TCRAP_Public/030702.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, July 02 2003, Vol. 6, No. 129

                         Headlines

A U S T R A L I A

ARISTOCRAT LEISURE: To Fight Former CEO's Payout Claim
FAI GENERAL: Former Officers Face Criminal Charges
JOHN FAIRFAX: S&P Lowers Ratings to 'BBB/A-3'; Outlook Negative
MAYNE GROUP: Sunbury Private Hospital Sale Completed
NATIONAL TELECOM: Refines Business Model; Restructures Board

PAPER BOND: S&P Cuts Rating to 'BBB'; Removed From CreditWatch
POWERLAN LIMITED: Books Negative Operating Cash Flow of $1.2M
TRANZ RAIL: Confirms Budget Figure
UNITED INVESTMENTS: Former Directors Face Charges From ASIC
WESTERN METALS: Inks HoA With INL Over Project Investigation


C H I N A   &   H O N G  K O N G

BOSSINI INT'L: 2003 Net Loss Ups to HK$74.131M
GOLDEN LABEL: Faces Winding Up Petition
HOP WO: Winding Up Hearing Scheduled on July 23
LEASUM LIMITED: Petition to Wind Up Pending
SUN'S GROUP: Annual Report Dispatch Further Postponed

TRICOLOR ROAD: Winding Up Sought by Lai Sze


I N D O N E S I A

ARIAWEST INTERNATIONAL: Dropping Lawsuit Against Telkom

* IBRA Updates PPAS Progress


J A P A N

AOKI URBAN: Court OKs Rehabilitation Proceedings
HIGASHINIHON-FERRY: Ferry Operator Goes Bust
HOKO FISHING: Court OKs Rehabilitation Plan
MYCAL CORPORATION: Submits Rehabilitation Plan to Tokyo Court
RESONA BANK: Government Injects Y1.96Tr Capital


K O R E A

CHOHUNG BANK: Pays Back W3Tr Borrowed From BOK
HYNIX SEMICONDUCTOR: S. Korea Takes Chip Spat to WTO


M A L A Y S I A

ASIA PACIFIC: Unit Under Voluntary Liquidation
BERJAYA GROUP: Updates Proposed Restructuring Exercise Status
DAMANSARA REALTY: Resolutions Tabled, Approved At 41st AGM
FACB RESORTS: Gets Indulgence to Reschedule Sinking Fund Duty
GENERAL SOIL: KLSE Grants Four Months RA Extension

GEORGE KENT: SC Extends Corporate Exercises Implementation Time
IDRIS HYDRAULIC: All Resolutions Approved at AGM, EGM
INTAN UTILITIES: Provides Defaulted Borrowings Summary
JUTAJAYA HOLDING: Court Sets Litigation Hearing on July 10
L&M CORPORATION: Implementing Proposed CDRS, Workout Proposal

LAND & GENERAL: Majority Lenders Grant DRA Time Extension
MECHMAR CORP.: Re-appoints Messrs Deloitte KassimChan as Auditor
MYCOM BERHAD: Proposes Units' Internal Reorganization
NCK CORPORATION: Seeks Investigative Audit Time Extension
OLYMPIA INDUSTRIES: Revises Proposed Issue Proceeds Utilization

PICA (M) CORPORATION: Restructuring Scheme Revision Underway
PROMET BERHAD: Extends Agreements Due Date to July 31
SENG HUP: May Defaulted Credit Facility Amounts RM56,780,164
SERISAR INDUSTRIES: Unit KPD Defaults Banks Facilities
UNITED CHEMICAL: Re-appoints Messrs Folks DFK & Co as Auditors


P H I L I P P I N E S

NATIONAL POWER: Government Sells US$500M Bonds Abroad
NATIONAL STEEL: Creditor Bank Not Keen on Rehab
NATIONAL STEEL: Task Force Expects to Find Investor by 2004
UNITED COCONUT: Government Appoints Two Directors
UNITED COCONUT: PDIC Provides P20B Financial Package


S I N G A P O R E

ASIA FOOD: Issues Update on Debt Rescheduling
C.K. TANG: Unit Completes Refinancing Exercise
ECON INTERNATIONAL: Net Loss Deepens
JURONG CEMENT: Widens FY02 Net Loss to S$7M
LKN-PRIMEFIELD: Issues Update on Debt Restructuring

L&M GROUP: Posts Results of June 14 AGM
MCL LAND: Units Enter Voluntary Liquidation
VAN DER HORST: Discharges Judicial Managers


T H A I L A N D

BIG C SUPERCENTER: Posts BOD Meeting No. 5/2003 Resolutions
THAI WIRE: Court Appoints Business Rehabilitation Planner

     -  -  -  -  -  -  -  -

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


ARISTOCRAT LEISURE: To Fight Former CEO's Payout Claim
------------------------------------------------------
Former CEO, Des Randall, served Aristocrat Leisure Limited on
Monday with a statement of claim. The claim demands $12 million
damages of order and a bonus of $900,000 plus interest and other
alleged entitlements.

Mr John Ducker, Chairman of Aristocrat, announced that the
Company would vigorously contest the claim.

"The Board of Aristocrat made a considered decision on April 4,
2003 to terminate the service of Mr Randall," Ducker said. " Mr
Randall has been paid his statutory entitlements. The Company
believes it is in our shareholders' interest to contest these
claims."


FAI GENERAL: Former Officers Face Criminal Charges
--------------------------------------------------
Mr David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), confirmed Tuesday that criminal
charges have been laid against Messrs Timothy Maxwell Mainprize,
Daniel Wilkie and Stephen Burroughs.

Messrs Mainprize, Wilkie and Burroughs appeared in the Downing
Centre District Court in Sydney this morning.

Messrs Mainprize and Wilkie have each been charged with two
counts of failing to act honestly in the exercise of their
powers and discharge of their duties as officers of FAI General
Insurance Company Limited (In Liquidation) (FAIG), and one count
of providing false and misleading information.

Mr Burroughs has been charged with one count of failing to act
honestly in the exercise of his powers and discharge of his
duties as an officer of FAIG.

All charges are connected with reinsurance arrangements entered
into by FAIG with General Cologne Re Australia Limited in 1998.
It is alleged that the true substance of those arrangements was
concealed from FAI's auditors.

"The defendants and the matters to which the charges relate were
the subject of referrals to ASIC by the HIH Royal Commission",
Mr Knott said.

"However, ASIC had been independently investigating these
matters during the course of the Royal Commission and provided a
brief of eviance to the Commonwealth Director of Public
Prosecutions (DPP) earlier this year.

"These charges follow consideration of all available eviance
connected with these aspects of the referrals and ASIC's brief
of eviance", he said.

These matters are being prosecuted by the DPP and will return to
court on 23 September 2003.

No further comment will be made in relation to the charges
pending the Court proceedings.


JOHN FAIRFAX: S&P Lowers Ratings to 'BBB/A-3'; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services on Tuesday has lowered its
corporate credit and senior unsecured ratings on John Fairfax
Holdings Ltd. (Fairfax) to 'BBB/A-3' from 'BBB+/A-2', and the
ratings on its reset preference shares (or Presses) to 'BB+'
from 'BBB-'. At the same time, the ratings were removed
from CreditWatch with negative implications, where they were
placed on April 11, 2003. This rating action follows Fairfax's
A$1.1 billion acquisition of the newspaper publishing assets of
Independent Newspapers Limited (INL, not rated).

The INL acquisition represents a logical growth avenue for
Fairfax, and should enhance the diversity of the company's
revenue and earnings, and moderate, to some extent, the group's
exposure to cyclical advertising volumes in its key markets of
Sydney and Melbourne. Nonetheless, an acquisition of this size
incorporates significant integration risks, both cultural and
operational, and is being undertaken at a time when Fairfax's
existing business has cyclically weak, although improving,
revenue and earnings. Furthermore, although advertising volumes
in Australia have evianced some improvement in recent months,
the recovery is patchy, and uncertainty remains as to the timing
and extent of a material rebound in advertising volumes.

The negative outlook reflects the initially aggressive financial
profile of the combined group, and integration risks associated
with the INL transaction. Accordingly, rating stability is
reliant on the successful integration of the INL assets and the
application of the group's improving free cash-flow generation
(including proceeds of the dividend-reinvestment program) to
debt reduction in the next 12 months-18 months.


MAYNE GROUP: Sunbury Private Hospital Sale Completed
----------------------------------------------------
Mayne Group Limited advises that further to its announcement on
March 14, 2003, Mayne has completed the sale of Sunbury Private
Hospital to Primelife Corporation Limited.

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


NATIONAL TELECOM: Refines Business Model; Restructures Board
------------------------------------------------------------
National Telecom Group Limited plans to refine its wholesale
business model and focus its operations on the provision of
wholesale airtime and billing services to a network of
independent resellers. The move will allow the Company to
substantially reduce its cost. The Board and Management agreed
that the cost production program should start with the Board. As
a consequence, the Board has reduced the number of directors
from 5 to 3 to make a temporary reduction in the salary of
Founder and Managing Director, Tony Hakim, in 2004 of 60%.

