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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

            Monday, June 30 2003, Vol. 6, No. 127

                         Headlines

A U S T R A L I A

AMP SHOPPING: Takeover Bid From Centro Property Closed
ANACONDA LIMITED: Enters Sale Agreement With Heron
BATAVIA MINING: Shareholders OK Restructuring Resolutions
BEYOND INTERNATIONAL: Changes Share Registry Address
CHAOS GROUP: Rights Issue Shortfall Amounts to 16,559,820 Shares

COLES MYER: Disappointed Over S&P's Downgrade
ERG LIMITED: Completes Share Reconstruction
POWERTEL LIMITED: Takeovers Panel Receives Application From TVG
STRAITS RESOURCES: Issues Shares on Notes Conversion Terms
SUPERSORB ENVIRONMENTAL: Releases Half-Yearly Report

TIETYENS INVESTMENTS: Former Solicitor Standing Trial
TRANZ RAIL: Advises Shareholders to Wait, See
TRANZ RAIL: Clarifies First NZ Capital's Presentation
UNITED ENERGY: Posts Alinta Chairman's Letter to Shareholders


C H I N A   &   H O N G  K O N G

CLEVELAND FILM: Petition to Wind Up Planned
GREATWALL CYBER: July 23 Board Meeting Further Adjourned
JILIN CHEMICAL: Resolutions Pass at 2002 AGM
SHAW BROTHERS: 2003 Operations Loss Grows to HK$9.886M
SHIU SHING: Winding Up Hearing Scheduled on July 16

SHOW FUNDS: Hearing of Winding Up Petition Set
TAKE SUCCESS: Winding Up Sought by Luk Lai


I N D O N E S I A

INDOFOOD SUKSES: Moody's Reviews Eurobonds for Possible Upgrade
* Moody's Reviews Banks Ratings for Possible Upgrade


J A P A N

ALL NIPPON: Executives Receive No Retirement Benefits
ALL NIPPON: Restoring Normal Services to China Next Month
OKUMA CORPORATION: Moody's Downgrades Rating to B1
TOSHIBA CORPORATION: Posts OGM Resolutions Notice


K O R E A

CHOHUNG BANK: Merger Deal Clouded by Labor Dispute
DAEWOO MOTORS: Indian Unit's Assets for Lease
HYUNDAI PETROCHEMICAL: FTC OK's Conditional Takeover
SK GLOBAL: Foreign Creditors May Force Liquidation


M A L A Y S I A

ASSOCIATED KAOLIN: Gets MITI's Nod on Revised Proposals
AUTOINDUSTRIES VENTURES: Non-Independent Dir Tuan Harun Retires
AYER HITAM: Deregisters Dormant Foreign Subsidiary
BRIDGECON HOLDINGS: Dispatches Debt Settlement Allotment Notice
FURQAN BUSINESS: Profit Guarantee Terms Varied

GANAD CORPORATION: SC Approves Proposed Exemption to Vendors
GENERAL SOIL: Appoints New Audit Committee Member
IDRIS HYDRAULIC: Inks Supplemental Debt Restructuring Agreements
JUTAJAYA HOLDING: Litigation Hearing Fixed on July 23
METACORP BERHAD: All Resolutions Pass at 20th AGM

SIN HENG: Shareholders OK All Resolutions at 41st AGM, EGM
TA ENTERPRISE: Executes SDRA With Scheme Creditors
TAI WAH: FIC Grants Proposed Private Placement Approval
TAP RESOURCES: SC Grants Proposals Extension
TRANSWATER CORP.: Inks Debt Settlement Agreement W/ Idris, IUSB

UNITED CHEMICAL: Becomes Affected Listed Issuer
YCS CORPORATION: RCSLS Interest Payment Default Hits RM2.879M


P H I L I P P I N E S

ASIAN TERMINALS: Secures P500M Notes Issue
BAYAN TELECOMMUNICATIONS: Vows to Return to Profitability
MANILA ELECTRIC: Clarifies Tax Rebate Report
MANILA ELECTRIC: Issues AGM Results
MANILA ELECTRIC: Wants Deferred Payment for Transco Assets

NATIONAL BANK: Govt Not Selling Stake Yet, Despite Turnaround
NATIONAL BANK: Unveils Additional Shares Listing
NATIONAL POWER: PSALM Withdraws Bond Issue
PHILIPPINE LONG: Plans No Dividend For Next Three Years
VICTORIAS MILLING: Ends Milling Refining Operations by June 29


S I N G A P O R E

FDS NETWORKS: Unit Enters Voluntary Liquidation
MULTI-CHEM LIMITED: Posts Shareholder's Interest Notice
VAN DER HORST: Releases Books Closure Date Notice


T H A I L A N D

CHA-AM CAMPUS: Files Business Reorganization Petition
NATIONAL FERTILIZER: Cancels Dividend Payment Distribution

     -  -  -  -  -  -  -  -

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


AMP SHOPPING: Takeover Bid From Centro Property Closed
------------------------------------------------------
AMP Shopping Centre Trust, attached the following notice in
relation to the takeover bid by CPT Manager Limited (as
responsible entity for Centro Property Trust) for all the
ordinary units in AMP Shopping Centre Trust that closed at 7:00
pm (Melbourne time) on 26 June 2003:

CPT Manager Ltd ABN 37 054 494 307 (as responsible entity for
Centro Property Trust ARSN 090 931 123)

Company notice  ASX Listing Rule 3.3
Close of offer period and notification of relevant interests

To: Australian Stock Exchange Limited

For the purposes of ASX Listing Rule 3.3, CPT Manager Limited
(CPTML) (as responsible entity for Centro Property Trust) hereby
give notice that:

   1. CPTML's off-market takeover bid for all the ordinary units
in AMP Shopping Centre Trust ARSN 087 393 397 (ART Units) closed
at 7.00pm (Melbourne time) on 26 June 2003;

   2. CPTML and its associates do not have a relevant interest
in any ART Units; and

   3. CPTML is not entitled to compulsorily acquire any ART
Units.


ANACONDA LIMITED: Enters Sale Agreement With Heron
--------------------------------------------------
Heron Resources Limited and Anaconda Nickel Limited advise that
they have entered into a Letter Agreement for Heron to purchase
Anaconda's nickel laterite rights on tenements within the
Siberia district. The tenements to which the nickel laterite
rights pertain are registered in the names of various parties
who hold the precious metal rights and Anaconda Exploration
Pty Ltd.

The consideration to be paid to Anaconda on completion is
$180,000.

Under the terms of the Letter Agreement, certain conditions
precedent relating to the various third party interests must
first be satisfied.

The Anaconda Siberia nickel laterite areas are 40km SW from
Heron's Goongarrie Nickel Project, and are contiguous with
existing Heron Siberia nickel laterite resources.


BATAVIA MINING: Shareholders OK Restructuring Resolutions
---------------------------------------------------------
Batavia Mining Limited (formerly Menzies Gold Limited) advised
that all resolutions placed before shareholders at a General
Meeting on June 24, 2003 were approved.

The Company also announced that settlement of the Deed of
Company Arrangement and the associated acquisition transactions
have now been completed. As a consequence the Company is no
longer in administration. A new board has been appointed and the
Company's capital has been reorganized.

Go to http://bankrupt.com/misc/TCRAP_MZG0630for a copy of the
full disclosure.


BEYOND INTERNATIONAL: Changes Share Registry Address
----------------------------------------------------
Please be advised that Beyond International Limited (ASX-BYI)
has changed its registered address to:

    Beyond International Limited
    109 Reserve Road
    Artarmon NSW 2064
    Ph: +61 2 9437 2000
    Fax: +61 2 9437 2181

This announcement is made pursuant to Listing Rule 3.14.

Wrights Investors' Service reports that a the end of 2002,
Beyond International Limited had negative working capital, as
current liabilities were A$47.26 million while total current
assets were only A$42.83 million. The company has paid no
diviands during the previous 2 fiscal years and reported losses
during the previous 12 months.

CONTACT INFORMATION: Mr Craig Dawson
        COMPANY SECRETARY
        Telephone: 02 9437 2000
        Email: investor relations@beyond.com.au


CHAOS GROUP: Rights Issue Shortfall Amounts to 16,559,820 Shares
----------------------------------------------------------------
The Directors of Chaos Group Limited are pleased to advise that
Applications for 12,850,246 shares under the non-renounceable
Rights Issue have been received by close of business on 17 June
2003.

An application for listing of 12,850,246 shares has been lodged
with ASX. Consequently the shortfall is 16,559,820 shares.

As set out in the Prospectus dated 15 May 2003, an agreement
exists with Arthur Phillip Pty Limited whereby that company will
use its best efforts to place the shortfall. Arthur Phillip has
confirmed commitments for shortfall shares in excess of $1M or
approximately $500K beyond the shortfall requirement.


COLES MYER: Disappointed Over S&P's Downgrade
---------------------------------------------
Coles Myer expressed disappointment at Standard & Poor's
decision to downgrade the company's long-term credit rating to
BBB.

"While we respect Standard & Poor's decision, we believe they
have misjudged our business.

"We have already made significant progress in improving the
health of our business and our continuing performance
improvements over the coming months will demonstrate the
underlying financial strength of the company," CEO John Fletcher
said.

"Coles Myer has delivered results in the financial year to date,
in terms of earnings improvement, ongoing debt reduction and
other capital management initiatives. Our key credit ratios have
been improving and are expected to continue to do so.

"Our balance sheet is very strong and our cash flows are good.

"The turnaround in our non-food businesses is well underway and
growth in our food and liquor businesses is building."

Mr Fletcher said that Target and Kmart were on track to deliver
significantly increased earnings and Myer Grace Bros'
performance was also improving.

"The food and liquor sales growth indicated by our third quarter
sales is continuing to improve and a range of initiatives is
underway and expected to drive further momentum in the coming
months.

"New marketing campaigns have been launched by both Coles and
Bi-Lo to address price perception issues. A new fresh offer is
being rolled out in Coles supermarkets.

"Our fuel alliance with Shell commences in Victoria in five
weeks, giving us the opportunity to enter the petrol and
convenience store market for a responsible capital outlay.

"We remain confident in our guidance to the market that earnings
will be at the upper end of our $425-$435 million range," he
said.

Mr Fletcher said the downgraded credit rating would not have a
material impact on Coles Myer's cost of funds.


ERG LIMITED: Completes Share Reconstruction
-------------------------------------------
ERG Limited announced Thursday that the reconstruction of its
shares, which has taken place over the past six months, is now
completed. The conversion of all listed notes into ordinary
shares and the ten for one share consolidation have occurred.

The shares will be trading under the ASX code ERGDA until close
of trading on 7 July 2003, reverting to the ASX code ERG at the
start of trading on 8 July 2003.

The Directors have also resolved not to proceed with the rights
issue to raise $50 million following finalization of the Proton
World sale, which realized e37 million for the Group, and in
view of the status of negotiations on restructuring the Rome
project. Directors indicated at the time of the last shareholder
meeting that the rights issue may not proceed. The underwriters
to the issue have been released from their underwriting
obligations.

