TCRAP_Public/030623.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Monday, June 23 2003, Vol. 6, No. 122

                         Headlines

A U S T R A L I A

AUSTAR UNITED: CHAMP Compliance Offer Closed
AUSTAR UNITED: Posts Revised Top 20 Shareholders List
HARTS AUSTRALASIA: Former Exec Dir Charged With Insider Trading
HUDSON TIMBER: Prospectus Offer Closed
KALREZ ENERGY: Alternate Director Michael Scivolo Resigns

MIA GROUP: Restructuring Corporate Affairs
SOUTHCORP LIMITED: Releases 2003 Vintage Report
TOWER LIMITED: Market Surveillance Panel Announcement
TOWER LIMITED: To Replace Corporate Debt
TOWER LIMITED: Undertakes Rights Issue

TRANZ RAIL: Puts Asset Sales On Hold
TRANZ RAIL: Ravensdown Fertiliser Signs 5-Year Contract


C H I N A   &   H O N G  K O N G

ABC COM: Narrows Net Loss to HK$41.404M
CATEX FOOTWEAR: Faces Winding Up Petition
CENTRAL WISE: Winding Up Petition Slated for Hearing
EASTJOY LIMITED: Petition to Wind Up Pending
HILL BRIGHT: Hearing of Winding Up Petition Set

LAI SUN: Causeway Bay Plaza 1 Receives Bids
LEAPTEK LIMITED: Cuts Operations Loss to HK$5.901M
WADDY COMPANY: Winding Up Petition Pending


I N D O N E S I A

KERTAS LECES: IBRA Settles Debt Restructuring

* IBRA Receives 55 Bid Submission in PPAI 2


J A P A N

HUIS TEN: Faces Delay in Selecting Sponsor Firm
JAPAN AIRLINES: May Reduce Flights to Hawaii
NIPPON TELEGRAPH: KDDI Eyes Suit Against Govt Over NTT Fee Hike
MARUBENI CORP.: Renews PV Manufacturing Alliance With Spire
RESONA BANK: New Management Selects Board Committee Members

RESONA HOLDINGS: Unclear Financial Status This Year
SEKIHYO SEIBAKU: Hires PricewaterhouseCoopers as Advisor


K O R E A

CHOHUNG BANK: Faces Liquidity Crisis
CHOHUNG BANK: PFOC OK's Sale to Shinhan For W3.37Tr
HYNIX SEMICONDUCTOR: Signs Multi-Year Agreement With ON Semicon
SK GLOBAL: Creditor Cashes Out
SK GLOBAL: French Bank Threatens Liquidation


M A L A Y S I A

ABRAR CORPORATION: Currently Implementing Restructuring Exercise
ARUS MURNI: E&Y Re-appointment Approved at EGM
BRITISH AMERICAN: Strikes Off Non-Operating Subsidiary
GENERAL SOIL: Winding Up Petition Hearing Adjourned to Oct 8
GEORGE KENT: Shareholders Grant Proposals Approval

JOHAN HOLDINGS: Gets Shareholders' Nod on Proposals
NAM FATT: Rights Issue Under-subscribed
PSC INDUSTRIES: Proposed Bonus Issue Granted Listing
PWE INDUSTRIES: Conducts Preliminary Due Diligence Exercise
SASHIP HOLDINGS: SC's Restructuring Scheme Approval Lapsed

SUNWAY BUILDING: July 8 Capital Reduction Book Closure Scheduled
TAJO BERHAD: Notice Served Against Subsidiary
TAT SANG: Shareholders Calls for July 21 EGM
TONGKAH HOLDINGS: Disposes of Quoted Securities


P H I L I P P I N E S

MANILA ELECTRIC: Refund Program May Take 10 Years
NATIONAL POWER: Seeks Higher Generation Charges
NATIONAL STEEL: Creditors Form Board to Assess Rehab Plan
PHILIPPINE LONG: BSP OK's US$450M Notes Issue
PHILIPPINE LONG: Signs 5-Year US$47.3M Loan


S I N G A P O R E

HUA KOK: Housing & Development Awards Unit US$28.3M
THAKRAL CORPORATION: Post Changes in Shareholder's Interest


T H A I L A N D

COUNTRY (THAILAND): Securities Trading Still Suspended
MILLENNIUM STEEL: Notifies Preferred Shares Conversion
PREUKSA REAL: TRIS Ups Rating to "BBB" From "BB+"
RAIMON LAND: Undergoes Property Sale, Purchase

     -  -  -  -  -  -  -  -

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


AUSTAR UNITED: CHAMP Compliance Offer Closed
--------------------------------------------
Austar United Communications (AUSTAR) noted that the offer for
AUSTAR shares by AUN SPV Pty Limited (AUN SPV), a wholly-owned
subsidiary of Castle Harlan Australian Mezzanine Partners
(CHAMP), closed as scheduled on Tuesday 17 June 2003.

AUN SPV will not at this stage proceed with compulsory
acquisition.

As previously stated, CHAMP and UnitedGlobalCom (CHAMP's partner
in the ownership of AUSTAR) have stated their intention to fully
underwrite a pro rata renounceable rights issue by AUSTAR. The
rights issue is expected to be in the amount of $68.0 million,
to be priced at the follow-on offer of 16c per share, and is
likely to be launched in July.

AUSTAR will issue a prospectus if it offers shares for
subscription under the rights issue. Anyone who wishes to
subscribe for shares under the rights issue will need to
complete and return to AUSTAR an acceptance and entitlement from
that will accompany the prospectus.

CONTACNT INFORMATION: Emma Foster
         CORPORATE AFFAIRS MANAGER
         Tel: 02 9295 0139
         E-mail: efoster@austar.com.au.


AUSTAR UNITED: Posts Revised Top 20 Shareholders List
-----------------------------------------------------
Austar United Communications posted a revised list of the top
twenty shareholders and a distribution schedule of the
shareholders in each class of shares following the close of the
offer:

DISTRIBUTION OF SHAREHOLDERS AS AT 18 JUNE 2003

         RANGE OF HOLDINGS         NUMBER

            1        1,000       4,016
        1,001        5,000       2,748
        5,001       10,000         696
       10,001      100,000         780
      100,001 and over              72

       Total                      8312

TOP TWENTY SHAREHOLDERS AS AT 18 JUNE 2003

NAME                                      NUMBER              %

UNITED AUSTAR INC                  576,074,817          80.67
FOSTER STOCKBROKING NOMINEES       27,356,693           3.83
WESTPAC CUSTODIAN NOMINEES         13,676,606           1.92
SASKTEL HOLDING (NEW ZEALAND)       9,550,574           1.34
UBS NOMINEES PTY LTD                7,977,384           1.12
ANZ NOMINEES LIMITED                6,783,003           0.95
UNITED ASIA/PACIFIC                 4,285,715           0.60
MICROAGE AUSTRALIA                  2,681,000           0.38
CITICORP NOMINEES PTY LIMITED       2,631,289           0.37
J P MORGAN NOMINEES AUSTRALIA       2,322,709           0.33
ANZ NOMINEES LIMITED                2,191,242           0.31
NATIONAL NOMINEES LIMITED           2,093,405           0.29
HORIZON INVESTMENT AUSTRALIA        1,650,000           0.23
EFFIE HOLDINGS PROPERTIES PTY       1,500,000           0.21
COMMONWEALTH CUSTODIAL              1,289,576           0.18
DOUBLE EAGLE PTY LTD                1,181,500           0.17
TOM HADLEY ENTERPRISES              1,000,000           0.14
PAUL RAMSAY HOLDINGS PTY LTD          886,657           0.12
MR RICHARD MEWS & MRS WEE KHOON MEWS  642,542           0.09
CUSTODIAL SERVICES LIMITED            619,300           0.09

TOTAL                             666,394,012          93.34


HARTS AUSTRALASIA: Former Exec Dir Charged With Insider Trading
---------------------------------------------------------------
Mr Maxwell John Sweetman, former Executive Director of Harts
Australasia Limited (Harts Australasia), appeared Friday in the
Brisbane Magistrates Court charged with two counts of insider
trading in the shares of the former publicly listed company.

A prospectus dated 27 March 2000 describes Mr Sweetman as
responsible for the finance and administration related
activities of Harts Australasia.

ASIC alleges that Mr Sweetman contravened the insider trading
provisions of the Corporations Act when, on 8 and 9 January
2001, he sold 350,000 Harts Australasia shares.

On 25 January 2001, Harts Australasia announced to the
Australian Stock Exchange (ASX) an anticipated loss before tax
of $9.7 million.

In October 2001 ASIC successfully applied to the Supreme Court
of Queensland to have liquidators appointed to Harts
Australasia.

Mr Sweetman was ordered on Friday to surrender his passport to
the Court, and was granted bail on his own undertaking. The
matter will return to the court on 1 August 2003.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

As ASIC's investigation into the collapse of Harts Australasia
is continuing, no further comment will be made at this time.


HUDSON TIMBER: Prospectus Offer Closed
--------------------------------------
With reference to the Prospectus dated 28 May 2003 and the
Supplementary Prospectus dated 6 June 2003 whereby Hudson Timber
Products Limited offered for subscription 60,714,500 shares to
raise $9.1m. The Company has under its rights, as set out in
Section 2.7 of the Prospectus, closed the offer as at 5pm 19th
June 2003.

Due to the demand for shares, as per section 2.10 of the
Prospectus, the Directors reserved the right to allot any of the
shares in full on any application or to allot any lesser number
of shares or reject any application. If the number of shares
allotted is less than the number applied for the surplus
application monies will be refunded within 7 days of the
allotment.

It is expected that the share register will dispatch the Holding
Statements and Notices late next week.


KALREZ ENERGY: Alternate Director Michael Scivolo Resigns
---------------------------------------------------------
The Board of Kalrez Energy Limited wishes to advise the
resignation Mr Michael Ernest Scivolo as Alternate Director for
Robert John Collins who had previously resigned as Director of
the Company.

Wrights Investors' Service reports that at the end of 2002,
Kalrez Energy Limited had negative working capital, as current
liabilities were A$6.23 million while total current assets were
only A$4.64 million. It has also paid no dividends during the
previous four fiscal years.


MIA GROUP: Restructuring Corporate Affairs
------------------------------------------
Mr Paul Mirabelle, Chief Executive Officer of MIA Group Limited
(MIA) announced Friday a restructuring of the Chief Corporate
Affairs Officer role, currently held by Mr Chris Ericksen.

Effective immediately MIA's Chief Financial Officer, Mr Geoff
Thompson will be responsible for Investor Relations. Other
aspects of the Corporate Affairs role will be assumed elsewhere
within the company.

Mr Mirabelle said, "Mr Ericksen was instrumental in the original
development of MIA from its inception in 1997 and through its
early growth phase prior to IPO. Through his more recent role
Chris has advanced the interests of MIA and the diagnostic
imaging industry at large. We wish Chris the very best and thank
him for his contribution in building MIA."

Following an orderly transition Mr Ericksen will leave the
Company.

According to Wrights Investors' Service, at the end of 2002, MIA
Group Limited had negative working capital, as current
liabilities were A$84.76 million while total current assets were
only A$52.55 million.

