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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

            Thursday, June 26 2003, Vol. 6, No. 125

                         Headlines



A U S T R A L I A

ADVANCED ENGINE: Enters Loan Funding Agreements
ADVANCED ENGINE: Lim Asia Assigns $3.32M Debt to 698 Capital
AUSTRALIAN MAGNESIUM: Posts Heads of Agreement Executive Summary
COBRA RESOURCES: Issues Securities to Settle Debt
ERG LIMITED: Implements Capital Reorganization

MATRIX OIL: Posts Update From Deed Administrators
MAYNE GROUP: Acquires Melbourne Ultrasound for Women
MIM HOLDINGS: Scheme of Arrangement Implemented
MORGAN PRICE: Enters Receivership, Appoints Manager
TOWER LIMITED: Confirms New Zealand Leadership

TRANZ RAIL: Toll Group Full Takeover Offer Circular Dispatched
WESTERN METALS: Suspended From Official Quotation


C H I N A   &   H O N G  K O N G

ABLE SYSTEM: Winding Up Sought by Microsoft Corporation
C.P. POKPHAND: Bermuda Court Orders Scheme Sanction
LA' POCHE: Winding Up Petition Slated for Hearing
PERFECT COME: Winding Up Petition Pending
SKYNET (INT'L): Further Adjourns Petition Hearing to Sept 22

WINTIE CONSULTANTS: Winding Up Hearing Scheduled Next Month


I N D O N E S I A

ASTRA INT'L: Unit Issuing Rp600B Bonds for Business Expansion


J A P A N

ALL NIPPON: Resumes All Flights to China
AOKI URBAN: Hotel Firm Seeks Creditor Protection
FUKUSUKE CORPORATION: Submitting Rehab Plan November 21
RESONA HOLDINGS: No Retirement Benefits For Executives
RESONA HOLDINGS: Possible Delay in Claims Payments

SANKYO SEIKI: R&I Downgrades Rating to BB-
NIKKO CORDIAL: Integrating Subsidiaries


K O R E A

CHOHUNG BANK: Paying Central Bank US$1.6B by July 1
SK CORPORATION: Union Sues Top Executives
SK GLOBAL: Meeting With Foreign Creditors in Hong Kong
SK GLOBAL: Sovereign Issues Statement on Bailout Plan


M A L A Y S I A

ADVANCE SYNERGY: Unit Faces Winding Up Order Over Judgment Debt
ARUS MURNI: August 8 SPA Completion Expected
ARUS MURNI: EGM Approves Proposed Acquisitions
HAP SENG: Writ of Summon Appeal Hearing Set on August 10
HOTLINE FURNITURE: Hires Independent Investigative Auditors

KIARA EMAS: SC OKs Proposed Gross Proceeds Increase
KUMPULAN EMAS: SPA Completion Date Extended to October 31
LIEN HOE: Shareholders Approve All Resolutions at 33rd AGM
NALURI BERHAD: Audit Committee Chairman Retires
NALURI BERHAD: Resolutions Pass at 21st AGM

OCEAN CAPITAL: Releases 13th AGM Resolutions
RAHMAN HYDRAULIC: Court Adjourns Full Trial to Aug 6
SCK GROUP: Appeals KLSE's Securities De-Listing Decision
SPORTMA CORPORATION: Sells Provisional Allotment of Rights
SUNWAY BUILDING: Capital Reduction Book Closing July 8

TAI WAH: Gets MITI's Nod on Proposed Private Placement
TECHNO ASIA: Discloses May Production Figures
WOO HING: Subsidiaries Under Provisional Liquidation


P H I L I P P I N E S

CEBU POWER: Extends Notice of Suspension
MANILA ELECTRIC: Expects P1.0B Profit This Year
MANILA ELECTRIC: Seeks P9B Tax Rebate From BIR
MANILA ELECTRIC: Seeks Restructuring of Unsecured Loans
MANILA ELECTRIC: SM Group Buys Property in Laguna

NATIONAL POWER: Bond Issue Draws US$350M Orders so Far
NATIONAL STEEL: Creditors Oppose Asset Transfer to SPV


S I N G A P O R E

THAKRAL CORPORATION: Post Changes in Shareholder's Interest


T H A I L A N D

MILLENNIUM STEEL: SET Grants Listed Securities
RAIMON LAND: Balance After Capital Increase Stands at Bt81.44M
RAIMON LAND: Listed Securities Granted After Capital Increase
THAI MILITARY: ANZ Talks Continuing

     -  -  -  -  -  -  -  -

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


ADVANCED ENGINE: Enters Loan Funding Agreements
-----------------------------------------------
Advanced Engine Components Limited announces that it has entered
into a number of agreements:

   1. To increase the Loan Agreement facility with Commonwealth
Equity, Limited (CEL) to $2.1 million. The agreement also allows
for an extension of the repayment terms to 31 July 2003, or
later as advised by CEL.

   2. To enter into a new loan facility with LIM Asia Arbitrage
Fund Inc (LIM Asia) for $525,000, repayable on 20 June 2004.


ADVANCED ENGINE: Lim Asia Assigns $3.32M Debt to 698 Capital
------------------------------------------------------------
Advanced Engine Components Limited has received notice that LIM
Asia has disposed of 33,699,065 ordinary fully paid shares in
the Company to 698 Capital International Limited.

This represents 19.9% of the issued ordinary shares in the
Company.

The Company has received notice from LIM Asia Arbitrage Fund Inc
(LIM Asia) that the debt of $3.32 million owed by AEC to LIM
Asia has been assigned to 698 Capital Asia Pacific Limited. AEC
owed these monies to LIM Asia as a result of transactions
between NewTel Limited (NewTel) and LIM Asia and the mortgaging
by NewTel of the debt to LIM Asia.

TAKEOVER BID

The Company has received an announcement from 698 Capital
International Limited stating its intention to make a takeover
bid for all of the ordinary shares of the Company. Pursuant to
the proposed bid, 698 Capital International Limited will offer
to acquire all of the ordinary fully paid shares in the Company
at a price of $0.009961 per share. The bid will be subject to
the conditions set out in the announcement by 698 Capital
International Limited.

The Directors are in the process of considering the bid by 698
Capital International Limited and advise shareholders to await
further information from the Company before taking any action in
this regard.


AUSTRALIAN MAGNESIUM: Posts Heads of Agreement Executive Summary
----------------------------------------------------------------
On 13 June 2003, Australian Magnesium Corporation Limited (AMC)
and its wholly owned subsidiary Australian Magnesium Operations
Pty Ltd (AMO) signed a Heads of Agreement (HOA) with the State
of Queensland (the State), the Commonwealth of Australia (the
Commonwealth), Newmont Australia Limited (Newmont), and Leighton
Contractors Pty Limited (Leighton).

The key elements of the HOA include:

   * The termination of the engineering, procurement and
construction (EPC) contract between AMO and Leighton for the
Stanwell Magnesium Project (SMP).

   * The creation of a joint venture between AMO and Leighton
with the aim of preserving the value created through the EPC
contract and exploring opportunities for future developments.

   * Termination of the senior debt facilities and unwinding the
hedging arrangements associated with the SMP.

   * The State and Commonwealth subordinating their loans to the
unsecured creditors of AMO and AMC other than Leighton, up to an
agreed amount.

   * Newmont, a 27.8% shareholder in AMC, forgiving an existing
loan to AMC, providing contingent funding, and retaining its
existing guarantees to QMAG and AMC's Ford magnesium sales
contract.

   * Funds from existing cash reserves being set aside to scale
back and sustain the operations of AMC and AMO, with the balance
of the funds to be held by AMO in escrow for use by AMC and AMO
with the consent of the State and Commonwealth as secured
creditors.

   * A commitment by AMC and AMO to prepare a new business plan
to identify possible options to take the Company's magnesium
business forward.

AMC has also signed an agreement with Stanwell Corporation
Limited to terminate the agreements for the supply of steam,
electricity and water to the SMP.

BUSINESS PLAN

AMC's primary focus will be to develop a new business plan aimed
at taking the Company's magnesium business forward. Undertakings
have been given to the State and Commonwealth that over the next
12 months AMC shall:

   - Develop a high level strategic plan incorporating detailed
financial projections;

   - Develop a Feasibility Study proposal for assessing the
options for a future magnesium production project;

   - Develop a detailed business plan for the magnesium business
based on the results of the Feasibility Study; and.

   - Subject to the plans acceptance, implement the new business
plan.

In parallel with these activities, AMC will continue its
corporate partner search programmed and involve any such parties
in the Feasibility Study and business plan development processes
as appropriate.

FUNDING AND CASH MANAGEMENT

Under the terms of the HOA, funds from existing cash reserves
are being set aside to scale back the operations of AMC and AMO
over the next 12 months.

At the time of signing the HOA, AMC's and AMO's total cash and
cash equivalents were estimated by AMC/AMO at around $100
million.

The HOA contemplates cash payments of approximately $70 million
over the next 12 months with around $50 million expended on
activities relating to the scale back of operations and care and
maintenance activities (including settlement of existing
creditors, employee entitlements on termination) and around $20
million on-going activities (marketing, corporate, project and
technical activities).

This will leave approximately $30 million to be held in escrow.

In general, the escrow amounts held by the Company can only be
released following the development of the new business plan and
upon satisfaction of the Government stakeholders, as secured
creditors, that a suitable project has been identified with a
reasonable prospect of success with a new budgeted programmed of
activities.

STANWELL MAGNESIUM PROJECT AND ASSOCIATED FINANCING ARRANGEMENTS

The SMP in its current form has been cancelled. The EPC contract
between AMO and Leighton and other project agreements (including
the Energy Supply Agreement and Water Supply Agreement with
Stanwell Corporation Limited) have been terminated, and the
Stanwell site placed on a care and maintenance basis.

The project financing facilities will be terminated and the
associated foreign exchange and interest rate hedging contracts
have been unwound. The balance of the proceeds from the close-
out of the hedging facilities ($2.9 million) will be used to
offset partly outstanding commitment fees ($4.7 million) and
other payments due in respect of the project financing
facilities. AMC will seek reimbursement of these fees and
payments.

AMC has paid $35.2 million in underwriting and arranging fees
and work fees, and a further $16.6 million in commitment fees to
date in respect of the project financing facilities.

NEWMONT

Newmont has agreed to forgive a $38 million loan provided to AMO
through the 2001 Facility Agreement. It will provide up to $10
million in contingent funding for 12 months for the settlement
of obligations towards existing unsecured creditors.

