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

                   A S I A   P A C I F I C

            Tuesday, June 24 2003, Vol. 6, No. 123

                         Headlines

A U S T R A L I A

ACTS NET: Two Former Directors Jailed
AMP LIMITED: UK Pension Unit Closing to New Business
BEACONSFIELD GOLD: Appoints Jeffrey Williams as Director
COTECH PTY: Former Director Williams Charged With Fraud
DEEP VIAO: ITC Unit Amends Capital Restructuring

ENERGY WORLD: Sells Shares in Odeon to Pay Debt to CBA
NEXTGEN NETWORKS: Under Receiver Appointment
NOVA HEALTH: Undertakes Capital Raising to Repay Debt
ORBITAL ENGINE: SPP Offer to Close by July 10
POWERTEL LIMITED: TVG Proposes RCPS Issue Will Be Renounceable

QANTAS AIRWAYS: Air New Zealand Submits Further Info to NZCC
TOWER LIMITED: Posts Market Surveillance Panel Update
WESTERN METALS: Securities Trading Halted


C H I N A   &   H O N G  K O N G

DONE BEST: Winding Up Petition Pending
EARNING FIT: Hearing of Winding Up Petition Set
GOLDEN PLACE: Winding Up Sought by China Weal
HOUSING MANAGEMENT: Petition to Wind Up Planned
KENNEX (HONG KONG): Winding Up Hearing Scheduled on June 25

LE SAUNDA: Narrows Net Loss to HK$23.543M
NAM FONG: Trading Suspension Requested
ORIENTAL METALS: Requests Suspension of Trading


I N D O N E S I A

ASTRA INTERNATIONAL: Unit Membership Grows to 65,000
BANK MANDIRI: IPO Oversubscribed


J A P A N

FUKUSUKE CORPORATION: Seeks Court Protection
NIPPON TELEGRAPH: Pension Fund to Return Govt Portion of Assets
NISSHO IWAI: Union Accepts Bonus Ban
RESONA BANK: Japan's Financial Sector in the Wake of Bailout


K O R E A

CHOHUNG BANK: Hunt is On For New CEO
CHOHUNG BANK: S&P Rating Still on Watch as Govt Confirms Sale
CHOHUNG BANK: Union Ends Strike Sunday
HYNIX SEMICONDUCTOR: EC Plans Penalty Tariffs on Chipmaker
SK CORPORATION: Union to Sue Company Heads


M A L A Y S I A

BRIDGECON HOLDINGS: SC Extends PRS Implementation to Dec 26
CRIMSON LAND: Board OKs Proposed Re-organization of Units
KEMAYAN CORPORATION: Faces Writ of Summons From HLLB
KIARA EMAS: Submits Investigative Due Diligence Report to SC
LION INDUSTRIES: Proposes Disposal to Repay Bondholders

MALAYSIAN GENERAL: Court Convened Meeting Set on July 15
METROPLEX BERHAD: 40th AGM Fixed on July 16
METROPLEX BHD: Debt Restructuring Workout Underway
MULTI-PURPOSE HOLDINGS: Strikes Off Subsidiary Companies
PERUSAHAAN OTOMOBIL: Unit Under Voluntary Liquidation

TAJO BERHAD: EGM Resolutions Unanimously Approved
TIMBERMASTER INDUSTRIES: Gets SC's Nod on Proposed Valuation
TRANSWATER CORPORATION: SC Grants Time Extension Application
WING TIEK: SC OKs RM60M RCSLS-A, RM35M RCSLS-B Issuance


P H I L I P P I N E S

CEBU PLAZA: Shuttered Hotel Kept in Tiptop Shape
METRO PACIFIC: Plans to Eliminate P2.5B Debts
PHILIPPINE LONG: We're Keeping Piltel, Says Nazareno


S I N G A P O R E

ASIA PULP: Signs Agreement With IBRA, ECA
GOODWOOD PARK: Unit Enters Liquidation
L&M GROUP: Director Resigns
MULTI-CHEM LIMITED: Issues Exchangeable and Convertible Notes
THAKRAL CORPORATION: Court OK's Scheme of Arrangement


T H A I L A N D

DATAMAT PUBLC: Discloses Auditor's Q103 Reviewed F/S
DATAMAT PUBLIC: SET Lifts Suspension Sign
EASTERN WIRE: Fails to Repay Creditor Due to Liquidation
NATURAL PARK: Files Reorganization Petition in Bankruptcy Court
RAIMON LAND: Planner Announces Warrants Exercise

     -  -  -  -  -  -  -  -

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


ACTS NET: Two Former Directors Jailed
-------------------------------------
Two former directors of Acts Net Limited (Acts Net) were
sentenced on Friday following their guilty pleas to a number of
charges brought by the Australian Securities and Investments
Commission (ASIC).

Mr Graeme Geoffrey Milner of Mildura, Victoria and Mr Terrence
John Hunter of Perth, Western Australia, appeared in the
Melbourne County Court and were each sentenced to a total of two
years imprisonment, to be released after serving six months and
to be of good behavior for 18 months.

Mr Milner previously pleaded guilty to three, and Mr Hunter to
two, ASIC charges of dishonestly using their positions as
company directors to gain an advantage for themselves. Both men
pleaded guilty to two counts of offering a prescribed interest
without an approved deed.

ASIC alleged that Messrs Hunter and Milner made improper use of
their positions as company officers by agreeing to the transfer
of US$182,000 and US$208,000 respectively from the Acts Net bank
account, an account established to hold the investors funds, to
the Acts Ministry bank account and Ascension College account.
ASIC also alleged that the money was then disbursed to pay
personal and operating expenses of the College and Ministry.

Mr Hunter was a director and religious Minister of Acts
Ministry, and the Chairman of the School Board at Ascension
College. Mr Milner was the Bursar of Ascension College and on
the Board of Directors, and was also a Minister with Acts
Ministry.

Acts Net was placed into liquidation on 24 February 2000,
following an application by ASIC to the Supreme Court of
Victoria.

BACKGROUND

ASIC alleged that between 1997 to September 1999, Acts Net
raised in excess of $4.2 million from more than fifty investors
across Australia and New Zealand, for investment overseas in
schemes referred to as Debenture Trade Programs or High Yield
Investment Programs.

The invitations to invest were made without there being in force
an approved deed, as required by the Corporations Law. The
profits promised to investors were 'prescribed interests' under
the Corporations Law.

The schemes required the company to send the investors' funds
offshore to be invested by a third party, on the company's
behalf, in a Bank Debenture Trading Program. The third parties
were the US-based companies Fenmore International Ltd and Dakota
Capital Management Inc, respectively.

The schemes subsequently failed and the investors lost nearly
all of their money.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.


AMP LIMITED: UK Pension Unit Closing to New Business
----------------------------------------------------
AMP Limited announced Monday the decision to close its UK
pension business, NPI Limited, to new business and manage it as
part of its UK Life Services (UKLS) business. As part of the
announcement of the de-merger proposal on 1 May 2003, AMP said
that it planned to test the market for interest in NPI,
reflecting the changed strategic direction of the UK business.

NPI is the specialist pensions provider within AMP's UK
Contemporary Financial Services business unit. AMP Chief
Executive Officer, Andrew Mohl, said that as part of this
process the company had reviewed a number of options for
NPI including sale, rationalization and restructure. The review
has now determined that the best outcome is to maintain
ownership of the existing book and run it on a closed-book
basis. "After thorough consideration of all the options, we have
decided that retaining the NPI book and closing it to new sales
is in the best interests of both shareholders and customers,"
Mr Mohl said.

"This solution maintains service to existing customers, secures
assets under management for Henderson, provides scale to the
Life Services business and minimizes the cost of managing the
NPI book." The closure of the NPI book to new business means
that all AMP's UKbased life companies are closed to new
business, although they continue to accept contractual
increments from existing customers. AMP expects a reduction of
approximately 900 roles as a result of the changes to NPI and
the realization of further operational improvements. These
reductions are in addition to those previously announced in June
and December 2002. AMP is commencing the minimum 90 day
consultation period with the recognized union.

"The decision to restructure has been a very difficult one to
make, given the impact it will have on our people. We are
working to mitigate this impact wherever possible," Mr Mohl
said. "However it is a necessary step to ensure the new UK-based
business has a solid foundation for future success, particularly
given the difficult UK environment and our changed UK strategy."
Costs related to these changes have already been provided for in
the estimated provision of �100 million (A$260 million) for
demerger expenses, included in the 1 May 2003 announcement.
Independent financial advisory business Towry Law is not
impacted by these changes and will remain part of the new UK
business. In addition, the NPI announcement will have no impact
on the proposal to demerge, which remains on track.


BEACONSFIELD GOLD: Appoints Jeffrey Williams as Director
--------------------------------------------------------
The outcome of the resolution put to shareholders at the general
meeting of Beaconsfield Gold NL (Receiver and Manager Appointed)
held at Beaconsfield, Tasmania, on Thursday 19 June 2003 was:

APPOINTMENT OF NEW DIRECTOR
Jeffrey Williams

Outcome: Elected

The total number of proxy votes exercisable by all proxies
validly appointed was 49,981,732.

The resolution was decided on a show of hands.

The total number of proxy votes which could have been voted on a
poll in respect of which the appointments specified that:

   (a) the proxy was to vote for the resolution was 26,059,019
   (b) the proxy was to vote against the resolution was
       23,299,576
   (c) the, proxy was to abstain on the resolution was 5,000
   (d) the proxy could vote at the proxy's discretion was
       618,137


COTECH PTY: Former Director Williams Charged With Fraud
-------------------------------------------------------
Mr Timothy Rhys Hawker Williams, of Hobart and Mr Ian Thomas
Paterson, of Croydon, Victoria, appeared on Friday in the Hobart
Magistrates' Court jointly charged with two counts of fraud
brought by the Australian Securities and Investments Commission
(ASIC).

The charges were laid following an investigation by ASIC, and
are being prosecuted by the Commonwealth Director of Public
Prosecutions.

ASIC alleges that, between 15 February 2000 and 3 March 2000,
Messrs Williams and Paterson were knowingly concerned in the
company Cotech Pty Ltd (Cotech) making two false representations
to BRG Capital Facilitation Pty Ltd (BRG). The total amount
involved was $50,000.

Cotech was a baby cot manufacturer, based in Goodwood, Tasmania.
Mr Williams was a former director of Cotech, and Mr Paterson was
a Director of BRG.

Cotech went into voluntary administration on 25 September 2000,
and was placed in liquidation by its creditors on 20 October
2000.

BRG, a provider of cash flow funding, went into receivership on
15 February 2002.

Mr Williams and Mr Paterson did not enter a plea. Both men were
bailed to next appear in the Hobart Magistrates Court on 31 July
2003.


