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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Wednesday, June 18 2003, Vol. 6, No. 119

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Book-Build Closes Oversubscribed
ARISTOCRAT LEISURE: eBet Dismisses Claims as Baseless
ELECTROMETALS TECHNOLOGIES: Posts Share Offer Results
ENERGY WORLD: Finalizing Debt Settlement Talks With CBA
GINDALBIE GOLD: Shares Placement Raises A$1.27M

HUDSON TIMBER: Posts Resolutions Approved at GM
MAYNE GROUP: Posts Geelong Private Hospital Sale Update
MIM HOLDINGS: Suspended From Official Quotation
PAN PHARMACEUTICALS: Seeks Court Convened Meeting Extension
PASMINCO LTD: Court Allowing Aquila to Commence Proceedings

QANTAS AIRWAYS: To Suspend Rome Services
STRAITS RESOURCES: Meets Convertible Notes Interest Payment
TOWER LIMITED: Shareholders Special Meeting Set on July 4

* S&P Announces Quarterly Review Changes


C H I N A   &   H O N G  K O N G

ALL OVERSEAS: Winding Up Petition Hearing Set Today
DONG FANG: Price, Turnover Movements Unexplainable
GOLD NAME: Winding Up Petition Slated for Hearing
LEAD ACTION: Winding Up Hearing Scheduled Today
MANSION HOUSE: Securities Trading Suspended

SUN'S GROUP: Unit's Winding-Up Proceedings Adjourned to Aug 4
TRIM FLIGHT: Winding Up Petition Set for Hearing
YUEN SHING: Winding Up Hearing Scheduled in July


I N D O N E S I A

BANK DANAMON: Shareholders OK Management Change


J A P A N

HITACHI LTD: Unit Broadens Plasma Display Panel Product Line
NEC CORPORATION: Unit Appoints New Corporate Auditor
SEKIHYO SEIBAKU: Real Estate Firm Enters Rehabilitation
SKYNET ASIA: Posts Y1.8B Loss in 2002
TOSHIBA CORPORATION: Unveils Reorganization of Solution Business


K O R E A

CHOHUNG BANK: 95% of Employees Submit Resignations Sunday
CHOHUNG BANK: S. Korea Agrees on Sale Price
CHOHUNG BANK: Union Strike Plan Unlikely to Delay Sale
HYNIX SEMICONDUCTOR: Receives DDR400 Validation
JINRO CO.: Leading in Global Spirits Market

SK GLOBAL: Rescue Plan Angers Workers, Investors


M A L A Y S I A

ABRAR CORPORATION: Defaulted Payment Status Remains Unchanged
CHASE PERDANA: Relates Dates for Renounceable Rights Issue
CSM CORPORATION: Securities Removal From Official List Pending
ESPRIT GROUP: Securities De-listing Deferred
HIAP AIK: 31st AGM Fixed on June 30

MYCOM BERHAD: Enters Proposed Acquisition Agreements
NAUTICALINK BERHAD: June 30 9th AGM Scheduled
NAUTICALINK BERHAD: Proposed Acquisition MoU Aborted
PAN PACIFIC: Provides Default in Payment Status Update
PANGLOBAL BERHAD: May Mining Production Reaches 34,262.46mt

REPCO HOLDINGS: KLSE's De-listing Appeal Decision Pending
SINMAH RESOURCES: Proposed Bonds Issue Terminated
TIME DOTCOM: Resolves IPO Proceeds Utilization Time Extension


P H I L I P P I N E S

BEYOND CABLE: Expects Debt Revamp Deal With Creditors
BENPRES HOLDINGS: Continues to Restructure Operations
ALLSTAR SPINNING: Government Files Tax-fraud Charges
BENPRES CORPORATION: Shares Up 8.89% on Restructuring Efforts
EAST ASIA: Bangko Sentral Orders Closure

MANILA ELECTRIC: Decides on 2nd Phase Refund
MUSIC CORP.: US Dismiss Unit's Bankruptcy Status
NATIONAL POWER: S&P Assigns 'BB' Rating on Bond Issue
NATIONAL POWER: Widens Q103 Net Loss to P10B


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Launches Expanded Web Portal
C.K. TANG: Clarifies Debt Refinancing Report
C.K. TANG: Response to SGX-ST's Queries on Financial Statement
VAN DER HORST: SGX-ST Grants Company Waiver


T H A I L A N D

BANGKOK RUBBER: Posts Investment Disposal Details
MINOR FOOD: Inks Bt760M Facility Agreement to Refinance Debts
MINOR FOOD: RGR to Raise Offer Price to Bt80

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Book-Build Closes Oversubscribed
-------------------------------------------------
Anaconda Nickel Limited advises that a book-build to place a
parcel of 411 million ANL shares closed on Monday, two weeks
early and 10% over-subscribed.

The shares were acquired by a broad range of international and
local institutional investors at a price of 5.5 cents per share.
Applications for 458 million shares were received from
interested investors.

The share parcel, representing approximately 6% of Anaconda's
issued capital, was required to be sold as a result of a
decision by the Takeovers Panel in March. The book-build,
conducted on behalf of ASIC by Royal Bank of Canada, was
required to be completed before 23rd June 2003.

Anaconda CEO Peter Johnston said, "The strong institutional
response has been very encouraging. With this placement now
complete, a measure of uncertainty overhanging the market has
now been resolved."

CONTACT INFORMATION: John Quayle
        Company Secretary
        Ph: (08) 9212 8400
        Tony Dawe
        Ward Holt Corporate Communication
        Ph: (08) 9221 8722


ARISTOCRAT LEISURE: eBet Dismisses Claims as Baseless
-----------------------------------------------------
Leading gaming technology company eBet Limited advised that
Aristocrat Leisure Industries has filed Federal Court
proceedings claiming that certain of eBet's technologies breach
an Australian patent held by Aristocrat.

eBet described Aristocrat's claims as "baseless."

eBet managing director, Keith Cullen, said he believed that the
action was a purely commercial act by Aristocrat at a time when
its gaming systems division has been losing customers to the
rapidly growing eBet.

eBet has beaten Aristocrat on competitive systems bids in
Australia and Asia in the last year and in the past month signed
three of Aristocrat's largest NSW-based systems customers
reducing their installed base in NSW by around 1200 machines.

"Aristocrat has been making noises about this patent for a
number of years now. Our advisors, and even the inventor named
in the patent, agree that the claims are without any real
basis", said Mr. Cullen.

He added, "We believe that this is a purely an attempt to spoil
the market momentum we are experiencing with our gaming system
division's card based gaming product (EPS) and our other
systems".

"This sort of commercial tactic holds no credibility with
experienced gaming industry players who recognize it for what it
is", concluded Cullen.


ELECTROMETALS TECHNOLOGIES: Posts Share Offer Results
-----------------------------------------------------
Electrometals Technologies Limited is pleased to announce that
its offer to shareholders of 1 new fully-paid ordinary share at
a cash subscription price of 9 cents for every 4 shares held has
now closed, with approximately 68% of the 18,258,000 shares on
offer having been subscribed by shareholders. The remainder of
the offered shares is expected to be taken up by the
Underwriters, Tolhurst Noall Limited and its nominees under the
terms of their underwriting agreement.

Consequently, Electrometals will have raised $1,643,220 in new
capital from this entitlement offer.

Electrometals has now fulfilled all of the conditions precedent
for its placement of 17,400,000 fully-paid ordinary shares to
DeNora Elettrodi SpA at 9 cents per share, and it intends to
complete this transaction shortly, for total cash consideration
of $1,566,000.

In summary, upon completion prior to the end of June, 2003 of
the share issues just described, Electrometals will have raised
$3,209,220 in new capital from these issues and $804,000 in new
capital from the private placements completed in April/May 2003,
as previously announced.

According to Wrights Investors' Service, the company has paid no
dividends during the previous 2 fiscal years and also reported
losses during the previous 12 months. During the 12 months
ending 12/31/02, the company has experienced losses totaling
A$0.01 per share.


ENERGY WORLD: Finalizing Debt Settlement Talks With CBA
-------------------------------------------------------
Further to the announcements made on 26 May 2003, the Directors
of Energy World Corporation Limited (EWC) are pleased to advise
that the sale of Barcaldine Power Station and Cheepie-Barcaldine
Pipeline have been completed with Queensland Power Trading
Corporation trading as Enertrade on 13 June 2003. The proceeds
from the sale have been utilized to reduce the outstanding debt
with the Commonwealth Bank of Australia (CBA) and the Guarantee
of A$3.4 Million associated with the transaction has also been
retired. As a result the outstanding amount of the Multi-Option
facility (MOF) with CBA is now in the order of $52 Million.

With regard to the sale of the investment in Basin Bridge Power
Station, the Company has now received the full agreed amount for
settlement and these funds have been paid into a Stakeholders
Account with the CBA. The funds will be released from the
Stakeholders Account upon completion of certain related
outstanding formalities that we anticipate will be concluded
shortly. Upon completion of the actions, a further significant
debt reduction on the MOF will be made.

The Company is currently in discussion on a go-forward plan with
the CBA to finalize arrangements linked to the settlement of the
remaining outstanding balance of the MOF and associated
facilities. An update on these discussions will be provided when
an agreement has been reached with the CBA.

CONTACT INFORMATION: Mr Stewart Elliott
        EWC Managing Director
        Telephone: (612) 9247 6888


GINDALBIE GOLD: Shares Placement Raises A$1.27M
-----------------------------------------------
Gindalbie Gold NL announced last week that it has placed 16.5
million ordinary shares at 7.7 cents per share to clients of
Intersuisse Limited, raising A$1.27 million to strengthen the
Company's balance sheet. The issue price is lower than
previously announced on 27 May 2003 reflecting the lower stock
market share price, which followed the announcement of the
proposed capital raising. The shares was allotted on 13 June
2003.

Performance of the Minjar Gold Project continues to improve
following the operational changes announced in April 2003. Gold
production for May 2003 increased to 3,423 ounces at a cash cost
of $424 per ounce with an average head grade of 3.16 g/t
achieved.

For the purposes of Item 5 of Category 1 of ASIC Class Order
02/1180, Gindalbie confirms that all information of the kind
required to be disclosed under subsection 713(5) of the Act if a
prospectus were issued in reliance on section 713 in relation to
an offer of the securities, other than as set out in this
announcement, has been disclosed to the ASX.

According to Wrights Investors' Service, at the end of 2002,
Gindalbie Gold NL had negative working capital, as current
liabilities were A$8.58 million while total current assets were
only A$6.74 million. The company has paid no dividends during
the last 12 months.