The Group also announced (refer to separate media release) that
the contract in Washington DC has now been finalized and signed
by both ERG and the customer.

Work on all other projects awarded to the Group over the past
six months including Sydney, Seattle, Stockholm and Las Vegas,
is under way.

Last week, the Troubled Company Reporter - Asia Pacific reported
that ERG Limited resolved to implement the ten for one share
consolidation approved by shareholders on 30 April 2003 as part
of the 2003 Recapitalization Proposal (Share Consolidation).


POWERTEL LIMITED: Takeovers Panel Receives Application From TVG
---------------------------------------------------------------
The Takeovers Panel advises that it received on Thursday an
application from TVG Consolidation Holdings SPRL (TVG) seeking a
declaration of unacceptable circumstances in relation to the
affairs of PowerTel Limited (PowerTel).

TVG announced a takeover bid for all of PowerTel's shares on 10
June 2003. TVG's bid is a rival proposal to the proposal by the
Roslyndale Syndicate (Roslyndale), which is proposed to be voted
upon on 2 July 2003 by PowerTel shareholders under Item 7 of
section 611 of the Corporations Act. Under the Roslyndale
proposal, Roslyndale would, inter alia, acquire all of the
shares owned by Williams Communications Group (WilTel),
PowerTel's largest shareholder.

TVG has asked the Panel to make the following orders:

   (a) that PowerTel seek the consent of its shareholders to
adjourn the Roslyndale Proposal meeting due on 2 July 2003 to
enable the supplementary disclosure described below to be made
and considered by PowerTel shareholders.

   (b) that PowerTel issue a supplementary target's statement,
by no later than 5 business days before the adjourned meeting to
consider the Roslyndale Proposal, which:

     (i) includes all information regarding the Roslyndale
Proposal (including all terms and conditions of the assignment
and subsequent obligations between PowerTel and Roslyndale, and
all terms and conditions which may affect WilTel's consideration
of alternative proposals if PowerTel shareholders do not approve
the Roslyndale Proposal) that is material to the making of the
decision by a shareholder of PowerTel on how to vote on the
Roslyndale Proposal in the context of the TVG Proposal, in terms
approved by the Takeovers Panel; and

     (ii) updates the recommendations made in the PowerTel
target's statement, addresses the recent changes made by TVG to
its bid conditions and intentions; and

   (c) that any agreement between WilTel and Roslyndale does not
restrict WilTel's capacity to accept the TVG bid subsequent to
the PowerTel meeting (should shareholders vote against the
Roslyndale Proposal).

The President of the Panel is assembling a Sitting Panel to
consider the application.

The Panel has not yet sought the views of the parties affected
by the application and so has not yet formed any views in
relation to it.

CONTACT INFORMATION: Nigel Morris,
        Director, Takeovers Panel
        Level 47 Nauru House,
        80 Collins Street, Melbourne VIC 3000
        Ph: +61 3 9655 3501
        E-mail: Nigel.morris@takeovers.gov.au


STRAITS RESOURCES: Issues Shares on Notes Conversion Terms
----------------------------------------------------------
Straits 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
Straits Resources Limited

ACN or ARBN
22 056 601 417

We (the entity) give ASX the following information.

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

1. Class of securities issued        Ordinary Fully Paid Shares
   or to be issued

2. Number of securities issued       8,500
   or to be issued (if known)
   or maximum number which
   may be issued

3. Principal terms of the securities  Shares have been issued on
   (eg, if options, exercise price    conversion of Convertible
   and expiry date; if partly paid  Notes on a one-for-one basis
   securities, the amount           at no consideration
   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
     diviand, (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
     diviand, distribution or
     interest payment

5. Issue price or consideration        Nil

6. Purpose of the issue (if      In accordance with terms of
   issued as consideration for   issue of the Convertible Notes
   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      86,473,209  Fully paid ordinary
   securities quoted on
   ASX (including the           35,638,709  Convertible notes
   securities in clause
   2 if applicable)
                                      NUMBER  CLASS
9. Number and class of all            Refer Annexure 'A'
   securities not quoted
   on ASX (including the
   securities in clause 2
   if applicable)

10.Diviand 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 f securities

34. Type of securities (tick one)

    (a) X  Securities described in Part 1

    (b)    All other securities

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

    Entities that have Ticked Box 34(a)

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

Tick to indicate you are providing the information or documents

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

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

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

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

    X  Cheque attached

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

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

According to Wrights Investors' Service, at the end of 2001,
Straits Resources had negative working capital, as current
liabilities were A$79.83 million while total current assets were
only A$74.26 million. The company has paid no diviands during
the last 12 months and has not paid any diviands during the
previous 2 fiscal years.


SUPERSORB ENVIRONMENTAL: Releases Half Yearly Report
----------------------------------------------------
Supersorb Environmental NL posted its Appendix 4B's for the
Year to 30 June 2002 and the Half Year to 31 December 2002.

The completion of these Appendices as part of the ASX reporting
requirements had been delayed over the past eight months as the
Company has dealt with issues relating to appointment of
Receivers and Managers and subsequently Administrators (now
discharged) to the operating subsidiary Supersorb Minerals NL.

Detailed reporting including the Annual Report for the period to
30 June 2002, the Half Yearly Report for the six months to 31
December 2002 and all relevant quarterly reports have been sent
to all shareholders in the interim.

Go to http://bankrupt.com/misc/TCRAP_SUP0630.pdfto see copy of
the said reports.


TIETYENS INVESTMENTS: Former Solicitor Standing Trial
-----------------------------------------------------
Mr Peter Lyle Sharp, a former solicitor from Albury, New South
Wales, has been committed to stand trial before the NSW District
Court, in relation to 39 charges brought by the Australian
Securities and Investments Commission (ASIC).

Mr Sharp has been charged with 16 counts of making improper use
of his position to gain an advantage directly or indirectly for
himself, under the Corporations Act, and 23 counts of concurring
in the making of false statements with intent to obtain a
financial advantage, under the NSW Crimes Act.

The charges relate to the failed investment by Tietyens
Investments Pty Ltd in the Tally Ho Retirement Village, located
at Burwood East in Melbourne. Tietyens Investments was the
nominee company of the contributory mortgage scheme of Tietyens
Solicitors based in Albury, New South Wales.

ASIC alleges that Mr Sharp concurred in the making of misleading
statements to investors in the mortgage scheme. In addition,
scheme investors were not informed of the amount of the benefits
paid to entities associated with Mr Sharp, of approximately
$750,000.

In December 1996, the Law Society of NSW appointed Mr David
Lombe, of Deloitte Touche Tohmatsu as Receiver of the scheme,
after concerns relating to investments of approximately $45
million in the Tally Ho Retirement Village.

The matter will next return to Court on 4 July 2003.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.


TRANZ RAIL: Advises Shareholders to Wait, See
---------------------------------------------
The Board of Tranz Rail Holdings Limited on Friday has asked
shareholders to wait until they see the independent valuation,
proviad by Grant Samuel, and the director's final recommendation
before making a decision about the Toll offer.
The directors met on Friday and also reviewed their
recommendation in relation to the Crown transaction. The company
has before it a conditional offer from Toll and a complex
transaction with the Crown which still has a range of possible
outcomes Board Chairman Wayne Walden says, in view of these
issues, the directors have determined that is not possible to
recommend either transaction ahead of receiving the independent
valuation.

"Directors are conscious that shareholders have received the
offer from Toll and will be looking for guidance from the
company. We are waiting to see the independent valuation before
making our final decision and recommend that shareholders do the
same.

"The board is committed to a process that will enable
shareholders to make informed decisions, in a timely manner, on
both the Toll offer and the Crown transaction", says Mr Walden.

The director's final recommendation together with the
independent valuation will be sent to shareholders on 7 July.


TRANZ RAIL: Clarifies First NZ Capital's Presentation
-----------------------------------------------------
Tranz Rail Holdings Limited clarified on Friday the presentation
made earlier by First NZ Capital and Treasury relating to the
proposed Crown purchase of the rail network represents only
those organizations views of the transaction.

The Tranz Rail board reiterated its earlier statement that the
transaction with the Crown is complex and has a range of
possible outcomes. As such the company is waiting to receive the
independent valuation by Grant Samuel and Associates.

Tranz Rail is also concerned that comments made by interim CFO
John Loughlin at an investor's presentation on Wednesday may
have been misinterpreted. Mr Loughlin stated that some analysts
valued the Crown deal at $1.15 to $1.20. This does not represent
the company's view, as Tranz Rail has not proviad any guidance
to the market on the value range for the transaction.

The director's final recommendation together with the
independent valuation carried out by Grant Samuel and Associates
will be sent to shareholders on 7 July.


UNITED ENERGY: Posts Alinta Chairman's Letter to Shareholders
-------------------------------------------------------------
United Energy Limited disclosed the letter of Tony Howarth,
Chairman of Alinta Limited, to its shareholders:

"I am pleased to write to you about an important issue in
relation to the future of United Energy Limited (UEL).

"By now, you would be aware of a proposal by Alinta Limited and
entities managed by AMP Henderson (via Power Partnership) to
offer $3.15 cash per share for each of your shares in UEL by way
of a Scheme of Arrangement. Both Alinta and AMP are Australian
controlled companies listed on the Australian Stock Exchange.

"Over the past few weeks, you should have received a Scheme
Booklet from UEL which outlines details of the $3.15 offer, the
conclusions of the Independent Expert and the recommendation of
UEL's Independent Directors. In summary:

   * the Independent Directors of United Energy consider that
the Scheme is in the best interests of UEL shareholders, and
recommend that shareholders vote in favor of the Scheme
Resolution.

   * the Independent Expert's report, prepared by Deloitte
Corporate Finance, concluded that, in the absence of a higher
offer, the Scheme is fair and reasonable and in the best
interest of UEL shareholders other than Power Partnership.

"In order to receive $3.15 cash for each of your UEL shares
under the Scheme, the Scheme must be approved by shareholders.
It is therefore important that you vote 'FOR' the resolution
approving the Scheme.

"This can be done by either:

   * attending and voting at the Scheme Meeting, which will
start after UEL's Annual General Meeting, which commences at
10:00am on Thursday 10 July 2003 at the Melbourne Park Function
Centre, Batman Avenue, Melbourne, Victoria; or

   * completing, signing and returning the proxy form that you
will have received recently from UEL by 8 July 2003. Please call
the UEL Shareholder Information Line on 1300 303 039 if you have
not received a proxy form.

"If the Scheme receives shareholder and court approval,
shareholders can expect cheques to be dispatched on or about 30
July 2003."


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


CLEVELAND FILM: Petition to Wind Up Planned
-------------------------------------------
The petition to wind up Cleveland Film Company Limited is
scheduled for hearing before the High Court of Hong Kong on July
16, 2003 at 9:30 in the morning.

