the
Outstanding Debt shall be deemed to have been fully and
irrevocably settled and thereby discharged, and the Lenders
shall not have further claims in relation to the Outstanding
Debt;

   (e) Upon, or at any time after, the occurrence of a
Termination Event (as defined therein), the Lenders may by
notice to the Company terminate the Conditional Debt Settlement
Agreement whereupon the Conditional Debt Settlement Agreement
shall terminate immediately and the obligations of the parties
under the Conditional Debt Settlement Agreement shall cease to
have any effect whatsoever and the Lenders shall thereafter be
entitled to deal with the Company in respect of the Outstanding
Debt in any manner as the Lenders may deem fit; and

   (f) Each of the Lenders agrees, subject to the due and
punctual compliance by the Company of the obligations under the
Conditional Debt Settlement Agreement, to stay any legal
proceedings that any of them may have commenced against the
Company in respect of any of the Outstanding Debt up to the
Settlement Date.

PROPOSED OFFER FOR SALE

Details Of The Proposed Offer For Sale

In the announcement dated 5 August 2002, it was proposed that
JCorp and / or JCD undertake an offer for sale / placement of
the Newco Shares held by them to the Malaysian public including
the existing public shareholders of DBhd to comply with the
Public Spread Requirement.

Pursuant to the terms of the Proposed Debt Settlement as already
mentioned under item 2.2(a)(vii) of this announcement, the
Lenders and JCD will collectively undertake a restricted offer
for sale of the Newco Shares held by them to all the existing
shareholders of DBhd, save for JCorp, Johor Capital Holdings Sdn
Bhd (Johor Capital) and Johor Ventures Sdn Bhd (Johor Ventures)
(Entitled Shareholders), on a renounceable basis of one (1)
Newco Share for every five (5) existing Shares held in Newco
after the Proposed Share Exchange. Accordingly, the Proposed
Offer For Sale / Placement as announced on 5 August 2002 will be
replaced by the Proposed Offer For Sale.

Collectively, a total of 18,114,536 Newco Shares is to be
offered for sale by the Lenders and JCD, the details of which
are set out in Table 1 at
http://bankrupt.com/misc/TCRAP_DBHD0617.doc.

The actual number of Shares to be offered will be finalized
prior to the implementation of the Proposed Offer For Sale. Any
shortfall in the public spread will be addressed by the Newco
Shares to be offered for sale by JCD.

The Lenders will rank pari passu with each other while JCD will
rank last in respect of participation in the Proposed Offer For
Sale. Hence, any subscription by the Entitled Shareholders will
first be from the Shares to be offered by the Lenders.

Proceeds From The Proposed Offer For Sale

The proceeds from the Proposed Offer For Sale shall accrue to
the Lenders and JCD respectively. The Company will receive no
part of the proceeds from the Proposed Offer For Sale.

Basis Of Determining The Offer Price For The Newco Shares

The offer price for the Newco Shares of RM1.00 per Share is
based on the intended par value of the Newco Shares of RM1.00.

RATIONALE FOR THE PROPOSED DEBT SETTLEMENT

The profitability and the financial position of the DBhd Group
was adversely affected by the economic and financial crisis
which beset the region during the second half of 1997 and this,
in turn, affected the Group's ability to meet its financial
obligations on a timely basis. Although the Group had repaid
part of its borrowings through an interim financing exercise
undertaken in early 2000, its gearing level has continued to
remain relatively high. As at 31 December 2002, the Group has
total borrowings of approximately RM88.51 million with a gearing
level of about 1.08 times.

With the Proposed Debt Settlement, the Company would be able to
address part of its immediate financial obligations and
commitment to the Lenders, which will, amongst others, enhance
the future financial viability of the Group. Coupled with the
Proposed Reconstruction And Restructuring Scheme, the Proposed
Debt Settlement will assist in placing the restructured DBhd
Group on a stronger financial footing with manageable level of
gearing and improved earnings through annual interest savings,
wherein the cash savings can be utilized for the Group's
operational activities.

EFFECTS OF THE PROPOSED DEBT SETTLEMENT

{The effects have been shown after taking into consideration the
Proposed Reconstruction And Restructuring Scheme}

(a) Share Capital

The effects of the Proposed Debt Settlement on the issued and
paid-up share capital of DBhd / Newco are set out in Table 2 of
Appendix I of this announcement.

(b) NTA And Gearing

Based on the audited consolidated balance sheet of the DBhd
Group as at 31 December 2002, the NTA per Share and gearing of
the Group is approximately RM0.10 and 1.08 times respectively.
Pursuant to the Proposals, the proforma NTA per Share of the
DBhd / Newco group is expected to increase to approximately
RM1.77 while the DBhd / Newco group's gearing is expected to
decline to approximately 0.10 times.

Upon conversion of the ICULS-A and ICULS-B into new Shares in
Newco, the proforma NTA per Share of the DBhd / Newco group is
expected to decline to approximately RM0.92 while the gearing of
the DBhd / Newco group is expected to remain at approximately
0.10 times.

The proforma effects of the Proposals on the NTA and gearing of
the DBhd / Newco group are subject to review by the Reporting
Accountants.

(c) Substantial Shareholders' Shareholdings

The effects of the Proposed Debt Settlement on the substantial
shareholders' shareholdings in DBhd / Newco are set out in
Tables 3(a) and 3(b) of Appendix I of this announcement.

(d) Earnings

The Proposed Debt Settlement will not have any effect on the
earnings of the DBhd / Newco group for the financial year ending
31 December 2003.

