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

                   A S I A   P A C I F I C

            Wednesday, June 25 2003, Vol. 6, No. 124

                         Headlines


A U S T R A L I A

ADVANCED ENGINE: 698 Capital Makes Takeover Bid
AUSTRALIAN MAGNESIUM: Reinstated to Official Quotation
BALLARAT GOLDFIELDS: Posts June Exploration Strategy Report
CHAOS GROUP: June 26 Meeting Postponed to July 24
CHAOS GROUP: Posts New Notice of General Meeting

ERG LIMITED: Implements Ten for One Share Consolidation
GINDALBIE GOLD: Issues Letter to Shareholders, Company Update
KALREZ ENERGY: Options Expiring on June 30
MENZIES GOLD: Capital Reorganization Effectuated
NOVA HEALTH: Discloses Meeting Results

PHONEWARE LIMITED: Releases Share Registry Letter to Shareholder
POWERTEL LIMITED: Bidders Statement From TVG Dispatched
TOWER LIMITED: Appoints Mike Jefferies as Alternate Director
RENISON BELL: Voluntary Administrator Appointed
TRANZ RAIL: June 25 Conference Call Scheduled

UNITED ENERGY: Scheme Meeting Set July 10
WMC RESOURCES: S&P Affirms 'BBB/A-2' Ratings; Outlook Stable


C H I N A   &   H O N G  K O N G

CHE SHING: Hearing of Winding Up Petition Set
CROWN LUXE: Winding Up Hearing Scheduled in July
GLITTERY CONSTRUCTION: Winding Up Petition Pending
JANKI LIMITED: Winding Up Sought by Yang Shek
SERAPH INDUSTRIES: Petition to Wind Up Pending

SINCERE COMPANY: Ups Operations Loss to HK$222.822M


I N D O N E S I A

* IBRA Starts Preliminary Bids Evaluation From PPAS Investors


J A P A N

FUJITSU LIMITED: Shares Up 4.6% on Verizon Deal
FUKUSUKE CORPORATION: Issues Update on Rehab Proceedings
NEC CORPORATION: Launches GlobalOpenEthernet Technology
ISUZU MOTORS: Setting Up R&D Unit in Thailand


K O R E A

CHOHUNG BANK: Central Bank Offers W3Tr Loan
CHOHUNG BANK: Hikes Interest Rates on Time Deposits
CHOHUNG BANK: Moody's Reviews Rating For Possible Upgrade
CHOHUNG BANK: Top Managers Set to Resign
DAEWOO MOTOR: Agrees to Sell Chinese Engine Plant to GM

SK GLOBAL: Faces Major Restructuring Next Month
HYUNDAI CORPORATION: Cutting 50 Workers


M A L A Y S I A

AKTIF LIFESTYLE: Proposes Articles of Association Amendments
AMSTEEL CORP.: Units Enter Proposed Disposals to Repay Bank
FURQAN BUSINESS: Memorandum of Understanding Terminated
GENERAL LUMBER: Scheme of Arrangement Approved
KRAMAT TIN: Releases Q103 Financial Report

NALURI BERHAD: Non-Exec Director Dato' Haji Daud Retires
NORTH BORNEO: Agreement Stop Date Extended to August 22
OCEAN CAPITAL: Trading Restriction Imposed
PROMET BERHAD: Court Grants Judgment in Favor of Plaintiff
PSC INDUSTRIES: All Resolutions Pass at 31st AGM

SRIWANI HOLDINGS: Directors Against Proposed Name Change
SURIA CAPITAL: Explains Audited, Unaudited Results Variance
TONGKAH HOLDINGS: Disposes of Quoted Securities
TRANS CAPITAL: Explains Audited, Unaudited Results Variance


P H I L I P P I N E S

ASIAN DIAMOND: SEC Sets Deadline to Correct Trust Fund Deficit
EEI CORPORATION: Clarifies Asset Sale Report
FIRST PHILIPPINE: Unit Seeks Debt Payment Extension
MANILA ELECTRIC: Clarifies Refund Claim Report
MANILA ELECTRIC: Early Retirement Package Opportunities End

NATIONAL POWER: Sets Price Guidance For US$500M Bond
NATIONAL STEEL: Appoints U.S. Firm as Broker
PHILIPPINE LONG: Clarifies E-commerce Deal Report
PILIPINO TELEPHONE: Expecting Recovery


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Virage Expands Semicon IP Offering
L & M GROUP: Auditor Issues FY02 Financial Statement


T H A I L A N D

AMARIN PLAZA: Enters Asset Disposal Agreement With Grand Asset
GREEN UNION: Files Business Reorganization Petition in Court

     -  -  -  -  -  -  -  -

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


ADVANCED ENGINE: 698 Capital Makes Takeover Bid
-----------------------------------------------
On behalf of 698 Capital International Limited, Clayton UTZ
announced that 698 Capital proposed a takeover bid for Advanced
Engine Components Limited involving an offer for all ordinary
shares in the company.

Go to http://bankrupt.com/misc/TCRAP_ACE0625.pdfto see full
copy of 698 Capital's intention to make T/O Bid for Advanced
Engine's ordinary shares.

According to Wrights Investors' Service, at the end of 2002,
Advanced Engine Components Limited had negative working capital,
as current liabilities were A$7.22 million while total current
assets were only A$3.99 million.


AUSTRALIAN MAGNESIUM: Reinstated to Official Quotation
------------------------------------------------------
The suspension of trading in the securities of Australian
Magnesium Corporation Limited was lifted from the commencement
of quotation on Tuesday, 24 June 2003, following receipt of an
announcement from the Company providing further information in
relation to the status of its Stanwell Magnesium Project.


BALLARAT GOLDFIELDS: Posts June Exploration Strategy Report
-----------------------------------------------------------
Ballarat Goldfields NL published on its website comprehensive
details backing its claim that it can successfully establish a
new six million ounce underground resource on the historic
Victorian goldfields.

The report  documenting the 6Moz Exploration Potential plus a
700Koz Inferred Resource summarizes six months of intensive
modeling and exploration by the Company's geological team and
various consultants.

Company geology manager Steve Olsen says completion of the new
work shows fantastic potential for BGF's leases at Ballarat. It
also draws heavily on documented information over the past 100
years by what he describes as "some outstanding geological
minds".

BGF's managing director Richard Laufmann says the six million
ounce non-JORC Exploration Potential is a conservative
projection.

It provided 90% confidence for a range of 2.5 - 10 million
ounces to a depth of 1,500m.

The six million ounce Exploration Potential showed for the first
time an estimate of the region's ability to host deposits that
would support long-term, underground mining operations. With
more than four million ounces above a depth of 1000m on the
Ballarat East field alone, a significant portion of the targets
lie within 200m of the mine's development decline.

"In addition to the six million ounce Exploration Potential we
have an Inferred Resource of 700,000 ounces, which is consistent
with our geological model," he said.

Mr Laufmann believed it should come as no surprise that the
region was so well endowed. It may again become a resource of
significance.

"We are now beginning to unveil that potential and publication
of this report marks another milestone in BGF's rejuvenation."

The reports are available on the company website: www.ballarat-
goldfields.com.au

Wrights Investors' Service reports that at the end of 2002,
Ballarat Goldfields had negative working capital, as current
liabilities were A$3.40 million while total current assets were
only A$1.10 million. The fact that the company has negative
working capital could indicate that the company will have
problems in expanding. However, negative working capital in and
of itself is not necessarily bad, and could indicate that the
company is very efficient at turning over inventory, or that the
company has large financial subsidiaries.


CHAOS GROUP: June 26 Meeting Postponed to July 24
-------------------------------------------------
The Board of Chaos Group Limited (Company) has resolved to
cancel the shareholders meeting, which was to be held on 26 June
2003 and to schedule a new shareholders meeting. The new meeting
has been planned for 24 July 2003.

The withdrawal of the previous notice of meeting is a result of
the board's consideration of concerns expressed by shareholders
at the linking of Resolutions 1 to 3 in the Notice. The board
recognizes as a result of those concerns, that shareholders
should be given the opportunity to consider each of the
resolutions independently.

In order to enable shareholders to consider and vote on each of
the resolutions, the board sought and obtained confirmation from
the Australian Securities & Investments Commission (ASIC). The
confirmation received from the ASIC is that due to the related
party issues involved in the sale of the entertainment division,
the notice of meeting must be withdrawn and a new notice of
meeting be dispatched. This necessitated a reconvening of the
meeting.


CHAOS GROUP: Posts New Notice of General Meeting
------------------------------------------------
Notice is given that a General Meeting of shareholders of Chaos
Group Limited (ABN 96 077 206 583) will be held at the offices
of Australian Company Secretaries Pty Ltd, Level 5, 255 George
Street, Sydney, New South Wales on 24 July 2003 at 10:00am
(EST).

AGENDA

BUSINESS

1. RESOLUTION 1  SALE OF ENTERTAINMENT DIVISION

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

"That the Company approves the disposal of the Entertainment
Division to a new company to be incorporated and controlled by
Mr Robert Appel, on the terms and conditions set out in the
Explanatory Statement accompanying this Notice."

SHORT EXPLANATION: Shareholder approval is sought to the
disposal of the Entertainment Division to a company controlled
by Mr Robert Appel (or a company controlled by him) under
Listing Rules 10.1 and 11.2, and Section 208 of the Corporations
Act. Approval is sought because the transferee of the
Entertainment Division is a related party of the Company. In
addition, shareholder approval is sought because the disposal of
the Entertainment Division constitutes the disposal of one of
the Company's main undertakings.

2. RESOLUTION 2  CHANGE OF NAME

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

"That for the purposes of Section 157(1) of the Corporations Act
and for all other purposes, the name of the Company be changed
to `Microview Limited' and the constitution and all other
company records be amended accordingly."

SHORT EXPLANATION: The Company proposes to change its name to
reflect the fact that its Entertainment Division has been sold
and that it is focusing on its Data Management Division,
Microview.

3. RESOLUTION 3  VESTING OF OPTIONS

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

"That all Options not exercised pursuant to the Employee Option
Plan held by the Terminating Employees are to vest
unconditionally on completion of the Transaction and the
Employee Option Plan and the terms of those Options are amended
accordingly."

SHORT EXPLANATION: As the Terminating Employees (being those
persons to be transferred to the employ of the purchaser of the
Entertainment Division or who are otherwise terminated) will no
longer be employees of the Company, the Board has agreed that
all Options not yet exercised by them pursuant to the Company's
Employee Option Plan should vest unconditionally. Because the
effect of this is to increase the exercise periods for the
Options, the Company has sought and obtained a waiver from ASX
to Listing Rule 6.23.3.

4. RESOLUTION 4  MODIFICATION OF THE CONSTITUTION

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

"That, clause 14.5 of the Company's constitution be deleted and
substituted with the words 'In the case of an equality of votes,
the Chairman of the meeting shall have a casting vote, but the
Chairman shall have no casting vote where only 2 Directors are
competent to vote on the question.."

SHORT EXPLANATION: The Directors consider that it is appropriate
for the Chairman to have a casting vote in order that any
statement in relation to a question for the Company or the
Directors may be resolved effectively and in a timely manner.


ERG LIMITED: Implements Ten for One Share Consolidation
-------------------------------------------------------
The Board of ERG Limited (ERG) on Monday resolved to implement
the ten for one share consolidation approved by shareholders on
30 April 2003 as part of the 2003 Recapitalization Proposal
(Share Consolidation).