HUDSON TIMBER: Posts Resolutions Approved at GM
-----------------------------------------------
Please be advised that at Monday's General Meeting of Members of
Hudson Timber Products Limited, shareholders approved the
following resolutions:

   - A special resolution to cancel 220,000,000 shares currently
held by Hudson Investment Group Limited in satisfaction of debt
totaling $17,600,000.

   - An ordinary resolution to allot and issue 21,333,333 shares
at an issue price of at least 15 cents.

Earlier, the Troubled Company Reporter - Asia Pacific reported
that the Company 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.


MAYNE GROUP: Posts Geelong Private Hospital Sale Update
-------------------------------------------------------
Further to Mayne Group Limited's announcement on 2 June 2003,
the company advised that on Friday the Victorian Supreme Court
has ruled in its favor regarding the transfer of the lease for
Geelong Private Hospital, enabling the sale to Healthscope to
proceed.

Mayne is now working to complete the sale by the end of July
2003.

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


MIM HOLDINGS: Suspended From Official Quotation
-----------------------------------------------
The securities of MIM Holdings Limited was suspended from
official quotation immediately, at the request of the Company,
following the release to the market of an order made by the
Supreme Court of Queensland approving a scheme of arrangement
under which Xstrata Holdings Pty Limited will acquire all the
shares in the Company.

Below is the Company's request letter:

We refer to the Scheme of Arrangement under which Xstrata
Holdings Pty Limited will acquire all the ordinary shares of MIM
Holdings Limited (MIM).

The Company advises that the orders of the Supreme Court of
Queensland made on Monday, approving the scheme of arrangement
between MIM and MIM shareholders, have been lodged with the
Australian Securities and Investments Commission.

M Gibney
EGM CORPORATE AFFAIRS AND
SECRETARY & GENERAL COUNSEL

A copy of the full announcement, which includes the Court Order
and Scheme of Arrangement can be found at
http://bankrupt.com/misc/TCRAP_MIM0618.pdf.


PAN PHARMACEUTICALS: Seeks Court Convened Meeting Extension
-----------------------------------------------------------
The Administrators of Pan Pharmaceuticals Limited are currently
considering a number of options available to maximize the return
to creditors. One such option is to offer the business and
assets of the company for sale as a going concern, which will
ensure that the jobs of the workforce are also protected. To
this end advertisements inviting expressions of interest for the
business will appear in this Thursdays Financial Review.

Whichever option is ultimately chosen, including any sale, will
require ratification by the Company's creditors at the second
creditors meeting. A date for the meeting has yet to be set,
however, the Administrators applied to the Court on the 6 of
June for an extension of the convening period of 75 days. This
extension was granted.


PASMINCO LTD: Court Allowing Aquila to Commence Proceedings
-----------------------------------------------------------
Aquila Resources Limited wishes to advise that the Federal Court
has granted Aquila leave to proceed with its substantive claim
against Pasminco Limited (Pasminco) and two of its subsidiaries
Savage Resources Limited and Savage EHM Finance Pty Ltd.

Aquila's claim follows an earlier application by Aquila for
pre-action discovery against Pasminco and MIM Holdings Limited
(MIM).

In its claim Aquila will assert that representations made by
Pasminco to procure Aquila's consent to an extension of the
period within which MIM was able to exercise its pre-emptive
right to acquire the Pasminco Group's interest in the Ernest
Henry Mine constituted a breach of Aquila's contract to acquire
that interest and a contravention of the Trade Practices Act.

Aquila is seeking damages against the Pasminco Group of
$153,715,872, the value of the lost opportunity to purchase the
Ernest Henry Mine, plus interest and costs.


QANTAS AIRWAYS: To Suspend Rome Services
----------------------------------------
Qantas Airways Limited said last week that it would suspend its
twice weekly services to Rome via Singapore and commence
codeshare services four times each week to Rome via Hong Kong
with oneworld partner Cathay Pacific.

The Cathay Pacific codeshare services will commence on 9
September and be operated by a Qantas aircraft between Australia
and Hong Kong and a Cathay Pacific aircraft between Hong Kong
and Rome.

This represents a doubling of frequency compared with the
current Qantas schedule. The new codeshare services will depart
Australia on Tuesdays, Thursdays, Fridays and Saturdays.

Qantas plans to operate 30 flights per week to Europe from 9
September: 21 to London, seven to Frankfurt and two to Paris.

The Chief Executive Officer of Qantas, Geoff Dixon, said Qantas
began services to Rome in 1948 and the suspension of these
services highlighted the extremely difficult environment for
international airlines, including Qantas.

"This decision has not been made lightly," Mr Dixon said.

"The aviation industry is going through the most difficult
period in its history, with SARS compounding the consequences of
the events of 9/11, the wars in Afghanistan and Iraq and the
threat of terrorism.

"All areas of Qantas have been affected and we have made a range
of tough decisions including redundancies, retirement of
aircraft and the reduction of capital expenditure by $1 billion
next financial year."

Mr Dixon said Qantas would maintain a sales office in Rome and
monitor developments to determine whether Qantas operated
services to Rome may be resumed in the future.

Qantas Frequent Flyer members will earn points on the new
codeshare services to Rome and oneworld alliance benefits will
also apply.


STRAITS RESOURCES: Meets Convertible Notes Interest Payment
-----------------------------------------------------------
The Directors of Straits Resources Limited advise that the next
interest payment on the company's unsecured 10% Convertible
Notes maturing 31 December 2003, becomes due on 1 July 2003 and
advise as follows:

   Payment Date : 1 July 2003
   Record date  : Interest will be paid to Noteholders shown on
               the register at 5:00 pm (Perth time) on 24
               June 2003.
   Interest per Note: Interest of 2.23 cents per Note will be
               payable, being the interest accrued from 1
               January 2003 to 30 June 2003, calculated at
               the rate of 10% per annum.
   `Ex' Date : The Notes will trade on an `Ex-interest' basis
               from 18 June 2003.


TOWER LIMITED: Shareholders Special Meeting Set on July 4
---------------------------------------------------------
Notice is given that a special meeting of shareholders of TOWER
Limited will be held on Friday, 4 July 2003 commencing at
11:00am (New Zealand time) at the Renouf Foyer, Michael Fowler
Centre, 111 Wakefield Street, Wellington, New Zealand.

BUSINESS

1 Special Resolution to approve early expiry of 10% Share Cap by
  amendment to TOWER's constitution.

To consider and, if thought fit, to pass the following as a
special Resolution:

That TOWER Limited's Constitution be altered, with effect
immediately after this meeting, by deleting Regulation 5.30 and
substituting the following:

'PERIOD OF OPERATION OF REGULATION 5

5.30 This Regulation 5 shall remain in force for a term
commencing on the date that ordinary shares of the Company are
first officially quoted by the NZSE and shall expire on 3 July
2003, and thereafter it shall not apply.'

2 Ordinary Resolution to approve a placement of 50 million
ordinary shares to GPG.

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

That, shareholders approve the placement of 50 million ordinary
TOWER Limited shares immediately after this special meeting at
an issue price of NZ$1.35 per share, to Ithaca (Custodians)
Limited, a wholly owned subsidiary of Guinness Peat Croup plc
(the Placement). The shares will rank pari passu with TOWER
Limited's existing ordinary shares and will be eligible to
participate in the Rights Issue. The shareholders give this
approval for the purposes of the New Zealand Exchange Limited
Listing Rules, the Australian Stock Exchange Limited Listing
Rules, the Takeovers Code and TOWER Limited's constitution.

3 Ordinary Resolution to approve Underwriting Agreement and
Rights Issue participation by GPG.

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

That subject to Resolution 2 being passed, shareholders approve
for the purposes of the Takeovers Code, New Zealand Exchange
Limited Listing Rules and TOWER Limited's constitution;

   * The entry into, execution and performance of an
Underwriting Agreement between TOWER Limited and Guinness Peat
Group plc, on terms detailed in the Explanatory Notes, and

   * The allotment of ordinary TOWER Limited shares to Ithaca
(Custodians) Limited (a wholly owned subsidiary of Guinness Peat
Group plc) under the Rights Issue and to Guinness Peat Group
plc, or its nominee, Ithaca (Custodians) Limited, under the
Underwriting Agreement, which may result in Ithaca (Custodians)
Limited and Guinness Peat Group plc becoming the holder of an
increased percentage of voting rights in TOWER Limited and may
also result in an increase in Ithaca (Custodians) Limited's and
Guinness Peat Group plc's effective control of TOWER Limited,
either through the performance of the Underwriting Agreement or
by participation in the Rights Issue, as more particularly
described in the Explanatory Notes.

The Company also released the Independent Adviser's Report and
Appraisal Report. A copy of that said report can be found at
http://bankrupt.com/misc/TCRAP_TWR0618.pdf.


* S&P Announces Quarterly Review Changes
----------------------------------------
Standard & Poor's, the leading provider of equity indices in
Australia, announces that effective after the close of business
on June 30, 2003 the following constituent additions and
deletions will take place in the S&P/ASX 20, S&P/ASX 100,
S&P/ASX 200 and S&P/Australian Stock Exchange 300 indices. These
additions will be reflected in the starting portfolio of July 1,
2003.

Standard & Poor's, on June 11, 2003 announced that the S&P/ASX
50 will be incorporated into the S&P Global 1200. Subsequently
the changes affecting the S&P/ASX 50 will be reflected in the
starting portfolio of June 23, 2003.

S&P/ASX 20

S&P/ASX 20 INDEX:
ADDITION
CODE            NAME
AMC             AMCOR LIMITED

REMOVAL
CODE            NAME
BIL             BRAMBLES INDUSTRIES LIMITED

S&P/ASX 50
Changes to be reflected in the starting portfolio of June 23,
2003

S&P/ASX 50 INDEX:
ADDITION
CODE            NAME
ORG             ORIGIN ENERGY LIMITED

REMOVAL
CODE            NAME
RMD             RESMED INC

S&P/ASX 100

S&P/ASX 100 INDEX:
ADDITIONS
CODE            NAME
PMN             PROMINA GROUP LIMITED

REMOVALS
CODE            NAME
ART           AMP SHOPPING CENTRE TRUST (to be removed effective
              start of day June 18, 2003)

S&P/ASX 200 (currently 199 stocks)

S&P/ASX 200 INDEX:
ADDITIONS
CODE            NAME
PMN             PROMINA GROUP LIMITED
PIF             PRIME INFRASTRUCTURE GROUP
AWE             AUSTRALIAN WORLDWIDE EXPLORATION LIMITED
PRT             PRIME TELEVISION LIMITED
CMQ             CHEMEQ LIMITED

REMOVALS

CODE          NAME
SMX           SMS MANAGEMENT & TECHNOLOGY LIMITED
HPX           HPAL LIMITED
KAZ           KAZ GROUP LIMITED
ART           AMP SHOPPING CENTRE TRUST (to be removed effective
              start of day June 18, 2003)

S&P/ASX 300

S&P/ASX 300 INDEX:
ADDITIONS
CODE            NAME
PMN             PROMINA GROUP LIMITED
PIF             PRIME INFRASTRUCTURE GROUP
WOR             WORLEY GROUP LIMITED
CLO             CLOUGH LIMITED
SGN             STW COMMUNICATIONS GROUP LIMITED
CNT             CENTAMIN EGYPT LIMITED
FUN             FUNTASTIC LIMITED
EMP             EMPEROR MINES LIMITED
PEM             PERILYA LIMITED
REB             REBEL SPORT LIMITED
KIM             KIMBERLEY DIAMOND COMPANY NL
ARL             AUSTRIM NYLEX LIMITED
MOS             MOSAIC OIL NL
ALK             ALKANE EXPLORATION LIMITED
MXL             MXL LIMITED
AGX             AGENIX LIMITED
SRI             SIPA RESOURCES INTERNATIONAL NL
MCR             MINCOR RESOURCES
ASL             AUSDRILL LIMITED

REMOVALS
CODE          NAME
TOR           TICOR LIMITED
CYG           COVENTRY GROUP LIMITED
AAT           AUTRON CORPORATION LIMITED
ART           AMP SHOPPING CENTRE TRUST (to be removed effective
              start of day June 18, 2003)

Company additions to and deletions from a Standard & Poor's
index do not in any way reflect an opinion on the investment
merits of the company.