However, the Proposed Debt Settlement is expected to improve the
financial position of the restructured DBhd / Newco group in the
future years through annual interest savings of approximately
RM1.2 million based on average interest rate of 8% per annum.

CONDITIONS FOR THE PROPOSED DEBT SETTLEMENT

The Proposed Debt Settlement is subject to, inter-alia, the
following :

(a) the approval of the SC;
(b) the approval of the shareholders of DBhd at an
Extraordinary General Meeting to be convened;
(c) the approval-in-principle from the KLSE for the listing
of and quotation for the new Newco Shares to be issued
pursuant to the Proposed Debt Settlement; and
(d) the approval of any other relevant authorities.

The Proposed Debt Settlement is conditional upon the Proposed
Reconstruction And Restructuring Scheme and not vice-versa.

DOCUMENTS FOR INSPECTION

The Conditional Debt Settlement Agreement is available for
inspection at the registered office of DBhd at Level 3, Block C
(South), Pusat Bandar Damansara, 50490 Kuala Lumpur during
normal business hours from Monday to Friday (except public
holidays) for a period of three (3) months from the date of this
announcement.


EMICO HOLDINGS: EGM, 11th AGM Fixed on June 30
---------------------------------------------
Emico Holdings Berhad wishes to inform that the following
meetings will be held on Monday, 30 June 2003 at The Conference
Room of Emico Holdings Berhad at 18 Lebuhraya Kampung Jawa,
11900 Penang:

a) Eleventh Annual General Meeting at 10.00 a.m.
b) Extraordinary General Meeting immediately after the
conclusion or adjournment (as the case may be) of the
Eleventh Annual General Meeting.

To see copy of the full text of the notice of the Eleventh
Annual General Meeting and Extraordinary Meeting, go to
http://bankrupt.com/misc/TCRAP_EmiciEGM.docand  
http://bankrupt.com/misc/TCRAP_EmicoAGM.doc,respectively.  


LONG HUAT: Winding Up Petition Adjourned to September 10
--------------------------------------------------------
In reference to the Winding-Up Petition against Long Huat Group
Berhad by HSBC Bank (Malaysia) Berhad which was fixed for
Mention on 5 May 2003.

Long Huat Group Berhad informed that its solicitor, Messrs T.A.
Fadzil, Hairul & Associates, has informed the Mention date has
been adjourned to 10 September 2003.


MANCON BERHAD: Inks HOA With White Knight
-----------------------------------------
The Board of Directors of Mancon Berhad is pleased to announce
that it had on 13 June 2003 entered into a Heads of Agreement
(HOA) with Metronic Corporation Sdn Bhd (White knight) to
facilitate the Proposed Restructuring Scheme of Mancon. In
summary, the HOA entails the following:

a) Proposed Capital reduction of 98% of the issued share
capital of Mancon followed by the consolidation of 50
shares into 1 share of RM1.00 each;
b) Incorporation of Newco;
c) Pursuant to a Scheme of Arrangement, the consolidated
shares of Mancon (after the Proposed Capital Reduction)
will be exchanged with Newco shares;
d) Proposed Debt Settlement for a consideration of RM 15
million to be satisfied by an issuance of Newco shares as
full and final settlement to all Unsecured creditors of
scheme companies;
e) Proposed Acquisition of Metronic Engineering Sdn Bhd
(Metronic) and other assets and businesses of the White
knight for an aggregate purchase consideration of not less
than RM 80 million to be satisfied by an issuance of Newco
shares;
f) Proposed Liquidation of Mancon by Newco; and
g) Proposed Transfer of listing status of Mancon to Newco.

Metronic is an established company involved in the distribution
of products for Building Automation System, Security System,
Intelligent Building management and Heating, Ventilation and Air
Conditioning Controls products. It is a licensed service proviar
with all the relevant statutory administrative bodies and
ministries.

A definitive agreement will be executed within the next 14 days
followed by a Requisite Announcement.

In light of the above, Mancon is appealing to the Kuala Lumpur
Stock Exchange (KLSE) to reconsider its decision to commence de-
listing procedures against Mancon.


OLYMPIA INDUSTRIES: Proposes S&P Agreements Extension
-----------------------------------------------------
Further to the announcements made by Alliance Merchant Bank
Berhad (Alliance) on 14 August 2000, 12 December 2000, 12 June
2001, 12 December 2001, 11 July 2002, 12 December 2002 and 30
January 2003 on the Proposals comprising Proposed acquisitions
of land and Proposed disposal of companies and assets.

Alliance wishes to announce on behalf of the Board of Directors
of Olympia Industries Berhad that OIB is proposing to enter into
two (2) agreements for the extension of time for fulfillment of
conditions precedent on the following conditional sale and
purchase (S&P) agreements:

   (a) a conditional land acquisition agreement dated 14 August
2000 and its extensions dated 12 December 2000, 12 June 2001, 12
December 2001, 11 July 2002 and 30 January 2003 and supplemented
by the supplemental agreement dated 14 February 2003 between OIB
and Kenny Height Developments Sdn Bhd for the proposed
acquisition by OIB of approximately 32.3 acres of land situated
at Mukim Batu, Wilayah Persekutuan for a purchase consideration
of RM189,000,000; and