The petition was filed with the court on May 23, 2003 by Wong
Yik Foo of Flat 3312, 33/F., Hong Ming House, Wah Ming Estate,
Fanling, New Territories, Hong Kong.


GREATWALL CYBER: July 23 Board Meeting Further Adjourned
--------------------------------------------------------
Market participants are requested to note that the board meeting
to approve the final results of Great Wall Cybertech Limited for
the year ended 31/12/2002 scheduled on 3rd July, 2003 has been
postponed until further notice. The said meeting was originally
scheduled on June 2, 2003.

The Troubled Company Reporter - Asia Pacific reported on April
11 that Bank of East Asia Limited (BEA) has petitioned the High
Court of Hong Kong Special Administrative Region for winding up
of Great Wall Cybertech Limited. The Petition was filed as the
Company could not meet the Statutory Demand issued against the
Company on December 22, 2003, which was announced to the public
on December 16, 2002.


JILIN CHEMICAL: Resolutions Pass at 2002 AGM
--------------------------------------------
Jilin Chemical Industrial Company Limited held its 2002 Annual
General Meeting at No.9 East Longtan Street, Longtan District,
Jilin City, Jilin Province, the People's Republic of China on 24
June, 2003. In accordance with the articles of association of
the Company and the relevant regulations of the PRC, hareholders
or their proxies representing 2,464,522,800 shares or 69.21% of
the Company's total share capital attended the AGM.

Upon approval by more than half of the shareholders (including
proxies) who attended the AGM, the following resolutions were
passed as ordinary resolutions:

   1. The approval of the report of the board of directors of
the Company for 2002;

   2. The approval of the report of the board of supervisors of
the Company for 2002;

   3. The approval of the 2002 audited financial statements of
the Company;

   4. The approval of the profit distribution plan for 2002 of
the Company;

   5. The approval of the amount of remuneration for the
directors of the Company for 2003, which is estimated to be
RMB374,000 and includes RMB80,000 as remuneration for
independent directors;

and the approval of the amount of remuneration for the
supervisors of the Company for 2003, which is estimated to be
RMB172,000;

   6. The approval of the re-appointment of
PricewaterhouseCoopers (certified public accountants in Hong
Kong) and PricewaterhouseCoopers Zhong Tian CPAs Company Limited
(registered accountants in the PRC) as the Company's
international and domestic auditors respectively for 2003 and to
hold offices until the conclusion of the 2003 annual general
meeting; and the authorization of the board of directors to
determine the remuneration of the auditors for 2003 from the end
of the AGM held on 24 June, 2003 to the end of the 2003 annual
general meeting;

   7. The approval of the appointment of Mr. Wang Peirong as an
independent director of the Company;

   8. The authorization of the board of directors to deal with
the suspension or possible delisting of the Company's A shares,
including, in the event of the delisting of the Company's A
shares, appointing a qualified securities firm to be the listing
sponsor of the Company to deal with the resumption of listing
status of its A shares and the provision of services regarding
share transfers; entering into an agreement with China
Registrars and Clearing Limited authorizing it to be the proviar
of custodian, registration and clearing services for the A
shares; and authorizing the board of directors to deal with all
matters relating to the delisting of the A shares and share
transfers.

The amendments to the articles of association of the Company
were approved as a special resolution (details are set out in
Notice for the AGM published in Wen Wei Po and The Standard on
25 April, 2003).

On December last year, Troubled Company Reporter - Asia Pacific
reported that Jilin Chemical recorded losses of RMB879 million
and RMB1,083 million in the years 2001 and 2002 respectively in
accordance with PRC accounting standard.


SHAW BROTHERS: 2003 Operations Loss Grows to HK$9.886M
------------------------------------------------------
Shaw Brothers (Hong Kong) Limited disclosed a summary of its
financial statement for the year end date March 31, 2003:

Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 1/4/2002      from 1/4/2001
                              to 31/3/2003       to 31/3/2002
                              Note  ($)          ($)
Turnover                        : 62,442,000         72,480,000
Profit/(Loss) from Operations   : (9,886,000)        (7,711,000)
Finance cost                    : (1,000)            (6,000)
Share of Profit/(Loss) of
  Associates                    : 176,350,000        182,148,000
Share of Profit/(Loss) of
  Jointly Controlled Entities   : N/A                N/A
Profit/(Loss) after Tax & MI    : 143,045,000        145,534,000
% Change over Last Period       : -1.71     %
EPS/(LPS)-Basic (in dollars)    : 0.36               0.37
         -Diluted (in dollars)  : N/A                N/A
Extraordinary (ETD) Gain/(Loss) : N/A                N/A
Profit/(Loss) after ETD Items   : 143,045,000        145,534,000
Final Diviand                  : 20.0 cents         15.0 cents
  per Share
(Specify if with other          : N/A                N/A
  options)
B/C Dates for
  Final Diviand                : 9/9/2003    to 19/9/2003 bdi.
Payable Date                    : 22/10/2003
B/C Dates for (-)
  General Meeting               : N/A
Other Distribution for          : N/A
  Current Period
B/C Dates for Other
  Distribution                  : N/A

Remarks:

1. Explanation on change of corresponding figures reported in
year 2002

In the current year, the Group and an associate company,
Television Broadcasts Limited (TVB), adopted the Statement of
Standard Accounting Practice Number 34 (SSAP 34) "Employee
benefits" issued by the Hong Kong Society of Accountants, which
become effective for financial statements relating to periods
commencing on or after 1st January 2002.  SSAP 34 specifies that
employee entitlements to annual leave shall be recognized
when they accrue to employees.  A provision shall be made for
the estimated liability for annual leave as a result of services
rendered by employees up to the balance sheet date.  Employee
entitlements to sick leave and maternity or paternity leave are
not recognized until the time of leave.

In prior years, no provision was made by the Group and TVB in
respect of the employee annual leave entitlements.  Following
the adoption of SSAP 34, retrospective adjustments have been
made by the Group and TVB to provia for employee annual leave
entitlements and hence the last year figures of Loss from
Operations, Share of Profit of Associates, Profit after Taxation
& MI, and Profit after ETD Items have been restated.

2. Earnings per share

The calculation of earnings per share is based on earnings for
the year of HK$143,045,000 (2002 as restated: HK$145,534,000)
and on 398,390,400 ordinary shares in issue throughout the two
years ended 31st March 2003.

3. Distributable reserves

Distributable reserves of the Company at 31st March 2003,
calculated under Section 79B of the Hong Kong Companies
Ordinance, amounted to HK$1,563,978,000 (2002 as restated:
HK$1,555,531,000).


SHIU SHING: Winding Up Hearing Scheduled on July 16
---------------------------------------------------
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 Shiu Shing
Paper Products Factory Limited.

Lam Yau Kik of Room 3814, 38/F., Ping Yan House, Ping Tin
Estate, Lam Tin, 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.


SHOW FUNDS: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Show Funds Limited is set for hearing
before the High Court of Hong Kong on July 9, 2003 at 9:30 in
the morning.

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


TAKE SUCCESS: Winding Up Sought by Luk Lai
------------------------------------------
Luk Lai Yi Lisa is seeking the winding up of Take Success
Investments Limited. The petition was filed on May 23, 2003 and
will be heard before the High Court of Hong Kong on July 16,
2003 at 9:30 in the morning.

Luk Lai holds its registered office at Luk Lai Yi Lisa of Room
2, 1st Floor, Block D, Kam Ying Court, Ma On Shan, New
Territories, Hong Kong.


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


INDOFOOD SUKSES: Moody's Reviews Eurobonds for Possible Upgrade
---------------------------------------------------------------
Moody's Investors Services has placed PT Indofood Sukses Makmur
Tbk (Indofood)' B3 foreign currency rating of the US$280 million
Eurobonds on review for possible upgrade. The Company and
Indofood International Finance Ltd guaranteed the issuance of
the said bonds.

The rating action follows Moody's decision to place Indonesia's
B3 foreign currency country ceiling on review for possible
upgrade.

At the same time, the agency says that the B1 local currency
issuer rating of Indofood is not affected and the outlook
remains negative.


* Moody's Reviews Banks Ratings for Possible Upgrade
----------------------------------------------------
Moody's Investors Service placed the Caa1 long-term bank deposit
country ceiling ratings of eight banks on review for possible
upgrade. The ratings on review for possible upgrade are:

   * Bank Danamon Indonesia: the long-term deposit rating of
     Caa1;
   * Bank Internasional Indonesia: the long-term deposit rating
     of Caa1;
   * Bank Mandiri: the senior debt ratings of B3 and long-term
     deposit rating of Caa1;
   * Bank Negara Indonesia: the senior debt ratings of B3 and
     long-term deposit rating of Caa1;
   * Bank Permata: the long-term deposit rating of Caa1;
   * Bank Rakyat Indonesia: the long-term deposit rating of
     Caa1;
   * Bank Tabungan Negara: the long-term deposit rating of Caa1;
     and
   * Pan Indonesia Bank: the long-term deposit rating of Caa1.

The Not-Prime short-term deposit and bank financial strength
ratings of all eight banks are unaffected.

This action follows the placement of Indonesia's sovereign
ratings -- B3 foreign currency country ceiling for debt, B3
foreign currency bonds of the government, B3 domestic currency
issuer rating of the government and Caa1 foreign currency bank
deposit ceiling - on review for possible upgrade on June 26,
2003.


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


ALL NIPPON: Executives Receive No Retirement Benefits
-----------------------------------------------------
All Nippon Airways Co. (ANA) will not pay retirement allowances
to seven executives as it submitted no payment plan to a
shareholders meeting for approval Thursday, Kyodo News reports.
ANA's decision reflects its poor business performance caused by
the adverse effects of the terror attacks on the United States
on Sept 11, 2001, and the deadly pneumonia SARS, ANA President
Yoji Ohashi said.


ALL NIPPON: Restoring Normal Services to China Next Month
---------------------------------------------------------
All Nippon Airways Co. (ANA) will restore normal services
between Japan and China after the Japanese foreign ministry
lifted its advisory against travel to Beijing, Taipei Times
reports. The carrier will resume operating all of its 14 weekly
flights between Tokyo's main international airport at Narita and
Beijing starting July 11, Company spokesman Shigeki Yoshihara
said. The airline had halved services on the route after the
outbreak of SARS in the Chinese capital. The airline will also
resume all seven of its suspended weekly flights between Osaka's
Kansai International Airport and Beijing starting July 11,
Yoshihara said.


OKUMA CORPORATION: Moody's Downgrades Rating to B1
--------------------------------------------------
Moody's Investors Service has downgraded Okuma Corporation's
(Okuma) senior unsecured long-term debt ratings to B1 from Ba3.
The rating outlook is negative.

The downgrade reflects Moody's concerns that the company's
profitability will remain under pressure over the intermediate
term, delaying the recovery of its financial profile. The
negative outlook reflects our concerns that despite Okuma's
cost-cutting efforts, the company may take longer than expected
to restore its profitability, given the slow recovery in demand
in its key end-use markets. This rating action concludes the
review initiated on March 18, 2003.