DEEP VIAO: ITC Unit Amends Capital Restructuring
-------------------------------------------------
Listed Investment Company IT Capital Limited, announced Monday
that on 20 June 2003, IT Capital Limited (ITC) (through its
wholly owned subsidiary, DVI Investment Company Limited)
attended a shareholder meeting of Deep Viao Imaging Limited
(DVI) regarding a capital restructuring for DVI. ITC currently
owns 41.55% of the shares in DVI.

Significant advances have been provided to DVI by K One W One
Limited (K1W1). The shareholders have agreed to issue 1,677,083
new ordinary shares at an issue price of $4.80 per share in
order to raise $8,050,000.  This will enable DVI to repay the
K1W1 loans and provide an additional $1,000,000 in cash for
further product development by DVI.

The new shares are offered by way of a pro rata rights issue,
and are fully underwritten. The issue price of $4.80 per share
has been confirmed as being "fair and reasonable" by an
independent appraisal report provided by Deloitte Touche
Tohmatsu.

Due to the impact of the proceedings that Power Beat
International Limited (Power Beat) has issued against ITC (and
others) it is unlikely that ITC will be able to participate in
the pro rata rights issue. Accordingly, ITC's shareholding in
DVI will remain at 661,664 shares, but its percentage interest
in DVI will reduce to 19.44% of DVI. This may be diluted to
18.50% as a result of a proposed employee share option plan
instigated by DVI.

The restructure of DVI is conditional upon certain matters
including Power Beat failing to obtain an injunction from the
High Court to prevent the proposed restructure. Power Beat is
still seeking such injunction and is expected to be heard by the
High Court on 30 June and 1 July 2003.  On 8 April 2003 ITC
advised the market regarding two sets of legal proceedings
relating to DVI including an injunction application by Power
Beat against DVI and others, including ITC. The injunction
application referred to above pertains to an allegation by Power
Beat of oppressive conduct against DVI and supports the earlier
application. The current application, however, does not involve
ITC as a party and is anticipated to be determined by 1 July
2003.

The second set of proceedings related to an application by Power
Beat for the return of 371,727 DVI shares that it sold to ITC in
May 2000 and further unspecified damages. On 13 July 2003 ITC
(along with the four other defendants in the proceedings)
applied to the High Court seeking summary judgment for the
dismissal of those proceedings and seeking security for costs
against Power Beat. That summary judgment application is not
expected to be heard until some time after 18 July 2003.


ENERGY WORLD: Sells Shares in Odeon to Pay Debt to CBA
------------------------------------------------------
The Directors of Energy World Corporation Limited (EWC) wish to
advise that the Company has sold its shares in Odeon Limited
representing its investment in the Basin Bridge Power Station,
Chennai, India.

The funds received have been utilized to pay down the Company
debt obligations to the Commonwealth Bank of Australia (CBA).
The amount outstanding under the Multi Option Facility (MOP) has
therefore been further reduced to A$27 Million. This represents
a significant reduction in the sum owed to the CBA. The original
sum owed under the facility was A$115 Million in 2000.

EWC are now discussing with the CBA the workout for the balance
of the facility that remains to be paid. A further announcement
on this topic will be made when mutually agreeable arrangements
have been concluded.

CONTACT INFORMATION: Mr Stewart Elliott
        EWC Managing Dirctor
        Tel: (6 12) 92476888.


NEXTGEN NETWORKS: Under Receiver Appointment
--------------------------------------------
Leighton Holdings Limited has been advised that a consortium of
banks have appointed a receiver to Nextgen Networks Pty Limited
and Nextgen Holdings Pty Limited after agreement could not be
reached to satisfy all investors as to the future of Nextgen.

Leighton has previously committed $92 million to Nextgen in the
first half of 2002/03 and has fully provided for that
commitment. Leighton has also committed to provide further funds
to Nextgen Networks by June 30. With the appointment of the
receiver, these further funds will now be provided for in the
year's results and are expected to have an after tax impact of
approximately $40 million.

CONTACINT INFORMATION: MR WAL KING
          Chief Executive Officer
          Ph: (02) 9925 6912


NOVA HEALTH: Undertakes Capital Raising to Repay Debt
-----------------------------------------------------
Nova Health Limited on Friday issued a Prospectus announcing
details of a $19.058 million capital raising.

The Company indicated in May that a fund raising would occur.
The terms of the raising have been modified to reflect Nova's
recent share price profile.

The issue is fully underwritten by Austock Brokers Pty Ltd and
Directors and major shareholders of the Company will act as sub
underwriters. The offer now consists of a 2 for 1 renouncable
rights issue of approximately 158,814,760 new shares at an issue
price of 12c per share.

The proceeds of the issue will be used in part to repay $9
million of debt owed and payable within twelve months to non-
primary lenders. Significantly lower than anticipated trading
performance has also necessitated a renegotiation of banking
facilities, resulting in debt reduction, and modification of
covenants to accommodate Nova's projected performance.

Part of the proceeds will also be used to address working
capital requirements.

In an introduction to the Prospectus, Nova's Chairman, Mr Jim
Dominguez, indicated how pleased he was that, "Directors and
major shareholders have seen fit to underpin their faith in the
long term future of Nova by sub underwriting this rights offer."

In overviewing likely 2003 financial results, the Prospectus
notes that, "in March 2003, Nova advised the ASX that full year
net profit after tax was expected to be in the range of $2.2m -
$2.7m, before goodwill amortization of $2.6m".

The final position for the 2003 financial year will depend on
trading outcomes in June 2003, review of back rent of leased
premises, completion of the June 2003 stocktake and application
of tax adjustments for the 2003 financial year. The Company's
expectation is that net profit after tax will be at the low end
of the range previously advised to the ASX, or slightly below.

Nova believes that the operating environment for private
hospitals will continue to be difficult in the next twelve
months. The Company faces nurse wage increases of up to 15% and
there is little evidence that Health Funds are passing on
premium increases to hospital operators.

The Company has also reexamined the carrying value of its
goodwill in light of its 2003/2004 profit expectations and has
taken a decision to write down a further $45M of goodwill.

The Company then expects profit in 2004, before amortization of
reduced goodwill, will be in the range of $1.0M - $1.7M.

The closing date for lodgments of applications by shareholders
wanting to participate in the capital raising is 24 July 2003.

CONTACT INFORMATION: Jonathan Tooth
        Austock Brokers Pty Ltd
        Tel: (03) 8601 2000
        John Collins
        Nova Health Limited
        Tel: (03) 8542 7700


ORBITAL ENGINE: SPP Offer to Close by July 10
---------------------------------------------
Orbital Engine Corporation Limited announced to the Australian
Stock Exchange on 6 June 2003 that it had undertaken a share
placement, which raised A$2.8 million for working capital
requirements.

The Board of Directors of Orbital is now pleased to provide an
opportunity for all eligible shareholders to participate in the
capital raising initiatives of Orbital through a Share Purchase
Plan (SPP).

Registered holders of Orbital shares as at 5pm (Perth time) on
18 June 2003 (the Record Date) with addresses in either
Australia or New Zealand are eligible to participate in the SPP.

The SPP is seeking to raise a minimum of A$3.2 million (before
expenses), by offering shares at an issue price of A$0.12 per
share. If the total of all applications received under the SPP
is less than A$3.2 million (26,666,667 shares), then Paterson
Ord Minnett Ltd (the Underwriter) will procure applications for
the balance by way of a further placement.

The price per share under the recent placement was A$0.12 and
eligible shareholders are now being offered the opportunity to
participate in the SPP at the same price. The price of A$0.12
per share represents a discount of approximately 7.5% to the ASX
closing price of the Company's shares on the day prior to the
date of this offer.

Eligible shareholders may apply for a parcel of up to A$5,000
worth of shares without incurring any brokerage or other
transaction costs. Applications will be rounded down to the
nearest whole number of shares. Thus, for the maximum
subscription of A$5,000 per eligible shareholder, applicants
would be allotted 41,666 Orbital shares.

The SPP has been underwritten by Paterson Ord Minnett Ltd to
A$3.2 million. In the event of demand in excess of this amount,
Orbital may elect to accept additional SPP applications or
alternatively, scale back applications.

The SPP offer will close on 10 July 2003.

According to Wrights Investors' Service, at the end of 2002, the
company had negative common shareholder's equity of -A$12.71
million. This means that at the present time, the common
shareholders have essentially no equity in the company. This
company's total liabilities are higher than total equity, which
means that the money this company owes are greater than all of
the assets of the company.


POWERTEL LIMITED: TVG Proposes RCPS Issue Will Be Renounceable
--------------------------------------------------------------
TVG Consolidation Holdings SPRL (TVG) is pleased to announce an
improvement in the terms of the proposed rights issue of
redeemable convertible preference shares (RCPS) The RCPS issue
is intended to follow TVG's takeover offer for ordinary shares
in PowerTel Limited announced on 10 June 2003 (assuming that the
offer is successful).

TVG now intends that the RCPS rights issue will be renounceable,
giving shareholders the opportunity to sell their rights if they
choose.

All other terms of TVG's takeover offer, the RCPS and the
conditions of the underwriting proposed by TVG remain unchanged.

CONTACT INFORMATION: Andrew Low
        Macquarie Bank Limited
        Tel: (02) 8232 8037


QANTAS AIRWAYS: Air New Zealand Submits Further Info to NZCC
------------------------------------------------------------
Qantas Airways Limited provided the following statement made by
Managing Director & CEO of Air New Zealand Limited, Ralph
Norris:

Qantas Airways Limited and Air New Zealand have submitted
further information to the New Zealand Commerce Commission. The
submission clearly shows that the proposed Strategic Alliance is
the only way to secure substantial and long term benefits for
New Zealand, including tourism and job creation, with little
negative effect.

The evidence clearly shows that New Zealand and Australia are
not isolated from the changes, which have dramatically affected
the global aviation industry, and we must learn to adapt and
accept change to continue to grow and prosper as both a nation
and an airline. The Alliance is a bold initiative by Air New
Zealand and Qantas, but it does need the support of the Commerce
Commission if the substantial and long term benefits are to be
realized.

The highly respected economic advisor to Air New Zealand and
Qantas, Henry Ergas of NECG has confirmed his assessment of the
benefit to New Zealand and this has been reviewed by other
world-leading economists including Professor Robert Willig. All
agree with the economic evidence submitted in support of the
Application and will say so directly to the Commerce Commission.

These economic opinions fundamentally disagree with the economic
modeling carried out by, and on behalf of, the Commerce
Commission upon which it based a significant part of its draft
determination.

If New Zealand wants to avoid the economic consequences of
another near failure of Air New Zealand, future State
intervention in shaping New Zealand's airline industry is likely
to be inevitable if competition regulators in New Zealand and
Australia decline the application by Air New Zealand and Qantas.

Air New Zealand views such State intervention as inappropriate
and unnecessary in the local deregulated airline market, but
notes its competitors internationally include heavily subsidized
and highly protected airlines, some of which already operate to
New Zealand.