The Share Consolidation will be effective as at 24 June 2003
giving a record date for the consolidation of 30 June 2003.

Where the number of shares held by a member of the Company as a
result of the consolidation includes any fraction of a share,
those fractions will be cancelled and extinguished and the
consolidation will otherwise be on the terms and conditions set
out in the Information Memorandum for the 2003 Recapitalization
Proposal.

Following the consolidation, the number of ordinary shares on
issue will be approximately 267,503,037.


GINDALBIE GOLD: Issues Letter to Shareholders, Company Update
-------------------------------------------------------------
Gindalbie Gold NL posted the letter of Chairman K McKay to
Shareholders:

"On behalf of the Board of Directors of Gindalbie Gold NL, I
would like to provide you with an update on recent events within
your Company.

"In the March 2003 Quarterly Report, we advised that a number of
operational changes had been introduced at the Minjar Gold
Project in response to an unexpected fall in the head grade of
ore being processed. This occurred when, in the course of
mining, a previously unrecognized depletion zone was encountered
in the Silverstone South open pit - the main production center
at that time.

"While open pit mining operations continue unchanged on a 7-day
a week basis, the Company decided to reschedule operations at
its Minjar treatment plant to a two weeks on/one week off
roster. This change enables a build-up of mined ore stockpiles
so that greater efficiencies in the utilization of the Minjar
treatment plant can be achieved. Notwithstanding these
improvements, the Company has not made up the operating loss
that was incurred in the March Quarter.

"For this reason, the Board determined that it was prudent to
raise additional funds to strengthen the Company's balance
sheet. As already announced on 11 June, a placement of 16.5
million ordinary shares was completed to clients of Intersuisse
Limited, raising A$1.27 million.

"Indications are that mining in the Silverstone South orebody
has now passed through the depletion zone into higher-grade ore
and continued improvements in operations are expected. It is
also pleasing to report that monthly gold production for May
increased to 3,423 ounces at a cash cost of A$424 per ounce with
an average head grade of 3.16 grams per tonne being achieved.

"In addition, a deep diamond drilling program on our Anketell
Gold-Copper Project in Western Australia's Telfer region
commenced last weekend. This work is being undertaken through
our alliance with major Canadian company Teck Cominco. It will
involve the completion of five diamond drill holes to test new
targets identified around the Magnum prospect, where your
Company discovered significant gold-copper liberalization in a
drilling program in 1999. The Project is located approximately
100 kilometers north of the 20 million ounce Telfer gold mine
and in a similar geological setting. Gindalbie is not required
to contribute to this project until Teck Cominco has earned its
50% interest by spending $3.5 million on the Project. The next
round of exploration drilling at Minjar is also scheduled to
commence in July, 2003.

"With the continuing improvement of the Minjar operations and
ongoing exploration at Anketell and Minjar, the Company is well
positioned to add value for its shareholders from its strategic
assets.

"We look forward to keeping you informed of the Company's
progress on a regular basis. However, should you require further
information, please do not hesitate to contact either myself or
Managing Director, Mr David McSweeney. Regular updates are also
posted on our web site at www.gindalbie.com.au"


KALREZ ENERGY: Options Expiring on June 30
------------------------------------------
The directors' of Kalrez Energy Ltd advise that certain of the
Company's options expire on 30th June 2003.

In accordance with Listing Rule 6.24 and Appendix 6A the company
advises that:

1. Options -  387,069,660 KRZOA (quoted) exercisable at 20 cents

2. Latest date for exercise - 30th June 2003

3. Consequence of non-payment - options will lapse

4. Date quotation will cease - 24 June 2003

5. Latest available market price of shares - .06 cents

6. Highest price .08 cents, lowest price .05 cents in the three
months preceding this notice.

CONTACT INFORMATION: Stacey Muggleton
        COMPANY SECRETARY
        Adelaide Office
        Ph (08) 8239 2666
        Fax (08) 8239 1744
        Email Stacey@bcfr.com.au


MENZIES GOLD: Capital Reorganization Effectuated
------------------------------------------------
Participating Organizations are advised that the reorganization
of capital for Menzies Gold Limited will be effective from
Wednesday 25 June 2003.

The reorganization is by way of consolidating every one hundred
fully paid ordinary shares in the capital of the Company into
one fully paid ordinary share.

Fractions will be disregarded.

The securities of the Company are currently suspended.

The following timetable will apply.

24 June 2003  Shareholder approval.
25 June 2003  Trading would normally commence in the reorganized
              securities on a deferred settlement basis.
              ASX Code: MZGDA
1 July 2003   Last day for the Company to register transfers on
              a pre-reorganization basis.
2 July 2003   First day for the Company to register securities
              on a post reorganization basis.
8 July 2003   Dispatch date. Deferred settlement trading would
              normally end.
              ASX Code MZG
9 July 2003   Normal T+3 trading would normally commence.
14 July 2003  Settlement of trades conducted on a T+3 basis.

The Company's change of name to Batavia Mining Limited will be
advised in due course. ASX Code will be BTV.

The securities of the Company remain suspended.


NOVA HEALTH: Discloses Meeting Results
--------------------------------------
Nova Health Limited confirmed Monday that all resolutions put to
shareholders at the Annual General Meeting held on 20 June 2003
at 3:00pm were defeated by poll.

As required by Section 251AA of the Corporations Act, the proxy
votes received in respect of each resolution put to the General
Meeting are set out below.

1. Removal of four Directors ( Jim Dominguez, Peter Wilkinson,
Dr David Adler & Dr Nicholas Cunio)

Total number of proxy votes for the resolution: 12,947,377
Total number of proxy votes against the resolution: 42,780,889
Total number of proxy votes abstaining on the resolution: 68,750

2. Removal of Jim Dominguez as Director

Total number of proxy votes for the resolution: 12,811,507
Total number of proxy votes against the resolution: 41,894,448
Total number of proxy votes abstaining on the resolution:
1,096,061

3. Removal of Peter Wilkinson as Director

Total number of proxy votes for the resolution: 12,769,327
Total number of proxy votes against the resolution: 43,023,689
Total number of proxy votes abstaining on the resolution: 14,000

4. Removal of Dr David Adler as Director

Total number of proxy votes for the resolution: 12,810,577
Total number of proxy votes against the resolution: 42,988,439
Total number of proxy votes abstaining on the resolution: 8,000

5. Removal of Dr Nicholas Cunio as Director

Total number of proxy votes for the resolution: 12,828,307
Total number of proxy votes against the resolution: 42,970,709
Total number of proxy votes abstaining on the resolution: 8,000

6. Appointment of Paul Price as Director

Total number of proxy votes for the resolution: 13,118,433
Total number of proxy votes against the resolution: 42,684,583
Total number of proxy votes abstaining on the resolution: 4,000

7. Appointment of Frank Broos as Director

Total number of proxy votes for the resolution: 14,198,744
Total number of proxy votes against the resolution: 41,606,272
Total number of proxy votes abstaining on the resolution: 2,000


PHONEWARE LIMITED: Releases Share Registry Letter to Shareholder
----------------------------------------------------------------
Phoneware Limited posted details of its Share Registry Address
and its Letter to Shareholders:

"We have received a number of queries concerning the Phoneware
Limited share registry and the possibility of
sales of the Company's shares.

SHARE REGISTER

"Shareholdings in Phoneware have been converted to an issuer-
operated subregister. Any enquiries in relation to your Holding
Statement enclosed should be directed to:

   Phoneware Limited Share Registry
   C/- Hindal Securities Pty Ltd
   Level 10, 350 Collins Street
   Melbourne VIC 3000
   Facsimile: (03) 9642 8025
   Email: phoneware@hindal.com.au

TRANSFER OF SHARES

"Whilst the Company was in voluntary administration, there was
no market in Phoneware shares. Now that the Company is no longer
under voluntary administration, it is possible to buy, sell or
transfer Phoneware shares. This may not be done through the ASX
however, as the shares are suspended in the ASX.

"If any shareholder wishes to sell or acquire Phoneware shares
enquiries can be directed to Michelle Kostros of Bell Potter
Securities Limited on (03) 9256 8700.

"Transfer forms for non-market transactions should be forwarded
to the Phoneware Limited Share Registry at the above address."


POWERTEL LIMITED: Bidders Statement From TVG Dispatched
-------------------------------------------------------
TVG Consolidation Holdings SPRL sent out the notice of dispatch
of takeover offers in accordance with 633 of the Corporations
Act, a copy of the bidder's statement of TVG Consolidation
Holdings SPRL which includes offers dated 20 June 2003, and a
copy of the documents which accompanied the bidder's statement.
A copy can be found at
http://bankrupt.com/misc/TCRAP_PWT0625.pdf.

CORPORATIONS ACT

NOTICE OF DISPATCH OF BIDDER'S STATEMENT

TVG CONSOLIDATION HOLDINGS SPRL gives notice under section
633(l) of the Corporations Act that its bidder's statement which
includes an offer dated 20 June 2003 to each holder of ordinary
shares in PowerTel Limited (as at 17 June 2003) has been sent to
each holder of ordinary shares in PowerTel Limited (as at 17
June 2003), each holder of preference shares in PowerTel Limited
(as at 17 June 2003), and each holder of options in PowerTel
Limited (as at 17 June 2003), in accordance with section 633(1)
item 6 of the Corporations Act. The offers are made on the terms
set out in the bidder's statement lodged with the Australian
Securities and Investments Commission on 16 June 2003.


TOWER LIMITED: Appoints Mike Jefferies as Alternate Director
--------------------------------------------------------
Tower Limited and Tower Finance Limited have advised the
appointment of Mike Jefferies as an Alternate Director for Tony
Gibbs and Gary Weiss.

Early this June, the TCR-AP reported that Standard & Poor's
Ratings Services lowered its insurer financial strength and
long-term counterparty credit ratings on various Australian and
New Zealand subsidiaries of Tower Ltd. (Tower) to 'BBB+' from
'A-' and removed the ratings from CreditWatch.


RENISON BELL: Voluntary Administrator Appointed
-----------------------------------------------
Murchison United NL announced Tuesday that it had appointed Mark
Reilly of Featherby Reilly as Voluntary Administrator to its
wholly owned subsidiary Renison Bell Limited.

Following the suspension of operations on 27 May, the Company
has been working closely with its advisers in respect of the
appointment of Featherby Reilly who are regarded as specialists
in the area of administration and restructuring of viable
businesses.

Following a detailed review and discussion with major
stakeholders, the Directors have concluded that the appointment
provides the most appropriate framework to fully investigate all
available recapitalization options for Renison Bell.

The review has indicated that at current tin prices Renison Bell
is able to generate an operating surplus for at least the next 5
years and retire all its outstanding liabilities. In addition
there exists a strong potential to extend the mine life through
the conversion of known resources to reserves.

At current tin prices however, the forecast surplus is
insufficient to justify the capital expenditure required to
enable the immediate recommencement of operations. In addition
the quantum of the forecast surplus is uncertain in light of the
ongoing appreciation of the A$ against a flat US$ tin price.

As a result, it has been decided to place the Renison Bell
operations on a care and maintenance basis pending a full review
of the options for recapitalization and management of the
outstanding liabilities. A small management team will be
retained to prepare for a rapid recommencement of operations.
The remainder of Renison Bells 28 direct employees have been
advised that their employment arrangements will not be extended.