Due to the rapid deterioration in its end-markets, Okuma's
profitability has weakened over the last few years. Its
financial condition has consequently deteriorated, reducing its
financial flexibility for absorbing future potential losses.

While demand for machine tools has recently shown signs of
recovery, the pace is slow and Moody's does not expect any
rebound to previous peaks. And although the industry's highly
cyclical nature has already been incorporated into Okuma's debt
rating to a large extent, Moody's is also concerned that its
profitability may not recover as strongly as it did previously
at the time of an upward industry cycle. This is mainly due to
excess competition among Japanese manufacturers in the
oversupplied Japanese market, and more competition from foreign
manufacturers in overseas market, including Asia.

Under such a severe operating environment, Okuma has adopted
various measures to improve its earnings structures, including
reductions to inventory and procurement costs as well as
upgrades to production efficiency. Moreover, Okuma has tried to
expand market share with the introduction of high value-added
products and improve cost structures to secure profitability.

Moody's expects these efforts to help earnings, but they may not
be enough to stabilize cash flow over the intermediate term,
given the competitive environment and weak outlook for demand.
Rising demand from the Chinese market is also expected to help
enhance Okuma's sales going forward, but margins are likely to
remain under pressure due to severe price competition.

Okuma Corporation, headquartered in Aichi, Japan, is one of the
world's leading machine tool manufacturers.


TOSHIBA CORPORATION: Posts OGM Resolutions Notice
-------------------------------------------------
The following report and resolutions were made at the Ordinary
General Meeting (OGM) of Shareholders of Toshiba Corporation for
the 164th fiscal period held on June 26, 2003.

Subject for Report

Report of operations, balance sheet, and statement of income and
un-appropriated retained earnings for the 164th fiscal period
(from April 1, 2002, to March 31, 2003)

Report was made concerning the above accounting documents.

First Subject for Discussion

Matter concerning the approval of the appropriation plan for un-
appropriated retained earnings for the 164th fiscal period

The appropriation plan was approved as proposed (the diviand is
3 yen per share).


Second Subject for Discussion

Matter concerning the amendments to the Articles of
Incorporation

The following amendments were approved as proposed.

1.     Amendments of the relevant provisions necessary to
transform into the 'Company with Committees System'. Toshiba is
to adopt this system, to further enhance corporate governance
and improve operating agility and flexibility;

2.     Amendments of relevant provisions necessary to adopt the
additional share purchase system for holders of Tangen-miman-
kabushiki (shares of less than one unit). Toshiba is to adopt
this system, to improve the convenience of shareholders.

       Additional amendments of relevant provisions following
the establishment of a system to nullify lost share
certificates;

3.     Amendments of relevant provisions necessary to reduce the
quorum required passing special resolution at the shareholders'
meeting. Toshiba is to reduce the quorum considering the
condition of voting rights at shareholders' meeting of Toshiba;
and

4.     Amendment of other wordings.

Third Subject for Discussion

Matter concerning the election of sixteen (16) Directors due to
the expiration of all Directors' terms of office

The following sixteen (16) persons were elected as Director and
assumed office:

     Taizo Nishimuro
     Tadashi Okamura
     Yasuo Morimoto
     Takeshi Iida
     Makoto Nakagawa
     Tadashi Matsumoto
     Sakutaro Tanino
     Yasuhiko Torii
     Akinobu Kasami
     Takeshi Nakagawa
     Yuji Kiyokawa
     Sadazumi Ryu
     Susumu Terao
     Atsutoshi Nishida
     Eiichi Kakei
     Shunsaku Hashimoto

Forth Subject for Discussion

Matter concerning the granting of retirement allowances to the
retiring Directors and Statutory Auditors and other related
subject

Approved was the proposal that appropriate retirement allowances
be granted to the retiring three (3) Directors, Messrs. Kiyoaki
Shimagami, Tetsuya Mizoguchi and Kosaku Inaba, according to the
standards of Toshiba Corporation and within a reasonable amount,
based upon precedent; and that the actual amount of the
retirement allowances and the date and method of payment for
them be decided by the Compensation Committee.

It was also approved that the retirement allowances be granted
to twelve (12) directors Messrs. Taizo Nishimuro, Tadashi
Okamura, Yasuo Morimoto, Takeshi Iida, Makoto Nakagawa, Tadashi
Matsumoto, Sakutaro Tanino, Yasuhiko Torii, Akinobu Kasami,
Susumu Terao, Eiichi Kakei, Shunsaku Hashimoto, who had already
been directors and statutory auditors before the election at
this Meeting, for their terms of office until the conclusion of
this Meeting, according to the standards of Toshiba and within a
reasonable amount, based upon precedent; and that the actual
amount of the retirement allowances and the date and method
of payment for them be decided by the Compensation Committee.

1. Toshiba Corporation had transformed into the Company with
Committees System as of the conclusion of this Meeting.

2. By a resolution adopted at the meeting of the Board of
Directors held after this Meeting of Shareholders, Mr. Taizo
Nishimuro was elected as Chairman of the Board and assumed
office.

3. By a resolution adopted at the meeting of the Board of
Directors held after this Meeting of Shareholders, the following
directors were elected as members of the Nomination Committee,
the Audit Committee and the Compensation Committee and each
individual so appointed assumed their office.

Note that Messrs. Sakutaro Tanino, Yasuhiko Torii, Eiichi Kakei
and Shunsaku Hashimoto are Outside Directors prescribed by
Article 188 paragraph 2 Item 7-2 of the Commercial Code and they
are not elected as Executive Officers.

Nomination Committee
Taizo Nishimuro (Chairman)
Sakutaro Tanino
Yasuhiko Torii

Audit Committee
Akinobu Kasami (Chairman)
Susumu Terao
Sakutaro Tanino
Eiichi Kakei
Shunsaku Hashimoto

Compensation Committee
Yasuhiko Torii (Chairman)
Taizo Nishimuro
Tadashi Okamura
Sakutaro Tanino
Shunsaku Hashimoto

4. By a resolution adopted at the meeting of the Board of
Directors held after this Meeting of Shareholders,
Representative Executive Officers and Executive Officers were
elected as follows, and each individual so appointed assumed
their office.

(The person marked with * is the Director.)

Tadashi Okamura*  Representative Executive Officer/
                  President and Chief Executive Officer

Yasuo Morimoto*  Representative Executive Officer/
Takeshi Iida*    Corporate Senior Executive Vice President
Makoto Nakagawa*

Susumu Kohyama     Executive Officer/
Masaki Matsuhashi  Corporate Senior Vice President
Tsuyoshi Kimura
Toshitake Takagi
Sadazumi Ryu*
Masao Niwano
Tsutomu Miyamoto
Makoto Azuma
Shigeo Koguchi
Yoshiaki Sato
Yoshihiro Nitta

The Troubled Company Reporter-Asia Pacific reported that Toshiba
in the three months to December 31 had a loss of 84.9 billion
yen ($636 million) versus a net income of Y11.1 billion in the
year- earlier period. Consolidated sales fell 14 percent to Y1.2
trillion from Y1.39 trillion.


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


CHOHUNG BANK: Merger Deal Clouded by Labor Dispute
--------------------------------------------------
Shinhan Bank's union is strongly opposing the merger deal
between Chohung Bank and Shinhan Financial Group, while foreign
investors remain concerned over the labor discontent, the Korea
Herald reported Friday.

"We strongly oppose a merger to be made without our consent, and
even if it materializes, the brand name of 'Shinhan Bank' should
be retained," union head Lee Kun-hee said during a rally
attended by more than 2,000 union members.

The union demanded that the deal, which it claimed contains too
many concessions from Shinhan, be revised to reflect its
requests, including a layoff of Chohung staff ahead of the
banks' integration.

Moody's Investors Service, a leading credit rating firm, on last
week placed Shinhan Bank's D+ financial strength rating on
review for possible downgrade. Moody's cited the possible impact
Shinhan's merger with Chohung would have on its fundamental
financial health as a reason for its latest measure.


DAEWOO MOTORS: Indian Unit's Assets for Lease
---------------------------------------------
Creditors of Daewoo Motors India Ltd. have now decided to lease
the plant and facilities on a contract basis instead of selling
the carmaker, Rediff India reported Thursday. The US$1 billion
Daewoo plant in Surajpur, Uttar Pradesh, was taken over by the
lenders after the debt recovery tribunal passed an order.

"The bids that we received were not favorable and, therefore, we
have decided to give the facility on lease," according to P P
Vora, Chairman and Managing Director of the Industrial
Development Bank of India. General Motors has bought South
Korean Daewoo Motor assets in several countries, including those
in South Korea. The deal, however, did not involve Daewoo Motors
India.


HYUNDAI PETROCHEMICAL: FTC OK's Conditional Takeover
----------------------------------------------------
The Fair Trade Commission (FTC) has approved a conditional
takeover of Hyundai Petrochemical to a consortium comprising LG
Chem Ltd. and Honam Petrochemical Corporation, Asia Pulse
reported Thursday. The LG-Honam consortium will be given 18
months to divide the low density polyethylene (LDPE), high
density polyethylene (HDPE) and polypropylene (PP) manufacturing
facilities at Hyundai's Daesan plant into two separate lines
with the partners taking over one line each.

Hyundai Petrochemical Co. posted a net profit of 100 billion won
(US$84.9 million) in 2002, versus a loss of 211.1 billion won a
year earlier, TCR-AP reported recently.


SK GLOBAL: Foreign Creditors May Force Liquidation
--------------------------------------------------
Foreign creditors of SK Global Co. may force the troubled oil
trader into liquidation if changes are not made to a US$2.4
billion bailout plan, according to Reuters. Domestic creditors
have backed the debt-rescheduling plan, but it needs the support
of overseas lenders to succeed. SK Global, the trading arm of SK
Group, has been fighting for survival since March, when its
profits was found to have fraudulently inflated by US$1.2
billion.

A US$2.4 billion bailout plan by sister Company SK Corporation
and SK Global's local creditors has angered foreign shareholders
who say the propping up of the trading arm is unfair on minority
shareholders. Overseas creditors and foreign branches of Korean
banks are owed a combined 900 billion won (US$755 million) by SK
Global's overseas units. SK Global owes domestic financial
institutions and South Korean branches of some foreign banks a
total of 6.7 trillion won.