The Minister of Finance has also stated on numerous occasions
that the State is not prepared to be a fairy godmother and
provide unlimited future funding of the airline.  That is why
the Alliance should be allowed to proceed as it provides a
pragmatic, commercial framework within which Air New Zealand can
operate successfully as an independent New Zealand-owned and
controlled airline in the rapidly changing global aviation
environment.

Domestic New Zealand routes are not extensive enough to sustain
Air New Zealand, Qantas and a budget carrier such as Virgin Blue
going head to head. One airline will ultimately have to give
ground. The most vulnerable in such a situation is Air New
Zealand.

Our response to the New Zealand Commerce Commission's draft
determination is consistent with the case we have presented from
the outset.

Some critics have described our position as a doomsday scenario.
It is a realistic assessment of the trends that are sweeping
through the airline industry internationally.

New Zealand and the trans Tasman routes can not escape what is
happening in the rest of the world.

A budget airline will be operating on routes to New Zealand.
Last week Virgin Blue announced its intention to do that, and
while it clothed that announcement in terms of it being
conditional on the outcome of the Alliance decision, we know
that to be posturing in a transparent attempt to gain cheap
control of the entire budget carrier segment through a forced
sale of Freedom Air.

The present head to head competition between Air New Zealand and
Qantas will not be sustainable. Add in a budget airline, and the
end consequences range between;

   * Withdrawal or failure of one airline;
   * Air New Zealand being made vulnerable to a full takeover;
   * Further ongoing State support, which is most unlikely to
     occur.

Within our response to the Commerce Commission there are four
key positions we defend.

   * We stand behind our viewpoint that the Alliance will bring
between $189 and $256 million in annual net economic benefits to
New Zealand by year three. This figure is the work of economists
NECG. Within our response we have pointed out to the Commission
where we believe its experts have misinterpreted information,
made invalid assumptions or reached wrong conclusions.

These include the assumption that Tasman and domestic New
Zealand airfares under an Alliance will be higher by 48% and
that in such a scenario Air New Zealand and Qantas would lose no
market share to an aggressive competitor. We know the traveling
public is more commercially astute than to allow this to occur.

If the Commerce Commission maintains its present position it
will be locking Air New Zealand into the past. That is not a
sustainable position for Air New Zealand in an increasingly
volatile global aviation market.

   * We reject the proposition that the Alliance will inevitably
lead to passenger, freight and fare increases, and a decline in
competition. To underline our belief, we have offered conditions
that will cap some fares, maintain flight schedules, introduce
new routes and see the start up of additional freight services.

There are already 9 carriers operating across the Tasman, with
Emirates and Royal Brunei soon increasing that to 11, while
Virgin Blue's entry will bring the total number of trans-Tasman
airlines to 12. It is only a matter of time before Virgin Blue
and possibly other carriers compete on domestic New Zealand
routes. Even without the evidence that airfares are tumbling to
record lows both internationally and within New Zealand, it
would make no commercial sense for Air New Zealand to give these
competitors an opening by pricing itself out of the market.

   * Freedom Air is an integral part of our existing and future
customer offering. We have offered conditions in relation to the
future operations of Freedom Air to facilitate the entry by a
budget airline to New Zealand that gives any new entrant a head
start to operating on the Tasman and domestically.

We have stated from the outset that the Alliance is not a
panacea for the future success of Air New Zealand. Our future
rests on the Alliance in combination with Freedom Air, Air New
Zealand Express Class and further continuous improvement of our
international services.

Take one element away and damaging constraints are placed on our
ability to operate successfully in the future.

   * We disagree with the Commerce Commission's position that
the Alliance will not result in an additional 50,000 tourists a
year visiting New Zealand. It is the point that most clearly
underlines the gulf that can develop between theoretical
modeling and commercial reality.

The Commission's modeling forecasts a decline in visitor
numbers.

What this ignores is that it is to Air New Zealand's and Qantas'
mutual commercial advantage to attract those visitors to New
Zealand within an Alliance, as both will share in the economic
benefits generated. We will make it happen - whether that
requires additional marketing, or pricing or packaging
incentives - because we are in the business of bringing tourists
to New Zealand on our aircraft.

Air New Zealand currently invests in excess of $70 million every
year to promote New Zealand as an international tourist
destination. This investment contributes significantly towards
New Zealand's $6.2 billion international tourism industry with
Air New Zealand carrying 44% of all inbound international
tourists, notwithstanding the fact that Air New Zealand spends
90% of all airline expenditure promoting New Zealand which is
double our proportionate share. No other airline could, or
would, maintain this level of commitment to New Zealand.

Our total response to the Commission's draft determination runs
to hundreds of pages of documentation and evidence.

In compliance with convention, the full text of that response
will not be made public until the Commission releases it,
probably some time this week.

In light of the impact of recent developments such as the Iraq
War and the SARS virus on international air travel, we remain
convinced that an Alliance with Qantas is not only smart and
innovative, it is commercially necessary.

On that basis we have not moved away from the thrust of our
original application.

In May, we gave the Australian Competition and Consumer
Commission (ACCC) a number of undertakings that addressed its
main concerns about the Alliance. Those undertakings have been
incorporated within the answers we have given the New Zealand
Commerce Commission in relation to its concerns.

We believe that the weight of our response, the realities of the
rapidly changing global aviation market, the corroborated
economic analysis from independent economists and the
undertakings we have given will be sufficient for the Commission
to reverse its preliminary draft determination, and we look
forward to the opportunity of discussing our response with the
Commission in detail and responding the Commissioners' questions
at the five-day conference in August.


TOWER LIMITED: Posts Market Surveillance Panel Update
-----------------------------------------------------
TOWER Limited has on Friday 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 director's 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 TOWERs 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.

CONTACT INFORMATION: Karyn Fenton
        GROUP COMMUNICATIONS MANAGER
        TOWER Limited
        Tel: + 64 4 498 7397
        Cell: +64 21 598161


WESTERN METALS: Securities Trading Halted
-----------------------------------------
The securities of Western Metals Limited was placed in pre-open
at the request of the Company, pending the release of an
announcement by the Company. Unless ASX decides otherwise, the
securities will remain in pre-open until the earlier of the
commencement of normal trading on Wednesday, 25 June 2003 or
when the announcement is released to the market.

Below is the Company's request letter for trading halt:

In accordance with ASX Listing Rule 17.1, we request an
immediate trading halt pending the release of an announcement by
Western Metals Limited (Company). The announcement relates to an
agreement in principle to a significant debt and equity
restructuring of the Company, which it anticipates will shortly
be reached.

The Company requests that the trading halt end on the earlier of
the commencement of normal trading on Wednesday, 25 June 2003
and when the anticipated announcement referred to above is
released to the market.

The Company is not aware of any reason why the trading halt
should not be granted, nor of any other information necessary to
inform the market about the trading halt.

G Wedlock
MANAGING DIRECTOR


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


DONE BEST: Winding Up Petition Pending
--------------------------------------
Done Best 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 12, 2003 by Chan Mei Yuk of Flat
C, 23rd Floor, Block 33, Laguna City, Cha Kwo Ling, Kowloon,
Hong Kong.


EARNING FIT: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Earning Fit Company Limited is set for
hearing before the High Court of Hong Kong on July 16, 2003 at
9:30 in the morning.

The petition was filed with the court on May 22, 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.


GOLDEN PLACE: Winding Up Sought by China Weal
---------------------------------------------
China Weal Property Management Limited is seeking the winding up
of Golden Place Investments Limited. The petition was filed on
May 15, 2003, and will be heard before the High Court of Hong
Kong on July 16, 2003.

China Weal holds its registered office at Room 1901, 19th Floor,
Fortress Tower, 250 King's Road, North Point, Hong Kong.


HOUSING MANAGEMENT: Petition to Wind Up Planned
-----------------------------------------------
The petition to wind up Housing Management Agency Limited is
scheduled for hearing before the High Court of Hong Kong on July
9, 2003 at 9:30 in the morning.

The petition was filed with the court on May 14, 2003 by
Aberdeen Winner Investment Company Limited whose registered
office is situated at 4/F., Repulse Bay Garden, 28 Belleview
Drive, Hong Kong.


KENNEX (HONG KONG): Winding Up Hearing Scheduled on June 25
-----------------------------------------------------------
The High Court of Hong Kong will hear on June 25, 2003 at 9:30
in the morning the petition seeking the winding up of Kennex
(Hong Kong) Limited.

Neil Rose of 1015, East Arctic Avenue, Folly Beach, SC 29439,
U.S.A.  filed the petition on May 5, 2003. DEACONS represents
the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing DEACONS, which
holds office on the 5th Floor, Alexandra House, Central, Hong
Kong.


LE SAUNDA: Narrows Net Loss to HK$23.543M
-----------------------------------------
Le Saunda Holdings Limited released a summary of its financial
statement:

Year end date: 28/02/2003
Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/03/2002    from 01/03/2001
                              to 28/02/2003      to 28/02/2002
                              Note  ('000)       ('000)

Turnover                           : 311,529            334,763
Profit/(Loss) from Operations      : (19,338)           (70,475)
Finance cost                       : (1,233)            (2,688)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 1,605              10,377
Profit/(Loss) after Tax & MI       : (23,543)           (64,391)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.052)            (0.144)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (23,543)           (64,391)
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:


LOSS PER SHARE

The calculation of loss per share is based on the loss
attributable to shareholders of HK$23,543,000 (2002 :
HK$64,391,000) and on the weighted average number of shares in
issue during the year of 448,619,600 (2002 : 448,619,600).

Fully diluted loss per share is not presented as the exercise
prices of the outstanding share options of the Company are
higher than the market price in respect of both years presented.


NAM FONG: Trading Suspension Requested
--------------------------------------
At the request of Nam Fong International Holdings Limited,
trading in its shares will be suspended with effect from 9:30
a.m. on Monday (23/6/2003) pending for release of an
announcement in relation to the outcome of the adjourned hearing
for the winding-up petition against the Company.


ORIENTAL METALS: Requests Suspension of Trading
-----------------------------------------------
Oriental Metals (Holdings) Company Limited requested trading in
its shares to be suspended with effect from 9:30 a.m. Monday
(23/6/2003) pending the announcement in relation to the price
sensitive information of the Company.

According to Wrights Investors', at the end of 2002, Oriental
Metals (Holdings) had negative working capital, as current
liabilities were HK$1.02 billion while total current assets were
only HK$509.63 million. It has paid no Dividends during the
previous 6 fiscal years.


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


ASTRA INTERNATIONAL: Unit Membership Grows to 65,000
----------------------------------------------------
AstraWorld, a unit of PT Astra International Tbk that was
launched on February 2nd of 2002 in Jakarta, is now operating
with 5 Representative Offices that are located in Bandung,
Semarang, Surabaya, Denpasar, and Medan. Its total membership
has grown to 65,000 automobile owners covering the 5 brands that
are offered by Astra, which are BMW, Daihatsu, Isuzu, Peugeot,
and Toyota.

