TCRAP_Public/030709.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 09 2003, Vol. 6, No. 134

                         Headlines

A U S T R A L I A

ENERGY WORLD: Reaches MOF Agreement With CBA
HARTS AUSTRALASIA: Sydney Dealer Banned for Three Years
HIH INSURANCE: Court Upholds Penalties Against Former Directors
TOWER LIMITED: NZX Surveillance Panel Grants Waiver Request
TRANZ RAIL: Board Gives Proposal Recommendation

TRANZ RAIL: Evaluating Latest Move
TRANZ RAIL: Deal With Government Best Outcome, Says Toll
TRANZ RAIL: Inks Crown-Toll Agreement With Toll, Her Majesty


C H I N A   &   H O N G  K O N G

BINHAI WASTEWATER: Petition to Wind Up Pending
CHINA LEASING: Hearing of Winding Up Petition Set
HSIN CHONG: 2003 Net Loss Widens to HK$246.894M
HUNG MAU: Winding Up Sought by Wing Mou
LAI SUN: Price, Turnover Movements Unexplainable

MANSION HOUSE: Unit Inks Disposal Agreement for Debt Reduction


I N D O N E S I A

BANK LIPPO: State Disposing of Shares by H203

* IBRA Launches PPAK IV


J A P A N

HITACHI LIMITED: May Sell Holdings in Nitto Denko
KINKI HOTEL: Hotel Enters Bankruptcy
MK PROPERTY: Enters Special Liquidation Proceedings
TANIGUMI KAIHATSU: Golf Course Construction Enters Rehab


K O R E A

SK CORPORATION: Shuts Down RFCC This Month
SK GLOBAL: Creditors Meeting Set For July 9
SK GLOBAL: Likely to Face Court Receivership
SK GLOBAL: Overseas Creditors Seek US$216 Million More
SK GROUP: Government Warn Groups to Sell US$1.4B of Stock


M A L A Y S I A

ABRAR CORPORATION: Creditors' Agent Inks Call Option Agreement
C.I. HOLDINGS: Provides Default in Interest Payment Update
CRIMSON LAND: SC OKs One-Year Proposals Implementation Extension
GENERAL LUMBER: Court Sanctions Proposed Creditors' Schemes
JASATERA BERHAD: 20th AGM Fixed on July 30

KUALA LUMPUR: Investigative Audit Completion Set on Jan 2004
L&M CORPORATION: SA Accepts SC's Proposed CDRS Conditions
MBF HOLDINGS: Unit Disposes of Shares to Rationalize Business
NCK CORP.: SC Grants Two-Month Investigative Audit Extension
OLYMPIA INDUSTRIES: Seeks Profit Guarantee Arrangement Appeal

PAN MALAYSIA: Summary Judgment Hearing Set on August 11
QUALITY CONCRETE: Posts Quoted Securities Transactions
SINMAH RESOURCES: July 28 AGM Scheduled
SITT TATT: Answers KLSE's Injunction Order Query
SOUTHERN PLASTIC: Releases Winding Up Petitions' Hearing Dates

TECHNO ASIA: Loan Interest, Principal Sum Default Continues
TONGKAH HOLDINGS: Disposes of Quoted Securities
UNIPHOENIX CORP.: MITI Conditionally OKs Proposed Rescue Scheme
UNITED CHEMICAL: Amends Proposed Restructuring Scheme
YCS CORPORATION: Issues Defaulted RCSLS Payment Add'l Info


P H I L I P P I N E S

MANILA ELECTRIC: Creditors Want P5.5B Partial Debt Payment
MANILA ELECTRIC: ING Upgrades Recommendation to Buy
MANILA ELECTRIC: Schedules Creditor's Meeting This Week
NATIONAL POWER: Consumers Facing P0.12 Power Rate Cut
UNITED COCONUT: Names Querubin as New Chief


S I N G A P O R E

ASIA PULP: CAD Completes 18-month Probe
CHARTERED SEMICONDUCTOR: Enters Alliance With Japanese Firm
CHARTERED SEMICONDUCTOR: Share Price Hit 7-Month High Monday
NATSTEEL LTD.: EGM Set for July 31


T H A I L A N D

NATIONAL FERTILIZER: SET Suspends Securities Trading
EASTERN STAR: Dormant Associated Company Liquidated


     -  -  -  -  -  -  -  -

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


ENERGY WORLD: Reaches MOF Agreement With CBA
--------------------------------------------
The Directors of Energy World Corporation Ltd (EWC) are pleased
to announce that an agreement has now been reached with the
Commonwealth Bank of Australia (CBA) on the arrangements for the
payment of the balance of the Multi Option Facility (MOF).

When documentation formalizing these arrangements has been
signed the outstanding level of the MOF will be further reduced
from A$27 Million to A$21.6 Million. Funds to support this
further reduction are being provided by Energy World
International Ltd (EWI) under the terms of an agreement
previously announced to the market on 26 May 2003.

In consideration of the significant debt reduction from A$115
Million to A$21.6 Million, CBA have agreed to reschedule the
outstanding balance payable under the MOF until 31 December
2004. As a condition of this arrangement, prior to 30 September
2004 the Company has agreed to develop and provide to the CBA an
acceptable and detailed plan to achieve the repayment of the
facility by 31 December 2004. Without commitment at this
time, the CBA has agreed to consider, as part of any repayment
plan, an option for the Company to submit a proposal to the Bank
to convert the outstanding debt into a medium term facility.

The Directors consider this additional period of time, coupled
with the significant reduction in debt already achieved and the
positive outcome to the discussions with the CBA, will now
permit the Company to focus on developing the 60MW expansion of
its Sengkang Power Project, Indonesia and other business
prospects in conjunction with EWI. These include other LNG,
power and infrastructure related opportunities in Asia. Details
of these new prospects will be announced to shareholders when
negotiations with the third parties involved have been advanced
to a point whereupon the details can be released to the market.


HARTS AUSTRALASIA: Sydney Dealer Banned for Three Years
-------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Sydney securities dealer Mr Hamish Philip McRae Watson
from acting as a representative of a dealer, investment adviser,
futures broker or futures adviser, for three years.

Mr Watson was banned as a result of ASIC's ongoing investigation
into Harts Australasia Ltd (In Liquidation), a formerly listed
public company.

ASIC's investigation into Mr Watson focused on trading in Harts
shares and his involvement in the acquisition by Harts of the
Sydney funds manager Cardinal Financial Securities Ltd
(Cardinal) in 2000.

ASIC found that Mr Watson represented to the directors of
Cardinal that $5 million invested by Harts in a registered fund
managed by Mr Watson had been placed in secure blue chip shares,
when in fact this was not the case.

ASIC also found that in late 2000, Mr Watson, via two private
companies associated with him, Blackshort Pty Ltd and Watson
Benefit Services Pty Ltd, created the appearance of active
trading in Harts shares, through washed sales or matching
orders.

A 'wash sale' or 'matching orders' occurs where a person or
their associate is both buyer and seller in the same transaction
and there is no beneficial change in ownership. These practices
may create an appearance of actual market activity, which may
induce other people to purchase securities, when in reality no
genuine sale or purchase has taken place.

As a result of these findings, ASIC banned Mr Watson on the
grounds that he had not performed his duties as an authorized
representative, efficiently, honestly and fairly.

Mr Watson is entitled to apply to the Administrative Appeals
Tribunal for review of ASIC's banning order.


HIH INSURANCE: Court Upholds Penalties Against Former Directors
---------------------------------------------------------------
The NSW Court of Appeal (Justices Mason, Giles and Beazley) on
Tuesday handed down its decision on the appeals by former HIH
Insurance Limited director, Mr Rodney Adler, and former HIH
Chief Executive Officer, Mr Ray Williams, against the findings
of Justice Santow of the Supreme Court, that Messrs Adler and
Williams had breached their duties as directors of HIH Casualty
and General Insurance Ltd.

The Court upheld Mr Adler's appeal against the finding that he
had breached s183 of the Corporations Act (wrongly using
information obtained as a company officer) but confirmed all
other breaches decided by Justice Santow against Mr Adler and Mr
Williams.

The Court also upheld the bans, pecuniary penalties and
compensation ordered against the defendants, subject to a
recalculation of the interest component of the compensation. The
Court awarded costs of the appeal to ASIC (which are additional
to the approximately $600,000 costs payable to ASIC in relation
to the original proceedings).

"ASIC is pleased with today's result", Chairman of the
Australian Securities and Investments Commission (ASIC), Mr
David Knott said.

"The Court's decision to uphold the penalties ordered by Justice
Santow confirms the seriousness of the breaches committed by the
defendants. While the recalculated interest will result in a
reduction to the compensation, the principal amount of
$7,049,931 payable by Messrs Adler and Williams remains
unchanged", Mr Knott said.

"As a result of today's decision ASIC expects to authorize the
release to the HIH liquidator of the recalculated compensation
within the next month. This will be paid from monies already
secured under the original orders. The pecuniary penalties of
$1.155 million have already been paid to consolidated revenue.

"As Mr Adler is presently facing criminal charges on related
matters ASIC will not be commenting further on today's
decision", he said.

Background

In March 2002, Justice Santow found that Mr Adler, Mr Williams
and former HIH Chief Financial Officer, Mr Dominic Fodera, had
breached their duties as directors under the Corporations Act,
in relation to a payment of $10 million by an HIH subsidiary
(HIH Casualty and General Insurance Limited) to Pacific Eagle
Equities Pty Ltd, a company of which Mr Adler was a director.

As a result of the decision, Mr Adler was banned from acting as
a director of any company for 20 years. Mr Williams was banned
for ten years.

Mr Adler and Adler Corporation were each ordered to pay
pecuniary penalties of $450,000 (totalling $900,000). Mr
Williams was ordered to pay pecuniary penalties of $250,000 and
Mr Fodera was ordered to pay pecuniary penalties of $5,000.

In addition, Messrs Adler and Williams were ordered to pay
compensation of $7,986,402 to HIH Casualty and General Insurance
Limited. The Court of Appeal has ordered that the interest
component of that sum be recalculated.


TOWER LIMITED: NZX Surveillance Panel Grants Waiver Request
-----------------------------------------------------------
On Friday 4 July, 2003 after the close of the market, TWR
announced that the capital raising proposal it announced to the
market on 1 July 2003 (being a 4 for 3 pro rata renounceable
rights issue at a price of $0.90 per share) was to be fully
underwritten with GPG with a panel of sub-underwriters.

The underwrite agreement TWR concluded with GPG was conditional
upon receiving a waiver from the requirements of LR 9.2 from the
Panel.

A condition of the underwrite agreement is that GPG may not
subscribe for more than 15.6 million shares (or 3.8 per cent of
TWR's total shareholding after the rights issue) and no waiver
has been sought for the agreement under LR 7.5 reflecting, it is
assumed, TWR's judgment that GPG's control of TWR will not have
been materially increased as a consequence of its underwriting
the issue.

APPLICATION

On 5 July 2003 the Market Surveillance Panel ("Panel") received
an application for waiver from LR 9.2 in respect of the
underwrite agreement between GPG and TWR.

LR 9.2 applies to any Material Transaction, where a Related
Party is a party to that transaction, or at least one of a
related series of transactions of which the material transaction
forms part. GPG is a "Related Party" of TWR as it is a
substantial security holder of TWR and also has 2 directors on
the Board of TWR, accordingly both LR 9.2.3(and) and (b) are
trigged. The underwrite agreement is also a "Material
Transaction" in terms of LR 9.2.2 as the underwriting fee is of
an amount greater than .5% of TWR's average market
capitalization. Footnote 1 to the rule provides that the
Exchange may waive the requirement to obtain shareholder
approval for a Material Transaction if it is satisfied that the
personal connections with, or involvement or personal interest
of a Related Party are immaterial or plainly unlikely to have
influenced the promotion of the proposal to enter into the
transaction or its terms and conditions.

The grounds upon which TWR sought the waiver included:

1 There has been no personal involvement by GPG and it has not
in any way influenced the promotion of the terms of the
underwrite agreement under the alternative proposal.

2 The fee and terms and conditions of the underwrite agreement
have been developed by CSFB and as such reflect those which are
available in the market on an arms length basis.

3 The terms of the underwriting have been considered by an
independent reviewer, Grant Samuel, whose conclusion is that the
terms are fair.

4 TWR's Board considers that overall the capital raising
programmed reflected in the alternative proposal (being that
which it sought GPG to underwrite) is fairer for all
shareholders than the previous proposal (details of which were
sent to shareholders in a notice of meeting but which was
subsequently withdrawn by the board) and that the identity of
the actual underwriter under the alternative proposal is
immaterial.

On 6 July 2003 the Panel received a complaint from a shareholder
of TWR, Hanover Group Limited, alleging, among other things,
that the underwrite agreement between GPG and TWR breached LR
7.5.

Listing Rule 7.5 provides that an issuer may not issue
securities unless that issue of securities is approved by an
ordinary resolution of the issuer if:

   (a) there is a significant likelihood that the issue. will
result in any person or group of Associated Persons materially
increasing their ability to exercise, or direct the exercise of
(either then or at any future time) effective control of that
Issuer; and

   (b) that person or group of Associated Persons is entitled
before the issue. to exercise, or direct the exercise of, not
less than 1% of the total Votes attaching to Securities of the
Issuer;

The footnotes to LR 7.5 provide that:

   * the rule is applicable where a shareholder or Associated
Person underwrites a Rights or other issue and a shortfall
results in the underwriter, or group of Associated Persons
including the underwriter, materially increasing its ability to
exercise effective control of the Issuer. Accordingly, if there
is a significant likelihood of that occurring, any such
underwriting arrangement should be approved by an Ordinary
Resolution or be the subject of a waiver granted by the
Exchange, before it is entered into; and

   * In determining whether a person or group of Associated
Persons has materially increased their ability to exercise
effective control of an Issuer, regard should be had to all
relevant circumstances, such as other holdings of Securities of
the Issuer, and the crossing of significant shareholding or
control thresholds.

In support of its complaint Hanover Group raise the following
arguments:

   a. First, whilst GPG may not retain more than 15.6 million
shares as a result of the underwrite it would initially receive
more than this amount, and then be required to divest itself of
shares in excess of this amount.