   (b) a conditional assets disposal agreement dated 14 August
2000 and its extensions dated 12 December 2000, 12 June 2001, 12
December 2001, 11 July 2002 and 30 January 2003 and supplemented
by the supplemental agreement dated 14 February 2003 between OIB
and its subsidiaries, namely United Malaysian Properties Sdn
Bhd, Mascon Sdn Bhd and Regal Unity Sdn Bhd and Mycom Berhad
(Mycom), for the proposed disposal to Mycom of 100% equity
interest in Olympia Land Berhad, 100% equity interest in City
Properties Development Sdn Bhd, 100% equity interest in Olympia
Plaza Sdn Bhd, 100% equity interest in Rambai Realty Sdn Bhd,
70% equity interest in Maswarna Colour Coatings Sdn Bhd, 100%
equity interest in Salhalfa Sdn Bhd, 100% equity interest in
Mascon Construction Sdn Bhd together with four (4) storey shop
office situated at Taman Shamelin Perkasa, Kuala Lumpur and a
factory unit situated at Beranang Industrial Estate, Selangor
and five (5)-acre land situated at District of Kota Kinabalu,
Sabah for an aggregate sale consideration of RM56,377,660.

The date for fulfillment of the conditions precedent of the
above two (2) conditional S&P agreements is proposed to be
extended for a further period of approximately six (6) months
from 12 June 2003 to 12 December 2003 or to such later date as
the parties may agree. The Company shall make the appropriate
announcement once the agreements to extend the aforesaid
fulfillment of the conditions precedent have been entered into.


RAHMAN HYDRAULIC: 88th AGM Set on June 30
----------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
wishes to announce that the 88th AGM of the Company will be held
at Kristal Suite 1 & 2, Hilton Petaling Jaya, No.2 Jalan Barat,
46200 Petaling Jaya, Selangor Darul Ehsan on Monday, 30 June
2003 at 10:00 a.m.

The full text of the Notice of the 88th AGM is attached at
http://bankrupt.com/misc/TCRAP_Rahman0617.docfor your  
attention.

   
RAHMAN HYDRAULIC: Plaintiff's Appeal Hearing Set on March 11
------------------------------------------------------------
Further to the announcement on 10 January 2003 in relation to
the Kuala Lumpur High Court Suit No: D4-22-988-2001, Leong Yew
Chin VS Rahman Hydraulic Tin Berhad & 12 Others.   

Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
wishes to announce that the Plaintiff's appeal to the Judge in
Chambers has been fixed for hearing on 11 March 2004.


RNC CORPORATION: MITI Conditionally OKs Proposed Modifications
--------------------------------------------------------------
The Special Administrators of RNC Corporation Berhad (Special
Administrators Appointed), in reference to the earlier
announcements dated 18 April 2003 and 22 May 2003, in relation
to the modifications to the Proposed Corporate and Debt
Restructuring (Proposed Scheme) (Proposed Modifications),
announced that the Ministry of International Trade and Industry
(MITI) had via its letter dated 10 June 2003, which was received
on 11 June 2003, approved the Proposed Modifications subject to
the following conditions:

i) approval of the Securities Commission (SC);
ii) approval of the Foreign Investment Committee (FIC);
iii) RNC and Industrial Resins (Malaysia) Berhad are
required to discuss with the Malaysian Industrial
Development Authority (MIDA) in relation to the
existing manufacturing license; and
iv) Syarikat Nam Ah Sdn Bhd (SNA) is required to initiate a
discussion with the MITI to comply with the equity
condition, within three (3) years from the date of this
approval.

The other terms and conditions set forth via the MITI's letter
dated 17 August 2000 for the Company's Proposed Scheme remain
unchanged.


SENG HUP: Seeks Proposals Implementation Time Extension
-------------------------------------------------------
Reference is made to the announcement by AmMerchant Bank Berhad
(formerly known as Arab-Malaysian Merchant Bank Berhad)
(AmMerchant Bank) on 30 December 2002 with regards to the
approvals obtained from the regulatory authorities for the
implementation of SHCB's proposed restructuring exercise,
proposed transfer to Main Board of the Kuala Lumpur Stock
Exchange and proposed ESOS (Proposals).

AmMerchant Bank, on behalf of Seng Hup Corporation Berhad
(Special Administrators Appointed), wishes to inform that on 12
June 2003, an application was made to the Securities Commission
for an extension of time of up to 31 October 2003 to implement
and complete the Proposals.


SITT TATT: MISL Disposes 6,000,000 Shares
-----------------------------------------
Sitt Tatt Berhad (STB) has received a notification via a Form
29B dated 9 June 2003 from MISL & Associates Sdn Bhd (MISL) that
they have disposed a total of 6,000,000 shares in the open
market between the period from 3 June 2003 to 6 June 2003. After
the disposal, the total number of shares owned by them is
119,125,000 as at 9 June 2003.

The Directors after having consulted legal opinion are of the
view that the above disposal and the attempt by MISL to remove
the entire present board of directors of the Company may affect
the status of the approvals granted by the Securities Commission
(SC) via its letters dated 29 October 2002, 3 December 2002 and
7 May 2003 (collectively referred to as the "Approvals"). It was
noted that the approval of the SC for the waiver by MISL from
having to make a mandatory general offer for STB Shares that it
did not already own is premised upon the fact that, inter alia,
there would not in effect be a take over by MISL.

This is by reason of the fact that there is an agreement for Tan
Sri Datuk Dr Mohan Swami, JP (TSDDM) and Dato' Pang Wee Pat, JP
(DPWP) to buy 62,562,500 STB shares (Sale Shares) from MISL
pursuant to the Sale & Purchase Agreement dated 12 September
2001 and Supplemental Agreement dated 12 September 2002 (the
Agreements) . The actions of MISL as alluded above may impede
the completion of the Agreements and has created a deviation
from the original arrangement as disclosed in the Independent
Advice Circular dated 17 April 2003 as the said 6,000,000 shares
should rightfully form part of the Sale Shares to TSDDM and
DPWP.