AstraWorld was launched to give Astra International's Customers
a Value Added After Sales service. It is a breakthrough in
lifestyle services - called "Motoring Lifestyle Services" - that
is being offered through a membership program that pays
attention to both the customers' dynamic lifestyle and their
motoring needs.

"AstraWorld was launched to integrate all the competencies under
the Astra brand in order to fully satisfy Astra's customers.
This is done accordingly to the company's commitment to be the
best and front runner distributor of quality cars." said Budi
Setiadharma, President Director of PT Astra International Tbk to
the press on Friday.

With its vision "to be the ultimate motoring lifestyle Consumer
Agent", AstraWorld offers a variety of services that are aimed
to benefit its members in choosing and owning an Astra car. This
applies when AstraWorld member or Cardholder is using the Astra
car wherever and whenever.

On May 27, the Troubled Company Reporter - Asia Pacific reported
that in accordance with the schedule of the second series debt
payment agreed on the debt restructuring with the creditors,
Astra should pay tax installments of US$97 million for this year
and next year.


BANK MANDIRI: IPO Oversubscribed
--------------------------------
The Indonesian government's initial public offering of 10
percent of Bank Mandiri, was more than three times
oversubscribed, IndoExchange reports, citing an unnamed
government official.

"Even more," Deputy Minister Machmuddin Yasin said but declined
to comment further when asked about that the matter.

The government, which currently owns 100 percent of the
country's biggest bank, is expected to set the pricing for the
issue on Monday, with listings on the Jakarta and Surabaya stock
exchanges scheduled for July 14.


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


FUKUSUKE CORPORATION: Seeks Court Protection
--------------------------------------------
Fukusuke Corporation filed for court protection from its
creditors Saturday with debts totaling 42.6 billion yen, blaming
a decline in sales of socks and underwear on sluggish consumer
spending, Kyodo News reports. The sock maker plans to continue
operation and seek rehabilitation by transferring its business
around October 1 to a new Company funded by Tokyo-based
corporate rehabilitation fund firm MKS Partners Ltd.

Fukusuke Corporation was established as Marufuku Tabi Shozokuten
in 1882 to sell "tabi", traditional socks designed for Japanese
style footwear. The Company registered "Fukusuke" as a trademark
in 1900 and was incorporated as Fukusuke Tabi Kabushiki Kaisha
in 1919. In 1964 the Company changed its name to Fukusuke
Corporation. The Company acts as a wholesaler of hosiery,
"Fukusuke" tabi, knitwear and underwear manufactured by
associated subcontractors. Hosiery accounted for 60 percent of
fiscal 1999 revenues; outerwear, 17 percent; underwear, 13
percent; shoes, 4 percent; tabi, 4 percent; materials and other,
2 percent and real estate rental and leasing, nominal. Export
sales accounted for 0.07 percent of fiscal 1999 revenues.


NIPPON TELEGRAPH: Pension Fund to Return Govt Portion of Assets
----------------------------------------------------------------
The employee pension fund of the Nippon Telegraph and Telephone
Corp. (NTT) group applied with the Ministry of Health, Labor and
Welfare on Friday for approval to return the portion of assets
it manages on behalf of the government, according to Kyodo News
on Saturday. The application, by one of the largest employee
pension funds in Japan, is expected to accelerate moves to
return the substitution portions to the government triggered by
the prolonged slump in the stock market.


NISSHO IWAI: Union Accepts Bonus Ban
------------------------------------
Nissho Iwai Corporation's union has accepted the Company's
proposal to pay no bonuses to non-management staff this summer,
according to Japan Times. The union gave in to the ailing
trading house at an executive board meeting Thursday and has
notified members.

A formal agreement will be finalized next week. On April 1,
Nissho Iwai and trading house Nichimen Corp. integrated their
management under a holding Company Nissho Iwai-Nichimen Holdings
Corporation in a bid to rebuild the struggling businesses.
Nissho Iwai has begun restructuring efforts and has decided to
cut the salaries of its management staff by about 20 percent.


RESONA BANK: Japan's Financial Sector in the Wake of Bailout
------------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that the public
fund injection into Resona Bank would not lead to an immediate
revision of its ratings on the other major Japanese banks.

However, it warned similar injections into the banks remained a
possibility.

Following the Japanese government's decision to inject about �2
trillion in fresh capital into Resona Bank Inc., Standard &
Poor's placed its ratings on Resona Bank on CreditWatch with
positive implications.

Commenting on the broader financial sector, Nana Otsuki, a
director at Standard & Poor's, said: "Given the myriad problems
in the banking sector, including mounting non-perforning loans
as deflation forces companies into financial difficulty, and
devaluation losses in the banks' equity portfolios as the stock
market continues its slide, other major banks may seek
government assistance in the near future," said Nana Otsuki, a
director at Standard & Poor's.

Furthermore, as a result of the Resona injection, public
pressure could build on auditors to take a stricter view in
assessing banks' deferred tax assets, which could push other
banks to seek capital support, Ms. Otsuki said.

"If the government provides capital to other banks, Standard &
Poor's will reassess its ratings on each bank on an individual
basis, focusing on key factors, including the degree of the
capital enhancement and improvements in the bank's financial
profile and management," Ms. Otsuki added.

GOVERNMENT SUPPORT INCORPORATED IN CURRENT RATINGS

Standard & Poor's ratings reflect the high probability that the
government will support banks when necessary, including through
capital injections, under Deposit Insurance Law Article 102-1-1
(see article "Recapitalizing Japan's Banks: Impact on Bank and
Sovereign Ratings" published Oct. 7, 2002). As Standard & Poor's
has considered for some time that most of the major banks are
undercapitalized, Resona's request for public funds does not
require a drastic change to this view.

DEFERRED TAX CONSIDERED WEAK CAPITAL

Resona's application for public funds was precipitated by its
auditor's stricter assessment of the bank's deferred tax assets,
resulting in its capital falling below the 4 percent regulatory
minimum. As other major banks also hold substantial deferred tax
assets, a similar event is a real possibility.

Standard & Poor's considers banks' deferred tax assets to be a
weaker form of capital, and deducts a part of their value from
its calculations of adjusted common equity. As a result, no
change to its treatment of deferred tax assets is necessary.

IMPACT OF MARKET REACTION

At the same time, concerns have risen that the news may push
lenders to impose more strict terms and conditions on banks
seeking market financing. Currently, however, this is not
expected to affect the ratings on the major banks, given the
liquidity support provided by the Bank of Japan.

In assessing the impact of possible capital injections to the
major banks, Standard & Poor's will focus primarily on the
following three points:

-- Capital relative to business risks. At the time of initial
public fund injections in March 1998 and March 1999, Standard &
Poor's did not raise its ratings on the major banks, as it
considered the amount insufficient to justify an upgrade
compared to the business risks assumed by the banks. Therefore,
upgrades would only occur if the capital infusion was large
enough to account for a bank's business risks relative to its
rating.

-- Quality of capital injections. The previous capital
injections were provided in the form of preferred stock and
subordinated debt that are treated as low quality capital by
Standard & Poor's. Any future capital injections of low quality,
particularly those that require fixed dividend payments or
repayments to the government, would not lead to a significant
improvement in capital or to higher ratings on the banks.

-- Quality and effectiveness of management. Capital injections
in the late 1990s have been consumed mainly by credit costs and
devaluation losses in the banks' securities portfolios. In
addition, the banks have failed to remove constraints on their
profitability, such as the impact on the decision making process
of traditional relationships, which have prevented the banks
from charging adequate spreads to absorb risks or fees to cover
costs of services. As a result, the core profitability of
Japanese banks has not improved as they had forecast, while the
deflationary economic environment has accelerated the
deterioration of the asset quality of banks.

Furthermore, if banks are requested to play a role in
implementing government policy in exchange for capital
injections, including lending to small and midsize enterprises,
this will affect their financial profiles.


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


CHOHUNG BANK: Hunt is On For New CEO
------------------------------------
Union members of Chohung Bank has agreed with Shinhan Financial
Group that the Chief Operating Officer (CEO) of the bank would
be chosen from among those who have worked for or are currently
employed by the bank, according to Digital Chosun on Sunday.
Hong Suk-ju, the current CEO of Chohung, is unlikely to retain
the post. Hong himself has said that he does not want to keep
the job.

Shinhan Financial Group has been looking for a candidate among
former and current executives of Chohung Bank who has earned
respect from the workers. Sources speculated that Lee Gang-
ryeung, former Vice President of Chohung, is a strong candidate
for the post. They said that Lee has been maintaining a wide
personal relationship with leading politicians and government
officials. He was also very popular among Chohung employees.


CHOHUNG BANK: S&P Rating Still on Watch as Govt Confirms Sale
-------------------------------------------------------------
Standard & Poor's Ratings Services said it would resolve the
CreditWatch placements of Chohung Bank (BB+/Watch Positive/B)
and Shinhan Bank (Shinhan: BBB+/Watch Negative/A-2) after
confirming Shinhan Financial Group's (SFG) payment scheme for
its purchase of Chohung.

On June 19, 2003, the Korean government's Public Money
Management Committee officially accepted SFG's bid for Chohung,
and announced the approximate terms and conditions of the sales
contract. However, the exact scheme of payments is not yet
clear.

Key factors for the rating on Shinhan are the impact of SFG's
funding scheme on the group's financial structure, and the
prospects for the integration process.

Approximate terms and conditions of SFG's purchase of all Korea
Deposit Insurance Corp.'s ownership of Chohung (80.04 percent)
are:

- About 40 percent of Chohung shares will be bought with cash;

- About 20 percent of Chohung shares will be bought with
redeemable convertible preferred shares;

- Redeemable preferred shares will pay about 20 percent points
of Chohung shares;

- For card credit and some of Chohung's corporate credit, an
indemnity will be allowed up to 650 billion won; and

- The timing and scheme of the settlement has not yet been
announced.

"The damage to Chohung's operations and liquidity caused by
demonstrations by the bank's labor union, which opposes the sale
to SFG, will not have a significant impact on the ratings on the
two banks," said Young Il Choi, a credit analyst at Standard &
Poor's.

Demonstrations by Chohung labor union resulted in deposit
withdrawals of more than W3 trillion as the bank was hit by
concerns over its operations. Bank of Korea reportedly has
provided emergency funds to ease Chohung's liquidity problems.
The demonstrations are expected to continue until labor issues
are resolved. However, the negative impact on customer loyalty
and market perception is immediate issues for Chohung and
Shinhan.