Information about the S&P/ASX index methodology is available at
www.standardandpoors.com.au and www.spglobal.com.


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


ALL OVERSEAS: Winding Up Petition Hearing Set Today
---------------------------------------------------
All Overseas Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong today,
June 18, 2003.

The petition was filed on April 24, 2003 by Aji Ichiban Company
Limited whose registered office is situated at No. 18 Wing Kei
Road, New Territories, Hong Kong.


DONG FANG: Price, Turnover Movements Unexplainable
--------------------------------------------------
Dong Fang Gas Holdings Limited has noted the increases in the
price and volume of the shares of the Company on Tuesday. The
Company is not aware of any reasons for such increase.

Save and except the matter mentioned in the announcement dated
5th June, 2003, the Company confirmed that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.

According to Wrights Investors Service, at the end of 2002, Dong
Fang Gas had negative working capital, as current liabilities
were HK$454.90 million while total current assets were only
HK$156.86 million. The company also reported losses during the
previous 12 months and has not paid any dividends during the
previous 2 fiscal years.


GOLD NAME: Winding Up Petition Slated for Hearing
-------------------------------------------------
The petition to wind up Gold Name Properties Limited will be
heard before the High Court of Hong Kong on June 25, 2003 at
10:00 in the morning.

The petition was filed with the court on May 7, 2003 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong.


LEAD ACTION: Winding Up Hearing Scheduled Today
-----------------------------------------------
The High Court of Hong Kong will hear on June 18, 2003 at 10:00
in the morning the petition seeking the winding up of Lead
Action Limited.

Great Chance Development Limited, whose registered office is
situated at Unit B, 18th Floor, Mongkok Commercial Centre, No.
16, Argyle Street, Kowloon, Hong Kong filed the petition on
April 28, 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.


MANSION HOUSE: Securities Trading Suspended
-------------------------------------------
At the request of Mansion House Group Limited, trading in its
shares was suspended with effect from 9:30 a.m. on Tuesday
(17/6/2003) pending the release of a Company announcement to
clarify unusual price movement of the shares of the Company on
16 June 2003.

According to Wrights Investors' Service, at the end of 2001,
Mansion Holdings had negative working capital, as current
liabilities were HK$76.41 million while total current assets
were only HK$72.16 million. It has paid no dividends during the
previous 3 fiscal years and also reported losses during the
previous 12 months.


SUN'S GROUP: Unit's Winding-Up Proceedings Adjourned to Aug 4
-------------------------------------------------------------
The Sun's Group Limited (the Company, together with its
subsidiaries, "the Group") wishes to update its shareholders on
the current status of the Company.

Reference is made to an announcement dated 11 June 2003
regarding the winding-up petitions filed respectively by Mr.
Wong Kwan, a former director of the Company, and Charcon Assets
Limited, a company owned by Mr. Wong Kwan against the Company
and a wholly-owned subsidiary of the Company (the Petitions).

At a hearing on 16 June 2003, the hearing of the Petitions was
adjourned to 4 August 2003 for further directions, on an
application by the Company and the relevant subsidiary.
Directions were also given at the hearing for the filing and
serving of eviance by the relevant parties.

On 24 April 2003, the Company requested the continued Company
shares trading suspension due to the receipt of various demand
letters from one of its creditors. Since then, the Group has
also received various demand letters and writs, and a winding-up
petition in respect of another subsidiary
of the Company, from some other creditors. The Company, together
with its advisers, are currently in discussions with its
creditors to explore the possibility of an acceptable debt
restructuring plan. A further announcement will be made
regarding the indebtedness of the Group as and when appropriate.

A further announcement will be released after the court hearing
on 4 August 2003 in respect of the petitions for the winding up
the Company and the relevant subsidiary.

Trading in Company shares has been suspended since 24 April 2003
and will remain suspended until further notice.


TRIM FLIGHT: Winding Up Petition Set for Hearing
------------------------------------------------
The petition to wind up Trim Flight Technology Limited is set
for hearing before the High Court of Hong Kong on July 9, 2003
at 9:30 in the morning.

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


YUEN SHING: 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 Yuen Shing
International Holdings Limited.

Wong Kin Cheong of Room 816, Wah Fung House, Lek Yuen Estate,
Shatin, New Territories, Hong Kong filed the petition on May 12,
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.


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


BANK DANAMON: Shareholders OK Management Change
-----------------------------------------------
The Extraordinary Shareholders General Meeting (RULBPS) of Bank
Danamon approves the managerial change in the bank, including to
put Francis Andrew Rozario as president director in place of
Arwin Rasyid, Bisnis Indonesia reports.

In the meantime, Asia Financial Indonesia (AFI)-Temasek Holding
consortium considers buying back 20% of Bank Danamon stocks
through block sale.

According to Jimmy Phoon, Executive Director of Temasek
Holdings, the consortium considered buying 20% of the stock
through the block sale if the IBRA invited the consortium to
become a bidder. "We believe it has great potential. Therefore,
we will consider it carefully should we be invited, which
certainly depends on the IBRA."

He added that Temasek is committed to develop Danamon as one of
Indonesia's prominent banks.

The new chief director of Bank Danamon Francis Andrew Rozario
said the target previously set by the old management would be
hit by the end of the year.

"We plan to maintain Bank Danamon's position as a leader in
consumer, retail, and SMEs sectors. We will keep Bank Danamon on
track."


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


HITACHI LTD: Unit Broadens Plasma Display Panel Product Line
------------------------------------------------------------
The Home Electronics Division of Hitachi America Ltd., a
subsidiary of Hitachi, Ltd., announced the availability of its
next-generation 42-inch Plasma Display Panel (PDP). The
CMP4201/4202U is a high-definition, 16:9 PDP featuring high
brightness and contrast levels and Hitachi's own VirtualHD (TM)
technology to provide optimal pixel conversion. The
CMP4201/4202U offers incredible picture clarity and big-screen
impact for use in a wide range of locations including corporate
boardrooms; retail outlets, classrooms and trade show exhibits.

The CMP4201/4202U offers tremendous benefits for business
applications with a stylish and eye-catching design and
outstanding image quality. For business and institutional
customers, the CMP4201/4202U PDP brings wide-screen viewing to
conference rooms, reception areas and other locations that are
too small for standard CRT monitors, projection TVs, or other
outdated messaging systems. The CMP4201/4202U also features true
HDTV compatibility, bringing a new level of definition to plasma
displays designed for public spaces.

"Hitachi has a long-standing commitment to the PDP market and is
continuing to evolve all of its products with the most advanced
innovations available," said Bill Whalen, senior product and
marketing manager, Hitachi America, Ltd., Home Electronics
Division. "As the professional plasma market continues to
develop and the demand for PDPs in public spaces rises, Hitachi
is pleased to lead the way with the introduction of the
CMP4201/4202U -- a PDP setting the bar in terms of performance
and design."

Brilliant Imaging

To provide its customers with the highest level of picture
quality technology, Hitachi continues to improve its digital
image processing technologies so that it can present images with
a greater level of detail than ever before. The CMP4201/4202U
features Hitachi's proprietary VirtualHD digital viao processor
to increase the resolution of all incoming non-HDTV signal
sources up to 1080p. The processor features automatic 3:2 film
correction, new 26-point advanced viao processing and
1080i/720p/540p/ 480i input processing.

Flexible and Versatile

Boasting an impressive resolution of 1,024 x 1,024 and an
outstanding contrast ratio, the CMP4201/4202U offers a number of
features that raise the standard for overall image quality.
Motion Adaptive Processing eliminates jagged edges, making the
picture sharp and with fewer "edges." By utilizing multiscan
technology, the CMP4201/4202U can automatically adjust to VGA,
S-VGA, XGA, S-XGA or UXGA resolutions, enabling enhanced
brightness and contrast. For added flexibility the CMP4201/4202U
also accepts a wide range of viao signal formats and can be
connected to other home electronics devices as well as
professional viao cameras, digital broadcasting adapters and
PCs.

At 68 pounds and less than four inches deep, the CMP4201/4202U
is lightweight, sleek and easy to install. Giving customers
added flexibility in placement; it provides a wide 160-degree
viewing angle and can be hung on the wall or from the ceiling.
The CMP4201/4202U also comes standard with a life extension mode
that provides a longer life span for the plasma display without
sacrificing brightness, picture-in-picture, a SleepTimer
function and built-in screen savers.

The CMP4201/4202U is available in charcoal black and silver,
respectively, and is priced at $7,999.00. Both are now available
through Hitachi's network of nationwide resellers. For more
information, or to locate a dealer near you, please visit
http://www.hitachi.com/digitalmedia,or call 1-800-HITACHI.

About Hitachi America, Ltd., Home Electronics Division

The Hitachi America, Ltd., Home Electronics Division markets a
variety of consumer electronics including rear projection high
definition television monitors in both 16:9 and 4:3
configurations, plasma televisions, plasma display panels, DVD
players, DVD camcorders and DVD recorders, as well as security
and observation system products. The Company's premium products
are sold under the Hitachi UltraVision and UltraVision Digital
brand names.

Hitachi America, Ltd., a subsidiary of Hitachi, Ltd., markets
and manufactures a broad range of electronics, computer systems
and products, consumer electronics and semiconductors and
provides industrial equipment and services throughout North
America. For more information, visit www.hitachi.com.

Hitachi, Ltd. (NYSE:HIT), 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.