The Company has also agreed in principle to sell, subject to
shareholders approval and completion of the contract for sale,
part of its internal book assets for approximately $9 million to
TH Capital Investments Pty Limited, a company associated with
its Managing Director, Tony Hakim. The company will use $8.5m
from the proceeds of the sale to partly repay loans from
Danewell Pty Limited and TH Capital Investments that total $10
million.

Providing the sale of the internal books proceeds as envisaged,
the Company will not continue with the planned rights issue or
placement as previously announced. A meeting of shareholders
will be held on August to approve the sale.

As a consequence of the decision to restructure the board, two
of the Company's Directors, Ross Herron and Bryan Curtin, have
resigned from the Board effective June 30, 2003. The Executive
Chairman, Ron Nissen, has announced that he will step down from
the Board within three months.


PAPER BOND: S&P Cuts Rating to 'BBB'; Removed From CreditWatch
--------------------------------------------------------------
Standard & Poor's Rating Services lowered Tuesday its rating on
the class B notes issued by Paper Bond Ltd. to 'BBB' from
'BBB+'. At the same time, the rating was removed from
CreditWatch, where it was placed on April 11, 2003. The rating
action follows the lowering of the long-term, senior, unsecured
debt rating on John Fairfax Holdings Ltd. to 'BBB' from 'BBB+',
and reflects the company's role as guarantor to the class B
notes.

The 'AAA' rating on the class A notes remains unaffected, as the
notes benefit from the credit support provided by the Australian
Industry Development Corp. under a direct-pay letter of credit
agreement.


POWERLAN LIMITED: Books Negative Operating Cash Flow of $1.2M
-------------------------------------------------------------
Powerlan Limited on Tuesday released its monthly cash flow
statement for the month of April. Its receipts were $2.02
million and net operating cash flow was negative $1.2 million.

The Company anticipated this negative net operating cash flow
and will continue to face such flow from time to time as it
addresses legal issues and debt payment.

To see full copy of the April statement, go to
http://bankrupt.com/misc/TCRAP_PWR0702.pdf.


TRANZ RAIL: Confirms Budget Figure
----------------------------------
The Board of Tranz Rail Limited confirmed Monday the budget for
the 2004 financial year, which records an EBIT of $48.0 million.

This follows the June 16 trading update when the board first
considered the preliminary budget for 2004. The confirmed budget
replaces all existing forecasts and estimates previously issued
by the Company beyond the 2003 financial year.


UNITED INVESTMENTS: Former Directors Face Charges From ASIC
-----------------------------------------------------------
Mr Terence Eric Loveday of North Adelaide, and Mr James Allen
Balacco of McDonald Park, South Australia, appeared in the
Adelaide Magistrates Court to face charges arising from an
investigation by the Australian Securities and Investments
Commission (ASIC) into the operation of the United Investments
Trust.

Mr Loveday and Mr Balacco are directors of Jetsby Pty Ltd, the
trustee of United Investments Trust, which ASIC alleges is a
managed investment scheme required to be registered under the
Corporations Act.

Mr Loveday and Mr Balacco were both charged with operating an
unregistered managed investment scheme, required to be
registered under the Corporations Act.

In September 2002, ASIC obtained orders from the Federal Court
for the appointment of a liquidator to United Investments Trust.

ASIC alleges that the scheme, which commenced operation around
August 1999, received money from 104 investors in Australia and
overseas, and that about $4.3 million has been lost in projects
in New Zealand and the United States.

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

The matter will next return to court on 15 August 2003.


WESTERN METALS: Inks HoA With INL Over Project Investigation
------------------------------------------------------------
Western Metals Limited and Intec Ltd have signed a heads of
agreement to investigate the technical and economic feasibility
of jointly developing Western Metals' 100% owned Hellyer Metals
Project.

The Hellyer Metals Project (the Project) involves the re-
treatment of the existing tailings dam at the Hellyer mine site.
The Hellyer ore body was discovered in 1983 and brought into
production in 1989. Approximately 15 million tonnes of ore were
mined and treated prior to the mine's closure in June 2000 by
which time the ore body had been exhausted. The processing plant
and other infrastructure has been maintained at a high standard
since the mine closure.

Hellyer ore was a fine-grained complex massive sulphide that was
difficult to process. Despite a state-of-the-art flotation
circuit, less than 80% of the contained zinc was recovered and
precious metal recovery was very low. The unrecovered metals are
contained in a single tailings dam at the mine site.

There are 10.9 million tonnes of tailings stored at Hellyer with
grades and metal contents as previously published by Western
Metals in their resource statement released with their quarterly
report to the ASX in December 2002 and as detailed below:

HELLYER TAILINGS RESOURCE

ELEMENT       GRADE       QUANTITY         IN-GROUND
                                             VALUE

Gold         2.6 g/t     900,000 oz     A$480 million
Silver      88.0 g/t  31,000,000 oz     A$210 million
Zinc        2.80 %       300,000 t      A$365 million
Lead        3.00 %       330,000 t      A$230 million
Copper      0.20 %        22,000 t      A$6 million

The in-ground metal value at current spot metal prices and
exchange rates is approximately A$1.3 billion, however prior to
accessing this value significant processing costs will need to
be incurred.

Western Metals and Intec will jointly investigate a Project
configuration involving the production of a bulk inc/lead/silver
concentrate, followed by the treatment of residual material by
the Intec Refractory Gold Process (IRGP) to recover the
remaining gold and silver as well as other potentially
economically valuable by-products.

Preliminary metallurgical test work carried out on samples of
Hellyer tailings has indicated that the IRGP could achieve gold
and silver recoveries that are significantly higher than those
delivered by conventional cyanide leaching methods.

The heads of agreement between the two companies provides for a
staged work program with the following elements:

Stage 1: Continuation of the current laboratory test work
program to optimize work conducted to date by both companies.

Stage 2: A pilot plant campaign utilizing Intec's soon to be
constructed IRGP pilot plant facility currently in design phase
and to be constructed and commissioned in the latter half of
calendar 2003 at Ammtec's (ASX Code: AEC) premises at Brookvale
in northern Sydney.

Stage 3: A Project feasibility study.

If the joint investigation determines that it is financially
viable for the Project to proceed to commercial production
utilizing the IRGP, Western Metals will grant Intec equity in
the Project and in return Intec will provide the Project at the
time of its financial completion with a zero royalty IRGP
technology license.

CONTACT INFORMATION: Geoff Wedlock
        MANAGING DIRECTOR & CEO
        Western Metals Limited
        Office: +618 9221 2555


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


BOSSINI INT'L: 2003 Net Loss Ups to HK$74.131M
----------------------------------------------
Bossini International Holdings Limited posted a summary of its
Results Announcement:

Year end date: 31/03/2003
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  ('000)       ('000)
Turnover                        : 1,691,443          1,588,473
Profit/(Loss) from Operations   : (66,065)           (29,892)
Finance cost                    : (6,712)            (5,333)
Share of Profit/(Loss) of
  Associates                    : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities   : N/A                N/A
Profit/(Loss) after Tax & MI    : (74,131)           (38,769)
% Change over Last Period       : N/A       %
EPS/(LPS)-Basic (in dollars)    : (0.1441)           (0.1048)
         -Diluted (in dollars)  : N/A                N/A
Extraordinary (ETD) Gain/(Loss) : N/A                N/A
Profit/(Loss) after ETD Items   : (74,131)           (38,769)
Final Dividend                  : -                  -
  per Share
(Specify if with other          : N/A                N/A
  options)
B/C Dates for
  Final Dividend                : N/A
Payable Date                    : N/A
B/C Dates for Annual
  General Meeting               : N/A
Other Distribution for          : N/A
  Current Period
B/C Dates for Other
  Distribution                  : N/A

Remarks:

The basic loss per share is calculated based on the net loss
from ordinary activities attributable to shareholders for the
year of HK$74,131,000 (2002: HK$38,769,000) and on the weighted
average of 514,307,798 (2002: 369,901,835, as restated) shares
in issue during the year, as adjusted to reflect the bonus
shares issued during the year.  The weighted average numbers of
shares for the years ended 31 March 2003 and 2002 have not been
adjusted retrospectively to reflect the rights issue after the
balance sheet date.


GOLDEN LABEL: Faces Winding Up Petition
---------------------------------------
The petition to wind up Golden Label Development Limited is set
for hearing before the High Court of Hong Kong on July 30, 2003
at 9:30 in the morning.

The petition was filed with the court on May 30, 2003 by
Rainforce Limited and Donora Company Limited whose registered
offices are both situated at 45th Floor, Sun Hung Kai Centre, 30
Harbour Road, Wanchai, Hong Kong.


HOP WO: Winding Up Hearing Scheduled on July 23
-----------------------------------------------
The High Court of Hong Kong will hear on July 23, 2003 at 9:30
in the morning the petition seeking the winding up of Hop Wo
Knitting Factory Limited.