The balance of the workforce has previously transferred from
direct Renison Bell employment to various subcontractors over
the past 3 years and has received over A$5.5 million in
entitlements. Following the cessation of operations on 27 May,
the majority of these employees were redeployed elsewhere in
Tasmania and Australia with a number receiving additional
payouts.

The Renison Bell operation has been in near continuous
production for over 40 years and has recently been restored to
profitability following the collapse in tin prices in 2001.
During the March quarter the operation recorded an EBIT of
A$772,000 and all outstanding obligations to its banker Westpac
were fully discharged.

There is not expected to be any impact on the Company following
the appointment. The arrangements for the recapitalization of
Renison Bell will be advised as soon as they have been
finalized.

Managing Director Paul Atherley commented: "We have supported
Renison Bell through this very difficult period in its long
history and having restored it to profitability we intend to
recommence operations at the earliest opportunity.

The appointment of the Voluntary Administrator is an important
step in the future of Renison Bell as it provides a formal
framework within which we can recapitulate the operation and
manage the outstanding liabilities."

CONTACT INFORMATION: Paul Atherley
        Managing Director, Murchison United NL
        Telephone: 08 9321 7448
        Facsimile: 08 9321 7747
        Mobile: 0417 475 038
        Email: patherley@munl.com.au


TRANZ RAIL: June 25 Conference Call Scheduled
---------------------------------------------
Tranz Rail Limited wishes to advise that there will be a
conference call held at 9:00am, 25 June 2003 for all analysts
and institutions investing in Tranz Rail. The call is about a
market release presentation, 2004 budgets and further details on
the government deal, that will be placed on the company's
website approximately 20 minutes before the call.

The presentation will be in PowerPoint format and will be
located at the following web address:
http://www.tranzrail.co.nz/Newsroom/ExecutiveSpeeches/

The company will provide a copy of the presentation to the NZX
prior to public release.

To participate please call the following numbers:

New Zealand: 083033 followed by the PIN: 081536#
Overseas: +64 83083033 followed by the PIN: 081536#
Michael Beard and John Loughlin will be hosting the call.

A recording of this conference call is being made and a replay
of the call will be arranged for 4pm on the afternoon of 25 June
2003 for those unable to participate at this time. If you wish
to listen into the replay please dial the above numbers and PIN
number just before 4pm NZ Standard time 25 June 2003.


UNITED ENERGY: Scheme Meeting Set July 10
-----------------------------------------
United Energy Limited disclosed the letter of Independent
Directors J Clark and T McMeckan to shareholders re Scheme of
Arrangement Offer & Proxy Forms:

"In early June, you would have received a mailing from United
Energy containing a Scheme Booklet and accompanying
documentation concerning an offer by Power Partnership to
acquire your United Energy shares for $3.15 each.

"The offer to shareholders is being made through a Scheme of
Arrangement between United Energy and its public shareholders.
Shareholders will be asked to vote on the proposed Scheme of
Arrangement at a meeting to be held on Thursday 10 July 2003. If
the proposal is approved, and certain conditions satisfied,
Power Partnership will become 100% owned by two Australian
entities - Alinta Limited (a major gas utility in Western
Australia) and Diversified Utility and Energy Trusts (DUET),
which will be managed by AMP Henderson.

"The Scheme Meeting will start immediately after United Energy's
Annual General Meeting, which commences at 10.00am. These
meetings will be held at the Melbourne Park Function Centre,
Batman Avenue, Melbourne. Please refer to the enclosed map for
directions on how to get to this location.

"We urge you to read the Scheme Booklet in its entirety and,
importantly, exercise your right to vote. This can be achieved
in one of the following ways:

   1. You can attend the Scheme Meeting. To gain admission to
the meeting, please bring either this letter or the covering
letter dated 30 May 2003 that accompanied the Scheme Booklet
mailing.

   2. Alternatively, if you are unable to attend the Scheme
Meeting, you can vote by:

     (a) completing, signing and returning to United Energy's
share registry the enclosed proxy form in accordance with the
instructions on the back of the form; or

     (b) appointing an attorney under "Power of Attorney" to
vote on your behalf.

"After considering the advantages and disadvantages of, and
other relevant matters regarding the proposed Scheme, we
concluded that the Scheme is in the best interests of United
Energy shareholders. The advantages, disadvantages and other
relevant considerations regarding the Scheme are outlined in the
Scheme Booklet.

"To further assist shareholders in reaching their decision, we
commissioned an Independent Expert, Deloitte Corporate Finance,
to consider the $3.15 offer being made under the proposed
Scheme. Deloitte concluded that in the absence of a higher offer
the Scheme is fair and reasonable and in the best interest of
United Energy shareholders other than Power Partnership. The
Independent Expert's Report is contained in full in the Scheme
Booklet.

"For the proposal to proceed, the Scheme must be supported by at
least 50% of the number of shareholders who vote and 75% of the
shares that are voted. This means that every shareholder who
votes makes a difference. Summarized below are the important
times and dates in the Scheme process.

"Should you have further questions on the proposed Scheme of
Arrangement, or if you do not have a copy of the Scheme Booklet
or other documentation (such as the admittance letter), please
contact the United Energy Shareholder Information Line on 1300
303 039 (International callers +61 2 9240 7544) and we will
arrange for the appropriate material to be sent to you."

IMPORTANT TIMES AND DATES*

Due time and date for lodgment of
proxy forms                           2.00pm, 8 July 2003
Time and date for determining
eligibility to vote                   7.00pm, 8 July 2003
Annual General Meeting                 10.00am, 10 July 2003
Scheme Meeting                         11.00am, 10 July 2003, or
                                       immediately after the AGM
Court Hearing for approval of
the Scheme                            14 July 2003
Last day UEL Shares trade on
the ASX                               15 July 2003
Determination of entitlements
(Scheme Record Date)                  5.00pm, 22 July 2003
Implementation Date                    23 July 2003
Dispatch of cheques to Scheme
Shareholders                          By 30 July 2003

* The timetable above is indicative only and United Energy has
the right to vary any or all of these times and dates. United
Energy will announce any such variations to the ASX.


WMC RESOURCES: S&P Affirms 'BBB/A-2' Ratings; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed Tuesday the 'BBB/A-
2' ratings on WMC Resources Ltd., following the company's recent
profit announcement for its half year to June 30, 2003. The
company has advised that the stronger Australian-dollar exchange
rate and lower contribution from the nickel business are
expected to offset the benefits of higher commodity prices in
the first half of 2003. Consequently, the company's first-half
earnings are expected to be about A$45 million, which is similar
to the pro forma earnings for WMC Resources, second half of
2002. The reduced contribution from nickel reflects lower
production at the Mt. Keith mining operations, higher unit costs
due to higher third-party ore feed, and lower sales in the first
half due to planned statutory maintenance at the Kalgoorlie
smelter. Also, the rebuild of the copper solvent-extraction
plant at Olympic Dam has been delayed, testing managements'
ability to successfully commission large-scale projects to
predetermined schedule and cost parameters.

"The company's liquidity is adequate, with about A$450 million
of undrawn bank facilities and long-dated debt-maturity profile
following the company's successful US$500 million 10-year bond,
and US$200 million 30-year bond issues in May 2003." Said
Standard & Poor's credit analyst Peter Stephens, associate
director of Corporate & Infrastructure Finance Ratings. WMC
Resources is expected to replace its US$250 million bank
facility, maturing in October 2003, with a standby facility,
supporting the company's commercial paper as well as providing
additional liquidity.

WMC Resources is expected to maintain satisfactory levels of
liquidity due to high levels of discretionary capital
expenditure, strong cash-flow generation, and longstanding
banking relationships.

WMC Resources' stable outlook reflects the fact that the
company's ratings are supported by the expectation that the
company will generate sound credit-protection measures and
maintain moderately conservative financial policies through the
commodity price cycle. The company's forecasted low-cost project
economics from its nickel, copper, and fertilizer operations are
expected to provide strong cash flow and opportunities for
future growth within the company's target bands. However,
Standard & Poor's will continue to monitor the success of
management in commissioning capital projects within scheduled
timeframes and cost parameters, to ensure credit quality is
maintained.

According to Wrights Investors' Service, at the end of 2002, WMC
Resources Ltd had negative working capital, as current
liabilities were A$2.03 billion while total current assets were
only A$1.20 billion. It also reported that the company has paid
no dividends during the previous 2 fiscal years and reported
losses during the previous 12 months.


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


CHE SHING: Hearing of Winding Up Petition Set
---------------------------------------------
The petition to wind up Che Shing Engineering (H.K.) Limited is
set for hearing before the High Court of Hong Kong on July 23,
2003 at 9;30 in the morning.

The petition was filed with the court on May 29, 2003 by Hong
Kong Electrostatic Spraytech Limited whose registered office is
situated at Flat J, 4th Floor, Fu Cheung Centre, 5-7 Wong Chuk
Yeung Street, Shatin, New Territories, Hong Kong.


CROWN LUXE: Winding Up Hearing Scheduled in July
------------------------------------------------
The High Court of Hong Kong will hear on July 9, 2003 at 10:00
in the morning the petition seeking the winding up of Crown Luxe
Development Limited.

Chan Sau Lai of Flat B, 2/F., Kam Heng Building, No. 70, Wo Yi
Hop Road, Kwai Chung, New Territories, Hong Kong filed the
petition on May 19, 2003.  Tam Lee Po Lin, Nina represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


GLITTERY CONSTRUCTION: Winding Up Petition Pending
--------------------------------------------------
Glittery Construction Company Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on July 16, 2003 at 9:30 in the morning.

The petition was filed on May 23, 2003 by Chan Wai Sing of Room
15, 6/F., Ning Ching House, Yee Ching Court, Kowloon, Hong Kong.


JANKI LIMITED: Winding Up Sought by Yang Shek
---------------------------------------------
Yang Shek Yee is seeking the winding up of Janki Limited. The
petition was filed on May 14, 2003, and will be heard before the
High Court of Hong Kong on July 9, 2003 at 9:30 in the morning.

Yang Shek holds its registered address at Room 19, 8/F., Po
Chung House, Po Ming Court, Tseung Kwan O, New Territories, Hong
Kong.


SERAPH INDUSTRIES: Petition to Wind Up Pending
----------------------------------------------
The petition to wind up Seraph Industries Limited is scheduled
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 21, 2003 by Chan
Chi Hung of Flat 14, 23/F., On Yan House, Tsz On Court, Tsz Wan
Shan, Wong Tai Sin, Kowloon, Hong Kong.


SINCERE COMPANY: Ups Operations Loss to HK$222.822M
---------------------------------------------------
The Sincere Company Limited disclosed a summary of its results
announcement for the year ending February 28, 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                           : 314,047            369,977
Profit/(Loss) from Operations      : (222,822)          (16,618)
Finance cost                       : (13,999)           (29,669)
Share of Profit/(Loss) of
  Associates                       : (11,278)           (11,316)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (248,756)          (58,054)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.433)            (0.101)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (248,756)          (58,054)
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


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


* IBRA Starts Preliminary Bids Evaluation From PPAS Investors
-------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has commenced
its preliminary review of bids from 9 investors for 4 assets,
offered in the Strategic Asset Sales Program (PPAS). The
evaluation will be on the business plan and Sales and Purchase
Agreement conditions.