Newmont has confirmed its commitment to providing guarantees for
QMAG's debt facility and hedge book and AMC's Ford sales
contract.

The agreement allows Newmont to terminate the $75 million
contingent equity and option arrangement (The Equity
Contribution Deed No.2) that could have been accessed by AMC as
part of its Stanwell commissioning facility in 2006 should
Stanwell not have met certain operating tests.

Newmont has reduced its Board representation from three
Directors to one and will be entitled to one director on the AMC
board while its shareholding remains above 20 per cent.

THE STATE OF QUEENSLAND

The financing arrangements for SMP included three agreements
with the State or related entities, namely:

   (a) A $70 million cost overrun facility with Stanwell
Corporation Limited;

   (b) A $50 million agreement with the State for the
development of common user infrastructure under the Stanwell
Industrial Park Development Deed (SIPDD); and

   (c) A $100 million loan facility to support distribution
payments to holders of Distribution Entitled Securities (the
State Mezzanine Loan Agreement).

As part of the termination of the project's debt facilities, the
$70 million cost overrun facility will be terminated.

The $50 million SIPDD facility has not been drawn and will be
cancelled. AMO will bear the cost of approximately $20 million
in common user infrastructure developed to date.

The $100 million State Mezzanine Loan Agreement (SMLA) remains
in place. To date, $33 million has been drawn under the SMLA.
Further draw downs of $21 million will occur in each of November
2003, May 2004 and November 2004 as a consequence of the
scheduled distributions.

COMMONWEALTH OF AUSTRALIA

The financing arrangements for SMP include two agreements with
the Commonwealth and related entities:

   (a) A guarantee for a $100 million loan and interest rate
hedging facility provided by Australia and New Zealand Banking
Group Limited; and

   (b) A Research Agreement with CSIRO under which $50 million
in funding was applied to the development and creation of assets
involving the 'AM Process' in return for a royalty stream.

The guarantee and ANZ facility remain in place. The loan balance
currently stands at around $82 million and, with capitalized
interest, will increase to $100 million by January 2007.

The CSIRO funding has been expended and the obligation remains
to make future royalty payments when commercial magnesium
production is achieved.

LEIGHTON

Leighton and AMO have agreed to terminate their engineering,
procurement and construction (EPC) contract for SMP and have
released each other from any claims.

Leighton and AMO have further agreed to create a joint venture
to preserve value created through the EPC contract and explore
opportunities for future developments.

The initial term of the joint venture will be 12 months but may
be extended by a further 12 months with the consent of the State
and Commonwealth.

It should be noted that AMC and AMO have retained sole rights
over the Stanwell site, the AM Process and all licenses they
hold in relation to SMP.

GOVERNMENT RIGHTS AND CONSULTATION

AMC has agreed to report regularly and consult with the State
and Commonwealth. As secured creditors, they have the right to
exercise their security at any time if an event of material
adverse change to their interests, or the objectives of AMC,
occurs.

SHAREHOLDER APPROVAL

AMC has agreed to put a resolution to its next Annual General
Meeting for ratification of the decision to terminate SMP in its
current form and proceed with the proposed business.

If not passed by a majority of shareholders in number and 75 per
cent of votes cast at the meeting, the State and Commonwealth
may enforce their security rights.


COBRA RESOURCES: Issues Securities to Settle Debt
-------------------------------------------------
Cobra Resources Limited posted this notice:

                             APPENDIX 3B
                        NEW ISSUE ANNOUNCEMENT

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

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

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

Name of Entity
Cobra Resources Limited

ACN or ARBN
97 008 045 083

We (the entity) give ASX the following information.

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

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

2. Number of securities issued    4,366,812
   or to be issued (if known)
   or maximum number which
   may be issued

3. Principal terms of the securities  Fully paid ordinary shares
   (eg, if options, exercise price
   and expiry date; if partly paid
   securities, the amount
   outstanding and due dates for
   payment; if convertible securities,
   the conversion price and dates
   for conversion)

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

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

5. Issue price or consideration        $0.00229 per share

6. Purpose of the issue (if            Settlement of Debt
   issued as consideration for
   the acquisition of assets,
   clearly identify those
   assets)

7. Dates of entering securities        23/06/2003
   into uncertified holdings
   or dispatch of certificates

                                      NUMBER  CLASS
8. Number and class of all     376,835,490  fully paid ordinary
   securities quoted on                     shares
   ASX (including the
   securities in clause        56,906,944  30/06/2004 options to
   2 if applicable)                      acquire fully paid
                                         ordinary shares
                                         exercisable at 10 cents

                                      NUMBER  CLASS
9. Number and class of all                    N/A
   securities not quoted
   on ASX (including the
   securities in clause 2
   if applicable)

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

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

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

34. Type of securities (tick one)

    (a) X  Securities described in Part 1

    (b)    All other securities

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

    Entities that have Ticked Box 34(a)

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

Tick to indicate you are providing the information or documents

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

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

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

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

    X  Cheque to be provided

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

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

According to Wright Investors' Service, at the end of 2002,
Cobra Resources Limited had negative working capital, as current
liabilities were A$719,000.00 while total current assets were
only A$397,000.00. The company has paid no dividends during the
last 12 months and also reported losses during the previous 12
months.


ERG LIMITED: Implements Capital Reorganization
----------------------------------------------
Participating Organizations are advised that the reorganization
of capital for ERG Limited was effective from Tuesday 24 June
2003.

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

Fractions will be disregarded.

The following timetable will apply.

30 April 2003    Shareholder approval.
24 June 2003     Trading commences in the reorganized
                 securities on a deferred settlement basis.
                 ASX Code: ERGDA
30 June 2003     Last day for the Company to register
                 transfers on a pre-reorganization basis.
1 July 2003      First day for the Company to register
                 securities on a post reorganization basis.
7 July 2003      Dispatch date. Deferred settlement trading
                 ends. ASX Code ERG
8 July 2003      Normal T+3 trading commences.
11 July 2003     Settlement of trades conducted on a T+3 basis


MATRIX OIL: Posts Update From Deed Administrators
-------------------------------------------------
Matril Oil NL (Subject To Deed of Company Arrangement) posted an
update from Vincent Smith, the Company's Joint and Several Deed
Administrator, to the Shareholders:

"As you are aware, since the commencement of the Administration
of the Company on 16 October 2002 we have actively sought
expressions of interest from parties wishing to either inject
capital into the Matrix Oil Group of Companies and/or acquire
part or all of the assets of the Matrix Oil Group of Companies.

"An offer has now been received and accepted in relation to the
Asahan Production Sharing Contract and the Glagah Kambuna
Technical Assistance Contract Formal Sale and Purchase
Agreements were executed by the Company on 13 June 2003 in this
regard. There are however a number of conditions precedent for
both agreements which need to be satisfied before they can be
finalized. These conditions precedent are required to be
satisfied on or before 31 August 2003.

"My discussions are continuing with a number of interested
parties with respect to the Langsa Technical Assistance
Contract.

"Shareholders may also be aware that a subsidiary of the
Company, Matrix Oil (Langsa) Ltd commenced legal proceedings
against Langsa FPSO Pte Ltd and PT Bawana Margatama in the High
Court of Justice (Commercial Division) in the United Kingdom in
October 2002. These proceedings were suspended in February 2003
pending the outcome of the Deed Administrators' negotiations
with interested parties. These proceedings remain suspended at
this time.

"The outcome of the Administration of the Company for creditors
and shareholders is currently uncertain and whilst the Company
remains subject to a Deed of Company Arrangement I am unable to
make a declaration under Section 104-145 of the Income Tax
Assessment Act 1997 that I have reasonable grounds to believe
that there is no likelihood that the shareholders of the Company
will receive any return."


MAYNE GROUP: Acquires Melbourne Ultrasound for Women
----------------------------------------------------
Mayne Group Limited announced Tuesday that it had signed an
agreement to purchase the assets of Melbourne Ultrasound for
Women.

The business provides comprehensive diagnostic ultrasound
services in obstetrics and gynaecology from sites in Carlton and
Hampton. The acquisition complements Mayne's existing diagnostic
business in Victoria and it expands Mayne's presence in
specialist women's imaging that was established at the Prince of
Wales campus in Sydney in November last year.

The forecast revenues for the year ending June 2004 are $3.5
million. The transaction is expected to be completed in July
2003.

CONTACT INFORMATION: Rob Tassie
        Ph:  (03) 9868 0886
        Mob: 0411 126 455

On mid March, the Troubled Company Reporter - Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
ratings on Australian private health company Mayne Group Ltd. to
'BBB-/A-3' from 'BBB/A-2'. The rating outlook is negative. This
rating action reflects Mayne's continued weak performance in the
six months to Dec. 31, 2002, and limited prospects for a
significant improvement in the short term.


MIM HOLDINGS: Scheme of Arrangement Implemented
-----------------------------------------------
MIM Holdings Limited announced that the Implementation Date for
the Scheme of Arrangement between MIM and its shareholders in
relation to the offer of $1.72 per MIM share by a wholly owned
subsidiary of Xstrata Plc occurred on 24 June 2003.

Cheques for the Scheme consideration have been dispatched to all
MIM shareholders.

Xstrata nominees have replaced the current MIM Directors and
other officers and Xstrata will be making application to end the
official quotation of MIM shares on the ASX and the New Zealand
Stock Exchange.


MORGAN PRICE: Enters Receivership, Appoints Manager
---------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
taken court action against Morgan Price Ltd (Morgan Price), a
company ASIC alleges has represented itself as an Australian-
based brokerage firm, promoting shares in US-based companies by
way of cold-calling and hawking to investors in New Zealand and
United Kingdom.

ASIC has obtained orders in the Supreme Court of New South Wales
appointing a receiver and manager to Morgan Price. Mr Robert
Elliott, of Hall Chadwick, has been appointed receiver and
manager.

ASIC has also obtained injunctions against the company and its
directors, Messrs Douglas Pestano, Robbie Joseph and Nicholas
Seow, and officers of the company from promoting, offering or
arranging on behalf of any persons or entity, any shares in a
body corporate, or making any representations or statements
regarding the promotion or offer of shares in a body corporate.

The orders also restrain the parties from dealing with or
disposing of any money, shares, property, futures or options
contracts, or other commodities purchased, received from, or
held on behalf of clients of Morgan Price.