Hanover Group argue that it must be the case that during the
period that GPG retained shares in excess of 15.6 million, GPG
would have materially increased its effective control of TWR
thus breaching Listing Rule 7.5.

   b. Secondly, by signing an underwriting agreement with GPG
without any assurance as to whom GPG could divest itself of
shares in excess of the 13.75% limit, the Board of TWR took no
steps to ensure that GPG was either able to comply with this
limit, or whether the persons involved in the sub underwrite
were "Associated Persons" of GPG - again breaching Listing
Rule 7.5.

   c. Thirdly, TWR's release of 4 July 2003 references the
limitation on GPG's ultimate shareholding to that acquired "as a
result of shares allotted under the underwriting arrangement".
i.e. the number of shares that GPG may retain under the
underwriting arrangements is 15.6 million shares. This equates
to 3.8% of what would be the share capital of TWR following the
rights issue. It is not clear whether there is any restriction
on GPG acquiring further shares in the market before or during
the rights issue period. Unless there were such restrictions,
GPG could increase its current 9.9% shareholding to, say, 16%,
resulting in GPG holding approximately 20% of TWR following the
rights issue. As a result the shares acquired by GPG under the
New Underwriting Arrangements would materially increase GPG's
effective control of TWR.

   d. Finally, Footnote 2 to Listing Rule 7.5 specifically
states that any underwriting arrangement likely to be affected
by that rule should be approved by an ordinary resolution or be
the subject of a waiver by the NZX before the arrangement is
entered into. If the sub-underwriting commitments were not in
place at the time that TWR entered into the New Underwriting
Arrangement, then there was a significant likelihood of
Listing Rule 7.5 being breached, and TWR should have sought a
waiver before the underwriting arrangements were entered into in
accordance with Footnote

In this announcement the Panel sets out the application made to
it for a waiver from LR 9.2 and its decision on that waiver and
its response to the complaint concerning TWR's compliance with
LR 7.5.

DECISION

Listing Rule 9.2

The Panel grants a waiver from LR 9.2, subject to the conditions
set out in this announcement, on the basis that the information
provided by TWR and GPG to the Panel is full, complete and
accurate.

TWR have advised the Panel that the agreement between GPG and
TWR dated 4 July 2003 (the "Agreement") is identical to that
negotiated between First NZ Capital/Credit Suisse First Boston
and TWR (except in 3 respects as detailed further below) and as
such the Panel finds that the commercial terms of the Agreement
were negotiated on determined on an arms length commercial
basis. The Panel has also been provided with written assurances
by TWR that GPG had no influence on or input into TWR's
deliberations or decision-making process when TWR decided to
complete the Agreement with GPG, rather than any other third
party. The Panel has been advised that:

   a. Four independent directors of TWR met and considered the
matter of GPG underwriting separately from the GPG directors
throughout the process.

   b. GPG have not had access to either the minutes of the
independent directors meetings or reports sought by them.

   c. GPG has not been present at any of these meetings.

   d. The independent directors have determined to proceed with
the agreement it considers to be in the best interests of TWR.

The Panel has no reason not to accept the assurances provided by
TWR.

The areas where the agreement between GPG and TWR is different
to that negotiated by First NZ Capital/Credit Suisse First
Boston with TWR are, in summary, as follows:

   a. the fees payable to GPG are less (by an amount of 0.25%)
than those that would have been payable under the proposed
underwriting agreement with First NZ Capital/Credit Suisse First
Boston;

   b. the inclusion of a limit on GPG's shareholding to restrict
GPG from holding on a continuing basis any more than 15.6
million outstanding shares allotted under the underwriting
arrangements, and a prohibition on GPG exercising the voting
rights attributable to the shares allotted under the
underwriting agreement in excess of the 15.6 million during the
six month sell down period; and

   c. the requirement that GPG to enter into sub-underwriting
agreements with sub-underwriters approved by TWR.

The Panel accordingly concluded that the underwriting
arrangement fell within the policy of footnote 1 to LR 9.2. The
waiver from LR 9.2 is granted to TWR, conditional on the
following terms:

   a. TWR's independent directors providing signed assurances to
the Panel on the following matters:

     i That the terms of the Agreement between GPG and TWR are
identical to those proposed in the alternative by Credit Suisse
First Boston/First NZ Capital except in those respects set out
in a-c above;

     ii That each director was not influenced in any way by GPG
in his or her deliberations or decision making process when
voting to complete the Agreement with GPG rather than any other
third party; and

     iii That GPG gained no material advantage in the process
(including access to, or conversations regarding reports and/or
any other documentation) compared to any other party, in
particular Credit Suisse First Boston/First NZ Capital.

   b. The offering document refers specifically to the terms of
the Agreement and the existence and terms of this waiver from LR
9.2.

Listing Rule 7.5

The Panel has reviewed this complaint and notes that with
respect to LR 7.5 it is only required to establish whether or
not the incremental increase in GPG's shares in consequence of
the underwrite arrangements would in themselves result in a
significantly likelihood that GPG would materially increase its
effective control of TWR. TWR, as issuer, for its part have
concluded that it will not and has not sought a waiver from the
Panel, so there was no waiver to be considered on this matter.
However in response to Hanover Group's submissions has inquired
into TWR's compliance with LR 7.5 and finds as follows:

   a. TWR have advised the Panel that JB Were is following
standard New Zealand practice with respect to the structure of
the sub-underwriting arrangements. It has undertaken a detailed
empirical analysis of TWR's share register to determine their
view of the likely size of the shortfall, if any, and then the
percentage of that expected shortfall which equates to the
amount of the expected shortfall minus 15.6 million shares.
Sub-underwriting commitments would then be sought for this
expected shortfall, so that GPG will be left with no more than
15.6 million shares.

As at 5 July 2003 expressions of interest for sub-underwriting
participation have been received to cover the sub-underwriting
1.5 times and, JB Were have advised that it expects this will
increase to approximately 2.0 times once responses from the
remaining institutions and investors who they have approached
have been received. To the extent that GPG are left with more
than 15.6 million shares the underwrite arrangements, as
detailed above, prohibit GPG from exercising the votes attached
to those shares.

   b. With respect to the alleged absence of any assurance as to
whom GPG could divest itself of shares in excess of the 13.75%
limit and the question of whether the persons involved in the
sub-underwrite were "Associated Persons" of GPG, in response to
a request from the Panel, TWR have advised the Panel as follows:

     * GPG represented to TWR that it was extremely confident
that it would be successful in constituting a sub-underwriting
panel. GPG had received advice from JB Were confirming that
confidence.

     * TWR had been consistently advised by many of its present
institutional shareholders that they would be prepared to act as
sub-underwriters with GPG as the main underwriter. Those
institutions included Alliance and AMP, as they both considered
the existence of GPG as a shareholder as beneficial for the
company.

     * Underwriting support was further evianced by the speed
with which Credit Suisse First Boston and First NZ Capital had
been able to constitute a sub-underwriting panel for their
proposal.

     * GPG agreed with TWR that it would offer sub-underwriting
positions to those institutions that met TWR's sub underwriting
profile requirements (as described below) on identical terms and
at a fee level slightly higher than that received by the sub-
underwriters to the CFSB proposal.

     * TWR derived comfort from the fact that GPG had a
significant financial incentive to put in place an appropriate
sub-underwriting panel. The restriction on GPG being only able
to hold not more than 15.6 million shares allotted under its
underwriting commitment yet with the requirement to subscribe
for any other shortfall and then dispose of it, creates a
strong incentive for GPG to establish an appropriate sub-
underwriting panel. This maximum of 15.6 million shares capable
of being held by GPG pursuant to the Underwriting Agreement will
represent only an additional 3.8% of TWR's total shareholding
after the recapitalisation. TWR also advised the Panel that the
Agreement does not provide for any variation to the limitation
of GPG holding no more than 15.6 million shares as underwriter.

     * TWR required, and GPG agreed, that the sub-underwriting
panel would comprise firstly significant domestic shareholders
currently on TWR's share register; and secondly, other investors
independent of GPG and appropriate for continuing on the
register. Parties such as off shore hedge funds or other
investors not likely to remain on the register long term were
not to be invited. To ensure compliance with listing rule 7.5,
and its objective of having independent bona fide and hopefully
continuing supportive sub-underwriters, TWR required as a term
of the Agreement that each sub-underwriter must be approved by
it.

   c. With respect to restrictions on GPG's ability to acquire
further shares on market before or during the rights issue
period, the Panel has inquired of TWR and TWR has advised that
no shareholders, including GPG, are restricted from buying on
market during the rights trading period, except as they may be
constrained by law. The Panel notes that under LR 7.5 the
Issuer is required to determine whether there is a significant
likelihood that an underwriter will, as a result of underwriting
a shortfall materially increase its ability to exercise
effective control of the Issuer, and in doing so to take into
account all relevant circumstances such as other holdings of
securities of the Issuer. There is no suggestion however, that
underwriters should be precluded from exercising their right
to purchase shares on the market (subject to the thresholds
contained in the Takeovers Code), or that the Issuer should
speculate on what such purchases might be. For its part the
Panel had no information that GPG intended to purchase on the
market prior to the completion of the underwrite, and did not
consider that there was sufficient certainty that GPG would
increase its current shareholding in TWR during the rights
trading period to such a level that if the 15.6 million shares
it was entitled to retain under the underwriting agreement were
allotted to it, that this allotment resulted in a significant
likelihood that GPG's ability to exercise or direct the exercise
of effective control of TWR would be materially increased. The
Panel notes that in its announcement of 4 July 2003 TWR stated
that the shareholding cap of 15.6 million "would result in GPG
moving to a shareholding in TWR of not more than 13.75% as a
result of shares allotted under the underwriting arrangement".

The Panel notes that its assessment is that LR 7.5 is not
triggered with GPG holding up to but not exceeding (with
certainty) 13.75% of TWR shares. The Panel notes that it is the
increment of 3.75%, and whether there is no significant
likelihood of an issue of that quantum of shares resulting in a
material increase in GPG's effective control of TWR as a result
of that issue, that it must consider under the rules. If the
allotment were to result in TWR moving to a shareholding of more
than 13.75%, TWR would need to reassess whether the allotment
under the underwriting arrangements would result in a
significant likelihood that that issue would materially increase
GPG's ability to exercise or direct the exercise of effective
control of TWR prior to allotting such shares.

d. The Panel also notes that a waiver is only required for
entering into an underwriting agreement where there is a
significant likelihood of a shortfall in a rights issue
materially increasing the effective control of a shareholder. In
this instance the issuer has determined that it has put in place
sufficient safeguards to both guard against there being a
significant likelihood of GPG having to subscribe for shares
such that it will materially increase its control, and to ensure
that the shortfall, if any, will not materially increase
effective control. TWR has included in the Agreement a
requirement for sub-underwriters, a share cap and a voting
restriction. The Panel does not disagree with the issuer's
determination on this point.


TRANZ RAIL: Board Gives Proposal Recommendation
-----------------------------------------------
The board of Tranz Rail confirmed Monday they have received the
Grant Samuel and Associates appraisal of the Toll Group (NZ)
Limited offer.

The full underlying value of Tranz Rails shares, as the company
currently stands without the Crown proposal in place, according
to the Grant Samuel's report is in the range of $0.67 to $0.86
per share. This value is for 100% of Tranz Rail and includes a
premium for control.

Grant Samuel has determined that Tolls offer at 95 cents a share
is fair.

They assess that if the Crown proposal were to be accepted by
shareholders the value of Tranz Rails shares would be in the
range of $0.97 to $1.03 per share. However Grant Samuel goes on
to say that, "Given the significant negotiations that are yet to
be concluded between Tranz Rail and the Crown, and the uncertain
financial outcomes of the Track Access Charge, it is not
possible at this time to say the Crown Proposal will provide a
better outcome than selling to Toll."

The directors of Tranz Rail recommend that Tranz Rail
shareholders do not accept the Offer from Toll Group (NZ) until
certain conditions to the Offer are waived. These conditions
are:

   1. The condition relating to Toll's financiers (condition
6.1.2(a)).

   2. The condition relating to certification by directors of
Tranz Rail's "Interim Report 2002/2003" for the six months ended
31 December 2002 (condition 6.1.4). The directors have
previously made it clear that they will not provide the
certification required to satisfy this condition.

   3. The condition relating to trading (condition 6.1.2(l)).

Until these conditions are waived, the Offer remains highly
conditional and uncertain. However, the directors of Tranz Rail
recommend to Tranz Rail shareholders that once these conditions
have been waived they accept the Offer

The Grant Samuel appraisal report of the Toll offer will be
mailed to shareholders on Monday and the report will be
available after being released to the New Zealand Exchange (NZX)
on Tranz Rail's Website (www.tranzrail.co.nz).

In the week commencing 14 July ,a further detailed independent
report on the Crown offer from Grant Samuel together with the
notice of the Special Meeting to be held late in July will be
mailed to shareholders.


TRANZ RAIL: Evaluating Latest Move
----------------------------------
The Tranz Rail Board said it was surprised by the terms of a new
joint agreement announced Monday afternoon between the
Government and Toll Holdings.

Chairman Wayne Walden said they will be evaluating the latest
announcement overnight and will make no further comment until
then.


TRANZ RAIL: Deal With Government Best Outcome, Says Toll
--------------------------------------------------------
Toll Limited is describing the new partnership deal signed with
the Government on Monday as the ideal outcome for all concerned.

Toll Holdings Managing Director Paul Little says the agreement
is the best possible outcome for all concerned including freight
users, taxpayers and the Crown.

Under the deal:

   - The Crown will invest $200m in upgrading rail
infrastructure & further replacement capital

   - Toll Holdings will invest $100m in rolling stock and
locomotives  - The "use it or lose it" regime increases from 60%
to 70%.

   - Toll will be incentives to increase freight volumes.

   - Toll will need to meet agreed performance standards for
customer service, safety and freight volumes carried.

"The terms of the deal were reached during intense negotiation
and are designed to fulfill both the Government's public policy
objectives and Toll's commercial requirements", said Paul Little

"While the new agreement will provide support from committed
partners determined to turn Tranz Rail Limited around, it's
important not to underestimate the significant challenges that
lie ahead and the recapitalisation required.

"We're talking years rather than months to get the company back
on track.  Little said under the new agreement the Crown is no
longer fully underwriting the performance of Tranz Rail.

"While Toll had always been committed to owning and operating
Tranz Rail, it had consistently maintained an open mind on
government ownership of the rail asset.

"As experienced freight operators our aim is always to offer the
highest level of service to our customers whether that is via
rail, air, road or sea," said Paul Little.