VirtualHD is trademark of Hitachi Home Electronics, (America)
Inc.

Hitachi Limited will buy back its own shares as the firm
unveiled results that indicated the need for further
restructuring, TCRAP reported last month. 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.

CONTACT:
Weber Shandwick
Kryssa Guntrum, 415/248-3422
kguntrum@webershandwick.com


NEC CORPORATION: Unit Appoints New Corporate Auditor
----------------------------------------------------
NEC Electronics Corporation has appointed Yasuo Matoi to the
position of corporate auditor. He has become one of the four
corporate auditors of the Company who has been charged with
strengthening the corporate governance performance of NEC
Electronics, along with the other three auditors, Jiro
Takashima, Akio Kurosaka, and Yasuyuki Shibata.

Prior to this appointment Matoi was associate senior vice
president of NEC Corporation, and has a long and extensive
experience in accounting and finance. He joined NEC Corporation
in 1968 and has spent most of his career at the Company in
controller division. He was appointed associate senior Vice
President in June 2001.

Matoi has a bachelor of degree in Economics from Kyoto
University. He will retain his current position at NEC
Corporation.

Battered by a global economic slump and a diving Tokyo stock
market, NEC Corporation narrowed its losses to 24.5 billion yen
($204 million) for the year ending in March 31, but failed to
return to profit this year, reports the Troubled Company
Reporter-Asia Pacific. The electronics firm posted a loss of 312
billion yen ($204 million) a year ago.

The Company has been hurt by the shaky world economy, worsened
by worries about the war in Iraq in the latter half of
fiscal 2002. A recent dive in Tokyo share prices to 20-year lows
also eroded NEC's earnings. NEC expected to return to
profitability this year but stayed in the red for the second
straight year.

About NEC Electronics

NEC Electronics worldwide specializes in semiconductor products
encompassing advanced technology solutions for the high-end
computing and broadband networking markets, system solutions for
the mobile handsets, PC peripherals, automotive and digital
consumer markets, and platform solutions for a wide range of
customer applications. NEC Electronics Corporation has 24
subsidiaries worldwide including NEC Electronics America, Inc.
and NEC Electronics (Europe) GmbH. For additional information
about NEC Electronics worldwide, visit www.necel.com. NEC
Electronics Corporation is a wholly owned subsidiary of NEC
Corporation , one of the world's leading providers of Internet,
broadband network and enterprise business solutions.


SEKIHYO SEIBAKU: Real Estate Firm Enters Rehabilitation
-------------------------------------------------------
Sekihyo Seibaku Co., Ltd., which has total liabilities of 67.4
billion yen against a capital of 12 million yen, has applied for
civil rehabilitation proceedings, Tokyo Shoko Research reports.
The real estate firm is located in Sendai-shi, Miyagi, Japan.


SKYNET ASIA: Posts Y1.8B Loss in 2002
-------------------------------------
Skynet Asia Airways Co. booked a net loss of 1.8 billion yen in
the year ended March 31 due to huge operating costs, Kyodo News
reports. The amount of deficit represents an increase of some
300 million yen from an earlier projection released in June last
year by the airline, based in the city of Miyazaki in
southwestern Japan.


TOSHIBA CORPORATION: Unveils Reorganization of Solution Business
----------------------------------------------------------------
The Board of Directors of Toshiba Corporation met Thursday and
approved that it will make independent the solutions businesses
of its IS Center Group Sales Promotion Division and e-Solution
Company (hereinafter called 'the Separation Businesses'), and
their integration into Toshiba IT Solutions Corporation (Toshiba
IT Solutions). Following this separation and integration,
Toshiba IT Solutions will change its name to become Toshiba
Solutions Corporation.

1. Purpose of separation and integration

To accelerate the speed of management decisions and actions and
to realize flexible management systems appropriate for the
solutions business, the Separation Businesses will be integrated
into Toshiba IT Solutions, a wholly owned subsidiary of Toshiba.

2. Outline of Corporate Separation

To implement this reorganization establishing a new independent
group Company, a Japanese reorganization method of 'Kaisha-
Bunkatsu' (literally translated as and hereinafter called
'Corporate Separation') defined under the Commercial Code of
Japan is used.

1. Schedule

June 12, 2003   Approval by board of directors for Corporate
Separation contract

June 12, 2003   Conclusion of Corporate Separation contract

October 1, 2003 Date of Corporate Separation

October 1, 2003 Registration of Corporate Separation

2. Method

-Corporate Separation

'Simplified separation method,' which does not necessitate the
special resolution at the shareholders' meeting will be adopted.
Toshiba will separate the Separation Businesses and make Toshiba
IT Solutions Corporation a successor Company.

- Reason for selecting this method

  This method was chosen to transfer the relevant businesses
more efficiently.

(3) Allocation of shares

- Toshiba IT Solutions Corporation will issue 87,500 shares to
Toshiba.

-Calculation of share allocation rate

Allocation of the shares was determined in comparison of the
Separation Business shareholder's equity and that of Toshiba IT
Solutions, and in consideration of Toshiba IT Solutions'
outstanding number of share.

(4) Cash subsidy

There will be no cash distribution.

(5) Legal rights and obligation to be assumed

Toshiba IT Solutions will assume all assets, liabilities, rights
and obligations involved in the Separation Business.

(6) Forecast of fulfillment of obligation

Toshiba and Toshiba IT Solutions will be able to meet all their
obligations.

(7) Newly appointed directors and corporate auditors of a new
Company

To be decided.


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


CHOHUNG BANK: 95% of Employees Submit Resignations Sunday
---------------------------------------------------------
Around 95 percent or 7,224 of the 7,600 employees of Chohung
Bank submitted their resignations on Sunday to the Office of the
President (Cheong Wa Dae) to protest the government's plan to
sell its controlling stake in the bank, Digital Chosun reports.

The possibility of a head-on collision between the union and the
government is looming larger, as the government announced Monday
that it would deal sternly with any labor leader who spearheads
an illegal strike, including sabotaging the bank's computer
system.


CHOHUNG BANK: S. Korea Agrees on Sale Price
-------------------------------------------
The South Korean government has tentatively agreed to sell
Chohung Bank to Shinhan Financial Group for three trillion won
(US$2.52 billion), Reuters and the Korea Economic Daily said on
Monday. Shinhan is to pay 51 percent of the sale proceeds in
cash and the remaining 49 percent in its own shares. The bank
was nationalized after the 1997-98 financial crisis. The
government aims to complete negotiations on the sale of Chohung
by the end of this month despite the threat of strike action by
the bank's labor union.


CHOHUNG BANK: Union Strike Plan Unlikely to Delay Sale
------------------------------------------------------
Kim Jin-pyo, South Korean Minister of Finance and Economy,
announced that the planned strike by Chohung Bank's labor union
would not delay the government's plan to sell its 80.04 percent
stake in the bank, reports the Korea Herald. The government
would try to complete the sale of its stake by the end of June
despite the labor union's strong objections.

Kim also warned that the government will take legal action if
the bank's labor union pushes ahead with the strike, but will
also continue talks with the union to ease worries over job
security. The labor union has vowed to launch a full strike from
June 25 and has threatened to shut down the bank's computer
system if the government proceeds with the Chohung Bank sale.


HYNIX SEMICONDUCTOR: Receives DDR400 Validation
-----------------------------------------------
Hynix Semiconductor Inc. announced Monday that it has received
DRAM industry's first Intel validation for 512Mb DDR400
component and 512Mb DDR400 based modules.

The Hynix 512Mb DDR400 Intel validation follows its 256Mb DDR400
Intel Validation in February and further demonstrates Hynix's
advanced process technology and leadership position in the high-
speed DDR memory market.

Hynix projects a continued surge in demand for DDR400 memory
products throughout this year as the PC industry quickly adopts
Intel's Springdale and Canterwood chipsets supporting DDR400
architecture. According to Farhad Tabrizi, Vice President of
Worldwide Marketing, Hynix expects DDR400 to represent more than
35 percent of the overall DDR market by end of 2003 and Hynix is
taking additional steps to expand its production capacity of
DDR400 to 90 percent from its initial target of 60 percent by
year-end. Currently, DDR products account for more than 80
percent of the Company's total DRAM production.

Hynix is dedicating its efforts on developing value-added high-
performance DDR products which include DDR400, DDR2 and GDDR2/3
and maintaining a leading position in the next generation memory
market through its advanced process technology and cost-
competitiveness.

About Hynix Semiconductor Inc.

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

Hynix Semiconductor Manufacturing will receive a final ruling on
June 16 on whether it will have a 57 percent import tax imposed
on its products by the United States, DebtTraders reported
recently. The U.S. earlier ruled in favor of Micron Technology
on loans and guarantees to Hynix from the Korean government. The
European Commission imported a 33 percent import tax on Hynix's
products after Infineon filed a similar complaint in April.
Creditors have bailed out the chipmaker three times in the past
two years through debt rollover.

CONTACT:
Hynix Semiconductor Inc., Korea
Seong Min Chung, +822-3459-5355
or +822-3459-5333 (Fax)
seongmin.chung@hynix.com
http://www.hynix.com


JINRO CO.: Leading in Global Spirits Market
-------------------------------------------
Jinro Co., the largest soju producer in South Korea, has
occupied the world's top position in the global spirits market
for two consecutive years after posting sales of 64 million
boxes of soju last year, Digital Chosun reported Monday. Spirits
is one of the three largest classifications of alcoholic
beverages, along with beers and wines. Spirits includes whisky,
brandy, rum, gin, vodka, and soju.

Distiller Jinro Co. had lodged a complaint against eight
officials of Goldman Sachs, including Managing Director Philip
D. Murphy, for alleged neglect of duty and fraud, the Troubled
Company Reporter-Asia Pacific reported recently. Jinro is in
court-appointed receivership after a domestic court accepted in
mid-May a Goldman Sachs' request. The Company had missed debt
repayments. This was the first time a foreign creditor had put a
Korean firm into receivership.

Jinro alleged that the U.S. investment bank took profits by
taking advantage of financial information it obtained while
working as its financial advisers. Goldman Sachs and other
foreign investors control more than 30 percent of Jinro's
outstanding debt estimated at 1.8 trillion won ($1.51 billion).


SK GLOBAL: Rescue Plan Angers Workers, Investors
------------------------------------------------
Oil refiner SK Corporation ran into legal threats from workers
and mounting anger from investors on Monday after its board
approved a US$712 million bailout of sister firm SK Global Co.,
Reuters said on Monday. The plan to rescue the oil products
trading firm from a US$1.2 billion accounting fraud faces strong
opposition from foreign shareholders in SK Corp and is a
challenge to President Roh Moo-hyun's vow to stop abuses by
large family-run conglomerates.