CHOHUNG BANK: Union Ends Strike Sunday
--------------------------------------
Labor union members of Chohung Bank ended their general strike
on Sunday morning, as the union, the bank's management and the
government struck a deal on the union's demands, Digital Chosun
reports. The bank will resume normal operations on June 23.
Representatives of Korea Financial Industry Union, Shinhan
Financial Group, Chohung Bank, Chohung's labor union and the
Korea Deposit Insurance Corp. signed the 10-point agreement on
Sunday, which guaranteed Chohung's independent operation for the
next three years.

The concerned parties also agreed that during the three-year
period, the Chief Operating Officer (CEO) of Chohung would be
appointed from among the current Chohung staff. The agreement
also set forth that the employment of Chohung workers would be
guaranteed after the sale and that the acquiring bank would not
make cuts in Chohung's labor force without any prior
consultation. Shinhan Financial Group is expected to sign a
formal contract to take over Chohung later this week.
Preparations to launch Chohung as a subsidiary of Shinhan are to
be finished by the end of August.


HYNIX SEMICONDUCTOR: EC Plans Penalty Tariffs on Chipmaker
----------------------------------------------------------
The European Commission (EC) has asked the European Union (EU)
to impose a 34.9 percent punitive import duty on Hynix
Semiconductor Inc.'s memory chips, according to the Korea Times.
The commission's proposal follows a similar ruling by the United
States on June 17 to slap a 44.71 percent punitive import tariff
on Hynix chips. The EC had already imposed an import duty of
33.33 percent on Hynix DRAM shipments since April.

Hynix is already losing considerable sales from the
countervailing duty investigations by the U.S. and EC with its
DRAM exports to the U.S. shrinking some 25 percent since the
U.S. Commerce Department imposed a 57.37 percent punitive import
tariff last April. Hynix decreased its direct DRAM shipments to
the U.S. to avert the hefty tariff.

Hynix's DRAM exports to the U.S. amounted to US$460 million last
year, of which 25 percent or about US$120 million was shipped
directly from Korea to the U.S. The rest was sold to the U.S.
through Hynix affiliates in the U.S. or via third countries.
Hynix' memory chips not originating from Korea are not subject
to the tariff.


SK CORPORATION: Union to Sue Company Heads
------------------------------------------
Union members of SK Corporation will file civil charges against
Son Kil-seung, Chairman of SK Group and Kim Seung-yu, President
of Hana Bank, the largest creditor of SK Global Co., for
malfeasance, JoongAng Daily reports.

Law firm Hankyul, legal advisor for SK Corp's labor union, said
Mr. Son and Mr. Kim brought losses on SK Corp. by entering a
non-binding treaty declaring that the annual operating income of
SK Global would be kept above 430 billion won ($361 million)
before taxes. Because even a sound firm would have difficulty in
meeting such a target, the agreement would mean future
liabilities for SK Corp. as its sister firm struggles to
survive.


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


BRIDGECON HOLDINGS: SC Extends PRS Implementation to Dec 26
-----------------------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed)
refers to the announcement on 30 December 2002 in relation to
the Proposed Restructuring Scheme (PRS).

Public Merchant Bank Berhad, on behalf of BHB, wishes to
announce that the Securities Commission had via its letter dated
19 June 2003, which was received on 20 June 2003, approved BHB's
application to extend the period for implementation of the PRS
for an additional six (6) months to 26 December 2003.

For details of the PRS, refer to the Troubled Company Reporter -
Asia Pacific Wednesday, August 21, 2002, Vol. 5, No. 165 issue.


CRIMSON LAND: Board OKs Proposed Re-organization of Units
----------------------------------------------------------
The Board of Directors of Crimson Land Berhad is pleased to
inform that the Board has approved the proposed re-organization
of certain wholly-owned subsidiary companies comprising the
property maintenance and dormant companies (the Proposal) within
the Crimson Group of Companies via the sale of these companies
by Crimson to Hazuma Setia Sdn Bhd (Hazuma). Hazuma is another
wholly-owned subsidiary company of Crimson.

The Proposal

The Proposal involves the re-organization of the property
maintenance and dormant companies, all being wholly-owned
subsidiary companies of Crimson, via the sale of Crimson's
entire equity interests in the capital of these companies to
Hazuma, another wholly-owned subsidiary company of Crimson,
whereby Hazuma shall become the holding company of these
companies.

Rationale of the Proposal

The Proposal is carried out for the purpose of rationalizing and
consolidating the property maintenance and dormant companies
under one holding company.

Effects of the Proposal

(a) Financial Effects

   (i) At Crimson level

The Proposal will not cause any changes to the NTA and earnings
of Crimson for the financial year ending 30 June 2003.

   (ii) At Group level

The Proposal will not cause any changes to the NTA and earnings
of the Group.

(b) Effects on Share Capital and Substantial Shareholders

The Proposal will not have any effect on the issued and paid-up
share capital of the Company and the composition of substantial
shareholders of the Company.

(c) Corporate Structure

The corporate structures of Crimson Group before and after the
Proposal are set out in TABLE A at
http://bankrupt.com/misc/TCRAP_Crimson0624.xls.

Directors' and Substantial Shareholders' Interest

None of the directors and/or substantial shareholders of the
Company and/or persons connected with the directors and/or
substantial shareholders has any interest, direct or indirect,
in the Proposal.

Approvals To Be Obtained

Approvals of any relevant authorities, if required, will be
obtained.


KEMAYAN CORPORATION: Faces Writ of Summons From HLLB
----------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad informed
that its subsidiary, Kemayan Properties Sdn Bhd (KPSB) and KCB
had on 19 June 2003 received a sealed copy of writ of summons
from Hong Leong Bank Berhad (HLBB) for the following claims
against KPSB and KCB:

   1. the total sum of RM5,229,129.89;

   2. interest at the rate of 2.5% per annum plus 1% per annum
plus HLBB's base lending rate (currently at 6.00% per annum) on
monthly rest from 28 February 2003 until the date of full and
final payment;

   3. costs; and

   4. such other relief as the Honorable Court may deem fit and
proper.

The claim is in respect of banking facilities amounted to
RM4,675,000.00 provided by HLBB to KPSB as per Letter of Offer
dated 4 September 1995, in which KPSB has defaulted the total
payment of RM5,229,129.89 as at 27 February 2003 as claimed by
HLBB. KCB has provided corporate guarantee for the facility.

The financial and operation impact on the Group is not expected
to be significant as the claim has been provided for in the
Group's account. Hence, no further material expected loss to the
Group is anticipated.

The Company and KPSB are engaging solicitor to defend the claim.


KIARA EMAS: Submits Investigative Due Diligence Report to SC
------------------------------------------------------------
On behalf of Kiara Emas Asia Industries Berhad, AmMerchant Bank
Berhad wishes to announce that AmMerchant Bank has submitted two
(2) copies of the investigative due diligence report on the past
losses of Kiara Emas (Report) to the Securities Commission (SC)
on 3 June 2003 pursuant to the requirement set out in paragraph
4(iii)(a) of the SC's approval letter dated 24 December 2002.

AmMerchant Bank has sought the approval of the SC on 3 June 2003
and 6 June 2003 to vary the requirement of the SC's approval
letter to announce the results of the Report, so as to replace
it with a requirement to announce that the investigative due
diligence report on the past losses of Kiara Emas has been
completed and furnished to the SC. AmMerchant Bank is currently
waiting for a decision from the SC. A further announcement will
be made upon receipt of the SC's decision.

The "Proposals" collectively refers to:

   i.    Proposed Shareholders' Scheme
   ii.   Proposed Creditors' Scheme
   iii.  Proposed Disposal
   iv.   Proposed Acquisition
   v.    Proposed Special Issue
   vi.   Proposed Restricted Issue
   vii.  Proposed Mandatory Offer
   viii. Proposed Transfer Of Listing Status


LION INDUSTRIES: Proposes Disposal to Repay Bondholders
-------------------------------------------------------
The Board of Directors of Lion Industries Corporation Berhad
(LICB) (formerly known as Lion Land Berhad) wishes to announce
that on 17 June 2003, LICB had entered into:

   (i) a sale and purchase agreement with the Selangor and Kuala
Lumpur Teo Chew Association (Teo Chew Association) for the
proposed disposal of the portion of the building erected on the
land held under H.S(D) 64502, No. PT 32625, Mukim Kapar, Daerah
Klang, Negeri Selangor and commonly referred to as the East Wing
of Wisma Amsteel (East Wing) for a cash consideration of RM11
million to the Teo Chew Association (Proposed Disposal); and

   (ii) a deed of assignment with the Teo Chew Association for
the assignment of the tenancies within the East Wing to the Teo
Chew Association.

Information on the East Wing

The East Wing forms part of Wisma Amsteel, which is a purpose-
built 5-storey commercial/office building with one basement car
park level located at No. 1, Lintang Pekan Baru, Off Jalan Meru,
41050 Klang, Selangor Darul Ehsan. Wisma Amsteel is located
about 2 km north of the Klang town center and is accessible via
the New Klang Valley Expressway as well as from the Federal
Highway via the Klang town center. Other developments in the
immediate vicinity of Wisma Amsteel include the Klang Parade
shopping center, a condominium block (Pelangi Court) and 4-
storey shop offices.

Wisma Amsteel, completed in 1994, is erected on a freehold land
held under H.S.(D) 64502, No. PT 32625, Mukim Kapar, Daerah
Klang, Negeri Selangor with land area of 42,691 sq. ft. and a
gross floor area of approximately 165,222 sq. ft. The land cost
(inclusive of development cost) is a total of RM7.5 million. The
net book value of the East Wing as at 30 June 2002 is RM7.5
million. Wisma Amsteel comprises two wings:

   (i) the West Wing (West Wing) which is owned by Amsteel
Equity Realty (M) Sdn Bhd (AER), an 83.78% owned subsidiary of
Amsteel Corporation Berhad (Amsteel); and

   (ii) the East Wing, which is beneficially owned by LICB. The
East Wing has a net floor area of approximately 59,073 sq. ft.
with a current occupancy rate of 39% by third parties
(Tenancies).

The open market value for the East Wing as appraised by Messrs
Henry Butcher on 4 June 2003 is approximately RM11 million.

LICB has executed a legal charge over the East Wing in favor of
the security trustee for the bondholders and the USD
consolidated and rescheduled debts (USD Debt) holders of LICB.
The East Wing will be disposed of free from encumbrances.

Information on Teo Chew Association

Teo Chew Association was formed in 1949 under the Societies Act
and currently has approximately 4,000 members.

Details of the Proposed Disposal

The Proposed Disposal involves LICB selling the East Wing to the
Teo Chew Association for a cash consideration of RM11 million
which was arrived at on a willing buyer-willing seller basis
after taking into consideration the open market value of the
East Wing as appraised by Messrs Henry Butcher.

It is a term of the Proposed Disposal that the completion of the
Proposed Disposal is inter-conditional with the completion of
the proposed disposal of the West Wing by AER to the Teo Chew
Association for a consideration of RM12.4 million (Proposed
Disposal of West Wing).