"We are confident our new partnership with the Crown will
operate as successfully as those in Australia where in a number
of situations, the tracks are owned by State and Commonwealth
Governments. This works well for both parties".

Toll has had approval from the Takeovers Panel to withdraw its
current offer to Tranz Rail shareholders. Its new offer is
conditional on achieving 90% acceptance and receiving Overseas
Investment Commission approval.

Toll currently holds 19.99% of the shares in Tranz Rail.


TRANZ RAIL: Inks Crown-Toll Agreement With Toll, Her Majesty
-------------------------------------------------------------
The following Crown-Toll Agreement was announced Monday by the
Minister Finance Hon Dr Michael Cullen and the Managing Director
of Toll Holdings Paul Little.

In addition, a Heads of Agreement notice between Tranz Rail
Holdings Limited and Tranz Rail Limited and Her Majesty the
Queen in Right of New Zealand has been provided, copies of this
can be requested from lcr@nzx.com.

THIS AGREEMENT dated the day of July 2003 BETWEEN HER MAJESTY
THE QUEEN IN RIGHT OF NEW ZEALAND (Crown) AND TOLL GROUP (NZ)
LIMITED (Toll Group) AND TOLL HOLDINGS LIMITED (Toll Holdings)

BACKGROUND

A. The Crown has entered into a heads of agreement with Tranz
Rail Holdings Limited (TRH) and Tranz Rail Limited (TR) dated 6
June 2003 (June HOA).

B. Toll Group has made a takeover offer dated 23 June 2003 to
purchase all of the equity securities in TRH (June Takeover
Offer).

C. The Crown and Toll Group have agreed certain matters as set
out in the body of this agreement and Toll Holdings has agreed
to procure that Toll Group meets its obligations under this
agreement.

WITNESSES AS FOLLOWS:

1. BINDING NATURE

This agreement shall be binding on the parties in accordance
with its terms immediately on signing. It is also agreed that
neither party will until the July Takeover Offer is withdrawn or
lapses, enter into any negotiations or arrangements which are
inconsistent with the terms of this agreement, and in particular
no alternative to the Replacement HOA (as defined in clause 5
below) will be negotiated or entered into by either of the
parties.

2. JUNE HOA

Subject to and contemporaneous with Toll first complying with
clause 3, the Crown agrees that it will not agree to a date for
the TRH shareholders meeting to be called to approve the
transactions set out in the June HOA until a date after the July
Takeover Offer is withdrawn or lapses. If Toll Group declares
the July Takeover Offer unconditional the Crown agrees to
terminate the June HOA immediately upon TRH and TR entering into
the Replacement HOA (as defined in clause 5 below) (or such
other date as agreed by the parties), so that the June HOA is of
no further force or effect.

3. JUNE TAKEOVER OFFER

Toll Group agrees to, with the approval of the Takeover Panel,
withdraw the June Takeover Offer on 7 July 2003 or as soon
thereafter as permitted by the Takeovers Panel.

4. JULY TAKEOVER OFFER

Toll Group agrees to make a new takeover offer (July Takeover
Offer) in respect of TRH as soon as practicable following the
withdrawal of the June Takeover Offer. The terms of the July
Takeover Offer (to be announced on 7 July 2003 or such other
date as the parties agree) shall be substantively the same as
the terms of the June Takeover Offer (with consequential
changes given the changed timing of the new offer) except that
the offer price shall be $0.95, the minimum level of acceptances
required shall be 90% and the existing conditions in the July
Takeover Offer will be amended as set out in Schedule 1 to this
agreement. No other additional conditions will be added to the
July Takeover Offer compared to those in the June Takeover
Offer. Toll Group shall implement the July Takeover Offer
(including waiving any remaining conditions other than OIC
consent immediately upon achieving the required level of
acceptances) and any subsequent compulsory acquisition and
delisting of TRH so as to effect such takeover and completion of
the Rail Network Transfer (as defined in the Replacement HOA) in
the shortest period reasonably practicable. Until such time as
the Rail Network Transfer has been completed, Toll Group agrees
that (other than as regards clause 5 below) it will not allow
any party outside of the Toll Holdings group of companies to
hold or control (in this agreement "hold" and "control" having
the meaning given in the Takeovers Code) any shares in TRH held
or controlled by Toll Holdings or any other member of the Toll
Holdings group of companies whether pursuant to the July
Takeover Offer or otherwise nor will Toll Group transfer TRH
shares to another member of the Toll Holdings group of companies
if such transfer would have the effect of circumventing any
provision in this agreement.

5. REPLACEMENT HOA

The parties have had discussions regarding the form of an
agreement which could replace the June HOA (Replacement HOA) and
have agreed a form of agreement as set out in Schedule 2 to this
agreement. The Crown agrees that in the event, and only in the
event, that the July Takeover Offer becomes unconditional that
it will enter into an agreement in the form of the Replacement
HOA with TRH and TR. Toll Group agrees that in the event
that the July Takeover Offer becomes unconditional, it will use
its best endeavors to procure TRH and TR to enter into an
agreement in the form of the Replacement HOA. The parties agree
that execution of the Replacement HOA shall occur as soon as
practicable following Toll Group declaring the July Takeover
Offer unconditional and Toll Group further agrees to vote
such number of TRH shares it holds or controls as represents 20%
of the total voting rights in TRH (less the aggregate percentage
of any voting rights in TRH held or controlled by the Crown and
its associates (as defined in the Takeovers Code) at the time of
such votes) in favor of any resolution required at a
shareholders' meeting of TRH to implement the matters set out in
the Replacement HOA should such a meeting be required.
Notwithstanding anything in this agreement or otherwise, it is
expressly agreed and acknowledged that Toll Group shall be free
to vote the balance of its TRH shareholding in whatever manner
it sees fit.

6. WAIVER

It is acknowledged that Toll Group has received a waiver from
the New Zealand Exchange allowing it to vote in the manner set
out in clause 5 above if such a vote is required.

7. NON-COMPLETION OF JULY HOA

Subject to Toll Group declaring the July Takeover Offer
unconditional and the Crown terminating the June HOA, if the
Rail Network Transfer (as defined in the Replacement HOA) is not
settled in accordance with the Replacement HOA on or before 30
November 2003 other than as a result of default by the Crown or
any other reason beyond the reasonable control of Toll Group (it
being acknowledged that Toll Group shall not be required to
expend any material financial amount to secure the Rail Network
Transfer), then Toll Group agrees to pay to the Crown the sum of
$5 million (plus GST, if any) on the next Business Day (as
defined in the Replacement HOA). Toll Group agrees that such sum
is not a penalty and constitutes a genuine pre-estimate of the
Crown's losses arising from the Rail Network Transfer not being
settled.

8. TOLL HOLDINGS

Toll Holdings agrees to procure that Toll Group fully complies
with its obligations under this agreement and Toll Holdings
guarantees the due and punctual performance by Toll Group of all
its obligations under this Agreement, such guarantee to remain
in full force and effect notwithstanding any variation, waiver,
or extension of time under this agreement.

9. COVENANTS

9.1 Toll Group covenants that, upon declaring its July Takeover
Offer unconditional, it will ensure that TRH brings no action
and makes no claim against the Crown in respect to the Crown's
termination of the June HOA pursuant to clause 2 of this
agreement and will cause TRH to abandon any action or claim in
respect of such termination that it may have commenced prior to
Toll Group declaring its July Takeover Offer unconditional.

9.2 Toll Group and Toll Holdings confirm that in making the July
Takeover Offer they are doing so solely on the basis of their
own understanding of the business of TRH and are proceeding with
the July Takeover Offer without advice or encouragement of the
Crown. Toll Group and Toll Holdings irrevocably waive any action
they have against the Crown pursuant to the Securities Markets
Act 1988 and shall procure TRH not to bring any action against
the Crown under the Securities Markets Act 1988.

9.3 Subject to clause 10.11 the Crown covenants to use its best
endeavors to assist and support Toll in the making of the
applications referred to in clauses 3 and 6.

9.4 The Crown confirms that on terminating the June HOA as
contemplated by clause 2 above, it is doing so solely of its own
volition and without taking account of the views of Toll Group
or Toll Holdings.

9.5 The Crown and Toll Group shall jointly approach TRH's New
Zealand banks pending execution of the July HOA with a view to
securing all necessary consents and approvals of such banks to
the Rail Network Transfer (as defined in the July HOA) as soon
as possible following execution of the July HOA.

10. MISCELLANEOUS

10.1 Variation: Any variation to this agreement must be recorded
in writing and signed by the authorized representatives of each
party.

10.2 No waiver or consent: No waiver of any breach, or failure
to enforce any provision, of this agreement at any time by any
party in any way affects, limits or waives the right of such
party to later enforce and compel strict compliance with the
provisions of this agreement. No consent under this agreement
shall be valid unless it is not in writing nor will it eliminate
or modify the need for a specific consent in any other instance.

10.3 No implied waivers: A failure to exercise or delay in
exercising any right under this agreement will not operate as a
waiver of that right, nor will any single or partial exercise of
any right preclude any other or further exercise of that right
or the exercise of any other right.

10.4 Relationship of parties: Nothing in this agreement is
deemed or construed to constitute any party a partner or agent
of the other or to create any trust.

10.5 Governing law: This agreement is governed by, and construed
in accordance with, the law of New Zealand, and the parties
submit to the exclusive jurisdiction of the Courts of New
Zealand.

10.6 Counterparts: This agreement may be executed in two or more
counterparts, each of which is deemed an original and all of
which constitute one and the same agreement. This agreement will
be effective upon the exchange by facsimile of executed
signature pages.

10.7 Further assurances: Each party must promptly do everything
reasonably required to give effect to the terms of this
agreement according to its spirit and intent.

10.8 Partial invalidity: The illegality, invalidity or
unenforceability at any time of any provision of this agreement
under any law, will not affect the legality, validity or
enforceability of the remaining provisions of this agreement nor
the legality, validity or enforceability of those provisions
under any other law.

10.9 Assignment: No party may assign any of its rights or
obligations under this agreement without the consent in writing
of the other party.

10.10 Entire agreement: This Agreement records the entire
agreement between the parties, in respect of its subject matter,
and prevails over any earlier agreement.

10.11 Crown action: Notwithstanding anything to the contrary in
this agreement, nothing in this agreement requires the Crown to
exercise, or use, any regulatory or legislative powers in order
to influence or affect an outcome.

10.12 Costs: Each party shall bear its own costs in relation to
this agreement.

SCHEDULE 1

July Takeover Offer Conditions

The conditions in the June Takeover Offer shall be amended as
follows:

6.1.2(a) A materiality threshold of $50 million will be set and
         the date of 31 March will change to 6 July 2003.
6.1.2(c) Deleted.
6.1.2(f) Qualified to only those that are materially adverse to
         TRH.
6.1.2(h) Qualified to say any breach of the licenses (as
         defined) must be a material breach.
6.1.2(j) Deleted.
6.1.2(k) Qualified to only those that are materially adverse to
         TRH.
6.1.2(i) Increase threshold to $5 million and delete reference
         to term of greater than 12 months.
6.1.2(m) Delete "and no action, suit, claim or proceeding is
         pending before any governmental authority which seeks
         to prohibit or enjoin the consummation of the Offer."
6.1.4    Delete.


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


BINHAI WASTEWATER: Petition to Wind Up Pending
----------------------------------------------
The petition to wind up Binhai Wastewater Treatment & Disposal
(Hong Kong) Consultants Limited is set for hearing before the
High Court of Hong Kong on  August 13, 2003 at 9:30 in the
morning.

The petition was filed with the court on June 19, 2003 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14/F., Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong.


CHINA LEASING: Hearing of Winding Up Petition Set
-------------------------------------------------
The petition to wind up China Leasing (Hong Kong) Limited is
scheduled for hearing before the High Court of Hong Kong on
August 13, 2003 at 9:30 in the morning.

The petition was filed with the court on June 19, 2003 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14/F., Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong.


HSIN CHONG: 2003 Net Loss Widens to HK$246.894M
-----------------------------------------------
Hsin Chong Construction Group Ltd. posted a summary of its
results announcement for the year-end date March 31, 2003:

Currency: HKD
Auditors' Report: Unqualified
                                                (Audited)
                              (Audited)         Last
                              Current           Corresponding
                              Period            Period
                              from 01/04/2002    from 01/04/2001
                              to 31/03/2003      to 31/03/2002
                              Note  ('000)       ('000)
Turnover                        : 1,846,717          2,169,795
Profit/(Loss) from Operations   : (173,296)          80,293
Finance cost                    : (6,363)            (10,977)
Share of Profit/(Loss) of
  Associates                    : (26,923)           1,645
Share of Profit/(Loss) of
  Jointly Controlled Entities   : 63                 (1,526)
Profit/(Loss) after Tax & MI    : (246,894)          (7,546)
% Change over Last Period       : N/A       %
EPS/(LPS)-Basic (in dollars)    : (0.386)            (0.012)
         -Diluted (in dollars)  : N/A                N/A
Extraordinary (ETD) Gain/(Loss) : N/A                N/A
Profit/(Loss) after ETD Items   : (246,894)          (7,546)
Final Dividends                  : NIL                NIL
  per Share
(Specify if with other          : N/A                N/A
  options)
B/C Dates for
  Final Dividends                : N/A
Payable Date                    : N/A
B/C Dates for (-)
  General Meeting               : N/A
Other Distribution for          : N/A
  Current Period

B/C Dates for Other
  Distribution                  : N/A

Remarks:

1.  On 18th June, 2002, the board of directors of the foundation
subsidiaries unanimously resolved to cease the foundation
operations of the Group having regard to the current highly
competitive and onerous contractual terms of such business.  For
the year ended 31st March, 2003, turnover, operating expenses
and loss before tax attributable to the foundation segment
amounted to HK$4,435,000 (2002: HK$29,462,000), HK$14,880,000
(2002: HK$61,423,000) and HK$10,445,000 (2002: HK$31,961,000)
respectively.

2.  After a deduction of:

(i) HK$3.2 million loss on disposal of plant and machinery from
discontinuing operations of the foundation segment;

(ii) HK$17.5 million provision for special retirement benefits
costs and HK$8.6 million for unutilized annual leave;

(iii) HK$20.3 million impairment provision for an investment
property located at Wanchai, Hong Kong;

(iv) HK$127.0 million impairment provision for long term
leasehold land and building located at Kwun Tong, Hong Kong
(Hsin Chong Center); and

(v) HK$12.2 million impairment provision for unsold stock of
carpark property of a completed Private Sector Participation
Scheme project located at Tuen Mun, Hong Kong;

Compensated by a write back of :

(vi) HK$8.0 million provision for property under development at
Tianjin, the People's Republic of China.