CONTACT INFORMATION: Geoff Thompson
        CHIEF FINANCIAL OFFICER
        MIA Group Limited
        Tel: (02) 9411 9800


SOUTHCORP LIMITED: Releases 2003 Vintage Report
-----------------------------------------------
Southcorp Limited announced Friday the grape intake associated
with its 2003 vintage harvest. Total intake was 226,500 tonnes,
a decrease of 10% on 2002. Red grape varieties accounted for
132,500 tonnes (down 5% on 2002); and white grape varieties
accounted for 94,000 tonnes (down 17% on 2002).

Stuart McNab, Southcorp's Executive General Manager of
Viticulture & Grape Resources said, "While the vintage crush was
lower than last year, it was in line with our expectations,
delivering sufficient volume to cover expected grape
requirements for both red and white wines".

Grapes from Southcorp's own vineyards were down 1% to 40,200
tonnes (40,700 tonnes in 2002). Red grape intake was 21,750
tonnes (18,900 tonnes in 2002) and 18,450 tonnes from white
(21,800 tonnes in 2002). The early purchase of Chardonnay grapes
at competitive prices relative to later shortages has meant that
Southcorp expects to fulfil its requirements for this variety.

"The industry experienced substantially lower yields due to
harsh drought conditions, which affected all of Southcorp's wine
growing regions", said Mr McNab. "February and March were cooler
than normal, leading to slower ripening fruit with good flavor
development and fresh acid retention. April was warmer than
usual, providing an excellent ripening finish for the reds.
Significant days of rainfall experienced in many regions close
to harvest were generally followed by dry conditions that
minimized any damage to quality. As a result, the balance of
varieties to meet Southcorp's grape requirements was excellent
with overall fruit quality good given the adverse weather
conditions."

Yields varied markedly from region to region. The Coonawarra
showed a recovery from last year's poor yields with good quality
Cabernet and Shiraz. The region's yields were however still well
below the very strong 2001 vintage year. Other highlights
included Western Australia where wine quality was very good to
excellent for both whites and reds. The Orange region ripened
much earlier than usual resulting in several stunning red wines.

Southcorp's viticultural team has continued to focus on
enhancing vineyard performance and yields while continuing to
improve environmental management performance. Harvesting systems
are being improved to deliver cleaner fruit of more consistent
quality. Initiatives include detailed remote sensing mapping of
vineyards for vine vigor and yield, enabling better maturity
testing, and batching of fruit. Irrigation application and
scheduling continues to improve. This season has seen the
conversion of 425 hectares in the Coonawarra to drip irrigation,
an initiative that will ensure more precise, as well as more
responsible, use of water.

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

CONTACT INFORMATION: Dr Robert Porter
        GENERAL MANAGER, INVESTOR RELATIONS & CORPORATE AFFAIRS
        Telephone: 02 9465 1154
        Mobile:    0407 391829
        Facsimile: 02 9465 1181


TOWER LIMITED: Market Surveillance Panel Announcement
-----------------------------------------------------
Tower Limited on Friday has received confirmation from the New
Zealand Exchange Limited's Market Surveillance Panel of its
decision relating to complaints from the New Zealand
Shareholders' Association concerning directors' remuneration.
The Panel will not censure Tower.

TOWER will comply with the Panel's finding, that the level of
fees paid to its subsidiary board directors should be approved
by TOWER's shareholders at its next Annual Meeting.

The Panel's investigations have confirmed that TOWER believed,
in reliance on legal advice, that it was acting correctly and
that TOWER has not attempted to conceal directors' fees. TOWER
made full disclosure of total payments made to directors serving
on all Boards (including subsidiaries) in its Annual Report.

Subsidiary directors' fees were paid only to non-executive
directors of substantive, operating companies. The level of fees
was customarily approved by the TOWER Limited Board following
receipt of external advice as to appropriate fee levels, and
having regard to work levels, responsibilities and the fact that
subsidiary boards received the benefit of overall Group
governance. Recent consolidation of subsidiary Boards has
significantly reduced the number of external subsidiary
directors and the level of fees paid by TOWER's subsidiary
companies.

The Panel's findings clarify TOWER's obligations, and those of
other listed companies that may have taken a similar approach to
subsidiary directors' remuneration.


TOWER LIMITED: To Replace Corporate Debt
----------------------------------------
Tower Limited posted its Appendix 3B Notice:

                             APPENDIX 3B
                        NEW ISSUE ANNOUNCEMENT

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

Information or documents not available now must be given to ASX
as soon as available.  Information and documents given to ASX
become ASX's property and may be made public.

Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.

Name of Entity
Tower Limited

ARBN
008 481 234 (incorporated in New Zealand)

We (the entity) give ASX the following information.

PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).

1. Class of securities issued          ordinary shares
   or to be issued

2. Number of securities issued         50 million
   or to be issued (if known)
   or maximum number which
   may be issued

3. Principal terms of the securities   ordinary shares - no
   (egg, if options, exercise price     special terms
   and expiry date; if partly paid
   securities, the amount
   outstanding and due dates for
   payment; if convertible securities,
   the conversion price and dates
   for conversion)

4. Do the securities rank equally      Yes
   in all respects from the date
   of allotment with an existing
   class of quoted securities

   If the additional securities
   do not rank equally, please
   state:
   * the date from which they do
   * the extent to which they
     participate for the next
     dividend, (in the case of
     a trust, distribution) or
     interest payment
   * the extent to which they do
     not rank equally, other than
     in relation to the next
     dividend, distribution or
     interest payment

5. Issue price or consideration        NZ$1.35 per share

6. Purpose of the issue (if            To enable TOWER Limited
   issued as consideration for         to reduce its corporate
   the acquisition of assets,          debt.
   clearly identify those
   assets)

7. Dates of entering securities        4/07/03
   into uncertified holdings
   or dispatch of certificates

                                      NUMBER  CLASS
8. Number and class of all       175,636,080  Existing ordinary
   securities quoted on                       shares
   ASX (including the             50,000,000  Ordinary shares to
   securities in clause                       issue under
   2 if applicable)                           proposed placement
                                 135,381,648  Ordinary shares to
                                              issue under
                                              proposed rights
                                              issue.
                                 361,017,728  Total Ordinary
                                              shares post
                                              proposed placement
                                              and rights issue.

                                      NUMBER  CLASS
9. Number and class of all       125,000,000  TOWER Finance
   securities not quoted                      Limited Capital
   on ASX (including the                      Bonds
   securities in clause 2
   if applicable)

10.Dividend policy (in the case
   of a trust, distribution
   policy) on the increased
   capital (interests)

The payment of dividends is at the sole discretion of TOWER
Limited's board of directors. No dividend will be paid for the
half year to March 2003.

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation of securities

34. Type of securities (tick one)

    (a) x  Securities described in Part 1
    (b)    All other securities

Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities

Entities that have Ticked Box 34(a)

Additional Securities Forming a New Class of Securities
(If the additional securities do not form a new class, go to 43)

Tick to indicate you are providing the information or documents

35.     If the securities are equity securities, the names of
        the 20 largest holders of the additional securities,
        and the number and percentage of additional securities
        held by those holders

36.     If the securities are equity securities, a distribution
        schedule of the additional securities setting out the
        number of holders in the categories
         1 - 1,000
         1,001 - 5,000
         5,001 - 10,000
         10,001 - 100,000
         100,001 - and over

37.    A copy of any trust deed for the additional securities
(now go to 43)

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

Cherub attached

Electronic payment made
Note: Payment may be made electronically if Appendix 3B is
      given to ASX electronically at the same time.

      Periodic payment as agreed with the home branch has been
      arranged
      Note: Arrangements can be made for employee incentive
            schemes that involve frequent issues of securities.


TOWER LIMITED: Undertakes Rights Issue
--------------------------------------
Tower Limited disclosed New Zealand Stock Exchange (NZX)
Appendix 7 (Rights Issue) notice:

   Full Name of Issuer:    TOWER Limited

   Nature of Event:        Rights Issue Renounceable

   Existing securities
   affected by this:       Ordinary Shares of Tower Ltd

DETAILS OF SECURITIES ISSUED PURSUANT TO THIS EVENT:

   Class of securities:     Ordinary Shares of Tower Ltd

   No of securities to be
   issued following event:  Up to 135,381,648

   Ratio:                   3 for 5

   Treatment of Fractions:  Rounded up or down to the nearest
                            whole number

Pair Passu

MONIES ASSOCIATED WITH EVENT

   Amount per security:   $1.00

   Currency:              $NZ

   Total monies:          $135,381,648

   Source of payment:     Subscribers, including underwriter

TIMING

   Record Date 5pm:       04/07/2003

   Notice Date:           7/8 July 2003

   Application Date:      29/07/2003

   Allotment Date:        01/08/2003


TRANZ RAIL: Puts Asset Sales On Hold
------------------------------------
Tranz Rail announced Friday that it has placed its asset sales
program on hold until after resolution has been achieved
regarding the Heads of Agreement with the Crown and the
anticipated offer from Toll Holdings.  Chairman Wayne Walden
says it was important to have the final bids on the table
regarding the Distribution Services Group, Tranz Link so they
could make an evaluation and ensure maximum flexibility for
shareholders.

"Tranz Rail will have the independent evaluation from merchant
bankers and corporate advisors, Grant Samuel & Associates
regarding the Crown agreement and the anticipated Toll offer to
shareholders by mid- July. Meetings with key institutional
shareholders are also planned for next week.

"I can also confirm that this week we received the $44 million
from the Crown, which is the deposit on the rail network, and
assets it would acquire from Tranz Rail. If the proposed
transaction is not approved by TRH shareholders, this deposit
will be repayable with interest on 30 June 2004.

"I can further confirm that the payment of $20 million due to
our rolling stock leaseholders was made last night," says Mr
Walden.


TRANZ RAIL: Ravensdown Fertiliser Signs 5-Year Contract
-------------------------------------------------------
The excellent customer relationship that Tranz Rail Limited has
built up over the years with Ravensdown Fertiliser Co-operative
Limited has resulted in the company signing a five-year contract
to move fertilizer from Napier to a number of destinations.
National Bulk Manager Steve Muir says the five-year contract
includes moving an additional forty thousand tonne of fertilizer
from Napier to Feilding by rail with potential for this to be
increased significantly.

"A new rail siding is to be built at the Ravensdown Feilding
Store and by fertilizer being placed on rail it will reduce the
number of truck movements between Napier and Manawatu over the 5
years by close to 7500 truck movements.

"The 5-year commitment from Ravensdown has also resulted in an
increase in rail services on the Napier to Gisborne line. The
number of services has gone from one a week to three and further
opportunities are being explored.

"Recognizing the growth in the Hawkes Bay, Tranz Rail is to base
a key account executive in Napier as well as a logistic co-
ordinator to assist Tranz Rail's terminal manager Bronwyn Young.

"Ravensdown is looking forward to an even closer relationship
with Tranz Rail, they have worked very hard to meet our needs,
this contract is eviance of our confidence in the ongoing
ability of Tranz Rail to meet our requirements of providing
fertilizer where and when required" says Lower North Island
Logistics Manager Russell Eliason.