The Proposed Disposal is expected to be completed by end of June
2003 whereupon lawful possession of the East Wing is delivered
or deemed delivered to the Teo Chew Association and accordingly,
the Tenancies are assigned to the Teo Chew Association.

Rationale for the Proposed Disposal

The Proposed Disposal provides an opportunity for LICB to
dispose of one of its several stock. The proceeds received from
the Proposed Disposal will facilitate LICB's repayment to its
bondholders and USD Debt holders.

Financial effects of the Proposed Disposal

i) Share Capital

There will be no effect on the issued and paid-up capital of the
LICB Group as the Proposed Disposal does not involve the
issuance of new LICB shares.

ii) Earnings

The Proposed Disposal is expected to result in a gain of
approximately RM2 million to the LICB Group for the financial
year ending 30 June 2003.

iii) Net Tangible Assets (NTA)

On a proforma basis, the Proposed Disposal will not have a
material effect on the NTA of the LICB Group based on the
audited consolidated balance sheet as at 30 June 2002.

Conditions of the Proposed Disposal

The Proposed Disposal is subject to the following:

   (a) simultaneous completion of the Proposed Disposal of West
Wing; and

   (b) execution of a deed of assignment between LICB and the
Teo Chew Association pursuant to which LICB assigns the
Tenancies to the Teo Chew Association.

The condition set out in paragraph 7.1(b) was fulfilled on 17
June 2003.

Directors' Interest

The following Directors do not consider themselves independent
with regard to the Proposed Disposal by virtue of the following:

   i) Datuk Cheng Yong Kim, a substantial shareholder of the
Company, is deemed to have a substantial interest in the shares
of AER by virtue of his substantial shareholding in Amsteel, the
ultimate holding company of AER;

   ii) Dato' Kamaruddin @ Abas bin Nordin is an Executive
Director of Lion Courts Sdn Bhd, a wholly-owned subsidiary of
the Company in which Datuk Cheng Yong Kim is deemed to have
substantial interest via his substantial shareholding in LICB;

   iii) Mr Cheng Yong Liang is the brother of Datuk Cheng Yong
Kim; and

   iv) Mr Heah Sieu Lay is an employee of Lion Subang Parade Sdn
Bhd, a company in which Datuk Cheng Yong Kim is deemed to have a
substantial interest via his substantial shareholding in Lion
Diversified Holdings Berhad, a subsidiary of LICB.

Save as disclose above, none of the other Directors has any
interest, direct or indirect, in the Proposed Disposal.

Directors' Opinion

The Directors of the Company are of the opinion that the
Proposed Disposal is in the best interest of the Company and its
shareholders.

Documents for Inspection

Copies of the sale and purchase agreement and the deed of
assignment relating to the Proposed Disposal and the valuation
report and valuers' letter are available for inspection at the
registered office of LICB during normal office hours for a
period of two (2) weeks commencing from the date of this
announcement.


MALAYSIAN GENERAL: Court Convened Meeting Set on July 15
--------------------------------------------------------
On behalf of Malaysian General Investment Corporation Berhad,
AmMerchant Bank Berhad is pleased to announce that the Company
will be holding its Court Convened Meeting (CCM) at 3rd Floor,
Wisma MGIC, 38 Jalan Dang Wangi, 50100 Kuala Lumpur on Tuesday,
15 July 2003 at 10:00 a.m. for the purposes of considering and,
if thought fit, agreeing (with or without modification) to the
Proposed Shareholders' Scheme. The full text of the Notice of
the CCM in English can be found at
http://bankrupt.com/misc/TCRAP_MGICCCM.doc.

In addition, an Extraordinary General Meeting (EGM) will be held
at 10:30 a.m. or immediately following the conclusion,
adjournment or postponement (as the case may be) of the CCM to
be held at the same venue and on the same day, whichever is the
later, for the purposes of considering and, if thought fit, to
pass the resolutions pertaining to the Proposed Restructuring
Scheme with or without modification. Go to
http://bankrupt.com/misc/TCRAP_MGICEGM.docto see full text of
the Notice of the EGM.

Proposed Restructuring Scheme comprises the following:

   * Proposed scheme of arrangement between MGIC and its
shareholders to facilitate the proposed exchange of all the
existing ordinary shares of RM1.00 each (Shares) in MGIC with
new Shares in Sumatec Resources Berhad (SRB) on the basis of one
(1) new Share in SRB for every five (5) existing Shares held in
MGIC (Proposed Shareholders' Scheme);

   * Proposed debt settlement exercise between MGIC and its
creditors, save for the trade creditors (Creditors), involving
the issuance of new Shares in SRB to the Creditors as full and
final settlement of the outstanding debts due from MGIC to the
Creditors;

   * Proposed acquisition of the entire issued and paid-up share
capital of Sumatec Corporation Sdn Bhd (Sumatec) comprising
10,000,000 Shares by SRB from Tekad Mulia Sdn Bhd (Tekad Mulia)
for a purchase consideration of RM95,000,000 to be satisfied by
the issuance of 95,000,000 new Shares in SRB at an issue price
of RM1.00 per Share (Proposed Acquisition Of Sumatec Group);

   * Proposed waiver to the vendor of the Sumatec Group, Tekad
Mulia and parties acting in concert with it from the obligation
to extend an unconditional mandatory general offer for all the
remaining Shares not already owned by them in SRB after the
Proposed Acquisition Of Sumatec Group;

   * Proposed offer for sale / placement of the SRB Shares held
by the Creditors and Tekad Mulia (if required);

   * Proposed admission of the entire enlarged issued and paid-
up share capital of SRB to the Official List of the Kuala Lumpur
Stock Exchange and proposed delisting of MGIC; and

   * Proposed liquidation of MGIC and all of its subsidiaries.


METROPLEX BERHAD: 40th AGM Fixed on July 16
-------------------------------------------
Metroplex Berhad is pleased to inform that its 40th Annual
General Meeting will be held at Ballroom 1, 9th Floor, The
Legend Hotel, Putra Place, 100 Jalan Putra, 50350 Kuala Lumpur
on Wednesday, 16 July 2003 at 2:30 p.m.

Details of the resolutions to be tabled at the AGM are set out
at http://bankrupt.com/misc/TCRAP_Metroplex0623.doc.


METROPLEX BHD: Debt Restructuring Workout Underway
--------------------------------------------------
Metroplex Berhad refers to the earlier announcement on 21 May
2003 in relation to the Restraining Order and Proposed Debt
Restructuring of the Group.

Metroplex Berhad wishes to advise that following the extension
of the restraining order granted by the High Court of Malaya, MB
is continuing to work out its debt restructuring with its
creditors. An announcement would be made to the Kuala Lumpur
Stock Exchange once an agreement has been reached on this.


MULTI-PURPOSE HOLDINGS: Strikes Off Subsidiary Companies
--------------------------------------------------------
The Board of Multi-Purpose Holdings Berhad wishes to announce
that MPHB had on 19 June 2003 received Notices from the
Companies Commission of Malaysia (CCM) both dated 5 June 2003
that the following subsidiary companies of MPHB had been struck
off the register of the Companies Commission of Malaysia
pursuant to Section 308 of the Companies Act, 1965:

   1. Multi-Purpose.Com Sdn Bhd
   2. Multi-Purpose Credit Nominees (Asing) Sdn Bhd


PAN MALAYSIA: Liquidated Unit's Disposal Completed
--------------------------------------------------
In reference to the announcement on 20 December 2002 concerning
the Sale of Property by the Liquidator of Cocoa Specialities
(Malaysia) Sdn Bhd (In Liquidation) to Metrojaya Berhad for a
Cash Consideration of RM7.0 Million (The Disposal).

Pan Malaysia wishes to inform Exchange that the Disposal was
completed on 20 June 2003.

CSM is a 64.8%-owned subsidiary of Pengkalen (UK) Plc, which in
turn, is a 84.1%-owned subsidiary of Pan Malaysia Holdings
Berhad (PMH). CSM is currently under a creditors' voluntary
liquidation.

Refer to the Troubled Company Reporter - Asia Pacific Friday,
December 27, 2002, Vol. 5, No. 255 issue for details of the
Disposal.


PERUSAHAAN OTOMOBIL: Unit Under Voluntary Liquidation
-----------------------------------------------------
Perusahaan Otomobil Nasional Bhd. (PROTON) wishes to notify that
a subsidiary of PROTON, Proton MC Metal Sdn. Bhd. (Company) has
at an extraordinary general meeting held on Friday, approved
inter alia the following resolutions as special resolutions:

   (1) that the Company be wound up as a members' voluntary
liquidation and that Mohd Anwar Yahya and Lim San Peen of
PricewaterhouseCoopers are hereby appointed jointly and
severally as the Liquidators and the powers of the Liquidators
may be exercised by either independently of the other;

   (2) that the Liquidators shall exercise any of the powers
given by Section 236(1)(b)(c),(d) and (e) of the Companies Act,
1965 to a liquidator in a winding up by the court;

   (3) that the Liquidators are authorised to distribute surplus
assets in specie to the shareholders.

Background of the Company

Proton MC Metal Sdn. Bhd. was set up as a joint venture company
in 1995 between PROTON and Mitsubishi Corporation ("MC") of
Japan trading in steel and related products. PROTON held 75%
equity in the Company while MC held 25% interests. The
authorised capital of the company is RM5 million while the
issued and paid up capital is RM4.5 million. PROTON and MC have
mutually agreed to terminate the joint venture and have agreed
for the voluntary liquidation of the Company.

Financial Impact of the Members' Voluntary Liquidation

The voluntary liquidation of the Company is not expected to have
any financial impact on the Group.


TAJO BERHAD: EGM Resolutions Unanimously Approved
-------------------------------------------------
Tajo Berhad is pleased to inform that the resolution mentioned
in its Notice of the Extraordinary General Meeting dated 28 May
2003 has been unanimously approved by the shareholders at the
Meeting held immediately after the conclusion of the Annual
General Meeting held on 19 June 2003 at 10:00 a.m.

The shareholders at the Meeting held on 19 June 2003 at 10:00
a.m have unanimously approved the Company also informed that all
the resolutions mentioned in its Notice of the 26th Annual
General Meeting dated 28 May 2003.

Early this month, the Troubled Company Reporter - Asia Pacific
provided an update on the details of all the facilities
currently in default in compliance with Section 3.1 of Practice
Note 1/2001. Details are as per Table 1 at
http://bankrupt.com/misc/TCRAP_Tajo0604.pdf.


TIMBERMASTER INDUSTRIES: Gets SC's Nod on Proposed Valuation
------------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed) refers to the announcement dated 10 December 2002 in
relation to the Proposed Restructuring Scheme.