Further, Morgan Price has been ordered by the court to cease
operating the company website.

ASIC alleges that Morgan Price has broken the law by operating a
financial services business without holding the required
Australian license to do so. ASIC further alleges that the
conduct of Morgan Price and its officers contravenes various
provisions of the Corporations Act and the ASIC Act.

Additionally, ASIC alleges that Morgan Price, its directors and
officers have engaged in unconscionable, misleading and
deceptive conduct in relation to the offer of shares, and about
the company's ability to legally conduct a financial services
business in Australia and internationally.

ASIC began investigating the activities of Morgan Price on the
grounds of intelligence gathered through complaints from
individuals and organizations in New Zealand, the United Kingdom
and Australia, and a referral received by the New Zealand
Securities Commission.

ASIC's investigation is continuing. The matter will return to
Court on 11 August 2003.

Cold-calling

Consumers are 'cold-called' when they are telephoned out of the
blue and offered a chance to buy shares or other financial
products, usually in a high-pressure environment. ASIC estimates
Australians have lost over $400 million to cold-calling scams in
the past three years.

ASIC's website at www.fido.asic.gov.au has more information for
consumers, including a list of known cold-calling outfits and
tips on how to protect yourself.


TOWER LIMITED: Confirms New Zealand Leadership
----------------------------------------------
TOWER Group Managing Director Keith Taylor confirmed Wednesday
two senior executive New Zealand appointments.

Paul Bevin, the Managing Director of TOWER Asset Management
Limited has been appointed Chief Executive, Investment
Businesses for TOWER New Zealand. In this role, Mr Bevin retains
responsibility for TOWER Asset Management (New Zealand) and
assumes responsibility for TOWER Managed Funds, the Group's New
Zealand retail funds management business. He will also chair the
Executive Board of the new asset management group in Australia,
which will combine TOWER Asset Management Australia with some
investment functions of Bridges Financial Services and TOWER
Trust Australia.

Mr Bevin has successfully led TOWER Asset Management since 1988.
This company has a long record of leading investment performance
and continues to deliver good results in difficult market
conditions, including being named Fund Manager of the Year (NZ
Equities) last week.

Paul Hunt, previously Managing Director of TOWER Insurance,
becomes Chief Executive, Insurance and Operations for TOWER New
Zealand. His responsibilities now include TOWER Health & Life,
TOWER Insurance, TOWER Life (N.Z.) and the operational functions
of HR, IT, Finance, Actuarial and Distribution. He joined TOWER
Insurance (previously National Insurance) in 1985 and became
Managing Director in 1991. TOWER Insurance continues to deliver
strong results, evident by its six years of consecutive
underwriting profits.

"Paul Bevin and Paul Hunt are highly respected industry
professionals - Paul Bevin has been a member of the New Zealand
Stock Exchange's Market Surveillance Panel, and Paul Hunt has
served as President of the Insurance Council of New Zealand. The
appointments are effective immediately and I look forward to the
ongoing commitment and talent that these two professionals bring
to TOWER," Mr Taylor said.


TRANZ RAIL: Toll Group Full Takeover Offer Circular Dispatched
--------------------------------------------------------------
Toll Group (NZ) Limited gives notice in accordance with Rule 45
of the Takeovers Code that the offer document and accompanying
documentation relating to its full offer to purchase all the
equity securities in Tranz Rail Holdings Limited under the
Takeovers Code was sent on Tuesday to the offerees in respect of
the offer.

Copies of this letter and the accompanying documentation have
been sent to NZX, the Registrar of Companies and the Takeovers
Panel as required by the Takeovers Code.  Copies can be
requested from lcr@nzx.com.


WESTERN METALS: Suspended From Official Quotation
-------------------------------------------------
The securities of Western Metals Limited was suspended from
official quotation prior to commencement of trading on
Wednesday, 25 June 2003, at the request of the Company, pending
the release of an announcement to the market,

On March 14, the Troubled Company Reporter - Asia Pacific
reported that the Group finalized further financial
restructuring arrangements on January 7, 2003. The arrangements
included the provision of additional working capital facilities
of $US 5.95 Million and the conversion of an order financing
facility of $A 7.5 Million (drawn to $A 2 Million at 31 December
2002) into a revolving term facility. Standstill arrangements
with financiers were also extended until 30 June 2005 and debt
and interest payments have been rescheduled.


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


ABLE SYSTEM: Winding Up Sought by Microsoft Corporation
-------------------------------------------------------
Microsoft Corporation is seeking the winding up of Able System
Development Limited. The petition was filed on June 02, 2003,
and will be heard before the High Court of Hong Kong on July 30,
2003.

Microsoft Corporation holds its registered office at One
Microsoft Way, Redmond, Washington, 98052-6399, U.S.A.


C.P. POKPHAND: Bermuda Court Orders Scheme Sanction
---------------------------------------------------
References are made to the announcement of C.P. Pokphand Co.
Ltd. dated 16th April, 2003 and the circular of the Company
dated 27th May, 2003

The directors of the Company are pleased to announce that the
Scheme was approved at the Court Meeting held on 12th June,
2003. The resolution for the approval and implementation of, and
giving effect to, the Scheme was also passed at the EKC SGM held
on the same date. The Scheme was sanctioned (without
modification) by the Bermuda Court on 20th June, 2003 (Bermuda
time) and will become effective upon a copy of the Order of the
Bermuda Court sanctioning the Scheme being delivered to the
Registrar of Companies in Bermuda for registration on 23rd June,
2003 (Bermuda time). EKC has applied to the New York Stock
Exchange for the withdrawal of listing of the EKC Shares on the
New York Stock Exchange, with such withdrawal to be effective
as soon as possible following the effectiveness of the Scheme.

Wrights Investors Service reports that at the end of 2002, C.P.
Pokphand Co Ltd had negative working capital, as current
liabilities were HK$5.49 billion while total current assets were
only HK$3.19 billion. It has paid no dividends during the last
12 months. It last paid a dividend during fiscal year 1997, when
it paid dividends of 0.00 per share.


LA' POCHE: Winding Up Petition Slated for Hearing
-------------------------------------------------
The petition to wind up La' Poche Company Limited is set for
hearing before the High Court of Hong Kong on July 16, 2003 at
9:30 in the morning.

The petition was filed with the court on May 21, 2003 by Au Wing
Han of Room 801, 8/F., Block 21, A Kung Ngam Road, Shaukeiwan,
Hong Kong.


PERFECT COME: Winding Up Petition Pending
-----------------------------------------
Perfect Come Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on July
16, 2003.

The petition was filed on May 21, 2003 by Wong Yuen Hoi of Room
5, 14/F., Block A, Mei Fung House, Mei Lam Estate, Tai Wai, New
Territories, Hong Kong.


SKYNET (INT'L): Further Adjourns Petition Hearing to Sept 22
------------------------------------------------------------
Reference is made to the announcements of Skynet (International
Group) Holdings Limited in relation to, among others, the
Petition filed by Lombard against the Company on 30 October 2002
alleging the failure of the Company, in its capacity as
guarantor under a subscription agreement dated 28 June 2000
entered into by Skynet HK, the Company and Lombard, to cause
Skynet HK to pay the redemption amount of HK$93,600,000 for the
convertible cumulative redeemable participative preferred
shares of Skynet HK held by Lombard and the orders of the Court
for the adjournment of the hearing of the Petition made on 15
January 2003, 12 February 2003, 17 February 2003 and 17 March
2003.

On 9 June 2003, the Court ordered a further adjournment of the
hearing of the Petition from 9 June 2003 until 22 September 2003
at the application of the solicitors for the Company to allow
more time for the Company to effect its restructuring proposal.
An announcement will be made by the Company in respect of the
order made by the Court at the hearing on 22 September 2003.


WINTIE CONSULTANTS: Winding Up Hearing Scheduled Next Month
-----------------------------------------------------------
The High Court of Hong Kong will hear on July 16, 2003 at 9:30
in the morning the petition seeking the winding up of Wintie
Consultants Limited.

Lam Mei Yan of Flat D, 20/F., Block 11, Rhythm Garden, 242 Choi
Hung Road, Kowloon, Hong Kong filed the petition on May 21,
2003.  Tam Lee Po Lin, Nina represents the petitioner.

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


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


ASTRA INT'L: Unit Issuing Rp600B Bonds for Business Expansion
-------------------------------------------------------------
PT Federal International Finance (FIF), a subsidiary of PT Astra
International Tbk in retail financing services, is planning a
public offering of Rp600 billion fixed income bonds for its
business expansion in retail financing for motorcycles.

"After the deduction of the issuance charges, FIF management
will utilize the bonds proceeds for retail financing of
motorcycles in compliance with the company's main activities as
well as financial policy," said the President Director of FIF,
Ida Purwaningsih Lunardi, in a press conference conducted after
the public expose of the bonds offering on Tuesday, 24 June
2003.

"These amortizing bonds will be the second issuance; we issued
the first bonds in 2002, amounting to Rp300 billion. Since FIF
has been enjoying good achievement, we need additional funds to
cover the expansion," she said.

According to Ida Purwaningsih Lunardi, FIF, which was
established in 1989, is a Finance Company specializing in retail
financing of motorcycles direct to end users. In line with the
growth of motorcycle market in Indonesia, FIF needs additional
funds to support the business expansion.

She also stated that FIF, which is owned by PT Astra
International Tbk (99,99%) and PT Aryaloka Sentana (0.01%) , has
68 Branch Offices and 166 Points of Service in 26 provinces.
"With the support of 3.363 employees in its organization, FIF
has an online and integrated system," she explained further.

Within the last few years, FIF has shown a remarkable
achievement. Revenue is increasing within the last three years
from Rp323,963 billion in 2000 to Rp411,145 billion in 2001 and
a further increase up to Rp723,734 billion in 2002. "In January
to March 2003, the company has booked an income of Rp240,773
billion," said Ida Purwaningsih Lunardi.

As a result of the increasing revenue, FIF has booked a
significant increase in net profit, from Rp47,775 billion in
2000, Rp75,479 billion in 2001 and Rp140,055 billion in 2002.
"In the first three months of 2003 (January - March), we have
recorded a net profit of Rp55,370 billion. This increase is
parallel with the continuous growth of motorcycle market in
Indonesia."

Currently, the booking of new credit in FIF has reached a
monthly average of 35,000 units Honda motorcycle, which is the
result of cooperation with 654 motorcycle dealers all over the
country. "On top of that, we have around 700,000 active
customers and a database of almost 1,5 million."