Labor union members at SK Corporation plan to take legal action
against board members to stop the rescue, which they fear will
weigh on the refiner's finances and threaten jobs. SK Global has
been on the verge of insolvency since the accounting fraud was
unearthed in March and is saddled with 6.7 trillion won ($5.6
billion) in debt. SK Corp's Chairman was jailed on Friday for
three years for masterminding the fraud.


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


ABRAR CORPORATION: Defaulted Payment Status Remains Unchanged
-------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
wishes to announce that there has been no changes to the status
in payment since the Company's previous announcement made on 20
May 2003.

The Company has been placed under the administration of Special
Administrators since 27 May 2000 by Pengurusan Danaharta
Nasional Berhad (Danaharta) pursuant to Section 24 of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (the Danaharta
Act).

With the appointment of the Special Administrators, there is a
moratorium on the Company and no creditors may take action
against the Company except in accordance with Section 41 of the
Danaharta Act. The moratorium expires on 26 May 2004.

On 1 November 2002, Public Merchant Bank Berhad (PMBB) , on
behalf of the Company, announced that the Company's debt
restructuring proposal (the Workout Proposal) prepared by the
Special Administrators of the Company, was approved by Danaharta
in accordance with Section 45(2) of the Danaharta Act. Under
Section 46(4) of the Danaharta Act, the Workout Proposal binds
the Company, all members and creditors of the Company and any
other person affected by the Workout Proposal.

On 23 December 2002, PMBB, on behalf of the Company, announced
that the Securities Commission (SC) had via their letters dated
18 December 2002 and 20 December 2002 approved the Company's
proposed corporate debt restructuring scheme (the Proposed
Restructuring Scheme), subject to certain conditions to be
fulfilled.

On 28 May 2003, PMBB, on behalf of the Company, announced inter-
alia that the SC, via its letter dated 27 May 2003, approved
certain modification with regards to the Proposed Restructuring
Scheme, as proposed.

The Company's Proposed Restructuring Scheme, once implemented,
will address the Company's default in payments.


CHASE PERDANA: Relates Dates for Renounceable Rights Issue
-----------------------------------------------------------
The Kuala Lumpur Stock Exchange (KLSE) had on 25 February 2003,
inter-alia, approved the application by Chase Perdana Berhad
(CPB) for the exemption from the trading of the provisional
allotment of rights arising from the renounceable rights issue
of 28,081,602 new ordinary shares of RM1.00 each (Rights Shares)
at an issue price of RM1.00 per Rights Share on the basis of 3
Rights Shares for every 1 existing ordinary share of RM1.00 each
held in CPB (Rights Issue) as stipulated in Appendix 6E of
Chapter 6 of the Listing Requirements of KLSE. Hence the
provisional allotment of rights will not be traded on the KLSE.

On behalf of Chase Perdana Berhad, Southern Investment Bank
Berhad wishes to announce that the last date and time for:

i) transfer of provisional allotment of rights will be on
25 June 2003 at 4:00 p.m.;
ii) acceptance and payment will be on 3 July 2003 at 5:00
p.m.; and
iii) excess share application and payment will be on 3 July
2003 at 5:00 p.m.

Copies of the Prospectus together with the accompanying Notice
of Provisional Allotment and the Rights Subscription Form and
Subscription Form relating to the Rights Issue and Conditional
Restricted Issue will be dispatched on 19 June 2003 to the
shareholders of CPB whose name appear in the Record of
Depositors and Register of Members at 5:00 p.m. on 12 June 2003.

Entitled shareholders who do not receive the documents within 3
days from the date of dispatch should notify the Share Registrar
of CPB, Signet Share Registration Services Sdn Bhd at:

   11th Floor, Tower Block,
   Kompleks Antarabangsa,
   Jalan Sultan Ismail,
   50250 Kuala Lumpur.
   Tel: 2145 4337


CSM CORPORATION: Securities Removal From Official List Pending
--------------------------------------------------------------
The Board of Directors of CSM Corporation Berhad has authorized
Malaysian International Merchant Bankers Berhad (MIMB) to
release the following announcement:

"The Board of Directors of CSM wishes to inform that CSM has on
13 June 2003, received a letter from the Kuala Lumpur Stock
Exchange (KLSE) dated 13 June 2003 informing CSM that the
removal of the securities of CSM from the Official List of the
KLSE on 16 June 2003 shall be deferred pending the decision of
the KLSE Committee of the appeal made by CSM via its letter of
appeal dated 3 June 2003."


ESPRIT GROUP: Securities De-listing Deferred
--------------------------------------------
Esprit Group Berhad refers to its announcement on 6 June 2003
pertaining to the Company's appeal against the decision of the
KLSE in respect of the de-listing of the securities of the
Company from the Official List of the Exchange.

The Board of Directors wishes to announce that the KLSE had via
their letter dated 13 June 2003 informed the Company that the
removal of the securities of EGB from the Official List of the
Exchange on 16 June 2003 will be deferred pending the decision
on the said appeal by the KLSE's Committee.


HIAP AIK: 31st AGM Fixed on June 30
----------------------------------
Notice is hereby given that the Thirty-First Annual General
Meeting of Hiap Aik Construction Berhad (Special Administrators
Appointed) will be held at Dynasty Hotel, No. 218 Jalan Ipoh,
51200 Kuala Lumpur on Monday, 30th June 2003 at 9:00 a.m. to
transact the following businesses:

AGENDA

1. To receive and adopt the Audited Financial Statements for the
year ended 31 December 2002 together with the Reports of the
Directors and Auditors. (Resolution 1)

2. To elect the following Director who retires in accordance
with Article 86 of the Company's Articles of Association and
being eligible offers herself for re-election:- Yap Ah Ngiah
(Resolution 2)

3. To elect the following Directors who retire in accordance
with Article 94 of the Company's Articles of Association and
being eligible offer themselves for re-election:

   i. Goh Theow Hiang (Resolution 3)
   ii. Chee Yon Long (Resolution 4)
   iii . Dr Wong Kai Fatt (Resolution 5)

4. To approve the payment of RM1,600.00 as Directors' fees for
the year ended 31 December 2002. (Resolution 6)

5. To re-appoint Messrs. KPMG as Auditors and to authorize the
Directors with the consent of the Special Administrators to fix
their remuneration. (Resolution 7)

As Special Business:

6. Ordinary Resolution

PROPOSED SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY
TRANSACTIONS

"THAT subject to compliance with all applicable laws,
regulations and guidelines, approval be and is hereby given to
the Company and its subsidiaries to enter into recurrent
transactions of a revenue or trading nature with related
companies as set out in Section 2.3 of the Circular to
Shareholders dated 6 June 2003 for the purpose of Paragraph
10.09 of Chapter 10 of the Listing Requirements, subject to the
following:

(i) the transactions are necessary for the day to day
operations of the Company and its subsidiaries and
associated company in the ordinary course of business,
at arm's length, on normal commercial terms and are on
terms not more favorable to the related party than
those generally available to the public and are not
detrimental to minority shareholders of the Company;
(ii) the mandate is subject to annual renewal. In this
respect, any authority conferred by a mandate shall
only continue to be in force until:

     (a) the conclusion of the first Annual General Meeting
(AGM) of the Company following the AGM at which such mandate was
passed, at which time it will lapse, unless by a resolution
passed at the meeting, the authority is renewed;

     (b) the expiration of the period within which the next AGM
after the date it is required to be held pursuant to Section
143(1) of the Companies Act, 1965 (but shall not extend to such
extension as may be allowed pursuant to Section 143(2) of the
Companies Act, 1965); or

     (c) revoked or varied by resolution passed by the
shareholders in a general meeting,

whichever is earlier.

(iii) disclosure is made in the annual report of the Company
on the breakdown of the aggregate value of the
recurrent transactions conducted pursuant to the
mandate during the financial year amongst others, based
on the following information:

     (a) the type of the recurrent transactions made; and

     (b) the names of the related parties involved in each type
of the recurrent transactions made and their relationship with
the Company;

   (iv) the Board be and is hereby authorized to complete and do
all such acts and things to give effects to the transactions
contemplated and/or authorized by this Ordinary Resolution.

THAT all such transactions entered into by the Company and its
subsidiaries and associated companies since 1 June 2001 up to
the date of this Resolution be and are hereby approved and
ratified."

7. To transact any other business of the Company for which due
notice shall have been given.


MYCOM BERHAD: Enters Proposed Acquisition Agreements
----------------------------------------------------
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 Proposed Acquisitions, Alliance wishes to
announce on behalf of the Board of Directors of Mycom Berhad
that Mycom 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 assets 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 Mycom, Olympia
Industries Berhad (OIB) and its subsidiaries, namely
United Malaysian Properties Sdn Bhd, Mascon Sdn Bhd and
Regal Unity Sdn Bhd, for the proposed acquisition by
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 purchase consideration of RM56,377,660; and

(b) 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 Mycom and Kenny Height
Developments Sdn Bhd for the proposed acquisition by
Mycom of approximately 41.14 acres of land situated at
Mukim Batu, Wilayah Persekutuan for a purchase
consideration of RM261,000,000.

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.


NAUTICALINK BERHAD: June 30 9th AGM Scheduled
---------------------------------------------
Please be informed that Nauticalink Berhad's Ninth AGM will be
held as follows:

   Date  : 30th June 2003, Monday.
   Time  : 9:30 am
   Venue : Function Room, Level 3M, Dynasty Hotel, 218 Jalan
           poh, 51200 Kuala Lumpur.

The Notice of Ninth AGM can be found at
http://bankrupt.com/misc/TCRAP_Nauticalink0618.doc.

The Troubled Company Reporter - Asia Pacific reported on 5 March
that the Company and its advisors are working on a fresh
proposal for the company's revised restructuring scheme, which
will also entail a composite scheme of arrangement with the
creditors of NLB and its subsidiaries (Proposed Restructuring
Scheme).


NAUTICALINK BERHAD: Proposed Acquisition MoU Aborted
----------------------------------------------------
In an earlier announcement dated 28th March 2003, pertaining to
the execution of a Memorandum of Understanding (MoU) in relation
to the Proposed Acquisition of a building in Petaling Jaya from
Austral Amal Properties (P.J.) Sdn Bhd for the purpose of
arriving at a new corporate restructuring scheme for Nauticalink
Berhad (NLB) group, the proposed acquisition of the building in
Petaling Jaya from Austral Amal Properties (P.J) Sdn Bhd was
unsuccessful and was subsequently aborted, as all parties were
unable to agree upon final terms and conditions relating to the
Proposed Acquisition.


PAN PACIFIC: Provides Default in Payment Status Update
------------------------------------------------------
The Board of Directors of Pan Pacific Asia Bhd announced the
Default in Payment as at 31 May 2003 of PPAB and its
subsidiaries in accordance with the Practice Note No. 1/2001.
Details are tabled at
http://bankrupt.com/misc/TCRAP_PPAB0618.xls.