All strategic assets on offer, - respectively Texmaco Group,
Chandra Asri, Bakrie Nirwana Resort- had drawn preliminary bids
from prospective investors on Friday, June 20, 2003. Each asset
received bids from more than one investor. The total asset
values on offer are under the program are Rp18.6 trillion and
US$2.5 billion.

Unlike the previous credit asset sales programs, under PPAS IBRA
conducts 2 (two) stages of bidding:

   1. Preliminary bid
   2. Final bid.

In this preliminary bid, prospective investors will only submit
a business plan and sales & purchase agreement (SPA). Only the
prospective investors successful in this qualification stage
will be eligible to take part in the final bid due July 4, 2003.

In the final bid, prospective investors will submit their price
bids, final business plan and security deposit. The prospective
investors with the highest bids above the floor price will be
nominated by IBRA as the winner. The nomination of winners will
be carried out by the end of July 2003.

The winning investor is obliged to make the first payment as
much as 30% by 15 July 2003. The signing of SPA will be
conducted 1 (one) day after the first payment namely 16 July
2003. The remaining payment balance of 70% must be paid in full
by 20 July 2003. Transaction closing will be hosted on 24 July
2003.

PPAS is one of many efforts by IBRA to meet the contribution
target to the 2003 State Budget of Rp26 trillion.


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


FUJITSU LIMITED: Shares Up 4.6% on Verizon Deal
-----------------------------------------------
Shares of Fujitsu Ltd. increased 4.6 percent on Tuesday after
the Company reported that it would supply Verizon Communication
Inc. with equipment and software for a new fiber-optic network
to handle voice calls and data at once, Bloomberg reports. The
order may be worth as much as 100 billion yen ($850 million) for
Japan's largest maker of business computers. The slump in
spending on telecommunications equipment was one reason behind
Fujitsu's reporting of net losses for the past two fiscal years.
Computer hardware and phone equipment account for about 40
percent of the Tokyo-based company's sales.

Standard & Poor's Ratings Services said last month that it might
cut Fujitsu's credit rating to below investment grade because of
the company's poor financial condition. The company has
outstanding bonds of 927 billion yen, more than triple the 284
billion yen in cash and securities with maturities of less than
90 days it held as of March 31.


FUKUSUKE CORPORATION: Issues Update on Rehab Proceedings
--------------------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that Fukusuke
Corporation, which is a customer of its subsidiary banks, Resona
Bank, Ltd. (Resona Bank," President: Yasuhisa Katsuta) and The
Kinki Osaka Bank, Ltd. Kinki (Osaka Bank," President: Kunitsugu
Hara), filed an application for commencement of civil
rehabilitation proceedings with the Osaka District Court. As a
result of this development, there arose a concern that the
claims to the Company may become irrecoverable or their
collection may be delayed. Details were announced as follows:

1. Outline of the Company

(1) Corporate name Fukusuke Corporation
(2) Address 1-1 Minamiyasui-cho 2-chome, Sakai-shi, Osaka-fu
(3) Representative Jyunji Fukushima
(4) Amount of capital 3,937 million yen
(5) Line of business Manufacturing of textile goods

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of civil
rehabilitation proceedings with the Osaka District Court on June
21, 2003.

3. Amount of Claims to the Company

Exposure of Resona Bank Loans: 1.7 billion yen
Exposure of Kinki Osaka Bank Loans: 0.4 billion yen
Other banking subsidiaries of Resona HD, Saitama Resona Bank and
Nara Bank, have no claims to the Company.

4. Impact of This Development on the Forecasted Earnings of
Resona HD

This development does not affect the earnings forecast of Resona
HD for the fiscal year ending March 31, 2004, which was
announced on June 10, 2003.


NEC CORPORATION: Launches GlobalOpenEthernet Technology
-------------------------------------------------------
NEC Corporation announced Monday the successful development of
GlobalOpenEthernet Technology, network infrastructure for
mission critical systems in an open environment, which enables
construction of carrier networks and wide-area enterprise
networks based on Ethernet technology with higher performance at
lower cost.

The technology's key component is the extended use of the VLAN
tag in the Ethernet header that realizes even more sophisticated
Ethernet technology.

Main Features of GlobalOpenEthernet Technology

(1) To date data forwarding routes were not operated in an
optimized way. Through the efficient management of multiple
paths, realized through the GlobalOpenEthernet switch, the
following benefits are achieved.

- Acceleration of failure recovery time

- Packet forwarding path optimization

- Addition and removal of switches without network disruption

Overall a highly reliable, highly efficient network facilitating
ease of operation, repair and maintenance is realized.

(2) By aggregating the switching information to the VLAN tag the
forwarding of packets between switches is accelerated. In turn
switching processing data is reduced to 1/5 enabling higher
density Ethernet switches.

(3) By enabling use of a VLAN tag with a standardized format
full interoperability with existing Ethernet devices for wide-
area Ethernet services is achieved. Through this technology it
is not necessary to replace all switches at one time, but only a
few, allowing smooth migration while providing high reliability
and larger scale network construction.

As the use of IP-VPN services and wide-area Ethernet services
enable cost effective virtual private networks, the use of these
services by enterprises is rapidly increasing. With this wide-
area Ethernet service although there are reliability and
scalability issues, they are outweighed by advantages including
speed, economical efficiency and protocol-free convenience. It
is therefore expected that this service will expand rapidly.
Currently, the technologies that realize wide-area Ethernet
service, VLAN-tagging technology and EoMPLS technology, don't
succeed in satisfying high reliability, protocol-free
convenience, speed and economical efficiency needs
simultaneously.

NEC has spent considerable research and development resources on
solving these issues, and has now succeeded in developing
prototype systems supporting GlobalOpenEthernet technology that
meet these needs simultaneously.

Specific Features of GlobalOpenEthernet Technology

(1) Highly Reliable Routing Technology
Until now layer 2 failure recovery protocol was not operated in
an optimized way. Now, multiple spanning trees for different IDs
(i.e., destination GlobalOpenEthernet switches) are made
possible enabling not only failure recovery but also packet
forwarding.

(a) Failure recovery (Spanning tree reconstruction) time when a
network fails is shortened to 50ms to 1 second.

(b) Network upgrade is enabled without causing any traffic
interruption.

(c) Packet forwarding by optimized route (shortest route from
any node to destination node) is realized.

(2) High-speed Tag Switching Technology
In order to accelerate the speed of data forwarding between
switches, a GlobalOpenEthernet switch address has been
introduced in the VLAN tag field, which is connected to multiple
client node addresses, reducing the amount of data for switch
processing to 1/5. High-speed tag switching technology forwards
packets based on GlobalOpenEthernet switching addresses. Through
this technology low cost and high density 10-gigabit Ethernet
switches are realized.

NEC will exhibit GlobalOpenEthernet prototype switches at
NETWORLD + INTEROP 2003, which will be held from June 30th to
July 4th at Makuhari Messe Exhibition Center in Tokyo. Below is
an outline of the switches that will be displayed at the
exhibition.

Switch Prototype Outline

(1)    GlobalOpenEthernet core switch
-      4 x 10-gigabit Ethernet ports (full-duplex) in 1U chassis
-      80 Gbps wire-speed forwarding and switching engine
-      2 times higher 10 Gbps port density than existing
switches

(2)    GlobalOpenEthernet edge switch blade
-      1 x 10-gigabit Ethernet port and 8 gigabit Ethernet ports
-      6U size compact PCI card (2 slot size in 1U chassis)
-      Support of GOE technology as well as current Ethernet
switch technologies
-      Support of 4 times as many MAC addresses compared to
       existing switches

By employing this GlobalOpenEthernet technology NEC realizes
high performance, low cost, communication network construction
backing up internal and external business operations, while
simultaneously supporting the corporate activities of users and
providers.

About NEC Corporation

NEC Corporation is one of the world's leading providers of
Internet, broadband network and enterprise business solutions
dedicated to meeting the specialized needs of its diverse and
global base of customers. Ranked as one of the world's top
patent-producing companies, NEC delivers tailored solutions in
the key fields of computer, networking and electron devices,
through its three market-focused, in-house companies: NEC
Solutions, NEC Networks and NEC Electron Devices. NEC
Corporation employs more than 140,000 people worldwide and had
net sales of approximately $39 billion in the fiscal year ended
March 2002. For further information, please visit the NEC
Corporation home page at: www.nec.com

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

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

Contact:
NEC Corporation
Y. Chris Shimizu
yc-shimizu@cb.jp.nec.com
+81-3-3798-6511


ISUZU MOTORS: Setting Up R&D Unit in Thailand
---------------------------------------------
Isuzu Motors plans to set up a research and development (R&D)
unit in Thailand to develop future models of its one-tonne
pickup truck, the Nation reported Tuesday, citing Isuzu's Senior
Executive Hiroo Majima. The R&D unit is likely to be established
this year. The center will be involved with the development of
new models for the D-Max pickup truck range, the best-selling
vehicle in Thailand. Isuzu aims to produce around 140,000 trucks
in Thailand this year, up from 95,000 units last year, according
to Yuji Kosaka, managing director of Isuzu Motors Co, (Thailand)
Ltd.

Isuzu Motors Ltd. posted a net loss of 144.30 billion yen for
2002 ending March 31 due to sluggish sales and expenses
connected to the liquidation of some United States operations,
the Troubled Company Reporter-Asia Pacific reported. The
carmaker booked a net loss of 42.99 billion yen the previous
year.

The Company will continue to pay no dividend for the past
fiscal year.


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


CHOHUNG BANK: Central Bank Offers W3Tr Loan
-------------------------------------------
The Bank of Korea (BOK) plans to make an emergency loan of 3
trillion won (US$2.52 billion) to the Chohung Bank to help the
strike-ravaged financial institution overcome its liquidity
shortage, according to Reuters.

The central bank supplied two trillion won last Thursday through
securities repurchase deal as customers rushed to withdraw cash
from Chohung. Union members ended its strike on Sunday, which
had been called to protest against the sale of Chohung to
Shinhan Financial Group.


CHOHUNG BANK: Hikes Interest Rates on Time Deposits
---------------------------------------------------
Chohung Bank will increase base rates on three-month, six-month
and one-year time deposits by 0.1 percentage point from the
current range of 4 percent to 4.2 percent in order to recover
funds that were withdrawn from the bank due to a recent strike,
Asia Pulse reported Monday.

Chohung estimated around 6.5 trillion won (US$5.45 billion)
ebbed out of the bank during the strike by unionized workers,
which was launched last Wednesday to oppose the government's
sale of the bank to Shinhan Financial Group. The walkout, which
ended early Sunday, crippled Chohung's operations, triggering a
run on deposits.


CHOHUNG BANK: Moody's Reviews Rating For Possible Upgrade
---------------------------------------------------------
Moody's Investors Service affirmed Shinhan Bank 's
Baa1/Baa2/Prime-2 credit ratings but placed its D+ bank
financial strength rating (BFSR) on review for possible
downgrade. This action follows the final decision by the
government to sell its 80.04 percent stake in Chohung Bank to
Shinhan Bank's parent, Shinhan Financial Group (SFG).

At the same time, the agency placed all of Chohung Bank's
ratings on review for possible upgrade. The affirmation of
Shinhan Bank's credit ratings reflects our opinion that the
transaction's potential dilution of Shinhan's financial strength
is balanced by its heightening of Shinhan Bank's long-term
systemic significance.