Ng Yick Yin of Room 1313, Shek Chun House (High Block), Shek Lei
(1) Estate, Kwai Chung, New Territories, Hong Kong filed the
petition on May 28, 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.


LEASUM LIMITED: Petition to Wind Up Pending
-------------------------------------------
The petition to wind up Leasum Limited is set for hearing before
the High Court of Hong Kong on August 6, 2003 at 9:30 in the
morning.

The petition was filed with the court on June 13, 2002 by Tse
Mun Lam Sunday of Flat D, 16th Floor, Block 5, 180 Pokfulam
Road, Hong Kong.


SUN'S GROUP: Annual Report Dispatch Further Postponed
-----------------------------------------------------
Reference is made on an announcement of The Sun's Group Limited
(the "Company", together with its subsidiaries, the "Group")
dated 30 April 2003 (the "April Announcement") regarding the
delay in announcement of annual results and publication of the
annual report of the Company for the year ended 31 December
2002.

Since the directors (the "Directors") and the management of the
Company have been devoting considerable time and effort in (i)
dealing with the winding-up petitions presented against the
Company and certain of its subsidiaries and (ii) negotiations
with creditors of the Group to seek a satisfactory debt
restructuring proposal, the preparation of the annual results of
the Company for the year ended 31 December 2002 has not been
finished. The Directors expect that the unaudited results of the
Company for the year ended 31 December 2002 will not be
published on or before 30 June 2003 as originally expected and
stated in the April Announcement. Accordingly, the announcement
of the audited results and the dispatch of the annual report of
the Company for the year ended 31 December 2002 will not be made
on or before 31 July 2003 and 11 August 2003 respectively, as
originally expected and stated in the April Announcement.

The Directors expect that the announcement of the unaudited and
audited results of the Company for the year ended 31 December
2002 will be made on or before 31 August 2003 and on or before
30 September 2003 respectively, and the dispatch of the annual
report will be postponed accordingly.

The Directors acknowledge that the delay in publication of the
audited results and unaudited results of the Company and the
dispatch of the annual report of the Company for the year ended
31 December 2002 constitute breaches of paragraphs 11(1),
11(3)(i)(c), 8(1) and 8(2) of the Listing Agreement of the
Company respectively. The Stock Exchange reserves its rights to
take appropriate actions against the Company and/or its
Directors in respect of such breaches.

At the request of the Company, trading in the shares of the
Company has been suspended since 24 April 2003 pending the
release of an announcement with regards to the latest
indebtedness of the Group and the Company's proposal to
restructure the debts of the Group. A further announcement will
also be released after the court hearing on 4 August 2003 in
respect of the winding-up proceedings against the Company and
one of its subsidiaries.

Trading in the shares of the Company will remain suspended until
further notice.


TRICOLOR ROAD: Winding Up Sought by Lai Sze
-------------------------------------------
Lai Sze Yan is seeking the winding up of Tricolor Road Limited.
The petition was filed on May 26, 2003, and will be heard before
the High Court of Hong Kong on July 23, 2003 at 9:30 in the
morning.

Megaprint holds its registered office at Room 21, 4th Floor,
Hang On Building, 21 Hang On Street, Kwun Tong, Kowloon, Hong
Kong.


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


ARIAWEST INTERNATIONAL: Dropping Lawsuit Against Telkom
-------------------------------------------------------
PT AriaWest International (AWI) is going to halt the lawsuit
filed against PT Telekomunikasi Indonesia (Telkom), Bisnis
Indonesia reports.

AWI filed a lawsuit against Telkom with the International
Chamber of Commerce (ICC), following the close of AWI's stock
buyout transaction.

"If the buyout of AWI's stock by Telkom can reach the closing,
the lawsuit will be lifted," an undisclosed Bisnis source said.

AWI and its creditors had reached the agreement through the
(rescheduling) of the maturity of the debt and the cut of
interest by 50%-60%.

"I haven't got such information yet," Woeryanto Soeradji,
corporate secretary of Telkom, said when asked for Confirmation
about the buyout closing and the plan of AWI to lift the
lawsuit.

The source said that as previously expected, the closing of the
buyout might be realized this week. One requirement to close the
buyout of AWI is a debt restructuring, if terms are acceptable
to Telkom.


* IBRA Updates PPAS Progress
----------------------------
Indonesia Bank Restructuring Agency on Monday confirmed the
names of nine prospective investors who have submitted their
preliminary bid in Strategic Asset Sale Program (PPAS). The nine
investors are:

   * Utara Capital Limited
   * China National Bluestar Corp.
   * Glazers & Putnam Investment Ltd.
   * Chinkara Capital
   * Konsorsium Mandari
   * Konsorsium Bapindo
   * Goal Trading Assets Ltd.
   * PT. Bahana Sarana
   * R.W. Investments Ltd.

In regards to assets under bidding, the strategic assets of
Texmaco Group have drawn interest from two prospective investors
namely Utara Capital Limited and China National Bluestar
Corporation. Barito Group/Chandra Asri also draws interest from
two prospective investors, namely Glazers & Putnam Investment
Ltd. And Chinkara Capital. Likewise, Sugar factory Rajawali III,
draws interest from 2 (two) prospective investors namely the
Mandari Consortium and the Bapindo Consortium. Meanwhile the
strategic asset of Bakrie Nirwana Resort (BNR) draws interest
from 3 (three) prospective investors, namely Goal Trading Assets
Ltd., PT. Bahana Sarana and R.W. Investments Ltd.

In turn, PPAS will proceed to the Final Bid session. In this
session, the prospective investors will submit their final
bidding price, business plan and security deposit. The
prospective investor who raised the highest bid above the floor
price set by IBRA will appear the winner. The winner nomination
will be carried out by the end of July 2003.

The winning investor is obliged to make the first stage payment
of 30% on 15 July 2003. The signing of SPA will be conducted
one day after the first stage payment, namely on 16 July 2003.
The payment of the remainder 70% must be conducted in full on 20
July 2003. The sales closing will be conducted on 24 July 2003.

PPAS is an effort by IBRA to meet the contribution target to the
2003 State Budget of Rp26 trillion. The Total values of assets
on offer under PPAS are Rp18.6 trillion and US$2.5 billion.


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


AOKI URBAN: Court OKs Rehabilitation Proceedings
------------------------------------------------
The Tokyo District Court has granted a request by Aoki Urban
Development Corporation, the debt-ridden operator of Westin
Hotel Osaka, to start its rehabilitation proceedings under the
fast-track Civil Rehabilitation Law, Kyodo News reports. The
Osaka-based Company, swamped by debts of 31.5 billion yen, asked
the court to protect its assets from creditors under the law.


HIGASHINIHON-FERRY: Ferry Operator Goes Bust
--------------------------------------------
Higashinihon-Ferry Co. has filed for court protection from
creditors with the Tokyo District Court on Sunday, according to
Kyodo News, citing private credit research agency Teikoku
Databank. The Sapporo-based major ferry operator connecting
Hokkaido and the main island of Honshu, had liabilities
estimated at 58 billion yen.


HOKO FISHING: Court OKs Rehabilitation Plan
-------------------------------------------
Nippon Meat Packers Inc. has won court approval of a
rehabilitation plan for failed seafood supplier Hoko Fishing
Company, according to Kyodo News. The court approval calls for
making Hoko Fishing Co. a wholly owned subsidiary of Nippon Meat
through the purchase of 3 billion yen worth of new shares to be
issued by Hoko Fishing.


MYCAL CORPORATION: Submits Rehabilitation Plan to Tokyo Court
-------------------------------------------------------------
Failed supermarket operator Mycal Corporation and its eight
affiliated firms on Monday submitted their rehabilitation plan
to the Tokyo District Court, reports the Kyodo News. Under the
rehabilitation plan, Mycal is to pay off its creditors and put
itself under the wings of Aeon Co., operator of the Jusco
supermarket chain.


RESONA BANK: Government Injects Y1.96Tr Capital
-----------------------------------------------
The Japanese government on Monday injected 1.96 trillion yen in
public capital into Resona Bank, the core bank of Resona
Holdings Inc., to replenish its depleted capital base, Kyodo
News said on Tuesday. In exchange, the government will acquire
the bank's new common and preferred shares, worth the same sum.
The two types of shares will be floated the same day.


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


CHOHUNG BANK: Pays Back W3Tr Borrowed From BOK
----------------------------------------------
Chohung Bank has paid back 3 trillion won (US$2.51 billion) it
borrowed from the Bank of Korea (BOK) last Friday to tide over a
short-term cash crunch, Asia Pulse reports. The repayment
reduced Chohung's liquidity shortage to around 400 billion won,
a level smaller than normal.