3. After a deduction of :

(i) HK$21.9 million impairment provision for unsold stock of
carpark property of a completed Private Sector Participation
Scheme project located at Tuen Mun, Hong Kong; and

(ii) HK$10.0 million impairment provision for an investment
property located at Wanchai, Hong Kong.

4. Included HK$15.0 million for equity share (22.5%) of
provision for impairment in value of a hotel property at Sai
Wan, Hong Kong.

5. The calculation of loss per share is based on the loss
attributable to shareholders of HK$246,894,000 (2002:
HK$7,546,000) and the weighted average number of 639,148,000
shares (2002: 635,582,000 shares) in issue during the year.
Diluted loss per share for the years ended 31st March, 2003 and
2002 have not been calculated as no diluting event existed
during these years.


HUNG MAU: Winding Up Sought by Wing Mou
---------------------------------------
Wing Mou Construction Company Limited (in creditors voluntary
liquidation) is seeking the winding up of Hung Mau Realty &
Construction Limited. The petition was filed on May 29, 2003,
and will be heard before the High Court of Hong Kong on July 30,
2003.

Wing Mou holds its registered office at 7/F., Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong.


LAI SUN: Price, Turnover Movements Unexplainable
------------------------------------------------
Lai Sun Development Company has noted the recent decrease in the
price and increase in the trading volume of the shares of the
Company and stated that it is not aware of any reasons for such
changes.

The Company also confirm that, save for the matters disclosed in
the announcement of the Company dated 16th May, 2003 in relation
to the material changes to the ATV transaction, there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.

The Troubled Company Reporter - Asia Pacific reported that Lai
Sun Development had defaulted on convertible and exchangeable
bonds that fell due on March 31, 2003, adding that
it might be liquidated as a result.


MANSION HOUSE: Unit Inks Disposal Agreement for Debt Reduction
--------------------------------------------------------------
On 2 July 2003, Double Deal Limited, a company incorporated in
Hong Kong with limited liability and a wholly owned subsidiary
of Mansion House Group Limited, entered into the Disposal
Agreement with Central Property Group Limited (the Purchaser)
pursuant to which the Subsidiary agreed to dispose of the Shops
Nos.1, 2, 3, 4, 5 and 6 on Upper Ground Floor, Car Po Commercial
Building, 37-43 Pottinger Street, 18-20 Lyndhurst Terrace, Hong
Kong, the subject matter of the Disposal (Properties) to the
Purchaser for the Sale Price of HK$4,500,000.

The Purchaser is an Independent Party.

The Disposal constitutes a major transaction of the Company
under the Listing Rules and is conditional on approval by the
Shareholders. The Company has obtained the Certificate in Lieu
from China United approving the Disposal. As a result of the
Certificate in Lieu of China United, an extraordinary general
meeting of Shareholders for the approval of the Disposal is not
necessary and will not be convened.

REASONS FOR AND BENEFIT OF THE DISPOSAL AND USE OF PROCEEDS

The value of the Properties has declined as a result of the
downturn of the property market in Hong Kong. In order to lower
interest cost and improve profitability of the Group, the
Directors consider it appropriate to sell the Properties to
reduce the Group's borrowings and the amount of interest payment
by the Group.

The Group will use the net proceeds of about HK$4,282,000 from
the Disposal, after deduction of stamp duty of about HK$67,500
(assuming that no additional stamp duty is payable in addition
to the amount of stamp duty payable by the Subsidiary under the
terms of the Disposal Agreement), legal expenses, printing and
valuation charges and miscellaneous expenses, as follows:

   1. as to about HK$3,853,000 for repayment of the outstanding
indebtedness secured under the mortgage of the Properties; and

   2. as to about HK$429,000 as additional working capital of
the Group.

According to Wrights Investors' Service, at the end of 2001,
Mansion Holdings had negative working capital, as current
liabilities were HK$76.41 million while total current assets
were only HK$72.16 million. It has paid no dividendss during the
previous 3 fiscal years and also reported losses during the
previous 12 months.


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


BANK LIPPO: State Disposing of Shares by H203
---------------------------------------------
The government plans to sell its whole shares in PT Bank Lippo
in the second half of the year if the parliament approves the
proposal, Bisnis Indonesia reports, citing Indonesia Bank
Restructuring Agency (IBRA) Deputy Chairman I Nyoman Sender.

"We will sell all of the shares as we just have limited volume
of shares in the bank," Sender said.

Bank Lippo's data on April 2003 showed that the government owned
54.9 percent shares of the company, but if other parties claimed
their ownership certificate (SBH), the shares of the government
would just be 52.05 percent.

On the other hand, PT Bank Lippo's President Director Antonius
Napitupulu said that Bank Lippo would maximize its income from
the taken over assets (AYDA). "We hope to get some dividends
from the taken over shares and to get some profit from the taken
over hotels. At least we will be able to cover the maintenance
cost of the taken over assets."

He added that Bank Lippo still had to pay the cost of Rp250
billion as the bank could not place the assets as investment
instrument.

The Troubled Company Reporter - Asia Pacific reported on June 11
that the Standard & Poor's affirmed its 'CCCpi' rating on Lippo
Bank Tbk (P.T.).


* IBRA Launches PPAK IV
-----------------------
Indonesia Bank Restructuring Agency has announced that the
Credit Asset Sales Program IV (PPAK IV) batch 4 commences on 8
July 2003 (see attachment for schedule). The total value of
credit assets on offer is Rp35.5 trillion. This program is
continued from the previous programs aimed to accelerate state
revenue from IBRA's credit asset sales through open,
transparent, fair, competitive sales mechanism and on commercial
basis.

In this PPAK IV, IBRA offers credit assets of the corporate
scale (debt principal above Rp50 billion per-obligor) and
commercial scale (debt principal Rp5 billion - 50 billion per-
obligor) and SME scale which have either been restructured or
unrestructured under IBRA portfolio. This offer is open for both
domestic and foreign investors who have no relations either
directly or indirectly with the debtors.

The sales mechanism employs auction process, carried out
simultaneously in 2 (two) phases of bidding:

I. First Bidding Phase

Bidding must be directed at one or more Obligor/Debtor in the
Credit Asset Portfolio on offer, with the priority addressed to
bidding on Obligor basis. For the SME Credit Asset, bidding must
be addressed to SME unit lot in whole.

II. Second Bidding Phase

Bidding must be directed to one or more Portfolio/Obligor on
offer, with the priority addressed to the bidding on Portfolio
basis.

Disposal is administered on "as is" principle or pursuant to the
most recent conditions of the assets under IBRA handling. IBRA
will not guarantee anything about the existence or completeness
of the credit on offer.

Previously, IBRA has conducted three times of massive credit
sales programs through PPAK I, P3AK, and PPAK III with total
current principal of Rp120.35 + trillion which renders
significant contribution to the state revenue and accelerate
national economic recovery.

The security deposit for the Second Phase Bidding is USD 3
million per portfolio to be paid in form of Standby Letter of
Credit (SBLC) which is legally binding, unrevocable and
unconditional for the period of 3 (three) months, to be issued
for the interest of IBRA by a respected bank at the latest 2
(two) work days before the Offering Date.


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


HITACHI LIMITED: May Sell Holdings in Nitto Denko
-------------------------------------------------
Hitachi Limited may sell its shares in Nitto Denko, JCNN News
reports. The measure falls under the Company's medium term
business plan entitled "Hitachi Plan II", which began in fiscal
2003. Hitachi plans to withdraw from businesses contributing to
around 20 percent of present sales. Hitachi said that Nitto
Denko would no longer appear on its consolidated balance sheets,
but the companies would remain firm business partners.

Hitachi has also implemented restructuring measures in the past
but will take a further 30 billion yen restructuring charge this
year, the Troubled Company Reporter-Asia Pacific reported
recently. In a bid to improve competitiveness, Hitachi plans to
exit certain businesses that currently account for about 20
percent of net sales. It aims to increase its operating margin
to at least 5 percent from 1.8 percent and return on equity to
at least 8 percent from 1.3 percent by fiscal 2005.


KINKI HOTEL: Hotel Enters Bankruptcy
------------------------------------
Kinki Hotel System, K.K. has been declared bankrupt, according
to Tokyo Shoko Research Limited. The hotel management firm
located at Takaraduka-shi, Hyogo, Japan has 69 million yen in
capital against total liabilities of 8.3 billion yen.


MK PROPERTY: Enters Special Liquidation Proceedings
---------------------------------------------------
The Tokyo Shoko Research announced that MK Property, K.K. has
filed an application for commencement of special liquidation
proceedings with the Osaka District Court. The real estate firm,
which is located in Chuo-ku, Tokyo, Japan has total liabilities
of 57.9 billion yen against a capital of 350 million yen.


TANIGUMI KAIHATSU: Golf Course Construction Enters Rehab
--------------------------------------------------------
Tanigumi Kaihatsu K.K., which has total liabilities of 15
billion yen against a capital of 50 million yen, has applied for
civil rehabilitation proceedings, according to Tokyo Shoko
Research. The golf course construction firm is located in Ibi-
gun, Gifu, Japan.


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


SK CORPORATION: Shuts Down RFCC This Month
------------------------------------------
SK Corporation will shut down its residual fluid catalytic
cracker (FRCC) complex in mid-July for a month, in line with the
planned shutdown of its No. 4 crude distillation unit (CDU), Dow
Jones reports. The CDU shutdown will commence about five days
after the shutdown of the RFCC unit planned for mid-July.

The shutdown of RFCC will likely halve SK Corp.'s gasoline
exports for July, and the Company isn't likely to export any
cargo in August, as supply will be directed to the domestic
market. SK Corporation exports between 45,000 and 75, 000 metric
tons a month, depending on the production level of the unit.
Gasoline is a key product of the RFCC unit.


SK GLOBAL: Creditors Meeting Set For July 9
-------------------------------------------
SK Global will meet domestic and overseas creditors in Hong Kong
on July 9 after failing to reach an agreement in Seoul last
week, Bloomberg reports. The talks have been complicated by
allegations Hana Bank and other lenders may have been involved
in misstating SK Global's debt. Korea's Financial Supervisory
Service said it ``discovered irregularities'' concerning bank
statements in dealings with SK Global and is conducting a review
of the transactions.

Ferrier Hodgson, a debt-restructuring specialist that's also
advising some creditors of Asia Pulp & Paper Co., Asia's biggest
corporate defaulter, is advising overseas creditors. UBS AG is
advising the Korean creditors.


SK GLOBAL: Likely to Face Court Receivership
--------------------------------------------
SK Global may face court receivership for liquidation, as
foreign creditors want their loans redeemed at a discount rate
unacceptable to domestic creditors, according to the Korea
Times. Korean creditors indicated they would buy foreign loans
extended to the troubled trading Company at around 40 percent of
the face value. But it is reported that foreign creditors want
the discount rate to be reduced further so that they can recoup
more.

SK Global has been in a financial fix since early March when
prosecutors uncovered large-scale accounting fraud on the
Company books. The Company's total liabilities reach about 8.5
trillion won.


SK GLOBAL: Overseas Creditors Seek US$216 Million More
------------------------------------------------------
Foreign creditors of SK Global Co. say an offer to pay them 40
percent of what they are owed falls short by at least US$216
million, Bloomberg reported Tuesday. Standard Chartered Plc and
other creditors will block a plan to restructure 10 trillion won
(US$8.5 billion) of debt unless they get a better payout on the
910 billion won the Company owes them. The breakup value of the
offshore units is closer to 68 percent.

The demand puts pressure on Korean creditors, led by Hana Bank,
to reach a compromise within the 10-day deadline set by the
bailout proposal. Failure could mean liquidation for SK Global,
the distribution arm of South Korea's largest oil refiner and
mobile phone company, and additional losses for Korean lenders.


SK GROUP: Government Warn Groups to Sell US$1.4B of Stock
---------------------------------------------------------
The government has ordered SK Group, Hyundai Group and nine
other industrial conglomerates to sell 1.7 trillion won (US$1.4
billion) of shares they own in units or face losing their voting
rights on the stock, according to a Bloomberg report. The other
firms include Kumho Group, Doosan Group, LG Group and Samsung
Group.

SK, the fourth largest industrial group, is embroiled in the
nation's worst accounting scandal in four years, after its
trading arm SK Global Ltd. revealed it fudged profits and hid
debt. Group owner Chey Tae Won was jailed and nine other
executives received suspended sentences after they were all
convicted of misappropriating funds.


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


ABRAR CORPORATION: Creditors' Agent Inks Call Option Agreement
--------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
refers to the announcements made on 15 July 2002 and 29 August
2002. As part of the workout proposal as prepared by the Special
Administrators of ACB (Workout Proposal) and the Memorandum of
Understanding dated 16 May 2002 (MoU), the debts owing by ACB to
its creditors were to be partly settled through the issuance of
35,000,000 new ordinary shares of RM1.00 each in OilCorp Berhad
(OilCorp) (OilCorp Shares) (Creditors OilCorp Shares) (Debt
Settlement).

Pursuant to the MoU, the Facilitation of Listing Agreement dated
11 July 2002 (FLA) and the Workout Proposal, the substantial
shareholders of Oil-Line Engineering & Associates Sdn Bhd (Oil-
Line), namely Ng Huat Tian and Pramaddun Holdings Sdn Bhd
(PHSB), and the substantial shareholders of Ascentland Sdn Bhd
(Ascentland), namely Ng Huat Tian and Pua Yow Liang, are to
enter into a call and put option arrangement with all of the
creditors of ACB through the creditors' agent (Creditors' Agent)
in respect of the balance of the Creditors' OilCorp Shares not
included in the Offer for Sale of OilCorp (Option Shares), which
amounts to 20,000,000 OilCorp Shares. Subsequently, pursuant to
a Substitution Agreement dated 30 June 2003, PHSB's obligations
under the call and put option arrangement had been discharged
upon the terms of Haji Ahmad bin Jamaludin's and Azaruddin bin
Ahmad's undertakings to perform the said obligations on the part
of PHSB.