The Company shall forward further announcements on the
development of the above as and when applicable.


SJA BERHAD: Replies KLSE's Winding Up Petition Query
----------------------------------------------------
SJA Berhad, in reply to Query Letter by KLSE reference ID: ZO-
030609-42288 in relation to the Winding-Up Petition, furnished
below further information as follows:

1. The winding-up petition was served on the company on 31st
July 2002

2. The plaintiff, being a shareholder and director, had made
various interest free advances to the Company and its
subsidiaries since the downturn of the Malaysian economy so as
to sustain the operations in the hope that the economy would
pick up and the Government would revise the bus fares
structures, which had been long overdue. The advances amounted
to RM43,529,527.11 as at 8th December 2000 and were partially
secured on the shares of certain subsidiaries. Following
repeated demands from the plaintiff, SJA could not meet the
demand and had no alternative but to dispose off some of the
subsidiaries whose shares had been mortgaged for RM8,223,547 and
entered into consent judgment for the balance of RM 35,305,908
on 22nd July, 2002 with interests at 8% p.a. commencing from
15th July,2002 until date of full settlement.

3. SJA Berhad was not able to obtain any financial assistance
from any of the financial institution to settle this debt owing
to the plaintiff and consequently the plaintiff served the
winding-up order on the defendant.

4. The winding-up proceedings may trigger off the collapse of
the group as SJA Berhad had provided Corporate Guarantees to
certain suppliers and financial institutions for financial
facilities granted to certain subsidiaries. The financial
institution would recall all the facilities and the subsidiaries
would cease operations

5. The winding-up proceedings would lead to the cessation of
operations by the group.

6. Since the group is unable to obtain any financial assistance,
the company is unable to make any concrete proposal to the
plaintiff to avoid the winding-up. The Board of Directors had on
many occasions tried to persuade the plaintiff to refrain from
such action since 7th August, 2002 but to no avail as the
plaintiff felt that all his efforts had been wasted and
furthermore not appreciated by another major shareholder, Hong
Leong Nominees (Tempatan) Sdn Bhd who had tried to remove him
from the Board on 7th August, 2002 unsuccessfully and will try
again on 2nd July, 2003. Hong Leong Nominees (Tempatan ) Sdn Bhd
had been a shareholder through defaults by other major
shareholders of SJA Berhad as these shareholders had pledged
their shares to Hong Leong Bank Berhad but failed to service the
loans. It would appear that any further negotiation would be
fruitless.

KLSE's Query Letter content:

We refer to the Notice of Winding-Up Petition, appearing in The
Star, page 30, on Saturday, 7 June 2003, a copy of which is
enclosed for your reference.

In this connection, kindly furnish the Exchange immediately with
the following information for public release:

The date the winding-up petition was served on SJA Berhad (SJA);
The particulars of the claim under the petition, including the
amount claimed for under the petition and the interest rate;
The details of the default or circumstances leading to the
filing of the winding-up petition against SJA;
The financial and operational impact of the winding-up
proceedings on the group;
The expected losses, if any, arising from the winding-up
proceedings; and
The steps taken and proposed to be taken by your Company in
respect of the winding-up proceedings.

Yours faithfully,
LISA LAM
Senior Manager, Listing Operations
LL/WSW/ZOOS


TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad had on 13 June 2003 been notified by PB
Trustee Services Berhad (the trustee in respect of the Company's
RM186,558,296 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds A 1999/2004 and RM275,980,363 Nominal Value of
5 year 1%-2% Redeemable Secured Convertible Bonds B 1999/2004
(collectively Bonds)) that they have on 6 June 2003, disposed of
some of the Company's securities held in public listed
companies, which are pledged with them in relation to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds.

Please refer to the summary attached at
http://bankrupt.com/misc/TCRAP_Tongkah0617.docfor information  
on the securities disposed.


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


MANILA ELECTRIC: Rates Unbundling Takes Effect This June  
--------------------------------------------------------
Electricity consumers in Metro Manila and nearby Luzon provinces
may be surprised a bit when they received their electricity
bills for this month, the Department of Energy reported
Wednesday.

The billing format of their respective electricity bills from
the Manila Electric Co. (Meralco) will contain at least 14
different items, detailing the different services provided in
the delivery of power to the end-user and the corresponding
amount charged for each one. This is what we call the unbundling
of rates as required under Republic Act 9136 or the Electric
Power Industry Reform Act, the law restructuring the power
industry.   

Energy Secretary Vincent S. Perez said the mandated unbundling
of rates or the breaking down of the specific components of
electricity bill will make the pricing of electricity more
transparent and understandable to electricity consumers.   

He added that the unbundling of electricity bills will
eventually facilitate the structural unbundling of the electric
power sector.   

"Our electricity consumers will now be properly informed of what
really makes up her household's power bill and where does her
family's hard earned money go," Secretary Perez said.   

The components under the unbundled power rate for residential
users within the Meralco franchise area will include the
following: generation charge, transmission charge, system loss
charge, distribution charge, metering charge consisting of
retail customer charge and metering system charge, supply
charge, currency exchange rate adjustment (CERA), franchise tax
for national and local taxes, lifeline rate subsidy, interclass
subsidy, mandated rate reduction and universal charge consisting
of missionary and environmental charges.   