In line with its fund management plan, Chohung normally
maintains a liquidity deficit of between 600 billion and 1
trillion won. With Chohung repaying the BOK loan, the central
bank lifted its regulations on won-denominated lending to the
bank. Last Monday, Chohung raised its deposit rates by up to 0.4
percent to keep customers from withdrawing money from the bank.

More than 6,000 Chohung employees staged a four-day strike to
protest a government plan to sell the bank to Shinhan Financial
Group. The unionized workers ended the walkout on June 22 after
Shinhan promised to guarantee Chohung's independence for three
years.


HYNIX SEMICONDUCTOR: S. Korea Takes Chip Spat to WTO
----------------------------------------------------
South Korea has filed a complaint with the World Trade
Organization (WTO) over U.S. claims that Seoul offered subsidies
to troubled Hynix Semiconductor, according to Reuters, citing
the Ministry of Foreign Affairs and Trade said Monday.

In mid-June, the U.S. Commerce Department slapped a final import
duty of 44.71 percent on the chipmaker to offset alleged
subsidies by Seoul. This was down from a preliminary ruling in
April for a 57 percent duty. Loss-making Hynix could still
escape the duties if the U.S. ITC concludes Micron Technology,
the U.S. petitioner for the action, has not been hurt by
subsidized competition from South Korea.



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


ASIA PACIFIC: Unit Under Voluntary Liquidation
----------------------------------------------
Asia Pacific Land Berhad wishes to advise that Top Loyal
Investment Ltd (TLI), a wholly-owned subsidiary of the Company
has submitted a Plan of Dissolution to the Registrar of
Companies of British Virgin Islands for TLI to be voluntarily
wound-up with the written consent of AP Land. It is estimated
that the winding-up and dissolution of TLI will be affected
within 60 days from the date of submission of the Plan of
Dissolution.

TLI is a company incorporated in British Virgin Islands with a
paid-up and issued share capital of US$1.00. It became dormant
after it ceased to be an investment holding company with effect
from 29 December 1998 and thereafter was not utilized for the
purpose it was incorporated.

Asia Pacific wishes to advise that the dissolution of TLI will
not have any material effect on the net tangible assets of the
AP Land Group as at 31 December 2002 and is also not expected to
have any material effect on the earnings of the AP Land Group
for the year ending 31 December 2003.


BERJAYA GROUP: Updates Proposed Restructuring Exercise Status
-------------------------------------------------------------
Reference is made to the announcement on 27 December 2002
pertaining to the proposed restructuring exercise of Berjaya
Group Berhad.

The recent global events especially the outbreak of the Severe
Acute Respiratory Syndrome has had and may continue to
significantly impact the economic outlook. This has necessitated
a review of the Group's financial projections as well as the
terms of the proposed restructuring exercise.

The on-going negotiations with certain financial institutions of
BGroup pertaining to the partial repayment of their loans
pursuant to the proposed restructuring exercise have progressed
well but have taken longer than envisaged to secure formal
agreements.

The above factors have resulted in the delay in the finalization
of the documents required for the submission to the Securities
Commission (SC). Barring any unforeseen circumstances that may
arise, BGroup will make the application to the SC once the above
factors have been resolved.


DAMANSARA REALTY: Resolutions Tabled, Approved At 41st AGM
---------------------------------------------------------
The Board of Directors of Damansara Realty Berhad is pleased to
announce that at the 41st Annual General Meeting of the Company
held at Dewan Terbuka, Level 1, Block K, Pusat Bandar Damansara,
50490 Kuala Lumpur on 30 June 2003 at 10:00 a.m., the following
were resolved:

   1. The Audited Statement of Accounts and the Reports of the
Directors and Auditors for the year ended 31 December 2002 were
received and adopted;

   2. The following Directors who retired in accordance with
Article 81 of the Company's Articles of Association were re-
elected as Directors:

     (a) YBhg Dato' Syed Alwi bin Syed Nasir
     (b) Encik Mohd Qari bin Ahmad;

   3. The following Directors who retired in accordance with
Article 87 of the Company's Articles of Association were re-
elected as Directors:

     (a) YBhg Dato' Johari bin Mohamed
     (b) YBhg Datuk Yahya bin Ya'acob
     (c) Puan Zainah bye Mustafa

   4. Messrs hanafiah, Raslan & Mohamad were re-appointed as
Auditors of the Company and the Directors were authorized by the
Shareholders to fix their remuneration


FACB RESORTS: Gets Indulgence to Reschedule Sinking Fund Duty
-------------------------------------------------------------
Pursuant to a Trust Deed dated 13 March 2001 between FACB
Resorts Berhad's (FACB) and PB Trustee Services Bhd, the former
is required to make scheduled deposits into the Sinking Fund
Account for the redemption of the RM420 million nominal value 4-
year Zero Coupon Redeemable Secured Bonds (RSB). The initial 2
deposits of RM40 million each were supposed to be made on 12
October 2002 and 30 April 2003. However, on 11 October 2002, its
sole bondholder, Abrar Discounts Bhd (Abrar), had mutually
agreed to reschedule both remittances to 30 June 2003.

On 27 June 2003, FACB announced that Abrar has again mutually
agreed to defer the RM80 million deposit into the Sinking Fund
Account. Under the latest Supplementary Trust Deed, half of the
deposit will now be due on 31 December 2003 and the balance RM40
million on 30 April 2004. The remaining 4 installments of which
the next payment is due on 12 October 2003 followed by a 6-month
interval, will remain status quo.

The tough business conditions and to a lesser extent, the
corporate exercises undertaken in the past 3 years have
substantially affected the Group's financial health. Presently,
the Group is involved in the proposed reconstruction exercise
for Sri Hartamas Bhd (SHB), which will eventually see Hartamas
Group Bhd (HGB), a subsidiary of FACB, assuming the listed
status of SHB. All relevant approvals have been obtained and
FACB is aiming to complete the exercise by September 2003.
Depending on its performance over the next 3 months, its ability
to comfortably meet the next Sinking Fund obligation may
continue to be affected. In view of this, RAM is maintaining the
Rating Watch on the long-term rating of B1(s) for FACB's RSB
with a negative outlook.

RAM's Rating Watch highlights a possible change to an issuer's
existing debt rating. It focuses on identifiable events such as
mergers, acquisitions, regulatory changes and operational
developments that place a rated debt under special surveillance
by RAM. In a broader sense, it covers any event that may result
in changes in the risk factors relating to the repayment of
principal and interest.

CONTACT INFORMATION: Chan Lai Fong
        Tel: 03-7628 1038
        E-mail: laifong@ram.com.my


GENERAL SOIL: KLSE Grants Four Months RA Extension
--------------------------------------------------
Further to the announcement made by Gensoil on 30 May 2003 in
relation to the Extension of Time for the Release of the
Requisite Announcement Pursuant to Practice Note 4/2001 of the
Kuala Lumpur Stock Exchange's (KLSE) Listing Requirements
(Requisite Announcement).

Avenue Securities Sdn Bhd on behalf of General Soil Engineering
Holdings Berhad wishes to announce that the KLSE had via its
letter dated 27 June 2003 approved the Company's application for
an extension of time of four (4) months from 1 June 2003 to 30
September 2003 to release its Requisite Announcement (RA) to the
public.


GEORGE KENT: SC Extends Corporate Exercises Implementation Time
---------------------------------------------------------------
George Kent (Malaysia) Berhad refers to announcements dated 2
January 2003 and 3 January 2003 in relation to the Corporate
Exercises, comprising:

   - Debt Restructuring of GKM
   - Debt Restructuring of GK-Hardie Sdn Bhd
   - Debt Restructuring of GK Equities Sdn Bhd
   - Establishment of New Employee Share Option Scheme.

On behalf of GKM, Aseambankers Malaysia Berhad is pleased to
announce that the Company has received the approval of the
Securities Commission via its letter dated 26 June 2003 for an
extension of time up to 31 December 2003 to implement the
Corporate Exercises.


IDRIS HYDRAULIC: All Resolutions Approved at AGM, EGM
-----------------------------------------------------
On behalf of Idris Hydraulic (Malaysia) Bhd, Commerce
International Merchant Bankers Berhad is pleased to announce
that the shareholders of IHMB approved and passed the following:

   (i) All the Ordinary Resolutions as set out in the Notice of
Twentieth Annual General Meeting (AGM) held at the AGM on
Monday; and

   (ii) All the Special Resolutions and Ordinary Resolutions as
contained in the Notice of Extraordinary General Meeting (EGM)
in the Explanatory Statement and Circular to the Shareholders
and Scheme C(2) Unsecured Creditors dated 6 June 2003
(Explanatory Statement and Circular) held at the EGM on Monday.

In addition, the shareholders of IHMB and the Scheme C(2)
Unsecured Creditors of the Company had also voted in favor of
the Scheme of Arrangements as contained in the Notices of Court
Convened Meeting for Members and Creditors in the Explanatory
Statement and Circular held at the Court Convened Meetings for
Members and Creditors on Monday.