On behalf of ACB, Public Merchant Bank Berhad wishes to announce
that the Creditors' Agent had on 30 June 2003 entered into a
Call Option Agreement and a Put Option Agreement with Ng Huat
Tian, Haji Ahmad bin Jamaludin, Azaruddin bin Ahmad and Pua Yow
Liang (Option Shareholders).

The salient terms of the Call Option Agreement include, inter-
alia, the following:

   1. The Creditors' Agent irrevocably grants to the Option
Shareholders the option to purchase such number of Option Shares
in multiples of 1,000,000 at each time, free from all liens,
charges and all other encumbrances, and with all rights
attaching thereto as at the exercise date, at the call option
price of RM1.10 per Option Share plus a holding cost of 3% per
annum, on the exercise of which the Creditors' Agent shall
become bound to sell and the Option Shareholders shall become
bound to complete the purchase of all (and not part only) of the
stipulated number of the Option Shares.

   2. The Call Option may be exercised by the Option
Shareholders any time during the call option period, being the
period commencing from the date the Creditors' OilCorp Shares
are issued and allotted to the creditors of ACB through the
Creditors' Agent pursuant to the Debt Settlement up to the last
day of the ninth (9th) month from such date (Call Option Period)
provided always that the Call Option shall be exercisable only
on that portion of Option Shares not already acquired by the
Option Shareholders pursuant to an exercise of a Call Option and
only during the Call Option Period, failing which the Call
Option will lapse and cease to have any further effect.

   3. The Creditors' Agent undertakes that for the duration of
the Call Option Period, the Creditors' Agent shall not dispose
of the Option Shares.

The salient terms of the Put Option Agreement include, inter-
alia, the following:

   1. The Option Shareholders irrevocably grant to the
Creditors' Agent the option to require the Option Shareholders
to purchase such number of Option Shares in multiples of
1,000,000 at each time, free from all liens, charges and all
other encumbrances, and with all rights attaching thereto as at
the exercise date, at the put option price of RM1.10 per Option
Share not called pursuant to the Call Option plus a holding cost
of 3% per annum, on the exercise of which the Option
Shareholders shall become bound to purchase and the Creditors'
Agent shall become bound to complete the sale of all (and not
part only) of the stipulated number of the Option Shares.

   2. The Put Option may be exercised by the Creditors' Agent
any time during the put option period, being the period
commencing on the day immediately after the expiry of the Call
Option Period up to the last day of the ninth (9th) month from
such date (Put Option Period) provided always that the Put
Option shall be exercisable only on that portion of Option
Shares not already acquired by the Option Shareholders pursuant
to an exercise of a Put Option or Call Option and only during
the Put Option Period, failing which the Put Option will lapse
and cease to have any further effect.

The Call Option Agreement and the Put Option Agreement are
inter-conditional. Further, the Call Option Agreement and the
Put Option Agreement are also conditional upon the completion of
the FLA, and the share sale agreements dated 11 July 2003 for
the acquisitions by OilCorp of Oil-Line and Ascentland.

The Option Shareholders had agreed to create, as registered
and/or legal and/or beneficial owner a first legal charge over
20,000,000 OilCorp Shares held by the Option Shareholders (save
and except for Haji Ahmad bin Jamaludin and Azaruddin bin Ahmad)
and PHSB, with the Creditors' Agent, as security for its
obligations under the Call and Put Option.

The Call Option Agreement and the Put Option Agreement can be
inspected at the Registered Office of ACB during office hours
for a period of two (2) weeks from the date of this
announcement.


C.I. HOLDINGS: Provides Default in Interest Payment Update
----------------------------------------------------------
In compliance with Kuala Lumpur Stock Exchange Practice Note No.
1/2001, C.I. Holdings Berhad wishes to announce the following
with regards to the status of the default in servicing the
interest payment on the RM198 million term loan facility granted
by Alliance Bank Malaysia Berhad (ABMB-TLF) to C.I. Enterprise
Sdn Bhd (CIE), a wholly-owned subsidiary since the Company's
previous announcement dated 6th June 2003.

CIE defaulted in servicing of interest payment, which stood at
RM7,287,607.76 as at 31st May 2003 compared to RM5,753,735.73 as
at 30th April 2003, an increase of RM1,533,872.03 attributable
to interest accrued for the month of May 2003.

On 20th December 2002 the Company had announced its Proposed
Corporate Restructuring (PCR) which inter-alia include the
disposal of 300,000 ordinary shares of RM1.00 each representing
the entire equity interest in CIE to QSR Brands Sdn Bhd
(Formerly known as Good Platform Sdn Bhd) for a cash
consideration of RM1.00 and the assumption of the corporate
guarantee for the ABMB - TLF given by the Company to Alliance
Bank Malaysia Berhad (ABMB).

On 26th March 2003 the Company has submitted the PCR to the
relevant authorities for approvals together with the consents
obtained from various parties including ABMB. Upon completion of
the PCR, the ABMB-TLF will be fully settled.

As at the date hereof, the Company has obtained the approval
from Bank Negara Malaysia for the issuance of 57,377,835
warrants to the entitled shareholders, including non-residents,
pursuant to the proposed CIH rights issue under the Exchange
Control Notice No. 12.

The Company is currently awaiting all the necessary approvals
for the implementation of the PCR.


CRIMSON LAND: SC OKs One-Year Proposals Implementation Extension
----------------------------------------------------------------
Reference is made to the announcement dated 22 January 2003 in
relation to the approvals of the Securities Commission (SC) for
the Proposals, comprising:

    Proposed Rights ICULS Issue;
    Proposed Acquisition;
    Proposed Debt Restructuring; and
    Proposed Increase in Authorized Share Capital

Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Crimson Land Berhad, wishes to announce that the
SC, via its letter dated 3 July 2003, has approved the Company's
application for an extension of time for a period of twelve (12)
months up to 20 July 2004 to implement the Proposals.


GENERAL LUMBER: Court Sanctions Proposed Creditors' Schemes
-----------------------------------------------------------
Further to the announcements dated 10 April 2003, 23 June 2003
and 1 July 2003 in relation to the Proposed Restructuring
Scheme.

General Lumber Fabricators & Builders announced that the High
Court of Malaya had on 4 July 2003 sanctioned the Proposed Share
Exchange and Proposed Creditors' Schemes in relation to the
Proposed Restructuring Scheme of GLFB. The said court sanction
shall be lodged with the Companies Commission of Malaysia in due
course.

For details on the Proposed Restructuring Scheme, refer to the
Troubled Company Reporter - Asia Pacific, September 9, 2002,
Vol. 5, No. 178 issue.


JASATERA BERHAD: 20th AGM Fixed on July 30
-----------------------------------------
Jasatera Berhad will be holding the 20th Annual General Meeting
at The Greens Room, Jalan Kelab Tropicana, Tropicana Golf &
Country Club, 47410 Petaling Jaya, Selangor Darul Ehsan on
Wednesday, 30 July 2003 at 10.00 a.m.

To see copy of the AGM Notice, go to
http://bankrupt.com/misc/TCRAP_Jasatera0709.pdf.

Early last month, the Troubled Company Reporter - Asia Pacific
reported that Jasatera Berhad had already obtained the approvals
from the Securities Commission, the Ministry of International
Trade and Industry and the Foreign Investment Committee for the
Revised Proposed Recapitalization Exercise (RPRE).


KUALA LUMPUR: Investigative Audit Completion Set on Jan 2004
------------------------------------------------------------
Kuala Lumpur Industries Holdings Berhad (Special Administrators
Appointed) refers to the announcement made by Commerce
International Merchant Bankers Berhad on behalf of KLIH on 6 May
2003 in relation to the Proposed Corporate and Debt
Restructuring within the framework of Pengurusan Danaharta
Nasional Berhad Act, 1998.

KLIH wishes to announce that Messrs KPMG has been appointed as
the independent audit firm to conduct an investigative audit on
the previous losses of the KLIH Group. The investigative audit
is to be completed by 2 January 2004.


L&M CORPORATION: SA Accepts SC's Proposed CDRS Conditions
---------------------------------------------------------
L & M Corporation (M) Bhd (Special Administrators Appointed)
refers to announcements made subsequently on 15 January 2003, 21
January 2003, 24 April 2003, 12 May 2003 and 27 May 2003 in
relation to the Proposed Corporate and Debt Restructuring
Scheme.

Further to the announcement on 27 May 2003, the Special
Administrators of L&M namely Mr. Gan Ah Tee, Mr. Ooi Woon Chee
and Encik Mohamed Raslan bin Abdul Rahman of KPMG Corporate
Services Sdn Bhd (Special Administrators) wish to announce that
save and except for the conditions as set out in the following
paragraph, the Special Administrators (SA) have accepted all the
conditions imposed by the Securities Commission (SC) in its
approval letter for the Proposed CDRS, involving L&M and the
Acquiree Companies, which were specified in the said
announcement.

An appeal will be made to the SC to allow ITSB to furnish to the
SC after the issuance of the ICULS instead of prior to the
issuance of the ICULS, an extract of the resolution of the new
board of directors of ITSB to ratify the declaration submitted
to the SC in relation to the issuance of ICULS. An appeal will
also be made to the SC for a waiver of the requirement for a
legal confirmation that the privatization agreement between JPSB
and PKNS and the privatization agreement between NBL and PKNS
are irrevocable as the aforesaid agreements contain termination
provisions, which may be invoked in the event of breach of terms
therein stated.

The said appeal will be made to the SC within one month from
July 4, 2003.


MBF HOLDINGS: Unit Disposes of Shares to Rationalize Business
--------------------------------------------------------------
The Board of MBf Holdings Berhad (MBfH) informed that its
ultimate subsidiary company, Paradise Hotel & Resort
International Limited (PHRIL) has entered into a Share Sale
Agreement with Binanamik Sdn Bhd (BSB) for the disposal of 100%
equity interest comprising 150,000 ordinary shares of RM1.00
each in MBf Hotels (M) Sdn Bhd (MBf Hotels) at an agreed
consideration consisting of the retained Liabilities, the debts,
the cash float and the benefits and obligations of contracts
upon the terms and conditions as stipulated in the Share Sale
Agreement.

The consideration was arrived at on a willing buyer willing
seller basis.

Information of BSB

BSB is an investment holding company incorporated in Malaysia on
10 September 2002 under the Companies Act, 1965. It has an
authorized and paid up share capital of RM100,000 and RM2
respectively.

Information of PHRIL

PHRIL was incorporated in Hong Kong on 10 February 1987 under
the Companies Ordinance and its previous principal activity of
the Company is to make hotel reservations for travel agents and
now is a dormant company. The authorized share capital is
HK$10,000 divided into 1,000 ordinary shares of HK$10. The paid-
up share capital is HK$20 divided into 2 ordinary shares of
HK$10 each.

As at 31 December 2002, MBf Hotels has an accumulated losses of
RM46.119 million and negative shareholders' funds of RM45.969
million

Rationale for the Disposal

The disposal forms part of the rationalization and streamlining
exercise of the MBfH Group.

Financial Effect of the Disposal

The disposal is not expected to have any material effects on the
earnings and net tangible assets of MBfH Group for the current
financial year ending 31 December 2003.

Approvals Required

The disposal in not subject to the approval of shareholders of
MBfH. However, BSB will apply for approval from the Foreign
Investment Committee.

Directors And Substantial Shareholders' Interest

Save as disclosed, none of the directors, substantial
shareholders and persons connected to the directors and
substantial shareholders of MBfH has any interest, direct or
indirect in the said disposal.

Directors' Recommendation

The Directors of MBfH, having considered all aspects of the
disposal, are of the opinion that the transaction is in the best
interest of the Company and the terms are fair and reasonable.

Document for Inspection

The Share Sale Agreement may be inspected at the registered
office of MBfH at Block B1, Level 9, Pusat Dagang Setia Jaya,
(Leisure Commerce Square), No.9, Jalan PJS 8/9, 46150 Petaling
Jaya, Selangor Darul Ehsan, within fourteen (14) days from the
date of this announcement pertaining to the disposal.


NCK CORP.: SC Grants Two-Month Investigative Audit Extension
------------------------------------------------------------
Reference is made to the announcement on 30 June 2003 regarding
the Proposed Restructuring Scheme

On behalf of NCK Corporation Berhad (Special Administrators
Appointed), Alliance Merchant Bank Berhad wishes to announce
that NCK has on 4 July 2003 received the approval from the
Securities Commission for an additional two (2)-months to 13
September 2003 to complete the investigative audit via its
letter dated 3 July 2003.

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: Seeks Profit Guarantee Arrangement Appeal
-------------------------------------------------------------
Further to the announcements made by Alliance Merchant Bank
Berhad (Alliance), on behalf of the Board of Directors of
Olympia Industries Berhad on 13 March 2003 and 9 May 2003 in
relation to the proposed revision to the profit guarantee
arrangement in respect of the Proposed Restructuring Scheme.

Alliance, on behalf of the Board wishes to announce that an
appeal to the profit guarantee arrangement was made by OIB and
Kenny Height Developments Sdn Bhd (KHD), the guarantor, to the
Securities Commission (SC) on 2 July 2003 (Proposed Appeal).

DETAILS OF THE PROPOSED APPEAL

As announced earlier on 9 May 2003, the SC had, in its letter
dated 7 May 2003 approved the profit guarantee arrangement as
proposed by OIB as follows:

As approved on 7 May 2003

The profit guarantee for the three (3) twelve (12) month periods
from the completion date of the proposed acquisition of four (4)
parcels of land measuring 32.3 acres on Lot 21759-21762, Mukim
Batu, District of Kuala Lumpur, Wilayah Persekutuan (KHD Land)
(Proposed KHD Land Acquisition) which is proposed to be given by
KHD for the Bandar Sri Duta project, is to be based on profit
before tax (PBT).

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

   (i) The revised profit guarantee period is required to be
extended to the fourth twelve (12) month period from the
completion date of the Proposed KHD Land Acquisition, to achieve
the total PBT which was guaranteed originally; and

   (ii) The details of the revised profit guarantee are to be
disclosed fully in the circular to the shareholders and
prospectus of OIB.