Prior to the unbundling of rates, the consumer's electricity
bill was composed of only four charges, namely the basic rate,
currency adjustment, purchased power adjustment and Power Act
Reduction.   

Secretary Perez explained that unbundling of rates will reflect
the true costs of providing electricity service or how much of
the total electric bill would go to generation, transmission,
distribution and supply sectors.    

"Prior to the unbundling of rates the costs were lumped such
that there were doubts that the present billing system contains
some hidden costs to the disadvantage of the consumers. The
unbundling of rates will itemize each cost components to create
transparency and correspondingly educate and empower our
electricity consumers to better consumers," he stressed.   

The unbundling of bills is anticipated to apply to other
electricity consumers once the Energy Regulatory Commission
(ERC) approves the other unbundling rate applications.


MANILA ELECTRIC: Seeks Debt Rescheduling
----------------------------------------
Manila Electric Co. (Meralco) will seek approval from creditors
this week to reschedule payments on six billion pesos (US$112.2
million) worth of short-term loans due in July, the Philippine
Daily Inquirer reported on Monday, quoted Meralco President
Jesus Francisco. The firm's scheduled debt payments would limit
its ability to implement a refund program ordered by the Supreme
Court.

The court ordered Meralco, which supplies electricity to about
3.9 million customers in Manila and nearby provinces, to refund
as much as 30.5 billion pesos to customers for years of
overcharging. The utility is currently implementing the first
phase of the refund, which is estimated to cost up to 2.2
billion pesos. Meralco wants to implement phase two, which will
cost the firm 2.3 billion pesos.


MANILA ELECTRI: Sec. Vince Perez Visits Tutubank Branch
-------------------------------------------------------
Energy Secretary Vincent S. Perez, Jr. on Wednesday conducted a
surprise site visit to Manila Electric Co. (Meralco) branch
offices to inspect the implementation of the Supreme Court
ruling directing the utility firm to refund its customers of
overcharges made since 1994, the Department of Energy reports.

Secretary Perez paid a visit to the Meralco Tutuban Branch in
Divisoria to personally check whether Phase 1 of the refund
process is properly and efficiently being carried out. This as
there were earlier reports that commotion marked the first day
of the refund process.   

Meralco, last Friday, started the refund process to residential
consumers using 100-kilowatt hour (kWh) and below following the
May 12, 2003 order of the Energy Regulatory Commission (ERC)
enjoining Meralco to start paying its customers in cash not
later than June 6, 2003. Customers within this bracket, who were
unable to claim their cash refund, will get it through credits
to their future bills.   

"We are happy to see that Meralco has exerted all efforts and
resources to carry out the refund process as efficiently and
organized as possible. I commend Meralco for coming up with a
mechanism, and even creating a task force that will specifically
complete this task," Secretary Perez said.   

The energy chief also appealed to the consumers to be patient
and work closely with Meralco personnel within their respective
areas to expedite processing of their claims.   

"This refund is a welcome relief for our electricity consumers.
I would remind our consumers to bring the necessary documents
particularly their June 2003 bill and valid identification cards
to speed up processing of their refund money. For those who are
claiming the refund on behalf of the registered customer, please
do not forget the authorization letter as well as the valid ID
of the registered customer," he added.   

Secretary Perez also said Meralco has informed him that it will
be publishing an announcement in the major dailies about those
consumers with terminated accounts as to how they will be able
to avail of the refund following reports that a bulk of
consumers will not likely receive refund because of inactive
accounts.   

"The Government wants to be assured that Meralco consumers with
active or inactive accounts will be given the refund amount. We
are closely working with Meralco to specifically address this
issue," Secretary Perez said.   

The energy chief also said the Department of Energy's (DOE's)
Consumer Welfare Promotion Office (CWPO) is ready to entertain
queries from consumers about the Meralco refund by calling 840-
2267. Consumers call also text the DoE through Enertext hotline
by texting: DoE your message then send to 2920.   

At the same time, the energy chief urged Meralco to speed up the
submission of its application for the implementation of the
Phase II of the refund scheme to allow other customer segments
in particular the medium-sized residential consumers avail of
the same benefit.


NATIONAL POWER: May start $500-M Roadshow This Week
---------------------------------------------------
Cash-strapped National Power Corporation (Napocor) may start its
investor roadshow for its U.S. dollar bond sale later this week,
ABS-CBN News said on Monday. The market is anticipating a bond
offering of about US$500 million. The deal, lead-managed by
Citigroup, would be the first of several Napocor is planning to
raise an estimated US$1.2 billion it needs to cover maturing
debt and other financing obligations this year.

Meanwhile, the Manila Bulletin reported that Napocor needs to
raise some $1.2 billion offshore to settle its maturing
obligations, finance its operations and buy-out some of the
independent power producers (IPPs), whose excess power produce
have been costing the consumers incremental expenses through the
power purchase agreement.


NATIONAL STEEL: Guingona Unveils Rehabilitation Plan
----------------------------------------------------
Philippine Vice President Teofisto Guingona has unveiled a
master plan for the rehabilitation, operation and integration of
the National Steel Corporation plant in Iligan City, the
Philippine Star reports. The Vice President designated respected
economist, Dr. Sixto K. Roxas, coordinator for the program, with
former Science and Technology Secretary Antonio Arizabal acting
as executive adviser.

Guingona said the rehabilitation and integration of the Iligan
steel plant was projected to take place over a six-year period
with the first three phases covering the rehabilitation of the
Iligan plant's cold rolling mill, electrolytic tinning line,
billet plant, through to the semi-continuous hot strip mill.