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


ASSOCIATED KAOLIN: Gets MITI's Nod on Revised Proposals
-------------------------------------------------------
Associated Kaolin Industries Berhad (Special Administrators
Appointed) refers to the announcements made in relation to the
Proposals, comprising the following:

   i. Proposed Capital Reduction;

   ii. Proposed Termination of Aki's Outstanding Warrants
1996/2005;

   iii. Proposed Share Exchange of 5,465,023 Ordinary Shares of
RM1.00 each in AKI (Aki Shares) on the basis of one (1) Ordinary
Share of RM1.00 each in Greatpac Holdings Berhad (GHB) (GHB
Shares) for every one (1) AKI Share (Proposed Share Exchange);

   iv. Proposed Renounceable Rights Issue of up to 16,395,070
New GHB Shares on the basis of three (3) New GHB Shares for
every one (1) existing GHB share held after the Proposed Share
Exchange at an issue price of RM1.00 per GHB Share (Proposed
Rights Issue);

   v. Proposed Special Bumiputera Issue (SBI) of 25,000,000 New
GHB Shares to Bumiputera investors at an issue price of RM1.00
per GHB Share (Proposed SBI);

   vi. Proposed Acquisition of the entire equity interest in
Greatpac Sdn Bhd (GPSB) by GHB for a total consideration of
RM72,000,000 to be satisfied by the issuance of 72,000,000 New
GHBb Shares at an issue price of RM1.00 per GHB Share (Proposed
GPSB Acquisition);

   vii. Proposed Acquisition of the entire equity interest in
Success Profile Sdn Bhd (Success Profile) by GGB for a total
consideration of RM17,727,272 to be satisfied by the issuance of
17,727,272 New GHB Shares at an issue price of RM1.00 per GHB
Share (Proposed Success Profile Acquisition);

   viii. Proposed Debt Restructuring of AKI;

   ix. Proposed Waiver from Undertaking a Mandatory General
Offer (Proposed Waiver); and

   x. Proposed Transfer of Listing Status of AKI To GHB
(Proposed Transfer Listing)

On behalf of AKI, Commerce International Merchant Bankers Berhad
is pleased to announce that the Ministry of International Trade
and Industry (MITI) had via its letter dated 24 June 2003 stated
that the MITI has no objection for AKI to undertake the proposed
revisions to Proposals as announced on 17 January 2003 and 10
March 2003 subject to the following conditions:

   (i) GPSB is required to discuss with MITI on meeting its
equity condition within three (3) years from 24 June 2003; and

   (ii) AKI/GHB is to inform MITI on its final group structure
after the completion of the Proposals.

All other decisions as per MITI's letter of approval dated 20
February 2002 remain unchanged.


AUTOINDUSTRIES VENTURES: Non-Independent Dir Tuan Harun Retires
---------------------------------------------------------------
Autoindustries Ventures Berhad posted this Change in Boardroom
Notice:

Date of change : 25/06/2003
Type of change : Retirement
Designation    : Director
Directorate    : Non Independent & Non Executive
Name           : Tuan Haji Ab Razak Bin Harun
Age            : 46
Nationality    : Malaysian/Malay
Qualifications : Bachelor of Science (Honors) degree in
Production Engineering and Production Management from the
University of Nottingham, United Kingdom.

Working experience and occupation  : N/A
Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Substantial shareholder

Remarks : Retired at the Annual General Meeting held on 25 June
2003

On March 19, the Troubled Company Reporter - Asia Pacific
reported the position of the Group in respect of its default in
payments in the month of March, 2003 amounts RM14,616,064.04.


AYER HITAM: Deregisters Dormant Foreign Subsidiary
--------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad informed that it has
received notification from the Companies Registry Hong Kong that
Vivace Limited, a company incorporated in Hong Kong under the
Companies Ordinance, has been deregistered pursuant to Section
291AA(9) of the Companies Ordinance and accordingly dissolved
with effect from 6 June 2003.

Vivace Limited is a wholly owned subsidiary of Ganda Kemas Sdn
Bhd, which in turn is a wholly owned subsidiary of Ayer Hitam
Tin Dredging Malaysia Berhad. The dissolution of Vivace Limited
will not have any significant financial and operational impact
on the Group's financial performance.


BRIDGECON HOLDINGS: Dispatches Debt Settlement Allotment Notice
---------------------------------------------------------------
Pursuant to the earlier announcement made to the Kuala Lumpur
Stock Exchange on 17 June 2003 in relation to the Settlement of
Debts Owing by Bridgecon Holdings Berhad amounting to
RM251,369,290.00 as at the Cut-Off Date of 30 June 2001 to its
creditors through the issuance of 62,000,000 New Ordinary Shares
of RM0.50 each in Premium Nutrients Berhad (Premium) at an Issue
Price of RM0.50 Each (Debt Settlement).

Bridgecon Holdings Berhad (Special Administrators Appointed) is
pleased to announce that the Notice of Allotment in respect of
the Debt Settlement was dispatched to the Creditor's Agent,
namely, Grant Thornton Consulting Sdn Bhd on 27 June 2003.


FURQAN BUSINESS: Profit Guarantee Terms Varied
----------------------------------------------
The Board of Directors of Furqan Business Organisation Berhad is
pleased to announce that the shareholders of FBO have at the
Extraordinary General Meeting (EGM) held on June 26, 2003,
approved the ordinary resolutions set out in the Notice of the
EGM dated 11 June 2003 in relation to the following proposals:

   1. to vary the terms of the Profit Guarantee given by the
vendors of Eastern Biscuit Factory Sdn. Bhd. to FBO; and

   2. to vary the utilization of proceeds from the rights issue
with warrants and restricted issue.

Last week, the Troubled Company Reporter - Asia Pacific reported
that the Memorandum of Understanding signed on 28 March 2003
between Austral Amal Properties (PJ) Sdn Bhd (AAPJ), a wholly-
owned subsidiary of FBO and Nauticalink Berhad (NLB) in relation
to the Proposed Disposal of a building owned by AAPJ pursuant to
the Proposed Restructuring Scheme of NLB, has been terminated.


GANAD CORPORATION: SC Approves Proposed Exemption to Vendors
------------------------------------------------------------
Ganad Corporation Bhd (Ganad) refers to the announcement made on
17 June 2003 pursuant to the approval obtained from the
Securities Commission (SC) in relation to the Proposals, which
refers to the following:

  ú Proposed Scheme of Arrangement
  ú Proposed Disposal
  ú Proposed Acquisitions
  ú Proposed Bumiputera Issue
  ú Proposed Placement
  ú Proposed Exemption
  ú Proposed Listing Transfer.

On behalf of the Board of Directors of Ganad, Southern
Investment Bank Berhad is pleased to announce that the SC has,
via its letter dated 25 June 2003, approved the proposed
exemption to vendors of Asiapin Sdn Bhd (Asiapin), Chongee
Enterprise Sdn Bhd (Chongee), GBC Marketing Pte Ltd (GBC) and
parties acting in concert with them from a mandatory offer
obligation for the remaining shares not already owned by them in
Axis Diversity Sdn Bhd (Axis) after the proposed acquisitions of
Asiapin, Chongee and GBC under Practice Note 2.9.3 of The
Malaysian Code on Take-overs and Mergers, 1998 as proposed. Axis
will be assuming the listing status of Ganad pursuant to the
Proposals.


GENERAL SOIL: Appoints New Audit Committee Member
-------------------------------------------------
General Soil Engineering Holdings Berhad posted this Change in
Audit Committee Notice:

Date of change : 25/06/2003
Type of change : Appointment
Designation    : Member of Audit Committee
Directorate    : Executive
Name           : NAVEEN KHANNA
Age            : 27
Nationality    : MALAYSIAN
Qualifications : September 1998 - Bachelor of Commerce (Major
Accounting) (Bond University),
May 2002 - Certified Public Accountant

Working experience and occupation  : Currently engaged as the
Financial Manager at Asia Pacific Viao Lab Sdn Bhd, which he
joined since 15 April 1999

Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

Composition of Audit Committee (Name and Directorate of members
after change) : Yusof Annuar Bin Yaacob, Independent Non-
Executive Chairman - Chairman
Loi Tek Eiu, Independent Non-Executive Director - Member
Naveen Khanna, Independent Non-Executive Director - Member

Early this month, the Troubled Company Reporter - Asia Pacific
reported that the Company is in the process of finalizing the
comprehensive restructuring plan to regularize its financial
condition.


IDRIS HYDRAULIC: Inks Supplemental Debt Restructuring Agreements
----------------------------------------------------------------
Idris Hydraulic (Malaysia) Berhad refers to the explanatory
statement and circular to the shareholders dated 6 June 2003 in
relation to the Proposed Restructuring Exercise, which involves
the following:

   ú Proposed Capital Reconstruction;
   ú Proposed Corporate Restructuring; and
   ú Proposed Debt Reconstruction

On behalf of IHMB, CIMB wishes to announce that on 26 June 2003,
IHMB had entered into the following:

   (a) A Supplemental Subscription Agreement (SSA) with the
Dato' Che Mohd Annuar bin Che Mohd Senawi (Investor) and Idaman
Unggul Sdn Bhd (Newco) to, inter-alia, extend the prescribed
period, being the period to fulfill and/or secure the various
conditions precedent, approvals, waivers and exemptions
necessary for the implementation of the Proposed Shares
Subscription to 30 September 2003.

   (b) A Supplemental Debt Settlement Agreement (SDSA) with
Newco and Transwater Corporation Berhad to, inter-alia, extend
the prescribed period to fulfill the subject conditions
precedents to 30 September 2003.

   (c) A Supplemental Debt Restructuring Agreement (SDRA) with
its lenders and Newco to, inter-alia, extend the completion
period for the Proposed Restructuring Exercise to 30 June 2003.

The SSA, SDSA and SDRA can be inspected at the Registered Office
of IHMB at Level 20, Menara MRCB, No. 2, Jalan Majlis 14/10,
Seksyen 14, 40000, Shah Alam, Selangor Darul Ehsan from Mondays
to Fridays (except public holidays) during business hours for a
period of three (3) months from the date of this announcement.


JUTAJAYA HOLDING: Litigation Hearing Fixed on July 23
-----------------------------------------------------
Jutajaya Holding Berhad had, on 24 June 2003, received a Writ of
Summons filed by Messrs. Bhadarul Baharain & Maizura, the
Advocates and Solicitors of Southern Finance Berhad of 4th
Floor, Wisma Nusantara, Jalan Puncak, Off Jalan P. Ramlee, 50250
Kuala Lumpur [hereinafter referred to as "SFB"] at the Kuala
Lumpur Sessions Court against the Company for a sum of
RM94,263.69 together with interest of 8% due to the breach of
Hire Purchase Agreement involving one motor vehicle, Volvo S70
2.0 bearing Registration No. WHP 9152 [Chassis No. YV1LS48K6Y5-
655300]. The total sum owing to SFB as at 14 April 2003 for the
aforesaid motor vehicle is RM94,263.69.

The date of hearing for the above matter is fixed for mention on
23 July 2003 at the Kuala Lumpur Sessions Court and in default
of appearance in Court on the aforesaid date, judgment will be
entered against the Company.

The Troubled Company Reporter - Asia Pacific reported that the
Kuala Lumpur Stock Exchange on 21 May 2003, granted an order for
an extension of time to the Restraining Order from 21 May 2003
to 21 February 2004.