The Troubled Company Reporter - Asia Pacific reported that the
Securities Commission (SC) had via its letter dated 21 May 2003,
which was received on 22 May 2003, approved the Proposed
Restructuring Scheme of PPAB. For details of the Proposed
Restructuring Scheme, refer to the Troubled Company Reporter -
Asia Pacific, Friday, December 20, 2002, Vol. 5, No. 252 issue.


PANGLOBAL BERHAD: May Mining Production Reaches 34,262.46mt
-----------------------------------------------------------
PanGlobal Berhad wishes to announce that the production volume
of coal of its wholly-owned subsidiary, Global Minerals
(Sarawak) Sdn Bhd for the month of May 2003 was 34,262.46mt.

COMPANY PROFILE

The Group's principal activities include general insurance
business, extraction of logs, sawmilling and manufacturing of
veneer, coal mining, property investment and development, rental
of office and commercial premises and operation of hotel
apartments.

The Company was originally a housing developer. In 1966, the
Company disposed of these activities and entered into the towel
and yarn manufacturing business. Over the years, the Company
diversified its activities into property development, computers
and insurance. The Company maintains its insurance operations
through PanGlobal Insurance Bhd, with head office in Kuala
Lumpur and branches in 12 states. It transferred its towel
manufacturing operations to one of its subsidiaries in 1987,
thus becoming a purely investment holding company. Subsequently,
the Company, in 1994, disposed of its property development
division and computer division and, in 1995, its textile
operations.

Following this, the Company became involved in timber extraction
and related activities and operation of a coal mine. Both
activities are carried out in Sarawak.

An affected listed issuer under Practice Note 4/2001 of KLSE's
Listing Requirements, the Company has submitted a proposed
composite scheme of debt arrangement to the SC and the relevant
authorities. The proposals are awaiting approval from SC, the
High Court of Malaya and shareholders. A Restraining Order under
Section 176 of the Companies Act, 1965, granted to PanGlobal
together with four of its subsidiaries (PanGlobal Properties Sdn
Bhd, Menara PanGlobal Sdn Bhd, Global Minerals (Sarawak) Sdn Bhd
and Limbang Trading (Limbang) Sdn Bhd) has been extended to 15
November 2002. This Restraining Order affects only banking
creditors.

CONTACT INFORMATION: Level 27, Menara IMC
                     8 Jalan Sultan Ismail
                     50250 Kuala Lumpur
                     Tel : 03-2019199
                     Fax : 03-2023977


REPCO HOLDINGS: KLSE's De-listing Appeal Decision Pending
---------------------------------------------------------
Repco Holdings Bhd refers to the Company's announcement on 2
June 2003 and wish to inform that the Company had on 6 June 2003
filed an appeal to the Exchange against the decision of the
Exchange to de-list the Company's securities from the Official
List of the Exchange.

The Company wishes to announce that the Exchange has informed
the Company on Monday that the removal of the securities of the
Company from the Official List of the Exchange on 16 June 2003
will be deferred pending the decision on the appeal by the KLSE
Committee.


SINMAH RESOURCES: Proposed Bonds Issue Terminated
-------------------------------------------------
Sinmah Resources Berhad refers to the announcements dated 4 July
2002 and 29 November 2002 in relation to the Proposed issue of
RM37.0 million nominal value fixed rate bank guaranteed bonds
(Proposed Bonds Issue).

On behalf of the Board of Directors of SRB, Southern Investment
Bank Berhad wishes to inform that Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland), Singapore
Branch, the guarantor bank for the Proposed Bonds Issue, has via
its letter dated 12 June 2003 informed the Company of its
decision to discontinue with the bond guarantee facility and is
considering an alternative form of financing. Accordingly, SRB
will not proceed with the Proposed Bonds Issue.

COMPANY PROFILE

The Company was activated when it implemented a restructuring
scheme involving the acquisition of 100% in Sinmah Breeders,
100% of Sinmah Livestocks, 100% of Sinmah Food Industries and
99.99% of Sinmah Multifeed. Multifeed handles contract farming
operations while Sinmah Breeders has about six breeder farms
raising 380,000 parent stocks and two hatcheries with a total
capacity of 2.58m hatching eggs annually. Due to higher demand,
Sinmah Group has to import 50,000 parent stock day old chicks
(DOCs) from the US and Canada and source locally another 250,000
parent stock DOCs annually. The Group sells DOC and poultry
feeds to contract and independent broiler farmers. Live broilers
are sold to local wholesalers and Singapore poultry processing
plants. The Group exports some of its processed products like
nuggets, frankfurters and burgers to Brunei. In 1995, the Group
ventured into property development in Malacca. Primarily
concentrating on low- and medium-cost housing projects, the
Company launched the Taman Saujana Indah project in the first
quarter of 2001. It is also developing the Saujana Puri
apartment project.

Currently, the Company is undertaking a restructuring exercise
involving acquisition of 51% interest in Linggi Agriculture Sdn
Bhd and of freehold land in Malacca. The rights issue that was
part of the restructuring was substantially undersubscribed. As
a result, the Company is considering other alternatives to
substitute for the rights issue.

CONTACT INFORMATION: Graha Maju (Bangunan P.K.N.M)
                     Tingkat 10, Lot 1A
                     Jalan Graha Maju
                     75300 Melaka
                     Tel : 06-2840393
                     Fax : 06-2817481


TIME DOTCOM: Resolves IPO Proceeds Utilization Time Extension
-------------------------------------------------------------
Pursuant to Paragraphs 9.03 and 9.08 of the Kuala Lumpur Stock
Exchange (KLSE) Listing Requirements, Time Dotcom Berhad
wishes to announce that its Board of Directors had resolved to
extend the timeframe for utilization of the balance of its IPO
proceeds of RM162.9 million, from 30 June 2003 to 30 June 2004,
to finance its telecommunications business.

This is the second extension of time approved by the Board of
Directors to utilize the balance of the IPO proceeds. The first
extension of time from 31 December 2001 to 30 June 2003 was
given by the Board on 14 June 2002.

The Company has not fully utilized the IPO proceeds as at 30
June 2003. Pursuant to Securities Commission's letter dated 28
June 2000 on the approval for the listing of and quotation for
TdC issued and entire paid-up capital on the Main Board of the
KLSE, any extension of time for utilization of the IPO proceeds
from the date, which has been fixed, requires the Board's
approval and announcement to the KLSE.


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


BEYOND CABLE: Expects Debt Revamp Deal With Creditors
-----------------------------------------------------
Beyond Cable Holdings Inc., the joint venture between SkyCable
and Home Cable of Philippine Long Distance Telephone Co. (PLDT),
expects to conclude a debt restructuring agreement with
creditors by the end of this month, AFX Asia reports. The
signing of a debt restructuring deal hinges on the injection of
fresh capital into Beyond Cable.

ABS-CBN owns 10 percent of SkyCable. The Lopez group owns 66.67
percent of Beyond Cable, while PLDT owns 33.5 percent. Beyond
Cable has been in talks with creditors to restructure some 2.5
bln pesos' worth of debts.


BENPRES HOLDINGS: Continues to Restructure Operations
-----------------------------------------------------
Benpres Holdings bought a 19 percent stake in Bayantel from
Verizon Communications, which decided to pull out of the
unprofitable joint venture. After the purchase, Benpres will own
66 percent stake in Bayantel, which is negotiating to
restructure with its creditors on $475 million of debt,
DebtTraders reports. DebtTraders believe Verizon is concerned
about (1) whether the debt restructuring plan will leave any
residual value for equity holders, (2) possible rights issues at
a later stage, and (3) the future of Bayantel's fundamental
businesses.

Separately, DebtTraders believe Benpres' purchase aims to (1)
remove more uncertainties from the claims of shareholders, and
(2) put itself in a better position in negotiating with
creditors and future disposal. Bayantel plans to spend 1.5 pesos
($29 million) in capital expenditures to boost its data service
so that it will be able to repay the proposed $275 million
amortizing notes in nine-year.

Bayantel has only covered its operating expenses in last two
years. Separately, Benpres' offer to sell a 25 percent interest
in Beyond Cable to PLDT was refused although Beyond Cable is
close to extend its 2.5 billion pesos ($48 million) debt with
creditors.


ALLSTAR SPINNING: Government Files Tax-fraud Charges
----------------------------------------------------
The Philippine Special Presidential Task Force 156, a special
government anti-tax fraud unit, has filed a plunder case against
bus firm Allstar Spinning Inc. for falsifying documents that
allowed it to claim over 285 million pesos worth of tax credits,
the Manila Times reports. The Company is the third Company owned
by the Chingkoe family to be implicated in a 5.3-billion pesos
tax credit scam.


BENPRES CORPORATION: Shares Up 8.89% on Restructuring Efforts
-------------------------------------------------------------
Shares in Benpres Corporation increased 8.89 percent on Monday
after ongoing efforts to restructure its debts worth US$552
million, AFX Asia reports. The Company's acquisition of US-based
Verizon Communication's 19.4 percent stake in unit Bayan
Telecommunications Holdings Corp. would also relieve the Company
of additional contingent liabilities. The purchase will increase
Benpres' interest in Bayantel to 66 percents from 47 percent.

Benpres is expected to complete its restructuring negotiations
with creditors before the year-ends. The Company made an
interest payment of US$5 million early this month.


EAST ASIA: Bangko Sentral Orders Closure
----------------------------------------
The Monetary Board, the policy-making body of the Bangko Sentral
ng Pilipinas (BSP), has recommended to the Securities and
Exchange Commission (SEC) the revocation of the investment house
license of East Asia Capital Corp. owned by the Madrigal family,
in the aftermath of its being placed under receivership, the
Manila Bulletin reports. East Asia Capital was placed under
receivership effective June 15 due to its inability to meet its
maturing obligations worth 1.087 billion pesos.


MANILA ELECTRIC: Decides on 2nd Phase Refund
--------------------------------------------
The second phase of Manila Electric Co. (Meralco)'s refund of
overcharges will cover consumers using 101-300 kilowatthour per
month, AFX Asia reports, citing Energy Regulatory Chairman
Manuel Sanchez. Meralco will implement the second phase
immediately after completion of the first phase, which covers
consumers of up to 100 kwh per month. The second phase will cost
Meralco around 4.7 billion pesos. The first phase will cost
Meralco 2.2 billion to 2.5 billion pesos. Meralco expects the
refund of excess charges dating back to 1994 to cost a total of
up to 30.5 billion pesos.