According to Roxas, the rehabilitation phase of the Iligan steel
plant will require the infusion of a total of 5.947 billion
pesos as rehabilitation financing and working capital, while the
operations of the rehabilitated facilities can yield
progressively increasing production of hot and cold rolled coils
and plates, along with tin plates and billets.


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


ASIA PULP: American Hedge Funds Reject Debt Plan
------------------------------------------------
In Indonesia, Asia Pulp and Paper's debt restructuring plan has
been rejected by two American hedge funds although export credit
agencies and IBRA have approved the plan, DebtTraders reports.

The two hedge funds plan to foreclose the underlying collaterals
of their investments. The preliminary agreement will need the
approval of creditors holding two-thirds of the group's debt.
There were disagreements between secured and unsecured
bondholders, because the plan failed to address the needs of the
two groups of bondholders. The debt-restructuring plan also has
not included holding company debt and has not dealt with the
two-forestry concession held by the Widjaja family.


C.K. TANG: Refinancing Debt Obligations
---------------------------------------
The Board of Directors of C.K. Tang Limited announced that the
Company has obtained a specific advance facility of S$120
million (SAF) from Oversea-Chinese Banking Corporation Limited
(OCBC Bank) to repay the Company's existing debt obligations
comprising S$68 million transferable loan facility and S$42
million in principal amount of secured bonds of the Company
(collectively referred to as the Existing Obligations).

The SAF forms an integral part of the overall re-financing
process currently in progress, and will be replaced by a term
loan facility (Term Loan) granted by OCBC Bank in due course.

2. DETAILS OF THE EXISTING OBLIGATIONS

The Company on 17 May 1999 entered into a Facility Agreement
with United Overseas Bank Limited (UOB) in relation to a
transferable loan facility of S$110 million. Concurrently, the
Company also entered into a working capital facility agreement
with a syndicate of 5 banks pursuant to which the banks made
available working capital facilities of up to S$39 million to
the Company and one of its subsidiaries. The above facilities
were secured on the Company's freehold land and building at 310
Orchard Road, Singapore 238864 (the Property). On 10 November
1999, pursuant to a bond call option in the Facility Agreement,
the Company issued secured bonds amounting to S$42 million in
principal amount. The total debt obligations are due for
repayment in May 2004. As at the date of this announcement,
there is no outstanding amount for the working capital
facilities.

3. DETAILS OF THE SAF

The SAF of S$120 million will be used towards full settlement of
the existing obligations and will be fully repaid upon
completion of the sale and transfer of the Property, details of
which are set out below.

4. SALE AND TRANSFER OF THE PROPERTY AND LEASEBACK OF PROPERTY

The Company is also restructuring its operating entities through
the sale and transfer of the Property to a wholly-owned
subsidiary, C.K. Tang Properties (Singapore) Pte. Ltd. CKTP. For
this purpose, the Company has entered into an agreement with
CKTP for the sale and purchase of the Property and related plant
and equipment at a price of S$240.7 million. The consideration
for the sale is to be satisfied by the issuance of 120.7 million
ordinary shares at par value of S$1 each in the share capital of
CKTP and cash of S$120 million.

Upon the completion of the sale and transfer of the Property,
the Company will enter into a lease agreement with CKTP for the
department store operations of the Company.

5. DETAILS OF THE NEW TERM LOAN AND WORKING CAPITAL FACILITIES

CKTP has accepted a proposal from OCBC Bank for a Term Loan and
working capital facilities (Working Capital Facilities)
totalling S$140 million to be secured by, inter alia, the
Property. The Company will also guarantee the obligations of
CKTP. As part of the loan agreement, the rental income received
by CKTP from the Company and the rights of CKTP under the lease
agreement itself will be assigned to OCBC Bank.

The Term Loan is a fixed-rate loan for a period of 5 years,
payable in full on maturity, and is to be advanced to CKTP. The
Working Capital Facilities will be available for utilization by
CKTP, the Company and Gamut Marketing Pte Ltd. It is also open
to the other subsidiaries of the Company to utilize the Working
Capital Facilities subject to the fulfillment of certain
conditions under the credit facilities agreement to be entered
into between CKTP, the Company, Gamut Marketing Pte Ltd and OCBC
Bank.

The legal agreements for the Term Loan and Working Capital
Facilities are planned to be executed by the end of June 2003.
Pursuant to the legal completion and drawdown of the Term Loan,
CKTP will pay S$120 million cash to the Company as consideration
for the sale and transfer of the Property described above.

6. RATIONALE FOR THE RE-FINANCING EXERCISE

With the prevailing low interest rate environment, the Directors
believe that this is an opportune time to re-finance its
Existing Obligations so as to lock in low fixed interest rates
for its long-term loan obligations. The Term Loan and Working
Capital Facilities will replace the Existing Obligations at a
fixed interest rate of 7.5 percent per annum, which will be at a
significantly lower interest rate (the actual interest rate will
only be determined and fixed prior to the draw-down of the Term
Loan).

The re-financing exercise is expected to result in net interest
savings of approximately S$3.5 million1 for the financial year
ending 31 March 2004, on the assumption that the interest rate
for the Term Loan is approximately 3.0 percent per annum
compared with the interest rate of 7.5 percent per annum in
respect of the Existing Obligations.