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


ABC COM: Narrows Net Loss to HK$41.404M
---------------------------------------
ABC Communications(Holdings) Ltd disclosed a summary of its
financial statement as follows:

Year end date: 31/03/2003
Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/04/2002    from 01/04/2001
                              to 31/03/2003      to 31/03/2002
                              Note  ($)          ($)
Turnover                           : 21,074,185       38,750,497
Profit/(Loss) from Operations      : (38,309,341)   (40,068,300)
Finance cost                       : (1,319,608)     (5,033,723)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (41,404,323)   (45,708,741)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.089)            (0.098)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (41,404,323)   (45,708,741)
Final Dividend                     : 1 cent             1 cent
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
Final Dividend                    : 15/07/2003 to 18/07/2003bdi
Payable Date                       : 28/07/2003
B/C Dates for Annual
  General Meeting                  : 15/07/2003 to 18/07/2003bdi
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

1  Basis of preparation and accounting policies

The accounts have been prepared in accordance with accounting
principles generally accepted in Hong Kong and comply with
accounting standards issued by the Hong Kong Society of
Accountants (HKSA).  The accounts have been prepared under the
historical cost convention as modified by the revaluation of
investment property, certain other properties, and other
investments.

In the current year, the Group has adopted the new or revised
Statements of Standard Accounting Practice (SSAPs) issued by the
HKSA effective for accounting periods commencing on or after 1st
January 2002. The adoption of these new SSAPs had no material
effects on the Group's results.

2       Turnover
                                           2003            2002
                                           HK$             HK$

Continuing operations                 19,603,335      32,821,164
Discontinued operations                1,470,850       5,929,333
                                      -------------------------
                                      21,074,185      38,750,497
                                      ==========================

3       Profit/(loss) from operations

                                         2003            2002
                                        HK$             HK$

Continuing operations               (38,374,534)   (26,639,615)
Discontinued operations             65,193         (13,428,685)
                                    ---------------------------
                                   (38,309,341)     (40,068,300)
                                    ===========================

4       Loss per share

The loss per share is calculated based on the loss attributable
to shareholders of HK$41,404,323 (2002: HK$45,708,741) and on
the weighted average number of 466,886,000 (2002:466,886,000)
shares in issue during the year.

        Diluted loss per share is not presented as the exercise
of the outstanding shares options of the Company would be anti-
dilutive in respect of both years presented.


CATEX FOOTWEAR: Faces Winding Up Petition
-----------------------------------------
The petition to wind up Catex Footwear Limited is scheduled to
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 Chung
Mee Lee, Ching Man Wa, Wong Man Yi, Lee Man Ying, Liu Chau Yuet,
Lau Lai Mei, Cheung Jo Ban Horace and Chan Chung Wai whose
addresses are respectively at Flat C, 27th Floor, Block 4
Discovery Park, Tsuen Wan, New Territories, Hong Kong; Room
1724, Tsui Yuen House, Chuk Yuen Estate, Wong Tai Sin, Kowlon,
Hong Kong; Flat G, 5th Floor, Block 9, Richard Gardens, Kowloon
Bay, Kowloon, Hong Kong; Room 1312, Shun Yee House, Lei Cheng Uk
Estate, Shamshuipo, Kowloon, Hong Kong; Flat A, 7th Floor, 2-3
Kuntsford Terrace, Tsimshatsui, Kowloon, Hong Kong; Room 1240,
Wang Hong House, Wang Tau Hom, Kowloon, Hong Kong; Room 1711,
Kui Fai Mansion, 417-421 King's Road, North Point, Hong Kong and
Flat C, 17th Floor, 11 Broadway, Mei Foo Sun Chuen, Kowloon,
Hong Kong.


CENTRAL WISE: Winding Up Petition Slated for Hearing
----------------------------------------------------
The petition to wind up Central Wise Development Limited is set
for hearing before the High Court of Hong Kong on July 23, 2003
at 9:30 in the morning.

The petition was filed with the court on May 28, 2003 by Bank of
China (Hong Kong) Limited (the successor corporation to The
Kwangtung Provincial Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.


EASTJOY LIMITED: Petition to Wind Up Pending
--------------------------------------------
The petition to wind up Eastjoy Limited was heard before the
High Court of Hong Kong on June 18, 2003 at 9:30 in the morning.

The petition was filed with the court on April 24, 2003 by Lam
Kin Chuen, whose address is Room 620, Luk Chuen House, Lek Yuen
Estate, Shatin, New Territories, Hong Kong.


HILL BRIGHT: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Hill Bright International Limited is
scheduled for hearing before the High Court of Hong Kong on July
9, 2003 at 10:00 in the morning.

The petition was filed with the court on May 20, 2003 by Bank of
China (Hong Kong) Limited whose registered address is situated
at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.


LAI SUN: Causeway Bay Plaza 1 Receives Bids
-------------------------------------------
Lai Sun Development Company Limited's Causeway Bay Plaza 1
received bids from two funds although the bid prices were not
disclosed, DebtTraders reports. It is believe that prices is to
be lower than the estimated value of the building of between
HK$1.2 billion and HK$1.5 billion. Several interested buyers
were interested in the building.

"The market valuation is substantially higher than our valuation
of HK$804 million ($103 million). If we assume Lai Sun is able
to sell the Causeway Bay Plaza 1 at HK$1.2 billion, the asset
coverage of the Exchangeable and Convertible Bonds will go up to
approximately 30% from our current estimate of 20%," DebtTraders
said.

Built in 1989, Causeway Bay Plaza 1 has a gross floor area of
260,000 square foot. Retail shops are located between the
basement and the third floor, restaurants between fourth floor
and tenth floor, and offices between 11th floor and 25th floor.

According to DebtTraders, "the estimated monthly rental income
of the building is approximately HK$7.7 million ($1 million). If
we assume the monthly rental income will fall by 50% to about
HK$3.9 million ($0.5 million), the rental yield will be about
3.9% on an estimated capital value of HK$1.2 billion ($154
million), which is slightly lower than the market average of
around 5%."

Lai Sun's 5.000% Convertible Bond due on 2004 (LAIS04HKN1) is
trading between 16 and 22. For real-time bond pricing,
http://www.debttraders.com/price.cfm?DT_SEC_TICKER=LAIS04HKN1.


LEAPTEK LIMITED: Cuts Operations Loss to HK$5.901M
--------------------------------------------------
Leaptek Limited posted a summary of its financial statement:

Year end date: 31/3/2003
Currency: HKD
Auditors' Report: Qualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 1/4/2002      from 1/4/2001
                              to 31/3/2003       to 31/3/2002
                              Note  ('000)       ('000)
Turnover                           : 11,315             10,080
Profit/(Loss) from Operations      : (5,901)            (55,718)
Finance cost                       : (56)               (196)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (5,957)            (55,914)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.008)            (0.075)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (5,957)            (55,914)
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

(a)     In preparing the financial statements, the Current
Directors have given careful consideration to the going concern
of the Group in the light of  net current liabilities of
approximately HK$4,169,000 as at 31st March, 2003.

        As at 31st March, 2003, the Company had 24,178,700
outstanding preference shares of HK$1.00 each which should have
been redeemed at par on 22nd October, 2001.  On 15th October,
2001, the Company received a demand letter from a preference
shareholder, who holds 24,137,700 preference shares of HK$1.00
each, requesting for the redemption of the preference shares.
No further action has been taken by this preference shareholder
since 15th October, 2001.  Against this background, the
Company is currently in negotiation with the preference
shareholders to reschedule the repayment terms (Refinancing
Arrangements).

        On 14th May, 2003, the Company announced its intention
to raise net proceeds of approximately HK$6,000,000 from a
rights issue (Rights Issue) in order to settle the liabilities
of the Group and for further expansion of the Group's
distribution business.  The Company has entered into a
conditional agreement with Mr. Ko Chun Shun on 12th May, 2003, a
shareholder of the Company, to underwrite the Rights Issue.

        On the basis that the Refinancing Arrangements and the
Rights Issue can be completed successfully, the Current
Directors are satisfied that the Group will be able to meet in
full its known and legitimate financial obligations as they fall
due for the foreseeable future.  Accordingly, the financial
statements have been prepared on a going concern basis.

(b)     These financial statements were prepared based on the
limited financial information left by the former management and
other latest information and records available to the Current
Directors who were appointed on 21st June, 2002.  The Current
Directors have used their best endeavors to access all the
financial and business records of the Group.  Most of the books
and records are kept at the office of the subsidiaries
located in Shanghai.  Despite repeated requests and demands, the
Current Directors continue to be denied access to the books and
records situated in Shanghai as the persons present at that
office refused to recognize the authority of the Current
Directors.  The Current Directors have instructed the Company's
lawyers to assist in gaining access to such records.  In
view of this, the Current Directors was unable to obtain
sufficient information to satisfy themselves regarding the
matters described below.

(i)     The Current Directors have been unable to satisfy
themselves that the following amounts included in the
consolidated balance sheet as at 31st March, 2002 of the Group
were free from material misstatement.

   - Investments in jointly controlled entities with nil amount;
   - Other investments of HK$16,346,000 with provision for
     impairment loss on these investments of HK$16,346,000;
   - Trade and other receivables of HK$13,323,000;
   - Bank balances and cash of HK$19,909,000;
   - Trade and other payables of HK$29,837,000;
   - Amount due to a shareholder of HK$5,691,000;
   - Short-term loan of HK$1,414,000; and
   - Reserves with a net debit balance of HK$40,245,000.

(ii)    The Current Directors have been unable to satisfy
themselves as to whether the following amounts included in the
consolidated income statement for the year ended 31st March,
2003 are free from material
misstatement.

   -  Write back of accruals of HK$2,130,000;
   -  Allowance for doubtful recovery on other receivables of
      HK$281,000;
   -  Loss on write-off of property, plant and equipment of
      HK$36,000; and
   -  Loss on disposal of subsidiaries of HK$615,000.

(iii)   Due to the inability of the Group to control certain of
its operating subsidiaries, the Current Directors are of the
opinion that these companies can no longer be treated as
subsidiaries of the Group.  As a result, these companies are
treated as other investments in the Group's financial statements
with effect from 1st April, 2002, the date the latest unaudited
management accounts of these companies are available.
Accordingly, certain subsidiaries were deconsolidated from the
consolidated financial statements with effect from 1st April,
2002.

        Because these subsidiaries were included in the
consolidated financial statements for the year ended 31st March,
2002 based on unaudited management accounts, the Current
Directors have been unable to satisfy themselves that the gain
on deconsolidation of HK$525,000 included in the consolidated
income statement for the year ended 31st March, 2003, together
with the associated disclosures in are free from material
misstatement.

(iv)    The Current Directors have been unable to obtain
sufficient documentation to satisfy themselves as to whether
trade and other payables amounting to approximately HK$473,000
included in the consolidated balance sheet as at 31st March,
2003 were free from material misstatement.

(v)     The Current Directors have been unable to represent as
to the completeness of recording of transactions entered into by
the Group for the period from 1st April, 2002 to 21st June, 2002
and of the completeness of disclosure of claims, commitments and
contingent liabilities in the financial statements.
Furthermore, the Current Directors have been unable to
substantiate the validity of the capital commitments and
contingent liabilities.  The Current Directors have also unable
to represent as to the completeness of identification and
disclosure of related party transactions taken place before 21st
June, 2002.

        Any adjustments to the above figures would, as
appropriate, affect the net liabilities of the Group and the
Company as at 31st March, 2003 and the loss and cash flows of
the Group for the year then ended.

The director does not recommend the payment of any dividend in
respect of the year (2002: Nil).


WADDY COMPANY: Winding Up Petition Pending
------------------------------------------
Waddy Company Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on July 9,
2003 at 9:30 in the morning.