Aseambankers Malaysia Berhad, on behalf of the Company, is
pleased to announce that the Securities Commission had via its
letters dated 13 June 2003 and 19 June 2003 informed that it has
no objection to the proposed valuation of Maju Weko Timber
Industries Sdn Bhd's (MWTI) forest concession and freehold land
and factory buildings. Details of the said valuation can be
found at http://bankrupt.com/misc/TCRAP_Tmaster0624.pdf.


TRANSWATER CORPORATION: SC Grants Time Extension Application
------------------------------------------------------------
Transwater Corporation Berhad refers to the announcement dated 2
June 2003, wherein as announced, the Proposed Rights Issue with
Warrants and Proposed Transfer of Listing Status are the only
proposals under the Corporate Proposals which remain to be
implemented and completed.

On behalf of TCB, AmMerchant Bank Berhad is pleased to announce
that the Securities Commission (SC) has on 18 June 2003,
approved TCB's application to the SC in respect of the extension
of time till 24 December 2003 to complete the Proposed Rights
Issue with Warrants and Proposed Transfer of Listing Status.

The "Corporate Proposals" collective refers to:

   (1) Acquisition of 100% Equity Interest in Berjaya Systems
       Integrators Sdn Bhd by TCB;
   (2) Mandatory Offer to Acquire the Remaining 49% Equity
       Interest in Hyundai-Berjaya Sdn Bhd;
   (3) Proposed Rights Issue With Warrants;
   (4) Increase in Authorised Share Capital; and
   (5) Proposed Transfer of Listing Status to the Main Board of
       the Kuala Lumpur Stock Exchange.


WING TIEK: SC OKs RM60M RCSLS-A, RM35M RCSLS-B Issuance
-------------------------------------------------------
Wing Tiek Holdings Berhad refers to its announcements made
subsequently on 3 December 2002, 11 December 2002, 7 January
2003, 15 January 2003, 28 January 2003, 17 March 2003, 19 March
2003 and 30 April 2003 in relation to the Proposed Corporate and
Debt Restructuring Scheme (Proposed CDRS).

The Securities Commission (SC) has, on 2 January 2003, approved,
inter-alia, the issuance of the RM60 million nominal value of
the RCSLS-A and RM35 million nominal value of the RCSLS-B
(RCSLSs) as partial settlement and compromise repayment for the
Principal Debts. In addition, the approval of the SC is required
for any changes made to the terms and conditions of the RCSLSs.
The salient terms and conditions of the RCSLSs were set out in
the announcement dated 30 August 2002.

WTHB, through RHB Sakura, had applied to the SC for changes to
be made to certain terms and conditions of the RCSLSs for better
clarity. In this connection, the SC has, via its letter dated 18
June 2003 (which was received on 19 June 2003), approved the
said changes. Table 1, which could be found at
http://bankrupt.com/misc/TCRAP_WTHB0624.pdf,sets out the
salient terms and conditions of the RCSLSs (the amended terms
and conditions are highlighted with "*").

Save for the terms and conditions highlighted in Table 1, other
existing terms and conditions of the RCSLSs shall remain
unchanged.

The approval of the SC is subject to the following conditions:

   (i) RHB Sakura is required to disclose in full and obtain the
agreement of the relevant parties on changes made to the terms
and conditions of the RCSLSs; and

   (ii) RHB Sakura is required to provide written confirmation
that the above said condition has been met.


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


CEBU PLAZA: Shuttered Hotel Kept in Tiptop Shape
------------------------------------------------
The Metropolitan Bank and Trust Co. (Metrobank) is likely to
sell Cebu Plaza Hotel (CPH) to investors in the hotel business,
Sun Star Cebu reports. The bank has spent some 950,000 pesos for
the maintenance of the hotel to prevent it from deteriorating.
Metrobank President Antonio Abacan Jr. said the bank is now
evaluating the proposals and capacity of four interested unnamed
buyers-two are international hotel chains and two are local
investors.

CPH officially closed on March 15, months after its former
owner, Pathfinder Holdings Philippines Inc. (PHPI), turned over
CPH to Metrobank in payment for PHPI's P900-million debt to the
bank. PHPI had used CPH as collateral for its dollar-denominated
loan, which was then equivalent to P300 million. The value of
the dollar when the debt was incurred was P27. But the peso's
devaluation more than doubled PHPI's debt to P700 million and
the interest to P200 million.

Cebu Plaza initially opened its doors in 1978 with its low-rise
buildings. The high-rise building followed in 1982.


METRO PACIFIC: Plans to Eliminate P2.5B Debts
---------------------------------------------
Metro Pacific Co. (MPC) plans to eliminate its 2.5 billion pesos
debt by the end of the year and may even return to profitability
within the same period, AFX Asia said on Friday, citing MPC
Chairman, President and Chief Executive Officer Manuel
Pangilinan. The Company does not intend to issue any dividends
until it wipes out its debts, Metro Pacific Chief Financial
Officer Jose Ma Lim said.

Pangilinan said Metro Pacific, a unit of First Pacific Co Ltd.
of Hong Kong, might rebound this year from a net loss of 11.87
billion pesos in 2002.  At the start of 2002, Metro Pacific's
debts totaled 12.9 billion pesos. The Company reduced the amount
through restructuring and repayment agreements with creditors.


PHILIPPINE LONG: We're Keeping Piltel, Says Nazareno
----------------------------------------------------
The Philippine Long Distance and Telephone (PLDT) is keeping its
losing subsidiary Pilipino Telephone Corporation (Piltel)
according to Smart Communications Inc. CEO Napoleon Nazareno,
the Malaya Newspaper reports. Nazareno said Piltel would be
profitable in two to three years' time.

Piltel, a drag in the conglomerate's operations, is doing well
in its wireless operations, its GSM brand Talk 'N Text is
expected to pull up the Company. Nazareno said that the Company
is doing well, operations-wise, enough reason for them to keep
the debt-saddled firm.

The unit's main problem is still the debts. In the first quarter
of the year, Piltel's foreign exchange losses stood at 162.5
million pesos as against foreign exchange gains of 118.3 million
pesos. During the same period, Piltel reported a net loss of
360.2 million pesos, down 60 percent from 894.4 million pesos
net loss last year due to reduced operating expenses.

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


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


ASIA PULP: Signs Agreement With IBRA, ECA
-----------------------------------------
In Indonesia, Asia Pulp and Paper (APP) signed a preliminary
agreement last week with the Indonesian Bank Restructuring
Agency (IBRA) and Export Credit Agencies, DebtTraders reports.
Some bondholders strongly dislike the arrangement because
bondholders were excluded from the negotiation process. Some
bondholders believe the pulp and paper group is able to repay
its debt in a shorter period of time. APP agreed to repay $1.2
billion over 10 years and refinance the remaining $6.7 billion
because it will only allocate between $30 million and $40
million a month for debt servicing. The monthly mandatory debt
service will fall to $25 million in the event of a fall in pulp
price to below $400 per ton. The plan has failed to (1) deal
with secured and unsecured creditors separately, (2) handle debt
at the holding Company level, and (3) control the two forestry
concessions held by the Widjaja family.


GOODWOOD PARK: Unit Enters Liquidation
--------------------------------------
The Board of Directors of Goodwood Park Hotel Limited (GPH)
announced that HML, a 52.96 percent-owned subsidiary of GPH,
proposes to effect a members' voluntary liquidation HML
Liquidation pursuant to Section 290(1)(b) of the Companies Act
(Cap. 50) Companies Act. A separate announcement has been made
on June 20 by HML in respect of the HML Liquidation.

GPH also refers to the announcement made by CPL, a Company in
which GPH and its subsidiaries (including HML) have stockholding
interests of 21.25 percent. CPL has announced, inter alia, that
it proposes to effect a members' voluntary liquidation CPL
Liquidation pursuant to Section 290(1)(b) of the Companies Act.
The Board of Directors of GPH wishes to announce that subject
to, inter alia, the CPL Liquidation being approved and the
approval of shareholders of GPH Shareholders, GPH proposes to
undertake a selective capital reduction pursuant to Section 73
of the Companies Act to cancel an aggregate of 2,011,185 shares
in the capital of GPH Relevant GPH Shares (representing
approximately 4.47 percent of GPH's issued share capital as at
31 March 2003) which would otherwise be distributed to GPH and
its wholly-owned subsidiaries, namely, Glen Holdings (Pte)
Limited Glen and York Hotel (Private) Limited York,
(collectively the "GPH Companies under the CPL Liquidation GPH
Capital Reduction.

In summary, as a result of the above liquidations, it is
estimated that GPH would be entitled to receive approximately
S$70.5 million in cash and 16,268,263 shares in Standard
Chartered PLC SCB (after taking into account the GPH Capital
Reduction and on the bases and assumptions mentioned below).

The HML Liquidation, if approved, will involve, inter alia:

(i) The in specie distributions of HML's 19,580,516 shares in
SCB and 1,943,000 stock units in CPL (representing approximately
1.67 percent of the issued capital of SCB as at 31 December 2002
and 6.48 percent of the issued capital of CPL as at 31 March
2003, respectively), to HML stockholders in proportion to their
respective stockholdings in HML; and

(ii) The realization of the assets of HML (other than the SCB
shares and the CPL stock units) which will not be distributed in
specie, to generate cash to meet the liabilities of HML.
Thereafter, the surplus cash will be distributed to HML
stockholders in proportion to their respective stockholdings in
HML.

HML has announced that as at the date hereof, based on the un-
audited accounts of HML for the 6 months ended 31 March 2003 as
adjusted for payment of HML's interim gross dividend of S$0.45
per stock unit to HML stockholders on 5 June 2003 HML Dividend,
it is estimated that pursuant to the HML Liquidation, a HML
stockholder holding 1,000 HML stock units would be entitled to
receive approximately:-

(a) 117 stock units in CPL (which would result in the HML
stockholder being entitled to receive approximately 43 shares in
GPH Shares, 126 SCB shares and S$163 in cash pursuant to the CPL
Liquidation);

(b) 1,186 shares in SCB; and

(c) S$7,150 in cash (1).

Note:

(1) As stated in HML's announcement, the abovementioned amount
of cash is estimated based on, inter alia, the market prices of
certain investments held by HML as at 31 March 2003 and taking
into account the liabilities of HML as at 31 March 2003, and the
estimated costs and expenses for the HML Liquidation. The amount
of cash available for distribution to HML stockholders is
subject to, inter alia, (i) the amount of the net proceeds
received by HML from the realization of HML's assets, (ii) the
costs and expenses incurred and to be incurred by HML for the
HML Liquidation, and (iii) any other liabilities, claims, costs
and expenses suffered or incurred by HML prior to the final
dissolution or any unforeseen circumstances. SCB is a Company
incorporated in the United Kingdom and its shares are listed on
the London Stock Exchange and the Stock Exchange of Hong Kong.
As GPH and its subsidiary, Glen, collectively own approximately
52.96 percent of HML's issued stock units, they will be entitled
(as HML stockholders) to participate in the distributions under
the HML Liquidation. On this basis, it is estimated that GPH and
Glen will collectively receive approximately 10,369,367 SCB
shares, 1,028,965 CPL stock units and S$62.8 million in cash
pursuant to the HML Liquidation (after HML's adjustment for
payment of the HML Dividend as mentioned above).