On 2 July 2003, OIB and KHD submitted an appeal to the SC for
the profit guarantee to be based on profit after tax (PAT)
instead of PBT. The Proposed Appeal shall result in a revision
in the amount to be guaranteed by KHD in respect of the Bandar
Sri Duta project to be developed on the KHD Land and the land
situated at Lot Nos 21763 to 21768, Mukim of Batu, District of
Kuala Lumpur, Wilayah Persekutuan proposed to be acquired by
Mycom (collectively referred to as the Total KHD Land). KHD
proposes to guarantee PAT of RM42.414 million over four (4)
twelve (12) month periods commencing from the completion date of
the proposed acquisition of Total KHD Land, as set out in Table
1 at http://bankrupt.com/misc/TCRAP_Olympia0709.pdf.

RATIONALE FOR THE PROPOSED APPEAL

The profit guarantee arrangement based on PAT was negotiated and
agreed between OIB and KHD on a willing-buyer-willing-seller
basis. Pursuant to the Proposed Appeal, OIB has given the matter
due consideration based on commercial grounds and is of the view
that the Proposed Appeal is reasonable and fair to all parties.
As such, the profit guarantee arrangement based on PAT is deemed
to be of a fair basis to OIB and KHD.

APPROVALS REQUIRED

The Proposed Appeal which is in relation to the Proposed
Restructuring Scheme is subject to, inter-alia, the following
approvals being obtained from:

   (i) The SC. An application to the SC on the Proposed Appeal
was submitted on 2 July 2003;

   (ii) Shareholders of OIB for the Proposed Restructuring
Scheme at the forthcoming extraordinary general meeting to be
convened; and

   (iii) Any other relevant authorities or parties.

DIRECTORS' OPINION

The Proposed KHD Land Acquisition is a related party transaction
by virtue of the interests of certain Directors and substantial
shareholders of OIB, namely Duta Equities Sdn Bhd, Dato' Yap
Yong Seong, Datin Leong Li Nar, Yap Wee Keat and Yap Wee Chun.

As such, after due consideration, the Board (save for Dato' Yap
Yong Seong and Yap Wee Keat) is of the opinion that the Proposed
Appeal which is in relation to the proposed profit guarantee to
be given by KHD in respect of the Bandar Sri Duta project to be
developed on the Total KHD Land is in the best interest of OIB.


PAN MALAYSIA: Summary Judgment Hearing Set on August 11
-------------------------------------------------------
Reference is made to the announcement on 6 November 2002, 6
March 2003 and 2 May 2003 pertaining to the Kuala Lumpur High
Court, Suit No. D5-22-1723-2002 between PM Securities Sdn Bhd
(PM Sec), a 99.99%-owned subsidiary of Pan Malaysia Capital
Berhad and Chai Chon Mui, Ling Yew Ung, Wong Hung Sing, Sistem
Etika Sdn Bhd and Tan Sri Dato' Paduka (Dr.) Ting Pek Khiing.

Pan Malaysia Capital Berhad informed that PM Sec's application
for summary judgment is now fixed for decision on 11 August
2003.


QUALITY CONCRETE: Posts Quoted Securities Transactions
------------------------------------------------------
The Board of Directors wishes to announce that Quality Concrete
Holdings Berhad has entered into the following disposals and
acquisitions of its quoted securities, on various dates as
listed below, and for diverse considerations. The aggregate
value of the transactions exceeded 5% of the Company's NTA.

1. Particulars of quoted shares acquired or disposed off
Please refer to Appendix I at
http://bankrupt.com/misc/TCRAP_Quality0709.xls.

2. Aggregate value of consideration - RM2,244,128
This value represents the aggregate of actual sales and purchase
proceeds received and paid respectively.

3. Effect of transaction on Company

NTA per share as at 31 January 2003 RM2.1183
NTA per share after transaction RM2.1209
Profit per share RM0.0026

The Company has on 3rd July, 2003

(1) disposed off 455,000 ordinary shares of RM1.00 each in EOX.
(2) acquired 200,000 ordinary shares of RM1.00 each in PBBank-O1
(3) acquired 100,000 ordinary shares of RM1.00 each in BJToto
(4) acquired 100,000 ordinary shares of RM1.00 each in AMMB

The Board will continue to monitor market conditions on the KLSE
and will make appropriate disclosures from time to time in
compliance with the KLSE Listing Requirements.

According to the Wrights Investors' Service, for the 52 weeks
ending April 11, 2003, the stock of the Company was down 26.2
percent to RM1.27. During the past 13 weeks, the stock has
fallen 11.2 percent. The corporate information agency added that
the company has paid no dividends  during the last 12 months and
has not paid any dividends  during the previous 3 fiscal years.


SINMAH RESOURCES: July 28 AGM Scheduled
---------------------------------------
Notice is hereby given that the Ninth Annual General Meeting of
Sinmah Resources Berhad will be held at Bilik Bunga Teratai, 7th
Floor, Renaissance Melaka Hotel, Jalan Bendahara, 75100 Melaka
on Monday, 28 July 2003 at 10:00 a.m. for the following
purposes:

AGENDA

ORDINARY BUSINESS:

1. To receive the Audited Financial Statements for the year
ended 31 January 2003 together with the Reports of the Directors
and Auditors thereon. Resolution 1

2. To approve the Directors' fees for the year ended 31 January
2003. Resolution 2

3. To re-elect the following Directors retiring pursuant to
Article 106 of the Articles of Association:

  (a) Y. Bhg. Datuk Haji Abdul Razak Bin Alias Resolution 3
  (b) Y. Bhg. Datuk Ng Peng Hay @ Ng Peng Hong Resolution 4
  (c) Mr Ng Cheu Kuan Resolution 5

4. To consider and if thought fit, to pass the following
ordinary resolution:

"THAT Messrs Ernst & Young be and are hereby appointed Auditors
of the Company in place of the retiring Auditors, Messrs
Hanafiah Raslan & Mohamad to hold office until the conclusion of
the next Annual General Meeting at a remuneration to be
determined by the Directors."

The Notice of Nomination pursuant to Section 172(11) of the
Companies Act, 1965, a copy of which is annexed hereto and
marked as "Annexure A", has been received by the Company for the
nomination of Messrs Ernst & Young, who have given their consent
to act, for appointment as Auditors of the Company. Resolution 6

SPECIAL BUSINESS:

5. To consider and, if thought fit, pass with or without
modifications, the following Ordinary Resolution:

Ordinary Resolution

Authority to issue shares pursuant to Section 132D of the
Companies Act, 1965

"THAT pursuant to Section 132D of the Companies Act, 1965, the
Directors be and are hereby empowered to issue shares of the
Company at any time until the conclusion of the next Annual
General Meeting of the Company 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 issued pursuant to this resolution does not exceed 10% of
the issued capital of the Company for the time being and that
the Directors are also empowered to obtain the approval for the
listing of and quotation for the additional shares so issued on
the Kuala Lumpur Stock Exchange." Resolution 7

ANY OTHER BUSINESS:

6. To transact any other business for which due notice shall
have been given in accordance with the Company's Articles of
Association and the Companies Act, 1965.


SITT TATT: Answers KLSE's Injunction Order Query
------------------------------------------------
Sitt Tatt Berhad, in reply to the KLSE's Query Letter reference
ID : SM-030703-56291 on the Injunction Order in Misl &
Associates Sdn Bhd, announced that a notification dated 4 July
2003 has been received from the Directors, Tan Sri Datuk Dr
Mohan Swami, JP and Dato' Pang Wee Pat, JP (referred to as "the
Affected Directors") via their solicitors that the Court has on
3 July 2003 continued the injunction of 13 June 2003 by way of
Ad interim injunction, pending hearing and disposal of the inter
partes application.

KLSE's Query Letter content:

We refer to your announcement dated 17 June 2003 in respect of
the aforesaid  matter. In this connection, please furnish the
Exchange for public release the status  of the Injunction
including the effective period of the Injunction within one
(1) market day from the date hereof.

Yours faithfully
LISA LAM
Senior Manager
Listing Operations
LL/ASL/sma
copy: Securities Commission


SOUTHERN PLASTIC: Releases Winding Up Petitions' Hearing Dates
--------------------------------------------------------------
The Board of Directors of Southern Plastic Holdings Berhad would
like to announce that the Companies winding up petition:

   (i) No. MT 3-28-97-02 was heard before the court sitting at
Shah Alam High Court on 7 July 2003 between United Overseas Bank
(Malaysia) Berhad vs Southtim (M) Sdn Bhd.

   (ii) No.MT3-28-96-02 was heard before the court sitting at
Shah Alam High Court on 7 July 2003 between United Overseas Bank
(Malaysia) Berhad vs Southern Plastic Holdings Berhad

   (iii) No. 28-8-2003 is set to be heard before the court
sitting at Penang High Court on 16 July 2003 between OCBC Bank
(Malaysia) Berhad vs Southern Plastic Holdings Berhad

   (iv) No.MT28-3-2003 is set to be heard before the court
sitting at Shah Alam High Court on 16 October 2003 between
United Overseas Bank (Malaysia) Berhad vs Southern Plastic
Holdings Berhad

The Company has engaged a qualified legal representative to
address the petitions and the claims by the Petitioners. The
directors are confident that the matters will be resolved
promptly and for the Petition to be set aside. The Petitions are
not expected to have any major disruption on the normal
operations of the group.


TECHNO ASIA: Loan Interest, Principal Sum Default Continues
-----------------------------------------------------------
Mr. Lim Tian Huat and Mr. Chew Cheng Leong of Messrs. Ernst &
Young were appointed Special Administrators (SAs) over Techno
Asia Holdings Berhad (Special Administrators Appointed) and a
subsidiary company, Prima Moulds Manufacturing Sdn. Bhd. (PMMSB)
on 2 February, 2001. The Special Administrators were
subsequently appointed over the following subsidiary companies
of TECASIA on 30 April, 2001:

   1. Mount Austin Properties Sdn. Bhd.;
   2. Cempaka Sepakat Sdn. Bhd.;
   3. Ganda Edible Oils Sdn. Bhd.;
   4. Litang Plantations Sdn. Bhd.;
   5. Wisma Dindings Sdn. Bhd.;
   6. Ganda Plantations (Perak) Sdn. Bhd.; and
   7. Techno Asia Venture Capital Sdn. Bhd. (collectively known
as the "Affected Companies")

Further to the announcement dated 05 June, 2003 in respect of
Practice Note 1/2001, TECASIA wishes to announce that the
Company and its subsidiaries, namely Mount Austin Properties
Sdn. Bhd (Special Administrators Appointed), PMMSB (Special
Administrators Appointed), Prima Moulds Sdn. Bhd. and Ganda
Energy and Holdings, Inc continue to default in payments of
their loan interest and principal sums owing to several
financial institutions. The outstanding amounts as at 31 May
2003 are detailed at
http://bankrupt.com/misc/TCRAP_Techno0709.gif.

Interest shown includes interest from 1 July 2001 to 31 May 2003
pending implementation of the restructuring scheme which was
approved by the Securities Commission as announced on 20
December 2002 and 26 December 2002.

Measures Taken to Address the Default

TECASIA is considered as an "affected listed issuer" pursuant to
PN4/2001.

Further to the measures undertaken as announced on 05 June 2003,
there have been no major changes to the status of TECASIA's plan
to regularize its financial position.

Implications in respect of the Default in Payments

TECASIA wishes to announce that Pengurusan Danaharta Nasional
Berhad (PDNB) had granted another extension of twelve (12)
months to the moratorium previously in effect for TECASIA and
PMMSB pursuant to Section 41(3). The said extension will expire
on 1 February 2004. As for the Affected Subsidiary Companies,
PDNB had on 28 April 2003 granted an extension of twelve months
to the moratorium previously in effect for the Affected
Subsidiary Companies pursuant to Section 41(3) and the said
extension will expire on 30 April 2004. All legal actions
initiated against TECASIA and other affected subsidiaries will
be stayed and any petition for winding-up, or any appointment of
a receiver, receiver and manager or provisional liquidator
cannot proceed during the moratorium period.


TONGKAH HOLDINGS: Disposes of Quoted Securities
-----------------------------------------------
Tongkah Holdings Berhad informed had on 3 July 2003 been
notified by PB Trustee Services Berhad (the trustee in respect
of the Company's RM186,558,296 Nominal Value of 5 year 1%-2%
Redeemable Secured Convertible Bonds A 1999/2004 and
RM275,980,363 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds B 1999/2004 (collectively "Bonds")) that they
have on 27 June 2003 disposed of some of the Company's
securities held in public listed companies, which are pledged
with them in relation to the Bonds.

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

Please refer to the summary attached at
http://bankrupt.com/misc/TCRAP_Tongkah0709.docfor information
on the securities disposed.


UNIPHOENIX CORP.: MITI Conditionally OKs Proposed Rescue Scheme
---------------------------------------------------------------
Uniphoenix Corporation Berhad refers to the announcement made on
30 May 2003 in relation to the Proposed Rescue Scheme, which
involves the following:

   (a) Proposed ISB Restructuring:

       (i) Proposed Acquisitions;
       (ii) Proposed Revaluation Exercise; and
       (iii) Proposed Bonus Issue;

   (b) Proposed UCB Restructuring:

      (i) Proposed Capital Reduction and Consolidation; and
      (ii) Proposed Share Exchange;

   (c) Proposed Debt Restructuring;
   (d) Proposed Transfer to Special Purpose Vehicle (SPV);
   (e) Proposed Restricted Offer For Sale (ROS);
   (f) Proposed Transfer of Listing Status; and
   (g) Proposed Exemption.

On behalf of the Board of Directors of UCB, Southern Investment
Bank Berhad (SIBB) is pleased to announce that the Ministry of
International Trade and Industry (MITI) has via its letter dated
3 July 2003 stated that it has no objection to the Proposed
Rescue Scheme subject to the following:

   (i) the Company obtaining the approvals from the Securities
Commission and Foreign Investment Committee;

   (ii) Rubfil Sdn Bhd and Dancomair (Malaysia) Sdn Bhd are
required to negotiate with the Malaysian Industrial Development
Authority (MIDA) in relation to their respective manufacturing
licenses; and

   (iii) the Company is required to inform the MITI upon the
completion of the Proposed Rescue Scheme.


UNITED CHEMICAL: Amends Proposed Restructuring Scheme
-----------------------------------------------------
Further to the announcement made on 18 December 2002 and 14
February 2003, the Board of Directors of United Chemical
Industries Berhad wishes to announce that on 3 July 2003, the
Company had entered into the Second Supplementary Agreement with
Perbadanan Kemajuan Negeri Perak (PKNP) and Aspirasi Ekuiti Sdn
Bhd (AESB or Newco) for the purpose of amending certain
provisions of the Corporate Restructuring Agreement (CRA) and
Supplemental CRA which was entered into on 18 December 2002 and
13 February 2003 respectively. The proposed amendments to the
Proposed Restructuring are detailed at
http://bankrupt.com/misc/TCRAP_UCI0709a.gif.