METACORP BERHAD: All Resolutions Pass at 20th AGM
------------------------------------------------
Metacorp Berhad wishes to inform that all resolutions as set out
in the Notice of the Twentieth Annual General Meeting of
Metacorp dated 31 May, 2003 were duly passed at the Twentieth
Annual General Meeting of Metacorp held at 8359, Jalan Batu
Caves, 68100 Batu Caves Selangor Darul Ehsan on Thursday, 26
June, 2003.

According to Wrights Investors' Service, MTD had negative
working capital at the end of 2001, as current liabilities were
Rp251.05 million while total current assets were only Rp227.54
million.


SIN HENG: Shareholders OK All Resolutions at 41st AGM, EGM
-----------------------------------------------------------
The Board of Directors of Sin Heng Chan (Malaya) Berhad (Special
Administrators Appointed) announces that all the resolutions (as
set out in the notice of meeting of Annual General Meeting and
Extraordinary General Meeting dated 4 June 2003) tabled at the
41st Annual General Meeting and Extraordinary General Meeting
held at Bukit Kiara Equestrian & Country Resort, Jalan Bukit
Kiara, Off Jalan Damansara, 60000 Kuala Lumpur, on Thursday, 26
June 2003 were duly passed by the shareholders of Sin Heng Chan
(Malaya) Berhad.

The Troubled Company Reporter - Asia Pacific reported last week
that the Securities Commission, via its letter dated 23 June
2003, which was received on 25 June 2003, approved the Company's
application for an extension of time of six (6) months up to 31
December 2003 to complete the Proposals.


TA ENTERPRISE: Executes SDRA With Scheme Creditors
--------------------------------------------------
The Board of Directors of TA Enterprise Berhad
refers to the announcements dated 10th September 2001 in
relation to the signing of Debt Restructuring Agreement (DRA)
between TA First Credit Sdn Bhd (TAFC), a wholly owned
subsidiary of TAE Group, Idris Hydraulics Berhad (Idris), Idaman
Unggul (Newco) and various other lenders of Idris (collectively,
including TAFC, referred herein as "Scheme Creditors") pursuant
to Idris'Proposed Debt Reconstruction, which is an integral part
of Idris Proposed Restructuring Scheme. The DRA had expired on
30th June 2002. Subsequently, Idris, Newco and the Scheme
Creditors have agreed to enter into a supplemental agreement to
the DRA.

SUPPLEMENTAL DEBT RESTRUCTURING AGREEMENT

The Board of Directors of TAE is pleased to announce that TAFC
has on 26th June 2003 executed the Supplemental Debt
Restructuring Agreement (SDRA) with Idris, Newco and the other
Scheme Creditors. The SDRA incorporates certain modifications to
the proposed settlement to the Scheme Creditors necessitated by
various circumstances (collectively "Modifications") (the effect
of the modifications on TAFC is explained in the following
section) and the withdrawal of Alliance Bank Malaysia Berhad
(Withdrawal) from the Proposed Debt Reconstruction. The salient
terms of the SDRA are summarized below:

The SDRA is supplemental to the DRA and is to particularize the
Withdrawal and Modifications, and record the remaining parties'
agreement thereto as well as to fix the Debt Conversion Date,
that is the date that the scheme liabilities is expected to be
fully addressed.

The parties acknowledge that the Proposed Debt Reconstruction
continues to be an integral part of the Proposed Restructuring
Scheme, which shall now recognize the Withdrawal and the
Modifications.

The SDRA will be deemed to have come into effect on 30th June
2002 and that the DRA never lapsed by reason of non-fulfillment
of all the conditions precedent stipulated therein on or before
30th June 2002.

EFFECTS OF THE MODIFICATIONS AND THE WITHDRAWAL ON THE PROPOSED
SETTLEMENT TO TAFC

As per announcement dated 10th September 2001 by TAE
(Announcement), the amount owing of RM225.1 million as at the
cut-off date of 31st December 1999 by Idris to TAFC will be
settled via combination of cash, Redeemable Unsecured Loan Stock
(RULS) and Irredeemable Unsecured Loan Stock - A (ICULS-A)
(Proposed Settlement).

The Withdrawal does not have any effect on the Proposed
Settlement. The variations to the Proposed Settlement in regards
to the Modifications are given below:

The RULS has now been replaced with Redeemable Secured Loan
Stock - D (RSLS-D). The quantum receivable by TAFC and the terms
of the RSLS-D remain the same as that of for the RULS except
that the RSLS-D is secured by certain of Idris subsidiaries and
property and the sale of such asset will be used to redeem the
RSLS-D. There is also a sinking fund, where the excess proceed
from the sale of asset assigned to any particular class of RSLS
after fully redeeming all the RSLS of the corresponding class
will be paid. All other remaining RSLS holders will share the
money in the sinking fund rateably (except the RSLS holders
secured by such asset).

The tenure of the ICULS-A has been reduced to 3 years from 5
years previously. The quantum receivable by TAFC and other terms
of the ICULS-A remains the same as per the Announcement.

(Collectively, the Proposed Settlement after incorporating the
variations above herein referred as "Modified Proposed
Settlement")

As announced on 17th August 2001, TAFC had sold all of its 6
million ordinary shares of RM1.00 each in Prime Utilities Berhad
("Prime Shares") for cash consideration of RM36.6 million via a
direct business transaction. The Modified Proposed Settlement
and the sale of Prime Shares would enable TAFC to recover a
total of RM184.8 million. The balance loan amount of RM40.3
million will be waived by TAFC.

The waiver of RM40.3 million would not have any adverse affect
on profit and loss account of TAE Group as adequate provisions
had been made in the earlier financial years.

FINANCIAL EFFECTS OF THE MODIFIED PROPOSED SETTLEMENT ON TAE

Effect On Share Capital

The Modified Proposed Settlement would not have any effect on
the share capital of TAE.

Effect On Net Tangible Asset (NTA)

Cash and securities from the Modified Proposed Settlement will
be treated as recovery of loan when received by TAFC. The
securities will be carried as investments in the account of TAE
Group based on the valuation at the time of receipt. There will
only be an improvement in the NTA of TAE Group if the cash and
value of securities are higher than RM82.0 million, which is the
written down value of the loan to Idris carried in the books of
TAE.

DIRECTORS' AND SUBSTANTIAL SHAREHODLERS' INTEREST

To the best knowledge of the Directors of TAE, none of the
Directors or substantial shareholders of TAE or any person
connected with them has any interest, direct or indirect in the
Proposed Settlement.

STATEMENT BY THE BOARD OF DIRECTORS OF TAE

The Board of Directors of TAE is of the opinion that the
Proposed Settlement is in the best interest of the TAE Group as
the Proposed Settlement will present TAFC a good opportunity to
recover a substantial part of its loan to Idris.

INSPECTION OF THE SDRA

A copy of the SDRA is available for inspection at the registered
office of TAE at 34th Floor, Menara TA One, 22 Jalan P. Ramlee,
50250 Kuala Lumpur during weekdays from 9 a.m. to 5 p.m. for a
period of three (3) months from the date of this announcement.


TAI WAH: FIC Grants Proposed Private Placement Approval
-------------------------------------------------------
Further to the announcement dated 18 April 2003 made on behalf
of the Board of Directors of Tai Wah Garments Manufacturing
Berhad in relation to the Proposed Private Placement.

Tai Wah wishes to announce that the Foreign Investment Committee
(FIC) had via its letter dated 12 June 2003 (received on 25 June
2003) approved the Proposed Private Placement of TWGB subject to
all conditions imposed by the FIC via its letter dated 28
January 2003 remaining the same.

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


TAP RESOURCES: SC Grants Proposals Extension
--------------------------------------------
TAP Resources Berhad refers to the announcement dated 5 June
2003 in relation to the application to the Securities Commission
(SC) for an extension of time from 22 June 2003 to 31 October
2003 for TAP to complete the implementation of the Proposed Debt
Restructuring, Proposed Profit Guarantee Waiver and Proposed
Rights Issue (Proposals) (Extension).

On behalf of TAP, Malaysian International Merchant Bankers
Berhad is pleased to announce that the SC has, via its letter
dated 25 June 2003, approved the Extension as proposed.


TRANSWATER CORP.: Inks Debt Settlement Agreement W/ Idris, IUSB
---------------------------------------------------------------
The Board of Directors of Transwater Corporation Berhad wishes
to announce that the Company has on 26 June 2003 entered into a
supplemental agreement to the Debt Settlement Agreement dated 26
March 2002 with Idris Hydraulic (Malaysia) Berhad (Idris) and
Idaman Unggul Sdn Bhd (IUSB) (Supplemental Agreement).

The Supplemental Agreement provides, inter-alia, the extension
of time to 30 September 2003 for Transwater, Idris and IUSB,
being parties to the Debt Settlement Agreement dated 26 March
2002, to fulfill the relevant conditions of the said agreement.

The Supplemental Agreement is available for inspection at the
Registered Office of the Company during normal office hours from
Mondays to Fridays (except for public holidays) until the date
of the extraordinary general meeting of Transwater to be
convened to obtain its shareholders' approval for the proposed
settlement.


UNITED CHEMICAL: Becomes Affected Listed Issuer
-----------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors of United Chemical Industries Berhad, wishes to
announce that the Kuala Lumpur Stock Exchange had via its letter
dated 18 June 2003, determined that UCI is an affected listed
issuer pursuant to paragraph 2.1 of PN10.

The criteria triggered under PN10 which lead to the
determination by the KLSE on the Company as having inadequate
level of operations is in respect of the cessation of UCI's and
its subsidiary's (collectively "the Group") business or major
business (as defined in paragraph 2.1 of PN10) and the disposals
by the Group of its machineries and equipment, and business
goodwill and the rental of its factory land and buildings to a
third party. The cessation of the Group's major business
operations and the disposals were undertaken as part of UCI's
proposed corporate restructuring exercise to regularize its
financial position.

In view that the Company is also an affected listed issuer
pursuant to Practice Note No. 4/2001 (PN4) of the KLSE Listing
Requirements, the requirements and obligations set out in PN4
will apply. The Company is therefore required to strictly comply
with the provisions of PN4. Given the situation, the time frames
stipulated under PN10 for the Company to regularize its level of
operations would not be applicable to the Company.

The Company's regularization plan pursuant to PN4 must ensure
that the Company has adequate level of operations to warrant
continued listing on the Official List of the KLSE.

The KLSE had in January 2003 commenced de-listing procedures
against the Company for the failure to obtain the relevant
authorities' approvals necessary for the implementation of its
regularization plan by 31 December 2002 and no further extension
of time has been granted by the KLSE. Subsequently, the Company
had been served with a notice by the KLSE on 30 May 2003 that as
the Company had submitted its regularization plan to the
relevant authorities for approvals, the KLSE will await the
outcome of the approvals from the relevant authorities. In this
regard, approvals in respect of UCI's regularization plan were
received from the Foreign Investment Committee and Ministry of
International Trade and Industry on 10 March 2003 and 9 April
2003 respectively.