Shinhan Bank is part of the second largest financial group in
Korea. SFG, with Shinhan Bank and Chohung Bank in its stable,
will control a substantial 20 percent market share of the
commercial banking system. Thus, we believe that systemic
support will be readily forthcoming in the event of crisis.
Meanwhile, the BFSR review will consider the transaction's
impact on the fundamental financial health and condition of
Shinhan Bank. Although Shinhan Bank's parent (SFG) is acquiring
Chohung Bank, Shinhan Bank, as its principal operating entity
and main profit contributor, will likely have to bear the cost
burden of the group's acquisition financing. We expect the
reliance on Shinhan Bank as the main funding contributor to SFG
to continue near term, putting pressure on Shinhan Bank to
upstream funds, thereby potentially limiting its ability to
expand its own capital base.

In addition, the review will consider whether potential
synergies from the transaction in the medium term will be able
to offset the increased credit risk due to Chohung Bank's
relatively weaker financial fundamentals and likely significant
integration challenges. SFG plans to maintain Shinhan Bank and
Chohung Bank as separate legal entities for three years.
However, we anticipate that practically, there will be some
degree of integration - resources at Shinhan Bank are likely to
be applied to Chohung Bank, which may prove to be a distraction
to management and be detrimental to its own franchise. The
review will also focus on strategic and cost benefits that could
arise from a larger franchise as well as impact on the bank's
financial fundamentals over the longer term.

As for Chohung Bank, the review will center on its improved
credit profile as part of a larger and stronger franchise. We
view the recent deposit runs at the bank as a temporary and
unusual phenomenon caused by sentiment, rather than the
intrinsic condition of the bank. In any case, Chohung Bank
enjoyed the full support of the government and received
emergency funds from the Bank of Korea. Nevertheless, a more
damaging and protracted liquidity problem than expected would
warrant further scrutiny. Finally, the resolution of the
privatization issue in the near horizon is credit positive. In
the transaction, SFG will purchase an 80.04 percent stake in
Chohung Bank from the government for KRW3.37tn.

Of the amount, KRW1.72tn will be paid in cash and the remainder
in SFG preference shares. The enlarged group will have an
estimated asset base of KRW152 trillion, based on year-end 2002
figures, making it the second largest financial group in Korea,
after Kookmin Bank. Shinhan Bank and Chohung Bank are neck-and-
neck for fourth and fifth position in the banking system.
Shinhan Bank was established in 1982 with capital from Korean
residents in Japan. The bank, one of the healthiest banks in the
system, has developed a strong franchise in the consumer and
small-medium enterprises (SME) segments. In September 2001, it
formed a holding Company, SFG, under which it and five other
affiliates became sister companies. Since then, SFG has built
its organizational structure to 10 subsidiaries.

The bank is now 100 percent owned by SFG, which is 25 percent
held by Korean Japanese shareholders and 4 percent by BNP
Paribas. Chohung Bank, established in 1897 -- the system's
oldest, is financially weaker than Shinhan Bank. It was taken
over by the government during the 1997 financial crisis and now
controls a modest franchise. Most of its lending is to the
retail and SME sectors. The primary advantage the bank enjoys is
a low-costing deposit base from escrow court deposits. This has
enabled the bank to generate a relatively wide net interest
margin.

The following ratings are under review: Shinhan Bank: bank
financial strength rating of D+ for possible downgrade. Chohung
Bank: senior/subordinated debt ratings of Baa2/Baa3; long-
term/short-term deposit ratings of Baa2/Prime-3; and bank
financial strength rating of E+. All are under review for
possible upgrade. The following ratings were affirmed: Shinhan
Bank: senior/subordinated debt ratings of Baa1/Baa2 and long-
term/short-term deposit ratings of Baa1/Prime-2


CHOHUNG BANK: Top Managers Set to Resign
----------------------------------------
Chohung Bank's top managers plan to submit letters of
resignation Tuesday following last week's government decision to
sell the bank to Shinhan Financial Group, Asia Pulse reported
Monday.

Those who will submit resignations are Chairman Wee Sung-bok,
President Hong Serck-joo, Deputy President Hong Chil-sun and
internal supervisor Kim Sang-woo. The managers will retain their
current positions until a shareholders' meeting in 40 days time.
Shinhan will consider accepting their resignations on a case-by-
case basis.


DAEWOO MOTOR: Agrees to Sell Chinese Engine Plant to GM
-------------------------------------------------------
Daewoo Motor will sell its engine plant in China to General
Motors Corporation (GM) anytime this year, according to Asia
Pulse on Monday. The engine plant in Yantai will be the second
overseas unit to be sold since GM's acquisition of Daewoo
Motor's Korean operations and a wholly owned subsidiary in
Vietnam.

Both parties are still negotiating the specific terms of the
sale, including payment conditions and handling of the plant's
workforce. Daewoo Motor has 14 wholly owned subsidiaries in 10
countries with a combined annual capacity of 1.01 million units,
but efforts to sell them have encountered difficulties.


SK GLOBAL: Faces Major Restructuring Next Month
-----------------------------------------------
SK Global will undergo major restructuring next month as
creditors decided to provide financial assistance to keep the
Company afloat, the Korea Times reports. The Company plans to
lay off 750 domestic and foreign-based workers out of its 2,700
staff. Creditors are also demanding a 50 percent cut in the
firm's 200 administration workers.

The Company will also consider assigning unnecessary
administration workers to sales departments or SK affiliates,
while seeking to sell its unprofitable clothing and textile
offices, and overseas sales networks to Segye Corp. In an
attempt to slim down its operations, the trading firm plans to
shut down its head office for new business development as well
as many of its 43 overseas subsidiaries and branch offices.


HYUNDAI CORPORATION: Cutting 50 Workers
---------------------------------------
Hyundai Corporation is planning to lay off 50 of its 400 workers
and reduce the size of its management, as part of its
restructuring scheme, the Korea Times reports. The Company will
downgrade its overseas corporations in Canada, Germany, Hong
Kong and Australia to branch offices. It has also decided to
sell assets valued at around 72 billion won, including
negotiable securities and real estate, to secure liquidity.

According to The Troubled Company Reporter-Asia Pacific, the
2002 financial results of Hyundai Corporation revealed a
negative net worth of 50.7 billion won, incurring losses of 53.4
billion won and newly discovered losses of 78.4 billion won in
the firm's overseas operations.


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


AKTIF LIFESTYLE: Proposes Articles of Association Amendments
------------------------------------------------------------
The Board of Directors of Aktif Lifestyle Corporation Berhad
wishes to announce that the Company proposes to seek approval
from its shareholders at the forthcoming Ninth Annual General
Meeting for the following proposals:

   a) Proposed Renewal of Shareholders' Mandate for Recurrent
Related Party Transactions of a
Revenue or Trading Nature; and

   b) Proposed Amendments to the Articles of Association of the
Company.

A Circular to Shareholders containing information on the above-
mentioned proposals will be issued and dispatched to the
shareholders of ALCB together with the Company's 2003 Annual
Report in due course.


AMSTEEL CORP.: Units Enter Proposed Disposals to Repay Bank
-----------------------------------------------------------
The Board of Directors of Amsteel Corporation Berhad wishes to
announce that on 17 June 2003:

   (i) Amsteel Equity Realty (M) Sdn Bhd (AER), an 83.78% owned
subsidiary of Amsteel, had entered into a sale and purchase
agreement with the Selangor and Kuala Lumpur Teo Chew
Association (Teo Chew Association) to dispose 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 West Wing of Wisma Amsteel (Klang
West Wing) for a consideration of RM12.4 million (Klang West
Wing Consideration) (Proposed Disposal of Klang West Wing); and

   (ii) Ayer Keroh Resort Sdn Bhd (AKR), a 70% owned subsidiary
of Amsteel, had entered into two seperate sale and purchase
agreements with the Teo Chew Association to dispose of:

     (a) the parcel of vacant commercial land held under H.S.(D)
49710, No. PT 497, (Melaka AKR I Land) Kawasan Bandar XLII,
Daerah Melaka Tengah, Negeri Melaka for a consideration of
RM3.75 million (Melaka AKR I Consideration) (Proposed Disposal
of Melaka AKR I Land); and

     (b) the parcel of vacant commercial land held under H.S.(D)
49712, No. PT 499, (Melaka AKR II Land) Kawasan Bandar XLII,
Daerah Melaka Tengah, Negeri Melaka for a consideration of RM6.3
million (Melaka AKR II Consideration) (Proposed Disposal of
Melaka AKR II Land)

(The Proposed Disposal of Melaka AKR I Land and the Proposed
Disposal of Melaka AKR II Land shall hereinafter collectively be
referred to as "Proposed Disposal of Melaka Lands")

(collectively, "Proposed Disposals")

INFORMATION ON KLANG WEST WING, THE MELAKA AKR I LAND AND MELAKA
AKR II LAND

Information on Klang West Wing

Klang West 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 a land area of 42,691 sq ft and a
gross floor area of approximately 165,222 sq ft.

Wisma Amsteel comprises two wings; the West Wing, which is owned
by AER while the East Wing (Klang East Wing), is beneficially
owned by Lion Industries Corporation Berhad (LICB). The Klang
West Wing has a net floor area of approximately 58,770 sq ft
with a current occupancy rate of 76% by third parties
(Tenancies).

The cost of the Klang West Wing to AER (inclusive of land and
development cost) is RM7.7 million. The open market value for
the Klang West Wing as appraised by Messrs Henry Butcher on 4
June 2003 is approximately RM12.4 million whilst the net book
value as at 30 June 2002 was approximately RM6.6 million.

Klang West Wing is currently charged to a financial institution
(Bank) and will be disposed of free from all encumbrances.

Information on the Melaka AKR I Land and Melaka AKR II Land

The two parcels of leasehold commercial lands are located within
an 80-acres seafront mixed development commonly known as Mahkota
Melaka. Other developments within Mahkota Melaka include the
Mahkota Parade shopping center, Mahkota Medical Centre, Century
Mahkota Hotel and 4-storey shop offices known as Mahkota Square.
Particulars of the respective parcels are as set out in Table 1
at http://bankrupt.com/misc/TCRAP_Amsteel0625.pdf.

The Melaka AKR I Land and Melaka AKR II Land are 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 DISPOSALS

The Proposed Disposal of Klang West Wing

The Proposed Disposal of Klang West Wing involves AER selling
the West Wing of Wisma Amsteel to the Teo Chew Association for a
consideration of RM12.4 million which was arrived at on a
willing buyer-willing seller basis after taking into
consideration the open market value of Klang West Wing as
appraised by Messrs Henry Butcher of RM12.4 million.

The Teo Chew Association shall pay a cash consideration of
RM10.45 million for the Klang West Wing and the balance of
RM1.95 million (Novated Portion of Klang West Wing
Consideration) shall be novated to and assumed by Visionwell Sdn
Bhd, an 80% owned subsidiary of Amsteel (Visionwell), thereby
creating an inter-company balance owing by Visionwell to AER.
Visionwell shall assume the liability of RM1.95 million for the
purposes of partial settlement of its liabilities to the Teo
Chew Association as described in paragraph 5 below.