The petition was filed on May 14, 2003 by Bank of China (Hong
Kong) Limited (the successor corporation to Po Sang Bank Limited
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap. 1167) of 14th Floor, Bank of China Tower, 1 Garden Road,
Central, Hong Kong.


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


KERTAS LECES: IBRA Settles Debt Restructuring
---------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) and the share
holders of PT Kertas Leces on Thursday have signed Debt
Restructuring agreement of PT Kertas Leces.

The restructuring scheme put in place is as follows:

Tranche A:

Term Loan in value of Rp77 billion
Tenor: 10 Years, including grace period of 2 years.
Interest rate : Time Deposit in average 3 local banks and 2
foreign banks + 3 %
Interest payment : quarterly

Tranche B:

Straight Bond Rp628,932,597,000.000,-
Tenor: 10 years
Yield to Maturity: SBI 3 months

In addition to the liabilities set in the restructuring scheme
of Tranche A and Tranche B, PT Kertas Leces owes debt ex
Commercial Paper from BTN in value of USD15 million. Concerning
this liability, IBRA provides the debtor with opportunity to
settle the debt ex CP within 1 (one) year. In case of unrealized
settlement, this debt portion will be set for Tranche C.

Having the Debt Restructuring Agreement signed, PT Kertas Leces
in capacity as debtor has been legally bound to implement the
approved of agreement with IBRA as creditor.

PT Kertas Leces, is the second oldest paper factory in Indonesia
(established in 1939). Following a series of expansion, the
factory at present has 5 paper machines consisting of integrated
pulp and paper units. The factory has a total production
capacity of 640 tones per day, producing a number of paper types
such as paper for printing & writing, newspaper, tissue, and so
forth. The products are for domestic market and export markets
in Europe (England, Netherlands), the Middle East (Saudi Arabia,
United Arab Emirate, Iran, Syria), Asia (Japan, Korea, China,
Hong Kong, Taiwan, etc.), Australia and New Zealand.


* IBRA Receives 55 Bid Submission in PPAI 2
-------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) announced Friday
that it has received 55 bid submission from 28 investors (an
investor could submit more than one bid) to participate in
purchasing the 65 assets offered in The Investment Asset Sales
Program Phase 2 (PPAI 2).

Investors are mainly coming from private company covering 95%
local investor and 5% foreign investor that come from Malaysia
and Singapore.

The type of asset that interest most to the investors is
respectively Individual category (purchase only one company),
Mandatory category (purchase a package consisting of more than
one company) and Optional category (purchase either a package
that consists of many companies or just one company).

The assets are categorized base on the similar line of business
from companies under PT Holdiko Perkasa (ex MSAA-Salim Group),
PT Kiani Wirudha (ex MSAA-Mohammad Hasan, PT Cakrawala Gita
Pratama (ex MRNIA-Samadikun Hartono) and PT Hoswarya Persada (ex
MRNIA-Hokiarto & Hokianto)

IBRA receives total of Rp2.285 billion from PPAI 2
administration fee. After the bid submission, IBRA will notify
the winner from 23 to 26 June 2003. The winner will be decided
base on the highest bid above the floor price and with the terms
of condition that are acceptable to IBRA/Holdco.

Subsequent to the winner notification, the winner must pay the
first 40% payment and sign the Sales and Purchase Agreement
(SPA) that starts from 27 to 30 June 2003.

While the remain 60% payment subtract by security deposit must
be settled through IBRA/Holdco's account on 28-29 July 2003.

Following the settlement, the winner is able to sign the Sales
and Purchase Certificate and Receivables Transfer on 29-30 July
2003.

PPAI 2 is one of IBRA's efforts to meet its contribution for the
State Budget 2003 amounting Rp26 trillion.


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


HUIS TEN: Faces Delay in Selecting Sponsor Firm
-----------------------------------------------
Selecting a sponsoring firm for failed theme-park operator Huis
Ten Bosch Co. may be delayed past the early July deadline, Kyodo
News reports, citing Huis Ten administrator Shigeaki Momoo.

Candidates for sponsoring the Company have been narrowed to four
firms, including U.S. investment fund Ripplewood Holdings LLC.
The Company posted an operating loss of 4.6 billion yen in the
fiscal year ended March 31, up 1.8 billion yen from the previous
year, while revenues fell 4.9 billion yen to 27.1 billion yen.


JAPAN AIRLINES: May Reduce Flights to Hawaii
--------------------------------------------
Japan Airlines System Corporation may reduce its flights to
Honolulu, Hawaii because of declining demand, Bloomberg and
Yomiuri newspaper reported Wednesday. The carrier is considering
halting flights from Sapporo, Sendai, Niigata and Hiroshima. It
will continue to operate flights from Narita, Kansai, Nagoya and
Fukuoka.

The "BB" long-term rating of Japan Airlines System Corp. is now
on Standard and Poor's CreditWatch with negative implications,
the Troubled Company Reporter-Asia Pacific reported recently,
adding that the placement is due to heightened concerns over the
performance of the group due to the outbreak of severe acute
respiratory syndrome (SARS).


NIPPON TELEGRAPH: KDDI Eyes Suit Against Govt Over NTT Fee Hike
---------------------------------------------------------------
KDDI Corporation is considering filing a lawsuit against the
government for its approval of Nippon Telegraph & Telephone
Corp. (NTT)'s request to hike fees for accessing NTT's fixed-
line phone networks, Kyodo News reports. The process of
authorization by the Ministry of Public Management, Home
Affairs, Posts and Telecommunications was "ambiguous," KDDI
President Tadashi Onodera said at a press conference.

On April 22, the Telecom Ministry approved the NTT request to
increase the interconnection fees it charges to other carriers
for accessing its fixed-line phone networks by an average 5
percent for two years from April 1, 2003. But other telecom
companies vehemently opposed the decision, saying the NTT access
fee hike runs counter to the recent trend of fair competition.
Given growing fears that it's earnings will be hurt by the fee
hike, KDDI is likely to decide soon whether to sue the
government or not.


MARUBENI CORP.: Renews PV Manufacturing Alliance With Spire
-----------------------------------------------------------
Spire Corporation announced Tuesday that it has renewed its
technology licensing agreement for the manufacture and
distribution of its solar photovoltaic (PV) manufacturing
equipment with Marubeni Corporation, one of Japan's leading
global trading firms. The technology is provided by Spire Solar,
Inc., a wholly owned subsidiary that makes solar electric module
manufacturing equipment and solar energy systems for distributed
power generation.

Under the terms of the agreement, Marubeni has rights to
manufacture and distribute Spire's PV manufacturing equipment in
Japan and to Japanese companies worldwide. Spire and Marubeni
may extend their cooperation beyond Japan on a case-by-case
basis. The license also authorizes Marubeni to sublicense the
manufacturing of Spire's equipment to Japan's Nisshinbo
Industries, Inc., a machine tool manufacturing Company. This new
agreement, which runs for two years, extends an earlier license
entered into in 1997.

Roger G. Little, President and CEO of Spire Corporation, said,
"Spire's alliance with Marubeni provides strong synergistic
benefits for both Spire and Marubeni. Marubeni gains access to
Spire's proprietary PV manufacturing equipment know-how and
Spire retains local access to one of the world's best PV
markets, accounting for nearly 45 percent of global solar cell
production. The growth rate of the PV market in Japan remains
among the highest in the world, increasing approximately 50
percent in 2002."

"We are pleased to extend our partnership with Spire, which will
enable Marubeni to continue to offer Japan's expanding solar
electric industry with a broad line of leading-edge module
manufacturing equipment," said Mr. Toshio Takabayashi, General
Manager of Machinery Department, Nagoya branch, "Japan is
already the world's largest on-grid solar energy market and the
government's strong commitment to renewable energy assures
sustained growth in coming years."

About Marubeni Corporation

Marubeni Corporation is one of Japan's leading trading and
investment companies with operations that range from the
development of natural resources to the retail marketing of
finished products. The Company, based in Tokyo, is a worldwide
business network that includes more than 131 offices in 73
countries. Marubeni was originally founded in 1858.

About Spire Corporation

Spire Corporation consists of three wholly owned subsidiaries,
including Spire Solar, Inc., all based upon a common technology
platform. Spire Biomedical, Inc. provides processing services to
improve the performance of implantable medical devices and
markets specialty catheters. Spire Biophotonics Lifesciences
develops biomedical instrumentation and includes Bandwidth
Semiconductor, LLC, a compound semiconductor foundry providing
epitaxial wafers and device fabrication services to defense,
telecommunications and biomedical instrument customers. For more
information, please visit www.spirecorp.com.

Earlier this month, Japan Credit Rating Agency (JCR) assigned a
BBB+ rating to the bonds to be issued under the shelf
registration of Marubeni Corporation. Marubeni's earnings power
improved due to cut in expenses as well as withdrawal from
unprofitable businesses. On the other hand, its interest-bearing
debt and total assets were reduced.

However, Marubeni still carries large amount of securities and
real estate against the amount of shareholders' equity.
Reductions in the risk assets are important issue for Marubeni.
It aims to increase the earnings and to improve the financial
structure by allocating the resources to core business areas.
Given the lackluster external environments both in Japan and
abroad and deflationary economy, JCR considers it necessary to
watch carefully the going of the plan.


RESONA BANK: New Management Selects Board Committee Members
-----------------------------------------------------------
The new top management of Resona Bank will select personnel for
board committees to be formed following the bank's decision last
month to seek a government bailout, Kyodo News reports. The new
management also decided to ask an independent auditor to assess
the bank's assets in a stricter manner. The assessment by a new
auditor will likely take more than three months.

Earlier this month, the government decided to rescue Resona
Bank, the core unit of Resona Holdings Inc., with an infusion of
1.96 trillion yen in taxpayer money after it found the bank's
capital adequacy ratio fell sharply below the 4 percent required
for banks operating domestically. In return for the public
money, Resona pledged to reshuffle its top management and set up
board committees to help improve corporate governance.

Each of the committees should have at least three members, with
the majority being outside directors. At a meeting, Resona
decided unofficially that it would appoint Noboru Yanai head of
a private consulting firm, as the Chairman of the bank's
auditing committee. Hiroshi Rinno, President of Credit Saison
Co., and Shunji Koike, President of Sunlit Sangyo Co. will
likely assume the heads of the nominations and remuneration
committees.


RESONA HOLDINGS: Unclear Financial Status This Year
---------------------------------------------------
The new management team at Resona Holdings Inc. won't know until
October whether the banking group will be able to turn a profit
this year, according to Japan Times, citing new Resona Holdings
Chairman Eiji Hosoya. The delay illustrates the long road ahead
of the nation's fifth largest banking group if it is ever to
repay the unprecedented public funds injection pledged by the
government July 1. Resona's bailout will be worth approximately
1.96 trillion yen.

The recent Diet testimony of auditor Asahi & Co., which said it
had found the bank to be insolvent for fiscal 2002 following a
preliminary audit, has spurred calls for a re-evaluation of the
bank's assets. The new audit will not be conducted by Asahi &
Co., which discontinued its audit, or by Shin Nihon & Co., which
found the bank solvent but short of the necessary capital to
meet regulatory requirements. The second audit will not be
completed until September at the earliest, according to Hosoya.