DETAILS OF THE PROPOSED ADDITIONS

Disposal

On 30 April 2003, UCI has entered into an agreement to dispose
of its manufacturing machineries and equipment (Machineries and
Equipment) for a total consideration of RM2,500,000 to Advance
Technical Fabric Sdn Bhd (ATFSB).

The Machineries and Equipment shall be disposed of free from all
encumbrances. UCI will utilize the proceeds from the sale
consideration of RM2,500,000 or any part thereof to defray the
essential expenses in relation to the cessation of UCI's and its
subsidiary's (Group) business operations.

As part of the agreement, the following has also been agreed
between UCI and ATFSB:

   (a) Sale by UCI of its business goodwill with the customers
by transferring its existing customers' orders to ATFSB for a
total cash consideration of RM500,000; and

   (b) Rental by UCI of its manufacturing property to ATFSB for
a monthly rental sum of RM30,000 for a minimum period of one (1)
year from 1 April 2003.

Proposed Assets Transfer

As an integral part of the Proposed UCI Scheme, the assets of
the UCI Group, namely land and buildings, motor vehicles,
capital work-in-progress and other assets to be determined
(Assets) will be transferred to Newco based on their respective
net book values as at 31 December 2002, at an indicative
consideration of RM1,939,483. The consideration of RM1,939,483
will be satisfied by Newco via a partial set-off of the
consideration against the inter-company debts due to Newco by
UCI of RM29,508,930 arising from the debt settlement by Newco on
behalf of UCI pursuant to the Proposed Debt Restructuring. The
resultant balance of the inter-company debts due to Newco by
UCI, after the partial set-off is RM27,569,447.

Proposed Waiver

Upon completion of the Proposed Restructuring (assuming before
conversion of ICPS and full redemption of RCSLS-A, RCSLS-B and
RCULS), PKNP will hold 90,716,084 new Newco Shares representing
66.82% of the enlarged issued and paid-up share capital of
Newco. Pursuant to Part II of the Malaysian Code of Take-overs
and Mergers, 1998 (Code), PKNP is obliged to undertake an offer
for the remaining Newco Shares not already held by it after the
Proposed Harta Perak Acquisition and Proposed Majuperak Scheme
(defined in the announcement dated 18 December 2002).

On 14 February 2003, an exemption was sought from the SC under
Practice Note 2.9.3 of the Code from the requirement to extend
an offer for the remaining Newco Shares not held by PKNP upon
the completion of the Proposed Restructuring.

EFFECTS ON FINANCIALS

The effects of the Proposed Restructuring on the financials of
Newco are set out below:

Share capital

The effects of the Proposed Restructuring on the issued and
paid-up share capital of Newco after adjusting for the Proposed
Revisions and Proposed Additions are set out in Table 3.

Earnings

Barring any unforeseen circumstances, the Proposed Restructuring
is expected to enhance the future earnings of the enlarged Newco
group.

NTA

The effects of the Proposed Restructuring on the NTA of the
Newco Group after adjusting for the Proposed Revisions and
Proposed Additions are set out in Table 4.

Shareholding structure

The effects of the Proposed Restructuring on the shareholding
structure of Newco after adjusting for the Proposed Revisions
and Proposed Additions are set out in Table 5.

Gearing

The effects of the Proposed Restructuring on the gearing of
Newco after adjusting for the Proposed Revisions and Proposed
Additions are set out in Table 6.

RATIONALE OF THE PROPOSED REVISIONS AND ADDITIONS

The Proposed Revisions are to capture all the outstanding debts
of the Group up to the cessation of its business operations as
at 31 March 2003 and therefore update the restructuring plan to
reflect the changes in the level of creditors as at 31 March
2003 as compared to 31 March 2002.

The Proposed Assets Transfer which involves the transfer of
Assets from the UCI level to the Newco level, provides a proper
matching of the Assets to the debt instruments, for which the
Assets are earmarked to redeem, issued by Newco.

The Proposed Waiver will relieve PKNP from the obligation to
undertake a mandatory general offer for the remaining Newco
Shares not already held by it after the Proposed Harta Perak
Acquisition and Proposed Majuperak Scheme, in view that the
Proposed Harta Perak Acquisition and Proposed Majuperak Scheme
are expected to regularize the financial position of UCI under a
rescue operation.

DIRECTORS' STATEMENT

The Board of Directors of UCI, after careful deliberations on
various factors, is of the opinion that the Proposed Revisions
and Proposed Additions are in the best interest of UCI.

DEPARTURE FROM THE SECURITIES COMMISSION (SC) GUIDELINES

Save as disclosed below, the Policies and Guidelines on
Issue/Offer of Securities issued by the SC (SC Guidelines) have
been adhered to in undertaking the Proposed Restructuring:

Fixing of Exercise Price/Conversion Price of RCSLS-A, RCSLS-B
and RCULS

Under the SC Guidelines, conversion price of convertible
securities should be fixed at a price-fixing date to be
determined after the approval of the SC for the issuance of the
convertible securities.

However, Newco proposes to fix the conversion price of the
RCSLS-A, RCSLS-B and RCULS at RM0.70 prior to obtaining SC's
approval.

UCI will seek an exemption from the SC to fix the conversion
price of the RCSLS-A, RCSLS-B and RCULS at RM0.70.

SUBMISSION TO THE SC

The submission to the SC for the Proposed Restructuring was made
on 14 February 2003. A supplemental submission will be made
within six (6) months from the date of this announcement.

DOCUMENTS FOR INSPECTION

The Second Supplemental Agreement are available for inspection
at the registered office of UCI at 20th Floor, East Wing, Plaza
Permata, Jalan Kampar Off Jalan Tun Razak, 50400 Kuala Lumpur
during normal office hours from Mondays to Fridays (except
public holidays) from the date of this announcement up to the
date of the extraordinary general meeting to be convened for the
Proposed Restructuring.

Tables 3-6 could be found at
http://bankrupt.com/misc/TCRAP_UCI0709b.doc.


YCS CORPORATION: Issues Defaulted RCSLS Payment Add'l Info
----------------------------------------------------------
YCS Corporation Berhad, in reference to Kuala Lumpur Stock
Exchange's letter dated 2 July 2003 on the Default in Payment in
Respect of Redeemable Convertible Secured Loan Stock A & B
(RCSLS-A)(RCSLS-B), provided the additional information
requested:

Implications In Respect Of The Default

Under the written direction of RCSLS Holders holding not less
than 25% of the RCSLS outstanding, the Trustee of the RCSLS can
declare that all outstanding RCSLS be immediately due and
payable with accrued interest.

The Trustee may institute legal proceedings against the Issuer
to enforce the performance of any of the provisions of the Trust
Deed.

Lines Of Action Available To Holders

The Holders may give written instruction and direction to the
Trustee to take steps to enforce the performance of provisions
under the Trust Deed.

The Trustee may pursue the remedies available under the general
law or under the Deed to enforce the rights of the RCSLS Holders
against the Issuer.

Default Under A Different Agreement

The default in payment constitutes an even of default under a
Supplemental Agreement (Scheme A: YCSB and its scheme creditors)
between YCSB and the Secured Lender dated May 26, 2000; and a
Supplemental Agreement (Scheme A: YCSB and its scheme creditors)
between YCSB and its Bond Guarantors dated July 19, 2000.


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


MANILA ELECTRIC: Creditors Want P5.5B Partial Debt Payment
----------------------------------------------------------
Short-term creditors of Manila Electric Co. (Meralco) wants
partial payment of 5.5 billion pesos of Meralco's short-term
loans maturing this year, AFX Asia said on Monday. Meralco
officials will hold another meeting with creditors this week to
continue the debt restructuring negotiations.

The Company is seeking to lengthen the maturity of short-term
debts as cash flows are channeled to the refund of overcharges
ordered by the Supreme Court. Meralco is also was optimistic
that the ongoing talks with creditors will yield positive
results for both sides.


MANILA ELECTRIC: ING Upgrades Recommendation to Buy
---------------------------------------------------
ING Financial Markets has upgraded its recommendation on Manila
Electric Co. (Meralco) to 'buy' from the previous 'hold' on
prospects of diminishing regulatory risks confronting the
country's largest power distributor, AFX reports. ING however,
said Meralco remains extremely under-owned.

It has set a target price of 23 pesos per share within the next
12 months. It noted an upgrade to 26 pesos per share is possible
should the Company prove to be successful in claiming 9 billion
pesos in alleged excess income tax paid to government in 1994-
2002, when the Company was supposed to have overcharged
customers through the inclusion of income tax to its operating
expenses. ING believes there is room for positive earnings
surprise in 2004.


MANILA ELECTRIC: Schedules Creditor's Meeting This Week
-------------------------------------------------------
The Manila Electric Co. (Meralco) will hold a second round of
talks with Citibank N.A. and Bank of Philippine Islands this
week to present the banks' revised restructuring proposal on the
utility firm's 5.5 billion pesos short-term debts, according to
ABS-CBN News on Monday. Meralco is hoping that both parties
could agree on a "balance proposal" that would make the
distribution firm viable.

BPI and Citibank are Meralco's financial advisors. They were
earlier asked to come up with a comprehensive liability
management plan (CLMP) to enable the power utility firm to stay
viable amid Meralco's cash flow problems, debt load, and the
Supreme Court's decision on the 30.05 billion pesos cash refund
to its customers.


NATIONAL POWER: Consumers Facing P0.12 Power Rate Cut
-----------------------------------------------------
Electricity consumers will experience a power rate cut of an
average of 12 centavos per kilowatt-hour (kWh) in their monthly
billings once the independent power producer (IPP)'s supplying
energy to the Manila Electric Co. (Meralco) could operate at
higher levels, the Philippine Star said on Tuesday. Part of the
settlement between National Power Corp. (Napocor) and Meralco is
to allow Meralco to source its electricity from its IPPs, namely
First Gas and Quezon Power, at their contracted levels.

At the same time, the government-run Napocor will reduce the
supply of electricity to Meralco. Estimates show that, with this
arrangement, allowing First Gas and Quezon Power to operate at a
minimum energy quantity (MEQ) of 83 percent and 86 percent,
respectively, will bring down power cost by about 25
centavos/kWh. Because of these substantial savings, both Napocor
and Meralco agreed that about 14 centavos would be given to
Napocor as settlement for the unused generating capacity of its
power plants from 2002 to 2004.

The compromise settlement between the NPC and Meralco will be
filed with the Energy Regulatory Commission (ERC) for approval.


UNITED COCONUT: Names Querubin as New Chief
-------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) has named
five nominees to the United Coconut Planters Bank (UCPB) board
after the signing of a 20 billion pesos financial rehabilitation
package for the bank, the Malaya Newspaper reported Tuesday.

PDIC is entitled to eight board seats after buying 13 billion
pesos worth of the banks' non-performing assets and investing 7
billion pesos as additional capital. PDIC President Ricardo Tan
said designated President was Jose Querubin former country
manager of the Bank of America. The other four nominees are
banker Eduard Go as Chairman, former PDIC President Norberto
Nazareno, PDIC EVP Rose Casiguran, PDIC VP Noemi Javier.


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


ASIA PULP: CAD Completes 18-month Probe
---------------------------------------
Singapore's Commercial Affairs Department (CAD) has completed an
18-month investigation into debt-laden Asia Pulp & Paper,
Channel News Asia said Monday. It is now mulling the next move
against the Company, which defaulted on US$14 billion (S$24
billion) of debts two years ago. A police spokeswoman said it
was not desirable for the CAD to elaborate further as it will
jeopardize its further actions.

Meanwhile, signs are that Asia Pulp & Paper and its creditors
are not likely to meet this Wednesday's deadline to sign a final
restructuring deal for about half of its massive debts. Gandi
Sulistiyanto, one of its directors, said more time was needed to
respond to queries from the creditors' lawyers. While registered
in Singapore, Asia Pulp is listed in New York and its main
operations are in Indonesia and China.


CHARTERED SEMICONDUCTOR: Enters Alliance With Japanese Firm
-----------------------------------------------------------
Toppan Printing Co., Ltd., one of Japan's leading printing
companies with diverse businesses in securities and cards,
commercial printing, packaging, industrial materials,
electronics and business forms, is expected to begin volume
production of a dual-band radio frequency identification (RFID)
chip with integrated antenna in December 2003. The next-
generation RFID chip, named T-Junction, will be manufactured in
collaboration with Japan's Brilliant Technologies Company, a
division company of Macnica, Inc., which has been sub-contracted
by Toppan to provide full-service turnkey solutions, and
Chartered Semiconductor Manufacturing as the foundry of choice.
The parties are finalizing the terms of the manufacturing
agreement.

With RFID attracting broad interest from many industries for its
potential as the next-generation information processing and data
storage medium, Toppan's strategy is to provide companies with
the complete suite of services and solutions required to bring
final RFID products to market through a cost-effective business
model. As required, Toppan is committed to collaborating with
customers to provide full systems-integration services, which
include RFID hardware and Chartered, Manica Selected to
Manufacture Toppan Next-Generation RFID Chip / 2 software
configuration and integration for the T-Junction chip, as well
as full-service turnkey solutions for manufacturing, test,
assembly and packaging through its extensive strategic alliances
network.

Toppan's T-Junction chip was developed by Japan's Telemidic
Ltd., which holds the design patent and provided Toppan with
exclusive rights to manufacture and sell the RFID chip under a
technology licensing agreement. It is the semiconductor
industry's first dual-frequency design that accommodates the
Japan waveband standard of 2.45GHz, and the U.S.- and
Europepreferred 800 to 950MHz frequency-range. The on-chip
integration of the antenna is another design breakthrough by
Toppan's T-Junction chip, which is expected to streamline chip
manufacturing and packaging, and enable smaller-sized devices
and lower product cost. The TJunction chip is targeted for use
in wireless device tags across a wide variety of applications,
including supply chain management (SCM), customer relationship
management (CRM), amusement applications, micro-payment and
security.