It is a term of the Proposed Disposal of Klang West Wing that
completion of the Proposed Disposal of Klang West Wing is inter-
conditional with the completion of the disposal of the Klang
East Wing by LICB to the Teo Chew Association for a
consideration of RM11 million (Proposed Disposal of Klang East
Wing).

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

The Proposed Disposal of Melaka Lands

The Proposed Disposal of Melaka Lands involves AKR disposing the
said Melaka AKR I Land and Melaka AKR II Land to the Teo Chew
Association for an aggregate consideration of RM10.05 million
which was arrived at on a willing buyer-willing seller basis
after taking into consideration the open market value of the
Melaka AKR I Land of RM3.75 million and Melaka AKR II Land of
RM6.3 million as appraised by Messrs Henry Butcher.

The Teo Chew Association shall novate the obligation to pay the
Melaka AKR I Consideration and the Melaka AKR II Consideration
to Visionwell, thereby creating an inter-company balance owing
by Visionwell to AKR (Proposed Inter-Co). This constitutes a
further settlement by Visionwell of its obligation to the Teo
Chew Association as described in paragraph 5 below.

The Proposed Disposal of Melaka Lands is expected to be
completed by September 2003.

RATIONALE FOR THE PROPOSED DISPOSALS

The Proposed Disposals provides an opportunity for Amsteel to
realize its investments in the Klang West Wing, the Melaka AKR I
Land and the Melaka AKR II Land. The proceeds received from the
Proposed Disposal of Klang West Wing will facilitate AER's
repayment to the Bank.

Further, the Proposed Disposal of the Melaka Lands will enable
Visionwell to settle amounts owing by Visionwell to the Teo Chew
Association, details of which are stated below:

5.1 Background to the amount owing by Visionwell to the Teo Chew
Association

Via a Sale & Purchase Agreement dated 18 June 1991 (Visionwell
SPA), Visionwell acquired a piece of commercial land measuring
approximately 2.13 acres held under CT No. 13782, Lot No. 692,
Sec. 57, Town of Kuala Lumpur, District of Kuala Lumpur
(Visionwell Land) for a consideration of RM37 million (Purchase
Consideration) from the Teo Chew Association. The Visionwell
Land is located between Hotel Istana and Menara Boustead along
Jalan Nagasari, off Jalan Raja Chulan, Kuala Lumpur.

Pursuant to the Visionwell SPA, the Purchase Consideration was
to be satisfied by way of Visionwell completing and returning to
the Teo Chew Association a block of office tower with
approximately 100,000 sq ft of net floor space (Association
Building), which will be built as part of the development to be
constructed on the Visionwell Land.

To secure its obligations to the Teo Chew Association,
Visionwell has procured a Bank Guarantee of RM25 million (BG) in
favor of the Teo Chew Association which shall be called upon by
the Teo Chew Association in the event Visionwell fails to carry
on or complete the Association Building by 30 June 2003.

As Visionwell has failed to carry on and will not be able to
complete the Association Building by 30 June 2003, Visionwell
and the Teo Chew Association have entered into a second
supplemental agreement on 17 June 2003 (Second Supplemental
Agreement) pursuant to which the Teo Chew Association has called
upon the BG and Visionwell has to further settle the sum of RM12
million being the differential amount between the BG and the
Purchase Consideration for the Visionwell Land by way of
Visionwell assuming the obligation to pay the Novated Portion of
the Klang West Wing Consideration to AER and the Melaka AKR I
Consideration and the Melaka AKR II Consideration to AKR.

Upon calling on the BG and completion of the Proposed Disposals,
the Teo Chew Association shall have no further entitlement to
the Association Building or to any part of the development on
the Visionwell Land.

Settlement of Purchase Consideration for the Visionwell SPA
The Second Supplemental Agreement further states that the total
sum of RM37 million owing to the Teo Chew Association shall be
settled as stated in Table 2 at
http://bankrupt.com/misc/TCRAP_Amsteel0625.pdf.

FINANCIAL EFFECTS OF THE PROPOSED DISPOSALS

Share Capital

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

Earnings

Barring unforeseen circumstances and based on the assumption
that the Proposed Disposal of Klang West Wing is completed by 30
June 2003, the earnings for the Amsteel Group for the financial
year ending 30 June 2003 is expected to increase by
approximately RM4.5 million or approximately 0.3 sen per share.

The Proposed Disposal of Melaka Lands is not expected to have a
material impact on the earnings of the Amsteel Group for the
financial year ending 30 June 2004.

Net Tangible Assets (NTA)

For illustrative purposes only and based on the Amsteel Group's
proforma consolidated balance sheet as at 30 June 2002 as
reviewed by the external auditors in connection with the
compliance with the corporate and debt restructuring exercises
undertaken by Amsteel and on the assumption that the Proposed
Disposals is effected as at that date, the consolidated NTA of
the Amsteel Group is expected to increase by approximately RM5.8
million or approximately 0.4 sen per share.

CONDITIONS OF THE PROPOSED DISPOSALS

The Proposed Disposal of the Klang West Wing is subject to the
following:

   (a) simultaneous completion of the Proposed Disposal of Klang
East Wing by LICB;

   (b) execution of a deed of assignment between AER and the Teo
Chew Association pursuant to which AER assigns the Tenancies to
the Teo Chew Association upon completion of the Proposed
Disposal of Klang West Wing; and

   (c) execution of a novation agreement between the Teo Chew
Association, AER and Visionwell pursuant to which the Teo Chew
Association novates the obligation to pay the Novated Portion of
the Klang West Wing Consideration to Visionwell.

The Proposed Disposal of Melaka AKR I Land is conditional upon:

   (a) execution of a novation agreement between the Teo Chew
Association, AKR and Visionwell pursuant to which the Teo Chew
Association novates the obligation to pay the Melaka AKR I
Consideration to Visionwell; and

   (b) the consent of the Pihak Berkuasa Negeri.

The Proposed Disposal of Melaka AKR II Land is conditional upon:

   (a) execution of a novation agreement between the Teo Chew
Association, AKR and Visionwell pursuant to which the Teo Chew
Association novates the obligation to pay the Melaka AKR II
Consideration to Visionwell; and

   (b) the consent of the Pihak Berkuasa Negeri.

The Proposed Disposal of Klang West Wing is not inter-
conditional:

   (a) with the Proposed Disposal of Melaka AKR I Land; or
   (b) with the Proposed Disposal of Melaka AKR II Land.

The Proposed Disposal of Melaka AKR I Land is not inter-
conditional with the Proposed Disposal of Melaka AKR II Land.

The conditions set out in paragraph 7.1(b) and (c), 7.2(a) and
7.3(a) were fulfilled on 17 June 2003.

DIRECTORS' INTEREST

The following Directors do not consider themselves independent
in respect of the Proposed Inter-Co and the Proposed Disposal of
Klang West Wing:

   i. Tan Sri William H.J. Cheng, a substantial shareholder of
Amsteel, has a substantial interest in Horizon Towers Sdn Bhd, a
company that holds 30% equity interest in AKR. Tan Sri William
is also a substantial shareholder of LICB.

   ii. Jen (B) Tan Sri Dato' Zain Hashim is an employee of
Amsteel, a company in which Tan Sri William H.J. Cheng is a
substantial shareholder.

   iii. Pee Kang Seng @ Lim Kang Seng is an employee of Amsteel,
a company in which Tan Sri William H.J. Cheng is a substantial
shareholder.

Save as disclosed above, none of the other Directors of the
Company has any interest, direct or indirect, in the Proposed
Disposals.

DIRECTORS' OPINION

The Directors of the Company are of the opinion that the
Proposed Disposals is in the best interest of the Company.

DOCUMENTS FOR INSPECTION

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


FURQAN BUSINESS: Memorandum of Understanding Terminated
-------------------------------------------------------
Further to the announcement made on 28 March 2003 in respect of
the Memorandum of Understanding signed on 28 March 2003 between
Austral Amal Properties (PJ) Sdn Bhd (AAPJ), a wholly-owned
subsidiary of FBO and Nauticalink Berhad (NLB) in relation to
the Proposed Disposal of a building owned by AAPJ pursuant to
the Proposed Restructuring Scheme of NLB.

The Board of Directors of Furqan Business Organisation Berhad
wishes to announce that the Memorandum of Understanding has been
terminated, as notified by NLB on 23 June 2003.


GENERAL LUMBER: Scheme of Arrangement Approved
----------------------------------------------
Further to the announcements dated 29 May 2003 and 2 June 2003,
PM Securities Sdn Bhd (PM Securities), on behalf of the Board of
Directors of General Lumber Fabricators & Builders Bhd wishes to
announce the results of the court convened meeting of the
shareholders of GLFB (Shareholders) and the extraordinary
general meeting (EGM) which were held on 23 June 2003, at Level
9, Wisma General Lumber, Block D, Peremba Square, Saujana
Resort, Section U2, 40150 Shah Alam, Selangor Darul Ehsan.

The results of the court convened meetings of the Shareholders
and EGM are set out in Table 1 at
http://bankrupt.com/misc/TCRAP_GenSoil06205.xls.

At the meeting, the Company obtained the requisite approval from
the Shareholders for the scheme of arrangement between the
Company and the Shareholders, pursuant to Section 176(1) of the
Companies Act, 1965 (Act) (Proposed Share Exchange). The
requisite approval of the Shareholders, as provided under
Section 176(3) of the Act, are based on the majority in number
representing three-fourths in value, present and voting, either
in person or by proxy, who voted in favor of the said scheme of
arrangement at the court convened meeting of the Company.

As for the EGM, PM Securities on behalf of the Board of
Directors of GLFB is pleased to announce that the resolution, as
set out in the Explanatory Statement Cum Circular (ES&Circular)
dated 30 May 2003 was duly passed at the abovementioned EGM held
on 23 June 2003.

The Proposed Share Exchange and Proposed Creditors Schemes, as
comprised in the Proposed Restructuring Scheme, are still
subject, to the sanction of the High Court of Malaya.


KRAMAT TIN: Releases Q103 Financial Report
------------------------------------------
Kramat Tin Dredging Berhad released its Quarterly report for the
financial period ended 30 April 2003 as posted at
http://bankrupt.com/misc/TCRAP_Kramat0625.doc.

On May 8, the Troubled Company Reporter - Asia Pacific reported
the Company is currently continuing its efforts in identifying a
suitable new core business, the implementation of which will
enable KTD to ensure a level of operations that is adequate to
warrant continued trading and/or listing on the Official List.


NALURI BERHAD: Non-Exec Director Dato' Haji Daud Retires
--------------------------------------------------------
Naluri Berhad (Special Administrators Appointed), posted this
Change in Boardroom Notice:

Date of change : 23/06/2003
Type of change : Retirement
Designation    : Non-Executive Director
Directorate    : Independent & Non Executive
Name           : Dato' Haji Mohamed Amin Haji Daud
Age            : 65
Nationality    : Malaysian
Qualifications : Barrister-at-law from Middle Temple, England
Working experience and occupation  : Senior partner of Messrs.
Zuki, Gandhi & Amin, Advocates & Solicitors, lawyer
Directorship of public companies (if any) : Pasdec Holdings
Berhad
Family relationship with any director and/or major shareholder
of the listed issuer : None
Details of any interest in the securities of the listed issuer
or its subsidiaries : Direct interest of 20,000 ordinary shares
of RM1.00 each in Naluri as at 13 June 2003 based on the
Company's share register

The Troubled Company Reporter - Asia Pacific reported on April
that the Special Administrators (SA) of Naluri Berhad
(Special Administrators Appointed) have decided that it is
in the best interest of all the stakeholders of Naluri for
Naluri to proceed with a capital repayment of at least
RM690,516,320 on the basis of RM1.00 for each existing Naluri
Share.