The Company's Proposed Restructuring Exercise involves the
following:

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


INTAN UTILITIES: Provides Defaulted Borrowings Summary
------------------------------------------------------
Further to the announcement dated 29 May 2003 and pursuant to
Paragraphs 9.02 and 9.04 (1) of the Listing Requirements and
Practice Note No. 1/2001 in relation to the Default in payment
under Practice Note 1/2001 of the Kuala Lumpur Stock Exchange
Listing Requirements.

The Board of Directors of Intan Utilities Berhad wishes to
announce the summary of the borrowings in default and the steps
taken to address the defaults by IDS Electronics Sdn. Bhd. and
IDS Technology Sdn Bhd, 69% effectively-owned subsidiaries of
Intan Utilities Berhad. Details of which are as per attached at
http://bankrupt.com/misc/TCRAP_Intan0702.xls.


JUTAJAYA HOLDING: Court Sets Litigation Hearing on July 10
----------------------------------------------------------
Jutajaya Holding Berhad, on 26 June 2003, received a Writ of
Summons together with a Statement of Claim filed by Chooi Shee
Hoong & Co as solicitors for Pencetak Weng Fatt Sdn. Bhd.
(Plaintiff).

The Plaintiff is claiming an amount of RM64,300.00 being the
amount payable by the Company for printed materials supplied by
the Plaintiff to the Company through invoices dated 21 November
2000, 25 May 2001 and 31 May 2002. The date of hearing for the
matter is fixed for mention on 10 July 2003 at the Kuala Lumpur
Sessions Court and in default of appearance in Court on the
aforesaid date, judgment may be entered against the Company.

1. The circumstances leading to the filing of the legal suit
arises from the failure by the Company to pay the outstanding
sums.

2. The Plaintiff claims the following from the Company:

   (a) the outstanding sum of RM64,300.00;

   (b) interest at the rate of 8% per annum on the principal sum
of RM64,300.00 from 9 May 2003 until the date of full
settlement;

   (c) cost; and

   (d) any further relief that the Court deems fit and proper to
order.

The financial impact on the Group would be the total of 2(a) to
2(d). There is no operational impact on the Group arising from
the litigation.

3. The expected losses arising from the litigation will be the
total of 2(a) to 2(d) above.

4. The Company has on 27 June 2003 notified the solicitors for
the Plaintiff that the Company is undergoing a proposed
corporate and debt restructuring scheme and has been granted a
restraining order by the Kuala Lumpur High Court pursuant to
Section 176(10) of the Companies act, 1965.


L&M CORPORATION: Implementing Proposed CDRS, Workout Proposal
-------------------------------------------------------------
The Special Administrators of L & M Corporation (M) Bhd (L&M)
informed that the total default payments to financial
institutions, in respect of various credit facilities granted to
its subsidiary company, L & M Geotechnic Sdn Bhd, based on the
latest available information provided by financial institutions
as at 31 May 2003 was RM60,017,134.16.

As announced earlier, the Foreign Investment Committee, the
Ministry of International Trade and Industry and the Securities
Commission have approved the Proposed Corporate and Debt
Restructuring Scheme (Proposed CDRS). Pengurusan Danaharta
Nasional Berhad also approved the Workout Proposal of L&M, which
includes the Proposed CDRS, on 23 April 2003.

Currently, L&M is implementing the Proposed CDRS and the Workout
Proposal.

Remarks: Default payments are not reported in respect of certain
subsidiaries and L&M, which are either in liquidation or under
special administration.


LAND & GENERAL: Majority Lenders Grant DRA Time Extension
---------------------------------------------------------
Land & General Berhad refers to the announcement relation to
Composite Debt Restructuring Scheme, comprising:

   i) Settlement of Secured Debts Amounting to Rm101,043,377
via the Proposed Issue of 16,883,720 Nominal Value of 5%
Redeemable Convertible Secured Loan Stocks A Series of Rm1.00
Each to be Issued at 100% of its Nominal Value and the Proposed
Conversion of Rm84,159,657 Secured Debts into Secured Term
Loans; and

   (ii) Settlement of Unsecured Debts Amounting to Rm349,448,417
via the Proposed Issue of 304,078,917 Nominal Value of 5%
Redeemable Convertible Secured Loan Stocks B Series of Rm1.00
each to be issued at 100% of its Nominal Value and the Proposed
Issue of 45,369,500 New Ordinary Shares of Rm1.00 each in L&G
(L&G Shares) to be issued at Rm1.00 per L&G Share.

On behalf of L&G, Commerce International Merchant Bankers Berhad
wishes to announce that L&G has obtained the approvals of the
Majority Lenders (as defined in the announcement dated 28
February 2002) for an extension of time to 31 July 2003 to
satisfy the conditions precedent to the Debt Restructuring
Agreement dated 28 February 2002 and the Supplemental Debt
Restructuring Agreement dated 30 April 2003.


MECHMAR CORP.: Re-appoints Messrs Deloitte KassimChan as Auditor
----------------------------------------------------------------
The Board of Directors of Mechmar Corporation (Malaysia) Berhad
is pleased to inform that at the 30th Annual General Meeting of
the Company held on 30 June 2003 at The Auditorium of the
Company, No. 1, Jalan Perunding U1/17, Seksyen U1, Hicom-
Glenmarie Industrial Park, 40150 Shah Alam, Selangor Darul Ehsan
at 10:00 a.m., the following resolutions were duly passed by the
shareholders present at the meeting:

1. AUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2002

"THAT the Company's Audited Accounts for the year ended 31
December 2002 together with the Directors' and Auditors' Reports
thereon be and are hereby received and adopted."

2. DIRECTORS' FEES FOR THE YEAR ENDED 31 DECEMBER 2002

"THAT the payment of RM54, 000 as Directors' fees for the year
ended 31 December 2002 be and is hereby approved."

3. RE-ELECTION OF THE MANAGING DIRECTOR

"THAT Datuk Baharuden Bin Abd Majid retiring by rotation under
Article 99 of the Company's Articles of Association be re-
elected as the Managing Director of the Company."

4. RE-ELECTION OF THE EXECUTIVE DIRECTOR

"THAT Mr Loh Kiat Loon retiring by rotation under Article 99 of
the Company's Articles of Association be re-elected as the
Executive Director of the Company."

5. RE-ELECTION OF THE INDEPENDENT NON-EXECUTIVE DIRECTOR

"THAT Mr Teo Tong Kooi retiring by rotation under Article 104 of
the Company's Articles of Association be re-elected as the
Independent Non-Executive Director of the Company."

6. RE-APPOINTMENT OF AUDITORS

"THAT Messrs Deloitte Kassim Chan be re-appointed as the
Company's Auditors and that the Directors be authorized to fix
their fees thereof."

7. PROPOSED AUTHORITY TO DIRECTORS TO ISSUE NEW SHARES UNDER
SECTION 132D OF THE COMPANPIES ACT, 1965

"THAT pursuant to Section 132D of the Companies Act, 1965, the
Directors be and are hereby authorized to issue shares in the
Company at any time and upon such terms and conditions and for
such purposes as the Directors may in their absolute discretion
deem fit, provided that the aggregate number of shares to be
issued does not exceed 10% of the issued share capital of the
Company at the time of issue, subject always to the approval of
all relevant regulatory bodies being obtained for such
allotments and issues and that the Directors be and are hereby
empowered to obtain the approval for the listing of and
quotation for the additional shares so issued on the KLSE and
that such authorities shall continue in force until the
conclusion of the next Annual General Meeting of the Company."


MYCOM BERHAD: Proposes Units' Internal Reorganization
-----------------------------------------------------
The Board of Mycom Berhad wishes to announce an internal
reorganization exercise which will involve its wholly-owned
subsidiary, Duta Plantations Sdn Bhd (DPSB) and its group of
companies, all wholly--owned by DPSB, namely, Tingkayu
Plantation Sdn Bhd (Tingkayu), Kemajuan Madai- Baturong Sdn Bhd
(KMB), Syarikat Glamour Enterprise Sdn Bhd (SGE), Pertama Land &
Development Sdn Bhd (Pertama), Labuk Estate Sdn Bhd (LESB),
Labuk Plantation Sdn Bhd (LPL), Labukpalm Sdn Bhd (LPA), Ladang
Anak Jati Sdn Bhd (LAJ), Majusa Sdn Bhd (MSB), Moyog Properties
Sdn Bhd (MPSB), Tawai Estate Sdn Bhd (TESB), Telupid Plantation
Sdn Bhd (TP) and Telupid Estate Sdn Bhd (TE).

DPSB is an investment holding company with both its wholly-owned
subsidiaries, Tingkayu and Pertama engaged in the business of
oil palm cultivation and sale of oil palm fruits in the State of
Sabah.

The internal reorganization will involve a sale and transfer of
all the leasehold lands totaling approximately 804 hectares held
by KMB and SGE in the District of Tawau to Tingkayu and those
lands of approximately 4,430 hectares held by LESB, LPL, LPA,
LAJ, MSB, MPSB, TESB, TP and TE located in the District of
Sandakan to Pertama respectively.