SEKIHYO SEIBAKU: Hires PricewaterhouseCoopers as Advisor
--------------------------------------------------------
Sekihyo Seibaku Co. has hired PricewaterhouseCoopers Financial
Advisory Services Co. to find an investor to revive its ski
lodges, hotels and golf courses, Bloomberg reported Tuesday. The
failed resort developer is looking for a financial sponsor after
it filed for corporate protection with the Tokyo District Court
on Monday, owing 67.4 billion yen (US$573 million) of debt, said
Yo Yamagishi, a lawyer and representative for the company.
Sekihyo, which has 756 employees, owns ski slopes, golf courses
and hotels on Japan's northern island of Hokkaido. Development
Bank of Japan, the nation's Resolution and Collection of Corp.
and 77 Bank Ltd. is among 3,000 creditors.


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


CHOHUNG BANK: Faces Liquidity Crisis
------------------------------------
Chohung Bank is facing a liquidity crisis as customers rushed to
withdraw cash due to mounting fears over a general strike, the
Maeil Business Newspaper reports. During the past three days,
depositors have withdrawn a total 4 trillion won.

Shinhan Financial Holding Company, which is set to take over
Chohung Bank, expressed worries over a possibly longer-than-
expected strike. About 7,000 employees of Chohung Bank went on
strike to protest a government plans to sell the state-invested
bank to Shinhan. The Bank of Korea provided 2 trillion won in RP
(repurchase agreement) to the ailing bank on June 19.

DebtTraders reports that Cho Hung Bank's 11.875% bond due in
2010 (CHOH10KRS2) trades between 113.5 and 114.5. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CHOH10KRS2


CHOHUNG BANK: PFOC OK's Sale to Shinhan For W3.37Tr
---------------------------------------------------
The Public Fund Oversight Committee (PFOC), in charge the
spending and recovery of public funds, made its final decision
Thursday to sell Cho Hung Bank to Shinhan Financial group at
3.37 trillion won, Digital Chosun said on Thursday.

According to the agreement, the PFOC will sell 80 percent of Cho
Hung Bank shares (approximately 543 million shares) owned by the
government and will receive cash (W 6,200 per share) and shares
from Shinan Financial Group. The remaining block of Cho Hung
shares would be traded for Shinhan shares, at a ratio of one to
0.3428. The agreement also guaranteed government's compensation
up to W650 billion to be incurred by Cho Hung for next two years
bringing actual sale price to around 2.72 trillion won.


HYNIX SEMICONDUCTOR: Signs Multi-Year Agreement With ON Semicon
---------------------------------------------------------------
Hynix Semiconductor Inc., a leading worldwide semiconductor
foundry, announced that ON Semiconductor, Inc. has signed a
multi-year, renewable agreement establishing Hynix as a volume
supplier of CMOS manufacturing services. Under terms of the
agreement, Hynix will supply production support to ON
Semiconductor for their Power Management products.

"Hynix's cost-conscious business model and advanced
manufacturing services will help ON Semiconductor expand its
leadership position in the Power Management revolution," said
Ramesh Ramchandani, Vice President and general manager of
Integrated Power Devices Division, ON Semiconductor.

"This agreement with ON Semiconductor is an important milestone
in our strategy to grow our foundry services business and to
deliver premier products to customers today and into the
future," said Channy Lee, Vice President & general manager of
foundry business unit for Hynix. "ON Semiconductor is a market
leader of integrated power devices. Our semiconductor
manufacturing services expertise will help ON Semiconductor
expand its leadership position into the consumer, PC and
Industrial markets by offering ON Semiconductor cost savings and
easier design flexibility."

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.


SK GLOBAL: Creditor Cashes Out
------------------------------
SK Global's creditor Kookmin Bank has disposed of all of its
loans to major creditors at 30 percent through a cash buy-out
program, DebtTraders reports. Under the program, major creditors
purchase the loans extended by creditors who refuse to joint the
bailout plan. It is estimated that SK Global's liquidation value
will be approximately 25.9 percent.

Hana Bank is also considering selling 10 percent of its total
loans worth 559 billion won ($469 million) through the program.
Creditors decided to swap about 2.4-2.9 trillion won ($2-2.4
billion) out of their combined loans of 6.1 trillion won ($5.1
billion) into SK Global's equity. Separately, SK Group plans to
disband its corporate restructuring offer following a recent
decision to bail out SK Global.


SK GLOBAL: French Bank Threatens Liquidation
--------------------------------------------
Paris-based Union de Banques Arabes et Francaises has threatened
to file for the liquidation of SK Global, the Financial Times
reported Thursday. The French bank rejected the decision by
domestic creditors to rescue SK Global and vowed to press for
the Company's bankruptcy through South Korean courts.

SK Global has been fighting for survival since March, when its
profits was found to have fraudulently inflated by US$1.2
billion. The US$3.2 billion bailout needs the approval of SK
Global's foreign creditors, which are scheduled to discuss the
proposal at a meeting in Hong Kong this week.


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


ABRAR CORPORATION: Currently Implementing Restructuring Exercise
----------------------------------------------------------------
The restructuring exercise of Abrar Corporation Berhad pursuant
to Section 44 of the Danaharta Act involving the incorporation
of a newco, share exchange, acquisition of Oil-Line Engineering
& Associates Sdn Bhd and Ascentland Sdn Bhd, transfer of listing
status, disposal of ABRAR and proposed settlement of the amounts
owing to the creditors (Restructuring Exercise) is currently
being implemented.

The Register of Depositors of ABRAR will be closed at 5:00 p.m.
on 24 June 2003 for the following purposes:

   (i) Recalling of the existing issued and paid-up share
capital of RM1.00 each in ABRAR;

   (ii) Exchanging and replacing the existing ordinary shares of
RM1.00 each in ABRAR (ABRAR Shares) for new ordinary shares of
RM1.00 each in OilCorp Berhad (OilCorp Shares) on the basis of
one (1) new OilCorp Share for every twenty (20) ABRAR Shares
held at 5:00 p.m. on 24 June 2003 pursuant to the share
exchange;

   (iii) Closure of books relating to the entitlement of new
OilCorp Shares pursuant to the share exchange.

Your attention is drawn to ABRAR's circular dated 18 June 2003.


ARUS MURNI: E&Y Re-appointment Approved at EGM
----------------------------------------------
The Board of Directors of Arus Murni Corporation Berhad
announced that the following resolutions have been approved by
the shareholders at the TWENTY-EIGHTH ANNUAL GENERAL MEETING of
AMCB held at the East VIP Lounge, First Floor, Kuala Lumpur Golf
& Country Club, 10 Jalan 1/70D, Off Jalan Bukit Kiara, 60000
Kuala Lumpur on Thursday, 19 June 2003 at 9:30 a.m..

   * To receive and adopt the Statutory Financial Statements for
the year ended 31 December 2002 and the Directors and Auditors
Reports thereon.;

   * To re-elect the following Directors retiring in accordance
with Article 79 of the Company's Articles of Association:

       * Dato' Shamsir bin Omar
       * Tan Lam Hin

   * To re-appoint Messrs. Ernst & Young as Auditors of the
Company and to authorize the Directors to fix their
remuneration;

   * Approval for Issuance of new ordinary shares pursuant to
Section 132D of the Companies Act, 1965

"THAT, subject to the Companies Act 1965, the Articles of
Association of the Company and the approvals from Kuala Lumpur
Stock Exchange and other relevant government/regulatory
authorities where such approval is necessary, the Directors be
and are hereby empowered pursuant to Section 132D of the
Companies Act, 1965 to issue shares in the Company at any time
until the conclusion of the next Annual General Meeting and upon
such terms and conditions and for such purposes as the Board of
Directors may, in their absolute discretion, deem fit proviad
that the aggregate number of shares to be issued does not exceed
10% of the issued share capital of the Company for the time
being AND THAT the Board of Directors be and are also empowered
to obtain approval for listing of and quotation for the
additional shares so issued on the Kuala Lumpur Stock Exchange."


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

   * Malaysia Cigarette Manufacturers Sdn Berhad

The company had been dormant as from the date of application of
striking off.


GENERAL SOIL: Winding Up Petition Hearing Adjourned to Oct 8
------------------------------------------------------------
General Soil Engineering Sdn Bhd refers to the announcement on
13 July 2002 and 3 September 2002 in respect of winding up
petition by Jasatera Berhad on the Company.

The Company wishes to inform that, upon confirmation from the
solicitors, the above matter which is subject for hearing in
Kuala Lumpur High Court has been adjourned to 8 October 2003.

Refer to the Troubled Company Reporter - Asia Pacific Friday,
September 06, 2002, Vol. 5, No. 177 issue for details of the
Winding Up Petition.


GEORGE KENT: Shareholders Grant Proposals Approval
--------------------------------------------------
George Kent (Malaysia) Berhad refers to announcement dated 3
June 2003 in relation to the Notice of the Extraordinary General
Meeting (EGM).

On behalf of the Board of Directors of GKM, Aseambankers
Malaysia Berhad is pleased to announce that the shareholders of
the Company had unanimously approved all the ordinary
resolutions pertaining to the Proposals at the EGM held on
Thursday.

The "Proposals" refer to the following:

   - Proposed Debt Restructuring of GKM;
   - Proposed Debt Restructuring of GK-Hardie Sdn Bhd;
   - Proposed Debt Restructuring of GK Equities Sdn Bhd;
   - Proposed Call Option;
   - Proposed New ESOS; and
   - Proposed Increase In Authorized Share Capital.


JOHAN HOLDINGS: Gets Shareholders' Nod on Proposals
---------------------------------------------------
In reference to announcement dated 3 June 2003 in relation to
the Notice of the Extraordinary General Meeting (EGM) held on
Thursday.

On behalf of the Board of Directors of Johan Holdings Berhad,
Aseambankers Malaysia Berhad is pleased to announce that the
shareholders of the Company had unanimously approved all the
ordinary resolutions pertaining to the Proposals at the EGM. The
Proposals includes Proposed Debt Restructuring of JHB; Proposed
Debt Restructuring of Prestige Ceramics Sdn Bhd; Proposed Debt
Restructuring of Johan Equities Sdn Bhd; Proposed Call Option;
Proposed New ESOS; and Proposed Increase In Authorized Share
Capital.


NAM FATT: Rights Issue Under-subscribed
---------------------------------------
Reference is made to the Renounceable Rights Issue of
Rm10,064,512 Of RM0.10 Nominal Value 8-Year Zero Coupon
Irredeemable Convertible Unsecured Loan Stocks 2003/2011 (ICULS-
B) at 100% of its Nominal Value on the basis of RM1.10 Nominal
Value of ICULS-B for every ten (10) Ordinary Shares of RM1.00
each held in Nam Fatt Corporation Berhad at 5:00 P.M. on 8 May
2003 (Rights Issue).

On behalf of the Board of Directors of Nam Fatt Corporation
Berhad, Commerce International Merchant Bankers Berhad wishes to
announce that at the close of acceptance and payment for the
Rights Issue at 5:00 p.m. on 12 June 2003, total acceptances and
excess applications received for the Rights Issue was for
RM7,324,399 nominal value of ICULS-B. This represents an
undersubscription of RM2,740,113 nominal value of ICULS-B or
27.23% over the total nominal value of ICULS-B of RM10,064,512
available for subscription under the Rights Issue.

Details of acceptances by entitled shareholders, including
excess applications received as at the close of acceptance and
payment for the Rights Issue at 5:00 p.m. on 12 June 2003 are
set out in Table 1 at
http://bankrupt.com/misc/TCRAP_NamFatt0623.pdf.