FIF outstanding achievement is well recognized by the upgrade of
bond rating issued by PT Pemeringkat Efek Indonesia (PT
Pefindo), which was "idA-" for FIF Bond I 2002 to become "idA+"
or an increase of 2 nodes. The "idA+" rating is the highest bond
rating ever issued for a finance company at this moment.

In its day-to-day operation, FIF has 234 outlets in 26
provinces, thus having a spread risk. FIF is supported by a
reliable system and a competent organization:

Online and integrated system enables an excellent operational
control. Competent, highly motivated and team oriented
organization

Open management system

Management commitment for a stable business growth Ida
Purwaningsih Lunardi explains that to support its business
expansion, FIF is planning to issue a fixed income amortizing
bonds amounting to Rp600 billion, which will be listed in
Surabaya Stock Exchange. "We hope that this issuance may become
one of the best investment alternatives for individual as well
as institutional investors as it is the case with FIF Bonds I
issued last year," she added.

Information on the Bonds

1. Consisting of 4 (four) series

Series A, amounting to a maximum of Rp150 billion, with 100%
bullet payment, maturing on day 370, with fixed interest rate,
ranging from 12,25% - 12,5%

Series B, amounting to a maximum of Rp100 billion, with 100%
bullet payment, maturing at the end of year 2, with fixed
interest rate, ranging from 12,75% - 13%.

Series C, amounting to a maximum of Rp100 billion, with 100%
bullet payment, maturing at the end of year 3, with fixed
interest rate, ranging from 13,0% - 13.25%.

Series D, amounting to a maximum of Rp250 billion, with
quarterly amortization of 10% from the principal, starting from
quarter 7 to quarter 16, with fixed interest rate, ranging from
13,25% - 13,5%

2. Tenor of bonds from 370 (three hundred and seventy) days to 4
(four) years

3. Quarterly interest payment
4. Collateral of 80% from outstanding principal balance
5. Bonds will be listed in Surabaya Stock Exchange

Supporting Stock Exchange Institutions

1. Joint Lead Underwriters :

   a. PT Mandiri Sekuritas
   b. PT Bahana Securities
   c. PT HSBC Securities Indonesia
   d. PT Kresna Graha Sekurindo Tbk

2. Public Accountant : Drs. Hadi Sutanto & Rekan
(Pricewaterhouse Coopers)

3. Legal Consultant : Thamrin & Rachman
4. Notary Public : Imas Fatimah, SH
5. Custodian : PT Bank Rakyat Indonesia (Persero)
6. Paying Agent : PT Kustodian Sentral Efek Indonesia


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


ALL NIPPON: Resumes All Flights to China
----------------------------------------
In response to the lifting of travel advisories to Beijing by
the World Health Organization (WHO) and the Ministry of Foreign
Affairs of Japan, from July 10th All Nippon Airways (ANA) will
resume its second daily flight to the Chinese capital from
Tokyo's Narita airport and restore full capacity on its Tokyo
Narita - Dalian route, which had been cut from six weekly return
flights to three. ANA will also resume its daily Osaka Kansai -
Beijing flight from the same date.

From April 8th, starting with Hong Kong and Singapore, ANA cut
services and capacity to seven destinations, mainly in China.
The resumption of these services means that ANA's Chinese
network will be back to its full pre-SARS and Iraq war level.
ANA will thus be ready to respond to the expected gradual
increase in demand for business travel to China, as Japanese
companies begin to relax their travel bans in line with the
lifting of the travel advisories.

Also from the same date, ANA will once again operate a Boeing
777-200 (292 seats) aircraft on its Tokyo Narita - Singapore
route, thus restoring full capacity. Since April 8th this route
has been operated using a smaller a Boeing 767-300 (214 seats).

The only remaining suspended services on the ANA network are
Tokyo Narita - Taipei and Osaka Kansai - Singapore, which will
continue until July 31st and August 31st respectively.

Resumed flights

Route/ flight no Dates of Suspension Days of operation Date of
                                                    Resumption
Narita - Beijing
(NH 955/956)  08 May - 10 Jul           Daily         11 Jul
(Fri)

Kansai - Beijing
(NH 159/160)  09 May - 10 Jul           Daily         11 Jul
(Fri)

Narita - Dalian
(NH 903/904)  01 Jun - 10 Jul     Mon, Tue, Wed,      11 Jul
(Fri)
                                  Thu, Fri, Sun

Aircraft change

Route/ flight no. Dates of Change Days of Operation Date of
                                                     Resumption

Narita - Singapore 08 Apr - 10 Jul      Daily        11 Jul
(Friday)
(NH 901/902)     (B777-2000 to B767-300)



AOKI URBAN: Hotel Firm Seeks Creditor Protection
------------------------------------------------
Aoki Urban Development Corp., the operator of Westin Hotel
Osaka, has asked the Tokyo District Court to protect its assets
from creditors under the fast-track Civil Rehabilitation Law,
reports the Japan Times. The Company will schedule a meeting on
June 29 to explain its rehabilitation plan to some 620
creditors. Intensified competition with rivals made it difficult
for the hotel to raise funds. Aoki Urban Development incurred a
750 million yen pretax loss in 2002 on operating revenue of 6.1
billion yen.


FUKUSUKE CORPORATION: Submitting Rehab Plan November 21
-------------------------------------------------------
Fukusuke Corporation will submit its rehabilitation plan to the
Osaka District Court on November 21, Kyodo News said Tuesday.
The sock maker filed with the court for protection from
creditors under the fast-track civil rehabilitation law. The
120-year-old Company went down with debts totaling 42.6 billion
yen.


RESONA HOLDINGS: No Retirement Benefits For Executives
------------------------------------------------------
Resona Holdings Inc. has decided not to pay retirement benefits
to board members and executive officers who have remained with
the troubled banking group for their past service through June,
Japan Times said on Wednesday. Resona, which was forced last
month to seek a fresh injection of public funds, has already
said it will not pay lump-sum retirement allowances to Yasuhisa
Katsuta, the former President of the holding company, and other
top executives who have resigned to take the blame for the
group's financial plight.


RESONA HOLDINGS: Possible Delay in Claims Payments
--------------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that Asia & Pacific
Trade Center Co., Ltd., World Trade Center Building (Osaka),
Inc., and Minatomachi Development Center Co., Ltd. (the
Companies), which are customers of its banking subsidiaries,
Resona Bank, Ltd. (Resona Bank, President: Masaaki Nomura) and
The Kinki Osaka Bank, Ltd. (Kinki Osaka Bank, President:
Kunitsugu Hara), appealed for special arbitration to the Osaka
Summary Court on June 20, 2003. As a result of this development,
there arose a concern that the collection of the claims against
the Companies could be delayed. Details were announced as
follows:

1. Outline of the Company

(1) Corporate name Asia & Pacific Trade Center Co., Ltd.
(2) Address 2-1-10, Nankokita, Suminoe-ku, Osaka
(3) Representative Masaru Ishibe
(4) Amount of capital 22,111 million yen
(1) Corporate name World Trade Center Building (Osaka), Inc.
(2) Address 1-14-16, Nankokita, Suminoe-ku, Osaka
(3) Representative Eiichi Sakaguchi
(4) Amount of capital 9,400 million yen
(1) Corporate name Minatomachi Development Center Co., Ltd.
(2) Address 1-4-1, Minatomachi, Naniwa-ku, Osaka
(3) Representative Yoshito Ohnishi
(4) Amount of capital 8,000 million yen

2. Fact Arisen to the Companies and Its Date
The Companies appealed for special arbitration to the Osaka
Summary Court on June 20, 2003.

3. Amount of the Claims to the Companies

Resona Bank

Asia & Pacific Trade Center Co., Ltd. 5.9 billion yen
World Trade Center Building (Osaka), Inc. 7.6 billion yen
Minatomachi Development Center Co., Ltd. 3.1 billion yen
Kinki Osaka Bank
Asia & Pacific Trade Center Co., Ltd. 4.3 billion yen
World Trade Center Building (Osaka), Inc. 0.8 billion yen
Minatomachi Development Center Co., Ltd. 0.6 billion yen
Saitama Resona Bank and Nara Bank, other banking subsidiaries of
Resona HD, have no claims to the Companies.

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

This development does not affect the earnings forecasts of
Resona HD for the fiscal year ending

March 31, 2004 which was announced on June10, 2003.


SANKYO SEIKI: R&I Downgrades Rating to BB-
------------------------------------------
Rating and Investment Information, Inc. (R&I) has removed the
following ratings of Sankyo Seiki Mfg. Co. Ltd. from the Rating
Monitor scheme and has downgraded them as follows:

Senior Long-term Credit Rating: BB- (Downgraded from BB+;
Removed from the Rating Monitor scheme)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Conv. Bonds No. 2 Oct 02, 2000 Sep 28, 2007 Yen 10,000

R&I RATING: BB- (Downgraded from BB+;
Removed from the Rating Monitor scheme)

ISSUE: Domestic Commercial Paper Programme
Issue Limit: Yen 10,000 million

R&I RATING: a-3 (Affirmed; Removed from the Rating Monitor
scheme)

RATIONALE:

Sankyo Seiki will be unable to avoid a third successive
operating deficit in the year to March 2004. This is due to
start up delays in the fluid dynamic bearing motors for HDD's on
which the Company is concentrating its management resources, and
the slump in optical pick up units. Interest bearing debt is
also on the rise. In the year to March 2003, Sankyo Seiki booked
some fluid dynamic bearing motor-related development expenses to
deferred assets, posing the Company's weak financial base.

Accompanying the business restructuring that is aimed at
improving the Company's cost structure, it is expected to record
large structural reform expenses as an extraordinary loss again
in the current fiscal year, as it did in the previous term.
Therefore, Sankyo Seiki's equity capital will not escape further
damage. The credit rating prospect is negative. While there are
expectations of cost reductions and increased sales of fluid
dynamic bearing motors in the future, there is a need for the
Company to strengthen its equity capital quickly in view of the
risks in the HDD business, which has very rapid changes in
prices and product specifications.


NIKKO CORDIAL: Integrating Subsidiaries
---------------------------------------
Financial Network Technologies and The Nikko Computer Systems
House, two consolidated subsidiaries of Nikko Cordial
Corporation, announced Monday that they plan to integrate into
one company, for the purpose of enforcement of market
competitiveness, business efficiency, and operating foundations,
effective from July 1, 2003. The name of the company after its
integration is Nikko System Solutions, Ltd.