7. DIRECTORS' RESPONSIBILITY STATEMENT
The Directors of the Company (including those who have been
delegated supervision of this Announcement) have taken all
reasonable care to ensure that the facts stated and opinions
expressed in this Announcement are accurate and fair and that no
material facts have been omitted, and they jointly and severally
accept responsibility accordingly.

8. TARGETED COMPLETION SCHEDULE

The Company is targeting to complete the sale and transfer of
the Property and the legal documentation in connection with the
Term Loan and Working Capital Facilities by the end of June 2003
and will make the necessary announcements in respect thereof.

Note:

The interest rate of the Term Loan can only be fixed and
determined two days prior to the drawdown of the Term Loan as it
is benchmarked against the 5-year Swap Offered Rate SOR at that
point in time. Accordingly, the net interest savings computation
disclosed herein is merely an estimate based on the 5-year SOR
of approximately 1.5 percent as at 13 June 2003, being the
latest practicable date prior to this announcement.


L&M GROUP: AGM Set For June 30
------------------------------
The Twenty-First Annual General Meeting (AGM) of L&M Group
Investments Ltd. will be held at No. 28 Tuas Crescent, Singapore
638719 on Monday, 30 June 2003 at 3.00 p.m. for the following
purposes:

AS ORDINARY BUSINESS

1. To receive and adopt the Audited Accounts of the Company for
the financial year ended 31 December 2002 together with the
Reports of the Directors and the Auditors.

2(a) To re-elect Directors retiring by rotation pursuant to
Article 98 of the Articles of Association of the Company:

(i) Mr Edward Seky Soeryadjaya
(ii) Mr Peter Tay Yew Beng
(iii) Mr Bambang Sukmonohadi

(b) To pass the following resolution under Section 153(6) of the
Companies Act, Cap. 50:

"That pursuant to Section 153(6) of the Companies Act, Cap. 50,
Mr William Soeryadjaya and Mr Lee Khoon Choy, who are over 70
years of age, be and are hereby authorized to continue in office
as Directors of the Company until the next annual general
meeting of the Company."

3. To approve Directors' fees of S$111,600 for the financial
year ended 31 December 2002 (S$135,375 for the financial year
ended 31 December 2001).

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

5. To transact any other business that may properly be
transacted at an Annual General Meeting.

AS SPECIAL BUSINESS

To consider and, if thought fit, pass the following resolutions
as Ordinary Resolutions:

6. That pursuant to Section 161 of the Companies Act, Cap. 50,
approval be and is hereby given to the Directors to issue shares
in the Company 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, provided that the
aggregate number of shares to be issued pursuant to this
resolution does not exceed 50 per cent. (50 percent) of the
issued share capital of the Company for the time being and that
the aggregate number of shares issued other than on a pro rata
basis to existing shareholders does not exceed 20 per cent. (20
percent) of the Company's issued share capital for the time
being.

7(a) That approval be and is hereby given, for the purposes of
Chapter 9A of the Listing Manual of the Singapore Exchange
Limited, for the Company, its subsidiaries and target associated
companies or any of them to enter into any of the transactions
falling within the types of Interested Person Transactions,
particulars of which are set out in the Company's Circular to
Shareholders dated 12 June 1998 the Circular with any party who
is of the class of Interested Persons described in the Circular,
provided that such transactions are carried out in the normal
course of business and in accordance with the guidelines for
Interested Person Transactions as set out in the Circular (the
"Mandate;

(b) That the Mandate shall, unless revoked or varied by the
Company in general meeting, continue in force until the next
Annual General Meeting of the Company; and

(c) That the Directors of the Company be and are hereby
authorized to complete and do all such acts and things
(including executing all such documents as may be required) as
they may consider expedient or necessary or in the interests of
the Company to give effect to the Mandate and/or this
Resolution.


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


ASIA HOTEL: Resolved Audit Committee Appointment
------------------------------------------------
Asia Hotel Public Company Limited's board of directors' meeting
no. 6/2546 held on 13 May 2003 resolved to re-appoint the Audit
committee's members whose tenure have ended and to give the
Committee authority to elect the Chairman. The Committee's
meeting on June 2003 passed the resolution to appoint Major
General Serm Ruhsakul as Audit Committee Chairman.  The members
therefore, are as follows:

  1.  Major General SermRuhsakulAudit  Committee Chairman
  2.  Mr. Piyawudh Senapoopitaksa      Audit Committee Member
  3.  Mr. Sombut Pupipathirunkul       Audit Committee Member
  4.  Mr. Dhani Jaroenchaiyapongs      Audit Committee Member
  5.  Mr. Suwat Dusitrojanawongse      Audit Committee Member
      Mrs. Pornpun Tanariyakul         Audit Committee Secretary


On May 23, the Troubled Company Reporter - Asia Pacific reported
that the Company's increase in net profit of Bt155.39 million or
equivalent to 798.92% is mainly due to the realized net profit
from subsidiary of Bt83.56 million caused by gain from debt
restructuring accomplishment of Asia Pattaya Hotel amounted of
159.60 million.


MILLENNIUM STEEL: Completes Preferred Shares Conversion
-------------------------------------------------------      
According to the issuance of Millennium Steel Public Company
Limited preferred shares can be converted into the ordinary
shares, the conversion period is 11 years and ended on November
28, 2013, the preferred shareholders can apply for the
conversion of the preferred shares into ordinary shares on every
business day of the company.

The Company would like to inform that on June 4, 2003, The TISCO
Finance Public Company Limited, who held the company preferred
shares has exercised the right to convert preferred shares into
ordinary shares in the amount of 4,430,887 preferred shares. The
conversion ratio is 1 preferred share can be converted into 1
ordinary share. The company has completed the conversion on June
6, 2003. The company, therefore, has the issued shares of
3,796,367,897 ordinary shares and 1,649,095,730 preferred
shares.