PSC INDUSTRIES: Proposed Bonus Issue Granted Listing
----------------------------------------------------
Kindly be advised that PSC Industries Berhad's additional
79,129,174 new ordinary shares of RM1.00 each to be issued
pursuant to the Bonus Issue of 79,129,174 New Ordinary Shares of
RM1.00 each on the Basis of 1 New Ordinary Share for Every 1
Existing Ordinary Share Held (Bonus Issue) will be granted
listing and quotation with effect from 9:00 a.m., Monday, 23
June 2003.

As the said ordinary shares to be issued pursuant to the Bonus
Issue above shall not be entitled to the first and final
dividend of 8% less 28% tax for financial year ended 31 December
2002, they will be quoted as "PSCI-OA".

However, as the Company has announced the entitlement date for
the first and final dividend of 8% less 28% tax for financial
year ended 31 December 2002, the "PSCI-OA" shares which are not
entitled to the abovementioned first and final dividend will
cease to be quoted with effect from 9:00 a.m., Thursday, 28
August 2003 and will merge with the existing "PSCI" shares as
from that date.

The Troubled Company Reporter - Asia Pacific reported that in
August 2001 Securities Commission granted PSC Industries Berhad
approval on the Proposals, which comprises of:

    Proposed Bonus Issue
    Proposed Private Placement
    Proposed Debt Restructuring
    Proposed Restricted Offers for Sale
    Proposed Waivers Of Mandatory General Offers.


PWE INDUSTRIES: Conducts Preliminary Due Diligence Exercise
-----------------------------------------------------------
Reference is made to the announcements dated 14 January 2003, 5
May 2003 and 3 June 2003 in relation to the application to the
Kuala Lumpur Stock Exchange (KLSE) for an extension of time for
the Requisite Announcement.

In this connection, the Board of Directors of PWE Industries
Berhad wishes to announce that a preliminary due diligence
exercise is currently being conducted on the acquiree companies,
i.e. Bintang Bulk Mover Sdn Bhd (BBMSB) and Agenda Wira Sdn Bhd
(WSB) with a view of entering into a conditional sale and
purchase agreements with the vendors of BBMSB and AWSB. The
Company anticipates that the deadline for the Requisite
Announcement of 19 June 2003 is unlikely to be met and the Board
had on 12 June 2003 applied to the KLSE for an extension of time
for a period of three (3) months to make the Requisite
Announcement.

The outcome of the application will be announced in due course.


SASHIP HOLDINGS: SC's Restructuring Scheme Approval Lapsed
----------------------------------------------------------
Saship Holdings Berhad (Special Administrators Appointed) refers
to the announcement dated 26 December 2002 by Commerce
International Merchant Bankers Berhad (CIMB) on behalf of the
Board of Directors of Saship in relation to the final extension
of time to 18 June 2003 for the completion of the Proposed
Restructuring Scheme Under Section 176 of the Companies Act,
1965 (Proposed Restructuring Scheme).

On behalf of Saship, the Special Administrators wish to announce
that as the Proposed Restructuring Scheme was not completed by
the above-mentioned date, the Securities Commission's approval
for the Proposed Restructuring Scheme via their letter dated 19
September 2000 has lapsed. In addition, CIMB's appointment as
adviser to the Company for the Proposed Restructuring Scheme has
also lapsed.


SUNWAY BUILDING: July 8 Capital Reduction Book Closure Scheduled
----------------------------------------------------------------
On behalf of the Board of Directors of Sunway Building
Technology Berhad, Hwang-DBS Securities Berhad is pleased to
announce the book closure date in relation to the Capital
Reduction and Consolidation of Suntech's issued and fully paid-
up ordinary shares of RM1.00 each (Suntech Shares) to be
effected pursuant to Section 64 of the Companies Act, 1965 as
follows:

   - The issued and paid-up share capital of Suntech of
RM126,515,600 comprising 126,515,600 Suntech Shares be reduced
to RM63,257,800 comprising 126,515,600 ordinary shares of RM0.50
each (Reduced Shares) (Capital Reduction). The Capital Reduction
will be effected by canceling the issued and paid-up share
capital to the extent of RM0.50 for each of the Suntech Shares;
and

   - Forthwith upon such Capital Reduction taking place, the
126,515,600 Reduced Shares be consolidated into 63,257,800
ordinary shares of RM1.00 each (Consolidated Shares) to be
credited as fully paid-up, by the consolidation of two (2)
Reduced Shares into one (1) Consolidated Share (Share
Consolidation).

(Collectively, to be referred to as "Capital Reduction and
Consolidation")

NOTICE IS HEREBY GIVEN THAT the Record of Depositors of Suntech
will be closed at 5:00 p.m. on 8 July 2003, Tuesday (Book
Closure Date) for the purpose of determining the shareholders of
Suntech whose shares will be subject to the Capital Reduction
and Consolidation.

FURTHER NOTICE IS HEREBY GIVEN THAT the Suntech Shares, which
have been transferred into the depositors' securities, account
via an ordinary transfer before 4:00 p.m. on 8 July 2003,
Tuesday shall be subject to the Capital Reduction and
Consolidation.

In order to facilitate the Capital Reduction and Consolidation,
the trading of Suntech Shares will be suspended with effect from
9:00 a.m. on 2 July 2003, being three (3) clear Market Days
prior to the Book Closure Date. The trading suspension will
continue until (i) the Capital Reduction and Consolidation is
completed, and (ii) the listing of and quotation for all the new
Suntech Shares to be issued pursuant to the Acquisition of DB.
The last day for trading of Suntech Shares prior to the trading
suspension shall be 1 July 2003, Tuesday.

Shareholders of Suntech are requested to refer to the Circular
to Shareholders issued by Suntech on 19 June 2003 for further
details of the Capital Reduction and Consolidation and notice of
Book Closure Date.


TAJO BERHAD: Notice Served Against Subsidiary
---------------------------------------------
Tajo Berhad wishes to announce that it has received a Notice
pursuant to Section 218 of the Companies Act 1965 (the Notice)
dated 9 June 2003 which was issued and served on a subsidiary of
the Company namely, Alpha Glow Sdn Bhd (the Defendant) by Messrs
N. K. Tan & Rahim on behalf of their client, AFFIN-ACF Finance
Berhad (the Plaintiff).

Tajo further wishes to announce the following:

1. The Notice was served on the Defendant on 17 June 2003.
2. The amount claimed under the Notice is RM16,291.06 as at 9
June 2003 together with interest thereon at the rate of
8.00% per annum from 12 September 1998 until 9 June 2003
and costs being the balance outstanding sum due on the
Judgement entered against the Defendant in the Kuala
Lumpur Sessions Court Summons No : 11-52-4614-98 dated 17
August 2001.
3. The Notice was served by the Plaintiff against the
Defendant due to the amount outstanding to the Plaintiff.
4. There is no material impact on the operational and
financial position of the Company arising from the Notice
in view that the Defendant has ceased operations and the
creditor has no recourse against the Company or any of its
subsidiaries other than the Defendant.
5. There are no expected losses arising from the Notice.
6. Since the Group is unable to obtain any further financial
assistance, the Company is unable to make any concrete
proposal to the Plaintiff to avoid the winding-up.


TAT SANG: Shareholders Calls for July 21 EGM
--------------------------------------------
The Board of Directors hereby announces that Tat Sang Holdings
Berhad has received a notice for an Extraordinary General
Meeting being called by two of the shareholders, namely Eventful
Venture Sdn. Bhd. (signed by Dato Ismail Bin Yusof) and Mr. Soh
Yaw Hian (said shareholders) to be held at:

   Date  : 21 July 2003
   Time  : 10.00 a.m.
   Venue : Tropical Inn, Johor Bahru
           15, Jalan Gereja,
           80100 Johor Bahru

to consider as Special Business and if thought fit, to pass the
following resolutions with or without modification, as ORDINARY
RESOLUTIONS:

1. RESOLVED that Dato'Osman bin Mohd Yusof be and is hereby
removed from office as a director of the Company, with
immediate effect.
2. RESOLVED that Azlan Bin Shahrim be and is hereby removed
from office as a director of the Company, with immediate
effect.
3. RESOLVED that Mohd Zamri bin Zainal be and is hereby
removed from office as a director of the Company, with
immediate effect.
4. RESOLVED that Puteri Intan Zuraida binti Datuk Abdul
Rahman be and is hereby removed from office as a director
of the Company, with immediate effect.
5. RESOLVED that Yap Chi Keong be and is hereby removed from
office as a director of the Company, with immediate
effect.
6. RESOLVED that, subject to her having consented to act as a
director, Caroline Heah Gaik Hong be and is hereby
appointed as a director of the Company, with immediate
effect.
7. RESOLVED that, subject to him having consented to act as a
director, Khoo Kiam Chong be and is hereby appointed as a
director of the Company, with immediate effect.
8. RESOLVED that, subject to him having consented to act as a
director, Sofian bin Arshad be and is hereby appointed as
a director of the Company, with immediate effect.

The general nature as well as the effect of the above proposed
resolutions, if passed, is to remove or appoint the relevant
person (as the case may be) as the director of the Company.

The Extraordinary General Meeting mentioned above is called by
the above said shareholders pursuant to Section 145 of the
Companies Act, 1965 being members of the Company holding shares
in the Company which in the aggregate comprise not less than 10%
of the issued share capital of the Company.

An advertisement of this notice has also been published by the
said shareholders in the daily newspaper, STAR on 19 June 2003.


TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad wishes to inform that it has on 18 June
2003 been notified by PB Trustee Services Berhad (the trustee in
respect of the Company's RM186,558,296 Nominal Value of 5 year
1%-2% Redeemable Secured Convertible Bonds A 1999/2004 and
RM275,980,363 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds B 1999/2004 (collectively Bonds)) that they
have on 12 June 2003, disposed of some of the Company's
securities held in public listed companies, which are pledged
with them in relation to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. Please refer to the summary attached for information
on the securities disposed at
http://bankrupt.com/misc/TCRAP_Tongkah0623.doc.


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


MANILA ELECTRIC: Refund Program May Take 10 Years
-------------------------------------------------
The Manila Electric Co. (Meralco)'s 30 billion pesos refund
program is likely to be completed by 2012 and will be done in
four phases, the Philippine Star said on Friday. At the same
time, consumers that can no longer be traced or cannot be
accounted for will not be eligible to claim refunds. These
include terminated or disconnected customers.

Meralco has refunded a total of 770 million pesos or about 37
percent of its 2.1-billion pesos-refund budget for the first
phase. This covers consumers with consumption of up to 100
kilowatthours (kwh) per month. The Company was ordered by the
Supreme Court last April 10 to refund its customers and this
included the directive to disallow the inclusion of income taxes
in the computation of the power distributor's operating
expenses.


NATIONAL POWER: Seeks Higher Generation Charges
-----------------------------------------------
The National Power Corp. (Napocor) has filed a motion for
reconsideration with the Energy Regulatory Commission (ERC)
seeking increases in generation charges, ABS-CBN reported
Friday. In an earlier ruling, ERC set Napocor's generation rates
at P2.93 per kilowatt-hour for Luzon, P2.92 per kWh for the
Visayas, and P1.42 per kWh for Mindanao. The ERC-set rates were
lower than the rates Napocor had sought under its petition to
unbundle the cost of power: P3.75 per kWh for Luzon, P2.34 per
kWh for the Visayas, and P1.45 per kWh for Mindanao.