In addition, the white knight of UCI, Perbadanan Kemajuan Negeri
Perak had also on 8 May 2003 obtained the approval of the
Economic Planning Unit on its corporate reorganization plan via
the participation of Harta Perak Corporation Sdn Bhd in the
restructuring and reverse take-over of UCI.


YCS CORPORATION: RCSLS Interest Payment Default Hits RM2.879M
-------------------------------------------------------------
Pursuant to the PN 1/2001, YCS Corporation Berhad wishes to
announce that it has defaulted in the payment of interest
amounting to RM2,879,850 in respect of the Redeemable
Convertible Secured Loan Stock A & B (RCSLS-A) (RCSLS-B) on 19th
June 2003 (Interest Payment Date). The RCSLS were issued by the
Company on 19th June 2000 and is constituted under a Trust Deed
dated 24th May 2000.

Reason For The Default In Payment of Interest

The Company was unable to meet the interest payment on the RCSLS
on 19th June 2003 as its planned disposal of certain of its
properties to raise the requisite cashflow to meet the
abovementioned obligation has yet to be consummated on that
date.

Measure Taken By YCS To Address The Default

The Company had on 13th September 2002 entered into a Share Sale
Agreement to dispose of a wholly owned subsidiary i.e. Puncak
Kayan Sdn Bhd for a cash consideration of RM84.6 million. The
Company will allocate part of the cash proceeds from the
proposed disposal to settle all the outstanding interest
payment. To date, the said transaction has not been completed.


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


ASIAN TERMINALS: Secures P500M Notes Issue
------------------------------------------
To further pursue its loans program, port and logistics Company
Asian Terminals Inc. has concluded a second tranche for fixed
and floating rate notes amounting to 500 million pesos, a
Company statement said. With Standard Chartered Bank as
Arranger, Facility Agent, Registrar and Paying Agent, and
Investor, ATI signed an agreement on June 25 for the issuance of
floating and fixed rate notes with maturities of 3 and 5 years.

Investors also included Metropolitan Bank and Trust Co. - TBG as
Trusteee and Land Bank of the Philippines. The proceeds of the
notes issue will be used for the ongoing capital expenditure
program of ATI, which includes the South Harbor Development
Program, as well as the refinancing of more expensive debt. The
South Harbor Development Program, which is linked to demand,
includes modernization and capacity building of the facilities
for international container and general cargo handling.


BAYAN TELECOMMUNICATIONS: Vows to Return to Profitability
---------------------------------------------------------
Bayan Telecommunications, Inc. (BayanTel) vowed to return to
profitability once it completes the restructuring of its US$477-
million debt, the Manila Times reports, citing BayanTel
President and Chief Executive Officer Eugenio L. Lopez III. Of
the total debt, US$200 million are in the form of bonds while
the balance represents loans from banks.

With the debt-restructuring plan soon in place, BayanTel could
move forward to investing new technologies and further enhancing
its network infrastructure. Priority plans include the launching
of its mobile phone service. In 2002, the National
Tele-communications Commission granted BayanTel a three-year
extension on its provisional authority to install and operate a
nationwide cellular mobile telephone system (CMTS) license.

DebtTraders reports that Bayan Telecommunications, Inc.'s
13.500% bond due in 2006 (BAYA06PHA1) trades between 18 and 22.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BAYA06PHA1


MANILA ELECTRIC: Clarifies Tax Rebate Report
--------------------------------------------
Manila Electric Company (Meralco) clarified the news article
entitled "Meralco to seek P9B in rebate from BIR; legal battle
looms" published in the June 25, 2003 issue of the Philippine
Daily Inquirer. The article reported "Manila Electric CO., will
ask the Bureau of Internal Revenue for a tax rebate of roughly
P9 billion, and is threatening to file a civil case if the
government agency refuses to return the amount. The tax rebate
could significantly cushion the impact of the 29 billion pesos
refund the Supreme Court had ordered Meralco to make to
customers for electricity charges covering February 1994 to May
2003.

Manila Electric Company (Meralco), in its letter dated June 25,
2003, stated that:

"We confirm that our Company is contemplating to file a claim
for tax refund as a consequence of the Supreme Court decision
disallowing income tax as part of our Company's operating
expenses.

We are in the process of preparing a formal claim with the
Bureau of Internal Revenue (BIR) and contemplating also to take
the matter to the Courts should the BIR deny our claim.

Preliminary studies indicate that the overpayment in income tax
is more or less 9 billion pesos.

As to the rest of the allegations in the news column of the
Philippine Daily Inquirer published on June 26, specifically
drumming up the claim as a looming legal battle with the BIR, we
have no intention of making it appear that way.

We are hoping that we can file the claim next week.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2045_MER.pdf


MANILA ELECTRIC: Issues AGM Results
-----------------------------------
At the annual meeting of stockholders of the registrant held on
June 24,2003, the stockholders appointed Sycip, Gorres, Velayo &
Co. as the registrant's external auditors.

Election of the Registrant's Directors/Independent Directors

At the said annual meeting, the following persons were elected
directors to serve for the ensuing year and until the election
and qualification of their successors:

1. Mr. Felipe B. Alfonso
2. Mr. Carlos G. Dominguez
3. Mr. Octavio Victor R. Espiritu
4. Mr. Jesus P. Francisco
5. Mr. Monico V. Jacob
6. Mr. Manual M. Lopez
7. Mr. Christian S. Monsod
8. Mr. Washington Z. Zycip
9. Mr. Margarito B. Teves
10. Mr. Emilio Vicens
11. Mr. Cesar E.A. Virata

Messrs. Dominguez, Espiritu, Sycip, Teves and Virata were the
duly elected independent directors.

Also the said annual meeting, the following matters were
approved and ratified:

1. Amendment of the Articles of Incorporation to reflect the
removal of the 10 percent cap on stock ownership; and

2. Creation and incurrence of additional bonded indebtedness up
to maximum amount of US$600 million.

For a copy of the disclosure, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2016_MER.pdf


MANILA ELECTRIC: Wants Deferred Payment for Transco Assets
----------------------------------------------------------
Manila Electric Co. is still interested in acquiring some sub-
transmission assets of state-owned National Transmission Corp.
(Transco), but on a deferred payment basis, AFX Asia reports.
Meralco expressed interest in buying Transco's 21 sub
transmission lines and 17 substations worth 4.1 billion pesos
within its franchise area in Luzon, including metropolitan
Manila. The assets represent about 75 percent of what Transco
will privatize.

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


NATIONAL BANK: Govt Not Selling Stake Yet, Despite Turnaround
-------------------------------------------------------------
The sale of government's 45 percent stake in the Philippine
National Bank (PNB) is not a priority, despite a recent
turnaround in the bank's financial position, the Manila Times
reported Friday, quoting Finance Undersecretary Eric O. Recto.
The bank expects to earn 29 million pesos to as much as 100
million pesos by year's end following five straight years of
losses.

The government earlier tried to sell its stake in PNB, but the
offers all fell below its asking price. It instead decided to
let PNB go through a rehabilitation phase, with its decision to
unload its shareholdings dependent on the bank's profitability
and share prices.


NATIONAL BANK: Unveils Additional Shares Listing
------------------------------------------------
The Philippine Stock Exchange (PSE) approved on May 28, 2003,
the listing application submitted by Philippine National Bank to
list the following:

1. 195,175,444 convertible preferred shares with a par value of
P40.00 per share, to cover the debt-to-equity transaction with
Philippine Deposit Insurance Corporation (PDIC), at a conversion
price of one preferred share for every P40.00 of P7.8Bn in
advances;

2. 195,175,444 common shares with a par value of P40.00 per
share, to cover the underlying shares of the 195,175,444
convertible preferred shares issued to PDIC.

In view thereof, the listing of the 195,175,444 convertible
preferred shares to cover the debt-to-equity conversion with
PDIC is set for Friday, June 27, 2003.

Actual listing and trading of the 195,175,444 common shares
covering the underlying shares of 195,175,444 convertible
preferred shares shall be one (1) trading day from receipt by
the Exchange of the notice confirming actual conversion of the
preferred shares into common shares.

The stock-trading symbol of Philippine National Bank preferred
is PNBP.

The press release can be accessed at
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2027_PNB.pdf


NATIONAL POWER: PSALM Withdraws Bond Issue
------------------------------------------
The Power Sector Assets and Liabilities Management Corp. (PSALM)
has withdrawn the US$500 million bond issue for National Power
Corporation (NPC) due to some market considerations, the Manila
Bulletin reported Friday. NPC Chairman Jose Isidro N. Camacho
said the national government might borrow again on behalf of NPC
amid reports that the power firm is getting unfavorable investor
response to its US$500-million bond offering in the
international market.

Early last week, the government has undertaken road shows for
the plan to issue new bonds and this include the proposed $500
million borrowings for NPC. NPC is in need of US$1.2 billion
funding this year and the only amount covered for now is US$200
million. This means, that the government would still need to
raise US$1.0 billion.


PHILIPPINE LONG: Plans No Dividend For Next Three Years
-------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) is not likely to
declare any cash dividends in the next two to three years, The
Manila Bulletin reports, citing PLDT President and Chief
Executive Officer Manuel Pangilinan. The Company will likely
resume declaring cash dividends in 2005 at the earliest. At the
same time, Pangilinan said PLDT's wireless unit Smart
Communications Inc. would list its shares on the stock market
next year as originally planned.


VICTORIAS MILLING: Ends Milling Refining Operations by June 29
--------------------------------------------------------------
Victorias Milling Company, Inc. (VMC) will end its milling and
refining operations for crop year 2002-2003 on June 29 to give
way to its annual off-season repairs with last cane acceptance
midnight of June 28, according to Asia Pulse. Start of milling
and refining operations for Crop Year 2003-2004 is tentatively
set for early September. As of week ending June 22, raw sugar
production due cane had already reached 5,424,256 LKG beating
the highest production record of 5.083 million LKG, which was
achieved in Crop Year 2001-2002. Refined sugar produced for the
same period reached 6,238,370 LKG higher by 11 per cent than
last crop year's 5,641,542 LKG.

As part of its quasi-reorganization, VMC's creditor banks
converted 1.1 billion pesos in loans into about 70 percent of
VMC's equity, while another 2.4 billion pesos in debts will be
restructured into a 15-year term loan, the Troubled Company
Reporter-Asia Pacific reported recently.


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


FDS NETWORKS: Unit Enters Voluntary Liquidation
-----------------------------------------------
The Directors of FDS Networks Group Ltd. announced that in line
with the Group's consolidation of its operation and
restructuring of its operations, the Group has proceeded with
the voluntary liquidation of its wholly owned subsidiary in
Indonesia, PT Circle Global Networks (the Subsidiary).

The Subsidiary has an authorized share capital and paid-up
capital of US$100,000. Its principal activity was Distribution,
Installation and Servicing of telecommunication equipment.