1.Name of Company: Nikko Systems Solutions, Ltd.
2.Effective Date: July 1, 2003
3.Capital 2 Billion Yen (Nikko Cordial Corporation owns 100% of
its share)
4.Address 12-1 Daito-cho Tsurumi-ku, Yokohama,
Kanagawa, Japan
5.Phone 045-506-8811

Nikko Cordial Corporation posted a group net loss of 18.94
billion yen in the year ending March 31 under U.S. accounting
rules, versus a group net loss of 59.64 billion yen the previous
year, TCR-AP reported recently. Net loss per share was 10.29
yen, compared with 32.37 yen the previous year.

Meanwhile, Bloomberg reported that Nikko Cordial Corporation
failed to complete 3,100 orders from customers to trade shares
on the Tokyo Stock Exchange on Tuesday because of a computer
system failure. The Company plans to explain the glitch to its
customers and will complete the orders based on the prices that
the stocks traded on June 24 after the computer failure. The
Company did not say how much the orders were worth. Nikko
Cordial posted a 21.9 billion yen ($186 million) net loss in the
three months ended March 31, its fifth loss in the past seven
quarters.


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


CHOHUNG BANK: Paying Central Bank US$1.6B by July 1
---------------------------------------------------
Chohung Bank will pay back a large portion of the 2 trillion won
(US$1.6 billion) it borrowed in repurchase agreements from the
Bank of Korea as early as July 1, Asia Pulse reported Tuesday.
The bank, which will be sold to Shinhan Financial Group Inc. for
3.4 trillion won (US$2.85 billion) is offering to pay as much as
0.4 percentage point of extra interest on certain deposits made
until the end of this month.

Chohung's customers, who withdrew 6 trillion won during a strike
last week, returned almost a third of that money, easing a cash
shortage at the bank. The withdrawals forced the central bank to
provide 5 trillion won of emergency funds. As part of the
bailout, Chohung received 3 trillion won in one-month loans from
the Bank of Korea in a desperate attempt to stave off a possible
liquidity crisis.


SK CORPORATION: Union Sues Top Executives
-----------------------------------------
Union members from SK Corporation has filed criminal charges
with the Seoul District Prosecutors Office against Son Kil-
seung, the firm's Chairman, and Kim Seung-yu, the President of
Hana Bank, the firm's main creditor, on allegations of causing
the firm to suffer undue losses, Digital Chosun reports.

In the petition for the suit, the union said that the two
executives signed on an agreement to bail out SK Global. The
deal stipulated that SK Corp. would guarantee SK Global's EBITDA
(Earnings before Interest, Taxes, Depreciation, and
Amortization) for up to W430 billion a year for the next five
years, despite that the current EBITDA is around W140 billion,
thereby placing a huge burden on the SK group's subsidiaries,
including SK Corporation.


SK GLOBAL: Meeting With Foreign Creditors in Hong Kong
------------------------------------------------------
SK Global will hold a meeting with foreign creditors in Hong
Kong on June 27 to convince them to join in the bailout program,
the Korea Times said on Tuesday. It will also convey to the
creditors that those who refuse to join in the bailout program
will be able to sell their loans at 38 percent of the face value
in accordance with the agreement with Korean creditors,
including Hana Bank.


SK GLOBAL: Sovereign Issues Statement on Bailout Plan
-----------------------------------------------------
SK Global's largest shareholder, Sovereign Asset Management,
issued a statement on Wednesday regarding SK Global's bailout
plan, DebtTraders reports. The press release pointed out that
the report by Samil accounting firm fails to address the 4.4
trillion won (US$3.5 million) missing from SK Global, and the
Company's management still has not changed. In addition, Kookmin
Bank chose to accept 30 percent of its loan value in a cash
buyout program from other creditors instead of going through the
debt restructuring process. SK Telecom rejected a request to
underwrite any increase in business with SK Global.


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


ADVANCE SYNERGY: Unit Faces Winding Up Order Over Judgment Debt
---------------------------------------------------------------
Advance Synergy Berhad refers to the announcement dated 20
August 2002 in relation to the Winding Up Petition No. D8-28-
293-2002 against Kedah Marble Sdn Bhd (KMSB) by Malaysia
Airports Sdn Bhd (Petitioner) in respect of non-payment of a sum
of RM47,372.68 together with interest thereon at the rate of 1%
per month from the 31 August 1995 to the date of full settlement
and costs of RM1,089.00 (Judgment Debt).

The Board of Directors of Advance Synergy Berhad (ASB) wishes to
inform that it received a letter dated 17 June 2003 from the
solicitors for the Petitioner, Long & Company, advising that on
a Petition for winding up of KMSB presented by the Petitioner
against KMSB for the Judgment Debt via Kuala Lumpur High Court
Winding Up No.: D8-28-293-2002, the matter was set down for
Hearing on 11 June 2003 wherein on the same day, the Court
granted an Order for the Winding Up of KMSB and that the
Official Receiver was appointed the Provisional Liquidator.

As at 31 December 2002, the book value of ASB's investment in
KMSB amounted to RM35,174,203.00 after a provision for
diminution in value from the original cost of RM52,657,500.00 to
reflect the proportionate net tangible assets value of KMSB
based on the audited accounts of KMSB for the financial year
ended 31 December 1999, being the latest available audited
accounts.

At this juncture, the Company is not able to quantify any
further financial impact that may arise as a result of the
Winding Up Order.


ARUS MURNI: August 8 SPA Completion Expected
--------------------------------------------
Further to the announcement dated 4 June 2003, (Ref: CU-030604-
58897), the Board of Directors of Arus Murni Corporation Berhad
(AMCB), are pleased to announce:

AMCB has obtained approval from the shareholders of AMCB for the
proposed acquisition of the entire equity interest of Jernih
Makmur Sdn Bhd (JMSB) and Consistent Harvest Sdn Bhd (CHSB) at
the Extraordinary General Meeting held on 24 June 2003;

The Status of the Proposed Acquisition of Jernih Makmur Sdn Bhd

   1. The absolute assignment of all interest and rights to the
timber concession in favor of JMSB has been duly and legally
completed;

   2. AMCB is now in the process of completing the Sale &
Purchase Agreement dated 8 October 2002 entered between AMCB and
Vendors of JMSB as well as the Supplementary Agreement dated 28
May 2003. It is expected to be completed on or before 8 August
2003;

The Status of the Proposed Acquisition of Consistent Harvest Sdn
Bhd

   1. The transfer of title for Lot. PT 4611 and PT 4619 is
still pending the consent of the State of Negeri Sembilan Darul
Khusus (State Consent);

   2. Upon the due process of obtaining the State Consent, AMCB
will begin the process of completing the Sale & Purchase
Agreement dated 8 October 2002 entered between AMCB and Vendors
of CHSB as well as the Supplementary Agreement dated 28 May
2003. It is expected to be completed on or before 8 August 2003.

The Company will be providing updates / announcements on the
status of the Proposed Acquisitions as soon as it becomes
available.


ARUS MURNI: EGM Approves Proposed Acquisitions
----------------------------------------------
The Board of Directors of Arus Murni Corporation Berhad
announced that at the Extraordinary General Meeting of the
Company held at the Banquet Hall, First Floor, Main Lobby, Kuala
Lumpur Golf & Country Club, 10 Jalan 10/170D, Off Jalan Bukit
Kiara, 60000 Kuala Lumpur on Tuesday, 24 June 2003 at 9.30 a.m,
the shareholders have approved the following resolutions.

Ordinary resolution 1
- Proposed ACQUISITION OF JERNIH MAKMUR SDN BHD (JMSB)

"THAT, subject to the approval of the relevant authorities,
including the approval-in-principle of Kuala Lumpur Stock
Exchange ("KLSE") for the listing and quotation of the
RM42,243,172 nominal value of ICULS consisting of 211,215,860
units of ICULS with a nominal amount of RM0.20 each and the
issue of new ordinary shares of the Company arising from the
conversion ICULS, approval be and is hereby given to the Company
to acquire the entire issued and paid-up capital of JMSB
comprising 1,000,000 ordinary shares of RM1.00 each in JMSB for
a total consideration of RM42,243,172 from Quantum Discovery Sdn
Bhd to be satisfied by the issuance of 211,215,860 ICULS of
nominal value of RM0.20 each upon the terms and conditions of
Sale and Purchase Agreement dated 8 October 2002. AND THAT the
Directors of the Company be and hereby authorized to give effect
to the said acquisition with full powers to assent to any
conditions, modifications, variations and/or amendments as may
be required by the relevant authorities and/or consequent
thereto and to do all such things as they may consider necessary
or expedient in the best interests of the Company".

Ordinary resolution 2
- Proposed ACQUISITION OF CONSISTENT HARVEST SDN BHD (CHSB)

"THAT, subject to the approval of the relevant authorities,
including the approval-in-principle of Kuala Lumpur Stock
Exchange ("KLSE") for the listing and quotation of the
RM80,495,439 nominal value of ICULS consisting of 402,477,195
units of ICULS with a nominal amount of RM0.20 each and the
issue of new ordinary shares of the Company arising from the
conversion ICULS, approval be and is hereby given to the Company
to acquire the entire issued and paid-up capital of CHSB
comprising 1,000,000 ordinary shares of RM1.00 each in CHSB for
a total consideration of RM80,495,439 from Prosperous Court Sdn
Bhd and Clear Progress Sdn Bhd to be satisfied by the issuance
of 402,477,195 ICULS of nominal value of RM0.20 each upon the
terms and conditions of Sale and Purchase Agreement dated 8
October 2002. AND THAT the Directors of the Company be and
hereby authorized to give effect to the said acquisition with
full powers to assent to any conditions, modifications,
variations and/or amendments as may be required by the relevant
authorities and/or consequent thereto and to do all such things
as they may consider necessary or expedient in the best
interests of the Company".