                                                                 
  
      

NAKORNTHAI STRIP: Seeking MoU Approval From Creditors
-----------------------------------------------------
Reference is made to a newspaper article, which reported that
Nakornthai Strip Mill Public Company Limited (NSM) has entered
into a Memorandum of Understanding with Siam Integrated Cold
Rolled Steel Public Company Limited (SICOS) and Thai Asset
Management Corporation.

Maharaj Planner Company Limited, as the Plan Administrator of
NSM, explained that NSM has entered into a Memorandum of
Understanding with SICOS and Thai Asset Management Corporation
on 7 June 2003, to study the possibility of NSM acquiring the
assets of SICOS. The Memorandum of Understanding will not be
binding upon NSM unless an approval is obtained from the
creditors' committee of NSM.  

In addition, NSM will not be able to agree or enter into any
agreement for acquisition of such assets unless NSM has obtained
necessary approvals under relevant laws and/or has amended its
business rehabilitation plan to allow such asset acquisition.


NATIONAL FERTILIZER: Board Director Nititham Resigns
----------------------------------------------------
According to the referred letter, National Fertilizer PLC was
informed by Mr. Vicheal Nititham, the director of the Company,
of his desire to resign from the directorship for the Company.

The Company's management board has acknowledged the resignation
from directorship of Mr Vicheal Nititham and recognized his
resignation effective the same date of his letter on 6th June
2003.

Last week, the Troubled Company Reporter - Asia Pacific reported
that the Company has a net loss of Bt1,962 million for the year
period ended 31st December 2002, compared to the same period of
2001 a net loss of 1,863 million.

Presently, the Company is in process of financial restructuring
with its financial institutional creditors and has to select
investor with resources and expertise in finance and management
to join its business for the purpose of future growth.


NATURAL PARK: Notifies of SPSCP Property Development
----------------------------------------------------
Natural Park Public Company Limited informed that the Board of
Directors Meeting No. 3/2003, held on 11 June 2003, of Park
Opera Co., Ltd. (formerly named as Natural Home Co., Ltd.) (Park
Opera), being a subsidiary in which the Company holds
shares at approximately 100% of the total paid up capital,
resolved for Park Opera to enter into the Memorandum of
Understanding with Siam Paragon Development Co., Ltd. (Siam
Paragon) for the lease of certain leased premises on the seventh
floor of Siam Paragon Shopping Complex Project Building, which
will be developed as a theater for lease (immovable property for
lease), with the following particulars:

1.  Date, Month, Year of Transaction:  11 June 2003

2.  Parties concerned
    Owner of the leased premise: Siam Paragon Development
            Co., Ltd.
    Lessee: Park Opera Co., Ltd.
    Relationship with the Listed: The Company and Park Opera
            have no Company  relationship with Siam Paragon.

3.  General Characteristics of the Transaction :
    
Park Opera will lease certain leased premises on the seventh
floor of Siam Paragon Shopping Complex Project Building, with
the area of 5,000 square meters, to be developed as a theater
with standards comparable with the world famous theaters.  The
lease term will be 25 years from the official opening date of
Siam Paragon Shopping Complex Project to the public.  Park Opera
will pay the consideration as the construction subsidy funds in
the amount of BtB60 million, and the rental plus service charge
on a monthly basis in the amount of Bt750,000 per month from the
first year to the third year of the lease term.  And from the
fourth year to the sixth year of the lease term, the Owner of
the leased premises will increase the rental plus service charge
to be not exceeding one million Baht per month.  

After the sixth year onwards, the Owner of the leased premises
will increase the rental plus service charge at the rate of 10%
every three-year interval.  The size of said transaction as
calculated from the consideration as construction subsidy funds
of Bt60 million; being 1.36% under the criteria of the value of
consideration under the consolidated financial statements of the
Company as adjusted with the latest capital increase.

4. Details of Assets

Lease right on the seventh floor of Siam Paragon Shopping
Complex Project Building with the area of 5,000 square meters,
with the lease term of 25 years from the official opening date
of Siam Paragon Shopping Complex Project to the public.

5. Combined value of consideration and terms of payment
   
Combined Value of Consideration :   

1)  Subsidy funds for construction in the amount of Bt60
Million.

2)  Rental plus service charge on a monthly basis of Bt750,000
per month from the first year to the third year of the lease
term.  And from the fourth year to the sixth year of the lease
term, the Owner of the leased premises will increase the rental
plus service charge to be not exceeding one Million Baht per
month. After the sixth year onwards, the Owner of the leased
premises will increase the rental plus service charge at the
rate of 10% every three-year interval.

Terms of Payment:   

1)  Park Opera will pay the construction subsidy funds in the
amount of Bt60 Million in installments from the date of entering
into the Memorandum of Understanding to the date on which the
Owner of the leased premises can deliver the leased premises
under the conditions prescribed in the Memorandum of
Understanding.

2)  The rental plus service charge will be paid when Siam
Paragon Shopping Complex Project is officially open to the
public.

6.  Criteria for the fixing of consideration: being the agreed
by the Parties.

7.  Source of fund: Park Opera will borrow from the Company in
the entering into of the said transaction.

8.  Benefits expected to be derived by the Company: The Company
will earn profits from the operations of Park Opera, as a
subsidiary, to be combined in the consolidated financial
statements of the Company.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

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

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