MUSIC CORP.: US Dismiss Unit's Bankruptcy Status
------------------------------------------------
Music Semiconductors, Inc. (MSI), a 90 percent United States
unit of Music Corporation, is out of its financial bind after
satisfying the conditions for dismissal of bankruptcy status
under Chapter 11. In a disclosure to the Philippine Stock
Exchange (PSE), Music said the court confirmed that creditors
have voted in favor of the Company's plan of reorganization,
which meets the requirements of section 1129 (b) of the US
Bankruptcy Code.


NATIONAL POWER: S&P Assigns 'BB' Rating on Bond Issue
-----------------------------------------------------
Standard & Poor's Ratings Services recently assigned its 'BB'
issue rating to a US$500 million bond issue by National Power
Corp. (NAPOCOR). The Republic of the Philippines bases the
rating on an irrevocable and unconditional guarantee on the
bonds. Under the terms of the issue, Power Sector Assets &
Liabilities Management Corp. (PSALM) can assume NAPOCOR's role
as obligor after meeting certain conditions but without seeking
the consent of bondholders. The Republic of the Philippines'
guarantee on the debt will survive the substitution of PSALM for
NAPOCOR as obligor. The rating on the bonds is also expected to
survive the substitution and remain on par with the foreign
currency rating on the Republic of the Philippines.

PSALM was created under the Electric Power Industry Reform Act
of 2001 to take ownership of NAPOCOR's generation assets,
liabilities, real estate, and certain independent power producer
contracts. PSALM will also assume ownership of National
Transmission Corp., which was created to hold the transmission
assets of NAPOCOR. The transfer of NAPOCOR's assets to PSALM is
currently on hold pending the approval of NAPOCOR's existing
creditors and other conditions precedent. The structure,
financial profile, and creditworthiness of PSALM post-transfer
are uncertain.

NAPOCOR is the national power generation and transmission
Company of the Philippines and is 100-percent owned by the
Philippine government. NAPOCOR's standalone credit fundamentals
continue to weaken with the restructuring of the electric power
industry in the Philippines. Significant tariff reductions
imposed on NAPOCOR since 2001 by the Energy Regulatory
Commission have had a severe impact on the Company's financial
profile. Reduced power demand from Manila Electric Co. (Meralco,
foreign currency rating CCC/Negative/--), NAPOCOR's largest
customer, which accounted for about 60 percent of sales in 2002,
has also had a negative impact on operations. In fiscal 2002
(ended Dec. 31, 2002), NAPOCOR reported a net loss of Philippine
peso (PhP) 33.7 billion compared with PhP10.4 billion in 2001,
and PhP13 billion in 2000. The Company reported a cash shortfall
after capital expenditure and debt service of PhP63 billion as
at Dec. 31, 2002.

NAPOCOR's financial and operating performance is expected to
deteriorate further as the Philippines proceeds with
privatization and deregulation. Regulatory uncertainty,
especially regarding power prices, and the recovery of purchased
power charges and foreign exchange differentials, are among
NAPOCOR's main concerns. In addition, the Company's heavy
foreign debt burden, expected reduced demand from Meralco as a
result of a mediation agreement signed in 2003, and workforce-
restructuring charges incurred in 2003 are areas of concern.
Industry overcapacity will also continue to affect NAPOCOR until
supply and demand in the Philippines move into balance.


NATIONAL POWER: Widens Q103 Net Loss to P10B
--------------------------------------------
National Power Corporation (Napocor) booked an estimated net
loss of 10 billion pesos in the first quarter of this year to
March, a 300 percent increase from the 3.3 billion net losses a
year earlier, the Daily Tribune and AFX Asia reported Tuesday.
The losses were due to a reduction in electricity rates, the
commercial operation of the natural gas-run Ilijan power plant,
and an increase in fuel costs and interest expenses. The Company
expects an improved performance in the second quarter after
resolving a power supply dispute with the Manila Electric Co.


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


CHARTERED SEMICONDUCTOR: Launches Expanded Web Portal
-----------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, and the Virtual
Component Exchange (VCX) announced the second phase of the
Chartered-VCX Foundry IP Program. The latest rollout features an
enhanced Web portal enabling chip designers to quickly find
third-party intellectual property (IP) building blocks that have
been qualified for Chartered's semiconductor manufacturing
processes.

Citing success with the program's initial focus on analog/mixed-
signal (AMS) foundation IP, Chartered and VCX will also expand
their joint initiative to include digital system components.
These efforts are aimed at ensuring greater probability of
first-time silicon success for Chartered customers using VCX-
member IP in their system-on-chip (SoC) designs.

"We are very pleased with the results of the Chartered-VCX
Foundry IP program," said Andy Travers, CEO of the VCX.
"Chartered's commitment has generated a large arsenal of analog
and mixed-signal IP available for their semiconductor processes,
and opened the channel for our IP vendors. We believe this
further validates the value of the VCX exchange software
technology, and proves it as an ideal basis for third-party IP
listing, sales and procurement Chartered, VCX Launch Web Portal
and Expand Focus / 2 systems. We look forward to taking the
program to new levels with Chartered to create even more
efficiencies throughout the entire supply chain."

Chartered-VCX Portal Opens IP Access

The open VCX portal on Chartered's Web site allows chip
designers to easily identify, evaluate and select third-party IP
that meets their design requirements for the targeted Chartered
manufacturing processes. An advanced search capability is
accessible to all VCX users and Chartered customers for queries
based on process geometry, IP vendor and IP type. Results are
displayed in optimized tabular listings that also indicate the
current level of validation on Chartered's processes for each IP
block, referenced as either available upon request, pre-silicon
(design to silicon test), silicon validated or in production.
The Chartered-VCX portal is located at
http://www.charteredsemi.com/design/ip_access_program.asp.

The Chartered-VCX IP program sets up requirements to monitor IP
quality standards. During pre-silicon stages, design
characterization and test plans are reviewed with the
expectation that early access deliverables (design libraries and
models, layout files, datasheets, application notes) will be
available upon tapeout. For IP that goes through the VCX-
Chartered Express. siliconhardening program, design practices
and design qualification data are tracked. Silicon validation
reports are reviewed and datasheets updated to reflect actual
silicon results. Customers are encouraged to request the
relevant IP data through the VCX utility or directly from the
third party IP providers.

Expands Focus to System-level IP

Chartered and VCX will take "open IP access" to the platform
level with a focus on the core digital system blocks required by
most computing, communications and consumer electronics
applications. Through priority access to the Chartered Express
prototyping program, VCXmember IP providers can prove in silicon
their implementations of system functions such as
microprocessors, digital signal processors, 802.11 components,
as well as other application specific technology platforms.

"We've made great progress in support of chip-level design, but
it doesn't stop here," said Kevin Meyer, Vice President of
worldwide marketing and services at Chartered. "Consider the
demands Chartered, VCX Launch Web Portal and Expand Focus / 3
for more functionality and higher system performance placed on
designers today. Add to this the risk and manufacturing costs of
not `getting it right the first time' when implementing chips in
leading-edge technologies, and it's clear that our customers can
no longer do it all alone."

"Access to more third-party IP, especially system-level blocks,
is a critical part of the infrastructure needed by designers to
bring next-generation, ubiquitous devices to market faster.

We're addressing this challenge for our customers on multiple
fronts, including Chartered's ongoing effort to productize
industry-baseline manufacturing solutions and our work with the
VCX to expand access to pre-qualified system building blocks and
platforms," Meyer added.

Achieves One-Year Milestones During the year since its launch in
February 2002, the Chartered-VCX Foundry IP Program rapidly
expanded open access to high-quality AMS foundation IP and
formed a strategic network of third-party suppliers. Among the
program participants are: the Catena group, represented by
Catena Wireless Electronics AB; ChipIdea Microelectronics;
Fujitsu Digital Technology Ltd.; LEDA Systems; Pultronics Inc.;
SMSC Analog Technology Center, Inc., a subsidiary of Standard
Microsystems Corporation; Ulead Technology and Unive Inc.

The AMS foundation IP initially targeted for silicon hardening
are standard building blocks that can be used across multiple
application domains, such as phase-locked loops, analog/digital
converters, bandgaps, voltage regulators, comparators, high-
speed I/O USB and LVDS interfaces, etc. The portfolio now
includes more than 70 foundation components in various phases of
silicon validation for multiple process nodes, ranging from
mature 0.35-micron to advanced 0.13-micron technologies.

About The VCX

The Virtual Component Exchange is unique Business-to-Business
(B2B) software and Ecommerce organization focused on producing
Internet tools for trading Intellectual Property. It delivered
the first regulated IP exchange server technology for trading
Semiconductor Intellectual Property (SIP): the VCX TradeFloor.

The VCX TradeFloor tools link the Engineering, Procurement and
Legal functions of both Buyers and Sellers with a common toolset
and language. Alignment of data evaluation, access and
contracting protocols between Buyers and Sellers, using industry
standards, dramatically accelerates the speed of SIP
transactions, fulfilling the common business imperative of
getting more products to market in shorter time cycles.
Distributed Internet access to the VCX TradeFloor is provided
through the VCX Gateway - distributing VC data and transaction
agents to the web-based market, extending the reach and value
for Buyers and Sellers alike. To find out more about the VCX
TradeFloor, or to access the VCX market channel, visit the web
site at www.thevcx.com.

About Chartered

Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
Company provides flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab, which will be developed as a 300mm facility.
A Company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED).

Chartered's 3,500 employees are based at 11 locations around the
world. Information about Chartered can be found at
www.charteredsemi.com.

On June 9, 2003, Standard & Poor's Ratings Services affirmed its
'BBB-' ratings on Chartered Semiconductor Manufacturing Ltd. The
outlook is negative. The ratings reflect the strong support
provided by its parent, Singapore Technologies Pte. Ltd. (STPL),
and the Company's strong liquidity position. These strengths are
offset by the higher-than-average business risk of the
semiconductor industry and Chartered's relatively weak
operations. Chartered's operating performance is weak. Its
breakeven utilization rate of about 70 percent is high compared
with industry leaders' rates of 40 percent-50 percent.
Furthermore, Chartered currently faces a technology gap of three
to four quarters behind its top competitors.

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
94 and 95.2 For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1


C.K. TANG: Clarifies Debt Refinancing Report
--------------------------------------------
Further to the earlier announcement of 16 June 2003 Earlier
Announcement on the re-financing of the existing debt
obligations of C.K. Tang Limited, the Company clarified that the
estimated net interest savings as outlined in Section 5 of the
Earlier Announcement do not take into account one-off expenses
incurred in connection with the pre-payment of the existing debt
obligations, which include inter-alia, pre-payment penalty,
professional fees and write-off of unamortized borrowing costs.
The above one-off expenses have already been provided for in the
accounts of the Tangs Group for the financial year ended 31
March 2003, details of which were provided on 30 May 2003 and 5
June 2003.