ORDINARY RESOLUTION 3
- ALLOTMENT OF SHARES ARISING FROM CONVERSION OF ICULS

"THAT contingent upon the passing of Ordinary Resolutions 1 and
2, approval be and is hereby given for the Directors to allot
and issue such number of new ordinary shares of RM1.00 each in
the Company arising from the conversion of the ICULS commencing
from the date of first issue up to the end of three (3) years at
a conversion price to be fixed by the Company. Subject to
approval from the Securities Commission for a waiver to fix the
conversion price of the ICULS to be issued at RM1.00 per share,
the conversion price could be at a discount of not more than 10%
from the weighted average price for the previous five (5) market
days prior to the price fixing date to be determined later, or
at the par value of Company's shares, whichever is higher,
subject to adjustments in accordance with provisions of the
Trust Deed and such number of new ordinary shares in the Company
when allotted and issued shall rank pari passu in all respects
with the existing issued and paid-up ordinary shares of the
Company, except that they will not be entitled to any dividends,
rights, allotment and/or other distributions, the entitlement
date of which is on or before the date of allotment and issue of
the new ordinary shares of RM1.00 each in the Company pursuant
to the conversion of the ICULS.

AND THAT fractional shares arising from the conversion of the
ICULS shall be disregarded and fractional entitlements shall be
dealt with in such manner as the Directors of the Company may
deem fit for the benefit of the Company."


HAP SENG: Writ of Summon Appeal Hearing Set on August 10
--------------------------------------------------------
Reference is made to the previous announcements dated 24 October
2002, 6 November 2002, 11 December 2002, 24 March 2003, 25 March
2003 and 13 June 2003 in respect of the legal suit filed in the
High Court of Sabah and Sarawak at Kota Kinabalu Suit No. K22-
245-2002 [said Suit] wherein Hap Seng Consolidated Berhad was
named as one of the defendants.

The said Suit was instituted by certain natives [Plaintiffs]
claiming Native Customary Rights over that parcel of land held
under CL0953330724 situated in Sungai Tongod, District of
Kinabatangan, Sandakan, Sabah or part thereof.

The Board of Directors wishes to announce that the Company was
on even date advised by its solicitors that the Court has fixed
10 August 2004 to hear the appeal by the Company against the
Deputy Registrar's dismissal of its application to strike out
the Plaintiffs' Writ of Summons and Statement of Claim.


HOTLINE FURNITURE: Hires Independent Investigative Auditors
-----------------------------------------------------------
Hotline Furniture Berhad refers to the announcement dated 29
April 2003 whereby, the Securities Commission (SC) had approved
the Proposed Restructuring Scheme via its letter dated 23 April
2003.

Following thereto, Public Merchant Bank Berhad on behalf of the
Board of Directors of HFB, is pleased to announce that the
Company had on 20 June 2003 appointed Messrs Anuarul Azizan Chew
& Co as the independent investigative auditors to carry out an
investigative audit on the losses of the HFB Group pursuant to
one of the conditions imposed by the SC, via its letter dated 23
April 2003.


KIARA EMAS: SC OKs Proposed Gross Proceeds Increase
---------------------------------------------------
On 10 December 2002, AmMerchant Bank Berhad (AmMerchant Bank)
had announced, on behalf of Kiara Emas Asia Industries Berhad,
that the Securities Commission (SC) had, via its letter dated 2
December 2002, stated that it had no objections to the proposal
for Major Team Holdings Sdn. Bhd. (MTHSB) to advance up to
approximately RM13.8 million of the proceeds of the Proposed
Special Issue and Proposed Restricted Issue to Stone World Sdn.
Bhd. (Stone World) to be used as working capital (Proposed
Advance). Stone World will become a subsidiary of MTHSB upon the
completion of the Proposed Acquisition.

On behalf of Kiara Emas, AmMerchant Bank wishes to announce that
the SC has via its letter dated 20 June 2003, stated that it has
no objections to the proposal to increase the amount of the
Proposed Advance from RM13.8 million up to the balance of the
gross proceeds of the Proposed Special Issue and Proposed
Restricted Issue amounting to RM20,999,999 (Gross Proceeds)
remaining after deducting only the amount of the Gross Proceeds
to be used to satisfy 50% of the interest accruing on the total
amount owing to the Bank Creditors of Kiara Emas as at 31 March
2001, for the period commencing on 1 April 2001 and ending on
the date of issuance of the 2% 5-year redeemable convertible
unsecured loan stocks to be issued by MTHSB, inclusive of both
dates.

The approval of the SC is subject to the same conditions as
announced on 10 December 2002.


KUMPULAN EMAS: SPA Completion Date Extended to October 31
---------------------------------------------------------
Kumpulan Emas Berhad refers to the announcement dated 28 April
2003 in relation to the proposed restructuring scheme of Seng
Hup Corporation Berhad (Special Administrators Appointed) (SHCB)
(Proposed Restructuring), which would involve, inter-alia, the
injection of SEB into Salcon Berhad, a newly incorporated
company which shall undertake the Proposed Restructuring.

In this connection, KEB and SHCB by way of exchange of letters
dated 23 June 2003 and 24 June 2003 respectively had agreed to
the following:

   (i) that the definition of the "Completion Date" in the sale
and purchase agreement dated 30 September 2002 entered into
between KEB, Mampu Alam Sdn Bhd, Eminent Triumph Sdn Bhd, Salcon
Berhad and SHCB (SPA) shall be changed to mean a date within two
(2) months after the Fulfilment Date, defined as the date of the
fulfillment of the conditions precedent, which shall be mutually
agreed upon by the parties thereto; and

   (ii) that the respective dates for the fulfillment of the
conditions precedent under the principal agreement dated 27
August 2002 and the supplemental agreements dated 30 September
2002 and 13 December 2002 in respect thereof entered into
between KEB and SHCB as well as the SPA have been extended to 31
October 2003.


LIEN HOE: Shareholders Approve All Resolutions at 33rd AGM
---------------------------------------------------------
The Board of Directors of Lien Hoe Corporation Berhad is pleased
to announce that the shareholders at the meeting held this
morning duly approved all the resolutions as contained in the
notice of 33rd Annual General Meeting dated 31st May 2003.

COMPANY PROFILE

Originally the Company (LHC) and its subsidiaries were engaged
in the manufacture and trading of building materials. In 1982
and 1983, Peak Hua Holdings Bhd (PHH), a company involved in
real estate and securities investment, acquired the majority
shareholding in LHC. LHC then embarked upon a restructuring
exercise which resulted in diversification into property
development in June 1983. Distribution of scientific/medical
supplies was added in mid 1988 as was the manufacture of
kitchen cabinets and knock down furniture. In 1988 the Company
ceased to be a subsidiary of PHH.

Subsequent to a scheme of financial restructuring in 1990, LHC
branched into property investment and management through
acquisitions. Over the years, LHC has also ventured into timber
logging and hotel property.

Currently, the Group is in the process of implementing a
proposed restructuring scheme which comprises capital reduction
and share consolidation; acquisition of Billiontex Industries
Sdn Bhd, Rusella Teguh Sdn Bhd and Atria Properties Sdn Bhd;
restricted offer for sale; debt restructuring; and rights issue
of warrants. The scheme was approved by the SC on 30 .5.2000
and shareholders of the Company on 23 November 2000.

CONTACT INFORMATION: 18th Floor, Menara Lien Hoe
               No. 8, Persiaran Tropicana
               Tropicana Golf & Country Resort
               47410 Petaling Jaya
               Tel : 03-7805 1331;
               Fax : 03-7805 3112.


NALURI BERHAD: Audit Committee Chairman Retires
-----------------------------------------------
Naluri Berhad posted this Change in Audit Committee notice:

Date of change : 23/06/2003
Type of change : Retirement
Designation    : Chairman of Audit Committee
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

Composition of Audit Committee (Name and Directorate of members
after change) : 1) YB Datuk Lau Ngan Siew (Independent Non-
Executive Director)
2) Dato' Lim Kheng Yew (Non-independent Non-Executive Director)

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.


NALURI BERHAD: Resolutions Pass at 21st AGM
------------------------------------------
The Special Administrators (SAs) of Naluri Berhad (Special
Administrators Appointed) (Naluri) are pleased to announce the
conclusion of Naluri's 21st Annual General Meeting as follows:

Ordinary Resolutions Passed:

Resolution 1: To receive and adopt the Audited Financial
Statements of the Company and the Group for the financial year
ended 31 December 2002 together with the Directors' and
Auditors' Reports thereon.

Resolution 2: To re-elect Tan Sri Saw Huat Lye, a Director
retiring under Article 126 of the Company's Articles of
Association.

Resolution 6: To appoint Messrs Ernst & Young as Auditors of the
Company in place of Messrs Arthur Andersen & Co and to authorize
the Special Administrators ("SA") or upon the discharge of the
SA, the Directors, to fix their remuneration.

Resolution 7: THAT pursuant to Section 132D of the Companies
Act, 1965 full authority be and is hereby given to the SA or
upon the discharge of the SA, the Directors, to issue shares in
the capital of the Company from time to time at such price upon
such terms and conditions for such purposes and to such person
or persons whomsoever as the SA or upon the discharge of the SA,
the Directors may in their absolute discretion deem fit provided
that the aggregate number of shares to be issued pursuant to
this Resolution does not exceed 10% of the issued share capital
of the Company for the time being, subject to the Companies Act,
1965, the Articles of Association of the Company and approval
from the Kuala Lumpur Stock Exchange and other relevant bodies
where such approval is necessary.

AND THAT such authority shall continue in force until the
conclusion of the next annual general meeting of the Company or
the expiry of the period within which the next annual general
meeting after that date is required by law to be held, whichever
is the earlier.

The following Ordinary Resolutions were not passed at the AGM:-

Resolution 3: To re-elect Dato' Haji Mohamed Amin Haji Daud, a
Director retiring under Article 126 of the Company's Articles of
Association.

Resolution 4: To re-elect Bistamam Ramli, a Director retiring
under Article 126 of the Company's Articles of Association.

Resolution 5: To approve the Directors' fees for the financial
year ended 31 December 2002.


OCEAN CAPITAL: Releases 13th AGM Resolutions
-------------------------------------------
On behalf of the Board of Directors of OCEAN, Puncak Sutera
Management Sdn. Bhd. wishes to inform that the following
resolutions were duly passed by the shareholders at the
thirteenth AGM of the Company held on 24 June 2003 at Ruby 1 &
2, 8th Floor, Goldcourse Hotel, No.9 Jalan Pasar 41400 Klang,
Selangor Darul Ehsan:

1. Receive and adopt the Directors' Report and Audited Financial
Statements for the year ended 31 December 2002 and the Auditors'
Report thereon.