The closure of the Subsidiary will not have any significant
effect on the consolidated net tangible assets per share of the
Group for the year ending 31 December 2003.


MULTI-CHEM LIMITED: Posts Shareholder's Interest Notice
-------------------------------------------------------
Multi-Chem Limited posted a notice of changes in Director and
substantial shareholder Han Juat Hoon's interests:

Date of notice to Company: 26 Jun 2003
Date of change of interest: 26 Jun 2003
Name of registered holder: Foo Suan Sai
Circumstance(s) giving rise to the interest: Open market
purchase
Information relating to shares held in the name of the
registered holder:
No. of shares which are the subject of the transaction: 5,000
% of issued share capital: 0.00159
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: 0.155
No. of shares held before the transaction: 114,806,500
% of issued share capital: 36.622
No. of shares held after the transaction: 114,811,500
% of issued share capital: 36.624

Holdings of Director including direct and deemed interest
                                           Deemed      Direct
No. of shares held before the transaction: 114,806,500
86,104,500
% of issued share capital:                 36.622      27.467
No. of shares held after the transaction:  114,811,500
86,104,500
% of issued share capital:                 36.624      27.467
Total shares:                              114,811,500
86,104,500

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


VAN DER HORST: Releases Books Closure Date Notice
-------------------------------------------------
On 6 June 2003, Van der Horst Limited (Under Judicial
Management) dispatched a Circular to the shareholders of the
Company Shareholders in relation to, inter alia, the reduction
of the par value of all ordinary shares in the share capital of
the Company, both issued and un-issued, from $1.00 to $0.50 (the
"Capital Reduction and (ii) the sub-division of ordinary share
of par value $0.50 each in the share capital of the Company into
ten (10) ordinary shares of par value $0.05 each in the share
capital of the Company (the "Share Split, which enclosed the
Notice of Extraordinary General Meeting EGM to be held on 30
June 2003.

Unless otherwise specified, capitalized terms used in this
announcement shall bear the same meaning as ascribed in the
aforesaid Circular.

NOTICE IS HEREBY GIVEN that subject to, inter alia, the approval
of the shareholders of the Company for the Capital Reduction and
the Share Split at the EGM to be held on 30 June 2003 and the
approval of the Court of the Capital Reduction, the register of
members and the transfer books of the Company will be closed at
5.00 p.m. on 10 July 2003 up to and including 11 July 2003 for
the purposes of determining Shareholders' entitlements under the
Capital Reduction and the Share Split.

Shareholders' Entitlement to the $0.05 Shares

After the Capital Reduction is confirmed by the Court, an
announcement will be made in a daily English language newspaper
of general circulation in Singapore (the "Announcement as well
as on the Singapore Exchange's Company announcement website on
the Internet posted through MASNET to notify Shareholders of the
date on which the Capital Reduction becomes effective (the
"Effective Date.

(a) Deposit of Share Certificates with CDP

Shareholders who hold physical share certificates for the Shares
in their own names Old Share Certificates and who wish to
deposit the same with CDP and have their new S$0.05 Shares
credited to their Securities Accounts must deposit their Old
Share Certificates, together with the duly executed instruments
of transfer in favour of CDP, at least five (5) Market Days
prior to the Effective Date. After the Effective Date, CDP will
only accept for deposit share certificates for $0.05 Shares
issued pursuant to the Capital Reduction and the Share Split New
Share Certificates.

Shareholders who wish to deposit their share certificates with
CDP after the Effective Date must first deliver their Old Share
Certificates to the Company's Share Registrar, M & C Services
Private Limited, 138 Robinson Road, #17-00 The Corporate Office,
Singapore 068906, in exchange for New Share Certificates. The
New Share Certificates will then be sent by ordinary mail to the
registered addresses of the Shareholders at their own risk
within ten (10) Market Days from the date of receipt of the Old
Share Certificates. There will be no costs to the Shareholders
for the exchange of New Share Certificates for the Old Share
Certificates.

(b) Issue of New Share Certificates

Depositors having Shares standing to the credit of their
Securities Accounts and Shareholders who have already deposited
their Old Share Certificates with CDP at least five (5) Market
Days prior to the Effective Date need not take any action. The
Company will arrange with CDP to facilitate the exchange of New
Share Certificates pursuant to the Capital Reduction and the
Share Split. The cost of such exchange shall be borne by the
Company. Shareholders who have not deposited their Old Share
Certificates as aforesaid or who do not wish to deposit their
Old Share Certificates with CDP are advised to forward all their
Old Share Certificates to the Company's Share Registrar, M & C
Services Private Limited, 138 Robinson Road, #17-00 The
Corporate Office, Singapore 068906, as soon as possible after
they have been notified of the relevant date in the Announcement
and preferably, not later than five (5) Market Days after the
Effective Date for the cancellation and exchange of New Share
Certificates. The New Share Certificates will be sent by
ordinary mail to the registered addresses of the Shareholders at
their own risk within ten (10) Market Days from the Effective
Date or the date of receipt of the Old Share Certificates,
whichever is the later.

Shareholders who hold physical share certificates are reminded
that their Old Share Certificates are no longer good for
settlement of trading in the Company's Shares on the SGX-ST (as
the Company is under a book-entry (scrip-less) settlement
system) but will continue to be accepted for cancellation and
issue of New Share Certificates in replacement thereof for an
indefinite period by the Share Registrar. The New Share
Certificates will not be valid for delivery pursuant to trades
done on the SGX Sesdaq although they will continue to be prima
facie evidence of legal title.

Shareholders are to deliver their respective Old Share
Certificates to the CDP or the Share Registrar in accordance
with the provisions set out in this paragraph only after the
Announcement is made.

The Share Registrar for the receipt of the physical Old Share
Certificates tendered will issue no receipt.

Shareholders should note that New Share Certificates will not be
issued to Shareholders unless their Old Share Certificates have
been tendered to the Share Registrar for cancellation.

Please notify the Share Registrar immediately if you have lost
any of your existing Old Share Certificate's or if there is a
change in your address from that reflected in the Register of
Members.

The Share Register of the Company will be maintained at the
offices of the Share Registrar, M & C Services Private Limited,
138 Robinson Road, #17-00 The Corporate Office, Singapore
068906.


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


CHA-AM CAMPUS: Files Business Reorganization Petition
-----------------------------------------------------
The Petition for Business Reorganization of Cha-Am Campus City
Company Limited (DEBTOR), engaged in real estate development,
was filed to the Central Bankruptcy Court:

   Black Case Number 945/2545

   Red Case Number 1055/2545

Petitioner: CHA-AM CAMPUS CITY COMPANY LIMITED

Planner: CHA-AM CAMPUS CITY COMPANY LIMITED

Debts Owed to the Petitioning Creditor : Bt1,392,697,876.98

Date of Court Acceptance of the Petition : June 7, 2002

Date of Examining the Petition: July 8, 2002 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner : July 8, 2002

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: July 17, 2002

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : August 13,
2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: November 13, 2002

Deadline for the Planner to submit the Reorganization Plan to
the official receiver - postponed 1st : December 13, 2002

Appointment Date of the Creditors' Meeting for the Plan
Consideration : January 22, 2003 at 9.30 am. 2nd Floor YMCA

Appointment Date of the Creditors' Meeting for the Plan
Consideration - postponed 1st : February 13, 2003 at 9.30 am.
2nd Floor YMCA

Court had issued an Order Cancelled the Order for Business
Reorganization since March 24, 2003

Announcement of Court Order Cancelled the Order for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: April 8, 2003

Announcement of Court Order Cancelled the Order for Business
Reorganization in Government Gazette : April 29, 2003

Contact : Mr. Apirak Tel, 6792525 ext. 114


NATIONAL FERTILIZER: Cancels Dividend Payment Distribution
----------------------------------------------------------
National Fertilizer Public Company Limited reported on the
resolution made at the shareholders' ordinary meeting held on
June 25,2003, as follows:

1. To certify the minute of the ordinary shareholders'' meeting
No. 1/2545 held on April 25, 2002.

2. To acknowledge the annual report of the Board of Directors
for the year2002.

3. To approve the balance sheet and profit/loss account as of
December 31,2002.

4. To approve the omission of dividend payment for the operation
between January 1, 2002 and December 31, 2002.

5. To appoint the directors whose tenures have ended, as
follows:

   5.1 The directors whose tenures have ended are:

       1. Mr. Cherdpong     Siriwit
       2. Mr. Sirote        Swasdipanich
       3. Mr. Vibul         Aunsnunta        (Audit Committee)
       4. Mr. Vicheal       Nititham         (resigned effective
                                             June 6, 2003)
   5.2 The resigned directors being re-appointed are as follows:

       1. Mr. Cherdpong     Siriwit
       2. Mr. Vibul         Aunsnunta        (Audit Committee)

   5.3 Appointed new director to replace the vacant positions:

       1. Mr. Chaiyong      Niranwong
       2. Mr. Kritsda       Udyamin

       Thus, the members of the new Board of Directors are:

       1. Mr. Cherdpong     Siriwit           Chairman
       2. Mr. Vibul         Aunsnunta         Vice Chairman /
                                              Audit Committee
       3. Mr. Wisanu        Niwesmarintra     Chief Executive
                                              Officer
       4. Mr. Sirichai      Sakornratanakul   Director
       5. Mr. Jaroonsak     Hengtrakul        Director
       6. Dr. Prajya        Phinyawat         Director
       7. Mrs. Sasitorn     Sujid             Director
       8. Miss Sopa         Nontananundh      Director
       9. Mrs. Paspun       Suwanchinda       Director
       10.Mr. Chanyuth      Pathumarak        Director
       11.Prof. Dr. Sorasith Vacharotayan     Audit Committee
       12.Mr. Pradap        Thunyakoop        Chairman of the
                                              Audit Committee
       13.Mr. Chaiyong      Niranwong         Director
       14.Mr. Kritsda       Udyanin           Director

6. To rectify the appointment of BDO Richfield Co., Ltd as its
auditor for the year 2003 and determine the auditing fee for
Bt1,025,000  as  detailed following:

    1. Review the financial statement by quarterly at Bt120,000
each Bt360,000

    2. Review the consolidated statement by quarterly at
Bt35,000 each Bt105,000

    3.Annual auditing fee for the company only Bt500,000

    4.Annual auditing fee for consolidated statement Bt60,000

7. Other issues

   The Chairman has enquired to the meeting that whether anyone
wanted to propose any issue to this meeting for consideration.

   There are shareholders who wanted to know and ask for the
progress of the selection of strategic investor.

   The Chief Executive Officer has informed that the first
tender offer the bid appeared that the price quoted was less
than the acceptable level of the finance creditors thus the bid
had been revoked.

   The new open tender made on June 24, 2003 and there has 3
interested parties; Sumitomo Corporation, Thai Picon and
Industry Group joint with Xiyang Group of China, and SVM
Property Group. In this regard the Board of Thai Asset
Management Corporation (TAMC) will consider this bid on this
June 27, 2003.


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

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

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