The proposed internal reorganization of the plantations group
forms part of the rationalization plan to allow for greater
operational efficiency under Tingkayu and Pertama as it will
eliminate the involvement of too many companies to achieve the
same purpose. KMB, SGE, LESB,LPL, LPA, LAJ, MSB, MPSB, TESB, TP
and TE will remain dormant companies, which may ultimately be
disposed and/or liquidated under the provisions of the Malaysian
Companies Act, 1965.

No shareholders approval or approval from any relevant
authorities is required for the proposed internal
reorganization.

The proposed internal reorganization does not have any effect on
the earnings per share and net tangible liabilities of the Mycom
group for the financial year ended 30 June 2003.


NCK CORPORATION: Seeks Investigative Audit Time Extension
---------------------------------------------------------
Reference is made to the announcements on 16 January 2003 in
relation to the Proposed Restructuring Scheme.

On behalf of NCK Corporation Berhad (Special Administrators
Appointed), Alliance Merchant Bank Berhad, wishes to announce
that an application has been made to the Securities Commission
for an additional two (2)-months to 13 September 2003, to
complete the investigative audit by Messrs. Horwath.

For details on the Proposed Restructuring Scheme, refer to the
Troubled Company Reporter - Asia Pacific Tuesday, July 2,
2002, Vol. 5, No. 129 issue.


OLYMPIA INDUSTRIES: Revises Proposed Issue Proceeds Utilization
---------------------------------------------------------------
Further to the announcement on 27 May 2003 in relation to
revision to the utilization of proceeds in connection to the
Proposed Special Issue to be undertaken by Olympia Industries
Berhad pursuant to the Proposed Restructuring Scheme, Alliance
Merchant Bank Berhad (Alliance), on behalf of the board of
directors of OIB (Board), wishes to announce that the Company
has notified Monday the SC of further revision to the
utilization of proceeds to the Proposed Special Issue.

REVISION TO THE UTILISATION OF PROCEEDS

As announced earlier, part of the proceeds from the Proposed
Special Issue amounting to RM4,977,476 will be utilized to
settle the defaulted tax and tax penalties of Mascon Sdn Bhd
(Mascon), a 71.0% owned subsidiary of OIB. Mascon and its
wholly-owned subsidiary Mascon Construction Sdn Berhad (MCSB)
are principally involved in the construction business. OIB's
plan is to streamline the property development and construction
business under Mycom Berhad (Mycom) upon the completion of OIB's
Proposed Restructuring Scheme. As such, pursuant to the Proposed
Restructuring Scheme, Mascon will be disposing its shareholding
in MCSB to Mycom. In line with the plan to streamline the
business, it is also OIB's intention to divest its interest in
Mascon in due course. The tax liabilities of Mascon would be
reflected accordingly in the sale consideration of Mascon. In
view of this strategy to eventually divest Mascon, OIB proposes
to re-direct the proceeds allocated for the settlement of
Mascon's taxes to be used as general working capital of OIB
instead, as set out in Table 1 at
http://bankrupt.com/misc/TCRAP_Olympia0702.pdf.

EXCHANGE OF LETTER

On 14 February 2003, Alliance, on behalf of the Board, had
announced an exchange of letter between OIB and Mascon for the
proposed payment of defaulted tax and tax penalties by OIB on
behalf of Mascon, the funds of which are to be obtained from the
Proposed Special Issue. In view of the further revision to the
utilization of proceeds to the Proposed Special Issue as set out
above, Alliance, on behalf of the Board, wishes to announce that
the exchange of letter dated 14 February 2003 in respect of the
proposed payment of defaulted tax and tax penalties by OIB on
behalf of Mascon, had been mutually terminated between OIB and
Mascon.

FINANCIAL EFFECTS

The aforesaid revision to the utilization of proceeds will have
no effect on the shareholding structure, issued and paid-up
share capital and proforma consolidated net tangible assets of
OIB as at 30 June 2002.

Similarly, it is not expected to have any material effect on the
earnings of OIB Group for the financial year ending 30 June 2003
as the Proposed Restructuring Scheme is expected to be completed
in the first quarter of 2004.

APPROVAL REQUIRED

The aforesaid revision to the utilization of proceeds of the
Proposed Special Issue does not result in any departure from the
conditions imposed by the SC and the SC's approval is also not
required for the proposed revision. This is due to the fact that
OIB proposes to re-direct the proceeds allocated for the
settlement of Mascon's taxes to be used as general working
capital of OIB instead, which is for the core business of OIB.
The approval of the SC is not required for any revision on the
utilization of proceeds if the revision is in relation to the
core business of OIB.

As announced earlier, the Proposed Special Issue, which forms
part of the Proposed Restructuring Scheme, shall be subject to
the approval of the shareholders of OIB in a forthcoming
extraordinary general meeting to be convened.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors and/or major shareholders of the OIB Group
and/or person(s) connected with the Directors or major
shareholders of the OIB Group has any interest, direct or
indirect in the aforesaid revision to the utilization of
proceeds of the Proposed Special Issue.

DIRECTORS' OPINION

After taking into consideration the current financial position
of the OIB Group, the Directors of OIB are of the opinion that
the aforesaid revision to the utilization of proceeds of the
Proposed Special Issue is in the best interest of the OIB Group
and its shareholders.


PICA (M) CORPORATION: Restructuring Scheme Revision Underway
------------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad announced
that the Company has yet to obtained hundred (100%) percent
consents from all its creditors to support its scheme. The
Company together with its advisor CIMB is in the process of
revising its restructuring scheme and looking for alternative
route to proceed further with its restructuring exercise.


PROMET BERHAD: Extends Agreements Due Date to July 31
-----------------------------------------------------
Proposed Restructuring Scheme refers to the announcement dated
31 May 2003 in relation to the proposed acquisition by Titan
Element Sdn Bhd (TESB) of 91 parcels of commercial and office
space in Wisma Saberkas, Kuching, Sarawak (Wisma Saberkas)
(Proposed Wisma Saberkas Acquisition) from Presab Sdn Bhd
(Presab).

On 30 May 2003, Promet had entered into an agreement (Agreement)
with TESB to set out the Company's agreement to use its best
efforts to procure the sale of Wisma Saberkas by Presab to TESB
and to procure the execution of the conditional sale agreement
by Presab within a period of thirty (30) days from the date of
the Agreement or such further period as TESB and Promet may
agree in writing.

On behalf of the Board of Directors of Promet, Southern
Investment Bank Berhad wishes to announce that Promet and TESB
had on 30 June 2003 agreed to extend the due date in relation to
the above from 30 June 2003 to 31 July 2003. All other terms and
conditions of the Agreement shall stand and remain unchanged.


SENG HUP: May Defaulted Credit Facility Amounts RM56,780,164
------------------------------------------------------------
As required by the KLSE Practice Note 1/2001, Seng Hup
Corporation Bhd (Special Administrators Appointed) (SHCB) hereby
provides an update on its default in payment, as enclosed in
Appendix A at http://bankrupt.com/misc/TCRAP_SengHup0702.xls.

The default by SHCB as at 31 May 2003 amounted to RM56,780,164
made up of principal sums, plus RM30,919,290 in interest for
revolving credit facilities, trade financing and overdraft.

There are no other new developments since its previous
announcement with regard to this Practice Note.


SERISAR INDUSTRIES: Unit KPD Defaults Banks Facilities
------------------------------------------------------
Serisar Industries Bhd (SIB) wishes to announce that its wholly
owned subsidiary, Kilang Papan Dasatu Sdn Bhd (KPD) has not
paid, and is deemed to have defaulted in its repayments on
facilities granted by Standard Chartered Bank Malaysia Berhad
and Southern Bank Berhad, both of which are unsecured. The
details of the facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001 are as tabulated in
Table 1 at http://bankrupt.com/misc/TCRAP_Serisar0702.doc.

A) REASON FOR DEFAULT IN PAYMENTS

Due to the unfavorable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in the year 1997, many of the Group's buyers
were adversely affected and are facing financial difficulties
leading to their inability to settle their outstanding balances
despite efforts made by the management to collect these
outstanding debts with the Group. As a result, the cashflow
generated from operations was not sufficient to service the
interest and principal obligations to the lenders as and when
they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

SIB is currently in negotiations with the lenders to normalize
and regularize the accounts/facilities and amounts due and owing
to them.

C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS

The estimated total outstanding as at 31 May 2003, in relation
to the payments, which are in default and are the subject matter
of this announcement amounts to RM11,844,268.71.
Since SIB is the guarantor for these loans, SIB is liable for
the full amount and any further interest and financial cost
levied there or until the settlement of these debts.

D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS
OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER

Not applicable.

E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER
Not applicable.

F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE

The facilities listed in Table 1 represent the borrowings of the
SIB's wholly owned subsidiary, KPD, and as a result of their
default, the remaining facilities granted by other lenders to
KPD are all technically in default by virtue of the "Cross
Default" clauses in the Letter of Offers.