2. Approve payment of Directors' fees for the year ended 31
December 2002.

3. Re-elect the retiring Directors pursuant to Article 80 of the
Company's Articles of Association:

   i) Mr. Liw Jun Wai
   ii) Mr. Ng Chin Heng

4. Re-appoint Messrs Ernst & Young as Auditors of the Company
and authorize the Directors to fix their remuneration.

5. Proposed renewal of shareholders' mandate on recurrent
related party transactions of revenue or trading nature.


RAHMAN HYDRAULIC: Court Adjourns Full Trial to Aug 6
----------------------------------------------------
In relation to the announcement regarding Seremban High Court
Suit No. 22-236-1998 Leong Hup Corporation Sdn. Bhd. v Yalaco
Sdn. Bhd. and Natural Acres Sdn. Bhd:

Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
wishes to announce that the Suit by Leong Hup Corporation Sdn.
Bhd., which was fixed for full trial on 18 and 19 June 2003 has
been adjourned at the request of the 1st Defendant's solicitors,
and the court has fixed the matter for further mention on 6
August 2003.

Any material development on the subject matter will be announced
in due course.


SCK GROUP: Appeals KLSE's Securities De-Listing Decision
--------------------------------------------------------
Reference is made to the announcements made on 30 May 2003 and
13 June 2003 in relation to the Decision in Respect of De-
Listing Procedures Commenced against SCK Group Berhad.

The Board of Directors wishes to inform that SCK Group Berhad
had on 20 June 2003 submitted written representations to the
Kuala Lumpur Stock Exchange (the Exchange) on its failure to
submit its regularization plan to the relevant authorities for
approval within the Extended Time Frame and why the Exchange
should not proceed to de-list the securities of the Company from
the Official List of the Exchange.


SPORTMA CORPORATION: Sells Provisional Allotment of Rights
----------------------------------------------------------
Sportma Corporation Berhad posted a notice in relation to the
Renounceable Rights Issue of up to 30,000,000 New Ordinary
Shares of RM1.00 each in Harn Len at an Issue Price of RM1.30
Per Share on the Basis of Twelve (12) Rights Shares for Every
One (1) Harn Len Share Held by the Entitled Shareholders of Harn
Len Together with up to 30,000,000 Free Detachable Warrants on
the Basis of One (1) Warrant for Every One (1) Rights Share
Subscribed (Rights Issue).

  Dispatch date: 18/06/2003
  Last date and time for: Date Time
  Sale of provisional allotment of rights: 15/07/2003 at 5PM
  Transfer of provisional allotment of rights: 15/07/2003 at 5PM
  Acceptance and payment : 15/07/2003 at 5PM
  Excess share application and payment: 15/07/2003 at 5:PM

  Remarks:
  * UPON COMPLETION OF THE PROPOSED CORPORATE AND DEBT
  RESTRUCTURING SCHEME, SPORTMA WILL BE DELISTED AND THE
  COMPANY'S LISTING STATUS WILL BE TRANSFERRED TO HARN LEN
  CORPORATION BHD.

  * THE PROVISIONAL ALLOTMENT LETTER IS EXEMPTED FROM TRADING ON
  THE KUALA LUMPUR STOCK EXCHANGE. THEREFORE, THE SALE AND
  TRANSFER OF THE PROVISIONAL ALLOTMENT LETTER WILL BE SUBJECT
  TO THE RULES OF THE MALAYSIAN CENTRAL DEPOSITORY.

Sportma Corporation Berhad (Special Administrators Appointed)
also announced that during the Thirteenth Annual General Meeting
of the Company held on 24 June 2003, all the resolutions as
prescribed in the notice convening the said meeting contained in
the 2002 Annual Report, were passed.


SUNWAY BUILDING: Capital Reduction Book Closing July 8
-------------------------------------------------------
Hwang-DBS Securities Berhad had on behalf of the Board of
Directors of Sunway Building Technology Berhad, announced that
the Board has fixed the Book Closure Date for the Capital
Reduction and Consolidation on 8 July 2003. In order to
facilitate the Capital Reduction and Consolidation, the trading
of Suntech Shares will be suspended with effect from 9:00 a.m.
on 2 July 2003, being three (3) clear Market Days prior to the
Book Closure Date.

In conjunction to the above, please be informed the trading of
the Suntech's Warrants 1996/2006 and Warrants 2001/2006 will
also be subject to suspension, with effect from 9:00 a.m. on 2
July 2003, being three (3) clear Market Days prior to 8 July
2003. The trading suspension on the Suntech Shares, Suntech's
Warrants 1996/2006 and Warrants 2001/2006 will continue until
(i) the Capital Reduction and Consolidation is completed, and
(ii) the listing of and quotation for all the new Suntech Shares
to be issued pursuant to the Acquisition of Dolomite Berhad. The
last day for trading of the Suntech Shares, Suntech's Warrants
1996/2006 and Warrants 2001/2006 prior to the trading suspension
shall be 1 July 2003, Tuesday.

Save for the above, there will not be any impact on Suntech's
warrantholders as a result of the Capital Reduction and
Consolidation. The status and principal terms of Suntech's
Warrants 1996/2006 and Warrants 2001/2006 shall remain
unchanged.


TAI WAH: Gets MITI's Nod on Proposed Private Placement
------------------------------------------------------
Further to the announcement dated 18 April 2003 on behalf of the
Board of Directors of Tai Wah Garments Manufacturing Berhad
in relation to the Proposed Private Placement, the Company
wishes to announce that the Ministry of International Trade and
Industry (MITI) had via its letter dated 23 June 2003 approved
the Proposed Private Placement of TWGB, subject to the approvals
of the Foreign Investment Committee and Securities Commission
(SC) being obtained and all conditions imposed by MITI via its
letter dated 22 February 2003 shall remain. The approval of the
SC was obtained on 9 May 2003.

Proposed Private Placement's details can be found at Troubled
Company Reporter - Asia Pacific, Wednesday, April 16 2003, Vol.
6, No. 75 issue.


TECHNO ASIA: Discloses May Production Figures
---------------------------------------------
Techno Asia Holdings Berhad is pleased to inform the May 2003
production figures of the Group as follows:

                       MT

Crude Palm Oil       3474
FFB                  3738
Palm Kernel          1094

COMPANY PROFILE

On 2 February 2001, Pengurusan Danaharta Nasional Berhad
appointed Special Administrators (SAs) to the Company.

The financial statements are prepared on a going concern basis,
which is dependent on the outcome of the workout proposal to be
prepared by the SAs to enable the Group and Company to continue
as a going concern.

On 6 August 2001, the SAs entered into a conditional MOU with
Semai Warnasari Sdn Bhd and Dr Yu Kuan Chon with the intention
of setting the key areas of understanding on a corporate
restructuring exercise pending the finalization and approval of
the Workout Proposal.

On 2 February 2001, SAs were appointed for the sub-subsidiary
Prima Moulds Manufacturing Sdn Bhd. On 30 April 2001, SAs were
also appointed for the following subsidiaries; Mount Austin
Properties Sdn Bhd (formerly known as Westmont Mount Austin Sdn
Bhd), Cempaka Sepakat Sdn Bhd, Ganda Edible Oils Sdn Bhd, Litang
Plantations Sdn Bhd, Wisma Dindings Sdn Bhd, Ganda Plantations
(Perak) Sdn Bhd and Techno Asia Venture Capital Sdn Bhd
(formerly known as Westmont Venture Capital Sdn Bhd).

The Company carried on the business of cultivating and
processing oil palm in its early days. The Company later evolved
into an investment holding company with subsidiaries involved in
property development, investment holding, oil palm plantations
and power generation.

The Company changed its name to Techno Asia Holdings to better
reflect its current activities and business as an investment
holding company with diversified business.

The oil palm operations are based in Teluk Intan, Perak and
Lahad Datu, Sabah. The main property development activity is in
the 1,276-acre Taman Mount Austin in Johor Bahru comprising
light industrial, commercial and residential development.
Overseas, the Company is involved in the supply of electricity
to Mombasa in Kenya, Ecuador, Bangladesh and Dominican Republic.

CONTACT INFORMATION: Palm Kernel 1122
                     No. 17-2, Jalan 5/152
                     Taman Industri OUG
                     58200 Kuala Lumpur
                     Tel : 03-7782 5575
                     Fax : 03-7783 5575


WOO HING: Subsidiaries Under Provisional Liquidation
----------------------------------------------------
The Special Administrators of Woo Hing Brothers (Malaya) Berhad
wishes to inform that the following wholly owned subsidiaries of
the Company are in provisional liquidation with effect from 24
June 2003:

No.  Subsidiary                 Company No.
1 Luxury Graph Sdn Bhd           381626-T
2 The Watch Gallery Sdn Bhd      150588-A
3 Variawati Corporation Sdn Bhd  367409-V
4 Media Direction Sdn Bhd        419057-A
5 The Brown Boutique Sdn Bhd     152153-T
6 Victorian Deluxe Sdn Bhd       406919-V
7 Alfamaxi Sdn Bhd               419068-U
8 Pan Viva Sdn Bhd               418142-T
9 Scanwide Corporation Sdn Bhd*  419636-U
10 Seroja Menarik Sdn Bhd*       379940-M
11 Seroja Kembangan Sdn Bhd*     381203-P

Note: * Dormant subsidiaries since incorporation

The liquidation was initiated by the respective company's
directors under Section 255 (1) of the Companies Act, 1965. The
concerned companies are dormant and their liquidation is
provided under the Special Administrators' Workout Proposal
dated 8 August 2002 and its modifications.

There is no material impact of the above provisional liquidation
on the net tangible assets and the earning per share of the
Company for the financial year ending 31 December 2002.


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


CEBU POWER: Extends Notice of Suspension
----------------------------------------
Heeding calls of various sectors including the government and
the private sector, the Department of Energy (DOE) recently
announced that the Cebu Private Power Corp. (CPPC) has extended
to July 25, 2003 its notice of suspension of operations from the
earlier notice of June 15, 2003, the Department of Energy said
in a statement.

CPPC informed Secretary Perez in a letter dated June 13, 2003
that the firm has decided to continue its operations despite
huge losses in response to the request of the DOE and of various
business groups in Cebu, particularly the Cebu Chamber of
Commerce and Industry, Cebu Furniture Industry Foundation,
Regional Chamber of Commerce and Industry and the Mandaue
Chamber of Commerce and Industry.

"I am thankful that CPPC has shown great concern for the public
interest and is acting as an exemplary corporate citizen. They
have heeded the appeal of the private and the public sectors not
to suspend operations on June 15 and instead continue to supply
power to the Visayans, allowing time for their issues to be
resolved," Secretary Perez added.