NORTH BORNEO: Agreement Stop Date Extended to August 22
--------------------------------------------------------
The North Borneo Corporation Berhad, in relation to the Proposed
Rescue Cum Restructuring Scheme, wishes to announce that the
Stop Date for the Agreements has been extended for another two
months from 23rd June 2003 to 22nd August 2003.

The Sale and Purchase Agreements dated 23rd April 2002 is in
relation to (i) Maserat Baru Sdn Bhd, (ii) Rasa Hasil Sdn Bhd
(iii) Terus Pelangi Sdn Bhd (iv) Seatex Plantations Sdn Bhd (v)
The North Borneo Timbers Corporation Sdn Bhd (the Agreements).


OCEAN CAPITAL: Trading Restriction Imposed
------------------------------------------
Ocean Capital Limited announced that its listed securities were
subjected to a trading restriction for its failure to comply
with the original time frames specified in Practice Note 4/2001
(PN4) to regularize its financial condition, effective from 9:00
a.m., Tuesday, 24 June 2003.

This trading restriction is in the form of full payment before
purchase and will continue to be imposed on OCEAN until further
notice.

On April 30, the Troubled Company Reporter - Asia Pacific
reported that the company has finalized its plan for a
restructuring scheme with the view of restoring its financial
position (Proposed Corporate Exercise).


PROMET BERHAD: Court Grants Judgment in Favor of Plaintiff
-----------------------------------------------------------
Promet Berhad wishes to inform that the Shah Alam High Court had
on 19 June, 2003 granted a judgment in favor of the Plaintiff,
in relation to Amsteel Securities Bhd (the Plaintiff)'s
application under Order 14 of the Rules of the High Court, 1980,
for the following:

   a) The sum of RM16,443,931.55 up till 26 March, 1998;

   b) Outstanding interest of RM243,910.23 up till 26 March,
1998;

   c) Interest at the rate of 18.5% per annum on the principal
sum of RM16,443,931.55 from 27 March, 1998 until the date of
full settlement;

   d) Costs to be taxed based on client solicitor basis; and

   e) Other relief deemed appropriate by the Court.

There is no material financial impact on the Group as the amount
claimed has been provided for in the financial statements.

PROMET is seeking legal advice on the next course of action.


PSC INDUSTRIES: All Resolutions Passed at 31st AGM
--------------------------------------------------
The Board of PSC Industries Berhad informed that all the
Ordinary Resolutions and the following resolution which were put
to the Thirty-First Annual General Meeting of the Company, held
on 23rd June, 2003 as special business were duly carried:

"THAT subject to the provisions of Section 132D of the Companies
Act, 1965, and the approval of the relevant authorities, the
Directors be and are hereby authorized from time to time to
issue and allot ordinary shares in the Company upon such terms
and conditions and at such times as may be determined by the
Directors to be in the interest of the Company provided always
that the aggregate number of shares to be issued pursuant to
this resolution shall not exceed ten (10) percent of the issued
share capital for the time being of the Company and that such
authority shall continue in force until the conclusion of the
next Annual General Meeting of the Company."

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

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


SRIWANI HOLDINGS: Directors Against Proposed Name Change
--------------------------------------------------------
Sriwani Holdings Berhad refers to the notice of the 19th Annual
General Meeting (19th AGM) of SHB dated 2 June 2003, in which
the Company proposes the change of Company's name to "DFZ
Capital Berhad" (Proposed Change of Name of the Company).

However, in view of the recent development involving Multi
Esprit Sdn Bhd and Atlan Properties Sdn Bhd which may lead to a
change in the major shareholder of SHB, the Board of Directors
of SHB recommends that the shareholders vote against the
resolution pertaining to the Proposed Change of Name of the
Company at the upcoming 19th AGM to be held on 24 June 2003.


SURIA CAPITAL: Explains Audited, Unaudited Results Variance
-----------------------------------------------------------
Suria Capital Holdings Berhad, in reply to the Kuala Lumpur
Stock Exchange's Query letter regarding the Variance Between
Audited And Unaudited Results For The Financial Year Ended 31
December 2002, clarified of the following differences which had
appeared in the announcement of the unaudited accounts for the
year ended 31st December 2002 made on the 28th March 2003 as
compared to the audited accounts appearing in Suria's annual
report for the year 2002.

Year ended 31st December 2002. RM 'million

Audited profit after taxation  8.453
Unaudited profit after taxation 5.650
Differences                      2.803

The above differences of RM2.803 million can be explained as
follows:
                                           RM '000

Write back of allowances for decline in value of property
development projects.                              2,014
Write back of business acquisition project cost.     487
Gain on sale of property development.            333
Accrued expenses.                                    (31)

                                                2,803

The Company trusts that the explanation satisfies your query on
the above.


TONGKAH HOLDINGS: Disposes of Quoted Securities
-----------------------------------------------
Tongkah Holdings Berhad informed that it has on 23 June 2003
been notified by PB Trustee Services Berhad (the trustee in
respect of the Company's RM186,558,296 Nominal Value of 5 year
1%-2% Redeemable Secured Convertible Bonds A 1999/2004 and
RM275,980,363 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds B 1999/2004 (collectively "Bonds")) that they
have on 17 June 2003, disposed of some of the Company's
securities held in public listed companies, which are pledged
with them in relation to the Bonds.

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

Go to http://bankrupt.com/misc/TCRAP_Tongkah0625.docfor
information on the securities disposed.


TRANS CAPITAL: Explains Audited, Unaudited Results Variance
-----------------------------------------------------------
Trans Capital Holding Berhad, in reply to KLSE's Query Letter
ref. No-030611-41271 dated 11th  June 2003 in relation to the
variance between Audited and Unaudited Results for the Financial
Year ended 31 December 2002, explained that the difference
between the loss after taxation for the announcement and the
loss after taxation as per the audited accounts were mainly as
follows:
                                                  RM
1) Reversal of directors' fees, salaries and EPF     439,200
2) EPF Late Payment interest over accrued              (84,046)
3) Over provision of audit fee                       4,000
4) Provision for doubtful debts (trade and non-trade) (435,677)
5) Provision for diminution in value for investment
   in Repeater                                     (376,547)
6) Impairment loss (Plant & Machinery and others)  (26,158,587)
7) Provision for depreciation not taken up      (2,303,778)
   Being inventories written down to net realizable value
  (WIP, Raw Material and Indirect Materials)     (2,273,179)
8) Being deposits uncollectable                    (60,000)
9) Being hire purchase interest payable adjusted to
   provision for interest account                     (4,775)
10) Professional fee accrued (RSM Nelson Wheeler Teo)  (27,080)
11) Being expenses paid wrongly debited to accruals
    account (Bas Kilang expenses and telephone charges)
                                                        (9,577)
12) Being loss on disposal of property, plant & machinery not
    taken up                                       (179,166)
13) Being overdraft interest over accrued               46,990
14) Being reversal of interest charged by director    5,229
15) Provision for assessment and quit rent        (78,844)
16) Being surcharge on leasehold land under taken up   (12,960)
                                             (31,508,797)

The audited adjustments of RM31,508,797 plus the unaudited
reported losses of RM23,043,526 is RM54,552,323.

Below is the KLSE's Query Letter content:

We refer to your Company's Annual Audited Accounts 2002 received
on 28 May 2003. We note that the group's loss after taxation for
the year ended 31 December  2002 amounts to RM54,552,323.

However, your Company's announcement of unaudited results dated
27 March 2003, showed a loss after taxation and minority
interests of RM23,044,000 for the abovementioned financial year.
In accordance with the Exchange's Listing Requirements, kindly
furnish the Exchange immediately with your detailed explanation
of the above difference for public release.

Yours faithfully,
TAN YEW ENG
Senior Manager, Listing Operations
TYE/NZ


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


ASIAN DIAMOND: SEC Sets Deadline to Correct Trust Fund Deficit
--------------------------------------------------------------
The Securities and Exchange Commission (SEC) has given cash-
strapped pre-need firm Asian Diamond Plans until June 30 to
correct its trust fund deficiency, the Philippine Star said on
Tuesday.

The SEC, as a result of Asian Diamond's continued failure to
comply with the minimum paid-up capital requirement of 50
million pesos for pre-need firms, did not renew it's dealership
license. This means that the Company can no longer sell new
plans to the public.


EEI CORPORATION: Clarifies Asset Sale Report
--------------------------------------------
EEI Corporation commented on the news article entitled "EEI to
sell idle assets to pare losses," published in the June 23, 2003
issue of the BusinessWorld. The article reported that
"Yunchengco-controlled EEI Corp. plans to sell its non-
performing assets to pare losses due to difficult 'market
conditions.' The Company expects to raise at least P300 million
from the sale of one of its idle property assets.

EEI Corporation (EEI), in its letter to the Exchange dated June
23, 2003, stated that:

"The idle property referred to is a piece of land in Batangas,
some 40 hectares in size, the EEI would like to sell to raise
funds. The Company has no immediate plans for the said property,
and the best option, in Management's view, is to sell the same."

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2006_EEI.pdf


FIRST PHILIPPINE: Unit Seeks Debt Payment Extension
---------------------------------------------------
FGHC International Ltd., a unit of First Philippine Holdings
Corporation, is seeking creditors to extend the repayment date
for a US$60 million debt to July 31 from the due date of June
30, AFX Asia reports.

In a disclosure to the stock exchange, First Holdings also said
that it and FGHC International are negotiating a US$30 million
loan that, together with the proceeds of another loan from AIMCF
(Cayman Islands) Ltd., will allow the unit to settle its US$60
million obligation.


MANILA ELECTRIC: Clarifies Refund Claim Report
----------------------------------------------
The Manila Electric Company (Meralco) clarified media reports
quoting a Bayan official as saying that only a handful were able
to claim the refund on the first day of implementation last June
6, Friday.

The Bayan official claimed that only one customer was able to
claim his refund two and a half hours after a branch office
opened at 7 a.m., and that only nine people out of 235 who came
were able to get their money by noon last Friday (June 6).

"The statement is not true," declared Elpi Cuna, Meralco Vice
President for Corporate Communication. "There is no deliberate
attempt on their part to prevent customers from getting the cash
refund," he said.

"Many of those who came to our branches on the first day
(Friday) were not yet scheduled and were simply inquiring," Cuna
explained. "In fact, a customer with complete requirements will
be able to get his refund within five minutes."

Meralco Refund Task Force Head Leonardo Mabale echoed Cuna's
statement, adding that some customers went to the branches to
find out if they could get the refund even if they are not yet
scheduled.

"I would like to reiterate to our customers that in order to
expedite the refund process all our customers who are scheduled
on their given days must bring their valid identification
cards", Mabale stressed.

"These include their driver's license, PRC ID, Passport,
SSS/GSIS/TIN IDs, Philhealth ID, Senior Citizen's ID, Postal ID
and Firearm's License ID," Mabale added.

On a separate allegation that Meralco will not be giving back
refunds to customers whose account has been deactivated, Mabale
explained: "That is not true. Customers with terminated accounts
will be duly advised. We will publish an announcement in the
newspapers on what these customers should do to claim their
refund."