However, the lenders have refrained from serious legal action
other than those, which have been disclosed in the Annual Report
and Announcements, since SIB is in active negotiations with them
to normalize and regularize the accounts.


UNITED CHEMICAL: Re-appoints Messrs Folks DFK & Co as Auditors
--------------------------------------------------------------
The Board of Directors of United Chemical Industries Berhad is
pleased to inform that the members have approved all the
following Resolutions tabled at the Company's 39th Annual
General Meeting held at KUB.com Event Hall, Ground Floor, 12,
Jalan Yap Kwan Seng, 50450 Kuala Lumpur on Monday, 30 June 2003
at 10:00 a.m.:

   1. To receive and adopt the Audited Financial Statements for
the year ended 31 December 2002 and the Reports of the Directors
and Auditors thereon. (Resolution 1)

   2. To consider and if thought fit, pass the following
resolution in accordance with Section 129 (6) of the Companies
Act, 1965:

"That Tan Sri Dato Sri Abang Ahmad Urai Bin Datu Hakim Abang
Haji Mohideen being over the age of 70 years and retiring in
accordance with Section 129(6) of the Companies Act, 1965, be
and is hereby re-appointed a Director of the Company to hold
office until the conclusion of the next Annual General Meeting
of the Company." (Resolution 2)

   3. To re-elect Mohd. Shahar Bin Yope @ Yahya retiring in
accordance with Article 98 of the Company's Articles of
Association. (Resolution 3)

   4. To re-elect Wong Lee Peng retiring in accordance with
Article 111 of the Company's Articles of Association.
(Resolution 4)

   5. To re-appoint Messrs Folks DFK & Co as Auditors of the
Company and to authorize the Directors to fix their
remuneration. (Resolution 5)


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


NATIONAL POWER: Government Sells US$500M Bonds Abroad
-----------------------------------------------------
The Philippine government will sell US$500 million of bonds
abroad and loan the proceeds to ailing state owned National
Power Corporation, Bloomberg reports, citing Philippine National
Treasurer Sergio Edeza. The government hired Citigroup Inc.,
J.P. Morgan Chase & Co. and Deutsche Bank AG to help sell the
bonds. Edeza added that the government would be assuming
responsibility for Napocor's financing requirements.

Napocor needs US$1.2 billion to help pay debt and fund
operations. It also plans to sell US$250 million of bonds in
this year that will be guaranteed by the Asian Development Bank
and another US$250 million that will be backed by Overseas
Private Investment Corporation, a U.S. agency.

DebtTraders reports that National Power Corporation's 9.750%
bond due in 2009 (NATP09PHN1) trades between 106.081 and
107.497. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=NATP09PHN1


NATIONAL STEEL: Creditor Bank Not Keen on Rehab
-----------------------------------------------
The United Overseas Bank Philippines (UOBP) will not join the
special purpose vehicle created to manage the assets of National
Steel Corporation as part of the steel firm's rehabilitation
plan, according to Business World. The bank instead proposed
that it be given a permit to sell its assets in the steel firm
amounting to about 54 million Philippines pesos (US$1 million).
The special purpose vehicle was created to manage the steel
firm's assets. The Securities and Exchange Commission (SEC)
incorporated Philippine New Steel Industries, Inc. last February
as the special purpose vehicle that would acquire and operate
the steel firm's plants and related assets. Trade and Industry
Secretary Manuel A. Roxas II earlier said the banks do not want
to transfer the assets to the special body because of the costs.

Aside from UOBP, the steel firm's creditors include Philippine
National Bank, Credit Agricole Indosuez, Land Bank of the
Philippines, China Banking Corp., Rizal Commercial Banking
Corp., Metropolitan Bank and Trust Co., Equitable PCI-Bank,
United Coconut Planters Bank, Export & Industry Bank, Wise
Capital Investment & Trust Co., Inc., Bank of Commerce, Allied
Banking Corp., Bank of the Philippine Islands-Asset Management
and Trust Group, and the Development Bank of the Philippines.
The steel firm closed its plants in Iligan City in November 1999
after failing to repay debts worth following its failure to
repay debts of about 18 billion pesos, displacing 4,000 workers.


NATIONAL STEEL: Task Force Expects to Find Investor by 2004
-----------------------------------------------------------
The task force appointed by the government to oversee the
rehabilitation and re-operation of National Steel Corp. (NSC)
expects to find and hire a strategic investor by February 2004,
the Philippine Star said on Monday. The taskforce, headed by
Philippine Vice President Teofisto Guingona, is now looking for
a strategic investor for NSC and expects to name one by
September this year. Contract signing is scheduled for February
2004 or as soon as the due diligence study on the establishment
of an integrated steel plant is completed.


UNITED COCONUT: Government Appoints Two Directors
-------------------------------------------------
The government has appointed former Philippine Deposit Insurance
Corp. President Norberto Nazareno and former Bank of America
country manager Jose Querubin as Directors of United Coconut
Planters Bank, the Philippine Star reported. PDIC had disbursed
5 billion pesos or 25 percent of the total financing package to
UCPB as liquidity assistance a few weeks back, with the state-
run insurer receiving government securities as loan collateral.
The loan will be charged an annual interest of 5.0 percent over
a 10-year period.


UNITED COCONUT: PDIC Provides P20B Financial Package
----------------------------------------------------
After months of negotiations, the Philippine Deposit Insurance
Corp. (PDIC) has agreed to provide a 20-billion pesos financial
aid to United Coconut Planters Bank (UCPB), which would involve
the issuance of "hybrid Tier 2" bonds and the sale of bank
assets amounting to 13 billion pesos, according to the
Philippine Star.

The financial assistance package involves the issuance of some 7
billion pesos worth of capital notes, a corporate option that
would have normally required the approval of the UCPB's
stockholders. UCPB recorded the weakest capital base in the
entire commercial banking industry with total equity as a
percentage of total assets declining to 2.89 percent as of
December 17, 2002. UCPB is one of the country's biggest banks
with a deposit base of over 70 billion pesos.


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


ASIA FOOD: Issues Update on Debt Rescheduling
---------------------------------------------
The respective Boards of Directors of Asia Food & Properties
Limited (AFP) and Golden Agri-Resources Ltd (GAR) advised their
shareholders and the general public on the progress with their
debt rescheduling further to the last announcement dated 27 May
2003.

The AFP Group (including GAR Group) has rescheduled an
additional US$62.8 million of its debts (comprising bank loans,
bonds and trade facilities).

Details of the total debt rescheduled during the period July
2001 to 25 June 2003, being the latest practicable date, for the
AFP and GAR Groups are as follows:


Unaudited balance     AFP              GAR     Total
as at 31 May 2003    (excluding GAR)           AFP
(consolidated)
(in US$ million)

Total rescheduled      540.3          371.3    911.6
debt and debt
which do not
require rescheduling
(A)

Total debt which       79.6           137.0    216.6
require rescheduling
(B)

Total debt outstanding 619.9          508.3   1,128.2
(C)

(A) / (C) -            87.2%          73.0%    80.8%
in percentage

(B) / (C) -            12.8%          27.0%    19.2%
in percentage

Cash and time deposits with BII Bank Limited, Cook Islands BII
Bank Ltd:

Under the repayment and security package entered into with BII
Bank Ltd (announced on 2 November 2001), the first, second and
third aggregate repayments to the AFP Group, including GAR
Group, were scheduled to be as follows:

Date of proposed repayment AFP Group
US$'million
May 2001 - April 2002 27
May 2002 - October 2002 25
November 2002 - April 2003 25
Aggregate repayment by April 2003 77

The aggregate total repayment payable by April 2003 to the AFP
Group including GAR Group is US$77 million. The fourth aggregate
repayment amounting to US$36.5 million is payable by October
2003.

As at 25 June 2003, the AFP Group, including GAR Group, has
reduced its principal cash and time deposits by US$82.1 million.
Of this reduction, US$46.7 million represents reductions of cash
and time deposits of GAR Group.


C.K. TANG: Unit Completes Refinancing Exercise
----------------------------------------------
Further to the announcement made on 16 June 2003, the Board of
Directors of C.K. Tang Limited announced that C.K. Tang
Properties (Singapore) Pte. Ltd. (CKTP), a wholly owned
subsidiary of the Company, has completed the legal documentation
of the term loan facility Term Loan of S$120 million and working
capital facilities of S$20 million granted by Oversea-Chinese
Banking Corporation Limited OCBC Bank. The full amount of the
Term Loan has been drawn-down and utilized by CKTP as part
payment to the Company following the completion of the sale and
transfer of the Company's freehold land and property at No. 310
Orchard Road, Singapore 238864 (the Property) to CKTP. Upon the
receipt of the cash consideration of S$120 million from CKTP,
the Company has repaid in full the specific advance facility of
S$120 million obtained from OCBC Bank on 16 June 2003.