The Department of Energy, in conjunction with different agencies
and other stakeholders have appealed to CPPC not to cease
operations by shutting down its power plants, as this would have
a significant adverse impact on VECO consumers as well as the
rest of the Cebu-Negros-Panay grid. CPPC is currently supplying
62-megawatts (MW) of electricity to VECO under its 15-year BOT
contract.

The energy chief said the extension would pave the way for the
regulatory process to continue. This as the Energy Regulatory
Commission (ERC) has recently conducted a public consultation on
the rate schedule in the Visayas grid, which is considered
relatively low to allow private sector to invest and keep
operations viable and sustainable. Under its power supply
contract, CPPC's electricity selling price to VECO is pegged on
the National Power Corp.'s pricing schedule.

"CPPC's decision is a strong gesture of support and goodwill to
the Visayans as well as testimonial of their faith in the
regulatory body to create the right environment to support
private investment," Secretary Perez pointed out.

He assured that the DOE together with the other government
agencies and the power firms will continue to work closely in
addressing the issues surrounding CPPC and at the same time the
looming power supply shortage in Cebu by end of the year.

"Even if the CPPC situation is resolved it provides us only with
a near-term relief. We still anticipate some shortages come
December 2003 and that is anticipated to further deteriorate
early next year. We will be working closely with all the parties
in addressing these issues. However, let me assure everyone that
all possible efforts are being exerted and there is still time
to redress the situation," Secretary Perez assured.

The DOE has been conducting series of dialogues with the
Visayans to avert future power supply problems. The DOE is also
in discussions with several foreign power firms to put
additional generating capacity in the region, however, these
initiatives will take some time to come to fruition and the
current rates still remain an issue to these potential
investors.

Secretary Perez has also ordered the National Transmission Corp.
(TransCo) fasttrack the completion of the US$36-million Negros-
Panay submarine interconnection project and the US$68.3-million
Cebu-Negros interconnection.


MANILA ELECTRIC: Expects P1.0B Profit This Year
-----------------------------------------------
Manila Electric expects to post a profit of 1 billion pesos
(US$19 million) this year despite a first quarter loss of 325
million pesos (US$6 million), DebtTraders reports. The Company
expects a 3 percent growth in electricity sales for 2003 after
experiencing a 6 percent growth in sales in the first five
months for the year. Separately, the Company is trying to
reschedule payments due between 2003 and 2005 on 38.8 billion
pesos ($739 million) of debt.


MANILA ELECTRIC: Seeks P9B Tax Rebate From BIR
----------------------------------------------
Manila Electric Co. (Meralco) will ask the Bureau of Internal
Revenue (BIR) for a 9 billion pesos tax rebate, the Philippine
Daily Inquirer reported Tuesday, citing Meralco general counsel
Gil San Diego. San Diego explained the tax rebate petition stems
from Meralco's refunds to customers for overcharging, which
could reach 30.05 billion pesos. The refunds, which started
early this month, have effectively wiped out the Company's net
profits from 1994 to May 2003, when the excess charges were
collected from customers.

The Supreme Court earlier ordered Meralco to refund customers it
has overcharged since 1994 after the court favored the decision
of the Energy Regulatory Board, which prohibited Meralco's
practice of charging income tax as part of its operating
expenses.


MANILA ELECTRIC: Seeks Restructuring of Unsecured Loans
-------------------------------------------------------
Manila Electric Company (Meralco) is seeking creditors' consent
for the rescheduling of repayments of its unsecured short-term
and long-term debts, which are due to lapse between 2003-2005,
the Manila Bulletin reported Tuesday.

The security form being proposed would require Meralco to issue
bonds credited against its mortgage trust indenture (MTI) as
collateral for the proposed loans to be "termed out". The credit
facilities proposed to be secured are the US$220 million worth
of syndicated loans with ING Barings and Citibank; and the R5.5
billion (approximately $110 million) short-term loans with
Citibank, Bank of the Philippine Islands; Equitable-PCI Bank and
Banco de Oro.

Of the US$600 million bonded indebtedness approved by the
Meralco board, Meralco treasurer Rafael L. Andrada said US$400
million would have to be secured, with the proposed conversion
of short-term into long-term loans. The other US$200 million is
treated as a "buffer", so the management would not need to go
back to its stockholders for approval if it would need to secure
additional loans in the near future.


MANILA ELECTRIC: SM Group Buys Property in Laguna
-------------------------------------------------
The SM Group has acquired Manila Electric Co. (Meralco)'s two-
hectare property in Sta. Rosa, Laguna for about 130 million
pesos, the Philippine Star said on Wednesday. The property was
sold for a little over 6,000 pesos per square meter or a total
of 129.774 million pesos. The property is adjacent to the 27,000
sqm. property of SM Prime Holdings Inc. The acquisition was
intended to beef up SM Prime's land bank for future mall
development.


NATIONAL POWER: Bond Issue Draws US$350M Orders so Far
------------------------------------------------------
A US$500 million, 10-year bond offering by the National Power
Corporation (Napocor) has so far drawn an order book of only
US$350 million from investors, Reuters reported Wednesday.
The transaction is priced at between 75 and 100 basis points
over comparable Philippine sovereign dollar bonds on Thursday.

Napocor wanted to wait to price the deal until after the U.S.
Federal Open Market Committee meeting later on Wednesday, which
is expected to cut benchmark U.S. interest rates by 25 to 50
basis points. The 10-year deal is lead managed by Citigroup.

DebtTraders reports that National Power Corporation's 9.750%
bond due in 2009 (NATP09PHN1) trades between 107.446 and
108.914. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=NATP09PHN1


NATIONAL STEEL: Creditors Oppose Asset Transfer to SPV
------------------------------------------------------
Creditors of National Steel Corporation opposed the transfer of
the Company's assets to a special purpose vehicle (SPV) that is
supposed to manage them, AFX Asia reports, citing Trade and
Industry Secretary Manuel Roxas II. The creditors are concerned
about the costs to be incurred with the asset transfer. The
asset transfer is subject to documentary stamp taxes, which may
total 200 million pesos. The Securities and Exchange Commission
(SEC) has incorporated Philippine New Steel Industries Inc. as
the SPV that will absorb National Steel's assets.


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


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

Date of notice to Company: 23 Jun 2003
Date of change of interest: 19 Jun 2003
Name of registered holder: B. B. L. (Nominees) Pte Ltd
Circumstance(s) giving rise to the interest: Others
Please specify details: Sale initiated by financial institution
to meet obligations of a related Company.

Information relating to shares held in the name of the
registered holder:
No. of shares which are the subject of the transaction: 958,000
% of issued share capital: 0.064
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.11
No. of shares held before the transaction: 53,297,000
% of issued share capital: 3.563
No. of shares held after the transaction: 52,339,000
% of issued share capital: 3.499

Holdings of Substantial Shareholder/Director including direct
and deemed interest
                                           Deemed      Direct
No. of shares held before the transaction: 367,380,069 5,927,000
% of issued share capital:                 24.558      0.396
No. of shares held after the transaction:  366,422,069 5,927,000
% of issued share capital:                 24.494      0.396
Total shares:                              366,422,069 5,927,000

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


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


MILLENNIUM STEEL: SET Grants Listed Securities
----------------------------------------------
Starting from June 26, 2003, the Stock Exchange of Thailand
(SET) allowed the securities of Millennium Steel Public
Company Limited (MS) to be traded on the SET after finishing
capital increase procedures.

   Name           : MS
   Issued and Paid up Capital
      Old         : 5,445,463,627 Baht
                    - Commom Shares 3,791,937,010 shares
                    - Preferred Shares  1,653,526,617  shares
      New         : 5,445,463,627 Baht
                    - Commom Shares 3,796,367,897 shares
                    - Preferred Shares  1,649,095,730 shares
   Allocate to    : TISCO Finance Public Company Limited for
                   conversion of Preferred Share to Common Share
                   amounting to 4,430,887 shares.
   Ratio          : 1 Preferred Share : 1 Common Share
   Conversion Price :  -
   Conversion Date : 4 June 2003

Note : MS's preferred shares are not listed on the SET


RAIMON LAND: Balance After Capital Increase Stands at Bt81.44M
--------------------------------------------------------------
Nigel J. Cornick, Authorized Director of Raimon Land Planner
Co., Ltd., the Plan Administrator for Raimon Land Plc, informed
that cash disbursement of funds from the capital increase during
9th February 2003 to 8th May 2003 amounting Bt16.06 million was
used for working capital.

Therefore, the remaining balance from the capital increase is
approximately Bt81.44 million. The company will report to you in
the near future any additional disbursements of the remaining
capital increase funds.


RAIMON LAND: Listed Securities Granted After Capital Increase
-------------------------------------------------------------
Starting from June 26, 2003 the Stock Exchange of Thailand (SET)
allowed the securities of Raimon Land Public Company Limited
(RAIMON) to be traded on the SET after finishing capital
increase procedures.

   Name           : RAIMON
   Old            : 518,197,790 Baht
                    Number of common share 103,639,558 Shares
   New            : 749,760,000  Baht
                    Number of common stock 149,952,000 Shares
   Par value      : 5  Baht
   Allocate to    : Existing Shareholders    40,513,765 Shares
                    Quam Securities Co., Ltd  5,798,677 Shares
                    Totaling   46,312,442 Shares
   Allocation Ratio: Existing shares : New ordinary share
                     3:1.340582 to existing shareholders
   Offering Price : 3.08 Baht
   Payment Date   : June 5-11, 2003


THAI MILITARY: ANZ Talks Continuing
-----------------------------------
Australia and New Zealand Banking Group reiterated its statement
made on Friday 20 June regarding discussions with Thai Military
Bank following inaccurate media reporting.

ANZ confirms that there is currently no firm proposal that has
been made to Thai Military Bank. Substantive issues are still to
be resolved and the talks, while constructive, may take some
time to reach a conclusion either way.

CONTACT INFORMATION: Paul Edwards
        HEAD OF MEDIA RELATIONS
        Tel: 03-9273 6955 or 0409-655 550
        Email: paul.edwards@anz.com

Early this year, the bank posted net losses of Bt160 million as
of December 31, 2002.  It had set aside its loan loss reserve
and loss on debt restructuring for the year at Bt2.3 billion and
also booked for the early retirement on personnel expenses at
Bt575 million.


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

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

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

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