Meanwhile, Channel News Asia reported that loss-making retailer
CK Tang is switching its bankers from UOB to OCBC and
restructuring its debts. The move is expected to save the
retailer S$3.5 million in interest costs and give it some room
to grow.


C.K. TANG: Response to SGX-ST's Queries on Financial Statement
--------------------------------------------------------------
In response to the queries raised by Singapore Exchange
Securities Trading Limited (SGX-ST) in its fax dated 3 June
2003, the Board of Directors of C. K. Tang Limited provided the
following information relating to the Company's Full Year
Financial Statement Announcement for the period ended 31 March
2003.

SGX-ST Query No. 2.1

"Other Debtors" mainly include:

(i) Net proceeds receivable of approximately S$32.791 million,
arising from the disposal of the Star Hill property in Kuala
Lumpur, Malaysia, which was held in escrow at 31 March 2003.

(ii) Advance rental payment of S$1.765 million for the Malaysian
department store operations.

"Provisions" comprise mainly a one-off provision for expenses
relating to the restructuring of the Singapore borrowings
(S$7.688 million) and costs associated with the planned closure
of the Malaysian department store operations (S$0.645 million).

The increase in "bank borrowings (current portion)" and the
decrease in "bank borrowings (non-current portion)" arises from
the reclassification of the outstanding term loan of a Malaysian
subsidiary amounting to approximately S$26.285 million, from
"bank borrowings (non-current portion)" to "bank borrowings
(current portion)". As announced on 28 April 2003, the above
term loan has since been repaid.

SGX-ST Query No. 2.2

One-off expenses of $10.152 million incurred for the
restructuring of the Singapore borrowings comprise:

(i) Penalty charges for early repayment of borrowings, payable
to the Transferable Loan Facility Lender and Bondholders, and
professional fees payable to financial, legal, tax and
accounting advisers, totaling $7.688 million.

(ii) Write-off of $2.464 million of unamortised borrowing costs
for the existing loan facility.

SGX-ST Query No. 2.3

In addition to the S$10.152 million of exceptional items
explained above, the balance of S$6.785 million of exceptional
items comprise the following:

(i) Loss arising from the sale of the Star Hill property and the
costs associated with the planned closure of the Malaysian
department store operations, totaling $4.762 million.

(ii) One-off adjustment to previous financial years' gift
voucher liabilities (S$2.023 million) which were wrongly taken
up as revenue.

SGX-ST Query No. 3

With regards to the query on whether the Company could still
operate as a going concern as the Group has deficit working
capital of S$10.951 million as at 31 March 2003, the Board of
Directors confirms that the Company is able to operate as a
going concern as it has sufficient working capital for its
operations. The financial position will be further improved by
the intended restructuring of the Singapore borrowings currently
in progress.

The Board of Directors also confirms that sufficient financial
information has been disseminated to ensure orderly trading in
the Company's shares.


VAN DER HORST: SGX-ST Grants Company Waiver
-------------------------------------------
The Judicial Managers of Van der Horst Limited refers to the
announcement dated 22 May 2003 wherein it was announced that the
Singapore Exchange Securities Trading Limited (SGX-ST) had
granted to the Company waiver from compliance with Rule
606(7)(j) of the Listing Manual in relation to the requirement
that the latest audited financial statements (which was to be
included in the Accountants' Report set out in Appendix III of
the circular to shareholders dated 6 June 2003) be made up to a
date not more than 9 months before the time of issue of the
Circular (the Waiver).

As stated in the 22 May Announcement, the Waiver was granted
pursuant to Paragraph 4.1 of Practice Note 6.1 of the Listing
Manual and is subject to, inter alia, the Company providing the
information relating to its reviewed 31 December 2002 proforma
consolidated financial statements of the Company and Goldwater
following the completion of the Acquisition via a MASNET
announcement at least 2 weeks before the date of the proposed
extraordinary general meeting to approve, inter alia, the
Acquisition.

The Judicial Managers have ensured that the financial statements
and the management discussion and analysis attached to this
Announcement have been accurately and correctly reproduced and
save as aforesaid, the Judicial Managers do not take
responsibility for, and have not undertaken any independent
verification of, such information.

A copy of the letter from the Auditors and Reporting Accountants
in relation to the un-audited financial statements for the year
ended 31 December 2002 prepared by Nexia Tan & Sitoh can be
accessed at http://bankrupt.com/misc/tcrap_vanderhorst0617.pdf.


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


BANGKOK RUBBER: Posts Investment Disposal Details
-------------------------------------------------
B.R.C. Planner Company Limited, as the Plan Administrator to
rehabilitate the business of Bangkok  Rubber Public Company
Limited, will dispose the shares of Rangsit Footwear Co., Ltd.
totaling 2,205,026  and the shares of Srisuree Co., Ltd.
totaling 195,993 to Pan Asia Holding Co., Ltd. by receiving an
approval from creditors' committee and received permission from
the Central Bankruptcy Court to dispose of such shares.  The
details are as follows:

1. To give an approval to the Company to sell the ordinary
shares of Rangsit Footwear Co.,  Ltd. to and Srisuree Co., Ltd.
to Pan Asia Holding Co., Ltd. which has a following details:

        1) Date of transaction: 16 June 2003
        2) Related parties
           Seller             : Bangkok Rubber PCL.
           Type of business   : Production and Export of shoes
           Paid-up capital    : Bt1,107,349,270
           List of Board of Directors :
                 1.  Mr. Chokchai  Aksaranan
                 2.  Mr. Narong   Chokwatana
                 3.  Gen. Thamrongrat  Keokarn
                 4.  Mr. Boonsong  Tondulyakul
                 5.  Mr. Prasert     Chulthira
                 6.  Mr. Pratheep   Bamrungvittayapan
                 7.  Mr. Pramothya  Pavarolarnvidya
                 8.  Mr. Suchart  Thada-Thamrongvech
                 9.  Mr. Thamrong   Thitiprasert
                 10.  Mr. Witharn   Udomchalothorn
                 11.  Mrs Sasitorn  Chokwatana
                 12.  Mr. Udom  Sathitakorn
                 13.  Mr. Songsakdi  Theinthong
                 14.  Miss Pranorm  Warawitsri
                 15.  Mr. Pranom  Sompagdee
                 16.  Mr.  Watana   Yuckpan
                 17.  Mr. Teerachon  Manomaiphibul
                 18.  Miss Ravadee   Tongwongcharioen
                 19.  Mrs. Nuchanart  Thammanomai
           Buyer            :  Pan Asia Holding Co., Ltd.
           Type of business :  Investment, business service,
                               immovable properties
           Paid-up capital  :  Bt928 million
           List of the Board of Directors :
                 1.  Gen. Chernchai Pinijsuthapoch
                 2.  Gen. Winij Krachangson
                 3.  Gen. Titipong Jennuvat
                 4.  Police General Kate Nimsombun
                 5.  Mr. Prasong Sumana
                 6.  Mr. Wichit  Prayoonwiwat
                 7.  Mr. Sommat  Khunset
                 8.  Mr. Jirapat  Chunhasopak
                 9.  Miss Natthanee  Ratichon
       3)  General characteristic of the transaction: Sales  of
                 ordinary shares.
       4) The details of securities involved
          4.1  The ordinary shares of Rangsit Footwear Co., Ltd.
            - The company name :  Rangsit  Footwear  Co.,Ltd.
            - Type of business :  Production and Distribution
                                   of shoes at Bt100 each.
            - Paid-up capital  :  Bt450 million 4,500,000
                                  ordinary shares at Bt100 each.
            - Number of securities disposed of: 2,205,026 shares
            - Selling price per share: Bt4.50 ( book value on 31
                                       March 2003 = Bt4.28)
            - Proportion of securities holding before:   49.0%
            - Proportion of securities holding after:     -
          4.2  The ordinary shares of Srisuree Co., Ltd.
            - The company name   :  Srisuree  Co.,Ltd.
            - Type of business   :  Product shoes upper
            - Registered capital :  Bt100 million 1,000,000
                                 ordinary shares at Bt100 each.
            - Paid-up capital    :  Bt100 million 1,000,000
                                 ordinary shares at Bt100 each.
            - Number of securities disposed of: 195,993 shares
            - Selling price per share: Bt0.50 (book value on 31
                                       Dec. 2002 = (Bt229)
            - Proportion of securities holding before: 19.6%
            - Proportion of securities holding after:    -

5) Objectives for preparing the transaction: To reduce
    risk from Loss from a share value, which may be
    increased in the future and receive cash from
    disposal of shares to use a revolving fund for the
    company's operation.

6) The total value of the consideration: Bt9,922,617,
            Bt97,996.50 respectively
7) Details pertaining to related persons and involving
    persons of the Company.                  -
8) Characteristic and conflict of interest of related
    persons in the  transactions.

            8.1)  Bangkok Rubber Public Co., Ltd. is a share
holder in  Pan Asia Holding Co., Ltd. in a ratio of  17.52  % .

The Volume of company transactions

The volume of all transactions is not concerned the rules and
procedures of acquisition or disposition of assets of the Listed
Companies by measuring the volume of transactions according to
the basis of profit which has the highest value 5.43% and 0.32%
respectively and it is not concerned to related transactions
according to article 9 of the Announcement of The Stock Exchange
of Thailand on Rules, Procedures and Disclosure of related of
the Listed Companies.


MINOR FOOD: Inks Bt760M Facility Agreement to Refinance Debts
-------------------------------------------------------------
The Minor Food Group Public Company Limited, in reference to its
Board of Directors' Meeting No. 17/2546 held on June 16, 2003,
resolved that MFG enters Bt760,000,000 Facility Agreement
with DBS Thai Danu Bank Pcl., Thanachart Bank Pcl., and Bank of
Ayudhya Pcl.

The purpose for such agreement is to refinance existing debts
and to provide funds for the Company expansion.


MINOR FOOD: RGR to Raise Offer Price to Bt80
--------------------------------------------
The Board of Director's Meeting of Royal Garden Resort Public
Company Limited No. 8/2003 held on June 13, 2003 at 99 Berli
Jucker House, Soi Rubia, Sukhumvit 42 Road, Bangkok 10110,
Thailand, resolved that Royal Garden Hotel Management Limited
(RGHM), a wholly owned subsidiary of the Company and the tender
offeror for shares of The Minor Food Group Public Company
Limited (MFG), increase the tender offer price of Bt70 per share
to the final offer price of Bt80 per share.

According to Form 250-2, MFG and an independent financial
advisor (the IFA) of MFG shareholders recommended shareholders
to reject the tender offer since the share price valuation
calculated by the IFA based on the EV/EBITDA and the discounted
cash flow approaches are in the range of Bt72.27 to Bt110.61 per
share.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2003.  All rights reserved.  ISSN: 1520-9482.

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