L&M GROUP: Director Resigns
---------------------------
Following from the announcement made on 14 June 2003 by L&M
Group Investments Ltd., Mr Ong Kee Yoo John has voluntarily
resigned as director of the Company and all of the Company's
subsidiaries in which he is a director with immediate effect.

The Company also announced that Mr Yeo Boon Siah and Mr Husni
Heron are hereby appointed as executive directors of the Company
with immediate effect. Mr Yeo Boon Siah has also been appointed
Chief Finance Officer of the Company.

NOTICE TO SHAREHOLDERS

The Company further wishes to inform the shareholders that there
were no transactions falling within the types of Interested
Person Transaction for the year ended 31 December 2002 and that
the Company would not be tabling resolution 7 of the Notice of
the Annual General Meeting to be held on 30 June 2003.


MULTI-CHEM LIMITED: Issues Exchangeable and Convertible Notes
-------------------------------------------------------------
On 16 May 2003, the Board of Directors of Multi-Chem Limited
announced that the Company had entered into a Subscription
Agreement with Sageway Holdings Limited, Innoasset Holdings
Limited and Messrs Foo Suan Sai and Han Juat Hoon in respect of
the issue by Multi-Chem of exchangeable and convertible notes.

On 13 June 2003, the Board announced that the Singapore Exchange
Securities Trading Limited Singapore Exchange had given its in-
principle approval for Multi-Chem's application for the listing
and quotation of 18,500,000 new ordinary shares of S$0.05 each
in the share capital of Multi-Chem New Shares pursuant to the
conversion of up to US$2,000,000 in principal amount of
unsecured convertible notes due 2006 at a conversion price of
S$0.20 per share subject to adjustments Convertible Notes. The
in-principle approval granted by the Singapore Exchange for the
listing and quotation of the New Shares is not an indication of
the merits of the Convertible Notes.

The Board is pleased to announce that completion of the
Subscription Agreement has taken on June 20, 2003.


THAKRAL CORPORATION: Court OK's Scheme of Arrangement
-----------------------------------------------------
Thakral Corporation is pleased to advise that following the
unanimous approval obtained at the Court Meeting on 5 June 2003,
the High Court of the Republic of Singapore has, by Order of
Court dated 20 June 2003, sanctioned the Scheme pursuant to
section 210(3) of the Companies Act (Cap 50). The High Court of
the Hong Kong SAR has similarly, by Order of Court dated 20 June
2003, and sanctioned the Scheme in parallel proceedings pursuant
to section 166 of the Hong Kong Ordinance.

The Related Schemes

The Company is also pleased to advise that following the
unanimous approval obtained at the Court Meeting on 5 June 2003,
the High Court of the Republic of Singapore has, by Order of
Court dated 20 June 2003, sanctioned the Related Schemes between
the Put Option Companies and certain of their creditors. The
High Court of the Hong Kong SAR has similarly, by Order of Court
dated 20 June 2003, and sanctioned the Related Schemes in
parallel proceedings pursuant to 166 of the Hong Kong Ordinance.

Pursuant to the Orders of Court granted by the High Court of the
Republic of Singapore, the Scheme and Related Schemes shall take
effect on and from 20 June 2003 (the date specified in the
Orders) in accordance with its terms.


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


DATAMAT PUBLC: Discloses Auditor's Q103 Reviewed F/S
----------------------------------------------------
Datamat Public Company Limited disclosed the Auditor's Reviewed
First Quarter Financial Statements ended 31 March 2003. The
followings are comparisons of the Company's operational
performance between the first quarter of 2002 and 2003:

   1. During the first quarter of this year, the Company and its
subsidiaries revenues has increased Bt245.3 million from the
same quarter in 2002 or 320 percent increase, due to:

     1.1 Strong increase in sales of products and services;
     1.2 The Company's new subsidiary in Malaysia, in
         telecommunication infrastructure planning and
         installation business, has a sale of Bt215.1 million

   2. The first quarter of this year shows a loss of Bt5.7
million, mainly due to extra ordinary items:

     2.1 An increase of costs of goods sold due to the
liquidation of out-of-date products and spare parts of
approximately Bt15 million.

     2.2 The closure of the Company's subsidiaries, on 25
February 2003, as agreed under the conditions of the debts
restructuring plan.  The Company suffers a one-time loss of
Bt5.4 million for the debt written-off. Otherwise, operations of
the Company and its subsidiaries have shown strong improvement
as planned.

Below is DTM's Reviewed Quarter-1 and Consolidated F/S (F45-3):

                DATAMAT PUBLIC COMPANY LIMITED
Reviewed
                   Ending  March 31,            (In thousands)
                                   Quarter 1
                       Year      2003        2002

Net profit (loss)               (5,688)       8,260
EPS (baht)                      (0.008)       0.012


DATAMAT PUBLIC: SET Lifts Suspension Sign
-----------------------------------------
The Stock Exchange of Thailand (SET) first posted an "NP" sign
(Notice Pending) on Datamat Public Company Limited (DTM) on 19
May 2003 because it had failed to submit its financial
statements for the period ending 31 March 2003 by the specified
deadline. The SET also posted an "SP" (Suspension) sign on 26
May 2003 because DTM failed to submit its financial statements
within five working days after the SET first posted an "NP" sign
against its securities.

Now DTM has publicly released to the SET and investors its
reviewed financial statements for the period ending 31 March
2003. The SET has posted an NR sign on its securities to inform
investors that the company has already disclosed such
information and has lifted SP sign from its securities effective
from the first trading session of 20 June 2003 onward.


EASTERN WIRE: Fails to Repay Creditor Due to Liquidation
--------------------------------------------------------
With reference to the Business Reorganization Plan approved by
the Central Bankruptcy Court of Eastern Wire Public Company
Limited and the appointment of Mr. Phiraphan Phalusuk as the
Plan Administrator on Jun 21, 2001.

The Plan Administrator would like to inform the progress of the
Business Reorganization Plan for the eighth period as follows:

   1. Release of mortgage machine

Mortgage machine has not been release since Siam City Bank
Public Company Limited did not complete document of mortgage
release.

   2. Principle repayment to the creditors

Cimic Finance and Securities Company Limited, the remaining
creditors, has not yet taken a payment because of liquidation.


NATURAL PARK: Files Reorganization Petition in Bankruptcy Court
---------------------------------------------------------------
The Petition for Business Reorganization of Natural Park Public
Company Limited (DEBTOR), engaged in development, sale, and rent
of real estate, was filed to the Central Bankruptcy Court:

   Black Case Number Phor. 21/2543

   Red Case Number Phor. 22/2543

Petitioner : NATURAL PARK PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor : Bt15,709,918,684

Planner : NPK Management Service Company Limited

Date of Court Acceptance of the Petition : April 10, 2000

Court Order for Business Reorganization and Appointment of
Planner : May 2, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: May 18 , 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette on June 22,
2000

Deadline for Creditors to submit Applications for Payment in
Business Reorganization : July 24, 2000

Deadline to object Applications for Payment in Business
Reorganization : August 7, 2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver : September 22, 2000

Court issued an Order Accepting the Reorganization Plan:
December 18, 2000 and Appointed NPK Management Service Company
Limited to be as the Plan Administrator

Announcement of Court Order for Accepting the Reorganization
Plan in Matichon Public Company Limited and Siam Rath Company
Limited: December 27, 2000

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette on January 23, 2001

Appointment Date of the Meeting of Creditors to consider the
request of the Plan Administrator for the Amendment of the Plan
on April 22, 2002

The creditors' meeting had passed a special resolution accepted
the amended plan

Court had issued an Order on June 26, 2002 for Accepting the
Amendment of the Plan pursuant to Section 90/63

Announcement of Court Order for Accepting the Amendment of the
Plan in Matichon Public Company Limited and Siam Rath Company
Limited: July 9, 2002

Announcement of Court Order for Accepting the Amendment of the
Plan in Government Gazette : August 6, 2002

Court had issued an Order Cancelled the Order for Business
Reorganization since February 13, 2003

Announcement of Court Order Cancelled the Order for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: February 28, 2003

Announcement of Court Order Cancelled the Order for Business
Reorganization in Government Gazette : March 27, 2003

Contact : Mr. Songthom, Tel 6792514


RAIMON LAND: Planner Announces Warrants Exercise
------------------------------------------------
Nigel J. Cornick, Authorised Director of Raimon Land Planner
Co., Ltd., the Plan Administrator of Raimon Land Public Company
Limited, would like to relate the exercise of warrants
procedures (RAIMON-W) No. 2/2546, as follows:

  1. Exercise Date is 30 June 2546 from 9.00 a.m. to 16.00 p.m.
at the company address No. 62, The Millennia Tower, 22/F Unit
2201-3, Langsuan road, Lumpini, Pathumwan, Bangkok 10330 ,
Telephone No. 0-2651-9600-4  Fax No. 0-2651-9614;

   2. The Warrantholder who wish to exercise their right to
purchase the Company's ordinary shares shall give notification
of such intention within five business days prior to exercise
date (the Notification Period) by way give notification from 23
June 2003 to 27 June 2003 during 9:00 a.m.- 4:00 p.m. and may
obtain a Subscription Form from the company as stated in clause
1 within the Notification Period;

    3. One warrant will be exercisable for 1 new ordinary share
at the exercise price of Bt5 per share;

   4. The Warrantholder wishing to exercise shall comply with
the condition governing the Subscription Form by completing the
following actions and submitting the following documents:

     a. An Subscription Form which has been accurately and
        completely filled in;

     b. Warrant Certificates or replacement certificates which
        specified by The Stock Exchange of Thailand representing
        warrants in the amount specified in the Subscription
        Form and authority for receiving a new warrant
        certificate;

     c. Cheque, banker's draft, bank cheque or bank payment
        order that can be cashed in the Bangkok Metropolitan
        area and shall be made payable on the subscription date
        to "Raimon Land Plc. for Account of Share Subscription".
        Any such exercise will be deemed to be completed when it
        is fully paid,  If the company does not obtain payment
        in full as specified in the Subscription Form executed
        by the Holder, the Subscription Form shall be deemed to
        be cancelled without any exercise.  However, the Holder
        will be able to exercise his or her right on the next
        Exercise Date, with the exception of the last Exercise
        Date.

Should the Warrantholder need more information please contact
Khun Jariya Phakdeewong, or Khun Orapin Duangkaew at telephone
no. 0-2651-9600-4 ext. # 107, 123 or fax no. 0-2651-9614.


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