He further said that they have to first establish the
communication lines with these customers o determine the claim
process, based on the account numbers that will be provided to
Meralco.

"This is a tedious task for us, but we are not going to keep
this money away from the customers eligible for refund," Mabale
said.

As of 12 noon of June 9 more than 4,000 customers have been able
to get their refund in cash, while close to 2,000 customers
opted to have their refund credited to their future bills.

The number of customers who went to the branch to inquire
reached more than 11,000. "The number of customers who trooped
to our branch offices increased significantly as compared to
previous days. Processing time for the refund also remained fast
and efficient," Mabale added.


MANILA ELECTRIC: Early Retirement Package Opportunities End
-----------------------------------------------------------
Lopez-led Manila Electric Co. (Meralco) finished giving out
early retirement packages to Company employees and executives
last month, Business World reports, citing Meralco assistant
Vice-President Ivanna G. dela Pena. More than 200 employees took
advantage of the offer. Meralco President Jesus P. Franciso said
the firm would continue with its cost-cutting measures, which it
started three years ago. Francisco stressed that the firm will
not retrench employees.

Meralco is having financial difficulties due to a Supreme Court
ruling, which ordered the firm to refund its customers for
overcharges collected since 1994. The firm started implementing
the initial phase of the refund, which will cost it around 2.1
billion Philippine pesos (US$39.42 million) this month. The
first phase covers customers using up to 100-kilowatt hours per
month. It is expected to start the second phase in September for
customers using 101 to 300-kilowatt hours.


NATIONAL POWER: Sets Price Guidance For US$500M Bond
----------------------------------------------------
National Power Corporation (Napocor) has set the price guidance
for its US$500 million, 10-year bond offering at 75 to 100 basis
points over Philippine sovereign bonds due in 2013, according to
Reuters. Pricing is expected to be later this week. The deal is
lead managed by Citigroup.


NATIONAL STEEL: Appoints U.S. Firm as Broker
--------------------------------------------
The creditor-banks of bankrupt National Steel Corporation (NSC)
has appointed U.S. firm Renaissance Partners LLC as broker, the
Malaya Newspaper said on Tuesday. Renaissance will be paid
US$300,000 (16 million pesos) to look for buyers of the
mothballed Company. The banks are opposing the transfer of
assets of NSC to a special purpose vehicle because it will cost
them another 200 million pesos.

Last week, the Presidents of the creditor-banks have created a
nine-man board that would assess the commercial viability of NSC
composed of representatives of the banks. The board would decide
on how to go about re-operating the Iligan City-based firm.


PHILIPPINE LONG: Clarifies E-commerce Deal Report
-------------------------------------------------
Philippine Long Distance and Telephone Co. (PLDT) clarified the
news article entitled "PLDT signs P400-M deal on e-commerce"
published in the June 23, 2003 issue of the Philippine Daily
Inquirer. The article reported, "The Philippine Long Distance
Telephone Co. (PLDT) has signed a contact with on line
marketplace player BayanTrade for the procurement of P400
million worth of supplies to be electronically sourced from
various local and international suppliers."

Philippine Long Distance Telephone Company (PLDT), in its letter
dated June 23, 2003, stated that:

PLDT signed on June 19, 2003 an e-Sourcing Plus Subscription
Agreement with Bayantrade Dotcom under which Bayantrade Dotcom
shall make available its electronic procurement and electronic
bidding services to the PLDT Group. PLDT guarantees that
purchases aggregating P400 million for the period July 1, 2003
to June 30, 2004 would be coursed through and awarded using
Bayantrade Dotcom's e-bidding services which would then allow
PLDT to lower the transaction fees associated with such
purchases."

The press release is located at
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2008_TEL.pdf


PILIPINO TELEPHONE: Expecting Recovery
--------------------------------------
Pilipino Telephone Corporation (Piltel) sees a return to profit
in two to three years if the improved take-up of its Talk 'N
Text brand continues, Business World reports, quoting Company
Chairman Napoleon L. Nazareno. Piltel will not post a positive
net this year due to foreign exchange losses, Nazareno added.

For the first quarter, Piltel reported a net loss of 360.2
million Philippine pesos (US$6.76), 60 percent lower than the
894.4-million pesos loss in the same period last year. During
the period, Piltel's foreign exchange losses amounted to
PhP162.5 million.


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


CHARTERED SEMICONDUCTOR: Virage Expands Semicon IP Offering
-----------------------------------------------------------
Virage Logic Corporation, a leading provider of best-in-class
semiconductor IP platforms, announced it would make available
its Technology-Optimized Platform on Chartered Semiconductor
Manufacturing's 0.13-micron baseline logic process. In support
of Virage Logic's platform strategy, this latest development
furthers a successful alliance between the two companies, which
currently features the availability of silicon proven embedded
memories on multiple technology nodes from 0.35 micron down to
0.13 micron.

The new Technology-Optimized Platform for the Chartered 0.13-
micron process will be available in September 2003. Virage
Logic's Technology-Optimized Platform - comprising silicon
proven memories, logic, and I/Os - provides System-on-Chip (SoC)
designers the capability to manufacture on Chartered's 0.13-
micron process with enhanced performance and accuracy.

In addition to the Technology-Optimized Platform for Chartered's
0.13-micron baseline logic process, Virage Logic also announced
the availability of embedded memories for Chartered's 0.13-
micron low-leakage offering. Additional components for
Chartered's derivative processes will also be made available to
allow customers to mix and match solutions to better address
their specific performance and power requirements.

Logic's semiconductor IP platform strategy calls for the
delivery of Technology- Optimized Platforms for a broad range of
third-party foundry and IDM processes. About Virage Logic
Virage Logic Corp. (Nasdaq:VIRL) is a leading provider of best-
in-class semiconductor IP platforms based on memory, logic,
I/Os, and IP development tools that are silicon proven and
production ready. Virage Logic meets market demands for cost
reduction, while improving performance and reliability for
fabless and integrated device manufacturer (IDM) companies
focused on the consumer, communications and networking, handheld
and portable, and computer and graphics markets. Virage Logic is
headquartered in Fremont, California and has sales and support
offices worldwide. For more information, visit
www.viragelogic.com or call (877) 360-6690 toll free or (510)
360-8000.

About Chartered Semiconductor Manufacturing, one of the world's
top three dedicated semiconductor foundries is forging a
customized approach to outsourced semiconductor manufacturing by
building lasting and collaborative partnerships with its
customers. The Company provides flexible and cost-effective
manufacturing solutions for customers, enabling the convergence
of communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab, which will be developed as a 300mm facility.

A Company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market and on the Singapore
Exchange. Chartered's 3,500 employees are based at 11 locations
around the world. Information about Chartered can be found at
www.charteredsemi.com.

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
94 and 95.25 For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1

For more information, contact:

Sabina Burns                    Jennifer Bader
Virage Logic McClenahan         Bruer Communications
(510) 743-8115                 (415) 954-7128
sabina.burns@viragelogic.com   jennifer@mcbru.com

Tiffany Sparks
Chartered Semiconductor Manufacturing
(408) 941-1185
tiffanys@charteredsemi.com


L & M GROUP: Auditor Issues FY02 Financial Statement
----------------------------------------------------
The Board of Directors L&M Group Investments Ltd (LMGI)
announced that in the opinion of the Board, the Company is
subject to a successful debt and equity restructuring with the
Bank. The Board is expecting significant progress to be made
this week on the status of the Bank restructuring and hopes to
announce the same shortly. In the meantime, a copy of the Report
of the Auditors for the financial statements of LMGI for the
year ending 31 December 2002 can be accessed below.

A further announcement will be made Tuesday on the Board's
explanation to paragraphs 3 to 8 of the Report of the Auditors.

For a copy of KPMG's report, go to
http://bankrupt.com/misc/tcrap_L&M0624.pdf


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


AMARIN PLAZA: Enters Asset Disposal Agreement With Grand Asset
--------------------------------------------------------------
The Management Committee's Meeting No.7/2003 of Amarin Plaza
Public Agreement resolved to dispose of its ordinary shares, as
follows:

Transaction date:

   - 20 June 2003, entering into the Agreement to Sell Shares.
   - Entering into Share Transfer Agreement within 150 days
     from the date of the Agreement to Sell Shares.

Purchaser:

Grand Asset Development Co.,Ltd., under a condition of the
agreement that the buyer will be able to change the transferee
of the shares on the closing date. Both the buyer and the
transferee of the shares have no relationship with the Company
and the Subsidiary.

Sellers:   Amarin Plaza Public Company Limited.

Type of Business:  Honor Business Co.,Ltd. operates the real
estate business.

Relationship between the Listed Company and Subsidiary:
There are not relationship between the company and the
purchaser.

Number of shares and % of Share Holding before disposition:
5,994 ordinary shares.

Number of share disposed and selling price: 5,994 ordinary
shares at the price of Bt16,764.62 per share (par value is Bt100
per share), totaling Bt100,487,132.20.

The Book Value of the company as at 31 May 2003 was 11,302.37
baht per share.

The basis used to determine the share-selling price:  To fix
share purchase price as agreed by the sellers and the purchaser.

Number of shares and % of Share Holding after disposition: -Nil-

The expected benefit to be generated for the subsidiary of the
company from this investment: Some portion of the money received
from the shares selling will be used to reduce company's debt
and the remaining amount will be used for company's future
investment.

The aforementioned disposition of the ordinary shares of
company, shall not apply in accordance with the Rules,
Procedures and Disclosure of Information Concerning the
Acquisition and Disposition of Assets of Listed Companies and
Connected Transactions.


GREEN UNION: Files Business Reorganization Petition in Court
------------------------------------------------------------
Green Union Company Limited (DEBTOR), engaged in Real
Estate Development, filed its Petition for Business
Reorganization to the Central Bankruptcy Court:

   Black Case Number 831/2544

   Red Case Number 108/2544

Petitioner: GREEN UNION COMPANY LIMITED

Planner: ASIA ASSET ADVISORY COMPANY LIMITED

Plan Administrator: ASIA ASSET ADVISORY COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,588,986,298.14

Date of Court Acceptance of the Petition : August 22, 2001

Date of Examining the Petition: September 17, 2001 at 9.00 A.M.

Court Appointment for the Hearing of the Court Order : November
29, 2001

Court has postponed the Date for Examining the Petition to
January 25, 2002

Court Order for Business Reorganization and Appointment of
Planner : January 25, 2002

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: February 11, 2002

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : February 26,
2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: May 26, 2002

Appointment date for the Meeting of Creditors to consider the
Plan : June 18, 2002 at 9.30 am. Convention Room 1 & 2, Queen
Sirikit Convention Center

Court had issued the order accepting the reorganization plan :
August 9, 2002 and Appointed Asia Asset Advisory Company Limited
to be as a Plan Administrator

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Matichon Public Company Limited and Siam Rath Company Limited :
August 16, 2002

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Government Gazette : September 17, 2002

Court had issued an Order Cancelled the Order for Business
Reorganization since March 11, 2003

Announcement of Court Order Cancelled the Order for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: March 21, 2003

Announcement of Court Order Cancelled the Order for Business
Reorganization in Government Gazette : April 17, 2003

Contact : Miss. Amornrat, Tel 6792525 ext. 144


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

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

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***