"The RFID market in Japan is still at its early stage of growth;
and we are observing keen competition among companies that has
been centered on technical performance," said Takeshi Toyama,
Senior Managing Director of the Corporate Planning Division at
Toppan. "We believe that the T-Junction chip has superior
performance in that it addresses the needs of a wide variety of
consumer applications to accommodate both the 2.45GHz frequency
waveband used in Japan and the 800 to 950MHz - radio frequency
platforms adopted in the United States and Europe.
We are also excited that the Ubiquitous ID Center,' Japan's
standardization organization, has endorsed the T-Junction chip
as the standard for RFID chip performance."

Toyama added, "Our collaboration with Chartered and Macnica is
based on an innovative business model designed to provide
customers with a total business solutions from systems
integration to chip manufacturing. This collaboration allows
Toppan to deliver cost-effective RFID solutions to our
customers, thus supporting their need to be cost competitive
when serving the end consumer market in the global market
place."

Chartered, Manica Selected to Manufacture Toppan Next-Generation
RFID Chip / 3 For chip manufacturing, Toppan selected Chartered,
one of the world's top three dedicated semiconductor foundries,
as the sole source for volume production utilizing Chartered's
baseline 0.35-micron EEPROM process integrated with RF passive
components. Toppan will also outsource turnkey management of
production, assembly and quality control for the T-Junction chip
to Macnica, Japan's leading technology service provider for
design-in and product development, product planning, logistics
and technology support.

"The RFID market is an exciting new arena for our process
offerings targeting advanced system-on-chip applications, and
Chartered is honored to have a key ole in bringing Toppan's
innovative T-Junction chip to market," said Makoto Kawakami,
Vice President and General Manager of Chartered Japan. "We are
working closely with both Toppan and Macnica to help them fully
leverage our RF systems knowledge and production-proven
manufacturing platform.

We believe that this collaboration reinforces Chartered's
position as a preferred provider of complete manufacturing
solutions to meet the volume demands of our customers." Chiaki
Komiya, President of Brilliant Technologies Company, commented,
"The advent of the RFID market changes the conventional nature
of semiconductor product development and the supply chain
infrastructure. It encourages a much more interactive paradigm
between fabless chip companies, semiconductor distributors and
pure-play foundries. We believe that our threeway relationship
with Toppan and Chartered reflects the level of collaboration
needed to ensure that market expansion initiatives are
successful."

Availability

Toppan expects early prototypes to be available in August 2003.
Initial shipments are targeted for customers in Japan. Volume
production is expected to begin in December 2003 for shipments
to the global marketplace.

About Toppan

Toppan Printing Co., Ltd. is one of the largest printing
companies in the world, established in Japan in 1900, with sales
of over 9.8 billion dollars. The seed of printing and prepress
technology has branched out into a variety of areas of business
including: securities and smart cards, commercial printing,
publications printing, packaging, industrial materials,
electronics, and e-business. The Electronics Division of Toppan
Printing manufactures electronic components by using
photofabrication technology, which has been developed in plate
making technology. Toppan products are used in semiconductor
devices such as photomasks, leadframes and substrates for BGA.
Toppan also supplies shadow masks for CRTs and color filters for
LCDs display devices. Information about Toppan can be found at
www.toppan.co.jp.

About Chartered

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

A company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED). Chartered's 3,500
employees are based at 11 locations around the world.
Information about Chartered can be found at
www.charteredsemi.com.

About Macnica, Inc.

Since its establishment in 1972, Macnica Inc. has specialized in
the supply of a wide variety of high-value-added electronic
parts and equipment, particularly semiconductors, to the
electronics, information and communications industries. The
company is justly known as a leader in the high-technology
fields in which they operate. In recent years, Macnica has
expanded its lineup to provide in-depth technical support to
customers in addition to the supply of devices. Macnica intends
to increase its ability to propose total solution for turnkey
services.

The company is listed on the Tokyo Stock Exchange and has its
headquarters in Yokohama. Its subsidiaries are located in Hong
Kong, Shanghai, Taiwan, Singapore and the USA. Brilliant
Technologies Company is a division company of Macnica, Inc.
Information about Macnica can be found at www.macnica.co.jp.



CHARTERED SEMICONDUCTOR: Share Price Hit 7-Month High Monday
------------------------------------------------------------
Chartered Semiconductor Manufacturing's share price on Monday
hit a seven-month high of US$1.05, up 8 percent from Friday, the
Straits Times reports. The counter broke through to close above
the US$1 level for the first time in seven months, continuing a
bull run that had begun three months ago. It had been
languishing around 70 cents. Chartered's stock was also the most
active on Monday with 83.6 million shares changing hands.

Analysts said Chartered was riding on investor optimism over the
semiconductor sector, which has been experiencing a rebound this
year. Investors were keeping an eye on Chartered's plans for
China, one of the fastest-growing chip markets. In April,
Chartered said it is in talks with potential partners in China
were progressing well, but did not give details.

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


NATSTEEL LTD.: EGM Set for July 31
----------------------------------
The Extraordinary General Meeting (EGM) of the members of
NatSteel Ltd. will be held at Level 4, Conference Room, 22
Tanjong Kling Road, Singapore 628048 on 31 July 2003 at 3.00
p.m. for the purpose of considering and, if thought fit,
passing, with or without amendment, Resolutions 1 and 2 below
which will be proposed as Special Resolutions and Resolutions 3,
4 and 5 below which will be proposed as Ordinary Resolutions:

SPECIAL RESOLUTIONS

Resolution 1: Approval for amendments to the Memorandum and
Articles of Association and adoption of new Memorandum and
Articles of Association

That the Memorandum and Articles of Association of the Company
be and are hereby amended in the manner and to the extent set
out in Appendix 3 to the circular to shareholders dated 4 July
2003 (the Circular) and that the regulations of the Company
contained in the new Memorandum and Articles of Association
submitted at the Extraordinary General Meeting and for the
purpose of identification subscribed to by the Chairman thereof,
be approved and adopted as the Memorandum and Articles of
Association of the Company in substitution for, and to the
exclusion of, the existing Memorandum and Articles of
Association of the Company.


Resolution 2: Approval for any financial assistance, which may
be given by the Company in connection with the acquisition of
shares in the capital of the Company

That:

(1) Approval be and is hereby given for any financial assistance
which may be given by the Company for the purpose of, or in
connection with, the acquisition of ordinary shares of S$0.50
each Shares in the capital of Company, in connection with the
payment of the Special Dividends (as defined below); and

(2) The Directors and each of them be and are hereby authorized
to complete and do all acts and things (including executing all
such documents as may be required in connection with the said
financial assistance) as they or he may consider desirable,
necessary or expedient to give full effect to this Special
Resolution.

ORDINARY RESOLUTIONS

Resolution 3: Approval for the Special Dividends

That, subject to and contingent upon the passing of Resolution 2
above, and compliance with the provisions of Section 76(10) of
the Companies Act, Chapter 50 (the "Act in respect of the
financial assistance referred to in Resolution 2 above:

(1) Approval be and is hereby given for the payment by the
Company of a first and final dividends of 110 per cent. (S$0.55)
per Share for the financial year ended 31 December 2002, to the
holders of the Shares which have been issued and are fully paid-
up or credited as fully paid-up as at a books closure date to be
determined by the Directors (the "Special Dividends;

(2) Subject to and forthwith upon the resolution contained in
paragraph (1) above taking effect, the revenue reserve account
of the Company be reduced by the sum of approximately S$205.5
million by the payment out of it of the Special Dividends; and

(3) The Directors and each of them be and are hereby authorized
to complete and do all acts and things (including executing all
such documents as may be required in connection with the Special
Dividends) as they or he may consider desirable, necessary or
expedient to give full effect to this Ordinary Resolution and
the Special Dividends.


Resolution 4: Approval for the Share Issue Mandate

That, subject to and contingent upon the passing of Resolution 1
above, authority be and is hereby given to the Directors to:

(1) (i) issue Shares whether by way of rights, bonus or
otherwise; and/or

(ii) Make or grant offers, agreements or options (collectively,
"Instruments that might or would require shares to be issued,
including but not limited to the creation and issue of (as well
as adjustments to) warrants, debentures or other instruments
convertible into Shares, 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; and

(2) (Notwithstanding the authority conferred by this Ordinary
Resolution may have ceased to be in force) issue Shares in
pursuance of any Instrument made or granted by the Directors
while this Ordinary Resolution was in force, provided that:

(a) The aggregate number of Shares to be issued pursuant to this
Ordinary Resolution (including Shares to be issued in pursuance
of Instruments made or granted pursuant to this Ordinary
Resolution), does not exceed 50 percent of the issued share
capital of the Company (as calculated in accordance with sub-
paragraph (b) below), of which the aggregate number of Shares to
be issued other than on a pro rata basis to shareholders of the
Company (including Shares to be issued in pursuance of
Instruments made or granted pursuant to this Ordinary
Resolution) does not exceed 20 percent of the issued share
capital of the Company (as calculated in accordance with sub-
paragraph (b) below);

(b) (Subject to such manner of calculation as may be prescribed
by the Singapore Exchange Securities Trading Limited (the "SGX-
ST) for the purpose of determining the aggregate number of
shares that may be issued under sub-paragraph (a) above, the
percentage of issued share capital shall be based on the issued
share capital of the Company at the time this Ordinary
Resolution is passed, after adjusting for:

(I) New Shares arising from the conversion or exercise of any
convertible securities or share options or vesting of share
awards which are outstanding or subsisting at the time this
Ordinary Resolution is passed; and

(II) Any subsequent consolidation or subdivision of Shares;

(c) In exercising the authority conferred by this Ordinary
Resolution, the Company shall comply with the provisions of the
listing manual of the SGX-ST for the time being in force (unless
such compliance has been waived by the SGX-ST) and the Articles
of Association for the time being of the Company; and

(d) (Unless revoked or varied by the Company in general meeting)
the authority conferred by this Ordinary Resolution shall
continue in force until the conclusion of the next annual
general meeting of the Company or the date by which the next
annual general meeting of the Company is required by law to be
held, whichever is the earlier.


Resolution 5: Approval for the Share Repurchase Mandate

That subject to and contingent upon the passing of Resolution 1
above:

(1) For the purposes of Sections 76C and 76E of the Act, the
exercise by the Directors of all the powers of the Company to
purchase or otherwise acquire issued Shares not exceeding in
aggregate the Prescribed Limit (as hereafter defined), at such
price or prices as may be determined by the Directors from time
to time up to the Maximum Price (as hereafter defined), whether
by way of:

(i) Market purchases (each a "Market Purchase on the SGX-ST;
and/or

(ii) Off-market purchases (each an "Off-Market Purchase effected
otherwise than on the SGX-ST in accordance with any equal access
schemes as may be determined or formulated by the Directors as
they consider fit, which schemes shall satisfy all the
conditions prescribed by the Act, and otherwise in accordance
with all other laws, regulations and rules of the SGX-ST as may
for the time being be applicable, be and is hereby authorized
and approved generally and unconditionally (the "Share
Repurchase Mandate;

(2) Unless varied or revoked by the Company in general meeting,
the authority conferred on the Directors of the Company pursuant
to the Share Repurchase Mandate may be exercised by the
Directors at any time and from time to time during the period
commencing from the passing of this Resolution and expiring on
the earlier of:

(i) The date on which the next annual general meeting of the
Company is held; or

(ii) The date by which the next annual general meeting of the
Company is required by law to be held;

(3) In this Ordinary Resolution:

"Prescribed Limit," means 10 percent of the issued ordinary
share capital of the Company as at the date of the passing of
this Resolution; and "Maximum Price" in relation to a Share to
be purchased, means an amount (excluding brokerage, stamp
duties, applicable goods and services tax and other related
expenses) not exceeding:

(i) In the case of a Market Purchase 105 percent of the Average
Closing Price; and

(ii) In the case of an Off-Market Purchase: 120 percent of the
Highest Last Dealt Price,

Where:

"Average Closing Price" is the average of the closing market
prices of a Share over the last five (5) market days on which
transactions in the Shares were recorded, preceding the day of
the Market Purchase and deemed to be adjusted for any corporate
action that occurs after the relevant five day period;

"Highest Last Dealt Price" means the highest price transacted
for a Share as recorded on the market day on which there were
trades in the Shares immediately preceding the day of the making
of the offer pursuant to the Off-Market Purchase; and "day of
the making of the offer" means the day on which the Company
announces its intention to make an offer for the purchase of
Shares from shareholders stating the purchase price (which shall
not be more than the Maximum Price calculated on the foregoing
basis) for each Share and the relevant terms of the equal access
scheme for effecting the Off-Market Purchase; and

(4) The Directors be and are hereby authorized to complete and
do all such acts and things (including executing such documents
as may be required) as they may consider expedient or necessary
to give effect to the transactions contemplated by this
Resolution.


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


NATIONAL FERTILIZER: SET Suspends Securities Trading
----------------------------------------------------
The Stock Exchange of Thailand (SET) announced National
Fertilizer Public Company Limited (NFC) had been subjected to
rehabilitation plan preparation. The SET temporarily posted SP
(Suspension) sign to prohibit its securities trading since 6
June 2003 and transferred its securities to REHABCO category
since 9 June 2003.

The SET also informed a time schedule for its management to make
prudent decision on whether to prepare a rehabilitation plan to
propose to the company's shareholders, or to ask for a voluntary
delisting, or to try another option which will benefit to all
involved in the listed company and report its decisions to the
SET by 7 July 2003 to disclose to the public. After that, the
SET will allow trading of that listed company on 8 July 2003 - 6
August 2003 before suspension again from 7 August 2003 onwards
until all the delisting problems have been resolved. Details of
the announcement have been disseminated on SET information
system (SETSMART) since 6 June 2003.

The SET has still posted an SP sign to prohibit securities
trading on NFC because the company has asked for an extension
period to report its decision, which is expected to be made by
15 August 2003. The SET will allow trading of its securities
when NFC has reported its decision clearly.


EASTERN STAR: Dormant Associated Company Liquidated
---------------------------------------------------
Eastern Star Real Estate Public Company Limited notified that
the resolution of the Board of Directors Meeting No.6/2003
approved to liquidate the capital investment in its associated
company Prommitre Eastern Star Health Care Co.,Ltd. Its business
operation has stopped over 5 years and had accumulated losses.

Estar participated in polyclinic business in Ban Chang District,
Rayong province in order to service its expatriate tenants who
have since left Ban Chang. The paid up capital is Bt8.1 million.
We hold 40% stake or equivalent to Bt3.24 million.  As of 31
December 2001, the Company has the wholly reserved loss
provision on this investment.


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

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

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