Napocor general counsel Reinier Butalid said the rates approved
by ERC did not reflect actual generation costs. In approving the
lower generation rates, ERC disallowed several costs in
Napocor's computations.  Napocor said such low rates would
discourage investors from acquiring Napocor's generating assets
offered for privatization.


NATIONAL STEEL: Creditors Form Board to Assess Rehab Plan
---------------------------------------------------------
Creditors of National Steel Corporation (NSC) will set up a
nine-man panel to assess the Company's viability and decide how
to go about reopening it, AFX Asia reports, citing the
Department of Trade and Industry (DTI). The panel will comprise
representatives of the creditor banks and will function like a
board for National Steel.

National Steel's creditor banks, led by Philippine National
Bank, earlier expressed support for the DTI's call to consider
resuming the steel mill's operation, even if it is on a tolling
basis, to preserve the assets' value. Other creditor banks of
National Steel are Credit Agricole Indosuez, state-owned Land
Bank of the Philippines, China Banking Corp, Rizal Commercial
Banking Corp, Metropolitan Bank and Trust Co, Equitable PCI
Bank, United Coconut Planters Bank and Danaharta of Indonesia.


PHILIPPINE LONG: BSP OK's US$450M Notes Issue
--------------------------------------------
The Banko Sentral ng Pilipinas (BSP) has approved Philippine
Long Distance and Telephone Co. (PLDT) 's plan to issue US$450
million in commercial notes, according to AFX Asia on Thursday.
The issue was approved during the Monetary Board's meeting on
June 5. PLDT also plans to raise funds locally after the
market's warm response to its recent 2.0 billion pesos two-
tranche, one-year commercial issue. PLDT may issue peso-
denominated bonds with maturity of two to three years to take
advantage of the current liquidity in the local market.


PHILIPPINE LONG: Signs 5-Year US$47.3M Loan
-------------------------------------------
The Philippine Long Distance Telephone Co (PLDT) signed a
syndicated five-year loan deal for 5.615 billion yen ($47.3
million) earlier this month, according to Reuters. The proceeds
from the loan deal, involving Bank of Tokyo-Mitusbishi, Citibank
N.A., Societe Generale and UFJ Bank Ltd, would help finance
expansion of its data network. Nippon Export and Investments
Insurance of Japan also supported the financing deal.


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


HUA KOK: Housing & Development Awards Unit US$28.3M
---------------------------------------------------
The Board of Directors of Hua Kok International Ltd announced
that its wholly-owned subsidiary, Hua Kok Realty (Private)
Limited, has been awarded a S$28.3 million contract by the
Housing & Development Board HDB for building works at Punggol
West Contract 2 (Total 649 Dwelling Units).

The contract involves the balance of construction, completion
and maintenance of 7 residential blocks together with a basement
car park, a substation, a utility center and external site work.
The contract period is from 3 June 2003 to 2 June 2004.

This project is expected to contribute positively to the Group's
results.

None of the Directors of Hua Kok has any interest, direct or
indirect, in the transaction. The Directors are not aware of any
substantial shareholder having any interest, direct or indirect,
in the transaction and have not received any notification of any
interest in this transaction from the substantial shareholder.

Hua Kok International Ltd.'s operating conditions in the
domestic construction and precast components sectors are
difficult and expected to remain so in the foreseeable future,
the Troubled Company Reporter-Asia Pacific reported recently.
Closure of the precast plant in Bintan has reduced the operating
losses but has not completely stemmed the losses and the
decision to wind up Hua Kok Precast (Pte) Ltd HKP was taken
recently. The decision to wind up HKP will prevent further
losses to the Group in view of the market outlook.

The Group's net current liability position, which rose to $34.3
million at 31 December 2002, is expected to improve following
the divestment of the PD Group and the winding up of Hua Kok
Precast (Pte) Ltd (HKP). The Group will continue to pursue the
disposal of its non-core and surplus assets to further improve
its financial position. Business opportunities are being
explored overseas, particularly in China and India to overcome
the difficult domestic environment and seek new sources of
revenue. On completion of the divestment of PD Group and with
the winding up of HKP, the Group expects the loss in 2H03 to be
lower than that in 1H03.


THAKRAL CORPORATION: Post Changes in Shareholder's Interest
-----------------------------------------------------------
Thakral Corporation posted a notice of changes in substantial
shareholder Inderbethal Singh Thakral's interests:

Date of notice to Company: 19 Jun 2003
Date of change of interest: 18 Jun 2003
Name of registered holder: B. B. L. (Nominees) Pte Ltd
Circumstance(s) giving rise to the interest: Others
Please specify details: Sale initiated by financial institution
to meet obligations of a related Company.

Information relating to shares held in the name of the
registered holder:
No. of shares which are the subject of the transaction:
1,498,000
%of issued share capital: 0.1
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.11
No. of shares held before the transaction: 54,795,000
%of issued share capital: 3.663
No. of shares held after the transaction: 53,297,000
%of issued share capital: 3.563

Holdings of Substantial Shareholder/Director including direct
and deemed interest
                                           Deemed      Direct
No. of shares held before the transaction: 368,878,069 5,927,000
%of issued share capital:                 24.658      0.396
No. of shares held after the transaction:  367,380,069 5,927,000
%of issued share capital:                 24.558      0.396
Total shares:                              367,380,069 5,927,000

No. of Warrants - Nil
No. of Options - Nil
No. of Rights - Nil
No. of Indirect Interest - Nil


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


COUNTRY (THAILAND): Securities Trading Still Suspended
------------------------------------------------------
Previously, the SET has posted the SP (Suspension) sign on the
securities of Country (Thailand) Public Company Limited (CNTRY)
from the first trading session of 3 March 2003 because the
company has submitted the SET its audited financial statements
for the year ending 31 December 2002 with the Disclaimer of
Opinion on its financial statements and posted NP sign from the
first trading session of 4 March 2003 since the SET was waiting
for the conclusion whether the company has to amend its
financial statements.

Now, the Securities and Exchange Commission (SEC) has informed
the SET that it is not necessary to amend CNTRY's financial
statements at present on the issue that the auditor has stated.
Therefore, the SET posted the NR (Notice Received) sign on
CNTRY's securities from the first trading session of 19 June
2003 to announce that the SET has received the conclusion from
the SEC.

However, the SET has still suspended trading all securities of
CNTRY until the causes of de-listing are eliminated.


MILLENNIUM STEEL: Notifies Preferred Shares Conversion
------------------------------------------------------
According to the issuance of Millennium Steel Public Company
Limited preferred shares can be converted into the ordinary
shares, the conversion period is 11 years and ended on November
28, 2013, the preferred shareholders can apply for the
conversion of the preferred shares into ordinary shares on every
business day of the company, the Company would like to inform
that The Siam Industrial Credit Public Company Limited, who held
the company preferred shares has exercised the right to convert
preferred shares into ordinary shares in the amount of 3,913,689
preferred shares.

The conversion ratio is 1 preferred share can be converted into
1 ordinary share. The company has completed the conversion on
June 16, 2003. The company, therefore, has the issued shares of
3,800,281,586 ordinary shares and 1,645,182,041 preferred
shares.


PREUKSA REAL: TRIS Ups Rating to "BBB" From "BB+"
-------------------------------------------------
TRIS Rating Co., Ltd. has upgraded the company rating of Preuksa
Real Estate Co., Ltd. (PREUKSA) to "BBB" from "BB+". The rating
reflects PREUKSA's successful record in developing low-priced
residential units, its competitive construction cost and its
strong financial position. These strengths are offset by high
dependence on its owner to run the company, the cyclical nature
of the real estate industry, continued intense competition and
concern about the impact of upcoming sales of foreclosed
property by financial institutions.

TRIS Rating reported that PREUKSA is a non-listed medium-sized
housing developer. Founded by Mr. Thongma Vijitpongpun in 1993,
PREUKSA entered the market by focusing on the low-income
segment, under the brand name "Baan Preuksa", with townhouses as
its major product. During the past 10 years, PREUKSA has
developed 19 housing projects totaling about 21,000 units and
has transferred over 16,000 units to homebuyers. In 2002,
PREUKSA successfully penetrated the single detached house (SDH)
market by introducing "Baan Passorn" to the middle-income
segment. The main areas of the company's projects are located at
Rangsit Klong 3 and Klong 8. PREUKSA's projects are also located
at Bangbuathong, Budhamonthon sai 4 and sai 5 and Theparak.
Since its establishment, the Vijitpongpun family has owned 100%
of the company's shares, and many family members have served
on the company's board of directors. Mr. Thongma, owning 85% of
shares, is Preuksa's managing director and is primarily
responsible for directing the company's strategy and policy.
Since 2001, the company has reorganized its structure to be more
professional; however, the current operation is still
centralized.

TRIS Rating said that PREUKSA's low-price strategy is supported
by the owner's experiences, enabling it to manage nearly all
phases of construction. The cast-insitu load bearing wall
structure method and the prefabrication method used in the
construction process save construction time and costs. In
addition, Preuksa has been granted BOI privileges including a
five-year tax exemption, for construction of low-price housing
projects, and these incentives support PREUKSA's ability to
pursue its low price strategy.

PREUKSA's sales dramatically increased to Bt2,528 million in
2002, more than double the 2001 sales figure. During 2001-2002,
the company experienced a strong financial position with
operating margin improving from 19.7% in 2000 to 30.2% in 2001
and to 34.8% in 2002. The cash flow protection was strong, with
funds from operation to total debt ratio at 205% in 2002. With
low debt usage and an increase in capital, the company's
leverage was low, with total debt to capital ratio of 17.2% in
2002, compared to 6.7% in 2001 and 14.7% in 2000.

TRIS Rating said, the residential segment of the property
development is highly cyclical, exhibiting much greater
volatility than the general economy. Demand for housing
continues to grow, mainly due to favorable interest rates and
the government's stimulus packages, which enhance homebuyers'
ability to fund purchases. The competition is still intense for
developers in the Bangkok Metropolitan Area and vicinities (the
Greater BMA) since more developers have completed their debt
restructuring and have resumed operations. Resale houses remain
a concern despite the low speed of project redevelopment.


RAIMON LAND: Undergoes Property Sale, Purchase
----------------------------------------------
The Board of Directors' Meeting No.3/2003 of Raimon Tower
Company Limited, being a subsidiary of Raimon Land Plc. (Raimon
Tower) (acting in the capacity of the Plan Administrator of
Raimon Tower Company Limited) held on 17th June, 2003 at 10:00
a.m. resolved to approve:

(i) The purchase of the land located at Soi Amorn, Tambol
Chongnonsee, Amphur Yannawa (Prakanong), Bangkok,
totaling 11 plots and Sale of land.
(ii) Sale of land and unfinished building where Raimon Tower
is located

And The Board of Directors' Meeting No., 17/2003 of Raimon Land
Planner Company Limited (acting in the capacity of the Plan
Administrator of Raimon Land Public Company Limited) held on
19th June, 2003 at 2:00p.m. resolved to approve:

(iii) The entry into the Master Pledge Agreement for Pledge
of investment units
(iv) The entry into the acquisition and disposal of assets
of Raimon Land as a result of the entry into the Master
Pledge Agreement

Details as follows:

1. The Purchase of the land located at Soi Amorn, Tambol
Chongnonsee, Amphur Yannawa (Prakanong), Bangkok, totaling 11
plots

Date/Month/Year of Transaction

On 17th  June, 2003, the Board of Directors Meeting No. 3/2003
of Raimon Tower (acting in the capacity of the Plan
Administrator of Raimon Tower) resolved to approve the entry
into the agreement for sale and purchase of land located at
Soi Amorn, Tambol Chongnonsee, Amphur Yannawa (Prakanong),
Bangkok, totaling 11 plots with the approximate area of 3 rai 19
square wah.  The date of the registration for the transfer of
land is fixed to be between 17th June, 2003 to 2nd July, 2003.