With the purchase price of the Property at S$240.7 million, the
balance of S$120.7 million has been wholly satisfied by the
allotment and issue by CKTP to the Company of 120,700,000
ordinary shares of S$1.00 each in the capital of CKTP at par,
credited as fully paid-up.

In addition, following the completion of the sale and transfer
of the Property, the Company has entered into a lease agreement
with CKTP to lease the Property from CKTP with effect from 1
July 2003 for the department store operations of the Company.

Transfer of shares in Legacy (Tang Plaza) Pte. Ltd. Legacy

In connection with the sale and transfer of the Property to
CKTP, the Company has transferred its entire 28.31 percent
equity stake in Legacy, comprising 2,831 ordinary shares of
S$1.00 each, to CKTP.


ECON INTERNATIONAL: Net Loss Deepens
------------------------------------
Econ International Limited posted a net loss of S$138.88 million
in the year to March 31, versus a net loss of S$12.80 a year
earlier, according to Reuters. The Company is engaged in civil,
geographical and foundation engineering works and trading of
building materials. The exceptional items relate to losses on
disposal and deconsolidation of subsidiaries, foreseeable losses
and settlement cost for disputed termination of an overseas
project.

By an Order Of Court dated 7 May 2003, the Company's subsidiary,
Econ Corporation Limited (ECL) held a Creditors' Meeting on 17
June 2003 for the purposes of presenting, considering and
approving a Scheme of Arrangement (the Scheme) proposed to be
made between ECL and its unsecured creditors (the Creditors).

At the Creditors' Meeting, 89.9 percent in number and 89.0
percent in value of the Creditors present and voting in person
or by proxy approved the Scheme with modification. An
application will be made by ECL for the Scheme to be sanctioned
by the High Court of Singapore.


JURONG CEMENT: Widens FY02 Net Loss to S$7M
-------------------------------------------
Jurong Cement booked a net loss of S$7 million in the year to
March 31, versus a net loss of S$3.38 million a year ago,
according to Reuters. The Company manufactures high quality
cement such as masonry cement and related building material
products. Its directors expect an overall improvement in the
group's performance over the next reporting period.

During the same 12 month period ended September 30, 2002, the
Company reported losses of 0.09 per share, according to Wright
Investor's Service. This implies that the management likely
believes that the Company will return to profitability soon.


LKN-PRIMEFIELD: Issues Update on Debt Restructuring
---------------------------------------------------
LKN-Primefield Limited refers to the previous announcement dated
7 April 2003. It was stated in the announcement that the debt
restructuring exercise would be concluded by 30 June 2003 (cut-
off date). Due to more detailed negotiation of the terms of the
debt restructuring with the Bondholders, the Company and the
Bondholders have mutually agreed to extend the cut-off date.

The Bondholders have passed a resolution to extend the cut-off
date to 31 July 2003. Another Bondholders' meeting will be
convened no later than 31 July 2003 for the Bondholders to
consider the adoption of the revised terms of debt
restructuring.


L&M GROUP: Posts Results of June 14 AGM
---------------------------------------
Pursuant to Clause 903(2) of the Stock Exchange of Singapore
Listing Manual, L&M Group Investments Limited announced that the
following resolutions as set out in the Notice of Annual General
Meeting dated 14 June 2003 circulated to the shareholders, were
approved by the shareholders at the 21st Annual General Meeting
held on 30 June 2003.

As Ordinary Business

1. To receive and adopt the Audited Accounts of the Company for
the financial year ended 31 December 2002 together with the
Reports of the Directors and the Auditors.

2. To re-elect Mr Edward Seky Soeryadjaya, retiring by rotation
pursuant to Article 98 of the Articles of Association of the
Company.

3. To re-elect Mr Peter Tay Yew Beng, retiring by rotation
pursuant to Article 98 of the Articles of Association of the
Company.

4. To re-elect Mr Bambang Sukmonohadi, retiring by rotation
pursuant to Article 98 of the Articles of Association of the
Company.

5. That pursuant to Section 153(6) of the Companies Act, Cap.
50, Messrs William Soeryadjaya and Lee Khoon Choy, who are over
70 years of age, be and are hereby appointed Directors of the
Company.

6. To approve Directors' fees of S$111,600 for the financial
year ended 31 December 2002.

7. No resolution was tabled for the reappointment of the
Auditors as they had indicated that they did not wish to be
reappointed. The position of the Auditors is therefore now
vacant.

As Special Business

8. That pursuant to Section 161 of the Companies Act, Cap. 50,
approval be and is hereby given to the Directors to issue shares
in the Company at any time and upon such terms and conditions
and for such purposes and to such persons as the Directors may
in their absolute discretion deem fit provided that the
aggregate number of shares to be issued pursuant to this
resolution does not exceed 50 per cent. (50%) of the issued
share capital of the Company for the time being and that the
aggregate number of shares issued other than on a pro rate basis
to existing shareholders does not exceed 20 per cent. (20%) of
the Company's issued share capital for the time being.

9. No resolution was tabled for the purposes of Chapter 9A of
the Listing Manual as announced on 21 June 2003.


MCL LAND: Units Enter Voluntary Liquidation
-------------------------------------------
MCL Land Limited announced that it has appointed liquidators and
commenced members' voluntary liquidation for the following
dormant wholly owned subsidiaries following the completion of
the development projects undertaken by these companies:

MCL LAND (BELMONT) PTE LTD
MCL LAND (BUKIT PANJANG) PTE LTD
MCL LAND (CHANGI 2) PTE LTD
MCL LAND (HOLLAND) PTE LTD


VAN DER HORST: Discharges Judicial Managers
-------------------------------------------
The Judicial Managers of Van der Horst Ltd (Under Judicial
Management) announced that at the Extraordinary General Meeting
(EGM) of the Company held on 30 June 2003, all resolutions
relating to matters set out in the Notice of the meeting were
duly passed.

Pursuant to an order of Court dated 28 March 2003, the judicial
management order in relation to the Company will remain in force
until 30 June 2003. Therefore, the appointment of the Judicial
Managers will terminate at midnight on 30 June 2003.


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


BIG C SUPERCENTER: Posts BOD Meeting No. 5/2003 Resolutions
-----------------------------------------------------------
Big C Supercenter Public Company Limited posted the resolution
of the Board of Directors' Meeting No. 5/2003 held on 27 June
2003 at 10:00 a.m., as follows:

1. Approval of the resignation of 3 directors, namely,   (1)
Mr. Daniel Armand Pain, (2) Mr. Etienne Pierre Raymond Ferrard
Snollaerts and (3) Mr. Christian Pierre Couvreux and considered
and approved the appointment of three new directors in place of
the resigning directors:

   (1) Mr. Jacques Edouard Charret to replace Mr. Daniel Armand
Pain

   (2) Mr. Jacques Ehrmann to replace Mr. Etienne Pierre Raymond
Ferrard Snollaerts

   (3) Mr. Jean-Michel BARGE to replace Mr. Christian Pierre
Couvreux

Each new directors to retain such position only for the
remainder of the term of office of the resigning director he is
replacing.

2. Approval the change of name and authority of the authorized
directors that the name and number of directors empowered to
sign on behalf of the Company should read as follow:

"Names and number of directors empowered to sign on behalf of
the Company are Any one director of Group 1 signing jointly with
any one director of Group 2 and affixed with the Company's seal.

Group 1 directors consists of the following persons: Mr. Andre
Claude Luc Mercier, Mr. Jean-Michel BARGE, Mr. Pierre Bruno
Charles Bouchut, Mr. Jacques Ehrmann and Mr. Yves Bernard
Braibant.

Group 2 directors consists of Mr. Tos Chirathivat, Mr.
Suthichart Chirathivat and Mr. Gerard Roger Drevelle."

3. Approval of the change in Membership of the Stock Option
Committee from Individual Name to

   1. Chairman of the Board
   2. Chief Executive Officer and President
   3. Board of Director member (Group 1) and Head of Group-
      Casino's Asian Region

The Troubled Company Reporter - Asia Pacific reported December
17 last year that BIGC was affected from the winding up and
liquidation of its subsidiary Ubol Big C Company Limited. It has
reduced its total expenses and increased the efficiency on
its operation. The subsidiary company has returned the
investment capital to the Company at the amount of Bt78,120,000
in total.


THAI WIRE: Court Appoints Business Rehabilitation Planner
---------------------------------------------------------
Thai Wire Products Public Company Limited's, in relation to its
request to the court on the business rehabilitation on May 29,
2003, informed that on June 23, 2003, the court issued an order
appointing Thai Wire Products Public Company Limited as the
business rehabilitation the planner.

On May 21, 2003, the Troubled Company Reporter - Asia Pacific
reported that the company has incurred a loss for several year,
which has led to a capital deficiency, amounting to Bt1,659
million in Q103. The main cause for the company's great loss was
the financial and economic crisis in Thailand and the slowdown
in the demand for P.C. Wire.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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                 *** End of Transmission ***