Parties

(1) Raimon Tower Company Limited as the purchaser; and
(2) Mr. Teeratchai Chiwattanakul and Mrs. Tiphawan
Chiwattanakul.

Nature of Transaction

Raimon Tower agrees to purchase the vacant land located at Soi
Amorn, Tambol Chongnonsee, Amphur Yannawa (Prakanong), Bangkok,
totaling 11 plots with the approximate area of 3 rai 19 square
wah for further development.  However such purchase of the land
by Raimon Tower is classified as the transaction in Category 2
under the SET Regulation.  The calculation of the size of the
transaction is made according to the value of assets as follows:

Total consideration x 100   115,805,000 X 100  = 15.65%
Total assets of the Company (consolidated)  739,773,394.48

Details of Acquired Assets

Vacant land under title deed nos. 138801, 7988, 129924, 129925,
129926, 129927, 129928, 129929, 129930, 129931 and 129932, land
no. 43, 61, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342 and
2343, located at Soi Amorn, Tambol Chongnonsee, Amphur Yannawa
(Prakanong), Bangkok, totaling 11 plots, with the approximate
area of 3 rai 19 square wah (Land).

Total Value of Consideration

The purchase price of the Land (totaling 11 plots) is Baht
115,805,000, being Baht 95,000 per square wah.  The payment of
the purchase price is divided as follows:

(1) Baht 20,000,000 payable to the sellers on or before the
date of agreement for sale and purchase of land as
deposit; and
(2) The balance of Baht 95,805,000 payable to the sellers on
the date of the registration of the ownership transfer of
the Land.

Value of Acquired Assets

Raimon Tower will own 11 plots of the land located at Soi Amorn,
Tambol Chongnopnsee, Amphur Yannawa (Prakanong), Bangkok, having
the approximate area of 3 rai 19 square wah with the purchase
price of Baht 115,805,000, being Baht 95,000 per square wah.

Pricing Methodology

Both Raimon Tower and the sellers agree the purchase price of
Baht 115,805,000 during the negotiation of the sale and purchase
of the Land.

Benefit to Company

After the acquisition of the Land, Raimon Tower will develop and
construct a residential project on the Land.  Raimon Land as the
major shareholder of Raimon Tower will receive benefit and
profit from the development of such project.

Source of Funds

The funding source will be provided to Raimon Tower in the form
of the loan from both Raimon Land Plc. as Raimon Tower's major
shareholder and financial institution.

2. Sale of land and unfinished building where Raimon Tower
Project is located

Date/Month/Year of Transaction

On 17th June, 2003, the Board of Directors Meeting No.3/2003 of
Raimon Tower (acting in the capacity of the Plan Administrator
of Raimon Tower) resolved to approve the sale of under the land
under the title deed nos. 9794 and Klongton (Klongteoy), Amphoe
Klongtey and Pharkanhong, Bangkok, having the approximate area
of 1 rai 2 ngan 90.5 square wah and 45 square wah, respectively,
together with unfinished  building, located on the land (Raimon
Tower Project).

Parties

(1) Raimon Tower Company Limited as the seller; and
(2) ALMONA INVESTMENTS LIMITED as the purchaser.

Nature of Transaction

Raimon Tower agrees to sell Raimon Tower Project to ALMONA
INVESTMENTS LIMITED with the consideration of Baht 350,000,000.
However the sale of Raimon Tower Project is classified as the
transaction in Category 2 under the SET Regulation.  The
calculation of the size of the transaction is made according to
the value of assets as follows:

Total consideration x 100 350,000,000 X 100  = 47.31%
Total assets of the Company (consolidated)   739,773,394.48

Details of disposed Assets

Two plots of land, being the land under land title deed nos.
9794 and 218913, land nos. 5643 and 3309, survey page nos. 403
and 7488, Tambol Klongton and Klongton (Klongteoy), Amphoe
Klongtey and Pharkanhong, Bangkok, having the approximate area
of 1 rai 2 ngan 90.5 square wah and 45 square wah, respectively,
together with unfinished building located on the Land

Total Value of Consideration

The purchase price of Raimon Tower Project is Baht 350,000,000
payable to Raimon Tower by ALMONA INVESTEMENS LIMITED on the
date of the registration of the ownership transfer of the Land.

Value of disposed Assets

Raimon Tower agreed to sell Raimon Tower Project to ALMONA
INVESTMENTS LIMITED with the consideration of Baht 350,000,000.
The appraised value of the land and unfinished building where
Raimon Tower Project is located, which appraised by independent
valuers is between Baht 224,000,000 to Baht 413,360,000.

Pricing Methodology

Raimon Tower had mortgaged the Land with TAMC combine with
economy crisis and Raimon Tower needed cash flow for repaying
debt to TAMC. However Raimon Land intend to complete development
of Raimon Tower by joining with other joint venture parties to
establish Type IV Property and Loan Fund (the Property Fund).
Raimon Land will hold 27.5% of total investment units. Therefore
Raimon Tower needs to sell Raimon Tower Project to ALMONA
INVESTMENTS LIMITED.  The price has been agreed between Raimon
Tower and ALMONA INVESTMENTS LIMITED.

Benefit to Company

The proceeds from the sale of Raimon Tower Project will be
utilized to repay the debts owing by Raimon Tower to TAMC and
the remaining fund will be utilized as working capital of Raimon
Tower.

3. The entry into the Master Pledge Agreement in respect of the
investment units.

The entry into the Master Pledge Agreement in respect of the
investment units equivalent to 27.5% of the total investment
units in the property and loan fund (with the total value of
Baht 275 million) to be acquired by Raimon Land as security of
the credit facility of Baht 500 million borrowed from DBS by
Bouygues Thai Development Ltd. (BTD), be approved.

BTD is one of the unitholders in "the Property Fund" would
borrow money for DBS to buy investment units in "the Property
Fund".  DBS has conditions that all unitholders must pledge
their investment units with DBS as collateral for borrowing.  To
enable to continue project development under "the Property
Fund", Raimon Land has to pledge all investment units that
Raimon Land will process as collateral to DBS.

The Property Fund will be established in accordance with the SEC
Notification No. Khor Nor. 54/2543 regarding criteria, condition
and procedures in establishing and managing property and loan
fund.  The initial capital of the Property Fund is Baht 2,000
million divided into 200 million investment units.  The
investment proportion in the Property Fund among the unitholders
at this stage is as follows:

   IP Group     :   Baht 225 million, being 22.5% of the total
investment units;

   BTD          :   Baht 500 million, being 50% of the total
investment units; and

   Raimon Land  :   Baht 275 million, being 27.5% of the total
investment units (Raimon  will make an initial investment in the
Property Fund in the amount of   Baht 137.5 Million).

The objectives of the Property Fund are as follows:

(1) To acquire the land under the land title deed nos. 9794 and
218913, land (Klongteoy), Amphoe Klongtey and Pharkanong,
Bangkok together with uncompleted building located on the land
(previously known as "Raimon Tower Project");

(2) By completing the construction of the original Raimon Tower
Project as a residential condominium and to register "The Lakes
Project" as condominium and condominium juristic person as well
as to do other acts and things as may be necessary to the
development and construction of "The Lakes Project"; and

(3) To sell "The Lakes Project" either by the sale of individual
condominium unit or as a whole or to lease or otherwise dispose
of interests in all or any part of "The Lakes Project"

4. The acquisition and disposal of assets of Raimon Land as a
result of entering into the Master Pledge Agreement.

The acquisition and disposal of assets of Raimon Land as a
result of the entry into the Master Pledge Agreement in respect
of the investment units in the property and loan fund between
Raimon Land Plc. (Raimon Land) and DBS Thai Danu Bank Plc. (DBS)
as described in item no. 1 above, be approved.  Under
the SET regulation regarding criteria, conditions and procedures
for disclosure of information concerning acquisition of assets
of listed company (SET Regulation), Raimon Land is required to
prepare report and disclose information relating to transaction
with the minimum information specified in Schedule (1) attached
to the SET Regulation.  The details of the disclosed information
are as follows:

Date/Month/Year of Transaction

On 19th June, 2003, the Board of Directors Meeting No. 17/2003
of Raimon Land Planner Company Limited (acting in the capacity
of the Plan Administrator of Raimon Land) resolved to approve
the entry into the Master Pledge Agreement in respect of the
investment units in the property and loan fund between Raimon
Land and DBS.

Nature of Transaction

The investment units equivalent to 27.5% of the total investment
units in the Property Fund to (with the total value of Baht 275
million) to be acquired by Raimon Land will be pledged as
security of the credit facility of Baht 500 million obtained by
BTD from DBS.  Such pledge of investment units in the Property
Fund by Raimon Land is classified as Type 1 Transaction under
the SET Regulation.  The calculation of the size of the
transaction is made according to the value of assets as follows:

Total consideration x 100 275,000,000 X 100= 204.50%
Total net tangible assets of the Company (consolidated)
134,474,711.23

Details of Disposed Assets

The initial pledge of the investment units in the Property Fund
to be acquired by Raimon Land equal to 27.5% of the total
investment units with the par value The Property Fund will be
established in accordance with SEC Notification No. Khor Nor
54/2543 regarding criteria, condition and procedures in
establishing and managing property and loan fund with the
objectives as described in item no. 1 above.

Total Value of Consideration

The investment units equivalent to 27.5% of the total investment
units in the Property Fund to be acquired by Raimon Land will be
pledged in favor of DBS as security of the credit facility of
Baht 500 million obtained by BTD.  The funds borrowed by BTS
will be utilized for the construction and development of "The
Lakes Project" which is a residential condominium.

Value of Disposed Assets

The investment units equivalent to 27.5% of the total investment
units in the Property Fund to be acquired by Raimon Land (with
the total value of Baht 275 million) will be pledged in favor of
DBS.  The value of the initial pledge of the investment units
equals to Baht 137.5 million.

Pricing Methodology

The value of each investment unit equals to its par value, which
is Baht 10 each.

Benefit to Company

After the Property is fully developed, the sale and or lease of
the condominium units in the Property will generate income for
the Property Fund.  Raimon Land as an unitholder in the Property
Fund will receive benefit or profit in proportion to its
investment.

Other Information

BTD and DBS are not considered as connected persons under the
SET's regulation regarding rules, procedures and disclosure of
connected transaction of listed companies.  Therefore the
Company is not required to prepare a report and disclose
information according to such SET's regulation.  Since, Raimon
Land is in the rehabilitation process under the rehabilitation
plan approved by the Bankruptcy Court, it is not required to
arrange for an opinion of independent financial advisor and to
obtain shareholders'' approval in respect of the investment in
the Property Fund.


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

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

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